Document:

<PAGE>

                                                                   EXHIBIT 10-11

                              AMENDED AND RESTATED
                                CREDIT AGREEMENT

                            Dated as of June 30, 2002

                                      among

                              BANK OF AMERICA, N.A.

                                   ("Lender")

                                       and

                      POST, BUCKLEY, SCHUH & JERNIGAN, INC.

                                       and

                              THE PBSJ CORPORATION

                   (individually and collectively, "Borrower")

                                       and

                        SEMINOLE DEVELOPMENT CORPORATION
                        POST, BUCKLEY INTERNATIONAL, INC.
                        PBS&J CONSTRUCTION SERVICES, INC.
                            PBS&J CONSTRUCTORS, INC.
               POST, BUCKLEY INTERNATIONAL, INC., LTD. (SWAZILAND)

                          (collectively, "Guarantors")

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                 Page
                                                                                 ----
<S>                                                                              <C>
ARTICLE I    DEFINITIONS AND ACCOUNTING TERMS ..................................   1

     Section 1.01  Certain Defined Terms .......................................   1

     Section 1.02  Accounting Terms ............................................   4

ARTICLE II   AMOUNTS AND TERMS OF ADVANCES .....................................   4

     Section 2.01  Revolving Line of Credit ....................................   4

     Section 2.02  Computation of Interest .....................................   8

     Section 2.03  Payments ....................................................   8

     Section 2.04  Fees ........................................................   8

     Section 2.05  Prepayment ..................................................   8

     Section 2.06  Collateral ..................................................   9

ARTICLE III  CONDITIONS OF LENDING .............................................   9

     Section 3.01  Condition Precedent to Lending ..............................   9

     Section 3.02  Conditions Precedent to all Lending .........................  10

ARTICLE IV   REPRESENTATIONS AND WARRANTIES ....................................  10

     Section 4.01  Representations and Warranties ..............................  10

ARTICLE V    COVENANTS OF THE BORROWER AND GUARANTORS ..........................  12

     Section 5.01  Affirmative Covenants Other Than Reporting Requirements .....  12

     Section 5.02  Reporting Requirements ......................................  14

     Section 5.03  Negative Covenants ..........................................  15

     Section 5.04  Financial Covenants .........................................  18

ARTICLE VI   EVENTS OF DEFAULT .................................................  18

     Section 6.01  Events of Default ...........................................  18
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                               <C>
     Section 6.02   Action if Event of Default .................................  20

ARTICLE VII  MISCELLANEOUS .....................................................  20

     Section 7.01   No Waiver; Cumulative Remedies .............................  20

     Section 7.02   Amendments .................................................  21

     Section 7.03   Notices ....................................................  21

     Section 7.04   Costs, Expenses and Taxes ..................................  21

     Section 7.05   Right of Setoff ............................................  21

     Section 7.06   Further Assurances .........................................  22

     Section 7.07   Execution in Counterparts ..................................  22

     Section 7.08   Binding Effect; Assignment .................................  22

     Section 7.09   Governing Law ..............................................  22

     Section 7.10   Severability ...............................................  22

     Section 7.11   Headings ...................................................  22

     Section 7.12   Arbitration; Waiver of Jury Trial ..........................  22

     Section 7.13   No Oral Agreement ..........................................  23
</TABLE>

                                      -ii-

<PAGE>

EXHIBITS

<TABLE>
<S>             <C>
Exhibit A       Form of Revolver Note (First Line)
Exhibit A-1     Form of Revolver Note (Second Line)
Exhibit B       Form of Guarantee
Exhibit C       Form of Corporate Resolutions - Guarantor
Exhibit D       Form of Corporate Resolutions - Borrower
Exhibit E       Form of Borrower's Counsel's Opinion
Exhibit F       Form of Officer's Certificate - Incumbency and Signatures of Borrower
Exhibit G       Form of Subordination Agreement
Exhibit H       Form of "Bring Down" Certificate
</TABLE>

SCHEDULES

Schedule I      List of Subsidiaries

                                     -iii-

<PAGE>

                      AMENDED AND RESTATED CREDIT AGREEMENT

     AGREEMENT, dated as of June 30, 2002, by and among BANK OF AMERICA, N.A., a
national banking association (the "Lender"); POST, BUCKLEY, SCHUH & JERNIGAN,
INC., a Florida corporation, and THE PBSJ CORPORATION, a Florida corporation
("PBSJ") (jointly and severally, individually and collectively, the "Borrower");
and SEMINOLE DEVELOPMENT CORPORATION, a Florida corporation ("Seminole"); POST,
BUCKLEY INTERNATIONAL, INC., a Florida corporation; PBS&J CONSTRUCTION SERVICES,
INC., a Florida corporation ("Construction Services"); PBS&J CONSTRUCTORS, INC.,
a Florida corporation; and POST, BUCKLEY INTERNATIONAL, INC., LTD. (SWAZILAND),
a Swaziland corporation ("PB Swaziland") (jointly and severally, collectively,
the "Guarantors").

                                    ARTICLE I
                        DEFINITIONS AND ACCOUNTING TERMS

     Section 1.01 Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

     "Agreement" means this Amended and Restated Credit Agreement, and all
amendments thereto.

     "Advance" means an extension of credit by the Lender to the Borrower
pursuant to Section 2.01(a) of this Agreement.

     "Affiliate" means any Person which controls, or is controlled by, or is
under common control with a Borrower, a Subsidiary or any of the Guarantors.

     "Borrowing" has the meaning assigned to it in Section 2.01(a) of this
Agreement.

     "Business Day" means any day of the year on which commercial banks in the
City of Miami, Florida are open for the conduct of normal business.

     "Collateral" shall have the meaning ascribed to such term in Section 2.06
of this Agreement.

     "Default Rate" means a rate equal at all times to the Prime Rate (as
hereinafter defined) plus five percent (5%) per annum.

     "EBITDA" means the Borrower's Net Income before deductions for interest
expense, income taxes, depreciation and amortization.

     "EBITL" means the Borrower's Net Income before deductions for interest
expense, income taxes and lease expense.

     "ERISA" means the Employment Retirement Income Security Act of 1974, as
amended, and all related provisions of the Internal Revenue Code of 1954, as
amended, together with all applicable rulings and regulations issued under the
provisions of either of them.

<PAGE>

     "Effective Date" means the first day in any Interest Period (as such term
is defined in Section 2.01(c) of this Agreement).

     "Events of Default" has the meaning assigned to that term in Section 7.01
of this Agreement.

     "Financing Statements" shall have the meaning ascribed to such term in
Section 2.06 of this Agreement.

     "Fixed Advance" means an Advance at an interest rate which is fixed during
an Interest Period.

     "Fixed Charge Coverage" means EBITL, divided by interest expense plus lease
expense plus current maturities of long term debt plus current maturities of
capital leases excluding Advances under this Agreement.

     "Fluctuating Advance" means an Advance at an interest rate which changes
with changes in the Prime Rate or in the LIBOR.

     "Funded Debt" means all obligations for money borrowed, whether or not
evidenced by notes, bonds, debentures or other similar instruments, and all
obligations under conditional sale or other title retention agreements or
capitalized leases and all obligations issued or assumed as full or partial
payment for property, whether or not secured by a purchase money mortgage, but
shall not include accounts payable, accrued expenses and taxes payable.

     "GAAP" means generally accepted accounting principles as applied in the
United States and in effect from time to time, consistently applied.

     "Guarantee" means the irrevocable and unconditional guarantee in favor of
the Lender from the Guarantors.

     "Guarantors" shall have the meaning assigned to said term in the
introduction to this Agreement and shall also include each Subsidiary of a
Borrower which is created after the date hereof.

     "Indebtedness" means (without duplication) (i) all liabilities or other
obligations of such Person for borrowed money or for the unpaid portion of the
purchase price of property or services; (ii) all liabilities or other
obligations of any other Person for borrowed money or for the unpaid portion of
the purchase price of property or services the payment or collection of which
such corporation has guaranteed (except by reason of endorsement for collection
in the ordinary course of business) or in respect of which such corporation is
liable, contingently or otherwise, including, without limitation, liable by way
of agreement or purchase, to provide funds for payment, to supply funds to or
otherwise to invest in such other Person, or otherwise to assure a creditor
against loss; (iii) all liabilities or other obligations of any other Person for
borrowed money or for the unpaid portion of the purchase price of property or
services secured by (or for which the holder of such indebtedness has an
existing right, contingent or otherwise, to be secured by) any mortgage, deed of
trust, pledge, lien, security interest or other charge or encumbrance upon or in
property (including, without limitation, accounts, as such term is defined under
the Florida Uniform Commercial Code), owned by such corporation, whether or not
such corporation has assumed or become liable for the payment of such
indebtedness or obligations; (iv) capitalized lease obligations of such
corporation; (v) unfunded vested benefits under each plan maintained for
employees of such Person and covered by Title IV of ERISA; and (vi) all

                                      -2-

<PAGE>

liabilities or other obligations of such corporation, whether contingent or
absolute, matured or unmatured, arising under or in connection with the drafting
under any letter of credit.

     "Investment" shall, when used with the reference to any investment of any
Person, mean any loan or advance made by it to any other Person, any guarantee
or other Indebtedness on the part of such Person in respect of any capital
stock, Indebtedness or other obligations or liabilities of any other Persons and
any other investment made by such Person in any other Person, including, without
limitation, any investment (however acquired) in stock or other ownership
interest in any other Person, and the outstanding amount of any Investment in
any other Person shall be considered to be the original amount thereof less
returns of principal or capital thereof (and without adjustment by reason of the
financial condition of such other Person).

     "Lender's Office" means the address of the Lender set forth below its
signature.

     "LIBOR" shall mean an interest rate per annum equal to the London Interbank
Offered Rates for thirty (30), ninety (90) or one hundred eighty (180) day
periods as published each business day in the money rate section of The Wall
Street Journal (or The New York Times in the event The Wall Street Journal no
longer exists or ceases to publish LIBOR rates) without adjustment by the
Lender.

     "LIBOR Loan" shall have the meaning ascribed to such term in Section
2.01(c) of this Agreement.

     "Loan Documents" mean each Note, this Agreement, the Guarantee, the
Security Agreement, the Financing Statements, and the Subordination Agreements.

     "Maturity Date" means June 30, 2005.

     "Maximum Rate" means a rate equal at all times to the highest lending rate
permitted under Florida or Federal law, whichever is higher or unlimited.

     "Net Income" means after tax income determined in accordance with GAAP.

     "Net Worth" means book net worth determined in accordance with GAAP.

     "Note" means each Revolver Note to be delivered by the Borrower to the
Lender.

     "Person" means an individual, corporation, limited liability company,
partnership, joint venture, trust, association or other business, regardless
whether organized or registered, and any government or any agency or political
subdivision thereof.

     "Prime Rate" means the fluctuating rate of interest established by the
Lender from time to time, at its discretion, whether or not such rate shall be
otherwise published. The Prime Rate is established by the Lender as an index and
may or may not at any time be the best or lowest rate charged by the Lender on
any loan.

     "Revolver Note" shall have the meaning ascribed to such term in Section
2.01(b) of this Agreement.

     "Secured Obligations" shall have the meaning ascribed to such term in
Section 2.06 of this Agreement.

                                      -3-

<PAGE>

     "Security Agreement" shall have the meaning ascribed to such term in
Section 2.06 of this Agreement.

     "Subordinated Debt" shall mean all indebtedness of the Borrower or any
Guarantor to any (i) Affiliate; (ii) Subsidiary; (iii) Guarantor; (iv)
shareholder of the Borrower; (v) shareholder of any Person referenced in clause
(i), (ii) or (iii) hereof; provided, however, Subordinated Debt shall not
include indebtedness incurred by the Borrower solely in connection with the
repurchase of PBSJ capital stock from employees or former employees of the
Borrower; provided further, however, Subordinated Debt shall not include
indebtedness incurred by the Borrower in connection with lease payments made by
the Borrower to Seminole in the ordinary course of business and not to exceed
fair market rental value for the lease by the Borrower of office and warehouse
facilities owned by Seminole; or (vi) third party to the extent such
indebtedness is permitted under Section 5.03(a)(viii) of this Agreement.

     "Subordination Agreements" mean agreements for the subordination of
indebtedness of the Borrower or any Subsidiary to the prior payment of the
Indebtedness an terms approved in writing by the Lender prior to the date hereof
or to the operation thereof and for the subordination of indebtedness which is
permitted under Sections 5.03(a)(iii) through (ix) of this Agreement.

     "Subsidiary" means any other corporation more than 50% of the outstanding
shares of capital stock of which having ordinary voting power for the election
of directors is owned directly or indirectly by a Borrower or any of the
Guarantors.

     "Telegram" means any message transmitted by radio, teletype, cable, any
mechanical method of transmission or the like.

     "Termination Date" has the meaning assigned to that term in Section 2.01(a)
of this Agreement.

     Section 1.02 Accounting Terms. All accounting terms not specifically
defined herein shall be construed in accordance with GAAP consistent with those
applied in the preparation of the consolidated financial statements referred to
in Section 5.02(a) and all consolidated financial data submitted pursuant to
this Agreement shall be prepared in accordance with such principles.

                                   ARTICLE II
                          AMOUNTS AND TERMS OF ADVANCES

     The Lender agrees, on the terms and conditions hereinafter set forth, to
make the following loans to the Borrower:

     Section 2.01 Revolving Line of Credit.

             (a)  Amount.

                  (i) The Lender agrees to make advances ("Advances") to the
             Borrower from time to time during the period from the date hereof
             to and including the Maturity Date or the earlier date of
             termination under Section 6.02 (such earlier date being the
             "Termination

                                      -4-

<PAGE>

          Date") in an aggregate amount not to exceed at any time and from time
          to time outstanding the principal amount of Thirty Seven Million
          Dollars (U.S. $37,000,000.00) (the "First Line"). Within the limits of
          the First Line, the Borrower may borrow (a "Borrowing"), repay, and
          reborrow under this Section 2.01; provided, no Event of Default has
          occurred and is continuing and the outstanding balance under the First
          Line never exceeds $37,000,000.00.

               (ii)  The Lender agrees to make Advances to the Borrower from
          time to time during the period from the date hereof to and including
          the earlier of the Maturity Date or the Termination Date in an
          aggregate amount not to exceed at any time and from time to time
          outstanding the principal sum of Three Million Dollars ($3,000,000.00)
          ("Second Line"). Within the limits of the Second Line, the Borrower
          may borrow, repay and reborrow under this Section 2.01; provided no
          Event of Default has occurred and is continuing and the outstanding
          balance under the Second Line never exceeds $3,000,000.00. Insofar as
          the Borrower may from time to time request and the Lender may be
          willing, in its discretion, the Lender shall, subject to the terms and
          conditions hereof, issue documentary and/or standby letters of credit
          (the "L/Cs") for the account of the Borrower. The issuance of an L/C
          shall be regarded as, and subject to the conditions applicable to, an
          Advance, and the face amount of each then issued and outstanding L/C
          as well as the amount of each then unreimbursed draft presented for
          payment against an L/C shall each be treated as an outstanding
          Advance, and shall be reserved under the Line and shall not be
          available for advances thereunder. Prior to each and every request for
          the issuance of an L/C, the Borrower shall execute and deliver to the
          Lender any and all agreements and documents which the Lender may
          require, including, without limitation, the Lender's standard form of
          application for letter of credit. The maximum amount of all open L/Cs
          and unreimbursed drafts which have been presented for payment against
          the L/Cs shall not, at any one time, exceed the aggregate amount of
          Three Million Dollars ($3,000,000.00). Each draft or other demand for
          payment paid by Lender under an L/C shall be repaid in accordance with
          the terms of the Second Line.

               (iii) In the event for any reason the Advances outstanding at any
          time exceed the aggregate amount permitted in this Section 2.01, the
          Borrower shall pay cash to the Lender in such amount as is necessary
          to reduce the outstanding principal balance of the Advances to the
          aggregate amount permitted hereunder.

          (b)  The Revolver Note. All Advances made by the Lender under the
First Line and the Second Line, respectively, shall be evidenced by two (2)
promissory notes in substantially the forms attached hereto as Exhibit A and
Exhibit A-1 (individually, "Revolver Note" and collectively, "Revolver Notes")

          (c)  Interest.

               (i) First Line. The Borrower agrees to pay interest on that
          portion of the outstanding principal amount of the Revolver Note
          evidencing the First Line from time to time as follows: (A) in the
          case of a Fluctuating Advance, at a rate equal at all times, at
          Borrower's option, to (I) the Lender's Prime Rate minus the Applicable
          Margin (hereinafter defined) ("Prime Rate Option"); or (II) the LIBOR
          for 30 day periods, adjusted daily, plus the Applicable Margin ("LIBOR
          Floating Option"), and (B) in the case of a Fixed Advance, at a rate
          equal to the LIBOR plus the Applicable Margin ("LIBOR Fixed Option"),
          which shall be quoted for a thirty (30), ninety (90) or one hundred
          eighty (180) day term. The Applicable

                                      -5-

<PAGE>

          Margin (the "Applicable Margin") shall for each fiscal quarter be
          determined by reference to the Funded Debt to EBITDA ratio as of the
          end of the fiscal quarter immediately preceding the delivery of the
          applicable Chief Financial Officer's certificate as follows:

                                               Applicable Margin Per Annum
                                               ---------------------------
                Ratio                          Prime Rate       LIBOR Rate
                -----                          ----------       ----------

                *2.5:1.0                       -1.25%           +.50%
             ****2.5:1.0 and ***3.0:1.0        -1.00%           + 75%

          Adjustments, if any, in the Applicable Margin shall be made by the
          Lender within three (3) Business Days after receipt by the Lender of
          quarterly financial statements for the Borrower and the Guarantors and
          the accompanying Chief Financial Officer's certificate setting forth
          the Funded Debt to EBITDA ratio of the Borrower and the Guarantors as
          of the most recent fiscal quarter end. Subject to applicability of the
          Default Rate (as provided in this Agreement), in the event the
          Borrower fails to deliver such financial statements and certificate
          within the time required by Section 5.02 hereof, the Applicable Margin
          shall be the highest Applicable Margin set forth above until the
          delivery of such financial statements and certificate. If Borrower
          selects the LIBOR Fixed Option, it shall simultaneously advise the
          Lender whether such selection is for a thirty (30), ninety (90) or one
          hundred eighty (180) day period (defined herein as the "Interest
          Period"), and the applicable interest rate for the LIBOR Fixed Option
          shall remain effective for the Interest Period. Not later than 10:00
          a.m. two (2) Business Days prior to commencement of any Interest
          Period as to which the LIBOR Fixed Option is intended to apply,
          Borrower shall give telephone instructions to the Lender (confirmed in
          writing) of its elected interest rate option for the next Interest
          Period. The failure of the Borrower to give such instructions shall
          conclusively be presumed to be an election by Borrower to select the
          Prime Rate Option.

               If Borrower has selected the Prime Rate Option, then Borrower may
          elect, at any time, to change the interest rate option by telephone
          notice (confirmed in writing) to the Lender no later than 10:00 a.m.
          on the date the changed interest rate is to become effective. In the
          event that the LIBOR is not determinable, then the Prime Rate Option
          shall apply.

               In the event Borrower has selected the LIBOR Fixed Option with
          respect to any Interest Period, such selection shall be subject to the
          following terms and provisions:

               (x)  If, at any time, the Lender shall have determined (which
                    determination shall be final and conclusive and binding on
                    the parties hereto), that, as a result of any change in any
                    applicable law or governmental (federal, state or local,
                    domestic or foreign) rule, regulation or order or any
                    interpretation thereof (including, without limitation, the
                    introduction of any new or revised law or governmental rule,
                    regulation or order) or its compliance with any directive or
                    request of any central bank or other governmental authority
                    (whether or not having the force of law), the cost to such
                    Lender of making, funding or maintaining the portion of the
                    Advances which then is subject to one or more LIBOR Fixed
                    Options (a "LIBOR Loan" or "LIBOR Loans") has increased from
                    its cost at the time of the

   *  Less than
 ***  Less than or equal to
****  Greater than or equal to

                                      -6-

<PAGE>

                    commencement of the relevant Interest Period, then the
                    Lender shall promptly so notify Borrower and give Borrower
                    reasonably sufficient detail as to the reason for the
                    increased costs as well as an accounting as to the amount of
                    any claimed increase(s) in cost; and Borrower shall pay to
                    the Lender, an amount sufficient to reimburse such Lender
                    for such increased cost.

               (y)  In the event the Lender shall have determined (which
                    determination shall be binding and conclusive on the
                    Borrower) that, by reason of circumstances affecting the
                    relevant markets for the LIBOR Floating Option or the LIBOR
                    Fixed Option, adequate and reasonable means do not exist for
                    determining and/or calculating the rate applicable to the
                    LIBOR Floating Option or the LIBOR Fixed Option with respect
                    to (a) the continuation of the LIBOR Floating Option or the
                    LIBOR Fixed Option then in existence pursuant to a prior
                    request of Borrower, or (b) any request by Borrower to
                    change the Prime Rate Option then in existence to a LIBOR
                    Floating Option or the LIBOR Fixed Option, the Lender shall
                    promptly notify Borrower by telephone (confirmed in writing)
                    of such determination. Upon receipt of such notice, the
                    Prime Rate Option shall be in effect until the Lender
                    notifies Borrower that it may resume selection of the LIBOR
                    Fixed Option or a LIBOR Floating Option.

               In any case where Borrower may select an interest rate option but
          fails or neglects to do so, then the Prime Rate Option shall apply.
          Any changes in the interest rate herein set forth which are due to
          changes in the Prime Rate shall take effect on the date of the changes
          in the Prime Rate.

               Following the occurrence of a monetary Event of Default or an
          Event of Default under Section 6.01 of this Agreement which has not
          been cured to the satisfaction of the Lender and until such cure of an
          Event of Default, unless otherwise waived by the Lender, the principal
          balance outstanding shall bear interest at the Default Rate.

               The last day in the Interest Period (when considered with respect
          to the Effective Date) shall be a Business Day; if not, such last day
          shall be changed to the immediately-preceding Business Day. Interest
          accrued on the indebtedness evidenced by the Revolver Note evidencing
          the First Line prior to maturity shall be payable monthly in arrears
          on the first day of each month commencing August 1, 2002; provided,
          however, all interest accrued on LIBOR Loans shall be due and payable
          at the conclusion of the relevant Interest Period for each LIBOR Fixed
          Option.

               (ii) Second Line. The Borrower agrees to pay an annual issuance
          fee on that portion of the outstanding principal amount of the
          Revolver Note evidencing the Second Line from time to time at a rate
          equal at all times to one percent (1%) per annum per L/C. Interest
          accrued on the indebtedness evidenced by the Revolver Note evidencing
          the Second Line prior to maturity shall be payable monthly in arrears
          on the first day of each month commencing August 1, 2002.

