Document:

[Bank of America LOGO]

To:                    Wells Fargo Bank, N.A., solely as Trustee on
                       behalf of Banc of America Alternative Loan Trust
                       2007-1

                       9062 Old Annapolis Road
                       Columbia, MD 21046 USA

Attn:                  Client Manager - BOALT 2007-1
Telephone:             410 884 2000
Fax:                   410 715 2380

cc:                    Jonathan Hartwig
Telephone:             704 683 4650
Fax:                   704 719 5165

From:                  Bank of America, N.A.
                       233 South Wacker Drive - Suite 2800
                       Chicago
                       Illinois 60606
                       U.S.A.
Department:            Swaps Operations
Telephone:             (+1) 312 234 2732
Fax:                   (+1) 866 255 1444

Date:                  7th March 2007

Our Reference No:      5132646/5132643
Reference Name:        Suzanne Buchta
Internal Tracking No:  2567894/2567893

Dear Sir/Madam,

The purpose of this letter agreement is to confirm the terms and conditions of
the Transaction entered into between Wells Fargo Bank, N.A., solely as Trustee
on behalf of Banc of America Alternative Loan Trust 2007-1 and Bank of America,
N.A. (each a "party" and together "the parties") on the Trade Date specified
below (the "Transaction"). This letter agreement constitutes a "Confirmation" as
referred to in the ISDA Master Agreement specified below (the "Agreement").

The definitions and provisions contained in the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., (the
"Definitions") are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

This Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement dated as of March 29, 2007, as amended and supplemented from time to
time, between the parties. All provisions contained in the Agreement govern this
Confirmation except as expressly modified below.

In this Confirmation "Party A" means Bank of America, N.A. and "Party B" means
Wells Fargo Bank, N.A., solely as Trustee on behalf of Banc of America
Alternative Loan Trust 2007-1.

General Terms:

The terms of the particular Transaction to which this Confirmation relates are
as follows:

Notional Amount:            For each Calculation Period, the
                            Notional Amount shall equal the
                            lesser of:

                            (i)   the Scheduled Notional Amount for such
                                  Calculation Period as detailed in the
                                  Schedule of Notional Amounts attached
                                  hereto
                            (ii)  the Class Certificate Balance of the
                                  Class 3-A-16 Certificates prior to
                                  distributions on the Distribution Date
                                  (as defined in the Pooling and
                                  Servicing Agreement dated March 29,
                                  2007) related to the Calculation
                                  Period. The Trustee shall make
                                  available each month via its website a
                                  statement containing the Class
                                  Certificate Balance of the Class
                                  3-A-16 Certificates for such
                                  Calculation Period. The Trustee's
                                  internet website shall initially be
                                  located at www.ctslink.com and
                                  assistance in using the website can be
                                  obtained by calling the Trustee's
                                  investor relations desk at (301)
                                  815-6600.

Trade Date:                 7th March 2007

Effective Date:             25th March 2007

Termination Date:           25th July 2010

Fixed Amounts:

Fixed Rate Payer:           Party B

Fixed Rate Payer
Payment Dates:              30th March 2007, subject to
                            adjustment in accordance with the
                            Following Business Day Convention.

Fixed Amount:               USD [     ]

Floating Amounts:

Floating Rate Payer:        Party A

Cap Rate I:                 5.40000 per cent

Cap Rate II:                8.90000 per cent

Floating Rate Payer
Payment Dates:              Early Payments shall be applicable
                            - 2 Business Day prior to each
                            Floating Rate Payer Period End Date

Floating Rate Payer
Period End Dates:           The 25th of each Month, commencing
                            on 25th April 2007 and ending on
                            the Termination Date. No Adjustment.

Floating Amount:            The product of (a) the Notional
                            Amount (b) the Floating Rate Day
                            Count Fraction and (c) the
                            Settlement Spread which shall be
                            calculated in accordance with the
                            following formula:

                            If USD-LIBOR-BBA is greater than the Cap
                            Rate I for the applicable Calculation
                            Period, then Settlement Spread =
                            (USD-LIBOR-BBA - applicable Cap Rate I)
                            provided, however, that if USD-LIBOR-BBA for
                            any Calculation Period is greater than the
                            Cap Rate II then the USD-LIBOR-BBA for such
                            Calculation Period shall be deemed to be the
                            Cap Rate II.

                            If 1 Month USD-LIBOR-BBA is less than or
                            equal to the Cap Rate I for the applicable
                            Calculation Period, then Settlement Spread =
                            Zero.

Floating Rate for initial
Calculation Period:         5.32000 per cent

Floating Rate Option:       USD-LIBOR-BBA

Designated Maturity:        1 month

Spread:                     None

Floating Rate Day

Count Fraction:             30/360

Reset Dates:                First day of each Calculation
                            Period.

Business Days:              New York

Calculation Agent:          Party A

     Account Details:

   Party A: Payments to Bank of America, N.A:

            USD Fedwire
            Name:       Bank of America, N.A. - New York
            ABA #:      026009593
            Attn:       BOFAUS3N
            Name:       Bank of America, N.A.
            City:       Charlotte
            Acct#:      6550219386
            Attn:       Rate Derivative Settlements
            Attn:       BOFAUS6SGDS

Party B: Name:          Wells Fargo Bank N.A - San Francisco, CA

            ABA:        121000248
            ACCT:       3970771416
            ACCT Name:  SAS Clearing
            FFC:        50999402

Offices:

The Office of
Party A for this
Transaction is:         Charlotte - NC, United States
                        Please send reset notices to fax no.
                        (+1) 866 218 8487

The Office of
Party B for this
Transaction is:         Wells Fargo Bank, N.A.
                        9062  Old Annapolis Rd.
                        Columbia, MD 21045
                        ATTN: Client Manager - BOALT 2007-1

Please confirm that the foregoing correctly sets forth the terms and conditions
of our agreement by returning via telecopier an executed copy of this
Confirmation in its entirety to the attention of Global FX and Derivative
Operations (fax no.(+1) 866 255 1444).

Accepted and confirmed as of the date first written:

Bank of America, N.A.               Wells Fargo Bank, N.A., solely as Trustee on
behalf of Banc of America           Alternative Loan Trust 2007-1

Authorised Signatory                By: ___________________________
                                    Name:
                                    Title:

<PAGE>

                        Calculation
                           Period
                        Scheduled to
                        Commence On:       Notional (USD)
                        ------------       --------------
                         3/25/2007          30,000,000.00
                         4/25/2007          30,000,000.00
                         5/25/2007          30,000,000.00
                         6/25/2007          30,000,000.00
                         7/25/2007          30,000,000.00
                         8/25/2007          30,000,000.00
                         9/25/2007          30,000,000.00
                         10/25/2007         30,000,000.00
                         11/25/2007         30,000,000.00
                         12/25/2007         30,000,000.00
                         1/25/2008          30,000,000.00
                         2/25/2008          30,000,000.00
                         3/25/2008          30,000,000.00
                         4/25/2008          30,000,000.00
                         5/25/2008          30,000,000.00
                         6/25/2008          30,000,000.00
                         7/25/2008          30,000,000.00
                         8/25/2008          30,000,000.00
                         9/25/2008          30,000,000.00
                         10/25/2008         30,000,000.00
                         11/25/2008         30,000,000.00
                         12/25/2008         30,000,000.00
                         1/25/2009          30,000,000.00
                         2/25/2009          30,000,000.00
                         3/25/2009          8,546,620.00
                         4/25/2009          7,809,556.00
                         5/25/2009          7,099,798.00
                         6/25/2009          6,416,644.00
                         7/25/2009          5,759,406.00
                         8/25/2009          5,127,416.00
                         9/25/2009          4,520,020.00
                         10/25/2009         3,936,578.00
                         11/25/2009         3,376,469.00
                         12/25/2009         2,839,084.00
                         1/25/2010          2,323,829.00
                         2/25/2010          1,830,124.00
                         3/25/2010          1,357,403.00
                         4/25/2010           905,114.00
                         5/25/2010           472,717.00
                         6/25/2010            59,686.00

Our Reference Number:   5132646/5132643
Internal Tracking No:   2567894/2567893

<PAGE>

                                      ISDA

         International Swaps and Derivatives Association, Inc.

                              2002 MASTER AGREEMENT

dated as of      March 29, 2007

                                            WELLS FARGO BANK,  N.A., AS
                                            TRUSTEE, ON  BEHALF OF BANC OF
                                            AMERICA ALTERNATIVE LOAN TRUST
BANK OF AMERICA, N.A.                and    2007-1

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this 2002 Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties or otherwise
effective for the purpose of confirming or evidencing those Transactions. This
2002 Master Agreement and the Schedule are together referred to as this "Master
Agreement".

Accordingly, the parties agree as follows:-

1.    Interpretation

(a) Definitions. The terms defined in Section 14 and elsewhere in this Master
Agreement will have the meanings therein specified for the purpose of this
Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement, such Confirmation will prevail for the
purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.    Obligations

(a) General Conditions.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

                              Copyright (C) 2002 by
              International Swaps and Derivatives Association, Inc.

<PAGE>

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other condition specified in this Agreement to be a condition
      precedent for the purpose of this Section 2(a)(iii).

(b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the Scheduled Settlement Date for the payment or delivery
to which such change applies unless such other party gives timely notice of a
reasonable objection to such change.

(c) Netting of Payments. If on any date amounts would otherwise be payable:-

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by which the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
and payment obligation will be determined in respect of all amounts payable on
the same date in the same currency in respect of those Transactions, regardless
of whether such amounts are payable in respect of the same Transaction. The
election may be made in the Schedule or any Confirmation by specifying that
"Multiple Transaction Payment Netting" applies to the Transactions identified as
being subject to the election (in which case clause (ii) above will not apply to
such Transactions). If Multiple Transaction Payment Netting is applicable to
Transactions, it will apply to those Transactions with effect from the starting
date specified in the Schedule or such Confirmation, or, if a starting date is
not specified in the Schedule or such Confirmation, the starting date otherwise
agreed by the parties in writing. This election may be made separately for
different groups of Transactions and will apply separately to each pairing of
Offices through which the parties make and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

      (i) Gross-Up. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:-

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:-

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction,
                  after a Transaction is entered into (regardless of whether
                  such action is taken or brought with respect to a party to
                  this Agreement) or (II) a Change in Tax Law.

      (ii) Liability. If:-

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

3.    Representations

Each party makes the representations contained in Sections 3(a), 3(b), 3(c),
3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the
other party (which representations will be deemed to be repeated by each party
on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this
Agreement). If any "Additional Representation" is specified in the Schedule or
any Confirmation as applying, the party or parties specified for such Additional
Representation will make and, if applicable, be deemed to repeat such Additional
Representation at the time or times specified for such Additional
Representation.

<PAGE>

(a) Basic Representations.

      (i) Status. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) Powers. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) Consents. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) Obligations Binding. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it, any of its Credit Support Providers or any of its applicable
Specified Entities any action, suit or proceeding at law or in equity or before
any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of
this Agreement or any Credit Support Document to which it is a party or its
ability to perform its obligations under this Agreement or such Credit Support
Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

(g) No Agency. It is entering into this Agreement, including each Transaction,
as principal and not as agent of any person or entity.

4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:-

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under clause (iii) below, to such government or taxing authority
as the other party reasonably directs:-

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,in each case by
      the date specified in the Schedule or such Confirmation or, if none is
      specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) Comply With Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organised, managed and
controlled or considered to have its seat, or where an Office through which it
is acting for the purpose of this Agreement is located ("Stamp Tax
Jurisdiction"), and will indemnify the other party against any Stamp Tax levied
or imposed upon the other party or in respect of the other party's execution or
performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party.

5.    Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes (subject to Sections 5(c)
and 6(e)(iv)) an event of default (an "Event of Default") with respect to such
party:-

      (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or
      9(h)(i)(2) or (4) required to be made by it if such failure is not
      remedied on or before the first Local Business Day in the case of any such
      payment or the first Local Delivery Day in the case of any such delivery
      after, in each case, notice of such failure is given to the party;

      (ii) Breach of Agreement; Repudiation of Agreement.

            (1) Failure by the party to comply with or perform any agreement or
            obligation (other than an obligation to make any payment under this
            Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or
            to give notice of a Termination Event or any agreement or obligation
            under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
            performed by the party in accordance with this Agreement if such
            failure is not remedied within 30 days after notice of such failure
            is given to the party; or

            (2) the party disaffirms, disclaims, repudiates or rejects, in whole
            or in part, or challenges the validity of, this Master Agreement,
            any Confirmation executed and delivered by that party or any
            Transaction evidenced by such a Confirmation (or such action is
            taken by any person or entity appointed or empowered to operate it
            or act on its behalf);

      (iii) Credit Support Default.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document, or any
            security interest granted by such party or such Credit Support
            Provider to the other party pursuant to any such Credit Support
            Document, to be in full force and effect for the purpose of this
            Agreement (in each case other than in accordance with its terms)
            prior to the satisfaction of all obligations of such party under
            each Transaction to which such Credit Support Document relates
            without the written consent of the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of, such Credit Support Document (or such action is taken
            by any person or entity appointed or empowered to operate it or act
            on its behalf);

      (iv) Misrepresentation. A representation (other than a representation
      under Section 3(e) or 3(f)) made or repeated or deemed to have been made
      or repeated by the party or any Credit Support Provider of such party in
      this Agreement or any Credit Support Document proves to have been
      incorrect or misleading in any material respect when made or repeated or
      deemed to have been made or repeated;

      (v) Default Under Specified Transaction. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party:-

            (1) defaults (other than by failing to make a delivery) under a
            Specified Transaction or any credit support arrangement relating to
            a Specified Transaction and, after giving effect to any applicable
            notice requirement or grace period, such default results in a
            liquidation of, an acceleration of obligations under, or an early
            termination of, that Specified Transaction;

            (2) defaults, after giving effect to any applicable notice
            requirement or grace period, in making any payment due on the last
            payment or exchange date of, or any payment on early termination of,
            a Specified Transaction (or, if there is no applicable notice
            requirement or grace period, such default continues for at least one
            Local Business Day);

            (3) defaults in making any delivery due under (including any
            delivery due on the last delivery or exchange date of) a Specified
            Transaction or any credit support arrangement relating to a
            Specified Transaction and, after giving effect to any applicable
            notice requirement or grace period, such default results in a
            liquidation of, an acceleration of obligations under, or an early
            termination of, all transactions outstanding under the documentation
            applicable to that Specified Transaction; or

            (4) disaffirms, disclaims, repudiates or rejects, in whole or in
            part, or challenges the validity of, a Specified Transaction or any
            credit support arrangement relating to a Specified Transaction that
            is, in either case, confirmed or evidenced by a document or other
            confirming evidence executed and delivered by that party, Credit
            Support Provider or Specified Entity (or such action is taken by any
            person or entity appointed or empowered to operate it or act on its
            behalf);

      (vi) Cross-Default. If "Cross-Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of:-

            (1) a default, event of default or other similar condition or event
            (however described) in respect of such party, any Credit Support
            Provider of such party or any applicable Specified Entity of such
            party under one or more agreements or instruments relating to
            Specified Indebtedness of any of them (individually or collectively)
            where the aggregate principal amount of such agreements or
            instruments, either alone or together with the amount, if any,
            referred to in clause (2) below, is not less than the applicable
            Threshold Amount (as specified in the Schedule) which has resulted
            in such Specified Indebtedness becoming, or becoming capable at such
            time of being declared, due and payable under such agreements or
            instruments before it would otherwise have been due and payable; or

            (2) a default by such party, such Credit Support Provider or such
            Specified Entity (individually or collectively) in making one or
            more payments under such agreements or instruments on the due date
            for payment (after giving effect to any applicable notice
            requirement or grace period) in an aggregate amount, either alone or
            together with the amount, if any, referred to in clause (1) above,
            of not less than the applicable Threshold Amount;

      (vii) Bankruptcy. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party:-

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4)(A) institutes or has instituted against it, by a regulator,
            supervisor or any similar official with primary insolvency,
            rehabilitative or regulatory jurisdiction over it in the
            jurisdiction of its incorporation or organisation or the
            jurisdiction of its head or home office, a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation by it or such regulator, supervisor or similar official,
            or (B) has instituted against it a proceeding seeking a judgment of
            insolvency or bankruptcy or any other relief under any bankruptcy or
            insolvency law or other similar law affecting creditors' rights, or
            a petition is presented for its winding-up or liquidation, and such
            proceeding or petition is instituted or presented by a person or
            entity not described in clause (A) above and either (I) results in a
            judgment of insolvency or bankruptcy or the entry of an order for
            relief or the making of an order for its winding-up or liquidation
            or (II) is not dismissed, discharged, stayed or restrained in each
            case within 15 days of the institution or presentation thereof; (5)
            has a resolution passed for its winding-up, official management or
            liquidation (other than pursuant to a consolidation, amalgamation or
            merger); (6) seeks or becomes subject to the appointment of an
            administrator, provisional liquidator, conservator, receiver,
            trustee, custodian or other similar official for it or for all or
            substantially all its assets; (7) has a secured party take
            possession of all or substantially all its assets or has a distress,
            execution, attachment, sequestration or other legal process levied,
            enforced or sued on or against all or substantially all its assets
            and such secured party maintains possession, or any such process is
            not dismissed, discharged, stayed or restrained, in each case within
            15 days thereafter; (8) causes or is subject to any event with
            respect to it which, under the applicable laws of any jurisdiction,
            has an analogous effect to any of the events specified in clauses
            (1) to (7) above (inclusive); or (9) takes any action in furtherance
            of, or indicating its consent to, approval of, or acquiescence in,
            any of the foregoing acts; or

            (viii) Merger Without Assumption. The party or any Credit Support
            Provider of such party consolidates or amalgamates with, or merges
            with or into, or transfers all or substantially all its assets to,
            or reorganises, reincorporates or reconstitutes into or as, another
            entity and, at the time of such consolidation, amalgamation, merger,
            transfer, reorganisation, reincorporation or reconstitution:-

(1)         the resulting, surviving or transferee entity fails to assume all
            the obligations of such party or such Credit Support Provider under
            this Agreement or any Credit Support Document to which it or its
            predecessor was a party; or

(2)         the benefits of any Credit Support Document fail to extend (without
            the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes (subject to Section 5(c))
an Illegality if the event is specified in clause (i) below, a Force Majeure
Event if the event is specified in clause (ii) below, a Tax Event if the event
is specified in clause (iii) below, a Tax Event Upon Merger if the event is
specified in clause (iv) below, and, if specified to be applicable, a Credit
Event Upon Merger if the event is specified pursuant to clause (v) below or an
Additional Termination Event if the event is specified pursuant to clause (vi)
below:-

      (i) Illegality. After giving effect to any applicable provision,
      disruption fallback or remedy specified in, or pursuant to, the relevant
      Confirmation or elsewhere in this Agreement, due to an event or
      circumstance (other than any action taken by a party or, if applicable,
      any Credit Support Provider of such party) occurring after a Transaction
      is entered into, it becomes unlawful under any applicable law (including
      without limitation the laws of any country in which payment, delivery or
      compliance is required by either party or any Credit Support Provider, as
      the case may be), on any day, or it would be unlawful if the relevant
      payment, delivery or compliance were required on that day (in each case,
      other than as a result of a breach by the party of Section 4(b)):-

            (1) for the Office through which such party (which will be the
            Affected Party) makes and receives payments or deliveries with
            respect to such Transaction to perform any absolute or contingent
            obligation to make a payment or delivery in respect of such
            Transaction, to receive a payment or delivery in respect of such
            Transaction or to comply with any other material provision of this
            Agreement relating to such Transaction; or

            (2) for such party or any Credit Support Provider of such party
            (which will be the Affected Party) to perform any absolute or
            contingent obligation to make a payment or delivery which such party
            or Credit Support Provider has under any Credit Support Document
            relating to such Transaction, to receive a payment or delivery under
            such Credit Support Document or to comply with any other material
            provision of such Credit Support Document;

      (ii) Force Majeure Event. After giving effect to any applicable provision,
      disruption fallback or remedy specified in, or pursuant to, the relevant
      Confirmation or elsewhere in this Agreement, by reason of force majeure or
      act of state occurring after a Transaction is entered into, on any day:-

            (1) the Office through which such party (which will be the Affected
            Party) makes and receives payments or deliveries with respect to
            such Transaction is prevented from performing any absolute or
            contingent obligation to make a payment or delivery in respect of
            such Transaction, from receiving a payment or delivery in respect of
            such Transaction or from complying with any other material provision
            of this Agreement relating to such Transaction (or would be so
            prevented if such payment, delivery or compliance were required on
            that day), or it becomes impossible or impracticable for such Office
            so to perform, receive or comply (or it would be impossible or
            impracticable for such Office so to perform, receive or comply if
            such payment, delivery or compliance were required on that day); or

            (2) such party or any Credit Support Provider of such party (which
            will be the Affected Party) is prevented from performing any
            absolute or contingent obligation to make a payment or delivery
            which such party or Credit Support Provider has under any Credit
            Support Document relating to such Transaction, from receiving a
            payment or delivery under such Credit Support Document or from
            complying with any other material provision of such Credit Support
            Document (or would be so prevented if such payment, delivery or
            compliance were required on that day), or it becomes impossible or
            impracticable for such party or Credit Support Provider so to
            perform, receive or comply (or it would be impossible or
            impracticable for such party or Credit Support Provider so to
            perform, receive or comply if such payment, delivery or compliance
            were required on that day),

      so long as the force majeure or act of state is beyond the control of such
      Office, such party or such Credit Support Provider, as appropriate, and
      such Office, party or Credit Support Provider could not, after using all
      reasonable efforts (which will not require such party or Credit Support
      Provider to incur a loss, other than immaterial, incidental expenses),
      overcome such prevention, impossibility or impracticability;

      (iii) Tax Event. Due to (1) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, after a Transaction is
      entered into (regardless of whether such action is taken or brought with
      respect to a party to this Agreement) or (2) a Change in Tax Law, the
      party (which will be the Affected Party) will, or there is a substantial
      likelihood that it will, on the next succeeding Scheduled Settlement Date
      (A) be required to pay to the other party an additional amount in respect
      of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
      interest under Section 9(h)) or (B) receive a payment from which an amount
      is required to be deducted or withheld for or on account of a Tax (except
      in respect of interest under Section 9(h)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iv) Tax Event Upon Merger. The party (the "Burdened Party") on the next
      succeeding Scheduled Settlement Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2)
      receive a payment from which an amount has been deducted or withheld for
      or on account of any Tax in respect of which the other party is not
      required to pay an additional amount (other than by reason of Section
      2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating
      or amalgamating with, or merging with or into, or transferring all or
      substantially all its assets (or any substantial part of the assets
      comprising the business conducted by it as of the date of this Master
      Agreement) to, or reorganising, reincorporating or reconstituting into or
      as, another entity (which will be the Affected Party) where such action
      does not constitute a Merger Without Assumption;

      (v) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, a Designated Event (as defined
      below) occurs with respect to such party, any Credit Support Provider of
      such party or any applicable Specified Entity of such party (in each case,
      "X") and such Designated Event does not constitute a Merger Without
      Assumption, and the creditworthiness of X or, if applicable, the
      successor, surviving or transferee entity of X, after taking into account
      any applicable Credit Support Document, is materially weaker immediately
      after the occurrence of such Designated Event than that of X immediately
      prior to the occurrence of such Designated Event (and, in any such event,
      such party or its successor, surviving or transferee entity, as
      appropriate, will be the Affected Party). A "Designated Event" with
      respect to X means that:-

            (1) X consolidates or amalgamates with, or merges with or into, or
            transfers all or substantially all its assets (or any substantial
            part of the assets comprising the business conducted by X as of the
            date of this Master Agreement) to, or reorganises, reincorporates or
            reconstitutes into or as, another entity;

            (2) any person, related group of persons or entity acquires directly
            or indirectly the beneficial ownership of (A) equity securities
            having the power to elect a majority of the board of directors (or
            its equivalent) of X or (B) any other ownership interest enabling it
            to exercise control of X; or

            (3) X effects any substantial change in its capital structure by
            means of the issuance, incurrence or guarantee of debt or the
            issuance of (A) preferred stock or other securities convertible into
            or exchangeable for debt or preferred stock or (B) in the case of
            entities other than corporations, any other form of ownership
            interest; or

      (vi) Additional Termination Event. If any "Additional Termination Event"
      is specified in the Schedule or any Confirmation as applying, the
      occurrence of such event (and, in such event, the Affected Party or
      Affected Parties will be as specified for such Additional Termination
      Event in the Schedule or such Confirmation).

(c) Hierarchy of Events.

      (i) An event or circumstance that constitutes or gives rise to an
      Illegality or a Force Majeure Event will not, for so long as that is the
      case, also constitute or give rise to an Event of Default under Section
      5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance
      relates to the failure to make any payment or delivery or a failure to
      comply with any other material provision of this Agreement or a Credit
      Support Document, as the case may be.

      (ii) Except in circumstances contemplated by clause (i) above, if an event
      or circumstance which would otherwise constitute or give rise to an
      Illegality or a Force Majeure Event also constitutes an Event of Default
      or any other Termination Event, it will be treated as an Event of Default
      or such other Termination Event, as the case may be, and will not
      constitute or give rise to an Illegality or a Force Majeure Event.

      (iii) If an event or circumstance which would otherwise constitute or give
      rise to a Force Majeure Event also constitutes an Illegality, it will be
      treated as an Illegality, except as described in clause (ii) above, and
      not a Force Majeure Event.

(d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality
or a Force Majeure Event has occurred and is continuing with respect to a
Transaction, each payment or delivery which would otherwise be required to be
made under that Transaction will be deferred to, and will not be due until:-

      (i) the first Local Business Day or, in the case of a delivery, the first
      Local Delivery Day (or the first day that would have been a Local Business
      Day or Local Delivery Day, as appropriate, but for the occurrence of the
      event or circumstance constituting or giving rise to that Illegality or
      Force Majeure Event) following the end of any applicable Waiting Period in
      respect of that Illegality or Force Majeure Event, as the case may be; or

      (ii) if earlier, the date on which the event or circumstance constituting
      or giving rise to that Illegality or Force Majeure Event ceases to exist
      or, if such date is not a Local Business Day or, in the case of a
      delivery, a Local Delivery Day, the first following day that is a Local
      Business Day or Local Delivery Day, as appropriate.

(e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an
Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or
5(b)(ii)(1) and the relevant Office is not the Affected Party's head or home
office, (ii) Section 10(a) applies, (iii) the other party seeks performance of
the relevant obligation or compliance with the relevant provision by the
Affected Party's head or home office and (iv) the Affected Party's head or home
office fails so to perform or comply due to the occurrence of an event or
circumstance which would, if that head or home office were the Office through
which the Affected Party makes and receives payments and deliveries with respect
to the relevant Transaction, constitute or give rise to an Illegality or a Force
Majeure Event, and such failure would otherwise constitute an Event of Default
under Section 5(a)(i)or 5(a)(iii)(1) with respect to such party, then, for so
long as the relevant event or circumstance continues to exist with respect to
both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case
may be, and the Affected Party's head or home office, such failure will not
constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

6.    Early Termination; Close-Out Netting

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

      (i) Notice. If a Termination Event other than a Force Majeure Event
      occurs, an Affected Party will, promptly upon becoming aware of it, notify
      the other party, specifying the nature of that Termination Event and each
      Affected Transaction, and will also give the other party such other
      information about that Termination Event as the other party may reasonably
      require. If a Force Majeure Event occurs, each party will, promptly upon
      becoming aware of it, use all reasonable efforts to notify the other
      party, specifying the nature of that Force Majeure Event, and will also
      give the other party such other information about that Force Majeure Event
      as the other party may reasonably require.

      (ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there
      is only one Affected Party, or if a Tax Event Upon Merger occurs and the
      Burdened Party is the Affected Party, the Affected Party will, as a
      condition to its right to designate an Early Termination Date under
      Section 6(b)(iv), use all reasonable efforts (which will not require such
      party to incur a loss, other than immaterial, incidental expenses) to
      transfer within 20 days after it gives notice under Section 6(b)(i) all
      its rights and obligations under this Agreement in respect of the Affected
      Transactions to another of its Offices or Affiliates so that such
      Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) Two Affected Parties. If a Tax Event occurs and there are two
      Affected Parties, each party will use all reasonable efforts to reach
      agreement within 30 days after notice of such occurrence is given under
      Section 6(b)(i) to avoid that Termination Event.

      (iv) Right to Terminate.

            (1) If:-

                  (A) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (B) a Credit Event Upon Merger or an Additional Termination
                  Event occurs, or a Tax Event Upon Merger occurs and the
                  Burdened Party is not the Affected Party, the Burdened Party
                  in the case of a Tax Event Upon Merger, any Affected Party in
                  the case of a Tax Event or an Additional Termination Event if
                  there are two Affected Parties, or the Non-affected Party in
                  the case of a Credit Event Upon Merger or an Additional
                  Termination Event if there is only one Affected Party may, if
                  the relevant Termination Event is then continuing, by not more
                  than 20 days notice to the other party, designate a day not
                  earlier than the day such notice is effective as an Early
                  Termination Date in respect of all Affected Transactions.

            (2) If at any time an Illegality or a Force Majeure Event has
            occurred and is then continuing and any applicable Waiting Period
            has expired:-

                  (A) Subject to clause (B) below, either party may, by not more
                  than 20 days notice to the other party, designate (I) a day
                  not earlier than the day on which such notice becomes
                  effective as an Early Termination Date in respect of all
                  Affected Transactions or (II) by specifying in that notice the
                  Affected Transactions in respect of which it is designating
                  the relevant day as an Early Termination Date, a day not
                  earlier than two Local Business Days following the day on
                  which such notice becomes effective as an Early Termination
                  Date in respect of less than all Affected Transactions. Upon
                  receipt of a notice designating an Early Termination Date in
                  respect of less than all Affected Transactions, the other
                  party may, by notice to the designating party, if such notice
                  is effective on or before the day so designated, designate
                  that same day as an Early Termination Date in respect of any
                  or all other Affected Transactions.

                  (B) An Affected Party (if the Illegality or Force Majeure
                  Event relates to performance by such party or any Credit
                  Support Provider of such party of an obligation to make any
                  payment or delivery under, or to compliance with any other
                  material provision of, the relevant Credit Support Document)
                  will only have the right to designate an Early Termination
                  Date under Section 6(b)(iv)(2)(A) as a result of an Illegality
                  under Section 5(b)(i)(2) or a Force Majeure Event under
                  Section 5(b)(ii)(2) following the prior designation by the
                  other party of an Early Termination Date, pursuant to Section
                  6(b)(iv)(2)(A), in respect of less than all Affected
                  Transactions.

(c) Effect of Designation.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or 6(b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i)
      in respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date will be determined
      pursuant to Sections 6(e) and 9(h)(ii).

(d) Calculations; Payment Date.

      (i) Statement. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including any quotations, market data or information
      from internal sources used in making such calculations), (2) specifying
      (except where there are two Affected Parties) any Early Termination Amount
      payable and (3) giving details of the relevant account to which any amount
      payable to it is to be paid. In the absence of written confirmation from
      the source of a quotation or market data obtained in determining a
      Close-out Amount, the records of the party obtaining such quotation or
      market data will be conclusive evidence of the existence and accuracy of
      such quotation or market data.

      (ii) Payment Date. An Early Termination Amount due in respect of any Early
      Termination Date will, together with any amount of interest payable
      pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice
      of the amount payable is effective in the case of an Early Termination
      Date which is designated or occurs as a result of an Event of Default and
      (2) on the day which is two Local Business Days after the day on which
      notice of the amount payable is effective (or, if there are two Affected
      Parties, after the day on which the statement provided pursuant to clause
      (i) above by the second party to provide such a statement is effective) in
      the case of an Early Termination Date which is designated as a result of a
      Termination Event.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
amount, if any, payable in respect of that Early Termination Date (the "Early
Termination Amount") will be determined pursuant to this Section 6(e) and will
be subject to Section 6(f).

      (i) Events of Default. If the Early Termination Date results from an Event
      of Default, the Early Termination Amount will be an amount equal to (1)
      the sum of (A) the Termination Currency Equivalent of the Close-out Amount
      or Close-out Amounts (whether positive or negative) determined by the
      Non-defaulting Party for each Terminated Transaction or group of
      Terminated Transactions, as the case may be, and (B) the Termination
      Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting
      Party less (2) the Termination Currency Equivalent of the Unpaid Amounts
      owing to the Defaulting Party. If the Early Termination Amount is a
      positive number, the Defaulting Party will pay it to the Non-defaulting
      Party; if it is a negative number, the Non-defaulting Party will pay the
      absolute value of the Early Termination Amount to the Defaulting Party.

      (ii) Termination Events. If the Early Termination Date results from a
      Termination Event:-

            (1) One Affected Party. Subject to clause (3) below, if there is one
            Affected Party, the Early Termination Amount will be determined in
            accordance with Section 6(e)(i), except that references to the
            Defaulting Party and to the Non-defaulting Party will be deemed to
            be references to the Affected Party and to the Non-affected Party,
            respectively.

            (2) Two Affected Parties. Subject to clause (3) below, if there are
            two Affected Parties, each party will determine an amount equal to
            the Termination Currency Equivalent of the sum of the Close-out
            Amount or Close-out Amounts (whether positive or negative) for each
            Terminated Transaction or group of Terminated Transactions, as the
            case may be, and the Early Termination Amount will be an amount
            equal to (A) the sum of (I) one-half of the difference between the
            higher amount so determined (by party "X") and the lower amount so
            determined (by party "Y") and (II) the Termination Currency
            Equivalent of the Unpaid Amounts owing to X less (B) the Termination
            Currency Equivalent of the Unpaid Amounts owing to Y. If the Early
            Termination Amount is a positive number, Y will pay it to X; if it
            is a negative number, X will pay the absolute value of the Early
            Termination Amount to Y.

            (3) Mid-Market Events. If that Termination Event is an Illegality or
            a Force Majeure Event, then the Early Termination Amount will be
            determined in accordance with clause (1) or (2) above, as
            appropriate, except that, for the purpose of determining a Close-out
            Amount or Close-out Amounts, the Determining Party will:-

                  (A) if obtaining quotations from one or more third parties (or
                  from any of the Determining Party's Affiliates), ask each
                  third party or Affiliate (I) not to take account of the
                  current creditworthiness of the Determining Party or any
                  existing Credit Support Document and (II) to provide
                  mid-market quotations; and

                  (B) in any other case, use mid-market values without regard to
                  the creditworthiness of the Determining Party.

      (iii) Adjustment for Bankruptcy. In circumstances where an Early
      Termination Date occurs because Automatic Early Termination applies in
      respect of a party, the Early Termination Amount will be subject to such
      adjustments as are appropriate and permitted by applicable law to reflect
      any payments or deliveries made by one party to the other under this
      Agreement (and retained by such other party) during the period from the
      relevant Early Termination Date to the date for payment determined under
      Section 6(d)(ii).

      (iv) Adjustment for Illegality or Force Majeure Event. The failure by a
      party or any Credit Support Provider of such party to pay, when due, any
      Early Termination Amount will not constitute an Event of Default under
      Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence
      of an event or circumstance which would, if it occurred with respect to
      payment, delivery or compliance related to a Transaction, constitute or
      give rise to an Illegality or a Force Majeure Event. Such amount will (1)
      accrue interest and otherwise be treated as an Unpaid Amount owing to the
      other party if subsequently an Early Termination Date results from an
      Event of Default, a Credit Event Upon Merger or an Additional Termination
      Event in respect of which all outstanding Transactions are Affected
      Transactions and (2) otherwise accrue interest in accordance with Section
      9(h)(ii)(2).

      (v) Pre-Estimate. The parties agree that an amount recoverable under this
      Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such
      amount is payable for the loss of bargain and the loss of protection
      against future risks, and, except as otherwise provided in this Agreement,
      neither party will be entitled to recover any additional damages as a
      consequence of the termination of the Terminated Transactions.

(f) Set-Off. Any Early Termination Amount payable to one party (the "Payee") by
the other party (the "Payer"), in circumstances where there is a Defaulting
Party or where there is one Affected Party in the case where either a Credit
Event Upon Merger has occurred or any other Termination Event in respect of
which all outstanding Transactions are Affected Transactions has occurred, will,
at the option of the Non-defaulting Party or the Non-affected Party, as the case
may be ("X") (and without prior notice to the Defaulting Party or the Affected
Party, as the case may be), be reduced by its set-off against any other amounts
("Other Amounts") payable by the Payee to the Payer (whether or not arising
under this Agreement, matured or contingent and irrespective of the currency,
place of payment or place of booking of the obligation). To the extent that any
Other Amounts are so set off, those Other Amounts will be discharged promptly
and in all respects. X will give notice to the other party of any set-off
effected under this Section 6(f).

For this purpose, either the Early Termination Amount or the Other Amounts (or
the relevant portion of such amounts) may be converted by X into the currency in
which the other is denominated at the rate of exchange at which such party would
be able, in good faith and using commercially reasonable procedures, to purchase
the relevant amount of such currency.

If an obligation is unascertained, X may in good faith estimate that obligation
and set off in respect of the estimate, subject to the relevant party accounting
to the other when the obligation is ascertained.

Nothing in this Section 6(f) will be effective to create a charge or other
security interest. This Section 6(f) will be without prejudice and in addition
to any right of set-off, offset, combination of accounts, lien, right of
retention or withholding or similar right or requirement to which any party is
at any time otherwise entitled or subject (whether by operation of law, contract
or otherwise).

7. Transfer

Subject to Section 6(b)(ii) and to the extent permitted by applicable law,
neither this Agreement nor any interest or obligation in or under this Agreement
may be transferred (whether by way of security or otherwise) by either party
without the prior written consent of the other party, except that:-

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
Early Termination Amount payable to it by a Defaulting Party, together with any
amounts payable on or with respect to that interest and any other rights
associated with that interest pursuant to Sections 8, 9(h) and 11.

Any purported transfer that is not in compliance with this Section 7 will be
void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in good faith and using
commercially reasonable procedures in converting the currency so tendered into
the Contractual Currency, of the full amount in the Contractual Currency of all
amounts payable in respect of this Agreement. If for any reason the amount in
the Contractual Currency so received falls short of the amount in the
Contractual Currency payable in respect of this Agreement, the party required to
make the payment will, to the extent permitted by applicable law, immediately
pay such additional amount in the Contractual Currency as may be necessary to
compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in
respect of this Agreement, the party receiving the payment will refund promptly
the amount of such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in clause (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purpose of such
judgment or order and the rate of exchange at which such party is able, acting
in good faith and using commercially reasonable procedures in converting the
currency received into the Contractual Currency, to purchase the Contractual
Currency with the amount of the currency of the judgment or order actually
received by such party.

(c) Separate Indemnities. To the extent permitted by applicable law, the
indemnities in this Section 8 constitute separate and independent obligations
from the other obligations in this Agreement, will be enforceable as separate
and independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by
judgment being obtained or claim or proof being made for any other sums payable
in respect of this Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter. Each of the
parties acknowledges that in entering into this Agreement it has not relied on
any oral or written representation, warranty or other assurance (except as
provided for or referred to in this Agreement) and waives all rights and
remedies which might otherwise be available to it in respect thereof, except
that nothing in this Agreement will limit or exclude any liability of a party
for fraud.

(b) Amendments. An amendment, modification or waiver in respect of this
Agreement will only be effective if in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or by an exchange of electronic messages on an electronic
messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission and by electronic messaging system), each of which
      will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation will be entered into as soon as practicable and
      may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes, by an exchange of
      electronic messages on an electronic messaging system or by an exchange of
      e-mails, which in each case will be sufficient for all purposes to
      evidence a binding supplement to this Agreement. The parties will specify
      therein or through another effective means that any such counterpart,
      telex, electronic message or e-mail constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

(h) Interest and Compensation.

      (i) Prior to Early Termination. Prior to the occurrence or effective
      designation of an Early Termination Date in respect of the relevant
      Transaction:-

            (1) Interest on Defaulted Payments. If a party defaults in the
            performance of any payment obligation, it will, to the extent
            permitted by applicable law and subject to Section 6(c), pay
            interest (before as well as after judgment) on the overdue amount to
            the other party on demand in the same currency as the overdue
            amount, for the period from (and including) the original due date
            for payment to (but excluding) the date of actual payment (and
            excluding any period in respect of which interest or compensation in
            respect of the overdue amount is due pursuant to clause (3)(B) or
            (C) below), at the Default Rate.

            (2) Compensation for Defaulted Deliveries. If a party defaults in
            the performance of any obligation required to be settled by
            delivery, it will on demand (A) compensate the other party to the
            extent provided for in the relevant Confirmation or elsewhere in
            this Agreement and (B) unless otherwise provided in the relevant
            Confirmation or elsewhere in this Agreement, to the extent permitted
            by applicable law and subject to Section 6(c), pay to the other
            party interest (before as well as after judgment) on an amount equal
            to the fair market value of that which was required to be delivered
            in the same currency as that amount, for the period from (and
            including) the originally scheduled date for delivery to (but
            excluding) the date of actual delivery (and excluding any period in
            respect of which interest or compensation in respect of that amount
            is due pursuant to clause (4) below), at the Default Rate. The fair
            market value of any obligation referred to above will be determined
            as of the originally scheduled date for delivery, in good faith and
            using commercially reasonable procedures, by the party that was
            entitled to take delivery.

            (3) Interest on Deferred Payments. If:-

                  (A) a party does not pay any amount that, but for Section
                  2(a)(iii), would have been payable, it will, to the extent
                  permitted by applicable law and subject to Section 6(c) and
                  clauses (B) and (C) below, pay interest (before as well as
                  after judgment) on that amount to the other party on demand
                  (after such amount becomes payable) in the same currency as
                  that amount, for the period from (and including) the date the
                  amount would, but for Section 2(a)(iii), have been payable to
                  (but excluding) the date the amount actually becomes payable,
                  at the Applicable Deferral Rate;

                  (B) a payment is deferred pursuant to Section 5(d), the party
                  which would otherwise have been required to make that payment
                  will, to the extent permitted by applicable law, subject to
                  Section 6(c) and for so long as no Event of Default or
                  Potential Event of Default with respect to that party has
                  occurred and is continuing, pay interest (before as well as
                  after judgment) on the amount of the deferred payment to the
                  other party on demand (after such amount becomes payable) in
                  the same currency as the deferred payment, for the period from
                  (and including) the date the amount would, but for Section
                  5(d), have been payable to (but excluding) the earlier of the
                  date the payment is no longer deferred pursuant to Section
                  5(d) and the date during the deferral period upon which an
                  Event of Default or Potential Event of Default with respect to
                  that party occurs, at the Applicable Deferral Rate; or

                  (C) a party fails to make any payment due to the occurrence of
                  an Illegality or a Force Majeure Event (after giving effect to
                  any deferral period contemplated by clause (B) above), it
                  will, to the extent permitted by applicable law, subject to
                  Section 6(c) and for so long as the event or circumstance
                  giving rise to that Illegality or Force Majeure Event
                  continues and no Event of Default or Potential Event of
                  Default with respect to that party has occurred and is
                  continuing, pay interest (before as well as after judgment) on
                  the overdue amount to the other party on demand in the same
                  currency as the overdue amount, for the period from (and
                  including) the date the party fails to make the payment due to
                  the occurrence of the relevant Illegality or Force Majeure
                  Event (or, if later, the date the payment is no longer
                  deferred pursuant to Section 5(d)) to (but excluding) the
                  earlier of the date the event or circumstance giving rise to
                  that Illegality or Force Majeure Event ceases to exist and the
                  date during the period upon which an Event of Default or
                  Potential Event of Default with respect to that party occurs
                  (and excluding any period in respect of which interest or
                  compensation in respect of the overdue amount is due pursuant
                  to clause (B) above), at the Applicable Deferral Rate.

            (4) Compensation for Deferred Deliveries. If:-

                  (A) a party does not perform any obligation that, but for
                  Section 2(a)(iii), would have been required to be settled by
                  delivery;

                  (B) a delivery is deferred pursuant to Section 5(d); or

                  (C) a party fails to make a delivery due to the occurrence of
                  an Illegality or a Force Majeure Event at a time when any
                  applicable Waiting Period has expired, the party required (or
                  that would otherwise have been required) to make the delivery
                  will, to the extent permitted by applicable law and subject to
                  Section 6(c), compensate and pay interest to the other party
                  on demand (after, in the case of clauses (A) and (B) above,
                  such delivery is required) if and to the extent provided for
                  in the relevant Confirmation or elsewhere in this Agreement.

      (ii) Early Termination. Upon the occurrence or effective designation of an
      Early Termination Date in respect of a Transaction:-

            (1) Unpaid Amounts. For the purpose of determining an Unpaid Amount
            in respect of the relevant Transaction, and to the extent permitted
            by applicable law, interest will accrue on the amount of any payment
            obligation or the amount equal to the fair market value of any
            obligation required to be settled by delivery included in such
            determination in the same currency as that amount, for the period
            from (and including) the date the relevant obligation was (or would
            have been but for Section 2(a)(iii) or 5(d)) required to have been
            performed to (but excluding) the relevant Early Termination Date, at
            the Applicable Close-out Rate.

            (2) Interest on Early Termination Amounts. If an Early Termination
            Amount is due in respect of such Early Termination Date, that amount
            will, to the extent permitted by applicable law, be paid together
            with interest (before as well as after judgment) on that amount in
            the Termination Currency, for the period from (and including) such
            Early Termination Date to (but excluding) the date the amount is
            paid, at the Applicable Close-out Rate.

      (iii) Interest Calculation. Any interest pursuant to this Section 9(h)
      will be calculated on the basis of daily compounding and the actual number
      of days elapsed.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to and agrees with the other party that, notwithstanding the place of
booking or its jurisdiction of incorporation or organisation, its obligations
are the same in terms of recourse against it as if it had entered into the
Transaction through its head or home office, except that a party will not have
recourse to the head or home office of the other party in respect of any payment
or delivery deferred pursuant to Section 5(d) for so long as the payment or
delivery is so deferred. This representation and agreement will be deemed to be
repeated by each party on each date on which the parties enter into a
Transaction.

(b) If a party is specified as a Multibranch Party in the Schedule, such party
may, subject to clause (c) below, enter into a Transaction through, book a
Transaction in and make and receive payments and deliveries with respect to a
Transaction through any Office listed in respect of that party in the Schedule
(but not any other Office unless otherwise agreed by the parties in writing).

(c) The Office through which a party enters into a Transaction will be the
Office specified for that party in the relevant Confirmation or as otherwise
agreed by the parties in writing, and, if an Office for that party is not
specified in the Confirmation or otherwise agreed by the parties in writing, its
head or home office. Unless the parties otherwise agree in writing, the Office
through which a party enters into a Transaction will also be the Office in which
it books the Transaction and the Office through which it makes and receives
payments and deliveries with respect to the Transaction. Subject to Section
6(b)(ii), neither party may change the Office in which it books the Transaction
or the Office through which it makes and receives payments or deliveries with
respect to a Transaction without the prior written consent of the other party.

11. Expenses

A Defaulting Party will on demand indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees,
execution fees and Stamp Tax, incurred by such other party by reason of the
enforcement and protection of its rights under this Agreement or any Credit
Support Document to which the Defaulting Party is a party or by reason of the
early termination of any Transaction, including, but not limited to, costs of
collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner described below (except that a notice or
other communication under Section 5 or 6 may not be given by electronic
messaging system or e-mail) to the address or number or in accordance with the
electronic messaging system or e-mail details provided (see the Schedule) and
will be deemed effective as indicated:-

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date it is received by a
      responsible employee of the recipient in legible form (it being agreed
      that the burden of proving receipt will be on the sender and will not be
      met by a transmission report generated by the sender's facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date it is delivered or its
      delivery is attempted;

      (v) if sent by electronic messaging system, on the date it is received; or

      (vi) if sent by e-mail, on the date it is delivered, unless the date of
      that delivery (or attempted delivery) or that receipt, as applicable, is
      not a Local Business Day or that communication is delivered (or attempted)
      or received, as applicable, after the close of business on a Local
      Business Day, in which case that communication will be deemed given and
      effective on the first following day that is a Local Business Day.

(b) Change of Details. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system or e-mail
details at which notices or other communications are to be given to it.

13.   Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to
any dispute arising out of or in connection with this Agreement ("Proceedings"),
each party irrevocably:-

      (i) submits:-

            (1) if this Agreement is expressed to be governed by English law, to
            (A) the non-exclusive jurisdiction of the English courts if the
            Proceedings do not involve a Convention Court and (B) the exclusive
            jurisdiction of the English courts if the Proceedings do involve a
            Convention Court; or

            (2) if this Agreement is expressed to be governed by the laws of the
            State of New York, to the non-exclusive jurisdiction of the courts
            of the State of New York and the United States District Court
            located in the Borough of Manhattan in New York City;

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party; and

      (iii) agrees, to the extent permitted by applicable law, that the bringing
      of Proceedings in any one or more jurisdictions will not preclude the
      bringing of Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent, if
any, specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv).
Nothing in this Agreement will affect the right of either party to serve process
in any other manner permitted by applicable law.

(d) Waiver of Immunities. Each party irrevocably waives, to the extent permitted
by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction or order for specific performance or
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.   Definitions

As used in this Agreement:-

"Additional Representation" has the meaning specified in Section 3.

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon
Merger, all Transactions affected by the occurrence of such Termination Event
(which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure
Event under Section 5(b)(ii)(2), means all Transactions unless the relevant
Credit Support Document references only certain Transactions, in which case
those Transactions and, if the relevant Credit Support Document constitutes a
Confirmation for a Transaction, that Transaction) and (b) with respect to any
other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Agreement" has the meaning specified in Section 1(c).

"Applicable Close-out Rate" means:-

(a) in respect of the determination of an Unpaid Amount:-

      (i) in respect of obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

      (ii) in respect of obligations payable or deliverable (or which would have
      been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
      Rate;

      (iii) in respect of obligations deferred pursuant to Section 5(d), if
      there is no Defaulting Party and for so long as the deferral period
      continues, the Applicable Deferral Rate; and

      (iv) in all other cases following the occurrence of a Termination Event
      (except where interest accrues pursuant to clause (iii) above), the
      Applicable Deferral Rate; and

(b) in respect of an Early Termination Amount:-

      (i) for the period from (and including) the relevant Early Termination
      Date to (but excluding) the date (determined in accordance with Section
      6(d)(ii)) on which that amount is payable:-

            (1) if the Early Termination Amount is payable by a Defaulting
            Party, the Default Rate;

            (2) if the Early Termination Amount is payable by a Non-defaulting
            Party, the Non-default Rate; and

            (3) in all other cases, the Applicable Deferral Rate; and

      (ii) for the period from (and including) the date (determined in
      accordance with Section 6(d)(ii)) on which that amount is payable to (but
      excluding) the date of actual payment:-

            (1) if a party fails to pay the Early Termination Amount due to the
            occurrence of an event or circumstance which would, if it occurred
            with respect to a payment or delivery under a Transaction,
            constitute or give rise to an Illegality or a Force Majeure Event,
            and for so long as the Early Termination Amount remains unpaid due
            to the continuing existence of such event or circumstance, the
            Applicable Deferral Rate;

            (2) if the Early Termination Amount is payable by a Defaulting Party
            (but excluding any period in respect of which clause (1) above
            applies), the Default Rate;

            (3) if the Early Termination Amount is payable by a Non-defaulting
            Party (but excluding any period in respect of which clause (1) above
            applies), the Non-default Rate; and

            (4) in all other cases, the Termination Rate.

"Applicable Deferral Rate" means:-

(a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant
payer to be a rate offered to the payer by a major bank in a relevant interbank
market for overnight deposits in the applicable currency, such bank to be
selected in good faith by the payer for the purpose of obtaining a
representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market;

(b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition
of Applicable Close-out Rate, the rate certified by the relevant payer to be a
rate offered to prime banks by a major bank in a relevant interbank market for
overnight deposits in the applicable currency, such bank to be selected in good
faith by the payer after consultation with the other party, if practicable, for
the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market; and

(c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and
(b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the
arithmetic mean of the rate determined pursuant to clause (a) above and a rate
per annum equal to the cost (without proof or evidence of any actual cost) to
the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount.

"Automatic Early Termination" has the meaning specified in Section 6(a).

"Burdened Party" has the meaning specified in Section 5(b)(iv).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs after the parties enter into the relevant
Transaction.

"Close-out Amount" means, with respect to each Terminated Transaction or each
group of Terminated Transactions and a Determining Party, the amount of the
losses or costs of the Determining Party that are or would be incurred under
then prevailing circumstances (expressed as a positive number) or gains of the
Determining Party that are or would be realised under then prevailing
circumstances (expressed as a negative number) in replacing, or in providing for
the Determining Party the economic equivalent of, (a) the material terms of that
Terminated Transaction or group of Terminated Transactions, including the
payments and deliveries by the parties under Section 2(a)(i) in respect of that
Terminated Transaction or group of Terminated Transactions that would, but for
the occurrence of the relevant Early Termination Date, have been required after
that date (assuming satisfaction of the conditions precedent inSection
2(a)(iii)) and (b) the option rights of the parties in respect of that
Terminated Transaction or group of Terminated Transactions.

Any Close-out Amount will be determined by the Determining Party (or its agent),
which will act in good faith and use commercially reasonable procedures in order
to produce a commercially reasonable result. The Determining Party may determine
a Close-out Amount for any group of Terminated Transactions or any individual
Terminated Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early
Termination Date or, if that would not be commercially reasonable, as of the
date or dates following the Early Termination Date as would be commercially
reasonable.

Unpaid Amounts in respect of a Terminated Transaction or group of Terminated
Transactions and legal fees and out-of-pocket expenses referred to in Section 11
are to be excluded in all determinations of Close-out Amounts.

In determining a Close-out Amount, the Determining Party may consider any
relevant information, including, without limitation, one or more of the
following types of information: -

(i) quotations (either firm or indicative) for replacement transactions supplied
by one or more third parties that may take into account the creditworthiness of
the Determining Party at the time the quotation is provided and the terms of any
relevant documentation, including credit support documentation, between the
Determining Party and the third party providing the quotation;

(ii) information consisting of relevant market data in the relevant market
supplied by one or more third parties including, without limitation, relevant
rates, prices, yields, yield curves, volatilities, spreads, correlations or
other relevant market data in the relevant market; or

(iii) information of the types described in clause (i) or (ii) above from
internal sources (including any of the Determining Party's Affiliates) if that
information is of the same type used by the Determining Party in the regular
course of its business for the valuation of similar transactions.

The Determining Party will consider, taking into account the standards and
procedures described in this definition, quotations pursuant to clause (i) above
or relevant market data pursuant to clause (ii) above unless the Determining
Party reasonably believes in good faith that such quotations or relevant market
data are not readily available or would produce a result that would not satisfy
those standards. When considering information described in clause (i), (ii) or
(iii) above, the Determining Party may include costs of funding, to the extent
costs of funding are not and would not be a component of the other information
being utilised. Third parties supplying quotations pursuant to clause (i) above
or market data pursuant to clause (ii) above may include, without limitation,
dealers in the relevant markets, end-users of the relevant product, information
vendors, brokers and other sources of market information.

Without duplication of amounts calculated based on information described in
clause (i), (ii) or (iii) above, or other relevant information, and when it is
commercially reasonable to do so, the Determining Party may in addition consider
in calculating a Close-out Amount any loss or cost incurred in connection with
its terminating, liquidating or re-establishing any hedge related to a
Terminated Transaction or group of Terminated Transactions (or any gain
resulting from any of them).

Commercially reasonable procedures used in determining a Close-out Amount may
include the following:-

(1) application to relevant market data from third parties pursuant to clause
(ii) above or information from internal sources pursuant to clause (iii) above
of pricing or other valuation models that are, at the time of the determination
of the Close-out Amount, used by the Determining Party in the regular course of
its business in pricing or valuing transactions between the Determining Party
and unrelated third parties that are similar to the Terminated Transaction or
group of Terminated Transactions; and

(2) application of different valuation methods to Terminated Transactions or
groups of Terminated Transactions depending on the type, complexity, size or
number of the Terminated Transactions or group of Terminated Transactions.

"Confirmation" has the meaning specified in the preamble.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Contractual Currency" has the meaning specified in Section 8(a).

"Convention Court" means any court which is bound to apply to the Proceedings
either Article 17 of the 1968 Brussels Convention on Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the
1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil
and Commercial Matters.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Cross-Default" means the event specified in Section 5(a)(vi).

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Designated Event" has the meaning specified in Section 5(b)(v).

"Determining Party" means the party determining a Close-out Amount.

"Early Termination Amount" has the meaning specified in Section 6(e).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"electronic messages" does not include e-mails but does include documents
expressed in markup languages, and "electronic messaging system" will be
construed accordingly.

"English law" means the law of England and Wales, and "English" will be
construed accordingly.

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Force Majeure Event" has the meaning specified in Section 5(b).

"General Business Day" means a day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency
deposits).

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority),
and "unlawful" will be construed accordingly.

"Local Business Day" means (a) in relation to any obligation under Section
2(a)(i), a General Business Day in the place or places specified in the relevant
Confirmation and a day on which a relevant settlement system is open or
operating as specified in the relevant Confirmation or, if a place or a
settlement system is not so specified, as otherwise agreed by the parties in
writing or determined pursuant to provisions contained, or incorporated by
reference, in this Agreement, (b) for the purpose of determining when a Waiting
Period expires, a General Business Day in the place where the event or
circumstance that constitutes or gives rise to the Illegality or Force Majeure
Event, as the case may be, occurs, (c) in relation to any other payment, a
General Business Day in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment and, if that currency does not have a single recognised principal
financial centre, a day on which the settlement system necessary to accomplish
such payment is open, (d) in relation to any notice or other communication,
including notice contemplated under Section 5(a)(i), a General Business Day (or
a day that would have been a General Business Day but for the occurrence of an
event or circumstance which would, if it occurred with respect to payment,
delivery or compliance related to a Transaction, constitute or give rise to an
Illegality or a Force Majeure Event) in the place specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant
locations for performance with respect to such Specified Transaction.

"Local Delivery Day" means, for purposes of Sections 5(a)(i) and 5(d), a day on
which settlement systems necessary to accomplish the relevant delivery are
generally open for business so that the delivery is capable of being
accomplished in accordance with customary market practice, in the place
specified in the relevant Confirmation or, if not so specified, in a location as
determined in accordance with customary market practice for the relevant
delivery.

"Master Agreement" has the meaning specified in the preamble.

"Merger Without Assumption" means the event specified in Section 5(a)(viii).

"Multiple Transaction Payment Netting" has the meaning specified in Section
2(c).

"Non-affected Party" means, so long as there is only one Affected Party, the
other party.

"Non-default Rate" means the rate certified by the Non-defaulting Party to be a
rate offered to the Non-defaulting Party by a major bank in a relevant interbank
market for overnight deposits in the applicable currency, such bank to be
selected in good faith by the Non-defaulting Party for the purpose of obtaining
a representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Other Amounts" has the meaning specified in Section 6(f).

"Payee" has the meaning specified in Section 6(f).

"Payer" has the meaning specified in Section 6(f).

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Proceedings" has the meaning specified in Section 13(b).

"Process Agent" has the meaning specified in the Schedule.

"rate of exchange" includes, without limitation, any premiums and costs of
exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Schedule" has the meaning specified in the preamble.

"Scheduled Settlement Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect to any such transaction) now existing or
hereafter entered into between one party to this Agreement (or any Credit
Support Provider of such party or any applicable Specified Entity of such party)
and the other party to this Agreement (or any Credit Support Provider of such
other party or any applicable Specified Entity of such other party) which is not
a Transaction under this Agreement but (i) which is a rate swap transaction,
swap option, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option, credit protection transaction, credit swap,
credit default swap, credit default option, total return swap, credit spread
transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index
transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of
these transactions) or (ii) which is a type of transaction that is similar to
any transaction referred to in clause (i) above that is currently, or in the
future becomes, recurrently entered into in the financial markets (including
terms and conditions incorporated by reference in such agreement) and which is a
forward, swap, future, option or other derivative on one or more rates,
currencies, commodities, equity securities or other equity instruments, debt
securities or other debt instruments, economic indices or measures of economic
risk or value, or other benchmarks against which payments or deliveries are to
be made, (b) any combination of these transactions and (c) any other transaction
identified as a Specified Transaction in this Agreement or the relevant
confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Stamp Tax Jurisdiction" has the meaning specified in Section 4(e).

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means, with respect to any Early Termination Date, (a)
if resulting from an Illegality or a Force Majeure Event, all Affected
Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if
resulting from any other Termination Event, all Affected Transactions and (c) if
resulting from an Event of Default, all Transactions in effect either
immediately before the effectiveness of the notice designating that Early
Termination Date or, if Automatic Early Termination applies, immediately before
that Early Termination Date.

"Termination Currency" means (a) if a Termination Currency is specified in the
Schedule and that currency is freely available, that currency, and (b)
otherwise, euro if this Agreement is expressed to be governed by English law or
United States Dollars if this Agreement is expressed to be governed by the laws
of the State of New York.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Close-out Amount is determined as of a later date, that later date,
with the Termination Currency at the rate equal to the spot exchange rate of the
foreign exchange agent (selected as provided below) for the purchase of such
Other Currency with the Termination Currency at or about 11:00 a.m. (in the city
in which such foreign exchange agent is located) on such date as would be
customary for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later date.
The foreign exchange agent will, if only one party is obliged to make a
determination under Section 6(e), be selected in good faith by that party and
otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Force Majeure Event, a Tax Event, a
Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon
Merger or an Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Threshold Amount" means the amount, if any, specified as such in the Schedule.

"Transaction" has the meaning specified in the preamble.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or
2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as
at such Early Termination Date, (b) in respect of each Terminated Transaction,
for each obligation under Section 2(a)(i) which was (or would have been but for
Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at
such Early Termination Date, an amount equal to the fair market value of that
which was (or would have been) required to be delivered and (c) if the Early
Termination Date results from an Event of Default, a Credit Event Upon Merger or
an Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions, any Early Termination Amount due prior to such Early
Termination Date and which remains unpaid as of such Early Termination Date, in
each case together with any amount of interest accrued or other

compensation in respect of that obligation or deferred obligation, as the case
may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market
value of any obligation referred to in clause (b) above will be determined as of
the originally scheduled date for delivery, in good faith and using commercially
reasonable procedures, by the party obliged to make the determination under
Section 6(e) or, if each party is so obliged, it will be the average of the
Termination Currency Equivalents of the fair market values so determined by both
parties.

"Waiting Period" means:-

(a) in respect of an event or circumstance under Section 5(b)(i), other than in
the case of Section 5(b)(i)(2) where the relevant payment, delivery or
compliance is actually required on the relevant day (in which case no Waiting
Period will apply), a period of three Local Business Days (or days that would
have been Local Business Days but for the occurrence of that event or
circumstance) following the occurrence of that event or circumstance; and

(b) in respect of an event or circumstance under Section 5(b)(ii), other than in
the case of Section 5(b)(ii)(2) where the relevant payment, delivery or
compliance is actually required on the relevant day (in which case no Waiting
Period will apply), a period of eight Local Business Days (or days that would
have been Local Business Days but for the occurrence of that event or
circumstance) following the occurrence of that event or circumstance.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

<PAGE>

                                         WELLS FARGO BANK,  N.A., AS TRUSTEE,
                                         ON  BEHALF OF BANC OF AMERICA
BANK OF AMERICA, N.A.                    ALTERNATIVE LOAN TRUST 2007-1
--------------------------------         -------------------------------------
      (Name of Party)                               (Name of Party)

By:                                      By:
    ----------------------------              ----------------------------------
    Name:                                     Name:
    Title:                                    Title:
    Date:                                     Date:

                                                                    ISDA(R) 2002

<PAGE>

                                    SCHEDULE

                                     to the

                                Master Agreement
                          (Multicurrency-Cross Border)

                                   dated as of

                                 March 29, 2007

                                     between

      BANK OF AMERICA, N.A., a national banking association organized under
                          the laws of the United States
                                   ("Party A")

                                       and

        WELLS FARGO BANK, N.A., AS TRUSTEE, ON BEHALF OF BANC OF AMERICA
                          ALTERNATIVE LOAN TRUST 2007-1

                                     a trust
         organized and existing under the laws of the State of New York
                                   ("Party B")

                                     Part 1
                                   Definitions

      Capitalized terms used herein and not otherwise defined shall have the
meaning specified in that certain Pooling and Servicing Agreement, dated March
29, 2007 (the "Pooling and Servicing Agreement") among Banc of America Mortgage
Securities, Inc., as depositor, Wells Fargo Bank, N.A., as Trustee, and Bank of
America, National Association, as servicer. For the avoidance of doubt,
references herein to a particular "Section" of this Agreement are references to
the corresponding sections of the Master Agreement.

                             Termination Provisions

In this Agreement:

(a) "Specified Entity" means in relation to Party A for the purpose of:

       Section 5(a)(v),       Not Applicable
       Section 5(a)(vi),      Not Applicable
       Section 5(a)(vii),     Not Applicable
       Section 5(b)(iv),      Not Applicable

      in relation to Party B for the purpose of:

       Section 5(a)(v),       Not Applicable
       Section 5(a)(vi),      Not Applicable
       Section 5(a)(vii),     Not Applicable
       Section 5(b)(iv),      Not Applicable

(b)   "Specified Transaction" will have the meaning specified in Section 14 of
      this Agreement.

(c)   Application of Events of Default. The provisions of Section 5(a) of this
      Agreement will apply to Party A and Party B as follows:

<TABLE>
<CAPTION>
Section 5(a)                                   Party A                  Party B
------------                                   -------                  -------
<S>                                           <C>                      <C>
(i)   "Failure to Pay or Deliver"             Applicable (except as    Applicable.
                                              provided below in Part
                                              1(e)(i)).

(ii)  "Breach of Agreement"                   Not Applicable.          Not Applicable.

(iii) "Credit Support Default"                Applicable (except as    Applicable.
                                              provided below in Part
                                              1(e)(i).

(iv)  "Misrepresentation"                     Not Applicable.          Not Applicable.

(v)   "Default Under Specified Transaction"   Not Applicable.          Not Applicable.

(vi)  "Cross-Default"                         Not Applicable.          Not Applicable.

(vii) "Bankruptcy"                            Applicable.              Applicable (the provisions
                                                                       of Section 5(a)(vii) clause
                                                                       2 will not be applicable as
                                                                       an Event of Default to the
                                                                       extent such event relates to
                                                                       nonpayment of indebtedness
                                                                       other than that of the related
                                                                       class of Certificates.

(viii)  "Merger Without Assumption"            Applicable.             Applicable.

</TABLE>

(d)   Section 5(a)(iii)(1) will apply in respect of Party B's obligations under
      Paragraph 3(b) of any credit support annex from time to time entered into
      between Party A and Party B in relation to this Agreement.

(e)   (i)  Notwithstanding Sections 5(a)(i) and 5(a)(iii), any failure
      by Party A to comply with or perform any obligation to be
      complied with or performed by Party A under any credit support
      annex from time to time entered into between Party A and Party B
      in relation to this Agreement shall not be an Event of Default
      unless (A) the Second Rating Trigger Requirements (defined below)
      apply and at least 30 Local Business Days have elapsed since the
      last time the Second Rating Trigger Requirements did not apply
      and (B) such failure is not remedied on or before the third Local
      Business Day after notice of such failure is given to Party A.

     (ii) With respect to Section 5(a)(vi):

      "Specified Indebtedness" will have the meaning specified in Section 14,
      provided that Specified Indebtedness shall not include deposits received
      in the course of a party's ordinary banking business.

      "Threshold Amount" means, with respect to Party A, 3% of shareholders'
      equity of Bank of America Corporation as described in its most recently
      published audited financial statements or its equivalent in any currency
      (excluding deposits).

(f)   Application of Events of Termination Events. The provisions of Section
      5(b) of this Agreement will apply to Party A and Party B as follows:

Section 5(b)                            Party A              Party B
------------                            -------              -------
(i)   "Illegality"                      Applicable.          Applicable.
(ii)  "Tax Event"                       Applicable.          Applicable.
(iii) "Tax Event Upon Merger"           Applicable.          Applicable.
(iv)  "Credit Event Upon Merger"        Not Applicable.      Not Applicable.

(g)   Notwithstanding Section 5(b)(iii), Party A shall not be entitled to
      designate an Early Termination Date by reason of a Tax Event Upon Merger
      in respect of which it is the Affected Party.

(h)   Section 6(b)(ii) will apply, Provided that the words "or if a Tax Event
      Upon Merger occurs and the Burdened Party is the Affected Party" shall be
      deleted.

(i)   The "Automatic Early Termination" provision of Section 6(a) will not apply
      to either Party A or to Party B.

(j)   Payments on Early Termination. For the purpose of Section 6(e) of this
      Agreement:

      Market Quotation will apply and the Second Method will apply; provided,
      however, with respect to an early termination in which Party A is the
      Defaulting Party or sole Affected Party in respect of an Additional
      Termination Event or Tax Event Upon Merger, notwithstanding Section 6 of
      this Agreement, the following amendment to Agreement set forth in
      paragraphs (i) to (ix) below shall apply:

      (i) For the purposes of Section 6(d)(i), Party B's obligation with respect
      to the extent of information to be provided with its calculations is
      limited to information Party B has already received in writing which Party
      B is able to release without breaching any contractual obligations or the
      provisions of any law applicable to Party B.

      (ii) The definition of "Market Quotation" shall be deleted in its entirety
      and replaced with the following:

      ""Market Quotation" means, with respect to one or more Terminated
      Transactions, a Firm Offer which is (1) made by a Reference Market-maker
      that is an Eligible Replacement, (2) for an amount that would be paid to
      Party B (expressed as a negative number) or by Party B (expressed as a
      positive number) in consideration of an agreement between Party B and such
      Reference Market-maker to enter into a transaction (the "Replacement
      Transaction") that would have the effect of preserving for such party the
      economic equivalent of any payment or delivery (whether the underlying
      obligation was absolute or contingent and assuming the satisfaction of
      each applicable condition precedent) by the parties under Section 2(a)(i)
      in respect of such Terminated Transactions or group of Terminated
      Transactions that would, but for the occurrence of the relevant Early
      Termination Date, have been required after that date, (3) made on the
      basis that Unpaid Amounts in respect of the Terminated Transaction or
      group of Transactions are to be excluded but, without limitation, any
      payment or delivery that would, but for the relevant Early Termination
      Date, have been required (assuming satisfaction of each applicable
      condition precedent) after that Early Termination Date is to be included
      and (4) made in respect of a Replacement Transaction with commercial terms
      substantially the same as those of this Agreement (save for the exclusion
      of provisions relating to Transactions that are not Terminated
      Transactions)."

      (iii) The definition of "Settlement Amount" shall be deleted in its
      entirety and replaced with the following:

      ""Settlement Amount" means, with respect to any Early Termination Date, an
      amount (as determined by Party B) equal to:

      (a)   If a Market Quotation for the relevant Terminated Transaction or
            group of Terminated Transactions is accepted by Party B so as to
            become legally binding on or before the day falling ten Local
            Business Days after the day on which the Early Termination Date is
            designated (or such later day as Party B may specify in writing to
            Party A, which in any event will not be later than the Early
            Termination Date) (such day, the "Latest Settlement Amount
            Determination Day"), the Termination Currency Equivalent of the
            amount (whether positive or negative) of such Market Quotation; or

      (b)   If no Market Quotation for the relevant Terminated Transaction or
            group of Terminated Transactions is accepted by Party B so as to
            become legally binding on or before the Latest Settlement Amount
            Determination Day, Party B's Loss (whether positive or negative and
            without reference to any Unpaid amounts) for the relevant Terminated
            Transaction or group of Terminated Transactions.

      (iv) For the purpose of paragraph (4) of the definition of Market
      Quotation, Party B shall determine in its sole discretion, acting in a
      commercially reasonable manner, whether a Firm Offer is made in respect of
      a Replacement Transaction with commercial terms substantially the same as
      those of this Agreement (save for the exclusion of provisions relating to
      Transactions that are not Terminated Transactions).

      (v) Party B undertakes to use its reasonable efforts to obtain at least
      one Market Quotation before the Latest Settlement Amount Determination
      Day.

      (vi) Party B will be deemed to have discharged its obligations under (v)
      above if it requests Party A to obtain Market Quotations, where such
      request is made in writing within two Local Business Days after the day on
      which the Early Termination Date is designated.

      (vii) if Party B requests Party A in writing to obtain Market Quotations,
      Party A shall use its reasonable efforts to do so before the Latest
      Settlement Amount Determination Day.

      (viii) Any amount calculated as being due in respect of an Early
      Termination Date will be payable in accordance with Section 6(d)(ii),
      provided that if such payment is owed to Party B, it will be payable on
      the day that notice of the amount payable is given to Party A.

      (ix) If the Settlement Amount is a negative number, Section 6(e)(i)(3) of
      this Agreement shall be deleted in its entirety and replaced with the
      following:

      "Second Method and Market Quotation. If Second Method and Market Quotation
      apply, (1) Party B shall pay to Party A an amount equal to the absolute
      value of the Settlement Amount in respect of the Terminated Transactions,
      (2) Party B shall pay to Party A the Termination Currency Equivalent of
      the Unpaid Amounts owing to Party A and (3) Party A shall pay to Party B
      the Termination Currency Equivalent of the Unpaid Amounts owing to Party
      B, Provided that, (i) the amounts payable under (2) and (3) shall be
      subject to netting in accordance with Section 2(c) of this Agreement and
      (ii) notwithstanding any other provision of this Agreement, any amount
      payable by Party A under (3) shall not be netted-off against any amount
      payable by Party B under (1).".

(k)   "Termination Currency" means United States Dollars.

(l)   Additional Termination Event will apply. Each of the following events
      shall constitute an Additional Termination Event hereunder:

      (i)   If Party A determines that the Agreement or any Transaction
            hereunder constitutes a prohibited transaction under the
            Employee Retirement Income Security Act of 1974, as amended
            ("ERISA") or Section 4975 of the Internal Revenue Code of
            1986 (the "Code") for which no exemption is available, or a
            violation of similar effect of any pension investment law
            applicable to one or more "governmental plans" as defined
            in ERISA and the Code then it shall be an Additional
            Termination Event as to which Party B shall be the sole
            Affected Party;"

      (ii)  A termination pursuant to Section 10.01 of the Pooling and Servicing
            Agreement. For purposes of Section 6 of this Agreement, Party B
            shall be the sole Affected Party.

      (iii) An amendment and/or supplement to the Pooling and Servicing
            Agreement is made without the prior written consent of Party A (such
            consent not to be unreasonably withheld), if such amendment and/or
            supplement would: (a) adversely affect any of Party A's rights or
            obligations under this Agreement; or (b) modify the obligations of,
            or impair the ability of, Party B to fully perform any of Party B's
            obligations under this Agreement. For purposes of Section 6 of this
            Agreement, Party B shall be the sole Affected Party.

            (iv) Downgrade of Party A. The following shall constitute Additional
            Termination Event in which Party A is the sole Affected Party:

            (A) S&P Downgrade. If a Ratings Event (as defined below) shall occur
            and be continuing with respect to Party A, then Party A shall (A)
            within 5 Business Days of such Ratings Event, give notice to Party B
            of the occurrence of such Ratings Event, and (B) use reasonable
            efforts to transfer (at its own cost) Party A's rights and
            obligations under this Agreement and all Confirmations to another
            party, subject to satisfaction of the Rating Agency Condition (as
            defined below). Unless such a transfer by Party A has occurred
            within 20 Business Days after the occurrence of a Ratings Event,
            Party A post Eligible Collateral (as designated in the approved
            Credit Support Annex), to secure Party B's exposure or potential
            exposure to Party A, and such Eligible Collateral shall be provided
            in accordance with a Credit Support Annex attached hereto.
            Notwithstanding the posting of Eligible Collateral, Party A shall
            continue to use reasonable efforts to transfer its rights and
            obligations under this Agreement to an acceptable third party;
            provided, however, that Party A's obligations to find a transferee
            and to post Eligible Collateral under such Credit Support Annex
            shall remain in effect only for so long as a Ratings Event is
            continuing with respect to Party A. For the purpose of this Part
            1(l), a "Ratings Event" shall occur with respect to Party A if the
            long-term and short-term senior unsecured deposit ratings of Party A
            cease to be at least A and A-1 by Standard & Poor's Ratings Service
            or any successor thereto ("S&P"), to the extent such obligations are
            rated by S&P. "Rating Agency Condition" means, with respect to any
            action taken or to be taken, a condition that is satisfied when S&P
            has confirmed that such action would not result in the downgrade,
            qualification (if applicable) or withdrawal of the rating then
            assigned by such Rating Agency to the applicable class of
            Certificates. In addition, if the long-term unsecured and
            unsubordinated debt rating of Party A ceases to be at least BBB- or
            is withdrawn by S&P, then Party A shall (at its own cost) (A) within
            10 General Business Days of such event use reasonable efforts to
            transfer Party A's rights and obligations under this Agreement to
            another party, subject to satisfaction of the Rating Agency
            Condition or (B) obtain a guaranty or contingent agreement of
            another person, which has the ratings set forth in the definition of
            "Ratings Event" to honor Party A's obligations under this Agreement,
            subject to satisfaction of the Rating Agency Condition. The failure
            by Party A to post Eligible Collateral in accordance herewith or to
            transfer its rights and obligations hereunder shall constitute an
            Additional Termination Event for which Party A shall be the sole
            Affected Party.

            (B) Moody's First Rating Trigger Collateral. Party A has failed to
            comply with or perform any obligation to be complied with or
            performed by Party A in accordance with the Credit Support Annex
            from time to time entered into between Party A and Party B in
            relation to this Agreement and either (x) the Moody's Second Rating
            Trigger Requirements do not apply or (y) less than 30 Local Business
            Days have elapsed since the last time the Moody's Second Rating
            Trigger Requirements did not apply.

            (C) Moody's Second Rating Trigger Replacement. (x) The Moody's
            Second Rating Trigger Requirements apply and 30 or more Local
            Business Days have elapsed since the last time the Moody's Second
            Rating Trigger Requirements did not apply and (y) (i) at least one
            Eligible Replacement has made a Firm Offer (which remains capable of
            becoming legally binding upon acceptance) to be the transferee of a
            transfer to be made in accordance with Part 5(m) below and/or (ii)
            at least one entity with the Moody's First Trigger Required Ratings
            and/or the Moody's Second Trigger Required Ratings has made a Firm
            Offer (which remains capable of becoming legally binding upon
            acceptance by the offeree) to provide an Eligible Guarantee in
            respect of all of Party A's present and future obligations under
            this Agreement.

            For the purpose of sub-paragraph (B) and (C) above:

            "Eligible Guarantee" means an unconditional and irrevocable
            guarantee that is provided by a guarantor as principal debtor rather
            than surety and is directly enforceable by Party B, where either (A)
            a law firm has given a legal opinion confirming that none of the
            guarantor's payments to Party B under such guarantee will be subject
            to withholding for tax or (B) such guarantee provides that, in the
            event that any of such guarantor's payments to Party B are subject
            to withholding for tax, such guarantor is required to pay such
            additional amount as is necessary to ensure that the net amount
            actually received by Party B (free and clear of any withholding tax)
            will equal the full amount Party B would have received had no such
            withholding been required.

            "Eligible Replacement" means an entity (A) with the Moody's First
            Trigger Required Ratings and/or the Moody's Second Trigger Required
            Ratings that is the subject of a legal opinion given by a law firm
            confirming that none of its payments to Party B will be subject to
            withholding for tax or (B) whose present and future obligations
            owing to Party B are guaranteed pursuant to an Eligible Guarantee
            provided by a guarantor with the Moody's First Trigger Required
            Ratings and/or the Moody's Second Trigger Required Ratings.

            "Firm Offer" means an offer which, when made, was capable of
            becoming legally binding upon acceptance.

            "Moody's Short-term Rating" means a rating assigned by Moody's under
            its short-term rating scale in respect of an entity's short-term,
            unsecured and unsubordinated debt obligations

            "Relevant Entities" means Party A and any guarantor under an
            Eligible Guarantee in respect of all of Party A's present and future
            obligations under this Agreement.

            An entity shall have the "Moody's First Trigger Required Ratings"
            (x) where such entity is the subject of a Moody's Short-term Rating,
            if such rating is "Prime-1" and its long-term, unsecured and
            unsubordinated debt obligations are rated "A2" or above by Moody's
            and (y) where such entity is not the subject of a Moody's Short-term
            Rating, if its long-term, unsecured and unsubordinated debt
            obligations are rated "A1" or above by Moody's.

            (i) The "Moody's Second Rating Trigger Requirements" shall apply so
            long as no Relevant Entity has the Second Trigger Required Ratings.

