Document:

EXHIBIT 4.4

                                         WACHOVIA ASSET FUNDING TRUST, LLC,

                                                   as Depositor

                                                        and

                                                 [_____________],

                                                 as Owner Trustee

                                     ________________________________________

                                                  TRUST AGREEMENT

                                            Dated as of _____ __, 200_

                                     ________________________________________

                                 WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST
                       WACHOVIA ASSET FUNDING TRUST, LLC Mortgage Pass-Through Certificates,
                                                 Series [_______]

                                                 TABLE OF CONTENTS

                                                                                                              Page

ARTICLE I             DEFINITIONS................................................................................1

         Section 1.01.         Definitions.......................................................................1

         Section 1.02.         Other Definitional Provisions.....................................................1

ARTICLE II            ORGANIZATION...............................................................................2

         Section 2.01.         Name..............................................................................2

         Section 2.02.         Office............................................................................2

         Section 2.03.         Purposes and Powers...............................................................2

         Section 2.04.         Appointment of Owner Trustee......................................................3

         Section 2.05.         Initial Capital Contribution of Trust Estate......................................3

         Section 2.06.         Declaration of Trust..............................................................3

         Section 2.07.         Title to Trust Property...........................................................4

         Section 2.08.         Situs of Trust....................................................................4

         Section 2.09.         Representations and Warranties of the Depositor...................................4

         Section 2.10.         Payment of Trust Fees.............................................................7

ARTICLE III           CONVEYANCE OF THE MORTGAGE LOANS; CERTIFICATES.............................................7

         Section 3.01.         Conveyance of the Mortgage Loans..................................................7

         Section 3.02.         Payment of Purchase Price for Subsequent Mortgage Loans and Additional
                               Balances..........................................................................9

         Section 3.03.         Draws During Rapid Amortization Period............................................9

         Section 3.04.         Allocation.......................................................................10

         Section 3.05.         Addition of Subsequent Mortgage Loans............................................10

         Section 3.06.         Initial Ownership................................................................11

         Section 3.07.         Issuance of Certificates.........................................................11

         Section 3.08.         Authentication of Certificates...................................................11

         Section 3.09.         Registration of and Limitations on Transfer and Exchange of Certificates.........11

         Section 3.10.         Mutilated, Destroyed, Lost or Stolen Certificates................................14

         Section 3.11.         Persons Deemed Certificateholders................................................14

         Section 3.12.         Access to List of Certificateholders' Names and Addresses........................15

         Section 3.13.         Maintenance of Office or Agency..................................................15

         Section 3.14.         Certificate Paying Agent.........................................................15

         Section 3.15.         Cooperation......................................................................17

         Section 3.16.         [Reserved].......................................................................17

         Section 3.17.         Subordination....................................................................17

         Section 3.18.         No Priority Among Certificates...................................................17

ARTICLE IV            AUTHORITY AND DUTIES OF OWNER TRUSTEE.....................................................17

         Section 4.01.         General Authority................................................................17

         Section 4.02.         General Duties...................................................................17

         Section 4.03.         Action upon Instruction..........................................................18

         Section 4.04.         No Duties Except as Specified under Specified Documents or in Instructions.......18

         Section 4.05.         Restrictions.....................................................................19

         Section 4.06.         Prior Notice to Certificateholders and the Enhancer with Respect to
                               Certain Matters..................................................................19

         Section 4.07.         Action by Certificateholders with Respect to Certain Matters.....................20

         Section 4.08.         Action by Certificateholders with Respect to Bankruptcy..........................20

         Section 4.09.         Restrictions on Certificateholders' Power........................................20

         Section 4.10.         Majority Control.................................................................20

         Section 4.11.         Doing Business in Other Jurisdictions............................................20

         Section 4.12.         Removal of Mortgage Loans........................................................20

ARTICLE V             APPLICATION OF TRUST FUNDS................................................................21

         Section 5.01.         Distributions....................................................................21

         Section 5.02.         Method of Payment................................................................21

         Section 5.03.         Signature on Returns.............................................................21

         Section 5.04.         Statements to Certificateholders.................................................22

         Section 5.05.         Tax Reporting....................................................................22

ARTICLE VI            CONCERNING THE OWNER TRUSTEE..............................................................22

         Section 6.01.         Acceptance of Trusts and Duties..................................................22

         Section 6.02.         Furnishing of Documents..........................................................23

         Section 6.03.         Representations and Warranties...................................................23

         Section 6.04.         Reliance; Advice of Counsel......................................................24

         Section 6.05.         Not Acting in Individual Capacity................................................24

         Section 6.06.         Owner Trustee Not Liable for Certificates or Related Documents...................25

         Section 6.07.         Owner Trustee May Own Certificates and Notes.....................................25

ARTICLE VII           COMPENSATION OF OWNER TRUSTEE.............................................................26

         Section 7.01.         Owner Trustee's Fees and Expenses................................................26

         Section 7.02.         Indemnification..................................................................26

ARTICLE VIII          TERMINATION OF TRUST AGREEMENT............................................................27

         Section 8.01.         Termination of Trust Agreement...................................................27

ARTICLE IX            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES....................................28

         Section 9.01.         Eligibility Requirements for Owner Trustee.......................................28

         Section 9.02.         Replacement of Owner Trustee.....................................................28

         Section 9.03.         Successor Owner Trustee..........................................................29

         Section 9.04.         Merger or Consolidation of Owner Trustee.........................................29

         Section 9.05.         Appointment of Co-Trustee or Separate Trustee....................................29

ARTICLE X             MISCELLANEOUS.............................................................................31

         Section 10.01.        Amendments.......................................................................31

         Section 10.02.        No Legal Title to Trust Estate...................................................32

         Section 10.03.        Limitations on Rights of Others..................................................32

         Section 10.04.        Notices..........................................................................33

         Section 10.05.        Severability.....................................................................33

         Section 10.06.        Separate Counterparts............................................................33

         Section 10.07.        Successors and Assigns...........................................................33

         Section 10.08.        No Petition......................................................................33

         Section 10.09.        No Recourse......................................................................34

         Section 10.10.        Headings.........................................................................34

         Section 10.11.        GOVERNING LAW....................................................................34

         Section 10.12.        Integration......................................................................34

         Section 10.13.        Rights of Enhancer to Exercise Rights of Certificateholders......................34

ARTICLE XI            COMPLIANCE WITH REGULATION AB.............................................................34

         Section 11.01         Intent of the Parties; Reasonableness............................................34

         Section 11.02         Additional Representations and Warranties of the Owner Trustee...................34

         Section 11.03         Information to be provided by the Owner Trustee..................................34

         Section 11.04         Indemnification; Remedies........................................................34

EXHIBITS

         Exhibit A - Form of Certificate.......................................................................A-1
         Exhibit B - Certificate of Trust......................................................................B-1
         Exhibit C - Form of Rule 144A Investment Representation...............................................C-1
         Exhibit D - Form of Investor Representation Letter....................................................D-1
         Exhibit E - Form of Transferor Representation Letter..................................................E-1
         Exhibit F - Form of Certificate of Non-Foreign Status.................................................F-1
         Exhibit G - Form of ERISA Representation Letter.......................................................G-1
         Exhibit H - Form of Representation Letter.............................................................H-1
         Exhibit I - Form of Addition Notice...................................................................I-1
         Exhibit J - Form of Transfer Agreement................................................................J-1

         This trust  agreement,  dated as of _____ __, 200_ (as amended from time to time, the "Trust  Agreement"),
is  between  WACHOVIA  ASSET  FUNDING  TRUST,  LLC,  a  Delaware  limited  liability  company,  as  depositor  (the
"Depositor"), and [_____________], a Delaware banking corporation, as owner trustee (the "Owner Trustee").

                                                    WITNESSETH:

         WHEREAS, the Depositor and the Owner Trustee desire to form a placeStateDelaware statutory trust;

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

                                                     ARTICLE I

                                                    Definitions

         Section 1.01.     Definitions.  For all purposes of this Trust  Agreement,  except as otherwise  expressly
provided  herein or unless the context  otherwise  requires,  capitalized  terms used herein that are not otherwise
defined shall have the meanings  ascribed  thereto in Appendix A to the  indenture  dated as of _____ __, 200_ (the
"Indenture"),  among  WACHOVIA  ASSET FUNDING  TRUST,  LLC [_______]  Trust,  as Issuer,  Wachovia  Bank,  National
Association,  as  Paying  Agent,  and  [_____________],  as  Indenture  Trustee,  and  such  Appendix  A is  hereby
incorporated  by  reference  and made are part of this Trust  Agreement.  All other  capitalized  terms used herein
shall have the meanings specified herein.

         Section 1.02.     Other Definitional Provisions.

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

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

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

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

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

                                                    ARTICLE II

                                                   Organization

         Section 2.01.     Name.  The trust created  hereby shall be known as "WACHOVIA  ASSET FUNDING  TRUST,  LLC
[_______]  Trust," in which name the Owner  Trustee  may  conduct  the  business  of the  Trust,  make and  execute
contracts and other instruments on behalf of the Trust and sue and be sued.

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

         Section 2.03.     Purposes  and  Powers.  The  purpose  of  the  Trust  is  to  engage  in  the  following
activities:

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

                  (b)      to  purchase  the  Mortgage   Loans  and  to  pay  the   organizational,   start-up  and
transactional expenses of the Trust;

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

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

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

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

The Trust is  hereby  authorized  to  engage  in the  foregoing  activities.  The  Trust  shall  not  engage in any
activity  other than in connection  with the foregoing or other than as required or authorized by the terms of this
Trust Agreement or the other Basic  Documents  while any Note is outstanding  without the consent of the holders of
Certificates  evidencing a majority of the  aggregate  Certificate  Percentage  Interest of the  Certificates,  the
Indenture  Trustee,  the  Enhancer  and the holders of Notes  representing  a majority  of the Note  Balance of the
Notes;  provided that any  Certificate  registered in the name of the Seller or an Affiliate of the Seller will not
be considered a Certificate for purposes of such consent;  provided,  further, that if 100% of the Certificates are
held by the Seller or an Affiliate of the Seller, the consent of the Certificateholders will not be required.

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

         Section 2.05.     Initial Capital  Contribution of Trust Estate.  In  consideration of the delivery by the
Owner Trustee,  on behalf of the Trust,  of the Securities to the Depositor or its designee,  upon the order of the
Depositor,  the Depositor,  as of the Closing Date and concurrently  with the execution and delivery  hereof,  does
hereby transfer,  assign,  set over and otherwise convey to the Trust,  without recourse,  but subject to the other
terms and provisions of this Trust Agreement,  all of the right,  title and interest of the Depositor in and to the
Trust  Estate.  The  foregoing  transfer,  assignment,  set over and  conveyance  does not, and is not intended to,
result in a creation or an  assumption  by the Trust of any  obligation  of the  Depositor  or any other  Person in
connection  with the Trust Estate or under any agreement or instrument  relating  thereto,  except as  specifically
set forth herein.

         The Owner Trustee, on behalf of the Trust,  acknowledges the conveyance to the Trust by the Depositor,  as
of the Closing Date, of the Trust  Estate,  including all right,  title and interest of the Depositor in and to the
Trust Estate.  Concurrently with such conveyance and in exchange  therefor,  the Trust has pledged the Trust Estate
to the Indenture  Trustee and has executed the Certificates and the Notes and caused them to be duly  authenticated
and delivered.

         Section 2.06.     Declaration  of Trust.  The Owner Trustee  hereby  declares that it shall hold the Trust
Estate  in  trust  upon  and  subject  to  the  conditions  set  forth  herein  for  the  use  and  benefit  of the
Certificateholders,  subject to the  obligations  of the Trust under the Basic  Documents.  It is the  intention of
the parties  hereto that the Trust  constitute a statutory  trust under the  Statutory  Trust Statute and that this
Trust  Agreement  constitute  the governing  instrument of such statutory  trust.  Effective as of the date hereof,
the Owner  Trustee  shall have all rights,  powers and duties set forth herein and in the  Statutory  Trust Statute
with respect to  accomplishing  the purposes of the Trust.  It is the  intention of the parties  hereto that solely
for federal,  state and local income and franchise tax purposes,  for so long as 100% of the  Certificates are held
by a single person or entity,  the Trust shall be treated as an entity wholly owned by such person or entity,  with
the assets of the entity being the Trust  Estate,  and the Notes being debt of the entity,  and the  provisions  of
this  Trust  Agreement  shall  be  interpreted  to  further  this  intention.  If more  than  one  person  owns the
Certificates,  it is the further  intention of the parties  hereto that solely for federal,  state and local income
and franchise tax purposes the Owner Trust shall be treated as a  partnership,  with the assets of the  partnership
being Trust Estate,  the partners of the partnership being the  Certificateholders  and the Notes being debt of the
partnership.  The  provisions of this Trust  Agreement  shall be interpreted  to further such  intentions.  Neither
the Depositor nor any  Certificateholder  shall have any personal  liability for any liability or obligation of the
Trust, other than the indemnification obligations as provided in Section 7.2 herein.

         Section 2.07.     Title to Trust  Property.  Legal title to the Trust  Estate shall be vested at all times
in the Trust as a separate  legal entity except where  applicable  law in any  jurisdiction  requires  title to any
part of the Trust  Estate to be vested in a trustee or  trustees,  in which case title shall be deemed to be vested
in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

         Section 2.08.     Situs of Trust.  The Trust will be located and  administered  in the State of  Delaware.
All bank  accounts  maintained  by the  Owner  Trustee  on behalf of the  Trust  shall be  located  in the State of
Delaware  or the State of New York.  The Trust  shall not have any  employees  in any state  other  than  Delaware;
provided,  however,  that nothing herein shall restrict or prohibit the Owner Trustee from having  employees within
or  without  the State of  Delaware  or  taking  actions  outside  the State of  Delaware  in order to comply  with
Section 2.03.  Payments will be received by the Trust only in Delaware,  New York or the Corporate  Trust Office of
the  Certificate  Paying  Agent,  and  payments  will be made by the  Trust  only  from  Delaware,  New York or the
Corporate  Trust Office of the  Certificate  Paying  Agent.  The only office of the Trust will be at the  Corporate
Trust Office of the Owner Trustee in Delaware.

         Section 2.09.     Representations  and Warranties of the Depositor.  The Depositor  hereby  represents and
warrants to the Owner Trustee and the Enhancer that:

                  (a)      The  Depositor  has been duly formed,  is validly  existing in good  standing  under the
laws of the state of its  formation,  and is duly  qualified to do business and is in good standing  under the laws
of each  jurisdiction  where the character of its property,  the nature of its business or the  performance  of its
obligations,   if  any,  under  the  Basic  Documents  make  such  qualification  necessary.  The  jurisdiction  of
organization of the Depositor is Delaware and the Depositor is a "registered  organization"  (within the meaning of
Section 9-102 of the UCC in effect in Delaware).

                  (b)      The Depositor has all requisite  power and authority to own its  properties,  to conduct
its  business,  to execute and deliver each of the Basic  Documents to be executed and  delivered by the  Depositor
and to enter into and perform all of its obligations thereunder and any of the transactions contemplated thereby.

                  (c)      Each  Basic  Document  to be  executed  and  delivered  by the  Depositor  has been duly
authorized,  executed and  delivered by the  Depositor  and,  assuming the due  execution and delivery by the other
parties  thereto,  constitutes  a legal,  valid  and  binding  agreement,  enforceable  against  the  Depositor  in
accordance  with its  terms,  except  as  enforceability  may be  limited  by  applicable  bankruptcy,  insolvency,
reorganization,  moratorium  or other  similar  laws now or  hereafter  in  effect  affecting  the  enforcement  of
creditors'  rights in general  and except as such  enforceability  may be limited by general  principles  of equity
(whether considered in a proceeding at law or in equity).

                  (d)      The  execution  and  delivery  by the  Depositor  of the  Basic  Documents  to which the
Depositor is a party and the performance by the Depositor of its  obligations  thereunder do not (A) violate any of
the  provisions  of  the  organizational  documents  of the  Depositor,  (B) violate  any  provision  of  any  law,
governmental  rule or regulation  currently in effect  applicable to the Depositor or to its properties or by which
the Depositor or its properties may be bound or affected,  which  violation would  materially and adversely  affect
the right of the Trust to enforce the  obligations of the Depositor to perform any of the applicable  provisions of
the Basic Documents, (C) violate any judgment,  decree, writ, injunction,  award,  determination or order currently
in effect  applicable to the Depositor or to its  properties or by which the Depositor or its  properties are bound
or  affected,  which  violation  would  materially  and  adversely  affect  the right of the Trust to  enforce  the
obligations of the Depositor to perform any of the applicable  provisions of the Basic  Documents,  (D) conflict in
any  material  respect  with,  or result in a breach in any  material  respect of, or  constitute  a default in any
material  respect  under,  any of the  provisions  of any  indenture,  mortgage,  deed of trust,  contract or other
instrument  to which the  Depositor is a party or by which it is bound,  which  conflict,  breach or default  would
materially  and  adversely  affect the right of the  Depositor to perform any of the  applicable  provisions of the
Basic  Documents,  or (E)  result in the  creation  or  imposition  of any Lien upon any of the  properties  of the
Depositor  pursuant to the terms of any such  indenture,  mortgage,  deed of trust,  contract  or other  instrument
(other than the Basic Documents).

                  (e)      No consent,  approval,  order or authorization  by, and no filing with or notice to, any
court  or  other  governmental  authority  in  respect  of  the  Depositor  is  required  in  connection  with  the
authorization, execution, delivery or performance by the Depositor of the Basic Documents to which it is a party.

                  (f)      There  are  no  pending  or,  to the  best  of the  Depositor's  knowledge,  threatened,
actions, suits, proceedings or investigations before any court,  administrative agency,  arbitrator or governmental
body  that,  if  decided  adversely,  would  materially  and  adversely  affect  (A) the  condition  (financial  or
otherwise),  business  or  operations  of the  Depositor  or (B)  the  ability  of the  Depositor  to  perform  its
obligations under, or the validity or enforceability of, the Basic Documents to which it is a party.

                  (g)      The  Depositor  is  solvent,   and  the  Depositor  does  not  contemplate  any  pending
insolvency  or believe or have  reason to believe  that it will not be able to pay its debts and other  obligations
as they become due. The Depositor did not transfer the  Transferred  Property  pursuant to this  Agreement with any
intent to hinder, delay or defraud any of its creditors.

                  (h)      Immediately prior to (1) the transfer  hereunder,  the Depositor had good and marketable
title to the interest in the Initial  Transferred  Property  conveyed to it, free and clear of all Liens,  pledges,
charges,  encumbrances,  security interests or adverse claims of any nature, and this Agreement constitutes a valid
assignment  and  transfer  to the Trust of all right,  title and  interest of the  Depositor  in and to the Initial
Transferred  Property and (2) the transfer under the related Subsequent Transfer Agreement,  the Depositor had good
and  marketable  title to the  interest in the related  Subsequent  Transferred  Property  conveyed to it, free and
clear of all liens,  pledges,  charges,  encumbrances,  security interests or adverse claims of any nature and this
Agreement and the related  Subsequent  Transfer  Agreement,  when executed and delivered,  will  constitute a valid
assignment  and  transfer  to the Trust of all right,  title and  interest of the  Depositor  in and to the related
Subsequent Transferred Property.

                  (i)      The Depositor is not in default under any agreement,  contract,  instrument or indenture
to which  such  party is a party or by which  such party or its  respective  properties  is or are  bound,  or with
respect to any order of any court,  administrative  agency,  arbitrator  or  governmental  body,  that would have a
material  adverse effect on the  transactions  contemplated  under the Basic  Documents;  and no event has occurred
that with  notice or lapse of time or both would  constitute  such a default  with  respect to any such  agreement,
contract,  instrument  or  indenture,  or with  respect  to any such  order of any  court,  administrative  agency,
arbitrator or governmental body.

                  (j)      The chief  executive  office of the  Depositor  is located at the  address  set forth in
Section 10.04.

                  (k)      The  Depositor  acquired  title to its  interest  in the  Transferred  Property  in good
faith, without notice of any adverse claim to the Transferred Property.

                  (l)      The Depositor has caused its computer and  accounting  records to be marked to show that
a sale of, or a security interest in, the Transferred Property has been made or granted to the Issuer.

                  (m)      The purchase  price paid by the  Depositor for the portion of the  Transferred  Property
relating to the Closing Date or related Subsequent  Transfer Date, as applicable,  is the fair market value of such
portion of the Transferred Property.

                  (n)      This  Agreement  creates a valid and  continuing  security  interest  (as defined in the
applicable  UCC) in the Loan  Agreements  in favor of the  Issuer,  which  security  interest is prior to all other
Liens  (except  as  expressly  permitted  otherwise  in this  Indenture),  and is  enforceable  as such as  against
creditors of and purchasers from the Issuer.

                  (o)      The Loan  Agreements  constitute  "accounts,"  "general  intangibles"  or  "instruments"
within the meaning of the applicable UCC.

                  (p)      The Depositor owns and has good and  marketable  title to the Loan  Agreements  free and
clear of any Lien of any Person.

                  (q)      The  Depositor  has received all  consents  and  approvals  required by the terms of the
Loan Agreements to the sale of the Loan Agreements hereunder to the Trust.

                  (r)      The  Depositor  has  caused or will have  caused,  within  ten days,  the  filing of all
appropriate  financing  statements in the proper filing office in the appropriate  jurisdictions  under  applicable
law in order to perfect the security interest in the Loan Agreements granted to the Trust hereunder.

                  (s)      Other than the security  interest  granted to the Trust pursuant to this Agreement,  the
Depositor has not pledged,  assigned,  sold,  granted a security interest in, or otherwise conveyed any of the Loan
Agreements.  The Depositor has not  authorized the filing of and is not aware of any financing  statements  against
the  Depositor  that include a  description  of collateral  covering the Loan  Agreements  other than any financing
statement  relating to the security  interest granted to the Depositor  hereunder or any security interest that has
been terminated. The Depositor is not aware of any judgment or tax lien filings against the Depositor.

                  (t)      The Servicer,  on behalf of the Depositor,  has in its possession all original copies of
the Loan  Agreements.  The Loan  Agreements  do not have any  marks or  notations  indicating  that  they have been
pledged,  assigned  or  otherwise  conveyed to any Person  other than the  Depositor,  the Trust and the  Indenture
Trustee.  All financing  statements  filed or to be filed against the Depositor in favor of the Trust in connection
herewith  describing the Loan Agreements  contain a statement to the following  effect:  "A purchase of or security
interest in any collateral described in this financing statement will violate the rights of the Trust."

                  (u)      None of the  Mortgage  Notes that  constitute  or evidence  the  Mortgage  Loans has any
marks or notations  indicating  that they have been  pledged,  assigned or  otherwise  conveyed to any Person other
than the Trust.

         The  representations  and warranties set forth in Section 2.09(n)  through (t) shall not be waived without
the prior written consent of Standard and Poor's.

         Upon notice from the Enhancer,  the Issuer, the Owner Trustee,  the Indenture Trustee, the Paying Agent or
the Servicer,  as applicable,  of a breach of the Depositor's  respective  representations or warranties above that
materially  and adversely  affects the interests of the  Securityholders  or the Enhancer in any Mortgage Loan, the
Depositor  shall,  within 90 days of its  discovery or its receipt of notice of such breach,  either  (i) cure such
breach in all  material  respects or (ii) to the extent that such  breach is with  respect to a Mortgage  Loan or a
Related  Document,  either (A)  repurchase  such Mortgage Loan from the Purchaser or its assignee at the Repurchase
Price,  or (B) substitute one or more Eligible  Substitute  Loans received from the Seller pursuant to the Purchase
Agreement.

         It is understood and agreed that the  obligation of the Depositor to cure any breach,  or to repurchase or
substitute  for any Mortgage Loan as to which such a breach has occurred and is  continuing,  shall  constitute the
sole remedy  respecting  such breach  available to the Enhancer  (other than with respect to the Enhancer's  rights
under  the  Insurance  Agreement),  the  Issuer,  the  Certificateholders  (or the Owner  Trustee  on behalf of the
Certificateholders)  and the  Noteholders  (or the  Indenture  Trustee on behalf of the  Noteholders)  against  the
Depositor.

         Section 2.10.     Payment  of Trust  Fees.  The Owner  Trustee  shall pay the  Trust's  fees and  expenses
incurred with respect to the performance of the Trust's duties under the Indenture.

                                                    ARTICLE III

                                  Conveyance of the Mortgage Loans; Certificates

         Section 3.01.     Conveyance of the Mortgage Loans.

                  (a)      The  Depositor,  by the  execution  and  delivery of this  Agreement,  does hereby sell,
assign, set over, and otherwise convey to the Trust,  without recourse (except as expressly  provided herein),  all
of its right, title and interest,  whether now owned or existing or hereafter created,  arising,  or acquired,  in,
to and under (i) the  Initial  Mortgage  Loans and the other  related  Initial  Transferred  Property  and (ii) the
Subsequent  Mortgage  Loans and other  related  Subsequent  Transferred  Property,  in each case  purchased  by the
Depositor from the Seller pursuant to the Purchase  Agreement;  provided,  however,  that the Trust does not assume
any  obligations  (including  any  obligations  to fund Draws)  arising under or related to the Related  Documents.
Such  conveyance  shall be deemed to be made: (1) with respect to the Cut-Off Date Principal  Balances  relating to
the Initial  Mortgage  Loans,  as of the Closing  Date;  (2) with  respect to the Cut-Off Date  Principal  Balances
relating to the Subsequent  Mortgage  Loans,  as of the related  Subsequent  Transfer Date; (3) with respect to the
amount of each  Additional  Balance  created  on or after the  Cut-Off  Date or the  Subsequent  Cut-Off  Date,  as
applicable,  and prior to the commencement of the Rapid  Amortization  Period,  as of the later of the Closing Date
or the related Subsequent  Cut-Off Date, as applicable,  and the date that the corresponding Draw was made pursuant
to the related  Loan  Agreement,  subject to the receipt by the  Depositor  of  consideration  therefor as provided
herein under Section 3.02(c).

                  (b)      The  Depositor  hereby  assigns  to the Trust all of the  Depositor's  right,  title and
interest to and under the Purchase  Agreement and any Subsequent  Transfer  Agreement  executed by the Depositor as
Purchaser,  including without  limitation the Depositor's right to enforce the obligations of the Seller thereunder
(including  the  Seller's  obligation  to  repurchase  Mortgage  Loans as the  result of a breach  of the  Seller's
representations and warranties in the Purchase Agreement).

                  (c)      In connection with the conveyance by the Depositor of the Initial  Mortgage  Loans,  the
Depositor  further  agrees,  at its own  expense,  on or prior to the  Closing  Date,  to indicate in its books and
records that the Initial  Mortgage Loans have been sold to the Trust pursuant to this Agreement,  and to deliver to
the Trust true and complete  lists of all of the Mortgage Loans  specifying for each Mortgage Loan the  information
contained in the Mortgage  Loan  Schedule.  The Mortgage  Loan  Schedule is attached as Exhibit A to the  Servicing
Agreement and is hereby incorporated into and made a part of this Agreement.

                  (d)      Upon the sale of the  Initial  Mortgage  Loans and the  Subsequent  Mortgage  Loans,  as
applicable,  the ownership of each related Loan  Agreement,  each related  Mortgage and the contents of the related
Mortgage  File shall be vested in the Trust and the  ownership  of all records and  documents  with  respect to the
Initial  Mortgage Loans and the Subsequent  Mortgage Loans,  as applicable,  that are prepared by or that come into
the possession of the Depositor,  as seller of the Initial  Mortgage  Loans  hereunder and the Subsequent  Mortgage
Loans under the related Subsequent  Transfer  Agreement,  or by the Servicer under this Agreement shall immediately
vest in the Trust,  and shall be retained  and  maintained  in trust by the  Servicer at the will of the Trust,  in
such  custodial  capacity  only,  or in trust by the  Indenture  Trustee if the  Mortgage  Files are required to be
transferred  by the Servicer to the Indenture  Trustee,  pursuant to the Servicing  Agreement;  provided,  however,
that any records and documents  that come into the possession of the Depositor  shall be promptly  delivered to the
Servicer  or the  Indenture,  as  applicable.  The  Depositor's  records  will  accurately  reflect the sale of the
Initial Mortgage Loans by it to the Trust.

         The Trust hereby  acknowledges  its acceptance of all right,  title and interest to the property  conveyed
to it pursuant to this Section 3.01.

                  (e)      The parties  hereto  intend that the  transactions  set forth herein  constitute a sale,
including for accounting  purposes,  by the Depositor to the Trust of the Depositor's  right, title and interest in
and to the  Mortgage  Loans and the other  Transferred  Property,  and not a  secured  borrowing.  In the event the
transactions  set forth herein are deemed not to be a sale,  the  Depositor  hereby  grants to the Trust a security
interest in all of the Depositor's right, title and interest,  whether now owned or hereafter acquired,  in, to and
under the Transferred  Property to secure all of the Depositor's  obligations  hereunder,  and this Agreement shall
and hereby does  constitute a security  agreement  under  applicable  law. Each of the Mortgage  Loan  Schedules is
hereby  incorporated by reference and made a part of this Trust  Agreement.  The Depositor  agrees to take or cause
to be taken such actions and to execute such documents,  including  without  limitation the  authorization  and the
filing of any  continuation  statements  with  respect to the UCC  financing  statements  filed with respect to the
Mortgage  Loans and other  Transferred  Property by the Depositor on the Closing  Date, if any, and any  amendments
thereto  required to reflect a change in the name or  corporate  structure  of the  Depositor  or the filing of any
additional UCC financing  statements due to the change in the principal  office or  jurisdiction of organization of
the Depositor as are necessary to perfect and protect the Trust' and its  assignees'  interests in the  Transferred
Property.  The Depositor shall file any such continuation statements on a timely basis.

         Section 3.02.     Payment of Purchase Price for Subsequent Mortgage Loans and Additional Balances.

                  (a)      The  "Purchase  Price"  for the  Subsequent  Mortgage  Loans  and the  other  Subsequent
Transferred  Property to be paid by the Trust to the  Depositor on the related  Subsequent  Transfer  Date shall be
100 percent of the related  Cut-Off Date  Principal  Balances  thereof (as identified on the Mortgage Loan Schedule
attached to the related Subsequent  Transfer  Agreement provided by the Depositor).  In the case of each Additional
Balance transferred  hereunder created on or after the Cut-Off Date or Subsequent Cut-Off Date, as applicable,  and
prior to the  commencement  of the Rapid  Amortization  Period,  the Purchase Price thereof shall be 100 percent of
the  principal  amount of the related Draw under the related Loan  Agreement as of the later of the Closing Date or
Subsequent Transfer Date, as applicable,  and the date of creation of such Additional Balance,  adjusted to reflect
such factors as the Depositor and the Trust  mutually  agree will result in a Purchase  Price  determined to be the
fair market value of such Additional Balance and the related Transferred Property.

                  (b)      With  respect to each  Subsequent  Mortgage  Loan  transferred  pursuant to a Subsequent
Transfer  Agreement  and each  Additional  Balance  transferred  hereunder  or  pursuant to a  Subsequent  Transfer
Agreement  with  respect  to any  Mortgage  Loan,  as  applicable,  the Trust  shall pay or cause to be paid to the
Depositor or its designee the Purchase Price specified  above in  Section 3.02(a)  for such  Additional  Balance or
Subsequent  Mortgage  Loan  in  one  of  the  following  ways,  as  applicable:  (i) a  cash  payment  pursuant  to
Section 3.02(a) hereof in an amount equal to the related Draw or Cut-Off Date Principal Balance, as applicable,  if
then  available from Principal  Collections  on any Payment Date or amounts on deposit in the Funding  Account,  as
applicable,  or (ii) with respect to an Additional  Balance only, an increase in the  Additional  Balance  Increase
Amount as of the day on which such Additional Balance was created, equal to the amount of such Additional Balance.

         Section 3.03.     Draws  During Rapid  Amortization  Period.  During the Rapid  Amortization  Period,  any
Excluded  Draws shall not be Additional  Balances,  and the ownership of the related  balances shall be retained by
the  Seller.  Payments  and  collections  allocable  pursuant  to  Section 3.04  to an  Excluded  Draw shall not be
deposited  into the  Custodial  Account,  the  Distribution  Account  or the Note  Payment  Account,  and  shall be
distributed  by the  Servicer  to the  Seller  no less  frequently  than  monthly  in  accordance  with  reasonable
instructions provided by the Seller.

         Section 3.04.     Allocation.  The  Depositor,  the Trust and the Servicer  agree that all  collections on
the Mortgage  Loans will be allocated  and applied as provided by the terms of the related  Loan  Agreements  or by
applicable  law.  Except with respect to  Liquidation  Loss Amounts,  if the Loan  Agreement or applicable law does
not  specify a method  of  allocation  and  application  for  particular  Collections,  such  Collections  shall be
allocated  and applied (i) first,  to interest pro rata (based on the  respective  amounts  coming due on such day)
among the amounts  coming due on such dates,  and (ii) then,  to  principal in the order of the dates on which such
amounts were first  incurred.  If, as a result of the provisions of this  Section 3.04,  Collections  are allocated
to Excluded Draws,  such  Collections  shall not be property of the Purchaser or its assignees and shall be paid by
the Servicer to the Seller as provided in  Section 3.03.  Liquidation  Loss Amounts  shall be allocated as provided
in the definition of Excluded Amount.