                                      -7-

<PAGE>

               Following the occurrence of a monetary Event of Default or an
          Event of Default under Section 6.01 of this Agreement which has not
          been cured to the satisfaction of the Lender and until such cure of an
          Event of Default, unless otherwise waived by the Lender, the principal
          balance outstanding shall bear interest at the Default Rate.

          (d)  Making the Advance. Each Advance shall be made upon notice from
the Borrower to the Lender at the Lender's Office specifying the date and amount
of the Advance. Upon the fulfillment of the applicable conditions set forth in
Article III hereof, the Lender will make such funds available to the Borrower at
the Lender's Office.

          (e)  Repayment of Advances. All outstanding Advances evidenced by the
Revolver Note evidencing the First Line shall be repaid on the earlier of (i)
the date of demand if an Event of Default has occurred; or (ii) the Maturity
Date.

          (f)  Use of Line Proceeds. The First Line proceeds shall be used by
the Borrower for general corporate purposes and to finance working capital and
capital acquisitions. The Second Line proceeds shall be used to fund the
issuance of the L/Cs.

     Section 2.02 Computation of Interest. All computations of interest
hereunder or under either Note shall be made by the Lender on the basis of an
assumed year of 360 days for the actual number of days elapsed not to exceed,
however, the Maximum Rate. Interest shall accrue on the date an Advance is made
by the Lender but not on the date that repayment is received by the Lender
provided that such funds for repayment are received by the Lender not later than
2:00 p.m. on any Business Day.

     Should any interest or other charges paid by the Borrower, howsoever
characterized or computed, after taking into account any commitment fee or other
charges which may be deemed in the nature of interest, result in the computation
or earning of interest in excess of the Maximum Rate, then any and all of such
excess shall be and the same is hereby waived as interest by the Lender and
shall be automatically credited against, and in reduction of, the principal
amounts owing to the Lender in the inverse order of their maturities.

     Section 2.03 Payments. All payments of principal and interest hereunder or
under either Note shall be made at the Lender's Office in immediately available
funds. Whenever any payment to be made hereunder or under the Note shall be
stated to be due on a day which is not a Business Day, such payment shall be
made on the next succeeding Business Day and such extension of time shall in
such case be included in the computation of payment of interest hereunder or
under the Note.

     Section 2.04 Unused Line Fee. Borrower shall pay to the Lender quarterly an
unused line fee at a rate equal to one eighth of one percent (1/8%) per annum
calculated by the Lender upon the amount by which the First Line amounts exceed
the average daily principal balance outstanding thereunder during the
immediately preceding fiscal quarter (or part thereof) while this Agreement is
in effect and for so long thereafter as any Indebtedness is outstanding under
the First Line, which fee shall be payable on the first day of each fiscal
quarter in arrears.

     Section 2.05 Prepayment. The Borrower shall be permitted to make
prepayments of principal on any Advance for which the Borrower has exercised a
Prime Rate Option. The Borrower shall not be permitted to make prepayments of
any principal amounts outstanding prior to the expiration of the applicable
Interest

                                      -8-

<PAGE>

Period with respect to any Advance for which the Borrower has exercised a LIBOR
Floating Option or a LIBOR Fixed Option.

     Section 2.06 Collateral. In order to secure the full and timely payment and
performance of all Indebtedness and obligations of the Borrower and the
Guarantors under and in connection with the First Line and the Second Line
(including the related guarantee agreements), as well as any and all renewals,
extensions and modifications thereof (collectively, the "Secured Obligations"),
the Borrower and the Guarantors agree that the Lender will be furnished with a
security agreement (the "Security Agreement") and UCC-1 financing statements
(the "Financing Statements") in favor of, and in form and substance acceptable
to, the Lender, granting to the Lender a security interest, subject to no other
liens or encumbrances except as may be set forth in the Security Agreement or
this Agreement, in the following, together with the proceeds and products
thereof: (i) all the Borrower's and Guarantors' presently existing and hereafter
created accounts or accounts receivable; (ii) all the Borrower's and Guarantors'
presently owned and hereafter acquired inventory; (iii) all the Borrower's and
Guarantors' presently owned and hereafter acquired equipment and vehicles; (iv)
all the Borrower's and Guarantors' presently owned and hereafter acquired
chattel paper, instruments, documents, payment intangibles, and general
intangibles (as said terms are defined in Chapter 679 of the Florida Statutes);
and (v) all such additional and related property as are set forth in the
Security Agreement. In addition, the Borrower and Guarantors each hereby grant
to the Lender a lien on, and a security interest in, the deposit balances,
deposit accounts, items, certificates of deposit and monies of the Borrower and
the Guarantors now or at any time hereafter in the possession of or on deposit
with the Lender to secure and as collateral for the payment and performance of
the Secured Obligations. The Lender may, as provided in this Agreement,
appropriate and set-off against and apply the same to such Indebtedness when and
as due and payable. All of the above-described collateral is hereinafter
referred to as the "Collateral."

                                  ARTICLE III
                              CONDITIONS OF LENDING

     Section 3.01 Condition Precedent to Lending. The obligation of the Lender
to make its initial Advance is subject to the condition precedent that the
Lender shall have received for the account of the Lender, on or before the day
of the initial Advance, all of the following, each dated the day of the initial
Advance, in form and substance satisfactory to the Lender:

          (a) Each Revolver Note and the Security Agreement, in each case
executed by the Borrowers;

          (b) The Guarantees in substantially the form of Exhibit B attached
hereto and a certified copy of the resolutions of the Board of Directors of each
of the Guarantors evidencing approval of the Guarantees in substantially the
form of Exhibit C attached hereto;

          (c) A certified copy of the resolutions of the Board of Directors of
the Borrower, in substantially the form attached hereto as Exhibit D, evidencing
approval of this Agreement and the other Loan Documents and other matters
contemplated hereby, and all documents evidencing other necessary corporate
action and governmental approvals, if any, with respect to this Agreement and
the Loan Documents including, but not limited to, a certificate of "good
standing" (or its equivalent), certified copies of the articles of incorporation
and true and correct copies of the bylaws;

                                      -9-

<PAGE>

          (d)  A favorable opinion of counsel for Borrower, in substantially the
form attached hereto as Exhibit E, as to the due execution and delivery by the
Borrower of this Agreement and the other Loan Documents and as to such other
matters as the Lender may reasonably request;

          (e)  A signed copy of a certificate of an officer of the Borrower, in
substantially the form attached hereto as Exhibit F who shall certify the names
of the officers of the Borrower authorized to sign this Agreement and the other
Loan Documents and the other documents or certificates to be delivered pursuant
to this Agreement by the Borrower or any of its officers, together with the true
signatures of such officers (Lender may conclusively rely on such certificate
until it shall receive a further certificate of the Secretary or an Assistant
Secretary of the Borrower canceling or amending the prior certificate and
submitting the signatures of the officers named in such further certificate);

          (f)  A certified copy of the written approval and consent of the
holders, if any, of any obligations of the Borrower which must consent to this
Agreement and the Borrowings hereunder; and

          (g)  A Subordination Agreement, in substantially the form attached
hereto as Exhibit G, to be signed by each Affiliate that is a holder of debt of
the Borrower other than the Lender, if any, or unless waived by the Lender.

     Section 3.02 Conditions Precedent to all Lending. The obligation of the
Lender to make an Advance on the occasion of each Borrowing (including the
initial Borrowing shall be subject to the further conditions precedent that on
the date of such Borrowing the following statements shall be a true and correct
and the Lender shall have received for the account of the Lender, as soon as
possible and in any event within thirty (30) days after the end of each quarter
of each fiscal year of the Borrower, a certificate, in substantially the form
attached hereto as Exhibit H, signed by the President, Vice President or by any
other duly authorized officer of the Borrower, solely in such corporate
capacity, stating that, based on an examination which in the opinion of the
signer is sufficient to enable him to make an informed statement, to the best of
his knowledge:

               (i)  The representations and warranties contained in Section 4.01
          are correct on and as of the date of each Borrowing as though made on
          and as of such date except to the extent that such representations and
          warranties specifically relate to an earlier date or are affected by
          the transaction contemplated under this Agreement; and

               (ii) No event has occurred and is continuing or would result from
          such Borrowing, which constitutes an Event of Default or would
          constitute an Event of Default but for the requirement that notice be
          given or time elapse or both.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

     Section 4.01 Representations and Warranties. Each of the Borrowers and the
Guarantors represents and warrants to the Lender as follows:

          (a) Organization. Each Borrower and each Guarantor is a corporation
duly incorporated, validly existing, and in "good standing" (or its equivalent)
under the laws of the jurisdiction indicated in the introduction to this
Agreement; is duly qualified as a foreign corporation in all jurisdictions in
which its present

                                      -10-

<PAGE>

operations or properties require such qualification; and has all requisite power
and authority, corporate or otherwise, to conduct its business, to own its
properties, and to execute and deliver and to perform all of its obligations
under the Loan Documents.

          (b) Due Authorization. The execution, delivery and performance by the
Borrower and the Guarantors of the Loan Documents have been authorized by all
necessary corporate action and do not and will not contravene any legal or
contractual restriction binding on the Borrower and the Guarantors or any of
their properties.

          (c) Validity. This Agreement constitutes, and each of the other Loan
Documents (including the Guarantees) when executed and delivered hereunder will
constitute, the legal, valid and binding obligations of the Borrower and the
Guarantors, as the case may be, enforceable against the Borrower and the
Guarantors in accordance with their terms, subject only to bankruptcy,
insolvency, reorganization, moratorium or similar laws at the time in effect
affecting the enforceability of rights of creditors in general.

          (d) Financial Information. The drafts of the consolidated balance
sheet of the Borrower, the Guarantors and their Affiliates as at March 31, 2002
and the consolidated statement of income and cash flow of the Borrower, the
Guarantors and their Affiliates for the six (6) months then ended, prepared by
Borrower copies of' which have been furnished to the Lender, fairly present the
financial position of the Borrower as at such date and the results of the
operations of the Borrower, the Guarantors and their Affiliates for the six (6)
month period ended on such date, all in accordance with GAAP applied
consistently throughout the periods involved, and since March 31, 2002 there has
been no material adverse change in such position.

          (e) Litigation. There are no actions, arbitrations or governmental
investigations, inquiries or proceedings, including RICO claims, pending or, to
the knowledge of the Borrower or the Guarantors, threatened against the Borrower
or the Guarantors or their properties before any court or governmental
instrumentality, which, if determined adversely to the Borrower or the
Guarantors, would have a material adverse effect on the financial position,
properties, or operations of the Borrower and the Guarantors taken as a whole.

          (f) Subsidiaries. Set forth on Schedule I hereto is a complete and
accurate list of the Subsidiaries of the Borrower, if any, showing as of the
date hereof (as to each such Subsidiary) the jurisdiction of each incorporation,
the number of shares of each class of capital stock authorized, and the number
outstanding on the date hereof, and the percentage of the outstanding shares of
each such class owned (directly or indirectly) by the Borrower and the number of
shares covered by all outstanding options, warrants, rights of conversion or
purchase, and similar rights at the date hereof. All of the outstanding capital
stock of all Subsidiaries of Borrower, if any, have been validly issued, are
fully paid and nonassessable and are owned by the Borrower or one or more of the
Subsidiaries free and clear of all mortgages, deeds of trust, pledges, liens,
security interests and other charges or encumbrances. Each of the Subsidiaries
is duly incorporated, validly existing and in "good standing" (or its
equivalent) under the laws of the jurisdiction of its incorporation and each is
duly qualified as a foreign corporation in all jurisdictions in which its
present operations or properties require such qualification.

          (g) Securities. After an Event of Default and, except after prior
written notice to the Lender, before an Event of Default, no proceeds of any
Advance will be used to acquire any security in any transaction which is subject
to Sections 13 and 14 of the Securities Exchange Act of 1934.

                                      -11-

<PAGE>

          (h) Regulation U. The Borrower is not engaged in the business of
obtaining credit for the purpose of purchasing or carrying margin stock (within
the meaning of Regulation U issued by the Board of Governors of the Federal
Reserve System), and no proceeds of any loan hereunder will be used to purchase
or carry any margin stock or to extend credit to any other Person for the
purpose of purchasing or carrying any margin stock.

          (i) Taxes. Each of the Borrower and the Guarantors represents that (i)
it has filed all tax returns required by law; (ii) all filed tax returns
accurately reported its liabilities; (iii) all reported tax liabilities have
been paid (unless they are being contested in good faith and by appropriate
proceedings); and (iv) no Internal Revenue Service or Florida Department of
Revenue (or similar taxing authorities or agencies from other states)
examinations are pending or expected.

          (j) Insolvency. Each of the Borrower and, on a consolidated basis, the
Guarantors: (i) is not and, following the execution and delivery of this
Agreement and the Guarantees, will not be "insolvent" as such term is defined in
Section 101 of the Bankruptcy Reform Act of 1978, as amended (the "Act"); (ii)
does not have and, following the execution and delivery of this Agreement and
the Guarantees, will not be left with, an "unreasonably small capital" within
the meaning of Section 548 of the Act; and (iii) in entering into and carrying
out its obligations under this Agreement and the Guarantees, does not intend to
hinder, delay or defraud any Person to which it is or may become indebted, and
does not intend to incur, or does not believe that it would incur, debts beyond
its ability to pay as such debts mature within the meaning of said Section 548.

          (k) Accuracy of Information. All factual information heretofore or
contemporaneously furnished by or on behalf of the Borrower and the Guarantors
to the Lender for the purposes of or in connection with this Agreement or any
transactions contemplated hereby is, and all other such factual information
hereafter furnished by or on behalf of the Borrower and the Guarantors to the
Lender will be, true and accurate in every material respect on the date as of
which such information is dated or certified and not incomplete by omitting to
state any material fact necessary to make such information not misleading.

          (l) Enforceability. Borrower is not aware of any matter which would
render unenforceable, in whole or in part, any of the Loan Documents.

          (m) Laws. To the best of its knowledge, Borrower is in material
compliance with all applicable laws, rules, regulations and orders relating to
the conduct of its business, including those pertaining to hazardous waste and
materials and other environmental laws.

                                   ARTICLE V
                    COVENANTS OF THE BORROWER AND GUARANTORS

     Section 5.01 Affirmative Covenants Other Than Reporting Requirements. So
long as any Indebtedness evidenced by either Note shall remain unpaid, the
Borrower, each Guarantor and each Subsidiary of the Borrower or each Guarantor
will, unless the Lender shall otherwise consent in writing:

          (a) Payment of Taxes and Other Charges. Pay and discharge all taxes,
assessments and governmental charges or levies imposed upon it or upon its
income or profits, or upon any properties belonging to it, prior to the date on
which penalties attach thereto, and all lawful claims which, if unpaid, might
become a

                                      -12-

<PAGE>

lien or charge upon any properties of the Borrower, provided that the Borrower
or such Guarantor or Subsidiary shall not be required to pay any such tax,
assessment, charge, levy or claim which is being contested in good faith and by
appropriate proceedings and for which adequate reserves have been established on
its books.

          (b) Compliance with Laws. Comply in all material respects with all
applicable laws, rules, regulations and orders relating to the conduct of its
business.

          (c) Maintenance of Insurance. Maintain insurance with responsible and
reputable insurance companies or associations, payable both to the Lender and
the Borrower as their interests may appear, and which contain a cancellation
clause providing not less than thirty (30) days prior written notice to Lender,
in such amounts and covering such risks, including, but not limited to,
comprehensive general and professional liability in an amount not less than Five
Million Dollars ($5,000,000.00), flood, hazard, fire and professional errors and
omissions insurance, as is usually carried by companies engaged in similar
businesses and owning similar properties in the same general areas in which the
Borrower, the Guarantors or their Subsidiaries, if any, operate; provided,
however, the Borrower shall maintain comprehensive general and professional
liability insurance for Construction Services in an amount not less than One
Million Dollars ($1,000,000).

          (d) Preservation of Corporate Existence. Preserve and maintain its
corporate existence, rights, franchises and privileges and remain qualified, as
a foreign corporation, in each jurisdiction in which such qualification is
necessary or desirable in view of its business and operations or the ownership
of its properties.

          (e) Keeping of Records and Books of Account. Keep adequate records and
books of account reflecting all of its business affairs and transactions in
accordance with GAAP consistently applied and permit the Lender (by any of its
officers, employees and/or agents) to inspect, audit and make extracts from all
of the Borrower's records, files and books of account, and to enter and inspect
the Borrower's offices during normal business hours upon reasonable notice to
Borrower. The Borrower shall deliver any document or instrument necessary to the
Lender to obtain records from any service bureau maintaining records for the
Borrower. All reasonable out-of-pocket costs, fees and expenses incurred by the
Lender (other than salaries paid to the Lender's employees) or for which the
Lender has become obligated, in connection with such inspection and/or
verification shall be payable by the Borrower to the Lender. The Lender agrees
to hold in confidence the Borrower's proprietary information obtained pursuant
to this Agreement and shall not disclose the same to any third party except (i)
as required by law or by judicial or administrative process or to appropriate
regulatory authorities or as such information is or becomes public knowledge
other than by virtue of the Lender's disclosure; and (ii) to the extent that the
Lender, in its sole discretion, needs to disclose such information to agents or
professionals it retains to recover the obligations arising hereunder from the
Borrower.

          (f) Maintenance of Net Worth. Maintain, on a quarterly basis, a
minimum Net Worth, as of September 30, 2001, of $ 48,235,529, with an annual
increase in minimum Net Worth thereafter equal to fifty percent (50%) of
Borrower's Net Income for the fiscal year ended September 30, 2002 and for each
succeeding fiscal year end during and throughout the entire term of this
Agreement.

          (g) Performance and Compliance with Other Agreements. Perform all the
obligations to be performed pursuant to the terms of each material indenture,
agreement, contract and other instrument by which it is bound, unless the same
shall be contested in good faith by appropriate proceedings by the Borrower or
where performance thereof is prevented through no fault of the Borrower.

                                      -13-

<PAGE>

          (h) Maintenance Free from Security Interests. Maintain the Borrower's
assets free and clear of all security interests and liens whatsoever (except the
security interests in favor of the Lender, if any, and as otherwise permitted or
contemplated under this Agreement).

          (i) Fixed Charge Coverage Ratio. Maintain, on a quarterly basis,
beginning September 30, 2002, for the Borrower's previous four (4) quarters
taken as a whole, a Fixed Charge Coverage Ratio of not less than 1.3 to 1.0
during and throughout the entire term of this Agreement.

          (j) Funded Debt Ratio. Maintain, on a quarterly basis, a ratio of
Funded Debt to EBITDA not greater than 3.0 to 1.0 computed on a four (4) quarter
rolling basis during and throughout the entire term of this Agreement.

          (k) Deposit Account. At all times, maintain with Lender its primary
operating and depositary accounts, including cash management accounts.

     Section 5.02 Reporting Requirements. So long as any indebtedness evidenced
by either Note shall remain unpaid, the Borrower, the Guarantors and their
Subsidiaries will, as the case may be, unless the Lender shall otherwise consent
in writing, furnish to the Lender:

          (a) As soon as available and in any event within one hundred twenty
(120) days after the end of each fiscal year of the Borrower and the Guarantors,
the Borrower shall provide to Lender a consolidated audited financial statement
and consolidating unaudited financial statement, all such financial statements
to be prepared in conformity with GAAP. The audited financial statements shall
be prepared by PriceWaterhouse Coopers or other independent public accountants
of recognized standing selected by the Borrower but reasonably acceptable to the
Lender together with a certificate of such accounting firm stating that in the
course of the regular audit of the business of the Borrower said firm has
obtained no knowledge that an Event of Default or an event which, with the
giving of notice or lapse of time or both, would constitute an Event of Default,
has occurred and is continuing or if, in the opinion of such firm, an Event of
Default or an event which, with notice or lapse of time or both, would
constitute an Event of Default has occurred and is continuing, a statement as to
the nature thereof.

          (b) As soon as possible and in any event within forty-five (45) days
after the end of each quarter of each fiscal year of the Borrower and the
Guarantors, an unaudited consolidated financial statement as of the end of such
quarter attested to by the Chief Financial Officer of the Borrower and the
Guarantors with respect to the accuracy and completeness of the aforesaid
financial information and accompanied by a certificate of the Chief Financial
Officer stating that he has no knowledge that an Event of Default or an event
which, with notice or lapse of time or both, would constitute an Event of
Default has occurred and is continuing;

          (c) As soon as possible and in any event within twenty (20) days after
the end of each month of each fiscal year of the Borrower, a detailed summary
and analysis of aging of accounts;

          (d) As soon as possible and in any event within forty-five (45) days
after the end of each quarter of each fiscal year of the Borrower, a backlog
report as customarily prepared by the Borrower;

                                      -14-

<PAGE>

          (e) Promptly after the filing or receiving thereof, copies of all
reports and notices which the Borrower files, or after the occurrence of a
reportable event as defined or any other event or condition which might
constitute grounds for the termination of, or for the appointment of a trustee
to administer, any plan under ERISA with the Pension Benefit Guaranty
Corporation ("PBGC") or the U.S. Department of Labor ("Department") or which the
Borrower receives from the PBGC or Department;

          (f) Immediately, but not later than three (3) days after discovery of
an Event of Default but, in any case, not later than seven (7) days after the
occurrence of each Event of Default or each event which, with the giving of
notice or lapse of time or both, would constitute an Event of Default,
continuing on the date of such statement, the statement of the chief financial
officer of the Borrower setting forth details of such Event of Default or event
which, with the giving of notice or lapse of time or both, would constitute an
Event of Default and the action which the Borrower proposes to take with respect
thereto;

          (g) Promptly notify the Lender of the commencement of any material
claims (other than claims under a policy of insurance in amounts which, together
with any interest accrued thereon, do not exceed the face value of such policy),
actions, suits, proceedings or investigations of any kind pending or threatened
against the Borrower or any Subsidiary or any Affiliate before any court,
tribunal or administrative agency or board.

          (h) Borrower shall promptly inform the Lender of (i) Borrower's
failure or inability to perform on contracts over $1,000,000.00 in the
aggregate; and (ii) material information of which the Borrower has confirmed
knowledge relating to the material adverse change in the financial condition of
any account debtor who owes at least $1,000,000.00 to the Borrower.