            An entity shall have the "Moody's Second Trigger Required Ratings"
            (x) where such entity is the subject of a Moody's Short-term Rating,
            if such rating is "Prime-2" or above and its long-term, unsecured
            and unsubordinated debt obligations are rated "A3" or above by
            Moody's and (y) where such entity is not the subject of a Moody's
            Short-term Rating, if its long-term, unsecured and unsubordinated
            debt obligations are rated "A3" or above by Moody's.

            (ii) So long as the Moody's Second Rating Trigger Requirements
            apply, Party A will at its own cost use commercially reasonable
            efforts to, as soon as reasonably practicable, procure either (x) an
            Eligible Guarantee in respect of all of Party A's present and future
            obligations under this Agreement to be provided by a guarantor with
            the Moody's First Trigger Required Ratings and/or the Moody's Second
            Trigger Required Ratings or (y) a transfer in accordance with Part
            5(m)(ii) below.

                                     Part 2
                               Tax Representations

(a)   Payer Representations. For the purpose of Section 3(e) of this Agreement,
      Party A and Party B make the following representation:

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority, of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii), or 6(e) of this
      Agreement) to be made by it to the other party under this Agreement. In
      making this representation, it may rely on (i) the accuracy of any
      representations made by the other party pursuant to Section 3(f) of this
      Agreement, (ii) the satisfaction of the agreement contained in Section
      4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy and effectiveness
      of any document provided by the other party pursuant to Section 4(a)(i) or
      4(a)(iii) of this Agreement, and (iii) the satisfaction of the agreement
      of the other party contained in Section 4(d) of this Agreement, provided
      that it shall not be a breach of this representation where reliance is
      placed on clause (ii) and the other party does not deliver a form or
      document under Section 4(a)(iii) by reason of material prejudice to its
      legal or commercial position.

(b)   Payee Representations. For the purpose of Section 3(f) of this Agreement,
      Party A and Party B make the following representations:

      (i)   Party A represents that it is a "U.S. Person" (as that term is used
            in section 1.1441-4(a)(3)(ii) of the United States Treasury
            Regulations for United States federal income tax purposes and an
            "Exempt recipient" (within the meaning of Section 1.6049-4(c)(1)(ii)
            of United States Treasury Regulations) for United States federal
            income tax purposes.

      (ii)  Party B represents that it is a New York law common trust and it is
            a "U.S Person" (as that term is used in section 1.1441-4(a)(3)(ii)
            of the United States Treasury Regulations for United States federal
            income tax purposes and an "Exempt recipient" (within the meaning of
            Section 1.6049-4(c)(1)(ii) of United States Treasury Regulations)
            for United States federal income tax purposes.

                                     Part 3
                         Agreement to Deliver Documents

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each Party agrees
to deliver the following documents as applicable:

(a) Tax forms, documents or certificates to be delivered are:

   Party Required        Form/Document/            Date by which
to deliver Document        Certificate             to Delivered
-------------------   -----------------   ---------------------------------
Party B.              An executed U.S.    (i) Before the first Payment Date
                      Internal Revenue    under this Agreement, (ii)
                      Service Form W-9
                      or any successor    promptly upon reasonable demand by
                      thereto).           Party A and (iii) promptly upon
                                          learning that any such
                                          form previously provided
                                          to Party A has become
                                          obsolete or incorrect.

(b) Other documents to be delivered are:

<TABLE>
<CAPTION>
Party Required           Form/                          `                Covered by
  to deliver           Document/               Date by which to be       Section 3(d)
   Document           Certificate                  Delivered             Representation
--------------    --------------------------   -----------------------   --------------
<S>               <C>                          <C>                       <C>
Party B.          Credit Support Document,     Concurrently with the         Yes.
                  if any, specified in Part    execution of this
                  4 hereof, such Credit        Agreement.
                  Support Document being
                  duly executed if required.

Party A/          Incumbency certificate or    Concurrently with the         Yes.
Party B.          other documents              execution of this
                  evidencing the authority     Agreement or of any
                  of the party entering        other documents
                  into this Agreement or       executed in connection
                  any other document           with this Agreement.
                  executed in connection
                  with this Agreement.

Party B.          Monthly statement setting    To be made available          Yes.
                  forth the information        on www.ctslink.com as
                  specified in Section 5.04    soon as available.
                  of the Pooling and
                  Servicing Agreement

Party A and       Legal opinion from           Concurrently with the         No.
Party B.          counsel (which may be in     execution of this
                  house counsel) concerning    Agreement.
                  due authorization,
                  enforceability and
                  related matters,
                  addressed to the other
                  party and acceptable to
                  such other party.

Party A and       Certified copies of all      Upon execution and            Yes
Party B.          corporate, partnership or    delivery of this
                  membership                   Agreement or promptly
                  authorizations, as the       upon receipt in the
                  case may be, and any         case of Party B
                  other documents with
                  respect to the execution,
                  delivery and performance
                  of this Agreement and any
                  Credit Support Document

Party A.          Annual Report of Bank of     To be made                    Yes
                  America Corporation          available on
                  containing audited,          www.bankofamerica.com/
                  consolidated financial       investor/ as soon
                  statements certified by      as available and in
                  independent certified        any event within 90
                  public accountants and       days after the end
                  prepared in accordance       of each fiscal year
                  with generally accepted      of Party-A
                  accounting principles in
                  the country in which such
                  party is organized

Party A.          Quarterly Financial          To be made                    Yes
                  Statements of Bank of        available on
                  America Corporation          www.bankofamerica.com/
                  containing unaudited,        investor/ as soon
                  consolidated financial       as available and in
                  statements of such           any event within 30
                  party's fiscal quarter       days after the end
                  prepared in accordance       of each fiscal
                  with generally accepted      quarter of Party A
                  accounting principles in
                  the country in which such
                  party is organized
</TABLE>

                  [remainder of page intentionally left blank]

<PAGE>

                                     Part 4
                                  Miscellaneous

(a) Addresses for Notices: For the purpose of Section 12(a) of this Agreement:

      Address for notices or communications to Party A:

      Bank of America, N.A.
      Sears Tower
      233 South Wacker Drive, Suite 2800
      Chicago, IL 60606
      Attention: Swap Operations
      Telephone No.: 312-234-2732
      Facsimile No.: 866-255-1444

      with a copy to:

      Bank of America, N.A.
      100 N. Tryon St., NC1-007-13-01
      Charlotte, North Carolina  28255
      Attention: Global Markets Trading Agreements
      Facsimile No.: 704-386-4113

      (For all purposes).

      Address for notices or communications to Party B:

         c/o Wells Fargo Bank, N.A.
         9062 Old Annapolis Road
         Columbia, MD 21045
         Attention: Client Manager - BOAALT 2007-1
         Telephone No.: 410.884.2000
         Facsimile No.: 410.715.2380

      (For all purposes).

(b) Process Agent. For the purpose of Section 13(c):

      Party A appoints as its Process Agent:    Not Applicable.

      Party B appoints as its Process Agent:    Not Applicable.

(c) Offices. The provisions of Section 10(a) will apply to this Agreement.

(d) Multibranch Party. For the purpose of Section 10(c) of this Agreement:

      Party A is a Multibranch Party and may act through its Charlotte, North
      Carolina, Chicago, Illinois, San Francisco, California, New York, New
      York, Boston, Massachusetts or London, England Office, or such other
      Office as may be agreed to by the parties in connection with a
      Transaction.

      Party B is not a Multibranch Party.

(e) Calculation Agent. The Calculation Agent is Party A.

(f) Credit Support Document. Details of any Credit Support Document:

      Each of the following, as amended, extended, supplemented or otherwise
      modified in writing from time to time, is a "Credit Support Document":

      Party A: the 1994 ISDA Credit Support Annex and paragraph 13 thereto dated
      as of the date hereof and attached hereto.

      Party B: the Pooling and Servicing Agreement.

      Party B agrees that any security interests in collateral granted to Party
      A under the foregoing Credit Support Documents shall secure the
      obligations of Party B to Party A under this Agreement.

(g) Credit Support Provider.

      Credit Support Provider means in relation to Party A, Not Applicable

      Credit Support Provider means in relation to Party B, Not Applicable.

(h)   Governing Law. This Agreement will be governed by and construed in
      accordance with the laws of the State of New York (without reference to
      its conflict of laws provisions, except for Sections 5-1401 and 5-1402 of
      the New York General Obligations Law).

(i)   Netting of Payments. Subparagraph (ii) of Section 2(c) shall apply to all
      Transactions; provided, however, if the parties otherwise so agree, then
      subparagraph (ii) of Section 2(c) shall not apply.

(j)   "Affiliate" will have the meaning specified in Section 14 of this
      Agreement.

                                     Part 5
                                Other Provisions

(a)   Representations. Section 3(a)(iii) is hereby amended by inserting the
      words "or investment policies, or guidelines, procedures, or
      restrictions," immediately following the word "documents."

(b)   Financial Statements. Section 3(d) is hereby amended by adding in the
      third line thereof after the word "respect" and before the period:

      "or, in the case of financial statements, a fair presentation of the
      financial condition of the relevant party."

(c)   Additional Representations. For purposes of Section 3, the following shall
      be added, immediately following paragraph (f) thereto:

      (g)   It (in the case of Party B, the Issuing Entity) is an "eligible
            contract participant" within the meaning of Section 1(a)(12) of the
            Commodity Exchange Act, as amended.

      (h)   It (in the case of Party B, the Issuing Entity) has entered into
            this Agreement (including each Transaction evidenced hereby) in
            conjunction with its line of business (including financial
            intermediation services) or the financing of its business.

      (i)   It (in the case of Party B, the Issuing Entity) is entering into
            this Agreement, any Credit Support Document to which it is a party,
            each Transaction and any other documentation relating to this
            Agreement or any Transaction as principal (and not as agent or in
            any other capacity, fiduciary or otherwise).

      In addition, the parties each represent that:

            Non-Reliance. Each party (in the case of Party B, the Issuing
            Entity) represents to the other party (which representation will be
            deemed to be repeated by each party on each date on which a
            Transaction is entered into or amended, extended or otherwise
            modified) that: (1) it is acting for its own account and has made
            its own independent decisions to enter into this Agreement and any
            Transaction hereunder and as to whether this Agreement and any
            Transaction hereunder is appropriate or proper for it based on its
            own judgment and upon advice from such advisors as it has deemed
            necessary; (2) it is not relying on any communication (written or
            oral) of the other party as investment advice or as a recommendation
            to enter into this Agreement or any Transaction hereunder, it being
            understood that information and explanations related to the terms
            and conditions of this Agreement and any Transaction hereunder shall
            not be considered investment advice or a recommendation to enter
            into this Agreement or any Transaction hereunder; (3) no
            communication (written or oral) received from the other party shall
            be deemed to be an assurance or guarantee as to the expected results
            of any Transaction hereunder; and (4) it is capable of evaluation
            and understanding (on its own behalf or through independent
            professional advice), and understand and accepts, the terms,
            conditions and risks of that Transaction; and (5) it is capable of
            assuming, and assumes, the financial and other risks of that
            Transaction.

      In addition, Party B makes the following representations to Party A (which
            representations will be deemed to be repeated by Party B at all
            times until the termination of this Agreement):

            (A) ERISA Prohibited Transactions.

            this Agreement and the Transactions contemplated under this
            Agreement do not and will not constitute a prohibited transaction
            under the Employee Retirement Income Security Act of 1974, as
            amended ("ERISA") or the Internal Revenue Code of 1986, as amended
            (the "Code"), by reason that all of the conditions of the
            Underwriter Exemption, Prohibited Transaction Exemption 93-31, have
            been satisfied;

      In addition, Party A represents that:

            Pari Passu: Its obligations under this Agreement rank pari passu
            with all of its other unsecured, unsubordinated obligations except
            those obligations preferred by operation of law.

(d)   Method of Notice. Section 12(a)(ii) of this Agreement is deleted in its
      entirety.

(e)   Set-off. Without affecting the provisions of this Agreement requiring the
      calculation of certain net payment amounts, as a result of an Event of
      Default or Additional Termination Event or otherwise, all payments under
      this Agreement will be made without setoff or counterclaim. Section 6(f)
      of this Agreement is deleted in its entirety

(f)   Escrow. If by reason of the time difference between the cities in which
      payments are to be made, it is not possible for simultaneous payments to
      be made on any date on which both parties are required to make payments
      hereunder, either party may, at its option and in its sole discretion,
      notify the other party that payments on that date are to be made in
      escrow. In this case, deposit of the payment due earlier on that date
      shall be made by 2:00 p.m. (local time at the place for the earlier
      payment) on that date with an escrow agent selected by the notifying party
      (and reasonably acceptable to the notified party), accompanied by
      irrevocable payment instructions (i) to release the deposited payment to
      the intended recipient upon receipt by the escrow agent of the required
      deposit of the corresponding payment from the other party on the same date
      accompanied by irrevocable payment instructions to the same effect or (ii)
      if the required deposit of the corresponding payment is not made on that
      same date, to return the payment deposited to the party that paid it in
      escrow. The party that elects to have payments made in escrow shall pay
      the costs of the escrow arrangements and shall cause those arrangements to
      provide that the intended recipient of the payment due to be deposited
      first shall be entitled to interest on that deposited payment for each day
      in the period of its deposit at the rate offered by the escrow agent for
      that day for overnight deposits in the relevant currency in the office
      where it holds that deposited payment (at 11:00 a.m. local time on that
      day) if that payment is not released by 5:00 p.m. local time on the date
      it is deposited for any reason, other than the intended recipient's
      failure to make the escrow deposit it is required to make hereunder in a
      timely fashion.

(g)   Consent to Recording. The parties agree that each may electronically
      record all telephonic conversations between marketing and trading
      personnel in connection with this Agreement and that any such recordings
      may be submitted in evidence in any Proceedings relating to the Agreement.

(h)   Waiver of Jury Trial. Each Party hereby irrevocably waives any and all
      right to trial by jury with respect to any legal proceeding arising out of
      or relating to this Agreement, any Credit Support Document or any
      Transaction contemplated hereunder.

(i)   Definitions. Capitalized terms used within this Agreement or in the
      Confirmations to the Transaction but not defined herein or therein shall
      have the meanings assigned to such terms in the Pooling and Servicing
      Agreement.

(j)   Additional Acknowledgments and Agreements of the Parties.

      (i)   No Amendment without Prior Confirmation by Rating Agencies. Section
            9(b) of this Agreement is hereby amended by adding the following at
            the end of such Section: ", and unless the Rating Agencies confirm
            that such amendment will not cause the reduction, suspension or
            withdrawal of the then current rating on any of the Certificates,
            unless such amendment clarifies any term or provision, corrects any
            inconsistency, cures any ambiguity, or corrects any typographical
            error in the Agreement (in which case copies of such proposed
            amendment will be provided to the Rating Agencies prior to the
            effectiveness of such amendment)."

      (ii)  Consent by Party A to Amendments to Certain Documents. Before any
            amendment or supplement is made to the Pooling and Servicing
            Agreement and/or any other Transaction Document which would
            adversely affect any of Party A's rights or obligations under this
            Agreement, or modify the obligations of or impair the ability of
            Party B to fully perform any of Party B's obligations under this
            Agreement, Party B shall provide Party A with a copy of the proposed
            amendment or supplement and shall obtain the written consent of
            Party A (which consent shall not be unreasonably withheld) to such
            amendment or supplement prior to its adoption, as well as
            satisfaction of the Rating Agency Condition. For the avoidance of
            doubt, any Transaction Document may be amended, supplemented or
            otherwise modified in accordance with the terms thereof without the
            consent of Party A to cure any typographical error or ambiguity,
            provided that such actions shall not adversely affect in any
            respects the interests of Party A.

(k) Transfers.

      (i)   Section 7 of this Agreement shall not apply to Party A and, subject
            to Section 6(b)(ii) and Part 5(m)(ii) below, Party A may not
            transfer (whether by way of security or otherwise) any interest or
            obligation in or under this Agreement without the prior written
            consent of Party B and satisfaction of Rating Agency Condition.

      (ii)  Party A may (at its own cost) transfer all or substantially all of
            its rights and obligations with respect to this Agreement to any
            other entity (a "Transferee") that is an Eligible Replacement,
            provided that Party B shall determine in its sole discretion, acting
            in a commercially reasonable manner, whether or not a transfer
            relates to all or substantially all of Party A's rights and
            obligations under this Agreement. Following such transfer, all
            references to Party A shall be deemed to be references to the
            Transferee and satisfaction of Rating Agency Condition.

      (iii) If an entity has made a Firm Offer (which remains capable of
            becoming legally binding upon acceptance) to be the transferee of a
            transfer to be made in accordance with (ii) above, Party B shall (at
            Party A's cost) at Party A's written request, take any reasonable
            steps required to be taken by it to effect such transfer and
            satisfaction of Rating Agency Condition.

(l)   Non-Petition. Party A hereby agrees that it will not, prior to the date
      which is one year and one day after all Certificates (as such term is
      defined in the Pooling and Servicing Agreement) issued by the Issuing
      Entity pursuant to the Pooling and Servicing Agreement have been paid in
      full, acquiesce, petition or otherwise invoke or cause Party B, or Banc of
      America Alternative Loan Trust 2007-1 Trust (the "Issuing Entity") to
      invoke the process of any court or governmental authority for the purpose
      of commencing or sustaining a case against Party B or the Issuing Entity
      under any federal or state bankruptcy, insolvency or similar law or for
      the purpose of appointing a receiver, liquidator, assignee, trustee,
      custodian, sequestrator or other similar official for Party B or the
      Issuing Entity or any substantial part of the property of Party B or the
      Issuing Entity, or for the purpose of ordering the winding up or
      liquidation of the affairs of Party B or the Issuing Entity. Nothing
      herein shall prevent Party A from participating in any such proceeding
      once commenced.

(m)   USA PATRIOT Act Notice. Party A hereby notifies Party B that pursuant to
      the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
      (signed into law October 26, 2001)) (the "Act"), it is required to obtain,
      verify and record information that identifies Party B, which information
      includes the name and address of Party B and other information that will
      allow Party A to identify Party B in accordance with the Act.

(n)   Limited Recourse. The obligations of Party B under this Agreement are
      limited recourse obligations of the Issuing Entity, payable solely from
      the amounts provided under the Pooling and Servicing Agreement, subject to
      and in accordance with the terms of the Pooling and Servicing Agreement,
      and, following payment of such amounts, any claims of Party A against
      Party B shall be extinguished. It is understood that the foregoing
      provisions shall not (i) prevent recourse to the assets of the Issuing
      Entity for the sums due or to become due under any security, instrument or
      agreement which is secured by such assets (subject to the priority of
      payments set forth in the Pooling and Servicing Agreement) or (ii)
      constitute a waiver, release or discharge of any obligation of Party B
      arising under this Agreement until such assets have been realized and the
      proceeds applied in accordance with the Pooling and Servicing Agreement,
      whereupon any outstanding obligation of Party B under this Agreement shall
      be extinguished. Notwithstanding the foregoing (or anything to the
      contrary in this Agreement), Party B shall be liable for its own fraud,
      negligence, willful misconduct and/or bad faith.

(o)   Jurisdiction. Section 13(b) of this Agreement is hereby amended by: (i)
      deleting the word "non-" in the second line of subparagraph (i) thereof;
      and (ii) adding the words "except as necessary to pursue enforcement of
      the judgment of any such court in other jurisdictions" to the last line of
      subparagraph (i) thereof.

(p)   Delivery of Confirmations. For each Transaction entered into hereunder,
      Party A shall promptly send to Party B a Confirmation (which may be via
      facsimile transmission). Party B agrees to respond to such Confirmation
      promptly, either confirming agreement thereto or requesting a correction
      of any error(s) contained therein. Failure by Party A to send a
      Confirmation or of Party B to respond within such period shall not affect
      the validity or enforceability of such Transaction. Absent manifest error,
      there shall be a presumption that the terms contained in such Confirmation
      are the terms of the Transaction.

(q)   Additional Events of Default with respect to Party B. The occurrence of
      any of the following events shall constitute an Event of Default with
      respect to Party B as though specified as such in Section 5(a) of this
      Agreement:

      (i) Loss of Exemption and Prohibited Transaction. If Party A determines
      that the Underwriter Exemption (as defined above) does not apply to this
      Agreement or any Transaction hereunder and that the execution, delivery or
      performance of the Agreement or any Transaction hereunder constitutes a
      prohibited transaction under the Employee Retirement Income Security Act
      of 1974, as amended ("ERISA") or Section 4975 of the Internal Revenue Code
      of 1986 (the "Code") for which no exemption is available, or a violation
      of similar effect of any pension investment law applicable to one or more
      "governmental plans" as defined in ERISA and the Code.

(r) Safe Harbors. Each party to this Agreement acknowledges that:

      (i)   This Agreement, including any Credit Support Document, is a
            "master netting agreement" as defined in the U.S.
            Bankruptcy Code (the "Code"), and a "netting contract" as
            defined in the netting provisions of the Federal Deposit
            Insurance Corporation Improvement Act of 1991 ("FDICIA"),
            and this Agreement, including any Credit Support Document,
            and each Transaction hereunder is of a type set forth in
            Section 561(a)(1)-(5) of the Code;

      (ii)  Party A is a "master netting agreement participant," a "financial
            institution," a "financial participant," a "forward contract
            merchant" and a "swap participant" as defined in the Code, and a
            "financial institution" as defined in the netting provisions of
            FDICIA;

      (iii) The remedies provided herein, and in any Credit Support Document,
            are the remedies referred to in Section 561(a), Sections 362(b)(6),
            (7), (17) and (27), and Section 362(o) of the Code, and in Section
            11(e)(8)(A) and (C) of the Federal Deposit Insurance Act;

      (iv)  All transfers of cash, securities or other property under or in
            connection with this Agreement, any Credit Support Document or any
            Transaction hereunder are "margin payments," "settlement payments"
            and "transfers" under Sections 546(e), (f), (g) or (j), and under
            Section 548(d)(2) of the Code; and

      (v)   Each obligation under this Agreement, any Credit Support Document or
            any Transaction hereunder is an obligation to make a "margin
            payment," "settlement payment" and "payment" within the meaning of
            Sections 362, 560 and 561 of the Code.

(s) Tax.

      (i)   Notwithstanding the definition of "Indemnifiable Tax" in Section 14
            of this Agreement, in relation to payments by Party A, any Tax shall
            be an Indemnifiable Tax and, in relation to payments by Party B, no
            Tax shall be an Indemnifiable Tax.

      (ii)  Section 2(d)(i)(4) of this Agreement shall be deleted in its
            entirety and replaced with the words "if such Tax is an
            Indemnifiable Tax, pay to Y, in addition to the payment to which Y
            is otherwise entitled under this Agreement, such additional amount
            as is necessary to ensure that the net amount actually received by Y
            (free and clear of Indemnifiable Taxes, whether assessed against X
            or Y) will equal the full amount Y would have received had no such
            deduction or withholding been required".

(t)   Limitation of Trustee's Liability. It is expressly understood and
      agreed by the parties hereto that insofar as this Agreement or
      the Confirmation is executed by Wells Fargo Bank, N.A., (i) the
      same is executed and delivered by it not in its individual
      capacity but solely as Trustee under (and as defined in) the
      Pooling and Servicing Agreement, in the exercise of the powers
      and authority conferred upon and vested in it thereunder and
      pursuant to instructions set forth herein, (ii) each of the
      representations, undertakings and other agreements herein made on
      behalf of Party B is made and intended not as a personal
      representation, undertaking or agreement of Wells Fargo Bank,
      N.A. in its individual capacity, but is made and intended solely
      for the purpose of binding only Party B, and (iii) under no
      circumstances shall Wells Fargo Bank, N.A., in its individual
      capacity, be personally liable for the payment of any
      indebtedness or expenses or be personally liable for the breach
      or failure of any obligation, representation, warranty, covenant
      or other agreement made or undertaken by it on behalf of Party B
      under this Agreement or any Confirmation hereunder.
      Notwithstanding the foregoing (or anything to the contrary
      herein), the Trustee shall be liable for its own fraud,
      negligence, willful misconduct and/or bad faith

(u)   Compliance with Regulation AB. In connection with the Pooling and
      Servicing Agreement, Party B represents that this Agreement is a
      derivative instrument as described in Item 1115 of Regulation AB under the
      Securities Act of 1933 and the Securities Exchange Act of 1934, as amended
      ("Regulation AB"), and not a credit support contract described in Item
      1114 of Regulation AB.

      (a) In accordance with Regulation AB, Party A represents that: (i) the
      name of the derivative counterparty is Bank of America, N.A.; (ii) the
      organizational form of the derivative counterparty is a national banking
      association organized under the laws of the United States; and (iii) the
      general character of the business of the derivative counterparty is to be
      engaged in a general consumer banking, commercial banking and trust
      business, offering a wide range of commercial, corporate, international,
      financial market, retail and fiduciary banking services.

      (b) Party A has been advised that the Depositor and the Issuing Entity are
      required under Regulation AB to disclose certain financial information
      regarding Party A depending on the applicable "significance percentage" of
      this Agreement, as calculated from time to time in accordance with Item
      1115 of Regulation AB (as discussed in the Pooling and Servicing
      Agreement). Party A has been advised by the Sponsor that the applicable
      "significance percentage" of this Agreement is less than 10% as of the
      date of initial issuance of the Certificates, and accordingly, no
      financial information regarding Party A need be disclosed as of such date
      in accordance with Item 1115 of Regulation AB.

      (c) If required, Party A shall provide to the Trustee the applicable
      financial information described under Item 1115(b)(1) or (b)(2), as
      applicable, of Regulation AB, including agreed upon procedures letters and
      related consents of certified public accountants with respect thereto (the
      "Reg AB Information") within five (5) Local Business Days of receipt of a
      written request for such Reg AB Information by Party B (the "Response
      Period"), so long as the Sponsor has reasonably determined, in good faith,
      that such information is required under Regulation AB; provided, however,
      that if Party A, in good faith, determines that it is unable to provide
      the Reg AB Information within the Response Period, then, subject to the
      Rating Agency Condition, Party A shall use reasonable efforts to cause a
      Reg AB Approved Entity (as defined below) to replace Party A as party to
      this Agreement on terms substantially similar to this Agreement and
      provide the required Reg AB Information prior to the expiration of the
      Response Period; and provided, further, that if Party A makes such
      determination and is not able to cause such a replacement, an Additional
      Termination Event shall occur, as to which Party A shall be the sole
      Affected Party.

      (d) "Reg AB Approved Entity" means any entity that (i) has the ability to
      provide the Reg AB Information and (ii) meets or exceeds the Approved
      Rating Thresholds (as defined below). If Party B requests (in writing) the
      Reg AB Information from Party A, then Party B shall promptly (and in any
      event within two (2) Local Business Days of the date of the request for
      the Reg AB Information) provide Party A with a written explanation of how
      the significance percentage was calculated.

      (e) "Approved Rating Thresholds" means an entity that has a long-term and
      short-term senior unsecured deposit rating of at least A and A-1 by S&P
      and A1 and P-1 by Moody's, to the extent such obligations are rated by S&P
      and Moody's.

              [remainder of page intentionally left blank]

<PAGE>

IN WITNESS WHEREOF, the parties have executed this Schedule by their duly
authorized officers as of the date hereof.

BANK OF AMERICA, N.A.                    WELLS FARGO BANK,  N.A., AS TRUSTEE, ON
                                         BEHALF OF BANC OF AMERICA ALTERNATIVE
                                         LOAN TRUST 2007-1

______________________________           ______________________________
Name:                                    Name:
Title:                                   Title:

<PAGE>

(Unilateral Form)                 (ISDA Agreements Subject to New York Law Only)

                                     ISDA(R)
         International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the

                                Master Agreement

                           dated as of March 29, 2007

                                     between

      BANK OF AMERICA, N.A.        and      WELLS FARGO BANK, N.A., AS TRUSTEE,
                                                ON BEHALF OF BANC OF AMERICA
                                               ALTERNATIVE LOAN TRUST 2007-1
--------------------------------         ---------------------------------------
             ("Party A")                                ("Party B")

This Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

Accordingly, the parties agree as follows:

Paragraph 1. Interpretation

(a)   Definitions and Inconsistency. Capitalized terms not otherwise
      defined herein or elsewhere in this Agreement have the meanings
      specified pursuant to Paragraph 12, and all references in this
      Annex to Paragraphs are to Paragraphs of this Annex. In the event
      of any inconsistency between this Annex and the other provisions
      of this Schedule, this Annex will prevail, and in the event of
      any inconsistency between Paragraph 13 and the other provisions
      of this Annex, Paragraph 13 will prevail.

(b)   Secured Party and Pledgor. All references in this Annex to the
      "Secured Party" will be to either party when acting in that
      capacity and all corresponding references to the "Pledgor" will
      be to the other party when acting in that capacity; provided,
      however, that if Other Posted Support is held by a party to this
      Annex, all references herein to that party as the Secured Party
      with respect to that Other Posted Support will be to that party
      as the beneficiary thereof and will not subject that support or
      that party as the beneficiary thereof to provisions of law
      generally relating to security interests and secured parties.

Paragraph 2. Security Interest

Each party, as the Pledgor, hereby pledges to the other party, as the Secured
Party, as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all Posted Collateral Transferred to or received by the Secured Party hereunder.
Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the
security interest and lien granted hereunder on that Posted Collateral will be
released immediately and, to the extent possible, without any further action by
either party.

Paragraph 3. Credit Support Obligations

(a)   Delivery Amount. Subject to Paragraphs 4 and 5, upon a demand
      made by the Secured Party on or promptly following a Valuation
      Date, if the Delivery Amount for that Valuation Date equals or
      exceeds the Pledgor's Minimum Transfer Amount, then the Pledgor
      will Transfer to the Secured Party Eligible Credit Support having
      a Value as of the date of Transfer at least equal to the
      applicable Delivery Amount (rounded pursuant to Paragraph 13).
      Unless otherwise specified in Paragraph 13, the "Delivery Amount"
      applicable to the Pledgor for any Valuation Date will equal the
      amount by which:

      (i)   the Credit Support Amount

            exceeds

      (ii) the Value as of that Valuation Date of all Posted Credit Support held
      by the Secured Party.

(b)   Return Amount. Subject to Paragraphs 4 and 5, upon a demand made
      by the Pledgor on or promptly following a Valuation Date, if the
      Return Amount for that Valuation Date equals or exceeds the
      Secured Party's Minimum Transfer Amount, then the Secured Party
      will Transfer to the Pledgor Posted Credit Support specified by
      the Pledgor in that demand having a Value as of the date of
      Transfer as close as practicable to the applicable Return Amount
      (rounded pursuant to Paragraph 13). Unless otherwise specified in
      Paragraph 13, the "Return Amount" applicable to the Secured Party
      for any Valuation Date will equal the amount by which:

      (i) the Value as of that Valuation Date of all Posted Credit Support held
      by the Secured Party

            exceeds

      (ii)  the Credit Support Amount.

"Credit Support Amount" means, unless otherwise specified in Paragraph 13, for
any Valuation Date (i) the Secured Party's Exposure for that Valuation Date plus
(ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any,
minus (iii) all Independent Amounts applicable to the Secured Party, if any,
minus (iv) the Pledgor's Threshold; provided, however, that the Credit Support
Amount will be deemed to be zero whenever the calculation of Credit Support
Amount yields a number less than zero.

Paragraph 4. Conditions Precedent, Transfer Timing, Calculations and
Substitutions

(a)   Conditions Precedent. Each Transfer obligation of the Pledgor under
      Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii),
      5 and 6(d) is subject to the conditions precedent that:

      (i)   no Event of Default, Potential Event of Default or Specified
            Condition has occurred and is continuing with respect to the other
            party; and

      (ii)  no Early Termination Date for which any unsatisfied payment
            obligations exist has occurred or been designated as the result of
            an Event of Default or Specified Condition with respect to the other
            party.

(b)   Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless
      otherwise specified, if a demand for the Transfer of Eligible
      Credit Support or Posted Credit Support is made by the
      Notification Time, then the relevant Transfer will be made not
      later than the close of business on the next Local Business Day;
      if a demand is made after the Notification Time, then the
      relevant Transfer will be made not later than the close of
      business on the second Local Business Day thereafter.

(c)   Calculations. All calculations of Value and Exposure for purposes of
      Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the
      Valuation Time. The Valuation Agent will notify each party (or the other
      party, if the Valuation Agent is a party) of its calculations not later
      than the Notification Time on the Local Business Day following the
      applicable Valuation Date (or in the case of Paragraph 6(d), following the
      date of calculation).

(d)   Substitutions.

      (i)   Unless otherwise specified in Paragraph 13, upon notice to the
            Secured Party specifying the items of Posted Credit Support to be
            exchanged, the Pledgor may, on any Local Business Day, Transfer to
            the Secured Party substitute Eligible Credit Support (the
            "Substitute Credit Support"); and

      (ii)  subject to Paragraph 4(a), the Secured Party will Transfer to the
            Pledgor the items of Posted Credit Support specified by the Pledgor
            in its notice not later than the Local Business Day following the
            date on which the Secured Party receives the Substitute Credit
            Support, unless otherwise specified in Paragraph 13 (the
            "Substitution Date"); provided that the Secured Party only will be
            obligated to Transfer Posted Credit Support with a Value as of the
            date of Transfer of that Posted Credit Support equal to the Value as
            of that date of the Substitute Credit Support.

Paragraph 5. Dispute Resolution

If a party (a "Disputing Party") disputes (I) the Valuation Agent's calculation
of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of
Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent and the other party (if the
Valuation Agent is not the other party) not later than the close of business on
the Local Business Day following (X) the date that the demand is made under
Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of
(II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer
the undisputed amount to the other party not later than the close of business on
the Local Business Day following (X) the date that the demand is made under
Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of
(II) above, (3) the parties will consult with each other in an attempt to
resolve the dispute and (4) if they fail to resolve the dispute by the
Resolution Time, then:

      (i)   In the case of a dispute involving a Delivery Amount or Return
            Amount, unless otherwise specified in Paragraph 13, the Valuation
            Agent will recalculate the Exposure and the Value as of the
            Recalculation Date by:

            (A)   utilizing any calculations of Exposure for the Transactions
                  (or Swap Transactions) that the parties have agreed are not in
                  dispute;

            (B)   calculating the Exposure for the Transactions (or
                  Swap Transactions) in dispute by seeking four actual
                  quotations at mid-market from Reference Market-makers
                  for purposes of calculating Market Quotation, and
                  taking the arithmetic average of those obtained;
                  provided that if four quotations are not available
                  for a particular Transaction (or Swap Transaction),
                  then fewer than four quotations may be used for that
                  Transaction (or Swap Transaction); and if no
                  quotations are available for a particular Transaction
                  (or Swap Transaction), then the Valuation Agent's
                  original calculations will be used for that
                  Transaction (or Swap Transaction); and

            (C)   utilizing the procedures specified in Paragraph 13 for
                  calculating the Value, if disputed, of Posted Credit Support.

      (ii)  In the case of a dispute involving the Value of any Transfer of
            Eligible Credit Support or Posted Credit Support, the Valuation
            Agent will recalculate the Value as of the date of Transfer pursuant
            to Paragraph 13.

Following a recalculation pursuant to this Paragraph, the Valuation Agent will
notify each party (or the other party, if the Valuation Agent is a party) not
later than the Notification Time on the Local Business Day following the
Resolution Time. The appropriate party will, upon demand following that notice
by the Valuation Agent or a resolution pursuant to (3) above and subject to
Paragraphs 4(a) and 4(b), make the appropriate Transfer.

Paragraph 6. Holding and Using Posted Collateral

(a)   Care of Posted Collateral. Without limiting the Secured Party's
      rights under Paragraph 6(c), the Secured Party will exercise
      reasonable care to assure the safe custody of all Posted
      Collateral to the extent required by applicable law, and in any
      event the Secured Party will be deemed to have exercised
      reasonable care if it exercises at least the same degree of care
      as it would exercise with respect to its own property. Except as
      specified in the preceding sentence, the Secured Party will have
      no duty with respect to Posted Collateral, including, without
      limitation, any duty to collect any Distributions, or enforce or
      preserve any rights pertaining thereto.

(b)   Eligibility to Hold Posted Collateral; Custodians.

      (i)   General. Subject to the satisfaction of any conditions specified in
            Paragraph 13 for holding Posted Collateral, the Secured Party will
            be entitled to hold Posted Collateral or to appoint an agent (a
            "Custodian") to hold Posted Collateral for the Secured Party. Upon
            notice by the Secured Party to the Pledgor of the appointment of a
            Custodian, the Pledgor's obligations to make any Transfer will be
            discharged by making the Transfer to that Custodian. The holding of
            Posted Collateral by a Custodian will be deemed to be the holding of
            that Posted Collateral by the Secured Party for which the Custodian
            is acting.

      (ii)  Failure to Satisfy Conditions. If the Secured Party or its Custodian
            fails to satisfy any conditions for holding Posted Collateral, then
            upon a demand made by the Pledgor, the Secured Party will, not later
            than five Local Business Days after the demand, Transfer or cause
            its Custodian to Transfer all Posted Collateral held by it to a
            Custodian that satisfies those conditions or to the Secured Party if
            it satisfies those conditions.

      (iii) Liability. The Secured Party will be liable for the acts or
            omissions of its Custodian to the same extent that the Secured Party
            would be liable hereunder for its own acts or omissions.

(c)   Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and
      without limiting the rights and obligations of the parties under
      Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a
      Defaulting Party or an Affected Party with respect to a Specified
      Condition and no Early Termination Date has occurred or been designated as
      the result of an Event of Default or Specified Condition with respect to
      the Secured Party, then the Secured Party will, notwithstanding Section
      9-207 of the New York Uniform Commercial Code, have the right to:

      (i)   sell, pledge, rehypothecate, assign, invest, use, commingle or
            otherwise dispose of, or otherwise use in its business any Posted
            Collateral it holds, free from any claim or right of any nature
            whatsoever of the Pledgor, including any equity or right of
            redemption by the Pledgor; and

      (ii)  register any Posted Collateral in the name of the Secured Party, its
            Custodian or a nominee for either.

For purposes of the obligation to Transfer Eligible Credit Support or Posted
Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies
authorized under this Agreement, the Secured Party will be deemed to continue to
hold all Posted Collateral and to receive Distributions made thereon, regardless
of whether the Secured Party has exercised any rights with respect to any Posted
Collateral pursuant to (i) or (ii) above.

(d) Distributions and Interest Amount.

      (i)   Distributions. Subject to Paragraph 4(a), if the Secured Party
            receives or is deemed to receive Distributions on a Local Business
            Day, it will Transfer to the Pledgor not later than the following
            Local Business Day any Distributions it receives or is deemed to
            receive to the extent that a Delivery Amount would not be created or
            increased by that Transfer, as calculated by the Valuation Agent
            (and the date of calculation will be deemed to be a Valuation Date
            for this purpose).

      (ii)  Interest Amount. Unless otherwise specified in Paragraph 13 and
            subject to Paragraph 4(a), in lieu of any interest, dividends or
            other amounts paid or deemed to have been paid with respect to
            Posted Collateral in the form of Cash (all of which may be retained
            by the Secured Party), the Secured Party will Transfer to the
            Pledgor at the times specified in Paragraph 13 the Interest Amount
            to the extent that a Delivery Amount would not be created or
            increased by that Transfer, as calculated by the Valuation Agent
            (and the date of calculation will be deemed to be a Valuation Date
            for this purpose). The Interest Amount or portion thereof not
            Transferred pursuant to this Paragraph will constitute Posted
            Collateral in the form of Cash and will be subject to the security
            interest granted under Paragraph 2.

Paragraph 7. Events of Default

For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will
exist with respect to a party if:

      (i)   that party fails (or fails to cause its Custodian) to make, when
            due, any Transfer of Eligible Collateral, Posted Collateral or the
            Interest Amount, as applicable, required to be made by it and that
            failure continues for two Local Business Days after notice of that
            failure is given to that party;

      (ii)  that party fails to comply with any restriction or prohibition
            specified in this Annex with respect to any of the rights specified
            in Paragraph 6(c) and that failure continues for five Local Business
            Days after notice of that failure is given to that party; or

      (iii) that party fails to comply with or perform any agreement or
            obligation other than those specified in Paragraphs 7(i) and 7(ii)
            and that failure continues for 30 days after notice of that failure
            is given to that party.

Paragraph 8. Certain Rights and Remedies

(a)   Secured Party's Rights and Remedies. If at any time (1) an Event
      of Default or Specified Condition with respect to the Pledgor has
      occurred and is continuing or (2) an Early Termination Date has
      occurred or been designated as the result of an Event of Default
      or Specified Condition with respect to the Pledgor, then, unless
      the Pledgor has paid in full all of its Obligations that are then
      due, the Secured Party may exercise one or more of the following
      rights and remedies:

      (i)   all rights and remedies available to a secured party under
            applicable law with respect to Posted Collateral held by the Secured
            Party;

      (ii)  any other rights and remedies available to the Secured Party under
            the terms of Other Posted Support, if any;

      (iii) the right to Set-off any amounts payable by the Pledgor with respect
            to any Obligations against any Posted Collateral or the Cash
            equivalent of any Posted Collateral held by the Secured Party (or
            any obligation of the Secured Party to Transfer that Posted
            Collateral); and

      (iv)  the right to liquidate any Posted Collateral held by the Secured
            Party through one or more public or private sales or other
            dispositions with such notice, if any, as may be required under
            applicable law, free from any claim or right of any nature
            whatsoever of the Pledgor, including any equity or right of
            redemption by the Pledgor (with the Secured Party having the right
            to purchase any or all of the Posted Collateral to be sold) and to
            apply the proceeds (or the Cash equivalent thereof) from the
            liquidation of the Posted Collateral to any amounts payable by the
            Pledgor with respect to any Obligations in that order as the Secured
            Party may elect.

Each party acknowledges and agrees that Posted Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice
of any sale of that Posted Collateral by the Secured Party, except any notice
that is required under applicable law and cannot be waived.

(b)   Pledgor's Rights and Remedies. If at any time an Early
      Termination Date has occurred or been designated as the result of
      an Event of Default or Specified Condition with respect to the
      Secured Party, then (except in the case of an Early Termination
      Date relating to less than all Transactions (or Swap
      Transactions) where the Secured Party has paid in full all of its
      obligations that are then due under Section 6(e) of this
      Agreement):

      (i)   the Pledgor may exercise all rights and remedies available to a
            pledgor under applicable law with respect to Posted Collateral held
            by the Secured Party;

      (ii)  the Pledgor may exercise any other rights and remedies available to
            the Pledgor under the terms of Other Posted Support, if any;

      (iii) the Secured Party will be obligated immediately to Transfer all
            Posted Collateral and the Interest Amount to the Pledgor; and

      (iv)  to the extent that Posted Collateral or the Interest Amount is not
            so Transferred pursuant to (iii) above, the Pledgor may:

            (A)   Set-off any amounts payable by the Pledgor with respect to any
                  Obligations against any Posted Collateral or the Cash
                  equivalent of any Posted Collateral held by the Secured Party
                  (or any obligation of the Secured Party to Transfer that
                  Posted Collateral); and

            (B)   to the extent that the Pledgor does not Set-off under (iv)(A)
                  above, withhold payment of any remaining amounts payable by
                  the Pledgor with respect to any Obligations, up to the Value
                  of any remaining Posted Collateral held by the Secured Party,
                  until that Posted Collateral is Transferred to the Pledgor.

(c)   Deficiencies and Excess Proceeds. The Secured Party will Transfer
      to the Pledgor any proceeds and Posted Credit Support remaining
      after liquidation, Set-off and/or application under Paragraphs
      8(a) and 8(b) after satisfaction in full of all amounts payable
      by the Pledgor with respect to any Obligations; the Pledgor in
      all events will remain liable for any amounts remaining unpaid
      after any liquidation, Set-off and/or application under
      Paragraphs 8(a) and 8(b).

(d)   Final Returns. When no amounts are or thereafter may become payable by the
      Pledgor with respect to any Obligations (except for any potential
      liability under Section 2(d) of this Agreement), the Secured Party will
      Transfer to the Pledgor all Posted Credit Support and the Interest Amount,
      if any.

Paragraph 9. Representations

Each party represents to the other party (which representations will be deemed
to be repeated as of each date on which it, as the Pledgor, Transfers Eligible
Collateral) that:

      (i)   it has the power to grant a security interest in and lien on any
            Eligible Collateral it Transfers as the Pledgor and has taken all
            necessary actions to authorize the granting of that security
            interest and lien;

      (ii)  it is the sole owner of or otherwise has the right to Transfer all
            Eligible Collateral it transfers to the Secured Party hereunder,
            free and clear of any security interest, lien, encumbrance or other
            restrictions other than the security interest and lien granted under
            Paragraph 2;

      (iii) upon the Transfer of any Eligible Collateral to the Secured Party
            under the terms of this Annex, the Secured Party will have a valid
            and perfected first priority security interest therein (assuming
            that any central clearing corporation or any third-party financial
            intermediary or other entity not within the control of the Pledgor
            involved in the Transfer of that Eligible Collateral gives the
            notices and takes the action required of it under applicable law for
            perfection of that interest); and

      (iv)  the performance by it of its obligations under this Annex will not
            result in the creation of any security interest, lien or other
            encumbrance on any Posted Collateral other than the security
            interest and lien granted under Paragraph 2.

Paragraph 10. Expenses

(a)   General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each
      party will pay its own costs and expenses in connection with performing
      its obligations under this Annex and neither party will be liable for any
      costs and expenses incurred by the other party in connection herewith.

(b)   Posted Credit Support. The Pledgor will promptly pay when due all
      taxes, assessments or charges of any nature that are imposed with
      respect to Posted Credit Support held by the Secured Party upon
      becoming aware of the same, regardless of whether any portion of
      that Posted Credit Support is subsequently disposed of under
      Paragraph 6(c), except for those taxes, assessments and charges
      that result from the exercise of the Secured Party's rights under
      Paragraph 6(c).

(c)   Liquidation/Application of Posted Credit Support. All reasonable costs and
      expenses incurred by or on behalf of the Secured Party or the Pledgor in
      connection with the liquidation and/or application of any Posted Credit
      Support under Paragraph 8 will be payable, on demand and pursuant to the
      Expenses Section of this Agreement, by the Defaulting Party or, if there
      is no Defaulting Party, equally by the parties.

Paragraph 11. Miscellaneous

(a)   Default Interest. A Secured Party that fails to make, when due,
      any Transfer of Posted Collateral or the Interest Amount will be
      obligated to pay the Pledgor (to the extent permitted under
      applicable law) an amount equal to interest at the Default Rate
      multiplied by the Value of the items of property that were
      required to be Transferred, from (and including) the date that
      Posted Collateral or Interest Amount was required to be
      Transferred to (but excluding) the date of Transfer of that
      Posted Collateral or Interest Amount. This interest will be
      calculated on the basis of daily compounding and the actual
      number of days elapsed.

(b)   Further Assurances. Promptly following a demand made by a party,
      the other party will execute, deliver, file and record any
      financing statement, specific assignment or other document and
      take any other action that may be necessary or desirable and
      reasonably requested by that party to create, preserve, perfect
      or validate any security interest or lien granted under Paragraph
      2, to enable that party to exercise or enforce its rights under
      this Annex with respect to Posted Credit Support or an Interest
      Amount or to effect or document a release of a security interest
      on Posted Collateral or an Interest Amount.

(c)   Further Protection. The Pledgor will promptly give notice to the Secured
      Party of, and defend against, any suit, action, proceeding or lien that
      involves Posted Credit Support Transferred by the Pledgor or that could
      adversely affect the security interest and lien granted by it under
      Paragraph 2, unless that suit, action, proceeding or lien results from the
      exercise of the Secured Party's rights under Paragraph 6(c).

(d)   Good Faith and Commercially Reasonable Manner. Performance of all
      obligations under this Annex including, but not limited to, all
      calculations, valuations and determinations made by either party, will be
      made in good faith and in a commercially reasonable manner.

(e)   Demands and Notices. All demands and notices made by a party under this
      Annex will be made as specified in the Notices Section of this Agreement,
      except as otherwise provided in Paragraph 13.

(f)   Specifications of Certain Matters. Anything referred to in this Annex as
      being specified in Paragraph 13 also may be specified in one or more
      Confirmations or other documents and this Annex will be construed
      accordingly.

Paragraph 12. Definitions

As used in this Annex:--

"Cash" means the lawful currency of the United States of America.

"Credit Support Amount" has the meaning specified in Paragraph 3.

"Custodian" has the meaning specified in Paragraphs 6(b)(i) and 13.

"Delivery Amount" has the meaning specified in Paragraph 3(a).

"Disputing Party" has the meaning specified in Paragraph 5.

"Distributions" means with respect to Posted Collateral other than Cash, all
principal, interest and other payments and distributions of cash or other
property with respect thereto, regardless of whether the Secured Party has
disposed of that Posted Collateral under Paragraph 6(c). Distributions will not
include any item of property acquired by the Secured Party upon any disposition
or liquidation of Posted Collateral or, with respect to any Posted Collateral in
the form of Cash, any distributions on that collateral, unless otherwise
specified herein.

"Eligible Collateral" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

"Eligible Credit Support" means Eligible Collateral and Other Eligible
Support.

"Exposure" means for any Valuation Date or other date for which Exposure is
calculated and subject to Paragraph 5 in the case of a dispute, the amount, if
any, that would be payable to a party that is the Secured Party by the other
party (expressed as a positive number) or by a party that is the Secured Party
to the other party (expressed as a negative number) pursuant to Section
6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions)
were being terminated as of the relevant Valuation Time; provided that Market
Quotation will be determined by the Valuation Agent using its estimates at
mid-market of the amounts that would be paid for Replacement Transactions (as
that term is defined in the definition of "Market Quotation").

"Independent Amount" means, with respect to a party, the amount specified as
such for that party in Paragraph 13; if no amount is specified, zero.

"Interest Amount" means, with respect to an Interest Period, the aggregate sum
of the amounts of interest calculated for each day in that Interest Period on
the principal amount of Posted Collateral in the form of Cash held by the
Secured Party on that day, determined by the Secured Party for each such day as
follows:

      (x) the amount of that Cash on that day; multiplied by

      (y) the Interest Rate in effect for that day; divided by

      (z) 360.

"Interest Period" means the period from (and including) the last Local Business
Day on which an Interest Amount was Transferred (or, if no Interest Amount has
yet been Transferred, the Local Business Day on which Posted Collateral in the
form of Cash was Transferred to or received by the Secured Party) to (but
excluding) the Local Business Day on which the current Interest Amount is to be
Transferred.

"Interest Rate" means the rate specified in Paragraph 13.

"Local Business Day", unless otherwise specified in Paragraph 13, has the
meaning specified in the Definitions Section of this Agreement, except that
references to a payment in clause (b) thereof will be deemed to include a
Transfer under this Annex.

"Minimum Transfer Amount" means, with respect to a party, the amount specified
as such for that party in Paragraph 13; if no amount is specified, zero.

"Notification Time" has the meaning specified in Paragraph 13.

"Obligations" means, with respect to a party, all present and future obligations
of that party under this Agreement and any additional obligations specified for
that party in Paragraph 13.

"Other Eligible Support" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

"Other Posted Support" means all Other Eligible Support Transferred to the
Secured Party that remains in effect for the benefit of that Secured Party.

"Pledgor" means either party, when that party (i) receives a demand for or is
required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has
Transferred Eligible Credit Support under Paragraph 3(a).

"Posted Collateral" means all Eligible Collateral, other property,
Distributions, and all proceeds thereof that have been Transferred to or
received by the Secured Party under this Annex and not Transferred to the
Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the
Secured Party under Paragraph 8. Any Interest Amount or portion thereof not
Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in
the form of Cash.

"Posted Credit Support" means Posted Collateral and Other Posted
Support.

"Recalculation Date" means the Valuation Date that gives rise to the dispute
under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs
under Paragraph 3 prior to the resolution of the dispute, then the
"Recalculation Date" means the most recent Valuation Date under Paragraph 3.

"Resolution Time" has the meaning specified in Paragraph 13.

"Return Amount" has the meaning specified in Paragraph 3(b).

"Secured Party" means either party, when that party (i) makes a demand for or is
entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds
or is deemed to hold Posted Credit Support.

"Specified Condition" means, with respect to a party, any event specified as
such for that party in Paragraph 13.

"Substitute Credit Support" has the meaning specified in Paragraph 4(d)(i).

"Substitution Date" has the meaning specified in Paragraph 4(d)(ii).

"Threshold" means, with respect to a party, the amount specified as such for
that party in Paragraph 13; if no amount is specified, zero.

"Transfer" means, with respect to any Eligible Credit Support, Posted Credit
Support or Interest Amount, and in accordance with the instructions of the
Secured Party, Pledgor or Custodian, as applicable:

      (i)   in the case of Cash, payment or delivery by wire transfer into one
            or more bank accounts specified by the recipient;

      (ii)  in the case of certificated securities that cannot be paid or
            delivered by book-entry, payment or delivery in appropriate physical
            form to the recipient or its account accompanied by any duly
            executed instruments of transfer, assignments in blank, transfer tax
            stamps and any other documents necessary to constitute a legally
            valid transfer to the recipient;

      (iii) in the case of securities that can be paid or delivered by
            book-entry, the giving of written instructions to the relevant
            depository institution or other entity specified by the recipient,
            together with a written copy thereof to the recipient, sufficient if
            complied with to result in a legally effective transfer of the
            relevant interest to the recipient; and

      (iv)  in the case of Other Eligible Support or Other Posted Support, as
            specified in Paragraph 13.

"Valuation Agent" has the meaning specified in Paragraph 13.

"Valuation Date" means each date specified in or otherwise determined pursuant
to Paragraph 13.

"Valuation Percentage" means, for any item of Eligible Collateral, the
percentage specified in Paragraph 13.

"Valuation Time" has the meaning specified in Paragraph 13.

"Value" means for any Valuation Date or other date for which Value is calculated
and subject to Paragraph 5 in the case of a dispute, with respect to:

      (i) Eligible Collateral or Posted Collateral that is:

            (A) Cash, the amount thereof; and

            (B)   a security, the bid price obtained by the Valuation Agent
                  multiplied by the applicable Valuation Percentage, if any;

      (ii)  Posted Collateral that consists of items that are not specified as
            Eligible Collateral, zero; and

      (iii) Other Eligible Support and Other Posted Support, as specified in
            Paragraph 13.

Paragraph 13. Elections and Variables

(a)  Security Interest for "Obligations". The term "Obligations" as used in this
     Annex includes no additional obligations with respect to Party A or Party
     B.

(b)  Credit Support Obligations.

     (i)    "Delivery Amount", "Return Amount" will have the meanings specified
            in Paragraphs 3(a), 3(b) and 3, respectively, except that the words
            "upon a demand made by the Transferee on or promptly following a
            Valuation Date" shall be deleted and replaced by the words "on each
            Valuation Date".

     (ii)   "Credit Support Amount" (x) means the Amount required under
            Paragraph 13(o) (in the case of a Party A Rating Event
            relating to an action taken by S&P); (y) has the meaning
            specified under the relevant definition of Ratings Criteria
            (in the case of Moody's First Trigger Event or Moody's
            Second Trigger Event); or (z) means Party B's Exposure
            under the Agreement to which this Annex relates (in the
            case of a Party A Rating Event relating to an action taken
            by Fitch), in each case as calculated on a daily basis by
            the Valuation Agent. The Credit Support Amount shall be
            calculated by reference to the provisions set forth in this
            Annex which would result in Party A transferring the
            greatest amount of Eligible Credit Support to Party B. In
            circumstances where more than one of the Ratings Criteria
            apply, the Credit Support Amount shall be calculated by
            reference to the Ratings Criteria which would result in
            Party A transferring the greatest amount of Eligible Credit
            Support.

      (iii) Eligible Collateral. The following items will qualify as "Eligible
            Collateral":

                                                Moody's     Moody's
                                                 First       Second
                                    Valuation   Ratings     Ratings
                                   Percentage:  Trigger     Trigger         S&P
                                   -----------  -------   -------------    ----
(A)  Cash: US Dollars in                         100%         100%         100%
     depository account form.

(B)  U.S. Treasury Securities:                   100%%        100%          98%
     negotiable debt obligations
     issued by the U.S. Treasury
     Department ("Treasuries")
     having a remaining maturity
     of up to and not more than
     1 year.

(C)  Treasuries having a                         100%     99% (1-2yr)       90%
     remaining maturity of                                98% (2-3yr)
     greater than 1 year but not                          97% (3-5yr)
     more than 10 years.                                  95% (5-7yr)
                                                          94% (7-10yr)

(D)  Treasuries having a                         100%     89% (10-20yr)     84%
     remaining maturity of                                87% (>20yr)
     greater than 10 years.

(E)  Agency Securities:                          100%         99%           98%
     negotiable debt obligations                          94% (5-7yr)
     of the Federal National                              93% (7-10yr)
     Mortgage Association
     (FNMA), Federal Home Loan
     Mortgage Corporation
     (FHLMC), Federal Home Loan
     Banks (FHLB), Federal Farm
     Credit Banks (FFCB),
     Student Loan Marketing
     Association (SLMA),
     Tennessee Valley Authority
     (TVA) (collectively,
     "Agency Securities")
     having a remaining
     maturity of not more than
     1 year.

(F)  Agency Securities having a                  100%     98% (1-2yr)       92%
     remaining maturity of                                97% (2-3yr)
     greater than 1 year but not                          96% (3-5yr)
     more than 5 years.

(G)  Agency Securities having a                  100%     94% (5-7yr)       88%
     remaining maturity of                                93% (7-10yr)
     greater than 5 years but
     not more than 10 years.

(H)  Agency Securities having a                  100%         88%           79%
     remaining maturity of
     greater than 10 years but
     not more than 20 years.

(I) Agency Securities having a                   100%         86%           76%
     remaining maturity of
     greater than 20 years but
     not more than 30 years.

(J)  FHLMC Certificates.                          81%         81%           81%
     Mortgage participation
     certificates issued by
     FHLMC evidencing undivided
     interests or participations
     in pools of first lien
     conventional or FHA/VA
     residential mortgages or
     deeds of trust, guaranteed
     by FHLMC, and having a
     remaining maturity of not
     more than 30 years.

(K)  FNMA Certificates.                           81%         81%           81%
     Mortgage-backed
     pass-through certificates
     issued by FNMA evidencing
     undivided interests in
     pools of first lien
     mortgages or deeds of trust
     on residential properties,
     guaranteed by FNMA, having
     a remaining maturity of not
     more than 30 years.

(L)  GNMA Certificates.                           81%         81%           81%
     Mortgage-backed
     pass-through certificates
     issued by private entities,
     evidencing undivided
     interests in pools of first
     lien mortgages or deeds of
     trust on single family
     residences, guaranteed by
     the Government National
     Mortgage Association (GNMA)
     with the full faith and
     credit of the United
     States, and having a
     remaining maturity of not
     more than 30 years.

(M)  Commercial Paper.                            80%         80%          99.0%
     Commercial Paper with a
     rating of at least P-1 by
     Moody's, at least F-1 by
     Fitch and at least A-1+ by
     S&P and having a remaining
     maturity of not more than
     30 days.

(N)  Other. Other items of                      % to      % to be         % to
     Credit Support approved by                 be        determined      be
     each applicable rating                     deter-                    deter-
     agency with such valuation                 mined                     mined
     percentages as determined
     by each applicable rating
     agency.

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

* The Valuation Percentage shall equal the percentage specified under such
Rating Agency's name above. If Party A is rated by more than one Rating Agency
specified above, the Valuation Percentage shall equal the lowest of the
applicable percentages specified above.

      (iv)  There shall be no "Other Eligible Support" for Party A for purposes
            of this Annex.

      (v)   Thresholds.

            (A)   "Independent Amount" means with respect to Party A: Not
                  Applicable.

                  "Independent Amount" means with respect to Party B:
                  Not Applicable.

            (B)   "Threshold" means with respect to Party A: Infinity;
                  provided that for so long as Party A is not above the
                  Moody's First Trigger Required Ratings and S&P's
                  Ratings Event and either (i) Party A had been below
                  the Moody's First Trigger Required Ratings or below
                  S&P's Ratings Event since this Annex was executed or
                  (ii) at least 30 Local calendar Days have elapsed
                  since the last time Party A was above both theMoody's
                  First Trigger Required Ratings and S&P's Ratings
                  Event, the Threshold with respect to Party A shall be
                  zero; further, provided, if a Ratings Event has
                  occurred and is continuing pursuant to Part 1(l)(v)
                  of the Agreement, the Threshold shall be zero in the
                  event Party A fails to assign all of its rights and
                  obligations under the Agreement on or before the 20th
                  day after the date of a Ratings Event (as described
                  in Part 1(l)(v) of the Schedule) continues to exist.
                  Party A will post Eligible Collateral on or prior to
                  the 20th day following a Ratings Event.

                  "Threshold" means with respect to Party B: Not
                  Applicable.

            (C)   "Minimum Transfer Amount" means with respect to Party A: $
                  10,000.

                  "Minimum Transfer Amount" means with respect to Party B: $
                  10,000.

            (D)   Rounding. The Delivery Amount will be rounded up and the
                  Return Amount will be rounded down to the nearest integral
                  multiple of $10,000.00, respectively.

(c) Valuation and Timing.

      (i)   "Valuation Agent" means Party A; provided, however, that
            notwithstanding anything to the contrary set forth in this Annex,
            the Valuation Agent shall not be required to notify Party B of any
            of the Valuation Agent's calculations of Value, Exposure, Delivery
            Amount or Return Amount under this Annex unless requested to do so
            (either verbally or in writing) by Party B in each instance.

      (ii)  "Valuation Date" means: each local Business Day which if treated as
            a Valuation Date would result in a Delivery Amount or Return Amount.

      (iii) "Valuation Time" means:

            [_]   the close of business in the city of the Valuation Agent on
                  the Valuation Date or date of calculation, as applicable;

            [X]   the close of business on the Local Business Day before the
                  Valuation Date or date of calculation, as applicable;

      provided that the calculations of Value and Exposure will be made as of
      approximately the same time on the same date.

      (iv)  "Notification Time" means 1:00 p.m., New York time, on a Local
            Business Day.

(d)   Conditions Precedent. No event shall constitute a "Specified Condition".

(e)   Substitution.

      (i)   "Substitution Date" means the Local Business Day in New
            York on which the Secured Party is able to confirm
            irrevocable receipt of the Substitute Credit Support,
            provided that (x) such receipt is confirmed before 3:00
            p.m. (New York time) on such Local Business Day in New York
            and (y) the Secured Party has received, before 1:00 p.m.
            (New York time) on the immediately preceding Local Business
            Day in New York, the notice of substitution described in
            Paragraph 4(d)(i).

     (ii)   Consent. The Pledgor is not required to obtain the Secured Party's
            consent for any substitution pursuant to Paragraph 4(d).

(f) Dispute Resolution.

     (i)    "Resolution Time" means 1:00 p.m., New York time, on the Local
            Business Day following the date on which a notice is given that
            gives rise to a dispute under Paragraph 5.

     (ii)   Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the
            Value of Posted Credit Support will be calculated as
            follows: for Cash, the U.S. dollar value thereof, and for
            each item of Eligible Collateral (except for Cash), an
            amount in U.S. dollars equal to the product of (i) either
            (A) the bid price for such security quoted on such day by a
            principal market-maker for such security selected in good
            faith by the Secured Party or (B) the most recent publicly
            available bid price for such security as reported by a
            quotation service or in a medium selected in good faith and
            in a commercially reasonable manner by Secured Party,
            multiplied by (ii) the percentage figure listed in
            Paragraph 13(b)(ii) hereof with respect to such security.

     (iii)  Alternative. The provisions of Paragraph 5 will apply.

(g) Holding and Using Posted Collateral.

      (i)   Eligibility to Hold Posted Collateral; Custodians. Party B and its
            Custodian will be entitled to hold Posted Collateral, as applicable,
            pursuant to Paragraph 6(b); provided that the following conditions
            applicable to each party are satisfied:

            (A)   Party B, as the Secured Party, is not a Defaulting Party.

            (B)   Party B hereby covenants and agrees that it will
                  cause all Posted Collateral received from the other
                  party to be entered in one or more accounts (each, a
                  "Collateral Account") with a domestic office of a
                  commercial bank, trust company or financial
                  institution organized under the laws of the United
                  States (or any state or a political subdivision
                  thereof) having assets of at least $10 billion and a
                  long term debt or deposit rating of at least (i) Baa2
                  from Moody's and (ii) BBB from S&P (a "Qualified
                  Institution"), each of which accounts may include
                  property of other parties but will bear a title
                  indicating the Secured Party's interest in said
                  account and the Posted Collateral in such account. In
                  addition the Secured Party may direct the Pledgor to
                  transfer or deliver Eligible Collateral directly into
                  the Secured Party's Collateral Account(s). If
                  otherwise qualified, the Secured Party may act as
                  such Qualified Institution and the Secured Party may
                  move the Collateral Accounts from one Qualified
                  Institution to another upon reasonable notice to the
                  Pledgor. The Secured Party shall cause statements
                  concerning the Posted Collateral transferred or
                  delivered by the Pledgor to be sent to the Pledgor on
                  request, which may not be made more frequently than
                  once in each calendar month.

      Initially, the Custodian for Party B is Wells Fargo Bank, N.A.

      (ii)  Use of Posted Collateral. The provisions of Paragraph 6(c) will not
            apply to Party B.

(h) Distributions and Interest Amount.

      (i)   The "Interest Rate" with respect to Eligible Collateral in the form
            of Cash, for any day, will be the interest rate actually earned by
            Party B prior thereto.

      (ii)  The "Transfer of Interest Amount" will be made within 3 Local
            Business Days after the last Local Business Day of each calendar
            month.

      (iii) Alternative Interest Amount. The provisions of Paragraph 6(d)(ii)
            will apply.

      (iv)  Paragraph 12 is hereby amended by replacing the definition of
            "Interest Period" with the following:

            "'Interest Period' means the period from (and including) the first
            day of each calendar month to (and including) the last day of each
            calendar month."

(i)   Additional Representations. None.

(j)   Other Eligible Support and Other Posted Support. Not Applicable.

(k)   Demands and Notices. All demands, specifications and notices made by a
      party to this Annex will be made to the following:

      Party A:  Bank of America, N.A.
                Sears Tower
                233 South Wacker Drive, Suite 2800
                Chicago, Illinois 60606-6306
                Telephone No.: (312) 234-3030
                Facsimile: (312) 234-2731

     Party B:   As set forth in the Schedule.

(l) Addresses for Transfers.

     Party A:   Cash/Interest Payments: (USD Only)
                Bank of America, New York
                ABA 026009593
                Account # 6550-619389
                F/O Bank of America, Charlotte-Collateral

                Eligible Collateral (other than cash):
                BK AMERICA NC/INV
                ABA # 053 000 196

     Party B:   Wells Fargo Bank, National Association
                San Francisco, CA

                ABA 121000248
                Account No.: 3970771416
                Account Name: SAS Clearing
                FFC: 50999403, BOALT 2007-1 Posted Collateral Account
                Treasury Securities:

                Wells Fargo Bank, National Association

                San Francisco, CA

                ABA 121000248
                Account No. 50999403, BOALT 2007-1 Posted Collateral Account

(m) Other Provisions.

      (i)   This Credit Support Annex is a Security Agreement under the New York
            UCC.

      (ii)  Paragraph 1(b) of this Annex is amended by deleting it and restating
            it in full as follows:

            "(b) Secured Party and Pledgor. All references in this Annex to the
            "Secured Party" mean Party B, and all references in this Annex to
            the "Pledgor" mean Party A; provided, however, that if Other Posted
            Support is held by Party B, all references herein to the Secured
            Party with respect to that Other Posted Support will be to Party B
            as the beneficiary thereof and will not subject that support or
            Party B as the beneficiary thereof to provisions of law generally
            relating to security interests and secured parties."

      (iii) Paragraph 2 of this Annex is amended by deleting the first sentence
            thereof and restating that sentence in full as follows:

            "Party A, as the Pledgor, hereby pledges to Party B, as the Secured
            Party, as security for the Pledgor's Obligations, and grants to the
            Secured Party a first priority continuing security interest in, lien
            on and right of Set-off against all Posted Collateral Transferred to
            or received by the Secured Party hereunder."

      (iv)  Only Party A makes the representations contained in Paragraph 9 of
            this Annex.

      (v)   Paragraph 12 of this Annex is amended by deleting the definitions of
            "Pledgor" and "Secured Party" and replacing them with the
            following:"

            " `Secured Party' means Party B.

            `Pledgor' means Party A."

      (vi)  Paragraph 12 is hereby amended by adding, in alphabetical order, the
            following:

            "Moody's" means Moody's Investor Services, Inc., or any
            successor to the rating business of such entity."

            "S&P" means Standard and Poor's Ratings Services, a division of The
            McGraw-Hill Companies, Inc., or any successor to the rating business
            of such entity."

      (vii) The obligations of Party A, as Pledgor hereunder, to post Eligible
            Collateral for the benefit of Party B will only become effective if
            a Ratings Event has occurred and is continuing with respect to Party
            A and Party A has not satisfied the requirements of Part 1(l)(v) of
            the Agreement within 20 days of the occurrence of such Ratings Event
            or 30 Local Business Days from the occurrence of a Moody's First
            Trigger Event or Moody's Second Trigger Event.

(o)   S&P Credit Support Amount. With respect to a Ratings Event relating to an
      action taken by S&P, the "Credit Support Amount" shall mean with respect
      to a Pledgor on a Valuation Date the sum of:

      (i)   the greater of MTM and $0, plus

      (ii)  VB

      where:

      "MTM" means Secured Party's Exposure;

      "VB" means the Notional Amount (as defined in the Confirmation for each
      outstanding Transaction under this Agreement) times the relevant
      percentage set out in Table A below:

TABLE A

                                  Volatility Buffer

                        Less than 5    Less than 10 years,   Greater than
                        years to       but more than 5       10 years to
                        Termination    years to Termina-     Termination
                        Date of the    tion Date of the      Date of the
Counterparty            Transaction.   Transaction.          Transaction.
---------------------   ------------   -------------------   ------------
The rating by S&P of    3.25%                4.00%             4.75%
Party A's long-term
unsecured,
unsubordinated
obligations is at
least equal to "A"

The rating by S&P of    4.00%                5.00%             6.25%
Party A's long-term
unsecured,
unsubordinated
obligations is equal
to "A-"

The rating by S&P of    4.50%                6.75%             7.50%
Party A's long-term
unsecured,
unsubordinated
obligations is equal
to or less than "BB+"

(p) Moody's Ratings Criteria.

      "Ratings Criteria" means, the criteria used by Moody's ("Moody's
      Criteria") for the purposes of determining the amount of Eligible Credit
      Support Party A is required to transfer at any time when the Threshold
      with respect to Party A is zero.

      Moody's Criteria

      Moody's Credit Support Amount.* With respect to a Ratings Event relating
      to an action taken by Moody's, the "Credit Support Amount" shall mean with
      respect to a Pledgor on a Valuation Date the sum of:

      (i) With respect to a Moody's First Trigger Event:

            (A) the greater of the Secured Party's Exposure and $0, plus

            (B) Notional Amount times the relevant percentage set out in Table B
            below.

      (ii) With respect to a Moody's Second Trigger Event:

            (A) the greater of the Secured Party's Exposure, $0 or the amount
      owed by Party A on the next Payment Date (as such term is defined in the
      Confirmation for each outstanding Transaction under this Agreement), plus

            (B) Notional Amount times the relevant percentage set out in Table B
      below.

* To the extent that both the Moody's Credit Support Amount and the S&P Credit
Support Amount apply, the greater of the two amounts shall be the Credit Support
Amount.

TABLE B

Weighted
Average
Life of       Moody's First        Moody's Second
Hedge in      Trigger Event        Trigger Event
Years         has Occurred         has Occurred
-----         ------------         ------------
1             0.15%                0.50%
2             0.30%                1.00%
3             0.40%                1.50%
4             0.60%                1.90%
5             0.70%                2.40%
6             0.80%                2.80%
7             1.00%                3.20%
8             1.10%                3.60%
9             1.20%                4.00%
10            1.30%                4.40%
11            1.40%                4.70%
12            1.50%                5.00%
13            1.60%                5.40%
14            1.70%                5.70%
15            1.80%                6.00%
16            1.90%                6.30%
17            2.00%                6.60%
18            2.00%                6.90%
19            2.00%                7.20%
20            2.00%                7.50%
21            2.00%                7.80%
22            2.00%                8.00%
23            2.00%                8.00%
24            2.00%                8.00%
25            2.00%                8.00%
26            2.00%                8.00%
27            2.00%                8.00%
28            2.00%                8.00%
29            2.00%                8.00%
30            2.00%                8.00%

<PAGE>

Accepted and agreed:

BANK OF AMERICA, N.A.                    WELLS FARGO BANK, N.A., AS TRUSTEE,
                                         ON  BEHALF OF BANC OF AMERICA
                                         ALTERNATIVE LOAN TRUST 2007-1

By:                                      By:
   ------------------------------            -----------------------------------
   Name:                                     Name:
   Title:                                    Title:
   Date:                                     Date:EXHIBIT 4.1

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

                  WELLS FARGO ASSET SECURITIES CORPORATION,
                                    Depositor

                             WELLS FARGO BANK, N.A.,
                                    Servicer

                             WELLS FARGO BANK, N.A.,
                            Securities Administrator

                                       and

                      HSBC Bank USA, National Association,
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                           Dated as of March 30, 2007

             Home Equity Asset-Backed Certificates, Series 2007-1

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01  Defined Terms.....................................................
Section 1.02  Accounting........................................................

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01  Conveyance of Mortgage Loans......................................
Section 2.02  Acceptance by Custodian...........................................
Section 2.03  Repurchase or Substitution of Mortgage Loans by the
               Depositor........................................................
Section 2.04  Representations and Warranties of the Depositor with
               respect to the Mortgage Loans....................................
Section 2.05  Representations, Warranties and Covenants of the
               Servicer.........................................................
Section 2.06  Representations and Warranties of the Depositor...................
Section 2.07  Issuance of Certificates and the REMIC Regular
               Interests........................................................

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF THE TRUST FUND

Section 3.01  Servicer to Act as Servicer.......................................
Section 3.02  Collection of Mortgage Loan Payments..............................
Section 3.03  Realization Upon Defaulted Mortgage Loans.........................
Section 3.04  Collection Account, Distribution Account, Excess
               Reserve Fund Account, Supplemental Interest Trust
               Account and Swap Collateral Account..............................
Section 3.05  Permitted Withdrawals from the Collection Account.................
Section 3.06  Establishment of Escrow Accounts; Deposits in Escrow
               Accounts.........................................................
Section 3.07  Permitted Withdrawals From Escrow Account.........................
Section 3.08  Payment of Taxes, Insurance and Other Charges;
               Collections Thereunder; Primary Mortgage Insurance...............
Section 3.09  Transfer of Accounts..............................................
Section 3.10  Maintenance of Hazard Insurance...................................
Section 3.11  Maintenance of Mortgage Impairment Insurance Policy...............
Section 3.12  Fidelity Bond, Errors and Omissions Insurance.....................
Section 3.13  Title, Management and Disposition of REO Property.................
Section 3.14  Due-on-Sale Clauses; Assumption and Substitution
               Agreements.......................................................
Section 3.15  Reserved..........................................................
Section 3.16  Optional Purchases of 60+ Day Delinquent Loans....................
Section 3.17  Custodian to Cooperate; Release of Files..........................
Section 3.18  Servicing Compensation............................................
Section 3.19  Annual Statement as to Compliance.................................
Section 3.20  Assessment of Servicing Compliance; Registered Public
               Accounting Firm Attestation Reports..............................
Section 3.21  Access to Certain Documentation and Information
               Regarding the Mortgage Loans.....................................
Section 3.22  Obligations of the Servicer in Respect of Compensating
               Interest.........................................................
Section 3.23  Investment of Funds in the Collection Account and the
               Distribution Account.............................................
Section 3.24  Liability of Servicer; Indemnification............................
Section 3.25  Reports of Foreclosure and Abandonment of Mortgaged
               Properties.......................................................
Section 3.26  Reserved..........................................................
Section 3.27  No Personal Solicitation..........................................
Section 3.28  Exchange Act Reports..............................................

                                   ARTICLE IV

                                  FLOW OF FUNDS

Section 4.01  Interest Distributions............................................
Section 4.02  Distributions of Principal and Monthly Excess Cashflow
               Amounts..........................................................
Section 4.03  Allocation of Losses..............................................
Section 4.04  Method of Distribution............................................
Section 4.05  Distributions on Book-Entry Certificates..........................
Section 4.06  Statements........................................................
Section 4.07  Remittance Reports; Advances......................................
Section 4.08  Tax Treatment of Cap Carryover Amounts, the
               Supplemental Interest Trust and the Interest Rate
               Swap Agreement...................................................

                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01  The Certificates..................................................
Section 5.02  Registration of Transfer and Exchange of Certificates.............
Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.................
Section 5.04  Persons Deemed Owners.............................................
Section 5.05  Appointment of Paying Agent.......................................

                                   ARTICLE VI

                         THE SERVICER AND THE DEPOSITOR

Section 6.01  Liability of the Servicer and the Depositor.......................
Section 6.02  Merger or Consolidation of, or Assumption of the
               Obligations of, the Servicer or the Depositor....................
Section 6.03  Limitation on Liability of the Servicer and Others................
Section 6.04  Servicer Not to Resign............................................
Section 6.05  Delegation of Duties..............................................

                                   ARTICLE VII

                                     DEFAULT

Section 7.01  Servicer Events of Termination....................................
Section 7.02  Trustee to Act; Appointment of Successor..........................
Section 7.03  Waiver of Defaults................................................
Section 7.04  Notification to Certificateholders................................
Section 7.05  Survival of Servicer Liabilities..................................

                                  ARTICLE VIII

                  THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

Section 8.01  Duties of Trustee and Securities Administrator....................
Section 8.02  Certain Matters Affecting the Trustee and the
               Securities Administrator.........................................
Section 8.03  Trustee and Securities Administrator Not Liable for
               Certificates or Mortgage Loans...................................
Section 8.04  Trustee and Securities Administrator May Own
               Certificates.....................................................
Section 8.05  Trustee and Securities Administrator Fees and Expenses............
Section 8.06  Eligibility Requirements for Trustee and Securities
               Administrator....................................................
Section 8.07  Resignation or Removal of Trustee and Securities
               Administrator....................................................
Section 8.08  Successor Trustee and Successor Securities
               Administrator....................................................
Section 8.09  Merger or Consolidation of Trustee or Securities
               Administrator....................................................
Section 8.10  Appointment of Co-Trustee or Separate Trustee.....................
Section 8.11  Limitation of Liability...........................................
Section 8.12  Trustee or Securities Administrator May Enforce Claims
               Without Possession of Certificates...............................
Section 8.13  Suits for Enforcement.............................................
Section 8.14  Waiver of Bond Requirement........................................
Section 8.15  Waiver of Inventory, Accounting and Appraisal
               Requirement......................................................
Section 8.16  Appointment of Custodian..........................................
Section 8.17  Indemnification of the Securities Administrator and
               Depositor by the Trustee.........................................
Section 8.18  Trustee Errors and Omissions Policy...............................
Section 8.19  Securities Administrator Errors and Omissions Policy..............

                                   ARTICLE IX

                     REMIC AND GRANTOR TRUST ADMINISTRATION

Section 9.01  REMIC Administration..............................................
Section 9.02  Prohibited Transactions and Activities............................
Section 9.03  Indemnification with Respect to Certain Taxes and Loss
               of REMIC Status..................................................
Section 9.04  [Reserved]........................................................
Section 9.05  Grantor Trust Administration......................................

                                    ARTICLE X

                                   TERMINATION

Section 10.01 Termination.......................................................
Section 10.02 Additional Termination Requirements...............................

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01 Amendment.........................................................
Section 11.02 Recordation of Agreement; Counterparts............................
Section 11.03 Limitation on Rights of Certificateholders........................
Section 11.04 Governing Law; Jurisdiction.......................................
Section 11.05 Notices...........................................................
Section 11.06 Severability of Provisions........................................
Section 11.07 Article and Section References....................................
Section 11.08 Notice to the Rating Agencies.....................................
Section 11.09 Further Assurances................................................
Section 11.10 Benefits of Agreement.............................................
Section 11.11 Acts of Certificateholders........................................
Section 11.12 Recharacterization................................................
Section 11.13 Regulation AB Compliance; Intent of Parties;
               Reasonableness...................................................