         Section 3.05.     Addition  of  Subsequent   Mortgage  Loans.   The  transfer  by  the  Depositor  of  any
Subsequent  Mortgage Loans to the Issuer, is conditioned upon the satisfaction of each of the following  conditions
on or prior to the related Subsequent Transfer Date:

                  (a)      the Depositor shall have provided the Indenture  Trustee,  the Issuer, the Paying Agent,
the  Enhancer  and the  Rating  Agencies  with a timely  Addition  Notice  substantially  in the form of  Exhibit I
attached  hereto,  which notice  shall be given no later than five  Business  Days prior to the related  Subsequent
Transfer  Date,  and shall  designate  the  Subsequent  Mortgage  Loans to be sold to the Issuer and the  aggregate
Principal Balance of such Subsequent Mortgage Loans as of the related Subsequent Cut-Off Date;

                  (b)      the Depositor  shall have  delivered to the  Indenture  Trustee,  the Paying Agent,  the
Enhancer and the Rating Agencies duly executed Subsequent  Transfer Agreement  substantially in the form of Exhibit
J, (A) confirming the satisfaction of each condition precedent  specified in this  Section 3.05(b) and in Section 2
of the related  Subsequent  Transfer  Agreement and (B) including a Mortgage Loan Schedule  listing the  Subsequent
Mortgage Loans;

                  (c)      as of each Subsequent  Transfer Date, as evidenced by delivery to the Indenture  Trustee
of the Subsequent  Transfer  Agreement,  the Depositor  shall not be insolvent,  made insolvent by such transfer or
aware of any pending insolvency;

                  (d)      such sale and transfer  shall not result in a material  adverse tax  consequence  to the
Issuer or, due to any action or inaction on the part of the Seller, to the Securityholders; and

                  (e)      the  Depositor  shall have  provided  each of the Enhancer  and each Rating  Agency with
loan  level  information  in the  Enhancer's  and each such  Rating  Agency's  standard  format no later  than five
Business Days prior to the related  Subsequent  Transfer Date, which shall designate the Subsequent  Mortgage Loans
to be sold to the Issuer,  and shall receive  verbal  consent from the Enhancer and verbal  confirmation  from each
Rating Agency that the addition of the Subsequent Mortgage Loans will not result in a Rating Event.

         Within five  Business  Days after each  Subsequent  Transfer  Date,  the  Depositor  shall  deliver to the
Issuer, the Rating Agencies,  the Enhancer,  the Paying Agent and the Indenture Trustee a copy of the Mortgage Loan
Schedule reflecting the Subsequent Mortgage Loans in electronic format.

         Section 3.06.     Initial  Ownership.  Upon  the  formation  of  the  Trust  by  the  contribution  by the
Depositor  pursuant to Section 2.05  and the conveyance of the Initial  Mortgage Loans pursuant to Section 3.01 and
the issuance of the Certificates, Depositor shall be the sole Certificateholder.

         Section 3.07.     Issuance of  Certificates.  The  Certificates  shall be issued in minimum  denominations
of a Percentage  Interest of 10.0000% and integral  multiples of 0.0001% in excess thereof.  The Certificates shall
be issued in substantially the form attached hereto as Exhibit A.

         The  Certificates  shall be  executed  on  behalf of the Trust by  manual  or  facsimile  signature  of an
authorized  officer of the Owner Trustee and  authenticated  in the manner provided in  Section 3.08.  Certificates
bearing the manual or facsimile  signatures of individuals  who were, at the time when such  signatures  shall have
been  affixed,  authorized to sign on behalf of the Trust,  shall be validly  issued and entitled to the benefit of
this Trust  Agreement,  notwithstanding  that such individuals or any of them shall have ceased to be so authorized
prior to the  authentication  and  delivery  of such  Certificates  or did not  hold  such  offices  at the date of
authentication  and  delivery  of such  Certificates.  A Person  shall  become  a  Certificateholder  and  shall be
entitled  to the  rights  and  subject to the  obligations  of a  Certificateholder  hereunder  upon such  Person's
acceptance of a Certificate duly registered in such Person's name, pursuant to Section 3.09.

         A transferee of a  Certificate  shall become a  Certificateholder  and shall be entitled to the rights and
subject to the  obligations of a  Certificateholder  hereunder upon such  transferee's  acceptance of a Certificate
duly  registered  in such  transferee's  name  pursuant to and upon  satisfaction  of the  conditions  set forth in
Section 3.09.

         Section 3.08.     Authentication  of  Certificates.  Concurrently  with  the  acquisition  of the  Initial
Mortgage Loans by the Trust,  the Owner Trustee or the Certificate  Paying Agent shall cause the Certificates in an
initial  Percentage  Interest  of 100.00% to be  executed on behalf of the Trust,  authenticated  by the  Indenture
Trustee and  delivered to or upon the written  order of the  Depositor,  signed by its  chairman of the board,  its
president or any vice president,  without further corporate action by the Depositor,  in authorized  denominations.
No Certificate  shall entitle the  Certificateholder  thereof to any benefit under this Trust Agreement or be valid
for any purpose unless there shall appear on such  Certificate a certificate  of  authentication  substantially  in
the form set  forth in  Exhibit  A hereto,  executed  by the Owner  Trustee  or the  Indenture  Trustee,  by manual
signature,  and such  authentication  shall  constitute  conclusive  evidence that such  Certificate  has been duly
authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.

         Section 3.09.     Registration  of  and  Limitations  on  Transfer  and  Exchange  of  Certificates.   The
Certificate  Registrar  shall  keep  or  cause  to be  kept,  at  the  office  or  agency  maintained  pursuant  to
Section 3.13,  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  Paying  Agent  shall  be  the  initial  Certificate  Registrar.   If  the
Certificate Registrar resigns or is removed, the Owner Trustee shall appoint a successor Certificate Registrar.

         Subject to  satisfaction  of the conditions set forth below,  upon surrender for  registration of transfer
of any Certificate at the office or agency  maintained  pursuant to Section 3.13,  the Owner Trustee shall execute,
authenticate  and deliver (or shall cause the Indenture  Trustee as its  authenticating  agent to authenticate  and
deliver),  in the name of the designated  transferee or  transferees,  one or more new  Certificates  in authorized
denominations  of a like aggregate  amount dated the date of  authentication  by the Owner Trustee or the Indenture
Trustee.  At  the  option  of a  Certificateholder,  Certificates  may  be  exchanged  for  other  Certificates  of
authorized  denominations  of a like  aggregate  amount upon surrender of the  Certificates  to be exchanged at the
office or agency  maintained  pursuant to Section 3.13.  The initial  Certificateholder  agrees to not transfer any
Certificate  during  either  the  Revolving  Period  or  the  Managed  Amortization  Period,   unless  the  initial
Certificateholder  receives an Opinion of Counsel stating that such transfer of the Certificate  will not adversely
affect the opinion  delivered on the Closing Date by such counsel  regarding the transfer of the Mortgage  Loans by
Seller to the Depositor.

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

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

         Except as described below,  each  Certificateholder  shall establish its non-foreign  status by submitting
to the Certificate  Paying Agent an IRS Form W-9 and the Certificate of Non-Foreign  Status (in  substantially  the
form attached hereto as Exhibit F).

         A Certificate  may be transferred to a  Certificateholder  unable to establish its  non-foreign  status as
described  in the  preceding  paragraph  only if such  Certificateholder  provides  an  Opinion  of  Counsel to the
Depositor,  the  Certificate  Registrar and the  Enhancer,  which Opinion of Counsel shall not be an expense of the
Trust,  the  Owner  Trustee,  the  Certificate  Registrar,  the  Enhancer  or the  Depositor,  satisfactory  to the
Depositor,  the  Certificate  Registrar and the Enhancer,  that such transfer (1) will not affect the tax status of
the Owner Trust and (2) will not adversely affect the interests of any  Securityholder or the Enhancer,  including,
without  limitation,  as a result of the  imposition of any United States  federal  withholding  taxes on the Owner
Trust  (except  to the  extent  that  such  withholding  taxes  would be  payable  solely  from  amounts  otherwise
distributable  to the  Certificate  of the  prospective  transferee).  If such  transfer  occurs  and such  foreign
Certificateholder  becomes  subject  to such  United  States  federal  withholding  taxes,  any such  taxes will be
withheld by the  Certificate  Paying  Agent at the  direction of the  Servicer.  Each  Certificateholder  unable to
establish  its  non-foreign  status shall submit to the  Certificate  Paying Agent a copy of its Form W-8BEN,  Form
W-8ECI or Form W-8IMY,  or such  successor  forms  thereto as required by  then-applicable  regulations,  and shall
resubmit  such form every  three  years or with such  frequency  as required  by  then-applicable  regulations.  In
addition,  prior to any transfer of a  Certificate  prior to September of 2008 to a  Certificateholder  that cannot
establish its non-foreign status, the  Certificateholder  shall deliver to the Owner Trustee,  the Paying Agent and
the Indenture  Trustee,  at the expense of the  Certificateholder,  an Opinion of Counsel that no  withholding  tax
would apply to payments made under the Yield Maintenance Agreement.

         No transfer,  sale,  pledge or other  disposition  of a  Certificate  shall be made unless such  transfer,
sale,  pledge or other  disposition  is exempt from the  registration  requirements  of the  Securities Act and any
applicable  state  securities  laws or is made in accordance  with the  Securities  Act and such state laws. In the
event of any such transfer,  the Certificate  Registrar or the Depositor  shall prior to such transfer  require the
transferee  to  execute  (A) either (i) (a) an  investment  letter in  substantially  the form  attached  hereto as
Exhibit C (or in such form and substance  reasonably  satisfactory to the Certificate  Registrar and the Depositor)
which investment letters shall not be an expense of the Trust, the Owner Trustee,  the Certificate  Registrar,  the
Servicer or the Depositor and which  investment  letter states that,  among other things,  such transferee (a) is a
"qualified  institutional  buyer" as defined  under Rule 144A,  acting for its own account or the accounts of other
"qualified  institutional buyers" as defined under Rule 144A, and (b) is aware that the proposed transferor intends
to rely on the exemption from  registration  requirements  under the Securities Act,  provided by Rule 144A or (ii)
(a) a  written  Opinion  of  Counsel  acceptable  to and in form  and  substance  satisfactory  to the  Certificate
Registrar and the Depositor  that such transfer may be made  pursuant to an exemption,  describing  the  applicable
exemption  and the basis  therefor,  from the  Securities  Act and such state laws or is being made pursuant to the
Securities  Act and such state  laws,  which  Opinion of  Counsel  shall not be an expense of the Trust,  the Owner
Trustee,  the  Certificate   Registrar,   the  Servicer  or  the  Depositor  and  (b)  the  transferee  executes  a
representation   letter,   substantially  in  the  form  of  Exhibit  D  hereto,  and  the  transferor  executes  a
representation  letter,  substantially  in the  form of  Exhibit  E  hereto,  each  acceptable  to and in form  and
substance  satisfactory  to the  Certificate  Registrar and the Depositor  certifying  the facts  surrounding  such
transfer,  which  representation  letters shall not be an expense of the Trust, the Owner Trustee,  the Certificate
Registrar,  the Servicer or the Depositor and (B) the Certificate of Non-Foreign  Status (in substantially the form
attached  hereto as Exhibit F) acceptable to and in form and substance  reasonably  satisfactory to the Certificate
Registrar  and the  Depositor,  which  certificate  shall not be an expense of the Trust,  the Owner  Trustee,  the
Certificate  Registrar  or the  Depositor.  If such  Certificateholder  is  unable  to  provide  a  Certificate  of
Non-Foreign  Status,  such  Certificateholder  must  provide an Opinion of Counsel as  described  in the  preceding
paragraph.  The  Certificateholder  desiring to effect such transfer shall, and does hereby agree to, indemnify the
Trust, the Owner Trustee,  the Certificate  Registrar,  the Certificate  Paying Agent, the Indenture  Trustee,  the
Servicer,  the Paying Agent,  the Enhancer and the Depositor  against any liability that may result if the transfer
is not so exempt or is not made in  accordance  with such federal and state laws.  No transfer of  Certificates  or
any interest  therein shall be made to any Plan, any Person acting,  directly or indirectly,  on behalf of any such
Plan or any Person  acquiring  such  Certificates  with Plan Assets unless the Depositor,  the Owner  Trustee,  the
Certificate  Registrar,  the Enhancer and the Servicer are provided with an Opinion of Counsel that  establishes to
the  satisfaction of the Depositor,  the Owner Trustee,  the Certificate  Registrar,  the Enhancer and the Servicer
that the purchase of  Certificates  is  permissible  under  applicable  law,  will not  constitute or result in any
prohibited  transaction  under ERISA or  Section 4975  of the Code and will not subject  the  Depositor,  the Owner
Trustee,  the Certificate  Registrar,  the Certificate Paying Agent, the Indenture  Trustee,  the Paying Agent, the
Enhancer or the Servicer to any  obligation  or liability  (including  obligations  or  liabilities  under ERISA or
Section 4975 of the Code) in addition to those undertaken in this Trust  Agreement,  which Opinion of Counsel shall
not be an expense of the Depositor,  the Owner Trustee,  the Certificate  Registrar,  the Enhancer or the Servicer.
In lieu of such Opinion of Counsel, a Plan, any Person acting,  directly or indirectly,  on behalf of any such Plan
or any Person  acquiring such  Certificates  with Plan Assets of a Plan may provide a certification  in the form of
Exhibit G to this  Trust  Agreement,  which the  Depositor,  the Owner  Trustee,  the  Certificate  Registrar,  the
Certificate  Paying Agent,  the Indenture  Trustee,  the Paying Agent,  the Enhancer and the Servicer may rely upon
without further  inquiry or  investigation.  Neither an Opinion of Counsel nor a certification  will be required in
connection  with the initial  transfer of any such  Certificate  by the  Depositor to an Affiliate of the Depositor
(in which case,  the Depositor or any such  Affiliate  shall be deemed to have  represented  that such Affiliate is
not a Plan or a Person  investing Plan Assets of any Plan) and the Owner Trustee shall be entitled to  conclusively
rely upon a representation (which, upon the request of the Owner Trustee,  shall be a written  representation) from
the Depositor of the status of such transferee as an Affiliate of the Depositor.

         In addition,  no transfer of a Certificate  shall be permitted,  and no such transfer  shall be registered
by the Certificate  Registrar or be effective  hereunder,  unless  evidenced by an Opinion of Counsel  addressed to
the Certificate  Registrar,  the Servicer and the Enhancer that  establishes that such transfer or the registration
of such transfer would not cause the Trust to be classified as a publicly traded  partnership,  by having more than
100  Certificateholders  at any time during the taxable year of the Trust, an association taxable as a corporation,
a  corporation  or a taxable  mortgage pool for federal and relevant  state income tax  purposes,  which Opinion of
Counsel shall not be an expense of the  Certificate  Registrar and shall be an expense of the proposed  transferee.
No Opinion of Counsel will be required if such  transfer is made to a nominee of an existing  beneficial  holder of
a Certificate.

         In addition,  no transfer,  sale,  assignment,  pledge or other disposition of a Certificate shall be made
unless the proposed  transferee  executes a  representation  letter  substantially in the form of Exhibit H hereto,
that (1) the  transferee is acquiring such  Certificate  for its own behalf and is not acting as agent or custodian
for any other Person or entity in connection  with such  acquisition  and (2) if the  transferee is a  partnership,
grantor trust or S corporation  for federal income tax purposes,  the  Certificates  acquired are not more than 50%
of the assets of the partnership, grantor trust or S corporation.

         Section 3.10.     Mutilated,  Destroyed,  Lost or Stolen  Certificates.  If (a) any mutilated  Certificate
shall be surrendered to the Certificate  Registrar,  or if the Certificate  Registrar shall receive evidence to its
satisfaction  of the  destruction,  loss or theft of any  Certificate  and (b)  there  shall  be  delivered  to the
Certificate  Registrar,  the Indenture  Trustee and the Owner Trustee such security or indemnity as may be required
by them to save  each of  them  and the  Issuer  from  harm,  then in the  absence  of  notice  to the  Certificate
Registrar,  the  Indenture  Trustee or the Owner  Trustee that such  Certificate  has been  acquired by a bona fide
purchaser,  the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or the Indenture  Trustee,
as the Trust's  authenticating  agent,  shall  authenticate  and  deliver,  in exchange  for or in lieu of any such
mutilated,  destroyed,  lost  or  stolen  Certificate,  a new  Certificate  of  like  tenor  and  denomination.  In
connection  with the issuance of any new  Certificate  under this  Section 3.10,  the Owner Trustee,  the Indenture
Trustee  or the  Certificate  Registrar  may  require  the  payment of a sum  sufficient  to cover any tax or other
governmental  charge that may be imposed in connection  therewith.  Any duplicate  Certificate  issued  pursuant to
this  Section 3.10  shall  constitute  conclusive  evidence of ownership  in the Trust,  as if  originally  issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

         Section 3.11.     Persons  Deemed  Certificateholders.  Prior to due  presentation  of a  Certificate  for
registration of transfer,  the Owner Trustee,  the Certificate  Registrar or any Certificate Paying Agent may treat
the  Person  in  whose  name any  Certificate  is  registered  in the  Certificate  Register  as the  owner of such
Certificate  for the  purpose of  receiving  distributions  pursuant  to  Section 5.02  and for all other  purposes
whatsoever,  and none of the Trust, the Owner Trustee,  the Certificate  Registrar or the Certificate  Paying Agent
shall be bound by any notice to the contrary.

         Section 3.12.     Access to List of  Certificateholders'  Names and Addresses.  The Certificate  Registrar
shall furnish or cause to be furnished to the Depositor or the Owner  Trustee,  within 15 days after receipt by the
Certificate  Registrar of a written request therefor from the Depositor or the Owner Trustee,  a list, in such form
as the Depositor or the Owner Trustee,  as the case may be, may reasonably  require,  of the names and addresses of
the  Certificateholders  as of the most recent  Record Date.  If three or more  Certificateholders,  or one or more
Certificateholders  evidencing not less than 25% of the Certificate  Percentage  Interest,  apply in writing to the
Owner Trustee or 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
such application is accompanied by a copy of the communication that such applicants  propose to transmit,  then the
Owner Trustee shall,  within five (5) Business Days after the receipt of such  application,  afford such applicants
access  during  normal  business  hours to the  current  list of  Certificateholders.  Each  Certificateholder,  by
receiving and holding a  Certificate,  shall be deemed to have agreed not to hold any of the Trust,  the Depositor,
the  Certificate  Registrar,  the  Certificate  Paying  Agent or the  Owner  Trustee  accountable  by reason of the
disclosure of its name and address, regardless of the source from which such information was derived.

         Section 3.13.     Maintenance  of Office or  Agency.  The Owner  Trustee,  on behalf of the  Trust,  shall
maintain an office or offices or agency or agencies where  Certificates  may be  surrendered  for  registration  of
transfer or exchange  and where  notices  and demands to or upon the Owner  Trustee in respect of the  Certificates
and the Basic  Documents may be served.  The Owner Trustee  initially  designates the Corporate Trust Office of the
Certificate  Registrar (or such other office as the Certificate  Registrar may specify to the Owner Trustee) as its
office  for  such  purposes.   The  Owner  Trustee  shall  give  prompt  written  notice  to  the  Depositor,   the
Certificateholders,  the  Indenture  Trustee  and the  Enhancer of any change in the  location  of the  Certificate
Register or any such office or agency.

         Section 3.14.     Certificate Paying Agent.

                  (a)      The Certificate  Paying Agent shall make  distributions to  Certificateholders  from the
Distribution  Account  on  behalf  of  the  Trust  in  accordance  with  the  provisions  of the  Certificates  and
Section 5.01  hereof from  payments  remitted  to the  Certificate  Paying  Agent by the Paying  Agent  pursuant to
Section 3.05  of the Indenture.  The Trust hereby appoints the Paying Agent as the  Certificate  Paying Agent.  The
Certificate Paying Agent shall:

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

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

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

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

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

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

                  (b)      The Trust may revoke  such power and remove the  Certificate  Paying  Agent if the Owner
Trustee  determines  in its sole  discretion  that the  Certificate  Paying  Agent shall have failed to perform its
obligations  under this Trust Agreement in any material  respect.  The Paying Agent shall be permitted to resign as
Certificate  Paying Agent upon 30 days' written  notice to the Owner Trustee and the Enhancer;  provided,  however,
that the Paying Agent is also  resigning as Paying  Agent under the  Indenture at such time.  In the event that the
Paying  Agent shall no longer be the  Certificate  Paying Agent under this Trust  Agreement  and Paying Agent under
the  Indenture,  the Owner Trustee shall appoint a successor to act as  Certificate  Paying Agent (which shall be a
bank or trust company) and which shall also be the successor  Paying Agent under the  Indenture.  The Owner Trustee
shall cause such successor  Certificate  Paying Agent or any additional  Certificate  Paying Agent appointed by the
Owner  Trustee  to  execute  and  deliver  to the Owner  Trustee  an  instrument  to the  effect  set forth in this
Section 3.14  as it relates to the  Certificate  Paying  Agent.  The  Certificate  Paying  Agent  shall  return all
unclaimed  funds to the Trust and upon removal of a Certificate  Paying Agent such  Certificate  Paying Agent shall
also return all funds in its possession to the Trust.  The  provisions of Sections 6.01,  6.04 and 7.01 shall apply
to the  Certificate  Paying  Agent  to the  extent  applicable.  Any  reference  in  this  Trust  Agreement  to the
Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise.

                  (c)      The Certificate  Paying Agent shall establish and maintain with itself the  Distribution
Account in which the Certificate  Paying Agent shall deposit,  on the same day as it is received from the Servicer,
the Indenture  Trustee or Paying Agent,  each remittance  received by the Certificate  Paying Agent with respect to
payments  made  pursuant  to the  Indenture  or the  Servicing  Agreement.  Pending  any such  distribution,  funds
deposited in the  Distribution  Account on a Payment Date and not  distributed  to the  Certificateholders  on such
Payment Date shall be invested by the Certificate  Paying Agent in Permitted  Investments  selected by the Servicer
(or if no  selection is made by the Servicer in  Permitted  Investments  described in clause (v) of the  definition
thereof)  maturing no later than the  Business  Day  preceding  the next  succeeding  Payment Date (except that any
investment  in the  institution  with  which the  Distribution  Account is  maintained  may mature or be payable on
demand on such  Payment Date and shall not be sold or disposed of prior to the  maturity).  All  investment  income
earned in respect of funds on deposit in the Distribution  Account shall be credited to the  Distribution  Account,
except  that an  amount  equal to one  day's  interest  on any such  investment  shall  be for the  benefit  of the
Certificate  Paying Agent. A portion of any losses incurred in respect of any such  investments  shall be deposited
in the  Distribution  Account by the  Certificate  Paying Agent out of its own funds  immediately as realized in an
amount  such that the  percentage  of any such  loss  allocated  to the  Certificate  Paying  Agent  shall  equal a
fraction,  the numerator of which equals one (1) and the  denominator  of which equals the number of days the funds
in the  Distribution  Account were invested in such  investment.  The remainder of any such losses shall be charged
against the Distribution  Account.  The Certificate  Paying Agent shall make all  distributions on the Certificates
as provided in  Section 3.05  of the Indenture and  Section 5.01(a)  of this Trust Agreement from moneys on deposit
in the Distribution Account.

         Section 3.15.     Cooperation.  The Owner  Trustee  shall  cooperate in all respects  with any  reasonable
request by the  Enhancer  for action to  preserve  or enforce the  Enhancer's  rights or interest  under this Trust
Agreement or the Insurance  Agreement,  consistent with this Trust Agreement and without limiting the rights of the
Certificateholders as otherwise expressly set forth in this Trust Agreement.

         Section 3.16.     [Reserved].

         Section 3.17.     Subordination.  Except as  otherwise  provided  in the Basic  Documents,  for so long as
any Notes are  outstanding or unpaid,  the  Certificateholders  will generally be subordinated in right of payment,
under the  Certificates  or  otherwise,  to  payments  to the  Noteholders  under,  or  otherwise  related  to, the
Indenture.  If an Event of Default has occurred and is continuing  under the Indenture,  the  Certificates  will be
fully  subordinated  to obligations  owing by the Trust to the  Noteholders  and the Enhancer  under,  or otherwise
related to, the  Indenture,  and no  distributions  will be made on the  Certificates  until the  Noteholders,  the
Paying Agent,  the Note  Registrar,  the  Certificate  Paying Agent,  the  Certificate  Registrar and the Indenture
Trustee and the Enhancer have been irrevocably paid in full.

         Section 3.18.     No  Priority  Among  Certificates.  All  Certificateholders  shall  rank  equally  as to
amounts  distributable  upon the  liquidation,  dissolution  or  winding  up of the Trust,  with no  preference  or
priority being afforded to any Certificateholders over any other Certificateholders.

                                                    ARTICLE IV

                                       Authority and Duties of Owner Trustee

         Section 4.01.     General  Authority.  The Owner  Trustee  is  authorized  and  directed  to  execute  and
deliver the Basic  Documents to which the Trust is to be a party and each  certificate or other  document  attached
as an  exhibit  to or  contemplated  by the Basic  Documents  to which  the Trust is to be a party,  as well as any
certificate  that supports the factual  assumptions  made in any Opinion of Counsel  delivered on the Closing Date,
and any  amendment or other  agreement or  instrument  described  herein,  in each case,  in such form as the Owner
Trustee shall approve,  as evidenced  conclusively by the Owner  Trustee's  execution  thereof.  In addition to the
foregoing,  the Owner  Trustee  is  obligated  to take all  actions  required  of the Trust  pursuant  to the Basic
Documents.

         Section 4.02.     General  Duties.  The  Owner  Trustee  shall be  responsible  to  administer  the  Trust
pursuant to the terms of this Trust  Agreement  and the other Basic  Documents to which the Trust is a party and in
the interest of the  Certificateholders,  subject to the Basic  Documents and in accordance  with the provisions of
this Trust Agreement.

         Section 4.03.     Action upon Instruction.

                  (a)      Subject to this Article IV and  Section 10.13  of this Trust Agreement and in accordance
with the terms of the Basic Documents,  the  Certificateholders may by written instruction direct the Owner Trustee
in the  management  of the  Trust.  Such  direction  may be  exercised  at any time by written  instruction  of the
Certificateholders pursuant to this Article IV.

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

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

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

         Section 4.05.     Restrictions.

                  (a)      The Owner Trustee shall not take any action (i) that is  inconsistent  with the purposes
of the Trust set forth in  Section 2.03  or (ii) that, to the actual  knowledge of the Owner  Trustee,  would cause
the Trust to be treated  as an  association  (or a  publicly-traded  partnership)  taxable  as a  corporation  or a
taxable  mortgage  pool for federal  income tax purposes or at any time that any of the Notes or  Certificates  are
outstanding  or  any  obligations  are  due  and  owing  to  the  Enhancer  under  the  Insurance  Agreement.   The
Certificateholders  shall not direct the Owner  Trustee to take action that would  violate the  provisions  of this
Section 4.05.

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

         Section 4.06.     Prior Notice to  Certificateholders  and the Enhancer  with Respect to Certain  Matters.
With respect to the following  matters,  the Owner Trustee  shall not take action  unless,  at least 30 days before
the taking of such  action,  the Owner  Trustee  shall have  notified  the  Certificateholders  and the Enhancer in
writing of the  proposed  action  and the  Enhancer  and the  Certificateholders  of  Certificates  representing  a
majority of the aggregate  Certificate  Percentage  Interest of the Certificates  shall not have notified the Owner
Trustee in writing  prior to the 30th day after such  notice is given that such  Certificateholders  have  withheld
consent or provided alternative direction:

                  (a)      the  initiation  of  any  Proceeding  by  the  Trust  (except   Proceedings  brought  in
connection  with the collection of cash  distributions  due and owing under the Mortgage  Loans) and the compromise
of any  Proceeding  brought by or against the Trust  (except with  respect to the  aforementioned  Proceedings  for
collection of cash distributions due and owing under the Mortgage Loans);

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

                  (c)      the amendment of any of the Basic  Documents in  circumstances  where the consent of any
Noteholder is required;

                  (d)      the amendment of any of the Basic  Documents in  circumstances  where the consent of any
Noteholder  is  not  required  and  such  amendment   materially   and  adversely   affects  the  interest  of  the
Certificateholders;

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

         Section 4.07.     Action by  Certificateholders  with Respect to Certain Matters.  The Owner Trustee shall
not have the power,  except upon the written  direction of  Certificateholders  evidencing not less than a majority
of the aggregate  Certificate  Percentage  Interest of the Certificates,  and with the consent of the Enhancer,  to
(a) remove the Servicer under the Servicing  Agreement pursuant to Section 7.01  thereof or (b) except as expressly
provided in the Basic Documents, sell the Mortgage Loans after the termination of the Indenture.

         Section 4.08.     Action by  Certificateholders  with Respect to  Bankruptcy.  The Owner Trustee shall not
have the power to commence a voluntary  Proceeding in bankruptcy  relating to the Trust without the unanimous prior
approval of all  Certificateholders,  and with the prior written  consent of the Enhancer,  and the delivery to the
Owner Trustee by each such  Certificateholder of a certificate  certifying that such  Certificateholder  reasonably
believes that the Trust is insolvent.

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

         Section 4.10.     Majority  Control.  Except as expressly  provided  herein,  any action that may be taken
by the  Certificateholders  under this  Trust  Agreement  may be taken by the  Certificateholders  of  Certificates
evidencing not less than a majority of the aggregate  Certificate  Percentage Interest of the Certificates.  Except
as  expressly  provided  herein,  any written  notice of the  Certificateholders  delivered  pursuant to this Trust
Agreement  shall be  effective  if signed by the  Certificateholders  evidencing  not less than a  majority  of the
aggregate Certificate Percentage Interest of the Certificates at the time of the delivery of such notice.

         Section 4.11.     Doing Business in Other  Jurisdictions.  Notwithstanding  anything  contained  herein to
the  contrary,  neither  [_____________]  nor the  Owner  Trustee  shall  be  required  to take any  action  in any
jurisdiction  other than in the State of Delaware if the taking of such action will,  even after the appointment of
a co-trustee or separate  trustee in accordance with  Section 9.05  hereof,  (i) require the consent or approval or
authorization  or order of or the giving of notice to, or the  registration  with or the taking of any other action
in respect of, any state or other  governmental  authority  or agency of any  jurisdiction  other than the State of
Delaware;  (ii)  result in any fee,  tax or other  governmental  charge  under  the laws of the  State of  Delaware
becoming  payable  by  [_____________],   or  (iii)  subject   [_____________]  to  personal  jurisdiction  in  any
jurisdiction  other  than  the  State of  Delaware  for  causes  of  action  arising  from  acts  unrelated  to the
consummation of the transactions by [_____________] or the Owner Trustee, as the case may be, contemplated hereby.

         Section 4.12.     Removal  of  Mortgage  Loans.  Subject to and in  accordance  with  Section 3.22  of the
Servicing  Agreement,  the Issuer may notify the Owner Trustee of its direction to the Servicer to remove  Mortgage
Loans from the Trust Estate.  Promptly  following  receipt of any such request,  the Owner Trustee shall deliver to
the Servicer the written notice and request  required to be delivered to the Servicer  pursuant to  Section 3.22 of
the  Servicing  Agreement.  Any  Mortgage  Loans  removed  from the Trust Estate  pursuant to  Section 3.22  of the
Servicing  Agreement  shall be  property  of the Issuer and,  upon the  written  request of the  Certificateholders
holding 100% of the Certificate  Percentage  Interests of the Certificates,  be released to the  Certificateholders
as a dividend and in accordance with the written instructions of such Certificateholders.

                                                     ARTICLE V

                                            Application of Trust Funds

         Section 5.01.     Distributions.

                  (a)      On each  Payment  Date and on any date on which  the  Trust is  terminated  pursuant  to
Section 8.01,  the Certificate Paying Agent shall distribute to the  Certificateholders all funds on deposit in the
Distribution  Account and available  therefor as provided in Section 3.05 of the Indenture.  All distributions made
pursuant to this Section to any Certificates shall be distributed to the  Certificateholders  pro rata based on the
respective Percentage Interests thereof.

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

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

         Section 5.02.     Method of  Payment.  Subject to  Section 8.01(c),  distributions  required to be made to
Certificateholders  on any Payment  Date as provided in  Section 5.01  shall be made to each  Certificateholder  of
record on the preceding  Record Date by wire  transfer,  in  immediately  available  funds,  to the account of each
Certificateholder  at a bank or other entity having  appropriate  facilities  therefor,  if such  Certificateholder
shall have provided to the  Certificate  Registrar  appropriate  written  instructions  at least five Business Days
prior to such Payment Date.

         Section 5.03.     Signature on Returns.  The  Servicer  shall sign on behalf of the Trust the tax returns,
if any, of the Trust.

         Section 5.04.     Statements to  Certificateholders.  On each Payment Date, the  Certificate  Paying Agent
shall make  available to each  Certificateholder  the Servicing  Certificate  provided to the Owner Trustee and the
Certificate  Paying Agent by the Servicer pursuant to Section 4.01 of the Servicing  Agreement with respect to such
Payment Date.

         Section 5.05.     Tax Reporting.  The  Certificateholders  by their acceptance of a Certificate,  agree to
appoint the Servicer as their agent and the  Servicer,  as agent for such holders  under the  Servicing  Agreement,
has agreed to perform all duties necessary to comply with federal and state income tax laws.

         Any  Certificateholder  that  holds  100%  of the  Certificates  agrees  by its  purchase  of  100% of the
Certificates  to treat the Trust  Estate  as an entity  wholly  owned by such  Certificateholder  for  purposes  of
federal and state  income tax,  franchise  tax and any other tax  measured in whole or in part by income,  with the
assets of the entity being the assets held by the Trust, and the Notes being debt of the Trust.