     Section 5.03 Negative Covenants. So long as any Indebtedness evidenced by
the Note shall remain unpaid, the Borrower, the Guarantors and their
Subsidiaries will not, without the prior written consent of the Lender:

          (a) Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, except

                   (i)   Indebtedness of the Borrower under the Loan Documents;

                   (ii)  Indebtedness of the Borrower and the Guarantors
          maturing not more than thirty (30) days from the date created and
          incurred in the ordinary course of business (trade credits);

                   (iii) Indebtedness of the Borrower and the Guarantors
          pertaining to purchase money security interests not to exceed One
          Million Dollars ($1,000,000.00) in the aggregate at any time
          outstanding;

                   (iv)  Indebtedness of PBSJ in connection with the repurchase
          of PBSJ capital stock from employees or former employees of Borrower
          or its Subsidiaries;

                   (v)   Subordinated Debt of the Borrower and the Guarantors,
          as well as any Subsidiary thereof, not to exceed One Million Dollars
          ($1,000,000.00) in the aggregate outstanding at any time, which is
          incurred pursuant to unsecured amortizing financing

                                      -15-

<PAGE>

          provided by sellers in connection with acquisitions made by the
          Borrower and the Guarantors, or any Subsidiary thereof;

                   (vi)   A first mortgage loan encumbering real property
          located at 2001 N.W. 107/th/ Avenue, Miami, Florida with an aggregate
          outstanding principal balance not exceeding Five Million Dollars
          ($5,000,000) at any time;

                   (vii)  Indebtedness of the Borrower and the Guarantors with
          an aggregate outstanding principal balance not exceeding Twelve
          Million Dollars ($12,000,000) at any time for financing an office
          building in Orlando, Florida; and

                   (viii) Indebtedness of the Borrower and the Guarantors with
          an aggregate outstanding principal balance not exceeding One Million
          Dollars ($1,000,000) at any time.

          (b) Liens and Encumbrances. Create, incur, assume or suffer to exist
any mortgage, deed of trust, pledge, lien, security interest, or other charge or
encumbrance (including the lien or retained security title of a conditional
vendor) of any nature or any other type of preferential arrangement, upon or
with respect to any of its properties, now owned or hereafter acquired, or
assign or otherwise convey, any right to receive income, except that the
foregoing restrictions shall not apply to:

                   (i)    liens for taxes, assessments or governmental charges
          or levies on property of the Borrower if the same shall not at the
          time be delinquent or thereafter can be paid without penalty, or are
          being contested in good faith and by appropriate proceedings;

                   (ii)   liens imposed by law, such as landlords', carriers',
          warehousemen's and mechanics' liens and other similar liens arising in
          the ordinary course of business;

                   (iii)  liens arising out of pledges or deposits under
          workmen's compensation laws, unemployment insurance, repairmen's,
          materialmen's and other like liens arising in the ordinary course of
          business in respect of obligations which are not due or are being
          contested in good faith;

                   (iv)   liens or security interests existing on the date of
          this Agreement that are referenced in Section 5.03(a) of this
          Agreement, or that are leases of equipment and vehicles or purchase
          money liens on equipment and vehicles;

                   (v)    liens or security interests covering real or personal
          property and in existence at the time of acquisition thereof by the
          Borrower, the Guarantors or the Subsidiaries and purchase money
          mortgages and purchase money security interests (including the lien or
          retained security title of a conditional vendor) covering real or
          personal property hereafter acquired by the Borrower, the Guarantors
          or Subsidiaries provided (A) the obligations secured thereby do not
          exceed 100% of the purchase price or fair market value of such
          property, whichever is less, (B) the obligations secured thereby are
          otherwise permitted hereunder or any other agreements of whatever
          nature to which the Borrower, the Guarantors or the Subsidiaries is a
          party and (C) no such lien, mortgage or security interest covers, or
          is extended to cover, any other property owned by the Borrower, the
          Guarantors or the Subsidiaries.

                                      -16-

<PAGE>

          (c) Assumptions and Guarantees of Indebtedness of Other Persons.
Assume, guarantee, indorse or otherwise, become directly or contingently liable
in connection with any obligation of any other Person (except by indorsement of
negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business) except for guarantees (other than the Guarantee of
each Guarantor) permitted under this Agreement which shall not exceed, including
all other Indebtedness, $5,000,000.00 in the aggregate; provided, however, the
Borrower shall be permitted to indemnify its officers and directors in
accordance with the provisions set forth under its bylaws and/or articles of
incorporation.

          (d) Sale or Other Disposal of Assets. Sell, lease, sell and leaseback,
assign, transfer or otherwise dispose of all or a substantial portion of its
assets, including accounts and shares of stock of whatever type except as
otherwise permitted under this Agreement.

          (e) Dividends. Declare or pay any dividends on any of its capital
stock now or hereafter outstanding or return any capital or make any
distribution of assets to shareholders in excess of fifty percent (50%) of the
Borrower's Net Income for the immediately preceding fiscal year.

          (f) Change in Nature of Business, Ownership, or Management. Make or
permit to be made, any material change in the nature of its business as carried
on at the date hereof or permit any change in the current ownership structure as
an employee-owned entity; provided, however, the Borrower shall be permitted to
engage in business activities other than those currently conducted by the
Borrower to the extent that the Borrower's aggregate gross revenue attributable
to all such other business activities on a consolidated basis represent less
than ten percent (10%) of the Borrower's consolidated gross revenue taken as a
whole.

          (g) Consolidated Tax Return. Make any consolidated tax return with
respect to its income with any other corporation except any Subsidiary or
Subsidiaries.

          (h) Subordinated Debt. Make any prepayments on and/or restructure any
Subordinated Debt after an Event of Default shall have occurred and is
continuing after the expiration of applicable grace periods, if any, unless
waived by the Lender.

          (i) Merger. Merge into or consolidate with or into any corporation;
for the purposes of this subparagraph (i), the acquisition by the Borrower or
any Subsidiary by lease, purchase or otherwise, of all or substantially all of
the assets of any corporation shall be deemed a merger of said corporation with
the Borrower or such Subsidiary except that any Subsidiary may merge into or
consolidate with any other Subsidiary of the Borrower or merge into the Borrower
so long as the Borrower is the surviving corporation other than any Subsidiary
which has incurred secured Indebtedness in connection with seller or other
creditor financing as otherwise permitted under Section 5.03(a) of this
Agreement. Anything herein to the contrary notwithstanding, the Borrower or any
Subsidiary shall be permitted, without limitation except for subsection (f)
above and the limitations set forth in the preceding sentence of this Section
5.03(i), to acquire by merger, any Person, provided that the Borrower, or a
Subsidiary, is the surviving corporation.

          (j) Subsidiary. Except as otherwise permitted under Sections 5.03(f),
(i) and (m), organize any other Subsidiary unless prior written consent is
obtained from the Lender, which consent shall not be unreasonably withheld or
delayed; provided, however, such Subsidiary shall guarantee the Loan and shall

                                      -17-

<PAGE>

execute a Guarantee in the form attached hereto as Exhibit B unless such
requirement for a Guarantee shall be waived by the Lender.

          (k) Shares of Stock. Authorize, issue, grant or sell any shares of its
capital stock except to employees.

          (l) Loans. Make any loan or advance or extend credit to any Person
except to (i) Affiliates of Borrower (ii) employees of Borrower, in the ordinary
course of Borrower's business, not to exceed in the aggregate One Hundred
Thousand Dollars ($100,000.00); and (iii) employees of Borrower and its
Subsidiaries in connection with the purchase by such employees of PBSJ capital
stock.

          (m) Acquisition. Acquire or invest in any Person (excluding
individuals) or the assets of any Person (excluding individuals) whereby such
acquisitions or investments would exceed the limitations on aggregate gross
revenues as set forth under subsection (f) above.

          (n) Investments. Except as otherwise permitted under Sections 5.03(f)
and (m), make any investments of Borrower's or Guarantor's funds other than
investments existing on the date of this Agreement and disclosed to the Lender
and short term investments with a maturity of less than twelve (12) months and
which are specifically limited to (i) government securities issued by the United
States of America or agencies thereof; (ii) Certificates of Deposit issued by
banks insured by the Federal Deposit Insurance Corporation with a minimum
capitalization of Fifty Million Dollars (U.S. $50,000,000.00); (iii) commercial
paper and money market instruments rated "investment grade" by Moody's Investor
Services, Inc. or Standard & Poor's Corp.; and (iv) mutual funds; provided
however, anything herein to the contrary notwithstanding, the Guarantors shall
be permitted to make capital investments of their funds in the Borrower;
provided, further, however, if any such investment by the Guarantors shall be
deemed to be indebtedness of the Borrower, then such indebtedness shall be
characterized and treated as Subordinated Debt as provided under this Agreement.

     Section 5.04 Financial Covenants. Anything herein to the contrary
notwithstanding, the Borrower and the Lender agree that all financial covenants
referred to under this Agreement shall be measured on a consolidated basis which
includes (i) the Borrower; (ii) the Guarantors; and (iii) any Affiliates
(excluding directors and officers of Borrower, the Guarantors and Subsidiaries)
of either the Borrower or any of the Guarantors.

                                   ARTICLE VI
                                EVENTS OF DEFAULT

     Section 6.01 Events of Default. The term, "Event of Default", shall mean
any of the following events that shall occur and be continuing after the
expiration of applicable cure periods, if any, or unless waived by Lender:

          (a) The Borrower shall fail to pay when due any installment of
principal of or interest under either Note or under any of the other Loan
Documents and such default continues unremedied for ten (10) consecutive days
after written notice thereof shall have been given to the Borrower by the Lender
or the holder of the Note; or

                                      -18-

<PAGE>

          (b) Any material representation or warranty made by the Borrower or
the Guarantors herein or by the Borrower (or any of its officers) in any
certificate, agreement, instrument or written statement made or delivered
pursuant to or in connection with this Agreement, shall prove to have been
incorrect in any material respect on the date as of which the facts set forth
are stated or certified; or

          (c) The Borrower or the Guarantors shall default in the due
performance and observance of any of its agreements contained in Sections
5.01(f), (i), (j) or Section 5.03; or

          (d) The Borrower shall fail to perform or observe any other term,
covenant or agreement contained in this Agreement or in the other Loan Documents
on its part to be performed or observed and any such failure remains unremedied
for thirty (30) days after written notice thereof shall have been given to the
Borrower by the Lender or the holder of either Note and the remedy period has
not been extended by the Lender or the holder of either Note; or

          (e) The Borrower shall fail to pay any Indebtedness for borrowed money
or the unpaid portion of the purchase price of property (other than as evidenced
by either Note) owing by the Borrower or any interest or premium thereon in
excess of One Million Dollars ($1,000,000.00) in the aggregate, when due,
whether such obligation shall become due by scheduled maturity, by required
prepayment, by acceleration, by demand or otherwise; or the Borrower shall fail
to perform any material term, covenant or agreement on its part to be performed
under any agreement or instrument (other than this Agreement) evidencing or
securing or relating to any such obligation owing by the Borrower when required
to be performed if the effect of such failure is to accelerate, or to permit the
holder or holders of such obligation or the trustee or trustees under any such
agreement or instrument to accelerate, the maturity of such obligation, whether
or not such failure to perform shall be waived by the holder or holders of such
Indebtedness or such trustee or trustees; provided, however, nothing in this
subsection shall require the payment or performance of any obligation, as
aforesaid, provided the Borrower contests by appropriate legal proceedings
diligently conducted in good faith, without cost or expense, including
attorneys' fees, to the Lender, any such payment or performance; or

          (f) The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Borrower in an involuntary case
under the federal bankruptcy, insolvency or other similar law, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
officer) of the Borrower or for any substantial part of the property of the
Borrower or requiring 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
thirty (30) consecutive days; or

          (g) The commencement by the Borrower of a voluntary case under the
federal bankruptcy laws, as now constituted or hereafter amended, or any other
applicable federal or state bankruptcy, insolvency or other similar law, or the
consent by the Borrower to the appointment of and taking possession by a
custodian, receiver, trustee, liquidator, assignee, sequestrator (or other
similar official) of the Borrower or for any substantial part of the property of
the Borrower or the making by the Borrower of any assignment for the benefit of
creditors, or the failure of the Borrower to pay its debts as such debts become
due, as the same is construed under Section 303 of the Bankruptcy Code or the
taking of action by the Borrower in furtherance of any of the foregoing; or

          (h) Any final judgments or orders in an aggregate amount in excess of
One Million Dollars ($1,000,000.00) shall be entered against the Borrower and
such judgments or orders shall continue unsatisfied

                                      -19-

<PAGE>

or the repayment thereof shall not be fully bonded within thirty (30) days after
their issuance or are not otherwise still being contested in good faith by
appropriate proceedings which stay the effect thereof; or

          (i) Any monies, deposits or other property of the Borrower, in excess
of Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate, now or
hereafter on deposit with or in the possession or under the control of the
Lender shall be attached or become subject to distrained proceedings or any
order or process of any court and remains unremedied for thirty (30) days after
written notice shall have been given to the Borrower by the Lender; or

          (j) The certificate of the certified public accountants required to be
delivered to the Lender pursuant to Section 5.02(a) shall contain any material
exception indicating a material adverse change in the financial condition,
properties, or operations of the Borrower which would impair the Borrower's
ability to repay the Loan; or

          (k) The occurrence of any material adverse change in the financial
position of the Borrower and/or condition of the property of the Borrower which
would impair the Borrower's ability to repay the Loan.

          (l) Any material change in the nature of the corporate existence of
Borrower which has a material adverse effect on the Borrower.

          (m) Occurrence of an event of default by Borrower under any other
credit facility established by the Lender in favor of Borrower so that an event
of default under any credit facility shall cause all credit facilities to be in
default, unless the Lender waives such default or it is otherwise cured.

     Section 6.02 Action if Event of Default. If any Event of Default shall
occur for any reason, whether voluntary or involuntary, and be continuing, the
Lender shall, by notice to the Borrower, declare the right of the Borrower to
request Advances to be terminated, whereupon the same shall forthwith terminate.
Further, the Lender may, upon notice to the Borrower, declare the entire unpaid
principal amount evidenced by the Notes, all interest accrued and unpaid thereon
and all other amounts payable under this Agreement to be forthwith due and
payable, whereupon the Indebtedness evidenced by the Notes, all such accrued
interest, and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest, or further notice of any kind, all of
which are hereby expressly waived by the Borrower; provided, however, if an
Event of Default is an event described in Sections 6.01(f) or (g), above, the
right of the Borrower to request Advances shall automatically terminate and the
Indebtedness of the Borrower to the Lender shall forthwith, without notice to or
demand upon the Borrower, be due and payable.

                                  ARTICLE VII
                                  MISCELLANEOUS

     Section 7.01 No Waiver; Cumulative Remedies. No failure or delay on the
part of the Lender or any other holder of either Note in exercising any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any such right, power or remedy preclude any other
or further exercise thereof or the exercise of any other right, power or remedy
hereunder. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

                                      -20-

<PAGE>

     Section 7.02 Amendments. No amendment, modification, termination, or waiver
of any provision of this Agreement or of the other Loan Documents nor consent to
any departure by the Borrower therefrom, shall in any event be effective unless
the same shall be in writing and signed by the Lender, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given. No notice to or demand on the Borrower in any case
shall entitle the Borrower to any other or further notice or demand in similar
or other circumstances.

     Section 7.03 Notices. All notices, requests, demands, directions and other
communications provided for hereunder shall be in writing (including telegraphic
communication) and if to any party, addressed or delivered to it at its address
set forth below its signature on the signature pages hereof, or at such other
address as shall be designated by such party in a written notice to each other
party complying as to delivery with the terms of this Section 7.03. All such
notices, requests, demands, directions, and other communications shall, when
mailed or telegraphed, be effective when deposited in the mails or delivered to
the telegraph company, respectively, addressed as aforesaid.

     Section 7.04 Costs, Expenses and Taxes. The Borrower agrees to pay, on
request, all reasonable costs and expenses of the Lender in connection with the
preparation, execution and delivery, and the Lender's costs and expenses in
connection with this Agreement, the other Loan Documents, and the other
instruments and documents to be delivered hereunder, including the reasonable
fees and out-of-pocket expenses of counsel for the Lender with respect thereto,
and, after an Event of Default has occurred, all costs and expenses, if any, in
connection with the enforcement of this Agreement, the other Loan Documents, or
any other instruments and documents to be delivered hereunder. In addition, the
Borrower shall pay any and all excise (documentary stamp) and other taxes
(including interest and penalties for failure to have paid same) payable or
determined to be payable, whether prior to or simultaneously with the initial
Advance or at any time thereafter, in connection with the execution and delivery
of this Agreement, the other Loan Documents and the other instruments and
documents to be delivered hereunder, and agrees to save the Lender harmless from
and against any and all liabilities with respect to or resulting from any delay
in paying or omission to pay such taxes. Anything herein to the contrary
notwithstanding, the Borrower shall not be obligated to pay to the Lender
amounts incurred by the Lender for attorneys' fees in connection with any
matters arising under this Agreement in which the Borrower is the prevailing
party.

     Section 7.05 Right of Setoff. Upon the occurrence and during the
continuance of any Event of Default, the Lender or any bank which participates
in any loan to the Borrower with the Lender in connection herewith is hereby
authorized at any time and from time to time, without notice to the Borrower
(any such notice being expressly waived by the Borrower), to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held and other Indebtedness at any time owing by the Lender or
participant to or for the credit or the account of the Borrower against any and
all Indebtedness of the Borrower now or hereafter existing under this Agreement
and the other Loan Documents or in connection with any participant, irrespective
of whether or not the Lender shall have made any demand under this Agreement or
the other Loan Documents and although such obligations may be unmatured. The
Borrower agrees that the Indebtedness of the Borrower to the Lender shall be
deemed to run to the Lender and its participant as if the Notes had initially
been executed and delivered by the Borrower to the order of the Lender and its
participant (s). The Lender agrees promptly to notify the Borrower after any
such setoff and application made by the Lender or the Lender's participant,
provided that the failure to give such notice shall not affect the validity of
such setoff and application. The rights of the Lender under this Section are in
addition to other rights and remedies (including, without limitation, other
rights of setoff) which the Lender may have.

                                      -21-

<PAGE>

     Section 7.06 Further Assurances. The Borrower and the Guarantors agree to
execute any and all further documents and instruments that may be required under
applicable law or which the Lender may reasonably request in order to effectuate
the transactions contemplated by this Agreement.

     Section 7.07 Execution in Counterparts. This Agreement may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument.

     Section 7.08 Binding Effect; Assignment. This Agreement shall become
effective when it shall have been executed by the Borrower and the Lender and
thereafter shall be binding upon and inure to the benefit of the Borrower and
the Lender and their respective successors and assigns, except that the Borrower
shall not have the right to assign its rights hereunder or any interest herein
without the prior written consent of the Lender which consent the Lender may
grant or withhold in its discretion.

     Section 7.09 Governing Law. This Agreement and each of the other Loan
Documents shall be governed by, and construed in accordance with, the laws of
the State of Florida (except as to those matters relating to interest rates or
other lending terms which are or may, at the election of the Lender, be governed
by United States (federal) law).

     Section 7.10 Severability Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

     Section 7.11 Headings. Article and Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

     Section 7.12 Arbitration; Waiver of Jury Trial.

          (a) This section concerns the resolution of any controversies or
claims between the Borrower and the Lender, whether arising in contract, tort or
by statute, including but not limited to controversies or claims that arise out
of or relate to: (i) this Agreement (including any renewals, extensions or
modifications); or (ii) any document related to this Agreement (collectively, a
"Claim").

          (b) At the request of the Borrower or the Lender, any Claim shall be
resolved by binding arbitration in accordance with the Federal Arbitration Act
(Title 9, U.S. Code) (the "Act"). The Act will apply even though this Agreement
provides that it is governed by the law of a specified state.

          (c) Arbitration proceedings will be determined in accordance with the
Act, the rules and procedures for the arbitration of financial services disputes
of J.A.M.S./Endispute or any successor thereof ("J.A.M.S."), and the terms of
this section. In the event of any inconsistency, the terms of this section shall
control.

          (d) The arbitration shall be administered by J.A.M.S. and conducted in
Florida. All claims shall be determined by one arbitrator; however, if Claims
exceed $5,000,000, upon the request of any party, the

                                      -22-

<PAGE>

Claims shall be decided by three arbitrators. All arbitration hearings shall
commence within 90 days of the demand for arbitration and close within 90 days
of commencement and the award of the arbitrator(s) shall be issued within 30
days of the close of the hearing. However, the arbitrator(s), upon a showing of
good cause, may extend the commencement of the hearing for up to an additional
60 days. The arbitrator(s) shall provide a concise written statement of reasons
for the award. The arbitration award may be submitted to any court having
jurisdiction to be confirmed and enforced.

          (e) The arbitrator(s) will have the authority to decide whether any
Claim is barred by the statute of limitations and, if so, to dismiss the
arbitration on that basis. For purposes of the application of the statute of
limitations, the service on J.A.M.S. under applicable J.A.M.S. rules of a notice
of Claim is the equivalent of the filing of a lawsuit. Any dispute concerning
this arbitration provision or whether a Claim is arbitrable shall be determined
by the arbitrator(s). The arbitrator(s) shall have the power to award legal fees
pursuant to the terms of this Agreement.

          (f) This paragraph does not limit the right of the Borrower or the
Lender to: (i) exercise self-help remedies, such as but not limited to, setoff;
(ii) initiate judicial or nonjudicial foreclosure against any real or personal
property collateral; (iii) exercise any judicial or power of sale rights, or
(iv) act in a court of law to obtain an interim remedy, such as but not limited
to, injunctive relief, writ of possession or appointment of a receiver, or
additional or supplementary remedies.

          (g) By agreeing to binding arbitration, the parties irrevocably and
voluntarily waive any right they may have to a trial by jury in respect of any
Claim. Furthermore, without intending in any way to limit this Agreement to
arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably
and voluntarily waive any right they may have to a trial by jury in respect of
such Claim. This provision is a material inducement for the parties entering
into this Agreement.

     Section 7.13 NO ORAL AGREEMENT. THIS WRITTEN LOAN AGREEMENT AND THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES.

                                      -23-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                      LENDER:

                                      BANK OF AMERICA, N.A.