<PAGE>

                                    EXHIBITS:

Exhibit A-1       Form of Class A-1 Certificates
Exhibit A-2       Form of Class A-2 Certificates
Exhibit A-3       Form of Class A-3 Certificates
Exhibit B-1       Form of Class M-1 Certificates
Exhibit B-2       Form of Class M-2 Certificates
Exhibit B-3       Form of Class M-3 Certificates
Exhibit B-4       Form of Class M-4 Certificates
Exhibit B-5       Form of Class M-5 Certificates
Exhibit B-6       Form of Class M-6 Certificates
Exhibit B-7       Form of Class B-1 Certificates
Exhibit B-8       Form of Class B-2 Certificates
Exhibit B-9       Form of Class B-3 Certificates
Exhibit C-1       Form of Class CE Certificates
Exhibit C-2       Form of Class P Certificates
Exhibit C-3       Form of Class R Certificate
Exhibit D         Addresses for Requesting Mortgage Loan Schedule
Exhibit E         Form of Request for Release
Exhibit F-1       Form of Custodian's Initial Certification
Exhibit F-2       Form of Custodian's Final Certification
Exhibit G         Form of Mortgage Loan Purchase Agreement
Exhibit H         Form of Lost Note Affidavit
Exhibit I         Form of ERISA Representation Letter
Exhibit J         Form of Rule 144A Investment Letter
Exhibit K         Form of Residual Certificate Transfer Affidavit
Exhibit L         Form of  Transferor  Certificate  for the Class CE,  Class P
                  and Class R Certificates
Exhibit M         Reserved
Exhibit N         Form of Interest Rate Swap Agreement
Exhibit O         Form of Sarbanes-Oxley Certification
Exhibit P         Form of Certification of the Securities Administrator
                  to be Provided to Servicer
Exhibit Q         List of Recordation States
Exhibit R         Form of Custodial Agreement
Exhibit S         Servicing   Criteria  to  be  Addressed  in   Assessment  of
                  Compliance
Exhibit T         Additional Form 10-D Disclosure
Exhibit U         Additional Form 10-K Disclosure
Exhibit V         Form 8-K Disclosure Information
Exhibit W         Additional Disclosure Notification

<PAGE>

      This Pooling and Servicing Agreement is dated as of March 30, 2007 (the
"Agreement"), among WELLS FARGO ASSET SECURITIES CORPORATION, as depositor (the
"Depositor"), WELLS FARGO BANK, N.A., as servicer (the "Servicer"), WELLS FARGO
BANK, N.A., as securities administrator (the "Securities Administrator"), and
HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

      The Depositor intends to sell pass-through certificates (collectively, the
"Certificates"), to be issued hereunder in multiple Classes, which in the
aggregate will evidence the entire beneficial ownership interest in the Trust
Fund created hereunder. The Certificates will consist of fifteen Classes of
Certificates, designated as (i) the Class A-1, Class A-2 and Class A-3
Certificates, (ii) the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and
Class M-6, (iii) the Class B-1, Class B-2 and Class B-3 Certificates, (iv) the
Class CE Certificates, (v) the Class P Certificates and (vi) the Class R
Certificate.

      The Trustee shall elect that five segregated asset pools within the Trust
Fund (exclusive of (i) the Prepayment Penalties, the Servicer Prepayment Penalty
Payment Amounts and the Originator Prepayment Penalty Payment Amounts, (ii) the
Interest Rate Swap Agreement, (iii) the Supplemental Interest Trust, (iv) the
Excess Reserve Fund Account and (v) the right of the LIBOR Certificates to
receive Cap Carryover Amounts and the obligation of the LIBOR Certificates to
pay Class IO Shortfalls) be treated for federal income tax purposes as
comprising five REMICs (each, a "Trust REMIC" or, in the alternative, "Pooling
Tier REMIC 1," "Pooling Tier REMIC 2," "Lower Tier REMIC," "Upper Tier REMIC"
and "Class CE REMIC," respectively). The Class CE Interest, Class IO Interest
and each Class of LIBOR Certificates (other than (i) the right of each Class of
LIBOR Certificates to receive Cap Carryover Amounts and the obligation to pay
Class IO Shortfalls and (ii) the right of the Class CE Certificates to receive
Net Swap Payments from the Swap Provider, the obligation to pay Cap Carryover
Amounts to Holders of the LIBOR Certificates and to pay Net Swap Payments and
Swap Termination Payments to the Swap Provider and the right to receive Class IO
Shortfalls) represent ownership of one or more regular interests in a REMIC for
purposes of the REMIC Provisions.

      The Class R Certificate represents ownership of the sole class of residual
interest in each of Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier
REMIC, the Upper-Tier REMIC and the Class CE REMIC for purposes of the REMIC
Provisions.

      The Start-up Day for each Trust REMIC is the Closing Date. The latest
possible maturity date for each regular interest is the latest date referenced
in Section 9.01.

      The Class CE REMIC shall hold as assets the Class UT X Interest and the
Class UT IO Interest as set out below. The Upper Tier REMIC shall hold as assets
the several classes of uncertificated Lower Tier Regular Interests, set out
below. The Lower Tier REMIC shall hold as assets the several classes of
uncertificated Pooling Tier REMIC 2 Regular Interests. Pooling Tier REMIC 2
shall hold as assets the several classes of uncertificated Pooling Tier REMIC 1
Regular Interests. Pooling Tier REMIC 1 shall hold as assets the assets of the
Trust Fund (exclusive of (i) the Prepayment Penalties, the Servicer Prepayment
Penalty Payment Amounts and the Originator Prepayment Penalty Payment Amounts,
(ii) the Interest Rate Swap Agreement, (iii) the Supplemental Interest Trust,
(iv) the Excess Reserve Fund Account, and (v) the right of the LIBOR
Certificates to receive Cap Carryover Amounts and the obligation of the LIBOR
Certificates to pay Class IO Shortfalls).

      For federal income tax purposes, each Class of LIBOR Certificates, the
Class CE Certificates and the Class P Certificates represent beneficial
ownership of portions of the Trust Fund which shall be treated as a grantor
trust in accordance with Section 9.05.

                              Pooling-Tier REMIC-1

      Pooling-Tier REMIC-1 shall issue the following interests in Pooling-Tier
REMIC-1, and each such interest is hereby designated as a regular interest in
the Pooling-Tier REMIC-1. The Class PT1-R Interest is hereby designated as the
sole class of residual interest in Pooling-Tier REMIC-1. The Class PT1-R
Interest shall have no principal balance and no interest rate.

                                                    Initial
                  Pooling-Tier                   Pooling-Tier
                     REMIC-1     Pooling-Tier       REMIC-1
                     Regular        REMIC-1        Principal
                    Interest     Interest Rate      Amount
                 Class PT1-1          (1)       $39,969,898.86
                 Class PT1-2A         (2)        $5,150,603.17
                 Class PT1-2B         (3)        $5,150,603.17
                 Class PT1-3A         (2)        $5,369,309.11
                 Class PT1-3B         (3)        $5,369,309.11
                 Class PT1-4A         (2)        $5,574,172.09
                 Class PT1-4B         (3)        $5,574,172.09
                 Class PT1-5A         (2)        $5,764,487.16
                 Class PT1-5B         (3)        $5,764,487.16
                 Class PT1-6A         (2)        $5,939,610.53
                 Class PT1-6B         (3)        $5,939,610.53
                 Class PT1-7A         (2)        $6,098,963.91
                 Class PT1-7B         (3)        $6,098,963.91
                 Class PT1-8A         (2)        $6,242,038.74
                 Class PT1-8B         (3)        $6,242,038.74
                 Class PT1-9A         (2)        $6,368,399.67
                 Class PT1-9B         (3)        $6,368,399.67
                 Class PT1-10A        (2)        $6,477,544.40
                 Class PT1-10B        (3)        $6,477,544.40
                 Class PT1-11A        (2)        $6,569,293.98
                 Class PT1-11B        (3)        $6,569,293.98
                 Class PT1-12A        (2)        $6,643,505.39
                 Class PT1-12B        (3)        $6,643,505.39
                 Class PT1-13A        (2)        $6,699,863.89
                 Class PT1-13B        (3)        $6,699,863.89
                 Class PT1-14A        (2)        $6,737,062.27
                 Class PT1-14B        (3)        $6,737,062.27
                 Class PT1-15A        (2)        $6,728,668.23
                 Class PT1-15B        (3)        $6,728,668.23
                 Class PT1-16A        (2)        $6,683,455.00
                 Class PT1-16B        (3)        $6,683,455.00
                 Class PT1-17A        (2)        $6,625,894.22
                 Class PT1-17B        (3)        $6,625,894.22
                 Class PT1-18A        (2)        $6,555,940.69
                 Class PT1-18B        (3)        $6,555,940.69
                 Class PT1-19A        (2)        $6,472,190.93
                 Class PT1-19B        (3)        $6,472,190.93
                 Class PT1-20A        (2)        $6,356,759.85
                 Class PT1-20B        (3)        $6,356,759.85
                 Class PT1-21A        (2)        $6,061,736.39
                 Class PT1-21B        (3)        $6,061,736.39
                 Class PT1-22A        (2)        $5,780,532.20
                 Class PT1-22B        (3)        $5,780,532.20
                 Class PT1-23A        (2)        $5,512,367.97
                 Class PT1-23B        (3)        $5,512,367.97
                 Class PT1-24A        (2)        $5,255,944.29
                 Class PT1-24B        (3)        $5,255,944.29
                 Class PT1-25A        (2)        $5,005,323.47
                 Class PT1-25B        (3)        $5,005,323.47
                 Class PT1-26A        (2)        $4,790,016.76
                 Class PT1-26B        (3)        $4,790,016.76
                 Class PT1-27A        (2)        $4,591,674.11
                 Class PT1-27B        (3)        $4,591,674.11
                 Class PT1-28A        (2)        $4,467,557.03
                 Class PT1-28B        (3)        $4,467,557.03
                 Class PT1-29A        (2)        $5,087,255.76
                 Class PT1-29B        (3)        $5,087,255.76
                 Class PT1-30A        (2)       $11,691,450.43
                 Class PT1-30B        (3)       $11,691,450.43
                 Class PT1-31A        (2)        $9,900,902.79
                 Class PT1-31B        (3)        $9,900,902.79
                 Class PT1-32A        (2)        $8,392,388.92
                 Class PT1-32B        (3)        $8,392,388.92
                 Class PT1-33A        (2)        $7,120,660.16
                 Class PT1-33B        (3)        $7,120,660.16
                 Class PT1-34A        (2)        $6,045,090.13
                 Class PT1-34B        (3)        $6,045,090.13
                 Class PT1-35A        (2)        $5,098,962.49
                 Class PT1-35B        (3)        $5,098,962.49
                 Class PT1-36A        (2)        $3,975,091.09
                 Class PT1-36B        (3)        $3,975,091.09
                 Class PT1-37A        (2)        $3,189,632.49
                 Class PT1-37B        (3)        $3,189,632.49
                 Class PT1-38A        (2)        $2,617,808.84
                 Class PT1-38B        (3)        $2,617,808.84
                 Class PT1-39A        (2)        $2,188,262.32
                 Class PT1-39B        (3)        $2,188,262.32
                 Class PT1-40A        (2)        $1,857,375.50
                 Class PT1-40B        (3)        $1,857,375.50
                 Class PT1-41A        (2)        $1,597,061.56
                 Class PT1-41B        (3)        $1,597,061.56
                 Class PT1-42A        (2)        $1,388,516.02
                 Class PT1-42B        (3)        $1,388,516.02
                 Class PT1-43A        (2)        $1,218,698.02
                 Class PT1-43B        (3)        $1,218,698.02
                 Class PT1-44A        (2)        $1,078,682.89
                 Class PT1-44B        (3)        $1,078,682.89
                 Class PT1-45A        (2)          $961,717.21
                 Class PT1-45B        (3)          $961,717.21
                 Class PT1-46A        (2)          $863,181.16
                 Class PT1-46B        (3)          $863,181.16
                 Class PT1-47A        (2)          $782,779.58
                 Class PT1-47B        (3)          $782,779.58
                 Class PT1-48A        (2)          $745,282.85
                 Class PT1-48B        (3)          $745,282.85
                 Class PT1-49A        (2)          $709,670.38
                 Class PT1-49B        (3)          $709,670.38
                 Class PT1-50A        (2)          $675,822.58
                 Class PT1-50B        (3)          $675,822.58
                 Class PT1-51A        (2)          $643,660.27
                 Class PT1-51B        (3)          $643,660.27
                 Class PT1-52A        (2)          $613,096.43
                 Class PT1-52B        (3)          $613,096.43
                 Class PT1-53A        (2)          $584,048.24
                 Class PT1-53B        (3)          $584,048.24
                 Class PT1-54A        (2)          $556,433.41
                 Class PT1-54B        (3)          $556,433.41
                 Class PT1-55A        (2)          $530,145.08
                 Class PT1-55B        (3)          $530,145.08
                 Class PT1-56A        (2)          $505,200.68
                 Class PT1-56B        (3)          $505,200.68
                 Class PT1-57A        (2)          $481,487.42
                 Class PT1-57B        (3)          $481,487.42
                 Class PT1-58A        (2)       $10,295,844.47
                 Class PT1-58B        (3)       $10,295,844.47

--------------------
(1) For any Distribution Date (and the related Interest Accrual Period), this
    Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per annum
    rate (such rate, the "Pooling-Tier REMIC-1 Interest Rate" for such Class)
    equal to the Pooling-Tier REMIC-1 WAC Rate.

(2) For any Distribution Date (and the related Interest Accrual Period) this
    Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per annum
    rate (such rate, the "Pooling-Tier REMIC-1 Interest Rate" for such Class)
    equal to the product of (i) 2 and (ii) the Pooling-Tier REMIC-1 WAC Rate,
    subject to a maximum rate equal to the PT1 Cap.

(3) For any Distribution Date (and the related Interest Accrual Period) this
    Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per annum
    rate (such rate, the "Pooling-Tier REMIC-1 Interest Rate" for such Class)
    equal to the excess, if any, of (A) the product of (i) 2 and (ii) the
    Pooling-Tier REMIC-1 WAC Rate over (B) the PT1 Cap.

      On each Distribution Date, the Securities Administrator shall first pay
from the Trust Fund and charge as an expense of Pooling-Tier REMIC-1 all
expenses of the Trust for such Distribution Date. Such expenses, other than any
Servicing Fee, shall be allocated in the same manner as Realized Losses.

      On each Distribution Date, the interest distributable in respect of the
Mortgage Loans for such Distribution Date shall be deemed to be distributed to
the Pooling-Tier REMIC-1 Regular Interests at the rates shown above.

      On each Distribution Date, Realized Losses, Subsequent Recoveries and
payments of principal in respect of the Mortgage Loans shall be allocated to the
outstanding Pooling-Tier REMIC-1 Regular Interest with the lowest numerical
denomination until the Pooling-Tier REMIC-1 Principal Amount of such interest or
interests, as the case may be, is reduced to zero, provided that, with respect
to Pooling-Tier REMIC-1 Regular Interests with the same numerical denomination,
such Realized Losses, Subsequent Recoveries and payments of principal shall be
allocated pro rata between such Pooling-Tier REMIC-1 Regular Interests.

                              Pooling-Tier REMIC-2

       Pooling-Tier REMIC-2 shall issue the following interests in Pooling-Tier
REMIC-2, and each such interest, other than the Class PT2-R Interest, is hereby
designated as a regular interest in Pooling-Tier REMIC-2. The Class PT2-R
Interest is hereby designated as the sole class of residual interest in
Pooling-Tier REMIC-2 and shall be represented by the Class R Certificate. The
Class PT2-R Interest shall have no principal balance and no interest rate.

<TABLE>
<CAPTION>
                                   Initial                          Corresponding    Corresponding
                  Pooling-Tier   Pooling-Tier     Corresponding     Pooling-Tier       Scheduled
  Pooling-Tier      REMIC-2        REMIC-2        Pooling-Tier         REMIC-1         Crossover
 REMIC-2 Regular   Interest       Principal        REMIC-2 IO          Regular        Distribution
    Interest         Rate           Amount          Interest          Interest            Date
<S>               <C>           <C>              <C>                <C>              <C>
Class PT2-1           (1)       $39,969,898.86         N/A               N/A              N/A
Class PT2-2A          (2)       $5,150,603.17    Class PT2-IO-2          N/A              N/A
Class PT2-2B          (3)       $5,150,603.17          N/A               N/A              N/A
Class PT2-3A          (2)       $5,369,309.11    Class PT2-IO-3          N/A              N/A
Class PT2-3B          (3)       $5,369,309.11          N/A               N/A              N/A
Class PT2-4A          (2)       $5,574,172.09    Class PT2-IO-4          N/A              N/A
Class PT2-4B          (3)       $5,574,172.09          N/A               N/A              N/A
Class PT2-5A          (2)       $5,764,487.16    Class PT2-IO-5          N/A              N/A
Class PT2-5B          (3)       $5,764,487.16          N/A               N/A              N/A
Class PT2-6A          (2)       $5,939,610.53    Class PT2-IO-6          N/A              N/A
Class PT2-6B          (3)       $5,939,610.53          N/A               N/A              N/A
Class PT2-7A          (2)       $6,098,963.91    Class PT2-IO-7          N/A              N/A
Class PT2-7B          (3)       $6,098,963.91          N/A               N/A              N/A
Class PT2-8A          (2)       $6,242,038.74    Class PT2-IO-8          N/A              N/A
Class PT2-8B          (3)       $6,242,038.74          N/A               N/A              N/A
Class PT2-9A          (2)       $6,368,399.67    Class PT2-IO-9          N/A              N/A
Class PT2-9B          (3)       $6,368,399.67          N/A               N/A              N/A
Class PT2-10A         (2)       $6,477,544.40    Class PT2-IO-10         N/A              N/A
Class PT2-10B         (3)       $6,477,544.40          N/A               N/A              N/A
Class PT2-11A         (2)       $6,569,293.98    Class PT2-IO-11         N/A              N/A
Class PT2-11B         (3)       $6,569,293.98          N/A               N/A              N/A
Class PT2-12A         (2)       $6,643,505.39    Class PT2-IO-12         N/A              N/A
Class PT2-12B         (3)       $6,643,505.39          N/A               N/A              N/A
Class PT2-13A         (2)       $6,699,863.89    Class PT2-IO-13         N/A              N/A
Class PT2-13B         (3)       $6,699,863.89          N/A               N/A              N/A
Class PT2-14A         (2)       $6,737,062.27    Class PT2-IO-14         N/A              N/A
Class PT2-14B         (3)       $6,737,062.27          N/A               N/A              N/A
Class PT2-15A         (2)       $6,728,668.23    Class PT2-IO-15         N/A              N/A
Class PT2-15B         (3)       $6,728,668.23          N/A               N/A              N/A
Class PT2-16A         (2)       $6,683,455.00    Class PT2-IO-16         N/A              N/A
Class PT2-16B         (3)       $6,683,455.00          N/A               N/A              N/A
Class PT2-17A         (2)       $6,625,894.22    Class PT2-IO-17         N/A              N/A
Class PT2-17B         (3)       $6,625,894.22          N/A               N/A              N/A
Class PT2-18A         (2)       $6,555,940.69    Class PT2-IO-18         N/A              N/A
Class PT2-18B         (3)       $6,555,940.69          N/A               N/A              N/A
Class PT2-19A         (2)       $6,472,190.93    Class PT2-IO-19         N/A              N/A
Class PT2-19B         (3)       $6,472,190.93          N/A               N/A              N/A
Class PT2-20A         (2)       $6,356,759.85    Class PT2-IO-20         N/A              N/A
Class PT2-20B         (3)       $6,356,759.85          N/A               N/A              N/A
Class PT2-21A         (2)       $6,061,736.39    Class PT2-IO-21         N/A              N/A
Class PT2-21B         (3)       $6,061,736.39          N/A               N/A              N/A
Class PT2-22A         (2)       $5,780,532.20    Class PT2-IO-22         N/A              N/A
Class PT2-22B         (3)       $5,780,532.20          N/A               N/A              N/A
Class PT2-23A         (2)       $5,512,367.97    Class PT2-IO-23         N/A              N/A
Class PT2-23B         (3)       $5,512,367.97          N/A               N/A              N/A
Class PT2-24A         (2)       $5,255,944.29    Class PT2-IO-24         N/A              N/A
Class PT2-24B         (3)       $5,255,944.29          N/A               N/A              N/A
Class PT2-25A         (2)       $5,005,323.47    Class PT2-IO-25         N/A              N/A
Class PT2-25B         (3)       $5,005,323.47          N/A               N/A              N/A
Class PT2-26A         (2)       $4,790,016.76    Class PT2-IO-26         N/A              N/A
Class PT2-26B         (3)       $4,790,016.76          N/A               N/A              N/A
Class PT2-27A         (2)       $4,591,674.11    Class PT2-IO-27         N/A              N/A
Class PT2-27B         (3)       $4,591,674.11          N/A               N/A              N/A
Class PT2-28A         (2)       $4,467,557.03    Class PT2-IO-28         N/A              N/A
Class PT2-28B         (3)       $4,467,557.03          N/A               N/A              N/A
Class PT2-29A         (2)       $5,087,255.76    Class PT2-IO-29         N/A              N/A
Class PT2-29B         (3)       $5,087,255.76          N/A               N/A              N/A
Class PT2-30A         (2)       $11,691,450.43   Class PT2-IO-30         N/A              N/A
Class PT2-30B         (3)       $11,691,450.43         N/A               N/A              N/A
Class PT2-31A         (2)       $9,900,902.79    Class PT2-IO-31         N/A              N/A
Class PT2-31B         (3)       $9,900,902.79          N/A               N/A              N/A
Class PT2-32A         (2)       $8,392,388.92    Class PT2-IO-32         N/A              N/A
Class PT2-32B         (3)       $8,392,388.92          N/A               N/A              N/A
Class PT2-33A         (2)       $7,120,660.16    Class PT2-IO-33         N/A              N/A
Class PT2-33B         (3)       $7,120,660.16          N/A               N/A              N/A
Class PT2-34A         (2)       $6,045,090.13    Class PT2-IO-34         N/A              N/A
Class PT2-34B         (3)       $6,045,090.13          N/A               N/A              N/A
Class PT2-35A         (2)       $5,098,962.49    Class PT2-IO-35         N/A              N/A
Class PT2-35B         (3)       $5,098,962.49          N/A               N/A              N/A
Class PT2-36A         (2)       $3,975,091.09    Class PT2-IO-36         N/A              N/A
Class PT2-36B         (3)       $3,975,091.09          N/A               N/A              N/A
Class PT2-37A         (2)       $3,189,632.49    Class PT2-IO-37         N/A              N/A
Class PT2-37B         (3)       $3,189,632.49          N/A               N/A              N/A
Class PT2-38A         (2)       $2,617,808.84    Class PT2-IO-38         N/A              N/A
Class PT2-38B         (3)       $2,617,808.84          N/A               N/A              N/A
Class PT2-39A         (2)       $2,188,262.32    Class PT2-IO-39         N/A              N/A
Class PT2-39B         (3)       $2,188,262.32          N/A               N/A              N/A
Class PT2-40A         (2)       $1,857,375.50    Class PT2-IO-40         N/A              N/A
Class PT2-40B         (3)       $1,857,375.50          N/A               N/A              N/A
Class PT2-41A         (2)       $1,597,061.56    Class PT2-IO-41         N/A              N/A
Class PT2-41B         (3)       $1,597,061.56          N/A               N/A              N/A
Class PT2-42A         (2)       $1,388,516.02    Class PT2-IO-42         N/A              N/A
Class PT2-42B         (3)       $1,388,516.02          N/A               N/A              N/A
Class PT2-43A         (2)       $1,218,698.02    Class PT2-IO-43         N/A              N/A
Class PT2-43B         (3)       $1,218,698.02          N/A               N/A              N/A
Class PT2-44A         (2)       $1,078,682.89    Class PT2-IO-44         N/A              N/A
Class PT2-44B         (3)       $1,078,682.89          N/A               N/A              N/A
Class PT2-45A         (2)        $961,717.21     Class PT2-IO-45         N/A              N/A
Class PT2-45B         (3)        $961,717.21           N/A               N/A              N/A
Class PT2-46A         (2)        $863,181.16     Class PT2-IO-46         N/A              N/A
Class PT2-46B         (3)        $863,181.16           N/A               N/A              N/A
Class PT2-47A         (2)        $782,779.58     Class PT2-IO-47         N/A              N/A
Class PT2-47B         (3)        $782,779.58           N/A               N/A              N/A
Class PT2-48A         (2)        $745,282.85     Class PT2-IO-48         N/A              N/A
Class PT2-48B         (3)        $745,282.85           N/A               N/A              N/A
Class PT2-49A         (2)        $709,670.38     Class PT2-IO-49         N/A              N/A
Class PT2-49B         (3)        $709,670.38           N/A               N/A              N/A
Class PT2-50A         (2)        $675,822.58     Class PT2-IO-50         N/A              N/A
Class PT2-50B         (3)        $675,822.58           N/A               N/A              N/A
Class PT2-51A         (2)        $643,660.27     Class PT2-IO-51         N/A              N/A
Class PT2-51B         (3)        $643,660.27           N/A               N/A              N/A
Class PT2-52A         (2)        $613,096.43     Class PT2-IO-52         N/A              N/A
Class PT2-52B         (3)        $613,096.43           N/A               N/A              N/A
Class PT2-53A         (2)        $584,048.24     Class PT2-IO-53         N/A              N/A
Class PT2-53B         (3)        $584,048.24           N/A               N/A              N/A
Class PT2-54A         (2)        $556,433.41     Class PT2-IO-54         N/A              N/A
Class PT2-54B         (3)        $556,433.41           N/A               N/A              N/A
Class PT2-55A         (2)        $530,145.08     Class PT2-IO-55         N/A              N/A
Class PT2-55B         (3)        $530,145.08           N/A               N/A              N/A
Class PT2-56A         (2)        $505,200.68     Class PT2-IO-56         N/A              N/A
Class PT2-56B         (3)        $505,200.68           N/A               N/A              N/A
Class PT2-57A         (2)        $481,487.42     Class PT2-IO-57         N/A              N/A
Class PT2-57B         (3)        $481,487.42           N/A               N/A              N/A
Class PT2-58A         (2)       $10,295,844.47   Class PT2-IO-58         N/A              N/A
Class PT2-58B         (3)       $10,295,844.47         N/A               N/A              N/A
Class PT2-IO-2        (4)            (4)               N/A          Class PT1-2A       April 2007
Class PT2-IO-3        (4)            (4)               N/A          Class PT1-3A        May 2007
Class PT2-IO-4        (4)            (4)               N/A          Class PT1-4A       June 2007
Class PT2-IO-5        (4)            (4)               N/A          Class PT1-5A       July 2007
Class PT2-IO-6        (4)            (4)               N/A          Class PT1-6A      August 2007
Class PT2-IO-7        (4)            (4)               N/A          Class PT1-7A     September 2007
Class PT2-IO-8        (4)            (4)               N/A          Class PT1-8A      October 2007
Class PT2-IO-9        (4)            (4)               N/A          Class PT1-9A     November 2007
Class PT2-IO-10       (4)            (4)               N/A          Class PT1-10A    December 2007
Class PT2-IO-11       (4)            (4)               N/A          Class PT1-11A     January 2008
Class PT2-IO-12       (4)            (4)               N/A          Class PT1-12A    February 2008
Class PT2-IO-13       (4)            (4)               N/A          Class PT1-13A      March 2008
Class PT2-IO-14       (4)            (4)               N/A          Class PT1-14A      April 2008
Class PT2-IO-15       (4)            (4)               N/A          Class PT1-15A       May 2008
Class PT2-IO-16       (4)            (4)               N/A          Class PT1-16A      June 2008
Class PT2-IO-17       (4)            (4)               N/A          Class PT1-17A      July 2008
Class PT2-IO-18       (4)            (4)               N/A          Class PT1-18A     August 2008
Class PT2-IO-19       (4)            (4)               N/A          Class PT1-19A    September 2008
Class PT2-IO-20       (4)            (4)               N/A          Class PT1-20A     October 2008
Class PT2-IO-21       (4)            (4)               N/A          Class PT1-21A    November 2008
Class PT2-IO-22       (4)            (4)               N/A          Class PT1-22A    December 2008
Class PT2-IO-23       (4)            (4)               N/A          Class PT1-23A     January 2009
Class PT2-IO-24       (4)            (4)               N/A          Class PT1-24A    February 2009
Class PT2-IO-25       (4)            (4)               N/A          Class PT1-25A      March 2009
Class PT2-IO-26       (4)            (4)               N/A          Class PT1-26A      April 2009
Class PT2-IO-27       (4)            (4)               N/A          Class PT1-27A       May 2009
Class PT2-IO-28       (4)            (4)               N/A          Class PT1-28A      June 2009
Class PT2-IO-29       (4)            (4)               N/A          Class PT1-29A      July 2009
Class PT2-IO-30       (4)            (4)               N/A          Class PT1-30A     August 2009
Class PT2-IO-31       (4)            (4)               N/A          Class PT1-31A    September 2009
Class PT2-IO-32       (4)            (4)               N/A          Class PT1-32A     October 2009
Class PT2-IO-33       (4)            (4)               N/A          Class PT1-33A    November 2009
Class PT2-IO-34       (4)            (4)               N/A          Class PT1-34A    December 2009
Class PT2-IO-35       (4)            (4)               N/A          Class PT1-35A     January 2010
Class PT2-IO-36       (4)            (4)               N/A          Class PT1-36A    February 2010
Class PT2-IO-37       (4)            (4)               N/A          Class PT1-37A      March 2010
Class PT2-IO-38       (4)            (4)               N/A          Class PT1-38A      April 2010
Class PT2-IO-39       (4)            (4)               N/A          Class PT1-39A       May 2010
Class PT2-IO-40       (4)            (4)               N/A          Class PT1-40A      June 2010
Class PT2-IO-41       (4)            (4)               N/A          Class PT1-41A      July 2010
Class PT2-IO-42       (4)            (4)               N/A          Class PT1-42A     August 2010
Class PT2-IO-43       (4)            (4)               N/A          Class PT1-43A    September 2010
Class PT2-IO-44       (4)            (4)               N/A          Class PT1-44A     October 2010
Class PT2-IO-45       (4)            (4)               N/A          Class PT1-45A    November 2010
Class PT2-IO-46       (4)            (4)               N/A          Class PT1-46A    December 2010
Class PT2-IO-47       (4)            (4)               N/A          Class PT1-47A     January 2011
Class PT2-IO-48       (4)            (4)               N/A          Class PT1-48A    February 2011
Class PT2-IO-49       (4)            (4)               N/A          Class PT1-49A      March 2011
Class PT2-IO-50       (4)            (4)               N/A          Class PT1-50A      April 2011
Class PT2-IO-51       (4)            (4)               N/A          Class PT1-51A       May 2011
Class PT2-IO-52       (4)            (4)               N/A          Class PT1-52A      June 2011
Class PT2-IO-53       (4)            (4)               N/A          Class PT1-53A      July 2011
Class PT2-IO-54       (4)            (4)               N/A          Class PT1-54A     August 2011
Class PT2-IO-55       (4)            (4)               N/A          Class PT1-55A    September 2011
Class PT2-IO-56       (4)            (4)               N/A          Class PT1-56A     October 2011
Class PT2-IO-57       (4)            (4)               N/A          Class PT1-57A    November 2011
Class PT2-IO-58       (4)            (4)               N/A          Class PT1-58A    December 2011
</TABLE>

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

(1) For any Distribution Date (and the related Interest Accrual Period), this
    Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per annum
    rate (such rate, the "Pooling-Tier REMIC-2 Interest Rate" for such Class)
    equal to the Pooling-Tier REMIC-1 WAC Rate.

(2) For any Distribution Date (and the related Interest Accrual Period) this
    Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per annum
    rate (such rate, the "Pooling-Tier REMIC-2 Interest Rate" for such Class)
    equal to the weighted average of the Pooling-Tier REMIC-1 Interest Rates on
    the Pooling-Tier REMIC-1 Regular Interests having an "A" in their class
    designation, provided that, on each Distribution Date on which interest is
    distributable on the Corresponding Pooling-Tier REMIC-2 IO Interest, this
    Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per annum
    rate equal to Swap LIBOR subject to a maximum rate equal to the weighted
    average of the Pooling-Tier REMIC-1 Interest Rates on the Pooling-Tier
    REMIC-1 Regular Interests having an "A" in their class designation.

(3) For any Distribution Date (and the related Interest Accrual Period) this
    Pooling-Tier REMIC-2 Regular Interest shall bear interest at a per annum
    rate (such rate, the "Pooling-Tier REMIC-2 Interest Rate" for such Class)
    equal to the weighted average of the Pooling-Tier REMIC-1 Interest Rates on
    the Pooling-Tier REMIC-1 Regular Interests having a "B" in their class
    designation.

(4) Each Pooling-Tier REMIC-2 IO Interest is an interest-only interest and does
    not have a principal balance. From the Closing Date through and including
    the Corresponding Scheduled Crossover Distribution Date, each Pooling-Tier
    REMIC-2 IO Interest shall be entitled to receive interest that accrues on
    the Corresponding Pooling-Tier REMIC-1 Regular Interest at a rate equal to
    the excess, if any, of (i) the Pooling-Tier REMIC-1 Interest Rate for the
    Corresponding Pooling-Tier REMIC-1 Regular Interest over (ii) Swap LIBOR.
    After the Corresponding Scheduled Crossover Distribution Date, the
    Pooling-Tier REMIC-2 IO Interest shall not accrue interest.

      On each Distribution Date, the interest distributable in respect of the
Mortgage Loans for such Distribution Date shall be distributed to the
Pooling-Tier REMIC-2 Regular Interests at the Pooling-Tier REMIC-2 Interest
Rates shown above.

      On each Distribution Date, Realized Losses, Subsequent Recoveries and
payments of principal in respect of the Mortgage Loans shall be allocated to the
outstanding Pooling-Tier REMIC-2 Regular Interests (other than the Pooling-Tier
REMIC-2 IO Interests) with the lowest numerical denomination until the
Pooling-Tier REMIC-2 Principal Amount of such interest or interests, as the case
may be, is reduced to zero, provided however that, for Pooling-Tier REMIC-2
Regular Interests with the same numerical denomination, such Realized Losses,
Subsequent Recoveries and payments of principal shall be allocated pro rata
between such Pooling-Tier REMIC-2 Regular Interests.

                                Lower-Tier REMIC

       The Lower-Tier REMIC shall issue the following interests, and each such
interest, other than the Class LT-R Interest, is hereby designated as a regular
interest in the Lower-Tier REMIC. The Class LT-R Interest is hereby designated
as the sole class of residual interest in the Lower-Tier REMIC and shall be
represented by the Class R Certificate. The Class LT-R Interest shall have no
principal balance and no interest rate.

<TABLE>
<CAPTION>
                                                                        Corresponding
 Lower-Tier Regular  Lower-Tier Interest      Initial Lower-Tier      Upper-Tier REMIC
      Interest               Rate              Principal Amount       Regular Interest
<S>                  <C>                  <C>                         <C>
    Class LT-A-1             (1)          1/2 Principal Balance of           A-1
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-A-2             (1)          1/2 Principal Balance of           A-2
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-A-3             (1)          1/2 Principal Balance of           A-3
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-M-1             (1)          1/2 Principal Balance of           M-1
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-M-2             (1)          1/2 Principal Balance of           M-2
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-M-3             (1)          1/2 Principal Balance of           M-3
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-M-4             (1)          1/2 Principal Balance of           M-4
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-M-5             (1)          1/2 Principal Balance of           M-5
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-M-6             (1)          1/2 Principal Balance of           M-6
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-B-1             (1)          1/2 Principal Balance of           B-1
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-B-2             (1)          1/2 Principal Balance of           B-2
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
    Class LT-B-3             (1)          1/2 Principal Balance of           B-3
                                          Corresponding Upper-Tier
                                          REMIC Regular Interest
  Class LT-Accrual           (1)           1/2 Pool Balance plus 1/2         N/A
                                             Overcollateralization
                                                    Amount
    Class LT-IO              (2)                      (2)                    N/A
</TABLE>

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

(1) The interest rate with respect to any Distribution Date for these interests
    is a per annum variable rate equal to the weighted average of the
    Pooling-Tier REMIC-2 Interest Rates of the Pooling-Tier REMIC-2 Regular
    Interests (other than the Pooling-Tier REMIC-2 IO Interests).

(2) This Lower-Tier Regular Interest is an interest-only interest and does not
    have a Lower-Tier Principal Amount. On each Distribution Date, this
    Lower-Tier Regular Interest shall be entitled to receive all interest
    distributable on the Pooling-Tier REMIC-2 IO Interests.

      Each Lower-Tier Regular Interest is hereby designated as a regular
interest in the Lower-Tier REMIC. The Class LT-A-1, Class LT-A-2, Class LT-A-3,
Class LT-M-1, Class LT-M-2, Class LT-M-3, Class LT-M-4, Class LT-M-5, Class
LT-M-6, Class LT-B-1, Class LT-B-2 and Class LT-B-3 Interests are hereby
designated the LT-Accretion Directed Classes (the "LT-Accretion Directed
Classes").

      On each Distribution Date, 50% of the increase in the
Overcollateralization Amount shall be payable as a reduction of the Lower-Tier
Principal Amount of the LT-Accretion Directed Classes (each such Class will be
reduced by an amount equal to 50% of any increase in the Overcollateralization
Amount that is attributable to a reduction in the Principal Balance of its
Corresponding Class) and shall be accrued and added to the Lower-Tier Principal
Amount of the Class LT-Accrual Interest. On each Distribution Date, the increase
in the Lower-Tier Principal Amount of the Class LT-Accrual Interest shall not
exceed interest accruals for such Distribution Date for the Class LT-Accrual
Interest. In the event that: (i) 50% of the increase in the
Overcollateralization Amount exceeds (ii) interest accruals on the Class
LT-Accrual Interest for such Distribution Date, the excess for such Distribution
Date (accumulated with all such excesses for all prior Distribution Dates) will
be added to any increase in the Overcollateralization Amount for purposes of
determining the amount of interest accrual on the Class LT-Accrual Interest
payable as principal on the LT-Accretion Directed Classes on the next
Distribution Date pursuant to the first sentence of this paragraph. All payments
of scheduled principal and prepayments of principal generated by the Mortgage
Loans and all Subsequent Recoveries allocable to principal shall be allocated
(i) 50% to the Class LT-Accrual Interest and (ii) 50% to the LT-Accretion
Directed Classes (such principal payments and Subsequent Recoveries shall be
allocated among such LT-Accretion Directed Classes in an amount equal to 50% of
the principal amounts and Subsequent Recoveries allocated to their respective
Corresponding Classes), until paid in full. Notwithstanding the above, principal
payments allocated to the Class UT-X Interest that result in the reduction in
the Overcollateralization Amount shall be allocated to the Class LT-Accrual
Interest (until paid in full). Realized Losses shall be applied so that after
all distributions have been made on each Distribution Date (i) the Lower-Tier
Principal Amount of each of the LT-Accretion Directed Classes is equal to 50% of
the Principal Balance of their Corresponding Class, and (ii) the Class
LT-Accrual Interest is equal to 50% of the Pool Balance plus 50% of the
Overcollateralization Amount. Any increase in the Principal Balance of a Class
of LIBOR Certificates as a result of a Subsequent Recovery shall increase the
Lower-Tier Principal Amount of the Corresponding Lower-Tier Regular Interest by
50% of such increase, and the remaining 50% of such increase shall increase the
Lower-Tier Principal Amount of the Class LT-Accrual Interest.

                                Upper-Tier REMIC

      The Upper-Tier REMIC shall issue the following interests, and each such
interest, other than the Class UT-R Interest, is hereby designated as a regular
interest in the Upper-Tier REMIC. The Class UT-R Interest is hereby designated
as the sole class of residual interests in the Upper-Tier REMIC and shall be
represented by the Class R Certificate. The Class UT-R Interest shall have no
principal balance and no interest rate.

                                           Initial
   Upper-Tier                             Principal          Corresponding
 REMIC Regular      Upper-Tier            Upper-Tier           Class of
    Interest       Interest Rate            Amount           Certificates
Class A-1               (1)             $200,507,000.00        Class A-1
Class A-2               (1)             $208,284,000.00        Class A-2
Class A-3               (1)              $25,711,000.00        Class A-3
Class M-1               (1)              $23,384,000.00        Class M-1
Class M-2               (1)              $15,770,000.00        Class M-2
Class M-3               (1)               $9,789,000.00        Class M-3
Class M-4               (1)               $8,701,000.00        Class M-4
Class M-5               (1)               $8,701,000.00        Class M-5
Class M-6               (1)               $7,885,000.00        Class M-6
Class B-1               (1)               $7,613,000.00        Class B-1
Class B-2               (1)               $6,798,000.00        Class B-2
Class B-3               (1)               $4,622,000.00        Class B-3
Class UT-IO             (2)                  (2)                  N/A
Class UT-X              (3)                  (3)                  N/A

-----------------
(1) For any Distribution Date (and the related Interest Accrual Period), this
    interest shall bear interest at a per annum rate (such rate, the "Upper-Tier
    Interest Rate" for such Class) equal to the lesser of (i) the Pass-Through
    Rate (determined without regard to the Pool Cap) for the Corresponding Class
    of Certificates, and (ii) the Upper-Tier REMIC WAC Rate.

(2) This interest is an interest-only interest and does not have a principal
    balance. On each Distribution Date, the Class UT-IO Interest shall be
    entitled to receive all interest distributable on the Class LT-IO Interest.

(3) The Class UT-X Interest has an initial principal balance of $16,043,148.00
    but will not accrue interest on such balance but will accrue interest on a
    notional amount. As of any Distribution Date, the Class UT-X Interest shall
    have a notional amount equal to the aggregate of the Lower-Tier Principal
    Amounts of the Lower-Tier Regular Interests (other than the Class LT-IO
    Interest) as of the first day of the related Interest Accrual Period. With
    respect to any Interest Accrual Period, the Class UT-X Interest shall bear
    interest at a rate equal to the excess, if any, of the Upper-Tier REMIC WAC
    Rate over the product of (i) 2 and (ii) the weighted average of the
    Lower-Tier Interest Rates of the Lower-Tier REMIC Interests (other than the
    Class LT-IO Interest), where the Lower-Tier Interest Rate on the Class
    LT-Accrual Interest is subject to a cap equal to zero and each LT-Accretion
    Directed Class is subject to a cap equal to the Upper-Tier Interest Rate on
    its Corresponding Class of Upper-Tier Regular Interest. With respect to any
    Distribution Date, interest that so accrues on the notional amount of the
    Class UT-X Interest shall be deferred in an amount equal to any increase in
    the Overcollateralization Amount on such Distribution Date. Such deferred
    interest shall not itself bear interest.

      On each Distribution Date, interest distributable in respect of the
Lower-Tier Interests for such Distribution Date shall be deemed to be
distributed on the interests in the Upper-Tier REMIC at the rates shown above,
provided that the Class UT-IO Interest shall be entitled to receive interest
before any other interest in the Upper-Tier REMIC.

      On each Distribution Date, all Realized Losses, Subsequent Recoveries and
all payments of principal shall be allocated to the Upper-Tier Interests until
the outstanding principal balance of each such interest equals the outstanding
Principal Balance of the Corresponding Class of Certificates as of such
Distribution Date.

                                 Class CE REMIC

      The Class CE REMIC shall issue the following classes of interests. The
Class CE Interest and the Class IO Interest shall each represent a regular
interest in the Class CE REMIC and the Class R Certificate shall represent the
sole class of residual interest in the Class CE REMIC.

                 Class CE REMIC     Interest     Class CE REMIC
                  Designation          Rate     Principal Amount
             Class CE Interest         (1)            (1)
             Class IO Interest         (2)            (2)
             Class R-CE Interest       (3)            (3)

------------
(1) The Class CE Interest has an initial principal balance equal to the initial
    principal balance of the Class UT-X Interest and is entitled to 100% of the
    interest and principal on the Class UT-X Interest on each Distribution Date.

(2) This interest is an interest-only interest and does not have a principal
    balance. On each Distribution Date the Class IO Interest shall be entitled
    to receive 100% of the interest distributable on the Class UT-IO Interest.

(3) The Class R-CE Interest does not have a principal balance or an interest
    rate.

                                  Certificates

      The following table sets forth (or describes) the Class designation,
Original Principal Balance, the Pass-Through Rate and the Final Scheduled
Distribution Date for each Class of Certificates comprising the interests in the
Trust Fund created hereunder:

--------------------------------------------------------------------------------
                        Original         Pass-Through      Final Scheduled
      Class        Principal Balance         Rate        Distribution Date*
--------------------------------------------------------------------------------
A-1                   $200,507,000.00        (1)           March 25, 2037
A-2                   $208,284,000.00        (2)           March 25, 2037
A-3                    $25,711,000.00        (3)           March 25, 2037
M-1                    $23,384,000.00        (4)           March 25, 2037
M-2                    $15,770,000.00        (5)           March 25, 2037
M-3                     $9,789,000.00        (6)           March 25, 2037
M-4                     $8,701,000.00        (7)           March 25, 2037
M-5                     $8,701,000.00        (8)           March 25, 2037
M-6                     $7,885,000.00        (9)           March 25, 2037
B-1                     $7,613,000.00        (10)          March 25, 2037
B-2                     $6,798,000.00        (11)          March 25, 2037
B-3                     $4,622,000.00        (12)          March 25, 2037
CE                       (13)                (13)                N/A
P                         N/A                N/A                 N/A
R                         N/A                N/A                 N/A
Total                 $527,765,000.00        N/A                 N/A
--------------------------------------------------------------------------------

*     Solely for purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii),
      the Distribution Date following the maturity date for the Mortgage Loan
      with the latest maturity date has been designated as the "latest possible
      maturity date" for each Class of LIBOR Certificates, the Class UT-X
      Interest and the Class UT-IO Interest that represents one or more of the
      "regular interests" in the Upper-Tier REMIC and for the Class CE Interest
      and Class IO Interest.

(1)   The Pass-Through Rate for the Class A-1 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class A-1 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(2)   The Pass-Through Rate for the Class A-2 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class A-2 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(3)   The Pass-Through Rate for the Class A-3 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class A-3 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(4)   The Pass-Through Rate for the Class M-1 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class M-1 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(5)   The Pass-Through Rate for the Class M-2 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class M-2 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(6)   The Pass-Through Rate for the Class M-3 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class M-3 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(7)   The Pass-Through Rate for the Class M-4 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class M-4 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(8)   The Pass-Through Rate for the Class M-5 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class M-5 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(9)   The Pass-Through Rate for the Class M-6 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class M-6 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(10)  The Pass-Through Rate for the Class B-1 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class B-1 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(11)  The Pass-Through Rate for the Class B-2 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class B-2 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(12)  The Pass-Through Rate for the Class B-3 Certificates during each Interest
      Accrual Period is equal to the lesser of: (i) the Class B-3 Formula Rate
      and (ii) the Pool Cap for such Distribution Date.

(13)  The Class CE Certificates will represent beneficial ownership of (i) the
      Class CE Interest, (ii) the Class IO Interest, (iii) the right to receive
      Class IO Shortfalls, (iv) amounts in the Supplemental Interest Trust,
      including the Interest Rate Swap Agreement subject to the obligation to
      pay Net Swap Payments and Swap Termination Payments to the Swap Provider
      and Cap Carryover Amounts to the LIBOR Certificates and (v) amounts in the
      Excess Reserve Fund Account, subject to the obligation to make payments
      from the Excess Reserve Fund Account in respect of Cap Carryover Amounts
      to the LIBOR Certificates. For federal income tax purposes, the Class CE
      Certificateholder's obligation to make payments of Cap Carryover Amounts
      to the LIBOR Certificates from the Excess Reserve Fund Account and the
      Supplemental Interest Trust shall be treated as payments made pursuant to
      a notional principal contract between the Class CE Certificateholders and
      each Class of LIBOR Certificates. Such rights and obligations of the Class
      CE Certificateholders and LIBOR Certificateholders shall be treated as
      held in a portion of the Trust Fund that is treated as a grantor trust
      under subpart E, Part I of subchapter J of the Code.

                                    ARTICLE I

                                   DEFINITIONS

      Section 1.01 Defined Terms. Whenever used in this Agreement or in the
Preliminary Statement, the following words and phrases, unless the context
otherwise requires, shall have the meanings specified in this Article. Interest
on all LIBOR Certificates will be calculated on the basis of the actual number
of days in the related Interest Accrual Period and a 360-day year.

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

      "60+ Day Delinquent Loan" Each Mortgage Loan (including each Mortgage Loan
in foreclosure and each Mortgage Loan for which the Mortgagor has filed for
bankruptcy after the Closing Date) with respect to which any portion of a
Monthly Payment is, as of the last day of the prior Collection Period, two
months or more past due and each Mortgage Loan relating to an REO Property.

      "Account" Any of the Collection Account, the Distribution Account, the
Excess Reserve Fund Account, the Escrow Account, the Supplemental Interest Trust
Account or the Swap Collateral Account, as applicable.

      "Accrued Certificate Interest" With respect to each Distribution Date and
Class of LIBOR Certificates, an amount equal to the interest accrued at the
Pass-Through Rate set forth or described for such Class in the table in the
Preliminary Statement under the caption "Certificates" during the related
Interest Accrual Period on the Principal Balance of such Class of Certificates,
reduced by such Class' Interest Percentage of any Current Interest Shortfall for
such Distribution Date.

      "Additional Form 10-D Disclosure" As defined in Section 3.28(a).

      "Additional Form 10-K Disclosure" As defined in Section 3.28(b).

      "Additional Servicer"  As defined in Section 6.05.

      "Adjustable Rate Mortgage Loan" A Mortgage Loan which has a rate at which
interest accrues that adjusts based on the Index plus a related Gross Margin, as
set forth and subject to the limitations in the related Mortgage Note.

      "Adjustment Date" With respect to each Adjustable Rate Mortgage Loan, each
adjustment date on which the Mortgage Interest Rate changes pursuant to the
related Mortgage Note. The first Adjustment Date following the applicable
Cut-off Date as to each Adjustable Rate Mortgage Loan is set forth in the
Mortgage Loan Schedule.

      "Advance" As to any Mortgage Loan, any advance made by the Servicer in
respect of any Distribution Date pursuant to Section 4.07 or if the Servicer
fails to make any advance, by the Trustee pursuant to Section 7.01.

      "Adverse REMIC Event" As defined in Section 9.01(f) hereof.

      "Affiliate" With respect to any Person, any other Person controlling,
controlled by or under common control with such Person. For purposes of this
definition, "control" means the power to direct the management and policies of a
Person, directly or indirectly, whether through ownership of voting securities,
by contract or otherwise and "controlling" and "controlled" shall have meanings
correlative to the foregoing.

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

      "Applicable Regulations" As to any Mortgage Loan, all federal, state and
local laws, statutes, rules and regulations applicable thereto.

      "Applied Realized Loss Amount" With respect to each Distribution Date, the
excess, if any, of (a) the aggregate of the Principal Balances of the
Certificates (other than the Class CE, Class P and Residual Certificates and
after giving effect to all distributions on such Distribution Date and the
increase of any Principal Balances as a result of Subsequent Recoveries) over
(b) the Pool Balance as of the end of the related Collection Period.

      "Assignment" An assignment of Mortgage, notice of transfer or equivalent
instrument, in recordable form, which is sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect or
record the sale of the Mortgage.

      "Available Funds" As to any Distribution Date, an amount equal to the
excess of (i) the sum of: (a) the aggregate of the Monthly Payments due during
the related Collection Period and received on or prior to the related
Determination Date by the Servicer, (b) Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds, Principal Prepayments, Substitution Adjustment
Amounts, the Purchase Price for any repurchased Mortgage Loan, the Termination
Price with respect to the termination of the Trust pursuant to Section 10.01
hereof and other unscheduled recoveries of principal and interest (excluding
Prepayment Penalties, Originator Prepayment Penalty Payment Amounts and Servicer
Prepayment Penalty Payment Amounts) in respect of the Mortgage Loans during the
related Prepayment Period, (c) the aggregate of any amounts received in respect
of an REO Property deposited in the Collection Account for such Distribution
Date, (d) any Compensating Interest for such Distribution Date, (e) the
aggregate of any Advances made by the Servicer or the Trustee for such
Distribution Date and (f) any Reimbursement Amount or Subsequent Recovery
deposited into the Collection Account during the related Prepayment Period over
(ii) the sum of (a) amounts reimbursable or payable to the Servicer pursuant to
Sections 3.05 or 6.03, (b) amounts reimbursable or payable to the Trustee
pursuant to Section 7.01 or Section 8.05 and amounts reimbursable or payable to
the Securities Administrator pursuant to Section 8.05 or Section 9.01(c), (c)
Stayed Funds, (d) the Servicing Fees and (e) amounts deposited in the Collection
Account or the Distribution Account, as the case may be, in error.

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

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

      "Bankruptcy Code" Title 11 of the United States Code, as amended.

      "Book-Entry Certificates" Any of the Certificates that shall be registered
in the name of the Depository or its nominee, the ownership of which is
reflected on the books of the Depository or on the books of a Person maintaining
an account with the Depository directly, as a Depository Participant, or
indirectly, as an indirect participant in accordance with the rules of the
Depository and as described in Section 5.02 hereof. On the Closing Date, the
Class A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates shall be
Book-Entry Certificates.

      "Business Day" Any day other than (i) a Saturday or a Sunday or (ii) a
legal holiday in the State of New York.

      "Cap Carryover Amount" For any Distribution Date, the sum of (a) if the
Accrued Certificate Interest for any Certificate is based upon the Pool Cap, the
excess of (i) the amount of interest such Certificate would have been entitled
to receive on such Distribution Date based on the related Formula Rate, over
(ii) the amount of interest such Certificate received on such Distribution Date
based on the Pool Cap, and (b) if the Pool Cap exceeds the Upper-Tier REMIC WAC
Rate, the excess of (i) the lesser of the amount in clause (a)(i) or clause
(a)(ii) over (ii) the amount of interest such Certificate would have received on
such Distribution Date based on the Upper-Tier REMIC WAC Rate, in each case
together with the unpaid portion of any such excess from prior Distribution
Dates (and interest accrued thereon at the then applicable Formula Rate on such
Certificate).

      "Certificate" Any Class A Certificate, Class M Certificate, Class B
Certificate, Class CE Certificate, Class P Certificate or Residual Certificate.

      "Certificate Custodian" Initially, Wells Fargo Bank; thereafter any other
Certificate Custodian acceptable to the Depository and selected by the
Securities Administrator.

      "Certificate Owner" With respect to each Book-Entry Certificate, any
beneficial owner thereof.

      "Certificate Register" and "Certificate Registrar" The register maintained
and registrar appointed pursuant to Section 5.02 hereof.

      "Certificateholder" or "Holder" The Person in whose name a Certificate is
registered in the Certificate Register, except that a Disqualified Organization
or non-U.S. Person shall not be a Holder of a Residual Certificate for any
purpose hereof.

      "Class" Collectively, Certificates or REMIC Regular Interests which have
the same priority of payment and bear the same class designation and the form of
which is identical except for variation in the Percentage Interest evidenced
thereby.

      "Class A Certificate" Any one of the Certificates with an "A" designated
on the face thereof substantially in the form annexed hereto as Exhibit A-1,
Exhibit A-2 and Exhibit A-3, executed by the Securities Administrator on behalf
of the Trust and authenticated and delivered by the Certificate Registrar,
representing the right to distributions as set forth herein and therein.

      "Class A Certificateholders" Collectively, the Holders of the Class A
Certificates.

      "Class A-1 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 0.100% per annum, and (ii) following the
Optional Termination Date, 0.200% per annum.

      "Class A-1 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class A-1 Certificate Margin.

      "Class A-2 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 0.210% per annum, and (ii) following the
Optional Termination Date, 0.420% per annum.

      "Class A-2 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class A-2 Certificate Margin.

      "Class A-3 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 0.320% per annum, and (ii) following the
Optional Termination Date, 0.640% per annum.

      "Class A-3 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class A-3 Certificate Margin.

      "Class B Certificate" Any one of the Certificates with a "B" designated on
the face thereof substantially in the form annexed hereto as Exhibit B-7,
Exhibit B-8 and Exhibit B-9, executed by the Securities Administrator on behalf
of the Trust and authenticated and delivered by the Certificate Registrar,
representing the right to distributions as set forth herein and therein.

      "Class B-1 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 2.250% per annum, and (ii) following the
Optional Termination Date, 3.375% per annum.

      "Class B-1 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class B-1 Certificate Margin.

      "Class B-1 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (iv) the Principal Balance of the Class M-3 Certificates (after taking
into account the payment of the Class M-3 Principal Distribution Amount on such
Distribution Date), (v) the Principal Balance of the Class M-4 Certificates
(after taking into account the payment of the Class M-4 Principal Distribution
Amount on such Distribution Date), (vi) the Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal
Distribution Amount on such Distribution Date), (vii) the Principal Balance of
the Class M-6 Certificates (after taking into account the payment of the Class
M-6 Principal Distribution Amount on such Distribution Date) and (viii) the
Principal Balance of the Class B-1 Certificates immediately prior to such
Distribution Date over (y) the lesser of (a) the product of (i) 89.90% and (ii)
the Pool Balance as of the last day of the related Collection Period and (b) the
Overcollateralization Floor.

      "Class B-1 Realized Loss Amortization Amount" As to the Class B-1
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class B-1 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (xx) hereof, in each case
for such Distribution Date.

      "Class B-2 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 2.250% per annum, and (ii) following the
Optional Termination Date, 3.375% per annum.

      "Class B-2 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class B-2 Certificate Margin.

      "Class B-2 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (iv) the Principal Balance of the Class M-3 Certificates (after taking
into account the payment of the Class M-3 Principal Distribution Amount on such
Distribution Date), (v) the Principal Balance of the Class M-4 Certificates
(after taking into account the payment of the Class M-4 Principal Distribution
Amount on such Distribution Date), (vi) the Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal
Distribution Amount on such Distribution Date), (vii) the Principal Balance of
the Class M-6 Certificates (after taking into account the payment of the Class
M-6 Principal Distribution Amount on such Distribution Date), (viii) the
Principal Balance of the Class B-1 Certificates (after taking into account the
payment of the Class B-1 Principal Distribution Amount on such Distribution
Date) and (ix) the Principal Balance of the Class B-2 Certificates immediately
prior to such Distribution Date over (y) the lesser of (a) the product of (i)
92.40% and (ii) the Pool Balance as of the last day of the related Collection
Period and (b) the Overcollateralization Floor.

      "Class B-2 Realized Loss Amortization Amount" As to the Class B-2
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class B-2 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (xxiii) hereof, in each
case for such Distribution Date.

      "Class B-3 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 2.250% per annum, and (ii) following the
Optional Termination Date, 3.375% per annum.

      "Class B-3 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class B-3 Certificate Margin.

      "Class B-3 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (iv) the Principal Balance of the Class M-3 Certificates (after taking
into account the payment of the Class M-3 Principal Distribution Amount on such
Distribution Date), (v) the Principal Balance of the Class M-4 Certificates
(after taking into account the payment of the Class M-4 Principal Distribution
Amount on such Distribution Date), (vi) the Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal
Distribution Amount on such Distribution Date), (vii) the Principal Balance of
the Class M-6 Certificates (after taking into account the payment of the Class
M-6 Principal Distribution Amount on such Distribution Date), (viii) the
Principal Balance of the Class B-1 Certificates (after taking into account the
payment of the Class B-1 Principal Distribution Amount on such Distribution
Date), (ix) the Principal Balance of the Class B-2 Certificates (after taking
into account the payment of the Class B-2 Principal Distribution Amount on such
Distribution Date) and (x) the Principal Balance of the Class B-3 Certificates
immediately prior to such Distribution Date over (y) the lesser of (a) the
product of (i) 94.10% and (ii) the Pool Balance as of the last day of the
related Collection Period and (b) the Overcollateralization Floor.

      "Class B-3 Realized Loss Amortization Amount" As to the Class B-3
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class B-3 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (xxvi) hereof, in each
case for such Distribution Date.

      "Class CE Certificates" Any one of the Class CE Certificates as designated
on the face thereof substantially in the form annexed hereto as Exhibit C-1,
executed by the Securities Administrator on behalf of the Trust and
authenticated and delivered by the Certificate Registrar, representing the right
to distributions as set forth herein and therein.

      "Class CE Distributable Amount" With respect to any Distribution Date, the
sum of (i) the interest accrued on the Class CE Interest at its Pass Through
Rate calculated on its Notional Amount less the amount of Cap Carryover Amounts
paid pursuant to Section 4.02(b)(xxviii), any Net Swap Payments paid to the Swap
Provider and any Swap Termination Payments paid to the Swap Provider pursuant to
Section 4.02(b)(xxix), and (ii) any remaining Overcollateralization Release
Amounts.

      "Class CE Interest" A regular interest in the Class CE REMIC, entitled to
the distributions described in the Preliminary Statement.

      "Class CE REMIC" As described in the Preliminary Statement.

      "Class IO Interest" A regular interest in the Class CE REMIC, entitled to
the distributions described in the Preliminary Statement.

      "Class IO Shortfalls" As defined in Section 4.08. For the avoidance of
doubt, the Class IO Shortfall for any Distribution Date shall equal the amount
payable by the Class CE Certificates in respect of amounts due to the Swap
Provider on such Distribution Date (other than any Swap Termination Payment
resulting from a Swap Provider Trigger Event) in excess of the amount payable on
the Class CE Interest (prior to any reduction for Cap Carryover Amounts or Swap
Termination Payments) and the Class IO Interest on such Distribution Date, all
as further provided in Section 4.08.

      "Class LT-A-1 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-A-1 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-A-2 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-A-2 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-A-3 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-A-3 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-Accrual Interest" One of the separate non-certificated
beneficial ownership interests in the Lower-Tier REMIC issued hereunder and
designated as a Regular Interest in the Lower-Tier REMIC. Class LT-Accrual
Interest shall accrue interest at the related Pass-Through Rate in effect from
time to time, and shall be entitled to distributions of principal, subject to
the terms and conditions hereof, in an aggregate amount equal to 1/2 of the Pool
Balance plus 1/2 of the Overcollateralization Amount, as set forth in the
Preliminary Statement hereto.

      "Class LT-B-1 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-B-1 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-B-2 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-B-2 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-B-3 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-B-3 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-M-1 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-M-1 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-M-2 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-M-2 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-M-3 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-M-3 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-M-4 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-M-4 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-M-5 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-M-5 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-M-6 Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. Class LT-M-6 Interest shall accrue
interest at the related Pass-Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to 1/2 of the initial Principal Balance of
the Corresponding Upper-Tier REMIC Regular Interest as set forth in the
Preliminary Statement hereto.

      "Class LT-IO Interest" One of the separate non-certificated beneficial
ownership interests in the Lower-Tier REMIC issued hereunder and designated as a
Regular Interest in the Lower-Tier REMIC. The Class LT-IO Interest is an
interest-only interest and does not have a Lower-Tier Principal Amount. On each
Distribution Date, the Class LT-IO Interest shall be entitled to receive all
interest distributable on the Pooling-Tier REMIC-2 IO Interest.

      "Class LT-R Interest" The residual interest in the Lower-Tier REMIC as
described in the Preliminary Statement.

      "Class M Certificate" Any one of the Certificates with an "M" designated
on the face thereof substantially in the form annexed hereto as Exhibit B-1,
Exhibit B-2, Exhibit B-3, Exhibit B-4, Exhibit B-5 and Exhibit B-6, executed by
the Securities Administrator on behalf of the Trust and authenticated and
delivered by the Certificate Registrar, representing the right to distributions
as set forth herein and therein.

      "Class M Certificateholders" Collectively, the Holders of the Class M
Certificates.

      "Class M-1 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 0.430% per annum, and (ii) following the
Optional Termination Date, 0.645% per annum.

      "Class M-1 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class M-1 Certificate Margin.

      "Class M-1 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date) and (ii) the Principal Balance of
the Class M-1 Certificates immediately prior to such Distribution Date over (y)
the lesser of (a) the product of (i) 68.40% and (ii) the Pool Balance as of the
last day of the related Collection Period and (b) the Overcollateralization
Floor.

      "Class M-1 Realized Loss Amortization Amount" As to the Class M-1
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class M-1 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) and (ii) hereof, in each case for
such Distribution Date.

      "Class M-2 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 0.480% per annum, and (ii) following the
Optional Termination Date, 0.720% per annum.

      "Class M-2 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class M-2 Certificate Margin.

      "Class M-2 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date) and (iii) the
Principal Balance of the Class M-2 Certificates immediately prior to such
Distribution Date over (y) the lesser of (a) the product of (i) 74.20% and (ii)
the Pool Balance as of the last day of the related Collection Period and (b) the
Overcollateralization Floor.

      "Class M-2 Realized Loss Amortization Amount" As to the Class M-2
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class M-2 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (v) hereof, in each case
for such Distribution Date.

      "Class M-3 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 0.670% per annum, and (ii) following the
Optional Termination Date, 1.005% per annum.

      "Class M-3 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class M-3 Certificate Margin.

      "Class M-3 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date) and (iv) the Principal Balance of the Class M-3 Certificates immediately
prior to such Distribution Date over (y) the lesser of (a) the product of (i)
77.80% and (ii) the Pool Balance as of the last day of the related Collection
Period and (b) the Overcollateralization Floor

      "Class M-3 Realized Loss Amortization Amount" As to the Class M-3
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class M-3 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (viii) hereof, in each
case for such Distribution Date.

      "Class M-4 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 1.000% per annum, and (ii) following the
Optional Termination Date, 1.500% per annum.

      "Class M-4 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class M-4 Certificate Margin.

      "Class M-4 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (iv) the Principal Balance of the Class M-3 Certificates (after taking
into account the payment of the Class M-3 Principal Distribution Amount on such
Distribution Date) and (v) the Principal Balance of the Class M-4 Certificates
immediately prior to such Distribution Date over (y) the lesser of (a) the
product of (i) 81.00% and (ii) the Pool Balance as of the last day of the
related Collection Period and (b) the Overcollateralization Floor.

      "Class M-4 Realized Loss Amortization Amount" As to the Class M-4
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class M-4 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (xi) hereof, in each case
for such Distribution Date.

      "Class M-5 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 1.450% per annum, and (ii) following the
Optional Termination Date, 2.175% per annum.

      "Class M-5 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class M-5 Certificate Margin.

      "Class M-5 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (iv) the Principal Balance of the Class M-3 Certificates (after taking
into account the payment of the Class M-3 Principal Distribution Amount on such
Distribution Date), (v) the Principal Balance of the Class M-4 Certificates
(after taking into account the payment of the Class M-4 Principal Distribution
Amount on such Distribution Date) and (vi) the Principal Balance of the Class
M-5 Certificates immediately prior to such Distribution Date over (y) the lesser
of (a) the product of (i) 84.20% and (ii) the Pool Balance as of the last day of
the related Collection Period and (b) the Overcollateralization Floor.

      "Class M-5 Realized Loss Amortization Amount" As to the Class M-5
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class M-5 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (xiv) hereof, in each
case for such Distribution Date.

      "Class M-6 Certificate Margin" For each Distribution Date (i) on or prior
to the Optional Termination Date, 1.750% per annum, and (ii) following the
Optional Termination Date, 2.625% per annum.

      "Class M-6 Formula Rate" For each Distribution Date, a rate per annum
equal to One-Month LIBOR applicable to the related Interest Accrual Period, plus
the Class M-6 Certificate Margin.

      "Class M-6 Principal Distribution Amount" As of any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect, the
excess of (x) the sum of (i) the sum of the Principal Balances of the Senior
Certificates (after taking into account the payment of the Senior Principal
Distribution Amount on such Distribution Date), (ii) the Principal Balance of
the Class M-1 Certificates (after taking into account the payment of the Class
M-1 Principal Distribution Amount on such Distribution Date), (iii) the
Principal Balance of the Class M-2 Certificates (after taking into account the
payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (iv) the Principal Balance of the Class M-3 Certificates (after taking
into account the payment of the Class M-3 Principal Distribution Amount on such
Distribution Date), (v) the Principal Balance of the Class M-4 Certificates
(after taking into account the payment of the Class M-4 Principal Distribution
Amount on such Distribution Date), (vi) the Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal
Distribution Amount on such Distribution Date) and (vii) the Principal Balance
of the Class M-6 Certificates immediately prior to such Distribution Date over
(y) the lesser of (a) the product of (i) 87.10% and (ii) the Pool Balance as of
the last day of the related Collection Period and (b) the Overcollateralization
Floor.

      "Class M-6 Realized Loss Amortization Amount" As to the Class M-6
Certificates and as of any Distribution Date, the lesser of (x) the Unpaid
Realized Loss Amount for the Class M-6 Certificates as of such Distribution Date
and (y) the excess of (i) the Monthly Excess Cashflow Amount over (ii) the sum
of the amounts described in Section 4.02(b)(i) through (xvii) hereof, in each
case for such Distribution Date.

      "Class P Certificate" Any one of the Certificates with a "P" designated on
the face thereof substantially in the form annexed hereto as Exhibit C-2,
executed by the Securities Administrator on behalf of the Trust and
authenticated and delivered by the Certificate Registrar, representing the right
to distributions as set forth herein and therein.

      "Class PT1-R Interest" The residual interest in Pooling-Tier REMIC-1 as
described in the Preliminary Statement.

      "Class PT2-R Interest" The residual interest in Pooling-Tier REMIC-2 as
described in the Preliminary Statement.

      "Class P Certificateholders" The holders of the Class P Certificates.

      "Class R Certificate" The Class R Certificate executed by the Securities
Administrator on behalf of the Trust, and authenticated and delivered by the
Certificate Registrar, substantially in the form annexed hereto as Exhibit C-3
and evidencing the ownership of the Class R-CE Interest, the Class PT1-R
Interest, the Class PT2-R Interest, the Class LT-R Interest and the Class UT-R
Interest.

      "Class R-CE Interest" The residual interest in the Class CE REMIC as
described in the Preliminary Statement and the related footnote thereto.

      "Class UT-IO Interest" A regular interest in the Upper-Tier REMIC as
described in the Preliminary Statement and the related footnote thereto.

      "Class UT-R Interest" The residual interest in the Upper-Tier REMIC as
described in the Preliminary Statement.

      "Class UT-X Interest" A regular interest in the Upper-Tier REMIC as
described in the Preliminary Statement and the related footnote thereto.

      "Closing Date" March 30, 2007.

      "Code" The Internal Revenue Code of 1986, as it may be amended from time
to time.

      "Collection Account" The segregated account or accounts created and
maintained by the Servicer pursuant to Section 3.04(a), which shall be entitled
"Collection Account, Wells Fargo Bank, N.A., as Servicer for HSBC Bank USA,
National Association, as Trustee, in trust for registered Holders of Wells Fargo
Home Equity Asset-Backed Securities 2007-1 Trust, Home Equity Asset-Backed
Certificates, Series 2007-1," and which must be an Eligible Account.

      "Collection Period" With respect to any Distribution Date, the period from
the second day of the calendar month preceding the month in which such
Distribution Date occurs through the first day of the month in which such
Distribution Date occurs.

      "Commission" The United States Securities and Exchange Commission.

      "Compensating Interest" As defined in Section 3.22 hereof.

      "Condemnation Proceeds" All awards or settlements in respect of a taking
of a Mortgaged Property by exercise of the power of eminent domain or
condemnation.

      "Corporate Trust Office" With respect to the Trustee, the principal
corporate trust office of the Trustee at which at any particular time its
corporate trust business in connection with this Agreement shall be
administered, which office at the date of the execution of this instrument is
located at 452 Fifth Avenue, New York, New York 10018, Attention: WFHET 2007-1
or at such other address as the Trustee may designate from time to time by
notice to the Certificateholders, the Depositor, the Securities Administrator
and the Servicer. With respect to the Securities Administrator, the corporate
trust office of the Securities Administrator at which at any particular time its
corporate trust business in connection with this Agreement shall be
administered, which office at the date of the execution of this instrument is
located at (i) for certificate transfer purposes, Wells Fargo Center, Sixth
Street and Marquette Avenue, Minneapolis, Minnesota, 55479-0113, Attention:
Client Manager-WFHET, Series 2007-1 and (ii) for all other purposes, 9062 Old
Annapolis Road, Columbia, Maryland 21045, Attention: Client Manager-WFHET,
Series 2007-1 or at such other address as the Securities Administrator may
designate from time to time by notice to the Certificateholders, the Depositor,
the Trustee and the Servicer.

      "Corresponding Class" The Class of interests in one Trust REMIC created
under this Agreement that corresponds to the Class of interests in the other
Trust REMIC or to a Class of Certificates in the manner set out below:

                              Corresponding
                               Upper-Tier
        Lower-Tier            REMIC Regular        Corresponding
     Class Designation          Interest       Class of Certificates
     -----------------        -------------    ---------------------
       Class LT-A-1             Class A-1           Class A-1
       Class LT-A-2             Class A-2           Class A-2
       Class LT-A-3             Class A-3           Class A-3
       Class LT-M-1             Class M-1           Class M-1
       Class LT-M-2             Class M-2           Class M-2
       Class LT-M-3             Class M-3           Class M-3
       Class LT-M-4             Class M-4           Class M-4
       Class LT-M-5             Class M-5           Class M-5
       Class LT-M-6             Class M-6           Class M-6
       Class LT-B-1             Class B-1           Class B-1
       Class LT-B-2             Class B-2           Class B-2
       Class LT-B-3             Class B-3           Class B-3

      "Corresponding Pooling-Tier REMIC-2 IO Interest" As defined in the
Preliminary Statement.

      "Corresponding Scheduled Crossover Distribution Date" The Distribution
Date, if any, in the month and year specified in the Preliminary Statement
corresponding to a Pooling-Tier REMIC-2 IO Interest.

      "Current Interest Shortfall" With respect to any Distribution Date, the
sum of (i) the aggregate amount of Relief Act Interest Shortfalls, (ii) the
aggregate amount of Prepayment Interest Shortfalls attributable to partial
Principal Prepayments and (iii) the amount, if any, by which (x) the aggregate
amount of Prepayment Interest Shortfalls attributable to Principal Prepayments
in full exceeds (y) the Compensating Interest for such Distribution Date.

      "CUSIP Number" With respect to each Certificate, the identification number
provided by the CUSIP Service Bureau and appearing on the face of such
Certificate.

      "Custodial Agreement" That certain Custodial Agreement, dated as of March
30, 2007 among the Custodian, the Depositor, the Servicer and the Trustee, in
the form of Exhibit R attached hereto.

      "Custodian" Wells Fargo Bank, as custodian pursuant to the Custodial
Agreement, and any successor custodian, if any, hereafter appointed by the
Trustee pursuant to Section 8.16. The Custodian may (but need not) be the
Trustee, the Securities Administrator or the Servicer or any Person directly or
indirectly controlling or controlled by or under common control of any of them.

      "Cut-off Date" With respect to each Mortgage Loan, the Due Date occurring
in March 2007.

      "Cut-off Date Principal Balance" With respect to any Mortgage Loan, the
unpaid principal balance thereof as of the applicable Cut-off Date after giving
effect to any Monthly Payment due on such date and to the application of funds
received or advanced on or before such date (or as of the applicable date of
substitution with respect to an Eligible Substitute Mortgage Loan).

      "DBRS" DBRS and its successors, and if such company shall for any reason
no longer perform the functions of a securities rating agency, "DBRS" shall be
deemed to refer to any other "nationally recognized statistical rating
organization" as set forth on the most current list of such organizations
released by the Commission.

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

      "Defective Mortgage Loan" A Mortgage Loan replaced or to be replaced by
one or more Eligible Substitute Mortgage Loans.

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

      "Definitive Certificates" As defined in Section 5.02(c) hereof.

      "Delinquent" Any Mortgage Loan with respect to which the Monthly Payment
due on a Due Date is not made by the close of business on the next scheduled Due
Date for such Mortgage Loan.

      "Depositor" Wells Fargo Asset Securities Corporation, a Delaware
corporation, or any successor in interest.

      "Depository" The initial depository shall be The Depository Trust Company,
whose nominee is Cede & Co., or any other organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act. The Depository shall
initially be the registered Holder of the Book-Entry Certificates. The
Depository shall at all times be a "clearing corporation" as defined in Section
8-102(a)(5) of the Uniform Commercial Code of the State of New York.

      "Depository Participant" A broker, dealer, bank or other financial
institution or other person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

      "Determination Date" With respect to any Distribution Date, the 17th day
of the calendar month in which such Distribution Date occurs or, if such 17th
day is not a Business Day, the Business Day immediately preceding such 17th day.

      "Disqualified Organization" A "disqualified organization" under Section
860E of the Code, which as of the Closing Date is any of: (i) the United States,
any state or political subdivision thereof, any possession of the United States,
any foreign government, any international organization, or any agency or
instrumentality of any of the foregoing, (ii) any organization (other than a
cooperative described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code unless such organization is subject to the tax
imposed by Section 511 of the Code, (iii) any organization described in Section
1381(a)(2)(C) of the Code, or (iv) any other Person so designated by the
Securities Administrator based upon an Opinion of Counsel provided by nationally
recognized counsel to the Securities Administrator that the holding of an
ownership interest in the Class R Certificate by such Person may cause the Trust
Fund or any Person having an ownership interest in any Class of Certificates
(other than such Person) to incur liability for any federal tax imposed under
the Code that would not otherwise be imposed but for the transfer of an
ownership interest in a Class R Certificate to such Person. A corporation will
not be treated as an instrumentality of the United States or of any state or
political subdivision thereof if all of its activities are subject to tax and a
majority of its board of directors is not selected by a governmental unit. The
term "United States," "state" and "international organization" shall have the
meanings set forth in Section 7701 of the Code.

      "Distribution Account" The segregated trust account or accounts created
and maintained by the Securities Administrator pursuant to Section 3.04(b),
which shall be entitled "Distribution Account, Wells Fargo Bank, N.A., as
Securities Administrator, in trust for the registered Holders of Wells Fargo
Home Equity Asset-Backed Securities 2007-1 Trust, Home Equity Asset-Backed
Certificates, Series 2007-1," and which must be an Eligible Account.

      "Distribution Date" The 25th day of any calendar month, or if such 25th
day is not a Business Day, the Business Day immediately following such 25th day,
commencing in April 2007.

      "Distribution Date Statement" As defined in Section 4.06(a) hereof.

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

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

      "Due Date" With respect to each Mortgage Loan, the day of the calendar
month on which the Monthly Payment for such Mortgage Loan was due in accordance
with the terms of the related Mortgage Note, exclusive of any grace period.

      "Eligible Account" Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company the
short-term unsecured debt obligations of which (or, in the case of a depository
institution or trust company that is the principal subsidiary of a holding
company, the short-term unsecured debt obligations of such holding company) are
rated "F-1" by Fitch, "R-1" by DBRS and "P-1" by Moody's (or comparable ratings
if Fitch, DBRS and Moody's are not the Rating Agencies) by each of the Rating
Agencies at the time any amounts are held on deposit therein, (ii) an account or
accounts the deposits in which are fully insured by the FDIC, (iii) a trust
account or accounts maintained with the trust department of a federal or state
chartered depository institution, national banking association or trust company
acting in its fiduciary capacity or (iv) an account otherwise acceptable to each
Rating Agency without reduction or withdrawal of their then current ratings of
the Certificates as evidenced by a letter from each Rating Agency to the
Securities Administrator and the Trustee. Eligible Accounts may bear interest.

      "Eligible Investments" Any one or more of the following obligations or
securities acquired at a purchase price of not greater than par, regardless of
whether issued or managed by the Depositor, the Servicer, the Securities
Administrator, the Trustee or any of their respective Affiliates or for which an
Affiliate of the Trustee or the Securities Administrator serves as an advisor:

            (i) direct obligations of, or obligations fully guaranteed as to
      timely payment of principal and interest by, the United States or any
      agency or instrumentality thereof, provided such obligations are backed by
      the full faith and credit of the United States;

            (ii) (A) demand and time deposits in, certificates of deposit of,
      bankers' acceptances issued by or federal funds sold by any depository
      institution or trust company (including the Trustee, the Securities
      Administrator or their respective agents acting in their respective
      commercial capacities) incorporated under the laws of the United States of
      America or any state thereof and subject to supervision and examination by
      federal and/or state authorities, so long as, at the time of such
      investment or contractual commitment providing for such investment, such
      depository institution or trust company or its ultimate parent has a short
      term uninsured debt rating in one of the two highest available rating
      categories of DBRS and Moody's and the highest available rating category
      of Fitch and provided that each such investment has an original maturity
      of no more than 365 days and (B) any other demand or time deposit or
      deposit which is fully insured by the FDIC;

            (iii) repurchase obligations with a term not to exceed 30 days with
      respect to any security described in clause (i) above and entered into
      with a depository institution or trust company (acting as principal) rated
      A or higher by DBRS and Fitch and A2 or higher by Moody's, provided,
      however, that collateral transferred pursuant to such repurchase
      obligation must be of the type described in clause (i) above and must (A)
      be valued daily at current market prices plus accrued interest or (B)
      pursuant to such valuation, be equal, at all times, to 105% of the cash
      transferred by the Trustee or the Securities Administrator in exchange for
      such collateral and (C) be delivered to the Trustee, the Securities
      Administrator or, if the Trustee or the Securities Administrator is
      supplying the collateral, an agent for the Trustee or the Securities
      Administrator, as the case may be, in such a manner as to accomplish
      perfection of a security interest in the collateral by possession of
      certificated securities;

            (iv) securities bearing interest or sold at a discount that are
      issued by any corporation incorporated under the laws of the United States
      of America or any State thereof and that are rated by each Rating Agency
      in its highest long-term unsecured rating categories at the time of such
      investment or contractual commitment providing for such investment;

            (v) commercial paper (including both non-interest-bearing discount
      obligations and interest-bearing obligations payable on demand or on a
      specified date not more than 30 days after the date of acquisition
      thereof) that is rated by each Rating Agency in its highest short-term
      unsecured debt rating available at the time of such investment;

            (vi) units of money market funds registered under the Investment
      Company Act of 1940 (including funds managed or advised by the Trustee or
      the Securities Administrator or affiliates thereof) that, if rated by each
      Rating Agency, are rated in its highest rating category (if so rated by
      such Rating Agency); and

            (vii) if previously confirmed in writing to the Trustee and the
      Securities Administrator, any other demand, money market or time deposit,
      or any other obligation, security or investment, as may be acceptable to
      the Rating Agencies in writing as an eligible investment of funds backing
      securities having ratings equivalent to its highest initial rating of the
      Senior Certificates;

      provided, that no instrument described hereunder shall evidence either the
right to receive (a) only interest with respect to the obligations underlying
such instrument or (b) both principal and interest payments derived from
obligations underlying such instrument and the interest and principal payments
with respect to such instrument provide a yield to maturity at par greater than
120% of the yield to maturity at par of the underlying obligations.