                                                    ARTICLE VI

                                           Concerning the Owner Trustee

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

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

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

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

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

                  (e)      the Owner Trustee  shall not be liable for the default or  misconduct of the  Depositor,
Indenture  Trustee,  the  Certificate  Paying  Agent,  the  Paying  Agent or the  Servicer  under  any of the Basic
Documents or otherwise and the Owner Trustee  shall have no obligation or liability to perform the  obligations  of
the  Certificate  Paying  Agent,  the Paying Agent,  the  Depositor or the Trust under this Trust  Agreement or the
other Basic  Documents  that are required to be performed  by the  Indenture  Trustee or the Paying Agent under the
Indenture or the Seller under the Purchase Agreement; and

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

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

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

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

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

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

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

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

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

         Section 6.04.     Reliance; Advice of Counsel.

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

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

         Section 6.05.     Not  Acting  in  Individual  Capacity.  Except  as  provided  in  this  Article  VI,  in
accepting  the  trusts  hereby  created  [_____________]  acts  solely as Owner  Trustee  hereunder  and not in its
individual  capacity,  and all Persons  having any claim  against the Owner  Trustee by reason of the  transactions
contemplated  by this Trust  Agreement or any other Basic  Document shall look only to the Trust Estate for payment
or satisfaction thereof.

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

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

                                                    ARTICLE VII

                                           Compensation of Owner Trustee

         Section 7.01.     Owner  Trustee's  Fees and Expenses.  The Owner  Trustee  shall receive as  compensation
for its  services  hereunder  such fees as have been  separately  agreed upon before the date hereof in  accordance
with  Section 6.06  of the  Servicing  Agreement,  and the Owner Trustee  shall be  reimbursed  for its  reasonable
expenses  hereunder  and under the other Basic  Documents,  including  the  reasonable  compensation,  expenses and
disbursements of such agents,  representatives,  experts and counsel as the Owner Trustee may reasonably  employ in
connection  with the  exercise and  performance  of its rights and its duties  hereunder  and under the other Basic
Documents which shall be payable by the Servicer pursuant to Section 3.11 of the Servicing Agreement.

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

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

                  (b)      with  respect  to  any  such  claim,  the  Indemnified   Party  shall  have  given  such
Certificateholder written notice thereof promptly after the Indemnified Party shall have actual knowledge thereof;

                  (c)      while maintaining  control over its own defense,  such  Certificateholder  shall consult
with the Indemnified Party in preparing such defense; and

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

         The  indemnities  contained in this  Section shall  survive the  resignation  or  termination of the Owner
Trustee or the  termination of this Trust  Agreement.  In the event of any  Proceeding  for which  indemnity may be
sought  pursuant  to this  Section 7.02,  the Owner  Trustee's  choice of legal  counsel,  if other  than the legal
counsel  retained by the Owner  Trustee in  connection  with the  execution  and delivery of this Trust  Agreement,
shall be subject to the  approval  of the  Certificateholder  of the  majority  of the  Percentage  Interest of the
Certificates,  which approval shall not be  unreasonably  withheld.  In addition,  upon written notice to the Owner
Trustee  and with the  consent  of the Owner  Trustee,  which  consent  shall  not be  unreasonably  withheld,  the
Certificateholder  of the majority of the Percentage  Interest of the  Certificates  shall have the right to assume
the defense of any Proceeding against the Owner Trustee.

                                                   ARTICLE VIII

                                          Termination of Trust Agreement

         Section 8.01.     Termination of Trust Agreement.

                  (a)      This Trust  Agreement  (other than this Article VIII) and the Trust shall  terminate and
be of no further  force or effect upon the final  distribution  of all moneys or other  property or proceeds of the
Trust Estate in accordance with the terms of the Indenture and this Trust Agreement.  The bankruptcy,  liquidation,
dissolution,  death or incapacity of any Certificateholder  shall not (i) operate to terminate this Trust Agreement
or the Trust, (ii) entitle such  Certificateholder's  legal  representatives  or heirs to claim an accounting or to
take any  Proceeding  in any  court  for a  partition  or  winding  up of all or any part of the Trust or the Trust
Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto.

                  (b)      Except as provided in Section 8.01(a),  neither the Depositor nor any  Certificateholder
shall be entitled to revoke or terminate the Trust.

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

         In the  event  that all of the  Certificateholders  shall  not have  surrendered  their  Certificates  for
cancellation  within six months after the date specified in the above  mentioned  written  notice,  the Certificate
Paying  Agent  shall  give a  second  written  notice  to  the  remaining  Certificateholders  to  surrender  their
Certificates  for  cancellation  and receive the final  distribution  with respect  thereto.  Subject to applicable
laws with respect to escheat of funds,  if within one year  following  the Payment  Date on which final  payment of
the  Certificates  was to have  been  made  pursuant  to  Section 5.01,  all the  Certificates  shall not have been
surrendered for cancellation,  the Certificate  Paying Agent may take appropriate steps, or may appoint an agent to
take appropriate steps, to contact the remaining  Certificateholders  concerning  surrender of their  Certificates,
and the cost  thereof  shall be paid out of the funds and other  assets  that  shall  remain  subject to this Trust
Agreement.  Any  funds  remaining  in  the  Distribution  Account  after  exhaustion  of  such  remedies  shall  be
distributed by the Certificate  Paying Agent to the  Certificateholder  of the majority of the Percentage  Interest
of the Certificates with respect to which such amounts are due.

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

                                                    ARTICLE IX

                              Successor Owner Trustees and Additional Owner Trustees

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

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

         If at any time the  Owner  Trustee  shall  cease to be  eligible  in  accordance  with the  provisions  of
Section 9.01  and shall fail to resign after written request  therefor by the Indenture  Trustee (and the Indenture
Trustee shall make such request upon (i) the written  direction of the Enhancer,  so long as the Enhancer is not in
default under the Policy, or (ii) the written  direction of holders of Notes  representing not less than a majority
of the Note  Balance of the Notes if the  Enhancer  is in default  under the  Policy),  or if at any time the Owner
Trustee  shall be legally  unable to act, or shall be adjudged  bankrupt or  insolvent,  or a receiver of the Owner
Trustee or of its property  shall be  appointed,  or any public  officer  shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of  rehabilitation,  conservation  or  liquidation,  then the
Indenture  Trustee may, and, at the direction of the Enhancer,  shall,  remove the Owner Trustee.  If the Indenture
Trustee shall remove the Owner Trustee under the authority of the  immediately  preceding  sentence,  the Indenture
Trustee  shall  promptly  appoint a  successor  Owner  Trustee  reasonably  acceptable  to the  Enhancer by written
instrument,  in  duplicate,  one copy of which  instrument  shall be  delivered to the  outgoing  Owner  Trustee so
removed and one copy to the successor  Owner  Trustee,  and shall pay all fees owed to the outgoing  Owner Trustee.
If the Indenture  Trustee is unable to appoint a successor  Owner Trustee within 60 days after any such  direction,
the Indenture  Trustee may petition any court of competent  jurisdiction  for the  appointment of a successor Owner
Trustee.

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

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

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

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

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

         Section 9.05.     Appointment  of Co-Trustee or Separate  Trustee.  Notwithstanding  any other  provisions
of this Trust  Agreement,  at any time, for the purpose of meeting any legal  requirements  of any  jurisdiction in
which any part of the Trust  Estate may at the time be located,  the Owner  Trustee  shall have the power and shall
execute and deliver all  instruments  to appoint one or more Persons to act as  co-trustee,  jointly with the Owner
Trustee,  or as separate trustee or trustees,  of all or any part of the Trust Estate,  and to vest in such Person,
in such  capacity,  such  title to the Trust or any part  thereof  and,  subject  to the other  provisions  of this
Section,  such  powers,  duties,  obligations,  rights and trusts as the Owner  Trustee may  consider  necessary or
desirable.  No co-trustee or separate  trustee  under this Trust  Agreement  shall be required to meet the terms of
eligibility  as a  successor  Owner  Trustee  pursuant  to  Section 9.01  and no notice of the  appointment  of any
co-trustee or separate trustee shall be required pursuant to Section 9.03.

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

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

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

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

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

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

                                                     ARTICLE X

                                                   Miscellaneous

         Section 10.01.    Amendments.

                  (a)      This  Trust  Agreement  may be  amended  from  time  to time by the  parties  hereto  as
specified in this  Section 10.01,  provided  that any such  amendment,  except as provided in paragraph  (e) below,
shall be  accompanied  by an Opinion of Counsel  addressed to the Owner Trustee and the Enhancer to the effect that
such amendment complies with the provisions of this Section.

                  (b)      If the purpose of any such  amendment  (as detailed  therein) is to correct any mistake,
eliminate  any  inconsistency,  cure any  ambiguity  or deal with any  matter not  covered in this Trust  Agreement
(i.e.,  to give  effect to the intent of the  parties),  it shall not be  necessary  to obtain  the  consent of any
Certificateholders,  but the Owner  Trustee  shall be furnished  with (i) a letter from each Rating Agency that the
amendment  will not  result in a Rating  Event,  determined  without  regard to the  Policy  and (ii) an Opinion of
Counsel to the effect that such action will not  adversely  affect in any  material  respect the  interests  of any
Certificateholder, and the consent of the Enhancer shall be obtained.

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

                  (d)      If the purpose of the  amendment is to add or  eliminate or change any  provision of the
Trust Agreement  other than as  contemplated  in (b) and (c) above,  the amendment shall require (i) the consent of
the  Enhancer  and an Opinion of Counsel to the effect that such action will not  adversely  affect in any material
respect the  interests of any  Certificateholder  and  (ii) either  (A) a letter from each Rating  Agency that such
amendment  will not cause a Rating  Event,  if  determined  without  regard to the  Policy  or (B) the  consent  of
Certificateholders  evidencing  a majority of the  aggregate  Certificate  Percentage  Interest  and the  Indenture
Trustee;  provided,  however,  that no such amendment shall reduce in any manner the amount of, or delay the timing
of,  payments  received  that are  required  to be  distributed  on any  Certificate  without  the  consent of each
Certificateholder  affected  thereby and the Enhancer,  or reduce the  aforesaid  percentage  of  Certificates  the
Certificateholders  of  which  are  required  to  consent  to  any  such  amendment,  without  the  consent  of the
Certificateholders of all such Certificates then outstanding;  provided,  further,  that no Certificate  registered
in the name of the Seller or an  Affiliate of the Seller shall be  considered  a  Certificate  for purposes of such
consent.

                  (e)      No  amendment  of  this  Trust  Agreement  may  provide  for the  holding  of any of the
Certificates in book-entry form.

                  (f)      If the  purpose of any such  amendment  is to provide  for the  issuance  of  additional
Certificates  representing  an  interest  in the Trust,  it shall not be  necessary  to obtain  the  consent of any
Certificateholder,  but the Owner  Trustee  shall be  furnished  with (i) an Opinion of Counsel to the effect  that
such action will not adversely  affect in any material respect the interests of any  Certificateholders  and (ii) a
letter from each Rating  Agency to the effect that such  amendment  will not cause a Rating  Event,  if  determined
without regard to the Policy, and the consent of the Enhancer shall be obtained.

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

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

                  (i)      The Owner  Trustee may,  but shall not be  obligated  to,  execute any  amendment  which
adversely affects its rights, duties or immunities hereunder.

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

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

         Section 10.03.    Limitations  on Rights of  Others.  Except  for  Section 2.07,  the  provisions  of this
Trust  Agreement  are solely for the benefit of the Owner  Trustee,  the  Depositor,  the  Certificateholders,  the
Enhancer  and,  to the  extent  expressly  provided  herein,  the  Paying  Agent,  the  Indenture  Trustee  and the
Noteholders,  and nothing in this Trust Agreement (other than Section 2.07),  whether express or implied,  shall be
construed to give to any other Person any legal or  equitable  right,  remedy or claim in the Trust Estate or under
or in respect of this Trust Agreement or any covenants, conditions or provisions contained herein.

         Section 10.04.    Notices.

                  (a)      Unless  otherwise  expressly  specified or permitted  by the terms  hereof,  all notices
shall be in writing and shall be deemed given upon  receipt:  if to the Owner  Trustee,  addressed to its Corporate
Trust  Office;  if to the Paying Agent,  addressed to its Corporate  Trust  Office;  if to the  Certificate  Paying
Agent,  addressed to its Corporate  Trust Office;  if to the Depositor,  addressed to Wachovia Asset Funding Trust,
LLC  [address],  Attention:  ______,  Telecopier:  (___)  ___-____;  if to the  Enhancer,  addressed to  [address],
Attention:  ______,  Telecopier:  (___)  ___-____;  if to the Rating  Agencies,  addressed  to  [Moody's  Investors
Service,  Inc., 99 Church Street,  4th Floor,  New York,  New York 10001] and Standard & Poor's,  a division of The
McGraw-Hill Companies,  Inc., 55 Water Street, New York, New York 10004,  Attention:  Structured Finance Department
- MBS; or, as to each of the  foregoing  Persons,  at such other address as shall be designated by such Person in a
written notice to each of the other foregoing Persons.

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

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

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

         Section 10.06.    Separate  Counterparts.  This Trust  Agreement may be executed by the parties  hereto in
any number of  counterparts,  each of which when so  executed  and  delivered  shall be an  original,  but all such
counterparts shall together constitute but one and the same instrument.

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

         Section 10.08.    No  Petition.  The Owner  Trustee,  by  entering  into this  Trust  Agreement,  and each
Certificateholder,  by accepting a Certificate,  hereby covenants and agrees that it will not at any time institute
against  the  Depositor  or the  Trust,  or join in any  institution  against  the  Depositor  or the Trust of, any
bankruptcy  Proceedings  under any United States federal or state  bankruptcy or similar law in connection with any
obligations to the Certificates, the Notes, this Trust Agreement or any of the other Basic Documents.

         Section 10.09.    No Recourse.  Each  Certificateholder,  by accepting a  Certificate,  acknowledges  that
such  Certificateholder's  Certificate represents a beneficial interest in the Trust only and does not represent an
interest in or obligation of the  Depositor,  the Seller,  the Owner  Trustee,  the Indenture  Trustee,  the Paying
Agent or any Affiliate  thereof,  and that no recourse may be had against such Persons or their  assets,  except as
may be expressly set forth or contemplated in the Certificates, this Trust Agreement or the other Basic Documents.

         Section 10.10.    Headings.   The  headings  of  the  various   Articles  and  Sections   herein  are  for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.

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

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

         Section 10.13.    Rights  of  Enhancer  to  Exercise  Rights  of  Certificateholders.   By  accepting  its
Certificate,  each  Certificateholder  agrees that unless a Enhancer  Default  exists,  the Enhancer shall have the
right to exercise all rights of the  Certificateholders  under this Trust Agreement  without any further consent of
the  Certificateholders.  Nothing  in this  Section,  however,  shall  alter or  modify in any way,  the  fiduciary
obligations  of the Owner  Trustee  to the  Certificateholders  pursuant  to this  Trust  Agreement,  or create any
fiduciary  obligation  of the  Owner  Trustee  to the  Enhancer.  The  Enhancer  shall be an  express  third  party
beneficiary of this Trust Agreement.

                                                    ARTICLE XI

                                           Compliance with Regulation AB

         Section 11.01.    Intent  of  the  Parties;   Reasonableness.   The   Depositor   and  the  Owner  Trustee
acknowledge  and agree that the purpose of this Article II is to facilitate  compliance  by the Depositor  with the
provisions  of  Regulation  AB and  related  rules and  regulations  of the  Commission.  The  Depositor  shall not
exercise its right to request  delivery of information or other  performance  under these  provisions other than in
good faith,  or for purposes  other than  compliance  with the  Securities  Act, the Exchange Act and the rules and
regulations of the Commission  under the Securities Act and the Exchange Act. The Owner Trustee  acknowledges  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  mortgage-backed  securities markets,
advice of counsel,  or  otherwise,  and agrees to comply with  reasonable  requests  made by the  Depositor in good
faith for delivery of information  under these  provisions on the basis of evolving  interpretations  of Regulation
AB. The Owner Trustee shall  cooperate in good faith with any reasonable  request by the Depositor for  information
regarding the Owner  Trustee that is necessary or required,  in the  reasonable,  good faith  determination  of the
Depositor, to permit the Depositor to comply with the provisions of Regulation AB.

         Section 11.02.    Additional Representations and Warranties of the Owner Trustee.

         (a)      The Owner  Trustee  shall be deemed to  represent  and  warrant to the  Depositor  as of the date
hereof and on each date on which information is provided to the Depositor under  Sections 11.01,  11.02(b) or 11.03
that,  except  as  disclosed  in  writing  to the  Depositor  prior to such  date:  (i) it 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  Transaction  due to any  default  of the Owner  Trustee;  (ii)  there are no  aspects of its
financial  condition that could have a material adverse effect on the performance by it of its trustee  obligations
under the Trust Agreement or any other  Securitization  Transaction as to which it is the trustee;  (iii) there are
no  material  legal or  governmental  proceedings  pending (or known to be  contemplated)  against it that would be
material  to  Noteholders;  (iv) there are no  relationships  or  transactions  (as  described  in Item  1119(b) of
Regulation  AB)  relating to the Owner  Trustee  with respect to the  Depositor  or any  sponsor,  issuing  entity,
servicer, trustee,  originator,  significant obligor, enhancement or support provider or other material transaction
party (as each of such terms are used in Regulation  AB) relating to the  Securitization  Transaction  contemplated
by the Trust  Agreement,  as  identified  by the  Depositor to the Owner  Trustee in writing as of the Closing Date
(each,  a  "Transaction  Party") that are outside the  ordinary  course of business or on terms other than would be
obtained in an arm's length transaction with an unrelated third party,  apart from the Securitization  Transaction,
and that are material to the  investors'  understanding  of the  Certificates;  and (v) the Owner Trustee is not an
affiliate (as  contemplated  by Item 1119(a) of  Regulation  AB) of any  Transaction  Party.  The  Depositor  shall
notify the Owner  Trustee of any change in the  identity of a  Transaction  Party  after the Closing  Date at least
five (5) Business Days prior to [January 31] of each calendar year.

         (b)      If so requested by the  Depositor  on any date  following  the Closing  Date,  the Owner  Trustee
shall,  within five Business Days  following such request,  confirm in writing the accuracy of the  representations
and  warranties  set forth in  paragraph  (a) of this  Section or, if any such  representation  and warranty is not
accurate as of the date of such  confirmation,  provide the pertinent  facts,  in writing,  to the  Depositor.  Any
such request from the  Depositor  shall not be given more than once each  calendar  quarter,  unless the  Depositor
shall have a reasonable basis for questioning the accuracy of any of the representations and warranties.

         Section 11.03.    Information to Be Provided by the Owner Trustee.

         (a)      For so long as the  Notes  are  outstanding,  for  the  purpose  of  satisfying  the  Depositor's
reporting  obligation  under the Exchange Act with respect to any class of Notes,  the Owner  Trustee shall provide
to the Depositor a written  description of (i) the  commencement  of, a material  development in or, if applicable,
the  termination  of, any and all legal  proceedings  against the Owner Trustee or any and all proceedings of which
any  property  of the Owner  Trustee is the  subject,  that would be  material  to  Noteholders;  and (ii) any such
proceedings  known to be  contemplated  by  governmental  authorities  that would be material to  Noteholders.  the
Owner  Trustee shall also notify the  Depositor,  in writing,  as promptly as  practicable  following  notice to or
discovery by a Responsible  Officer of the Owner Trustee of any material  changes to  proceedings  described in the
preceding  sentence.  In addition,  the Owner  Trustee will furnish to the  Depositor,  in writing,  the  necessary
disclosure  regarding the Owner Trustee  describing  such  proceedings  required to be disclosed under Item 1117 of
Regulation  AB, for inclusion in reports  filed by or on behalf of the Depositor  pursuant to the Exchange Act. The
Depositor will allow the Owner Trustee to review any disclosure  relating to material  litigation against the Owner
Trustee prior to filing such  disclosure  with the Commission to the extent the Depositor  changes the  information
provided by the Owner Trustee.  Any  descriptions  required with respect to legal  proceedings,  as well as updates
to previously  provided  descriptions,  under this Section 11.03(a) shall be given no later than five Business Days
prior to the Determination Date following the month in which the relevant event occurs.

         (b)      For so long as the  Notes  are  outstanding,  for  the  purpose  of  satisfying  the  Depositor's
reporting  obligation  under the Exchange Act with respect to any class of Notes, the Owner Trustee shall, no later
than January 31 of each calendar year, (i) provide to the Depositor  such  information  regarding the Owner Trustee
as is required  for the  purpose of  compliance  with Item 1119 of  Regulation  AB;  provided,  however,  the Owner
Trustee  shall not be  required  to  provide  such  information  in the event  that there has been no change to the
information  previously  provided  by the Owner  Trustee to the  Depositor;  and (ii) as  promptly  as  practicable
following  notice  to or  discovery  by a  Responsible  Officer  of the  Owner  Trustee  of  any  changes  to  such
information,  provide to the Depositor,  in writing,  such updated information.  Such information shall include, at
a minimum,  a description  of any  affiliation  between the Owner  Trustee and any of the following  parties to the
Securitization  Transaction  contemplated  by the  Trust  Agreement,  as such  parties  and  their  affiliates  are
identified  to the  Owner  Trustee  by the  Depositor  in  connection  with  the  closing  of  each  Securitization
Transaction  or, if there has been a change in any such party,  as such party is  identified  by the Depositor in a
written notice to the Owner Trustee at least five (5) Business Days prior to [January 31] of each calendar year:

         (1)      the sponsor;

         (2)      any depositor;

         (3)      the issuing entity;

         (4)      any servicer;

         (5)      any other trustee;

         (6)      any originator;

         (7)      any significant obligor;

         (8)      any enhancement or support provider; and

         (9)      any other material party related to any Securitization Transaction.

         In addition,  the Owner Trustee  shall  provide a  description  of whether there is, and if so the general
character of, any business  relationship,  agreement,  arrangement,  transaction or understanding between the Owner
Trustee and any  above-listed  party that is entered into  outside the  ordinary  course of business or is on terms
other than  would be  obtained  in an arm's  length  transaction  with an  unrelated  third  party,  apart from the
Securitization  Transaction  contemplated by the Trust Agreement,  that currently exists or that existed during the
past two years and that is material to an investor's understanding of the Notes.

         (c)      As of the  related  Payment  Date with  respect to each  Report on Form 10-D with  respect to the
Notes  filed by or on behalf of the  Depositor,  and as of [March 15]  preceding  the date each Report on Form 10-K
with  respect  to the Notes is  filed,  the  Owner  Trustee  shall be deemed  to  represent  and  warrant  that any
information  previously  provided by the Owner  Trustee  under this Article II is  materially  correct and does not
have any material omissions unless the Owner Trustee has provided an update to such information.

         Section 11.04.    Indemnification; Remedies.

         (a)      The Owner  Trustee  shall  indemnify  the  Depositor,  each  affiliate of the  Depositor  and the
respective present and former directors,  officers,  employees and agents of each of the foregoing,  and shall hold
each of them harmless from and against any claims,  losses,  liabilities  (including  penalties),  actions,  suits,
judgments,  demands,  damages,  costs and expenses  (including  reasonable  fees and  expenses of attorneys  or, as
necessary,  consultants and auditors and reasonable costs of  investigations)  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  or other material  provided under Sections 11.01,  11.02 or
11.03 of this Article II by or on behalf of the Owner Trustee (collectively,  the "Wachovia  Information"),  or (B)
the omission or alleged  omission to state in the Wachovia  Information  a material  fact  required to be stated in
the Wachovia  Information or necessary in order to make the statements  therein,  in the light of the circumstances
under which they were made, not misleading; or

                                    (ii)    any failure by the Owner  Trustee to deliver any  information,  report,
certification or other material when and as required under Sections 11.02 and 11.03.

         (b)      In the case of any  failure of  performance  described  in clause (ii) of Section  11.04(a),  the
Owner Trustee shall (i) promptly  reimburse  the  Depositor for all costs  reasonably  incurred by the Depositor in
order to obtain the  information,  report,  certification  or other  material not delivered by the Owner Trustee as
required and (ii) cooperate with the Depositor to mitigate any damages that may result from such failure.

         (c)      The Depositor  shall  indemnify the Owner  Trustee,  each  affiliate of the Owner Trustee and the
respective present and former directors,  officers,  employees and agents of the Owner Trustee, 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) any  untrue  statement of a material  fact  contained or alleged to be contained in any  information
provided by or on behalf of the  Depositor  for  inclusion in any report filed with  Commission  under the Exchange
Act  (collectively,  the  "[  ]  Information"),  or  (ii)  the  omission  or  alleged  omission  to  state  in  the
[  ]   Information   a  material   fact   required  to  be  stated  in  the  [  ]   Information   or  necessary  in
order to make  the  statements  therein,  in the  light of the  circumstances  under  which  they  were  made,  not
misleading.

         (d)      Notwithstanding  any  provision in this Section  11.04 to the  contrary,  the parties  agree that
neither  the Owner  Trustee  nor the  Depositor  shall be liable to the  other for any  consequential  or  punitive
damages whatsoever,  whether in contract,  tort (including negligence and strict liability),  or any other legal or
equitable principle;  provided,  however,  that such limitation shall not be applicable with respect to third party
claims made against a party.

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

                                                     WACHOVIA ASSET FUNDING TRUST, LLC,
                                                          as Depositor

                                                     By:____________________________________________
                                                              Name:
                                                              Title:

                                                     [_____________],
                                                          not in its individual capacity but solely as Owner
                                                          Trustee, except with respect to the representations and
                                                          warranties contained in Section 6.03 hereof

                                                     By:_____________________________________________
                                                              Name:
                                                              Title:

Acknowledged and Agreed:

[_____________]
     not in its individual capacity but solely
     as Indenture Trustee

By:_______________________________________________________
         Name:
         Title:

WACHOVIA BANK, NATIONAL ASSOCIATION,
     not in its individual capacity but solely as
     Certificate Registrar and Certificate Paying Agent

By:_______________________________________________________
         Name:
         Title:

WACHOVIA ASSET FUNDING TRUST, LLC
     [_______] TRUST

By:      [_____________],
         not in its individual capacity but solely as
         Owner Trustee

By:_______________________________________________________
         Name:
         Title:

                                                     EXHIBIT A

                                                FORM OF CERTIFICATE

         THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF PAYMENT TO THE NOTES AS  DESCRIBED IN THE  AGREEMENT  (AS
DEFINED 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 STATE LAWS OR IS SOLD OR  TRANSFERRED IN  TRANSACTIONS  WHICH ARE EXEMPT FROM  REGISTRATION  UNDER SUCH ACT
AND SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE AGREEMENT.

         NO TRANSFER  OF THIS  CERTIFICATE  SHALL BE MADE  UNLESS THE  CERTIFICATE  REGISTRAR  SHALL HAVE  RECEIVED
EITHER (i) A  REPRESENTATION  LETTER FROM THE TRANSFEREE OF THIS  CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS
NOT AN  EMPLOYEE  BENEFIT OR OTHER PLAN  SUBJECT  TO THE  PROHIBITED  TRANSACTION  RESTRICTIONS  AND THE  FIDUCIARY
RESPONSIBILITY  REQUIREMENTS  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"),  ANY PERSON  ACTING,  DIRECTLY OR
INDIRECTLY,  ON BEHALF OF ANY SUCH PLAN OR ANY PERSON USING "PLAN ASSETS,"  WITHIN THE MEANING OF THE DEPARTMENT OF
LABOR  REGULATIONS  SECTION  2510.3-101,  TO ACQUIRE THIS CERTIFICATE  (EACH, A "PLAN  INVESTOR"),  OR (ii) IF THIS
CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN INVESTOR,  AN OPINION OF COUNSEL  ACCEPTABLE TO AND
IN FORM AND  SUBSTANCE  SATISFACTORY  TO THE  DEPOSITOR,  THE  OWNER  TRUSTEE,  THE  SERVICER  AND THE  CERTIFICATE
REGISTRAR,  OR A  CERTIFICATION  IN THE FORM OF EXHIBIT G TO THE  AGREEMENT,  TO THE EFFECT  THAT THE  PURCHASE  OR
HOLDING OF THIS  CERTIFICATE IS  PERMISSIBLE  UNDER  APPLICABLE  LAW, WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED
TRANSACTION  UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR  COMPARABLE  PROVISIONS  OF ANY  SUBSEQUENT
ENACTMENTS) AND WILL NOT SUBJECT THE DEPOSITOR,  THE OWNER TRUSTEE,  THE SERVICER,  THE CERTIFICATE  REGISTRAR,  OR
THE CERTIFICATE  PAYING AGENT TO ANY OBLIGATION OR LIABILITY  (INCLUDING  OBLIGATIONS OR LIABILITIES  UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

         THE TRANSFEREE OF THIS  CERTIFICATE  SHALL BE SUBJECT TO UNITED STATES FEDERAL  WITHHOLDING TAX UNLESS THE
CERTIFICATE  REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN  STATUS  CERTIFYING AS TO THE  TRANSFEREE'S
STATUS AS A U.S. PERSON OR CORPORATION OR PARTNERSHIP UNDER U.S. LAW.

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

Certificate No. 1

Cut-Off Date:
_____ __, 200_

Date of Trust Agreement:
_____ __, 200_

First Payment Date:                                                     Percentage Interest: 100%
_____ __, 200_

Final Payment Date:
Payment Date occurring in ____ 20__

                                         WACHOVIA ASSET FUNDING TRUST, LLC
                                MORTGAGE PASS-THOUGH CERTIFICATES, SERIES [_______]

         evidencing a fractional  undivided  interest in WACHOVIA  ASSET FUNDING  TRUST,  LLC [_______]  Trust (the
"Issuer"), the property of which consists primarily of the Mortgage Loans.

         This  Certificate  is  payable  solely  from the assets of the Trust  Estate,  and does not  represent  an
obligation of or interest in the Depositor,  the Seller, the Servicer,  the Indenture Trustee, the Paying Agent, or
the Owner Trustee or any of their  Affiliates.  This  Certificate is not guaranteed or insured by any  governmental
agency or instrumentality or by the Depositor,  the Seller, the Servicer,  the Indenture Trustee,  the Paying Agent
or the Owner Trustee or any of their affiliates.  None of the Depositor,  the Seller,  the Servicer,  the Indenture
Trustee,  the Paying Agent or the Owner Trustee or any of their  Affiliates  will have any obligation  with respect
to any certificate or other obligation secured by or payable from payments on the Certificates.

         This  certifies  that  Wachovia  Asset  Funding  Trust,  LLC is the  registered  owner of the  Certificate
Percentage  Interest evidenced by this Certificate (as set forth on the face hereof) in certain  distributions with
respect to the Trust Estate,  consisting  primarily of the Mortgage Loans, created by Wachovia Asset Funding Trust,
LLC (the  "Depositor").  The Trust (as defined herein) was created  pursuant to a trust agreement dated as of _____
__,  200_  (as  amended  and  supplemented  from  time  to  time,  the  "Agreement"),  between  the  Depositor  and
[_____________],  as owner  trustee  (the "Owner  Trustee,"  which term  includes  any  successor  entity under the
Agreement),  a summary of certain of the pertinent  provisions of which is set forth hereafter.  Capitalized  terms
used  herein  that are not  otherwise  defined  shall  have the  meanings  ascribed  thereto  in  Appendix A to the
indenture  dated as of _____  __,  200_,  among  the  Trust,  the  Paying  Agent and the  Indenture  Trustee.  This
Certificate  is issued under and is subject to the terms,  provisions  and  conditions of the  Agreement,  to which
Agreement the  Certificateholder  of this Certificate by virtue of the acceptance  hereof assents and by which such
Certificateholder 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 "Payment  Date"),  commencing on
the first Payment Date  specified  above,  to the Person in whose name this  Certificate is registered at the close
of business on the last day (or if such last day is not a Business  Day,  the Business  Day  immediately  preceding
such last day) of the month  immediately  preceding  the month of such  distribution  (the  "Record  Date"),  in an
amount equal to the pro rata portion  evidenced by this  Certificate  (based on the Percentage  Interest  stated on
the face hereon) of the amount,  if any, required to be distributed to  Certificateholders  of Certificates on such
Payment  Date.  Distributions  on this  Certificate  will be made as provided in the  Agreement by the  Certificate
Paying  Agent by wire  transfer  to the  Certificateholder  of  record  in the  Certificate  Register  without  the
presentation  or surrender of this  Certificate  or the making of any notation  hereon.  Pursuant to the Agreement,
the Trust has issued the Certificates.

         Except as otherwise  provided in the Agreement and  notwithstanding  the above, the final  distribution on
this  Certificate  will  be made  after  due  notice  by the  Certificate  Paying  Agent  of the  pendency  of such
distribution and only upon  presentation  and surrender of this  Certificate at the office or agency  designated by
the Certificate Registrar for that purpose.