                                      By:  /s/ Manuel M. Perdomo
                                           ---------------------
                                             Manuel M. Perdomo

                                      Title: Senior Vice President

                                      100 Southeast Second Street
                                      Miami, Florida 33131

                                      Attn:  Manuel M. Perdomo,
                                             Senior Vice President
                                             Commercial Banking

                                      BORROWER:

                                      POST, BUCKLEY, SCHUH & JERNIGAN, INC.,
                                      a Florida corporation

                                      By:  /s/ Richard A. Wickett
                                           ----------------------
                                             Richard A. Wickett

                                      Title: Chairman/Chief Financial Officer

                                      THE PBSJ CORPORATION, a Florida
                                      corporation

                                      By:  /s/ Richard A. Wickett
                                           ----------------------
                                             Richard A. Wickett

                                      Title: Chairman/Chief Financial Officer
                                             /Treasurer

                                      -24-

<PAGE>

                                   GUARANTORS:

                                   SEMINOLE DEVELOPMENT CORPORATION,
                                   a Florida corporation

                                   By:   /s/ Richard A. Wickett
                                         ----------------------
                                           Richard A. Wickett

                                   Title: Treasurer

                                   POST, BUCKLEY INTERNATIONAL, INC., a
                                   Florida corporation

                                   By:   /s/ Richard A. Wickett
                                         ----------------------
                                           Richard A. Wickett

                                   Title: Vice President/Secretary/Treasurer

                                   PBS&J CONSTRUCTION SERVICES, INC., a
                                   Florida corporation

                                   By:   /s/ Richard A. Wickett
                                         ----------------------
                                           Richard A. Wickett

                                   Title: Secretary/Treasurer

                                   PBS&J CONSTRUCTORS, INC., a Florida
                                   corporation

                                   By:   /s/ Richard A. Wickett
                                         ----------------------
                                           Richard A. Wickett

                                   Title: Secretary/Treasurer

                                   POST, BUCKLEY INTERNATIONAL, INC., LTD.
                                   (SWAZILAND), a Swaziland corporation

                                   By:   /s/ Richard A. Wickett
                                         ----------------------
                                           Richard A. Wickett

                                   Title: Secretary/Treasurer

                                      -25-

<PAGE>

                                  REVOLVER NOTE

$37,000,000.00

                                                             As of June 30, 2002
                                                       Charlotte, North Carolina

          FOR VALUE RECEIVED, POST, BUCKLEY, SCHUH & JERNIGAN, INC., a Florida
corporation, and THE PBSJ CORPORATION, a Florida corporation (jointly and
severally, individually and collectively, the "Borrower"), HEREBY PROMISES TO
PAY to the order of BANK OF AMERICA, N.A. (the "Lender"), the principal sum of
THIRTY-SEVEN MILLION DOLLARS ($37,000,000.00) or, if less, the aggregate unpaid
principal amount of all advances made by the Lender to the Borrower pursuant to
the Amended and Restated Credit Agreement (as hereinafter defined) outstanding
on June 30, 2005; together with interest on any and all principal amounts
remaining unpaid hereunder from time to time outstanding from the date hereof
until the indebtedness evidenced hereby is paid in full, at such interest rates
and payable at such times as are specified in the Amended and Restated Credit
Agreement. Any amount of principal or interest evidenced hereby which is not
paid when due shall bear interest from the day when due until such amount is
paid in full, payable on demand at such interest rates and payable at such times
as are specified in the Amended and Restated Credit Agreement. Both principal
and interest are payable in lawful money of the United States of America at 100
S.E. 2nd Street, Miami, Florida 3 3131 in same day funds.

          This Note is the "Revolver Note" for the "First Line" referred to in,
and is entitled to the benefits (including, without limitation, the described
collateral) of, the Amended and Restated Credit Agreement, dated as of June 30,
2002 (as further amended, restated or otherwise modified, the "Amended and
Restated Credit Agreement") among the Lender, the Borrower and the Guarantors
(as defined thereunder). The Amended and Restated Credit Agreement, among other
terms, provides for (i) the making of advances (the "Advances") by the Lender to
the Borrower from time to time pursuant to the Amended and Restated Credit
Agreement in an aggregate amount not to exceed $37,000,000, the indebtedness of
the Borrower resulting from each such Advance being evidenced by this Note, (ii)
for the acceleration of the indebtedness evidenced hereby upon the occurrence of
certain events, and (iii) for security for the full and timely payment and
performance of all indebtedness and obligations of the Borrower and the
Guarantors hereunder.

          The Borrower waives presentment, notice, protest and all other notices
in connection with the delivery, acceptance, performance, default or enforcement
of the indebtedness evidenced by this Note; assents to any indulgence and to the
addition or release of any other party or person primarily or secondarily liable
for the indebtedness evidenced hereby; and agrees to pay all costs and expenses,
including, but not limited to, reasonable attorneys' fees and costs, incurred by
the Lender in connection with the collection of the indebtedness evidenced by
this Note or in the enforcement of the provisions hereof. This Note, even though
executed and delivered outside the State of Florida, shall, nonetheless, be
governed by the internal laws of the State of Florida (except as to interest
rates

                                      -26-

<PAGE>

or other terms of lending which are or may, at the election of the Lender, be
governed by the laws of the United States) in all respects, including matters of
construction, validity and performance.

          To the extent permitted by law, a delinquency charge may be imposed in
an amount not to exceed four percent (4%) of any payment that is more than
fifteen days late.

          This Note renews, amends, replaces and supersedes that certain
Revolver Note (the "Second Amendment Note") dated June 30, 1999, executed by
Borrower and made payable to the order of Lender in the original principal
amount of $22,000,000.00. It is the intention of the Borrower and Lender that
while this Note renews, amends, replaces and supersedes the Second Amendment
Note, it is not in payment or satisfaction of the Second Amendment Note, but
rather is the substitution of one evidence of debt for another without any
intent to extinguish the old. Should there be any conflict between any of the
terms of the Second Amendment Note and the terms of this Note, the terms of this
Note shall control.

          THE BORROWER IN DELIVERING, AND THE LENDER IN ACCEPTING DELIVERY OF,
THIS NOTE, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS NOTE, THE AMENDED AND RESTATED CREDIT AGREEMENT
AND ANY DOCUMENT EXECUTED AND DELIVERED BY THE BORROWER TO THE LENDER IN
CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER PARTY OR ANY DIRECTOR,
OFFICER, EMPLOYEE, AGENT OR INDEPENDENT CONTRACTOR OF EITHER. THIS IS A MATERIAL
INDUCEMENT TO LENDER TO ENTER INTO THE AMENDED AND RESTATED CREDIT AGREEMENT
WITH THE BORROWER AND TO MAKE ADVANCES TO THE BORROWER.

NOTICE OF FINAL AGREEMENT. THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                                              POST, BUCKLEY, SCHUH & JERNIGAN,
                                              INC, a Florida corporation

                                              By:   /s/ Richard A. Wickett
                                                    ----------------------
                                                     Richard A. Wickett

                                              Title: Chairman/CFO

                                      -27-

<PAGE>

                                             THE PBSJ CORPORATION, a
                                             Florida corporation

                                             By:  /s/ Richard A. Wickett
                                                  ----------------------
                                                    Richard A. Wickett

                                             Title: Chairman/CFO/Treasurer

STATE OF NORTH CAROLINA        )
                               )SS:
COUNTY OF MECKLENBURG          )

          The foregoing instrument was acknowledged before me this 1st day of
July, 2002, by Richard A. Wickett, as Chairman/CFO of POST, BUCKLEY, SCHUH &
JERNIGAN, INC., a Florida corporation, on behalf of said corporation. He is
personally known to me or has produced a Florida driver's license as
identification. It is agreed and understood that the undersigned Notary Public
shall not be responsible for repayment under this Note nor any other obligation
arising in connection with this Note.

                                             /s/ Janis E. Baker
                                             ------------------
                                             Notary Public of the State of
                                             North Carolina
                                               Printed Name: Janis E. Baker
                                                             --------------
                                               My commission expires: 09-10-2006
                                                                      ----------
                                             Commission No.: ___________________

STATE OF NORTH CAROLINA        )
                               )SS:
COUNTY OF MECKLENBURG          )

          The foregoing instrument was acknowledged before me this 1st day of
July, 2002, by Richard A. Wickett, as Chairman/CFO/Treasurer of THE PBSJ
CORPORATION, a Florida corporation, on behalf of said corporation. He is
personally known to me or has produced a Florida driver's license as
identification. It is agreed and understood that the undersigned Notary Public
shall not be responsible for repayment under this Note nor any other obligation
arising in connection with this Note.

                                             /s/ Janis E. Baker
                                             ------------------
                                             Notary Public of the State of
                                             North Carolina
                                               Printed Name: Janis E. Baker
                                                             --------------
                                             My commission expires: 09-10-2006
                                                                    ----------
                                             Commission No.: ___________________

                                      -28-

<PAGE>

                           AFFIDAVIT OF BORROWER AS TO
                     OUT-OF-STATE EXECUTION AND DELIVERY OF
            PROMISSORY NOTE AND AMENDED AND RESTATED CREDIT AGREEMENT

STATE OF NORTH CAROLINA        )
                               )SS:
COUNTY OF MECKLENBURG          )

     I, Richard A. Wickett, after being duly sworn, depose and state that:

     1. I am an officer of Post, Buckley, Schuh & Jernigan, Inc., a Florida
corporation, and The PBSJ Corporation, a Florida corporation (collectively, the
"Borrower").

     2. On July 1, 2002, the Borrower and Bank of America, N.A. (the "Bank")
entered into a loan transaction (the "Loan").

     3. On July 1, 2002, I personally executed, in Charlotte, North Carolina, on
behalf of the Borrower, that certain (i) promissory note in favor of the Bank in
the principal amount of $37,000,000.00 (the "First Line Revolver Note"), and
(ii) Amended and Restated Credit Agreement among the Bank, the Borrower and
certain guarantors of the Loan (the "Amended and Restated Credit Agreement").

     4. Upon the execution of the First Line Revolver Note and the Amended and
Restated Credit Agreement as aforesaid, I delivered the First Line Revolver Note
and the Amended and Restated Credit Agreement to Manuel Perdomo on behalf of the
Bank, in Charlotte, North Carolina.

     5. This Affidavit is made for the benefit of the Bank in connection with
the laws of the State of Florida relating to documentary stamp taxes.

     FURTHER AFFIANT SAITH NOT.
     Executed this 1st day of July, 2002.

                                                 /s/ Richard A. Wickett
                                                 ----------------------
                                                 AFFIANT

     I HEREBY CERTIFY that on this day, before me, in Charlotte, North Carolina,
personally appeared Richard A. Wickett, as Chairman/CFO of Post, Buckley, Schuh
& Jernigan, Inc. and as Chairman/CFO/Treasurer of The PBSJ Corporation, who,
after being duly sworn, gave the foregoing statement.

     WITNESS my hand and official seal this 1st day of July, 2002.

                                           /s/ Janis E. Baker
                                           ------------------
                                           Notary Public of the State of
                                           North Carolina
                                           Printed Name: Janis E. Baker
                                                         --------------
                                           My commission expires: 09-10-2006
                                                                  ----------
                                           Commission No.: ___________________

                                      -29-

<PAGE>

                         AFFIDAVIT OF BANK OFFICER AS TO
                            OUT-OF-STATE DELIVERY OF
            PROMISSORY NOTE AND AMENDED AND RESTATED CREDIT AGREEMENT

STATE OF NORTH CAROLINA         )
                                )SS:
COUNTY OF MECKLENBURG           )

     I, Manuel M. Perdomo, after being duly sworn, depose and state that:

     1. I am a Senior Vice President of Bank of America, N.A. (the "Bank").

     2. On July 1, 2002, the Bank, and Post Buckley Schuh & Jernigan, Inc. and
The PBSJ Corporation, both Florida corporations (collectively, the "Borrower"),
entered into a loan transaction (the "Loan").

     3. On July 1, 2002, I personally witnessed Richard A. Wickett, on behalf of
the Borrower, execute, in Charlotte, North Carolina, that certain (i) promissory
note in favor of the Bank in the principal amount of $37,000,000.00 (the "First
Line Revolver Note") , and (ii) Amended and Restated Credit Agreement among the
Bank, the Borrower and certain guarantors of the Loan (the "Amended and Restated
Credit Agreement").

     4. Upon the execution of the First Line Revolver Note and the Amended and
Restated Credit Agreement on behalf of the Borrower, the First Line Revolver
Note and the Amended and Restated Credit Agreement were personally delivered by
the Borrower to me on behalf of the Bank in Charlotte, North Carolina.

     5. This Affidavit is made for the benefit of Bank in connection with the
laws of the State of Florida relating to documentary stamp taxes.

     FURTHER AFFIANT SAITH NOT.
     Executed this 1st of July, 2002.

                                                 /s/ Manuel M. Perdomo
                                                 ---------------------
                                                 AFFIANT

     I HEREBY CERTIFY that on this day, before me, in Charlotte, North Carolina,
personally appeared Manuel M. Perdomo, Senior Vice Preseident of Bank of
America, N.A., who, after being duly sworn, gave the foregoing statement.

     WITNESS my hand and official seal this 1st day of July, 2002.

                                           /s/ Janis E. Baker
                                           ------------------
                                           Notary Public of the State of
                                           North Carolina
                                           Printed Name: Janis E. Baker
                                                         --------------
                                           My commission expires: 09-10-2006
                                                                  ----------
                                           Commission No.: ___________________

                                      -30-

<PAGE>

                                  REVOLVER NOTE

$3,000,000.00                                                As of June 30, 2002
                                                       Charlotte, North Carolina

          FOR VALUE RECEIVED, POST, BUCKLEY, SCHUH & JERNIGAN, INC., a Florida
corporation, and THE PBSJ CORPORATION, a Florida corporation (jointly and
severally, individually and collectively, the "Borrower"), HEREBY PROMISES TO
PAY to the order of BANK OF AMERICA, N.A. (the "Lender"), the principal sum of
THREE MILLION DOLLARS ($3,000,000.00) or, if less, the aggregate unpaid
principal amount of all advances made by the Lender to the Borrower pursuant to
the Amended and Restated Credit Agreement (as hereinafter defined) outstanding
on June 30, 2005; together with interest on any and all principal amounts
remaining unpaid hereunder from time to time outstanding from the date hereof
until the indebtedness evidenced hereby is paid in full, at such interest rates
and payable at such times as are specified in the Amended and Restated Credit
Agreement. Any amount of principal or interest evidenced hereby which is not
paid when due shall bear interest from the day when due until such amount is
paid in full, payable on demand at such interest rates and payable at such times
as are specified in the Amended and Restated Credit Agreement. Both principal
and interest are payable in lawful money of the United States of America at 100
S.E. 2nd Street, Miami, Florida 3 3131 in same day funds.

          This Note is the "Revolver Note" for the "Second Line" referred to in,
and is entitled to the benefits (including, without limitation, the described
collateral) of, the Amended and Restated Credit Agreement, dated as of June 30,
2002 (as further amended, restated or otherwise modified, the "Amended and
Restated Credit Agreement") among the Lender, the Borrower and the Guarantors
(as defined thereunder). The Amended and Restated Credit Agreement, among other
terms, provides for (i) the making of advances (the "Advances") by the Lender to
the Borrower from time to time pursuant to the Amended and Restated Credit
Agreement in an aggregate amount not to exceed $3,000,000, the indebtedness of
the Borrower resulting from each such Advance being evidenced by this Note, (ii)
for the acceleration of the indebtedness evidenced hereby upon the occurrence of
certain events, and (iii) for security for the full and timely payment and
performance of all indebtedness and obligations of the Borrower and the
Guarantors hereunder.

          The Borrower waives presentment, notice, protest and all other notices
in connection with the delivery, acceptance, performance, default or enforcement
of the indebtedness evidenced by this Note; assents to any indulgence and to the
addition or release of any other party or person primarily or secondarily liable
for the indebtedness evidenced hereby; and agrees to pay all costs and expenses,
including, but not limited to, reasonable attorneys' fees and costs, incurred by
the Lender in connection with the collection of the indebtedness evidenced by
this Note or in the enforcement of the provisions hereof. This Note, even though
executed and delivered outside the State of Florida, shall, nonetheless, be
governed by the internal laws of the State of Florida (except as to interest
rates or other terms of lending which are or may, at the election of the Lender,
be governed by the laws of the United States) in all respects, including matters
of construction, validity and performance.

                                      -31-

<PAGE>

          To the extent permitted by law, a delinquency charge may be imposed in
an amount not to exceed four percent (4%) of any payment that is more than
fifteen days late.

          THE BORROWER IN DELIVERING, AND THE LENDER IN ACCEPTING DELIVERY OF,
THIS NOTE, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS NOTE, THE AMENDED AND RESTATED CREDIT AGREEMENT
AND ANY DOCUMENT EXECUTED AND DELIVERED BY THE BORROWER TO THE LENDER IN
CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER PARTY OR ANY DIRECTOR,
OFFICER, EMPLOYEE, AGENT OR INDEPENDENT CONTRACTOR OF EITHER. THIS IS A MATERIAL
INDUCEMENT TO LENDER TO ENTER INTO THE AMENDED AND RESTATED CREDIT AGREEMENT
WITH THE BORROWER AND TO MAKE ADVANCES TO THE BORROWER.

NOTICE OF FINAL AGREEMENT. THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                                              POST, BUCKLEY, SCHUH & JERNIGAN,
                                              INC, a Florida corporation

                                              By:    /s/ Richard A. Wickett
                                                     ---------------------
                                                      Richard A. Wickett

                                              Title: Chairman/CFO

                                              THE PBSJ CORPORATION, a
                                              Florida corporation

                                              By:    /s/ Richard A. Wickett
                                                     ---------------------
                                                      Richard A. Wickett

                                              Title: Chairman/CFO/Treasurer

                                      -32-

<PAGE>

STATE OF NORTH CAROLINA        )
                               )SS:
COUNTY OF MECKLENBURG          )

          The foregoing instrument was acknowledged before me this 1st day of
July, 2002, by Richard A. Wickett, as Chairman/CFO of POST, BUCKLEY, SCHUH &
JERNIGAN, INC., a Florida corporation, on behalf of said corporation. He is
personally known to me or has produced a Florida driver's license as
identification. It is agreed and understood that the undersigned Notary Public
shall not be responsible for repayment under this Note nor any other obligation
arising in connection with this Note.

                                             /s/ Janis E. Baker
                                             ------------------
                                             Notary Public of the State of
                                             North Carolina
                                             Printed Name: Janis E. Baker
                                                           --------------
                                             My commission expires: 09-10-2006
                                                                    ----------
                                             Commission No.: ___________________

STATE OF NORTH CAROLINA        )
                               )SS:
COUNTY OF MECKLENBURG          )

          The foregoing instrument was acknowledged before me this 1st day of
July, 2002, by Richard A. Wickett, as Chairman/CFO/Treasurer of THE PBSJ
CORPORATION, a Florida corporation, on behalf of said corporation. He is
personally known to me or has produced a Florida driver's license as
identification. It is agreed and understood that the undersigned Notary Public
shall not be responsible for repayment under this Note nor any other obligation
arising in connection with this Note.

                                             /s/ Janis E. Baker
                                             ------------------
                                             Notary Public of the State of
                                             North Carolina
                                             Printed Name: Janis E. Baker
                                             My commission expires: 09-10-2006
                                                                    ----------
                                             Commission No.: ___________________

                                      -33-

<PAGE>

                           AFFIDAVIT OF BORROWER AS TO
                     OUT-OF-STATE EXECUTION AND DELIVERY OF
            PROMISSORY NOTE AND AMENDED AND RESTATED CREDIT AGREEMENT

STATE OF NORTH CAROLINA         )
                                )SS:
COUNTY OF MECKLENBURG           )

     I, Richard A. Wickett, after being duly sworn, depose and state that:

     1. I am an officer of Post, Buckley, Schuh & Jernigan, Inc., a Florida
corporation, and The PBSJ Corporation, a Florida corporation (collectively, the
"Borrower").

     2. On July 1, 2002, the Borrower and Bank of America, N.A. (the "Bank")
entered into a loan transaction (the "Loan").

     3. On July 1, 2002, I personally executed, in Charlotte, North Carolina, on
behalf of the Borrower, that certain (i) promissory note in favor of the Bank in
the principal amount of $3,000,000.00 (the "Second Line Revolver Note"), and
(ii) Amended and Restated Credit Agreement among the Bank, the Borrower and
certain guarantors of the Loan (the "Amended and Restated Credit Agreement").

     4. Upon the execution of the Second Line Revolver Note and the Amended and
Restated Credit Agreement as aforesaid, I delivered the Second Line Revolver
Note to Manuel Perdomo on behalf of the Bank, in Charlotte, North Carolina.

     5. This Affidavit is made for the benefit of the Bank in connection with
the laws of the State of Florida relating to documentary stamp taxes.

     FURTHER AFFIANT SAITH NOT.
     Executed this 1st day of July, 2002.

                                                 /s/ Richard A. Wickett
                                                 ----------------------
                                                 AFFIANT

     I HEREBY CERTIFY that on this day, before me, in Charlotte, North Carolina,
personally appeared Richard A. Wickett, as Chairman/CFO of Post, Buckley, Schuh
& Jernigan, Inc. and as Chairman/CFO/Treasurer of The PBSJ Corporation, who,
after being duly sworn, gave the foregoing statement.

     WITNESS my hand and official seal this 1st day of July, 2002.

                                           /s/ Janis E. Baker
                                           ------------------
                                           Notary Public of the State of
                                           North Carolina
                                           Printed Name: Janis E. Baker
                                                         --------------
                                           My commission expires: 09-10-2006
                                                                  ----------
                                           Commission No.:

                                      -34-

<PAGE>

                         AFFIDAVIT OF BANK OFFICER AS TO
                            OUT-OF-STATE DELIVERY OF
            PROMISSORY NOTE AND AMENDED AND RESTATED CREDIT AGREEMENT

STATE OF NORTH CAROLINA         )
                                )SS:
COUNTY OF MECKLENBURG           )

     I, Manuel M. Perdomo, after being duly sworn, depose and state that:

     1. I am a Senior Vice President of Bank of America, N.A. (the "Bank").

     2. On July 1, 2002, the Bank, and Post Buckley Schuh & Jernigan, Inc. and
The PBSJ Corporation, both Florida corporations (collectively, the "Borrower"),
entered into a loan transaction (the "Loan").

     3. On July 1, 2002, I personally witnessed Richard A. Wickett, on behalf of
the Borrower, execute, in Charlotte, North Carolina, that certain (i) promissory
note in favor of the Bank in the principal amount of $3,000,000.00 (the "Second
Line Revolver Note") , and (ii) Amended and Restated Credit Agreement among the
Bank, the Borrower and certain guarantors of the Loan (the "Amended and Restated
Credit Agreement").

     4. Upon the execution of the Second Line Revolver Note and the Amended and
Restated Credit Agreement on behalf of the Borrower, the Second Line Revolver
Note and the Amended and Restated Credit Agreement were personally delivered by
the Borrower to me on behalf of the Bank in Charlotte, North Carolina.

     5. This Affidavit is made for the benefit of Bank in connection with the
laws of the State of Florida relating to documentary stamp taxes.

     FURTHER AFFIANT SAITH NOT.
     Executed this 1st of July, 2002.

                                                 /s/ Manuel M. Perdomo
                                                 ---------------------
                                                 AFFIANT

     I HEREBY CERTIFY that on this day, before me, in Charlotte, North Carolina,
personally appeared Manuel M. Perdomo, Senior Vice Preseident of Bank of
America, N.A., who, after being duly sworn, gave the foregoing statement.

     WITNESS my hand and official seal this 1st day of July, 2002.