      "Eligible Substitute Mortgage Loan" A mortgage loan substituted for a
Defective Mortgage Loan pursuant to the terms of this Agreement which must, on
the date of such substitution, (i) have an outstanding principal balance, after
application of all scheduled payments of principal and interest due during or
prior to the month of substitution, not in excess of, the outstanding principal
balance of the Defective Mortgage Loan as of the Due Date in the calendar month
during which the substitution occurs, (ii) have a Mortgage Interest Rate, with
respect to a Fixed Rate Mortgage Loan, not less than the Mortgage Interest Rate
of the Defective Mortgage Loan and not more than 1% in excess of the Mortgage
Interest Rate of such Defective Mortgage Loan, (iii) if an Adjustable Rate
Mortgage Loan, have a Rate Ceiling not less than the Rate Ceiling for the
Defective Mortgage Loan, (iv) if an Adjustable Rate Mortgage Loan, have a
Minimum Mortgage Interest Rate not less than the Minimum Mortgage Interest Rate
of the Defective Mortgage Loan, (v) if an Adjustable Rate Mortgage Loan, have a
Gross Margin equal to or greater than the Gross Margin of the Defective Mortgage
Loan, (vi) if an Adjustable Rate Mortgage Loan, have the same Index and
frequency of adjustment as the Defective Mortgage Loan, (vii) if an Adjustable
Rate Mortgage Loan, have a next Adjustment Date not more than three months later
than the next Adjustment Date on the Defective Mortgage Loan, (viii) have an
original term to maturity not greater than (and not more than one year less
than) that of the Defective Mortgage Loan, (ix) be current as of the date of
substitution, (x) have a Loan-to-Value Ratio equal to or lower than the
Loan-to-Value Ratio of the Defective Mortgage Loan, (xi) have a risk grading at
least equal to the risk grading assigned on the Defective Mortgage Loan, (xii)
have the same lien priority as the Defective Mortgage Loan, (xiii) have a
Prepayment Penalty at least equal in amount and duration of that of the
Defective Mortgage Loan and (xiv) conform to each representation and warranty
set forth in Section 2.04 hereof applicable to the Defective Mortgage Loan. In
the event that one or more mortgage loans are substituted for one or more
Defective Mortgage Loans, the amounts described in clause (i) hereof shall be
determined on the basis of aggregate principal balance, the Mortgage Interest
Rates described in clause (ii) hereof shall be determined on the basis of
weighted average Mortgage Interest Rates, the risk gradings described in clause
(xi) hereof shall be satisfied as to each such mortgage loan, the terms
described in clause (viii) hereof shall be determined on the basis of weighted
average remaining term to maturity, the Loan-to-Value Ratios described in clause
(x) hereof shall be satisfied as to each such mortgage loan and, except to the
extent otherwise provided in this sentence, the representations and warranties
described in clause (xiv) hereof must be satisfied as to each Eligible
Substitute Mortgage Loan or in the aggregate, as the case may be.

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

      "ERISA Restricted Certificates" Any of the Class CE, Class P and Class R
Certificates.

      "Escrow Account" The account or accounts created and maintained pursuant
to Section 3.06.

      "Escrow Agreement" An agreement between a Mortgagor and the Servicer
relating to accounts constituting taxes and/or fire and hazard insurance
premiums required to be escrowed.

      "Escrow Payments" The amounts constituting taxes and/or fire and hazard
insurance premiums required to be escrowed to an Escrow Agreement.

      "Estate in Real Property" A fee simple estate in a parcel of real
property.

      "Excess Reserve Fund Account" The segregated trust account created and
maintained by the Securities Administrator pursuant to Section 3.04(g) which
shall be entitled "Excess Reserve Fund Account, Wells Fargo Bank, N.A., as
Securities Administrator for HSBC Bank USA, National Association, as Trustee, in
trust for registered Holders of the Class A, Class M and Class B Certificates of
Wells Fargo Home Equity Asset-Backed Securities 2007-1 Trust, Home Equity
Asset-Backed Certificates, Series 2007-1," and which must be an Eligible
Account. Amounts on deposit in the Excess Reserve Fund Account shall not be
invested. The Excess Reserve Fund Account shall not be an asset of any REMIC
formed under this Agreement.

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

      "Extra Principal Distribution Amount" With respect to any Distribution
Date, the lesser of (x) the Monthly Excess Interest Amount for such Distribution
Date, after reduction (but not below zero) by any Current Interest Shortfall and
(y) the Overcollateralization Deficiency for such Distribution Date.

      "FDIC" Federal Deposit Insurance Corporation or any successor thereto.

      "Fidelity Bond" An insurance policy naming the Trustee, its successors and
assigns as loss payees relative to losses caused by improper or unlawful acts of
the Servicer's personnel.

      "Final Scheduled Distribution Date" As to each Class of Certificates, the
date set forth as such in the Preliminary Statement.

      "Fitch" Fitch Ratings and its successors, and if such company shall for
any reason no longer perform the functions of a securities rating agency,
"Fitch" shall be deemed to refer to any other "nationally recognized statistical
rating organization" as set forth on the most current list of such organizations
released by the Commission.

      "Fixed Rate" The fixed rate set forth on Schedule I of the Interest Rate
Swap Agreement.

      "Fixed Rate Mortgage Loan" A Mortgage Loan which has a constant annual
rate at which interest accrues in accordance with the provisions of the related
Mortgage Note.

      "Fixed Swap Payment" With respect to any Distribution Date up to and
including the Distribution Date in December 2011, an amount equal to the product
of (x) the Fixed Rate for such Distribution Date, (y) the Swap Notional Amount
for such Distribution Date and (z) a fraction, the numerator of which is 30 (or,
for the first Distribution Date, the number of days elapsed from the Closing
Date to but excluding the first Distribution Date on a 30/360 basis), and the
denominator of which is 360.

      "Floating Swap Payment" With respect to any Distribution Date up to and
including the Distribution Date in December 2011, an amount equal to the product
of (i) Swap LIBOR, (ii) the Swap Notional Amount for such Distribution Date and
(iii) a fraction, the numerator of which is the actual number of days elapsed
from and including the previous Distribution Date to but excluding the current
Distribution Date (or, for the first Distribution Date, the actual number of
days elapsed from the Closing Date to but excluding the first Distribution
Date), and the denominator of which is 360.

      "Foreclosure Price" The amount reasonably expected to be received from the
sale of the related Mortgaged Property net of any expenses associated with
foreclosure proceedings.

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

      "Form 8-K Disclosure Information" As defined in Section 3.28(c).

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

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

      "Form 10-K Filing Deadline" As defined in Section 3.28(b).

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

      "Formula Rate" Any of the Class A-1 Formula Rate, the Class A-2 Formula
Rate, the Class A-3 Formula Rate, the Class M-1 Formula Rate, the Class M-2
Formula Rate, the Class M-3 Formula Rate, the Class M-4 Formula Rate, the Class
M-5 Formula Rate, the Class M-6 Formula Rate, the Class B-1 Formula Rate, the
Class B-2 Formula Rate and the Class B-3 Formula Rate.

      "Grantor Trust" That portion of the Trust exclusive of Pooling-Tier
REMIC-1, Pooling-Tier REMIC-2, Lower-Tier REMIC, Upper-Tier REMIC and Class CE
REMIC consisting of (a) the Prepayment Penalties, any Originator Prepayment
Penalty Payment Amounts, any Servicer Prepayment Penalty Payment Amounts,
proceeds thereof in the Custodial Account or Distribution Account and the right
of the Class P Certificateholders to receive such Prepayment Penalties,
Originator Prepayment Penalty Payment Amounts and Servicer Prepayment Penalty
Payment Amounts, (b) the right of the LIBOR Certificates to receive Cap
Carryover Amounts and the obligation to pay Class IO Shortfalls, (c) the
Interest Rate Swap Agreement, the Excess Reserve Fund Account and the beneficial
interest of the Class CE Certificates with respect thereto and (d) the
obligation of the Class CE Certificates to pay Cap Carryover Amounts and the
right to receive Class IO Shortfalls.

      "Gross Margin" With respect to each Adjustable Rate Mortgage Loan, the
fixed percentage set forth in the related Mortgage Note that is added to the
Index on each Adjustment Date in accordance with the terms of the related
Mortgage Note used to determine the Mortgage Interest Rate for such Mortgage
Loan.

      "Independent" When used with respect to any specified Person, any such
Person who (i) is in fact independent of the Depositor, the Securities
Administrator, the Trustee, the Servicer and their respective Affiliates, (ii)
does not have any direct financial interest in or any material indirect
financial interest in the Depositor, the Securities Administrator, the Trustee
or the Servicer, or any Affiliate thereof, and (iii) is not connected with the
Depositor, the Securities Administrator, the Trustee or the Servicer, or any
Affiliate thereof, as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions; provided, however,
that a Person shall not fail to be Independent of the Depositor, the Securities
Administrator, the Trustee or the Servicer, or any Affiliate thereof, merely
because such Person is the beneficial owner of 1% or less of any class of
securities issued by the Depositor, the Securities Administrator, the Trustee or
the Servicer, or any Affiliate thereof, as the case may be.

      "Index" With respect to each Adjustable Rate Mortgage Loan and with
respect to each related Adjustment Date, the index as specified in the related
Mortgage Note.

      "Initial Overcollateralization Amount" $16,043,148.02.

      "Initial Principal Balance" With respect to any Certificate of a Class
other than a Class CE, Class P or Residual Certificate, the amount designated
"Initial Principal Balance" on the face thereof.

      "Initial Pooling-Tier REMIC-1 Principal Amount" As described in the
Preliminary Statement.

      "Initial Pooling-Tier REMIC-2 Principal Amount" As described in the
Preliminary Statement.

      "Insurance Proceeds" Proceeds of any title policy, hazard policy or other
insurance policy covering a Mortgage Loan, to the extent such proceeds are not
to be applied to the restoration of the related Mortgaged Property or released
to the Mortgagor in accordance with the procedures that the Servicer would
follow in servicing mortgage loans held for its own account, subject to the
terms and conditions of the related Mortgage Note and Mortgage.

      "Interest Accrual Period" With respect to any Distribution Date, the
period from and including the preceding Distribution Date to the day prior to
the current Distribution Date (or, in the case of the first Distribution Date,
the period from March 30, 2007 through April 25, 2007).

      "Interest Carry Forward Amount" With respect to any Class of LIBOR
Certificates and any Distribution Date, the sum of (a) the excess, if any, of
(i) the Accrued Certificate Interest for the prior Distribution Date and any
Interest Carry Forward Amount for the prior Distribution Date, over (ii) the
amount in respect of interest actually distributed on such Class on such prior
Distribution Date and (b) interest on such excess at the applicable Pass-Through
Rate on the basis of the actual number of days elapsed since the prior
Distribution Date.

      "Interest Percentage" With respect to any Class of LIBOR Certificates and
any Distribution Date, the ratio (expressed as a decimal carried to at least six
places) of the Accrued Certificate Interest for such Class to the sum of the
Accrued Certificate Interest for all Classes, in each case with respect to such
Distribution Date, without regard to Current Interest Shortfalls.

      "Interest Rate Swap Agreement" The long-form confirmation (which
incorporates by reference a 1992 ISDA Master Agreement (Multicurrency-Cross
Border)) dated as of March 30, 2007 between Barclays Bank PLC and the Securities
Administrator acting on behalf of the Supplemental Interest Trust, substantially
in the form attached hereto as Exhibit N. The Interest Rate Swap Agreement shall
not be an asset of any REMIC formed under this Agreement.

      "Interest Remittance Amount" As of any Distribution Date, an amount equal
to (A) the sum, without duplication, of (i) all interest due and collected with
respect to the related Collection Period on the Mortgage Loans received by the
Servicer on or prior to the Determination Date for such Distribution Date and
any interest advanced by the Servicer or the Trustee on the Mortgage Loans with
respect to the related Collection Period (less the Servicing Fee for the
Mortgage Loans, amounts available for reimbursement of Advances and Servicing
Advances pursuant to Section 3.05 and expenses reimbursable pursuant to Section
6.03, amounts reimbursable or payable to the Trustee pursuant to this Agreement,
including, without limitation, Sections 7.01 and 8.05 and amounts reimbursable
or payable to the Securities Administrator pursuant to this Agreement,
including, without limitation, Sections 8.05 and 9.01(c)), (ii) all Compensating
Interest paid by the Servicer on such Distribution Date with respect to such
Mortgage Loans, (iii) the portion of any payment in connection with any
Principal Prepayment, substitution, Purchase Price, Termination Price, Insurance
Proceeds, Subsequent Recoveries or Net Liquidation Proceeds relating to interest
with respect to such Mortgage Loans received during the related Prepayment
Period and (iv) the portion of any Reimbursement Amount relating to interest on
such Mortgage Loans received during the related Prepayment Period less (B) any
amounts payable to the Swap Provider (including any Net Swap Payment and any
Swap Termination Payment owed to the Swap Provider other than any Swap
Termination Payment owed to the Swap Provider resulting from a Swap Provider
Trigger Event and without duplication of any previously paid Replacement Swap
Provider Payment).

      "Investor-Based Exemption" Any of Prohibited Transaction Class Exemption
("PTCE") 84-14 (for transactions by independent "qualified professional asset
managers"), PTCE 91-38 (for transactions by bank collective investment funds),
PTCE 90-1 (for transactions by insurance company pooled separate accounts), PTCE
95-60 (for transactions by insurance company general accounts) or PTCE 96-23
(for transactions effected by "in-house asset managers"), or any comparable
exemption available under Similar Law.

      "Late Collections" With respect to any Mortgage Loan, all amounts received
subsequent to the Determination Date immediately following any related
Collection Period, whether as late payments of Monthly Payments or as Insurance
Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which
represent late payments or collections of principal and/or interest due (without
regard to any acceleration of payments under the related Mortgage and Mortgage
Note) but delinquent on a contractual basis for such Collection Period and not
previously recovered.

      "LIBOR Business Day" Any day on which banks in London, England and the
City of New York are open and conducting transactions in foreign currency and
exchange.

      "LIBOR Certificates" The Class A, Class M and Class B Certificates.

      "LIBOR Determination Date" With respect to any Class of LIBOR
Certificates, (i) for the initial Distribution Date, the second LIBOR Business
Day preceding the Closing Date and (ii) for each subsequent Distribution Date,
the second LIBOR Business Day prior to the immediately preceding Distribution
Date.

      "Liquidated Mortgage Loan" As to any Distribution Date, any Mortgage Loan
in respect of which the Servicer has determined, in accordance with the
servicing procedures specified herein, as of the end of the related Prepayment
Period, that all Liquidation Proceeds, Condemnation Proceeds and Insurance
Proceeds which it expects to recover with respect to the liquidation of the
Mortgage Loan or disposition of the related REO Property have been recovered.

      "Liquidation Proceeds" The amount (other than amounts received in respect
of the rental of any REO Property prior to REO Disposition) received by the
Servicer in connection with (i) the taking of all or a part of a Mortgaged
Property by exercise of the power of eminent domain or condemnation or (ii) the
liquidation of a defaulted Mortgage Loan by means of a trustee's sale,
foreclosure sale or otherwise.

      "Liquidation Report" The report with respect to a Liquidated Mortgage Loan
in such form as is agreed to by the Servicer, the Trustee and the Securities
Administrator listing (i) the sale price of the related Mortgaged Property or
amount of the REO Disposition, (ii) the amount of any Realized Loss (or gain)
with respect to such Liquidated Mortgage Loan, (iii) the expenses relating to
the liquidation of such Liquidated Mortgage Loan and (iv) such other information
as is agreed to by the Servicer, the Trustee and the Securities Administrator.

      "Loan-to-Value Ratio" For any Mortgage Loan, the ratio, expressed as a
percentage, the numerator of which is the original loan amount (unless otherwise
indicated) of a particular Mortgage Loan at origination and the denominator of
which is the lesser of (x) the appraised value of the related Mortgaged Property
determined in the appraisal used by the originator at the time of origination of
such Mortgage Loan, and (y) if the Mortgage is originated in connection with a
sale of the Mortgaged Property, the sale price for such Mortgaged Property.

      "Losses" As defined in Section 9.03.

      "Lost Note Affidavit" With respect to any Mortgage Loan as to which the
original Mortgage Note has been permanently lost or destroyed and has not been
replaced, an affidavit from the Seller certifying that the original Mortgage
Note has been lost, misplaced or destroyed (together with a copy of the related
Mortgage Note and indemnifying the Trust against any loss, cost or liability
resulting from the failure to deliver the original Mortgage Note) in the form of
Exhibit H hereto.

      "Lower-Tier Interest Rate" With respect to each Lower-Tier Regular
Interest, the Lower-Tier Interest Rate described in the Preliminary Statement.

      "Lower-Tier Principal Amount" With respect to each Lower-Tier Regular
Interest, the amount described in the Preliminary Statement under the caption
"Lower-Tier REMIC."

      "Lower-Tier Regular Interest" Each of the Class LT-A-1, Class LT-A-2,
Class LT-A-3, Class LT-M-1, Class LT-M-2, Class LT-M-3, Class LT-M-4, Class
LT-M-5, Class LT-M-6, Class LT-B-1, Class LT-B-2, Class LT-B-3, Class LT-IO and
Class LT-Accrual Interests as described in the Preliminary Statement.

      "Lower-Tier REMIC" As defined in the Preliminary Statement.

      "LT-Accretion Directed Classes" As defined in the Preliminary Statement.

      "Majority Certificateholders" The Holders of Certificates evidencing at
least 51% of the Voting Interests.

      "Majority Class CE Certificateholder" The Holder of Class CE Certificates
evidencing at least a 51% Percentage Interest in the Class CE Certificates.

      "MERS" The Mortgage Electronic Registration Systems, Inc.

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

      "MIN" A MERS Mortgage Identification Number assigned to a Mortgage Loan in
accordance with the MERS Procedure Manual.

      "Minimum Mortgage Interest Rate" With respect to each Adjustable Rate
Mortgage Loan, the percentage set forth in the related Mortgage Note as the
minimum Mortgage Interest Rate thereunder.

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

      "Monthly Excess Cashflow Amount" The sum of (a) the Monthly Excess
Interest Amount remaining after reduction (but not below zero) by any Current
Interest Shortfall and any amounts used to fund any Extra Principal Distribution
Amount, (b) the Overcollateralization Release Amount and (c) any portion of the
Principal Distribution Amount (without duplication) remaining after principal
distributions on the Certificates (other than the Class CE, Class P and Residual
Certificates).

      "Monthly Excess Interest Amount" With respect to each Distribution Date,
the amount, if any, by which the Interest Remittance Amount for such
Distribution Date exceeds the aggregate amount distributed on such Distribution
Date pursuant to clauses (i) through (xi) of Section 4.01.

      "Monthly Payment" With respect to any Mortgage Loan, the scheduled monthly
payment of principal and interest on such Mortgage Loan which is payable by the
related Mortgagor from time to time under the related Mortgage Note, determined:
(a) after giving effect to (i) any Deficient Valuation and/or Debt Service
Reduction with respect to such Mortgage Loan and (ii) any reduction in the
amount of interest collectible from the related Mortgagor pursuant to the Relief
Act or similar state laws; (b) without giving effect to any extension granted or
agreed to by the Servicer pursuant to Section 3.01; and (c) on the assumption
that all other amounts, if any, due under such Mortgage Loan are paid when due.

      "Moody's" Moody's Investors Service, Inc., and its successors, and if such
company shall for any reason no longer perform the functions of a securities
rating agency, "Moody's" shall be deemed to refer to any other "nationally
recognized statistical rating organization" as set forth on the most current
list of such organizations released by the Commission.

      "Mortgage" The mortgage, deed of trust or other instrument creating a
first or second lien on, or first or second priority security interest in, a
Mortgaged Property securing a Mortgage Note.

      "Mortgage File" Either of the Owner Mortgage File or Retained Mortgage
File.

      "Mortgage Interest Rate" With respect to each Mortgage Loan, the annual
rate at which interest accrues on such Mortgage Loan from time to time in
accordance with the provisions of the related Mortgage Note, which rate (i) in
the case of each Fixed Rate Mortgage Loan shall remain constant at the rate set
forth in the Mortgage Loan Schedule as the Mortgage Interest Rate in effect
immediately following the applicable Cut-off Date and (ii) in the case of each
Adjustable Rate Mortgage Loan (A) as of any date of determination until the
first Adjustment Date following the applicable Cut-off Date shall be the rate
set forth in the Mortgage Loan Schedule as the Mortgage Interest Rate in effect
immediately following the applicable Cut-off Date and (B) as of any date of
determination thereafter shall be the rate as adjusted on the most recent
Adjustment Date, to equal the sum, rounded as provided in the Mortgage Note, of
the Index, determined as set forth in the related Mortgage Note, plus the
related Gross Margin subject to the limitations set forth in the related
Mortgage Note. With respect to each Mortgage Loan that becomes an REO Property,
as of any date of determination, the annual rate determined in accordance with
the immediately preceding sentence as of the date such Mortgage Loan became an
REO Property.

      "Mortgage Loan" Each mortgage loan transferred and assigned to the Trustee
pursuant to Section 2.01 or Section 2.03(d) as from time to time held as a part
of the Trust Fund, the Mortgage Loans so held being identified in the Mortgage
Loan Schedule.

      "Mortgage Loan Purchase Agreement" The agreement between the Seller and
the Depositor, dated as of March 30, 2007, regarding the transfer of the
Mortgage Loans by the Seller to or at the direction of the Depositor, in the
form of Exhibit G attached hereto.

      "Mortgage Loan Schedule" As of any date with respect to the Mortgage
Loans, the lists of such Mortgage Loans included in the Trust Fund on such date,
separately identifying the Fixed Rate Mortgage Loans and the Adjustable Rate
Mortgage Loans delivered by the Depositor to the Trustee, the Servicer, the
Securities Administrator and the Custodian. The Mortgage Loan Schedule shall set
forth the following information with respect to each Mortgage Loan:

      (1) the Mortgage Loan identifying number;

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

      (3) the type of property;

      (4) the Mortgage Interest Rate;

      (5) the Net Mortgage Interest Rate;

      (6) the Monthly Payment;

      (7) the original number of months to maturity;

      (8) the scheduled maturity date;

      (9) the Cut-off Date Principal Balance;

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

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

      (12) the applicable Servicing Fee Rate;

      (13) the Index;

      (14) the Gross Margin;

      (15) the Periodic Cap;

      (16) the first Adjustment Date;

      (17) the Rate Ceiling; and

      (18) a code indicating whether the Mortgage Loan has a Prepayment Penalty
and the Prepayment Penalty term.

      The Mortgage Loan Schedule shall set forth the following information, as
of the applicable Cut-off Date, with respect to the Mortgage Loans in the
aggregate: (1) the number of Mortgage Loans; (2) the current unpaid principal
balance of the Mortgage Loans; (3) the weighted average Mortgage Interest Rate
of the Mortgage Loans; and (4) the weighted average maturity of the Mortgage
Loans. The Mortgage Loan Schedule shall be amended from time to time in
accordance with the provisions of this Agreement. With respect to any Eligible
Substitute Mortgage Loan, Cut-off Date shall refer to the applicable date of
substitution.

      "Mortgage Note" The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

      "Mortgage Pool" The pool of Mortgage Loans, identified on the Mortgage
Loan Schedule from time to time, and any REO Properties acquired in respect
thereof.

      "Mortgaged Property" The underlying property securing a Mortgage Loan,
including any REO Property, consisting of an Estate in Real Property improved by
a Residential Dwelling.

      "Mortgagor" The obligor on a Mortgage Note.

      "Net Liquidation Proceeds" With respect to any Liquidated Mortgage Loan or
any other disposition of related Mortgaged Property (including REO Property) the
related Liquidation Proceeds net of unreimbursed Advances, unreimbursed
Servicing Advances, unpaid Servicing Fees and any other accrued and unpaid
servicing fees received and retained in connection with the liquidation of such
Mortgage Loan or Mortgaged Property.

      "Net Mortgage Interest Rate" With respect to any Mortgage Loan, the
Mortgage Interest Rate borne by such Mortgage Loan minus the Servicing Fee Rate.

      "Net Swap Payment" In the case of (i) payments made by the Supplemental
Interest Trust to the Swap Provider on any Distribution Date up to and including
the Distribution Date in December 2011, the excess, if any, of (x) the Fixed
Swap Payment for such Distribution Date over (y) the Floating Swap Payment for
such Distribution Date and (ii) payments made by the Swap Provider to the
Supplemental Interest Trust on any Distribution Date up to and including the
Distribution Date in December 2011, the excess, if any, of (x) the Floating Swap
Payment for such Distribution Date over (y) the Fixed Swap Payment for such
Distribution Date.

      "NMWHFIT" A "Non-Mortgage Widely Held Fixed Investment Trust" as that term
is defined in Treasury Regulations section 1.671-5(b)(12) or successor
provisions.

      "Nonrecoverable Advance" Any Advance or Servicing Advance previously made
or proposed to be made in respect of a Mortgage Loan that, in the good faith
business judgment of the Servicer (or the Trustee, in the case of any Advance
made by the Trustee pursuant to Section 7.01), will not or, in the case of a
proposed Advance or Servicing Advance, would not be ultimately recoverable from
Late Collections on such Mortgage Loan as provided herein.

      "Notional Amount" With respect to Class CE Interest, an amount equal to
the aggregate of the Lower-Tier Principal Amounts of the Lower-Tier Regular
Interests (other than the Class LT-IO Interest) as of the first day of the
related Interest Accrual Period.

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

      "Officer's Certificate" A certificate signed by the Chairman of the Board,
the Vice Chairman of the Board, the President, a vice president (however
denominated), and by the Treasurer, the Secretary, or one of the assistant
treasurers or assistant secretaries or any other duly authorized officer of the
Servicer, the Securities Administrator, the Trustee, or the Depositor, as
applicable.

      "One-Month LIBOR" With respect to the initial Interest Accrual Period,
5.32% per annum. With respect to each Interest Accrual Period (other than the
initial Interest Accrual Period), the rate determined by the Securities
Administrator on the related LIBOR Determination Date on the basis of the
British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month
deposits in U.S. Dollars as found on Telerate Page 3750 as of 11:00 A.M. London
time on such LIBOR Determination Date. If no such quotations are available on a
LIBOR Determination Date, One-Month LIBOR for the related Interest Accrual
Period will be established by the Securities Administrator as the higher of:

      (i) One-Month LIBOR as determined on the previous LIBOR Determination
   Date; and

      (ii) the rate per annum which the Securities Administrator determines to
   be either (A) the arithmetic mean (rounding such arithmetic mean upwards if
   necessary to the nearest whole multiple of 1/16%) of the one-month U.S.
   Dollar lending rates that New York City banks selected by the Securities
   Administrator are quoting, on the relevant LIBOR Determination Date, to the
   principal London offices of at least two leading banks in the London
   interbank market or (B) in the event that the Securities Administrator can
   determine no such arithmetic mean, the lowest one-month U.S. Dollar lending
   rate that the New York City banks selected by the Securities Administrator
   are quoting on such LIBOR Determination Date to leading European banks.

      "Opinion of Counsel" A written opinion of counsel, who may, without
limitation, be a salaried counsel for the Depositor, the Securities
Administrator, the Trustee or the Servicer except that any opinion of counsel
relating to (a) the qualification of any REMIC as a REMIC or (b) compliance with
the REMIC Provisions must be an opinion of Independent counsel.

      "Optional Termination Date" The first Distribution Date on which the
Majority Class CE Certificateholder or, if there is no Majority Class CE
Certificateholder, the Depositor, may opt to terminate the Mortgage Pool
pursuant to Section 10.01.

      "Original Principal Balance" With respect to each Class of Certificates,
the Principal Balance thereof on the Closing Date, as set forth opposite such
Class in the table in the Preliminary Statement under the caption
"Certificates," except with respect to (i) the Class P and Residual
Certificates, which have an Original Principal Balance of zero and (ii) the
Class CE Certificates, which, solely for REMIC purposes, have an Original
Principal Balance equal to the Initial Overcollateralization Amount.

      "Originator" Wells Fargo Bank and its successors.

      "Originator Prepayment Penalty Payment Amount" The amount payable by the
Originator pursuant to Section 5(b) of the Mortgage Loan Purchase Agreement.

      "Overcollateralization Amount" As of any Distribution Date, the excess, if
any, of (x) the Pool Balance as of the last day of the related Collection Period
over (y) the aggregate Principal Balance of all Classes of Certificates (other
than the Class CE, Class P and Residual Certificates) after taking into account
all distributions of principal on such Distribution Date and the increase of any
Principal Balance as a result of Subsequent Recoveries.

      "Overcollateralization Deficiency" As of any Distribution Date, the
excess, if any, of (x) the Targeted Overcollateralization Amount for such
Distribution Date over (y) the Overcollateralization Amount for such
Distribution Date, calculated for this purpose after taking into account the
reduction on such Distribution Date of the Principal Balances of all Classes of
Certificates (other than the Class CE, Class P and Residual Certificates)
resulting from the distribution of the Principal Distribution Amount (but not
the Extra Principal Distribution Amount) on such Distribution Date, but prior to
taking into account any Applied Realized Loss Amount on such Distribution Date.

      "Overcollateralization Floor" As of any Distribution Date, the amount by
which the Pool Balance as of the last day of the related Collection Period
exceeds the product of (i) 0.50% and (ii) the Pool Balance as of the Cut-off
Date.

      "Overcollateralization Release Amount" With respect to any Distribution
Date on or after the Stepdown Date on which a Trigger Event is not in effect,
the lesser of (x) the Principal Remittance Amount and (y) the excess, if any, of
(i) the Overcollateralization Amount for such Distribution Date, assuming that
100% of the Principal Remittance Amount is applied as a principal payment on the
Certificates (other than the Class CE, Class P and Residual Certificates) on
such Distribution Date, over (ii) the Targeted Overcollateralization Amount for
such Distribution Date. With respect to any Distribution Date on which a Trigger
Event is in effect, the Overcollateralization Release Amount will be zero.

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

      "Ownership Interest" As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

      "Pass-Through Rate" For each Class of LIBOR Certificates, each
Pooling-Tier REMIC-1 Regular Interest, each Pooling-Tier REMIC-2 Regular
Interest, each Lower-Tier Regular Interest, each Upper-Tier Regular Interest,
and each Class CE REMIC Regular Interest, the per annum rate set forth or
calculated in the manner described in the Preliminary Statement.

      "Paying Agent" Any paying agent appointed pursuant to Section 5.05.

      "Paying Agent Agreement" As defined in Section 5.05.

      "Percentage Interest" With respect to any LIBOR Certificate, a fraction,
expressed as a percentage, the numerator of which is the initial Principal
Balance, as the case may be, represented by such Certificate and the denominator
of which is the Original Principal Balance of the related Class. With respect to
a Class CE or Class P Certificate, the portion of the Class evidenced thereby,
expressed as a percentage, as stated on the face of such Certificate; provided,
however, that the sum of all such percentages for each such Class totals 100%.
With respect to the Class R Certificate, 100%.

      "Periodic Cap" With respect to each Adjustable Rate Mortgage Loan, the
applicable limit on adjustment of the Mortgage Interest Rate for each Adjustment
Date specified in the applicable Mortgage Note and designated as such in the
Mortgage Loan Schedule.

      "Permitted Transferee" Any transferee of a Residual Certificate other than
a Disqualified Organization, a non-U.S. Person or a U.S. Person with respect to
whom income on the Residual Certificate is attributable to a foreign permanent
establishment or fixed base, within the meaning of an applicable income tax
treaty, of such Person or any other U.S. Person.

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

      "Pool Balance" As of any date of determination, the aggregate unpaid
principal balance of the Mortgage Loans.

      "Pool Cap" With respect to any Distribution Date and the LIBOR
Certificates (a) a per annum rate (subject to adjustment based on the actual
number of days elapsed in the related Interest Accrual Period) equal to the
weighted average of the Net Mortgage Interest Rates for the Mortgage Loans,
weighted on the basis of the unpaid principal balance of the Mortgage Loans as
of the first day of the related Collection Period minus (b) a percentage,
expressed as a per annum rate (subject to an adjustment based on the actual
number of days elapsed in the related Interest Accrual Period), calculated as a
fraction, the numerator of which is the sum of (i) any Net Swap Payment owed by
the Supplemental Interest Trust to the Swap Provider and (ii) any Swap
Termination Payment (other than any Swap Termination Payment resulting from a
Swap Provider Trigger Event) payable by the Supplemental Interest Trust solely
from Available Funds and the denominator of which is the Pool Balance as of the
first day of the related Collection Period.

      "Pooling-Tier REMIC-1" As defined in the Preliminary Statement.

      "Pooling-Tier REMIC-1 Interest Rate" As defined in the Preliminary
Statement.

      "Pooling-Tier REMIC-1 Regular Interest" The Pooling-Tier REMIC-1 Regular
Interests set forth in the applicable table in the Preliminary Statement.

      "Pooling-Tier REMIC-1 WAC Rate" As of any Distribution Date, a per annum
rate equal to (a) the weighted average of the Net Mortgage Interest Rates then
in effect on the beginning of the related Collection Period multiplied by (b) 30
divided by the actual number of days in the related Interest Accrual Period.

      "Pooling-Tier REMIC-2" As defined in the Preliminary Statement.

      "Pooling-Tier REMIC-2 Interest Rate" As defined in the Preliminary
Statement.

      "Pooling-Tier REMIC-2 IO Interest" Any of the Pooling-Tier REMIC-2 Regular
Interests with the designation "IO" in its name.

      "Pooling-Tier REMIC-2 Regular Interest" The Pooling-Tier REMIC-2 Regular
Interests set forth in the applicable table in the Preliminary Statement.

      "Prepayment Interest Shortfall" With respect to any Distribution Date, for
each Mortgage Loan that was the subject of a Principal Prepayment during the
related Prepayment Period that was applied by the Servicer to reduce the
outstanding Principal Balance of such Mortgage Loan on a date preceding the
related Due Date, an amount equal to interest at the applicable Net Mortgage
Interest Rate on the amount of such Principal Prepayment for the number of days
commencing on the date on which the Principal Prepayment is applied and ending
on the last day of the calendar month in which applied.

      "Prepayment Penalty" With respect to any Prepayment Period, any Prepayment
Penalty, penalty or charge collected by the Servicer from a Mortgagor in
connection with any voluntary Principal Prepayment in full pursuant to the terms
of the related Mortgage Note as from time to time held as a part of the Trust
Fund, the Prepayment Penalties so held being determined in accordance with the
guidelines for Prepayment Penalty provisions set forth in the Seller
underwriting standards. The defined term "Prepayment Penalty" shall not include
any Servicer Prepayment Penalty Payment Amount or Originator Prepayment Penalty
Payment Amount.

      "Prepayment Period" With respect to any Distribution Date, the one month
period ending on the last day of the calendar month preceding the month in which
such Distribution Date occurs.

      "Prime Rate" The prime rate announced to be in effect from time to time,
as published as the average rate in The Wall Street Journal (Northeast edition).

      "Principal Balance" With respect to any Class of Certificates (other than
the Class CE, Class P and Residual Certificates) and any Distribution Date, the
Original Principal Balance (a) reduced by the sum of (i) all amounts actually
distributed in respect of principal of such Class on all prior Distribution
Dates and (ii) Applied Realized Loss Amounts allocated thereto for previous
Distribution Dates and (b) increased by any Subsequent Recoveries allocated to
such Class for previous Distribution Dates. The Class CE, Class P and Residual
Certificates do not have a Principal Balance. With respect to any Certificate of
a Class (other than a Class CE, Class P or Residual Certificate) and any
Distribution Date, the portion of the Principal Balance of such Class
represented by such Certificate equal to the product of the Percentage Interest
evidenced by such Certificate and the Principal Balance of such Class.

      "Principal Distribution Amount" With respect to any Distribution Date, (a)
the sum of (i) the Principal Remittance Amount and (ii) the Extra Principal
Distribution Amount, if any, minus (b) the Overcollateralization Release Amount.

      "Principal Prepayment" Any payment of principal made by the Mortgagor on a
Mortgage Loan which is received in advance of its scheduled Due Date and which
is not accompanied by an amount of interest representing the full amount of
scheduled interest due on any Due Date in any month or months subsequent to the
month of prepayment.

      "Principal Remittance Amount" With respect to any Distribution Date, to
the extent of funds available therefor, an amount equal to (A) the sum (less
amounts available for reimbursement of Advances and Servicing Advances pursuant
to Section 3.05 and expenses reimbursable pursuant to Section 6.03 and amounts
reimbursable or payable to the Securities Administrator or Trustee pursuant to
this Agreement, including, without limitation, Sections 8.05 and Section
9.01(c)) of (i) each payment of principal on a Mortgage Loan due during the
related Collection Period and received by the Servicer on or prior to the
related Determination Date, and any Advances with respect thereto (other than
any payment received on an Eligible Substitute Mortgage Loan substituted during
the related Collection Period), (ii) all full and partial Principal Prepayments
received by the Servicer during the related Prepayment Period, (iii) Subsequent
Recoveries, Insurance Proceeds and Net Liquidation Proceeds allocable to
principal actually collected by the Servicer during the related Prepayment
Period, (iv) with respect to Defective Mortgage Loans repurchased with respect
to such Prepayment Period, the portion of the Purchase Price allocable to
principal, (v) any Substitution Adjustment Amounts received during the related
Prepayment Period and (vi) on the Distribution Date on which the Trust is to be
terminated in accordance with Section 10.01 hereof, that portion of the
Termination Price in respect of principal; less (B) to the extent any amounts
payable to the Swap Provider (including any Net Swap Payment and any Swap
Termination Payment owed to the Swap Provider but excluding any Swap Termination
Payment owed to the Swap Provider resulting from a Swap Provider Trigger Event
and without duplication of any previously paid Replacement Swap Provider
Payment) exceed the Interest Remittance Amount for such Distribution Date
(without giving effect to clause (B) of the definition of "Interest Remittance
Amount"), the amount of such excess.

      "Private Certificates" Any of the Class CE, Class P and Class R
Certificates.

      "Prospectus" That certain Prospectus, dated March 23, 2007, as
supplemented by the Prospectus Supplement.

      "Prospectus Supplement" That certain Prospectus Supplement, dated March
28, 2007 relating to the public offering of the LIBOR Certificates.

      "PT1 Cap" With respect to any Distribution Date, the product of (x) the
Fixed Rate for such Distribution Date and (y) 2.

      "Purchase Price" With respect to any Mortgage Loan or REO Property to be
purchased pursuant to or as contemplated by Section 2.01, 2.03 or 3.16, an
amount equal to the sum of (i) 100% of the unpaid principal balance thereof as
of the date of purchase, (ii) in the case of a Mortgage Loan, accrued interest
on such unpaid principal balance at the applicable Mortgage Interest Rate in
effect from time to time from the Due Date as to which interest was last covered
by a payment by the Mortgagor or an Advance by the Servicer, which payment or
Advance had as of the date of purchase been distributed pursuant to Section
4.01, through the end of the calendar month in which the purchase is to be
effected, (iii) any unreimbursed Servicing Advances and Advances and any unpaid
Servicing Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
previously withdrawn from the Collection Account in respect of such Mortgage
Loan or REO Property pursuant to Section 3.13 and (v) in the case of a Mortgage
Loan required to be purchased pursuant to Section 2.03, expenses reasonably
incurred or to be incurred by the Servicer, the Securities Administrator or the
Trustee in respect of the breach or defect giving rise to the purchase
obligation.

      "Rate Ceiling" With respect to each Adjustable Rate Mortgage Loan, the
maximum per annum Mortgage Interest Rate permitted under the related Mortgage
Note.

      "Rating Agency or Rating Agencies" Moody's, Fitch and DBRS, or their
respective successors. If such agencies or their successors are no longer in
existence, "Rating Agencies" shall be such nationally recognized statistical
rating organizations as set forth on the most current list of such organizations
released by the Commission and designated by the Depositor, notice of which
designation shall be given to the Trustee, the Securities Administrator and the
Servicer.

      "Realized Loss" With respect to a Liquidated Mortgage Loan, the amount by
which the remaining unpaid principal balance of the Mortgage Loan exceeds the
amount of Net Liquidation Proceeds applied to the principal balance of the
related Mortgage Loan. With respect to any Mortgage Loan, a Deficient Valuation
or a reduction in the Principal Balance thereof resulting from a Servicer
Modification.

      "Realized Loss Amortization Amount" Any of the Class M-1 Realized Loss
Amortization Amount, the Class M-2 Realized Loss Amortization Amount, the Class
M-3 Realized Loss Amortization Amount, the Class M-4 Realized Loss Amortization
Amount, the Class M-5 Realized Loss Amortization Amount, the Class M-6 Realized
Loss Amortization Amount, the Class B-1 Realized Loss Amortization Amount, the
Class B-2 Realized Loss Amortization Amount and the Class B-3 Realized Loss
Amortization Amount.

      "Record Date" With respect to any Distribution Date and (i) the Class CE,
Class P and Residual Certificates, the last Business Day of the preceding month
and (ii) any Class of Book-Entry Certificates, the Business Day immediately
preceding such Distribution Date; provided, however, that if any Book-Entry
Certificate becomes a Definitive Certificate, the Record Date for such Class
shall be the last Business Day of the immediately preceding month.

      "Reference Banks" Initially, the Reference Banks shall be Deutsche Bank
International, Bank of America, N.A., Citibank, N.A., and The Fuji Bank,
Limited. If any of these banks are not available, the Securities Administrator
shall select from one of the following banks a substitute Reference Bank:
Westdeutsche Landesbank Girozentrale, The J.P. Morgan Chase Bank or National
Westminster Bank Plc. If any of these banks are not available, the Securities
Administrator shall in its discretion select another Reference Bank.

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

      "Regulation FD" Regulation FD, 17 C.F.R. ss.ss.243.100-243.103, as such
may be amended from time to time.

      "Reimbursement Amount" With respect to any Mortgage Loan, any costs or
damages incurred by the Trust in connection with a breach of the Depositor's
representations set forth in Section 2.04(i) and (dd) hereof.

      "Related Documents" With respect to any Mortgage Loan, the related
Mortgage Notes, Mortgages and other related documents.

      "Relevant Servicing Criteria" The Servicing Criteria applicable to the
Securities Administrator, the Trustee, the Custodian or the Servicer, as set
forth on Exhibit S attached hereto. For clarification purposes, multiple parties
can have responsibility for the same Relevant Servicing Criteria. With respect
to a Servicing Function Participant engaged by the Securities Administrator, the
Trustee, the Custodian or the Servicer, the term "Relevant Servicing Criteria"
refers to the portion of the Relevant Servicing Criteria applicable to the party
engaging such Servicing Function Participant insofar as the functions required
to be performed by such party are to be performed by the Servicing Function
Participant.

      "Relief Act" The Servicemembers Civil Relief Act, as it may be amended
from time to time.

      "Relief Act Interest Shortfall" With respect to any Distribution Date, for
any Mortgage Loan with respect to which there has been a reduction in the amount
of interest collectible thereon for the most recently ended Collection Period as
a result of the application of the Relief Act or similar state laws, the amount
by which (i) interest collectible on such Mortgage Loan during such Collection
Period is less than (ii) one month's interest on the principal balance of such
Mortgage Loan at the Mortgage Interest Rate for such Mortgage Loan before giving
effect to the application of the Relief Act or similar state laws.

      "REMIC" A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.

      "REMIC Provisions" Provisions of the federal income tax law relating to
real estate mortgage investment conduits which appear at Section 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
regulations and rulings promulgated thereunder, as the foregoing may be in
effect from time to time.

      "REMIC Regular Interest" Any Pooling-Tier REMIC-1 Regular Interest,
Pooling-Tier REMIC-2 Regular Interest, Lower-Tier REMIC Regular Interest or
Upper-Tier REMIC Regular Interest, the Class CE Interest or the Class IO
Interest.

      "Remittance Report" A report prepared by the Servicer and delivered to the
Securities Administrator pursuant to Section 4.07, containing the information
agreed to between the Servicer and the Securities Administrator necessary for
the Securities Administrator to prepare each Distribution Date Statement.

      "Rents from Real Property" With respect to any REO Property, gross income
of the character described in Section 856(d) of the Code.

      "REO Disposition" The sale or other disposition of an REO Property on
behalf of the Trust.

      "REO Disposition Fee" The REO Disposition Fee shall be the greater of one
percent (1%) of the gross sales price of the REO Property or $1,500.00 up to a
maximum fee of $10,000 per REO Property.

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

      "REO Principal Amortization" With respect to any REO Property, for any
calendar month, the aggregate of all amounts received in respect of such REO
Property during such calendar month, whether in the form of rental income, sale
proceeds (including, without limitation, that portion of the Termination Price
paid in connection with a purchase of all of the Mortgage Loans and REO
Properties pursuant to Section 10.01 that is allocable to such REO Property) or
otherwise, net of any portion of such amounts (i) payable pursuant to Section
3.13 in respect of the proper operation, management and maintenance of such REO
Property or (ii) payable or reimbursable to the Servicer pursuant to Section
3.13 for unpaid Servicing Fees in respect of the related Mortgage Loan and
payable and reimbursable to the Servicer or the Trustee for unreimbursed
Servicing Advances and Advances in respect of such REO Property or the related
Mortgage Loan.

      "REO Property" A Mortgaged Property acquired by the Servicer on behalf of
the Trust through foreclosure or deed-in-lieu of foreclosure, as described in
Section 3.13.

      "Replacement Swap Provider Payment" As defined in Section 3.04(m).

      "Reportable Event" As defined in Section 3.28(c).

      "Request for Release" A release signed by a Servicing Officer, in the form
of Exhibit E attached hereto.

      "Residential Dwelling" Any one of the following: (i) a detached one-family
dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family
dwelling unit in a condominium project, (iv) a manufactured home, or (v) a
detached one-family dwelling in a planned unit development, none of which is a
co-operative or mobile home.

      "Residual Certificate" The Class R Certificate.

      "Residual Interest" The sole Class of "residual interests" in each REMIC
within the meaning of Section 860G(a)(2) of the Code.

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

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

      "S&P" Standard & Poor's, a division of The McGraw-Hill Companies, Inc.,
and its successors, and if such company shall for any reason no longer perform
the functions of a securities rating agency, "S&P" shall be deemed to refer to
any other "nationally recognized statistical rating organization" as set forth
on the most current list of such organizations released by the Commission.

      "Sarbanes Oxley Certification" As defined in Section 3.28(b) hereof.

      "Securities Administrator" Wells Fargo Bank, or any successor Securities
Administrator appointed as herein provided.

      "Securities Administrator Errors and Omissions Policy" An insurance policy
covering losses caused by errors or omissions of the Securities Administrator
and its personnel.

      "Seller" Wells Fargo Bank, or its successor in interest, in its capacity
as seller under the Mortgage Loan Purchase Agreement.

      "Senior Certificates" The Class A Certificates.

      "Senior Enhancement Percentage" For any Distribution Date, the percentage
obtained by dividing (x) the sum of (i) the aggregate Principal Balance of the
Class M and Class B Certificates after taking into account the distribution of
the Principal Distribution Amount on such Distribution Date and (ii) the
Overcollateralization Amount as of such Distribution Date by (y) the Pool
Balance as of the last day of the related Collection Period.

      "Senior Principal Distribution Amount" With respect to any Distribution
Date, the excess of (a) the aggregate Principal Balance of the Senior
Certificates immediately prior to such Distribution Date over (b) the lesser of
(x) the product of (1) 59.80% and (2) the aggregate unpaid principal balance of
the Mortgage Loans as of the last day of the related Collection Period and (y)
the Overcollateralization Floor.

      "Senior Specified Enhancement Percentage" On any date of determination
thereof, 40.20%.

      "Servicer" Wells Fargo Bank, or any successor servicer appointed as herein
provided, in its capacity as Servicer hereunder. Initially the servicing
functions performed by Wells Fargo Bank shall be performed by the Wells Fargo
Home Mortgage division of Wells Fargo Bank.

      "Servicer Errors and Omissions Policy" An insurance policy covering losses
caused by errors or omissions of the Servicer and its personnel, including, but
not limited to losses caused by the failure to pay insurance premiums or taxes,
to record or perfect liens, to effect valid transfers of Mortgage Notes, or to
properly service Mortgage Loans.

      "Servicer Event of Termination" One or more of the events described in
Section 7.01.

      "Servicer Modification" A modification to the terms of a Mortgage Loan, in
accordance with the terms of Section 3.01, as to which the Mortgagor is in
default or as to which, in the judgment of the Servicer, default is reasonably
foreseeable.

      "Servicer Prepayment Penalty Payment Amount" The amount payable by the
Servicer in respect of any waived Prepayment Penalties pursuant to Section 3.01,
which amount shall be equal to the difference between the amount of Prepayment
Penalty due by a Mortgagor before any waiver and the actual amount of the
Prepayment Penalty that was paid by the Mortgagor.

      "Servicer Remittance Date" With respect to any Distribution Date, four
Business Days prior to such Distribution Date.

      "Servicing Advances" All customary, reasonable and necessary "out of
pocket" costs and expenses incurred by the Servicer (including reasonable
attorneys' fees and disbursements) in the performance of its servicing
obligations, including, but not limited to, the cost of (i) the preservation,
restoration, inspection and protection of the Mortgaged Property, (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of the REO Property and (iv) compliance with the
obligations under Section 3.08.

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

      "Servicing Fee" With respect to each Mortgage Loan (including each REO
Property) and for any calendar month, an amount equal to one month's interest
(or in the event of any payment of interest which accompanies a Principal
Prepayment in full made by the Mortgagor during such calendar month, interest
for the number of days covered by such payment of interest) at the Servicing Fee
Rate on the same principal amount on which interest on such Mortgage Loan
accrues for such calendar month.

      "Servicing Fee Rate" With respect to each Mortgage Loan, 0.50% per annum.

      "Servicing Function Participant" Any Subservicer, Subcontractor or any
other Person, other than the Securities Administrator, the Trustee, the
Custodian and the Servicer, that is performing activities addressed by the
Servicing Criteria.

      "Servicing Officer" Any officer of the Servicer involved in, or
responsible for, the administration and servicing of Mortgage Loans, whose name
and specimen signature appear on a list of servicing officers furnished by the
Servicer to the Trustee, the Securities Administrator and the Depositor, as such
list may from time to time be amended.

      "Servicing Standards" The standards set forth in Section 3.01.

      "Similar Law" As defined in Section 5.02(d) hereof.

      "Startup Day" As defined in Section 9.01(b) hereof.

      "Stayed Funds" Any payment required to be made under the terms of the
Certificates and this Agreement but which is not remitted by the Servicer
because the Servicer is the subject of a proceeding under the Bankruptcy Code
and the making of such remittance is prohibited by Section 362 of the Bankruptcy
Code.

      "Stepdown Date" The earlier to occur of (i) the Distribution Date
following the Distribution Date on which the aggregate Principal Balance of the
Senior Certificates is reduced to zero and (ii) the later to occur of (x) the
Distribution Date in April 2010 and (y) the Distribution Date on which the
Senior Enhancement Percentage for the prior Distribution Date is greater than or
equal to the Senior Specified Enhancement Percentage.

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

      "Subordination Depletion Date" The Distribution Date on which the
aggregate Principal Balance of the Class M and Class B Certificates is reduced
to zero and the Overcollateralization Amount is reduced to zero.

      "Subsequent Recovery" Any amount (net of reimbursable expenses) received
on a Mortgage Loan subsequent to such Mortgage Loan being determined to be a
Liquidated Mortgage Loan that resulted in a Realized Loss in a prior month.

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

      "Substitution Adjustment Amount" As defined in Section 2.03(d) hereof.

      "Supplemental Interest Trust" The corpus of a trust created pursuant to
this Agreement, consisting of the Supplemental Interest Trust Account created
pursuant to Section 3.04(h) of this Agreement, the Interest Rate Swap Agreement
and the right to receive Class IO Shortfalls, subject to the obligation to pay
amounts specified in Section 3.04(h).

      "Supplemental Interest Trust Account" The segregated trust account created
and maintained by the Securities Administrator pursuant to Section 3.04(h) which
shall be entitled "Supplemental Interest Trust Account, Wells Fargo Bank, N.A.,
as Securities Administrator for HSBC Bank USA, National Association, as Trustee,
in trust for registered Holders of the LIBOR Certificates of Wells Fargo Home
Equity Asset-Backed Securities 2007-1 Trust, Home Equity Asset-Backed
Certificates, Series 2007-1," and which must be an Eligible Account. Amounts on
deposit in the Supplemental Interest Trust Account shall not be invested. The
Supplemental Interest Trust Account shall not be an asset of any REMIC formed
under this Agreement.

      "Swap Collateral Account" The segregated trust account which may be
created and maintained by the Securities Administrator pursuant to Section
3.04(n) and shall be entitled "Swap Collateral Account, Wells Fargo Bank, N.A.,
as Securities Administrator for HSBC Bank USA, National Association, as Trustee,
in trust for registered Holders of the Class A, Class M and Class B Certificates
of Wells Fargo Home Equity Asset-Backed Securities 2007-1 Trust, Home Equity
Asset-Backed Certificates, Series 2007-1," and must be an Eligible Account. Any
amounts on deposit in the Swap Collateral Account shall not be invested. The
Swap Collateral Account shall not be an asset of any REMIC formed under this
Agreement.

      "Swap Early Termination" The occurrence of an early termination under the
Interest Rate Swap Agreement.

      "Swap LIBOR" As to any Distribution Date, LIBOR as determined pursuant to
the Interest Rate Swap Agreement with respect to such Distribution Date.

      "Swap Notional Amount" The swap notional amount set forth on Schedule I of
the Interest Rate Swap Agreement.

      "Swap Provider"  Barclays Bank PLC.

      "Swap Provider Trigger Event" The occurrence of any of the following: (i)
an "Event of Default" under the Interest Rate Swap Agreement with respect to
which the Swap Provider is the Defaulting Party (as defined in the Interest Rate
Swap Agreement), (ii) a "Termination Event" under the Interest Rate Swap
Agreement (other than illegality or a tax event) with respect to which the Swap
Provider is the sole Affected Party (as defined in the Interest Rate Swap
Agreement) or (iii) an "Additional Termination Event" under the Interest Rate
Swap Agreement with respect to which the Swap Provider is the sole "Affected
Party."

      "Swap Termination Payment" The amount, if any, owed by the Supplemental
Interest Trust to the Swap Provider or by the Swap Provider to the Supplemental
Interest Trust upon a Swap Early Termination.

      "Targeted Overcollateralization Amount" As of any Distribution Date, (x)
prior to the Stepdown Date, 2.95% of the Pool Balance as of the Cut-off Date and
(y) on and after the Stepdown Date, (i) if a Trigger Event has not occurred for
such Distribution Date, the greater of (A) 5.90% of the Pool Balance as of the
last day of the related Collection Period and (B) 0.50% of the Pool Balance as
of the Cut-off Date and (ii) if a Trigger Event has occurred for such
Distribution Date, the Targeted Overcollateralization Amount for the immediately
preceding Distribution Date.

      "Tax Matters Person" With respect to each Trust REMIC, the Person
designated as the "tax matters person" for each such Trust REMIC in Section
9.01(e) hereof, in each case in the manner provided under Treasury Regulations
Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1.

      "Tax Returns" The federal income tax returns on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
the REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be
filed on behalf of the Trust for each of the five REMICs created pursuant to
this Agreement under the REMIC Provisions, together with any and all other
information reports or returns that may be required to be furnished to the
Certificateholders or filed with the Internal Revenue Service or any other
governmental taxing authority under any applicable provisions of federal, state
or local tax laws.

      "Telerate Page 3750" The display page currently so designated on the
Moneyline Telerate Service (or such other page as may replace the Telerate Page
3750 page on the Moneyline Telerate Service for the purpose of displaying London
interbank offered rates of major banks).

      "Termination Price" As defined in Section 10.01(a) hereof.

      "Trigger Event" With respect to any Distribution Date, if (i) the
three-month rolling average of 60+ Day Delinquent Loans (as a percentage of the
Pool Balance as of the last day of the related Collection Period) equals or
exceeds 41.76% of the Senior Enhancement Percentage for the prior Distribution
Date or (ii) the aggregate amount of Realized Losses incurred since the
applicable Cut-off Date through the last day of the related Collection Period
(reduced by the aggregate amount of Subsequent Recoveries received since the
applicable Cut-off Date through the last day of the related Collection Period)
divided by the Pool Balance on the Cut-off Date exceeds the applicable
percentages set forth below with respect to such Distribution Date:

Distribution Date Occurring In                      Percentage
              In
April 2009 through March 2010...       1.550% for the first month, plus an
                                         additional 1/12th of 1.850% for each
                                         month thereafter
April 2010 through March 2011...       3.400% for the first month, plus an
                                         additional 1/12th of 1.950% for each
                                         month thereafter
April 2011 through March 2012...       5.350% for the first month, plus an
                                         additional 1/12th of 1.550% for each
                                         month thereafter
April 2012 through March 2013...       6.900% for the first month, plus an
                                         additional 1/12th of 0.800% for each
                                         month thereafter
April 2013 and thereafter ......       7.700%

      "Trust" Wells Fargo Home Equity Asset-Backed Securities 2007-1 Trust, the
New York common law trust created hereunder.

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

      "Trust Fund" The segregated pool of assets subject hereto, constituting
the primary trust created hereby and to be administered hereunder, with respect
to a portion of which five REMIC elections are to be made, such entire Trust
Fund consisting of: (i) such Mortgage Loans as from time to time are subject to
this Agreement, together with the Mortgage Files relating thereto, and together
with all collections thereon and proceeds thereof, (ii) any REO Property,
together with all collections thereon and proceeds thereof, (iii) the Trustee's
rights with respect to the Mortgage Loans under all insurance policies required
to be maintained pursuant to this Agreement and any proceeds thereof, (iv) the
Depositor's rights under the Mortgage Loan Purchase Agreement (including any
security interest created thereby), (v) the Securities Administrator's rights
under the Interest Rate Swap Agreement, (vi) the Interest Rate Swap Agreement
and (vii) the Collection Account, the Distribution Account, the Excess Reserve
Fund Account, the Supplemental Interest Trust Account and such assets that are
deposited therein from time to time and any investments thereof, together with
any and all income, proceeds and payments with respect thereto.

      "Trust REMIC" As defined in the Preliminary Statement.

      "Trustee" HSBC Bank USA, National Association, a national banking
association, in its capacity as trustee hereunder, or any successor Trustee
appointed as herein provided.

      "United States Person" or "U.S. Person" (i) A citizen or resident of the
United States, (ii) a corporation, partnership or other entity treated as a
corporation or partnership for United States federal income tax purposes
organized in or under the laws of the United States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury Regulations
provide otherwise), (iii) an estate the income of which is includible in gross
income for United States tax purposes, regardless of its source, or (iv) a trust
if a court within the United States is able to exercise primary supervision over
the administration of the trust and one or more United States persons have
authority to control all substantial decisions of the trust. Notwithstanding the
preceding sentence, to the extent provided in Treasury Regulations, certain
Trusts in existence on August 20, 1996, and treated as United States persons
prior to such date, that elect to continue to be treated as United States
persons will also be a U.S. Person; provided, that for purposes of the
definition of a "Permitted Transferee," a U.S. Person shall not include any
person whose income is attributable to a foreign permanent establishment or
fixed base, within the meaning of an applicable income tax treaty, of such
Person or any other Person.

      "Unpaid Realized Loss Amount" For any Class of Class M and Class B
Certificates and as to any Distribution Date, the excess of (x) the aggregate
Applied Realized Loss Amounts applied with respect to such Class for all prior
Distribution Dates over (y) the sum of (a) the cumulative amount of any
Subsequent Recoveries allocated to such Class, (b) the cumulative amount of
related Realized Loss Amortization Amounts with respect to such Class for all
prior Distribution Dates and (c) the cumulative amount of Unpaid Realized Loss
Amounts reimbursed to such Class for all prior Distribution Dates pursuant to
Section 3.04(h)(i) clause seventh.

      "Upper-Tier Interest Rate" As defined in the Preliminary Statement.

      "Upper-Tier REMIC" As described in the Preliminary Statement.

      "Upper-Tier REMIC Regular Interest" The Upper-Tier REMIC Regular Interests
set forth in the applicable table in the Preliminary Statement.

      "Upper-Tier REMIC WAC Rate" For any Distribution Date, the weighted
average of the Lower-Tier Interest Rates on the Lower-Tier Regular Interests
(other than the Class LT-IO Interest), as of the first day of the related
Interest Accrual Period, weighted on the basis of the Lower-Tier Principal
Amounts of such Lower-Tier Regular Interests as of the first day of the related
Interest Accrual Period.

      "Value" With respect to any Mortgaged Property, the value thereof as
determined by an independent appraisal made at the time of the origination of
the related Mortgage Loan or the sale price, if the appraisal is not available.

      "Voting Interests" The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. The Voting Interests
allocated among Holders of the LIBOR Certificates shall be 98%, and shall be
allocated among each such Class according to the fraction, expressed as a
percentage, the numerator of which is the aggregate Principal Balance of all the
Certificates of such Class then outstanding and the denominator of which is the
aggregate Principal Balance of all the LIBOR Certificates then outstanding. The
Voting Interests allocated to each such Class of Certificates shall be allocated
among all holders of each such Class in proportion to the outstanding Principal
Balance of such Certificates; provided, however, that any Certificate registered
in the name of the Servicer, the Depositor, the Securities Administrator or the
Trustee or any of their respective affiliates shall not be included in the
calculation of Voting Interests; provided that only such Certificates as are
known by a Responsible Officer of the Securities Administrator to be so
registered will be so excluded. One percent of all the Voting Interests will be
allocated to the Holders of each of the Class CE and Class P Certificates. The
Class R Certificate shall have no Voting Interest.

      "Wells Fargo Bank" Wells Fargo Bank, N.A., a national banking
association, or its successor in interest.

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

      "WHFIT" A "Widely Held Fixed Investment Trust" as that term is defined in
Treasury Regulations section 1.671-5(b)(22) or successor provisions.

      "WHFIT Regulations" Treasury Regulations section 1.671-5, as amended.

      "Written Order to Authenticate" A written order of the Depositor directing
the Securities Administrator to execute, authenticate and deliver the
Certificates.

      Section 1.02 Accounting. Unless otherwise specified herein, for the
purpose of any definition or calculation, whenever amounts are required to be
netted, subtracted or added or any distributions are taken into account such
definition or calculation and any related definitions or calculations shall be
determined without duplication of such functions.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

      Section 2.01 Conveyance of Mortgage Loans. (a) The Depositor, concurrently
with the execution and delivery hereof, does hereby transfer, assign, set over
and otherwise convey to the Trustee, on behalf of the Trust, without recourse
for the benefit of the Certificateholders all the right, title and interest of
the Depositor, including any security interest therein for the benefit of the
Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan
Schedule, including the related Cut-off Date Principal Balance, all interest
accruing thereon after the applicable Cut-off Date and all collections in
respect of interest and principal due after the applicable Cut-off Date; (ii)
property which secured each such Mortgage Loan and which has been acquired by
foreclosure or deed in lieu of foreclosure; (iii) its interest in any insurance
policies in respect of the Mortgage Loans; (iv) all other assets included or to
be included in the Trust Fund; (v) all proceeds of any of the foregoing; and
(vi) the rights of the Depositor under the Mortgage Loan Purchase Agreement.
Such assignment includes all interest and principal due to the Depositor or the
Servicer after the applicable Cut-off Date with respect to the Mortgage Loans.
It is agreed and understood by the Depositor and the Trustee that it is not
intended that any mortgage loan be included in the Trust Fund that is a
"High-Cost Home Loan" as defined in (i) the New Jersey Home Ownership Act
effective November 27, 2003, (ii) the New Mexico Home Loan Protection Act
effective January 1, 2004, (iii) the Massachusetts Predatory Home Loan Practices
Act, effective November 7, 2004 or (iv) the Indiana Home Loan Practices Act,
effective January 1, 2005.

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

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

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

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

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

            (A) The loan security agreement;

            (B) The stock certificate;

            (C) The stock power, executed in blank;

            (D) The executed proprietary lease;

            (E) The executed recognition agreement;

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

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

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

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

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

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

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

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

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

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

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

                                WITHOUT RECOURSE
                              PAY TO THE ORDER OF:
                     HSBC BANK USA, NATIONAL ASSOCIATION, AS
                     TRUSTEE under the pooling and servicing
                      agreement dated as of March 30, 2007.
                         and its successors and assigns,

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

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

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

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

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

      Section 2.02 Acceptance by Custodian. The Custodian, on behalf of the
Trustee, acknowledges the receipt of, subject to the provisions of Section 2.01
and subject to the review described below and any exceptions noted on the
exception report described in the next paragraph below, the documents referred
to in Section 2.01 above and all other assets included in the definition of
"Trust Fund" and declares that it holds and will hold such documents and the
other documents delivered to it constituting the Owner Mortgage File (and in the
case of a Document Transfer Event, the Retained Mortgage File), and that it
holds or will hold all such assets and such other assets included in the
definition of "Trust Fund" in trust for the exclusive use and benefit of all
present and future Certificateholders.

      The Custodian, for the benefit of the Certificateholders, shall execute
and deliver to the Servicer, the Securities Administrator, the Trustee and the
Depositor on or prior to the Closing Date an initial certification in the form
attached hereto as Exhibit F-1 hereto, to the effect that, except as may be
specified in a list of exceptions attached thereto, it has received the original
Mortgage Notes (described in Section 2.01(a)(i)) relating to each Mortgage Loan
listed in the Mortgage Loan Schedule (other than any Mortgage Loan that has been
paid in full, liquidated or otherwise released as of the date of such
certification, and subject to any exceptions specifically identified in the
exception report annexed to such certification).

      The Custodian will review each Owner Mortgage File within 45 days after
execution of this Agreement. The Custodian will deliver no later than 30 days
after completion of such review to the Servicer, the Securities Administrator,
the Trustee and the Depositor a final certification in the form of Exhibit F-2
hereto to the effect that, except as may be specified in a list of exceptions
attached thereto, all required documents set forth in Section 2.01(a) have been
executed and received and appear regular on their face, and that such documents
relate to the Mortgage Loans identified in the Mortgage Loan Schedule based on a
comparison of the Mortgage Loan identifying number, Mortgagor name and street
address, and in so doing the Custodian may rely on the purported due execution
and genuineness of any such document and on the purported genuineness of any
signature thereon.

      If in the process of reviewing the Mortgage Files and making or preparing,
as the case may be, the certifications referred to above, the Custodian finds
any document or documents constituting a part of a Mortgage File to be missing
or defective in any material respect, at the conclusion of its review the
Custodian shall so notify the Depositor, the Trustee, the Securities
Administrator and the Servicer.

      The Securities Administrator is hereby directed to execute and deliver, on
behalf of the Supplemental Interest Trust, the Interest Rate Swap Agreement.

      If the Interest Rate Swap Agreement is terminated, the Securities
Administrator shall enter into a replacement interest rate swap agreement upon
written direction of the Depositor.

      Section 2.03 Repurchase or Substitution of Mortgage Loans by the
Depositor. (a) Upon discovery or receipt of written notice of any materially
defective document in, or that a document is missing from, an Owner Mortgage
File (or, if applicable, a Retained Mortgage File) or of a breach of a
representation of warranty of the Depositor in Section 2.04 hereof, in respect
of any Mortgage Loan and such breach materially adversely affects the value of
such Mortgage Loan, Prepayment Penalty or the interest therein of the
Certificateholders, the Trustee (or the Custodian) shall promptly (and in no
event more than 30 days after completion of the review) notify the Depositor and
the Servicer of such defect, missing document or breach and request that the
Depositor cure such defect or breach or deliver such missing document within 60
days from the date the Depositor was notified of such missing document, breach
or defect. If the Depositor does not deliver such missing document or cure such
defect or cure such breach in all material respects during such period, the
Depositor shall repurchase such Mortgage Loan from the Trust Fund at the
Purchase Price on or prior to the Determination Date following the expiration of
such period (subject to Section 2.03(d) and the last paragraph of this Section
2.03(a)). The Purchase Price for the repurchased Mortgage Loan shall be
deposited in the Collection Account, and the Custodian, upon receipt of written
notice from the Servicer of such deposit, shall release to the Depositor the
Owner Mortgage File (and, if applicable, Retained Mortgage File) of the Mortgage
Loan being repurchased. The Trustee shall execute and deliver such instruments
of transfer or assignment (or, in the case of a Mortgage Loan registered in the
name of MERS or its designee, the Servicer shall reflect such assignment on the
records of MERS), in each case without recourse, as the Depositor shall furnish
to it and as shall be necessary to vest in the Depositor any Mortgage Loan
released pursuant hereto and the Custodian and the Trustee shall have no further
responsibility with regard to such Owner Mortgage File (and, if applicable,
Retained Mortgage File). In lieu of repurchasing any such Mortgage Loan as
provided above, the Depositor may cause such Mortgage Loan to be removed from
the Trust Fund (in which case it shall become a Defective Mortgage Loan) and
substitute one or more Eligible Substitute Mortgage Loans in the manner and
subject to the limitations set forth in Section 2.03(d).

      It is understood and agreed that the representations and warranties set
forth in Section 2.04 hereof shall survive delivery of the Owner Mortgage Files
(and, if applicable, Retained Mortgage Files) to the Custodian and shall inure
to the benefit of the Certificateholders notwithstanding any restrictive or
qualified endorsement or assignment. It is understood and agreed that the
obligations of the Depositor set forth in this Section 2.03(a) to cure,
substitute for or repurchase a Mortgage Loan and to pay the Reimbursement Amount
constitute the sole remedies available to the Certificateholders and to the
Trustee on their behalf respecting a breach of the representations and
warranties in Section 2.04 hereof.

      (b) In addition to the foregoing, in the case of a breach of the
Depositor's representation set forth in Section 2.04(i) and (dd) hereof, the
Depositor shall pay to the Trust the Reimbursement Amount. The Reimbursement
Amount shall be delivered to the Servicer for deposit into the Collection
Account within 10 days from the date the Depositor was notified by the Trustee
of the amount of such costs and damages.

      (c) Within 90 days of the earlier of discovery by the Servicer or receipt
of notice by the Servicer of the breach of any representation, warranty or
covenant of the Servicer set forth in Section 2.05 which materially and
adversely affects the interests of the Certificateholders in any Mortgage Loan,
the Servicer shall cure such breach in all material respects.

      (d) Any substitution of Eligible Substitute Mortgage Loans for Defective
Mortgage Loans made pursuant to Section 2.03(a) must be effected prior to the
last Business Day that is within two years after the Closing Date. As to any
Defective Mortgage Loan for which the Depositor substitutes an Eligible
Substitute Mortgage Loan or Loans, such substitution shall be effected by the
Depositor delivering to the Custodian, on the Trustee's behalf for such Eligible
Substitute Mortgage Loan or Loans, the documents required by Section 2.01,
together with an Officer's Certificate providing that each such Eligible
Substitute Mortgage Loan satisfies the definition thereof and specifying the
Substitution Adjustment Amount, if any, in connection with such substitution.
The Custodian shall acknowledge receipt for such Eligible Substitute Mortgage
Loan or Loans and, within ten Business Days thereafter, the Custodian shall
review such documents as specified in Section 2.02 and deliver to the Servicer
and the Trustee, with respect to such Eligible Substitute Mortgage Loan or
Loans, a certification substantially in the form attached hereto as Exhibit F-1,
with any applicable exceptions noted thereon. Within one year of the date of
substitution, the Custodian shall deliver to the Servicer and the Trustee a
certification substantially in the form of Exhibit F-2 hereto with respect to
such Eligible Substitute Mortgage Loan or Loans, with any applicable exceptions
noted thereon. Monthly Payments due with respect to Eligible Substitute Mortgage
Loans in the month of substitution are not part of the Trust Fund and will be
retained by the Depositor. For the month of substitution, distributions to
Certificateholders will reflect the collections and recoveries in respect of
such Defective Mortgage Loan in the Collection Period or Prepayment Period, as
applicable, preceding the date of substitution and the Depositor shall
thereafter be entitled to retain all amounts subsequently received in respect of
such Defective Mortgage Loan. The Depositor shall give or cause to be given
written notice to the Certificateholders that such substitution has taken place,
shall amend the Mortgage Loan Schedule to reflect the removal of such Defective
Mortgage Loan from the terms of this Agreement and the substitution of the
Eligible Substitute Mortgage Loan or Loans and shall deliver a copy of such
amended Mortgage Loan Schedule to the Trustee, the Servicer, the Securities
Administrator and the Custodian. Upon such substitution, such Eligible
Substitute Mortgage Loan or Loans shall constitute part of the Mortgage Pool and
shall be subject in all respects to the terms of this Agreement, including all
applicable representations and warranties as of the date of substitution.

      For any month in which the Depositor substitutes one or more Eligible
Substitute Mortgage Loans for one or more Defective Mortgage Loans, the Servicer
will determine the amount (the "Substitution Adjustment Amount"), if any, by
which the aggregate Purchase Price of all such Defective Mortgage Loans exceeds
the aggregate, as to each such Eligible Substitute Mortgage Loan, of the
principal balance thereof as of the date of substitution, together with one
month's interest on such principal balance at the applicable Net Mortgage
Interest Rate. On the date of such substitution, the Depositor will deliver or
cause to be delivered to the Servicer for deposit in the Collection Account an
amount equal to the Substitution Adjustment Amount, if any, and the Custodian,
on behalf of the Trustee, upon receipt of the related Eligible Substitute
Mortgage Loan or Loans and notice by the Servicer of such deposit, shall release
to the Depositor the related Owner Mortgage File (and, if applicable, Retained
Mortgage File) and the Trustee shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as the Depositor shall
deliver to it and as shall be necessary to vest therein any Defective Mortgage
Loan released pursuant hereto.

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

      (e) Upon discovery by the Depositor, the Seller, the Servicer, the
Securities Administrator, the Custodian or the Trustee that any Mortgage Loan
does not constitute a "qualified mortgage" within the meaning of Section
860G(a)(3) of the Code, the party discovering such fact shall within two
Business Days give written notice thereof to the other parties. In connection
therewith, the Depositor shall repurchase or, subject to the limitations set
forth in Section 2.03(d), substitute one or more Eligible Substitute Mortgage
Loans for the affected Mortgage Loan within 60 days of the earlier of discovery
or receipt of such notice with respect to such affected Mortgage Loan. In
addition, upon discovery that a Mortgage Loan is defective in a manner that
would cause it to be a "defective obligation" within the meaning of Treasury
Regulations relating to REMICs, the Depositor shall cure the defect or make the
required purchase or substitution no later than 60 days after the discovery of
the defect. Any such repurchase or substitution shall be made in the same manner
as set forth in Section 2.03(a). The Trustee shall reconvey to the Depositor the
Mortgage Loan to be released pursuant hereto in the same manner, and on the same
terms and conditions, as it would a Mortgage Loan repurchased for breach of a
representation or warranty.

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

      Section 2.04 Representations and Warranties of the Depositor with respect
to the Mortgage Loans. The Depositor hereby represents and warrants to the
Trustee for the benefit of the Certificateholders that as of the Closing Date or
as of such other date specifically provided herein:

      (a) The information set forth in the Mortgage Loan Schedule was true and
correct in all material respects, including, without limitation, the information
regarding any Prepayment Penalty, at the date or dates respecting which such
information was furnished as specified in the Mortgage Loan Schedule;

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

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

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

      (e) All taxes, governmental assessments, insurance premiums, and water,
sewer and municipal charges, which previously became due and owing have been
paid, or an escrow of funds has been established, to the extent permitted by
law, in an amount sufficient to pay for every such item which remains unpaid;
and neither the Servicer nor the Depositor has advanced funds, or received any
advance of funds by a party other than the Mortgagor, directly or indirectly for
the payment of any amount required by the Mortgage, except for interest accruing
from the date of the Mortgage Note or date of disbursement of the Mortgage Loan
proceeds, whichever is later, to the day which precedes by thirty days the first
Due Date under the related Mortgage Note;

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

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

      (h) The Mortgage is a valid, subsisting and enforceable first lien with
respect to 96.56% of the Mortgage Loans (by aggregate unpaid principal balance
as of the Cut-off Date) or second lien with respect to 3.44% of the Mortgage
Loans (by aggregate unpaid principal balance as of the Cut-off Date) on the
property therein described, and the Mortgaged Property related to each first
lien is free and clear of all encumbrances and liens having priority over the
first lien of the Mortgage except for liens for real estate taxes and special
assessments not yet due and payable and liens or interests arising under or as a
result of any federal, state or local law, regulation or ordinance relating to
hazardous wastes or hazardous substances, and, if the related Mortgaged Property
is a condominium unit, any lien for common charges permitted by statute or
homeowners association fees; and any security agreement, chattel mortgage or
equivalent document related to, and delivered to the Trustee or to the Custodian
with, any Mortgage establishes in the Depositor a valid and subsisting first
lien with respect to 96.56% of the Mortgage Loans (by aggregate unpaid principal
balance as of the Cut-off Date) or second lien with respect to 3.44% of the
Mortgage Loans (by aggregate unpaid principal balance as of the Cut-off Date) on
the property described therein and the Depositor has full right to sell and
assign the same to the Trustee;

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

      (j) Each Mortgaged Property is located in the United States and consists
of a one- to four-unit residential property, which may include a detached home,
townhouse, condominium unit, a unit in a planned unit development or a
manufacturing housing unit which constitutes real property for purposes of the
applicable state law;

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

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

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

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

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

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

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

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

      (s) Each Mortgage Note (other than with respect to any Balloon Loans) is
payable in monthly payments, resulting in complete amortization of the Mortgage
Loan over a term of not more than 360 months;

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

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

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

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

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

      (y) None of the Mortgage Loans are classified as "high cost" Mortgage
Loans under Section 32 of the Home Ownership and Equity Protection Act of 1994
as amended or any comparable state law;

      (z) With respect to each Mortgage Loan that has a Prepayment Penalty, each
such Prepayment Penalty shall be enforceable, and each Prepayment Penalty shall
be permitted pursuant to federal, state and local law. Each such Prepayment
Penalty is in an amount less than or equal to the maximum amount permitted under
applicable law;

      (aa) Each Mortgage Loan is a "qualified mortgage" within the meaning of
Section 860G of the Code and Treas. Reg. ss.1.860G-2;

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

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

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

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

      It is understood and agreed that the representations and warranties set
forth in this Section 2.04 shall survive delivery of the respective Owner
Mortgage Files (and, if applicable, Retained Mortgage Files) to the Custodian
and shall inure to the benefit of the Trustee notwithstanding any restrictive or
qualified endorsement or assignment.