         No  transfer of this  Certificate  will be made  unless  such  transfer  is exempt  from the  registration
requirements  of the  Securities  Act of  1933,  as  amended  (the  "Securities  Act"),  and any  applicable  state
securities  laws or is made in  accordance  the  Securities  Act and such  state  laws.  In the  event  that such a
transfer  is to be made,  (i) the  Certificate  Registrar  or the  Depositor  may  require  an  opinion  of counsel
acceptable to and in form and  substance  satisfactory  to the  Certificate  Registrar 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, and of any  applicable  statute of any state and (ii) the
transferee  shall execute an  investment  letter in the form  described in the Agreement and (iii) the  Certificate
Registrar shall require the transferee to execute an investment  letter and a Certificate of Non-Foreign  Status in
the form  described by the Agreement  (or if a Certificate  of  Non-Foreign  Status is not provided,  an Opinion of
Counsel as described in the  Agreement),  which  investment  letter and certificate or Opinion of Counsel shall not
be  at  the  expense  of  the  Trust,  the  Owner  Trustee,  the  Certificate  Registrar  or  the  Depositor.   The
Certificateholder  hereof  desiring to effect such transfer shall,  and does hereby agree to,  indemnify the Trust,
the Owner  Trustee,  the Depositor,  the Servicer,  the  Certificate  Registrar,  the Enhancer and the  Certificate
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  Certificate  Registrar  (unless
otherwise  directed  by the  Depositor)  will also  require  either  (i) a  representation  letter,  in the form as
described by the  Agreement,  stating that the  transferee is not an employee  benefit or other plan subject to the
prohibited transaction  restrictions or the fiduciary  responsibility  requirements of ERISA or Section 4975 of the
Code (a "Plan"),  any person  acting,  directly or  indirectly,  on behalf of any such Plan or any Person using the
"plan  assets,"  within the  meaning of the  Department  of Labor  Regulations  Section 2510.3-101,  to effect such
acquisition  (collectively,  a "Plan  Investor")  or (ii) if such  transferee  is a Plan  Investor,  an  opinion of
counsel  acceptable to and in form and substance  satisfactory  to the Depositor,  the Owner Trustee,  the Servicer
and the Certificate  Registrar,  or a certification  in the form of Exhibit G to the Agreement,  to the effect that
the purchase or holding of such  Certificate is permissible  under applicable law, will not constitute or result in
a prohibited  transaction under  Section 406 of ERISA or Section 4975 of the Code (or comparable  provisions of any
subsequent  enactments) and will not subject the Depositor,  the Owner Trustee,  the Servicer,  the Enhancer or the
Certificate  Registrar to any obligation or liability  (including  obligations or liabilities  under Section 406 of
ERISA or Section 4975 of the Code) in addition to those undertaken in the Agreement.

         This  Certificate is one of a duly authorized  issue of Certificates  designated as Wachovia Asset Funding
Trust, LLC Mortgage Pass-Through Certificates of the Series specified hereon (the "Certificates").

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

         The   Certificateholder  of  this  Certificate   acknowledges  and  agrees  that  its  rights  to  receive
distributions  in respect of this  Certificate  are  subordinated to the rights of the Noteholders and the Enhancer
as described in the Indenture.

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

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

         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  Corporate  Trust Office of the  Certificate  Registrar,  accompanied  by a written  instrument  of
transfer in form satisfactory to the Certificate  Registrar duly executed by the  Certificateholder  hereof or such
Certificateholder's  attorney duly authorized in writing,  and thereupon one or more new Certificates of authorized
denominations  evidencing the same aggregate Percentage Interest will be issued to the designated  transferee.  The
initial Certificate Registrar appointed under the Agreement is the Paying Agent.

         Except as provided in the Agreement,  the  Certificates  are issuable only in minimum  denominations  of a
10.0000%  Percentage  Interest  and in integral  multiples of 0.0001%  Percentage  Interest in excess  thereof.  As
provided in the Agreement and subject to certain  limitations  therein set forth, the Certificates are exchangeable
for new  Certificates of authorized  denominations,  as requested by the  Certificateholder  surrendering the same.
This Certificate is issued in the Percentage Interest above.

         No service charge will be made for any such  registration  of transfer or exchange,  but the Owner Trustee
or the  Certificate  Registrar  may require  payment of a sum  sufficient to cover any tax or  governmental  charge
payable in connection therewith.

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

         This Certificate shall be governed by and construed in accordance with the laws of the State of Delaware.

         The  obligations  created by the Agreement in respect of this  Certificate  and the Trust created  thereby
shall  terminate  upon the final  distribution  of all moneys or other  property or proceeds of the Trust Estate in
accordance with the terms of the Indenture and the Agreement.

         It is the intent of the  Depositor,  the  Issuer and the  Certificateholder  that for  federal,  state and
local income,  single business and franchise tax purposes,  (a) the Trust will not be treated as an association (or
publicly traded  partnership)  taxable as a corporation or a taxable  mortgage pool and (b) the Trust will not fail
to be treated as a disregarded entity.

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

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

                                                          WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST

                                                          By:   [_____________],
                                                                   not in its individual capacity but solely as
                                                                   Owner Trustee

Dated: _____ __, 200_                                     By:___________________________________________________
                                                                      Authorized Signatory

                                           CERTIFICATE OF AUTHENTICATION

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

[_____________],
not in its individual capacity
but solely as Owner Trustee

By:__________________________________________________
                 Authorized Signatory

or _________________________________________________,
     as Authenticating Agent of the Owner Trustee

By:__________________________________________________
                 Authorized Signatory

                                                    ASSIGNMENT

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

                                         PLEASE INSERT SOCIAL SECURITY OR
                                       OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

__________________________________________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

___________________________________________________________________________________________________________________
to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the
premises.

Dated:
                                                            _____________________________________ */
                                                                      Signature Guaranteed:

                                                                 ___________________________ */

____________________

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

                                             DISTRIBUTION INSTRUCTIONS

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

         Distribution shall be made by wire transfer in immediately available funds to
______________________________________________________________________________________
______________________________________________________________________________________
for the account of __________________________________________________________________, account number_____________________,
or, if mailed by check, to _____________________________.

         Applicable statements should be mailed to __________________________________.

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

                                                     EXHIBIT B

                                               CERTIFICATE OF TRUST

                                                        OF

                                 WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST

         THE  UNDERSIGNED,  [_____________],  as owner  trustee  (the  "Trustee"),  for the  purpose  of  forming a
statutory trust does hereby certify as follows:

         1.       The name of the statutory trust is:

                  WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST

         2.       The name and  business  address of the Trustee of the  statutory  trust in the State  Delaware is
[_____________], Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890.

         3.       The  statutory  trust  reserves  the right to amend,  alter,  change,  or  repeal  any  provision
contained in this Certificate of Trust in the manner now or hereafter prescribed by law.

         4.       This Certificate of Trust shall be effective upon filing.

         THE  UNDERSIGNED,  being the Trustee  hereinbefore  named,  for the  purpose of forming a statutory  trust
pursuant to the  provisions  of the Delaware  Statutory  Trust Act,  does make this  certificate  of trust,  hereby
declaring  and  further  certifying  that  this is its act  and  deed  and  that to the  best of the  undersigned's
knowledge and belief the facts herein stated are true.

                                                          [_____________],
                                                              not in its individual capacity but solely as owner
                                                              trustee under the trust agreement to be dated as of
                                                              _____ __, 200_

                                                          By:____________________________________________________
                                                              Name:
                                                              Title:

Dated:  _____ __, 200_

                                                     EXHIBIT C

                                   [FORM OF RULE 144A INVESTMENT REPRESENTATION]

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

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

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

         2.       The Buyer warrants and  represents  to, and covenants  with, the Owner Trustee and the Depositor,
pursuant to  Section 3.09 of the trust agreement  dated as of _____ __, 200_ (the  "Agreement"),  between  WACHOVIA
ASSET  FUNDING  TRUST,  LLC, as depositor  (the  "Depositor"),  and  [_____________],  as owner trustee (the "Owner
Trustee"), as follows:

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

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

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

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

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

         3.       The Buyer represents that:

                  (i)      either (a) or (b) is satisfied, as marked below:

                                    a.  The  Buyer  is not  any  employee  benefit  plan  subject  to the  Employee
                  Retirement  Income Security Act of 1974, as amended  ("ERISA"),  or the Internal  Revenue Code of
                  1986, as amended (the "Code"),  a Person acting,  directly or  indirectly,  on behalf of any such
                  plan or any Person  acquiring such  Certificates  with "plan assets" of a Plan within the meaning
                  of the Department of Labor Regulations Section 2510.3-101; or

                                    b.  The Buyer will provide the Depositor,  the Owner Trustee,  the  Certificate
                  Registrar,  the Enhancer and the Servicer  with either:  (x) an opinion of counsel,  satisfactory
                  to the Depositor,  the Owner Trustee, the Certificate  Registrar,  the Enhancer and the Servicer,
                  to the effect  that the  purchase  and holding of a  Certificate  by or on behalf of the Buyer is
                  permissible  under  applicable  law, will not  constitute  or result in a prohibited  transaction
                  under  Section 406  of  ERISA  or  Section 4975  of the Code  (or  comparable  provisions  of any
                  subsequent  enactments)  and will not subject the Depositor,  the Owner Trustee,  the Certificate
                  Registrar,  the  Certificate  Paying  Agent,  the Enhancer or the Servicer to any  obligation  or
                  liability  (including  liabilities  under ERISA or Section 4975 of the Code) in addition to those
                  undertaken  in the Trust  Agreement,  which  opinion  of  counsel  shall not be an expense of the
                  Depositor,  the Owner Trustee, the Certificate  Registrar,  the Enhancer or the Servicer;  or (y)
                  in lieu of such  opinion  of  counsel,  a  certification  in the form of  Exhibit  G to the Trust
                  Agreement; and

                  (ii)     the  Buyer is  familiar  with the  prohibited  transaction  restrictions  and  fiduciary
         responsibility  requirements  of  Sections  406  and  407  of  ERISA  and  Section 4975  of the  Code  and
         understands  that each of the parties to which this  certification is made is relying and will continue to
         rely on the statements made in this paragraph 3.

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

         Capitalized  terms used herein that are not otherwise  defined shall have the meanings ascribed thereto in
Appendix A to the  indenture  dated as of _____ __,  200_,  among the Trust,  the  Paying  Agent and the  Indenture
Trustee.

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

___________________________________________                 _______________________________________________
Print Name of Seller                                        Print Name of Buyer

By:________________________________________                 By:____________________________________________
     Name:                                                       Name:
     Title:                                                      Title:

Taxpayer Identification:                                    Taxpayer Identification:

No.________________________________________                 No.____________________________________________

Date:                                                       Date:

                                                                                               ANNEX 1 TO EXHIBIT C

                             QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

                              [For Buyers Other Than Registered Investment Companies]

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

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

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

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

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

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

         _____    Broker-Dealer.  The  Buyer  is a dealer  registered  pursuant  to  Section 15  of the  Securities
                  Exchange Act of 1934, as amended.

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

         _____    State or Local Plan. The Buyer is a plan  established  and  maintained by a state,  its political
                  subdivisions,  or any agency or instrumentality of the state or its political  subdivisions,  for
                  the benefit of its employees.

         _____    ERISA  Plan.  The  Buyer  is an  employee  benefit  plan  within  the  meaning  of Title I of the
                  Employee Retirement Income Security Act of 1974, as amended.

         _____    Investment  Adviser.  The  Buyer  is  an  investment  adviser  registered  under  the  Investment
                  Advisers Act of 1940. as amended.

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

         _____    Business  Development  Company.  The  Buyer is a  business  development  company  as  defined  in
                  Section 202(a)(22) of the Investment Advisers Act of 1940, as amended.

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

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

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

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

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

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

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

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

                                                          _________________________________________________________
                                                          Print Name of Buyer

                                                          By:______________________________________________________
                                                                  Name:
                                                                  Title:

                                                          Date:____________________________________________________

                                                                                               ANNEX 2 TO EXHIBIT C

                             QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

                               [For Buyers That Are Registered Investment Companies]

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

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

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

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

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

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

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

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

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

                                                          _________________________________________________________
                                                          Print Name of Buyer

                                                          By:______________________________________________________
                                                              Name:
                                                              Title:

                                                          IF AN ADVISER:

                                                          _________________________________________________________
                                                          Print Name of Buyer

                                                          Date:____________________________________________________

                                                     EXHIBIT D

                                      FORM OF INVESTOR REPRESENTATION LETTER

_________________,  ______

Wachovia Asset Funding Trust, LLC
[address]

[Indenture Trustee]
[address]
Attention: [_______]

Wachovia Bank, National Association
401 South Tryon Street-NC 1179
Charlotte, NC  28288
Attn: Structure Finance Trust Services

                  Re:      WACHOVIA ASSET FUNDING TRUST, LLC
                           Mortgage Pass-Through Certificates, Series [_______]

Ladies and Gentlemen:

                  ___________________  (the  "Purchaser")  intends to  purchase  from _____________________________
(the  "Seller")             % Certificate  Percentage  Interest of Series  [_______] (the  "Certificates"),  issued
pursuant  to the trust  agreement  dated as of _____ __,  200_ (the  "Trust  Agreement"),  between  Wachovia  Asset
Funding Trust,  LLC, as depositor (the  "Depositor") and  [_____________],  as owner trustee (the "Owner Trustee").
Capitalized  terms used herein that are not otherwise  defined shall have the meanings ascribed thereto in Appendix
A to the indenture dated as of _____ __, 200_,  among the Trust,  the Paying Agent and the Indenture  Trustee.  The
Purchaser  hereby  certifies,  represents and warrants to, and covenants  with,  the Depositor and the  Certificate
Registrar that:

                  1.       The  Purchaser  understands  that  (a) the  Certificates  have  not been and will not be
         registered  or  qualified  under  the  Securities  Act of 1933,  as  amended  (the  "Act"),  or any  state
         securities  law,  (b) the Company is not  required to so  register  or qualify the  Certificates,  (c) the
         Certificates  may be resold only if registered and qualified  pursuant to the provisions of the Act or any
         state securities law, or if an exemption from such  registration and  qualification is available,  (d) the
         Trust  Agreement  contains   restrictions   regarding  the  transfer  of  the  Certificates  and  (e)  the
         Certificates will bear a legend to the foregoing effect.

                  2.       The  Purchaser is acquiring the  Certificates  for its own account for  investment  only
         and not with a view to or for sale in connection  with any  distribution  thereof in any manner that would
         violate the Act or any applicable state securities laws.

                  3.       The Purchaser is (a) a substantial,  sophisticated  institutional  investor  having such
         knowledge and experience in financial and business  matters,  and, in particular,  in such matters related
         to securities  similar to the Certificates,  such that it is capable of evaluating the merits and risks of
         investment  in the  Certificates,  (b) able to bear the economic  risks of such an  investment  and (c) an
         "accredited investor" within the meaning of Rule 501(a) promulgated pursuant to the Act.

                  4.       The Purchaser has been  furnished  with,  and has had an opportunity to review a copy of
         the Trust Agreement and such other  information  concerning the  Certificates,  the Mortgage Loans and the
         Depositor as has been  requested by the Purchaser  from the Depositor or the Seller and is relevant to the
         Purchaser's  decision to purchase the  Certificates.  The  Purchaser  has had any  questions  arising from
         such review answered by the Depositor or the Seller to the satisfaction of the Purchaser.

                  5.       The  Purchaser  has not and  will not nor has it  authorized  or will it  authorize  any
         person to (a) offer, pledge,  sell, dispose of or otherwise transfer any Certificate,  any interest in any
         Certificate  or any other similar  security to any person in any manner,  (b) solicit  any offer to buy or
         to accept a pledge,  disposition of other transfer of any Certificate,  any interest in any Certificate or
         any other  similar  security  from any person in any manner,  (c)  otherwise  approach or  negotiate  with
         respect to any  Certificate,  any  interest in any  Certificate  or any other  similar  security  with any
         person in any manner,  (d) make any general  solicitation by means of general  advertising or in any other
         manner  or (e) take any other  action,  that (as to any of (a)  through  (d)  above)  would  constitute  a
         distribution  of any  Certificate  under the Act, that would render the  disposition of any  Certificate a
         violation of Section 5  of the Act or any state  securities  law, or that would  require  registration  or
         qualification   pursuant  thereto.  The  Purchaser  will  not  sell  or  otherwise  transfer  any  of  the
         Certificates, except in compliance with the provisions of the Trust Agreement.

                  6.       The Purchaser represents:

                           (i) that either (a) or (b) is satisfied, as marked below:

                           ______   a.      The  Purchaser  is  not  any  employee  benefit  plan  subject  to  the
                  Employee  Retirement Income Security Act of 1974, as amended  ("ERISA"),  or the Internal Revenue
                  Code of 1986, as amended (the "Code"),  a Person  acting,  directly or  indirectly,  on behalf of
                  any such plan or any Person acquiring such  Certificates  with "plan assets" of a Plan within the
                  meaning of the Department of Labor Regulations Section 2510.3-101; or

                           ______   b.      The  Purchaser  will  provide the  Depositor,  the Owner  Trustee,  the
                  Certificate  Registrar,  the Enhancer and the  Servicer  with either:  (x) an opinion of counsel,
                  satisfactory to the Depositor,  the Owner Trustee,  the Certificate  Registrar,  the Enhancer and
                  the  Servicer,  to the effect that the purchase and holding of a  Certificate  by or on behalf of
                  the  Purchaser  is  permissible  under  applicable  law,  will  not  constitute  or  result  in a
                  prohibited  transaction  under  Section 406 of ERISA or  Section 4975  of the Code (or comparable
                  provisions of any subsequent  enactments) and will not subject the Depositor,  the Owner Trustee,
                  the  Certificate  Registrar,  the Certificate  Paying Agent,  the Enhancer or the Servicer to any
                  obligation  or  liability  (including  liabilities  under ERISA or  Section 4975  of the Code) in
                  addition to those  undertaken  in the Trust  Agreement,  which opinion of counsel shall not be an
                  expense of the  Depositor,  the Owner Trustee,  the  Certificate  Registrar,  the Enhancer or the
                  Servicer;  or (y) in lieu of such opinion of counsel,  a  certification  in the form of Exhibit G
                  to the Trust Agreement; and

                           (ii)  the  Purchaser  is  familiar  with the  prohibited  transaction  restrictions  and
         fiduciary  responsibility  requirements of Sections 406 and 407 of ERISA and  Section 4975 of the Code and
         understands  that each of the parties to which this  certification is made is relying and will continue to
         rely on the statements made in this paragraph 6.

                  7.       The Purchaser is not a non-United States person.

                                                          Very truly yours,

                                                          ________________________________________________

                                                          By:______________________________________________
                                                              Name:
                                                              Title:

                                                     EXHIBIT E

                                     FORM OF TRANSFEROR REPRESENTATION LETTER

______________, _______

Wachovia Asset Funding Trust, LLC
[address]

[Indenture Trustee]
[address]
Attention: [_______]

Wachovia Bank, National Association
401 South Tryon Street-NC  1179
Charlotte, NC  28288
Attn: Structure Finance Trust Services

                  Re:      WACHOVIA ASSET FUNDING TRUST, LLC
                           Mortgage Pass-Through Certificates, Series [_______]

Ladies and Gentlemen:

                                      (the  "Purchaser")  intends  to  purchase  from ________________________ (the
"Seller") a ______% Percentage Interest of Certificates of Series [_______] (the  "Certificates"),  issued pursuant
to the trust agreement dated as of _____ __, 200_ (the "Trust  Agreement"),  between  Wachovia Asset Funding Trust,
LLC, as depositor (the  "Depositor"),  and  [_____________],  as owner trustee (the "Owner  Trustee").  Capitalized
terms used herein that are not  otherwise  defined  shall have the meanings  ascribed  thereto in Appendix A to the
indenture  dated as of _____ __, 200_,  among the Trust,  the Paying Agent and the  Indenture  Trustee.  The Seller
hereby  certifies,  represents  and warrants to, and covenants  with, the Depositor and the  Certificate  Registrar
that:

         Neither  the Seller  nor  anyone  acting on its behalf has (a)  offered,  pledged,  sold,  disposed  of or
otherwise  transferred  any  Certificate,  any interest in any  Certificate  or any other  similar  security to any
person in any manner,  (b) has solicited any offer to buy or to accept a pledge,  disposition  or other transfer of
any Certificate,  any interest in any Certificate or any other similar security from any person in any manner,  (c)
has otherwise  approached or negotiated  with respect to any  Certificate,  any interest in any  Certificate or any
other similar  security with any person in any manner,  (d) has made any general  solicitation  by means of general
advertising  or in any other manner,  or (e) has taken any other action,  that (as to any of (a) through (e) above)
would  constitute a distribution  of the  Certificates  under the  Securities  Act of 1933 (the "Act"),  that would
render the  disposition  of any  Certificate  a violation of Section 5 of the Act or any state  securities  law, or
that would require  registration  or  qualification  pursuant  thereto.  The Seller will not act, in any manner set
forth in the foregoing  sentence  with respect to any  Certificate.  The Seller has not and will not sell or otherwise
transfer any of the Certificates, except in compliance with the provisions of the Trust Agreement.

                                                          Very truly yours,

                                                          ________________________________________________
                                                          (Seller)

                                                          By:______________________________________________
                                                              Name:
                                                              Title:

                                                  EXHIBIT F

                                     FORM OF CERTIFICATE OF NON-FOREIGN STATUS

         This  Certificate of  Non-Foreign  Status is delivered  pursuant to  Section 3.09  of the trust  agreement
dated as of _____ __, 200_ (the "Trust  Agreement"),  between Wachovia Asset Funding Trust,  LLC, as depositor (the
"Depositor"),  and  [_____________],  as owner  trustee,  in connection  with the  acquisition  of,  transfer to or
possession by the undersigned,  whether as beneficial owner (the "Beneficial  Owner"),  or nominee on behalf of the
Beneficial Owner of Wachovia Asset Funding Trust,  LLC Mortgage  Pass-Through  Certificates,  Series [_______] (the
"Certificates").  Capitalized  terms used herein that are not otherwise  defined  shall have the meanings  ascribed
thereto in  Appendix A to the  indenture  dated as of _____ __,  200_,  among the Trust,  the Paying  Agent and the
Indenture Trustee.

         Each  holder  must  complete  Part I, Part II (if the  holder  is a  nominee),  and in all cases  sign and
otherwise complete Part III.

         In addition, each holder shall submit with the Certificate an IRS Form W-9 relating to such holder.

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

Part I -          Complete Either A or B

                  A.       Individual as Beneficial Owner

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

                           2.       My (the Beneficial Owner's) name and home address are:

                                    ____________________________________________
                                    ____________________________________________
                                    _______________________________________; and

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

                  B.       Corporate, Partnership or Other Entity as Beneficial Owner

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

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

                                                                                ; and

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

Part II -         Nominees

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

                 _____   an IRS Form W-9

                 _____   a form such as this or substantially similar

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

Part III -        Declaration

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

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

_____________________________________________________
                         Name

_____________________________________________________
                 Title (if applicable)

_____________________________________________________
                  Signature and Date

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

                                                     EXHIBIT G

                                        FORM OF ERISA REPRESENTATION LETTER

___________________, _________

Wachovia Asset Funding Trust, LLC
[address]

[Owner Trustee]
[address]
Attention: [_______]

Wachovia Bank, National Association
One Wachovia Center
301 South College Street
Charlotte, North Carolina 28288

[Indenture Trustee]
[address]
Attention: [_______]

                  Re:      WACHOVIA ASSET FUNDING TRUST, LLC
                           Mortgage Pass-Through Certificates, Series [_______]

Dear Sirs:

           ________________________________________________  (the    "Transferee")    intends   to   acquire   from
                                      (the "Transferor") a         %  Percentage Interest of Wachovia Asset Funding
Trust, LLC Mortgage Pass-Through  Certificates,  Series [_______] (the "Certificates"),  issued pursuant to a trust
agreement dated as of _____ __, 200_,  between Wachovia Asset Funding Trust,  LLC, as depositor (the  "Depositor"),
and  [_____________],  as  owner  trustee  (the  "Owner  Trustee").  Capitalized  terms  used  herein  that are not
otherwise  defined shall have the meanings  ascribed  thereto in Appendix A to the indenture  dated as of _____ __,
200_, among the Trust, the Paying Agent and the Indenture Trustee.

         The  Transferee  hereby  certifies,  represents and warrants to, and covenants  with,  the Depositor,  the
Owner Trustee, the Certificate Registrar, the Enhancer and the Servicer that:

         The  Certificates  (i) are not being  acquired by, and will not be  transferred  to, any employee  benefit
         plan within the meaning of  Section 3(3)  of the  Employee  Retirement  Income  Security  Act of 1974,  as
         amended  ("ERISA"),  or  other  retirement  arrangement,  including  individual  retirement  accounts  and
         annuities,  Keogh plans and bank  collective  investment  funds and insurance  company general or separate
         accounts in which such plans,  accounts or  arrangements  are invested,  that is subject to Section 406 of
         ERISA or  Section 4975  of the  Internal  Revenue  Code of  1986,  as  amended  (the  "Code")  (any of the
         foregoing,  a "Plan"),  (ii) are not being acquired with "plan assets" of a Plan within the meaning of the
         Department of Labor  ("DOL")  Regulations  Section 2510.3-101,  and (iii) will not be  transferred  to any
         entity  that  is  deemed  to be  investing  in plan  assets  within  the  meaning  of the DOL  Regulations
         Section 2510.3-101.

                  The  Transferee  is  familiar  with  the  prohibited   transaction   restrictions  and  fiduciary
         responsibility  requirements  of  Sections  406  and  407  of  ERISA  and  Section 4975  of the  Code  and
         understands  that each of the parties to which this  certification is made is relying and will continue to
         rely on the statements made herein.

                                                          Very truly yours,

                                                          ________________________________________________

                                                          By:______________________________________________
                                                              Name:
                                                              Title:

                                                     EXHIBIT H

                                           FORM OF REPRESENTATION LETTER

________________________, __________

Wachovia Asset Funding Trust, LLC
[address]

[Owner Trustee]
[address]
Attention: [_______]

Wachovia Bank, National Association
One Wachovia Center
301 South College Street
Charlotte, North Carolina 28288

[Indenture Trustee]
[address]
Attention: [_______]

                  Re:      WACHOVIA ASSET FUNDING TRUST, LLC
                           Mortgage Pass-Through Certificates, Series [_______]
Dear Sirs:

               __________________________________________ (the    "Transferee")    intends    to    acquire    from
                                            (the  "Transferor")  a       %  Percentage  Interest of Wachovia  Asset
Funding Trust, LLC Mortgage Pass-Through  Certificates,  Series [_______] (the "Certificates"),  issued pursuant to
a trust  agreement  dated as of _____ __, 200_ (the "Trust  Agreement"),  Wachovia  Asset  Funding  Trust,  LLC, as
depositor (the "Depositor"),  and [_____________],  as owner trustee (the "Owner Trustee").  Capitalized terms used
herein that are not  otherwise  defined  shall have the meanings  ascribed  thereto in Appendix A to the  indenture
dated as of _____ __, 200_, among the Trust, the Paying Agent and the Indenture Trustee.

         The  Transferee  hereby  certifies,  represents and warrants to, and covenants  with,  the Depositor,  the
Owner Trustee, the Certificate Registrar and the Servicer that:

                  (1)      the  Transferee  is acquiring  the  Certificate  for its own behalf and is not acting as
         agent or custodian for any other person or entity in connection with such acquisition; and

                  (2)      the Transferee is not a partnership,  grantor trust or S corporation  for federal income
         tax purposes,  or, if the Transferee is a partnership,  grantor trust or S corporation  for federal income
         tax purposes,  the Certificates  are not more than 50% of the assets of the partnership,  grantor trust or
         S corporation.

                                                          Very truly yours,

                                                         _________________________________________________

                                                          By:_____________________________________________
                                                              Name:
                                                              Title:

                                                     EXHIBIT I

                                              FORM OF ADDITION NOTICE

DATE:

[Indenture Trustee]                                          [Enhancer]
[address]                                                    [address]
Attention: [_______]                                         Attention: [_______]

Wachovia Asset Funding Trust, LLC                            [Moody's Investors Service, Inc.
      [_______] Trust                                        99 Church Street
c/o [_____________],                                         New York, New York 10007]
      as Owner Trustee
[address]                                                    Standard & Poor's, a division of The McGraw-Hill
Attention: [_______]                                         Companies, Inc.
                                                             26 Broadway
                                                             New York, New York 10004-1064

Wachovia Bank, National Association                          [Owner Trustee]
401 South Tryon Street-NC 1179                               [address]
Charlotte, NC  28288                                         Attention: [_______]
Attn: Structure Finance Trust Services

                                       Re: WACHOVIA ASSET FUNDING TRUST, LLC

Ladies and Gentlemen:

         Pursuant to  Section 3.05  of the Trust  Agreement,  dated as of _____ __,  200_ (the "Trust  Agreement"),
among and Wachovia Asset Funding Trust,  LLC, as Depositor and Wachovia Asset Funding Trust,  LLC [_______]  Trust,
as Issuer, the Depositor,  the Issuer has designated the Subsequent  Mortgage Loans identified on the Mortgage Loan
Schedule  attached  hereto to be sold to the Issuer on                  ,          ,  with an  aggregate  Principal
Balance of  $                    .  Capitalized  terms not otherwise  defined  herein have the meaning set forth in
the  Appendix  A to  the  Indenture  dated  as  of  _____  __,  200_,  among  the  Issuer,  the  Paying  Agent  and
[_____________], as indenture trustee.

         Please  acknowledge  your  receipt  of this  notice  by  countersigning  the  enclosed  copy in the  space
indicated below and returning it to the attention of the undersigned.

                                                     Very truly yours,

                                                     WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST, as Issuer

                                                     By:   [_____________], not in its individual capacity but
                                                     solely as Owner Trustee

                                                     By:__________________________________________________
                                                           Name:
                                                           Title:

                                                     WACHOVIA ASSET FUNDING TRUST, LLC,
                                                        as Depositor

                                                     By:___________________________________________________
                                                              Name:
                                                              Title:

                                                     EXHIBIT J

                                            FORM OF TRANSFER AGREEMENT

         Pursuant  to  this  Subsequent   Transfer   Agreement  No.___________ (the   "Agreement"),   dated  as  of
___________________, ____________,  between  Wachovia Asset Funding Trust,  LLC, as seller (the  "Depositor"),  and
Wachovia Asset Funding Trust,  LLC [_______]  Trust (the "Issuer") and pursuant to the Trust  Agreement dated as of
_____ __, 200_ (the "Trust  Agreement"),  among the Depositor and the Issuer, the Depositor and the Issuer agree to
the sale by the Depositor and the purchase by the Issuer of the mortgage  loans listed on the attached  Schedule of
Subsequent Mortgage Loans (the "Subsequent Mortgage Loans").

         Capitalized  terms used and not defined herein have their  respective  meanings as set forth in Appendix A
to the Indenture  dated as of _____ __, 200_,  among the Issuer,  Wachovia Bank,  National  Association,  as Paying
Agent (the "Paying Agent"), and  [_____________],  as indenture trustee (the "Indenture  Trustee"),  which meanings
are incorporated by reference herein.  All other  capitalized  terms used herein shall have the meanings  specified
herein.

         Section 1.        Sale of Subsequent Mortgage Loans.

         (a)      The Depositor,  by the execution and delivery of this Agreement,  does hereby sell,  assign,  set
over, and otherwise convey to the Issuer,  without  recourse (except as expressly  provided herein and in the Trust
Agreement),  all of its right, title and interest,  whether now owned or existing or hereafter created, arising, or
acquired,  in, to and under the  following:  (i) the  Subsequent  Mortgage  Loans  identified  on the Mortgage Loan
Schedule attached hereto as Attachment B and the other related  Subsequent  Transferred  Property  purchased by the
Depositor from the Seller pursuant to the Purchase Agreement;  provided,  however,  that the Issuer does not assume
any  obligations  (including  any  obligations  to fund Draws)  arising under or related to the Related  Documents.
Such conveyance shall be deemed to be made: (1) with respect to the Cut-Off Date Principal  Balances,  with respect
to the Subsequent  Mortgage Loans, as of the related  Subsequent  Transfer Date; and (2) with respect to the amount
of each  Additional  Balance created on or after the Subsequent  Cut-Off Date and prior to the  commencement of the
Rapid  Amortization  Period,  as of the  later  of the  related  Subsequent  Cut-Off  Date  and the  date  that the
corresponding  Draw was made  pursuant to the related Loan  Agreement,  subject to the receipt by the  Depositor of
consideration  therefore as provided in  Section 3.02(c) of the Trust Agreement.  The Depositor,  contemporaneously
with the delivery of this  Agreement,  has delivered or caused to be delivered to the Issuer each item set forth in
Section 3.04 of the Trust Agreement.

         The transfer to the Issuer by the Depositor of the Subsequent  Mortgage  Loans  identified on the Mortgage
Loan  Schedule  shall be absolute and is intended by the parties  hereto to  constitute a sale by the  Depositor to
the  Issuer  on the  Subsequent  Transfer  Date of all the  Depositor's  right,  title and  interest  in and to the
Subsequent  Mortgage  Loans,  and other  related  Subsequent  Transferred  Property as and to the extent  described
above,  and the Issuer  hereby  acknowledges  such  transfer.  In the event the  transactions  set forth herein are
deemed not to be a sale, the Depositor  hereby grants to the Issuer a security  interest in all of the  Depositor's
right, title and interest,  whether now owned or hereafter  acquired,  in, to and under the Subsequent  Transferred
Property  to secure  all of the  Depositor's  obligations  hereunder,  and this  Agreement  shall and  hereby  does
constitute  a security  agreement  under  applicable  law. The  Depositor  agrees to take or cause to be taken such
actions  and to  execute  such  documents,  including  without  limitation  the  authorization  and  filing  of any
continuation  statements  with  respect  to the UCC  financing  statements  filed with  respect  to the  Subsequent
Transferred  Property by the Depositor on the related Subsequent  Transfer Date, if any, and any amendments thereto
required to reflect a change in the name or corporate  structure of the  Depositor or the filing of any  additional
UCC  financing  statements  due to the  change in the  principal  office or  jurisdiction  of  organization  of the
Depositor as are necessary to perfect and protect the Issuer's  interests in the Subsequent  Transferred  Property.
The Depositor shall file any such continuation statements or amendments on a timely basis.