                                           /s/ Janis E. Baker
                                           ------------------
                                           Notary Public of the State of
                                           North Carolina
                                           Printed Name: Janis E. Baker
                                                         --------------
                                           My commission expires: 09-10-2006
                                                                  ----------
                                           Commission No.:

                                      -35-<PAGE>
                                                                     EXHIBIT 4.1

                    [FORM OF POOLING AND SERVICING AGREEMENT]

                                   ----------

                    WELLS FARGO ASSET SECURITIES CORPORATION

                                    (Seller)

                                       and

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION

                                (Master Servicer)

                                       and

                                    [TRUSTEE]

                                    (Trustee)

                                       and

                         POOLING AND SERVICING AGREEMENT

                            Dated as of        , 200
                                        -------     -

                                        $

                       Mortgage Pass-Through Certificates
                                  Series 200 -
                                            - -

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   Page

                                    ARTICLE I

                                   DEFINITIONS

<S>                                                                                                               <C>
Section 1.01    Definitions..........................................................................................I-1
Section 1.02    Acts of Holders.....................................................................................I-47
Section 1.03    Effect of Headings and Table of Contents............................................................I-48
Section 1.04    Benefits of Agreement...............................................................................I-48

                                    ARTICLE II

                           CONVEYANCE OF MORTGAGE LOANS;
                       ORIGINAL ISSUANCE OF THE CERTIFICATES

Section 2.01    Conveyance of Mortgage Loans........................................................................II-1
Section 2.02    Acceptance by Custodian.............................................................................II-2
Section 2.03    Representations and Warranties of the Master Servicer and the Seller................................II-3
Section 2.04    Execution and Delivery of Certificates.............................................................II-10
Section 2.05    Designation of Certificates; Designation of Startup Day and Latest
                   Possible Maturity Date..........................................................................II-10
Section 2.06    Optional Substitution of Mortgage Loans............................................................II-10

                                    ARTICLE III

                   ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                               OF THE MORTGAGE LOANS

Section 3.01    Certificate Account................................................................................III-1
Section 3.02    Permitted Withdrawals from the Certificate Account.................................................III-2
Section 3.03    Advances by Master Servicer and Trustee............................................................III-3
Section 3.04    Custodian to Cooperate;
                   Release of Owner Mortgage Loan Files............................................................III-4
Section 3.05    Reports to the Trustee; Annual Compliance Statements...............................................III-5
Section 3.06    Title, Management and Disposition of Any REO Mortgage Loan.........................................III-6
Section 3.07    Amendments to Servicing Agreements,
                   Modification of Standard Provisions.............................................................III-7
Section 3.08    Oversight of Servicing.............................................................................III-8
Section 3.09    Termination and Substitution of Servicing Agreements..............................................III-10
Section 3.10    Application of Net Liquidation Proceeds...........................................................III-11
Section 3.11    Act Reports.......................................................................................III-11
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<CAPTION>
                                   ARTICLE IV

                    DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
                         PAYMENTS TO CERTIFICATEHOLDERS;
                             STATEMENTS AND REPORTS
<S>                                                                                                                <C>
Section 4.01    Distributions.......................................................................................IV-1
Section 4.02    Allocation of Realized Losses.......................................................................IV-7
Section 4.03    Paying Agent........................................................................................IV-8
Section 4.04    Statements to Certificateholders;
                   Reports to the Trustee and the Seller............................................................IV-9
Section 4.05    Reports to Mortgagors and the Internal Revenue Service.............................................IV-12
Section 4.06    Calculation of Amounts; Binding Effect of Interpretations and Actions
                   of Master Servicer..............................................................................IV-12
Section 4.07    Determination of LIBOR.............................................................................IV-12

                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01    The Certificates.....................................................................................V-1
Section 5.02    Registration of Certificates.........................................................................V-2
Section 5.03    Mutilated, Destroyed, Lost or Stolen Certificates....................................................V-6
Section 5.04    Persons Deemed Owners................................................................................V-6
Section 5.05    Access to List of Certificateholders' Names and Addresses............................................V-6
Section 5.06    Maintenance of Office or Agency......................................................................V-7
Section 5.07    Definitive Certificates..............................................................................V-7
Section 5.08    Notices to Clearing Agency...........................................................................V-8

                                   ARTICLE VI

                       THE SELLER AND THE MASTER SERVICER

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

                                    ARTICLE VII

                                     DEFAULT

Section 7.01    Events of Default..................................................................................VII-1
</TABLE>

                                      -ii-

<PAGE>

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

                                   ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01    Duties of Trustee.................................................................................VIII-1
Section 8.02    Certain Matters Affecting the Trustee.............................................................VIII-2
Section 8.03    Trustee Not Required to Make Investigation........................................................VIII-2
Section 8.04    Trustee Not Liable for Certificates or Mortgage Loans.............................................VIII-3
Section 8.05    Trustee May Own Certificates......................................................................VIII-3
Section 8.06    The Master Servicer to Pay Fees and Expenses......................................................VIII-3
Section 8.07    Eligibility Requirements..........................................................................VIII-3
Section 8.08    Resignation and Removal...........................................................................VIII-4
Section 8.09    Successor.........................................................................................VIII-5
Section 8.10    Merger or Consolidation...........................................................................VIII-5
Section 8.11    Authenticating Agent..............................................................................VIII-5
Section 8.12    Separate Trustees and Co-Trustees.................................................................VIII-6
Section 8.13    Tax Matters; Compliance with REMIC Provisions.....................................................VIII-8
Section 8.14    Monthly Advances.................................................................................VIII-10

                                   ARTICLE IX

                                   TERMINATION

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

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

Section 10.01   Amendment............................................................................................X-1
Section 10.02   Recordation of Agreement.............................................................................X-2
Section 10.03   Limitation on Rights of Certificateholders...........................................................X-3
Section 10.04   Governing Law; Jurisdiction..........................................................................X-4
Section 10.05   Notices..............................................................................................X-4
Section 10.06   Severability of Provisions...........................................................................X-4
Section 10.07   Special Notices to Rating Agencies...................................................................X-4
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<S>                                                                                                                 <C>
Section 10.08   Covenant of Seller...................................................................................X-5
Section 10.09   Recharacterization...................................................................................X-5

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

Section 11.01   Class A Fixed Pass-Through Rate.....................................................................XI-1
Section 11.02   Cut-Off Date........................................................................................XI-1
Section 11.03   Cut-Off Date Aggregate Principal Balance............................................................XI-1
Section 11.04   Original Class A Percentage.........................................................................XI-1
Section 11.05   Original Principal Balances of the Classes of Class A Certificates..................................XI-1
Section 11.05   Original Notional Amount............................................................................XI-1
Section 11.06   Original Class A Non-PO Principal Balance...........................................................XI-1
Section 11.07   Original Subordinated Percentage....................................................................XI-2
Section 11.08   Original Class B Principal Balance..................................................................XI-2
Section 11.09   Original Principal Balances of the Classes of Class B Certificates..................................XI-2
Section 11.10   Original Class B-1 Fractional Interest..............................................................XI-2
Section 11.11   Original Class B-2 Fractional Interest..............................................................XI-2
Section 11.12   Original Class B-3 Fractional Interest..............................................................XI-2
Section 11.13   Original Class B-4 Fractional Interest..............................................................XI-2
Section 11.14   Original Class B-5 Fractional Interest..............................................................XI-2
Section 11.15   Original Class B-1 Percentage.......................................................................XI-2
Section 11.16   Original Class B-2 Percentage.......................................................................XI-3
Section 11.17   Original Class B-3 Percentage.......................................................................XI-3
Section 11.18   Original Class B-4 Percentage.......................................................................XI-3
Section 11.19   Original Class B-5 Percentage.......................................................................XI-3
Section 11.20   Original Class B-6 Percentage.......................................................................XI-3
Section 11.21   Closing Date........................................................................................XI-3
Section 11.22   Right to Purchase...................................................................................XI-3
Section 11.23   Wire Transfer Eligibility...........................................................................XI-3
Section 11.24   Single Certificate..................................................................................XI-3
Section 11.25   Servicing Fee Rate..................................................................................XI-4
Section 11.26   Master Servicing Fee Rate...........................................................................XI-4

                                    ARTICLE I

                                   Definitions

                                   ARTICLE II

                          Custody of Mortgage Documents

Section 2.1.    Custodian to Act as Agent; Acceptance of Custodial Files...............................................2
</TABLE>

                                      -iv-

<PAGE>

<TABLE>
<S>                                                                                                                    <C>
2.01               of the Pooling and Servicing Agreement and any other documents constituting part of the
                   Owner 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..................................................................................3
Section 2.2.    Recordation of Assignments.............................................................................3
Section 2.3.    Review of Custodial Files..............................................................................3
Section 2.4.    Notification of Breaches of Representations and Warranties.............................................3
Section 2.5.    Custodian to Cooperate; Release of Custodial Files.....................................................3
Section 2.6.    Assumption Agreements..................................................................................5

                                   ARTICLE III

                            Concerning the Custodian

Section 3.1.    Custodian a Bailee and Agent of the Trustee............................................................5
Section 3.2.    Indemnification........................................................................................5
Section 3.3.    Custodian May Own Certificates.........................................................................5
Section 3.4.    Master Servicer to Pay Custodian's Fees and Expenses...................................................5
                   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...............................................6
Section 3.5.    Custodian May Resign; Trustee May Remove Custodian.....................................................6
Section 3.6.    Merger or Consolidation of Custodian...................................................................6
Section 3.7.    Representations of the Custodian.......................................................................6

                                   ARTICLE IV

                            Miscellaneous Provisions

Section 4.1.    Notices................................................................................................6
                   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.............................................................................7
Section 4.2.    Amendments.............................................................................................7
Section 4.3.    Governing Law..........................................................................................7
Section 4.4.    Recordation of Agreement...............................................................................7
Section 4.5.    Severability of Provisions.............................................................................7
</TABLE>

                                       -v-

<PAGE>

<TABLE>

                                    ARTICLE I

                                   DEFINITIONS

<S>                                                                                                                   <C>
Section 1.01    Defined Terms..........................................................................................1
Section 1.02    Definitions Incorporated by Reference..................................................................3

                                   ARTICLE II

                          SPECIAL SERVICING PROCEDURES

Section 2.01    Reports and Notices....................................................................................3
Section 2.02    Purchaser's Election to Delay Foreclosure Proceedings..................................................4
Section 2.03    Purchaser's Election to Commence Foreclosure Proceedings...............................................6
Section 2.04    Termination............................................................................................7

                                   ARTICLE III

                       COLLATERAL FUND; SECURITY INTEREST

Section 3.01    Collateral Fund........................................................................................8
Section 3.02    Collateral Fund Permitted Investments..................................................................9
Section 3.03    Grant of Security Interest.............................................................................9
Section 3.04    Collateral Shortfalls..................................................................................9

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

Section 4.01    Amendment.............................................................................................10
Section 4.02    Counterparts..........................................................................................10
Section 4.03    Governing Law.........................................................................................10
Section 4.04    Notices...............................................................................................10
Section 4.05    Severability of Provisions............................................................................11
Section 4.06    Successors and Assigns................................................................................11
Section 4.07    Article and Section Headings..........................................................................11
Section 4.08    Confidentiality.......................................................................................11
Section 4.09    Indemnification.......................................................................................11
</TABLE>

                                      -vi-

<PAGE>

                                  EXHIBITS
EXHIBIT A-1      - Form of Face of Class A-1 Certificate
EXHIBIT A-2      - Form of Face of Class A-2 Certificate
EXHIBIT A-3      - Form of Face of Class A-3 Certificate
EXHIBIT A-4      - Form of Face of Class A-4 Certificate
EXHIBIT A-5      - Form of Face of Class A-5 Certificate
EXHIBIT A-6      - Form of Face of Class A-6 Certificate
EXHIBIT A-PO     - Form of Face of Class A-PO Certificate
EXHIBIT A-R      - Form of Face of Class A-R Certificate
EXHIBIT A-LR     - Form of Face of Class A-LR Certificate
EXHIBIT B-1      - Form of Face of Class B-1 Certificate
EXHIBIT B-2      - Form of Face of Class B-2 Certificate
EXHIBIT B-3      - Form of Face of Class B-3 Certificate
EXHIBIT B-4      - Form of Face of Class B-4 Certificate
EXHIBIT B-5      - Form of Face of Class B-5 Certificate
EXHIBIT B-6      - Form of Face of Class B-6 Certificate
EXHIBIT C        - Form of Reverse of Series 200  -   Certificates
                                                -  -
EXHIBIT D        - Reserved
EXHIBIT E        - Custodial Agreement
EXHIBIT F-1      - Schedule of Type 1 Mortgage Loans
EXHIBIT F-2      - Schedule of Other Servicer Mortgage Loans
EXHIBIT G        - Request for Release
EXHIBIT H        - Affidavit Pursuant to Section 860E(e)(4) of the Internal
                   Revenue Code of 1986, as amended, and for Non-ERISA Investors
EXHIBIT I        - Letter from Transferor of Residual Certificates
EXHIBIT J        - Transferee's Letter (Class [B-4] [B-5] [B-6] Certificates)
EXHIBIT K        - [Reserved]
EXHIBIT L        - Servicing Agreements
EXHIBIT M        - Form of Special Servicing Agreement
EXHIBIT N          Form of Initial Certification of the Custodian
EXHIBIT O          Form of Final Certification of the Custodian
SCHEDULE I       - Applicable Unscheduled Principal Receipt Period

                                      -vii-

<PAGE>

          This Pooling and Servicing Agreement, dated as of         , 200
                                                            -------      -
executed by WELLS FARGO ASSET SECURITIES CORPORATION, as Seller, WELLS FARGO
BANK MINNESOTA, NATIONAL ASSOCIATION, as Master Servicer and [TRUSTEE], as
Trustee.

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

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

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.01 Definitions.

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

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

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

          Adjusted Pool Amount (PO Portion): With respect to any Distribution
Date, the sum of the amounts, calculated as follows, with respect to all
Outstanding Mortgage Loans: the product of (i) the PO Fraction for each such
Mortgage Loan and (ii) the remainder of (A) the Cut-Off Date Principal Balance
of such Mortgage Loan minus (B) the sum of (x) all amounts in respect of
principal received in respect of such Mortgage Loan (including, without
limitation, amounts received as Monthly Payments, Periodic Advances, Unscheduled
Principal Receipts and Substitution Principal Amounts) and distributed to
Holders of the Certificates on such Distribution Date and all prior Distribution
Dates, (y) the principal portion of any Liquidated

                                       I-1

<PAGE>

Loan Losses incurred on such Mortgage Loans for which Liquidation Proceeds were
received from the Cut-Off Date through the end of the Applicable Unscheduled
Principal Receipt Period with respect to Full Unscheduled Principal Receipts for
such Distribution Date and (z) the principal portion of all Bankruptcy Losses
(other than Debt Service Reductions) incurred on the Mortgage Loans from the
Cut-Off Date through the end of the period corresponding to the Applicable
Unscheduled Principal Receipt Period with respect to Full Unscheduled Principal
Receipts for such Distribution Date.

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

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

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

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

          Aggregate Non-PO Principal Balance: With respect to any Distribution
Date, the sum of the Class A Non-PO Principal Balance and the Class B Principal
Balance as of such Distribution Date.

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

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

          Authenticating Agent: Any authenticating agent appointed by the
Trustee pursuant to Section 8.11. There shall initially be no Authenticating
Agent for the Certificates.

                                       I-2

<PAGE>

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

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

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

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

          Book-Entry Certificate: Any one of the Class A-1 Certificates, Class
A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5
Certificates, Class A-6 Certificates, Class A-PO Certificates, Class B-1
Certificates, Class B-2 Certificates and Class B-3 Certificates, beneficial
ownership and transfers of which shall be evidenced by, and made through, book
entries by the Clearing Agency as described in Section 5.01(b).

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

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

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

          Certificate Custodian: Initially, [TRUSTEE]; thereafter any other
Certificate Custodian acceptable to The Depository Trust Company and selected by
the Trustee.

                                       I-3

<PAGE>

          Certificate Register and Certificate Registrar: Respectively, the
register maintained pursuant to and the registrar provided for in Section 5.02.
The initial Certificate Registrar is the Trustee.

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

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

          Class A Certificate: Any one of the Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5
Certificates, Class A-6 Certificates, Class A-PO Certificates, Class A-R
Certificate or Class A-LR Certificate.

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

          Class A Distribution Amount: As to any Distribution Date and any Class
of Class A Certificates (other than the Class A-4 and Class A-PO Certificates),
the amount distributable to such Class of Class A Certificates pursuant to
Paragraphs first, second and third clause (A) of Section 4.01(a)(i). As to the
Class A-4 Certificates, the amount distributable to such Class pursuant to
Paragraphs first and second of Section 4.01(a)(i). As to any Distribution Date
and the Class A-PO Certificates, the amount distributable to the Class A-PO
Certificates pursuant to Paragraphs third clause (B) and fourth of Section
4.01(a)(i) on such Distribution Date.

          Class A Fixed Pass-Through Rate: As to any Distribution Date, the rate
per annum set forth in Section 11.01.

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

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

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

          Class A Interest Shortfall Percentage: As to any Distribution Date and
any Class of Class A Certificates, the percentage calculated by dividing the
Class A Unpaid Interest

                                       I-4

<PAGE>

Shortfall for such Class by the Aggregate Class A Unpaid Interest Shortfall
determined as of the Business Day preceding the applicable Distribution Date.

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

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

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

          Class A Non-PO Optimal Principal Amount: As to any Distribution Date,
an amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan,
of the product of (x) the Non-PO Fraction with respect to such Mortgage Loan,
and (y) the sum of:

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

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

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

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

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

          Class A Non-PO Principal Balance: As of any date, an amount equal to
the Class A Principal Balance less the Principal Balance of the Class A-PO
Certificates.

                                       I-5

<PAGE>

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

          Class A Pass-Through Rate: As to the Class A-1, Class A-5, Class A-6,
Class A-R and Class A-LR Certificates, the Class A Fixed Pass-Through Rate. As
to the Class A-2 Certificates,      % per annum. As to the Class A-3
                               ----
Certificates, the Class A-3 Pass-Through Rate. As to the Class A-4 Certificates,
the Class A-4 Pass-Through Rate. The Class A-PO Certificates are not entitled to
interest and have no Class A Pass-Through Rate.

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

          Class A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in      20  , 100%. As to any Distribution Date
                                   ----   --
subsequent to      20   to and including the Distribution Date in      20  , the
              ----   --                                           ----   --
Class A Percentage as of such Distribution Date plus 70% of the Subordinated
Percentage as of such Distribution Date. As to any Distribution Date subsequent
to      20   to and including the Distribution Date in      20  , the Class A
  -----   --                                          -----   --
Percentage as of such Distribution Date plus 60% of the Subordinated Percentage
as of such Distribution Date. As to any Distribution Date subsequent to
                                                                        ----
20   to and including the Distribution Date in      20  , the Class A Percentage
  --                                           ----   --
as of such Distribution Date plus 40% of the Subordinated Percentage as of such
Distribution Date. As to any Distribution Date subsequent to      20   to and
                                                             ----   --
including the Distribution Date in      20  , the Class A Percentage as of such
                                   ----   --
Distribution Date plus 20% of the Subordinated Percentage as of such
Distribution Date. As to any Distribution Date subsequent to      20  , the
                                                             ----   --
Class A Percentage as of such Distribution Date. The foregoing is subject to the
following: (i) if the aggregate distribution to the Class A Certificates on any
Distribution Date of the Class A Prepayment Percentage provided above of
Unscheduled Principal Receipts distributable on such Distribution Date would
reduce the Class A Non-PO Principal Balance below zero, the Class A Prepayment
Percentage for such Distribution Date shall be the percentage necessary to bring
the Class A Non-PO Principal Balance to zero and thereafter the Class A
Prepayment Percentage shall be zero and (ii) if the Class A Percentage as of any
Distribution Date is greater than the Original Class A Percentage, the Class A
Prepayment Percentage for such Distribution Date shall be 100%. Notwithstanding
the foregoing, with respect to any Distribution Date on which the following
criteria are not met, the reduction of the Class A Prepayment Percentage
described in the second through sixth sentences of this definition of Class A
Prepayment Percentage shall not be applicable with respect to such Distribution
Date. In such event, the Class A Prepayment Percentage for such Distribution
Date will be determined in accordance with the applicable provision, as set
forth in the first through fifth sentences above, which was actually used to
determine the Class A Prepayment Percentage for the Distribution Date occurring
in the      preceding such Distribution Date (it being understood that for the
       ----
purposes of the determination of the Class A Prepayment Percentage for the
current Distribution Date, the current Class A

                                       I-6

<PAGE>

Percentage and Subordinated Percentage shall be utilized). No reduction in the
Class A Prepayment Percentage referred to in the second through sixth sentences
hereof shall be applicable, with respect to any Distribution Date if (a) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates on the Mortgage Loans that were delinquent 60
days or more (including for this purpose any payments due with respect to
Mortgage Loans in foreclosure and REO Mortgage Loans) were greater than or equal
to 50% of the current Class B Principal Balance or (b) cumulative Realized
Losses on the Mortgage Loans exceed (1) 30% of the Original Class B Principal
Balance if such Distribution Date occurs between and including        20   and
                                                               ------   --
     20  , (2) 35% of the Original Class B Principal Balance if such
----   --
Distribution Date occurs between and including        20   and      20  , (3)
                                               ------   --     ----   --
40% of the Original Class B Principal Balance if such Distribution Date occurs
between and including        20   and      20  , (4) 45% of the Original Class B
                      ------   --     ----   --
Principal Balance if such Distribution Date occurs between and including
                                                                         ------
20   and      20  , and (5) 50% of the Original Class B Principal Balance, if
  --     ----   --
such Distribution Date occurs during or after        20  . With respect to any
                                              ------   --
Distribution Date on which the Class A Prepayment Percentage is reduced below
the Class A Prepayment Percentage for the prior Distribution Date, the Master
Servicer shall certify to the Trustee, based upon information provided by each
Servicer as to the Mortgage Loans serviced by it that the criteria set forth in
the preceding sentence are met.

          Class A Principal Balance: As of any date, an amount equal to the sum
of the Principal Balances for the Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-PO Certificates, Class A-R Certificate and Class A-LR
Certificate.

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

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

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

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

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

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

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

                                       I-7

<PAGE>

          Class A-3 Pass-Through Rate: With respect to the Distribution Date
occurring in        200 ,      % per annum. With respect to each succeeding
             ------    -  -----
Distribution Date, a per annum rate, determined by the Trustee on the applicable
Rate Determination Date, equal to      % plus LIBOR subject to a minimum rate of
                                  -----
     % and a maximum rate of      %.
-----                        -----

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

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

          Class A-4 Pass-Through Rate: With respect to the Distribution Date
occurring in        200 ,      % per annum. With respect to each succeeding
             ------    -  -----
Distribution Date, a per annum rate, determined by the Trustee on the applicable
Rate Determination Date, equal to      % minus LIBOR subject to a minimum rate
                                  -----
of      % and a maximum rate of      %
   -----                        -----

          Class A-5 Certificate: Any one of the Certificates executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit A-5 and Exhibit C hereto.