      Section 2.05 Representations, Warranties and Covenants of the Servicer.
The Servicer hereby represents, warrants and covenants to the Trustee, for the
benefit of each of the Trustee and the Certificateholders and to the Depositor
and the Securities Administrator that as of the Closing Date or as of such date
specifically provided herein:

      (i) The Servicer is a national banking association duly chartered and
   validly existing in good standing under the laws of the United States and has
   all licenses necessary to carry on its business as now being conducted,
   except for such licenses, certificates and permits the absence of which,
   individually or in the aggregate, would not have a material adverse effect on
   the ability of the Servicer to conduct its business as it is presently
   conducted, and is licensed, qualified and in good standing in the states
   where the Mortgaged Property is located if the laws of such state require
   licensing or qualification in order to conduct business of the type conducted
   by the Servicer or to ensure the enforceability or validity of each Mortgage
   Loan; the Servicer has the power and authority to execute and deliver this
   Agreement and to perform in accordance herewith; the execution, delivery and
   performance of this Agreement (including all instruments of transfer to be
   delivered pursuant to this Agreement) by the Servicer and the consummation of
   the transactions contemplated hereby have been duly and validly authorized;
   and all requisite corporate action has been taken by the Servicer to make
   this Agreement valid and binding upon the Servicer in accordance with its
   terms;

      (ii) The consummation of the transactions contemplated by this Agreement
   are in the ordinary course of business of the Servicer and will not result in
   the breach of any term or provision of the articles of incorporation or
   by-laws of the Servicer or result in the breach of any term or provision of,
   or conflict with or constitute a default under or result in the acceleration
   of any obligation under, any agreement, indenture or loan or credit agreement
   or other instrument to which the Servicer or its property is subject, or
   result in the violation of any law, rule, regulation, order, judgment or
   decree to which the Servicer or its property is subject;

      (iii) The Servicer is an approved seller/servicer of conventional
   residential mortgage loans for Fannie Mae or Freddie Mac, with the
   facilities, procedures, and experienced personnel necessary for the sound
   servicing of mortgage loans of the same type as the Mortgage Loans. The
   Servicer is a HUD approved mortgagee pursuant to Section 203 of the National
   Housing Act and is in good standing to sell mortgage loans to and service
   mortgage loans for Fannie Mae or Freddie Mac, and no event has occurred,
   including but not limited to a change in insurance coverage, which would make
   the Servicer unable to comply with Fannie Mae or Freddie Mac eligibility
   requirements or which would require notification to either Fannie Mae or
   Freddie Mac;

      (iv) This Agreement, and all documents and instruments contemplated hereby
   which are executed and delivered by the Servicer, constitute and will
   constitute valid, legal and binding obligations of the Servicer, enforceable
   in accordance with their respective terms, except as the enforcement thereof
   may be limited by applicable bankruptcy, insolvency, reorganization,
   moratorium or other similar laws affecting the enforcement of creditors'
   rights generally (whether considered in a proceeding at law or in equity);

      (v) The Servicer does not believe, nor does it have any reason or cause to
   believe, that it cannot perform each and every covenant contained in this
   Agreement;

      (vi) There is no action, suit, proceeding or investigation pending or, to
   its knowledge, threatened against the Servicer that, either individually or
   in the aggregate, may result in any material adverse change in the business,
   operations, financial condition, properties or assets of the Servicer, or in
   any material impairment of the right or ability of the Servicer to carry on
   its business substantially as now conducted, or in any material liability on
   the part of the Servicer, or that would draw into question the validity or
   enforceability of this Agreement or of any action taken or to be taken in
   connection with the obligations of the Servicer contemplated herein, or that
   would be likely to impair materially the ability of the Servicer to perform
   under the terms of this Agreement;

      (vii) No consent, approval or order of any court or governmental agency or
   body is required for the execution, delivery and performance by the Servicer
   of or compliance by the Servicer with this Agreement or the consummation of
   the transactions contemplated by this Agreement, except for such consents,
   approvals, authorizations and orders, if any, that have been obtained;

      (viii) No information in this Agreement provided by the Servicer nor any
   information, certificate of an officer, statement furnished in writing or
   report delivered to the Trustee or the Securities Administrator by the
   Servicer in connection with the transactions contemplated hereby contains or
   will contain any untrue statement of a material fact or omits or will omit to
   state a material fact necessary in order to make the statements contained
   therein, in light of the circumstances under which they were made, not
   misleading;

      (ix) The Servicer has fully furnished, and shall continue to fully furnish
   for so long as it is servicing the Mortgage Loans hereunder, in accordance
   with the Fair Credit Reporting Act and its implementing regulations, accurate
   and complete information on the Mortgagor credit files to Equifax, Experian
   and Trans Union Credit Information Company on a monthly basis;

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

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

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

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

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

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

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

      It is understood and agreed that the representations, warranties and
covenants set forth in this Section 2.05 shall survive delivery of the Mortgage
Files to the Custodian and shall inure to the benefit of the Trustee, the
Depositor, the Securities Administrator and the Certificateholders. Upon
discovery by any of the Depositor, the Servicer, the Securities Administrator or
the Trustee of a breach of any of the foregoing representations, warranties and
covenants which materially and adversely affects the value of any Mortgage Loan,
Prepayment Penalty or the interests therein of the Certificateholders, the party
discovering such breach shall give prompt written notice (but in no event later
than two Business Days following such discovery) to the other parties hereto.

      Upon discovery by any of the Depositor, the Servicer, the Securities
Administrator or the Trustee of a breach of any of the representations and
warranties set forth in this Section 2.05, the party discovering such breach
shall give prompt written notice, which shall not exceed two days, to the other
parties. The Securities Administrator shall consult with the Depositor to
determine if any such breach is material and any breach determined by the
Depositor to be material shall be included by the Securities Administrator on
the next Distribution Date Statement prepared pursuant to Section 4.06.

      Section 2.06 Representations and Warranties of the Depositor. The
Depositor represents and warrants to the Trust and the Trustee on behalf of the
Certificateholders and to the Servicer and Securities Administrator as follows:

      (i) This agreement constitutes a legal, valid and binding obligation of
   the Depositor, 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);

      (ii) Immediately prior to the sale and assignment by the Depositor to the
   Trustee on behalf of the Trust of each Mortgage Loan, the Depositor had good
   and marketable title to each Mortgage Loan (insofar as such title was
   conveyed to it by the Seller) subject to no prior lien (other than 3.44% of
   the Mortgage Loans (by aggregate unpaid principal balance as of the Cut-off
   Date) which are second liens), claim, participation interest, mortgage,
   security interest, pledge, charge or other encumbrance or other interest of
   any nature;

      (iii) As of the Closing Date, the Depositor has transferred all right,
   title interest in the Mortgage Loans to the Trustee on behalf of the Trust;

      (iv) The Depositor has not transferred the Mortgage Loans to the Trustee
   on behalf of the Trust with any intent to hinder, delay or defraud any of its
   creditors;

      (v) The Depositor has been duly incorporated and is validly existing as a
   corporation in good standing under the laws of the State of Delaware, with
   full corporate power and authority to own its assets and conduct its business
   as presently being conducted;

      (vi) The Depositor is not in violation of its certificate of incorporation
   or by-laws or in default in the performance or observance of any material
   obligation, agreement, covenant or condition contained in any contract,
   indenture, mortgage, loan agreement, note, lease or other instrument to which
   the Depositor is a party or by which it or its properties may be bound, which
   default might result in any material adverse changes in the financial
   condition, earnings, affairs or business of the Depositor or which might
   materially and adversely affect the properties or assets, taken as a whole,
   of the Depositor;

      (vii) The execution, delivery and performance of this Agreement by the
   Depositor, and the consummation of the transactions contemplated thereby, do
   not and will not result in a material breach or violation of any of the terms
   or provisions of, or, to the knowledge of the Depositor, constitute a default
   under, any indenture, mortgage, deed of trust, loan agreement or other
   agreement or instrument to which the Depositor is a party or by which the
   Depositor is bound or to which any of the property or assets of the Depositor
   is subject, nor will such actions result in any violation of the provisions
   of the certificate of incorporation or by-laws of the Depositor or, to the
   best of the Depositor's knowledge without independent investigation, any
   statute or any order, rule or regulation of any court or governmental agency
   or body having jurisdiction over the Depositor or any of its properties or
   assets (except for such conflicts, breaches, violations and defaults as would
   not have a material adverse effect on the ability of the Depositor to perform
   its obligations under this Agreement);

      (viii) To the best of the Depositor's knowledge without any independent
   investigation, no consent, approval, authorization, order, registration or
   qualification of or with any court or governmental agency or body of the
   United States or any other jurisdiction is required for the issuance of the
   Certificates, or the consummation by the Depositor of the other transactions
   contemplated by this Agreement, except such consents, approvals,
   authorizations, registrations or qualifications as (a) may be required under
   State securities or blue sky laws, (b) have been previously obtained or (c)
   the failure of which to obtain would not have a material adverse effect on
   the performance by the Depositor of its obligations under, or the validity or
   enforceability of, this Agreement; and

      (ix) There are no actions, proceedings or investigations pending before
   or, to the Depositor's knowledge, threatened by any court, administrative
   agency or other tribunal to which the Depositor is a party or of which any of
   its properties is the subject: (a) which if determined adversely to the
   Depositor would have a material adverse effect on the business, results of
   operations or financial condition of the Depositor; (b) asserting the
   invalidity of this Agreement or the Certificates; (c) seeking to prevent the
   issuance of the Certificates or the consummation by the Depositor of any of
   the transactions contemplated by this Agreement, as the case may be; or (d)
   which might materially and adversely affect the performance by the Depositor
   of its obligations under, or the validity or enforceability of, this
   Agreement.

      Section 2.07 Issuance of Certificates and the REMIC Regular Interests. The
Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
to the Custodian on its behalf of the Mortgage Files, subject to the provisions
of Sections 2.01 and 2.02, and the Trustee acknowledges the assignment to it of
all other assets included in the Trust Fund, receipt of which is hereby
acknowledged. Concurrently with such assignment and delivery and in exchange
therefor, the Securities Administrator, pursuant to the Written Order to
Authenticate executed by an officer of the Depositor, has executed, and the
Certificate Registrar has authenticated and delivered to or upon the order of
the Depositor, each Class of Certificates in the minimum dollar denominations
and integral dollar multiples in excess thereof or minimum Percentage Interests
set forth in Section 5.01 hereof. The Trustee acknowledges the issuance of the
Pooling-Tier REMIC-1 Regular Interests and declares that it holds such regular
interests as assets of Pooling-Tier REMIC-2. The Trustee acknowledges the
issuance of the Pooling-Tier REMIC-2 Regular Interests and declares that it
holds such regular interests as assets of the Lower-Tier REMIC. The Trustee
acknowledges the issuance of the Lower-Tier REMIC Regular Interests and declares
that it hold such regular interests as assets of the Upper-Tier REMIC. The
Trustee acknowledges the issuance of the Class UT-IO Interest and Class UT-X
Interest and declares that it holds such regular interests as assets of the
Class CE REMIC. The Trustee acknowledges the issuance of the Class R-CE
Interest, Class PT1-R Interest, the Class PT2-R Interest, Class LT-R Interest
and Class UT-R Interest, represented by the Class R Certificate. The Trustee
acknowledges that the obligation of the Class CE Certificates to pay Cap
Carryover Amounts, and declares that it hold the same as assets of the Grantor
Trust on behalf of the Holders of the Class A-1, Class A-2, Class A-3, Class
M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2
and Class B-3 Certificates, respectively. In addition to the assets described in
the preceding sentence, the assets of the Grantor Trust shall also include (i)
Prepayment Penalties, any Servicer Prepayment Penalty Payment Amounts, any
Originator Prepayment Penalty Payment Amounts and the beneficial interest of the
Class P Certificates with respect thereto and (ii) the Interest Rate Swap
Agreement, the Supplemental Interest Trust Account, the Excess Reserve Fund
Account and the beneficial interest of the Class CE Certificates with respect
thereto, subject to the obligation to pay Cap Carryover Amounts, Net Swap
Payments to the Swap Provider and Swap Termination Payments (without duplication
of any previously paid Replacement Swap Provider Payment) to the Swap Provider
and the right to receive Class IO Shortfalls from the LIBOR Certificates. The
interests evidenced by the Certificates constitute the entire beneficial
ownership interest in the Trust Fund.

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF THE TRUST FUND

      Section 3.01 Servicer to Act as Servicer. The Servicer, as independent
contract servicer, shall service and administer the Mortgage Loans in accordance
with this Agreement and the normal and usual standards of practice of sub-prime
mortgage servicers servicing similar mortgage loans in the same respective
jurisdictions as the Mortgaged Properties, and shall have full power and
authority, acting alone, to do or cause to be done any and all things in
connection with such servicing and administration which the Servicer may deem
necessary or desirable and consistent with the terms of this Agreement (the
"Servicing Standards").

      Consistent with the terms of this Agreement, the Servicer may waive,
modify or vary any term of any Mortgage Loan or consent to the postponement of
strict compliance with any such term or in any manner grant indulgence to any
Mortgagor if in the Servicer's reasonable determination such waiver,
modification, postponement or indulgence is not materially adverse to the
Certificateholders; provided, however, that the Servicer shall not make future
advances (other than Servicing Advances) and, unless the Mortgagor is in default
with respect to the Mortgage Loan or such default is, in the judgment of the
Servicer, reasonably foreseeable, the Servicer shall not permit any modification
with respect to any Mortgage Loan that would (i) change the Mortgage Interest
Rate, defer or forgive the payment thereof of any principal or interest
payments, reduce or increase the outstanding principal amount (except for actual
payments of principal) or extend the final maturity date with respect to such
Mortgage Loan, (ii) affect adversely the status of any Trust REMIC as a REMIC or
(iii) cause any REMIC created hereunder to be subject to a tax on "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.
Notwithstanding the foregoing, the Servicer shall not permit any modification
with respect to any Mortgage Loan that would both (x) effect an exchange or
reissuance of such Mortgage Loan under Section 1.860G-2(b) of the Treasury
Regulations and (y) cause any Trust REMIC to fail to qualify as a REMIC under
the Code or the imposition of any tax on "prohibited transactions" or
"contributions" after the Startup Day under the REMIC Provisions. Without
limiting the generality of the foregoing, the Servicer shall continue, and is
hereby authorized and empowered to execute and deliver on behalf of itself and
the Trustee, all instruments of satisfaction or cancellation, or of partial or
full release, discharge and all other comparable instruments, with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. The Servicer
shall make all required Servicing Advances and shall service and administer the
Mortgage Loans in accordance with Applicable Regulations, and shall provide to
the Mortgagor any reports required to be provided to them thereby. By the
execution of this Agreement, the Trustee hereby grants to the Servicer, a power
of attorney to enable the Servicer to carry out its servicing and administrative
duties hereunder; provided, however, that the Trustee shall not be held liable
for any misuse of any such power of attorney by the Servicer. Notwithstanding
anything contained herein to the contrary, the Servicer shall not, without the
Trustee's written consent: (i) initiate any action, suit or proceeding solely
under the Trustee's name without indicating the Servicer's representative
capacity; or (ii) take any action with the intent to cause, and that actually
causes, the Trustee to be registered to do business in any state.

      In servicing and administering the Mortgage Loans, the Servicer shall
employ procedures including collection procedures and exercise the same care
that it customarily employs and exercises in servicing and administering
mortgage loans for its own account giving due consideration to accepted mortgage
servicing practices of prudent lending institutions and the Certificateholders'
reliance on the Servicer.

      Notwithstanding anything in this Agreement to the contrary, in the event
of a voluntary Principal Prepayment in full of a Mortgage Loan, the Servicer may
not waive any Prepayment Penalty or portion thereof required by the terms of the
related Mortgage Note unless (i)(a) the Servicer determines that such waiver is
standard and customary in servicing similar mortgage loans, (b) such waiver
relates to a default or a reasonably foreseeable default and (c) such waiver
would, in the reasonable judgment of the Servicer, maximize recovery of
Liquidation Proceeds for such Mortgage Loan, taking into account the value of
such Prepayment Penalty, or (ii) the enforceability of such waiver is limited
(1) by bankruptcy, insolvency, moratorium, receivership, or other similar law
relating to creditors' rights generally or (2) due to acceleration in connection
with a foreclosure or other involuntary payment. If the Servicer has waived or
does not collect all or a portion of a Prepayment Penalty relating to a
voluntary Principal Prepayment in full due to any action or omission of the
Servicer, other than as provided above, the Servicer shall, on the date on which
the Principal Prepayment in full is remitted to the Securities Administrator,
deliver to the Securities Administrator the Servicer Prepayment Penalty Amount
with respect to such Mortgage Loan for distribution in accordance with the terms
of this Agreement. If the Servicer waives a Prepayment Penalty, the Servicer
shall notify the Securities Administrator of such waiver.

      In the event that a Prepayment Penalty due with respect to any Mortgage
Loan is not timely received by the Servicer, the Servicer shall use commercially
reasonable efforts to determine whether the Originator is obligated to pay a
related Originator Prepayment Penalty Payment Amount, and if the Servicer
determines that a Originator Prepayment Penalty Payment Amount is due, the
Servicer shall promptly notify the Originator, and the Servicer shall enforce
the Originator's obligations as set forth in the Mortgage Loan Purchase
Agreement to pay any such Originator Prepayment Penalty Payment Amounts and, to
the extent that such amounts are received by the Servicer, shall cause such
amounts to be deposited into the Collection Account within one Business Day of
receipt.

      Section 3.02 Collection of Mortgage Loan Payments. Continuously from the
date hereof until the principal and interest on all Mortgage Loans are paid in
full or as long as the Mortgage Loan remains subject to this Agreement, the
Servicer will diligently collect all payments due under each Mortgage Loan when
the same shall become due and payable and shall, to the extent such procedures
shall be consistent with the Servicing Standards and Applicable Regulations,
follow such collection procedures as it follows with respect to mortgage loans
comparable to the Mortgage Loans and held for its own account. Further, where
applicable, the Servicer will take special care in ascertaining and estimating
annual Escrow Payments that, as provided in the Escrow Agreement, will become
due and payable to that end that the installments payable by the Mortgagors will
be sufficient to pay such charges as and when they become due and payable.

      Section 3.03 Realization Upon Defaulted Mortgage Loans. In the event that
any payment due under any Mortgage Loan is not paid when the same becomes due
and payable, or in the event the Mortgagor fails to perform any other covenant
or obligation under the Mortgage Loan and such failure continues beyond any
applicable grace period, the Servicer shall take such action as it shall deem to
be in the best interest of the Certificateholders.

      In connection with a foreclosure or other conversion, the Servicer shall
exercise such rights and powers vested in it hereunder and use the same degree
of care and skill in its exercise as it would exercise or use under the
circumstances in the conduct of its own affairs and consistent with Applicable
Regulations and the Servicing Standards, including, without limitation,
advancing funds for the payment of taxes and insurance premiums with respect to
first and second lien Mortgage Loans.

      Notwithstanding the foregoing provisions of this Section 3.03, with
respect to any Mortgage Loan as to which the Servicer has received actual notice
of, or has actual knowledge of, the presence of any toxic or hazardous substance
on the related Mortgaged Property, the Servicer shall not either (i) obtain
title to such Mortgaged Property as a result of or in lieu of foreclosure or
otherwise, or (ii) otherwise acquire possession of, or take any other action
with respect to, such Mortgaged Property if, as a result of any such action, the
Trust would be considered to hold title to, to be a mortgagee-in-possession of,
or to be an owner or operator of such Mortgaged Property within the meaning of
the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended from time to time, or any comparable law, unless the Servicer
has also previously determined, based on its reasonable judgment and a report
prepared by a Person who regularly conducts environmental audits using customary
industry standards, stating that:

      A. such Mortgaged Property is in compliance with applicable environmental
laws or, if not, that it would be in the best economic interest of the
Certificateholders to take such actions as are necessary to bring the Mortgaged
Property into compliance therewith; and

      B. there are no circumstances present at such Mortgaged Property relating
to the use, management or disposal of any hazardous substances, hazardous
materials, hazardous wastes, or petroleum-based materials for which
investigation, testing, monitoring, containment, clean-up or remediation could
be required under any federal, state or local law or regulation, or that if any
such materials are present for which such action could be required, that it
would be in the best economic interest of the Certificateholders to take such
actions with respect to the affected Mortgaged Property.

      Notwithstanding the foregoing, if such environmental audit reveals, or if
the Servicer has actual knowledge or notice, that such Mortgaged Property
contains such wastes or substances, the Servicer shall not foreclose or accept a
deed in lieu of foreclosure.

      The cost of the environmental audit report contemplated by this Section
3.03 shall be advanced by the Servicer, subject to the Servicer's right to be
reimbursed therefor from the Collection Account as provided in Section 3.05(ii).

      If the Servicer determines, as described above, that it is in the best
economic interest of the Certificateholders to take such actions as are
necessary to bring any such Mortgaged Property into compliance with applicable
environmental laws, or to take such action with respect to the containment,
clean-up or remediation of hazardous substances, hazardous materials, hazardous
wastes, or petroleum-based materials affecting any such Mortgaged Property, then
the Servicer shall take such action as it deems to be in the best economic
interest of the Certificateholders. The cost of any such compliance,
containment, cleanup or remediation shall be advanced by the Servicer, subject
to the Servicer's right to be reimbursed therefor from the Collection Account as
provided in Section 3.05(ii).

      Section 3.04 Collection Account, Distribution Account, Excess Reserve Fund
Account, Supplemental Interest Trust Account and Swap Collateral Account. (a)
The Servicer shall segregate and hold all funds collected and received pursuant
to each Mortgage Loan separate and apart from any of its own funds and general
assets and shall establish and maintain one or more accounts (such account or
accounts, the "Collection Account"). Each Collection Account shall be an
Eligible Account.

      The Servicer shall deposit in the Collection Account within two Business
Days of receipt, and retain therein, the following payments and collections
received or made by it after the applicable Cut-off Date with respect to the
Mortgage Loans, without duplication:

      (i) all payments on account of principal, including Principal Prepayments,
   on the Mortgage Loans;

      (ii) all payments on account of interest on the Mortgage Loans adjusted to
   the Mortgage Interest Rate less the Servicing Fee Rate;

      (iii) all Net Liquidation Proceeds and Subsequent Recoveries;

      (iv) all Insurance Proceeds including amounts required to be deposited
   pursuant to Section 3.10, other than proceeds to be held in the Escrow
   Account and applied to the restoration or repair of the Mortgaged Property or
   released to the Mortgagor in accordance with the Servicer's normal servicing
   procedures, the loan documents or applicable law;

      (v) all Condemnation Proceeds affecting any Mortgaged Property which are
   not released to the Mortgagor in accordance with the Servicer's normal
   servicing procedures, the loan documents or applicable law;

      (vi) any amounts required to be deposited by the Servicer in connection
   with any REO Property pursuant to Section 3.13;

      (vii) all Prepayment Penalties collected by the Servicer in connection
   with the voluntary Principal Prepayment in full of any of the Mortgage Loans,
   all Originator Prepayment Penalty Payment Amounts paid by the Originator and
   all Servicer Prepayment Penalty Payment Amounts required to be paid by the
   Servicer pursuant to Section 3.01 in connection with any such Principal
   Prepayment; and

      (viii) all amounts required to be deposited by the Servicer pursuant to
   Section 2.03.

      Any interest paid on funds deposited in the Collection Account, subject to
Section 3.23, shall accrue for the benefit of the Servicer and the Servicer
shall be entitled to retain and withdraw such interest from the Collection
Account pursuant to Section 3.05(v). In addition, the Servicer shall deposit in
the Collection Account any amounts required to be deposited pursuant to Section
3.23(b) in connection with losses realized on Permitted Investments with respect
to funds held in the Collection Account. The foregoing requirements for deposit
from the Collection Account shall be exclusive, it being understood and agreed
that, without limiting the generality of the foregoing, payments in the nature
of late payment charges, bad check fees, prepayment penalties that are not
Prepayment Penalties, Originator Prepayment Penalty Payment Amounts or Servicer
Prepayment Penalty Payment Amounts, assumption fees and other similar fees need
not be deposited by the Servicer in the Collection Account. Amounts deposited
into the Collection Account in error may be withdrawn at any time.

      (b) On behalf of the Trust Fund, the Securities Administrator shall
establish and maintain one or more accounts (such account or accounts, the
"Distribution Account"), on behalf of the Trustee, held in trust for the benefit
of the Certificateholders. On behalf of the Trust Fund, the Servicer shall
deliver (or cause the Originator to deliver in the case of clause (iv) below) to
the Securities Administrator in immediately available funds for deposit in the
Distribution Account on the Servicer Remittance Date (i) that portion of the
Available Funds (calculated without regard to the references in the definition
thereof to amounts that may be deposited to the Distribution Account from a
different source as provided herein) then on deposit in the Collection Account,
(ii) the amount of all Prepayment Penalties collected by the Servicer in
connection with the voluntary Principal Prepayment in full of any of the
Mortgage Loans then on deposit in the Collection Account (other than any such
Prepayment Penalties received after the related Prepayment Period), (iii) any
Servicer Prepayment Penalty Payment Amount that became due during the related
Prepayment Period, (iv) any Originator Prepayment Penalty Payment Amount that
became due during the related Prepayment Penalty Period and (v) amounts
reimbursable or payable to the Trustee pursuant to Section 7.01 and Section 8.05
and amounts reimbursable or payable to the Securities Administrator pursuant to
Section 8.05 or Section 9.01(c). Except as otherwise provided in Section
3.04(f), amounts in the Distribution Account shall be deemed to be held on
behalf of the related REMICs in accordance with the REMIC distributions set
forth in the Preliminary Statement. The Securities Administrator or the Paying
Agent, as applicable, may, from time to time, withdraw from the Distribution
Account for the following purposes:

      (i) to pay to the Securities Administrator and the Trustee any amounts
   owed to the Securities Administrator and the Trustee pursuant to Section
   8.05, any amounts owed to the Securities Administrator pursuant to Section
   9.01(c) and any amounts owed to the Trustee pursuant to Section 7.01;

      (ii) to pay to the Securities Administrator as compensation any interest
   earned on funds in the Distribution Account (all such interest to be
   withdrawn monthly on each Distribution Date);

      (iii) to remit Net Swap Payments and Swap Termination Payments (without
   duplication of any previously paid Replacement Swap Provider Payment) to the
   Supplemental Interest Trust Account;

      (iv) to remit funds to Certificateholders in the amounts and the manner
   provided for herein; and

      (v) to clear and terminate the Distribution Account upon the termination
   of this Agreement.

      The Securities Administrator shall notify the Depositor and the Trustee of
the amount, purpose and party paid pursuant to Section 3.04(b)(i).

      (c) Funds in the Collection Account and the Distribution Account may be
invested in Permitted Investments in accordance with the provisions set forth in
Section 3.23. The Servicer shall give notice to the Securities Administrator
(and the Securities Administrator shall give such notice to the Trustee) of the
location of the Collection Account maintained by it when established upon
request and prior to any change thereof. The Securities Administrator shall give
notice to the Servicer, the Trustee and the Depositor of the location of the
Distribution Account when established and prior to any change thereof.

      (d) In the event the Servicer delivers to the Securities Administrator for
deposit in the Distribution Account any amount not required to be deposited
therein, it may at any time request that the Securities Administrator withdraw
such amount from the Distribution Account and remit to the Servicer any such
amount, any provision herein to the contrary notwithstanding. In addition, the
Servicer shall deliver to the Securities Administrator from time to time for
deposit, and the Securities Administrator shall so deposit, in the Distribution
Account in respect of Pooling-Tier REMIC-1 (other than amounts described in
clause (iii), which shall be held in the Grantor Trust):

      (i) any Advances, as required pursuant to Section 4.07;

      (ii) any Stayed Funds, as soon as permitted by the federal bankruptcy
   court having jurisdiction in such matters;

      (iii) any Prepayment Penalties, Servicer Prepayment Penalty Payment
   Amounts or amounts in connection with the waiver of such Prepayment
   Penalties, in each case required to be deposited pursuant to Section 3.01;

      (iv) any amounts required to be deposited in the Distribution Account
   pursuant to Sections 2.03, 3.04, 3.16, 3.23 or 4.07; and

      (v) any amounts required to be deposited by the Servicer pursuant to
   Section 3.11 in connection with the deductible clause in any blanket hazard
   insurance policy, such deposit being made from the Servicer's own funds,
   without reimbursement therefor.

      (e) Promptly upon receipt of any Stayed Funds, whether from the Servicer,
a trustee in bankruptcy, or federal bankruptcy court or other source, the
Securities Administrator shall, unless such funds have been received from the
Servicer, notify the Servicer of such receipt and deposit such funds in the
Distribution Account, subject to withdrawal thereof as permitted hereunder. In
addition, the Securities Administrator shall deposit in the Distribution Account
any amounts required to be deposited pursuant to Section 3.23(b) in connection
with losses realized on Permitted Investments with respect to funds held in the
Distribution Account.

      (f) Any Prepayment Penalties, Originator Prepayment Penalty Payment
Amounts and Servicer Prepayment Penalty Payment Amounts deposited pursuant to
Section 3.04(a)(vii) shall not be assets of any REMIC created hereunder, but
shall be considered assets of the Grantor Trust held by the Securities
Administrator, on behalf of the Trustee, for the benefit of the Class P
Certificateholders. In addition, (i) any Cap Carryover Amounts that are paid
with respect to the LIBOR Certificates will be treated as first having been
distributed with respect to the Class CE Certificates and then having been paid
outside of the Trust REMICs to the Holders of the LIBOR Certificates and (ii)
any Class IO Shortfalls will be treated as first having been distributed with
respect to the related Classes of LIBOR Certificates and then as having been
paid outside of the Trust REMICs to the Holders of the Class CE Certificates.

      (g) The Securities Administrator shall establish and maintain the Excess
Reserve Fund Account, held in trust for the benefit of the Holders of the LIBOR
Certificates. On each Distribution Date, Cap Carryover Amounts available
pursuant the Section 4.02(b)(xxviii) will be deposited into the Excess Reserve
Fund Account. On such Distribution Date, the Securities Administrator shall
withdraw such Cap Carryover Amounts on deposit and apply them, sequentially, as
follows:

      (i) concurrently, to the Class A Certificates, pro rata (based on the
   outstanding Principal Balance of each such Class) any Cap Carryover Amount
   for such Class;

      (ii) concurrently, to the Class A Certificates, pro rata (based on the
   remaining unpaid Cap Carryover Amount for each such Class after distributions
   pursuant to clause (i) above) any remaining Cap Carryover Amount for such
   Class after giving effect to any distributions pursuant to clause (i) above;
   and

      (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
   Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, any
   Cap Carryover Amount for such Class.

      (h) (i) The Securities Administrator shall establish and maintain the
Supplemental Interest Trust Account, held in trust for the benefit of the Swap
Provider and the Holders of the LIBOR Certificates and Class CE Certificates. On
the Business Day prior to each Distribution Date, the Securities Administrator
shall (A) deposit into the Supplemental Interest Trust Account any Net Swap
Payment and Swap Termination Payment received from the Swap Provider and any
Replacement Swap Provider Payment received from a replacement swap provider for
such Distribution Date and (B) deposit into the Supplemental Interest Trust
Account from Available Funds, any Net Swap Payment and Swap Termination Payment
owed to the Swap Provider for such Distribution Date, in each case prior to
distributions to Certificateholders. On the Business Day prior to each
Distribution Date, in the case of clauses first, second and eighth, and on each
Distribution Date, in the case of clauses third, fourth, fifth, sixth, seventh
and ninth, the Securities Administrator shall withdraw from the Supplemental
Interest Trust Account any amounts on deposit and apply them, sequentially, as
follows:

      first, to the Swap Provider, any Net Swap Payment owed to the Swap
Provider pursuant to the Interest Rate Swap Agreement for such Distribution
Date;

      second, to the Swap Provider, any Replacement Swap Provider Payment owed
to the replaced Swap Provider and, without duplication, any Swap Termination
Payment (other than any Swap Termination Payment resulting from a Swap Provider
Trigger Event) owed to the Swap Provider pursuant to the Interest Rate Swap
Agreement for such Distribution Date;

      third, concurrently, to the Class A-1, Class A-2 and Class A-3
Certificates, pro rata (based on the Accrued Certificate Interest and Interest
Carry Forward Amount remaining for each such Class), the Accrued Certificate
Interest and Interest Carry Forward Amount, to the extent remaining
undistributed after distributions pursuant to Sections 4.01 and 4.02(b);

      fourth, to the Class M and Class B Certificates to pay Accrued Certificate
Interest and Interest Carry Forward Amount (in each case, to the extent
remaining undistributed after distributions pursuant to Sections 4.01 and
4.02(b)) in the following order of priority:

   (i) to the Class M-1 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (ii) to the Class M-2 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (iii) to the Class M-3 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (iv) to the Class M-4 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (v) to the Class M-5 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (vi) to the Class M-6 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (vii) to the Class B-1 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

   (viii) to the Class B-2 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount; and

   (ix) to the Class B-3 Certificates, to pay Accrued Certificate Interest and
  then Interest Carry Forward Amount;

      fifth, to the LIBOR Certificates to pay remaining Cap Carryover Amounts in
the following order of priority (after giving effect to payments made pursuant
to Section 3.04(g)):

      (i) concurrently, to the Class A Certificates, pro rata (based on the
outstanding Principal Balance of each such Class) any Cap Carryover Amount for
such Class;

      (ii) concurrently, to the Class A Certificates, pro rata (based on the
remaining unpaid Cap Carryover Amount for each such Class after distributions
pursuant to clause (i) above) any remaining Cap Carryover Amount for such Class
after giving effect to any distributions pursuant to clause (i) above; and

      (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3, any Cap Carryover
Amount for such Class;

      sixth, to the LIBOR Certificates to pay principal as described in Sections
4.02(a)(i) and (ii), but only to the extent necessary to restore the
Overcollateralization Amount to the Targeted Overcollateralization Amount as a
result of current or prior Realized Losses not previously reimbursed, after
giving effect to distributions pursuant to Sections 4.01 and 4.02(a);

      seventh, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, in that
order, any remaining Unpaid Realized Loss Amounts for each such Class, after
payment of the applicable Realized Loss Amortization Amounts pursuant to Section
4.02(b);

      eighth, to the Swap Provider, any Swap Termination Payment resulting from
a Swap Provider Trigger Event (without duplication of any previously paid
Replacement Swap Provider Payment) owed to the Swap Provider pursuant to the
Interest Rate Swap Agreement for such Distribution Date; and

      ninth, any remaining amount to the Class CE Certificates.

      (ii) As described in Section 3.04(h)(i) above, Net Swap Payments owed to
the Swap Provider and Swap Termination Payments (other than Swap Termination
Payments resulting from a Swap Provider Trigger Event and without duplication of
any Replacement Swap Provider Payment) owed to the Swap Provider shall be
payable from the Supplemental Interest Trust to the Swap Provider from Available
Funds prior to any distributions to Certificateholders. Prior to each
Distribution Date, such amounts will be remitted from the Distribution Account
to the Supplemental Interest Trust Account, first to make any Net Swap Payment
owed to the Swap Provider on the Business Day prior to each Distribution Date
pursuant to the Interest Rate Swap Agreement, and second to make any Swap
Termination Payment (other than any Swap Termination Payment resulting from a
Swap Provider Trigger Event and without duplication of any previously paid
Replacement Swap Provider Payment pursuant to Section 3.04(h)(i) priority
second) owed to the Swap Provider on the Business Day prior to each Distribution
Date pursuant to the Interest Rate Swap Agreement. Any Swap Termination Payment
triggered by a Swap Provider Trigger Event owed to the Swap Provider pursuant to
the Interest Rate Swap Agreement will be subordinated to distributions to the
holders of the LIBOR Certificates and shall be paid pursuant to Section
3.04(h)(i) priority eighth.

      (i) The Securities Administrator shall account for the Excess Reserve Fund
Account and Supplemental Interest Trust Account as assets of a grantor trust
under subpart E, part I of subchapter J of the Code and not as assets of any
REMIC created pursuant to this Agreement. The beneficial owner of the Excess
Reserve Fund Account and the Supplemental Interest Trust Account is the Class CE
Certificateholder. For federal income tax purposes, Net Swap Payments and Swap
Termination Payments payable to the Swap Provider shall be deemed to be paid to
the Supplemental Interest Trust first, from the Class CE REMIC, by the Holder of
the Class CE Certificates (in respect of the Class IO Interest and, if
applicable, Class CE Interest) and second, other than any Swap Termination
Payment resulting from a Swap Provider Trigger Event, from the Upper-Tier REMIC
by the Holders of the applicable Class or Classes of LIBOR Certificates (in
respect of Class IO Shortfalls).

      (j) Any Cap Carryover Amounts paid by the Securities Administrator
pursuant to Sections 3.04(g) and (h) to the LIBOR Certificates shall be
accounted for by the Securities Administrator as amounts paid first to the Class
CE Certificates in respect of the Class CE Interest or from Net Swap Payments
received from the Swap Provider and then to the respective Class or Classes of
LIBOR Certificates. In addition, the Securities Administrator shall account for
each Class of LIBOR Certificates' rights to receive payments of Cap Carryover
Amounts and the obligation to pay Class IO Shortfalls as rights and obligations
in a separate limited recourse notional principal contract between the Class CE
Certificateholders and the holders of the LIBOR Certificates of each such Class.

      (k) [Reserved].

      (l) With respect to the failure of the Swap Provider to perform any of its
obligations under the Interest Rate Swap Agreement, the breach by the Swap
Provider of any of its representations and warranties made pursuant to the
Interest Rate Swap Agreement or the termination of the Interest Rate Swap
Agreement, the Securities Administrator shall send any notices and make any
demands, on behalf of the Supplemental Interest Trust, as are required under the
Interest Rate Swap Agreement. The Securities Administrator shall cause any
replacement swap provider to provide a copy of the related replacement interest
rate swap agreement to the Securities Administrator and the Depositor.

      (m) (i) (A) Upon the occurrence of a Swap Early Termination and in the
event that the Supplemental Interest Trust receives a Swap Termination Payment
and the Depositor obtains a successor swap provider, the Securities
Administrator shall use the Swap Termination Payment received by the
Supplemental Interest Trust to pay the replacement swap provider any amount owed
to such replacement swap provider upon entering into a replacement interest rate
swap agreement or (B) upon the occurrence of a Swap Early Termination and in the
event that the Supplemental Interest Trust receives a Swap Termination Payment
and the Depositor cannot obtain a successor swap provider, the Securities
Administrator shall deposit the Swap Termination Payment into a reserve account
which is a sub-account of the Supplemental Interest Trust Account. On each
subsequent Distribution Date (so long as funds are available in the reserve
account), the Securities Administrator shall withdraw from the reserve account
and deposit into the Supplemental Interest Trust Account an amount equal to the
amount of any Net Swap Payment due the Supplemental Interest Trust (calculated
in accordance with the terms of the Interest Rate Swap Agreement) and treat such
amount as a Net Swap Payment for purposes of determining the distributions from
the Supplemental Interest Trust Account. The remaining amount in the reserve
account will remain in that account and will not be treated as a Swap
Termination Payment for purposes of determining the distributions from the
Supplemental Interest Trust Account until the final Distribution Date.

      (ii) Notwithstanding all other provisions in this Agreement, in the event
that the Supplemental Interest Trust, at the direction of the Depositor, enters
into a replacement interest rate swap agreement and the Supplemental Interest
Trust is entitled to receive a payment from a replacement swap provider (such
payment, a "Replacement Swap Provider Payment"), the Securities Administrator
shall deposit such Replacement Swap Provider Payment into the Supplemental
Interest Trust Account and pay to the Swap Provider being replaced the lesser of
(x) the amount so received and (y) any Swap Termination Payment owed to the Swap
Provider (to the extent not already paid by the Trust) that is being replaced
immediately upon receipt of the Replacement Swap Provider Payment, regardless of
whether the date of receipt thereof is a Distribution Date; provided that to the
extent that the Replacement Swap Provider Payment is less than the Swap
Termination Payment owed to the Swap Provider that is being replaced, any
remaining amounts will be paid to the Swap Provider on the subsequent
Distribution Date (unless the Replacement Swap Provider Payment is paid to the
Swap Provider on a Distribution Date, in which case such remaining amounts will
be paid on such Distribution Date) in accordance with Section 3.04(h)(i) of this
Agreement. For the avoidance of doubt, the parties agree that the Swap Provider
shall have first priority to any Replacement Swap Provider Payment (to the
extent that the Swap Provider is owed a Swap Termination Payment from the
Supplemental Interest Trust and such Swap Termination Payment has not been
previously paid) over the payment by the Trust to Certificateholders, the
Servicer, the Securities Administrator or any other Person.

      (n) Upon the occurrence of a Collateral Event (as defined in the Interest
Rate Swap Agreement), the Securities Administrator shall establish and maintain
the Swap Collateral Account, held in trust for the benefit of the Holders of the
LIBOR Certificates and for the purposes set forth in the Interest Rate Swap
Agreement.

      Section 3.05 Permitted Withdrawals from the Collection Account. The
Servicer may, from time to time, withdraw from the Collection Account for the
following purposes:

      (i) to remit to the Securities Administrator for deposit in the
   Distribution Account the amounts required to be so remitted pursuant to
   Section 3.04(b) or permitted to be so remitted pursuant to the first sentence
   of Section 3.04(d);

      (ii) first, to the extent the Servicer has not previously reimbursed the
   Trustee pursuant to Section 4.07(e), to reimburse the Trustee for any
   unreimbursed Advances made by the Trustee and second, to reimburse itself for
   any unreimbursed Advances and Servicing Advances; the Servicer's right to
   reimburse itself and the Trustee pursuant to this subclause (ii) being
   limited to amounts received on the related Mortgage Loan which represent
   payments of (a) principal and/or interest respecting which any such Advance
   was made or (b) Condemnation Proceeds, Insurance Proceeds or Liquidation
   Proceeds respecting which any such Servicing Advance was made;

      (iii) first, to the extent the Servicer has not previously reimbursed the
   Trustee pursuant to Section 4.07(e), to reimburse the Trustee for any
   unreimbursed Advances made by the Trustee and second to reimburse itself for
   any unreimbursed Servicing Advances, any unpaid Servicing Fees and for
   unreimbursed Advances, in each case, to the extent that such amounts are
   deemed to be Nonrecoverable Advances, and to reimburse itself and the Trustee
   for such amounts to the extent that such amounts are nonrecoverable from the
   disposition of REO Property pursuant to Section 3.03 or Section 3.13 hereof;

      (iv) to reimburse itself for any amounts paid or expenses incurred
   pursuant to Section 3.03 (and not otherwise previously reimbursed);

      (v) to pay to itself as servicing compensation (a) any interest earned on
   funds in the Collection Account (all such interest to be withdrawn monthly
   not later than each Servicer Remittance Date) and (b) the Servicing Fee from
   that portion of any payment or recovery as to interest to a particular
   Mortgage Loan to the extent not retained pursuant to Section 3.04(a)(ii);

      (vi) to reimburse itself for any amounts paid pursuant to Section 6.03
   (and not otherwise previously reimbursed);

      (vii) to reimburse the Servicer (if the Servicer is not an Affiliate of
   the repurchasing party), the Securities Administrator or the Trustee, as the
   case may be, for enforcement expenses reasonably incurred in respect of the
   breach or defect giving rise to the purchase obligation under Section 2.03 of
   this Agreement that were included in the Purchase Price of the Mortgage Loan,
   including any expenses arising out of the enforcement of the purchase
   obligation;

      (viii) to reimburse the Depositor or the Servicer for expenses and costs
   reimbursable to them pursuant to Section 3.24(b); and

      (ix) to clear and terminate the Collection Account upon the termination of
   this Agreement.

      The foregoing requirements for withdrawal from the Collection Account
shall be exclusive. In the event the Servicer shall deposit in the Collection
Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Collection Account, any provision herein to the
contrary notwithstanding. The Servicer shall notify the Securities Administrator
of the amount, purpose and party of any payment or reimbursement of expenses
made pursuant to Sections 3.05(iv), (vi), (vii) and (viii).

      Section 3.06 Establishment of Escrow Accounts; Deposits in Escrow
Accounts. The Servicer shall segregate and hold all funds collected and received
pursuant to each Mortgage Loan which constitute Escrow Payments separate and
apart from any of its own funds and general assets and shall establish and
maintain one or more Escrow Accounts, in the form of time deposit or demand
accounts. A copy of such account certification agreement shall be furnished to
the Trustee upon request. The Escrow Account shall be an Eligible Account.

      The Servicer shall deposit in the Escrow Account or Accounts within two
Business Days of receipt, and retain therein, (i) all Escrow Payments collected
on account of the Mortgage Loans, for the purpose of effecting timely payment of
any such items as required under the terms of this Agreement, and (ii) all
Insurance Proceeds which are to be applied to the restoration or repair of any
Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect
such payments as are required under this Agreement, and for such other purposes
as shall be set forth in, or in accordance with, Section 3.07. The Servicer
shall be entitled to retain any interest paid on funds deposited in the Escrow
Account by the depository institution other than interest on escrowed funds
required by law to be paid to the Mortgagor and, to the extent required by the
related Mortgage Loan or Applicable Regulations, the Servicer shall pay interest
on escrowed funds to the Mortgagor notwithstanding that the Escrow Account is
non-interest bearing or that interest paid thereon is insufficient for such
purposes.

      Section 3.07 Permitted Withdrawals From Escrow Account. Withdrawals from
the Escrow Account may be made by the Servicer (i) to effect timely payments of
Escrow Payments, (ii) to reimburse the Servicer for any Servicing Advance made
by the Servicer with respect to a related Mortgage Loan but only from amounts
received on the related Mortgage Loan which represent late payments or Late
Collections of Escrow Payments thereunder, (iii) to refund to the Mortgagor any
funds as may be determined to be overages, (iv) for transfer to the Collection
Account in accordance with the terms of this Agreement, (v) for application to
restoration or repair of the Mortgaged Property, (vi) to pay to the Servicer, or
to the Mortgagor to the extent required by the related Mortgage Loan or
Applicable Regulations, any interest paid on the funds deposited in the Escrow
Account, (vii) to clear and terminate the Escrow Account on the termination of
this Agreement or (viii) to transfer to the Collection Account any Insurance
Proceeds. As part of its servicing duties, the Servicer shall pay to the
Mortgagor interest on funds in the Escrow Account, to the extent required by the
related Mortgage Loan or Applicable Regulations, and to the extent that interest
earned on funds in the Escrow Account is insufficient, shall pay such interest
from its own funds, without any reimbursement therefor.

      In the event the Servicer shall deposit in the Escrow Account any amount
not required to be deposited therein, it may at any time withdraw such amount
from the Escrow Account, any provision herein to the contrary notwithstanding.

      Section 3.08 Payment of Taxes, Insurance and Other Charges; Collections
Thereunder; Primary Mortgage Insurance. (a) With respect to each Mortgage Loan
subject to an Escrow Agreement, the Servicer shall maintain accurate records
reflecting the status of taxes, which are or may become a lien upon the
Mortgaged Property and the status of fire, flood (if applicable) and hazard
insurance coverage and shall obtain, from time to time, all bills for the
payment of such charges (including renewal premiums) and shall effect payment
thereof prior to the applicable penalty or termination date and at a time
appropriate for securing maximum discounts allowable, employing for such purpose
deposits of the Mortgagor in the Escrow Account which shall have been estimated
and accumulated by the Servicer in amounts sufficient for such purposes, as
allowed under the terms of the Escrow Agreement or Applicable Regulations. To
the extent that a Mortgage Loan is not subject to an Escrow Agreement, the
Servicer shall determine that any such payments are made by the Mortgagor. The
Servicer assumes full responsibility for the payment of all such bills and shall
effect payments of all such bills irrespective of the Mortgagor's faithful
performance in the payment of same or the making of the Escrow Payments and
shall make Servicing Advances from its own funds to effect such payments.

      (b) For any Mortgage Loan with a Loan-to-Value Ratio at origination of
greater than 80%, if the Mortgage Loan Schedule indicates that such Mortgage
Loan has primary mortgage insurance, the Servicer shall maintain coverage under
a primary mortgage insurance policy until the Loan-to-Value Ratio on any such
Mortgage Loan is reduced to 78% or lower as a result of principal payments on
such Mortgage Loan or based upon an appraisal of the related Mortgaged Property
after the Closing Date. Notwithstanding anything to the contrary herein, the
Servicer shall be responsible for the payment of all primary mortgage insurance
premiums out of the Servicer's own funds, without any right to reimbursement
therefor. The Servicer shall not assign its obligation under any primary
mortgage insurance policy without the consent of each Rating Agency and the
related primary insurance policy provider. In the event that Wells Fargo Bank is
no longer Servicer hereunder, Wells Fargo Bank agrees to continue to pay all
primary mortgage insurance premiums for the Mortgage Loans.

      Section 3.09 Transfer of Accounts. The Servicer may transfer the
Collection Account or the Escrow Account to a different depository institution
from time to time. Upon such transfer, the Servicer shall deliver to the
Securities Administrator (and the Securities Administrator shall provide to the
Depositor and the Trustee), a certification or letter agreement, as the case may
be, as required pursuant to Sections 3.04 and 3.06.

      Section 3.10 Maintenance of Hazard Insurance. The Servicer shall cause to
be maintained for each Mortgage Loan fire and hazard insurance with extended
coverage as is customary in the area where the Mortgaged Property is located in
an amount which is at least equal to the lesser of (i) the amount necessary to
fully compensate for any damage or loss to the improvements which are a part of
such property on a replacement cost basis or (ii) the Principal Balance of the
Mortgage Loan, in each case in an amount not less than such amount as is
necessary to prevent the Mortgagor and/or the Mortgagee from becoming a
co-insurer. If the Mortgaged Property is in an area identified in the Federal
Register by the Flood Emergency Management Agency as having special flood
hazards and flood insurance has been made available, the Servicer will cause to
be maintained a flood insurance policy meeting the requirements of the current
guidelines of the Federal Insurance Administration with a generally acceptable
insurance carrier, in an amount representing coverage not less than the least of
(i) the Principal Balance of the Mortgage Loan, (ii) the maximum insurable value
of the improvements securing such Mortgage Loan or (iii) the maximum amount of
insurance which is available under the National Flood Insurance Act of 1968, as
amended. The Servicer shall also maintain on the REO Property for the benefit of
the Certificateholders, (x) fire and hazard insurance with extended coverage in
an amount which is at least equal to the replacement cost of the improvements
which are a part of such property and (y) to the extent required and available
under the Flood Disaster Protection Act of 1973, as amended, flood insurance in
an amount as provided above. Any amounts collected by the Servicer under any
such policies other than amounts to be deposited in the Escrow Account and
applied to the restoration or repair of the Mortgaged Property or REO Property,
or released to the Mortgagor in accordance with the Servicer's normal servicing
procedures, shall be deposited in the Collection Account, subject to withdrawal
pursuant to Section 3.05. It is understood and agreed that no earthquake or
other additional insurance is required to be maintained by the Servicer or the
Mortgagor or maintained on property acquired in respect of the Mortgage Loan,
other than pursuant to such Applicable Regulations as shall at any time be in
force and as shall require such additional insurance. All such policies shall be
endorsed with standard mortgagee clauses with loss payable to the Servicer and
shall provide for at least thirty days prior written notice of any cancellation,
reduction in the amount of or material change in coverage to the Servicer. The
Servicer shall not interfere with the Mortgagor's freedom of choice in selecting
either his insurance carrier or agent, provided, however, that the Servicer
shall not accept any such insurance policies from insurance companies unless
such companies currently reflect a general policy rating of B:VI or better in
Best's Key Rating Guide and are licensed to do business in the state wherein the
property subject to the policy is located.

      Section 3.11 Maintenance of Mortgage Impairment Insurance Policy. In the
event that the Servicer shall obtain and maintain a blanket policy issued by an
insurer that has a general policy rating of B:VI or better in Best's Key Rating
Guide insuring against hazard losses on all of the Mortgage Loans, then, to the
extent such policy provides coverage in an amount equal to the amount required
pursuant to Section 3.10 and otherwise complies with all other requirements of
Section 3.10, it shall conclusively be deemed to have satisfied its obligations
as set forth in Section 3.10, 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 or
REO Property a policy complying with Section 3.10, and there shall have been a
loss which would have been covered by such policy, deliver to the Securities
Administrator for deposit in the Distribution Account the amount not otherwise
payable under the blanket policy because of such deductible clause, which amount
shall not be reimbursable to the Servicer from the Trust Fund. In connection
with its activities as servicer of the Mortgage Loans, the Servicer agrees to
prepare and present, on behalf of the Trustee, claims under any such blanket
policy in a timely fashion in accordance with the terms of such policy. Upon
request of the Securities Administrator, the Servicer shall cause to be
delivered to the Custodian, the Trustee and the Securities Administrator a
certified true copy of such policy and a statement from the insurer thereunder
that such policy shall in no event be terminated or materially modified without
thirty days prior written notice to the Trustee.

      Section 3.12 Fidelity Bond, Errors and Omissions Insurance. (a) The
Servicer shall maintain, at all times and at its own expense, a Servicer Errors
and Omissions Policy in an amount and with an insurer acceptable to Fannie Mae
or Freddie Mac. The Servicer Errors and Omissions Policy shall insure the
Servicer, its successors and assigns, against any losses resulting from
negligence, errors or omissions on the part of officers, employees or other
persons acting on behalf of the Servicer in the performance of its duties as a
Servicer pursuant to this Agreement. The Servicer shall maintain in effect the
Servicer Errors and Omissions Policy at all times and the Servicer Errors and
Omissions Policy may not be canceled, permitted to lapse or otherwise terminated
without the acquisition of comparable coverage by the Servicer. The terms of the
Servicer Errors and Omissions Policy shall provide for a deductible amount that
is acceptable to Fannie Mae or Freddie Mac with respect to its approved mortgage
loan servicers. The Servicer Errors and Omissions Policy shall be obtained by
the Servicer from an insurer which satisfies Fannie Mae or Freddie Mac standards
in this regard.

      (b) The Servicer must maintain, at all times, at its own expense, a
Fidelity Bond in an amount and with an insurer acceptable to Fannie Mae or
Freddie Mac and having terms that are acceptable to Fannie Mae or Freddie Mac.
The amount of Fidelity Bond coverage shall be an amount acceptable to Fannie Mae
or Freddie Mac. The coverage of the Fidelity Bond must explicitly insure the
Servicer, its successors and assigns, against any losses resulting from
dishonest, fraudulent or criminal acts on the part of officers, employees or
other persons acting on behalf of the Servicer. The Servicer must maintain in
effect the Fidelity Bond at all times and the Fidelity Bond may not be canceled,
permitted to lapse or otherwise terminated without thirty Business Days' prior
written notice by registered mail to the Securities Administrator and the
Depositor. Further, the Fidelity Bond must provide that, or the insurer must
state in writing to the Securities Administrator and the Depositor that, the
Fidelity Bond shall not be cancelable without the giving of notice as provided
for in the prior sentence. The terms of the Fidelity Bond must provide for a
deductible amount that does not exceed Fannie Mae or Freddie Mac requirements.
The Fidelity Bond must be obtained from a company which satisfies Fannie Mae or
Freddie Mac standards in this regard.

      Section 3.13 Title, Management and Disposition of REO Property. (a) In the
event that title to a Mortgaged Property is acquired in foreclosure or by deed
in lieu of foreclosure, the deed or certificate of sale shall be taken in the
name of the Trustee, on behalf of the Certificateholders, or in the event the
Trustee is not authorized or permitted to hold title to real property in the
state where the REO Property is located, or would be adversely affected under
the "doing business" or tax laws of such state by so holding title, the deed or
certificate of sale shall be taken in the name of such Person or Persons as
shall be consistent with an Opinion of Counsel obtained by the Servicer from an
attorney duly licensed to practice law in the state where the REO Property is
located. Any Person or Persons holding such title other than the Trustee shall
acknowledge in writing that such title is being held as nominee for the benefit
of the Trustee. Pursuant to the power of attorney granted in Section 3.01, the
Servicer is hereby authorized to acquire, transfer and dispose of any REO
Property taken in the name of the Trustee pursuant to this Section 3.13 without
further documentation of its authority as attorney in fact for the Trustee on
behalf of the Trust.

      (a) In the event that the Trust Fund acquires any REO Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Servicer shall dispose of such REO Property before the end of
the third calendar year beginning after the year of its acquisition by the Trust
Fund for purposes of Section 860G(a)(8) of the Code or, at the expense of the
Trust Fund, request from the Internal Revenue Service, more than 60 days before
the day on which the above-mentioned grace period would otherwise expire, an
extension of the above-mentioned grace period, unless the Servicer obtains an
Opinion of Counsel, addressed and delivered to the Servicer and the Trustee, to
the effect that the holding by the Trust Fund of such REO Property subsequent to
such period will not: (i) result in the imposition of any tax on "prohibited
transactions" as defined in Section 860F of the Code; or (ii) cause any Trust
REMIC to fail to qualify as a REMIC at any time that any Certificates are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any conditions contained in such Opinion of Counsel). The Servicer
shall be entitled to be reimbursed from the Collection Account for any costs
incurred in obtaining such Opinion of Counsel, as provided in Section 3.05.

      Subject to compliance with applicable laws and regulations as shall at any
time be in force, and notwithstanding any other provisions of this Agreement, no
REO Property acquired by the Trust Fund shall be rented (or allowed to continue
to be rented) or otherwise used by or on behalf of the Trust Fund in such a
manner or pursuant to any terms that would: (i) cause such REO Property to fail
to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code; or (ii) subject any Trust REMIC to the imposition of any federal
income taxes on the income earned from such REO Property, including any taxes
imposed by reason of Sections 860F or 860G(c) of the Code, unless the Servicer
has agreed to indemnify and hold harmless the Trust Fund with respect to the
imposition of any such taxes.

      The Servicer shall manage, conserve, protect and operate each REO Property
for the Certificateholders and the Trust Fund solely for the purpose of its
prompt disposition and sale in a manner which does not cause such REO Property
to fail to qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code or result in the receipt by the related Trust REMIC of
any "income from non-permitted assets" within the meaning of Section
860F(a)(2)(B) of the Code, or any "net income from foreclosure property" which
is subject to taxation under the REMIC Provisions. The Servicer shall cause each
REO Property to be inspected promptly upon the acquisition of title thereto and
possession thereof and shall cause each REO Property to be inspected at least
annually thereafter. The Servicer shall make or cause to be made a written or
electronic report of each such inspection. Such reports shall be retained in the
Mortgage File and copies thereof shall be forwarded by the Servicer to the
Trustee upon request. 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 Certificateholders and the Trust Fund.

      With respect to each REO Property, the Servicer shall segregate and hold
all funds collected and received in connection with the operation of the REO
Property separate and apart from its own funds or general assets and shall
deposit or cause to be deposited, on a daily basis, within three Business Days
of receipt, into the Collection Account, all revenues received with respect to
the related REO Property and shall withdraw therefrom funds necessary for the
proper operation, management and maintenance of the REO Property, including the
cost of maintaining any hazard insurance pursuant to Section 3.10 hereof and the
fees of any managing agent acting on behalf of the Servicer.

      The Servicer shall furnish to the Securities Administrator and the
Trustee, on each Servicer Remittance Date, an operating statement for each REO
Property covering the operation of each REO Property for the previous month, if
applicable. Such operation statement shall be accompanied by such other
information as the Securities Administrator or the Trustee shall reasonably
request.

      The Servicer shall use its best efforts to dispose of the REO Property as
promptly as is practically consistent with protecting the Certificateholders'
interests.

      Each REO Disposition shall be carried out by the Servicer at such price
and upon such terms and conditions as the Servicer deems to be in the best
interest of the Certificateholders. If as of the date title to any REO Property
was acquired by the Servicer there were outstanding unreimbursed Servicing
Advances with respect to the REO Property, the Servicer, upon an REO Disposition
of such REO Property, shall be entitled to reimbursement for any related
unreimbursed Servicing Advances from proceeds received in connection with such
REO Disposition. The Servicer shall be entitled to an REO Disposition Fee upon
each REO Disposition, and may withhold and retain the REO Disposition Fee from
Liquidation Proceeds. The proceeds from the REO Disposition, net of any payments
to the Servicer as provided above, shall be deposited in the Collection Account
and shall be distributed to the Trust in the month following receipt thereof in
accordance with Section 4.01.

      Any REO Disposition shall be for cash only (unless changes in the REMIC
Provisions made subsequent to the Startup Day allow a sale for other
consideration and an Opinion of Counsel is obtained by the Servicer to the
effect that such sale shall not cause any REMIC constituting part of the Trust
Fund to fail to qualify as a REMIC).

      Section 3.14 Due-on-Sale Clauses; Assumption and Substitution Agreements.
When a Mortgaged Property has been or is about to be conveyed by the Mortgagor,
the Servicer shall, to the extent it has knowledge of such conveyance or
prospective conveyance, exercise its rights to accelerate the maturity of the
related Mortgage Loan under any "due-on-sale" clause contained in the related
Mortgage or Mortgage Note; provided, however, that the Servicer shall not
exercise any such right if the "due-on-sale" clause, in the reasonable belief of
the Servicer, is not enforceable under applicable law. In such event, the
Servicer shall make reasonable efforts to enter into an assumption and
modification agreement with the Person to whom such property has been or is
about to be conveyed, pursuant to which such Person becomes liable under the
Mortgage Note and, unless prohibited by applicable law or the Mortgage, the
Mortgagor remains liable thereon. If the foregoing is not permitted under
applicable law, the Servicer is authorized to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Note. The Mortgage Loan, as assumed, shall conform in
all respects to the requirements, representations and warranties of this
Agreement. The Servicer shall notify the Trustee that any such assumption or
substitution agreement has been completed by forwarding to the Trustee (or the
Custodian, as the case may be) the original copy of such assumption or
substitution agreement (indicating the Mortgage File to which it relates) which
copy shall be added by the Trustee (or the Custodian, as the case may be) to the
related Mortgage File and which shall, for all purposes, be considered a part of
such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. The Servicer shall be responsible for recording any
such assumption or substitution agreements. Except as otherwise provided in
Section 3.01, in connection with any such assumption or substitution agreement,
the Monthly Payment on the related Mortgage Loan shall not be changed but shall
remain as in effect immediately prior to the assumption or substitution, the
stated maturity or outstanding principal amount of such Mortgage Loan shall not
be changed nor shall any required monthly payments of principal or interest be
deferred or forgiven. Any fee collected by the Servicer for consenting to any
such conveyance or entering into an assumption or substitution agreement shall
be retained by or paid to the Servicer as additional servicing compensation.

      Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.

      Section 3.15 Reserved.

      Section 3.16 Optional Purchases of 60+ Day Delinquent Loans. (a) The
Depositor may, at its option, purchase any 60+ Day Delinquent Loan or any
Mortgage Loan or REO Property for which the Servicer has accepted a deed in lieu
of foreclosure during the following time periods: (i) beginning on the first day
of the second month following the month in which the Servicer has reported that
it has initiated foreclosure proceedings with respect to such 60+ Day Delinquent
Loan, with such repurchase option expiring on the last day of such second
following month; (ii) beginning on the first day of the second month following
the month in which the Servicer has reported that such defaulted Mortgage Loan
has become an REO Property, with such repurchase option expiring on the last day
of such second following month; and (iii) beginning on the day on which the
Servicer accepts a contractual commitment by a third party to purchase the
Mortgaged Property related to the 60+ Day Delinquent Loan or REO Property, with
such repurchase option expiring on the earlier of the last day of the month in
which such contractual commitment was accepted by the Servicer or the day
immediately prior to the day on which the closing occurs with respect to such
third party purchase of the Mortgaged Property related to the 60+ Day Delinquent
Loan or REO Property.

      Prior to purchase pursuant to this Section 3.16, the Servicer shall be
required to continue to make monthly Advances pursuant to Section 4.07. The
Depositor shall not use any procedure in selecting Mortgage Loans to be
purchased which is materially adverse to the interests of the
Certificateholders. The Depositor shall purchase any such 60+ Day Delinquent
Loan or REO Property that it elects to purchase at a price equal to the Purchase
Price. The Purchase Price for the repurchased Mortgage Loan or REO Property
shall be deposited in the Collection Account, and the Custodian, on behalf of
the Trustee, upon receipt of written certification from the Depositor of such
deposit, shall release to, or at the direction of, the Depositor, the related
Mortgage File and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as the Depositor shall furnish to it
and as shall be necessary to vest in the Depositor any Mortgage Loan or REO
Property released pursuant hereto and neither the Trustee nor the Custodian
shall have further responsibility with regard to such Mortgage File.

      Section 3.17 Custodian to Cooperate; Release of Files. (a) Upon the
payment in full of any Mortgage Loan (including any liquidation of any Mortgage
Loan through foreclosure or otherwise, or the receipt by the Servicer of a
notification that payment in full will be escrowed in a manner customary for
such purposes), the Servicer shall confirm to the Trustee and the Securities
Administrator that all amounts required to be remitted to the Distribution
Account in connection with such Mortgage Loan have been so deposited, and the
Servicer shall deliver two copies of such Request for Release to the Custodian.
The Custodian shall, within five Business Days of its receipt of such a Request
for Release, release the related Owner Mortgage File (and Retained Mortgage
File, if applicable) to the Servicer, as requested by the Servicer. No expenses
incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Distribution Account.

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

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

      (b) Subject to Section 3.01, the Servicer shall have the right to accept
applications of Mortgagors for consent to (i) partial releases of Mortgages,
(ii) alterations and (iii) removal, demolition or division of properties subject
to Mortgages. No application for approval shall be considered by the Servicer
unless: (w) either (A) it has received an Opinion of Counsel, addressed to the
Trustee (which opinion shall not be an expense of the Trustee or the Trust Fund)
that such sale, disposition, substitution, acquisition or contribution will not
affect adversely the status of any Trust REMIC as a REMIC or cause any Trust
REMIC to be subject to a tax on "prohibited transactions" or "contributions"
pursuant to the REMIC Provisions or (B) other evidence satisfactory to the
Servicer; (x) the provisions of the related Mortgage Note and Mortgage have been
complied with; (y) the Loan-to-Value Ratio and debt-to-income ratio after any
release does not exceed the maximum Loan-to-Value Ratio and debt-to-income ratio
established in accordance with the underwriting standards of the Mortgage Loans;
and (z) the lien priority of the related Mortgage is not affected. Upon receipt
by the Trustee of a Servicing Officer's certificate setting forth the action
proposed to be taken in respect of a particular Mortgage Loan and certifying
that the criteria set forth in the immediately preceding sentence have been
satisfied, the Trustee shall execute and deliver to the Servicer the consent or
partial release so requested by, and furnished to it by, the Servicer. A
proposed form of consent or partial release, as the case may be, shall accompany
any Servicing Officer's certificate delivered by the Servicer pursuant to this
paragraph.

      Section 3.18 Servicing Compensation. As compensation for its activities
hereunder, the Servicer shall be entitled to retain the amount of the Servicing
Fee with respect to each Mortgage Loan (including REO Properties). The Servicer
shall be entitled to retain additional servicing compensation in the form of
release fees, bad check charges, assumption fees, modification or extension
fees, late payment charges, prepayment penalties that are not Prepayment
Penalties, Servicer Prepayment Penalty Payment Amounts, Originator Prepayment
Penalty Payment Amounts or REO Disposition Fees, or any other service-related
fees, Insurance Proceeds and Liquidation Proceeds not required to be deposited
in the Collection Account and similar items, to the extent collected from
Mortgagors. In addition, the Servicer shall be entitled to the investment income
on funds on deposit in the Collection Account.

      Section 3.19 Annual Statement as to Compliance. (a) The Securities
Administrator shall deliver in electronic format or otherwise make available to
the Depositor, and the Trustee and the Servicer shall deliver and the Securities
Administrator, the Trustee and the Servicer shall cause each Additional Servicer
engaged by it to deliver in electronic form, or otherwise make available to the
Securities Administrator (and the Securities Administrator shall forward to the
Trustee and each Rating Agency) on or before March 5 of each year or if such day
is not a Business Day, the next Business Day (with a 10 calendar day cure
period, but in no event later than March 15), commencing in March 2008, a copy
of a certificate in the form required by Item 1123 of Regulation AB, to the
effect that (i) an authorized officer of the Securities Administrator, the
Servicer or the Additional Servicer, as the case may be, has reviewed (or a
review has been made under his or her supervision of) such party's activities
under this Agreement or such other applicable agreement in the case of an
Additional Servicer, during the prior calendar year or portion thereof and (ii)
to the best of such officer's knowledge, based on such review, such party has
fulfilled all of its obligations under this Agreement or such other applicable
agreement in the case of an Additional Servicer, in all material respects
throughout the prior calendar year or portion thereof or, if there has been a
failure to fulfill any such obligation in any material respect, specifying each
such failure known to such officer and the nature and status thereof. If any of
the certificates delivered pursuant to this Section 3.19 disclose that there has
been a failure to fulfill any obligation in any material respect then the
Securities Administrator shall promptly notify the Depositor and forward a copy
of such certificate to the Depositor, and the Depositor shall review such
certificate and, if applicable, consult with the Servicer as to the nature of
any failure to fulfill any obligation under this Agreement or such other
applicable agreement in the case of an Additional Servicer, in any material
respect.

      (b) Delivery of such reports, information and documents to the Securities
Administrator is for informational purposes only and the Trustee's, Securities
Administrator's and Depositor's receipt of such shall not constitute
constructive notice of any information contained therein or determinable, from
information contained therein, including the Servicer's compliance with any of
its covenants hereunder (as to which the Trustee, the Securities Administrator
and the Depositor are entitled to rely exclusively on Officer's Certificates).

      Section 3.20 Assessment of Servicing Compliance; Registered Public
Accounting Firm Attestation Reports.

      (a) The Securities Administrator, at its own expense, shall furnish to the
Depositor and the Trustee, and the Servicer, the Trustee and the Custodian, at
their own expense, shall furnish, or otherwise make available, and the
Securities Administrator and each such party shall cause any Servicing Function
Participant engaged by any such party to furnish, to the Securities
Administrator, not later than March 5 of each year, or if such day is not a
Business Day, the next Business Day (with a 10 day cure period, but in no event
later than March 15), commencing in March 2008, a copy of a report, signed by an
authorized officer of the Securities Administrator, the Trustee, the Custodian,
the Servicing Function Participant or the Servicer, as applicable, on assessment
of compliance with, at a minimum, the Relevant Servicing Criteria that contains:

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

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

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

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

      No later than 30 days following the end of each fiscal year, the
Securities Administrator shall forward to the Depositor the name of each
Servicing Function Participant engaged by it and what Relevant Servicing
Criteria will be addressed in the report on assessment of compliance prepared by
such Servicing Function Participant. When the Securities Administrator submits
its assessments to the Depositor, it will also at such time include the
assessment (and attestation pursuant to Section 3.20(b)) of each Servicing
Function Participant engaged by it.

      No later than 30 days following the end of each fiscal year, each of the
Servicer, the Trustee and the Custodian (so long as the Custodian is not the
Securities Administrator) shall forward to the Securities Administrator the name
of each Servicing Function Participant engaged by it and what Relevant Servicing
Criteria will be addressed in the report on assessment of compliance prepared by
such Servicing Function Participant. When the Servicer, the Trustee and the
Custodian (so long as the Custodian is not the Securities Administrator) submit
their assessments to the Securities Administrator, each such party will also at
such time include the assessment (and attestation pursuant to Section 3.20(b))
of each Servicing Function Participant engaged by it.

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

      (b) The Securities Administrator, at its own expense, shall cause a
registered public accounting firm which is a member of the Institute of
Certified Public Accountants to furnish to the Depositor, and each of the
Trustee, the Servicer and the Custodian at their own expense, shall cause, and
the Securities Administrator and each such party shall cause any Servicing
Function Participant engaged by any such party, at such party's expense, to
cause a registered public accounting firm which is a member of the Institute of
Certified Public Accountants to furnish to the Securities Administrator, not
later than March 5 of each year, or if such day is not a Business Day, the next
Business Day (with a 10 calendar day cure period, but in no event later than
March 15), commencing in March 2008, an electronic report to the effect that (i)
it has obtained a representation regarding certain matters from the management
of such party, which includes an assertion that such party has complied with the
Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
by such firm in accordance with standards for attestation engagements issued or
adopted by the Public Company Accounting Oversight Board, it is expressing an
opinion as to whether such party's assessment of compliance with the Relevant
Servicing Criteria was fairly stated in all material respects, or it cannot
express an overall opinion regarding such party's assessment of compliance with
the Relevant Servicing Criteria. In the event that an overall opinion cannot be
expressed, such registered public accounting firm shall state in such report why
it was unable to express such an opinion. Such report must be available for
general use and not contain restricted use language. If requested by the
Securities Administrator or the Depositor, such report shall contain or be
accompanied by a consent of such accounting firm to inclusion or incorporation
of such report in the Depositor's Registration Statement on Form S-3 relating to
the Certificates and the Trust's Form 10-K.

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

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

      (c) The Securities Administrator shall make available any report from the
Securities Administrator, the Trustee, the Custodian, the Servicer, or any
Servicing Function Participant furnished pursuant to Section 3.19 and this
Section 3.20, as well as any documents incorporated by reference into the
Prospectus (to the extent such documents are either in its possession or have
been filed with the Commission), to any Certificateholder requesting such
information.

      Section 3.21 Access to Certain Documentation and Information Regarding the
Mortgage Loans. The Servicer shall provide to the Trustee, the Securities
Administrator, Certificateholders that are federally insured savings and loan
associations, the Office of Thrift Supervision, the FDIC and the supervisory
agents and examiners of each of the foregoing (which, in the case of supervisory
agents and examiners, may be required by applicable state and federal
regulations) access to the available documentation regarding the Mortgage Loans,
such access being afforded without charge but only upon reasonable advance
request and during normal business hours at the offices of the Servicer
designated by it.

      Upon request, the Servicer shall furnish to the Securities Administrator
its most recent financial statements and such other information relating to the
Servicer's capacity to perform its obligations under this Agreement as it
possesses. The Securities Administrator shall deliver such financial statements
to the Depositor and the Trustee immediately upon receipt. To the extent such
information is not otherwise available to the public, the Depositor, the
Securities Administrator and the Trustee shall not disseminate any information
obtained pursuant to the preceding sentence without the Servicer's written
consent, except as required pursuant to this Agreement or to the extent that it
is appropriate to do so (i) in working with legal counsel, auditors, taxing
authorities or other governmental agencies or (ii) pursuant to any law, rule,
regulation, order, judgment, writ, injunction or decree of any court or
governmental authority having jurisdiction over the Depositor and the Trustee or
the Trust Fund, and in any case, each of the Depositor, the Securities
Administrator or the Trustee, as the case may be, shall use its best efforts to
assure the confidentiality of any such disseminated non-public information.

      Section 3.22 Obligations of the Servicer in Respect of Compensating
Interest. With respect to each Distribution Date, not later than the close of
business on the related Servicer Remittance Date, the Servicer shall deliver to
the Securities Administrator for deposit in the Distribution Account an amount
("Compensating Interest") equal to the lesser of (A) the aggregate of the
Prepayment Interest Shortfalls on the Mortgage Loans for such Distribution Date
resulting from Principal Prepayments on the Mortgage Loans during the related
Prepayment Period and (B) its aggregate Servicing Fee received in the related
Collection Period. The Servicer shall apply Compensating Interest to offset any
Prepayment Interest Shortfalls attributable to Principal Prepayments in full on
the Mortgage Loans. The Servicer shall not have the right to reimbursement for
any amounts remitted to the Securities Administrator in respect of Compensating
Interest. Such amounts so remitted shall be included in the Available Funds and
distributed therewith on the next Distribution Date.

      Section 3.23 Investment of Funds in the Collection Account and the
Distribution Account. (a) The Servicer may direct in writing any depository
institution maintaining the Collection Account and the Securities Administrator
may direct in writing any depository institution maintaining the Distribution
Account (for purposes of this Section 3.23, each an "Investment Account"), to
invest the funds in such Investment Account in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand,
(i) no later than the Business Day immediately preceding the date on which such
funds are required to be withdrawn from such account pursuant to this Agreement,
if a Person other than the Securities Administrator is the obligor thereon, and
(ii) no later than the date on which such funds are required to be withdrawn
from such account pursuant to this Agreement, if the Securities Administrator is
the obligor thereon. All such Permitted Investments shall be held to maturity,
unless payable on demand. Any investment of funds in an Investment Account shall
be made in the name of the Securities Administrator or the Servicer, as
applicable (in its capacity as such) or in the name of a nominee of the same.
The Servicer or the Securities Administrator, as applicable, shall be entitled
to sole possession over each such investment and the income thereon, and any
certificate or other instrument evidencing any such investment shall be
delivered directly to the Securities Administrator or its agent, together with
any document of transfer necessary to transfer title to such investment to the
Securities Administrator or its nominee. In the event amounts on deposit in an
Investment Account are at any time invested in a Permitted Investment payable on
demand, the Servicer or the Securities Administrator:

            (x)   consistent with any notice required to be given thereunder,
                  demand that payment thereon be made on the last day such
                  Permitted Investment may otherwise mature hereunder in an
                  amount equal to the lesser of (1) all amounts then payable
                  thereunder and (2) the amount required to be withdrawn on such
                  date; and

            (y)   demand payment of all amounts due thereunder promptly upon
                  determination by a Responsible Officer of the Securities
                  Administrator that such Permitted Investment would not
                  constitute a Permitted Investment in respect of funds
                  thereafter on deposit in the Investment Account.

      (b) All income and gain realized from the investment of funds in the
Collection Account shall be for the benefit of the Servicer. The Servicer shall
deposit in the Collection Account the amount of any loss incurred in respect of
any such Permitted Investment made with funds in such account immediately upon
realization of such loss. All income and gain realized from the investment of
funds in the Distribution Account shall be for the benefit of the Securities
Administrator. The Securities Administrator shall deposit in the Distribution
Account the amount of any loss incurred on Permitted Investments in the
Distribution Account.

      (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment, the Securities Administrator may and, subject to Section 8.01 and
Section 8.02(a)(v), upon the request of the Holders of Certificates representing
more than 50% of the Voting Rights allocated to any Class of Certificates, shall
take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate proceedings.

      Section 3.24 Liability of Servicer; Indemnification. (a) Subject to clause
(b) below and Section 6.03, the Servicer (except the Securities Administrator if
it is required to succeed the Servicer hereunder) indemnifies and holds the
Trustee, the Securities Administrator and the Depositor (and their respective
officers, directors and Affiliates) and each Certificateholder harmless against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees
and related costs, judgments, and any other costs, fees and expenses that the
Trustee, the Securities Administrator, the Depositor and any Certificateholder
may sustain in any way related to the failure of the Servicer to perform its
duties hereunder and service the Mortgage Loans in compliance with the Servicing
Standards, including, but not limited to the Servicer's obligation to deliver
any information, report, certification, accountants' letter or other material
required to comply with Regulation AB or (b) any material breach by the Servicer
of any of the representations and warranties contained in Section 2.05. The
Servicer shall immediately notify the Trustee, the Securities Administrator, the
Depositor and each Certificateholder if a claim is made that may result in such
claims, losses, penalties, fines, forfeitures, legal fees or related costs,
judgments, or any other costs, fees and expenses, and the Servicer shall assume
(with the consent of such party or parties who are the subject of any such
claim) the defense of any such claim and pay all expenses in connection
therewith, including reasonable counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against the Servicer, the
Trustee, the Securities Administrator, the Depositor and/or Certificateholder in
respect of such claim. The provisions of this Section 3.24 shall survive the
termination of this Agreement and the payment of the outstanding Certificates.

      (b) None of the Depositor, the Servicer, or any of the directors,
officers, employees or agents of the Depositor or the Servicer shall be under
any liability to the Trust Fund or the Certificateholders for any action taken,
or for refraining from the taking of any action, in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Depositor or the Servicer or any such Person against any
breach of warranties or representations made herein, or against any specific
liability imposed on the Servicer for a breach of the Servicing Standard, or
against any liability which would otherwise be imposed by reason of its
respective willful misfeasance, bad faith, fraud or negligence in the
performance of its duties or by reasons of negligent disregard of its respective
obligations or duties hereunder.

      The Depositor, the Servicer and any director, officer, employee or agent
of the Depositor or the Servicer, may rely in good faith on any document of any
kind which, prima facie, is properly executed and submitted by any appropriate
Person with respect to any matters arising hereunder. The Depositor, the
Servicer and any director, officer, employee or agent of the Depositor or the
Servicer shall be indemnified and held harmless by the Trust Fund against any
loss, liability or expense incurred in connection with any legal action relating
to this Agreement or the Certificates, other than any loss, liability or expense
incurred in connection with any legal action incurred by reason of its
respective misfeasance, bad faith, fraud or negligence, a breach of a
representation or warranty hereunder or (in the case of the Servicer) a breach
of the Servicing Standard in the performance of its respective duties or by
reason of negligent disregard of its respective obligations or duties hereunder.
Neither the Depositor nor the Servicer shall be under any obligation to appear
in, prosecute or defend any legal action unless such action is related to its
respective duties under this Agreement and in its opinion does not expose it to
any expense or liability; provided, however, that each of the Depositor and the
Servicer may in its discretion undertake any action related to its obligations
hereunder which it may deem necessary or desirable with respect to this
Agreement and the rights and duties of the parties hereto and the interests of
the Certificateholders hereunder. The Servicer's right to indemnity or
reimbursement pursuant to this Section 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). In such event, unless the Depositor or the Servicer acts without
the consent of Holders of Certificates entitled to at least 51% of the Voting
Rights, the legal expenses and costs of such action and any liability resulting
therefrom (except any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties
hereunder or by reason of reckless disregard of obligations and duties
hereunder) shall be expenses, costs and liabilities of the Trust Fund, and the
Depositor and the Servicer shall be entitled to be reimbursed therefor from the
Collection Account as and to the extent provided in Section 3.05, any such right
of reimbursement being prior to the rights of the Certificateholders to receive
any amount in the Collection Account.