         (b)      The  expenses  and costs  relating  to the  delivery  of the  Subsequent  Mortgage  Loans and the
related  Subsequent  Transferred  Property,  this Agreement and the Mortgage Loan Purchase Agreement shall be borne
by the Depositor.

         (c)      Additional terms of the sale are set forth on Attachment A hereto.

         Section 2.        Conditions Precedent; Assignment.

         (a)      The Depositor  hereby  affirms the  representations  and  warranties  made by it and set forth in
Section 2.09  of the  Trust  Agreement  as of the date  hereof.  The  Depositor  hereby  confirms  that each of the
conditions set forth in  Section 2.2(b)  of the Mortgage Loan Purchase  Agreement have been satisfied in connection
with the  Subsequent  Transfer  Agreement,  dated as of the date  hereof,  between the Seller and the  Depositor as
Purchaser and Section 3.05(c) of the Trust Agreement, respectively, are satisfied as of the date hereof.

         (b)      The  Depositor  is  solvent,  is  able to pay  its  debts  as  they  become  due and has  capital
sufficient  to carry on its  business  and its  obligations  hereunder;  it will not be rendered  insolvent  by the
execution and delivery of this  Instrument or by the  performance of its  obligations  hereunder nor is it aware of
any pending insolvency;  no petition of bankruptcy (or similar insolvency  proceeding) has been filed by or against
the Depositor prior to the date hereof.

         (c)      All terms and conditions of the Trust  Agreement  relating to the  Subsequent  Mortgage Loans are
hereby  ratified  and  confirmed;  provided,  however,  that in the event of any conflict  the  provisions  of this
Agreement shall control over the conflicting provisions of the Mortgage Loan Purchase Agreement.

         (d)      The Depositor  hereby assigns to the Issuer all of the Depositor's  right,  title and interest to
and under the Subsequent Transfer  Agreement,  dated as of _______ __, ____ between the Seller and the Depositor as
Purchaser,  including the  Depositor's  right to enforce the  obligations of the Seller  thereunder  (including the
Seller's  obligation to repurchase  Mortgage  Loans as the result of a breach of the Seller's  representations  and
warranties in such Subsequent Transfer Agreement and the Purchase Agreement).

         Section 3.        GOVERNING  LAW. THIS  INSTRUMENT  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 4.        Counterparts.  This Instrument may be executed in counterparts,  each of which,  when so
executed, shall be deemed to be an original and together shall constitute one and the same instrument.

         Section 5.        Successors  and  Assigns.  This  Agreement  shall inure to the benefit of and be binding
upon the Depositor and the Purchaser and their respective successors and assigns.

                                                     WACHOVIA ASSET FUNDING TRUST, LLC,
                                                        as Depositor

                                                     By:_________________________________________________
                                                           Name:
                                                           Title:

                                                     WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST, as Issuer

                                                     By:__________________________________________________
                                                           Name:
                                                           Title:

Acknowledged and Accepted:

[_____________], not in its individual capacity but
     solely as Indenture Trustee

By:___________________________
Name:
Title:

                                                    Attachments

A.       Additional terms of sale.
B.       Schedule of Subsequent Mortgage Loans.
C.       Depositor's Officer's Certificate.

                                 WACHOVIA ASSET FUNDING TRUST, LLC [_______] TRUST

                               ATTACHMENT A TO FORM OF SUBSEQUENT TRANSFER AGREEMENT

                                                ____________, ____

A.
       1.     Subsequent Cut-Off Date:
       2.     Pricing date:
       3.     Subsequent Transfer Date:
       4.     Aggregate Principal Balance of the Subsequent Mortgage Loans as of the
              Subsequent Cut-Off Date:
       5.     Purchase Price:                                                                 100.00%
B.
As to all Subsequent Mortgage Loans:
       1.     Longest stated term to maturity:                                                ______months
       2.     Minimum loan rate:                                                              ______%
       3.     Maximum Loan Rate:                                                              ______%

]EXHIBIT 4.5

                                        WACHOVIA BANK, NATIONAL ASSOCIATION
                                                   as Servicer,

                                  WACHOVIA ASSET FUNDING TRUST, LLC [_____] TRUST
                                                    as Issuer,

                                        WACHOVIA BANK, NATIONAL ASSOCIATION
                                                  as Paying Agent

                                                        and

                                                [_________________]
                                               as Indenture Trustee

                                             _________________________

                                                SERVICING AGREEMENT

                                            Dated as of _____ __, 200_
                                             _________________________

                                                 TABLE OF CONTENTS

                                                                                                               Page

ARTICLE I             Definitions................................................................................1

         Section 1.01          Definitions.......................................................................1

         Section 1.02          Other Definitional Provisions.....................................................1

         Section 1.03          Interest Calculations.............................................................2

ARTICLE II            Representations and Warranties.............................................................2

         Section 2.01          Representations and Warranties Regarding the Servicer.............................2

         Section 2.02          Representations and Warranties of the Issuer......................................3

         Section 2.03          Enforcement of Representations and Warranties.....................................4

ARTICLE III           Administration and Servicing of Mortgage Loans.............................................5

         Section 3.01          The Servicer......................................................................5

         Section 3.02          Collection of Certain Mortgage Loan Payments......................................7

         Section 3.03          Custodial Duties..................................................................8

         Section 3.04          Withdrawals from the Custodial Account...........................................10

         Section 3.05          Maintenance of Hazard Insurance; Property Protection Expenses....................12

         Section 3.06          Modification Agreements..........................................................13

         Section 3.07          Trust Estate; Related Documents..................................................14

         Section 3.08          Realization upon Defaulted Mortgage Loans........................................14

         Section 3.09          Management and placeCitySale of REO Property.....................................15

         Section 3.10          Issuer and Indenture Trustee to Cooperate........................................15

         Section 3.11          Compensation; Payment of Certain Expenses........................................16

         Section 3.12          Annual Statement as to Compliance................................................17

         Section 3.13          Annual Independent Public Accountant's Servicing Report..........................17

         Section 3.14          Access to Certain Documentation and Information Regarding the Mortgage
                               Loans............................................................................17

         Section 3.15          Maintenance of Certain Servicing Insurance Policies..............................17

         Section 3.16          Information Required by the Internal Revenue Service and Reports of
                               Foreclosures and Abandonments of Mortgaged Property..............................18

         Section 3.17          Assignments; Recordings of Assignments...........................................18

         Section 3.18          [Reserved].......................................................................19

         Section 3.19          Funding Account and Distribution Account.........................................19

         Section 3.20          [Reserved].......................................................................20

         Section 3.21          P&I Advances.....................................................................20

         Section 3.22          Transfer of Mortgage Loans.......................................................20

ARTICLE IV            Servicing Certificate.....................................................................22

         Section 4.01          Statements to Securityholders....................................................22

         Section 4.02          Tax Returns and 1934 Act Reports.................................................24

         Section 4.03          Exchange Act Reporting...........................................................24

ARTICLE V             Note Payment Account......................................................................25

         Section 5.01          Note Payment Account.............................................................25

ARTICLE VI            The Servicer..............................................................................25

         Section 6.01          Liability of the Servicer........................................................25

         Section 6.02          Merger or Consolidation of, or Assumption of the Obligations of, the
                               Servicer.........................................................................25

         Section 6.03          Limitation on Liability of the Servicer and Others...............................26

         Section 6.04          Servicer Not to Resign...........................................................27

         Section 6.05          Delegation of Duties.............................................................27

         Section 6.06          Payment of Indenture Trustee's, the Paying Agent's and Owner Trustee's
                               Fees and Expenses; Indemnification...............................................27

ARTICLE VII           Default...................................................................................29

         Section 7.01          Servicing Default................................................................29

         Section 7.02          Indenture Trustee to Act; Appointment of Successor...............................31

         Section 7.03          Notification to Securityholders..................................................32

ARTICLE VIII          Miscellaneous Provisions..................................................................33

         Section 8.01          Amendment........................................................................33

         Section 8.02          Exhibits.........................................................................33

         Section 8.03          GOVERNING LAW....................................................................33

         Section 8.04          Notices..........................................................................33

         Section 8.05          Severability of Provisions.......................................................34

         Section 8.06          Protection of Confidential Information...........................................34

         Section 8.07          Third-Party Beneficiaries........................................................34

         Section 8.08          Counterparts.....................................................................34

         Section 8.09          Effect of Headings and Table of Contents.........................................34

         Section 8.10          Termination upon Purchase by the Servicer or Liquidation of All Mortgage
                               Loans; Partial Redemption........................................................34

         Section 8.11          Certain Matters Affecting the Indenture Trustee and the Paying Agent.............35

         Section 8.12          Owner Trustee, Paying Agent and Indenture Trustee Not Liable for Related
                               Documents........................................................................35

ARTICLE IX            Compliance with Regulation AB.............................................................35

         Section 9.01          Intent of the Parties; Reasonableness............................................35

         Section 9.02          Additional Representations and Warranties of the Indenture Trustee...............35

         Section 9.03          Information to be provided by the Indenture Trustee..............................35

         Section 9.04          Report on Assessment of Compliance and Attestation...............................35

         Section 9.05          Indemnification; Remedies........................................................35

EXHIBITS

EXHIBIT A – MORTGAGE LOAN SCHEDULE.............................................................................A-1

EXHIBIT B – COLLECTION POLICY..................................................................................B-1

EXHIBIT C – LIMITED POWER OF ATTORNEY..........................................................................C-1

EXHIBIT D – FORM OF REQUEST FOR RELEASE........................................................................D-1

EXHIBIT E – FORM OF FORM 10-K CERTIFICATE......................................................................E-1

EXHIBIT F – FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE.............................................F-1

EXHIBIT G – SERVICING CRITERIA.................................................................................G-1

         This Servicing Agreement,  dated as of _____ __, 200_ (the "Agreement"),  is among Wachovia Bank, National
Association,  as servicer (the  "Servicer"),  the Wachovia Asset Funding Trust,  LLC [______] Trust, as issuer (the
"Issuer"),  Wachovia Bank, National Association, as Paying Agent (the "Paying Agent"), and [_________________],  as
indenture trustee (the "Indenture Trustee").

                                                    WITNESSETH:

         WHEREAS,  pursuant to the terms of the Purchase  Agreement (as defined  herein),  Wachovia Bank,  National
Association,  as seller (in such  capacity,  "Seller") and as servicer,  will sell to Wachovia Asset Funding Trust,
LLC, as purchaser (in such  capacity,  the  "Purchaser"),  the Initial  Mortgage Loans on the Closing Date, and may
sell Subsequent  Mortgage Loans on one or more Subsequent  Transfer Dates,  together with the Related  Documents on
the Closing Date and any Subsequent  Transfer Date, and thereafter all Additional  Balances created on or after the
Cut-Off Date and any such Subsequent Transfer Date;

         WHEREAS,  Wachovia Asset Funding Trust, LLC, as depositor (in such capacity,  the "Depositor"),  will sell
the Initial Mortgage Loans and assign all of its rights under the Purchase  Agreement to the Issuer,  together with
the Related  Documents on the Closing Date,  and  thereafter  Subsequent  Mortgage  Loans and  Additional  Balances
relating to the Mortgage Loans created on or after the Cut-Off Date;

         WHEREAS, pursuant to the terms of the Trust Agreement, the Issuer will issue the Certificates;

         WHEREAS, pursuant to the terms of the Indenture, the Issuer will issue the Notes; and

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

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

                                                     ARTICLE I

                                                    Definitions

         Section 1.01 Definitions.  For all  purposes of this  Agreement,  except as otherwise  expressly  provided
herein or unless the context  otherwise  requires,  capitalized  terms not otherwise  defined herein shall have the
meanings  assigned to such terms in the Definitions  contained in Appendix A to the indenture dated as of _____ __,
200_ (the  "Indenture"),  among the Issuer,  the Paying Agent and the Indenture  Trustee,  which is incorporated by
reference herein.  All other capitalized terms used herein shall have the meanings specified herein.

         Section 1.02 Other Definitional Provisions.

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

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

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

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

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

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

                                                    ARTICLE II

                                          Representations and Warranties

         Section 2.01 Representations  and  Warranties   Regarding  the  Servicer.   The  Servicer  represents  and
warrants to the Issuer,  the  Enhancer  and for the benefit of the  Indenture  Trustee,  as pledgee of the Mortgage
Loans, as of the Closing Date:

         (a)      The Servicer is a national  banking  association  duly  organized and validly  existing under the
laws of the  United  States of  America  and is or will be in  compliance  with the laws of each state in which any
Mortgaged Property is located to the extent necessary to ensure the enforceability of each Mortgage Loan;

         (b)      The Servicer has the power and authority to make,  execute,  deliver and perform its  obligations
under this  Agreement  and all of the  transactions  contemplated  under this  Agreement,  has taken all  necessary
corporate  action to authorize the execution,  delivery and  performance of this  Agreement,  and has duly executed
and delivered this Agreement;

         (c)      The  Servicer  is not  required  to  obtain  the  consent  of any other  Person or any  consents,
licenses,  approvals or  authorizations  from, or registrations or declarations  with, any governmental  authority,
bureau or agency in connection  with the  execution,  delivery,  performance,  validity or  enforceability  of this
Agreement, except for such consents,  licenses, approvals or authorizations,  or registrations or declarations,  as
shall have been obtained or filed, as the case may be;

         (d)      The execution and delivery of this Agreement by the Servicer and the  performance  and compliance
with the terms of this  Agreement by the Servicer  will not violate the  Articles of  Association  or Bylaws of the
Servicer,  or  constitute  a material  default (or an event  which,  with notice or lapse of time,  or both,  would
constitute a material  default)  under, or result in the material  breach of, any material  contract,  agreement or
other  instrument  to which  the  Servicer  is a party or which may be  applicable  to the  Servicer  or any of its
respective assets;

         (e)      No litigation is currently pending, or to the knowledge of the Servicer  threatened,  against the
Servicer,  that in the opinion of the  Servicer  has a reasonable  likelihood  of  resulting in a material  adverse
effect on the transactions contemplated by this Agreement;

         (f)      This Agreement  constitutes a legal,  valid and binding  obligation of the Servicer,  enforceable
against  the  Servicer  in  accordance  with its terms,  except as  enforceability  may be  limited  by  applicable
bankruptcy,  insolvency,  reorganization,  moratorium and other laws affecting the enforcement of creditors' rights
in general,  as they may be applied in the context of the  insolvency  of a national  banking  association,  and by
general equity  principles  (regardless  of whether such  enforcement is considered in a proceeding in equity or at
law), and by public policy  considerations  underlying  the securities  laws, to the extent that such public policy
considerations   limit  the   enforceability  of  the  provisions  of  this  Agreement  which  purport  to  provide
indemnification from liabilities under applicable securities laws; and

         (g)      The  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 otherwise) or operations of
the Servicer or its respective  properties or might have  consequences  that would materially  adversely affect the
respective performance of the Servicer hereunder.

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

         Section 2.02 Representations  and Warranties of the Issuer.  The Issuer hereby  represents and warrants to
the Servicer and for the benefit of the  Indenture  Trustee,  as pledgee of the Mortgage  Loans,  as of the Closing
Date:

         (a)      the Issuer is a statutory  trust duly formed and in good standing  under the laws of the State of
Delaware and has full power,  authority  and legal right to execute and deliver this  Agreement  and to perform its
obligations  under this  Agreement,  and has taken all necessary  action to authorize the  execution,  delivery and
performance by it of this Agreement; and

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

         Section 2.03 Enforcement of  Representations  and  Warranties.  The Servicer,  on behalf of and subject to
the  direction  of the  Indenture  Trustee,  as pledgee of the Mortgage  Loans,  or the Issuer,  shall  enforce the
representations  and  warranties  of the Seller  pursuant to the  Purchase  Agreement.  Upon the  discovery  by the
Seller, the Depositor,  the Servicer,  the Indenture Trustee,  the Enhancer or the Issuer of a breach of any of the
representations  and  warranties  made by the Seller in the Purchase  Agreement,  in respect of any  Mortgage  Loan
which  materially  and  adversely  affects  the  interests  of the  Securityholders  or  the  Enhancer,  the  party
discovering  such breach  shall give prompt  written  notice to the other  parties.  The  Servicer  shall  promptly
notify the Seller of such breach and request  that,  pursuant to the terms of the  Purchase  Agreement,  the Seller
either (i) cure such breach in all material  respects  within 90 days from the date the Seller was notified of such
breach  or (ii)  purchase  such  Mortgage  Loan  from the  Issuer  at the  price  and in the  manner  set  forth in
Section 3.1(d) of the Purchase Agreement;  provided,  however, that the Seller shall, subject to the conditions set
forth in the  Purchase  Agreement,  have the option to  substitute  an Eligible  Substitute  Loan or Loans for such
Mortgage  Loan. In the event that the Seller elects to substitute  one or more Eligible  Substitute  Loans pursuant
to  Section 3.1(d)  of the Purchase  Agreement,  the Seller shall deliver to the Servicer,  in accordance  with the
Purchase  Agreement,  with respect to such Eligible  Substitute  Loans, the original Loan Agreement,  the Mortgage,
and such other  documents and  agreements as are required by the Purchase  Agreement.  Payments due with respect to
Eligible  Substitute  Loans in the  month of  substitution  shall  not be  transferred  to the  Issuer  and will be
retained by the Servicer and remitted by the Servicer to the Seller on the next  succeeding  Payment Date except to
the extent that a payment less than the  applicable  Minimum  Monthly  Payment has been  received by the Issuer for
such month in respect of the  Mortgage  Loan to be  removed.  The  Servicer  shall amend or cause to be amended the
Mortgage  Loan  Schedule  to reflect  the  removal  of such  Mortgage  Loan and the  substitution  of the  Eligible
Substitute  Loans and the Servicer shall promptly  deliver the amended  Mortgage Loan Schedule to the Owner Trustee
and Indenture Trustee.

         It is  understood  and  agreed  that the  obligation  of the  Seller to cure such  breach or  purchase  or
substitute  for such Mortgage Loan as to which such a breach has occurred and is continuing  shall  constitute  the
sole remedy  respecting such breach available to the Issuer and the Indenture  Trustee,  as pledgee of the Mortgage
Loans,  against the Seller.  In connection with the purchase of or  substitution  for any such Mortgage Loan by the
Seller,  the Issuer  shall  assign to the Seller all of its right,  title and  interest in respect of the  Purchase
Agreement applicable to such Mortgage Loan.

                                                    ARTICLE III

                                  Administration and Servicing of Mortgage Loans

         Section 3.01 The Servicer.

         (a)      The Issuer,  by execution and delivery of this  Agreement,  does hereby appoint the Servicer for,
and  subject to the terms of this  Agreement,  the  Servicer  assumes  responsibility  for,  the  servicing  of the
Mortgage  Loans.  Each  original  Mortgage File and any Related  Documents  delivered to the Servicer by the Seller
pursuant to the provisions of this Agreement and any Subsequent  Transfer  Agreement  shall be held in trust by the
Servicer for the benefit of the Trust in accordance  with the terms of this  Agreement.  The Servicer's  possession
of any portion of any original  Mortgage  File,  any Related  Documents or copies  thereof  shall be  maintained in
accordance  with the  provisions  of this  Agreement to  facilitate  the  servicing of the related  Mortgage  Loans
pursuant to this Agreement.

         (b)      The Servicer shall service and administer  the Mortgage  Loans in a manner  generally  consistent
with the terms of this Agreement and the  collection  policy set forth on Exhibit B (the  "Collection  Policy") and
in a manner  that  shall be normal  and usual in its  mortgage  servicing  activities.  Subject  to the  Collection
Policy and the terms of this Agreement  (including without  limitation  Sections 3.08 and 3.09), the Servicer shall
have full power and authority to do any and all things in connection with such servicing and  administration  which
it may deem  necessary or desirable,  it being  understood,  however,  that the Servicer  shall at all times remain
responsible to the Issuer,  the Paying Agent, the Indenture  Trustee and, as a third-party  beneficiary  hereunder,
the Enhancer for the performance of its duties and obligations hereunder.

         The Servicer  will at all times apply the same  standards and follow the same  procedures  with respect to
the decision to commence  litigation,  and in prosecuting  and litigating  with respect to the Mortgage Loans as it
applies and follows with respect to mortgage loans like the Mortgage Loans generally.

         (c)      The Servicer  shall enforce the  respective  rights and interests of the Issuer and the Indenture
Trustee in and under each  Mortgage  Loan,  including the Mortgaged  Property and any other related  security.  The
Servicer is hereby  authorized and empowered,  in performing its duties  hereunder,  subject to the limitations set
forth herein, to execute and deliver,  on behalf of itself,  the Issuer,  the Indenture Trustee or any of them, any
and all  instruments  of  satisfaction  or  cancellation,  or of partial or full release or discharge and all other
comparable  instruments  with  respect  to the  Mortgage  Loans and the  Mortgaged  Properties.  The Issuer and the
Indenture  Trustee,  as applicable,  shall execute any powers of attorney and other documents  furnished to them by
the Servicer and necessary or  appropriate  to enable the Servicer to carry out its  servicing  and  administrative
duties hereunder.  In addition,  the Servicer may, at its own discretion,  obtain credit information in the form of
a "credit  score" from a credit  repository.  On the Closing  Date,  the  Indenture  Trustee  shall  deliver to the
Servicer a limited power of attorney substantially in the form of Exhibit C hereto.

         No  costs  incurred  by the  Servicer  in  respect  of  Servicing  Advances  shall,  for the  purposes  of
distributions to the Noteholders, be added to the amount owing under the related Mortgage Loan.

         Notwithstanding  anything to the contrary contained herein,  the Servicer,  in servicing and administering
the  Mortgage  Loans,  shall  employ or cause to be employed  procedures  (including  collection,  foreclosure  and
management  procedures  with respect to REO  Property) and exercise the same care that it  customarily  employs and
exercises in servicing and administering  mortgage loans for its own account,  in accordance with accepted mortgage
servicing  practices of prudent  lending  institutions  servicing  mortgage loans similar to the Mortgage Loans and
giving due consideration to the Noteholders', the Enhancer's and the Trust's reliance on the Servicer.

         If the  Mortgage  did not  have a Lien  senior  to the  related  Mortgage  Loan on the  related  Mortgaged
Property as of the Cut-Off Date or related  Subsequent  Cut-Off Date,  as  applicable,  then the Servicer,  in such
capacity,  may not  consent to the  placing  of a Lien  senior to that of the  Mortgage  on the  related  Mortgaged
Property.  If the Mortgage had a Lien senior to the related Mortgage Loan on the related  Mortgaged  Property as of
the Cut-Off Date or related  Subsequent  Cut-Off Date, as  applicable,  then the Servicer,  in such  capacity,  may
consent to the  refinancing  of such prior senior Lien,  provided that (i) the resulting CLTV of such Mortgage Loan
is no higher than the greater of the CLTV prior to such  refinancing  or 100%;  (ii) the interest rate for the loan
evidencing  the  refinanced  senior Lien is no higher than the interest  rate on the loan  evidencing  the existing
senior Lien immediately prior to the date of such refinancing  (meaning,  in the case of an adjustable rate loan, a
substantially  similar  index and a gross margin no higher than that of the existing  senior  Lien);  and (iii) the
loan evidencing the refinanced senior Lien is not subject to negative amortization.

         In connection  with servicing the Mortgage Loans,  the Servicer may take  reasonable  actions to encourage
or effect the termination of Loan Agreements that have become dormant.

         The  relationship  of the Servicer (and of any successor to the Servicer as servicer under this Agreement)
to the Issuer,  the Paying Agent and the Indenture  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.

         (d)      The Servicer may enter into  Subservicing  Agreements  with  Subservicers  for the  servicing and
administration  of certain of the Mortgage Loans,  provided that  notwithstanding  such  appointment,  the Servicer
shall remain  liable for the  performance  of all  servicing  duties  delegated by it. The Servicer  shall  provide
written  notice to the Indenture  Trustee,  the Paying Agent and the Enhancer  upon  entering  into a  Subservicing
Agreement.  References  in this  Agreement  to  actions  taken or to be  taken by the  Servicer  in  servicing  the
Mortgage  Loans  include  actions  taken or to be taken by a  Subservicer  on behalf of the Servicer and any amount
actually  received by such  Subservicer  in respect of a Mortgage Loan shall be deemed to have been received by the
Servicer  whether or not actually  received by the Servicer.  Each  Subservicing  Agreement will be upon such terms
and conditions as are not  inconsistent  with this Agreement and as the Servicer and the  Subservicer  have agreed.
With the approval of the Servicer, a Subservicer may delegate its servicing  obligations to third-party  servicers,
but such  Subservicers  will remain  obligated  under the related  Subservicing  Agreements.  The  Servicer and the
Subservicer may enter into amendments to the related  Subservicing  Agreements;  provided,  however,  that any such
amendments  shall not cause the  Mortgage  Loans to be serviced in a manner that would be  materially  inconsistent
with the  standards  set forth in this  Agreement.  The Servicer  shall be entitled to terminate  any  Subservicing
Agreement  in  accordance  with the terms and  conditions  thereof  and without  any  limitation  by virtue of this
Agreement;  provided,  however,  that in the event of termination of any Subservicing  Agreement by the Servicer or
the  Subservicer,  the  Servicer  shall  either  act as  servicer  of the  related  Mortgage  Loan or enter  into a
Subservicing  Agreement with a successor  Subservicer which will be bound by the terms of the related  Subservicing
Agreement.  The Servicer shall be entitled to enter into any agreement with a Subservicer  for  indemnification  of
the Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

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

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

         Section 3.02 Collection of Certain Mortgage Loan Payments.

         (a)      The Servicer  shall make  reasonable  efforts to collect all payments  called for under the terms
and  provisions of the Mortgage  Loans,  and shall,  to the extent such  procedures  shall be consistent  with this
Agreement and generally  consistent  with the  Collection  Policy,  follow such  collection  procedures as shall be
normal and usual in its general  mortgage  servicing  activities  and  consistent  with the procedures the Servicer
employs in servicing all other Mortgage Loans in the servicing portfolio with  characteristics  similar to those of
the Mortgage  Loans.  Consistent  with the foregoing,  and without  limiting the  generality of the foregoing,  the
Servicer may in its  discretion  (i) waive  any late payment  charge,  penalty  interest or other fees which may be
collected  in the  ordinary  course of  servicing a Mortgage  Loan and (ii) arrange with a Mortgagor a schedule for
the payment of principal and interest due and unpaid;  provided,  however, that such arrangement is consistent with
the  Servicer's  policies  with respect to home equity  mortgage  loans.  The Servicer may also extend the Due Date
for payment due on a Mortgage Loan in accordance with the Collection Policy;  provided,  however, that the Servicer
shall first  determine  that any such waiver or  extension  will not impair the  coverage of any related  insurance
policy or materially  adversely affect the Lien of the related Mortgage or the interests of the  Securityholders or
the  Enhancer,  and the  Servicer  shall not grant any such waiver or  extension  that would have any such  effect.
Consistent with the terms of this Agreement, the Servicer may also:

                  (i)      waive,  modify  or vary any term of any  Mortgage  Loan  (including  reduce  the  Credit
Limit);

                  (ii)     consent to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor;

                  (iii)    arrange with a Mortgagor a schedule  for the payment of  principal  and interest due and
unpaid;

                  (iv)     forgive any portion of the amounts contractually owed under the Mortgage Loan;

                  (v)      capitalize  past due  amounts  owed under the  Mortgage  Loan by adding  any  amounts in
arrearage to the existing  principal  balance of the Mortgage Loan (a  "Capitalization  Workout") which will result
in an increased  monthly payment amount,  provided that: (A) the amount added to the existing  principal balance of
the Mortgage Loan (the  "Capitalized  Amount") shall be no greater than five times the Mortgagor's  current Minimum
Monthly Payment amount;  and (B) the Servicer shall not enter into a Capitalization  Workout unless the CLTV of the
Mortgage  Loan prior to the  Capitalization  Workout  equals or exceeds 80% and the Mortgagor has qualified for the
Capitalization Workout under the Servicer's servicing guidelines; or

                  (vi)     reset the  maturity  date for the Mortgage  Loan,  but in no event shall such reset date
extend beyond the end of the Collection Period preceding the Final Payment Date;

or any combination of the foregoing,  if in the Servicer's  determination such waiver,  modification,  postponement
or  indulgence  is not  materially  adverse to the  interests of the  Securityholders  or the  Enhancer;  provided,
however,  that the Servicer may not,  pursuant to this Section 3.02, modify or permit any Subservicer to modify any
Mortgage Loan (including  without  limitation any modification that would change the Loan Rate, forgive the payment
of any principal or interest  (unless in connection  with the  liquidation of the related  Mortgage Loan) or extend
the final  maturity date of such Mortgage  Loan) unless such Mortgage Loan is in default or, in the judgment of the
Servicer,  such default is reasonably  foreseeable or except as provided in  Section 3.06.  In connection  with any
such waiver,  modification,  postponement or indulgence,  the Servicer shall use reasonable efforts to maximize the
receipt  of  principal  and  interest  thereon.  The  general  terms  of  any  waiver,  modification,  forgiveness,
postponement  or  indulgence  with  respect  to any  of the  Mortgage  Loans  will  be  included  in the  Servicing
Certificate,  and such Mortgage Loans will not be considered  "delinquent"  for the purposes of the Basic Documents
so long as the  Mortgagor  complies  with the terms of such  waiver,  modification,  forgiveness,  postponement  or
indulgence.

         Section 3.03 Custodial Duties

         (a)      The Servicer is hereby appointed as custodian of the documents in each Mortgage File.

         (b)      The Servicer shall establish the Custodial  Account,  which shall be an Eligible Account,  titled
"Wachovia  Asset Funding Trust,  LLC [______]  Trust  Custodial  Account," in which the Servicer or the Issuer,  as
applicable,  shall deposit or cause to be deposited any amounts  representing  payments and  collections in respect
of the Mortgage Loans received by it subsequent to the  applicable  Cut-Off Date or Subsequent  Cut-Off Date (other
than in respect of the  payments  referred  to in the  following  paragraph),  within one  Business  Day  following
receipt  thereof (or otherwise on or prior to the Closing Date),  including the following  payments and collections
received or made by it (without duplication):

                  (i)      all payments of  principal  of or interest on the Mortgage  Loans (other than amounts in
respect of the Excluded  Amount)  received or advanced by the Servicer,  net of any portion of the interest thereof
retained by any Subservicer as subservicing fees;

                  (ii)     Net  Liquidation  Proceeds (net of any related  Foreclosure  Profit) and all  Subsequent
Recovery Amounts;

                  (iii)    all proceeds of any Mortgage Loans  repurchased  by the Seller  pursuant to the Purchase
Agreement,  including  any  indemnity  payments  paid by the  Seller  pursuant  to Section  3.1(d) of the  Purchase
Agreement,  and all  Substitution  Adjustment  Amounts required to be deposited in connection with the substitution
of an Eligible Substitute Loan pursuant to the Purchase Agreement;

                  (iv)     Insurance Proceeds,  other than Net Liquidation  Proceeds,  resulting from any insurance
policy maintained on a Mortgaged Property;

                  (v)      REO proceeds and Condemnation Proceeds; and

                  (vi)     amounts required to be paid by the Servicer pursuant to Section 8.10;

provided,  however,  that with respect to each  Collection  Period,  the Servicer shall be permitted to retain from
payments  in respect of  interest  on the  Mortgage  Loans,  the  Servicing  Fee for such  Collection  Period.  The
foregoing  requirements  respecting  deposits to the Custodial  Account are exclusive,  it being  understood  that,
without  limiting the generality of the foregoing,  the Servicer need not deposit in the Custodial  Account amounts
representing  Foreclosure  Profits,  fees (including annual fees) or late charge  penalties,  payable by Mortgagors
(such amounts to be retained as additional  servicing  compensation in accordance  with  Section 3.10  hereof),  or
amounts  received by the Servicer  for the accounts of  Mortgagors  for  application  towards the payment of taxes,
insurance  premiums,  assessments  and similar  items.  In the event any amount not required to be deposited in the
Custodial  Account is so deposited,  the Servicer may at any time withdraw such amount from the Custodial  Account,
any provision  herein to the contrary  notwithstanding,  and pay such amount to the Person entitled to such amount.
The Servicer shall retain all Foreclosure Profits as additional  servicing  compensation.  Payments and collections
allocable to an Excluded  Amount shall not be deposited into the Custodial  Account,  the  Distribution  Account or
the Note Payment Account, but shall be distributed by the Servicer to the Seller pursuant to Section 3.04.

         If the  Servicer  makes any P&I  Advances  pursuant  to  Section 3.21  the  Servicer  shall be entitled to
reimbursement  itself by withdrawing from the Custodial Account,  as provided herein, any amounts so advanced.  The
Servicer may cause the institution  maintaining the Custodial  Account to invest any funds in the Custodial Account
in Permitted  Investments,  which  investments  shall mature not later than the  Business  Day  preceding  the next
succeeding  Payment Date, and which  investments  shall not be sold or disposed of prior to maturity.  In addition,
no such  Permitted  Investment  shall be  purchased  at a price in excess of par.  Except as  provided  above,  all
income and gain realized from any such  investment  shall inure to the benefit of the Servicer and shall be subject
to its  withdrawal  or order  from time to time.  The  amount of any losses  incurred  in respect of the  principal
amount of any such  investments  shall be deposited in the  Custodial  Account by the Servicer out of its own funds
immediately as realized.