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

          Class A-6 Certificate: Any one of the Certificates executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit A-6 and Exhibit C hereto.

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

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

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

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

          Class A-LR Certificate: The Certificate executed by the Trustee and
authenticated by the Trustee or the Authenticating Agent in substantially the
form set forth in Exhibit A-LR and Exhibit C hereto.

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

                                       I-8

<PAGE>

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

          Class A-PO Certificate: Any one of the Certificates executed by the
Trustee and authenticated by the Trustee or the Authenticating Agent in
substantially the form set forth in Exhibit A-PO and Exhibit C hereto.

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

          Class A-PO Deferred Amount: For any Distribution Date prior to the
Subordination Depletion Date, the difference between (A) the sum of (x) the
amount by which the sum of the Class A-PO Optimal Principal Amounts for all
prior Distribution Dates exceeded the amounts distributed on the Class A-PO
Certificates on such prior Distribution Dates pursuant to Paragraph third clause
(B) of Section 4.01(a)(i) and (y) the sum of the product for each Discount
Mortgage Loan which became a Liquidated Loan at any time on or prior to the last
day of the Applicable Unscheduled Principal Receipt Period for Full Unscheduled
Principal Receipts for the current Distribution Date of (a) the PO Fraction for
such Discount Mortgage Loan and (b) an amount equal to the principal portion of
Realized Losses (other than Bankruptcy Losses due to Debt Service Reductions)
incurred with respect to such Mortgage Loan and (B) the sum of (x) the sum of
the Class A-PO Recoveries for such Distribution Date and prior Distribution
Dates and (y) amounts distributed on the Class A-PO Certificates on prior
Distribution Dates pursuant to Paragraph fourth of Section 4.01(a)(i). On and
after the Subordination Depletion Date, the Class A-PO Deferred Amount will be
zero. No interest will accrue on any Class A-PO Deferred Amount.

          Class A-PO Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum as to each Outstanding Mortgage Loan, of
the product of (x) the PO Fraction with respect to such Mortgage Loan and (y)
the sum of:

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

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

          (iii) the Scheduled Principal Balance of each Mortgage Loan which,
     during the one month period ending on the day preceding the Determination
     Date for such Distribution Date, was repurchased by the Seller pursuant to
     Sections 2.02 or 2.03; and

          (iv) the excess of the unpaid principal balance of such Mortgage Loan
     substituted for a Mortgage Loan during the one month period ending on the
     day preceding the Determination Date for such Distribution Date over the
     unpaid principal balance of such Mortgage Loan, less the amount allocable
     to the principal portion of any unreimbursed Periodic Advances previously
     made by the applicable Servicer, the Master Servicer or the Trustee in
     respect of such Mortgage Loan; and

                                       I-9

<PAGE>

(II) the Class A-PO Recovery for such Distribution Date.

          Class A-PO Recovery: As to any Distribution Date prior to the
Subordination Depletion Date, the lesser of (a) the Class A-PO Deferred Amount
for such Distribution Date (calculated without regard to the Class A-PO Recovery
for such Distribution Date) and (b) an amount equal to the sum as to each
Mortgage Loan as to which there has been a Recovery during the Applicable
Unscheduled Principal Receipt Period, of the product of (x) the PO Fraction with
respect to such Mortgage Loan and (y) the amount of the Recovery with respect to
such Mortgage Loan. As to any Distribution Date on or after the Subordination
Depletion Date, the amount determined in accordance with clause (b) above.

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

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

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

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

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

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

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

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

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

          Class B Pass-Through Rate: As to any Distribution Date,      % per
                                                                  -----
annum.

                                      I-10

<PAGE>

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

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

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

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

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

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

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

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

          Class B-1 Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of
the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and
(y) the sum of:

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

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

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

                                      I-11

<PAGE>

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

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

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

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

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

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

                                      I-12

<PAGE>

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

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

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

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

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

          Class B-2 Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of
the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and
(y) the sum of:

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

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

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

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

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

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-2 Optimal Principal Amount
will equal the lesser of (A) the

                                      I-13

<PAGE>

Class B-2 Optimal Principal Amount calculated as described in the preceding
provisions and (B) the Adjusted Principal Balance for the Class B-2
Certificates.

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

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

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

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

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

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

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

                                      I-14

<PAGE>

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

          Class B-3 Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of
the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and
(y) the sum of:

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

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

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

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

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

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

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

          Class B-3 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment

                                      I-15

<PAGE>

Percentage by (ii) a fraction, the numerator of which is the Class B-3 Principal
Balance (determined as of the Determination Date preceding such Distribution
Date) and the denominator of which is the sum of the Principal Balances of the
Classes of Class B Certificates eligible to receive principal distributions for
such Distribution Date in accordance with the provisions of Section 4.01(d).
Except as set forth in Section 4.01(d)(ii), in the event that the Class B-3
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-3 Prepayment Percentage for such
Distribution Date will be zero.

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

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

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

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

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

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

          Class B-4 Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of
the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and
(y) the sum of:

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

          (ii) the Class B-4 Prepayment Percentage of all Unscheduled Principal
     Receipts (other than Recoveries) that were received by a Servicer with
     respect to such Mortgage

                                      I-16

<PAGE>

     Loan during the Applicable Unscheduled Principal Receipt Period relating to
     such Distribution Date for each applicable type of Unscheduled Principal
     Receipt;

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

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

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

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

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

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

          Class B-4 Principal Balance: As to the first Determination Date, the
Original Class B-4 Principal Balance. As of any subsequent Determination Date,
the Original Class B-4 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-4 Certificates on prior Distribution Dates
(A) pursuant to Paragraph sixteenth of Section 4.01(a)(i) and (B) as a result of
a Principal Adjustment; provided, however, if the Class B-4 Certificates are

                                      I-17

<PAGE>

the most subordinate Certificates outstanding, the Class B-4 Principal Balance
will equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance, the Class B-2 Principal Balance and the Class B-3
Principal Balance as of such Determination Date.

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

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

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

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

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

          Class B-5 Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of
the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and
(y) the sum of:

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

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

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

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

                                      I-18

<PAGE>

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

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

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

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

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

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

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

                                      I-19

<PAGE>

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

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

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

          Class B-6 Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of
the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and
(y) the sum of:

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

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

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

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

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

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

          Class B-6 Percentage: As to any Distribution Date, except as set forth
in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-6 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the sum of the Principal
Balances of the Classes of Class B Certificates eligible to receive principal
distributions for such Distribution Date in accordance with the provisions of
Section 4.01(d).

                                      I-20

<PAGE>

Except as set forth in Section 4.01(d)(ii), in the event that the Class B-6
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-6 Percentage for such
Distribution Date will be zero.

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

          Class B-6 Principal Balance: As to the first Determination Date, the
Original Class B-6 Principal Balance. As of any subsequent Determination Date,
the Original Class B-6 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-6 Certificates on prior Distribution Dates
pursuant to Paragraph twenty-second of Section 4.01(a)(i); provided, however, if
the Class B-6 Certificates are outstanding, the Class B-6 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3
Principal Balance, the Class B-4 Principal Balance and the Class B-5 Principal
Balance as of such Determination Date.

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

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

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

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

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

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

                                      I-21

<PAGE>

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

          Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The
initial Clearing Agency shall be The Depository Trust Company.

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

          Closing Date: The date of initial issuance of the Certificates, as set
forth in Section 11.21.

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

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

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

          Corporate Trust Office: The principal office of the Trustee at which
at any particular time its corporate trust business shall be administered, which
office, at the date of the execution of this instrument, is located at
                   .
-------------------

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

                                      I-22

<PAGE>

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

Class A-L1 Interest                  Class A-1 Certificates, Class A-5
                                     Certificates and Class A-6 Certificates

Class A-L2 Interest                  Class A-2 Certificates, Class A-3
                                     Certificates and Class A-4 Certificates

Class A-LPO Interest                 Class A-PO Certificates

Class A-LUR Interest                 Class A-R Certificate

Class B-L1 Interest                  Class B-1 Certificates

Class B-L2 Interest                  Class B-2 Certificates

Class B-L3 Interest                  Class B-3 Certificates

Class B-L4 Interest                  Class B-4 Certificates

Class B-L5 Interest                  Class B-5 Certificates

Class B-L6 Interest                  Class B-6 Certificates

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

          Current Class B Interest Distribution Amount: As to any Distribution
Date, the amount distributed in respect of the Classes of Class B Certificates
pursuant to Paragraphs fifth, eighth, eleventh, fourteenth, seventeenth and
twentieth of Section 4.01(a)(i) on such Distribution Date.

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

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

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

                                      I-23

<PAGE>

Principal Balance and the Class B Principal Balance. As to the first
Distribution Date, the Original Class B-3 Fractional Interest.

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

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

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

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

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

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

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

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

                                      I-24

<PAGE>

Agreements),  the Master  Servicer  shall require that any such account shall be
acceptable to each of the Rating Agencies.

          Custodian:                     ,  or its  successor in interest  under
                    ---------------------
the Custodial Agreement.

          Cut-Off Date: The first day of the month of initial issuance of the
Certificates as set forth in Section 11.02.

          Cut-Off Date Aggregate Principal Balance: The aggregate of the Cut-Off
Date Principal Balances of the Mortgage Loans is as set forth in Section 11.03.

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

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

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

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

          Denomination: The amount, if any, specified on the face of each
Certificate (other than the Class A-4 Certificates) representing the principal
portion of the Cut-Off Date Aggregate Principal Balance evidenced by such
Certificate. As to the Class A-4 Certificates, the amount specified on the face
of each such Certificate representing the portion of the Original Notional
Amount.

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

          Discount Mortgage Loan: A Mortgage Loan with a Net Mortgage Interest
Rate of less than      %.
                  -----

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

                                      I-25

<PAGE>

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

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

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

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

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

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

                                      I-26

<PAGE>

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

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

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

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

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

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

          In no event shall an instrument be an Eligible Investment if such
instrument evidences either (i) a right to receive only interest payments with
respect to the obligations underlying such instrument, or (ii) both principal
and interest payments derived from obligations

                                      I-27

<PAGE>

underlying such instrument and the interest and principal payments with respect
to such instrument provide a yield to maturity at the date of investment of
greater than 120% of the yield to maturity at par of such underlying
obligations.

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

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

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

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

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

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

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

          Final Scheduled Maturity Date: The Final Scheduled Maturity Date for
each Class of Certificates is          , 20  , which corresponds to the "latest
                              ---------    --
possible maturity date" for purposes of Section 860G(a)(1) of the Internal
Revenue Code of 1986, as amended.\

          Fixed Retained Yield: The fixed percentage of interest on each
Mortgage Loan with a Mortgage Interest Rate greater than the sum of (a)      %,
                                                                        -----
(b) the applicable Servicing Fee Rate and (c) the Master Servicing Fee Rate,
which will be determined on a loan by loan basis and will equal the Mortgage
Interest Rate on each Mortgage Loan minus the sum of (a), (b) and (c), which is
not assigned to and not part of the Trust Estate.

          Fixed Retained Yield Rate: With respect to each Mortgage Loan, a per
annum rate equal to the greater of (a) zero and (b) the Mortgage Interest Rate
on such Mortgage Loan minus the sum of (i)      %, (ii) the applicable Servicing
                                           -----
Fee Rate and (iii) the Master Servicing Fee Rate.

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

          Holder: See "Certificateholder."

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

                                      I-28

<PAGE>

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

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

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

          Interest Accrual Amount: As to any Distribution Date and any Class of
Class A Certificates, (i) the product of (a) 1/12th of the Class A Pass-Through
Rate for such Class and (b) the Principal Balance of such Class or, in the case
of the Class A-4 Certificates, the Notional Amount, as of the Determination Date
immediately preceding such Distribution Date minus (ii) the Class A Interest
Percentage of such Class of (a) any Non-Supported Interest Shortfall allocated
to the Class A Certificates with respect to such Distribution Date, (b) any
Relief Act Shortfall allocated to the Class A Certificates and (c) the interest
portion of any Realized Losses allocated to the Class A Certificates on or after
the Subordination Depletion Date pursuant to Section 4.02(c). The Class A-PO
Certificates have no Interest Accrual Amount.

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

          LIBOR: As to any Distribution Date, the arithmetic mean of the London
Interbank offered rate quotations for one month U.S. dollar deposits, as
determined by the Trustee on the related Rate Determination Date in accordance
with Section 4.07.

          LIBOR Business Day: Any Business Day on which banks are open for
dealing in foreign currency and exchange in London, England, the City of New
York and Charlotte, North Carolina.

          LIBOR Certificates: Any of the Class A-3 and Class A-4 Certificates

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

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

                                      I-29

<PAGE>

preceding the month in which such Distribution Date occurs, over (ii) Net
Liquidation Proceeds with respect to such Liquidated Loan.

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

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

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

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

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

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

          Master Servicer: Wells Fargo Bank Minnesota, National Association, or
its successor in interest.

                                      I-30

<PAGE>

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

          Master Servicing Fee Rate: As set forth in Section 11.26.

          MERS: As defined in Section 2.01.

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

          Month End Interest: As defined in each Servicing Agreement.

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

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

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

          Mortgage Loan Purchase Agreement: The mortgage loan purchase agreement
dated as of        , 200  between WFHM, as seller, and the Seller, as purchaser.
            -------     -

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

          Mortgage Loan Schedule: The list of the Mortgage Loans transferred to
the Trustee on the Closing Date as part of the Trust Estate and attached hereto
as Exhibits F-1 and F-2 which list may be amended following the Closing Date
upon conveyance of a Substitute Mortgage Loan pursuant to Sections 2.02, 2.03 or
2.06 and which list shall set forth at a minimum the following information of
the close of business on the Cut-Off Date (or, with respect to Substitute
Mortgage Loans, as of the close of business on the day of substitution) as to
each Mortgage Loan:

          (i) the Mortgage Loan identifying number;

                                      I-31

<PAGE>

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

          (iii) the type of property;

          (iv) the Mortgage Interest Rate;

          (v) the Net Mortgage Interest Rate;

          (vi) the Monthly Payment;

          (vii) the original number of months to maturity;

          (viii) the scheduled maturity date;

          (ix) the Cut-Off Date Principal Balance;

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

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

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

          (xiii) the applicable Servicing Fee Rate;

          (xiv) the Master Servicing Fee Rate;

          (xv) Fixed Retained Yield Rate, if applicable; and

          (xvi) for each Other Servicer Mortgage Loan, the name of the Servicer
     with respect thereto.

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

          Mortgage Loans: Each of the mortgage loans transferred and assigned to
the Trustee on the Closing Date pursuant to Section 2.01 and any mortgage loans
substituted therefor pursuant to Sections 2.02, 2.03 or 2.06, in each case as
from time to time are included in the Trust Estate as identified in the Mortgage
Loan Schedule.

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

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

          Mortgagor: The obligor on a Mortgage Note.

                                      I-32

<PAGE>

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

          Net Mortgage Interest Rate: With respect to each Mortgage Loan, a rate
equal to (i) the Mortgage Interest Rate on such Mortgage Loan minus (ii) the sum
of (a) the applicable Servicing Fee Rate, as set forth in Section 11.25 with
respect to such Mortgage Loan, (b) the Master Servicing Fee Rate, as set forth
in Section 11.26 with respect to such Mortgage Loan and (c) the Fixed Retained
Yield Rate, if any, with respect to such Mortgage Loan. Any regular monthly
computation of interest at such rate shall be based upon annual interest at such
rate on the applicable amount divided by twelve.

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

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

          Non-PO Fraction: With respect to any Mortgage Loan, the lesser of (i)
1.00 and (ii) the quotient obtained by dividing the Net Mortgage Interest Rate
for such Mortgage Loan by        %.
                          ------

          Non-PO Recovery: As to any Distribution Date, the amount of all
Recoveries received during the Applicable Unscheduled Principal Receipt Periods
for such Distribution Date less the Class A-PO Recovery for such Distribution
Date.

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

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

                                      I-33

<PAGE>

according to the percentage obtained by dividing the Class B Principal Balance
by the sum of the Class A Non-PO Principal Balance and the Class B Principal
Balance.

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

          Notional Amount: As to any Distribution Date, an amount equal to the
Principal Balance of the Class A-3 Certificates.

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

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

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

          Original Class A Non-PO Principal Balance: The sum of the Original
Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-5, Class A-6,
Class A-R and Class A-LR Certificates as set forth in Section 11.05.

          Original Class A Percentage: The Class A Percentage as of the Cut-Off
Date, as set forth in Section 11.04.

          Original Notional Amount: The Original Notional Amount as set forth in
Section 11.05.

          Original Class B Principal Balance: The sum of the Original Class B-1
Principal Balance, Original Class B-2 Principal Balance, Original Class B-3
Principal Balance, Original Class B-4 Principal Balance, Original Class B-5
Principal Balance and Original Class B-6 Principal Balance, as set forth in
Section 11.08.

                                      I-34

<PAGE>

          Original Class B-1 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-2
Principal Balance, the Original Class B-3 Principal Balance, the Original Class
B-4 Principal Balance, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal
Balance and the Original Class B Principal Balance. The Original Class B-1
Fractional Interest is specified in Section 11.10.

          Original Class B-2 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-3
Principal Balance, the Original Class B-4 Principal Balance, the Original Class
B-5 Principal Balance and the Original Class B-6 Principal Balance by the sum of
the Original Class A Non-PO Principal Balance and the Original Class B Principal
Balance. The Original Class B-2 Fractional Interest is specified in Section
11.11.

          Original Class B-3 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-4
Principal Balance, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal
Balance and the Original Class B Principal Balance. The Original Class B-3
Fractional Interest is specified in Section 11.12.

          Original Class B-4 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-5
Principal Balance and the Original Class B-6 Principal Balance by the sum of the
Original Class A Non-PO Principal Balance and the Original Class B Principal
Balance. The Original Class B-4 Fractional Interest is specified in Section
11.13.

          Original Class B-5 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the Original Class B-6 Principal
Balance by the sum of the Original Class A Non-PO Principal Balance and the
Original Class B Principal Balance. The Original Class B-5 Fractional Interest
is specified in Section 11.14.

          Original Class B-1 Percentage: The Class B-1 Percentage as of the
Cut-Off Date, as set forth in Section 11.15.

          Original Class B-2 Percentage: The Class B-2 Percentage as of the
Cut-Off Date, as set forth in Section 11.16.

          Original Class B-3 Percentage: The Class B-3 Percentage as of the
Cut-Off Date, as set forth in Section 11.17.

          Original Class B-4 Percentage: The Class B-4 Percentage as of the
Cut-Off Date, as set forth in Section 11.18.

          Original Class B-5 Percentage: The Class B-5 Percentage as of the
Cut-Off Date, as set forth in Section 11.19.

          Original Class B-6 Percentage: The Class B-6 Percentage as of the
Cut-Off Date, as set forth in Section 11.20.

                                      I-35

<PAGE>

          Original Class B-1 Principal Balance: The Class B-1 Principal Balance
as of the Cut-Off Date, as set forth in Section 11.09.

          Original Class B-2 Principal Balance: The Class B-2 Principal Balance
as of the Cut-Off Date, as set forth in Section 11.09.

          Original Class B-3 Principal Balance: The Class B-3 Principal Balance
as of the Cut-Off Date, as set forth in Section 11.09.

          Original Class B-4 Principal Balance: The Class B-4 Principal Balance
as of the Cut-Off Date, as set forth in Section 11.09.

          Original Class B-5 Principal Balance: The Class B-5 Principal Balance
as of the Cut-Off Date, as set forth in Section 11.09.

          Original Class B-6 Principal Balance: The Class B-6 Principal Balance
as of the Cut-Off Date, as set forth in Section 11.09.

          Original Principal Balance: Any of the Original Principal Balances of
the Classes of Class A Certificates as set forth in Section 11.05; Original
Class B-1 Principal Balance, Original Class B-2 Principal Balance, Original
Class B-3 Principal Balance, Original Class B-4 Principal Balance, Original
Class B-5 Principal Balance or Original Class B-6 Principal Balance as set forth
in Section 11.09.

          Original Subordinated Percentage: The Subordinated Percentage as of
the Cut-Off Date, as set forth in Section 11.07.

          Other Servicer: Any of the Servicers other than WFHM.

          Other Servicer Mortgage Loan: Any of the Mortgage Loans identified in
Exhibit F-2 hereto, as such Exhibit may be amended from time to time in
connection with a substitution pursuant to Sections 2.02 or 2.06, which Mortgage
Loan is serviced under an Other Servicing Agreement.

          Other Servicing Agreements: The Servicing Agreements other than the
WFHM Servicing Agreement.

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

          Owner Mortgage Loan File: A file maintained by the Custodian for each
Mortgage Loan that contains the documents specified in the Servicing Agreements
under their respective "Owner Mortgage Loan File" definition or similar
definition and/or other provisions requiring delivery of specified documents to
the owner of the Mortgage Loan in connection with the purchase thereof, and any
additional documents required to be added to the Owner Mortgage Loan File
pursuant to this Agreement.

                                      I-36

<PAGE>

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

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

          Paying Agent: The Person authorized on behalf of the Trustee, as agent
for the Master Servicer, to make distributions to Certificateholders with
respect to the Certificates and to forward to Certificateholders the periodic
and annual statements required by Section 4.04. The Paying Agent may be any
Person directly or indirectly controlling or controlled by or under common
control with the Master Servicer and may be the Trustee. The initial Paying
Agent is appointed in Section 4.03(a).

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

          Percentage Interest: With respect to a Class A Certificate (other than
the Class A-4 Certificates), the undivided percentage interest obtained by
dividing the original principal balance of such Certificate by the Original
Principal Balance of such Class of Class A Certificates. With respect to a Class
A-4 Certificate, the undivided percentage interest obtained by dividing the
original notional amount evidenced by such Certificate by the Original Notional
Amount. With respect to a Class B Certificate of a Class, the undivided
percentage interest obtained by dividing the original principal balance of such
Certificate by the Original Principal Balance of such Class of Class B
Certificates.

          Periodic Advance: The aggregate of the advances required to be made by
a Servicer on any Distribution Date pursuant to its Servicing Agreement or by
the Master Servicer or the Trustee hereunder, the amount of any such advances
being equal to the total of all Monthly Payments (adjusted, in each case (i) in
respect of interest, to the applicable Mortgage Interest Rate less the
applicable Servicing Fee in the case of Periodic Advances made by a Servicer and
to the applicable Net Mortgage Interest Rate in the case of Periodic Advances
made by the Master Servicer or Trustee and (ii) by the amount of any related
Debt Service Reductions or reductions in the amount of interest collectable from
the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940,
as amended, or similar legislation or regulations then in effect) on the
Mortgage Loans, that (x) were delinquent as of the close of business on the
related Determination Date, (y) were not the subject of a previous Periodic
Advance by such Servicer or of a Periodic Advance by the Master Servicer or the
Trustee, as the case may be and (z) have not been determined by the Master
Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

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

          Plan: As defined in Section 5.02(c).