      Section 3.25 Reports of Foreclosure and Abandonment of Mortgaged
Properties. On or before April 30 of each year beginning in 2008, the Servicer
shall file the reports of foreclosure and abandonment of any Mortgaged Property
required by Section 6050J of the Code with the Internal Revenue Service and
provide an Officer's Certificate certifying its compliance with this Section
3.25 to the Trustee. The reports from the Servicer shall be in form and
substance sufficient to meet the reporting requirements imposed by such Section
6050J.

      Section 3.26 Reserved.

      Section 3.27 No Personal Solicitation. From and after the Closing Date,
the Servicer agrees that it will not take any action or permit or cause any
action to be taken by any of its agents and Affiliates, or by any independent
contractors or independent mortgage brokerage companies on the Servicer's
behalf, to personally, by telephone, mail or electronic mail, solicit the
Mortgagor under any Mortgage Loan for the purpose of refinancing such Mortgage
Loan; provided, that the Servicer may solicit any Mortgagor for whom the
Servicer has received a request for verification of mortgage, a request for
demand for payoff, a mortgagor initiated written or verbal communication
indicating a desire to prepay the related Mortgage Loan, or the mortgagor
initiates a title search; provided, further, it is understood and agreed that
promotions undertaken by the Servicer or any of its Affiliates which (i) concern
optional insurance products or other additional products or (ii) are directed to
the general public at large, including, without limitation, mass mailings based
on commercially acquired mailing lists, newspaper, radio and television
advertisements shall not constitute solicitation under this Section, nor is the
Servicer prohibited from responding to unsolicited requests or inquiries made by
a Mortgagor or an agent of a Mortgagor. Furthermore, the Servicer shall be
permitted to include in its monthly statements to borrowers or otherwise,
statements regarding the availability of the Servicer's counseling services with
respect to refinancing mortgage loans.

      Section 3.28 Exchange Act Reports.

      (a) Within 15 days after each Distribution Date, the Securities
Administrator shall prepare, an authorized officer of the Servicer shall sign
(and return an electronic copy of such signed Form 10-D (with an original
executed hard copy to follow by overnight mail) to the Securities Administrator
no later than the 13th calendar day after the related Distribution Date provided
that the Securities Administrator provides such Form 10-D for signature to the
Servicer no later than the 11th calendar day after the related Distribution
Date), and the Securities Administrator shall file with the Commission, on
behalf of the Trust, any Form 10-D required by the Exchange Act, in form and
substance as required by the Exchange Act. The Securities Administrator shall
file each Form 10-D with a copy of the related Distribution Date Statement
attached thereto. Any disclosure in addition to the Distribution Date Statement
that is required to be included on Form 10-D ("Additional Form 10-D Disclosure")
shall be reported by the parties set forth on Exhibit T and directed and
approved by the Depositor, and the Securities Administrator will have no duty or
liability for any failure hereunder to determine or prepare any Additional Form
10-D Disclosure (other than with respect to itself) absent such reporting,
direction and approval. If a Form 10-D cannot be filed on time or if a
previously filed Form 10-D needs to be amended, the Securities Administrator
will follow the procedures set forth in Section 3.28(d). Promptly (but no later
than 1 Business Day) after filing with the Commission, the Securities
Administrator will make available on its internet website a final executed copy
of each Form 10-D.

      For so long as the Trust is subject to the Exchange Act reporting
requirements, within five (5) calendar days (or, solely in the case of Item 7
listed on Exhibit T, the greater of five (5) calendar days or three (3) Business
Days) after the related Distribution Date, the parties identified on Exhibit T
shall (i) provide to the Securities Administrator and the Depositor, to the
extent known by a Responsible Officer, in EDGAR-compatible format, or in such
other format as otherwise agreed upon by the Securities Administrator and such
party, the form and substance of any Additional Form 10-D Disclosure, if
applicable and (ii) include with such Additional Form 10-D Disclosure, an
Additional Disclosure Notification in the form attached hereto as Exhibit W, and
the Depositor will approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The
Securities Administrator has no duty under this Agreement to monitor or enforce
the performance by the parties listed on Exhibit T of their duties under this
paragraph or proactively solicit or procure from such parties any Additional
Form 10-D Disclosure. After preparing the Form 10-D, if the Form 10-D contains
any Additional Form 10-D Disclosure, the Securities Administrator shall forward
electronically a draft copy of the Form 10-D to the Depositor for review. Each
party to this Agreement acknowledges that the performance by the Securities
Administrator of its duties under this Section 3.28(a) relating to the timely
preparation and filing of Form 10-D is contingent upon such parties strictly
observing all applicable deadlines in the performance of their duties under this
Section 3.28(a). The Securities Administrator shall have no liability for any
loss, expense, damage, claim arising out of or with respect to any failure to
properly prepare and/or timely file such Form 10-D, where such failure results
from the Securities Administrator's inability or failure to receive, on a timely
basis, any information from any other party hereto or the Custodian, needed to
prepare, arrange for execution or file such Form 10-D, not resulting from its
own negligence, bad faith or willful misconduct. The Depositor will be
responsible for any reasonable fees assessed and expenses incurred by the
Securities Administrator in connection with including any Additional Form 10-D
Disclosure on Form 10-D pursuant to this paragraph.

      (b) Within 90 days after the end of each fiscal year of the Trust or such
earlier date as may be required by the Exchange Act (it being understood that
the fiscal year for the Trust ends on December 31st of each year), commencing in
March 2008 (the "Form 10-K Filing Deadline"), the Securities Administrator shall
prepare and the Securities Administrator shall file with the Commission, on
behalf of the Trust, a Form 10-K, in form and substance as required by the
Exchange Act. Each such Form 10-K shall include the following items, in each
case to the extent they have been delivered to the Securities Administrator
within the applicable timeframes set forth in this Agreement or the Custodial
Agreement:

      (i) an annual compliance statement for the Securities Administrator, the
   Servicer and any Additional Servicer, as described under Section 3.19;

      (ii) (A) the annual reports on assessment of compliance with Servicing
   Criteria for the Securities Administrator, the Trustee, the Servicer, the
   Custodian, and each Servicing Function Participant, as described under
   Section 3.20(a), and (B) if any party's report on assessment of compliance
   with Servicing Criteria described under Section 3.20(a) identifies any
   material instance of noncompliance, disclosure identifying such instance of
   noncompliance, or if any party's report on assessment of compliance with
   servicing criteria described under Section 3.20(a) is not included as an
   exhibit to such Form 10-K, disclosure that such report is not included and an
   explanation of why such report is not included;

      (iii) (A) the registered public accounting firm attestation report for
   each of the Securities Administrator, the Trustee, the Servicer, the
   Custodian, and each Servicing Function Participant, as described under
   Section 3.20(b), and (B) if any registered public accounting firm attestation
   report described under Section 3.20(b) identifies any material instance of
   noncompliance, disclosure identifying such instance of noncompliance, or if
   any such registered public accounting firm attestation report is not included
   as an exhibit to such Form 10-K, disclosure that such report is not included
   and an explanation of why such report is not included; and

      (iv) the Sarbanes-Oxley Certification.

      Any disclosure or information in addition to (i) through (iv) above that
is required to be included on Form 10-K ("Additional Form 10-K Disclosure")
shall, pursuant to the paragraph immediately below, be reported by the parties
set forth on Exhibit U and directed and approved by the Depositor, and the
Securities Administrator will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-K Disclosure (other
than with respect to itself) absent such reporting, direction and approval. If a
Form 10-K cannot be filed on time or if a previously filed Form 10-K needs to be
amended, the Securities Administrator will follow the procedures set forth in
Section 3.28(d). Promptly (but no later than 1 Business Day) after filing with
the Commission, the Securities Administrator will make available on its internet
website a final executed copy of each Form 10-K.

      No later than March 5 (with a 10 calendar day cure period, but in no event
later than March 15) of each year that the Trust is subject to the Exchange Act
reporting requirements, commencing in March 2008, (i) the parties identified on
Exhibit U shall provide to the Securities Administrator and the Depositor, to
the extent known by a Responsible Officer, in EDGAR-compatible format, or in
such other format as otherwise agreed upon by the Securities Administrator and
such party, the form and substance of any Additional Form 10-K Disclosure, if
applicable, and (ii) the parties identified on Exhibit U shall include with such
Additional Form 10-K Disclosure, an Additional Disclosure Notification in the
form attached hereto as Exhibit W, and the Depositor will approve, as to form
and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-K Disclosure on Form 10-K. The Securities Administrator has
no duty under this Agreement to monitor or enforce the performance by the
parties listed on Exhibit U of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-K Disclosure
information. The Depositor will be responsible for any reasonable fees and
expenses assessed or incurred by the Securities Administrator in connection with
including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
paragraph.

      After preparing the Form 10-K, no later than the close of business on the
7th Business Day prior to the Form 10-K Filing Deadline, the Securities
Administrator shall forward electronically a draft copy of the Form 10-K to the
Depositor and the Servicer for review. No later than the close of business on
the fourth Business Day prior to the Form 10-K Filing Deadline, a senior officer
of the Servicer in charge of the servicing function shall sign the Form 10-K and
return an electronic or fax copy of such signed Form 10-K, together with a
signed copy of the certification in the form attached hereto as Exhibit O or in
such other form as may be required by Rules 13a-14 and 15d-14 under the Exchange
Act, as applicable, and any directives or interpretations thereof by the
Commission (the "Sarbanes-Oxley Certification") and required to be included with
each Form 10-K (with an original executed hard copy of each to follow by
overnight mail) to the Securities Administrator.

      Each party to this Agreement acknowledges that the performance by the
Securities Administrator of its duties under this Section 3.28(b) relating to
the timely preparation and filing of Form 10-K is contingent upon such parties
strictly observing all applicable timeframes in the performance of their duties
under Sections 3.19, 3.20 or this Section 3.28(b). The Securities Administrator
shall have no liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare and/or timely file such Form
10-K, where such failure results from the Securities Administrator's inability
or failure to obtain or receive, on a timely basis, any information from any
other party hereto or the Custodian needed to prepare, arrange for execution or
file such Form 10-K, not resulting from its own negligence, bad faith or willful
misconduct.

      (c) Within four (4) Business Days (or, in the case of any information
disclosed pursuant to Item 7.01 of Form 8-K, within the time period required by
Regulation FD) after the occurrence of an event requiring disclosure on Form 8-K
(each such event, a "Reportable Event"), and if directed by the Depositor, the
Securities Administrator shall prepare, an authorized officer of the Servicer
shall sign (and return an electronic copy of such signed Form 8-K (with an
original executed hard copy to follow by overnight mail) to the Securities
Administrator by noon on the fourth Business Day after such Reportable Event
provided that the Securities Administrator provides such Form 8-K for signature
to the Servicer no later than noon on the third Business Day after such
Reportable Event), and the Securities Administrator shall file with the
Commission, on behalf of the Trust, any Form 8-K, as required by the Exchange
Act, provided that the Depositor shall prepare and file the initial Form 8-K in
connection with the issuance of the Certificates. Any disclosure or information
related to a Reportable Event or that is otherwise required to be included on
Form 8-K ("Form 8-K Disclosure Information") shall, pursuant to the paragraph
immediately below, be reported by the parties set forth on Exhibit V and
directed and approved by the Depositor, and the Securities Administrator will
have no duty or liability for any failure hereunder to determine or prepare any
Form 8-K Disclosure Information (other than with respect to itself) absent such
reporting, direction and approval. If a Form 8-K cannot be filed on time or if a
previously filed Form 8-K needs to be amended, the Securities Administrator will
follow the procedures set forth in Section 3.28(d). Promptly (but no later than
1 Business Day) after filing with the Commission, the Securities Administrator
will, make available on its internet website a final executed copy of each Form
8-K prepared and filed by the Securities Administrator.

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

      After preparing the Form 8-K, the Securities Administrator shall forward
electronically a draft copy of the Form 8-K to the Depositor and the Servicer
for review. Each party to this Agreement acknowledges that the performance by
the Securities Administrator of its duties under this Section 3.28(c) relating
to the timely preparation and filing of Form 8-K is contingent upon such party
strictly observing all applicable timeframes in the performance of its duties
under this Section 3.28(c). The Securities Administrator shall have no liability
for any loss, expense, damage, claim arising out of or with respect to any
failure to properly prepare and/or timely file such Form 8-K, where such failure
results from the Securities Administrator's inability or failure to obtain or
receive, on a timely basis, any information from any other party hereto or the
Custodian needed to prepare, arrange for execution or file such Form 8-K, not
resulting from its own negligence, bad faith or willful misconduct.

      (d) In the event that the Securities Administrator is unable to timely
file with the Commission all or any required portion of any Form 8-K, 10-D or
10-K required to be filed by this Agreement because required disclosure
information was either not delivered to it or delivered to it after the delivery
deadlines set forth in this Agreement or for any other reason, the Securities
Administrator will promptly notify the Depositor and, in the case of Form 10-D
or 10-K, the Depositor, the Servicer and the Securities Administrator will
cooperate to prepare and file a Form 12b-25 pursuant to Rule 12b-25 of the
Exchange Act. Any Form 12b-25 relating to a Form 10-K shall be signed by a
senior officer of the Servicer and any Form 12b-25 relating to a Form 10-D shall
be signed by an authorized officer of the Servicer. Within five days following
the due date of any Form 10-D as to which it has filed a Form 12b-25, the
Securities Administrator shall prepare, the Servicer shall sign, and the
Securities Administrator shall file the related Form 10-D. Within 15 days
following the due date of any Form 10-K as to which it has filed a Form 12b-25,
the Securities Administrator shall prepare, cause the Servicer to sign, and file
the related Form 10-K. In the case of Form 8-K, the Securities Administrator
will, upon receipt of all required Form 8-K Disclosure Information and at the
direction of the Depositor, include such disclosure information on the next Form
10-D. In the event that any previously filed Form 8-K, 10-D or 10-K needs to be
amended, the Securities Administrator will notify the Depositor and each party
whose cooperation is required in connection with the preparation of such
amendment and each of such parties shall cooperate to prepare any necessary
amendment to Form 8-K, Form 10-D or Form 10-K; provided however that such notice
shall not be required in connection with an amendment to Form 10-D due to a
revision made to any Distribution Date Statement. Any amendment to Form 10-D or
Form 8-K shall be signed by an authorized officer of the Servicer and any
amendment to the Form 10-K shall be signed by a senior officer of the Servicer
in charge of the servicing function. The parties to this Agreement acknowledge
that the performance by the Securities Administrator of its duties under this
Section 3.28(d) related to the timely preparation and filing of a Form 12b-25 or
any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
performing its duties under this Section. The Securities Administrator shall
have no liability for any loss, expense, damage, claim arising out of or with
respect to any failure to properly prepare and/or timely file any such Form
12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such failure results
from the Securities Administrator's inability or failure to obtain or receive,
on a timely basis, any information from any other party hereto or the Custodian
needed to prepare, arrange for execution or file such Form 12b-25 or any
amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

      (e) Not later than 15 calendar days before the date on which the Form 10-K
is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission (or, if such day is not a Business Day, the
immediately preceding Business Day), the Securities Administrator shall sign and
deliver to the Servicer a certification in the form attached hereto as Exhibit P
(the "Securities Administrator's Certification") for the benefit of the Servicer
and its officers, directors and Affiliates as to items 1 through 3 of the
Sarbanes-Oxley Certification; provided, however, that the Securities
Administrator shall not undertake an analysis of the accountant's report
attached as an exhibit to the Form 10-K. In addition, the Securities
Administrator shall indemnify and hold harmless the Servicer and each Person, if
any, who "controls" the Servicer within the meaning of the 1933 Act and its
officers, directors and Affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs and expenses arising out of or based upon a
breach of the Securities Administrator's obligations under this Section 3.28(e)
or the Securities Administrator's negligence, bad faith or willful misconduct in
connection therewith or any inaccuracy in the Securities Administrator's
Certification. If the indemnification provided for in this Section 3.28(e) is
unavailable or insufficient to hold harmless such Persons, then the Securities
Administrator shall contribute to the amount paid or payable by such Persons as
a result of the losses, claims, damages or liabilities of such Persons in such
proportion as is appropriate to reflect the relative fault of the Depositor or
the Servicer on the one hand and the Securities Administrator on the other. The
Securities Administrator acknowledges that the Servicer is relying on the
Securities Administrator's performance of its obligations under this Section
3.28(e) in order to perform its obligations under Section 3.28(b) above.

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

      (g) To the extent the Securities Administrator is obligated to give any
notice to the Depositor pursuant to this Section 3.28, such notice may,
notwithstanding the provisions of Section 11.05 in this Agreement, be delivered
via facsimile to 301-816-8152 or via electronic mail to
Structuredfinance-frederick@wellsfargo.com.

<PAGE>

                                   ARTICLE IV

                                  FLOW OF FUNDS

      Section 4.01 Interest Distributions. On each Distribution Date, the Paying
Agent shall withdraw, from the Distribution Account, the Interest Remittance
Amount and apply it in the following order of priority (based upon the Mortgage
Loan information provided to it in the Remittance Report, upon which the
Securities Administrator may conclusively rely), and the calculations required
to be made by the Securities Administrator, to the extent available:

      (i) concurrently, to the Class A-1, Class A-2 and Class A-3 Certificates,
   pro rata (based on the Accrued Certificate Interest for each such Class), the
   applicable Accrued Certificate Interest thereon for such Distribution Date;

      (ii) concurrently, to the Class A-1, Class A-2 and Class A-3 Certificates,
   pro rata (based on the Interest Carry Forward Amount for each such Class),
   the applicable Interest Carry Forward Amount thereon for such Distribution
   Date;

      (iii) to the Class M-1 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (iv) to the Class M-2 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (v) to the Class M-3 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (vi) to the Class M-4 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (vii) to the Class M-5 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (viii) to the Class M-6 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (ix) to the Class B-1 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (x) to the Class B-2 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date;

      (xi) to the Class B-3 Certificates, the Accrued Certificate Interest
   thereon for such Distribution Date; and

      (xii) any remaining Interest Remittance Amount will be distributed as part
   of the Monthly Excess Cashflow Amount as set forth in Section 4.02(b).

      Section 4.02 Distributions of Principal and Monthly Excess Cashflow
Amounts. (a) On each Distribution Date, the Paying Agent shall make the
following distributions in the following order of priority (based upon the
Mortgage Loan information provided to it in the Remittance Report and the
calculations required to be made by the Securities Administrator), to the extent
of the Principal Distribution Amount:

      (i) before the Stepdown Date or with respect to which a Trigger Event is
in effect, sequentially, as follows:

      first, (a) with respect to each Distribution Date on or prior to the
Subordination Depletion Date, sequentially, to the Class A-1, Class A-2 and
Class A-3 Certificates and (b) with respect to each Distribution Date after the
Subordination Depletion Date, concurrently, to the Class A-1, Class A-2 and
Class A-3 Certificates, pro rata;

      second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates; and

      third, any remaining Principal Distribution Amount will be distributed as
part of the Monthly Excess Cashflow Amount as set forth in Section 4.02(b).

      (ii) With respect to each Distribution Date on or after the Stepdown Date
and as long as a Trigger Event is not in effect, sequentially, as follows:

      first, (a) with respect to each Distribution Date on or prior to the
Subordination Depletion Date, sequentially, to the Class A-1, Class A-2 and
Class A-3 Certificates, up to an amount equal to the Senior Principal
Distribution Amount and (b) with respect to each Distribution Date after the
Subordination Depletion Date, concurrently, to the Class A-1, Class A-2 and
Class A-3 Certificates, pro rata, up to an amount equal to the Senior Principal
Distribution Amount;

      second, to the Class M-1 Certificates, up to the Class M-1 Principal
Distribution Amount;

      third, to the Class M-2 Certificates, up to the Class M-2 Principal
Distribution Amount;

      fourth, to the Class M-3 Certificates, up to the Class M-3 Principal
Distribution Amount;

      fifth to the Class M-4 Certificates, up to the Class M-4 Principal
Distribution Amount;

      sixth, to the Class M-5 Certificates, up to the Class M-5 Principal
Distribution Amount;

      seventh, to the Class M-6 Certificates, up to the Class M-6 Principal
Distribution Amount;

      eighth, to the Class B-1 Certificates, up to the Class B-1 Principal
Distribution Amount;

      ninth, to the Class B-2 Certificates, up to the Class B-2 Principal
Distribution Amount;

      tenth, to the Class B-3 Certificates, up to the Class B-3 Principal
Distribution Amount; and

      eleventh, any remaining Principal Distribution Amount will be distributed
   as part of the Monthly Excess Cashflow Amount as set forth in Section
   4.02(b).

      (b) On each Distribution Date, any Monthly Excess Cashflow Amount
remaining after distributions made pursuant to Section 4.02(f) on such
Distribution Date shall be distributed, to the extent available, in the
following order of priority on such Distribution Date:

      (i) to the Class M-1 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (ii) to the Class M-1 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (iii) to the Class M-1 Certificates, the Class M-1 Realized Loss
   Amortization Amount for such Distribution Date;

      (iv) to the Class M-2 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (v) to the Class M-2 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (vi) to the Class M-2 Certificates, the Class M-2 Realized Loss
   Amortization Amount for such Distribution Date;

      (vii) to the Class M-3 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (viii) to the Class M-3 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (ix) to the Class M-3 Certificates, the Class M-3 Realized Loss
   Amortization Amount for such Distribution Date;

      (x) to the Class M-4 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (xi) to the Class M-4 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (xii) to the Class M-4 Certificates, the Class M-4 Realized Loss
   Amortization Amount for such Distribution Date;

      (xiii) to the Class M-5 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (xiv) to the Class M-5 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (xv) to the Class M-5 Certificates, the Class M-5 Realized Loss
   Amortization Amount for such Distribution Date;

      (xvi) to the Class M-6 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (xvii) to the Class M-6 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (xviii) to the Class M-6 Certificates, the Class M-6 Realized Loss
   Amortization Amount for such Distribution Date;

      (xix) to the Class B-1 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (xx) to the Class B-1 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (xxi) to the Class B-1 Certificates, the Class B-1 Realized Loss
   Amortization Amount for such Distribution Date;

      (xxii) to the Class B-2 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (xxiii) to the Class B-2 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (xxiv) to the Class B-2 Certificates, the Class B-2 Realized Loss
   Amortization Amount for such Distribution Date;

      (xxv) to the Class B-3 Certificates, any remaining unpaid Accrued
   Certificate Interest thereon for such Distribution Date;

      (xxvi) to the Class B-3 Certificates, any Interest Carry Forward Amount
   thereon for such Distribution Date;

      (xxvii) to the Class B-3 Certificates, the Class B-3 Realized Loss
   Amortization Amount for such Distribution Date;

      (xxviii) to the Excess Reserve Fund Account, any Cap Carryover Amounts
   (without regard to Net Swap Payments made by the Swap Provider to the
   Supplemental Interest Trust) for such Distribution Date;

      (xxix) to the Supplemental Interest Trust Account, any Swap Termination
   Payments resulting from a Swap Provider Trigger Event (without duplication of
   any Replacement Swap Provider Payment) for such Distribution Date; and

      (xxx) to the Class CE Certificates, up to the Class CE Distributable
   Amount for such Distribution Date.

      On each Distribution Date, there shall be distributed (i) to the Holder of
the Class R Certificate in respect of the Class PT1-R Interest, the Class PT2-R
Interest, the Class LT-R Interest, the Class UT-R Interest and the Class R-CE
Interest any remaining amount in the Distribution Account with respect to the
related Trust REMIC on such date after the application pursuant to Sections
4.01, 4.02(a) and 4.02(b)(i) through (xxx).

      Notwithstanding anything to the contrary contained in this Agreement, if
the Principal Balance of a Class of Certificates is reduced to zero, such Class
shall not be entitled to any Subsequent Recoveries, any remaining Cap Carryover
Amount and any applicable unpaid Realized Loss Amortization Amount on future
Distribution Dates.

      (c) On each Distribution Date, the Securities Administrator shall withdraw
any amounts then on deposit in the Distribution Account that represent
Prepayment Penalties collected by the Servicer in connection with the Principal
Prepayment in full of any of the Mortgage Loans, any Originator Prepayment
Penalty Payment Amounts or Servicer Prepayment Penalty Payment Amounts and shall
distribute such amounts to the Holders of the Class P Certificates. Such amounts
shall be treated as having been distributed to the Holders of the Class P
Certificates from the Grantor Trust.

      (d) Any amounts distributed to the Certificates (other than the Class CE,
Class P and Residual Certificates) in respect of interest pursuant to Section
4.02(b)(xxviii) that constitute Cap Carryover Amounts shall be deemed
distributed (i) in the case of any Class of LIBOR Certificates, to the extent
the source of such funds is either a distribution from the Supplemental Interest
Trust Account or Excess Reserve Fund Account, as applicable, from the Grantor
Trust and (ii) otherwise, as first, a distribution by Upper-Tier REMIC in
respect of the Class CE Interest, and then by Class CE REMIC as a distribution
to the Class CE Certificates and then, a distribution to the applicable
Certificates from the Grantor Trust, in either case, as payments on notional
principal contracts. Any remaining amount with respect to the Class CE
Certificates or any amounts remaining in the Supplemental Interest Trust Account
shall be treated as having been distributed to the Holders of the Class CE
Certificates from the Grantor Trust.

      (e) On each Distribution Date, any Unpaid Realized Loss Amounts for a
Class or Classes of Class M and Class B Certificates will be reduced by the
amount of any Subsequent Recoveries received during the related Prepayment
Period in the following order of priority on such Distribution Date (to the
extent any such Class has any Unpaid Realized Loss Amounts): Class M-1, Class
M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class
B-3 Certificates.

      (f) On each Distribution Date, prior to any distributions of the Monthly
Excess Cashflow Amount pursuant to Section 4.02(b), any Monthly Excess Interest
Amount shall be distributed, to the extent available, in the following order of
priority on such Distribution Date: (i) concurrently, based on each Class'
Interest Percentage of the Current Interest Shortfall for such Distribution
Date, to the Class A Certificates, pro rata, and (ii) sequentially, up to each
Class' Interest Percentage of the Current Interest Shortfall for such
Distribution Date, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
Class M-6, Class B-1, Class B-2 and Class B-3 Certificates.

      Section 4.03 Allocation of Losses. Realized Losses shall be allocated,
through the priority of distributions in Section 4.02, first against the Monthly
Excess Interest Amount and then against the Overcollateralization Amount until
such amount has been reduced to zero. If, after giving effect to the
distribution of the Principal Distribution Amount on any Distribution Date the
aggregate Principal Balance of the Certificates (other than the Class CE, Class
P and Residual Certificates) exceeds the Pool Balance as of the end of the
related Collection Period, the resulting Applied Realized Loss Amount will be
allocated against the Class B-3, Class B-2, Class B-1, Class M-6, Class M-5,
Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order and
until the respective Principal Balances thereof are reduced to zero.

      Section 4.04 Method of Distribution. The Paying Agent shall make
distributions in respect of a Distribution Date to each Certificateholder of
record on the related Record Date (other than as provided in Section 10.01
respecting the final distribution), in the case of Certificateholders of the
Certificates (i) by wire transfer in immediately available funds to the account
of the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and such Person is the
registered owner of such Certificates or (ii) by check mailed by first class
mail to the address of the Person entitled thereto, as such name and address
shall appear on the Certificate Register, provided that the Certificate
Registrar may deduct a reasonable wire transfer fee from any payment made by
wire transfer. Distributions among Certificateholders shall be made in
proportion to the Percentage Interests evidenced by the Certificates held by
such Certificateholders.

      Section 4.05 Distributions on Book-Entry Certificates. Each distribution
with respect to a Book-Entry Certificate shall be paid to the Depository, which
shall credit the amount of such distribution to the accounts of its Depository
Participants in accordance with its normal procedures. Each Depository
Participant shall be responsible for disbursing such distribution to the
Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. All such credits and disbursements
with respect to a Book Entry Certificate are to be made by the Depository and
the Depository Participants in accordance with the provisions of the
Certificates. None of Securities Administrator, the Trustee, the Depositor or
the Servicer shall have any responsibility therefor except as otherwise provided
by applicable law.

      Section 4.06 Statements. (a) On each Distribution Date, based on the
Mortgage Loan information contained in the Remittance Report, the Securities
Administrator shall prepare and make available on its website at
www.ctslink.com, a statement (the "Distribution Date Statement") as to the
distributions made on such Distribution Date:

      (i) the amount of the distribution made on such Distribution Date to the
   Holders of each Class of Certificates allocable to principal, separately
   identified and the amount of the distribution made on such Distribution Date
   to the Holders of the Class P Certificates from Prepayment Penalties,
   Originator Prepayment Penalty Payment Amounts and Servicer Prepayment Penalty
   Payment Amounts;

      (ii) the amount of the distribution made on such Distribution Date to the
   Holders of each Class of Certificates allocable to interest or Class CE
   Distributable Amount, separately identified;

      (iii) the Overcollateralization Amount, the Overcollateralization Release
   Amount, the Overcollateralization Deficiency and the Targeted
   Overcollateralization Amount as of such Distribution Date and the Monthly
   Excess Interest Amount and Monthly Excess Cashflow Amount for such
   Distribution Date;

      (iv) the aggregate amount of servicing compensation received by the
   Servicer during the related Collection Period;

      (v) the aggregate amount of Advances for the related Collection Period,
   cumulative unreimbursed Advances and Servicing Advances and cumulative
   Nonrecoverable Advances;

      (vi) the Pool Balance, at the close of business at the end of the related
   Collection Period;

      (vii) the number, weighted average remaining term to maturity and weighted
   average Mortgage Interest Rate of the Mortgage Loans as of the related Due
   Date;

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

      (ix) with respect to any Mortgage Loan that became an REO Property during
   the preceding calendar month, the loan number of such Mortgage Loan, the
   unpaid principal balance of the REO Property as of the close of business on
   the last Business Day of such calendar month and the principal balance of
   such Mortgage Loan as of the date it became an REO Property;

      (x) the book value of any REO Property as of the close of business on the
   last Business Day of the calendar month preceding the Distribution Date, and,
   cumulatively, the total number and cumulative principal balance of all REO
   Properties as of the close of business of the last day of the preceding
   Collection Period;

      (xi) the aggregate amount of Principal Prepayments made during the related
   Prepayment Period;

      (xii) the aggregate amount of Realized Losses incurred during the related
   Collection Period and the cumulative amount of Realized Losses;

      (xiii) the Principal Balance of each Class of Certificates, after giving
   effect to the distributions, and allocations of Realized Losses or Applied
   Realized Loss Amounts, as applicable, made on such Distribution Date,
   separately identifying any reduction thereof due to allocations of Realized
   Losses or Applied Realized Loss Amounts;

      (xiv) the Accrued Certificate Interest in respect of each Class of
   Certificates for such Distribution Date and any related Cap Carryover
   Amounts, and the respective portions thereof, if any, remaining unpaid
   following the distributions made in respect of such Certificates on such
   Distribution Date;

      (xv) the aggregate amount of any Prepayment Interest Shortfalls and of any
   Compensating Interest for such Distribution Date, to the extent not covered
   by payments by the Servicer pursuant to Section 3.23;

      (xvi) the Interest Percentage for each Class of Certificates, the amount
   of any Current Interest Shortfall and the amount of the distribution made to
   each Class of Certificates pursuant to Section 4.02(f) for such Distribution
   Date;

      (xvii) the Cap Carryover Amounts distributed on such Distribution Date,
   the amounts remaining after giving effect to distributions thereof on such
   Distribution Date and the amount of all Cap Carryover Amounts covered by
   withdrawals from the Excess Reserve Fund Account and the Supplemental
   Interest Trust Account on such Distribution Date;

      (xviii) any Overcollateralization Deficiency after giving effect to the
   distribution of principal on such Distribution Date;

      (xix) whether a Trigger Event has occurred and is continuing, and the
   cumulative Realized Losses, as a percentage of the original Pool Balance;

      (xx) the Available Funds;

      (xxi) the Pass-Through Rate for each Class of Certificates for such
   Distribution Date;

      (xxii) the information contained in the Liquidation Report for such
   Distribution Date;

      (xxiii) the aggregate Principal Balance of Mortgage Loans purchased by the
   Servicer or the Depositor during the related Prepayment Period and indicating
   the section of this Agreement requiring or allowing the purchase of each such
   Mortgage Loan;

      (xxiv) the aggregate Principal Balance of the Mortgage Loans repurchased
   by the Depositor during the related Prepayment Period in connection with
   Section 3.16;

      (xxv) the Mortgage Loan identifying number of each Mortgage Loan with a
   Prepayment Penalty that was the subject of a Principal Prepayment in full
   during the related Collection Period, the Prepayment Penalty listed on each
   related Mortgage Note and the Prepayment Penalty collected, and the Servicer
   Prepayment Penalty Payment Amount and the Originator Prepayment Penalty
   Payment Amount paid with respect to each such Mortgage Loan;

      (xxvi) the pool factors for such Distribution Date;

      (xxvii) the amount of any Net Swap Payments, Swap Termination Payments (if
   any) and Replacement Swap Provider Payments (if any), for such Distribution
   Date;

      (xxviii) the amount of Subsequent Recoveries received during the related
   Prepayment Period;

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

      (xxx) the applicable Determination Date, the Record Date and Interest
   Accrual Period for calculating the distribution and the actual Distribution
   Date for the distribution;

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

      (xxxii) any material breaches of representations and warranties relating
   to the Mortgage Loans or material breaches of transaction covenants or
   representations and warranties; and

      (xxxiii) any other customary information as is required to enable
   Certificateholders to prepare their tax returns.

      Assistance in using the Securities Administrator's website can be obtained
by calling the Securities Administrator's customer service desk at (301)
815-6600. The Securities Administrator shall provide such information to parties
that are unable to use the above distribution option by mailing to them via
first class mail a paper copy of the Distribution Date Statement, upon request
of any such party made by calling the customer service desk and indicating such.
The Securities Administrator shall have the right to change the way such reports
are distributed in order to make such distribution more convenient and/or more
accessible to the parties, and the Securities Administrator shall provide timely
and adequate notification to all parties regarding any such change.

      The Securities Administrator may fully rely upon and shall have no
liability with respect to information with respect to the Mortgage Loans
provided by the Servicer.

      In the case of information furnished pursuant to subclauses (i), (ii) and
(xiii) above, the amounts shall be expressed in a separate section of the report
as a dollar amount for each Class for each $1,000 original dollar amount as of
the Closing Date.

      (b) Within a reasonable period of time after the end of each calendar
year, the Securities Administrator shall furnish to each Person who at any time
during the calendar year was a Certificateholder of a LIBOR Certificate or a
Class CE Certificate, if requested in writing by such Person, such information
as is reasonably necessary to provide to such Person a statement containing the
information set forth in subclauses (i), (ii), (xiv) and (xvii) above,
aggregated for such calendar year or applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Securities
Administrator shall be deemed to have been satisfied to the extent that
substantially comparable information shall be prepared and furnished by the
Securities Administrator to Certificateholders pursuant to any requirements of
the Code as are in force from time to time.

      (c) On each Distribution Date, the Securities Administrator shall forward
to the Residual Certificateholders a copy of the reports forwarded to the holder
of any LIBOR Certificate in respect of such Distribution Date with such other
information as the Securities Administrator deems necessary or appropriate. Such
obligation of the Securities Administrator shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
prepared and furnished to Residual Certificateholders by the Securities
Administrator pursuant to any requirements of the Code as from time to time in
force.

      Section 4.07 Remittance Reports; Advances. (a) On the 15th calendar day of
each month, or the following Business Day if such 15th calendar day is not a
Business Day, the Servicer shall deliver to the Securities Administrator by
telecopy (or by such other means as the Servicer and the Securities
Administrator may agree from time to time) a Remittance Report with respect to
the related Distribution Date. On the same date, the Servicer shall
electronically forward to the Securities Administrator in such medium as may be
agreed between the Servicer and the Securities Administrator the information set
forth in such Remittance Report with respect to the related Distribution Date
and such information reasonably available to the Servicer necessary in order for
the Securities Administrator to perform the calculations necessary to make the
distributions and allocations contemplated by Section 4.01, 4.02 and 4.03 and to
prepare the Distribution Date Statement. The Securities Administrator shall not
be responsible to recompute, recalculate or verify any information provided to
it by the Servicer.

      (b) The amount of Advances to be made by the Servicer for any Distribution
Date shall equal, subject to Section 4.07(d), the sum of (i) the aggregate
amount of Monthly Payments (net of the related Servicing Fee), due during the
related Collection Period in respect of the Mortgage Loans, which Monthly
Payments were delinquent on a contractual basis as of the close of business on
the related Determination Date and (ii) with respect to each REO Property, which
REO Property was acquired during or prior to the related Collection Period and
as to which REO Property an REO Disposition did not occur during the related
Collection Period, an amount equal to the excess, if any, of the Monthly Payment
that would have been due for such Collection Period if the related Mortgage Loan
had been outstanding, over the net income from such REO Property transferred to
the Distribution Account pursuant to Section 3.13 for distribution on such
Distribution Date. For purposes of the preceding sentence, the Monthly Payment
on each Balloon Loan with a delinquent Balloon Payment is equal to the assumed
monthly payment that would have been due on the related Due Date based on the
original principal amortization schedule for such Balloon Loan.

      On the Servicer Remittance Date, the Servicer shall remit in immediately
available funds to the Securities Administrator for deposit in the Distribution
Account an amount equal to the aggregate amount of Advances, if any, to be made
in respect of the Mortgage Loans for the related Distribution Date either (i)
from its own funds or (ii) from the Collection Account, to the extent of funds
held therein for future distribution (in which case it will cause to be made an
appropriate entry in the records of the Collection Account that amounts held for
future distribution have been, as permitted by this Section 4.07, used by the
Servicer in discharge of any such Advance) or (iii) in the form of any
combination of (i) and (ii) aggregating the total amount of Advances to be made
by the Servicer with respect to the Mortgage Loans. Any amounts held for future
distribution and so used shall be appropriately reflected in the Servicer's
records and replaced by the Servicer by deposit in the Collection Account on or
before any future Servicer Remittance Date to the extent that the Available
Funds for the related Distribution Date (determined without regard to Advances
to be made on the Servicer Remittance Date) shall be less than the sum of (a)
the total amount that would be distributed to the Classes of Certificateholders
pursuant to Section 4.01 and 4.02 on such Distribution Date and (b) any Net Swap
Payments owed to the Swap Provider for such Distribution Date, if such amounts
held for future distributions had not been so used to make Advances. The
Securities Administrator will provide notice to the Servicer by telecopy by 4:00
p.m. New York City time on any Servicer Remittance Date in the event that (i)
the Servicer fails to remit the Advances required to be made by the Servicer for
the related Distribution Date or (ii) the amount remitted by the Servicer to the
Securities Administrator on such date is less than the Advances required to be
made by the Servicer for the related Distribution Date, as set forth in the
related Remittance Report.

      (c) The obligation of the Servicer to make such Advances is mandatory,
notwithstanding any other provision of this Agreement but subject to (d) below,
and, with respect to any Mortgage Loan, shall continue until such Mortgage Loan
is paid in full by the Mortgagor or disposed of by the Trust, or until the
recovery of all Liquidation Proceeds thereon.

      (d) Notwithstanding anything herein to the contrary, no Advance or
Servicing Advance shall be required to be made hereunder by the Servicer if such
Advance would, if made, constitute a Nonrecoverable Advance. The determination
by the Servicer that it has made a Nonrecoverable Advance or that any proposed
Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced
by an Officer's Certificate of the Servicer delivered to the Securities
Administrator.

      (e) In the event that the Servicer fails to remit any Advances as required
pursuant to this Section 4.07, the Securities Administrator shall notify the
Trustee by 4:00 p.m. on the Servicer Remittance Date identifying for each
Advance the related Mortgage Loan and the amount of the Advance. On or before
11:00 a.m. New York City time on the Distribution Date immediately following the
Servicer Remittance Date, the Trustee shall remit in immediately available funds
to the Securities Administrator such Advances that the Servicer was required but
failed to make for the related Distribution Date; provided that the Trustee may
conclusively rely upon any determination by the Servicer that an Advance if made
would be a Nonrecoverable Advance; provided, further, that the Trustee is not
obligated to make any Advance that the Trustee, in its good faith business
judgment, determines would constitute a Nonrecoverable Advance, such
determination to be evidenced by an Officer's Certificate of the Trustee
delivered to the Securities Administrator. So long as the Trustee has not
terminated all of the rights and obligations of the Servicer pursuant to Section
7.01(b) as a result of a Servicer Event of Termination pursuant to
7.01(a)(i)(A), the Servicer shall pay to the Trustee an amount equal to the
Advance made by the Trustee plus interest at an annual rate equal to Prime Rate,
adjusted as of the date of each change, plus two percentage points, but in no
event greater than the maximum amount permitted by applicable law, on any
Advances made by the Trustee. Such interest shall be solely an obligation of the
Servicer and shall not be payable or reimbursable from any assets of the Trust
Fund.

      Section 4.08 Tax Treatment of Cap Carryover Amounts, the Supplemental
Interest Trust and the Interest Rate Swap Agreement. The Trustee shall treat the
rights that each Class of LIBOR Certificates has to receive payments of Cap
Carryover Amounts and the obligation to pay Class IO Shortfalls as rights and
obligations under a limited recourse notional principal contract between the
Class CE Certificateholders and each such Class. Accordingly, (i) each Class of
LIBOR Certificates will be comprised of the following components: (a) an Upper
Tier Regular Interest and (b) an interest in a notional principal contract, and
(ii) the Class CE Certificate will be comprised of the following components: (a)
two Class CE regular interests (the Class CE Interest and the Class IO
Interest), (b) ownership of the Excess Reserve Fund Account, subject to an
obligation to pay Cap Carryover Amounts, and (c) ownership of the Supplemental
Interest Trust and the Interest Rate Swap Agreement, subject to the obligation
to pay Cap Carryover Amounts and the right to receive Class IO Shortfalls. The
Trustee shall allocate the issue price for a Class of LIBOR Certificates or the
Class CE Certificates among the respective components for purposes of
determining the issue price of the Upper-Tier Regular Interest component or the
Class CE regular interests, respectively, based on information received from the
Depositor. Unless otherwise advised by the Depositor in writing, for federal
income tax purposes, the Trustee is hereby directed to assign a value of zero to
(i) the right of each Holder of a LIBOR Certificate to receive the related Cap
Carryover Amounts for purposes of allocating the purchase price of an initial
LIBOR Certificateholder between such rights and the related Upper Tier Regular
Interest and (ii) the right of the Holders of the Class CE Certificates to
receive Class IO Shortfalls.

      Holders of LIBOR Certificates shall be treated as having agreed to pay, on
each Distribution Date, to the Holders of the Class CE Certificates an aggregate
amount equal to the excess, if any, of (i) Net Swap Payments and Swap
Termination Payments (other than any Swap Termination Payment resulting from a
Swap Provider Trigger Event) over (ii) the sum of amounts payable on the Class
CE Interest available for such payments and amounts payable on the Class IO
Interest (such excess, a "Class IO Shortfall"), first from interest and then
from principal distributable on the LIBOR Certificates. A Class IO Shortfall
payable from interest collections shall be allocated pro rata among such LIBOR
Certificates based on the amount of interest otherwise payable to such Class of
LIBOR Certificates, and a Class IO Shortfall payable from principal collections
shall be allocated in reverse sequential order beginning with the most
subordinate Class of LIBOR Certificates then Outstanding.

      Any payments of Class IO Shortfalls shall be treated solely for tax
purposes as having been received by the Holders of such Class of LIBOR
Certificates in respect of the Corresponding Upper-Tier Regular Interest and as
having been paid by such Holders to the Holders of the Class CE Certificates
through the Supplemental Interest Trust.

                                    ARTICLE V

                                THE CERTIFICATES

      Section 5.01 The Certificates. Each of the Class A-1, Class A-2, Class
A-3, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
B-1, Class B-2, Class B-3, Class CE, Class P and Class R Certificates shall be
substantially in the forms annexed hereto as exhibits, and shall, on original
issue, be executed by the Securities Administrator and authenticated and
delivered by the Certificate Registrar to or upon the receipt of a Written Order
to Authenticate from the Depositor concurrently with the sale and assignment to
the Trustee of the Trust Fund. Each Class of LIBOR Certificates shall be
initially evidenced by one or more Certificates representing a Percentage
Interest with a minimum dollar denomination of $100,000 and integral multiples
of $1 in excess thereof. The Class CE and Class P Certificates are issuable only
in minimum Percentage Interests of 10% and incremental Percentage Interests of
1% in excess thereof. The Class R Certificate is issuable only as a single
certificate.

      The Certificates shall be executed on behalf of the Trust by manual or
facsimile signature on behalf of the Securities Administrator by a Responsible
Officer. Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures were affixed, authorized to sign on
behalf of the Securities Administrator shall bind the Trust, notwithstanding
that such individuals or any of them 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 such Certificate. No Certificate shall be entitled to any
benefit under this Agreement or be valid for any purpose, unless such
Certificate shall have been manually authenticated by the Certificate Registrar
substantially in the form provided for herein, and such authentication upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication. Subject to Section
5.02(c), the Certificates (other than the Class CE, Class P and Class R
Certificates) shall be Book-Entry Certificates. The Class CE, Class P and Class
R Certificates shall not be Book-Entry Certificates but shall be issued in fully
registered certificate form.

      Section 5.02 Registration of Transfer and Exchange of Certificates. (a)
The Certificate Registrar shall cause to be kept at the Corporate Trust Office
of the Securities Administrator 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 Securities Administrator shall initially
serve as Certificate Registrar for the purpose of registering Certificates and
transfers and exchanges of Certificates as herein provided. The Securities
Administrator as Certificate Registrar shall be subject to the same standards of
care, limitations on liability and rights to indemnity as the Securities
Administrator, and the provisions of Sections 8.01, 8.02, 8.03, 8.04, 8.05,
8.14, 8.15 and 8.16 shall apply to the Certificate Registrar to the same extent
as they apply to the Securities Administrator. Any Certificate Registrar
appointed in accordance with this Section 5.02(a) may at any time resign by
giving at least 30 days' advance written notice of resignation to the Securities
Administrator, the Trustee, the Servicer and the Depositor, such resignation to
become effective upon appointment of a successor Certificate Registrar.

      Upon surrender for registration of transfer of any Certificate at any
office or agency of the Certificate Registrar maintained for such purpose
pursuant to the foregoing paragraph and, in the case of the Residual
Certificates and the Class CE and Class P Certificates, upon satisfaction of the
conditions set forth below, the Securities Administrator on behalf of the Trust
shall execute and the Certificate Registrar shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same aggregate Percentage Interest.

      At the option of the Certificateholders, Certificates may be exchanged for
other Certificates in authorized denominations and the same aggregate Percentage
Interests, upon surrender of the Certificates to be exchanged at any such office
or agency. Whenever any Certificates are so surrendered for exchange, the
Securities Administrator shall execute on behalf of the Trust and the
Certificate Registrar shall authenticate and deliver the Certificates which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for registration of transfer or exchange shall (if so
required by the Securities Administrator or the Certificate Registrar) be duly
endorsed by, or be accompanied by a written instrument of transfer satisfactory
to the Securities Administrator and the Certificate Registrar duly executed by,
the Holder thereof or his attorney duly authorized in writing.

      (b) Upon original issuance, the Book-Entry Certificates shall be issued in
the form of one or more typewritten certificates, to be delivered to the
Depository by, or on behalf of, the Depositor; or to, and deposited with the
Certificate Custodian, on behalf of the Depository, if directed to do so
pursuant to instructions from the Depository. Except as provided in paragraph
(c) below, the Book-Entry Certificates shall at all times remain registered in
the name of the Depository or its nominee and at all times: (i) registration of
such Certificates may not be transferred by the Securities Administrator except
to another Depository; (ii) the Depository shall maintain book-entry records
with respect to the Certificate Owners and with respect to ownership and
transfers of such Certificates; (iii) ownership and transfers of registration of
such Certificates on the books of the Depository shall be governed by applicable
rules established by the Depository; (iv) the Depository may collect its usual
and customary fees, charges and expenses from its Depository Participants; (v)
the Securities Administrator shall for all purposes deal with the Depository as
representative of the Certificate Owners of the Certificates for purposes of
exercising the rights of Holders under this Agreement, and requests and
directions for and votes of such representative shall not be deemed to be
inconsistent if they are made with respect to different Certificate Owners; (vi)
the Securities Administrator may rely and shall be fully protected in relying
upon information furnished by the Depository with respect to its Depository
Participants and furnished by the Depository Participants with respect to
indirect participating firms and Persons shown on the books of such indirect
participating firms as direct or indirect Certificate Owners; and (vii) the
direct participants of the Depository shall have no rights under this Agreement
under or with respect to any of the Certificates held on their behalf by the
Depository, and the Depository may be treated by the Securities Administrator
and its agents, employees, officers and directors as the absolute owner of the
Certificates for all purposes whatsoever.

      All transfers by Certificate Owners of Book-Entry Certificates shall be
made in accordance with the procedures established by the Depository Participant
or brokerage firm representing such Certificate Owners. Each Depository
Participant shall only transfer Book Entry Certificates of Certificate Owners
that it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures. The parties hereto are
hereby authorized to execute one or more letter of representations with the
Depository or take such other action as may be necessary or desirable to
register a Book-Entry Certificate to the Depository. In the event of any
conflict between the terms of any such letter of representation and this
Agreement, the terms of this Agreement shall control.

      (c) If the Depository advises the Securities Administrator in writing that
the Depository is no longer willing or able to discharge properly its
responsibilities as Depository and the Securities Administrator or the Depositor
is unable to locate a qualified successor and upon surrender to the Certificate
Registrar of the Book-Entry Certificates by the Depository, accompanied by
registration instructions from the Depository for registration, the Securities
Administrator shall, at the Trust's expense, execute on behalf of the Trust and
the Certificate Registrar shall authenticate definitive, fully registered
certificates (the "Definitive Certificates"). None of the Depositor or the
Securities Administrator shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Certificates, the Securities
Administrator, the Certificate Registrar, the Servicer, the Securities
Administrator, any Paying Agent and the Depositor shall recognize the Holders of
the Definitive Certificates as Certificateholders hereunder.

      (d) Except with respect to a transfer of the Private Certificates between
or among the Depositor, the Seller, their affiliates or both, no transfer, sale,
pledge or other disposition of any Private Certificate shall be made unless such
disposition is exempt from the registration requirements of the 1933 Act, and
any applicable state securities laws or is made in accordance with the 1933 Act
and laws. In the event of any such transfer, the Certificate Registrar shall
require the transferor to execute a transferor certificate (in substantially the
form attached hereto as Exhibit L) and the transferee to execute an investment
letter in substantially in the form attached hereto as Exhibit J acceptable to
and in form and substance reasonably satisfactory to the Depositor and the
Certificate Registrar certifying to the Depositor and the Certificate Registrar
the facts surrounding such transfer, which investment letter shall not be an
expense of the Certificate Registrar or the Depositor. The transferor of a
Private Certificate desiring to effect such transfer shall, and does hereby
agree to, indemnify the Certificate Registrar, the Trustee, the Securities
Administrator 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. For purposes of this Section 5.02(d) the representations required in
any transferor certificate (in substantially the form attached hereto as Exhibit
L) and any investment letter (substantially in the form of Exhibit J hereto)
shall be deemed to have been made in connection with the transfer of any Private
Certificate that is a Book-Entry Certificate.

      No transfer of an ERISA Restricted Certificate shall be made unless the
Certificate Registrar shall have received a representation from the transferee
of such Certificate substantially in the form of Exhibit I to the effect that
such transferee is not an employee benefit plan or arrangement subject to
Section 406 of ERISA, a plan subject to Section 4975 of the Code or a plan
subject to any Federal, state or local law ("Similar Law") materially similar to
the foregoing provisions of ERISA or the Code, nor a Person acting on behalf of
any such plan or arrangement nor using the assets of any such plan or
arrangement (collectively, a "Plan") to effect such transfer. Notwithstanding
anything else to the contrary herein, any purported transfer of an ERISA
Restricted Certificate to a transferee that does not make the representation
above shall be void and of no effect.

      The ERISA Restricted Certificates may not be sold to any employee benefit
plan subject to Title I of ERISA, any plan subject to Section 4975 of the Code,
or any plan subject to any Similar Law or any Person investing on behalf of or
with plan assets of such Plan.

      To the extent permitted under applicable law (including, but not limited
to, ERISA), the Certificate Registrar shall be under no liability to any Person
for any registration of transfer of any ERISA Restricted Certificate that is in
fact not permitted by this Section 5.02(d) or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the transfer
was registered by the Certificate Registrar in accordance with the foregoing
requirements.

      As long as the Interest Rate Swap Agreement is in effect, each beneficial
owner of a Certificate (other than an ERISA Restricted Certificate), or any
interest therein, shall be deemed to have represented that either (i) it is not
a Plan or (ii) the acquisition and holding of the Certificate are eligible for
the exemptive relief available under at least one of the Investor-Based
Exemptions.

      Each Person who has or who acquires any Ownership Interest in a Residual
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and to have
irrevocably appointed the Depositor or its designee as its attorney-in-fact to
negotiate the terms of any mandatory sale under clause (v) below and to execute
all instruments of transfer and to do all other things necessary in connection
with any such sale, and the rights of each Person acquiring any Ownership
Interest in the Class R Certificate are expressly subject to the following
provisions:

      (i) Each Person holding or acquiring any Ownership Interest in the Class R
   Certificate shall be a Permitted Transferee and shall promptly notify the
   Certificate Registrar of any change or impending change in its status as a
   Permitted Transferee.

      (ii) No Person shall acquire an Ownership Interest in the Class R
   Certificate unless such Ownership Interest is a pro rata undivided interest.

      (iii) In connection with any proposed transfer of any Ownership Interest
   in the Class R Certificate, the Certificate Registrar shall as a condition to
   registration of the transfer, require delivery to it, in form and substance
   satisfactory to it, of each of the following:

      A. an affidavit in the form of Exhibit K hereto from the proposed
      transferee to the effect that, among other things, such transferee is a
      Permitted Transferee and that it is not acquiring its Ownership Interest
      in the Class R Certificate that is the subject of the proposed transfer as
      a nominee, trustee or agent for any Person who is not a Permitted
      Transferee; and

      B. a covenant of the proposed transferee to the effect that the proposed
      transferee agrees to be bound by and to abide by the transfer restrictions
      applicable to the Class R Certificate.

      (iv) Any attempted or purported transfer of any Ownership Interest in the
   Class R Certificate in violation of the provisions of this Section shall be
   absolutely null and void and shall vest no rights in the purported
   transferee. If any purported transferee shall, in violation of the provisions
   of this Section, become the Holder of the Class R Certificate, then the prior
   Holder of such Class R Certificate that is a Permitted Transferee shall, upon
   discovery that the registration of transfer of such Class R Certificate was
   not in fact permitted by this Section, be restored to all rights as Holder
   thereof retroactive to the date of registration of transfer of such Class R
   Certificate. The Certificate Registrar shall be under no liability to any
   Person for any registration of transfer of the Class R Certificate that is in
   fact not permitted by this Section or for making any distributions due on
   such Class R Certificate to the Holder thereof or taking any other action
   with respect to such Holder under the provisions of this Agreement so long as
   the Certificate Registrar received the documents specified in clause (iii).
   The Securities Administrator shall be entitled to recover from any Holder of
   the Class R Certificate that was in fact not a Permitted Transferee at the
   time such distributions were made all distributions made on such Class R
   Certificate. Any such distributions so recovered by the Securities
   Administrator shall be distributed and delivered by the Securities
   Administrator to the prior Holder of such Class R Certificate that is a
   Permitted Transferee.

      (v) If any Person other than a Permitted Transferee acquires any Ownership
   Interest in the Class R Certificate in violation of the restrictions in this
   Section, then the Certificate Registrar shall have the right but not the
   obligation, without notice to the Holder of the Class R Certificate or any
   other Person having an Ownership Interest therein, to notify the Depositor to
   arrange for the sale of the Class R Certificate. The proceeds of such sale,
   net of commissions (which may include commissions payable to the Depositor or
   its affiliates in connection with such sale), expenses and taxes due, if any,
   will be remitted by the Securities Administrator to the previous Holder of
   the Class R Certificate that is a Permitted Transferee, except that in the
   event that the Securities Administrator determines that the Holder of the
   Class R Certificate may be liable for any amount due under this Section or
   any other provisions of this Agreement, the Securities Administrator may
   withhold a corresponding amount from such remittance as security for such
   claim. The terms and conditions of any sale under this clause (v) shall be
   determined in the sole discretion of the Securities Administrator and it
   shall not be liable to any Person having an Ownership Interest in the Class R
   Certificate as a result of its exercise of such discretion.

      (vi) If any Person other than a Permitted Transferee acquires any
   Ownership Interest in the Class R Certificate in violation of the
   restrictions in this Section, then the Securities Administrator will provide
   to the Internal Revenue Service, and to the persons specified in Sections
   860E(e)(3) and (6) of the Code, information needed to compute the tax imposed
   under Section 860E(e)(5) of the Code on transfers of residual interests to
   disqualified organizations. The Securities Administrator shall be entitled to
   reasonable compensation for providing such information from the person to
   whom it is provided.

The foregoing provisions of this Section shall cease to apply to transfers
occurring on or after the date on which there shall have been delivered to the
Certificate Registrar, in form and substance satisfactory to the Certificate
Registrar, (i) written notification from each Rating Agency that the removal of
the restrictions on transfer set forth in this Section will not cause such
Rating Agency to downgrade its rating of the Certificates and (ii) an Opinion of
Counsel to the effect that such removal will not cause any Trust REMIC to fail
to qualify as a REMIC.

      (e) Each ERISA Restricted Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer and accompanied by IRS Form W-8ECI, W-8BEN, W-8IMY (and
all appropriate attachments) or W-9 in form satisfactory to the Securities
Administrator, duly executed by the Certificateholder or his attorney duly
authorized in writing (with copies directly (other than with respect to a
Residual Certificate) to the Swap Provider). The Securities Administrator shall
forward any such IRS Form (other than with respect to a Residual Certificate)
received to the Swap Provider upon its request, to the extent the Swap Provider
and have not, based solely on the good faith representation of the Swap
Provider, received such IRS Form directly from the Certificateholder. Each ERISA
Restricted Certificateholder by its purchase of a Certificate is deemed to
consent to any such IRS Form being so forwarded. Upon the request of the Swap
Provider, the Securities Administrator shall be required to forward any tax
certification received by it to the Swap Provider at the last known address
provided to it, and, subject to Section 8.01, shall not be liable for the
receipt of such tax certification by the Swap Provider, nor any action taken or
not taken by the Swap Provider with respect to such tax certification. Upon the
request of the Swap Provider, the Securities Administrator shall forward the
name and address and Percentage Interest held in the ERISA Restricted
Certificates for each ERISA Restricted Certificateholder to the Swap Provider at
the last known address provided to it. The Securities Administrator shall have
no duty to take any action to correct any misstatement or omission in any tax
certification provided to it and forwarded to the Swap Provider; provided
however, if a Responsible Officer of the Securities Administrator has actual
knowledge that a tax certificate or name and address information provided to it
by a ERISA Restricted Certificateholder contains a misstatement or omission
(including by reason of the Swap Provider informing it of the misstatement or
omission), it shall notify the Swap Provider of the misstatement or omission,
and when it receives a corrected form or name and address information from the
Holder of the ERISA Restricted Certificate it shall forward the corrected form
and/or name and address information to the Swap Provider.

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

      All Certificates surrendered for registration of transfer or exchange
shall be cancelled by the Certificate Registrar and disposed of pursuant to its
standard procedures.

      Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any
mutilated Certificate is surrendered to the Certificate Registrar or the
Certificate Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate and (ii) there is delivered to the Securities
Administrator, the Trustee, the Depositor and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Securities Administrator or the
Certificate Registrar that such Certificate has been acquired by a bona fide
purchaser, the Securities Administrator shall execute on behalf of the Trust,
and the Certificate Registrar 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 Percentage Interest. Upon the issuance of any new
Certificate under this Section, the Securities Administrator or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Securities Administrator and
the Certificate Registrar) in connection therewith. Any duplicate Certificate
issued pursuant to this Section, shall constitute complete and indefeasible
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 5.04 Persons Deemed Owners. The Servicer, the Depositor, the
Trustee, the Securities Administrator, the Certificate Registrar, any Paying
Agent and any agent of the Servicer, the Depositor, the Securities
Administrator, the Trustee, the Certificate Registrar or any Paying Agent may
treat the Person, including a Depository, in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.01 and 4.02 and for all other purposes
whatsoever, and none of the Servicer, the Trust, the Trustee, the Securities
Administrator nor any agent of any of them shall be affected by notice to the
contrary.

      Section 5.05 Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Distribution Account pursuant to
Section 4.01 and 4.02 and shall report the amounts of such distributions to the
Securities Administrator. The duties of the Paying Agent may include the
obligation to distribute statements and provide information to
Certificateholders as required hereunder. The Paying Agent hereunder shall at
all times be an entity duly incorporated and validly existing under the laws of
the United States of America or any state thereof, authorized under such laws to
exercise corporate trust powers and subject to supervision or examination by
federal or state authorities. The Paying Agent shall initially be the Securities
Administrator. The Securities Administrator may appoint a successor to act as
Paying Agent, which appointment shall be reasonably satisfactory to the
Depositor and the Rating Agencies. The Securities Administrator as Paying Agent
shall be subject to the same standards of care, limitations on liability and
rights to indemnity as the Securities Administrator, and the provisions of
Sections 8.01, 8.02, 8.03, 8.04, 8.05, 8.14, 8.15 and 8.16 shall apply to the
Paying Agent to the same extent as they apply to the Securities Administrator.
Any Paying Agent appointed in accordance with this Section 5.05 may at any time
resign by giving at least 30 days' advance written notice of resignation to the
Trustee, the Securities Administrator, the Servicer and the Depositor, such
resignation to become effective upon appointment of a successor Paying Agent. If
Wells Fargo Bank is no longer acting as Securities Administrator, the successor
securities administrator shall pay, from its own funds, the compensation of any
Paying Agent other than Wells Fargo Bank.

      The Trustee shall cause any Paying Agent that is not the Securities
Administrator or HSBC Bank USA, National Association to execute and deliver to
the Trustee an instrument (a "Paying Agent Agreement") in which such Paying
Agent agrees with the Trustee that such Paying Agent shall (i) hold all amounts
remitted to it by the Securities Administrator for distribution to
Certificateholders in trust for the benefit of Certificateholders until such
amounts are distributed to Certificateholders or otherwise disposed of as herein
provided; (ii) give the Depositor notice of any default by the Securities
Administrator in remitting any required amount; (iii) at any time during the
continuance of any such default, upon the written request of the Depositor,
forthwith pay to the Depositor all amounts held in trust by such Paying Agent;
and (iv) provide to the Securities Administrator the assessment of compliance
and accountants report provided for in Section 3.20 with respect to the
Servicing Criteria set forth in Item 1122(d) of Regulation AB applicable to the
duties of the Paying Agent.

                                   ARTICLE VI

                         THE SERVICER AND THE DEPOSITOR

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

      Section 6.02 Merger or Consolidation of, or Assumption of the Obligations
of, the Servicer or the Depositor. Any entity into which the Servicer or the
Depositor may be merged or consolidated, or any entity resulting from any
merger, conversion or consolidation to which the Servicer or the Depositor shall
be a party, or any organization succeeding to the business of the Servicer or
the Depositor through the transfer of substantially all of its assets or all
assets relating to such business, or otherwise, shall be the successor of the
Servicer or the Depositor, as the case may be, hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding; provided, however, that
(a) the successor servicer shall satisfy all the requirements of Section 7.02
with respect to the qualifications of a successor servicer and (b) the Servicer
and such successor or surviving Person shall notify the Depositor and the
Trustee of any such merger, conversion or consolidation at least two Business
Days prior to the effective date thereof (unless giving such prior notice would
be prohibited by applicable law or by a confidentiality agreement, in which case
notice shall be given by 12 noon eastern time one Business Day after such merger
or consolidation).

      Section 6.03 Limitation on Liability of the 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 Trust or the Certificateholders for
any action taken or for refraining from the taking of any action by the Servicer
in good faith pursuant to this Agreement, or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such Person
against any liability which would otherwise be imposed by reason of its willful
misfeasance, bad faith or gross negligence in the performance of duties of the
Servicer or by reason of its reckless disregard of its obligations and duties of
the Servicer hereunder. The Servicer and any director or officer or employee or
agent of the Servicer may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Servicer and any director or officer or employee or agent
of the Servicer shall be indemnified by the Trust and held harmless against any
loss, liability or expense incurred in connection with the performance of its
duties and obligations and any legal action relating to this Agreement or the
Certificates, 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 its willful misfeasance, bad faith or
gross negligence in the performance of duties hereunder or by reason of its
reckless disregard of obligations and duties hereunder. The Servicer may
undertake any such action which it may deem necessary or desirable in respect of
this Agreement, and the rights and duties of the parties hereto and the
interests of the Certificateholders hereunder. In such event, the reasonable
legal expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust and the Servicer shall be
entitled to be reimbursed therefor pursuant to Section 3.05. The Servicer's
right to indemnity or reimbursement pursuant to this Section 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). This paragraph shall apply to the Servicer solely
in its capacity as Servicer hereunder and in no other capacities.

      Section 6.04 Servicer Not to Resign. Subject to the provisions of Section
7.01 and Section 6.02, the Servicer shall not resign from the obligations and
duties hereby imposed on it except (i) upon determination that the performance
of its obligations or duties hereunder are no longer permissible under
applicable law or are in material conflict by reason of applicable law with any
other activities carried on by it or its subsidiaries or Affiliates, the other
activities of the Servicer so causing such a conflict being of a type and nature
carried on by the Servicer or its subsidiaries or Affiliates at the date of this
Agreement or (ii) upon satisfaction of the following conditions: (a) the
Servicer has proposed a successor servicer to the Trustee and the Securities
Administrator in writing and such proposed successor servicer is reasonably
acceptable to the Trustee and the Securities Administrator and the proposed
successor executes and delivers to the Trustee and the Securities Administrator
an agreement, in form and substance reasonably satisfactory to the Trustee and
the Securities Administrator, which contains an assumption by such successor
servicer of the due and punctual performance and observance of each covenant and
condition to be performed or observed by the Servicer under this Agreement from
and after the date of such agreement; and (b) each Rating Agency shall have
delivered a letter to the Trustee and the Securities Administrator prior to the
appointment of the successor servicer stating that the proposed appointment of
such successor servicer as Servicer hereunder will not result in the reduction
or withdrawal of the then current rating of the LIBOR Certificates or the
ratings that are in effect; provided, however, that no such resignation by the
Servicer shall become effective until such successor servicer or, in the case of
(i) above, the Trustee shall have assumed the Servicer's responsibilities and
obligations hereunder or the Trustee 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
Trustee and the Securities Administrator.

      Section 6.05 Delegation of Duties. (a) In the ordinary course of business,
the Servicer at any time may delegate any of its duties hereunder to any Person,
including any of its Affiliates, who agrees to conduct such duties in accordance
with standards comparable to those set forth in 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. The Servicer shall provide the Trustee and the Rating Agencies
with 60 days written notice prior to the delegation of any of its duties to any
Person other than any of the Servicer's Affiliates or their respective
successors and assigns.

      (b) Notwithstanding anything contained herein to the contrary, to the
extent the Servicer engages any affiliate or third party vendor, in connection
with the performance of any of its duties under this Agreement, the Servicer
shall immediately notify the Depositor in writing of such engagement; provided
however, that prior to engaging any affiliate or third party vendor in
connection with the performance of any of its duties under this Agreement, the
Servicer shall determine (i) if such affiliates or third party vendors would be
a Servicing Function Participant and (ii) if such affiliate or third party
vendor would be a "servicer" within the meaning of Item 1101 of Regulation AB
(an "Additional Servicer") and meets the criteria in Item 1108(a)(2)(i), (ii) or
(iii) of Regulation AB. If the Servicer has determined that such affiliates or
third party vendors are a Servicing Function Participant, the Servicer shall
cause such Servicing Function Participant to prepare and deliver to the
Securities Administrator a separate assessment and attestation report, as
contemplated by Section 3.20 of this Agreement. In addition, if the Servicer has
determined that any such affiliate or third party vendor would be an Additional
Servicer and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of
Regulation AB, the Servicer shall cause such Additional Servicer to prepare and
deliver to the Securities Administrator a separate compliance statement as
contemplated by Section 3.19 of this Agreement. In addition, if the Servicer
determines any such affiliate or third party vendor would be a "servicer" within
the meaning of Item 1101 of Regulation AB, the Servicer shall not engage such
affiliate or third party vendor unless it provides the Securities Administrator
and the Depositor the information required by Section 1108(b) and 1108(c) of
Regulation AB prior to such engagement.

      In the event of any assignment of rights or delegation of duties of the
Servicer, the Securities Administrator shall report such event on Form 8-K
within four Business Days after the effective date thereof provided that the
Servicer provides notice of such occurrence to the Securities Administrator
within 2 days of such effective date.

                                   ARTICLE VII

                                     DEFAULT

      Section 7.01 Servicer Events of Termination. (a)  If any one of the
following events ("Servicer Events of Termination") shall occur and be
continuing:

      (i) (A) The failure by the Servicer to make any Advance, Servicing Advance
   or to pay Compensating Interest and such failure described in this clause (A)
   continues unremedied until 1:00 p.m. New York City time on the Business Day
   immediately following the Distribution Date following such failure; or

            (B) any other failure by the Servicer to deposit in the Collection
   Account or Distribution Account any deposit required to be made under the
   terms of this Agreement, which failure described in this clause (B) continues
   unremedied for a period of three Business Days after the first date on which
   written notice of such failure is given to the Servicer;

      (ii) any failure on the part of the Servicer to observe or perform in any
   material respect any of its covenants or agreements under Sections 3.19, 3.20
   or 3.28 hereof, subject to any cure period set forth in such sections;

      (iii) The failure by the Servicer duly to observe or perform, in any
   material respect, any other covenants, obligations or agreements (other than
   any covenants or agreements of the Servicer under Sections 3.19, 3.20 or
   3.28) of the Servicer as set forth in this Agreement, which failure continues
   unremedied for a period of 60 days, after the date (A) on which written
   notice of such failure, requiring the same to be remedied, shall have been
   given to the Servicer by the Trustee, the Securities Administrator or by any
   Holder of a Certificate (other than a Residual Certificate) evidencing at
   least 25% of the Voting Interests or (B) actual knowledge of such failure by
   a Servicing Officer of the Servicer; or

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

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

      (vi) the Servicer and any Subservicer appointed by it becoming ineligible
   to service for both Fannie Mae and Freddie Mac (unless remedied within 90
   days).

      (b) Then, and in each and every such case, so long as a Servicer Event of
Termination shall not have been remedied within the applicable grace period, (x)
solely with respect to clause (i)(A) above, if such Advance is not made by 1:00
p.m. New York City time on the Business Day immediately following the
Distribution Date, the Trustee may terminate all of the rights and obligations
of the Servicer under this Agreement and the Trustee shall assume upon such
termination (or, pursuant to Section 4.07(e), prior to such termination in the
case of the obligation to make Advances), the duties of a successor servicer
pursuant to Section 7.02 (including, but not limited to, the duty to make
Advances required pursuant to this Agreement) and (y) in the case of (i)(B),
(iii), (iv), (v) and (vi) above, the Trustee shall, at the direction of the
Holders of each Class of LIBOR Certificates and the Class CE Certificates
evidencing Voting Interests aggregating not less than 66 2/3%, by notice then
given in writing to the Servicer (and to the Trustee if given by Holders of
Certificates), terminate all of the rights and obligations of the Servicer as
servicer under this Agreement. Any such notice to the Servicer shall also be
given to the Securities Administrator, each Rating Agency, the Depositor and the
Swap Provider. On or after the receipt by the Servicer (and by the Trustee if
such notice is given by the Holders) of such written notice, all authority and
power of the Servicer under this Agreement, whether with respect to the
Certificates or the Mortgage Loans or otherwise, shall pass to and be vested in
the Trustee pursuant to and under this Section or successor servicer appointed
in connection with Section 7.02; and, without limitation, the Trustee or
successor servicer 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
Trustee (or the applicable successor servicer) in effecting the termination of
the responsibilities and rights of the Servicer hereunder, including, without
limitation, the delivery to the Trustee (or the applicable successor servicer)
of all documents and records requested by it to enable it to assume the
Servicer's functions under this Agreement within twenty Business Days subsequent
to such notice, the transfer within two Business Days subsequent to such notice
to the Trustee (or the applicable successor servicer) for the administration by
it of all cash amounts that shall at the time be held by the Servicer and to be
deposited by it in the Collection Account, the Distribution Account or any
Escrow Account or that have been deposited by the Servicer in such accounts or
thereafter received by the Servicer with respect to the Mortgage Loans or any
REO Property received by the Servicer. All reasonable out-of-pocket costs and
expenses (including attorneys' fees) incurred in connection with transferring
the servicing to the successor servicer and amending this Agreement to reflect
such succession as Servicer pursuant to this Section shall be paid by the
predecessor servicer (or if the predecessor servicer is the Trustee, the initial
servicer) upon presentation of reasonable documentation of such costs and
expenses, and if such predecessor Servicer defaults in its obligation to pay
such costs, such costs shall be paid by the successor Servicer or the Trustee
(in which case the successor Servicer or the Trustee shall be entitled to
reimbursement therefor from funds in the Collection Account).

      Notwithstanding any termination of the activities of a Servicer hereunder,
the Servicer shall be entitled to receive payment of all accrued and unpaid
Servicing Fees and reimbursement for all outstanding Advances and Servicing
Advances properly made prior to the date of termination.

      Section 7.02 Trustee to Act; Appointment of Successor. (a) Within 90 days
of the time the Servicer (and the Trustee, if notice is sent by the Holders)
receives a notice of termination pursuant to Section 7.01 or 6.04, the Trustee
(or such other successor servicer as is approved in accordance with this
Agreement) shall be 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 be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof arising on and after its succession. As compensation therefor, the
Trustee (or such other successor servicer) shall be entitled to such
compensation as the Servicer would have been entitled to hereunder if no such
notice of termination had been given. Notwithstanding the above, (i) if the
Trustee is unwilling to act as successor servicer or (ii) if the Trustee is
legally unable so to act, the Trustee shall appoint or petition a court of
competent jurisdiction to appoint, any established housing and home finance
institution, bank or other mortgage loan or home equity loan servicer having a
net worth of not less than $50,000,000 as the successor to the Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Servicer hereunder; provided, that the appointment of any
such successor servicer will not result in the qualification, reduction or
withdrawal of the ratings assigned to the Certificates or the ratings that are
in effect by the Rating Agencies as evidenced by a letter to such effect from
the Rating Agencies. Pending appointment of a successor to the Servicer
hereunder, unless the Trustee is prohibited by law from so acting, the Trustee
shall act in such capacity as hereinabove provided. In connection with such
appointment and assumption, the successor shall be entitled to receive
compensation out of payments on Mortgage Loans in an amount equal to the
compensation which the Servicer would otherwise have received pursuant to
Section 3.18 (or such other compensation as the Trustee and such successor shall
agree, not to exceed the Servicing Fee). The appointment of a successor servicer
shall not affect any liability of the predecessor servicer which may have arisen
under this Agreement prior to its termination as Servicer to pay any deductible
under an insurance policy pursuant to Section 3.11 or to indemnify the parties
indicated in Section 3.24 pursuant to the terms thereof, nor shall any successor
servicer be liable for any acts or omissions of the predecessor servicer or for
any breach by such servicer of any of its representations or warranties
contained herein or in any related document or agreement. The Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession.

      The predecessor Servicer and successor Servicer shall notify the
Securities Administrator, Depositor and Trustee of any such appointment at least
two Business Days prior to the effective date thereof and shall provide the
Securities Administrator, the Depositor and the Trustee with all information
required by the Depositor to comply with its reporting obligation under Item
6.02 of Form 8-K not later than the effective date of such appointment and the
Securities Administrator shall report such event on Form 8-K within four
business days of the occurrence of such event.

      (b) Any successor, including the Trustee, to the Servicer as servicer
shall during the term of its service as servicer continue to service and
administer the Mortgage Loans for the benefit of Certificateholders, and
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 3.12.

      Section 7.03 Waiver of Defaults. The Holders of Certificates entitled to
at least 66 2/3% of the Voting Interests allocated to the Classes of
Certificates affected by a Servicer Event of Termination may, on behalf of all
Certificateholders, waive any events permitting removal of the Servicer as
servicer pursuant to this Article VII, provided, however, that such Holders may
not waive a default in making a required distribution on a Certificate without
the consent of the Holder of such Certificate. Upon any waiver of a past
default, such default shall cease to exist and any Servicer Event of Termination
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other default
or impair any right consequent thereto except to the extent expressly so waived.
Notice of any such waiver shall be given by the Trustee to the Securities
Administrator and the Rating Agencies.

      Section 7.04 Notification to Certificateholders. (a) On any termination or
appointment of a successor to the Servicer pursuant to this Article VII or
Section 6.04, the Trustee shall give prompt written notice thereof to the
Securities Administrator and the Certificateholders at their respective
addresses appearing in the Certificate Register and each Rating Agency.

      (b) No later than 60 days after the occurrence of any event which
constitutes or which, with notice or a lapse of time or both, would constitute a
Servicer Event of Termination for five Business Days after a Responsible Officer
of the Trustee becomes aware of the occurrence of such an event, the Trustee
shall transmit by mail to the Securities Administrator and all
Certificateholders notice of such occurrence unless such default or Servicer
Event of Termination shall have been waived or cured. Such notice shall be given
to the Rating Agencies promptly after any such occurrence.

      Section 7.05 Survival of Servicer Liabilities. Notwithstanding anything
herein to the contrary, upon termination of the Servicer hereunder, any
liabilities of the Servicer which accrued prior to such termination shall
survive such termination.

                                  ARTICLE VIII

                  THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

      Section 8.01 Duties of Trustee and Securities Administrator. The Trustee,
prior to the occurrence of a Servicer Event of Termination of which a
Responsible Officer of the Trustee shall have actual knowledge and after the
curing of all Servicer Events of Termination which may have occurred, and the
Securities Administrator, each undertakes to perform such duties and only such
duties as are specifically set forth in this Agreement as duties of the Trustee
and the Securities Administrator, respectively. If a Servicer Event of
Termination has occurred (which has not been cured), of which a Responsible
Officer of the Trustee has knowledge, the Trustee shall exercise such of the
rights and powers vested in it by this Agreement, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person's own affairs.

      Upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee and the
Securities Administrator which are specifically required to be furnished
pursuant to any provision of this Agreement, the Trustee and the Securities
Administrator shall examine them to determine whether they conform to the
requirements of this Agreement; provided, however, that neither the Trustee or
the Securities Administrator shall be responsible for the accuracy or content of
any resolution, certificate, statement, opinion, report, document, order or
other instrument furnished by the Servicer, the Seller or the Depositor
hereunder. If any such instrument is found not to conform in any material
respect to the requirements of this Agreement, the Trustee shall notify the
Certificateholders of such instrument in the event that the Trustee, after so
requesting, does not receive a satisfactorily corrected instrument.

      Any good faith interpretation of the Securities Administrator of any
provisions of this Agreement relating to the distributions to be made on or the
allocation of any losses to the Certificates which the Securities Administrator
concludes are ambiguous or unclear shall be binding on Certificateholders.