         (c)      The Servicer  shall  promptly  report in writing to the Owner  Trustee,  the Paying Agent and the
Indenture  Trustee any material  failure on the Servicer's part to hold the Mortgage Files and maintain its records
and  computer  systems  as herein  provided  and  promptly  take  appropriate  action to remedy  any such  failure.
Following the  occurrence of a Servicing  Default as set forth in  Section 7.01(a)(iii)  or (iv), the Issuer or the
Indenture  Trustee shall  immediately  terminate the rights of the Servicer to perform the duties as custodian with
respect to the Mortgage  Files for the Mortgage  Loans.  Following  the  occurrence  of a Servicing  Default as set
forth in  Section 7.01(a)(i)  or (ii),  the Issuer or the  Indenture  Trustee  shall,  upon 60 days  prior  written
notice,  terminate  the rights of the  Servicer to perform the duties as  custodian  with  respect to the  Mortgage
Files for the Mortgage  Loans.  Upon the  termination of the  Servicer's  rights to perform the duties as custodian
with respect to any Mortgage  Files,  the Servicer  shall deliver each such Mortgage File to the Indenture  Trustee
or its designee in accordance with the instructions of the Indenture Trustee.

         (d)      Upon taking  possession of the Mortgage Files, the Servicer shall (i) maintain  possession of the
Mortgage  Files and (ii) exercise the same degree of care with respect to the  possession of the Mortgage  Files as
it would if they were its own property.  The Mortgage  Files shall at all times be held by the Servicer  segregated
from any similar  documents.  In performing its duties as custodian,  the Servicer shall act with reasonable  care,
using that degree of skill and attention that other  servicers  exercise with respect to the loan files relating to
all  comparable  loans that they service.  Mortgage  Files shall be held for the benefit of the Indenture  Trustee,
the Enhancer and the Securityholders.

         Section 3.04 Withdrawals  from the Custodial  Account.  The Servicer shall,  from time to time as provided
herein,  make  withdrawals from the Custodial  Account of amounts on deposit therein pursuant to Section 3.02  that
are attributable to the Mortgage Loans for the following purposes:

         (a)      on each  Determination  Date, the Servicer  shall  determine the pro rata portion of the Interest
Collections  deposited into the Custodial Account with respect to the related  Collection Period that relate to the
Additional  Balance  Increase Amount and, prior to 1:00 p.m. (EST) on the Business Day prior to the related Payment
Date,  the  Servicer  shall  withdraw  such amounts  from the  Custodial  Account and deposit such amounts into the
Distribution  Account  established  by the  Certificate  Paying Agent for  distribution  to the  Certificateholders
pursuant to Section 5.01 of the Trust Agreement;

         (b)      on each  Determination  Date, the Servicer shall determine the aggregate  amounts to be withdrawn
from the Custodial Account and applied pursuant to  Section 3.05(a)  of the Indenture and, prior to 1:00 p.m. (EST)
on the  Business  Day prior to the related  Payment  Date,  the  Servicer  shall  withdraw  such  amounts  from the
Custodial  Account and deposit such amounts into the Note Payment Account,  the Funding Account or the Distribution
Account,  as applicable,  for distribution by the Paying Agent, in each case in accordance with Section 3.05 of the
Indenture and in the order of priority set forth in  Section 3.05(a)  of the Indenture for such Payment Date and in
accordance with the Servicing Certificate;

         (c)      to pay to the Seller any monthly  payments  received from the  Mortgagors  that do not constitute
Transferred Property;

         (d)      prior to the commencement of the Rapid  Amortization  Period,  from Principal  Collections on the
Mortgage  Loans,  and, on and after the Payment Date in ______ 200_, if Principal  Collections  are not  sufficient
from Excess Spread, to pay to the Seller, as assignee of the Depositor,  the amount of any Additional Balances,  as
and when  created  during the related  Collection  Period,  but only to the extent  that  amounts on deposit in the
Funding  Account are not  sufficient  for such purpose;  provided that Excess Spread shall not be so applied if the
Enhancer has not been  reimbursed  for all draws made under the Policy,  with interest;  and provided  further that
Excess  Spread  (calculated  with  respect to the  following  Payment  Date) in the  Custodial  Account will not be
applied to purchase  Additional  Balances to the extent that after such purchase the  Overcollateralization  Amount
would exceed the Overcollateralization Target Amount, calculated in each case as of the following Payment Date;

         (e)      to  the  extent  deposited  to  the  Custodial  Account,  to  reimburse  itself  or  the  related
Subservicer for previously  unreimbursed  expenses incurred in maintaining  individual  insurance policies pursuant
to Section 3.05,  for Servicing Advances, for fees payable pursuant to Section 3.08,  for expenses payable pursuant
to  Section 3.10,  for amounts  reimbursable  pursuant to  Section 6.03 or Liquidation  Expenses,  paid pursuant to
Section 3.08  or  otherwise  reimbursable  pursuant  to the terms of this  Agreement  (to the  extent  not  payable
pursuant to  Section 3.10),  such withdrawal right being limited to amounts  received on particular  Mortgage Loans
(other than any  Repurchase  Price in respect  thereof) that  represent  late  recoveries of the payments for which
such  advances  were made,  or from  related  Net  Liquidation  Proceeds or the  proceeds  of the  purchase of such
Mortgage Loan;

         (f)      to pay itself an amount equal to the related  Servicing Fee (to the extent not retained  pursuant
to Section 3.03);

         (g)      to the  extent  deposited  in the  Custodial  Account,  to pay  to  the  Servicer  as  additional
servicing  compensation  any (i) interest or investment  income earned on funds deposited in the Custodial  Account
that it is entitled to withdraw  pursuant to Section 3.03,  and  (ii) Foreclosure  Profits (to the extent permitted
by law);

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

         (i)      to withdraw any other  amount,  determined  without  duplication  with respect to an other amount
provided  for in this  Section 3.04,  deposited  in the  Custodial  Account  that was not  required to be deposited
therein pursuant to Section 3.03;

         (j)      to pay to the  Servicer,  with respect to any Mortgage Loan for which the Servicer has made a P&I
Advance that has not been  previously  reimbursed  to the extent of receipts of late  recoveries  of such  payments
from the  related  Mortgagor,  out of related Net  Liquidation  Proceeds  or the  proceeds of the  purchase of such
Mortgage Loan; and

         (k)      to reimburse the Servicer for any advances or expenses that have not been  previously  reimbursed
pursuant to such clauses (e) or (j).

         Since,  in connection  with  withdrawals  pursuant to clauses (c),  (e), (f), (h) and (j), the  Servicer's
entitlement  thereto is limited to  collections  or other  recoveries on the related  Mortgage  Loan,  the Servicer
shall keep and  maintain  separate  accounting,  on a Mortgage  Loan by  Mortgage  Loan  basis,  for the purpose of
justifying  any  withdrawal  from the  Custodial  Account  pursuant  to such  clauses.  Notwithstanding  any  other
provision  of this  Agreement,  the  Servicer  shall  be  entitled  to be  reimbursed  itself  for  any  previously
unreimbursed  expenses  incurred pursuant to Section 3.08 or otherwise  reimbursable  pursuant to the terms of this
Agreement that the Servicer  determines to be otherwise  nonrecoverable,  by withdrawal from the Custodial  Account
of amounts on deposit  therein  attributable  to the  Mortgage  Loans on any Business Day prior to the Payment Date
succeeding the date of such determination.

         If any deposit  required to be made by the Servicer  pursuant to Section 3.04(b) is not made when due, the
Servicer  shall pay to the  Paying  Agent,  out of the  Servicer's  own  funds,  one day of  interest  on such late
payment,  at a per annum rate equal to the  effective  Federal  Funds Rate for such date.  Such  interest  shall be
remitted to the Paying Agent on the same day that the Servicer remits the late remittance to the Paying Agent.

         Section 3.05 Maintenance  of Hazard  Insurance;  Property  Protection  Expenses.  To the extent  permitted
under the related  Loan  Agreement  and  Mortgage,  and to the extent the  Servicer  receives  notice that a hazard
insurance  policy has been  cancelled,  the Servicer  shall cause to be  maintained  for each  Mortgage Loan hazard
insurance naming the Servicer or related  Subservicer as loss payee thereunder  providing  extended  coverage in an
amount which is at least equal to the lesser of (i) the maximum  insurable value of the improvements  securing such
Mortgage  Loan  from  time to time or (ii) the  combined  principal  balance  owing on such  Mortgage  Loan and any
mortgage  loan senior to such  Mortgage Loan from time to time;  provided,  however,  that such coverage may not be
less than the minimum  amount  required to fully  compensate  for any loss or damage on a  replacement  cost basis.
The  Servicer  shall use its best  efforts to monitor  that hazard  insurance  is  maintained  as  described in the
previous  sentence in the same manner as it would for  mortgage  loans in its own  portfolio.  The  Servicer  shall
cause to be  maintained on property  acquired upon  foreclosure,  or deed in lieu of  foreclosure,  of any Mortgage
Loan, fire insurance with extended  coverage in an amount which is at least equal to the amount  necessary to avoid
the  application of any  co-insurance  clause  contained in the related hazard  insurance  policy,  the premium for
which shall be a Servicing  Advance  within the meaning of  Section 3.08.  Amounts  collected by the Servicer under
any such  policies  (other  than  amounts to be  applied  to the  restoration  or repair of the  related  Mortgaged
Property or property thus acquired or amounts  released to the Mortgagor in accordance  with the Servicer's  normal
servicing  procedures)  shall be deposited in the Custodial  Account to the extent called for by  Section 3.03.  In
cases in which any  Mortgaged  Property  is located at any time  during the life of a Mortgage  Loan in a federally
designated  flood area, to the extent  permitted  under the related Loan Agreement and Mortgage,  and to the extent
the Servicer  receives  notice that the related flood  insurance  has been  cancelled,  the hazard  insurance to be
maintained for the related  Mortgage Loan shall include flood insurance (to the extent  available).  All such flood
insurance  shall be in amounts equal to the lesser of (i) the amount  required to compensate for any loss or damage
to the  related  Mortgaged  Property on a  replacement  cost basis and (ii) the  maximum  amount of such  insurance
available for such Mortgaged  Property under the national flood insurance  program (assuming that the area in which
such Mortgaged  Property is located is participating  in such program).  The Servicer shall use its best efforts to
monitor such flood  insurance  as  described  in the previous  sentence in the same manner as it would for mortgage
loans in its own  portfolio.  The Servicer  shall be under no  obligation  to require that any  Mortgagor  maintain
earthquake or other  additional  insurance and shall be under no obligation  itself to maintain any such additional
insurance on property  acquired in respect of a Mortgage  Loan,  other than  pursuant to such  applicable  laws and
regulations  as shall at any time be in force and as shall  require  such  additional  insurance.  If the  Servicer
shall obtain and maintain a blanket policy  consistent  with its general  mortgage  servicing  activities  insuring
against  hazard  losses on all of the  Mortgage  Loans,  it shall  conclusively  be deemed  to have  satisfied  its
obligations  as set forth in the first  sentence of this  Section 3.05,  it being  understood  and agreed that such
policy may contain a deductible  clause,  in which case the Servicer  shall, in the event that there shall not have
been maintained on the related  Mortgaged  Property a policy complying with the first sentence of this Section 3.05
and there shall have been a loss which would have been covered by such  policy,  deposit in the  Custodial  Account
the amount of such loss that would have  otherwise  been  covered.  Any such deposit by the Servicer  shall be made
on the last Business Day of the  Collection  Period in the month in which payments under any such policy would have
been  deposited in the Custodial  Account.  In connection  with its  activities as servicer of the Mortgage  Loans,
the Servicer agrees to present,  on behalf of itself, the Issuer and the Indenture  Trustee,  claims under any such
blanket policy.

         Section 3.06 Modification Agreements.

         (a)      The Servicer or the related  Subservicer,  as the case may be,  shall be entitled to  (a) execute
assumption agreements,  substitution  agreements,  and instruments of satisfaction or cancellation or of partial or
full release or discharge,  or any other document  contemplated by this Agreement and other comparable  instruments
with respect to the Mortgage  Loans and with respect to the related  Mortgaged  Properties  (and the Issuer and the
Indenture  Trustee each shall  promptly  execute any such documents on request of the Servicer) and (b) approve the
granting  of an easement  thereon in favor of another  Person,  any  alteration  or  demolition  of such  Mortgaged
Properties or other similar  matters,  if it has  determined,  exercising its good faith  business  judgment in the
same manner as it would if it were the owner of the related  Mortgage Loans,  that the security for, and the timely
and full  collectability  of, such  Mortgage  Loans would not be  adversely  affected  thereby.  A partial  release
pursuant  to this  Section 3.06  shall be  permitted  only if the CLTV for the  related  Mortgage  Loan  after such
partial  release  does not exceed the CLTV for such  Mortgage  Loan as of the  Cut-Off  Date or related  Subsequent
Cut-Off Date, as  applicable.  Any fee collected by the Servicer or the related  Subservicer  for  processing  such
request will be retained by the Servicer or such Subservicer as additional servicing compensation.

         (b)      Notwithstanding  any other  provision of this  Agreement to the contrary,  the  Servicer,  at its
option  and in its sole  discretion,  may  modify any  Mortgage  Loan to (i)  change  the Loan Rate  payable on the
related  Mortgage Loan,  (ii) increase the credit limit on the related  Mortgage Loan above the limit stated in the
related Loan  Agreement,  (iii) refinance the existing senior Lien or place a new senior Lien related to a Mortgage
Loan  resulting  in a CLTV Ratio  above the  previous  CLTV Ratio for such  Mortgage  Loan,  or (iv) make any other
material  modification to the related Mortgage Loan; provided,  however,  that without the consent of the Enhancer,
the  aggregate  Principal  Balance of the Mortgage  Loans  modified by this  Section 3.06(b)  shall not exceed five
percent (5%) of the Pool Balance as of the Cut-Off Date;  provided,  further,  that any decision by the Servicer to
modify a Mortgage Loan shall be normal and usual in accordance with its general mortgage  servicing  activities and
consistent  with the  procedures  the  Servicer  employs in servicing  all other  Mortgage  Loans in the  servicing
portfolio with characteristics  similar to those of the Mortgage Loans (including,  but not limited to, analysis of
credit scores, overall customer  relationships and comparable industry standards) and provided,  further, that, any
Mortgage  Loan  modified in  connection  with a  Promotional  Advance will not be included in the five percent (5%)
limitation described herein.

         Section 3.07 Trust Estate; Related Documents.

         (a)      When required by the  provisions  of this  Agreement,  the Issuer or the Indenture  Trustee shall
execute  instruments  furnished to them by the Servicer to release  property from the terms of the Trust  Agreement
or Indenture,  as applicable,  or convey the Issuer's or the Indenture  Trustee's interest in the same, in a manner
and under  circumstances  that are not  inconsistent  with the provisions of this Agreement.  No party relying upon
an instrument  executed by the Issuer or the Indenture Trustee as provided in this  Section 3.07  shall be bound to
ascertain  the Issuer's or the Indenture  Trustee's  authority,  inquire into the  satisfaction  of any  conditions
precedent or see to the application of any moneys.

         (b)      Upon receipt of a Request for Release from the Servicer,  substantially  in the form of Exhibit D
hereto,  to the effect that a Mortgage  Loan has been the subject of a final  payment or a  prepayment  in full and
such  Mortgage  Loan has been  terminated  or that  substantially  all Net  Liquidation  Proceeds  that  have  been
determined by the Servicer in its  reasonable  judgment to be finally  recoverable  have been  recovered,  and upon
deposit to the  Custodial  Account of such final  monthly  payment,  prepayment  in full  together with accrued and
unpaid  interest to the date of such payment with respect to such Mortgage Loan or, if applicable,  Net Liquidation
Proceeds,  the Indenture  Trustee shall execute such Related  Documents  furnished to it, along with such documents
as the Servicer or the related  Mortgagor  may request to evidence  satisfaction  and  discharge  of such  Mortgage
Loan, upon request of the Servicer.

         Section 3.08 Realization upon Defaulted Mortgage Loans.

         (a)      The Servicer  shall,  consistent  with the provisions of the Mortgage and the Collection  Policy,
foreclose upon or otherwise  comparably  convert  (which may include  acquisition of an REO Property) the ownership
of any Mortgaged  Property  securing a Mortgage Loan (but shall not sell or convey such Mortgage Loan) in the event
of a default  under the  Mortgage  when no  satisfactory  arrangements  can be made for  collection  of  delinquent
payments  pursuant to Section 3.02,  subject to the provisions  contained in this  Section 3.08(a)  and only if the
Servicer  determines  that  there  is  sufficient  equity  in  the  related  Mortgaged  Property  to  justify  such
foreclosure.  In connection with such foreclosure or other  conversion,  the Servicer shall use reasonable  efforts
to realize  upon such  defaulted  Mortgage  Loan in such  manner as will  maximize  the  receipt of  principal  and
interest thereon,  taking into account,  among other things,  the timing of foreclosure  proceedings.  The Servicer
shall pay all costs and expenses incurred by it in any such  proceedings;  provided,  however,  that such costs and
expenses shall be deemed to be a "Servicing  Advance" and the Servicer shall be reimbursed  therefor as provided in
Section 3.04  hereof;  provided,  further,  that, in any case in which the Mortgaged  Property  shall have suffered
damage such that the complete  restoration  thereof is not fully  reimbursable by insurance policies required to be
maintained  with  respect  thereto,  the  Servicer  shall not be required  to expend its own funds to restore  such
Mortgaged  Property unless it shall determine,  in good faith,  that such restoration will increase the Liquidation
Proceeds to the Trust after  reimbursement  to itself for such expenses.  In addition to the  reimbursement  of its
costs and expenses,  the Servicer  shall be entitled to a reasonable and customary fee as agreed to by the Servicer
and the Issuer for performing  any  foreclosure  activities  pursuant to this  Section 3.08(a),  which fee shall be
payable pursuant to Section 3.04.

         (b)      Any Liquidation Proceeds,  Insurance Proceeds,  REO Proceeds or Condemnation Proceeds received in
respect of a Mortgaged  Property shall be deposited in the Custodial  Account  pursuant to Section 3.03 and applied
pursuant to Section 3.04.

         (c)      In connection with such foreclosure or other conversion,  the Servicer shall exercise  collection
and foreclosure  procedures in accordance with the Collection  Policy and with the same degree of care and skill in
its exercise or use as it would  exercise or use under the  circumstances  in the conduct of its own  affairs.  The
Servicer shall take into account the existence of any hazardous  substances,  hazardous wastes or solid wastes,  as
such terms are defined in the  Comprehensive  Environmental  Response  Compensation and Liability Act, the Resource
Conservation and Recovery Act of 1976, or other federal, state or local environmental  legislation,  on a Mortgaged
Property in  determining  whether to foreclose  upon or otherwise  comparably  convert the ownership of a Mortgaged
Property.  Any amounts advanced in connection with such  foreclosure or other action shall  constitute  "Servicing
Advances."

         Section 3.09 Management and CityplaceSale of REO Property.  The Servicer shall manage,  conserve,  protect
and operate  each REO Property  solely for the purpose of its prudent and prompt  disposition  and sale;  provided,
however,  that the Servicer shall complete such sale and  disposition no later than, and the Trust shall not retain
ownership of any REO  Property for longer than,  36 months after the date on which such REO Property is acquired by
the Trust.  The Servicer  shall,  either  itself or through an agent  selected by the Servicer,  manage,  conserve,
protect and operate the REO Property in the same manner that it manages,  conserves,  protects  and operates  other
foreclosed  property for its own account,  and in the same manner that similar property in the same locality as the
REO Property is managed.  The Servicer shall attempt to sell the same (and may  temporarily  rent the same) on such
terms and  conditions  as the Servicer  deems to be in the best interest of the  Securityholders,  the Enhancer and
the Trust.

         The  Servicer  shall cause to be set aside  pursuant to  Section 3.03,  no later than five  Business  Days
after the receipt  thereof,  all revenues  received with respect to the conservation and disposition of the related
REO Property net of funds  necessary for the proper  operation,  management and maintenance of the REO Property and
the fees of any managing agent acting on behalf of the Servicer.

         The  disposition  of REO Property  shall be carried out by the  Servicer for cash at such price,  and upon
such terms and conditions,  as the Servicer deems to be in the best interest of the  Securityholders,  the Enhancer
and  the  Trust.  The  cash  proceeds  of  sale of the REO  Property  shall  be  promptly  set  aside  pursuant  to
Section 3.03 as received from time to time and, as soon as practicable thereafter,  the expenses of such sale shall
be paid.  Any costs or advances of the  Servicer  pursuant to this  Section 3.09  also shall  constitute  Servicing
Advances.  The  Servicer  shall  reimburse  itself  for any  related  unreimbursed  Servicing  Advances  and unpaid
Servicing Fees pursuant to Section 3.04.

         Section 3.10 Issuer and  Indenture  Trustee to  Cooperate.  Upon receipt of payment in full,  the Servicer
is  authorized  to  execute,  pursuant  to  the  authorization  contained  in  Section 3.01(c),  an  instrument  of
satisfaction  regarding the related  Mortgage,  which instrument of satisfaction  shall be recorded by the Servicer
if required by applicable  law and be delivered to the Person  entitled  thereto.  It is understood and agreed that
any expenses  incurred in connection  with such  instrument of  satisfaction  or transfer shall be reimbursed  from
amounts  deposited in the Custodial  Account as provided in Section 3.04.  From time to time and as appropriate for
the servicing or foreclosure of any Mortgage Loan and in accordance  with the  provisions  hereof,  upon request of
the  Servicer  to the  Issuer,  of a Request  for  Release,  in the form  attached  hereto as Exhibit D,  Issuer or
Indenture  Trustee shall  promptly  execute such  documents,  in the forms  provided by the  Servicer,  as shall be
necessary for the prosecution of any such proceedings or the taking of other servicing actions.

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

         In connection  with the Issuer's  obligation to cooperate as provided in this  Section 3.10  and all other
provisions  of this  Agreement  requiring the Issuer to authorize or permit any actions to be taken with respect to
the Mortgage  Loans,  the  Indenture  Trustee,  as pledgee of the  Mortgage  Loans and as assignee of record of the
Mortgage Loans on behalf of the Issuer pursuant to Section 3.13 of the Indenture,  expressly  agrees,  on behalf of
the Issuer,  to take all such  actions on behalf of the Issuer and  promptly to execute and return all  instruments
reasonably required by the Servicer in connection  therewith;  provided,  however,  that if the Servicer requests a
signature of the  Indenture  Trustee on behalf of the Issuer,  then the  Servicer  shall  deliver to the  Indenture
Trustee an Officer's  Certificate  stating that such  signature is necessary or  appropriate to enable the Servicer
to carry out its servicing and administrative duties under this Agreement.

         Section 3.11 Compensation; Payment of Certain Expenses.

         (a)      As  compensation  for its  services  hereunder,  the  Servicer  shall be  entitled to receive the
Servicing Fee in accordance with  Section 3.03(b)  and  Section 3.04 as  compensation  for its services  hereunder.
Moreover,  late  payment  charges  and the other  amounts  specified  in  Section 3.03(b)  shall be retained by the
Servicer as additional servicing compensation.

         (b)      The  Servicer  shall be  required  to pay all  expenses  incurred  by it in  connection  with its
servicing  or  administrative  activities  hereunder,  and all fees and expenses of the Owner  Trustee,  the Paying
Agent, the Note Registrar,  the Certificate Paying Agent, the Certificate  Registrar and the Indenture Trustee, and
shall not be entitled to reimbursement therefor except as otherwise provided in this Agreement.

         Section 3.12 Annual Statement as to Compliance.

         (a)      Within 90 days after December 31 of each year,  commencing  with 200_, the Servicer shall deliver
to the Issuer,  the Indenture  Trustee,  the Paying Agent,  the Depositor and the  Underwriter,  with a copy to the
Enhancer,  a servicer  compliance  certificate,  signed by an authorized  officer of the Servicer,  as described in
Item 1123 of Regulation AB, to the effect that:

                  (i)      A  review  of  the  Servicer's  activities  during  the  reporting  period  and  of  its
performance under this Agreement has been made under such officer's supervision.

                  (ii)     To the  best of such  officer's  knowledge,  based  on such  review,  the  Servicer  has
fulfilled all of its obligations  under this Agreement in all materials  respects  throughout the reporting  period
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.

                  The  Servicer  shall  use  commercially  reasonable  efforts  to obtain  from all  other  parties
participating  in the servicing  function any additional  certifications  required under Item 1123 of Regulation AB
to the extent required to be included in a Report on Form 10-K;  provided,  however,  that a failure to obtain such
certifications  shall not be a breach of the Servicer's  duties hereunder if any such party fails to deliver such a
certification.

         (b)      The Servicer shall deliver to the Issuer and the Indenture  Trustee,  with a copy to the Enhancer
and the Paying Agent,  promptly after having obtained knowledge  thereof,  but in no event later than five Business
Days thereafter,  written notice by means of an Officer's  Certificate of any event which with the giving of notice
or the lapse of time or both, would become a Servicing Default.

         Section 3.13 Annual Independent  Public  Accountant's  Servicing Report.  Within 90 days after December 31
of each  year,  beginning  with  200_,  the  Servicer  at its  expense  shall  cause a firm of  independent  public
accountants,  which shall be members of the  American  Institute  of  Certified  Public  Accountants,  to furnish a
report to the Depositor and the Indenture Trustee the attestation required under Item 1122(b) of Regulation AB.

         Section 3.14 Access to Certain  Documentation  and  Information  Regarding  the Mortgage  Loans.  Whenever
required by statute or regulation,  the Servicer shall provide to the Enhancer,  any Securityholder upon reasonable
request (or a regulator for a  Securityholder)  or the Indenture  Trustee,  reasonable  access to the documentation
regarding the Mortgage Loans.  Such access shall be afforded without charge,  but only upon reasonable  request and
during normal  business  hours at the offices of the Servicer.  Nothing in this  Section 3.14  shall  derogate from
the  obligation of the Servicer to observe any  applicable  law  prohibiting  disclosure of  information  regarding
Mortgagors,  and the failure of the  Servicer to provide  access as  provided in this  Section 3.14  as a result of
such obligation shall not constitute a breach of this Section 3.14.

         Section 3.15 Maintenance of Certain  Servicing  Insurance  Policies.  The Servicer shall,  during the term
of its service as  Servicer,  maintain in force and effect (i) a policy or policies of  insurance  covering  errors
and omissions in the  performance of its  obligations as Servicer  hereunder and (ii) a fidelity bond in respect of
its  officers,  employees or agents.  Each such policy or policies and fidelity bond shall be at least equal to the
coverage  that would be required  by Fannie Mae or Freddie  Mac,  whichever  is  greater,  for  Persons  performing
servicing  for  mortgage  loans  purchased  by such entity.  The  Servicer  shall  furnish a copy of such policy or
policies and/or fidelity bond to the Enhancer upon the Enhancer's reasonable request therefor.

         Section 3.16 Information  Required  by the  Internal  Revenue  Service and  Reports of  Foreclosures  and
Abandonments  of Mortgaged  Property.  The  Servicer  shall  prepare and deliver all federal and state  information
reports with  respect to the Mortgage  Loans when and as required by all  applicable  state and federal  income tax
laws.  In  particular,  with  respect to the  requirement  under  Section 6050J  of the Code to the effect that the
Servicer or Subservicer  shall make reports of foreclosures  and  abandonments  of any mortgaged  property for each
year beginning in 200_, the Servicer or Subservicer  shall file reports relating to each instance  occurring during
the  previous  calendar  year in which the Issuer (a)  acquired  an  interest  in any  Mortgaged  Property  through
foreclosure or other comparable  conversion in full or partial  satisfaction of a Mortgage Loan, or (b) knew or had
reason to know that any  Mortgaged  Property  had been  abandoned.  The reports  from the  Servicer or  Subservicer
shall be in form  and  substance  sufficient  to meet the  reporting  requirements  imposed  by  Section 6050J  and
Section 6050H (reports relating to mortgage interest received) of the Code.

         Section 3.17 Assignments; Recordings of Assignments.

         (a)      Concurrently  herewith,  the  Depositor  has  contracted  to acquire the Mortgage  Loans from the
Seller and the Issuer has  Granted  its right,  title and  interest  in the  Mortgage  Loans and other  Transferred
Property  constituting  the Trust Estate to the Indenture  Trustee to secure payments on the Notes. The Seller will
deliver the original  Loan  Agreements to the Servicer on behalf of the  Depositor,  endorsed or assigned in blank,
to effect the transfer to the Issuer of the Loan  Agreements  and all related  Mortgages and other loan  documents.
The parties  hereto  acknowledge  and agree that the  Mortgage  Loans shall for all purposes be deemed to have been
transferred  from the  Seller  to the  Depositor,  from the  Depositor  to the  Issuer  and from the  Issuer to the
Indenture Trustee.

         (b)      If the credit  rating of  Wachovia  is  withdrawn  or  reduced to "____" by  Standard & Poor's or
"____" by [Moody's],  the Servicer shall,  within 30 days of any such withdrawal or reduction,  at its own expense,
prepare  Assignments  of  Mortgage  (which may be included  in one or more  blanket  assignments  if  permitted  by
applicable  law) in recordable  form from the Seller to  "[____________],  as Indenture  Trustee under that certain
Indenture dated as of _____ __, 200_, for Wachovia Asset Funding Trust,  LLC [______] Trust".  In addition,  if the
credit  rating of  Wachovia  is  withdrawn  or reduced  to below  "____" by  Standard  & Poor's or below  "____" by
[Moody's],  the Servicer shall,  within 60 days of any such withdrawal or reduction,  at its own expense,  complete
and submit for recording in the  appropriate  public office for real property  records the  Assignments of Mortgage
for each Mortgage Loan,  provided that no such  recordation  will be required in any state where, in the opinion of
counsel  acceptable to the Enhancer,  such recording is not required to protect the Indenture  Trustee's  interests
in the  Mortgage  Loan against the claim of any  subsequent  transferee  or any creditor of the Seller.  While such
assignment  to be recorded is being  recorded,  the Servicer  shall retain a photocopy of such  assignment.  If any
assignment  is lost or returned  unrecorded  to the Servicer  because of any defect  therein,  the  Servicer  shall
prepare a  substitute  assignment  or cure such  defect,  as the case may be,  and the  Servicer  shall  cause such
assignment to be recorded in accordance  with this  paragraph.  Any Assignment of Mortgage  required to be recorded
hereunder shall be retained in the Mortgage File.

         Section 3.18 [Reserved].

         Section 3.19 Funding Account and Distribution Account.

         (a)      No later than the Closing Date, the Indenture  Trustee shall  establish and maintain on behalf of
the Enhancer and the Noteholders one or more segregated trust accounts,  which shall be Eligible  Accounts,  titled
"Funding Account,  [_________________],  as Indenture Trustee for Wachovia Asset Funding Trust, LLC [______] Trust"
(the  "Funding  Account").  On the  Business  Day prior to each  Payment  Date  during the  Revolving  Period,  the
Servicer  shall  withdraw  from the  Custodial  Account and deposit (x) into the Funding  Account (i) the aggregate
amount of Principal  Collections  remaining after the purchase of all Additional  Balances and Subsequent  Mortgage
Loans,  and (ii) on and after the Payment Date occurring in [_____] 200_,  from Excess Spread the amount  necessary
to be applied so that the Overcollateralization  Amount is not less than the  Overcollateralization  Target Amount,
and (y) into the  Distribution  Account  established  by the  Certificate  Paying  Agent,  the  Additional  Balance
Increase  Amount,  in each case to the extent  available and subject to the  provisions  of Section  3.05(a) of the
Indenture.

         (b)      On each  Subsequent  Transfer Date, the Servicer shall instruct the Indenture  Trustee in writing
to  withdraw  from the  Funding  Account an amount  equal to the  aggregate  Principal  Balance  as of the  related
Subsequent Cut-Off Date of the Subsequent  Mortgage Loans to be sold to the Trust on such Subsequent  Transfer Date
and allocate such  withdrawal to amounts on deposit in the Funding  Account,  and to pay such amount to or upon the
order of the Seller upon  satisfaction  of the conditions set forth in this  Agreement,  in the Purchase  Agreement
and in the related Subsequent Transfer Agreement with respect thereto.

         (c)      The  Servicer  may cause the  institution  maintaining  the  Funding  Account to invest any funds
therein in Permitted  Investments  having a maturity of up to 90 days or maturing or otherwise  available not later
than the Business Day preceding  the related  Payment Date on which funds are scheduled to be withdrawn to purchase
Subsequent  Mortgage  Loans or Additional  Balances,  provided that no such  investment  may be sold or disposed of
prior to  maturity.  If no  instructions  are  received  as to which  Permitted  Investments  the  funds  are to be
invested in, the funds shall be invested in Permitted  Investments  described in clause (v) of such definition.  In
addition,  no such  Permitted  Investment  shall be  purchased  at a price in excess  of par.  At any time when the
Indenture  Trustee is  maintaining  the Funding  Account,  any request by the  Servicer to invest  funds on deposit
therein shall be in writing,  delivered to the Indenture Trustee at or before 10:30 a.m.,  placeStateNew York time,
if such  investment  is to be made on such day.  The Servicer  shall  certify that the  requested  investment  is a
Permitted  Investment  maturing at or prior to the time required  hereby.  Any such investment  shall be registered
in the name of the Indenture  Trustee or its nominee,  and to the extent that any such investment is  certificated,
such  investment  shall be maintained with the Indenture  Trustee at its Corporate Trust Office.  All net income or
other gain  received  from any such  investment  shall be deposited  into or credited to the  Custodial  Account as
Interest Collections, and may be withdrawn therefrom in accordance with Section 3.05 of the Indenture.