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

                                      I-37

<PAGE>

          PO Fraction: With respect to any Discount Mortgage Loan, the
difference between 1.0 and the Non-PO Fraction for such Mortgage Loan; with
respect to any other Mortgage Loan, zero.

          Pool Balance (Non-PO Portion): As of any Distribution Date, the sum of
the amounts for each Mortgage Loan that is an Outstanding Mortgage Loan of the
product of (i) the Non-PO Fraction for such Mortgage Loan and (ii) the Scheduled
Principal Balance of such Mortgage Loan.

          Pool Balance (PO Portion): As of any Distribution Date, the sum of the
amounts for each Mortgage Loan that is an Outstanding Mortgage Loan of the
product of (i) the PO Fraction for such Mortgage Loan and (ii) the Scheduled
Principal Balance of such Mortgage Loan.

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

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

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

          (c) those portions of each payment of interest on a particular
Mortgage Loan which represent (i) the Fixed Retained Yield, if any, (ii) the
applicable Servicing Fee and (iii) the Master Servicing Fee;

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

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

                                      I-38

<PAGE>

          (f) all repurchase proceeds with respect to Mortgage Loans repurchased
by the Seller pursuant to Sections 2.02, 2.03 or 3.08 on or following the
Determination Date in the month in which such Distribution Date occurs and the
difference between the unpaid principal balance of a Mortgage Loan substituted
for a Mortgage Loan pursuant to Sections 2.02, 2.03 or 2.06 on or following the
Determination Date in the month in which such Distribution Date occurs and the
unpaid principal balance of such Mortgage Loan;

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

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

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

          (j) Liquidation Profits;

          (k) Month End Interest; and

          (l) all amounts reimbursable to a Servicer for PMI Advances.

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

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

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

          Prepayment Shift Percentage: As to any Distribution Date, the
percentage indicated below:

                                                            Prepayment Shift
Distribution Date Occurring In                              Percentage
------------------------------                              ----------------
            through          ............................           0%
-----------         ---------
            through          ............................          30%
-----------         ---------

                                      I-39

<PAGE>

            through          ............................          40%
-----------         ---------
            through          ............................          60%
-----------         ---------
            through          ............................          80%
-----------         ---------
            and thereafter...............................         100%
-----------

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

          Principal Balance: As of the first Determination Date and as to any
Class of Class A Certificates (other than the Class A-4 Certificates), the
Original Principal Balance of such Class. As of any subsequent Determination
Date prior to the Subordination Depletion Date and as to any Class of Class A
Certificates, the Original Principal Balance of such Class less the sum of all
amounts previously distributed in respect of such Class on prior Distribution
Dates (i) pursuant to Paragraph third clause (A) of Section 4.01(a)(i) and (ii)
as a result of a Principal Adjustment. After the Subordination Depletion Date,
each such Principal Balance of a Class of Class A Certificates will also be
reduced (if clause (i) is greater than clause (ii)) or increased (if clause (i)
is less than clause (ii)) on each Determination Date by an amount equal to the
product of the Class A Loss Percentage of such Class and the difference, if any,
between (i) the Class A Non-PO Principal Balance as of such Determination Date
without regard to this sentence and (ii) the difference between (A) the Adjusted
Pool Amount for the preceding Distribution Date and (B) the Adjusted Pool Amount
(PO Portion) for the preceding Distribution Date.

          As of any subsequent Determination Date prior to the Subordination
Depletion Date and as to the Class A-PO Certificates, the Original Principal
Balance of such Class less the sum of (a) all amounts previously distributed in
respect of the Class A-PO Certificates on prior Distribution Dates pursuant to
Paragraphs third clause (B) and fourth of Section 4.01(a)(i) and (b) the
Realized Losses allocated through such Determination Date to the Class A-PO
Certificates pursuant to Section 4.02(b). After the Subordination Depletion
Date, the Adjusted Pool Amount (PO Portion) for the preceding Distribution Date.

          The Class A-4 Certificates are interest only Certificates and have no
Principal Balance.

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

          Notwithstanding the foregoing, no Principal Balance of a Class will be
increased on any Determination Date such that the Principal Balance of such
Class exceeds its Original Principal Balance less all amounts previously
distributed in respect of such Class on prior

                                      I-40

<PAGE>

Distribution Dates pursuant to Paragraph third clause (A) of Section 4.01(a)(i),
Paragraph third clause (B) of Section 4.01(a)(i), or Paragraphs seventh, tenth,
thirteenth, sixteenth, nineteenth or twenty-second of Section 4.01(a)(i).

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

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

          Priority Amount: For any Distribution Date, the lesser of (i) the
Principal Balance of the Class A-6 Certificates and (ii) the sum of (A) the
product of (1) the Priority Percentage, (2) the Shift Percentage and (3) the
Scheduled Principal Amount and (B) the product of (1) the Priority Percentage,
(2) the Prepayment Shift Percentage and (3) the Unscheduled Principal Amount.

          Priority Percentage: The Principal Balance of the Class A-6
Certificates divided by the Aggregate Non-PO Principal Balance.

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

          Prospectus: The prospectus dated       , 200   as supplemented by the
                                           ------     --
prospectus supplement dated        , 200  , relating to the Class A, Class B-1,
                            -------     --
Class B-2 and Class B-3 Certificates.

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

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

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

                                      I-41

<PAGE>

period corresponding to the Applicable Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal Receipts for such Distribution Date.

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

          Recovery: Any amount received on a Mortgage Loan subsequent to such
Mortgage Loan being determined to be a Liquidated Loan.

          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 Trustee shall select from
one of the following banks a substitute Reference Bank: Credit Suisse First
Boston Corporation, Westdeutsche Landesbank Girozentrale, JPMorgan Chase Bank or
National Westminster Bank Plc. If any of these banks are not available, the
Trustee shall in its discretion select another Reference Bank.

          Relief Act Shortfall: Any interest shortfalls arising as a result of
the reduction in the amount of monthly interest payments on any Mortgage Loans
as a result of the application of the Soldiers' and Sailors' Civil Relief Act of
1940, as amended or comparable state legislation. Any Relief Act Shortfall will
be allocated to (a) the Class A Certificates according to the percentage
obtained by dividing the Class A Non-PO Principal Balance by the sum of the
Class A Non-PO Principal Balance and the Class B Principal Balance and (b) the
Class B Certificates according to the percentage obtained by dividing the Class
B Principal Balance by the sum of the Class A Non-PO Principal Balance and the
Class B Principal Balance.

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

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

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

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

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

          Request for Release: A request for release in substantially the form
attached as Exhibit G hereto.

          Responsible Officer: When used with respect to the Trustee, the
Chairman or Vice-Chairman of the Board of Directors or Trustees, the Chairman or
Vice-Chairman of the

                                      I-42

<PAGE>

Executive or Standing Committee of the Board of Directors or Trustees, the
President, the Chairman of the Committee on Trust Matters, any Vice President,
the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer,
the Cashier, any Assistant Cashier, any Trust Officer or Assistant Trust
Officer, the Controller and any Assistant Controller or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above-designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

          Rule 144A: Rule 144A promulgated under the Securities Act of 1933, as
amended.

          Scheduled Principal Amount: The sum for each outstanding Mortgage Loan
(including each defaulted Mortgage Loan with respect to which the related
Mortgaged Property has been acquired by the Trust Estate) of the product of (A)
the Non-PO Fraction for such Mortgage Loan and (B) the sum of the amounts
described in clauses Iy(i) and Iy(iv) of the definition of Class A Non-PO
Optimal Principal Amount, but without such amount being multiplied by the Class
A Percentage.

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

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

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

          Servicers: Each of WFHM,                       and                  as
                                   ---------------------     ----------------
Servicer under the related Servicing Agreement.

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

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

                                      I-43

<PAGE>

          Servicing Fee Rate: With respect to a Mortgage Loan, as set forth in
Section 11.25.

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

          Shift Percentage: As to any Distribution Date, the percentage
indicated below:

Distribution Date Occurring In                             Shift Percentage
------------------------------                             ----------------

            through          ...........................           0%
-----------         ---------
           and thereafter...............................         100%
----------

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

          Single Certificate: A Certificate of any Class that evidences the
smallest permissible Denomination for such Class, as set forth in Section 11.24.

          Startup Day: As defined in Section 2.05.

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

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

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

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

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

          (B)  in the case where the Applicable Unscheduled Principal Receipt
               Period is the Prior Month Receipt Period and such Unscheduled
               Principal Receipt is received by the Servicer during the month
               preceding the month of such Distribution Date, the amount of
               interest that would have accrued at the Net Mortgage Interest
               Rate on the amount of such Unscheduled Principal

                                      I-44

<PAGE>

               Receipt from the day of its receipt or, if earlier, its
               application by the Servicer through the last day of the month in
               which such Unscheduled Principal Receipt is received.

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

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

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

          Substitute Mortgage Loan: As defined in Section 2.02

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

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

          Trustee:                                         , a national banking
                   ----------------------------------------
association with its principal office located in                           , or
                                                 --------------------------
any successor trustee appointed as herein provided.

          Type 1 Mortgage Loan: Any of the Mortgage Loans identified in Exhibit
F-1 hereto, as such Exhibit may be amended from time to time in connection with
a substitution pursuant to Sections 2.02 or 2.06, serviced under the WFHM
Servicing Agreement and having a Mid-Month Receipt Period with respect to all
types of Unscheduled Principal Receipts.

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

                                      I-45

<PAGE>

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

          Unscheduled Principal Amount: The sum for each outstanding Mortgage
Loan (including each defaulted Mortgage Loan with respect to which the related
Mortgaged Property has been acquired by the Trust Estate) of the product of (A)
the Non-PO Fraction for such Mortgage Loan and (B) the sum of the amounts
described in clauses Iy(ii) and Iy(iii) of the definition of Class A Non-PO
Optimal Principal Amount, but without such amount being multiplied by the Class
A Prepayment Percentage.

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

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

          Upper-Tier Certificate: Any one of the Class A Certificates (other
than the Class A-LR Certificate) and the Class B Certificates.

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

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

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

          Voting Interest: With respect to any provisions hereof providing for
the action, consent or approval of the Holders of all Certificates evidencing
specified Voting Interests in the Trust Estate, the Class A-4 Certificates will
each be entitled to 1% of the aggregate Voting Interest represented by all
Certificates and each remaining Class of Certificates will be entitled to a pro
rata portion of the remaining Voting Interest equal to the ratio obtained by
dividing the Principal Balance of such Class by the sum of the Class A Principal
Balance and the Class B Principal Balance. Each Certificateholder of a Class
will have a Voting Interest equal to the product of the Voting Interest to which
such Class is collectively entitled and the Percentage Interest in such Class
represented by such Holder's Certificates. With respect to any provisions hereof
providing for action, consent or approval of each Class of Certificates or
specified Classes of Certificates, each Certificateholder of a Class will have a
Voting Interest in such Class equal to such Holder's Percentage Interest in such
Class.

                                      I-46

<PAGE>

          Weighted Average Net Mortgage Interest Rate: As to any Distribution
Date, a rate per annum equal to the average, expressed as a percentage of the
Net Mortgage Interest Rates of all Mortgage Loans that were Outstanding Mortgage
Loans as of the Due Date in the month preceding the month of such Distribution
Date, weighted on the basis of the respective Scheduled Principal Balances of
such Mortgage Loans.

          WFHM: Wells Fargo Home Mortgage, Inc., or its successor in interest.

          WFHM Correspondents: The entities listed on the Mortgage Loan
Schedule, from which WFHM purchased the Mortgage Loans.

          WFHM Servicing Agreement: The Servicing Agreement providing for the
servicing of the Type 1 Mortgage Loans initially by WFHM.

          Section 1.02 Acts of Holders.

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

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

          (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee and the Authenticating Agent)
shall be proved by the Certificate Register, and neither the Trustee, the Seller
nor the Master Servicer shall be affected by any notice to the contrary.

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

                                      I-47

<PAGE>

          Section 1.03 Effect of Headings and Table of Contents.

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

          Section 1.04 Benefits of Agreement.

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

                                      I-48

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                      ORIGINAL ISSUANCE OF THE CERTIFICATES

          Section 2.01 Conveyance of Mortgage Loans.

          The Seller, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee, without recourse all the right, title and interest
of the Seller in and to (a) the Trust Estate, including all interest (other than
the portion, if any, representing the Fixed Retained Yield) and principal
received by the Seller on or with respect to the Mortgage Loans after the
Cut-Off Date (and including scheduled payments of principal and interest due
after the Cut-Off Date but received by the Seller on or before the Cut-Off Date
and Unscheduled Principal Receipts received or applied on the Cut-Off Date, but
not including payments of principal and interest due on the Mortgage Loans on or
before the Cut-Off Date), (b) the Insurance Policies, (c) the obligations of the
Servicers under the Servicing Agreements with respect to the Mortgage Loans, (d)
the right to receive amounts, if any, payable on behalf of any Mortgagor from
the Subsidy Account relating to any Subsidy Loan and (e) proceeds of all the
foregoing.

          In connection with such assignment, the Seller shall, with respect to
each Mortgage Loan, deliver, or cause to be delivered, to the Custodian, on or
before the Closing Date, an Owner Mortgage Loan File. If any Mortgage or an
assignment of a Mortgage to the Trustee or any prior assignment is in the
process of being recorded on the Closing Date, the Seller shall deliver a copy
thereof, certified by WFHM or the applicable WFHM Correspondent to be a true and
complete copy of the document sent for recording, and the Seller 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 Mortgage Electronic Registration System, Inc.
("MERS") or its designee, no assignment of Mortgage in favor of the Trustee will
be required to be prepared or delivered and instead, the Master Servicer shall
take all actions as are necessary to cause the Trust Estate to be shown as the
owner of the related Mortgage Loan on the records of MERS for the purpose of the
system of recording transfers of beneficial ownership of mortgages maintained by
MERS. The Seller shall also cause to be delivered to the Custodian any other
original mortgage loan document to be included in the Owner Mortgage Loan File
if a copy thereof has been delivered. The Seller shall pay from its own funds,
without any right of reimbursement therefor, the amount of any costs,
liabilities and expenses incurred by the Trust Estate by reason of the failure
of the Seller to cause to be delivered to the Custodian within one (1) year
following the Closing Date any original Mortgage or 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 Seller may, to
the extent set forth in the applicable Servicing Agreement, deliver or cause to
be delivered to the Custodian the assignment of the Mortgage Loan from the
Seller to the Trustee in a form suitable for recordation, if (i) with respect to
a particular state the Trustee has received an Opinion of Counsel acceptable to
it that such recording is not required to make the assignment effective

                                      II-1

<PAGE>

against the parties to the Mortgage or subsequent purchasers or encumbrancers of
the Mortgaged Property or (ii) the Seller 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. 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.

          Section 2.02 Acceptance by Custodian.

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

          The Custodian will review each Owner Mortgage Loan File within 45 days
after execution of this Agreement and will deliver to the Seller and the Trustee
a final certification in the form of Exhibit O hereto to the effect that, except
as may be specified in a list of exceptions attached thereto, all required
documents set forth in Section 2.01 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 within such 45 day period the Custodian finds any document
constituting a part of an Owner Mortgage Loan File not to have been executed or
received or to be unrelated to the Mortgage Loans identified in the Mortgage
Loan Schedule or not to appear regular on its face, the Trustee shall promptly
(and in no event more than 30 days after the final certification) notify the
Seller, which shall have a period of 60 days after the date of such notice
within which to correct or cure any such defect. The Seller hereby covenants and
agrees that, if any material defect is not so corrected or cured, the Seller
will, not later than 60 days after the Trustee's notice to it referred to above
respecting such defect, either (i) repurchase the related Mortgage Loan or any
property acquired in respect thereof from the Trust Estate at a price equal to
(a) 100% of the unpaid principal balance of such Mortgage Loan plus (b) accrued
interest at the Mortgage Interest Rate less any Fixed Retained Yield through the
last day of the month in which such repurchase takes place or (ii) if within two
years of the Startup Day, or such other period permitted by the REMIC
Provisions, substitute for any Mortgage Loan to which such material defect
relates, a new mortgage loan (a "Substitute Mortgage Loan") having such
characteristics

                                      II-2

<PAGE>

so that the representations and warranties of the Seller set forth in Section
2.03(b) hereof (other than Section 2.03(b)(i)) would not have been incorrect had
such Substitute Mortgage Loan originally been a Mortgage Loan. In no event shall
any Substitute Mortgage Loan have an unpaid principal balance, as of the date of
substitution, greater than the Scheduled Principal Balance (reduced by the
scheduled payment of principal due on the Due Date in the month of substitution)
of the Mortgage Loan for which it is substituted. In addition, such Substitute
Mortgage Loan shall have a Loan-to-Value Ratio less than or equal to and a
Mortgage Interest Rate equal to that of the Mortgage Loan for which it is
substituted.

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

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

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

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

          (ii) The execution and delivery of this Agreement by the Master
     Servicer and its performance and compliance with the terms of this
     Agreement will not violate the Master Servicer's corporate charter or
     by-laws or constitute a default (or an event which, with notice or lapse of
     time, or both, would constitute a default) under, or result in the

                                      II-3

<PAGE>

     breach of, any material contract, agreement or other instrument to which
     the Master Servicer is a party or which may be applicable to the Master
     Servicer or any of its assets;

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

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

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

          It is understood and agreed that the representations and warranties
set forth in this Section 2.03(a) shall survive delivery of the respective Owner
Mortgage Loan Files to the Trustee or the Custodian.

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

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

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

          (iii) The Mortgage is a valid, subsisting and enforceable first lien
     on the property therein described, and the Mortgaged Property is free and
     clear of all encumbrances and liens having priority over the first lien of
     the Mortgage except for liens for real estate taxes and special assessments
     not yet due and payable and liens or interests arising under or as a result
     of any federal, state or local law, regulation or ordinance relating to
     hazardous wastes or hazardous substances, and, if the related Mortgaged
     Property is a condominium unit, any lien for common charges permitted by
     statute or homeowners association fees; and if the Mortgaged Property
     consists of shares of a cooperative housing corporation, any lien for
     amounts due to the cooperative housing corporation for unpaid assessments
     or charges or any lien of any assignment of rents or

                                      II-4

<PAGE>

     maintenance expenses secured by the real property owned by the cooperative
     housing corporation; and any security agreement, chattel mortgage or
     equivalent document related to, and delivered to the Trustee or to the
     Custodian with, any Mortgage establishes in the Seller a valid and
     subsisting first lien on the property described therein and the Seller has
     full right to sell and assign the same to the Trustee;

          (iv) Neither the Seller 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;

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

          (vi) The Mortgaged Property is undamaged by water, fire, earthquake,
     earth movement other than earthquake, windstorm, flood, tornado or similar
     casualty (excluding casualty from the presence of hazardous wastes or
     hazardous substances, as to which the Seller makes no representations), so
     as to affect adversely 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 Seller's knowledge, there is no proceeding pending or
     threatened for the total or partial condemnation of the Mortgaged Property;

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

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

                                      II-5

<PAGE>

     Mortgaged Property and all improvements thereon comply with all
     requirements of any applicable zoning and subdivision laws and ordinances;

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

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

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

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

          (xiii) Any and all requirements of any federal, state or local law
     with respect to the origination of the Mortgage Loans including, without
     limitation, truth-in-lending, real estate settlement procedures, consumer
     credit protection, equal credit opportunity or disclosure laws applicable
     to the Mortgage Loans have been complied with;

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

          (xv) The Mortgage Loan (except any Mortgage Loan secured by a
     Mortgaged Property located in any jurisdiction, as to which an opinion of
     counsel of the type customarily rendered in such jurisdiction in lieu of
     title insurance is instead received) is covered by an American Land Title
     Association mortgagee title insurance policy or other generally acceptable
     form of policy or insurance acceptable to Fannie Mae or Freddie

                                      II-6

<PAGE>

     Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac
     insuring the originator, its successors and assigns, as to the first
     priority lien of the Mortgage in the original principal amount of the
     Mortgage Loan and subject only to (A) the lien of current real property
     taxes and assessments not yet due and payable, (B) covenants, conditions
     and restrictions, rights of way, easements and other matters of public
     record as of the date of recording of such Mortgage acceptable to mortgage
     lending institutions in the area in which the Mortgaged Property is located
     or specifically referred to in the appraisal performed in connection with
     the origination of the related Mortgage Loan, (C) liens created pursuant to
     any federal, state or local law, regulation or ordinance affording liens
     for the costs of clean-up of hazardous substances or hazardous wastes or
     for other environmental protection purposes and (D) such other matters to
     which like properties are commonly subject which do not individually, or in
     the aggregate, materially interfere with the benefits of the security
     intended to be provided by the Mortgage; the Seller is the sole insured of
     such mortgagee title insurance policy, the assignment to the Trustee of the
     Seller'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 Seller,
     has done, by act or omission, anything which would impair the coverage of
     such mortgagee title insurance policy;

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

          (xvii) To the best of the Seller'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
     Seller 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;

                                      II-7

<PAGE>

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

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

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

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

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

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

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

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

          (xxvi) If the Mortgage Loan is secured by a long-term residential
     lease, (1) the lessor under the lease holds a fee simple interest in the
     land; (2) the terms of such lease expressly permit the mortgaging of the
     leasehold estate, the assignment of the lease without the lessor's consent
     and the acquisition by the holder of the Mortgage of the rights of the
     lessee upon foreclosure or assignment in lieu of foreclosure or provide the
     holder of the Mortgage with substantially similar protections; (3) the
     terms of such lease do not (a) allow the termination thereof upon the
     lessee's default without the holder of the Mortgage being entitled to
     receive written notice of, and opportunity to cure, such default, (b) allow
     the termination of the lease in the event of damage or destruction as

                                      II-8

<PAGE>

     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.

          Notwithstanding the foregoing, no representations or warranties are
made by the Seller 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 Seller
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 Seller with respect to the absence or effect of fraud
in the origination of any Mortgage Loan.

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

          (c) Upon discovery by either the Seller, the Master Servicer, the
Trustee or the Custodian that any of the representations and warranties made in
subsection (b) above is not accurate (referred to herein as a "breach") and,
except for a breach of the representation and warranty set forth in subsection
(b)(i), where such breach is a result of the Cut-Off Date Principal Balance of a
Mortgage Loan being greater, by $5,000 or greater, than the Cut-Off Date
Principal Balance of such Mortgage Loan indicated on the Mortgage Loan Schedule,
that such breach materially and adversely affects the interests of the
Certificateholders in the related Mortgage Loan, the party discovering such
breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement). Within 60 days of the earlier
of its discovery or its receipt of notice of any such breach, the Seller shall
cure such breach in all material respects or shall either (i) repurchase the
Mortgage Loan or any property acquired in respect thereof from the Trust Estate
at a price equal to (A) 100% of the unpaid principal balance of such Mortgage
Loan plus (B) accrued interest at the Net Mortgage Interest Rate for such
Mortgage Loan through the last day of the month in which such repurchase took
place or (ii) if within two years of the Startup Day, or such other period
permitted by the REMIC Provisions, substitute for such Mortgage Loan in the
manner described in Section 2.02. The purchase price of any repurchase described
in this paragraph and the Substitution Principal Amount, if any, plus accrued
interest thereon and the other amounts referred to in Section 2.02, shall be
deposited in the Certificate Account. It is understood and agreed that the
obligation of the Seller to repurchase or substitute for any Mortgage Loan or
property as to which such a breach has occurred and is continuing shall
constitute the sole remedy respecting such breach available to

                                      II-9

<PAGE>

Certificateholders, the Trustee on behalf of Certificateholders, and such
obligation shall survive until termination of the Trust Estate hereunder.