      No provision of this Agreement shall be construed to relieve the Trustee
and the Securities Administrator from liability for its own negligent action,
its own negligent failure to act or its own misconduct; provided, however, that:

      (i) prior to the occurrence of a Servicer Event of Termination of which a
   Responsible Officer of the Trustee or Securities Administrator, as
   applicable, has actual knowledge, and after the curing of all such Servicer
   Events of Termination which may have occurred, the duties and obligations of
   the Trustee and the Securities Administrator shall be determined solely by
   the express provisions of this Agreement, neither the Trustee nor the
   Securities Administrator shall be liable except for the performance of such
   duties and obligations as are specifically set forth in this Agreement, no
   implied covenants or obligations shall be read into this Agreement against
   the Trustee and the Securities Administrator and, in the absence of bad faith
   on the part of the Trustee or the Securities Administrator, the Trustee or
   the Securities Administrator, as the case may be, may conclusively rely, as
   to the truth of the statements and the correctness of the opinions expressed
   therein, upon any certificates or opinions furnished to the Trustee or the
   Securities Administrator and conforming to the requirements of this
   Agreement;

      (ii) neither the Trustee nor the Securities Administrator shall be
   personally liable for an error of judgment made in good faith by a
   Responsible Officer of the Trustee or the Securities Administrator, unless it
   shall be proved that the Trustee or the Securities Administrator,
   respectively, was negligent in ascertaining or investigating the facts
   related thereto;

      (iii) neither the Trustee nor the Securities Administrator shall be
   personally liable with respect to any action taken, suffered or omitted to be
   taken by it in good faith in accordance with the direction of the Majority
   Certificateholders relating to the time, method and place of conducting any
   proceeding for any remedy available to the Trustee or the Securities
   Administrator or exercising or omitting to exercise any trust or power
   conferred upon the Trustee or the Securities Administrator under this
   Agreement; and

      (iv) neither the Trustee nor the Securities Administrator shall be charged
   with knowledge of any failure by the Servicer to comply with the obligations
   of the Servicer referred to in clauses (i) and (ii) of Section 7.01(a) or any
   Servicer Event of Termination unless a Responsible Officer of the Trustee or
   the Securities Administrator obtains actual knowledge of such failure or the
   Trustee or the Securities Administrator receives written notice of such
   failure from the Servicer or the Majority Certificateholders.

      Neither the Trustee nor the Securities Administrator shall be required to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if there is reasonable ground for believing that the repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it, and none of the provisions contained in this Agreement
shall in any event require the Trustee or the Securities Administrator to
perform, or be responsible for the manner of performance of, any of the
obligations of the Servicer under this Agreement, except during such time, if
any, as the Trustee shall be the successor to, and be vested with the rights,
duties, powers and privileges of, the Servicer in accordance with the terms of
this Agreement.

      Section 8.02 Certain Matters Affecting the Trustee and the Securities
Administrator.  (a) Except as otherwise provided in Section 8.01:

      (i) the Trustee and the Securities Administrator may request and rely
   upon, and shall be protected in acting or refraining from acting upon, any
   resolution, Officer's Certificate, certificate of auditors or any other
   certificate, statement, instrument, opinion, report, notice, request,
   consent, order, appraisal, bond or other paper or document reasonably
   believed by it to be genuine and to have been signed or presented by the
   proper party or parties;

      (ii) the Trustee and the Securities Administrator may consult with counsel
   and any advice or Opinion of Counsel shall be full and complete authorization
   and protection in respect of any action taken or suffered or omitted by it
   hereunder in good faith and in accordance with such advice or Opinion of
   Counsel;

      (iii) neither the Trustee nor the Securities Administrator shall be under
   any obligation to exercise any of the rights or powers vested in it by this
   Agreement, or to institute, conduct or defend any litigation hereunder or in
   relation hereto, at the request, order or direction of the Certificateholders
   pursuant to the provisions of this Agreement, unless such Certificateholders
   shall have offered to the Trustee or the Securities Administrator, as the
   case may be, reasonable security or indemnity against the costs, expenses and
   liabilities which may be incurred therein or thereby; the right of the
   Trustee or the Securities Administrator, as the case may be, to perform any
   discretionary act enumerated in this Agreement shall not be construed as a
   duty, and neither the Trustee nor the Securities Administrator shall be
   answerable for other than its negligence or willful misconduct in the
   performance of any such act;

      (iv) neither the Trustee nor the Securities Administrator shall be
   personally liable for any action taken, suffered or omitted by it in good
   faith and believed by it to be authorized or within the discretion or rights
   or powers conferred upon it by this Agreement;

      (v) prior to the occurrence of a Servicer Event of Termination of which a
   Responsible Officer of the Trustee or Securities Administrator, as
   applicable, has actual knowledge, and after the curing of all Servicer Events
   of Termination which may have occurred, neither the Trustee nor the
   Securities Administrator shall be bound to make any investigation into the
   facts or matters stated in any resolution, certificate, statement,
   instrument, opinion, report, notice, request, consent, order, approval, bond
   or other paper or documents, unless requested in writing to do so by the
   Majority Certificateholders; provided, however, that if the payment within a
   reasonable time to the Trustee or the Securities Administrator of the costs,
   expenses or liabilities likely to be incurred by it in the making of such
   investigation is, in the opinion of the Trustee or the Securities
   Administrator, not reasonably assured to the Trustee or the Securities
   Administrator by the security afforded to it by the terms of this Agreement,
   the Trustee and the Securities Administrator may require indemnity
   satisfactory to the Trustee or the Securities Administrator, as applicable,
   against such cost, expense or liability as a condition to such proceeding.
   The reasonable expense of every such examination shall be paid by the
   Servicer or, if paid by the Trustee or the Securities Administrator, shall be
   reimbursed by the Servicer upon demand from the Servicer's own funds. Nothing
   in this clause (v) shall derogate from the obligation of the Servicer to
   observe any applicable law prohibiting disclosure of information regarding
   the Mortgagors;

      (vi) neither the Trustee nor the Securities Administrator shall be
   accountable, have any liability or make any representation as to any acts or
   omissions hereunder of the Servicer until such time as the Trustee may be
   required to act as Servicer pursuant to Section 7.02;

      (vii) each of the Trustee and the Securities Administrator may execute any
   of the trusts or powers hereunder or perform any duties hereunder either
   directly or by or through agents or attorneys or a custodian and neither the
   Trustee nor the Securities Administrator shall be responsible for any
   misconduct or negligence on the part of any such agent, attorney or custodian
   appointed by it with due care; and

      (viii) the right of the Trustee or the Securities Administrator to perform
   any discretionary act enumerated in this Agreement shall not be construed as
   a duty, and neither the Trustee nor the Securities Administrator shall be
   answerable for other than its negligence or willful misconduct in the
   performance of such act.

      (ix) neither Trustee nor the Securities Administrator shall be required to
   give any bond or surety in respect of the execution of the Trust Fund created
   hereby or the powers granted hereunder.

      Section 8.03 Trustee and Securities Administrator Not Liable for
Certificates or Mortgage Loans. The recitals contained herein and in the
Certificates shall be taken as the statements of the Depositor, and neither the
Trustee nor the Securities Administrator assumes any responsibility for the
correctness of the same. Neither the Trustee nor the Securities Administrator
makes any representations as to the validity or sufficiency of this Agreement or
of the Certificates (other than (i) the signature and authentication of the
Securities Administrator on the Certificates, in the case of the Securities
Administrator and (ii) the authentication of the Securities Administrator,
acting as Certificate Registrar, on the Certificates, in the case of the
Securities Administrator) or of any Mortgage Loan or Related Document. Neither
the Trustee nor the Securities Administrator shall be accountable for the use or
application by the Servicer, or for the use or application of any funds paid to
the Servicer in respect of the Mortgage Loans or deposited in or withdrawn from
the Collection Account by the Servicer. Neither the Trustee nor the Securities
Administrator shall at any time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Mortgage or any
Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
of any such perfection and priority, or for or with respect to the sufficiency
of the Trust or its ability to generate the payments to be distributed to
Certificateholders under this Agreement, including, without limitation: the
existence, condition and ownership of any Mortgaged Property; the existence and
enforceability of any hazard insurance thereon (other than the Trustee's
responsibility if the Trustee shall assume the duties of the Servicer pursuant
to Section 7.02); the validity of the assignment of any Mortgage Loan to the
Trustee or of any intervening assignment; the completeness of any Mortgage Loan;
the performance or enforcement of any Mortgage Loan (other than the Trustee's
responsibility if the Trustee shall assume the duties of the Servicer pursuant
to Section 7.02); the compliance by the Depositor or the Servicer with any
warranty or representation made under this Agreement or in any related document
or the accuracy of any such warranty or representation (except, in the case of
the Trustee, after receipt of notice of any non-compliance therewith or any
breach thereof); any investment of monies by or at the direction of the Servicer
or any loss resulting therefrom, it being understood that the Trustee shall
remain responsible for any Trust property that it may hold in its individual
capacity; the acts or omissions of any of the Servicer (other than the Trustee's
responsibility if the Trustee shall assume the duties of the Servicer pursuant
to Section 7.02), or any Mortgagor; any action of the Servicer (other than the
Trustee's responsibility if the Trustee shall assume the duties of the Servicer
pursuant to Section 7.02), taken in the name of the Trust; the failure of the
Servicer to act or perform any duties required of it as agent of the Trust
hereunder (other than the Trustee's responsibility if the Trustee shall assume
the duties of the Servicer pursuant to Section 7.02); or any action by the
Trustee or the Securities Administrator taken at the instruction of the Servicer
(other than the Trustee's responsibility if the Trustee shall assume the duties
of the Servicer pursuant to Section 7.02); provided, however, that the foregoing
shall not relieve the Trustee and the Securities Administrator of their
obligation to perform their respective duties under this Agreement. The 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.

      Section 8.04 Trustee and Securities Administrator May Own Certificates.
Each of the Trustee and the Securities Administrator in its individual or any
other capacity may become the owner or pledgee of Certificates with the same
rights as it would have if it were not Trustee or Securities Administrator and
may transact any banking and trust business or otherwise deal with the Servicer,
the Depositor or their Affiliates.

      Section 8.05 Trustee and Securities Administrator Fees and Expenses. The
Securities Administrator shall be entitled to the investment income on funds on
deposit in the Distribution Account as set forth in Section 3.23. This shall
constitute compensation to the Securities Administrator for its activities
hereunder. The fees and expenses of the Trustee shall be paid by the Securities
Administrator, without reimbursement from the Trust Fund, in accordance with a
side letter agreement between the Trustee and the Securities Administrator. The
Trust shall reimburse the Trustee and the Securities Administrator for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
or the Securities Administrator in accordance with any of the provisions of this
Agreement (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ),
except any such expense, disbursement or advance as may arise from its gross
negligence or bad faith or which is the responsibility of the Trustee or
Securities Administrator hereunder or that does not constitute an "unanticipated
expense" of a REMIC within the meaning of Treasury Regulation Section
1.860G(b)(3)(ii). In addition, the Trustee, the Securities Administrator and
their respective officers, directors, employees and agents shall be indemnified
by the Trust from, and held harmless against, any and all losses, liabilities,
damages, claims or expenses incurred in connection with any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense (i) that constitutes a specific liability of the Trustee or the
Securities Administrator, as applicable, under this Agreement, (ii) incurred by
reason of willful misfeasance, bad faith or gross negligence of the Trustee or
Securities Administrator, as applicable, in the performance of its respective
duties hereunder or by reason of the Trustee's or the Securities
Administrator's, as the case may be, reckless disregard of its obligations and
duties hereunder or (iii) that does not constitute an "unanticipated expense" of
a REMIC within the meaning of Treasury Regulation Section 1.860G(b)(3)(ii). The
Trustee and its officers, directors, employees and agents shall be indemnified
by the Trust from, and held harmless against, any and all losses, liabilities,
damages, claims or expenses, including reasonable attorneys' fees, that may be
imposed on, incurred by or asserted against the Custodian in any way related to
or arising out of the Custodial Agreement or any action taken or not taken by
the Custodian and which the Trustee had paid to the Custodian pursuant to the
terms of the Custodial Agreement, other than any loss, liability or expense (i)
that constitutes a specific liability of the Custodian under the Custodial
Agreement or (ii) or incurred by reason of willful misfeasance, bad faith or
negligence of the Custodian in the performance of its duties under the Custodial
Agreement or by reason of the Custodian's reckless disregard of its obligations
under the Custodial Agreement. Subject to the provisions of this Article VIII,
the Trustee and its officers, directors, employees and agents shall be
indemnified by the Securities Administrator from, and held harmless against, any
and all losses, liabilities, damages, claims or expenses incurred by the Trustee
in connection with or arising out of the willful misfeasance, bad faith or
negligence of the Securities Administrator in the performance of its duties
under this Agreement. This Section shall survive termination of this Agreement
or the resignation or removal of any Trustee or Securities Administrator
hereunder and payment of the Certificates.

      Section 8.06 Eligibility Requirements for Trustee and Securities
Administrator. Each of the Trustee and the Securities Administrator shall at all
times be (i) an entity duly organized and validly existing under the laws of the
United States of America or any state thereof, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 or a member of a bank holding system, the aggregate combined
capital surplus of which is at least $50,000,000, provided that its separate
capital and surplus shall at all times be at least the amount specified in
Section 310(a)(2) of the Trust Indenture Act of 1939, (ii) be subject to
supervision or examination by federal or state authority and (iii) have a
minimum long-term debt rating of BBB DBRS and Fitch and Baa3 by Moody's and a
long term debt rating of at least A1 or better by Moody's, and subject to
supervision or examination by federal or state authority. The Trustee shall not
be an affiliate of the Depositor or the Servicer. If such entity publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section 8.06, the combined capital and surplus of such entity shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. The principal office of the Trustee and the
Securities Administrator (other than the initial Trustee or Securities
Administrator) shall be in a state with respect to which an Opinion of Counsel
has been delivered to such Trustee or Securities Administrator at the time such
Trustee or Securities Administrator is appointed Trustee or Securities
Administrator, at such entity's expense, to the effect that the Trust will not
be a taxable entity under the laws of such state. In case at any time the
Trustee or Securities Administrator shall cease to be eligible in accordance
with the provisions of this Section 8.06, the Trustee or Securities
Administrator shall resign immediately in the manner and with the effect
specified in Section 8.07. The Securities Administrator (i) may not be the
Originator, the Servicer, the Depositor or an affiliate of the Depositor unless
the Securities Administrator is in an institutional trust department, (ii) must
be authorized to exercise corporate trust powers under the laws of its
jurisdiction of organization, and (iii) must be rated at least A/F1 by Fitch and
the equivalent rating by Moody's and DBRS (or such other rating acceptable to
Fitch, DBRS and Moody's pursuant to a ratings confirmation). If no successor
Securities Administrator shall have been appointed and shall have accepted
appointment within 60 days after the Securities Administrator ceases to be the
Securities Administrator pursuant to this Section 8.06, then the Trustee shall
perform the duties of the Securities Administrator pursuant to this Agreement.
The Trustee shall notify the Rating Agencies of any change of Securities
Administrator.

      Section 8.07 Resignation or Removal of Trustee and Securities
Administrator. The Trustee or the Securities Administrator may at any time
resign and be discharged from the trusts hereby created by giving written notice
thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving
such notice of resignation, the Depositor shall promptly appoint a successor
Trustee or Securities Administrator, by written instrument, in duplicate, one
copy of which instrument shall be delivered to the resigning Trustee or
Securities Administrator, as applicable, and one copy to the successor Trustee
or Securities Administrator, as the case may be. If no successor Trustee or
Securities Administrator shall have been so appointed and having accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee or Securities Administrator may petition any court of
competent jurisdiction for the appointment of a successor Trustee or Securities
Administrator.

      If at any time the Trustee or the Securities Administrator shall cease to
be eligible in accordance with the provisions of Section 8.06 and shall fail to
resign after written request therefor by the Depositor, or if at any time the
Trustee or the Securities Administrator shall be legally unable to act, or shall
be adjudged bankrupt or insolvent, or a receiver of the Trustee or the
Securities Administrator or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or the Securities
Administrator or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Depositor or Servicer may remove the
Trustee or the Securities Administrator, as the case may be. If the Depositor or
the Servicer removes the Trustee or the Securities Administrator under the
authority of the immediately preceding sentence, the Depositor shall promptly
appoint a successor Trustee or Securities Administrator by written instrument,
in duplicate, one copy of which instrument shall be delivered to the Trustee or
Securities Administrator so removed and one copy to the successor Trustee or
Securities Administrator.

      In addition, if (a) the Trustee or Securities Administrator fails to
comply with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports required pursuant to
Section 3.20 or (b) any Servicing Function Participant engaged by the Trustee or
Securities Administrator fails to comply with its obligations to deliver any
assessment of servicing compliance or registered public accounting firm
attestation reports, the Servicer, may, after consultation with the Depositor,
remove the Trustee or Securities Administrator and appoint a successor trustee
or securities administrator by written instrument, in duplicate, one copy of
which instrument shall be delivered to the Trustee or Securities Administrator
so removed and one copy to the successor trustee or securities administrator.

      The Majority Certificateholders may at any time remove the Trustee or the
Securities Administrator by written instrument or instruments delivered to the
Servicer, the Depositor, the Securities Administrator and the Trustee; the
Depositor shall thereupon use its best efforts to appoint a successor Trustee or
Securities Administrator, as the case may be in accordance with this Section.

      Any resignation or removal of the Trustee or the Securities Administrator
and appointment of a successor Trustee or Securities Administrator pursuant to
any of the provisions of this Section 8.07 shall not become effective until
acceptance of appointment by the successor Trustee or Securities Administrator
as provided in Section 8.08.

      Section 8.08 Successor Trustee and Successor Securities Administrator. Any
successor Trustee or Securities Administrator appointed as provided in Section
8.07 shall execute, acknowledge and deliver to the Depositor, the Rating
Agencies, the Servicer and to its predecessor Trustee or Securities
Administrator an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Securities
Administrator shall become effective, and such successor Trustee or Securities
Administrator, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
hereunder, with like effect as if originally named as Trustee or Securities
Administrator. The Depositor, the Servicer and the predecessor Trustee or
Securities Administrator 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 Trustee or Securities Administrator all such rights,
powers, duties and obligations.

      If the predecessor trustee or securities administrator has been removed
for cause or has resigned, all costs associated with the appointment of a
successor trustee or securities administrator shall be paid to the Person that
incurred them by the predecessor trustee or securities administrator. Without
limiting the predecessor trustee's or securities administrator's obligation, if
the predecessor trustee or securities administrator fails to pay such costs,
such costs shall be reimbursed by the Trust; provided however, that if the
predecessor trustee or securities administrator has been terminated without
cause pursuant to the fourth paragraph of Section 8.07, all reasonable expenses
incurred in complying with this Section 8.08 shall be reimbursed by the Trust to
the Person that incurred them.

      No successor Trustee or Securities Administrator shall accept appointment
as provided in this Section 8.08 unless at the time of such acceptance such
successor Trustee or Securities Administrator shall be eligible under the
provisions of Section 8.06 and the appointment of such successor Trustee or
Securities Administrator shall not result in a downgrading of the LIBOR
Certificates by any Rating Agency, as evidenced by a letter from each Rating
Agency.

      Upon acceptance of appointment by a successor Trustee or Securities
Administrator as provided in this Section 8.08, the successor Trustee or
Securities Administrator shall mail notice of the appointment of a successor
Trustee or Securities Administrator hereunder to the Swap Provider and all
Holders of Certificates at their addresses as shown in the Certificate Register
and to each Rating Agency.

      Section 8.09 Merger or Consolidation of Trustee or Securities
Administrator. Any entity into which the Trustee or the Securities Administrator
may be merged or converted or with which it may be consolidated, or any entity
resulting from any merger, conversion or consolidation to which the Trustee or
the Securities Administrator shall be a party, or any entity succeeding to the
business of the Trustee or the Securities Administrator, shall be the successor
of the Trustee or Securities Administrator hereunder, provided such entity (i)
shall be eligible under the provisions of Section 8.06 and 8.08, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding and (ii) shall
notify the Depositor of any such merger, conversion or consolidation at least
two Business Days prior to the effective date thereof (unless such notice is
otherwise prohibited by law, in which case such notice shall be provided on the
effective date thereof) and shall provide the Depositor and the Securities
Administrator (if such entity is not replacing the Securities Administrator)
with all information required by the Depositor to comply with its reporting
obligations under Item 6.02 of Form 8-K not later than the effective date of
such merger, conversion or consolidation and the Securities Administrator shall
report such event on Form 8-K within four business days of the occurrence of
such event.

      Section 8.10 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or any Mortgaged Property may at the time be located, the Depositor
and the Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Trustee
to act as co-trustee or co-trustees, jointly with the Trustee, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the
Certificateholders, such title to the Trust, or any part thereof, and, subject
to the other provisions of this Section 8.10, such powers, duties, obligations,
rights and trusts as the Servicer and the Trustee may consider necessary or
desirable. Any such co-trustee or separate trustee shall be subject to the
written approval of the Servicer. If the Servicer shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, or in
the case a Servicer Event of Termination shall have occurred and be continuing,
the Trustee alone shall have the power to make such appointment. No co-trustee
or separate trustee hereunder shall be required to meet the terms of eligibility
as a successor Trustee under Section 8.06, and no notice to Certificateholders
of the appointment of any co-trustee or separate trustee shall be required under
Section 8.08.

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

      (i) all rights, powers, duties and obligations conferred or imposed upon
   the Trustee shall be conferred or imposed upon and exercised or performed by
   the Trustee and such separate trustee or co-trustee jointly (it being
   understood that such separate trustee or co-trustee is not authorized to act
   separately without the 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 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 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
   Trustee;

      (ii) no trustee hereunder shall be held personally liable by reason of any
   act or omission of any other trustee hereunder; and

      (iii) the Securities Administrator and the Trustee, acting jointly may at
   any time accept the resignation of or remove any separate trustee or
   co-trustee.

      Any notice, request or other writing given to the 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 Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Depositor, the Securities Administrator, the Rating Agencies and the Servicer.

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

      Section 8.11 Limitation of Liability. The Certificates are executed by the
Securities Administrator, not in its individual capacity but solely as
Securities Administrator of the Trust, in the exercise of the powers and
authority conferred and vested in it by this Agreement. Each of the undertakings
and agreements made on the part of the Securities Administrator in the
Certificates is made and intended not as a personal undertaking or agreement by
the Securities Administrator but is made and intended for the purpose of binding
only the Trust.

      Section 8.12 Trustee or Securities Administrator May Enforce Claims
Without Possession of Certificates. (a) All rights of action and claims under
this Agreement or the Certificates may be prosecuted and enforced by the Trustee
or the Securities Administrator without the possession of any of the
Certificates or the production thereof in any proceeding relating thereto, and
such proceeding instituted by the Trustee or the Securities Administrator shall
be brought in its own name or in its capacity as Trustee or Securities
Administrator for the benefit of all Holders of such Certificates, subject to
the provisions of this Agreement. Any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursement
and advances of the Trustee or Securities Administrator, as the case may be, or
their agents and counsel, be for the ratable benefit of the Certificateholders
in respect of which such judgment has been recovered.

      (b) The Trustee shall afford the Depositor, the Servicer, the Securities
Administrator and each Certificateholder upon reasonable notice during normal
business hours, access to all records maintained by the Trustee in respect of
its duties hereunder and access to officers of the Trustee responsible for
performing such duties. The Trustee shall cooperate fully with the Servicer, the
Depositor, the Securities Administrator and such Certificateholder and shall
make available to the Servicer, the Depositor, the Securities Administrator and
such Certificateholder for review and copying at the expense of the party
requesting such copies, such books, documents or records as may be requested
with respect to the Trustee's duties hereunder. The Depositor, the Servicer, the
Securities Administrator and the Certificateholders shall not have any
responsibility or liability for any action or failure to act by the Trustee and
are not obligated to supervise the performance of the Trustee under this
Agreement or otherwise.

      (c) The Securities Administrator shall afford the Depositor, the Trustee,
the Servicer and each Certificateholder upon reasonable notice during normal
business hours, access to all records maintained by the Securities Administrator
in respect of its duties hereunder and access to officers of the Securities
Administrator responsible for performing such duties. The Securities
Administrator shall cooperate fully with the Servicer, the Trustee, the
Depositor and such Certificateholder and shall make available to the Servicer,
the Trustee, the Depositor and such Certificateholder for review and copying at
the expense of the party requesting such copies, such books, documents or
records as may be requested with respect to the Securities Administrator's
duties hereunder. The Depositor, the Trustee, the Servicer and the
Certificateholders shall not have any responsibility or liability for any action
or failure to act by the Securities Administrator and are not obligated to
supervise the performance of the Securities Administrator under this Agreement
or otherwise.

      Section 8.13 Suits for Enforcement. In case a Servicer Event of
Termination or other default by the Servicer hereunder shall occur and be
continuing, the Trustee may proceed to protect and enforce its rights and the
rights of the Certificateholders under this Agreement by a suit, action or
proceeding in equity or at law or otherwise, whether for the specific
performance of any covenant or agreement contained in this Agreement or in aid
of the execution of any power granted in this Agreement or for the enforcement
of any other legal, equitable or other remedy, as the Trustee, being advised by
counsel, and subject to the foregoing, shall deem most effectual to protect and
enforce any of the rights of the Trustee and the Certificateholders.

      Section 8.14 Waiver of Bond Requirement. The Trustee shall be relieved of,
and each Certificateholder hereby waives, any requirement of any jurisdiction in
which the Trust, or any part thereof, may be located that the Trustee post a
bond or other surety with any court, agency or body whatsoever.

      Section 8.15 Waiver of Inventory, Accounting and Appraisal Requirement.
The Trustee shall be relieved of, and each Certificateholder hereby waives, any
requirement of any jurisdiction in which the Trust, or any part thereof, may be
located that the Trustee file any inventory, accounting or appraisal of the
Trust with any court, agency or body at any time or in any manner whatsoever.

      Section 8.16 Appointment of Custodian. Wells Fargo Bank has been appointed
Custodian by the Trustee pursuant to the Custodial Agreement. If such entity
resigns or is terminated as Custodian pursuant to the Custodial Agreement, the
Trustee shall serve as Custodian or the Trustee may, with the consent of the
Depositor and the Servicer, appoint one or more Custodians to hold all or a
portion of the Mortgage Files as agent for the Trustee, by entering into a
custodial agreement in the form of the Custodial Agreement or otherwise in a
form acceptable to the Depositor and the Servicer. Subject to this Article VIII,
the Trustee agrees to comply with the terms of the Custodial Agreement and any
such custodial agreement and to enforce the terms and provisions thereof against
the Custodian for the benefit of the Certificateholders. Each Custodian will be
a depositary institution subject to supervision by federal or state authority,
shall have a combined capital and surplus of at least $10,000,000 and shall be
qualified to do business in the jurisdiction in which it holds any Mortgage File
and afforded the same protections hereunder as the Trustee.

      Section 8.17 Indemnification of the Securities Administrator and
Depositor by the Trustee

      The Trustee shall indemnify and hold harmless the Securities Administrator
and the Depositor and any director, officer or agent thereof against any loss,
liability or expense, including reasonable attorney's fees, arising out of, in
connection with or incurred by reason of willful misfeasance, bad faith or
negligence in the performance of duties of the Trustee or by reason of reckless
disregard of its obligation to deliver any information, report, certification,
accountants' letter or other material required to comply with Regulation AB. Any
payment pursuant to this Section made by the Trustee to the Securities
Administrator or the Depositor shall be from such entity's own funds, without
reimbursement therefor. The provisions of this Section 8.17 shall survive the
termination of this Agreement.

      Notwithstanding anything in this Agreement to the contrary, in no event
shall the Trustee be liable for any special, indirect or consequential loss or
damage of any kind whatsoever (including but not limited to lost profits)
resulting from the Trustee's nonperformance of its duties or obligations to
deliver any information, report, certification, accountants' letter or other
material required to comply with Regulation AB, even if the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of
action.

      Section 8.18 Trustee Errors and Omissions Policy.

      The Trustee shall maintain, at all times and at its own expense, a Trustee
Errors and Omissions Policy, which policy shall have such terms and coverage
amounts as are comparable to those of errors and omissions policies maintained
by trustees generally.

      The Trustee Errors and Omissions Policy shall insure the Trustee, its
successors and assigns, against any losses resulting from negligence, errors or
omissions on the part of officers, employees or other persons acting on behalf
of the Trustee in the performance of its duties as Trustee pursuant to this
Agreement.

      The Trustee shall maintain in effect the Trustee Errors and Omissions
Policy at all times and the Trustee Errors and Omissions Policy may not be
canceled, permitted to lapse or otherwise terminated without thirty Business
Days' prior written notice by registered mail to the Securities Administrator
and the Depositor.

      Section 8.19 Securities Administrator Errors and Omissions Policy.

      The Securities Administrator shall maintain, at all times and at its own
expense, a Securities Administrator Errors and Omissions Policy, which policy
shall have such terms and coverage amounts as are comparable to those of errors
and omissions policies maintained by trustees of mortgage loans generally.

      The Securities Administrator Errors and Omissions Policy shall insure the
Securities Administrator, its successors and assigns, against any losses
resulting from negligence, errors or omissions on the part of officers,
employees or other persons acting on behalf of the Securities Administrator in
the performance of its duties as Securities Administrator pursuant to this
Agreement.

      The Securities Administrator shall maintain in effect the Securities
Administrator Errors and Omissions Policy at all times and the Securities
Administrator Errors and Omissions Policy may not be canceled, permitted to
lapse or otherwise terminated without the acquisition of comparable coverage by
the Securities Administrator.

                                   ARTICLE IX

                     REMIC AND GRANTOR TRUST ADMINISTRATION

      Section 9.01 REMIC Administration. (a) The Preliminary Statement sets
forth the designations for federal income tax purposes of all interests created
hereby. For the avoidance of doubt, the Class P Certificates shall not represent
a regular or residual interest in any Trust REMIC. The Closing Date is hereby
designated as the "Startup Day" of each Trust REMIC within the meaning of
section 860G(a)(9) of the Code. The "latest possible maturity date" of the
regular interests in each Trust REMIC is the Distribution Date in March 2037,
which is the Distribution Date in the month following the month in which the
latest maturity date of any Mortgage Loan occurs. Amounts distributable to the
Class CE Certificates (prior to any reduction for any Cap Carryover Amounts or
any Swap Termination Payment), exclusive of any amounts received from the Swap
Provider, shall be deemed paid from the Upper-Tier REMIC to the Class CE REMIC
in respect of the Class UT-X Interest and the Class UT-IO Interest and then from
the Class CE REMIC in respect of the Class CE Interest and the Class IO Interest
to the Holders of the Class CE Certificates prior to distribution of any Cap
Carryover Amounts to the LIBOR Certificates or Net Swap Payments or Swap
Termination Payments payable to the Swap Provider.

      For federal income tax purposes, any amount distributed on the LIBOR
Certificates on any Distribution Date in excess of the amount distributable on
their Corresponding Class of Upper-Tier Regular Interest on such Distribution
Date shall be treated as having been paid from the Excess Reserve Fund Account
or the Supplemental Interest Trust, as applicable, and any amount distributable
on such Corresponding Class of Upper-Tier Regular Interest on such Distribution
Date in excess of the amount distributable on the Corresponding Class of LIBOR
Certificates on such Distribution Date shall be treated as having been paid to
the Supplemental Interest Trust.

      (b) The Trustee shall make or cause to be made REMIC elections for each of
Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier REMIC, the Upper-Tier
REMIC, and the Class CE REMIC as set forth in the Preliminary Statement on Forms
1066 as prepared by the Securities Administrator or other appropriate federal
tax or information return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued. The Securities Administrator
shall prepare such Forms 1066 and any other appropriate federal tax or
information return and deliver them to the Trustee on a timely basis for the
Trustee's execution. The Trustee shall execute and the Securities Administrator
shall file such forms.

      (c) The Securities Administrator shall pay any and all tax related
expenses (not including taxes) of each Trust REMIC, including but not limited to
any professional fees or expenses related to audits or any administrative or
judicial proceedings with respect to such Trust REMIC that involve the Internal
Revenue Service or state tax authorities, but only to the extent that (i) such
expenses are ordinary or routine expenses, including expenses of a routine audit
but not expenses of litigation (except as described in (ii)); or (ii) such
expenses or liabilities (including taxes and penalties) are attributable to the
negligence or willful misconduct of the Securities Administrator in fulfilling
its duties hereunder. The Securities Administrator shall be entitled to
reimbursement of expenses to the extent provided in clause (i) above from the
Trust.

      (d) The Securities Administrator shall prepare or cause to be prepared,
and cause the Trustee to sign and the Securities Administrator shall file or
cause to be filed, each Trust REMIC's federal and state tax and information
returns as such Trust REMIC's direct representative. The expenses of preparing
and filing such returns shall be borne by the Securities Administrator. The
Securities Administrator will apply for an Employer Identification Number from
the Internal Revenue Service via a form SS-4 or any other acceptable method for
all Trust REMICs and other tax entities and will also file a Form 8811 with
respect to all such Trust REMICs with the Internal Revenue Service.

      (e) The Holder of the Class R Certificate shall act as the "tax matters
person" for Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier REMIC,
the Upper-Tier REMIC and the Class CE REMIC, within the meaning of Treasury
Regulations Section 1.860F-4(d), and the Securities Administrator is hereby
irrevocably designated as agent of such Certificateholders for such purpose (or
if the Securities Administrator is not so permitted, such Holder shall be the
"tax matters person" in accordance with the REMIC Provisions). In such capacity,
the Securities Administrator shall, as and when necessary and appropriate,
represent any Trust REMIC in any administrative or judicial proceedings relating
to an examination or audit by any governmental taxing authority, request an
administrative adjustment as to any taxable year of any Trust REMIC, enter into
settlement agreements with any governmental taxing agency, extend any statute of
limitations relating to any tax item of any Trust REMIC, and otherwise act on
behalf of each Trust REMIC in relation to any tax matter or controversy
involving it.

      To enable the Securities Administrator to perform its duties under this
Agreement, the Depositor shall provide to the Securities Administrator all
information or data that the Securities Administrator requests in writing and
determines to be relevant for tax purposes to the valuations and offering prices
of the Certificates, including the price, yield, prepayment assumption, and
projected cash flows of the Certificates and the Mortgage Loans. Thereafter, the
Depositor shall provide to the Securities Administrator promptly upon written
request therefor any additional information or data that the Securities
Administrator may, from time to time, reasonably request to enable the
Securities Administrator to perform its duties under this Agreement; provided,
however, that the Depositor shall not be required to provide any information
regarding the Mortgage Loans after the Closing Date or any information that the
Servicer is required to provide to the Securities Administrator pursuant to this
Agreement.

      (f) The Trustee, the Securities Administrator, the Servicer, and the
Holders of Certificates shall take any action or cause any Trust REMIC to take
any action necessary to create or maintain the status of such REMIC as a REMIC
under the REMIC Provisions and shall assist each other as necessary to create or
maintain such status. None of the Trustee, the Servicer, the Securities
Administrator or the Holder of the Class R Certificate shall take any action or
cause any Trust REMIC to take any action or fail to take (or fail to cause to be
taken) any action that, under the REMIC Provisions, if taken or not taken, as
the case may be, could (i) endanger the status of such Trust REMIC as a REMIC or
(ii) result in the imposition of a tax upon such Trust REMIC (including but not
limited to the tax on prohibited transactions as defined in Code Section
860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Securities
Administrator, the Trustee and the Servicer have received an Opinion of Counsel
(at the expense of the party seeking to take such action) to the effect that the
contemplated action will not endanger such status or result in the imposition of
such a tax. In addition, prior to taking any action with respect to any Trust
REMIC or the assets therein, or causing such Trust REMIC to take any action,
which is not expressly permitted under the terms of this Agreement, any Holder
of the Class R Certificate will consult with the Securities Administrator, the
Trustee and the Servicer, or their respective designees, in writing, with
respect to whether such action could cause an Adverse REMIC Event to occur with
respect to any Trust REMIC, and no such Person shall take any such action or
cause such Trust REMIC to take any such action as to which the Securities
Administrator, the Trustee or the Servicer has advised it in writing that an
Adverse REMIC Event could occur.

      (g) The Holder of the Class R Certificate shall pay when due any and all
taxes imposed on Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier
REMIC, the Upper-Tier REMIC and the Class CE REMIC by federal or state
governmental authorities, but only from amounts, if any, distributable thereon.
To the extent that such REMIC taxes are not paid by the Class R
Certificateholder, the Securities Administrator shall pay any remaining REMIC
taxes out of future amounts otherwise distributable to the Holder of the Class R
Certificate or, if no such amounts are available, out of other amounts held in
the Distribution Account, and shall reduce amounts otherwise payable to Holders
of the REMIC Regular Interests or the Certificates, as the case may be.

      (h) The Securities Administrator, shall, for federal income tax purposes,
maintain or cause to be maintained books and records with respect to each Trust
REMIC on a calendar year and on an accrual basis.

      (i) No additional contributions of assets shall be made to any Trust
REMIC, except as expressly provided in this Agreement with respect to Eligible
Substitute Mortgage Loans.

      (j) None of the Trustee, the Securities Administrator or the Servicer
shall enter into any arrangement by which any Trust REMIC will receive a fee or
other compensation for services.

      (k) On or before April 15 of each calendar year, beginning in 2008, the
Securities Administrator shall deliver to each Rating Agency an Officer's
Certificate stating the Securities Administrator's compliance with those
provisions of this Section 9.01 applicable to it.

      (l) The Securities Administrator shall treat (i) the rights of the LIBOR
Certificates to receive, and the obligation of the Class CE Certificates to pay,
Cap Carryover Amounts and the obligation of the LIBOR Certificates to pay, and
the right of the Class CE Certificates to receive, Class IO Shortfalls as rights
and obligations under notional principal contracts between the Class CE
Certificateholders and the Holders of the LIBOR Certificates and (ii) the rights
and obligations of the Class CE Certificates under the Interest Rate Swap
Agreement as rights and obligations under notional principal contracts between
the Class CE Certificates and the Swap Provider, respectively, in each case in
accordance with the terms thereof. The Securities Administrator shall account
for such as property held separate and apart from the regular interests it holds
in each of the Trust REMICs. The provisions of this paragraph are intended to
satisfy the requirements of Treasury Regulations Section 1.860G-2(i) for the
treatment of property rights coupled with regular interests to be separately
respected and shall be interpreted consistent with such regulation. On each
Distribution Date, to the extent the LIBOR Certificates receive interest in
excess of the Upper-Tier REMIC WAC Rate, such interest will be treated as
distributed to the Class CE Certificates in respect of the Class CE Interest,
together with any amount deposited in the Supplemental Interest Trust Account in
respect of the Interest Rate Swap Agreement, and then paid to the respective
Classes of LIBOR Certificates pursuant to the related notional principal
contract. Similarly, to the extent the LIBOR Certificates receive interest that
is less than the Upper-Tier REMIC WAC Rate, such interest will be treated as
distributed to the LIBOR Certificates and then paid to the Class CE Certificates
as a Class IO Shortfall.

      (m) The Securities Administrator shall deliver or cause to be delivered
the federal taxpayer identification number of the grantor trust on a correct,
complete and duly executed IRS Form W-9 of the trust to the Swap Provider
promptly after execution of the Interest Rate Swap Agreement but no later than
the first Distribution Date and thereafter, promptly upon actual knowledge of a
Responsible Officer of the Securities Administrator that such previously
provided form is obsolete or incorrect and, if requested by the Swap Provider,
an applicable IRS Form W-8IMY.

      (n) For federal tax return and information reporting, (i) the rights and
obligations of the Class CE Certificates under the Interest Rate Swap Agreement
and (ii) (A) the obligation of the Class CE Certificates to pay Cap Carryover
Amounts and (B) the rights of the Holders of the LIBOR Certificates to receive
Cap Carryover Amounts shall each be assigned a value of zero.

      Section 9.02 Prohibited Transactions and Activities. (a) None of the
Depositor, the Servicer, the Securities Administrator or the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of any Trust REMIC pursuant to Article X of
this Agreement, (iv) a substitution pursuant to Article II of this Agreement,
(v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or
(vi) an optional purchase by the Depositor pursuant to Section 3.16 of this
Agreement, nor acquire any assets for any Trust REMIC, nor sell or dispose of
any investments in the Distribution Account for gain, nor accept any
contributions to any Trust REMIC after the Closing Date, unless it has received
an Opinion of Counsel (at the expense of the party causing such sale,
disposition, or substitution) that such disposition, acquisition, substitution,
or acceptance will not (a) affect adversely the status of such Trust REMIC as a
REMIC or of the interests therein other than the Class R Certificate and as the
regular interests therein, (b) affect the distribution of interest or principal
on the Certificates, (c) result in the encumbrance of the assets transferred or
assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
or (d) cause such Trust REMIC to be subject to a tax on prohibited transactions
or prohibited contributions pursuant to the REMIC Provisions.

      (b) No Eligible Investments will be sold or disposed of at a gain prior to
maturity unless the Securities Administrator has received an Opinion of Counsel
or other evidence satisfactory to it that such sale or disposition will not
cause any Trust REMIC to be subject to the tax on "prohibited transactions"
imposed by Code Section 860F(a)(1), otherwise subject the Trust Fund to tax, or
cause any Trust REMIC to fail to qualify as a REMIC while any Certificates are
outstanding.

      Section 9.03 Indemnification with Respect to Certain Taxes and Loss of
REMIC Status. In the event that any Trust REMIC fails to qualify as a REMIC,
loses its status as a REMIC, or incurs federal, state or local taxes as a result
of a prohibited transaction or prohibited contribution under the REMIC
Provisions due to the negligent performance by the Servicer, the Trustee or the
Securities Administrator of its duties and obligations set forth herein, such
person shall indemnify the Trust Fund and the Holder of the Class R Certificate
against any and all losses, claims, damages, liabilities or expenses ("Losses")
resulting from such negligence; provided, however, that no such person shall be
liable for any such Losses attributable to the action or inaction of the
Trustee, the Depositor or the Holder of the Class R Certificate nor for any such
Losses resulting from misinformation provided by the Holder of the Class R
Certificate on which such person has relied. The foregoing shall not be deemed
to limit or restrict the rights and remedies of the Holder of the Class R
Certificate now or hereafter existing at law or in equity. Notwithstanding the
foregoing, however, in no event shall the Servicer have any liability (1) for
any action or omission that is taken in accordance with and in compliance with
the express terms of, or which is expressly permitted by the terms of, this
Agreement, (2) for any Losses other than arising out of a negligent performance
by the Servicer, the Trustee or the Securities Administrator of its duties and
obligations set forth herein, and (3) for any special or consequential damages
to Certificateholders (in addition to payment of principal and interest on the
Certificates).

      Section 9.04 [Reserved].

      Section 9.05 Grantor Trust Administration.

      (a) The parties intend that the portions of the Trust Fund consisting of
the right of the Class P Certificates to receive Prepayment Penalties,
Originator Prepayment Penalty Payment Amounts and Servicer Prepayment Penalty
Payment Amounts, the right of the LIBOR Certificates to receive Cap Carryover
Amounts and the right of the Class CE Certificates to receive Net Swap Payments
from the Swap Provider subject to the obligation of the Class CE Certificates to
pay Cap Carryover Amounts and any Net Swap Payments and Swap Termination
Payments to the Swap Provider, shall be treated as a "grantor trust" under the
Code, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Securities Administrator shall
make available upon request (i) to the Holders of the Class P Certificates, (ii)
to the Holders of the LIBOR Certificates and (iii) to the Holders of the Class
CE Certificates, and shall file or cause to be filed with the Internal Revenue
Service together with any other information of form as may be applicable, their
allocable shares of income and expenses with respect to the property held by the
Grantor Trust, at the time or times and in the manner required by the Code.

      (b) The Grantor Trust is a WHFIT that is a NMWHFIT. The Securities
Administrator shall report as required under the WHFIT Regulations to the extent
such information as is reasonably necessary to enable the Securities
Administrator to do so, and is not in its possession, is provided to the
Securities Administrator on a timely basis. The Securities Administrator is
hereby directed to assume that DTC is the only "middleman" (as such term is
defined in the WHFIT Regulations) unless the Depositor provides the Securities
Administrator with the identities of other "middlemen" that are
Certificateholders. The Securities Administrator shall be entitled to rely on
the first sentence of this subparagraph (a) and shall be entitled to
indemnification in accordance with the terms of this Agreement in the event that
the Internal Revenue Service makes a determination that the first sentence of
this subparagraph (a) is incorrect.

      (c) The Securities Administrator, in its discretion, shall report required
WHFIT information using either the cash or accrual method, except to the extent
the WHFIT Regulations specifically require a different method. The Securities
Administrator is under no obligation to determine whether any Certificateholder
or other beneficial owner of a Certificate, to the extent the Securities
Administrator knows of any other beneficial owner of a Certificate, uses the
cash or accrual method. The Securities Administrator shall make available
information as required by the WHFIT Regulations to Certificateholders annually.
In addition, the Securities Administrator is not responsible or liable for
providing subsequently amended, revised or updated information to any
Certificateholder, unless requested by the Certificateholder.

      (d) The Securities Administrator shall not be liable for failure to meet
the reporting requirements of the WHFIT Regulations nor for any penalties
thereunder if such failure is due to: (i) the lack of reasonably necessary
information being provided to the Securities Administrator, (ii) incomplete,
inaccurate or untimely information being provided to the Securities
Administrator or (iii) the inability of the Securities Administrator, after good
faith efforts, to alter its existing information reporting systems to capture
information necessary to fully comply with the WHFIT Regulations for the 2007
calendar year. Absent receipt of information regarding any sale of securities,
including the price, amount of proceeds and date of sale from the beneficial
owner thereof or the Depositor, the Securities Administrator will assume there
is no secondary market trading of WHFIT interests.

      (e) To the extent required by the WHFIT Regulations, the Securities
Administrator shall use reasonable efforts to publish on an appropriate website
the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The
CUSIP Numbers so published shall represent the Rule 144A CUSIP Numbers. The
Securities Administrator shall make reasonable good faith efforts to keep the
website accurate and updated to the extent CUSIP Numbers have been received. The
Securities Administrator is not liable for investor reporting delays that result
from the receipt of inaccurate or untimely CUSIP Number information.

      (f) The Securities Administrator shall be entitled to additional
reasonable compensation for changes in reporting required in respect of the
WHFIT Regulations that arise as a result of a change in the WHFIT Regulations or
a change in interpretation of the WHFIT Regulations by the IRS, if such change
requires, in the Securities Administrator's sole discretion, a material increase
in the Securities Administrator's reporting obligations in respect of the
related Grantor Trust.

                                    ARTICLE X

                                   TERMINATION

      Section 10.01 Termination. (a) The respective obligations and
responsibilities of the Servicer, the Depositor, the Trustee, the Securities
Administrator and the Certificate Registrar created hereby (other than the
obligation of the Securities Administrator to make certain payments to
Certificateholders after the final Distribution Date and the obligation of the
Securities Administrator to send certain notices as hereinafter set forth) shall
terminate upon notice to the Trustee and the Securities Administrator upon the
earliest of (i) the Distribution Date on which the Principal Balance of each
Class of Certificates has been reduced to zero, (ii) the final payment or other
liquidation of the last Mortgage Loan in the Trust and (iii) the optional
purchase by the Majority Class CE Certificateholder, or if there is no Majority
Class CE Certificateholder, the Depositor, of the Mortgage Loans as described
below. Notwithstanding the foregoing, in no event shall the trust created hereby
continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the Court of St. James, living on the date hereof.

      The Majority Class CE Certificateholder, or if there is no Majority Class
CE Certificateholder, the Depositor may, at its option, terminate the Trust Fund
and retire the Certificates on the first Distribution Date on which the Pool
Balance is reduced to less than or equal to 10% of the Pool Balance as of the
Cut-off Date by purchasing all of the outstanding Mortgage Loans (and REO
Properties) in the Trust Fund at a price equal to the sum of (i) the sum of the
outstanding unpaid principal balance of the Mortgage Loans and except to the
extent previously advanced by the Servicer, accrued and unpaid interest thereon
at the weighted average of the Mortgage Interest Rates through the end of the
Collection Period preceding the final Distribution Date plus unreimbursed
Servicing Advances, Advances and any unpaid Servicing Fees allocable to such
Mortgage Loans, (ii) the fair market value of the REO Properties as determined
in good faith by the Servicer and (iii) the amount of any Swap Termination
Payment owed to the Swap Provider pursuant to the Interest Rate Swap Agreement
(the "Termination Price"). If the Majority Class CE Certificateholder (or, if
there is no Majority Class CE Certificateholder, the Depositor or an affiliate
of the Depositor) is subject to regulation by the OCC, the FDIC, the Federal
Reserve or the Office of Thrift Supervision, the option may not be exercised
unless the aggregate fair market value of the Mortgage Loans and REO Properties
is greater than or equal to the Termination Price. Notwithstanding the
foregoing, no party may exercise this optional purchase right unless any
Reimbursement Amount owed to the Trust pursuant to Section 2.03 hereof has been
paid.

      Any such purchase shall be accomplished by delivery by the party
exercising the optional purchase right on the Determination Date before such
Distribution Date of the Termination Price to the Securities Administrator for
deposit into the Distribution Account as part of Available Funds.

      (b) Notice of any termination, specifying the Distribution Date (which
shall be a date that would otherwise be a Distribution Date) upon which the
Certificateholders may surrender their Certificates to the Securities
Administrator for payment of the final distribution and cancellation, shall be
given promptly by the Securities Administrator (upon the Securities
Administrator receiving notice of such date from the Majority Class CE
Certificateholder or Depositor, as applicable), by letter to the
Certificateholders, the Swap Provider and the Depositor mailed not earlier than
the 15th day of the month preceding the month of such final distribution and not
later than the 15th day of the month of such final distribution specifying (1)
the Distribution Date upon which final distribution of the Certificates will be
made upon presentation and surrender of such Certificates at the Corporate Trust
Office of the Securities Administrator therein designated, (2) the amount of any
such final distribution and (3) that the Record Date otherwise applicable to
such Distribution Date is not applicable, distributions being made only upon
presentation and surrender of the Certificates at the Corporate Trust Office of
the Securities Administrator therein specified. Not less than five (5) Business
Days prior to such Determination Date relating to such Distribution Date, the
Securities Administrator shall notify the Depositor of the amount of any unpaid
Reimbursement Amount owed to the Trust.

      (c) Upon presentation and surrender of the Certificates, the Paying Agent
shall cause to be distributed to the Holders of the Certificates on the
Distribution Date for such final distribution, in proportion to the Percentage
Interests of their respective Class and to the extent that funds are available
for such purpose, an amount equal to the amount required to be distributed to
such Holders in accordance with the provisions of Sections 4.01 and 4.02 for
such Distribution Date.

      (d) In the event that all Certificateholders shall not surrender their
Certificates for final payment and cancellation on or before such final
Distribution Date, the Securities Administrator shall promptly following such
date cause all funds in the Distribution Account not distributed in final
distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining Certificateholders by depositing such funds in a separate escrow
account for the benefit of such Certificateholders, and the Servicer shall give
a second written notice to the remaining Certificateholders, to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within nine months after the second notice all the Certificates
shall not have been surrendered for cancellation, the Holder of the Class R
Certificate shall be entitled to all unclaimed funds and other assets which
remain subject hereto (except with respect to the Class CE and Class P
Certificates) and the Securities Administrator upon transfer of such funds shall
be discharged of any responsibility for such funds, and all other
Certificateholders shall look to the Holder of the Class R Certificate for
payment.

      Section 10.02 Additional Termination Requirements. (a) In the event that
the Majority Class CE Certificateholder or the Depositor exercises its purchase
option as provided in Section 10.01, the Trust shall be terminated in accordance
with the following additional requirements, unless the Securities Administrator
shall have been furnished with an Opinion of Counsel to the effect that the
failure of the Trust to comply with the requirements of this Section will not
(i) result in the imposition of taxes on "prohibited transactions" of the Trust
as defined in Section 860F of the Code or (ii) cause any Trust REMIC to fail to
qualify as a REMIC at any time that any Certificates (other than the Class P
Certificates) are outstanding:

      (i) The Securities Administrator shall designate a date within 90 days
   prior to the final Distribution Date as the date of adoption of plans of
   complete liquidation of each of Pooling-Tier REMIC-1, Pooling-Tier REMIC-2,
   the Lower-Tier REMIC, the Upper-Tier REMIC and the Class CE REMIC and shall
   specify such date in the final federal income tax return of each such Trust
   REMIC;

      (ii) After the date of adoption of such plans of complete liquidation and
   at or prior to the final Distribution Date, the Securities Administrator
   shall sell all of the assets of the Trust to the Majority Class CE
   Certificateholder or Depositor, as applicable, for cash; and

      (iii) At the time of the making of the final payment on the Certificates,
   the Securities Administrator shall distribute or credit, or cause to be
   distributed or credited in the order of priority set forth in Section 4.02
   and then to the Class R Certificateholder, all cash on hand in respect of
   Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier REMIC, the
   Upper-Tier REMIC and the Class CE REMIC and the Trust shall terminate at such
   time.

      (b) By their acceptance of Certificates, the Holders thereof hereby agree
to appoint the Securities Administrator as their attorney in fact to: (i)
designate such date of adoption of plans of complete liquidation and (ii) to
take such other action in connection therewith as may be reasonably required to
carry out such plans of complete liquidation all in accordance with the terms
hereof.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

      Section 11.01 Amendment. This Agreement may be amended from time to time
by the Depositor, the Servicer, the Securities Administrator and the Trustee
without the consent of the Certificateholders (i) to cure any ambiguity or
mistake, (ii) to correct, modify or supplement any provision herein which may be
inconsistent with any other provision herein or the Prospectus, (iii) to make
any other provisions with respect to matters or questions arising under this
Agreement, which are not materially inconsistent with the provisions of this
Agreement, (iv) to conform the obligations of the parties under this Agreement,
or to add obligations of the parties to this Agreement, if necessary, to comply
with the requirements of Regulation AB or (v) to comply with any requirements
imposed by the Code; provided, however, that any such action listed in clause
(iii) above shall not adversely affect in any material respect the interests of
any Certificateholder, as evidenced by (a) delivery to the Depositor, the
Servicer, the Securities Administrator and the Trustee of written notification
from each Rating Agency that provides, at the request of the Depositor, a rating
confirmation for each outstanding Class of Certificates (other than the Class
CE, Class P and Residual Certificates) to the effect that such amendment will
not cause such Rating Agency to lower or withdraw the then current rating of
such outstanding Classes of Certificates with respect to which it is a Rating
Agency, or (b) an Opinion of Counsel delivered to the Servicer, the Securities
Administrator and the Trustee.

      In addition, this Agreement may be amended from time to time by the
Depositor, the Servicer, the Securities Administrator and the Trustee, with the
consent of the Majority Certificateholders for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Holders of
Certificates; provided, however, that no such amendment or waiver shall (x)
reduce in any manner the amount of, or delay the timing of, payments on the
Certificates which are required to be made on any Certificate without the
consent of the Holder of such Certificate, (y) adversely affect in any material
respect the interests of the Holders of any Class of Certificates in a manner
other than as described in clause (x) above, without the consent of the Holders
of Certificates of such Class aggregating at least 66 2/3% of the Voting
Interests evidenced by such Class, or (z) reduce the percentage of Voting
Interests required by clause (y) above without the consent of the Holders of all
Certificates of such Class then outstanding. Upon approval of an amendment, a
copy of such amendment shall be sent to the Rating Agencies. Prior to the
execution of any amendment to this Agreement, the Trustee and the Securities
Administrator will not consent to any amendment of the applicable Agreement
unless it shall first have received an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement. Each
of the Securities Administrator and Trustee may, but shall not be obligated to,
enter into any such amendment which affects the Trustee's or Securities
Administrator's own rights, duties or immunities under this Agreement.

      Notwithstanding any provision of this Agreement to the contrary, neither
the Securities Administrator, nor the Trustee shall consent to any amendment to
this Agreement unless it shall have first received an Opinion of Counsel,
delivered by (and at the expense of) the Person seeking such Amendment, to the
effect that such amendment will not result in the imposition of a tax on any
Trust REMIC pursuant to the REMIC Provisions or cause any Trust REMIC to fail to
qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust at
any time that any Certificates are outstanding and that the amendment is being
made in accordance with the terms hereof.

      Promptly after the execution of any such amendment the Securities
Administrator shall furnish, at the expense of the Person that requested the
amendment if such Person is the Servicer, or otherwise at the expense of the
Trust (but in no event at the expense of the Trustee), a copy of such amendment
and the Opinion of Counsel referred to in the immediately preceding paragraph to
the Servicer and each Rating Agency.

      It shall not be necessary for the consent of Certificateholders under this
Section 11.01 to approve the particular form of any proposed amendment; instead
it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Securities Administrator may prescribe.

      Notwithstanding any of the other provisions of this Section 11.01, so long
as the Interest Rate Swap Agreement is in effect, none of the Depositor, the
Servicer, the Securities Administrator or the Trustee shall enter into any
amendment to, or otherwise modify the operation of, the following without the
prior written consent of the Swap Provider: (i) the definitions of Available
Funds, Interest Remittance Amount, Principal Remittance Amount, Swap Provider
Trigger Event, Supplemental Interest Trust Account, Termination Price, Fixed
Swap Payment, Floating Swap Payment, Net Swap Payment, Replacement Swap Provider
Payment, Swap Early Termination, Swap Termination Payment and Distribution
Account, (ii) Sections 3.04, 4.01, 4.02, 5.02(e), 9.01(m), 10.01, 10.02, 11.01
and 11.10, (iii) the second to last paragraph of Section 2.02 and (iv) the last
paragraph of Section 8.08.

      Section 11.02 Recordation of Agreement; Counterparts. To the extent
permitted by applicable law, this Agreement is subject to recordation in all
appropriate public offices for real property records in all the counties or
other comparable jurisdictions in which any or all of the properties subject to
the Mortgages are situated, and in any other appropriate public recording office
or elsewhere, such recordation to be effected by the Servicer at the expense of
the Trust, but only upon direction of Certificateholders, accompanied by an
Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders.

      For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall together constitute but
one and the same instrument.

      Section 11.03 Limitation on Rights of Certificateholders. The death or
incapacity of any Certificateholder shall not (i) operate to terminate this
Agreement or the Trust, (ii) entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust, or (iii)
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

      Except as expressly provided for herein, no Certificateholder shall have
any right to vote or in any manner otherwise control the operation and
management of the Trust, or the obligations of the parties hereto, nor shall
anything herein set forth or contained in the terms of the Certificates be
construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

      No Certificateholder shall have any right by virtue of any provision of
this Agreement to institute any suit, action or proceeding in equity or at law
upon or under or with respect to this Agreement, unless such Holder previously
shall have given to the Trustee a written notice of default and of the
continuance thereof, as herein provided, and unless also the Holders of
Certificates entitled to at least 25% of the Voting Interests shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity, shall have neglected
or refused to institute any such action, suit or proceeding. It is understood
and intended, and expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates, or to obtain or seek to obtain
priority over or preference to any other such Holder, which priority or
preference is not otherwise provided for herein, or to enforce any right under
this Agreement, except in the manner herein provided and for the equal, ratable
and common benefit of all Certificateholders. For the protection and enforcement
of the provisions of this Section 11.03 each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

      Section 11.04 Governing Law; Jurisdiction. This Agreement shall be
construed in accordance with the laws of the State of New York, and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws. With respect to any claim arising out of this
Agreement, each party irrevocably submits to the exclusive jurisdiction of the
courts of the State of New York and the United States District Court located in
the Borough of Manhattan in The City of New York, and each party irrevocably
waives any objection which it may have at any time to the laying of venue of any
suit, action or proceeding arising out of or relating hereto brought in any such
courts, irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in any inconvenient forum and further
irrevocably waives the right to object, with respect to such claim, suit, action
or proceeding brought in any such court, that such court does not have
jurisdiction over such party, provided that service of process has been made by
any lawful means.

      Section 11.05 Notices. All directions, demands and notices hereunder shall
be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by first class mail, postage prepaid, or by express
delivery service, or, in the case of the Securities Administrator, sent by
facsimile, to (a) in the case of the Trustee, HSBC Bank USA, National
Association, 452 Fifth Avenue, New York, New York 10018, Attention: WFHET
2007-1, or such other address as may hereafter be furnished to the Depositor,
the Securities Administrator and the Servicer in writing by the Trustee, (b) in
the case of the Depositor, Wells Fargo Asset Securities Corporation, 7430 New
Technology Way, Frederick, Maryland 21703, Attention: Vice President, Structured
Finance, or such other address as may be furnished to the Servicer, the
Securities Administrator and the Trustee in writing by the Depositor, (c) in the
case of the Servicer, Wells Fargo Bank, N.A., 1 Home Campus, Des Moines, Iowa
50328 0001, Attention: John B. Brown, MAC X2302-033, or such other address as
may be hereafter furnished to the Depositor, the Trustee and the Securities
Administrator by the Servicer in writing and (d) in the case of the Securities
Administrator, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia,
Maryland 21045, Attention: Client Manager-WFHET, Series 2007-1, or such other
address as may be hereafter furnished to the Depositor, the Trustee and the
Servicer by the Securities Administrator in writing or by facsimile at (410)
715-2380. Any notice required or permitted to be mailed to a Certificateholder
shall be given by first class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Notice of any Servicer Event of
Termination shall be given by telecopy and by certified mail. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have duly been given when mailed, whether or not the
Certificateholder receives such notice. A copy of any notice required to be
telecopied hereunder shall also be mailed to the appropriate party in the manner
set forth above.

      Section 11.06 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

      Section 11.07 Article and Section References.

      All article and section references used in this Agreement, unless
otherwise provided, are to articles and sections in this Agreement.

      Section 11.08 Notice to the Rating Agencies. (a) Each of the Trustee and
the Securities Administrator shall be obligated to use its reasonable efforts
promptly to provide notice to the Rating Agencies with respect to each of the
following of which a Responsible Officer of the Trustee or the Securities
Administrator, as the case may be, has actual knowledge:

      (i) any material change or amendment to this Agreement;

      (ii) the occurrence of any Servicer Event of Termination that has not been
   cured or waived;

      (iii) assignment by the Servicer of its rights and delegation of its
   duties pursuant to Section 6.02 or 6.05;

      (iv) the resignation or termination of the Servicer, the Securities
   Administrator or the Trustee;

      (v) the appointment of any successor to the Servicer pursuant to Sections
   6.04 or 7.01; and

      (vi) if the Trustee is acting as successor servicer pursuant to Section
   7.02 hereof, any event that would result in the inability of the Trustee to
   make Advances.

      (b) The Securities Administrator shall be obligated to use its reasonable
efforts promptly to provide notice to the Rating Agencies with respect to each
of the following of which a Responsible Officer of the Securities Administrator
has actual knowledge:

      (i) the final payment to Holders of the Certificates of any Class;

      (ii) any change in the location of any Account; and

      (iii) the resignation of the Custodian or the appointment of a successor
   Custodian pursuant to the Custodial Agreement.

      (c) In addition, the Securities Administrator shall promptly furnish to
each Rating Agency copies of the following:

            (A) each annual statement as to compliance described in Section 3.19
      hereof;

            (B) each annual independent public accountants' servicing report
      described in Section 3.20 hereof; and

            (C) each notice delivered pursuant to Section 7.01(a) hereof which
      relates to the fact that the Servicer has not made an Advance.

      Any such notice pursuant to this Section 11.08 shall be in writing and
shall be deemed to have been duly given if personally delivered or mailed by
first class mail, postage prepaid, or by express delivery service to: Fitch
Ratings, One State Street Plaza, New York, New York 10004, Attention: Managing
Director, Residential Mortgage-Backed Securities; Moody's Investors Service,
Inc., 99 Church Street, New York, New York 10007, Attention: Managing Director,
Residential Mortgage-Backed Securities; and DBRS 55 Broadway, 15th Floor, New
York, New York 10006.

      Section 11.09 Further Assurances. Notwithstanding any other provision of
this Agreement, neither the LIBOR Certificateholders, the Holders of the Class
CE Certificates, the Securities Administrator nor the Trustee shall have any
obligation to consent to any amendment or modification of this Agreement unless
they have been provided reasonable security or indemnity against their
out-of-pocket expenses (including reasonable attorneys' fees) to be incurred in
connection therewith.

      Section 11.10 Benefits of Agreement. Nothing in this Agreement or in the
Certificates, expressed or implied, shall give to any Person, other than the
Certificateholders and the parties hereto and their successors hereunder, any
benefit or any legal or equitable right, remedy or claim under this Agreement,
except that the Custodian is an express third party beneficiary of this
Agreement for purposes of Section 8.05 and the Swap Provider shall be deemed a
third-party beneficiary of this Agreement to the same extent as if it were a
party hereto, and shall have the right to enforce the provisions of this
Agreement directly against the parties to this Agreement.

      Section 11.11 Acts of Certificateholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Agreement to be given or taken by the Certificateholders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed
by such Certificateholders in person or by agent duly appointed in writing; and
such action shall become effective when such instrument or instruments are
delivered to the Trustee, the Securities Administrator and the Servicer. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "act" of the Certificateholders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Agreement and conclusive in favor of the Securities
Administrator, the Trustee and the Trust, if made in the manner provided in this
Section 11.11.

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

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

      Section 11.12 Recharacterization.

      The parties to this Agreement intend the conveyance by the Depositor to
the Trustee of all of its right, title and interest in and to the Trust Fund
pursuant to this Agreement to constitute a purchase and sale and not a loan.
Notwithstanding the foregoing, to the extent that such conveyance is held not to
constitute a sale under applicable law, it is intended that this Agreement shall
constitute a security agreement under applicable law and that the Depositor
shall be deemed to have granted to the Trustee a first priority security
interest in all of the Depositor's right, title and interest in and to the Trust
Fund. The Securities Administrator shall take all actions, including, without
limitation, filing any Uniform Commercial Code continuation statements, as shall
be necessary to perfect or maintain the perfection of such security interest.

      Section 11.13 Regulation AB Compliance; Intent of Parties;
Reasonableness.

      The parties hereto acknowledge that interpretations of the requirements of
Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agree to
comply with requests made by the Depositor or the Securities Administrator in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Securities Administrator and the
Depositor to deliver to the Securities Administrator and/or the Depositor, any
and all statements, reports, certifications, records and any other information
available to such party and reasonably necessary in the good faith determination
of the Depositor or the Securities Administrator to permit the Depositor or the
Securities Administrator to comply with the provisions of Regulation AB,
together with such disclosures reasonably believed by the Depositor or the
Securities Administrator to be necessary in order to effect such compliance.

<PAGE>

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

                                       WELLS FARGO ASSET SECURITIES
                                          CORPORATION, as Depositor

                                       By:   /s/ Bradley A. Davis
                                          --------------------------------------
                                          Name: Bradley A. Davis
                                          Title: Vice President

                                       WELLS FARGO BANK, N.A., as Servicer

                                       By:   /s/ Bradley A. Davis
                                          --------------------------------------
                                          Name: Bradley A. Davis
                                          Title: Vice President

                                       WELLS FARGO BANK, N.A., as Securities
                                          Administrator

                                       By:    /s/ Carla S. Walker
                                          --------------------------------------
                                          Name: Carla S. Walker
                                          Title: Vice President

                                       HSBC BANK USA, NATIONAL ASSOCIATION,
                                          as Trustee

                                       By:   /s/ Fernando Acebedo
                                          --------------------------------------
                                          Name: Fernando Acebedo
                                          Title: Vice President

<PAGE>

STATE OF MARYLAND       )
                        ) ss.:
COUNTY OF FREDERICK     )

      On the 30th day of March, 2007 before me, a notary public in and for said
State, personally appeared Bradley A. Davis, known to me to be a Vice President
of Wells Fargo Asset Securities Corporation, a Delaware corporation, that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                       Notary Public

<PAGE>

STATE OF MARYLAND       )
                        ) ss.:
COUNTY OF FREDERICK     )

      On the 30th day of March, 2007 before me, a notary public in and for said
State, personally appeared Bradley A. Davis, known to me to be a Vice President
of Wells Fargo Bank, N.A., a national banking association, that executed the
within instrument, and also known to me to be the person who executed it on
behalf of said association, and acknowledged to me that such corporation
executed the within instrument.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                       Notary Public

<PAGE>

STATE OF MARYLAND       )
                        ) ss.:
COUNTY OF ANNE ARUNDEL  )

      On the 30th day of March 2007, before me, a notary public in and for said
State, personally appeared Carla S. Walker, known to me to be a Vice President
of Wells Fargo Bank, National Association, one of the national banking
associations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said national banking association, and
acknowledged to me that such national banking association executed the within
instrument.

                                       Notary Public

<PAGE>

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

      On this 30th day of March, 2007, before me, a notary public in and for the
State of New York, personally appeared Fernando Acebedo, known to me who, being
by me duly sworn, did depose and say that he resides at Huntington, New York;
that he is a Vice President of HSBC Bank USA, National Association, a national
banking association, one of the parties that executed the foregoing instrument;
and that s/he signed his name thereto by order of the Board of Directors of said
corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

                                   EXHIBIT A-1

                       [FORM OF THE CLASS A-1 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS A-1

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class A-1                       Original Principal Balance of
                                               the Class A-1 Certificates as of
Pass-Through Rate: Floating                    the Closing Date: $200,507,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AA3                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _______________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class A-1 Certificates) in
that certain beneficial ownership interest evidenced by all the Class A-1
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class A-1 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class A-1 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class A-1 Certificates for each
Distribution Date will be the lesser of (i) the Class A-1 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class A-1 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class A-1
Certificates.

            The Class A-1 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Securities Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Servicer, the Securities Administrator and the Trustee with the
consent of the Holders of Certificates entitled to the Voting Interests
identified in the Agreement. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the
Certificates. In addition, pursuant to Section 11.01, consent of the Swap
Provider shall be required to amend certain sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT A-2

                       [FORM OF THE CLASS A-2 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS A-2

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class A-2                       Original Principal Balance of the
                                               Class A-2 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $208,284,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AB1                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _______________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class A-2 Certificates) in
that certain beneficial ownership interest evidenced by all the Class A-2
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class A-2 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class A-2 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class A-2 Certificates for each
Distribution Date will be the lesser of (i) the Class A-2 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class A-2 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class A-2
Certificates.

            The Class A-2 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Securities Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Servicer, the Securities Administrator and the Trustee with the
consent of the Holders of Certificates entitled to the Voting Interests
identified in the Agreement. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the
Certificates. In addition, pursuant to Section 11.01, consent of the Swap
Provider shall be required to amend certain sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT A-3

                       [FORM OF THE CLASS A-3 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS A-3

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class A-3                       Original Principal Balance of the
                                               Class A-3 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $25,711,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AC9                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _______________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class A-3 Certificates) in
that certain beneficial ownership interest evidenced by all the Class A-3
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class A-3 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class A-3 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class A-3 Certificates for each
Distribution Date will be the lesser of (i) the Class A-3 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class A-3 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class A-3
Certificates.

            The Class A-3 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Securities Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Servicer, the Securities Administrator and the Trustee with the
consent of the Holders of Certificates entitled to the Voting Interests
identified in the Agreement. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the
Certificates. In addition, pursuant to Section 11.01, consent of the Swap
Provider shall be required to amend certain sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-1

                         [FORM OF CLASS M-1 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
         CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS M-1

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class M-1                       Original Principal Balance of the
                                               Class M-1 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $23,384,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AD7                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class M-1 Certificates) in
that certain beneficial ownership interest evidenced by all the Class M-1
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class M-1 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class M-1 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class M-1 Certificates for each
Distribution Date will be the lesser of (i) the Class M-1 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class M-1 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class M-1
Certificates.

            The Class M-1 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior
Certificates as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-2

                         [FORM OF CLASS M-2 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR AND
         CLASS M-1 CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS M-2

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class M-2                       Original Principal Balance of the
                                               Class M-2 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $15,770,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AE5                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class M-2 Certificates) in
that certain beneficial ownership interest evidenced by all the Class M-2
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class M-2 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class M-2 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class M-2 Certificates for each
Distribution Date will be the lesser of (i) the Class M-2 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class M-2 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class M-2
Certificates.

            The Class M-2 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior
Certificates and Class M-1 Certificates as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-3

                         [FORM OF CLASS M-3 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1 AND CLASS M-2 CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS M-3

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class M-3                       Original Principal Balance of the
                                               Class M-3 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $9,789,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AF2                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class M-3 Certificates) in
that certain beneficial ownership interest evidenced by all the Class M-3
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class M-3 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class M-3 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class M-3 Certificates for each
Distribution Date will be the lesser of (i) the Class M-3 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class M-3 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class M-3
Certificates.

            The Class M-3 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1 and Class M-2 Certificates as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-4

                         [FORM OF CLASS M-4 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1, CLASS M-2 AND CLASS M-3 CERTIFICATES AS DESCRIBED IN THE
         AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS M-4

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class M-4                       Original Principal Balance of the
                                               Class M-4 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $8,701,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AG0                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class M-4 Certificates) in
that certain beneficial ownership interest evidenced by all the Class M-4
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class M-4 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class M-4 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class M-4 Certificates for each
Distribution Date will be the lesser of (i) the Class M-4 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class M-4 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class M-4
Certificates.

            The Class M-4 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1, Class M-2 and Class M-3 Certificates as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-5

                         [FORM OF CLASS M-5 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1, CLASS M-2, CLASS M-3 AND CLASS M-4 CERTIFICATES AS DESCRIBED
         IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS M-5

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class M-5                       Original Principal Balance of the
                                               Class M-5 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $8,701,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AH8                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class M-5 Certificates) in
that certain beneficial ownership interest evidenced by all the Class M-5
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class M-5 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class M-5 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class M-5 Certificates for each
Distribution Date will be the lesser of (i) the Class M-5 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class M-5 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class M-5
Certificates.

            The Class M-5 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1, Class M-2, Class M-3 and Class M-4 Certificates as described in the
Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-6

                         [FORM OF CLASS M-6 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4 AND CLASS M-5 CERTIFICATES
         AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS M-6

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class M-6                       Original Principal Balance of the
                                               Class M-6 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $7,885,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AJ4                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class M-6 Certificates) in
that certain beneficial ownership interest evidenced by all the Class M-6
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class M-6 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class M-6 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class M-6 Certificates for each
Distribution Date will be the lesser of (i) the Class M-6 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class M-6 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class M-6
Certificates.

            The Class M-6 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates as
described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-7

                         [FORM OF CLASS B-1 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4, CLASS M-5 AND CLASS M-6
         CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS B-1

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class B-1                       Original Principal Balance of the
                                               Class B-1 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $7,613,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AK1                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class B-1 Certificates) in
that certain beneficial ownership interest evidenced by all the Class B-1
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class B-1 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class B-1 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class B-1 Certificates for each
Distribution Date will be the lesser of (i) the Class B-1 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class B-1 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class B-1
Certificates.

            The Class B-1 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates
as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-8

                         [FORM OF CLASS B-2 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4, CLASS M-5, CLASS M-6 AND
         CLASS B-1 CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS B-2

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class B-2                       Original Principal Balance of the
                                               Class B-2 Certificates as of the
Pass-Through Rate: Floating                    Closing Date: $6,798,000.00

Date of Pooling and Servicing Agreement:       Initial Principal Balance: $
March 30, 2007
                                               Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                               Trustee: HSBC Bank USA, National
No.                                            Association

CUSIP: 9497EV AL9                              Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class B-2 Certificates) in
that certain beneficial ownership interest evidenced by all the Class B-2
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class B-2 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class B-2 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class B-2 Certificates for each
Distribution Date will be the lesser of (i) the Class B-2 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class B-2 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class B-2
Certificates.

            The Class B-2 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class B-1
Certificates as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT B-9

                         [FORM OF CLASS B-3 CERTIFICATE]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
         PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
         CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
         OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
         ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
         & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR,
         CLASS M-1, CLASS M-2, CLASS M-3, CLASS M-4, CLASS M-5, CLASS M-6, CLASS
         B-1 AND CLASS B-2 CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS
         BENEFICIAL OWNERSHIP OF A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
         INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
         SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
         (THE "CODE") AND CERTAIN OTHER PROPERTY.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                            SERIES 2007-1, CLASS B-3

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class B-3                      Original Principal Balance of the
                                              Class B-3 Certificates as of the
Pass-Through Rate: Floating                   Closing Date: $4,622,000.00

Date of Pooling and Servicing Agreement:      Initial Principal Balance: $
March 30, 2007
                                              Servicer: Wells Fargo Bank, N.A.
First Distribution Date: April 25, 2007
                                              Trustee: HSBC Bank USA, National
No.                                           Association

CUSIP: 9497EV AM7                             Closing Date: March 30, 2007

         DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
         MAY BE MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
         PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
         ABOVE.

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _________________ is the registered owner of a
Percentage Interest (obtained by dividing the Initial Principal Balance of this
Certificate by the Original Principal Balance of the Class B-3 Certificates) in
that certain beneficial ownership interest evidenced by all the Class B-3
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wells Fargo Asset
Securities Corporation (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class B-3 Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class B-3 Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            The Pass-Through Rate for the Class B-3 Certificates for each
Distribution Date will be the lesser of (i) the Class B-3 Formula Rate and (ii)
the Pool Cap. Interest will accrue on the Class B-3 Certificates during each
Interest Accrual Period at the Pass-Through Rate.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing a Percentage Interest in the Class B-3
Certificates.

            The Class B-3 Certificates are limited in right of payment to
certain collections and recoveries respecting the Mortgage Loans and amounts, if
any, received from the Swap Provider, all as more specifically set forth herein
and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Certificateholders, such purposes
including reimbursement of advances made, or certain expenses incurred, with
respect to the Mortgage Loans.

            This certificate is subordinated in right of payment to the Senior,
Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1 and
Class B-2 Certificates as described in the Agreement.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT C-1

                         [FORM OF CLASS CE CERTIFICATES]

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
         DIRECT OR INDIRECT BENEFICIAL INTEREST IN A "REGULAR INTEREST" IN A
         "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED,
         RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
         1986, AS AMENDED (THE "CODE") AND CERTAIN OTHER PROPERTY.

         THIS CLASS CE CERTIFICATE IS SUBORDINATE TO THE SENIOR, CLASS M AND
         CLASS B CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND
         IN THE AGREEMENT.

         THIS CLASS CE CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH
         TIME AS DESCRIBED IN THE AGREEMENT.

         THIS CLASS CE CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE
         SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION
         OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE
         MADE ONLY IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR
         QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
         THE AGREEMENT.

         A HOLDER OF THIS CLASS CE CERTIFICATE MAY BE REQUIRED TO DELIVER
         CERTAIN TAX FORMS PURSUANT TO SECTION 5.02 OF THE AGREEMENT.

         NO TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
         RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
         INCOME SECURITY ACT OF 1974, AS AMENDED, SECTION 4975 OF THE CODE OR
         ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL
         LAW WILL BE PERMITTED.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                             SERIES 2007-1, CLASS CE

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class CE                        Servicer: Wells Fargo Bank, N.A.

Date of Pooling and Servicing Agreement:       Trustee: HSBC Bank USA, National
March 30, 2007                                 Association

First Distribution Date: April 25, 2007        Closing Date: March 30, 2007

No.                                            Percentage Interest: 100%

CUSIP: 9497EV AN5

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that __________________________________ is the
registered owner of the Percentage Interest set forth above in that certain
beneficial ownership interest evidenced by all the Class CE Certificates in the
Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
specified above (the "Agreement"), among Wells Fargo Asset Securities
Corporation (hereinafter called the "Depositor," which term includes any
successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to the Holders of
Class CE Certificates on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class CE Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing the Percentage Interest specified on the face
hereof.

            The Class CE Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans and amounts, if any,
received from the Swap Provider, all as more specifically set forth herein and
in the Agreement. As provided in the Agreement, withdrawals from the Collection
Account and the Distribution Account may be made from time to time for purposes
other than distributions to Certificateholders, such purposes including
reimbursement of advances made, or certain expenses incurred, with respect to
the Mortgage Loans.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

            No transfer of this Certificate shall be made unless that transfer
is made pursuant to an effective registration statement under the 1933 Act and
effective registration or qualification under applicable state securities laws,
or is made in a transaction that does not require such registration or
qualification. If a transfer of this Certificate is to be made without
registration under the 1933 Act, then the Certificate Registrar shall refuse to
register such transfer unless it receives (and upon receipt, may conclusively
rely upon) certain certificate(s) required pursuant to Section 5.02 of the
Agreement. None of the Depositor, the Certificate Registrar, the Securities
Administrator or the Trustee is obligated to register or qualify the Class of
Certificates specified on the face hereof under the 1933 Act or any other
securities law or to take any action not otherwise required under the Agreement
to permit the transfer of such Certificates without registration or
qualification. Any transferor desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee, the Depositor, the Certificate
Registrar, the Securities Administrator and the Servicer 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 addition, a holder of the Class CE Certificate may be required to
deliver certain tax forms pursuant to Section 5.02 of the Agreement.

            No service charge will be made for any such registration of transfer
or exchange of Certificates, but the Securities Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Certificates.

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assume no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT C-2

                          [FORM OF CLASS P CERTIFICATE]

         THIS CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES
         LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS
         CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY
         IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR
         QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
         THE AGREEMENT.

         THIS CLASS P CERTIFICATE IS ONLY ENTITLED TO PREPAYMENT PENALTIES ON
         THE MORTGAGE LOANS, ORIGINATOR PREPAYMENT PENALTY PAYMENT AMOUNTS AND
         SERVICER PREPAYMENT PENALTY PAYMENT AMOUNTS, ALL AS MORE SPECIFICALLY
         DESCRIBED IN THE AGREEMENT.