         (d)      From time to time the  Indenture  Trustee  shall make  withdrawals  from the  Funding  Account in
accordance with written instructions from the Servicer as follows:

                  (i)      on each  Payment  Date  during  the  Revolving  Period,  any  amounts  on deposit in the
Funding Account,  including Excess Spread,  shall be withdrawn and applied,  to the extent available to the Seller,
as designee of the Depositor,  as payment for Additional Balances,  if any, in an amount equal to (A) the aggregate
of all Draws during the related  Collection  Period or (B) if the  Servicer  has applied  amounts on deposit in the
Custodial  Account  representing  Principal  Collections  received during such Collection Period to the purchase of
Additional  Balances,  the excess, if any, of the aggregate of all Draws during the related  Collection Period over
the amount on deposit in the Funding Account;

                  (ii)     on each  Subsequent  Transfer  Date, any amounts on deposit in the Funding  Account,  to
the extent not used to purchase  Additional  Balances,  shall be  withdrawn  and applied as payment for  Subsequent
Mortgage  Loans,  if any,  in an amount  equal to the  aggregate  Principal  Balance as of the  related  Subsequent
Cut-Off Date of the Subsequent Mortgage Loans;

                  (iii)    prior to 3:00 p.m.  (EST) on the  Business  Day prior to the  Payment  Date  immediately
following the last day of the Revolving Period,  any amounts  remaining on deposit in the Funding Account,  if any,
after giving effect to clauses (i) and (ii) above,  shall be first  deposited into the  Distribution  Account in an
amount  equal to the  lesser of (A) the  Additional  Balance  Increase  Amount and (B) the amount on deposit in the
Funding  Account,  and then shall be deposited to the Note Payment Account for payment to the Noteholders  pursuant
to Section 3.05 of the Indenture.

         Section 3.20 [Reserved].

         Section 3.21 P&I Advances.

         (a)      The  Servicer,  in its sole  discretion,  may deposit into the  Custodial  Account  (from its own
funds) an amount equal to the aggregate  amount of principal of or interest on Mortgage Loans that were  delinquent
as of the end of any Collection  Period ("P&I  Advances").  The Servicer shall notify the Indenture Trustee and the
Paying Agent by a certificate  of the Servicing  Officer of (i) the aggregate  amount of P&I Advances for a Payment
Date and (ii) the amount of any Nonrecoverable P&I Advances for such Payment Date.

         (b)      Notwithstanding  anything  herein to the  contrary,  no P&I Advance  shall be required to be made
hereunder  or  shall be made  hereunder  if such P&I  Advance  would,  if made,  constitute  a  Nonrecoverable  P&I
Advance.  On the fourth  Business  Day before each Payment  Date,  the Servicer  shall  determine  whether each P&I
Advance made with respect to any previous Payment Date is a Nonrecoverable P&I Advance.

         Section 3.22 Transfer of Mortgage Loans.

         (a)      Subject to the  conditions  set forth below,  the  Servicer,  upon receipt of written  notice and
direction  from the Issuer,  shall cause the retransfer of Mortgage Loans from the Trust Estate to the Issuer as of
the close of business on a Payment Date (the "Transfer  Date").  On the fifth  Business Day (the  "Transfer  Notice
Date") prior to the Transfer Date  designated in such notice,  the Servicer shall give the Indenture  Trustee,  the
Rating  Agencies,  the Paying Agent and the Enhancer a notice of the proposed  retransfer  that  contains a list of
the Mortgage Loans to be  retransferred.  Such  retransfers of Mortgage Loans shall be permitted upon  satisfaction
of the following conditions:

                  (i)      No Rapid Amortization Event has occurred;

                  (ii)     On the Transfer  Date,  the  Overcollateralization  Amount  (after  giving effect to the
removal  from the Trust  Estate of the  Mortgage  Loans  proposed  to be  retransferred)  will  equal or exceed the
Overcollateralization Target Amount;

                  (iii)    The  retransfer  of  any  Mortgage  Loans  on  any  Transfer  Date  during  the  Managed
Amortization  Period shall not, in the  reasonable  belief of the  Servicer,  cause a Rapid  Amortization  Event to
occur or an event which with notice or lapse of time or both would constitute a Rapid Amortization Event;

                  (iv)     On or before the Transfer  Date,  the  Servicer  shall have  delivered to the  Indenture
Trustee and the Paying Agent a revised Mortgage Loan Schedule  showing that the Mortgages Loans  transferred to the
Certificateholders are no longer owned by the Trust Estate;

                  (v)      The Servicer  shall  represent  and warrant  that the Mortgage  Loans to be removed from
the Trust  Estate were  selected at random and the Servicer  shall have  received the consent of the Enhancer as to
the selection of the particular Mortgage Loans to be removed; and

                  (vi)     The Enhancer shall have consented to the Transfer;

                  (vii)    Notice of such removal has been given to the Rating Agencies;

                  (viii)   Such transfer may only occur once per month;

                  (ix)     The  Outstanding  Principal  Balance  of the  Transferred  Mortgage  Loans  shall not be
greater than the Outstanding Additional Balance Increase Amount immediately prior to such transfer; and

                  (x)      The Servicer  shall have  delivered to the Indenture  Trustee,  the Paying Agent and the
Enhancer  an  Officer's  Certificate  certifying  that the items  set  forth in  subparagraphs  (i)  through  (ix),
inclusive,  have been performed or are true and correct,  as the case may be. The Indenture  Trustee and the Paying
Agent may  conclusively  rely on such  Officer's  Certificate,  shall have no duty to make inquiries with regard to
the matters set forth therein and shall incur no liability in so relying.

         The  Servicer  shall not be  permitted  to effect the  retransfer  of any  Mortgage  Loan except under the
conditions  specified  above.  Upon  receiving the requisite  notice and  direction  from the Issuer,  the Servicer
shall perform in a timely  manner those acts required of it, as specified  above.  Upon  satisfaction  of the above
conditions,  on the Transfer Date the Servicer  shall  deliver,  or cause to be delivered,  to the Issuer a written
itemization of each Mortgage Loan being  transferred,  together with the Mortgage File for each such Mortgage Loan,
and the Indenture  Trustee shall  execute and deliver to the Issuer or its designee such other  documents  prepared
by the Servicer as shall be reasonably  necessary to transfer such Mortgage  Loans to the  Certificateholders.  Any
such transfer of the Trust Estate's right,  title and interest in and to Mortgage Loans shall be without  recourse,
representation or warranty by or of the Indenture Trustee or the Trust Estate to the Issuer or its designee.

                                                    ARTICLE IV

                                               Servicing Certificate

         Section 4.01 Statements to Securityholders.

         (a)      With  respect to each Payment  Date,  on the Business  Day  following  the related  Determination
Date, the Servicer shall forward the Servicing  Certificate to the Indenture  Trustee and the Paying Agent, and the
Paying  Agent,  pursuant  to  Section 3.26  of the  Indenture,  shall on such  Payment  Date  make  such  Servicing
Certificate  available  to  each  Certificateholder,  each  Noteholder,  the  Depositor,  the  Owner  Trustee,  the
Certificate  Paying Agent,  the Paying Agent and each Rating  Agency,  with a copy to the  Enhancer.  The Servicing
Certificate shall set forth the following information as to the Notes and Certificates, to the extent applicable:

                  (i)      the applicable Record Date, Determination Date and Payment Date;

                  (ii)     the  aggregate  amount  of  payments  received  with  respect  to  the  Mortgage  Loans,
including prepayment amounts;

                  (iii)    the Servicing Fee and Subservicing Fee payable to the Servicer and the Subservicer;

                  (iv)     the amount of any other fees or expenses paid,  and the identity of the party  receiving
such fees or expenses;

                  (v)      the aggregate amount of (a) Interest Collections,  (b) Principal  Collections (and, with
respect  to any  Payment  Date  relating  to the  Managed  Amortization  Period,  Net  Principal  Collections)  and
(c) Substitution Adjustment Amounts for such Collection Period;

                  (vi)     the amount of such distribution as principal to the Noteholders;

                  (vii)    the amount of such distribution as interest to the Noteholders,  the amount thereof,  if
any, payable in respect of unpaid Interest  Shortfalls,  and the amount of any Interest  Shortfalls for the related
Payment Date;

                  (viii)   each  Deficiency  Amount,  if any,  for such Payment  Date and the  aggregate  amount of
prior draws on the Policy thereunder not yet reimbursed;

                  (ix)     the amount, if any, received under the Yield Maintenance Agreement;

                  (x)      the amount of such distribution to the Certificateholders;

                  (xi)     the amount of any Additional  Balance Increase Amount payable to the  Certificateholders
and the amount of Principal Collections paid in respect of such Additional Balance Increase Amount;

                  (xii)    the  aggregate  Principal  Balance of the Mortgage  Loans as of the end of the preceding
Collection Period;

                  (xiii)   the  number and  aggregate  Principal  Balances  of  Mortgage  Loans (a) as to which the
Minimum Monthly Payment is delinquent for 30-59 days, 60-89 days, 90-119 days,  120-149 days,  150-179 days and 180
or more days,  respectively,  (b) the related  Mortgaged  Property of which has been  foreclosed upon and (c) as to
which the  related  Mortgaged  Property  has  become  REO  Property,  in each  case as of the end of the  preceding
Collection Period;  provided,  however,  that such information shall not be provided on the statements  relating to
the first Payment Date;

                  (xiv)    LIBOR for the related Interest Period;

                  (xv)     the Note Rate for the Notes for such Payment Date;

                  (xvi)    the Net WAC Rate for the related Collection Period;

                  (xvii)   prior  to the  second  Determination  Date  following  the  commencement  of  the  Rapid
Amortization  Period,  the aggregate amount of Additional  Balances created during the previous  Collection  Period
and conveyed to the Issuer prior to the commencement of the Rapid Amortization Period;

                  (xviii)  the aggregate  Liquidation Loss Amounts (other than amounts  allocated in respect of the
Excluded  Amount)  with  respect  to the  related  Collection  Period,  the  amount  distributed  as  principal  to
Noteholders in respect of  Liquidation  Loss Amounts and the aggregate of the  Liquidation  Loss Amounts (minus any
Subsequent  Recovery  Amounts  and other  than  amounts  allocated  in  respect of the  Excluded  Amount)  from all
Collection  Periods to date expressed as dollar amount and as a percentage of the aggregate  Cut-Off Date Principal
Balances of the Mortgage Loans;

                  (xix)    the Note  Balance of the Notes and the  Certificate  Balance of the  Certificates  after
giving effect to the distribution of principal on such Payment Date;

                  (xx)     the balance of the Funding Account as of the end of the preceding Collection Period;

                  (xxi)    the  Percentage  Interest  applicable to each of the  Securities,  after  application of
payments made on such Payment Date;

                  (xxii)   the Overcollateralization Amount as of the end of the preceding Collection Period;

                  (xxiii)  the aggregate  Principal  Balance of Subsequent  Mortgage Loans transferred to the Trust
Estate since the Closing Date;

                  (xxiv)   reserved;
                  (xxv)    reserved;

                  (xxvi)   on or after  the  Stepdown  Date,  a  statement  (yes or no) as to  whether  each of the
Stepdown Delinquency Test and the Stepdown Cumulative Loss Test have been met as of the related Payment Date;

                  (xxvii)  the aggregate  outstanding  Principal  Balance of the three largest Mortgage Loans as of
the close of business on the last day of the related Collection Period;

                  (xxviii) the Overcollateralization Target Amount;

                  (xxix)   the  number  of  Mortgage  Loans  that are the  subject  of a  Promotional  Rate and the
aggregate amount of Promotional Advances with respect to such Mortgage Loan;

                  (xxx)    any material  modifications,  extensions  or waivers to the terms of the Mortgage  Loans
during the Collection Period or that have cumulatively become material over time; and

                  (xxxi)   any material breaches of Mortgage Loan  representations,  warranties or covenants in the
Purchase Agreement.

         In the case of  information  furnished  pursuant to clauses  (ii) and (iii)  above,  the amounts  shall be
expressed as an aggregate  dollar amount per Note or Certificate,  as applicable,  with a $______  denomination and
per Certificate with a denomination equal to a 100% Percentage Interest.

         If a Managed  Amortization  Event, a Rapid  Amortization  Event or a Servicing Default shall occur, on the
Business Day following the related  Determination  Date,  the Servicer  shall forward to the Indenture  Trustee and
the Paying Agent, a statement to such effect,  including the nature of such Rapid  Amortization  Event or Servicing
Default.  The  Paying  Agent  shall  deliver  or  cause to be  delivered  by mail to each  Certificateholder,  each
Noteholder,  the Enhancer,  the Depositor,  the Owner Trustee, the Certificate Paying Agent and each Rating Agency,
notice of such Managed  Amortization Event, Rapid Amortization Event or Servicing Default,  including,  in the case
of a Rapid  Amortization Event or a Servicing  Default,  the nature thereof.  Such statement may be included in, or
separate from, the regular statement sent to Securityholders.

         The  Paying  Agent  shall make the  Servicing  Certificate  (and,  at its  option,  any  additional  files
containing  the same  information  in an  alternative  format)  available  each  month to  Securityholders  and the
Enhancer,  and other  parties to this  Agreement  via the  Paying  Agent's  internet  website.  The Paying  Agent's
internet  website shall initially be located at  "[_________]".  Assistance in using the website can be obtained by
calling the Paying  Agent's  customer  service desk at [(___)  ___-____].  Parties that are unable to use the above
distribution  option are  entitled to have a paper copy mailed to them via first class mail by calling the customer
service  desk and  indicating  such.  The Paying  Agent  shall have the right to change the way the  statements  to
Securityholders  are distributed in order to make such  distribution  more convenient and/or more accessible to the
above parties and the Paying Agent shall provide timely and adequate  notification  to all above parties  regarding
any such changes.  The Paying Agent may require  registration and the acceptance of a disclaimer in connection with
access to its website.

         (b)      The Servicer  shall  forward to the Paying Agent any other  information  reasonably  requested by
the Paying Agent necessary to make  distributions  pursuant to  Section 3.05  of the Indenture.  Prior to the close
of business on the Business Day next  succeeding  each  Determination  Date,  the Servicer  shall furnish a written
statement to the Certificate  Paying Agent, the Paying Agent and the Indenture  Trustee setting forth the aggregate
amounts required to be withdrawn from the Custodial  Account and deposited into the Note Payment  Account,  Funding
Account  and/or  Distribution  Account  on the  Business  Day  preceding  the  related  Payment  Date  pursuant  to
Section 3.04.  The  determination by the Servicer of such amounts shall, in the absence of obvious error, be deemed
to be presumptively  correct for all purposes hereunder,  and the Owner Trustee, the Paying Agent and the Indenture
Trustee shall be protected in relying upon the same without any  independent  check or  verification.  In addition,
upon the Issuer's written request,  the Servicer shall promptly  furnish such information  reasonably  requested by
the Issuer  that is  reasonably  available  to the  Servicer  to enable the Issuer to perform its federal and state
income tax reporting obligations.

         Section 4.02 Tax Returns and 1934 Act Reports

         (a)      The Servicer  agrees to perform the  obligations of the Servicer set forth in Section 5.03 of the
Trust  Agreement.  The Servicer  will  prepare and file or cause to be prepared  and filed all tax and  information
returns of the Trust Estate.

         (b)      The  Servicer  shall  prepare  all  reports  on behalf of the Trust  Estate,  including,  but not
limited  to,  all Forms 8-K and  Forms  10-K,  and,  when  applicable,  any Form 15,  that are  required  under the
Securities Exchange Act of 1934, as amended,  and any certifications  required by the Sarbanes-Oxley Act of 2002 to
be filed with such Forms 10-K.  The Servicer  shall  continue to file all  Forms 8-K and Forms 10-K with respect to
the Trust Estate until directed by the Depositor in writing to discontinue such filings.

         Section 4.03 Exchange Act Reporting

         (a)      The Servicer  shall,  on behalf of the  Depositor  and in respect of the Trust  Estate,  sign and
cause to be filed with the  Commission  any  periodic  reports  required  to be filed under the  provisions  of the
Exchange Act, and the rules and regulations of the Commission  thereunder  including,  without limitation,  reports
on Form 10-K,  Form 10-D and Form 8-K. In connection  with the  preparation  and filing of such  periodic  reports,
the  Indenture  Trustee  shall  timely  provide  to the  Servicer  (I) a list of  Securityholders  as  shown on the
Certificate  Register and the Note  Register as of the end of each  calendar  year,  (II) copies of all  pleadings,
other legal process and any other documents relating to any claims,  charges or complaints  involving the Indenture
Trustee,  as trustee  hereunder,  or the Trust Estate that are received by the Indenture  Trustee,  (III) notice of
all matters that, to the actual knowledge of a Responsible  Officer of the Indenture  Trustee,  have been submitted
to a  vote  of  the  Securityholders,  other  than  those  matters  that  have  been  submitted  to a  vote  of the
Securityholders  at the request of the Depositor or the  Servicer,  and (IV) notice of any failure of the Indenture
Trustee to make any  distribution  to the  Securityholders  as  required  pursuant to this  Agreement.  Neither the
Servicer nor the  Indenture  Trustee shall have any liability  with respect to the  Servicer's  failure to properly
prepare or file such periodic reports  resulting from or relating to the Servicer's  inability or failure to obtain
any information not resulting from the Servicer's own negligence or willful misconduct.

         (b)      Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:

                         (i)        A  certification,  signed by the  senior  officer  in  charge of the  servicing
                           functions of the  Servicer,  in the form attached as Exhibit E hereto or such other form
                           as may be required or permitted by the Commission  (the "Form 10-K  Certification"),  in
                           compliance  with Rules  13a-14  and 15d-14  under the  Exchange  Act and any  additional
                           directives of the Commission.

                         (ii)       A report regarding its assessment of compliance  during the preceding  calendar
                           year  with  all  applicable   servicing  criteria  set  forth  in  relevant   Commission
                           regulations with respect to  mortgage-backed  securities  transactions  taken as a whole
                           involving  the  Servicer  that are backed by the same  types of assets as those  backing
                           the certificates,  as well as similar reports on assessment of compliance  received from
                           other  parties   participating  in  the  servicing  function  as  required  by  relevant
                           Commission  regulations,  as described in Item  1122(a) of  Regulation  AB. The Servicer
                           shall  obtain  from all  other  parties  participating  in the  servicing  function  any
                           required certifications.

                         (iii)      With respect to each assessment  report described  immediately  above, a report
                           by a registered  public  accounting firm that attests to, and reports on, the assessment
                           made by the  asserting  party,  as set  forth in  relevant  Commission  regulations,  as
                           described in Regulation 1122(b) of Regulation AB and Section 3.13.

                         (iv)       The servicer compliance  certificate  required to be delivered pursuant Section
                           3.12.

         (c)      In  connection  with the Form  10-K  Certification,  the  Indenture  Trustee  shall  provide  the
Servicer with a back-up certification substantially in the form attached hereto as Exhibit F.

         (d)      This Section 4.03 may be amended in  accordance  with this  Agreement  without the consent of the
Securityholders.

                                                     ARTICLE V

                                               Note Payment Account

         Section 5.01 Note Payment  Account.  The Paying  Agent shall  establish  and maintain an Eligible  Account
entitled  "Wachovia  Bank,  National  Association,  as Paying Agent,  for the benefit of the  Securityholders,  the
Indenture  Trustee,  the Certificate  Paying Agent and the Enhancer,  pursuant to the Indenture,  dated as of _____
__, 200_,  among  Wachovia  Asset Funding Trust,  LLC [______]  Trust,  Wachovia  Bank,  National  Association  and
[_________________]"  (the "Note Payment  Account").  On each Payment Date,  amounts on deposit in the Note Payment
Account shall be  distributed by the Paying Agent in accordance  with  Section 3.05  of the  Indenture.  The Paying
Agent shall invest or cause the  institution  maintaining  the Note Payment  Account to invest the funds therein in
Permitted  Investments  designated in the name of the Paying Agent,  which  investments shall mature not later than
the Business  Day next  preceding  the Payment Date next  following  the date of such  investment  (except that any
investment  in the  institution  with  which the Note  Payment  Account is  maintained  may mature or be payable on
demand on such Payment Date).  In addition,  no such Permitted  Investment  shall be purchased at a price in excess
of par. All income and gain  realized from any such  investment  shall be for the benefit of the Servicer and shall
be subject to its  withdrawal or order from time to time,  except that an amount equal to one day's interest on any
such  investment  shall be for the  benefit of the Paying  Agent.  The amount of any losses  incurred in respect of
any such  investments  shall be deposited  in the Note Payment  Account by the Servicer and the Paying Agent out of
their own funds  immediately as realized and shall be allocated  between the Servicer and the Paying Agent on a pro
rata basis,  such that the  percentage of any such loss  allocated to the Paying Agent shall equal a fraction,  the
numerator  of which  equals one (1) and the  denominator  of which  equals the number of days the funds in the Note
Payment  Account were invested in such  investment.  Subject to  Section 8.02(b)  of the  Indenture,  and except as
provided in this Section 5.01,  the Paying Agent shall not be liable for  investment  losses on funds on deposit in
the Note Payment Account.

                                                    ARTICLE VI

                                                   The Servicer

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

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

         The  Servicer  may assign  its rights and  delegate  its  duties  and  obligations  under this  Agreement,
provided that the Person  accepting such assignment or delegation  shall be a Person  qualified to service mortgage
loans, is reasonably  satisfactory to the Enhancer (provided,  however,  that such consent to assignment may not be
unreasonably  withheld),  is willing to service the Mortgage  Loans and executes and delivers to the Issuer (with a
copy to the Enhancer) an agreement,  in form and substance reasonably  satisfactory to the Enhancer,  that contains
an assumption by such Person of the due and punctual  performance  and observance of each covenant and condition to
be performed or observed by the Servicer under this Agreement;  provided,  further, that no Rating Event will occur
as a result of such  assignment  and  delegation  (as evidenced by a letter to such effect from each Rating Agency)
if determined  without  regard to the Policy;  provided,  further,  that the Owner Trustee,  the Paying Agent,  the
Enhancer  and the  Indenture  Trustee  shall  receive an Opinion of Counsel to the effect that such  assignment  or
delegation will not cause the Issuer to be treated as an association  (or a  publicly-traded  partnership)  taxable
as a corporation for federal income tax purposes.

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

         Section 6.04 Servicer Not to Resign.  Subject to the  provisions of  Section 6.02,  the Servicer shall not
resign from the obligations and duties hereby imposed on it except (a) upon  determination  that the performance of
its obligations or duties hereunder are no longer  permissible  under applicable law or are in material conflict by
reason of applicable law with any other activities  carried on by it or its  subsidiaries or Affiliates,  the other
activities  of the  Servicer so causing  such a conflict  being of a type and nature  carried on by the Servicer or
its  subsidiaries  or  Affiliates  at the  date  of  this  Agreement  or (b)  upon  satisfaction  of the  following
conditions:  (i) the Servicer shall have proposed a successor  servicer to the Issuer and the Indenture  Trustee in
writing and such proposed  successor  servicer is reasonably  acceptable to the Issuer,  the Indenture  Trustee and
the Enhancer;  (ii) each Rating Agency shall have delivered a letter to the Issuer,  the Enhancer and the Indenture
Trustee  prior to the  appointment  of the  successor  servicer  stating  that  the  proposed  appointment  of such
successor  servicer as Servicer  hereunder  will not cause a Rating  Event,  if  determined  without  regard to the
Policy;  and (iii) such proposed  successor  servicer is reasonably  acceptable to the Enhancer,  as evidenced by a
letter to the Issuer and the Indenture Trustee;  provided,  however, that no such resignation by the Servicer shall
become effective until such successor servicer or, in the case of (a) above, the Indenture  Trustee,  as pledgee of
the Mortgage Loans, shall have assumed the Servicer's  responsibilities and obligations  hereunder or the Indenture
Trustee,  as pledgee of the  Mortgage  Loans,  shall have  designated  a  successor  servicer  in  accordance  with
Section 7.02.  Any such  resignation  shall not relieve the Servicer of  responsibility  for any of the obligations
specified in Sections 7.01 and 7.02 as  obligations  that survive the  resignation  or termination of the Servicer.
Any such  determination  permitting the  resignation of the Servicer shall be evidenced by an Opinion of Counsel to
such effect delivered to the Indenture Trustee and the Enhancer.

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

         Section 6.06 Payment of Indenture  Trustee's,  the Paying Agent's and Owner Trustee's Fees and Expenses;
Indemnification.

         (a)      After the Closing  Date,  the  Servicer  covenants  and agrees to pay to the Owner  Trustee,  the
Paying Agent, the Note Registrar,  the Certificate Paying Agent, the Certificate  Registrar,  the Indenture Trustee
and any  co-trustee of the Indenture  Trustee or the Owner Trustee from time to time,  and the Owner  Trustee,  the
Note Registrar,  the Certificate Paying Agent, the Certificate  Registrar,  the Paying Agent, the Indenture Trustee
and any such co-trustee shall be entitled to,  reasonable  compensation  for all services  rendered by each of them
in the  execution  of the trusts  created  under the Trust  Agreement  and the  Indenture  and in the  exercise and
performance  of any of the powers and duties  under the Trust  Agreement or the  Indenture,  as the case may be, of
the Owner Trustee, the Note Registrar,  the Certificate Paying Agent, the Certificate Registrar,  the Paying Agent,
the  Indenture  Trustee  and any  co-trustee,  and the  Servicer  will pay or  reimburse  the Note  Registrar,  the
Certificate  Paying Agent, the Certificate  Registrar,  the Paying Agent, the Indenture  Trustee and any co-trustee
upon request for all reasonable  expenses,  disbursements and advances incurred or made by the Note Registrar,  the
Certificate Paying Agent, the Certificate  Registrar,  the Paying Agent, the Indenture Trustee or any co-trustee in
accordance with any of the provisions of this Agreement,  the Indenture,  the Trust  Agreement,  or any other Basic
Document  (which  payment  shall not be  limited  by any law in  regards  to the  compensation  of a trustee  of an
express  trust)  except  any such  expense,  disbursement  or advance  as may arise  from its  negligence,  willful
misfeasance  or bad faith.  In  addition,  the  Indenture  Trustee  shall be  entitled  to be  reimbursed  from the
Servicer  for all  reasonable  costs  associated  with the  transfer of  servicing  from the  predecessor  servicer
pursuant to Section 7.02  hereunder,  including,  without  limitation,  any reasonable costs or expenses associated
with the complete  transfer of all servicing data and the completion,  correction or manipulation of such servicing
data as may be required by the Indenture  Trustee to correct any errors or  insufficiencies  in the servicing  data
or  otherwise to enable the  Indenture  Trustee or successor  Servicer to service the Mortgage  Loans  properly and
effectively.

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

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

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

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

         No termination of this Agreement or resignation or removal of the Paying Agent,  the Note  Registrar,  the
Certificate Paying Agent, the Certificate  Registrar or the Indenture Trustee shall affect the obligations  created
by this  Section 6.06  of the Servicer to indemnify the Indenture  Trustee,  the Paying Agent,  the Note Registrar,
the  Certificate  Paying Agent,  the  Certificate  Registrar and the Owner Trustee under the  conditions and to the
extent set forth herein.

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

                                                    ARTICLE VII

                                                      Default

         Section 7.01 Servicing Default.

         (a)      If a Servicing Default shall occur and be continuing, then, and in every such case, so long as
a Servicing Default shall not have been remedied by the Servicer, either the Depositor, the Enhancer (so long as
no Enhancer Default exists), or the Indenture Trustee, at the written direction of the holders of at least 51% of
the Outstanding Note Balance (if an Enhancer Default exists) by notice then given in writing to the Servicer, the
Issuer and the Indenture Trustee, may terminate all of the rights and obligations of the Servicer as servicer
under this Agreement other than its right to receive servicing compensation and reimbursement for servicing the
Mortgage Loans hereunder during any period prior to the date of such termination, and the Issuer, the Enhancer or
the Indenture Trustee (with the written consent of the Enhancer), may exercise any and all other remedies
available at law or equity.  The Servicer shall immediately notify the Indenture Trustee, the Issuer and each
Rating Agency, the Enhancer and the Issuer in writing of any Servicing Default as to which it has actual
knowledge.  On or after the receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Securities or the Mortgage Loans or otherwise, shall
pass to and be vested, subject to Section 7.02 hereof, as pledgee of the Mortgage Loans, in the Indenture
Trustee, pursuant to and under this Section 7.01; and, without limitation, the Indenture Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to complete the transfer and
endorsement of each Mortgage Loan and related documents, or otherwise.  The Servicer agrees to cooperate with the
Issuer, the Enhancer and Indenture Trustee, as the case may be, in effecting the termination of the
responsibilities and rights of the Servicer hereunder, including, without limitation, the transfer to the
Indenture Trustee for the administration by it of all cash amounts relating to the Mortgage Loans that shall at
the time be held by the Servicer and to be deposited by it in the Custodial Account, or that have been deposited
by the Servicer in the Custodial Account or thereafter received by the Servicer with respect to the Mortgage
Loans.  All reasonable costs and expenses (including, but not limited to, attorneys' fees) incurred in connection
with amending this Agreement to reflect such succession as Servicer pursuant to this Section 7.01 shall be paid
by the predecessor Servicer (or if the predecessor Servicer is the Indenture Trustee, the initial Servicer) upon
presentation of reasonable documentation of such costs and expenses.

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

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

         (c)      If the Servicer  Termination  Triggers  shall occur and be  continuing  with respect to a Payment
Date, then in each and every such case, and so long as no Enhancer  Default  exists,  the Enhancer may send written
notice to the  Securityholders  of its  intention to remove the  Servicer and appoint a successor  Servicer and the
date on which such removal will take place;  provided,  however,  that such date shall be at least 30 days from the
date of such notice. None of the Indenture Trustee,  the Paying Agent or the  Securityholders  shall have the right
to initiate removal of the Servicer if a Servicer Termination Trigger has occurred.

         Section 7.02 Indenture Trustee to Act; Appointment of Successor.

         (a)      On and after the time the Servicer  receives a notice of termination  pursuant to Section 7.01 or
sends a notice  pursuant to  Section 6.04,  the  Indenture  Trustee as pledgee of the  Mortgage  Loans shall itself
become,  or shall  appoint an affiliate of the  Indenture  Trustee to become,  the successor in all respects to the
Servicer in its capacity as servicer  under this  Agreement and the  transactions  set forth or provided for herein
and shall  immediately  assume all of the  obligations  of the  Servicer to make  advances on Mortgage  Loans under
Section 3.03(b) and will be subject to all other  responsibilities,  duties and liabilities relating thereto placed
on the  Servicer  by the terms and  provisions  hereof as soon as  practicable,  but in no event later than 90 days
after the Indenture Trustee becomes successor  servicer.  During such 90 day period,  the Indenture  Trustee,  with
the written  consent of the  Enhancer,  may require  the  Servicer  being  terminated  to continue to perform  such
servicing  responsibilities  (other  than making  advances on the  Mortgage  Loans  under  Section 3.03(b))  as the
Indenture  Trustee deems  appropriate.  In such event, the Servicer being terminated shall provide such services as
directed by the Indenture  Trustee until the earliest of the date the Indenture  Trustee  notifies such Servicer to
discontinue  providing such services,  the date on which a successor  servicer or the Indenture Trustee has assumed
all  responsibilities,  duties and  liabilities  of the Servicer  hereunder or the expiration of the 90 day period.
The  Servicer  shall be entitled  to the  Servicing  Fee  hereunder  for any period  during  which the  Servicer is
obligated to provide such services as if no  termination  of the Servicer had occurred.  Nothing in this  Agreement
or in the Trust  Agreement  shall be construed to permit or require the  Indenture  Trustee to  (i) succeed  to the
responsibilities,  duties and  liabilities  of the initial  Servicer in its  capacity as Seller  under the Purchase
Agreement,  (ii) be  responsible or accountable  for any act or omission of the Servicer prior to the issuance of a
notice of  termination  hereunder,  (iii) require or obligate the Indenture  Trustee,  in its capacity as successor
Servicer,  to purchase,  repurchase or substitute any Mortgage Loan, (iv) fund any Additional Balances with respect
to any Mortgage Loan, (v) fund any losses on any Permitted  Investment  directed by any other Servicer,  or (vi) be
responsible for the  representations  and warranties of the predecessor  Servicer.  As compensation  therefor,  the
Indenture  Trustee shall be entitled to such  compensation as the Servicer would have been entitled to hereunder if
no such notice of  termination  had been given.  Notwithstanding  the  foregoing,  if the Indenture  Trustee is (x)
unwilling to act as successor  Servicer  itself or to appoint an affiliate  to become  successor  Servicer,  or (y)
legally unable so to act, the Indenture  Trustee as pledgee of the Mortgage  Loans may (in the situation  described
in clause  (x)) or shall (in the  situation  described  in clause  (y))  appoint or  petition a court of  competent
jurisdiction  to appoint  any  established  housing  and home  finance  institution,  bank or other  mortgage  loan
servicer  having a net worth of not less  than  $10,000,000  as the  successor  to the  Servicer  hereunder  in the
assumption of all or any part of the responsibilities,  duties or liabilities of the Servicer hereunder;  provided,
however,  that any such  successor  Servicer  shall be acceptable to the Enhancer,  as evidenced by the  Enhancer's
prior written  consent,  which consent shall not be unreasonably  withheld.  Pending  appointment of a successor to
the Servicer  hereunder,  unless the Indenture  Trustee is prohibited by law from so acting,  the Indenture Trustee
itself  shall act or appoint an  affiliate  to act in such  capacity as provided  above.  In  connection  with such
appointment and assumption,  the successor  shall be entitled to receive  compensation  out of payments on Mortgage
Loans in an  amount  equal to the  compensation  that the  Servicer  would  otherwise  have  received  pursuant  to
Section 3.11  (or  such  other  compensation  as the  Indenture  Trustee  and  such  successor  shall  agree).  The
appointment  of a successor  Servicer  shall not affect any  liability of the  predecessor  Servicer  that may have
arisen under this Agreement  prior to its  termination as Servicer  (including the obligation to purchase  Mortgage
Loans pursuant to  Section 3.01,  to pay any deductible  under an insurance  policy  pursuant to Section 3.05 or to
indemnify  the  Indenture  Trustee  pursuant to  Section 6.06),  nor shall any successor  Servicer  (including  the
Indenture  Trustee)  be liable for any acts or  omissions  of the  predecessor  Servicer  or for any breach by such
Servicer of any of its  representations  or warranties  contained  herein or in any related  document or agreement.
The  Indenture  Trustee  and such  successor  shall  take  such  action,  consistent  with this  Agreement  and the
requirements  (including any notice  requirements)  of applicable law, as shall be necessary to effectuate any such
succession.  Notwithstanding the foregoing,  the Indenture Trustee,  in its capacity as successor  Servicer,  shall
not be responsible for the lack of information  and/or documents that it cannot obtain through  reasonable  efforts
or for failing to take any action that the Indenture Trustee is legally prohibited from taking by applicable law.

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

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

         (d)      All reasonable  costs and expenses  (including  attorneys'  fees) incurred in connection with the
transfer  of  Mortgage  Files and the  servicing  duties to a  successor  servicer  hereunder  shall be paid by the
related predecessor servicer.

         Section 7.03 Notification  to  Securityholders.  Upon any  termination of or appointment of a successor to
the Servicer  pursuant to this Article VII or Section 6.04,  the Indenture Trustee shall give prompt written notice
thereof to the Securityholders, the Enhancer, the Issuer and each Rating Agency.

                                                   ARTICLE VIII

                                             Miscellaneous Provisions

         Section 8.01 Amendment.  This Agreement may be amended from time to time by the parties  hereto,  but only
by  written  instrument  signed  by the  parties  hereto;  provided,  however,  that  any such  amendment  shall be
accompanied  by a letter from each  Rating  Agency to the effect  that such  amendment  will not result in a Rating
Event if determined without regard to the Policy;  provided,  further, that the Enhancer,  the Paying Agent and the
Indenture Trustee shall consent thereto.

         Section 8.02 Exhibits.  The  exhibits to this  Agreement  are hereby  incorporated  and made a part hereof
and are an integral part of this Agreement.

         Section 8.03 GOVERNING  LAW. THIS  AGREEMENT  SHALL BE GOVERNED BY AND  CONSTRUED IN  ACCORDANCE  WITH THE
LAWS OF THE STATE OF NEW YORK,  WITHOUT  REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF
THE  GENERAL  OBLIGATIONS  LAW),  AND THE  OBLIGATIONS,  RIGHTS AND  REMEDIES  OF THE  PARTIES  HEREUNDER  SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 8.04 Notices.  All demands,  notices and  communications  hereunder  shall be in writing and shall
be  deemed to have been duly  given if  personally  delivered  at or  mailed  by  certified  mail,  return  receipt
requested,  to (a) in the case of the  Servicer,  One  Wachovia  Center,  18th  Floor,  Charlotte,  North  Carolina
28288-0572,  Attention:  [__________],  Re:  Wachovia Asset Funding Trust,  LLC [______]  Trust,  Facsimile:  (704)
383-3878, (b) in the case of the Enhancer, [________],  [address], Attention:  [________],  telecopier number (___)
___-____,  (c) in the case of [Moody's,  Home Mortgage Loan  Monitoring  Group,  4th Floor,  99 Church Street,  New
York,  New York  10001],  (d) in the case of  [Standard  &  Poor's,  55 Water  Street,  New York,  New York  10004,
Attention:  Residential Mortgage Surveillance Group], (e) in the case of the Owner Trustee, [________],  [address],
Attention:  [________],  telecopier  number (___) ___-____,  (f) in the case of the Issuer,  Wachovia Asset Funding
Trust,  LLC [______] Trust,  c/o the Owner Trustee at the address set forth in clause (e) above, (g) in the case of
the Indenture Trustee,  at the Corporate Trust Office of the Indenture  Trustee,  and (h) in the case of the Paying
Agent, at the Corporate  Trust Office of the Paying Agent;  or, with respect to each of the foregoing  Persons,  at
such other address as shall be designated by such Person in a written notice to the other  foregoing  Persons.  Any
notice  required  or  permitted  to be mailed  to a  Securityholder  shall be given by first  class  mail,  postage
prepaid, at the address of such Securityholder as shown in the Note Register or Certificate  Register,  as the case
may be. Any notice so mailed within the time prescribed in this Agreement  shall be  conclusively  presumed to have
been duly given,  whether or not the related  Securityholder  receives  such notice.  Any notice or other  document
required to be delivered  or mailed by the  Indenture  Trustee to any Rating  Agency shall be given on a reasonable
efforts  basis  and only as a matter of  courtesy  and  accommodation,  and the  Indenture  Trustee  shall  have no
liability for failure to deliver any such notice or document to any Rating Agency.

         Section 8.05 Severability of Provisions.  If any one or more of the covenants,  agreements,  provisions or
terms of this  Agreement  shall be for any  reason  whatsoever  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 the Securities or the rights of the Securityholders.

         Section 8.06 Protection of Confidential  Information.  The Servicer shall keep  confidential and shall not
divulge to any party any  information  pertaining  to the Mortgage  Loans or any  Mortgagor  thereunder,  except as
required  pursuant  to this  Agreement  and except to the  extent  that it is  necessary  and  appropriate  for the
Servicer to do so in working with legal counsel,  auditors,  taxing  authorities,  regulatory  authorities or other
governmental agencies or in accordance with the Collection Policy.

         Section 8.07 Third-Party  Beneficiaries.  This  Agreement  shall  inure to the  benefit  of and be binding
upon the parties hereto, the Securityholders,  the Enhancer,  the Owner Trustee and their respective successors and
permitted  assigns.  Except as  otherwise  provided  in this  Agreement,  no other  Person  shall have any right or
obligation hereunder.  The Enhancer shall be an express third-party beneficiary of this Agreement.

         Section 8.08 Counterparts.  This instrument may be executed in any number of  counterparts,  each of which
so executed shall be deemed to be an original,  but all such  counterparts  shall  together  constitute but one and
the same instrument.

         Section 8.09 Effect of Headings and Table of  Contents.  The Article and  Section headings  herein and the
Table of Contents are for convenience only and shall not affect the construction hereof.

         Section 8.10 Termination  upon Purchase by the Servicer or  Liquidation  of All Mortgage  Loans;  Partial
Redemption.

         (a)      The respective  obligations and  responsibilities  of the Servicer,  the Issuer, the Paying Agent
and the Indenture  Trustee  created hereby shall  terminate upon the last action required to be taken by the Issuer
pursuant to the Trust  Agreement  and by the  Indenture  Trustee  and the Paying  Agent  pursuant to the  Indenture
following the earlier of:

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

                  (ii)     the purchase by the Servicer  from the Issuer of all Mortgage  Loans and REO Property in
accordance with Section 8.10(b).

         (b)      The  Servicer  shall have the right to  purchase  from the Issuer all of the  Mortgage  Loans and
related REO  Property if the Note  Balance of the Notes as of any Payment Date is less than 10% of the Note Balance
of the  Notes as of the  Closing  Date,  (provided  that a draw on the  Policy  would not occur as a result of such
purchase,  and provided  further that the purchase price will provide  sufficient funds to pay the outstanding Note
Balance  and  accrued  and  unpaid  interest  on the Notes to the  Payment  Date on which  such  amounts  are to be
distributed to the  Securityholders),  at a price equal to 100% of the aggregate  unpaid  Principal  Balance of all
such remaining  Mortgage Loans,  plus accrued and unpaid interest thereon at the weighted average of the Loan Rates
thereon  up to  the  date  preceding  the  Payment  Date  on  which  such  amounts  are  to be  distributed  to the
Securityholders  (and in the case of REO  Property,  the fair market value of the REO  Property),  plus any amounts
due and owing to the Enhancer  under the Insurance  Agreement  related to the Mortgage  Loans or the Notes (and any
unpaid  Servicing  Fee  relating to the  Mortgage  Loans shall be deemed to have been paid at such time),  plus any
Interest  Shortfall and interest owed thereon to the  Noteholders.  The purchase  price paid by the Servicer  shall
also include any amounts  owed by the Seller  pursuant to Section  3.01(d) of the Purchase  Agreement in respect of
any  liability,  penalty or expense that  resulted  from a breach of the  representation  and warranty set forth in
Section 3.01(b)(xi), that remain unpaid on the date of such purchase.

                  The  Servicer  shall send  written  notice to the  Indenture  Trustee,  the Paying  Agent and the
Enhancer  of  its  intent  to  exercise  its  right  to  purchase  any of  the  Mortgage  Loans  pursuant  to  this
Section 8.10(b).

                  If such right is exercised by the  Servicer,  the Servicer  shall  deposit the amount  calculated
pursuant to this  Section 8.08(b)  with the Indenture  Trustee or the Paying Agent pursuant to  Section 4.10 of the
Indenture  and, upon the receipt of such deposit,  the Indenture  Trustee shall release to the Servicer,  the files
pertaining to the Mortgage Loans being purchased.  The Servicer,  at its expense,  shall prepare and deliver to the
Indenture  Trustee for  execution,  at the time the  related  Mortgage  Loans are to be  released to the  Servicer,
appropriate  documents  assigning each such Mortgage Loans from the Indenture Trustee or the Issuer to the Servicer
or the appropriate party.

         Section 8.11 Certain  Matters  Affecting the Indenture  Trustee and the Paying Agent.  For all purposes of
this  Agreement,  in the  performance  of any of each of their  duties or in the exercise of any of either of their
powers  hereunder,  the Indenture  Trustee and the Paying Agent shall be subject to and entitled to the benefits of
Article VI of the Indenture.

         Section 8.12 Owner  Trustee,  Paying Agent and  Indenture  Trustee Not Liable for Related  Documents.  The
recitals  contained  herein shall be taken as the  statements of the Servicer,  and the Owner  Trustee,  the Paying
Agent and the Indenture  Trustee assume no  responsibility  for the  correctness  thereof.  The Owner Trustee,  the
Paying  Agent  and the  Indenture  Trustee  make no  representations  as to the  validity  or  sufficiency  of this
Agreement,  of any Basic Document or Related  Document,  or of the  Certificates  (other than the signatures of the
Owner Trustee and the Indenture  Trustee on the  Certificates)  or the Notes.  The Owner Trustee,  the Paying Agent
and the Indenture  Trustee shall at no time have any  responsibility  or liability with respect to the  sufficiency
of the Trust Estate or its ability to generate  the  payments to be  distributed  to  Certificateholders  under the
Trust Agreement or the Noteholders  under the Indenture,  including the compliance by the Depositor,  the Seller or
the  Servicer  with any  warranty  or  representation  made under any Basic  Document  or the  accuracy of any such
warranty or  representation,  or any action of any person taken in the name of the Owner Trustee,  the Paying Agent
or the Indenture Trustee.

                                                    ARTICLE IX

                                             Miscellaneous Provisions

         Section 9.01 Intent  of  the  Parties;  Reasonableness  The  Depositor,  the  Indenture  Trustee  and  the
Servicer  acknowledge  and agree that the purpose of this Article IX is to  facilitate  compliance by the Depositor
with the  provisions of Regulation AB and related rules and  regulations  of the  Commission.  The Depositor  shall
not exercise its right to request  delivery of information or other  performance  under these provisions other than
in good faith,  or for purposes other than  compliance  with the Securities Act, the Exchange Act and the rules and
regulations  of the  Commission  under the  Securities  Act and the  Exchange  Act.  Each of the  Servicer  and the
Indenture  Trustee  acknowledges  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
mortgage-backed  securities  markets,  advice of  counsel,  or  otherwise,  and  agrees to comply  with  reasonable
requests made by the  Depositor in good faith for delivery of  information  under these  provisions on the basis of
evolving  interpretations  of  Regulation  AB. Each of the  Servicer  and the  Indenture  Trustee  shall  cooperate
reasonably  with the Depositor to deliver to the Depositor  (including any of its assignees or designees),  any and
all  disclosure,  statements,  reports,  certifications,  records  and  any  other  information  necessary  in  the
reasonable,  good faith  determination  of the Depositor to permit the  Depositor to comply with the  provisions of
Regulation AB.

         Section 9.02 Additional Representations and Warranties of the Indenture Trustee

         (a)      The  Indenture  Trustee  shall be deemed to represent and warrant to the Depositor as of the date
hereof and on each date on which  information is provided to the Depositor  under  Sections  9.01,  9.02(b) or 9.03
that,  except  as  disclosed  in  writing  to the  Depositor  prior to such  date:  (i) it 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  Transaction  due to any default of the Indenture  Trustee;  (ii) there are no aspects of its
financial  condition that could have a material adverse effect on the performance by it of its trustee  obligations
under this  Agreement or any other  Securitization  Transaction  as to which it is the trustee;  (iii) there are no
material  legal or  governmental  proceedings  pending  (or  known to be  contemplated)  against  it that  would be
material  to  Noteholders;  (iv) there are no  relationships  or  transactions  (as  described  in Item  1119(b) of
Regulation  AB) relating to the  Indenture  Trustee with respect to the Depositor or any sponsor,  issuing  entity,
servicer, trustee,  originator,  significant obligor, enhancement or support provider or other material transaction
party (as each of such terms are used in Regulation  AB) relating to the  Securitization  Transaction  contemplated
by this  Agreement,  as  identified  by the  Depositor to the  Indenture  Trustee in writing as of the Closing Date
(each,  a  "Transaction  Party") that are outside the  ordinary  course of business or on terms other than would be
obtained in an arm's length transaction with an unrelated third party,  apart from the Securitization  Transaction,
and that are material to the investors'  understanding of the Term Notes;  and (v) the Indenture  Trustee is not an
affiliate (as  contemplated  by Item 1119(a) of  Regulation  AB) of any  Transaction  Party.  The  Depositor  shall
notify the Indenture Trustee of any change in the identity of a Transaction Party after the Closing Date.

         (b)      If so requested by the Depositor on any date  following the Closing Date,  the Indenture  Trustee
shall,  within five Business Days  following such request,  confirm in writing the accuracy of the  representations
and  warranties  set forth in  paragraph  (a) of this  Section or, if any such  representation  and warranty is not
accurate as of the date of such  confirmation,  provide the pertinent  facts,  in writing,  to the  Depositor.  Any
such request from the  Depositor  shall not be given more than once each  calendar  quarter,  unless the  Depositor
shall have a reasonable basis for questioning the accuracy of any of the representations and warranties.

         Section 9.03 Information  to be  provided  by the  Indenture  Trustee  For so long as the Term  Notes  are
outstanding,  for the purpose of  satisfying  the  Depositor's  reporting  obligation  under the  Exchange Act with
respect to any class of Term Notes, the Indenture  Trustee shall provide to the Depositor a written  description of
(a) any litigation or governmental  proceedings  pending  against the Indenture  Trustee as of the last day of each
calendar month that would be material to Noteholders,  and (b) any affiliations or  relationships  (as described in
Item 1119 of  Regulation  AB) that  develop  following  the  Closing  Date  between the  Indenture  Trustee and any
Transaction  Party of the type  described in Section  9.02(a)(iv) or 9.02(a)(v) as of the last day of each calendar
year.  Any  descriptions  required with respect to legal  proceedings,  as well as updates to  previously  provided
descriptions,  under this Section 9.03 shall be given no later than five Business  Days prior to the  Determination
Date  following  the month in which the relevant  event  occurs,  and any notices and  descriptions  required  with
respect to affiliations,  as well as updates to previously provided descriptions,  under this Section 9.03 shall be
given no later than January 31 of the calendar year  following the year in which the relevant  event occurs.  As of
the related  Payment  Date with  respect to each Report on Form 10-D with  respect to the Term Notes filed by or on
behalf of the  Depositor,  and as of March 15 preceding  the date each Report on Form 10-K with respect to the Term
Notes is filed,  the Indenture  Trustee shall be deemed to represent  and warrant that any  information  previously
provided by the  Indenture  Trustee  under this  Article IX is  materially  correct and does not have any  material
omissions  unless the Indenture  Trustee has provided an update to such  information.  The Depositor will allow the
Indenture Trustee to review any disclosure  relating to material  litigation against the Indenture Trustee prior to
filing such  disclosure  with the Commission to the extent the Depositor  changes the  information  provided by the
Indenture Trustee.

         Section 9.04 Report on  Assessment  of  Compliance  and  Attestation  Within 90 days after  December 31 of
each year, the Indenture Trustee shall:

         (a)      deliver  to the  Depositor  a report  (in  form  and  substance  reasonably  satisfactory  to the
Depositor)  regarding the Indenture  Trustee's  assessment of compliance  with the  applicable  Servicing  Criteria
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 signed by an authorized  officer of the  Indenture  Trustee,  and
shall address each of the Servicing Criteria specified on Exhibit G hereto; and

         (b)      deliver  to the  Depositor  a report  of a  registered  public  accounting  firm  satisfying  the
requirements  of Rule 2-01 of  Regulation  S-X under the  Securities  Act and the Exchange Act that attests to, and
reports on, the  assessment of compliance  made by the  Indenture  Trustee 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.

         Section 9.05 Indemnification; Remedies

         (a)      The Indenture  Trustee shall  indemnify  the  Depositor,  each  affiliate of the  Depositor,  the
Servicer and each affiliate of the Servicer, and the respective present and former directors,  officers,  employees
and agents of each of the  foregoing,  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' attestation or other material provided under this Article
IX by or on behalf of the  Indenture  Trustee  (collectively,  the  "Indenture  Trustee  Information"),  or (B) the
omission or alleged  omission to state in the Indenture  Trustee  Information a material fact required to be stated
in the Indenture  Trustee  Information  or necessary in order to make the statements  therein,  in the light of the
circumstances under which they were made, not misleading;  or

                  (ii)     any   failure  by  the   Indenture   Trustee  to  deliver   any   information,   report,
certification,  or other  material  when and as  required  under  this  Article  IX,  other  than a failure  by the
Indenture Trustee to deliver an accountants' attestation.

         (b)      In the case of any failure of performance  described in clause (ii) of Section  9.05(a),  as well
as a failure to deliver an  accountants'  attestation,  the  Indenture  Trustee  shall (i) promptly  reimburse  the
Depositor  for all  costs  reasonably  incurred  by the  Depositor  in order to  obtain  the  information,  report,
certification,  accountants'  attestation or other material not delivered by the Indenture  Trustee as required and
(ii) cooperate with the Depositor to mitigate any damages that may result from such failure.

         (c)      The Depositor and the Servicer  shall  indemnify the  Indenture  Trustee,  each  affiliate of the
Indenture  Trustee  and the  respective  present  and  former  directors,  officers,  employees  and  agents of the
Indenture Trustee,  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) any untrue  statement  of a material  fact  contained  or
alleged to be contained  in any  information  provided  under this  Agreement  by or on behalf of the  Depositor or
Servicer for  inclusion in any report filed with  Commission  under the Exchange Act  (collectively,  the "Wachovia
Information"),  or (ii) the  omission or alleged  omission to state in the  Wachovia  Information  a material  fact
required to be stated in the Wachovia  Information  or necessary in order to make the  statements  therein,  in the
light of the circumstances under which they were made, not misleading.

         (d)      Notwithstanding  any provision in this Section 9.05 to the contrary,  the parties agree that none
of the Indenture  Trustee,  the  Depositor or the Servicer  shall be liable to the other for any  consequential  or
punitive damages whatsoever,  whether in contract,  tort (including negligence and strict liability),  or any other
legal or equitable  principle;  provided,  however,  that such  limitation  shall not be applicable with respect to
third party claims made against a party.

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

                                                   WACHOVIA BANK, NATIONAL ASSOCIATION,
                                                   as Servicer

                                                   By:____________________________________________________________
                                                          Name:
                                                          Title:

                                                   WACHOVIA ASSET FUNDING TRUST, LLC [_____] TRUST, as Issuer

                                                   By:    Wilmington Trust Company, not in its individual
                                                          capacity but solely as Owner Trustee

                                                   By:_____________________________________________________________
                                                          Name:
                                                          Title:

                                                   WACHOVIA BANK, NATIONAL ASSOCIATION,  as Paying Agent

                                                   By:____________________________________________________________
                                                          Name:
                                                          Title:

                                                   [_________________], not in its individual capacity but solely
                                                   as Indenture Trustee

                                                   By:_____________________________________________________________
                                                          Name:
                                                          Title:

                                                     EXHIBIT A

                                              MORTGAGE LOAN SCHEDULE

                                                     EXHIBIT B

                                                 COLLECTION POLICY

                                                 [See attachment]

                                                     EXHIBIT C

                                             LIMITED POWER OF ATTORNEY

                                        KNOW ALL PERSONS BY THESE PREMISES:

         That  [_________________],  as indenture trustee (the "Indenture  Trustee"),  under the indenture dated as
of _____ __, 200_ (the  "Indenture"),  among Wachovia Asset Funding Trust, LLC [______] Trust, as issuer,  Wachovia
Bank, National  Association,  as Paying Agent, and the Indenture Trustee, a national bank, and having its principal
office located at [address],  Attn:  _______,  hath made,  constituted  and  appointed,  and does by these presents
make,  constitute and appoint Wachovia Bank, National  Association,  a national banking  association  organized and
existing  under the laws of the United  States of America,  its true and lawful  Attorney-in-Fact,  with full power
and authority to sign,  execute,  acknowledge,  deliver,  file for record, and record any instrument on its behalf,
and to  perform  such  other  act or acts as may be  customarily  and  reasonably  necessary  and  appropriate,  to
effectuate the following  enumerated  transactions in respect of any of the Mortgages  securing a Mortgage Loan and
the related Loan  Agreements for which the undersigned is acting as Indenture  Trustee for various  Securityholders
(whether  the  undersigned  is named  therein as  mortgagee  or  beneficiary  or has become  mortgagee by virtue of
endorsement  of  such  Loan  Agreement  secured  by any  such  Mortgage)  and for  which  Wachovia  Bank,  National
Association is acting as Servicer pursuant to the Servicing Agreement.

This appointment shall apply to the following enumerated transactions only:

1.       The  modification  or  re-recording  of a Mortgage,  where said  modification  or  re-recording is for the
         purpose of  correcting  the Mortgage to conform same to the original  intent of the parties  thereto or to
         correct  title  errors  discovered  after  such  title  insurance  was  issued  and said  modification  or
         re-recording, in either instance, does not adversely affect the Lien of the Mortgage as insured.

2.       The  subordination  of the Lien of a Mortgage  to an easement  in favor of a public  utility  company or a
         government agency or unit with powers of eminent domain;  this section shall include,  without limitation,
         the execution of partial  satisfactions/releases,  partial  reconveyances  or the execution of requests to
         trustees to accomplish same.

3.       With  respect  to a  Mortgage,  the  foreclosure,  the  taking  of a deed in lieu of  foreclosure,  or the
         completion of judicial or  non-judicial  foreclosure  or  termination,  cancellation  or rescission of any
         such foreclosure, including, without limitation, any and all of the following acts:

         a.       The  substitution  of trustee(s)  serving under a Mortgage,  in accordance with state law and the
                  Mortgage;

         b.       The preparation and issuance of statements of breach or non-performance;

         c.       The preparation and issuance of notices of default;

         d.       Cancellations/rescissions of notices of default and/or notices of sale;

         e.       The taking of a deed in lieu of foreclosure; and

         f.       Such other  documents  and actions as may be  necessary  under the terms of the Mortgage or state
                  law to expeditiously complete said transactions.

4.       The conveyance of the properties to the mortgage  insurer,  or the closing of the title to the property to
         be acquired as real estate owned, or conveyance of title to real estate owned.

5.       The completion of loan assumption agreements.

6.       The full  satisfaction/release  of a Mortgage or full  reconveyance upon payment and discharge of all sums
         secured thereby, including, without limitation, cancellation of the related Loan Agreement.

7.       The assignment of any Mortgage and the related Loan  Agreement,  in connection  with the repurchase of the
         Mortgage Loan secured and evidenced thereby.

8.       The full  assignment of a Mortgage upon payment and discharge of all sums secured  thereby in  conjunction
         with the  refinancing  thereof,  including,  without  limitation,  the  endorsement  of the  related  Loan
         Agreement.

9.       The  modification  or  re-recording  of a Mortgage,  where said  modification  or  re-recording is for the
         purpose of any modification pursuant to Section 4.01 of the Servicing Agreement.

10.      The  subordination  of the  Lien of a  Mortgage,  where  said  subordination  is in  connection  with  any
         modification  pursuant  to  Section 3.01  of  the  Servicing  Agreement,  and  the  execution  of  partial
         satisfactions/releases in connection with such same Section 3.01.

         The undersigned  gives said  Attorney-in-Fact  full power and authority to execute such instruments and to
do and perform all and every act and thing  necessary  and proper to carry into effect the power or powers  granted
by or under this Limited  Power of Attorney as fully as the  undersigned  might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall lawfully do or cause to be done by authority hereof.

         Capitalized  terms used herein that are not otherwise  defined shall have the meanings ascribed thereto in
Appendix A to the Indenture.

         Third  parties  without  actual  notice may rely upon the exercise of the power granted under this Limited
Power of  Attorney  and may be  satisfied  that this  Limited  Power of Attorney  shall  continue in full force and
effect and has not been revoked, unless an instrument of revocation has been made in writing by the undersigned.

                                                          [_________________],
                                                              not in its individual capacity
                                                              but solely as Indenture Trustee

                                                          By:_______________________________________________________
                                                                  Name:
                                                                  Title:

STATE OF                            )
                                    SS.
COUNTY OF                           )

         On this ____ day of ____,  200_,  before me the  undersigned,  Notary  Public  of said  State,  personally
appeared                                            ,  personally  known to me to be duly  authorized  officers  of
[_________________]  that executed the within  instrument and personally known to me to be the persons who executed
the  within   instrument  on  behalf  of   [_________________]   therein  named,   and   acknowledged  to  me  such
[_________________] executed the within instrument pursuant to its by-laws.

                                                          WITNESS my hand and official seal.

                                                          Notary Public in and for the
                                                          State of_____________________________________

After recording, please mail to:

Attn:_________________________________________

                                                     EXHIBIT D

                                            FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:               REQUEST FOR RELEASE OF DOCUMENTS

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

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

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

___________________________________________________
Wachovia Bank, National Association
Authorized Signature

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

Enclosed Documents:            [  ]     Loan Agreement

Name________________________________________

Title_______________________________________

                                                     EXHIBIT E

                                           FORM OF FORM 10-K CERTIFICATE

   I, [identify the certifying individual], 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 trust (the  Exchange  Act  periodic  reports)
pursuant   to  the   Servicing   Agreement   dated   [  ],   20[  ]  (the   "Agreement")   among   Wachovia   Bank,
National  Association,  as servicer (the  "Servicer"),  the Wachovia Asset Funding Trust,  LLC [______]  Trust,  as
issuer  (the  "Issuer"),   Wachovia  Bank,  National  Association,  as  Paying  Agent  (the  "Paying  Agent"),  and
[_________________], as indenture trustee (the "Indenture Trustee").

         2.       Based on my  knowledge,  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  Servicer  and  based on 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
Servicer has fulfilled its obligations under the Agreement; and

         5.       All of the  reports  on  assessment  of  compliance  with  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.

         In giving the  certifications  above, I have reasonably  relied on the  information  provided to me by the
following unaffiliated parties: [the Indenture Trustee].

Date:____________

_________________________________*
[Signature]
Name:
Title:

* - to be signed by the senior officer in charge of the servicing functions of the Servicer

                                                     EXHIBIT F

                              FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

   The undersigned, a Responsible Officer of  [__________] (the "Indenture Trustee") certifies that:

       (a)        The Indenture  Trustee has performed all of the duties  specifically  required to be performed by
     it  pursuant  to  the  provisions  of  the  Servicing  Agreement  dated  as of [ ],  20[ ]  (the  "Agreement")
     by and among Wachovia Bank,  National  Association,  as servicer (the "Servicer"),  the Wachovia Asset Funding
     Trust,  LLC [______] Trust, as issuer (the "Issuer"),  Wachovia Bank,  National  Association,  as Paying Agent
     (the "Paying Agent"), and the Indenture Trustee in accordance with the standards set forth therein.

       (b)        Based on my knowledge,  the list of Securityholders as shown on the Certificate  Register and the
     Note Register as of the end of each calendar  year that is provided by the Indenture  Trustee  pursuant to the
     Agreement is accurate as of the last day of the 20[  ] calendar year.

                  Capitalized  terms used and not defined  herein shall have the  meanings  given such terms in the
Agreement.

   IN WITNESS WHEREOF, I have duly executed this certificate as of _________, 20__.

                                                     Name:________________________________________________
                                                     Title:_______________________________________________

                                                     EXHIBIT G

                                                SERVICING CRITERIA

                          SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the
criteria identified as below as "Applicable Servicing Criteria":

------------------------------------------------------------------------------------------ ----------------------
                                                                                           Applicable Servicing
                                   Servicing Criteria                                            Criteria
-------------------- --------------------------------------------------------------------- ----------------------
     Reference                                     Criteria
-------------------- --------------------------------------------------------------------- ----------------------
                                       General Servicing Considerations
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(i)        Policies and procedures are instituted to 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 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 pool assets are maintained.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(iv)       A fidelity bond and errors and omissions 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 pool assets are deposited into the appropriate             |X| (as to accounts
                     custodial bank accounts and related bank clearing accounts no more        held by Trustee)
                     than two business days following receipt, or such other number of
                     days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an obligor or to    |X| (as to investors
                     an investor are made only by authorized personnel.                            only)
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(iii)      Advances of funds or guarantees regarding 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.
-------------------- --------------------------------------------------------------------- ----------------------
                     The related accounts for the transaction, such as cash reserve
                     accounts or accounts established as a form of
                     overcollateralization, are separately maintained (e.g., with           |X| (as to accounts
                     respect to commingling of cash) as set forth in the transaction         held by Trustee)
1122(d)(2)(iv)       agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(v)        Each custodial account is maintained at a 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 prevent unauthorized
                     access.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(vii)      Reconciliations are prepared on a monthly 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 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 pool assets serviced by the
                     servicer.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance              |X|
                     with timeframes, distribution priority and other terms set forth in
                     the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                     Disbursements made to an investor are posted within two business
                     days to the servicer's investor records, or such other number of               |X|
1122(d)(3)(iii)      days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                     Amounts remitted to investors per the investor reports agree with
                     cancelled checks, or other form of payment, or custodial bank                  |X|
1122(d)(3)(iv)       statements.
-------------------- --------------------------------------------------------------------- ----------------------
                                          Pool Asset Administration
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(i)        Collateral or security on pool assets is maintained as required by
                     the transaction agreements or related asset pool documents.
-------------------- --------------------------------------------------------------------- ----------------------
                     Pool assets and related documents are safeguarded as required by
1122(d)(4)(ii)       the transaction agreements
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(iii)      Any additions, removals or substitutions to 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 pool assets, including any payoffs, made in accordance
                     with the related pool asset 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 pool asset documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(v)        The servicer's records regarding the pool assets 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 an obligor's pool
                     asset  (e.g., loan modifications or re-agings) are made, reviewed
                     and approved by authorized personnel in accordance with the
                     transaction agreements and related pool asset documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance plans,
                     modifications and deeds in lieu of foreclosure, foreclosures and
                     repossessions, as applicable) are initiated, conducted and
                     concluded in accordance with the timeframes or other requirements
                     established by the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(viii)     Records documenting collection efforts are maintained during the
                     period a pool asset 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 pool assets including, for example, phone calls, letters
                     and payment rescheduling plans in cases where delinquency is deemed
                     temporary (e.g., illness or unemployment).
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(ix)       Adjustments to interest rates or rates of return for pool assets
                     with variable rates are computed based on the related pool asset
                     documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as escrow
                     accounts): (A) such funds are analyzed, in accordance with the
                     obligor's pool asset 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 pool asset documents and state laws; and
                     (C) such funds are returned to the obligor within 30 calendar days
                     of full repayment of the related pool asset, or such other number
                     of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or insurance
                     payments) are made on or before the related penalty or expiration
                     dates, as indicated on the appropriate bills or notices for such
                     payments, provided that such support has been received by the
                     servicer at least 30 calendar days prior to these dates, or such
                     other number of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xii)      Any late payment penalties in connection with any payment to be
                     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.
-------------------- --------------------------------------------------------------------- ----------------------
                     Disbursements made on behalf of an obligor are posted within two
                     business days to the obligor's records maintained by the servicer,
                     or such other number of days specified in the transaction
1122(d)(4)(xiii)     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are
                     recognized and recorded in accordance with the transaction
                     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                     Any external enhancement or other support, identified in Item
                     1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained            |X|
1122(d)(4)(xv)       as set forth in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------

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