         A HOLDER OF THIS CLASS P CERTIFICATE MAY BE REQUIRED TO DELIVER CERTAIN
         TAX FORMS PURSUANT TO SECTION 5.02 OF THE AGREEMENT.

         NO TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
         RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
         INCOME SECURITY ACT OF 1974, AS AMENDED, SECTION 4975 OF THE CODE OR
         ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL
         LAW WILL BE PERMITTED.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                             SERIES 2007-1, CLASS P

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class P                         Servicer: Wells Fargo Bank, N.A.

Date of Pooling and Servicing Agreement:       Trustee: HSBC Bank USA, National
March 30, 2007                                 Association

First Distribution Date: April 25, 2007        Closing Date: March 30, 2007

No.                                            Percentage Interest: 100%

CUSIP: 9497EV AP0

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that __________________________________ is the
registered owner of the Percentage Interest set forth above in that certain
beneficial ownership interest evidenced by all the Class P Certificates in the
Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
specified above (the "Agreement"), among Wells Fargo Asset Securities
Corporation (hereinafter called the "Depositor," which term includes any
successor entity under the Agreement), the Servicer, the Securities
Administrator and the Trustee, a summary of certain of the pertinent provisions
of which is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from Prepayment Penalties,
Servicer Prepayment Penalty Payment Amounts and Originator Prepayment Penalty
Payment Amounts in the Distribution Account in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the amount required to
be distributed to the Holders of Class P Certificates on such Distribution Date
pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class P Certificates, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing the Percentage Interest specified on the face
hereof.

            The Class P Certificates are limited in right of payment to
Prepayment Penalties received on the Mortgage Loans, Originator Prepayment
Penalty Payment Amounts and Servicer Prepayment Penalty Payment Amounts, all as
more specifically set forth in the Agreement. As provided in the Agreement,
withdrawals from the Collection Account and the Distribution Account may be made
from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of advances made, or certain expenses
incurred, with respect to the Mortgage Loans.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies as provided in the Agreement, duly endorsed
by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee, the Securities
Administrator and the Certificate Registrar duly executed by, the Holder hereof
or such Holder's attorney duly authorized in writing, and thereupon one or more
new Certificates of the same Class in authorized denominations evidencing the
same aggregate Percentage Interest will be issued to the designated transferee
or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

            No transfer of this Certificate shall be made unless that transfer
is made pursuant to an effective registration statement under the 1933 Act and
effective registration or qualification under applicable state securities laws,
or is made in a transaction that does not require such registration or
qualification. If a transfer of this Certificate is to be made without
registration under the 1933 Act, then the Certificate Registrar shall refuse to
register such transfer unless it receives (and upon receipt, may conclusively
rely upon) certain certificate(s) required pursuant to Section 5.02 of the
Agreement. None of the Depositor, the Certificate Registrar, the Securities
Administrator or the Trustee is obligated to register or qualify the Class of
Certificates specified on the face hereof under the 1933 Act or any other
securities law or to take any action not otherwise required under the Agreement
to permit the transfer of such Certificates without registration or
qualification. Any transferor desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee, the Depositor, the Certificate
Registrar, the Securities Administrator and the Servicer 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 addition, a holder of the Class P Certificate may be required to
deliver certain tax forms pursuant to Section 5.02 of the Agreement.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar or any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                   EXHIBIT C-3

                          [FORM OF CLASS R CERTIFICATE]

         THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

         FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE
         "RESIDUAL INTEREST" IN EACH OF FIVE "REAL ESTATE MORTGAGE INVESTMENT
         CONDUITS," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
         AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE").

         THIS CLASS R CERTIFICATE IS SUBORDINATE TO THE SENIOR, CLASS M, CLASS B
         AND CLASS CE CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN
         AND IN THE AGREEMENT.

         THIS CLASS R CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH
         TIME AS DESCRIBED IN THE AGREEMENT.

         THIS CLASS R CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES
         LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS
         CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY
         IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION OR
         QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
         THE AGREEMENT.

         A HOLDER OF THIS CLASS R CERTIFICATE MAY BE REQUIRED TO DELIVER CERTAIN
         TAX FORMS PURSUANT TO SECTION 5.02 OF THE AGREEMENT.

         NO TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
         RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
         INCOME SECURITY ACT OF 1974, AS AMENDED, SECTION 4975 OF THE CODE OR
         ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL
         LAW WILL BE PERMITTED.

         ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE
         MAY BE MADE ONLY IF (1) THE PROPOSED TRANSFEREE PROVIDES AN AFFIDAVIT
         TO THE CERTIFICATE REGISTRAR THAT SUCH TRANSFEREE IS NOT (A) THE UNITED
         STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
         GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
         INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER
         THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS
         EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
         ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE,
         (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE
         (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C)
         BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), (D) AN
         AGENT OF A DISQUALIFIED ORGANIZATION OR (E) ANY PERSON THAT CAUSES
         INCOME FROM THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT
         ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME
         TAX TREATY, OF THAT PERSON OR ANY OTHER U.S. PERSON AND (2) NO PURPOSE
         OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, AND
         (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO
         THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE
         REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER
         DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION
         OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE
         DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON
         SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
         HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS
         ON THIS CERTIFICATE. EACH HOLDER OF THE CLASS R CERTIFICATE BY
         ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE
         PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02 OF THE
         AGREEMENT. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED
         FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CLASS R CERTIFICATE.

<PAGE>

                    WELLS FARGO ASSET SECURITIES CORPORATION,
                      HOME EQUITY ASSET-BACKED CERTIFICATES
                             SERIES 2007-1, CLASS R

evidencing a beneficial ownership interest in a Trust Fund consisting primarily
of a pool of fixed-rate and adjustable-rate one- to four-family first and second
lien mortgage loans formed and sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION

Series 2007-1, Class R                         Servicer: Wells Fargo Bank, N.A.

Date of Pooling and Servicing Agreement:       Trustee: HSBC Bank USA, National
March 30, 2007                                 Association

First Distribution Date: April 25, 2007        Closing Date: March 30, 2007

No.                                            Percentage Interest: 100%

CUSIP: 9497EV AQ8

         THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN
         WELLS FARGO ASSET SECURITIES CORPORATION, THE SERVICER, THE TRUSTEE,
         THE SECURITIES ADMINISTRATOR OR ANY OF THEIR AFFILIATES. THIS
         CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE
         UNITED STATES OR ANY OTHER ENTITY.

            This certifies that _______________________ is the registered owner
of the Percentage Interest set forth above in that certain beneficial ownership
interest evidenced by the Class R Certificate in the Trust Fund created pursuant
to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Wells Fargo Asset Securities Corporation (hereinafter called
the "Depositor," which term includes any successor entity under the Agreement),
the Servicer, the Securities Administrator and the Trustee, a summary of certain
of the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions 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 (a "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, from funds in the Distribution
Account in the amount required to be distributed to the Holder of Class R
Certificate on such Distribution Date pursuant to the Agreement.

            All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Securities
Administrator by wire transfer in immediately available funds to the account of
the Person entitled thereto if such Person shall have so notified the
Certificate Registrar in writing at least seven Business Days prior to the
Record Date immediately prior to such Distribution Date and is the registered
owner of Class R Certificate, or by check mailed by first class mail to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register, provided that the Certificate Registrar may deduct a
reasonable wire transfer fee from any payment made by wire transfer.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Securities Administrator of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency appointed by the Securities Administrator for that purpose as
provided in the Agreement.

            This Certificate is one of a duly authorized issue of Certificates
designated as Wells Fargo Asset Securities Corporation, Home Equity Asset Backed
Certificates of the Series specified on the face hereof (herein called the
"Certificates") and representing the Percentage Interest specified on the face
hereof.

            The Class R Certificate is limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans and amounts, if any,
received from the Swap Provider, all as more specifically set forth herein and
in the Agreement. As provided in the Agreement, withdrawals from the Collection
Account and the Distribution Account may be made from time to time for purposes
other than distributions to Certificateholders, such purposes including
reimbursement of advances made, or certain expenses incurred, with respect to
the Mortgage Loans.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer, the Trustee and the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Servicer, the Securities
Administrator and the Trustee with the consent of the Holders of Certificates
entitled to the Voting Interests identified in the Agreement. Any such consent
by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates. In addition, pursuant to
Section 11.01, consent of the Swap Provider shall be required to amend certain
sections of the Agreement.

            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 offices or agencies appointed by the Trustee as provided in the
Agreement, duly endorsed by, or accompanied by an assignment in the form below
or other written instrument of transfer in form satisfactory to the Securities
Administrator, the Securities Administrator and the Certificate Registrar duly
executed by, the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            The Certificates are issuable in fully registered form only without
coupons in Percentage Interests representing denominations as specified in the
Agreement. As provided in the Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates of the
same Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

            No transfer of this Certificate shall be made unless that transfer
is made pursuant to an effective registration statement under the 1933 Act and
effective registration or qualification under applicable state securities laws,
or is made in a transaction that does not require such registration or
qualification. If a transfer of this Certificate is to be made without
registration under the 1933 Act, then the Certificate Registrar shall refuse to
register such transfer unless it receives (and upon receipt, may conclusively
rely upon) certain certificate(s) required pursuant to Section 5.02 of the
Agreement. None of the Depositor, the Certificate Registrar, the Securities
Administrator or the Trustee is obligated to register or qualify the Class of
Certificates specified on the face hereof under the 1933 Act or any other
securities law or to take any action not otherwise required under the Agreement
to permit the transfer of such Certificates without registration or
qualification. Any transferor desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee, the Depositor, the Certificate
Registrar, the Securities Administrator and the Servicer 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.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed for all purposes to have consented to the provisions of Section 5.02 of
the Agreement and to any amendment of the Agreement deemed necessary by counsel
of the Depositor to ensure that the transfer of this Certificate to any Person
other than a Permitted Transferee or any other Person will not cause the Trust
to cease to qualify as five separate REMICs or cause the imposition of a tax
upon the Trust.

            In addition, a holder of the Class R Certificate may be required to
deliver certain tax forms pursuant to Section 5.02 of the Agreement.

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

            The Depositor, the Servicer, the Trustee, the Securities
Administrator and the Certificate Registrar and any agent of the Depositor, the
Servicer, the Trustee, the Securities Administrator 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 Depositor, the Servicer, the Trustee,
the Securities Administrator, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

            The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment to the Certificateholders of all amounts
held on behalf of the Trustee and required to be paid to them pursuant to the
Agreement following the earlier of (i) the final payment or other liquidation
(or any advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund, and (ii) the purchase by the party designated in the Agreement at a
price determined as provided in the Agreement from the Trust Fund of all
Mortgage Loans and all property acquired in respect of such Mortgage Loans. The
Agreement permits, but does not require, the party designated in the Agreement,
subject to certain conditions set forth in Article X of the Agreement, to
purchase from the Trust Fund all Mortgage Loans and all property acquired in
respect of any Mortgage Loan at the Termination Price on the Optional
Termination Date. The exercise of such right will effect early retirement of the
Certificates.

            The recitals contained herein shall be taken as statements of the
Depositor and the Securities Administrator assumes no responsibility for their
correctness.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Securities Administrator has caused this
Certificate to be duly executed.

Dated:

                                        Wells Fargo Bank, N.A., as Securities
                                            Administrator

                                        By:_____________________________________
                                            Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

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

                                        Wells Fargo Bank, N.A., as Certificate
                                            Registrar

                                        By:_____________________________________
                                            Authorized Signatory

Date of Authentication:

<PAGE>

                                  ABBREVIATIONS

            The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM  -  as tenants in common         UNIF GIFT MIN ACT - Custodian
TEN ENT  -  as tenants by the entireties                     (Cust) (Minor)
JT TEN   -  as joint tenants with right                      under Uniform Gifts
            of survivorship and not as                       to Minors Act
            tenants in common                                ________________
                                                                  (State)

            Additional abbreviations may also be used though not in the above
list.

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)______________________________________________
a Percentage Interest equal to ____% evidenced by the within asset-backed
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:

________________________________________________________________________________

Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                                        ________________________________________
                                        Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
________________________________________________________________________________
for the account of _______________________________, account number ____________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to ______________________________________
This information is provided by _______________________________________________,
the assignee named above, or ________________________________________, as its
agent.

<PAGE>

                                    EXHIBIT D

                 Addresses for Requesting Mortgage Loan Schedule

In the case of the Depositor:

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland 21703
Attention: Vice President - Structured Finance

In the case of the Securities Administrator:

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attention: Client Manager - WFHET 2007-1

<PAGE>

                                    EXHIBIT E

                           FORM OF REQUEST FOR RELEASE

Wells Fargo Bank, N.A.
1015 10th Avenue Southeast
Minneapolis, Minnesota 55414
Attention: WFHET Series 2007-1

      Re:   Pooling and Servicing Agreement dated as of March 30, 2007 among
            Wells Fargo Asset Securities Corporation, as depositor, Wells Fargo
            Bank, N.A., as servicer, Wells Fargo Bank, National Association, as
            securities administrator and HSBC Bank USA, National Association, as
            trustee

            All capitalized terms used herein shall have the means ascribed to
them in the Pooling and Servicing Agreement (the "Agreement") referenced above.

            In connection with the administration of the Mortgage Loans held by
you as Custodian pursuant to the Agreement, we request the release, and hereby
acknowledge receipt, of the Custodian's Mortgage File for the Mortgage Loan
described below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

_____    1.       Mortgage Paid in Full

_____    2.       Foreclosure

_____    3.       Substitution

_____    4.       Other Liquidation (Repurchases, etc.)

_____    5.       Nonliquidation            Reason:_______________________

                                            By:___________________________
                                                  (authorized signer)

                                            Issuer:_______________________

                                            Address:______________________

                                            Date:_________________________

Custodian

[_______________________________]

            Please acknowledge the execution of the above request by your
signature and date below:

________________________________                     ___________________________
         Signature                                   Date

Documents returned to Custodian:

________________________________                     ___________________________
         Custodian                                   Date

<PAGE>

                                   EXHIBIT F-1

                    FORM OF CUSTODIAN'S INITIAL CERTIFICATION

                                                                            Date

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21405
Attention: Client Manager- WFHET Series 2007-1

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A.
7430 New Technology Way
Frederick, Maryland  21703

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attention: WFHET 2007-1

      Re:   Pooling and Servicing Agreement (the "Pooling and Servicing
            Agreement"), dated as of March 30, 2007 among Wells Fargo Asset
            Securities Corporation, as depositor, Wells Fargo Bank, N.A., as
            servicer, Wells Fargo Bank, National Association, as securities
            administrator and HSBC Bank USA, National Association, as trustee,
            with respect to Wells Fargo Asset Securities Corporation, Home
            Equity Asset Backed Certificates, Series 2007-1

Ladies and Gentlemen:

            In accordance with Section 2.02 of the Pooling and Servicing
Agreement, the undersigned, as Custodian, hereby certifies that it has received
original Mortgage Note (as described in Section 2.01(a)(i)) relating to each
Mortgage Loan listed in the Mortgage Loan Schedule as defined in the Pooling and
Servicing Agreement, subject to any exceptions noted on Schedule I hereto.

            The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this initial certification.
The Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

            Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Pooling and
Servicing Agreement. This Certificate is subject in all respects to the terms of
Section 2.02 of the Pooling and Servicing Agreement and the Pooling and
Servicing Agreement sections cross-referenced therein.

                                        WELLS FARGO BANK, N.A.
                                            as Custodian

                                        By:_____________________________________
                                            Name:
                                            Title:

<PAGE>

                                   EXHIBIT F-2

                     FORM OF CUSTODIAN'S FINAL CERTIFICATION

                                                                          [Date]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21405
Attention: Client Manager- WFHET Series 2007-1

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A.
7430 New Technology Way
Frederick, Maryland  21703

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attention: WFHET 2007-1

      Re:   Pooling and Servicing Agreement (the "Pooling and Servicing
            Agreement"), dated as of March 30, 2007 among Wells Fargo Asset
            Securities Corporation, as depositor, Wells Fargo Bank, N.A., as
            servicer, Wells Fargo Bank, National Association, as securities
            administrator and HSBC Bank USA, National Association, as trustee,
            with respect to Wells Fargo Asset Securities Corporation, Home
            Equity Asset Backed Certificates, Series 2007-1

Ladies and Gentlemen:

            In accordance with Section 2.02 of the Pooling and Servicing
Agreement, the undersigned, as Trustee, hereby certifies that as to each
Mortgage Loan listed in the Mortgage Loan Schedule as defined in the Pooling and
Servicing Agreement (other than any Mortgage Loan paid in full or listed on
Schedule I hereto), it has received the applicable documents listed in Section
2.01(a) of the Pooling and Servicing Agreement.

            The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedules, other than any Mortgage Loan listed
on Schedule I hereto, it has reviewed the applicable documents listed in Section
2.01 of the Pooling and Servicing Agreement and has determined that each such
document appears to have been executed and appear regular on their face, and
that such documents relate to the Mortgage Loans identified in the Mortgage Loan
Schedule based on a comparison of the Mortgage Loan identifying number,
Mortgagor name and street address.

            The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this final certification. The
Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

            Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is qualified in all respects by the terms of said Pooling and
Servicing Agreement.

                                        WELLS FARGO BANK, N.A.
                                            as Custodian

                                        By:_____________________________________
                                            Name:
                                            Title:

<PAGE>

                                    EXHIBIT G

                    FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

 [Included as Exhibit 10.1 to the Current Report on Form 8-K pursuant to which
                 this Pooling and Servicing Agreement is filed]

<PAGE>

                                    EXHIBIT H

                           FORM OF LOST NOTE AFFIDAVIT

            Personally appeared before me the undersigned authority to
administer oaths, ______________________ who first being duly sworn deposes and
says: Deponent is ______________________ of ______________________________,
successor by merger to _________________________________________ ("Seller") and
who has personal knowledge of the facts set out in this affidavit.

            On ___________________, _________________________ did execute and
deliver a promissory note in the principal amount of $__________.

            That said note has been misplaced or lost through causes unknown and
is presently lost and unavailable after diligent search has been made. Seller's
records show that an amount of principal and interest on said note is still
presently outstanding, due, and unpaid, and Seller is still owner and holder in
due course of said lost note.

            Seller executes this Affidavit for the purpose of inducing
[_______________________________], as trustee on behalf of Wells Fargo Asset
Securities Corporation, Home Equity Asset Backed Certificates, Series 2007-1, to
accept the transfer of the above described loan from Seller.

            Seller agrees to indemnify and hold harmless [____________________]
and Wells Fargo Asset Securities Corporation for any losses incurred by such
parties resulting from the above described promissory note has been lost or
misplaced.

                                        By:____________________________________
                                        _______________________________________

STATE OF                            )
                                    )   SS:
COUNTY OF                           )

            On this ____ day of _______ 20__, before me, a Notary Public, in and
for said County and State, appeared ________________________, who acknowledged
the extension of the foregoing and who, having been duly sworn, states that any
representations therein contained are true.

            Witness my hand and Notarial Seal this ____ day of _______ 20__.

____________________________________
____________________________________

My commission expires ______________.

<PAGE>

                                    EXHIBIT I

                       FORM OF ERISA REPRESENTATION LETTER

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attention: Client Manager - WFHET, Series 2007-1

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

      Re:   Wells Fargo Asset Securities Corporation,
            Home Equity Asset Backed Certificates, Series 2007-1

Ladies and Gentlemen:

      1.    [The undersigned is the ______________________ of (the "Transferee")
a [corporation duly organized] and existing under the laws of __________, on
behalf of which he makes this affidavit.] [The undersigned, ___________________,
is the transferee (the "Transferee").]

      2.    The Transferee hereby acknowledges that under the terms of the
Pooling and Servicing Agreement (the "Agreement") among Wells Fargo Asset
Securities Corporation, as depositor (the "Depositor"), Wells Fargo Bank, N.A.,
as servicer, Wells Fargo Bank, National Association, as securities
administrator, and HSBC Bank USA, National Association, as trustee (the
"Trustee"), no transfer of the ERISA-Restricted Certificates shall be permitted
to be made to any person unless the Depositor and the Certificate Registrar (as
defined in the Agreement) have received a certificate from such transferee in
the form hereof.

      3.    The Transferee is not an employee benefit plan subject to Section
406 or Section 407 of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as
amended (the "Code") or any materially similar provisions of applicable federal,
state or local law ("Similar Law"), the Trustee of any such plan.

      Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Agreement.

      IN WITNESS WHEREOF, the Transferee has executed this certificate.

                                            ____________________________________
                                            [Transferee]

                                            By:_________________________________
                                                Name:
                                                Title:

<PAGE>

                                    EXHIBIT J

                       FORM OF RULE 144A INVESTMENT LETTER

                                     [DATE]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attention: Client Manager - WFHET, Series 2007-1

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Barclays Bank PLC
200 Park Avenue
New York, New York 10166

         Re:      Wells Fargo Asset Securities Corporation,
                  Home Equity Asset Backed Certificates, Series 2007-1

Ladies and Gentlemen:

            In connection with our acquisition of the Wells Fargo Asset
Securities Corporation, Home Equity Asset Backed Certificates, Series 2007-1
(the "Certificates"), we certify that (a) we understand that the Certificates
are not being registered under the Securities Act of 1933, as amended (the
"Act"), or any state securities laws and are being transferred to us in a
transaction that is exempt from the registration requirements of the Act and any
such laws, (b) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificates, (c) we have not, nor has anyone acting on
our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificates, any interest in the Certificates or any other similar security to,
or solicited any offer to buy or accept a transfer, pledge or other disposition
of the Certificates, any interest in the Certificates or any other similar
security from, or otherwise approached or negotiated with respect to the
Certificates, any interest in the Certificates 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 Certificates under the Securities Act or
that would render the disposition of the Certificates a violation of Section 5
of the Securities Act or require registration pursuant thereto, nor will act,
nor has authorized or will authorize any person to act, in such manner with
respect to the Certificates, (d) we are a "qualified institutional buyer" as
that term is defined in Rule 144A under the Securities Act and have completed
either of the forms of certification to that effect attached hereto as Annex 1
or Annex 2. We are aware that the sale to us is being made in reliance on Rule
144A. We are acquiring the Certificates for our own account or for resale
pursuant to Rule 144A and further, understand that such Certificates 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 Securities Act.

            In addition, we certify that we will provide any tax forms required
pursuant to Section 5.02 of the Agreement.

                                        Very truly yours,

                                        [NAME OF TRANSFEREE]

                                        By:_____________________________________
                                            Authorized Officer

<PAGE>

                                                            ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

          The undersigned (the "Buyer") hereby certifies as follows to
the parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

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

            ii. 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, as amended ("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 of 1986,
            as amended.

            ___ 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, a copy of which is attached hereto.

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

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

            ___ 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, territory
            or the District of Columbia.

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

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

            ___ Investment Advisor. The Buyer is an investment advisor
            registered under the Investment Advisors Act of 1940.

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

            ___ Business Development Company. Buyer is a business development
            company as defined in Section 202(a)(22) of the Investment Advisors
            Act of 1940.

            iii. 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) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
(v) loan participations, (vi) repurchase agreements, (vii) securities owned but
subject to a repurchase agreement and (viii) currency, interest rate and
commodity swaps.

            iv. 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, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. 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.

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

            vi. Until the date of purchase of the Rule 144A Securities, 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 the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                        ________________________________________
                                        Print Name of Buyer

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        Date:___________________________________

<PAGE>

                                                            ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That are Registered Investment Companies]

                  The undersigned (the "Buyer") hereby certifies as follows to
the parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

                  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, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

                  2. In connection with purchases by Buyer, the Buyer is a
"qualified institutional buyer" as defined in SEC Rule 144A because (i) the
Buyer is an investment company registered under the Investment Company Act of
1940, as amended 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, except (i) where the Buyer or the Buyer's Family of
Investment Companies reports its securities holdings in its financial statements
on the basis of their market value, and (ii) no current information with respect
to the cost of those securities has been published. If clause (ii) in the
preceding sentence applies, the securities may be valued at market.

                  ___ 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) securities issued or guaranteed by
the U.S. or any instrumentality thereof, (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.

                  5. The Buyer is familiar with Rule 144A and understands that
the parties listed in the Rule 144A Transferee Certificate to which this
certification relates 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. Until the date of purchase of the Certificates, the
undersigned will notify the parties listed in the Rule 144A Transferee
Certificate to which this certification relates of any changes in the
information and conclusions herein. Until such notice is given, the Buyer's
purchase of the Certificates will constitute a reaffirmation of this
certification by the undersigned as of the date of such purchase.

                                        ________________________________________
                                        Print Name of Buyer or Adviser

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        IF AN ADVISER:

                                        ________________________________________
                                        Print Name of Buyer

                                        Date:___________________________________

<PAGE>

                                    EXHIBIT K

                 FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

                    WELLS FARGO ASSET SECURITIES CORPORATION,
              HOME EQUITY ASSET BACKED CERTIFICATES, SERIES 2007-1

STATE OF                            )
                                    ) ss.:
COUNTY OF                           )

                  The undersigned, being first duly sworn, deposes and says as
follows:

                  1. The undersigned is [an officer of] ____________________,
the proposed Transferee of an Ownership Interest in the Class R Certificates
(the "Certificate") issued pursuant to the Pooling and Servicing Agreement, (the
"Agreement"), relating to the above-referenced Certificates, among Wells Fargo
Asset Securities Corporation, as depositor, Wells Fargo Bank, N.A., as servicer,
Wells Fargo Bank, National Association, as securities administrator, and
[_______________________________], as trustee (the "Trustee"). Capitalized terms
used, but not defined herein shall have the meanings ascribed to such terms in
the Agreement. The Transferee has authorized the undersigned to make this
affidavit on behalf of the Transferee.

                  2. The Transferee is, as of the date hereof, and will be, as
of the date of the Transfer, a Permitted Transferee. The Transferee is acquiring
its Ownership Interest in the Certificates either (i) for its own account or
(ii) as nominee, trustee or agent for another Person and has attached hereto an
affidavit from such Person in substantially the same form as this affidavit. The
Transferee has no knowledge that any such affidavit is false.

                  3. The Transferee has been advised of, and understands that
(i) a tax will be imposed on Transfers of the Certificate to Persons that are
Disqualified Organization; (ii) such tax will be imposed on the transferor, or,
if such Transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is a Disqualified Organization, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that
such subsequent Transferee is not a Disqualified Organization and, at the time
of Transfer, such Person does not have actual knowledge that the affidavit is
false.

                  4. The Transferee has been advised of, and understands that a
tax will be imposed on a "pass-through entity" holding the Certificate if at any
time during the taxable year of the pass-through entity a Person that is a
Disqualified Organization is the record holder of an interest in such entity.
The Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is not a Disqualified Organization and the
pass-through entity does not have actual knowledge that such affidavit is false.
(For this purpose, a "pass-through entity" includes a regulated investment
company, a real estate investment trust or common trust fund, a partnership,
trust or estate, and certain cooperatives and, except as may be provided in
Treasury Regulations, persons holding interests in pass-through entities as a
nominee for another Person.)

                  5. The Transferee has reviewed the provisions of Section 5.02
of the Agreement and understands the legal consequences of the acquisition of an
Ownership Interest in the Certificate including, without limitation, the
restrictions on subsequent Transfers and the provisions regarding voiding the
Transfer and mandatory sales. The Transferee expressly agrees to be bound by and
to abide by the provisions of Section 5.02 of the Agreement and the restrictions
noted on the face of the Certificate. The Transferee understands and agrees that
any breach of any of the representations included herein shall render the
Transfer to the Transferee contemplated hereby null and void.

                  6. The Transferee agrees to require a Transfer Affidavit from
any Person to whom the Transferee attempts to Transfer its Ownership Interest in
the Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, the
Transferee agrees to deliver to the Securities Administrator a certificate to
the effect that such Transferee has no actual knowledge that the Person to which
the Transfer is to be made is not a Permitted Transferee.

                  7. The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect to
the Certificate.

                  8. The Transferee's taxpayer identification number is
____________________.

                  9. The Transferee is a U.S. Person as defined in Code Section
7701(a)(30).

                  10. The Transferee is aware that the Certificate may be a
"noneconomic residual interest" within the meaning of Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the transfer
was to impede the assessment or collection of tax.

                  11. That the Transferee will not cause income from the Class R
Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Transferee
or any other U.S. Person.

                  12. That, if the Transferee is purchasing the Class R
Certificate in a transfer intended to meet the safe harbor provisions of
Treasury Regulations Sections 1.860E-1(c), the Transferee has executed and
attached Attachment A hereto.

                  13. The Transferee is not an employee benefit plan that is
subject to ERISA or a plan that is subject to Section 4975 of the Code or a plan
or arrangement subject to any materially similar provisions of applicable
federal, state or local law, nor are we acting on behalf of such a plan.

<PAGE>

                  IN WITNESS WHEREOF, the Transferee has caused this instrument
to be executed on its behalf, pursuant to authority of its Board of Directors,
by its duly authorized officer, duly attested, this ____ day of
__________________, 20__.

                                        [NAME OF TRANSFEREE]

                                        By:_____________________________________
                                           Name:
                                           Title:

[Corporate Seal]

ATTEST:

[Assistant] Secretary

                  Personally appeared before me the above-named ____________ ,
known or proved to me to be the same person who executed the foregoing
instrument and to be the ____________________ of the Transferee, and
acknowledged that he executed the same as his free act and deed and the free act
and deed of the Transferee.

                  Subscribed and sworn before me this ____  day of ________ ,
20__.

                                        ________________________________________
                                        NOTARY PUBLIC

                                        My Commission expires the ____ day
                                        of ________________, 20__.

<PAGE>

                                  ATTACHMENT A

                                       to

                   AFFIDAVIT PURSUANT TO SECTION 860E(e)(4) OF
                  THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

Check the appropriate box:

[ ]  The consideration paid to the Transferee to acquire the Class R Certificate
equals or exceeds the excess of (a) the present value of the anticipated tax
liabilities over (b) the present value of the anticipated savings associated
with holding such Certificate, in each case calculated in accordance with U.S.
Treasury Regulations Sections 1.860E-1(c)(7) and (8), computing present values
using a discount rate equal to the short-term Federal rate prescribed by Section
1274(d) of the Code and the compounding period used by the Transferee.

            OR

[ ]  The transfer of the Class R Certificate complies with U.S. Treasury
Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly:

            (i) the Transferee is an "eligible corporation," as defined in U.S.
      Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from
      Class R Certificate will only be taxed in the United States;

            (ii) at the time of the transfer, and at the close of the
      Transferee's two fiscal years preceding the year of the transfer, the
      Transferee had gross assets for financial reporting purposes (excluding
      any obligation of a person related to the Transferee within the meaning of
      U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100
      million and net assets in excess of $10 million;

            (iii) the Transferee will transfer the Class R Certificate only to
      another "eligible corporation," as defined in U.S. Treasury Regulations
      Section 1.860E-1(c)(6)(i), in a transaction that satisfies the
      requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section
      1.860E-1(c)(5) of the U.S. Treasury Regulations;

            (iv) the Transferee has determined the consideration paid to it to
      acquire the Class R Certificate based on reasonable market assumptions
      (including, but not limited to, borrowing and investment rates, prepayment
      and loss assumptions, expense and reinvestment assumptions, tax rates and
      other factors specific to the Transferee) that it has determined in good
      faith; and

            (v) in the event of any transfer of the Class R Certificate by the
      Transferee, the Transferee will require its transferee to complete a
      representation in the form of this Attachment A as a condition of the
      transferee's purchase of the Class R Certificate.

<PAGE>

                                    EXHIBIT L

          FORM OF TRANSFEROR CERTIFICATE FOR THE CLASS CE, CLASS P AND
                              CLASS R CERTIFICATES

                                                                          [DATE]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attention: Client Manager - WFHET, Series 2007-1

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

         Re:      Wells Fargo Asset Securities Corporation,
                  Home Equity Asset Backed Certificates, Series 2007-1

Ladies and Gentlemen:

                  In connection with our disposition of the Wells Fargo Asset
Securities Corporation, Home Equity Asset Backed Certificates, Series 2007-1,
Class [_] (the "Certificates"), we certify that (a) we understand that the
Certificates have not been registered under the Securities Act of 1933, as
amended (the "Act"), and are being disposed by us to a "qualified institutional
buyer" as defined under the Act and (b) we have not offered or sold any
Certificates to, or solicited offers to buy any Certificates from, any person,
or otherwise approached or negotiated with any person with respect thereto, in a
manner that would be deemed, or taken any other action which would result in, a
violation of Section 5 of the Act.

                                        Very truly yours,

                                        [_____________________]

                                        By: _____________________________

<PAGE>

                                    EXHIBIT M

                                    Reserved

<PAGE>

                                    EXHIBIT N

                      Form of Interest Rate Swap Agreement

  [Included as Exhibit 10.2 to the Current Report on Form 8-K pursuant to which
                 this Pooling and Servicing Agreement is filed]

<PAGE>

                                    EXHIBIT O

                      Form of Sarbanes-Oxley Certification

                    WELLS FARGO ASSET SECURITIES CORPORATION,
              HOME EQUITY ASSET BACKED CERTIFICATES, SERIES 2007-1

                  I, [__________________] certify that:

1.       I have reviewed this report on Form 10-K and all reports on Form 10-D
         required to be filed in respect of the period covered by this report on
         Form 10-K of the Wells Fargo Home Equity Asset-Backed Securities 2007-1
         Trust (the "Exchange Act Periodic Reports");

2.       Based on my knowledge, the Exchange Act Periodic Reports, taken as a
         whole, do not contain any untrue statement of a material fact or omit
         to state a material fact necessary to make the statements made, in
         light of the circumstances under which such statements were made, not
         misleading with respect to the period covered by this report;

3.       Based on my knowledge, all of the distribution, servicing and other
         information required to be provided under Form 10-D for the period
         covered by this report is included in the Exchange Act Periodic
         Reports;

4.       I am responsible for reviewing the activities performed by the Servicer
         and based upon my knowledge and the compliance review conducted in
         preparing the servicer compliance statement required in this report
         under Item 1123 of Regulation AB, and except as disclosed in the
         Exchange Act Periodic Reports, the Servicer has fulfilled its
         obligations under the pooling and servicing agreement, dated [_____],
         20 , among Wells Fargo Asset Securities Corporation, as depositor,
         Wells Fargo Bank N.A., as securities administrator, Wells Fargo Bank,
         N.A., as servicer, and HSBC Bank USA, National Association, as trustee,
         in all material respects; and

5.       All of the reports on assessment of compliance with the servicing
         criteria for asset-backed securities and their related attestation
         reports on assessment of compliance with servicing criteria for
         asset-backed securities required to be included in this report in
         accordance with Item 1122 of Regulation AB and Exchange Act Rules
         13a-18 and 15d-18 have been included as an exhibit to this report,
         except as otherwise disclosed in this report. Any material instances of
         noncompliance described in such reports have been disclosed in this
         report on Form 10-K.

                                        By:_____________________________________
                                            Name:
                                            Title:

<PAGE>

                                    EXHIBIT P

   Form of Certification to be Provided by the Securities Administrator to the
                                    Servicer

                    WELLS FARGO ASSET SECURITIES CORPORATION,
              HOME EQUITY ASSET BACKED CERTIFICATES, SERIES 2007-1

                  I, [identify the certifying individual], certify to Wells
Fargo Bank, N.A. and its officers, directors and affiliates, and with the
knowledge and intent that they will rely upon this certification, that:

1.       I have reviewed the annual report on Form 10-K for the fiscal year
         [___] (the "Annual Report"), and all reports on Form 10-D required to
         be filed in respect of period covered by the Annual Report
         (collectively with the Annual Report, the "Reports"), of the Trust;

2.       To my knowledge, the 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 the Annual Report;

3.       To my knowledge, the distribution information required to be provided
         by the Securities Administrator under the pooling and servicing
         agreement (the "Pooling and Servicing Agreement"), dated [_____], 20 ,
         among Wells Fargo Asset Securities Corporation, as depositor, Wells
         Fargo Bank N.A., as securities administrator, Wells Fargo Bank, N.A.,
         as servicer, and HSBC Bank USA, National Association, as trustee, for
         inclusion in the Reports is included in the Reports;

4.       I am responsible for reviewing the activities performed by the
         Securities Administrator under the Pooling and Servicing Agreement, and
         based on my knowledge and the compliance review conducted in preparing
         the compliance statement of the Securities Administrator required in
         the Annual Report under Item 1123 of Regulation AB, and except as
         disclosed in the Reports, the Securities Administrator has fulfilled
         its obligations under the Pooling and Servicing Agreement in all
         material respects; and

5.       The report on assessment of compliance with servicing criteria for
         asset-backed securities of the Securities Administrator and its related
         attestation report on assessment of compliance with servicing criteria
         required to be included in the Annual Report in accordance with Item
         1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been
         included as an exhibit to the Annual Report. Any material instances of
         non-compliance are described in such report and have been disclosed in
         the Annual Report.

                                         By:____________________________________
                                            Name:
                                            Title:

<PAGE>

                                    EXHIBIT Q

                           List of Recordation States

                                    Maryland

                                     Florida

<PAGE>

                                    EXHIBIT R

                           Form of Custodial Agreement

                               CUSTODIAL AGREEMENT

        THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to time,
the "Agreement"), dated as of March 30, 2007, by and among HSBC BANK USA,
NATIONAL ASSOCIATION, not individually, but solely as Trustee (including its
successors under the Pooling and Servicing Agreement defined below, the
"Trustee"), WELLS FARGO ASSET SECURITIES CORPORATION (together with any
successor in interest, the "Depositor"), WELLS FARGO BANK, N.A. (together with
any successor in interest or successor under the Pooling and Servicing Agreement
referred to below, the "Servicer") and WELLS FARGO BANK, N.A. (together with any
successor in interest or any successor appointed hereunder, the "Custodian").

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

        WHEREAS, the Depositor, the Servicer, and the Trustee, have entered into
a Pooling and Servicing Agreement dated as of March 30, 2007 relating to the
issuance of Home Equity Asset-Backed Certificates, Series 2007-1 (as amended and
supplemented from time to time, the "Pooling and Servicing Agreement"); and

        WHEREAS, the Custodian has agreed to act as agent for the Trustee for
the purposes of receiving and holding certain documents and other instruments
delivered by the Depositor under the Pooling and Servicing Agreement, all upon
the terms and conditions and subject to the limitations hereinafter set forth;

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Depositor, the
Servicer and the Custodian hereby agree as follows:

                                    ARTICLE I

                                   Definitions

        Capitalized terms used in this Agreement and not defined herein shall
have the meanings assigned in the Pooling and Servicing Agreement, unless
otherwise required by the context herein.

                                   ARTICLE II

                          Custody of Mortgage Documents

        Section 2.1. Custodian to Act as Agent; Acceptance of Custodial Files.
Subject to Section 2.3 hereof, the Custodian, as the duly appointed agent of the
Trustee for these purposes, declares that it holds and will hold the documents
delivered to it pursuant to Section 2.01 of the Pooling and Servicing Agreement
and any other documents constituting part of the Owner Mortgage Loan File or
Retained Mortgage Loan File received on or subsequent to the date hereof (the
"Custodial Files") as agent for the Trustee, in trust, for the use and benefit
of all present and future Certificateholders. The Depositor shall give written
notice to the Custodian within 10 business days of the occurrence of a Document
Transfer Event.

        Section 2.2. Recordation of Assignments. Unless an assignment of a
Mortgage is not required to be recorded in accordance with Section 2.01 of the
Pooling and Servicing Agreement, if any Custodial File includes one or more
assignments to the Trustee of Mortgage Notes that have not been recorded, each
such assignment shall be delivered by the Custodian to the Depositor for the
purpose of recording it in the appropriate public office for real property
records, and the Depositor, at no expense to the Custodian, shall promptly cause
to be recorded in the appropriate public office for real property records each
such assignment and, upon receipt thereof from such public office, shall return
each such assignment to the Custodian.

        Section 2.3. Review of Custodial Files. The Custodian agrees, for the
benefit of Certificateholders, to review, in accordance with the provisions of
Section 2.02 of the Pooling and Servicing Agreement, each Custodial File and to
provide the initial and final certifications in the forms of Exhibits F-1 and
F-2 to the Pooling and Servicing Agreement in accordance with the provisions
thereof. If in performing the review required by this Section 2.3 the Custodian
finds any document or documents constituting a part of a Custodial File to be
missing or defective, the Custodian shall follow the procedures specified in the
Pooling and Servicing Agreement.

        Section 2.4. Notification of Breaches of Representations and Warranties.
Upon discovery by the Custodian of a breach of any representation or warranty
made by the Depositor or the Servicer as set forth in the Pooling and Servicing
Agreement, the Custodian shall follow the procedures specified in the Pooling
and Servicing Agreement.

        Section 2.5. Custodian to Cooperate; Release of Custodial Files. Upon
the payment in full of any Mortgage Loan, or the receipt by the Servicer of a
notification that payment in full will be escrowed in a manner customary for
such purposes, the Servicer shall immediately deliver to the Custodian two
copies of a Request for Release or such request in an electronic format
acceptable to the Custodian and shall request delivery to it of the Custodial
File. The Custodian agrees, within five business days of receipt of such Request
for Release, to release the related Custodial File to the Servicer.

        From time to time as is appropriate for the servicing or foreclosure of
any Mortgage Loan, the Servicer shall deliver to the Custodian two copies of a
Request for Release of a Servicing Officer requesting that possession of the
Custodial File be released to the Servicer and certifying as to the reason for
such release. Upon receipt of the foregoing, the Custodian shall deliver the
Custodial File to the Servicer. The Servicer shall cause each Custodial File
therein so released to be returned to the Custodian when the need therefor by
the Servicer no longer exists, unless (i) the Mortgage Loan has been liquidated
and the Liquidation Proceeds relating to the Mortgage Loan have been deposited
in the Certificate Account to the extent required by the Pooling and Servicing
Agreement or (ii) the Custodial File or such document has been delivered to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially. In
the event of the liquidation of a Mortgage Loan, the Servicer shall deliver two
copies of a Request for Release with respect thereto to the Custodian upon
deposit of the related Liquidation Proceeds in the Certificate Account to the
extent required by the Pooling and Servicing Agreement.

        The Custodian shall maintain records (i) identifying all requests made
by Servicers (other than requests relating to Custodial Files already released
by the Custodian) for the release by the Custodian of Custodial Files with
respect to the Mortgage Loans and (ii) all Custodial Files released by the
Custodian.

        Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling and Servicing Agreement, the Servicer shall notify the
Custodian that such assumption or substitution agreement has been completed by
forwarding to the Custodian the original of such assumption or substitution
agreement, which copy shall be added to the related Custodial File and, for all
purposes, shall be considered a part of such Custodial File to the same extent
as all other documents and instruments constituting parts thereof.

                                   ARTICLE III

                            Concerning the Custodian

        Section 3.1. Custodian a Bailee and Agent of the Trustee. With respect
to each Mortgage Note, Mortgage and other documents constituting each Custodial
File which are delivered to the Custodian, the Custodian is exclusively the
bailee and agent of the Trustee, holds such documents for the benefit of
Certificateholders and undertakes to perform such duties and only such duties as
are specifically set forth in this Agreement and in the Pooling and Servicing
Agreement. All provisions of the Pooling and Servicing Agreement setting forth
duties of the Custodian in more detail are hereby incorporated by reference into
this Agreement. Except upon compliance with the provisions of Section 2.5 of
this Agreement and the provisions of the Pooling and Servicing Agreement, no
Mortgage Note or other document constituting a part of a Custodial File shall be
delivered by the Custodian to the Depositor or the Servicer or otherwise
released from the possession of the Custodian.

        Section 3.2. Indemnification. The Depositor hereby agrees to indemnify
and hold the Custodian harmless from and against all claims, liabilities,
losses, actions, suits or proceedings at law or in equity, or any other
expenses, fees or charges of any character or nature, which the Custodian may
incur or with which the Custodian may be threatened by reasons of its acting as
custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Depositor, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fees, or
charge shall have been caused by reason of any negligent act, negligent failure
to act, or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.

        Section 3.3. Custodian May Own Certificates. The Custodian in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not Custodian.

        Section 3.4. Servicer to Pay Custodian's Fees and Expenses. The Servicer
covenants and agrees to pay to the Custodian from time to time, and the
Custodian shall be entitled to, reasonable compensation for all services
rendered by it in the exercise and performance of any of the powers and duties
hereunder of the Custodian, and the Servicer will pay or reimburse the Custodian
upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Custodian in accordance with any of the provisions of
this Agreement (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ),
except any such expense, disbursement or advance as may arise from its
negligence or bad faith. The Servicer's obligations regarding payments due to
the Custodian pursuant to this Section 3.4 shall survive the termination of this
Agreement with respect to any fees and expenses due hereunder.

        Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian, upon 30 days written notice to the Depositor, the Servicer, the
Securities Administrator and the Trustee, may resign from the obligations and
duties hereby imposed upon it as such obligations and duties relate to its
acting as Custodian of the Mortgage Loans. Upon receiving such notice of
resignation, the Trustee shall either take custody of the Custodial Files itself
and give prompt notice thereof to the Depositor, the Servicer and the Custodian
or promptly appoint a successor Custodian by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Custodian and
one copy to the successor Custodian. If the Trustee shall not have taken custody
of the Custodial Files and no successor Custodian shall have been so appointed
and have accepted resignation, the resigning Custodian may petition any court of
competent jurisdiction for the appointment of a successor Custodian.

        The Trustee, upon 60 days written notice to the Depositor, the Servicer,
the Securities Administrator and the Custodian, may remove the Custodian. In
such event, the Trustee shall appoint, or petition a court of competent
jurisdiction to appoint, a successor Custodian hereunder. Any successor
Custodian shall be a depository institution subject to supervision or
examination by federal or state authority and shall be able to satisfy the other
requirements contained in Section 3.7.

        Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Depositor and the Servicer of the
appointment of any successor Custodian. No successor Custodian shall have been
appointed and accepted appointment by the Trustee without the prior approval of
the Depositor and the Servicer.

        Section 3.6. Merger or Consolidation of Custodian. Any Person into which
the Custodian may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which
the Custodian shall be a party, or any Person succeeding to the business of the
Custodian, shall be the successor of the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.

        The Custodian and such successor or surviving Person shall notify the
Depositor, the Servicer, the Securities Administratror and the Trustee of any
such merger, conversion or consolidation at least two Business Days prior to the
effective date thereof and shall provide the Depositor, the Servicer and the
Securities Administrator with all information required by the Depositor to
comply with its reporting obligations not later than the effective date of such
merger, conversion or consolidation (unless giving prior notice would be
prohibited by applicable law or by a confidentiality agreement, in which case
notice shall be given by 12 noon eastern time one Business Day after such merger
or consolidation).

        Section 3.7. Representations of the Custodian. The Custodian hereby
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $10,000,000 and is qualified to do business in the jurisdiction in
which it will hold any Custodial File.

        Section 3.8. Limitations on the Responsibilities of the Custodian.

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

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

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

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

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

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

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

                                   ARTICLE IV

           Documents and Notices Required to be Delivered by Custodian

        Section 4.1 Assessment of Servicing Compliance; Registered Public
Accounting Firm Attestation Reports; Exchange Act Reporting. (a) The Custodian
shall furnish, or cause to be furnished in the case of clause (iii), to the
Securities Administrator, no later than March 5 of each year or if such day is
not a Business Day, the next Business Day (with a 10 calendar day cure period,
but in no event later than March 15), commencing in March 2007, the following:

        (i) a report (in form and substance reasonably satisfactory to the
    Securities Administrator and the Depositor) regarding the Custodian's
    assessment of compliance with the Servicing Criteria applicable to it during
    the immediately preceding calendar year, as required under Rules 13a-18 and
    15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall
    be addressed to the Securities Administrator and signed by an authorized
    officer of the Custodian, and shall address, at a minimum, each of the
    Servicing Criteria applicable to the Custodian, as specified in the table in
    Exhibit S to the Pooling and Servicing Agreement;

        (ii) a report of a registered public accounting firm reasonably
    acceptable to the Securities Administrator and the Depositor that attests
    to, and reports on, the assessment of compliance made by the Custodian and
    delivered pursuant to the preceding paragraph. Such attestation shall be in
    accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
    Securities Act and the Exchange Act. If requested by the Securities
    Administrator or the Depositor, such report shall contain or be accompanied
    by a consent of such accounting firm to inclusion or incorporation of such
    report in the Depositor's Registration Statement on Form S-3 relating to the
    Certificates and the Trust's Form 10-K; and

        (iii) an assessment of compliance and accountants' attestation as
    described in paragraphs (i) and (ii) of this Section 4.1(a) with respect to
    each Subcontractor determined by the Custodian pursuant to Section 4.2 to be
    "participating in the servicing function" within the meaning of Item 1122 of
    Regulation AB.

        An assessment of compliance provided by a Subcontractor pursuant to
Section 4.1(a)(iii) need not address any elements of the Servicing Criteria
applicable to it other than those specified by the Custodian pursuant to Section
4.2.

        No later than 30 days following the end of each fiscal year for the
Trust for which a Form 10-K is required to be filed, the Custodian shall forward
to the Securities Administrator the name of each Subcontractor engaged by it and
what Relevant Servicing Criteria will be addressed in the report on assessment
of compliance prepared by such Subcontractor. When the Custodian submits its
assessment to the Securities Administrator, it will also at such time include
the assessment (and attestation pursuant to Section 4.1(a)(ii) hereof) of each
Subcontractor engaged by it.

        (b) Within five (5) calendar days after a Distribution Date, the
Custodian shall provide to the Securities Administrator, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Securities Administrator and the Custodian, the form and substance of any
Additional Form 10-D Disclosure applicable to the Custodian, as indicated in the
table in Exhibit T to the Pooling and Servicing Agreement. The Custodian
acknowledges that the performance by the Securities Administrator of its duties
under Section 3.28(a) of the Pooling and Servicing Agreement relating to the
timely preparation and filing of Form 10-D is contingent upon the Custodian
strictly observing all applicable deadlines in the performance of its duties
under this Section 4.1(b).

        (c) No later than March 5 (with a 10 calendar day cure period, but in no
event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 2007, the Custodian
shall provide to the Securities Administrator, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Securities Administrator and the Custodian, the form and substance of any
Additional Form 10-K Disclosure applicable to the Custodian, as indicated in the
table in Exhibit U to the Pooling and Servicing Agreement. The Custodian
acknowledges that the performance by the Securities Administrator of its duties
under Section 3.28(b) of the Pooling and Servicing Agreement relating to the
timely preparation and filing of Form 10-K is contingent upon the Custodian
strictly observing all applicable deadlines in the performance of its duties
under this Section 4.1(c).

        (d) For so long as the Trust is subject to the Exchange Act reporting
requirements, no later than the end of business on the second Business Day after
the occurrence of a Reportable Event applicable to the Custodian, the Custodian
shall provide to the Securities Administrator, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Securities Administrator and the Custodian, the form and substance of any Form
8-K Disclosure Information applicable to the Custodian, as indicated in the
table in Exhibit V to the Pooling and Servicing Agreement. The Custodian
acknowledges that the performance by the Securities Administrator of its duties
under Section 3.12(c) of the Pooling and Servicing Agreement relating to the
timely preparation and filing of Form 8-K is contingent upon the Custodian
strictly observing all applicable deadlines in the performance of its duties
under this Section 4.1(d).

        (e) The Custodian shall indemnify the Securities Administrator, each
affiliate of the Securities Administrator, the Trust, each broker dealer acting
as underwriter or initial purchaser of the Certificates, each Person who
controls any of such parties and the Depositor (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act); and the respective
present and former directors, officers, employees and agents of each of the
foregoing and of the Depositor (each such entity, an "Indemnified Party"), and
shall hold each of them harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments, and any other costs, fees and expenses that any of them may sustain
arising out of or based upon:

            (i) (A) any untrue statement of a material fact contained or alleged
        to be contained in any information, report, certification, accountants'
        letter or other material provided in written or electronic form under
        this Section 4.1 or Section 4.2 hereof by or on behalf of the Custodian,
        or provided under Sections 4.1 or 4.2 by or on behalf of any
        Subcontractor (collectively, the "Custodian Information"), or (B) the
        omission or alleged omission to state in the Custodian Information a
        material fact required to be stated in the Custodian Information or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by
        way of clarification, that clause (B) of this paragraph shall be
        construed solely by reference to the Custodian Information and not to
        any other information communicated in connection with a sale or purchase
        of securities, without regard to whether the Custodian Information or
        any portion thereof is presented together with or separately from such
        other information; or

            (ii) any failure by the Custodian or any Subcontractor engaged by
        the Custodian to deliver any information, report, certification,
        accountants' letter or other material when and as required under
        Sections 4.1 or 4.2, including any failure by the Custodian to identify
        pursuant to Section 4.2 any Subcontractor "participating in the
        servicing function" within the meaning of Item 1122 of Regulation AB.

        In the case of any failure of performance described in clause (ii) of
this Section, the Custodian shall promptly reimburse the Securities
Administrator and the Depositor, as applicable, for all costs reasonably
incurred by each such party in order to obtain the information, report,
certification, accountants' letter or other material not delivered as required
by the Custodian or any Subcontractor. If the indemnification provided for
herein is unavailable to hold harmless any Indemnified Party, then the Custodian
agrees that it shall contribute to the amount paid or payable by such
Indemnified Party as a result of the losses, claims, damages or liabilities of
such Indemnified Party in such proportion as is appropriate to reflect the
relative fault of such Indemnified Party on the one hand and the Custodian on
the other in connection with a breach of the Custodian's obligations under this
Section 4.1 or the Custodian's negligence, bad faith or willful misconduct in
connection therewith.

        4.2 Engagement of Affiliates or Third-Parties. The Custodian shall not
hire or otherwise utilize the services of any Subcontractor to fulfill any of
the obligations of the Custodian as servicer under this Agreement unless the
Custodian complies with the provisions of this Section.

    It shall not be necessary for the Custodian to seek the consent of the
Securities Administrator or the Depositor to the utilization of any
Subcontractor. The Custodian shall promptly upon request provide to the
Securities Administrator (or any designee of Securities Administrator) a written
description (in form and substance satisfactory to the Securities Administrator
and the Depositor) of the role and function of each Subcontractor utilized by
the Custodian, specifying (i) the identity of each such Subcontractor, (ii)
which (if any) of such Subcontractors are "participating in the servicing
function" within the meaning of Item 1122 of Regulation AB, and (iii) which
elements of the Servicing Criteria will be addressed in assessments of
compliance provided by each Subcontractor identified pursuant to clause (ii) of
this paragraph.

        As a condition to the utilization of any Subcontractor determined to be
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Custodian shall cause any such Subcontractor used by the
Custodian, for the benefit of the Securities Administrator and the Depositor to
comply with the provisions of Section 4.1 of this Agreement to the same extent
as if such Subcontractor were the Custodian. The Custodian shall be responsible
for obtaining from each Subcontractor and delivering to the Securities
Administrator any assessment of compliance and attestation required to be
delivered by such Subcontractor under Section 4.1, in each case as and when
required to be delivered.

        4.3 Errors and Omissions Policy. The Custodian shall maintain, at all
times and at its own expense, an insurance policy covering losses caused by
errors or omissions of the Custodian and its personnel (such policy, an "Errors
and Omissions Policy"), which policy shall have such terms and coverage amounts
as are comparable to those of errors and omissions policies maintained by
custodians of mortgage loans generally.

        The Errors and Omissions Policy shall insure the Custodian, its
successors and assigns, against any losses resulting from negligence, errors or
omissions on the part of officers, employees or other persons acting on behalf
of the Custodian in the performance of its duties as Custodian pursuant to this
Agreement.

        The Custodian shall maintain in effect the Errors and Omissions Policy
at all times and the Errors and Omissions Policy may not be canceled, permitted
to lapse or otherwise terminated without the acquisition of comparable coverage
by the Custodian.

        4.4 Compliance with Article IV. If (a) the Custodian fails to comply
with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports required pursuant to this
Article IV or (b) any Subcontractor engaged by the Custodian fails to comply
with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports, the Securities
Administrator, may, after consultation with the Depositor, remove the Custodian
and appoint a successor custodian by written instrument, in duplicate, one copy
of which instrument shall be delivered to the Custodian so removed and one copy
to the successor custodian.

                                    ARTICLE V

                            Miscellaneous Provisions

        Section 5.1. Notices. All notices, requests, consents and demands and
other communications required under this Agreement, or pursuant to any other
instrument or document delivered hereunder shall be in writing and, unless
otherwise specifically provided, may be delivered personally, by telegram or
telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

        Section 5.2. Amendments. No modification or amendment of or supplement
to this Agreement shall be valid or effective unless the same is in writing and
signed by all parties hereto, and neither the Depositor, the Servicer nor the
Trustee shall enter into any amendment hereof except as permitted by the Pooling
and Servicing Agreement. The Trustee shall give prompt written notice to the
Custodian of any amendment or supplement to the Pooling and Servicing Agreement
and furnish the Custodian with written copies thereof.

        Section 5.3. Governing Law. This Agreement shall be deemed a contract
made under the laws of the State of New York and shall be construed and enforced
in accordance with and governed by the laws of the State of New York.

        Section 5.4. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Servicer and at its expense on direction
by the Trustee, but only upon direction accompanied by an Opinion of Counsel to
the effect that such recordation materially and beneficially affects the
interests of the Certificateholders.

        For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

        Section 5.5. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

        Section 5.6. Regulation AB Compliance; Intent of Parties;
Reasonableness. The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor, the Securities
Administrator or the Servicer in good faith for delivery of information under
these provisions on the basis of evolving interpretations of Regulation AB. In
connection with the Trust, the parties hereto shall cooperate fully with the
Servicer, the Securities Administrator and the Depositor to deliver to the
Servicer, the Securities Administrator and/or the Depositor (including its
assignees or designees), any and all statements, reports, certifications,
records and any other information available to such party and reasonably
necessary in the good faith determination of the Depositor, the Securities
Administrator or the Servicer to permit the Depositor, the Securities
Administrator or the Servicer to comply with the provisions of Regulation AB,
together with such disclosures reasonably believed by the Depositor, the
Securities Administrator or the Servicer to be necessary in order to effect such
compliance.

<PAGE>

USActive 7799286.2

        IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.

Address:                                       HSBC BANK USA, NATIONAL
                                                  ASSOCIATION,
                                                  as Trustee
452 Fifth Avenue
New York, New York, 10018
                                               By:______________________________
                                               Name:____________________________
                                               Title:___________________________

Address:                                       WELLS FARGO ASSET SECURITIES
                                                  CORPORATION, as Depositor

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

Address:                                       WELLS FARGO BANK, N.A.,
                                                   as Servicer
1 Home Campus
Des Moines, Iowa 50328-0001                    By:______________________________
                                               Name: Bradley A. Davis
                                               Title: Vice President

Address:                                       WELLS FARGO BANK, N.A.,
                                                   as Custodian
1015 10th Avenue South East
Minneapolis, Minnesota 55414                   By:______________________________
                                                   Name:
                                                   Title:

<PAGE>

STATE OF MARYLAND       )
                          ss.:
COUNTY OF FREDERICK     )

        On this 30th day of March, 2007, before me, a notary public in and for
the State of Maryland, personally appeared Bradley A. Davis, known to me who,
being by me duly sworn, did depose and say that he resides at Cooksville,
Maryland; that he is Vice President of Wells Fargo Asset Securities Corporation,
a Delaware corporation, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF MARYLAND       )
                         ss.:
COUNTY OF FREDERICK     )

        On this 30th day of March, 2007, before me, a notary public in and for
the State of Maryland, personally appeared Bradley A. Davis, known to me who,
being by me duly sworn, did depose and say that he resides at Cooksville,
Maryland; that he is a Vice President of Wells Fargo Bank, N.A., a national
banking association, one of the parties that executed the foregoing instrument;
and that she signed his/her name thereto by order of the Board of Directors of
said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

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

        On this 30th day of March, 2007, before me, a notary public in and for
the State of New York, personally appeared Fernando Acebedo, known to me who,
being by me duly sworn, did depose and say that he resides at Huntington, New
York; that he is a Vice President of HSBC Bank USA, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that s/he signed his name thereto by order of the Board of
Directors of said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF MINNESOTA      )
                          ss.:
COUNTY OF HENNEPIN      )

        On this 30th day of March, 2007, before me, a notary public in and for
the State of Minnesota, personally appeared Mary B. Hogan, known to me who,
being by me duly sworn, did depose and say that she is a Vice President of Wells
Fargo Bank, N.A., a national banking association, one of the parties that
executed the foregoing instrument; and that she signed her name thereto by order
of the Board of Directors of said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

                                    EXHIBIT S

         Servicing Criteria to be Addressed in Assessment of Compliance

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                    SERVICING CRITERIA                             APPLICABLE SERVICING CRITERIA
---------------------------------------------------------------------------------------------------------------------
                                                                            Securities
   Reference                             Criteria                          Administrator Trustee  Servicers Custodian
---------------------------------------------------------------------------------------------------------------------
                             General Servicing Considerations
---------------------------------------------------------------------------------------------------------------------
<S>               <C>                                                      <C>           <C>        <C>        <C>
                  Policies and procedures are instituted to monitor any
                  performance or other triggers and events of default in
1122(d)(1)(i)     accordance with the transaction agreements.                 X          X(1)       X
---------------------------------------------------------------------------------------------------------------------
                  If any material servicing activities are outsourced to
                  third parties, policies and procedures are instituted
                  to monitor the third party's performance and
1122(d)(1)(ii)    compliance with such servicing activities.                  X                     X
---------------------------------------------------------------------------------------------------------------------
                  Any requirements in the transaction agreements to
                  maintain a back-up servicer for the mortgage loans are
1122(d)(1)(iii)   maintained.
---------------------------------------------------------------------------------------------------------------------
                  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         X            X        X          X
1122(d)(1)(iv)    with the terms of the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
                            Cash Collection and Administration
---------------------------------------------------------------------------------------------------------------------
<S>               <C>                                                       <C>          <C>        <C>        <C>
                  Payments on mortgage loans are deposited into the
                  appropriate custodial bank accounts and related bank
                  clearing accounts no more than two business days
                  following receipt, or such other number of days             X                     X
1122(d)(2)(i)     specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  Disbursements made via wire transfer on behalf of an
                  obligor or to an investor are made only by authorized
1122(d)(2)(ii)    personnel.                                                  X                     X
---------------------------------------------------------------------------------------------------------------------
                  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
1122(d)(2)(iii)   approved as specified in the transaction agreements.                   X(2)       X
---------------------------------------------------------------------------------------------------------------------
                  The related accounts for the transaction, such as cash
                  reserve accounts or accounts established as a form of
                  overcollateralization, are separately maintained            X                     X
                  (e.g., with respect to commingling of cash) as set
1122(d)(2)(iv)    forth in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  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          X                     X
1122(d)(2)(v)     Exchange Act.
---------------------------------------------------------------------------------------------------------------------
                  Unissued checks are safeguarded so as to prevent                                  X
1122(d)(2)(vi)    unauthorized access.
---------------------------------------------------------------------------------------------------------------------
                  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       X                     X
                  items are resolved within 90 calendar days of their
                  original identification, or such other number of days
1122(d)(2)(vii)   specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
                            Investor Remittances and Reporting
---------------------------------------------------------------------------------------------------------------------
<S>               <C>                                                       <C>          <C>        <C>        <C>
                  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           X                     X
                  trustee's records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
1122(d)(3)(i)     Servicer.
---------------------------------------------------------------------------------------------------------------------
                  Amounts due to investors are allocated and remitted in
                  accordance with timeframes, distribution priority and
1122(d)(3)(ii)    other terms set forth in the transaction agreements.        X                     X
---------------------------------------------------------------------------------------------------------------------
                  Disbursements made to an investor are posted within
                  two business days to the Servicer's investor records,
                  or such other number of days specified in the               X                     X
1122(d)(3)(iii)   transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  Amounts remitted to investors per the investor reports
                  agree with cancelled checks, or other form of payment,      X                     X
1122(d)(3)(iv)    or custodial bank statements.
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
                                 Pool Asset Administration
---------------------------------------------------------------------------------------------------------------------
<S>               <C>                                                       <C>          <C>        <C>        <C>
                  Collateral or security on mortgage loans is maintained
                  as required by the transaction agreements or related
1122(d)(4)(i)     mortgage loan documents.                                    X                     X          X
---------------------------------------------------------------------------------------------------------------------
                  Mortgage loan and related documents are safeguarded as                            X          X
1122(d)(4)(ii)    required by the transaction agreements
---------------------------------------------------------------------------------------------------------------------
                  Any additions, removals or substitutions to the asset
                  pool are made, reviewed and approved in accordance
                  with any conditions or requirements in the transaction
1122(d)(4)(iii)   agreements.                                                              X        X
---------------------------------------------------------------------------------------------------------------------
                  Payments on mortgage loans, including any payoffs,
                  made in accordance with the related mortgage loan
                  documents are posted to the Servicer's obligor records
                  maintained no more than two business days after
                  receipt, or such other number of days specified in the
                  transaction agreements, and allocated to principal,
                  interest or other items (e.g., escrow) in accordance                              X
1122(d)(4)(iv)    with the related mortgage loan documents.
---------------------------------------------------------------------------------------------------------------------
                  The Servicer's records regarding the mortgage loans
                  agree with the Servicer's records with respect to an
1122(d)(4)(v)     obligor's unpaid principal balance.                                               X
---------------------------------------------------------------------------------------------------------------------
                  Changes with respect to the terms or status of an
                  obligor's mortgage loans (e.g., loan modifications or
                  re-agings) are made, reviewed and approved by
                  authorized personnel in accordance with the
                  transaction agreements and related pool asset                                     X
1122(d)(4)(vi)    documents.
---------------------------------------------------------------------------------------------------------------------
                  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                               X
1122(d)(4)(vii)   the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  Records documenting collection efforts are maintained
                  during the period a mortgage loan is delinquent in
                  accordance with the transaction agreements. Such
                  records are maintained on at least a monthly basis, or
                  such other period specified in the transaction
                  agreements, and describe the entity's activities in
                  monitoring delinquent mortgage loans including, for
                  example, phone calls, letters and payment rescheduling                            X
                  plans in cases where delinquency is deemed temporary
1122(d)(4)(viii)  (e.g., illness or unemployment).
---------------------------------------------------------------------------------------------------------------------
                  Adjustments to interest rates or rates of return for
                  mortgage loans with variable rates are computed based
1122(d)(4)(ix)    on the related mortgage loan documents.                                           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 mortgage loan documents,
                  on at least an annual basis, or such other period
                  specified in the transaction agreements; (B) interest
                  on such funds is paid, or credited, to obligors in
                  accordance with applicable mortgage loan documents and
                  state laws; and (C) such funds are returned to the
                  obligor within 30 calendar days of full repayment of                              X
                  the related mortgage loans, or such other number of
1122(d)(4)(x)     days specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  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                              X
1122(d)(4)(xi)    transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  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                                   X
1122(d)(4)(xii)   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                               X
1122(d)(4)(xiii)  days specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
                  Delinquencies, charge-offs and uncollectible accounts
                  are recognized and recorded in accordance with the
1122(d)(4)(xiv)   transaction agreements.                                     X                     X
---------------------------------------------------------------------------------------------------------------------
                  Any external enhancement or other support, identified
                  in Item 1114(a)(1) through (3) or Item 1115 of
                  Regulation AB, is maintained as set forth in the            X
1122(d)(4)(xv)    transaction agreements.
---------------------------------------------------------------------------------------------------------------------
</TABLE>

[___________________________]

Date:    _________________________

By:_____________________________
     Name:
     Title:

(1)  This Servicing Criterion applies to the Trustee with respect to Events of
     Default as set forth in the Pooling and Servicing Agreement.

(2)  This Servicing Criterion applies to the Trustee if the Trustee was required
     during the preceding calendar year to make an Advance in accordance with
     Section 7.01 of the Pooling and Servicing Agreement.

<PAGE>

                                    EXHIBIT T

                         ADDITIONAL FORM 10-D DISCLOSURE

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                    Item on Form 10-D                                         Party Responsible
---------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>
  Item 1: Distribution and Pool Performance Information

 Information included in the Distribution Date Statement                  Securities Administrator

 Any information required by 1121 which is NOT included                   Securities Administrator
           on the Distribution Date Statement

                Item 2: Legal Proceedings

Any legal proceeding pending against the following
entities or their respective property, that is material
to Certificateholders, including any proceeding known to
be contemplated by governmental authorities:
o Issuing Entity (Trust Fund)                                             Securities Administrator
o Sponsor (Seller)                                                                Depositor
o Depositor                                                                       Depositor
o Trustee                                                                          Trustee
o Securities Administrator                                                Securities Administrator
o Custodian                                                                       Custodian
o 1110(b) Originator                                                              Depositor
o Any 1108(a)(3) Servicer (other than the Master                                  Servicer
Servicer or Securities Administrator)
o Any other party contemplated by 1100(d)(1)                                      Depositor

     Item 3: Sale of Securities and Use of Proceeds                               Depositor

Information from Item 2(a) of Part II of Form 10-Q:

With respect to any sale of securities by the sponsor,
depositor or issuing entity, that are backed by the same
asset pool or are otherwise issued by the issuing
entity, whether or not registered, provide the sales and
use of proceeds information in Item 701 of Regulation
S-K.  Pricing information can be omitted if securities
were not registered.  If information has been previously
included in a Current Report on Form 8-K, it need not be
furnished.

         Item 4: Defaults Upon Senior Securities
                                                                          Securities Administrator
Information from Item 3 of Part II of Form 10-Q:

Report the occurrence of any Event of Default (after
expiration of any grace period and provision of any
required notice)

   Item 5: Submission of Matters to a Vote of Security                    Securities Administrator
                         Holders

Information from Item 4 of Part II of Form 10-Q

       Item 6: Significant Obligors of Pool Assets                                Depositor

Information from Item 1112(b) - Significant Obligor
Financial Information*

*This information need only be reported on the Form 10-D
for the distribution period in which updated information
is required pursuant to the Item.

  Item 7: Significant Enhancement Provider Information

Information from Item 1114(b)(2) - Credit Enhancement
Provider Financial Information*
o Determining applicable disclosure threshold                                     Depositor
o Requesting required financial information (including                            Depositor
any required accountants' consent to the use thereof) or
effecting incorporation by reference
 Information from Item 1115(b) - Derivative Counterparty
                 Financial Information*
o Determining current maximum probable exposure                                   Depositor
o Determining current significance percentage                                     Depositor
o Requesting required financial information (including                            Depositor
any required accountants' consent to the use thereof) or
effecting incorporation by reference
*This information need only be reported on the Form 10-D
for the distribution period in which updated information
           is required pursuant to the Items.

                Item 8: Other Information                     Any party responsible for the applicable Form 8-K
                                                                               Disclosure item
Disclose any information required to be reported on Form
8-K during the period covered by the Form 10-D but not
reported

                    Item 9: Exhibits

    Distribution Date Statement to Certificateholders                     Securities Administrator
     Exhibits required by Item 601 of Regulation S-K          Depositor (unless previously filed under Current
                                                                             Report on Form 8-K)

</TABLE>

<PAGE>

<PAGE>

                                    EXHIBIT U

                         ADDITIONAL FORM 10-K DISCLOSURE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                    Item on Form 10-K                                         Party Responsible
---------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>
           Item 1B: Unresolved Staff Comments                                     Depositor

               Item 9B: Other Information                  Any party responsible for disclosure items on Form 8-K
Disclose any information required to be reported on Form
8-K during the fourth quarter covered by the Form 10-K
but not reported
    Item 15: Exhibits, Financial Statement Schedules                      Securities Administrator
                                                                                  Depositor
Reg AB Item 1112(b): Significant Obligors of Pool Assets
Significant Obligor Financial Information*                                        Depositor
*This information need only be reported on the Form 10-K
if updated information is required pursuant to the Item.
   Reg AB Item 1114(b)(2): Credit Enhancement Provider
                 Financial Information*
o Determining applicable disclosure threshold                                     Depositor
o Requesting required financial information (including                            Depositor
any required accountants' consent to the use thereof) or
effecting incorporation by reference
*This information need only be reported on the Form 10-K
if updated information is required pursuant to the Item.
 Reg AB Item 1115(b): Derivative Counterparty Financial
                      Information*
o Determining current maximum probable exposure                                   Depositor
o Determining current significance percentage                                     Depositor
o Requesting required financial information (including                            Depositor
any required accountants' consent to the use thereof) or
effecting incorporation by reference
*This information need only be reported on the Form 10-K
if updated information is required pursuant to the Item.
           Reg AB Item 1117: Legal Proceedings

Any legal proceeding pending against the following
entities or their respective property, that is material
to Certificateholders, including any proceeding known to
be contemplated by governmental authorities:
o Issuing Entity (Trust Fund)                                             Securities Administrator
o Sponsor (Seller)                                                                Depositor
o Depositor                                                                       Depositor
o Trustee                                                                          Trustee
o Securities Administrator                                                Securities Administrator
o Custodian                                                                       Custodian
o 1110(b) Originator                                                              Depositor
o Any 1108(a)(3) Servicer (other than the Master                                  Servicer
Servicer or Securities Administrator)
o Any other party contemplated by 1100(d)(1)                                      Depositor
    Reg AB Item 1119: Affiliations and Relationships
Whether (a) the Sponsor (Seller), Depositor or Issuing      Depositor as to (a) with respect to the Depositor and
Entity is an affiliate of the following parties, and (b)                         the Sponsor
to the extent known and material, any of the following     Securities Administrator as to (a) with respect to the
parties are affiliated with one another:                                       Issuing Entity

o Securities Administrator                                                Securities Administrator
o Trustee                                                                          Trustee
o Any other 1108(a)(3) servicer                                                   Servicer
o Any 1110 Originator                                                             Depositor
o Any 1112(b) Significant Obligor                                                 Depositor
o Any 1114 Credit Enhancement Provider                                            Depositor
o Any 1115 Derivative Counterparty Provider                                       Depositor
o Any other 1101(d)(1) material party                                             Depositor
Whether there are any "outside the ordinary course          Depositor as to (a) with respect to the Depositor and
business arrangements" other than would be obtained in                           the Sponsor
an arm's length transaction between (a) the Sponsor        Securities Administrator as to (a) with respect to the
(Seller), Depositor or Issuing Entity on the one hand,                         Issuing Entity
and (b) any of the following parties (or their
affiliates) on the other hand, that exist currently or
within the past two years and that are material to a
Certificateholder's understanding of the Certificates:

o Securities Administrator                                                Securities Administrator
o Trustee                                                                          Trustee
o Any other 1108(a)(3) servicer                                                   Servicer
o Any 1110 Originator                                                             Depositor
o Any 1112(b) Significant Obligor                                                 Depositor
o Any 1114 Credit Enhancement Provider                                            Depositor
o Any 1115 Derivate Counterparty Provider                                         Depositor
o Any other 1101(d)(1) material party                                             Depositor
Whether there are any specific relationships involving      Depositor as to (a) with respect to the Depositor and
the transaction or the pool assets between (a) the                               the Sponsor
Sponsor (Seller), Depositor or Issuing Entity on the one   Securities Administrator as to (a) with respect to the
hand, and (b) any of the following parties (or their                           Issuing Entity
affiliates) on the other hand, that exist currently or
within the past two years and that are material:

o Master Servicer                                                              Master Servicer
o Securities Administrator                                                Securities Administrator
o Trustee                                                                          Trustee
o Any other 1108(a)(3) servicer                                                   Servicer
o Any 1110 Originator                                                             Depositor
o Any 1112(b) Significant Obligor                                                 Depositor
o Any 1114 Credit Enhancement Provider                                            Depositor
o Any 1115 Derivate Counterparty Provider                                         Depositor
o Any other 1101(d)(1) material party                                             Depositor
</TABLE>

<PAGE>

                                    EXHIBIT V

                         FORM 8-K DISCLOSURE INFORMATION

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                    Item on Form 8-K                                          Party Responsible
---------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>
  Item 1.01- Entry into a Material Definitive Agreement    All parties to the Pooling and Servicing Agreement and
                                                             the Custodian as to each agreement to which it is a
Disclosure is required regarding entry into or amendment                            party
of any definitive agreement that is material to the
securitization, even if depositor is not a party.

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive
agreements that are fully disclosed in the prospectus
  Item 1.02- Termination of a Material Definitive          All parties to the Pooling and Servicing Agreement and
Agreement                                                  the Custodian as to each agreement to which it is a
Disclosure is required regarding termination of  any                                party
definitive agreement that is material to the
securitization (other than expiration in accordance with
its terms), even if depositor is not a party.

Examples: servicing agreement, custodial agreement.
Item 1.03- Bankruptcy or Receivership                                             Depositor

Disclosure is required regarding the bankruptcy or
receivership, with respect to any of the following:

o Sponsor (Seller)                                                                Depositor
o Depositor                                                                       Depositor
o Any other 1108(a)(3) servicer                                                   Servicer
o Trustee                                                                          Trustee
o Securities Administrator                                                Securities Administrator
o Significant Obligor                                                             Depositor
o Credit Enhancer (10% or more)                                                   Depositor
o Derivative Counterparty                                                         Depositor
o Custodian                                                                       Custodian
  Item 2.04- Triggering Events that Accelerate or Increase                Securities Administrator
 a Direct Financial Obligation or an Obligation under an
              Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or
other event, including event of default, that would
materially alter the payment priority/distribution of
cash flows/amortization schedule.

Disclosure will be made of events other than waterfall
triggers which are disclosed in the monthly statements
to the certificateholders.
 Item 3.03- Material Modification to Rights of Security                   Securities Administrator
                         Holders

Disclosure is required of any material modification to
documents defining the rights of Certificateholders,
including the Pooling and Servicing Agreement.
  Item 5.03- Amendments of Articles of Incorporation or                   Securities Administrator
              Bylaws; Change of Fiscal Year                                       Depositor
Disclosure is required of any amendment "to the
governing documents of the issuing entity".
 Item 6.01- ABS Informational and Computational Material                          Depositor

  Item 6.02- Change of Servicer or Securities Administrator               Securities Administrator
                                                                                  Servicer
Requires disclosure of any removal, replacement,
substitution or addition of any master servicer,
affiliated servicer, other servicer servicing 10% or
more of pool assets at time of report, other material
servicers or trustee.
Reg AB disclosure about any new servicer or master                        Securities Administrator
servicer is also required.                                                        Servicer
Reg AB disclosure about any successor Trustee is also                         successor Trustee
required.
 Item 6.03- Change in Credit Enhancement or External                              Depositor
                         Support                                          Securities Administrator
Covers termination of any enhancement in manner other
than by its terms, the addition of an enhancement, or a
material change in the enhancement provided.  Applies to
external credit enhancements as well as derivatives.
Reg AB disclosure about any new enhancement provider is                           Depositor
also required.
 Item 6.04- Failure to Make a Required Distribution                       Securities Administrator

      Item 6.05- Securities Act Updating Disclosure                               Depositor

If any material pool characteristic differs by 5% or
more at the time of issuance of the securities from the
description in the final prospectus, provide updated Reg
AB disclosure about the actual asset pool.
If there are any new servicers or originators required                            Depositor
to be disclosed under Regulation AB as a result of the
foregoing, provide the information called for in Items
1108 and 1110 respectively.
              Item 7.01- Reg FD Disclosure                 All parties to the Pooling and Servicing Agreement and
                                                                                the Custodian
                 Item 8.01- Other Events                                          Depositor
                                                                          Securities Administrator
   Any event, with respect to which information is not
  otherwise called for in Form 8-K, that the registrant
       deems of importance to certificateholders.
      Item 9.01- Financial Statements and Exhibits                                Depositor
                                                                          Securities Administrator

</TABLE>

<PAGE>

                                    EXHIBIT W

                       Additional Disclosure Notification

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO
CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM AND VIA OVERNIGHT MAIL TO THE ADDRESS
IMMEDIATELY BELOW**

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A., as Securities Administrator
9062 Old Annapolis Road
Columbia, Maryland 21045
Attn: Client Manager-  [DEAL NAME]--SEC REPORT PROCESSING

RE:**[Additional Form [10-D][10-K] Disclosure][Form 8-K Disclosure
Information]** Required

Ladies and Gentlemen:

                  In accordance with Section [_] of the Pooling and Servicing
Agreement, , dated as of [_________][ ], 2007, among [____________], as
[_______________], [____________], as [_______________], [____________], as
[_______] and [____________], as [_______________]. the undersigned, as
[__________], hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of [Additional Form [10-D][10-K] Disclosure][Form 8-K Disclosure
Information]:

List of any Attachments hereto to be included in the [Additional Form
[10-D][10-K] Disclosure][Form 8-K Disclosure Information]:

                  Any inquiries related to this notification should be directed
to [_______________________], phone number: [_________]; email address:
[___________________].

                                        [NAME OF PARTY],
                                        as [role]

                                        By:____________________________________
                                           Name:
                                           Title:

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