          Section 2.04 Execution and Delivery of Certificates.

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

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

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

          Section 2.06 Optional Substitution of Mortgage Loans.

          During the three-month period beginning on the Startup Date, the
Seller shall have the right, but not the obligation, in its sole discretion for
any reason, to substitute for any Mortgage Loan a Substitute Mortgage Loan
meeting the requirements of Section 2.02. Any such substitution shall be carried
out in the manner described in Section 2.02. The Substitution Principal Amount,
if any, plus accrued interest thereon and the other amounts referred to in
Section 2.02, shall be deposited in the Certificate Account.

                                      II-10

<PAGE>

                                   ARTICLE III

                  ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                              OF THE MORTGAGE LOANS

          Section 3.01 Certificate Account.

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

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

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

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

          (c) The Master Servicer shall cause the funds in the Certificate
Account to be invested in Eligible Investments. No such Eligible Investments
will be sold or disposed of at a gain prior to maturity unless the Master
Servicer has received an Opinion of Counsel or other evidence satisfactory to it
that such sale or disposition will not cause the Trust Estate to be subject to
Prohibited Transactions Tax, otherwise subject the Trust Estate to tax, or cause
either of the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a
REMIC while any Certificates are outstanding. Any amounts deposited in the
Certificate Account prior to the Distribution Date shall be invested for the
account of the Master Servicer and any investment income thereon shall be
additional compensation to the Master Servicer for services rendered under this
Agreement. The amount of any losses incurred in respect of any such investments
shall be deposited in the Certificate Account by the Master Servicer out of its
own funds immediately as realized.

          (d) For purposes of this Agreement, the Master Servicer will be deemed
to have received from a Servicer on the applicable Remittance Date for such
funds all amounts

                                      III-1

<PAGE>

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

          Section 3.02 Permitted Withdrawals from the Certificate Account.

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

          (i) to reimburse the Master Servicer, the Trustee or any Servicer for
     Periodic Advances made by the Master Servicer or the Trustee pursuant to
     Section 3.03(a) or any Servicer pursuant to any Servicing Agreement with
     respect to previous Distribution Dates, such right to reimbursement
     pursuant to this subclause (i) being limited to amounts received on or in
     respect of particular Mortgage Loans (including, for this purpose,
     Liquidation Proceeds, REO Proceeds and proceeds from the purchase, sale,
     repurchase or substitution of Mortgage Loans pursuant to Sections 2.02,
     2.03, 2.06, 3.08 or 9.01) respecting which any such Periodic Advance was
     made;

          (ii) to reimburse any Servicer, the Master Servicer or the Trustee for
     any Periodic Advances determined in good faith to have become
     Nonrecoverable Advances provided, however, that any portion of
     Nonrecoverable Advances representing Fixed Retained Yield shall be
     reimbursable only from amounts constituting Fixed Retained Yield and not
     from the assets of the Trust Estate;

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

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

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

          (vi) to pay to the Seller or other purchaser with respect to each
     Mortgage Loan or property acquired in respect thereof that has been
     repurchased or replaced pursuant to

                                      III-2

<PAGE>

     Sections 2.02, 2.03 or 2.06 or auctioned pursuant to Section 3.08 or to pay
     to the Master Servicer with respect to each Mortgage Loan or property
     acquired in respect thereof that has been purchased pursuant to Section
     3.08 or 9.01, all amounts received thereon and not required to be
     distributed as of the date on which the related repurchase or purchase
     price or Scheduled Principal Balance was determined;

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

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

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

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

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

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

          (xiii) to pay to WFHM from any Mortgagor payment on account of
     interest or other recovery (including Net REO Proceeds) with respect to a
     particular Mortgage Loan, the Fixed Retained Yield, if any, with respect to
     such Mortgage Loan; provided, however, that with respect to any payment of
     interest received by the Master Servicer in respect of a Mortgage Loan
     (whether paid by the Mortgagor or received as Liquidation Proceeds,
     Insurance Proceeds or otherwise) which is less than the full amount of
     interest then due with respect to such Mortgage Loan, only that portion of
     such payment of interest that bears the same relationship to the total
     amount of such payment of interest as the Fixed Retained Yield Rate, if
     any, in respect of such Mortgage Loan bears to the Mortgage Interest Rate
     shall be allocated to the Fixed Retained Yield with respect thereto.

          (b) The Master Servicer shall keep and maintain separate accounting,
on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
payment to and withdrawal from the Certificate Account.

          Section 3.03 Advances by Master Servicer and Trustee.

          (a) In the event an Other Servicer fails to make any required Periodic
Advances of principal and interest on a Mortgage Loan as required by the related
Other Servicing Agreement prior to the Distribution Date occurring in the month
during which such Periodic Advance is due, the Master Servicer shall make
Periodic Advances to the extent

                                      III-3

<PAGE>

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

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

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

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

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

          In connection with the deposit by a Servicer into the Certificate
Account of the proceeds from a Liquidated Loan or of a Prepayment in Full, the
Master Servicer or applicable

                                      III-4

<PAGE>

Servicer shall confirm to the Trustee that all amounts required to be remitted
to the Certificate Account in connection with such Mortgage Loan have been so
deposited, and the Master Servicer or applicable Servicer shall deliver two
copies of 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 Loan File to the Master Servicer or such Servicer, as
requested by the Master Servicer or such Servicer. No expenses incurred in
connection with any instrument of satisfaction or deed of reconveyance shall be
chargeable to the Certificate Account.

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

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

          Section 3.05 Reports to the Trustee; Annual Compliance Statements.

          (a) Not later than 15 days after each Distribution Date, the Master
Servicer shall deliver to the Trustee a statement setting forth the status of
the Certificate Account as of the

                                      III-5

<PAGE>

close of business on such Distribution Date stating that all distributions
required to be made by the Master Servicer under this Agreement have been made
(or, if any required distribution has not been made by the Master Servicer,
specifying the nature and status thereof) and showing, for the period covered by
such statement, the aggregate amount of deposits into and withdrawals from such
account for each category of deposit and withdrawal specified in Sections 3.01
and 3.02. Such statement may be in the form of the then current Fannie Mae
monthly accounting report for its Guaranteed Mortgage Pass-Through Program with
appropriate additions and changes, and shall also include information as to the
aggregate unpaid principal balance of all of the Mortgage Loans as of the close
of business as of the last day of the calendar month immediately preceding such
Distribution Date. Copies of such statement shall be provided by the Trustee to
any Certificateholder upon written request, provided such statement is
delivered, or caused to be delivered, by the Master Servicer to the Trustee.

          (b) The Master Servicer shall deliver to the Trustee on or before
April 30 of each year, a certificate signed by an officer of the Master
Servicer, certifying that (i) such officer has reviewed the activities of the
Master Servicer during the preceding calendar year or portion thereof and its
performance under this agreement and (ii) to the best of such officer's
knowledge, based on such review, the Master Servicer has performed and fulfilled
its duties, responsibilities and obligations under this agreement in all
material respects throughout such year, or, if there has been a default in the
fulfillment of any such duties, responsibilities or obligations, specifying each
such default known to such officer and the nature and status thereof, and, (iii)
(A) the Master Servicer has received from each Servicer any financial
statements, officer's certificates, accountant's statements or other information
required to be provided to the Master Servicer pursuant to the related Servicing
Agreement and (B) to the best of such officer's knowledge, based on a review of
the information provided to the Master Servicer by each Servicer as described in
(iii)(A) above, each Servicer has performed and fulfilled its duties,
responsibilities and obligations under the related Servicing Agreement in all
material respects throughout such year, or, if there has been a default in the
fulfillment of any such duties, responsibilities or obligations, specifying each
such default known to such officer and the nature and status thereof. Copies of
such officers' certificate shall be provided by the Trustee to any
Certificateholder upon written request provided such certificate is delivered,
or caused to be delivered, by the Master Servicer to the Trustee. Not later than
15 days after each Distribution Date, the Master Servicer shall deliver to the
Trustee a report identifying (i) all requests made by Servicers for the release
of documents by the Custodian during the immediately preceding calendar month
and (ii) all documents released by the Custodian during the immediately
preceding calendar month.

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

          The Master Servicer shall ensure that each REO Mortgage Loan is
administered by the related Servicer at all times so that it qualifies as
"foreclosure property" under the REMIC Provisions and that it does not earn any
"net income from foreclosure property" which is subject to tax under the REMIC
Provisions. In the event that a Servicer is unable to dispose of any REO
Mortgage Loan within the period mandated by each of the Servicing Agreements,
the Master Servicer shall monitor such Servicer to verify that such REO Mortgage
Loan is auctioned to the highest bidder within the period so specified. In the
event of any such sale of a REO Mortgage Loan, the Custodian shall, at the
written request of the Master Servicer and upon being supported

                                      III-6

<PAGE>

with appropriate forms therefor, within five Business Days of the deposit by the
Master Servicer of the proceeds of such sale or auction into the Certificate
Account, release or cause to be released to the entity identified by the Master
Servicer the related Owner Mortgage Loan File and Servicer Mortgage Loan File
and shall execute and deliver such instruments of transfer or assignment, in
each case without recourse, as shall be necessary to vest in the auction
purchaser title to the REO Mortgage Loan and the Custodian shall have no further
responsibility with regard to such Owner Mortgage Loan File or Servicer Mortgage
Loan File. Neither the Trustee, the Master Servicer nor any Servicer, acting on
behalf of the Trust Estate, shall provide financing from the Trust Estate to any
purchaser of an REO Mortgage Loan.

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

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

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

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

                                      III-7

<PAGE>

          (ii) The Master Servicer may direct WFHM to enter into an amendment to
the WFHM Servicing Agreement for the purposes described in Sections
3.07(c)(i)(B) and 10.01(b)(iii).

          Section 3.08 Oversight of Servicing.

          The Master Servicer shall supervise, monitor and oversee the servicing
of the Mortgage Loans by each Servicer and the performance by each Servicer of
all services, duties, responsibilities and obligations (including the obligation
to maintain an Errors and Omissions Policy and Fidelity Bond) that are to be
observed or performed by the Servicer under its respective Servicing Agreement.
In performing its obligations hereunder, the Master Servicer shall act in a
manner consistent with Accepted Master Servicing Practices and with the
Trustee's and the Certificateholders' reliance on the Master Servicer, and in a
manner consistent with the terms and provisions of any insurance policy required
to be maintained by the Master Servicer or any Servicer pursuant to this
Agreement or any Servicing Agreement. The Master Servicer acknowledges that
prior to taking certain actions required to service the Mortgage Loans, each
Servicing Agreement provides that the Servicer thereunder must notify, consult
with, obtain the consent of or otherwise follow the instructions of the Master
Servicer. The Master Servicer is also given authority to waive compliance by a
Servicer with certain provisions of its Servicing Agreement. In each such
instance, the Master Servicer shall promptly instruct such Servicer or otherwise
respond to such Servicer's request. In no event will the Master Servicer
instruct such Servicer to take any action, give any consent to action by such
Servicer or waive compliance by such Servicer with any provision of such
Servicer's Servicing Agreement if any resulting action or failure to act would
be inconsistent with the requirements of the Rating Agencies that rated the
Certificates or would otherwise have an adverse effect on the
Certificateholders. Any such action or failure to act shall be deemed to have an
adverse effect on the Certificateholders if such action or failure to act either
results in (i) the downgrading of the rating assigned by any Rating Agency to
the Certificates, (ii) the loss by the Upper-Tier REMIC or the Lower-Tier REMIC
of REMIC status for federal income tax purposes or (iii) the imposition of any
Prohibited Transaction Tax or any federal taxes on either the Upper-Tier REMIC,
the Lower-Tier REMIC or the Trust Estate. The Master Servicer shall have full
power and authority in its sole discretion to take any action with respect to
the Trust Estate as may be necessary or advisable to avoid the circumstances
specified including clause (ii) or (iii) of the preceding sentence.

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

                                      III-8

<PAGE>

purpose of the modification is to reduce the Monthly Payment on a Mortgage Loan
as a result of a Curtailment such that the Mortgage Loan is fully amortized by
its original maturity date.

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

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

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

          The Seller shall have a limited option to repurchase any defaulted
Mortgage Loan or REO Mortgage Loan during the following time periods: (i)
beginning on the first day of the second month following the month in which the
Master Servicer has reported that a Servicer has initiated foreclosure
proceedings with respect to such a defaulted Mortgage Loan, with such repurchase
option expiring on the last day of such second following month; (ii) beginning
on the first day of the second month following the month in which the Master
Servicer has reported that such defaulted Mortgage Loan has become an REO
Mortgage Loan, with such repurchase option expiring on the last day of such
second following month; and (iii) beginning on the day on which a Servicer
accepts a contractual commitment by a third party to purchase the Mortgaged
Property related to the defaulted Mortgage Loan or REO Mortgage Loan, with such
repurchase option expiring on the earlier of the last day of the month in which
such contractual commitment was accepted by the Servicer or the day immediately
prior to the day on which the closing occurs with respect to such third party
purchase of the Mortgaged Property related to the defaulted Mortgage Loan or REO
Mortgage Loan. The Seller shall be entitled to repurchase at its option any
Mortgage Loan in the Trust Estate which, pursuant to paragraph 5(b) of the
Mortgage Loan Purchase Agreement, WFHM requests the Seller to repurchase and to
sell to WFHM to facilitate the exercise of WFHM's rights against the originator
or a prior holder of such Mortgage Loan. The purchase price for any Mortgage
Loan repurchased pursuant to this paragraph shall be 100% of the unpaid
principal balance of such Mortgage Loan plus accrued interest thereon at the
Mortgage Interest Rate for such Mortgage Loan, through the last day of the month
in which such repurchase occurs. Upon the receipt of such purchase price, the
Master Servicer shall provide to the Trustee the certification required by
Section 3.04 and the Trustee and the Custodian, if any, shall promptly release
to the Seller the Owner Mortgage Loan File relating to the Mortgage Loan being
repurchased.

                                      III-9

<PAGE>

          In the event that (i) the Master Servicer determines at any time that,
notwithstanding the representations and warranties set forth in Section 2.03(b),
any Mortgage Loan is not a "qualified mortgage" within the meaning of Section
860G of the Code and (ii) the Master Servicer is unable to enforce the
obligation of the Seller to purchase such Mortgage Loan pursuant to Section 2.02
within two months of such determination, the Master Servicer shall cause such
Mortgage Loan to be auctioned to the highest bidder and sold out of the Trust
Estate no later than the date 90 days after such determination. In the event of
any such sale of a Mortgage Loan, the Custodian shall, at the written request of
the Master Servicer and upon being supported with appropriate forms therefor,
within five Business Days of the deposit by the Master Servicer of the proceeds
of such auction into the Certificate Account, release or cause to be released to
the entity identified by the Master Servicer the related Owner Mortgage Loan
File and Servicer Mortgage Loan File and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse, as shall
be necessary to vest in the auction purchaser title to the Mortgage Loan and the
Custodian shall have no further responsibility with regard to such Owner
Mortgage Loan File or Servicer Mortgage Loan File. Neither the Trustee, the
Custodian, the Master Servicer nor any Servicer, acting on behalf of the
Trustee, shall provide financing from the Trust Estate to any purchaser of a
Mortgage Loan.

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

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

          Section 3.09 Termination and Substitution of Servicing Agreements.

          Upon the occurrence of any event for which a Servicer may be
terminated pursuant to its Servicing Agreement, the Master Servicer shall
promptly deliver to the Seller and the Trustee an Officer's Certificate
certifying that an event has occurred which may justify

                                     III-10

<PAGE>

termination of such Servicing Agreement, describing the circumstances
surrounding such event and recommending what action should be taken by the
Trustee with respect to such Servicer. If the Master Servicer recommends that
such Servicing Agreement be terminated, the Master Servicer's certification must
state that the breach is material and not merely technical in nature. Upon
written direction of the Master Servicer, based upon such certification, the
Trustee shall promptly terminate such Servicing Agreement. Notwithstanding the
foregoing, in the event that (i) WFHM fails to make any advance, as a
consequence of which the Trustee is obligated to make an advance pursuant to
Section 3.03 and (ii) the Trustee provides WFHM written notice of the failure to
make such advance and such failure shall continue unremedied for a period of 15
days after receipt of such notice, the Trustee shall terminate the WFHM
Servicing Agreement without the recommendation of the Master Servicer. The
Master Servicer shall indemnify the Trustee and hold it harmless from and
against any and all claims, liabilities, costs and expenses (including, without
limitation, reasonable attorneys' fees) arising out of, or assessed against the
Trustee in connection with termination of such Servicing Agreement at the
direction of the Master Servicer. If the Trustee terminates such Servicing
Agreement, the Trustee may enter into a substitute Servicing Agreement with the
Master Servicer or, at the Master Servicer's nomination, with another mortgage
loan service company acceptable to the Trustee, the Master Servicer and each
Rating Agency under which the Master Servicer or such substitute servicer, as
the case may be, shall assume, satisfy, perform and carry out all liabilities,
duties, responsibilities and obligations that are to be, or otherwise were to
have been, satisfied, performed and carried out by such Servicer under such
terminated Servicing Agreement. Until such time as the Trustee enters into a
substitute servicing agreement with respect to the Mortgage Loans previously
serviced by such Servicer, the Master Servicer shall assume, satisfy, perform
and carry out all obligations which otherwise were to have been satisfied,
performed and carried out by such Servicer under its terminated Servicing
Agreement. However, in no event shall the Master Servicer be deemed to have
assumed the obligations of a Servicer to advance payments of principal and
interest on a delinquent Mortgage Loan in excess of the Master Servicer's
independent Periodic Advance obligation under Section 3.03 of this Agreement. As
compensation for the Master Servicer of any servicing obligations fulfilled or
assumed by the Master Servicer, the Master Servicer shall be entitled to any
servicing compensation to which a Servicer would have been entitled if the
Servicing Agreement with such Servicer had not been terminated.

          Section 3.10 Application of Net Liquidation Proceeds.

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

          Section 3.11 Act Reports.

          The Master Servicer shall, on behalf of the Seller, make all filings
required to be made by the Seller with respect to the Class A Certificates and
the Class B-1, Class B-2 and Class B-3 Certificates pursuant to the Securities
Exchange Act of 1934, as amended.

                                     III-11

<PAGE>

                                   ARTICLE IV

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

          Section 4.01 Distributions.

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

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

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

          third, concurrently, to the Class A Certificates (other than the Class
A-PO Certificates) and the Class A-PO Certificates, pro rata, based on their
respective Class A Non-PO Optimal Principal Amount and Class A-PO Optimal
Principal Amount, (A) to the Class A Certificates (other than the Class A-PO
Certificates), in an aggregate amount up to the Class A Non-PO Optimal Principal
Amount, such distribution to be allocated among such Classes in accordance with
Section 4.01(b) or Section 4.01(c), as applicable, and (B) to the Class A-PO
Certificates in an amount up to the Class A-PO Optimal Principal Amount;

          fourth, to the Class A-PO Certificates in an amount up to the Class
A-PO Deferred Amount from amounts otherwise distributable (without regard to
this Paragraph fourth) first to the Class B-6 Certificates pursuant to Paragraph
twenty-second below, second to the Class B-5 Certificates pursuant to Paragraph
nineteenth below, third to the Class B-4 Certificates pursuant to Paragraph
sixteenth below, fourth to the Class B-3 Certificates pursuant to Paragraph
thirteenth below, fifth to the Class B-2 Certificates pursuant to Paragraph
tenth below, and sixth to the Class B-1 Certificates pursuant to Paragraph
seventh below;

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

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

          seventh, to the Class B-1 Certificates in an amount up to the Class
B-1 Optimal Principal Amount; provided, however, that the amount distributable
to the Class B-1 Certificates pursuant to this Paragraph seventh will be reduced
by the amount, if any, that would have been

                                      IV-1

<PAGE>

distributable to the Class B-1 Certificates hereunder used to pay the Class A-PO
Deferred Amount as provided in Paragraph fourth above;

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

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

          tenth, to the Class B-2 Certificates in an amount up to the Class B-2
Optimal Principal Amount; provided, however, that the amount distributable to
the Class B-2 Certificates pursuant to this Paragraph tenth will be reduced by
the amount, if any, that would have been distributable to the Class B-2
Certificates hereunder used to pay the Class A-PO Deferred Amount as provided in
Paragraph fourth above;

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

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

          thirteenth, to the Class B-3 Certificates in an amount up to the Class
B-3 Optimal Principal Amount; provided, however, that the amount distributable
to the Class B-3 Certificates pursuant to this Paragraph thirteenth will be
reduced by the amount, if any, that would have been distributable to the Class
B-3 Certificates hereunder used to pay the Class A-PO Deferred Amount as
provided in Paragraph fourth above;

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

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

          sixteenth, to the Class B-4 Certificates in an amount up to the Class
B-4 Optimal Principal Amount; provided, however, that the amount distributable
to the Class B-4 Certificates pursuant to this Paragraph sixteenth will be
reduced by the amount, if any, that would have been distributable to the Class
B-4 Certificates hereunder used to pay the Class A-PO Deferred Amount as
provided in Paragraph fourth above;

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

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

          nineteenth, to the Class B-5 Certificates in an amount up to the Class
B-5 Optimal Principal Amount; provided, however, that the amount distributable
to the Class B-5 Certificates pursuant to this Paragraph nineteenth will be
reduced by the amount, if any, that would have

                                      IV-2

<PAGE>

been distributable to the Class B-5 Certificates hereunder used to pay the Class
A-PO Deferred Amount as provided in Paragraph fourth above;

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

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

          twenty-second, to the Class B-6 Certificates in an amount up to the
Class B-6 Optimal Principal Amount; provided, however, that the amount
distributable to the Class B-6 Certificates pursuant to this Paragraph
twenty-second will be reduced by the amount, if any, that would have been
distributable to the Class B-6 Certificates hereunder used to pay the Class A-PO
Deferred Amount as provided in Paragraph fourth above; and

          twenty-third, to the Holder of the Class A-R Certificate, any amounts
remaining in the Upper-Tier Certificate Account, and to the Holder of the Class
A-LR Certificate, any amounts remaining in the Payment Account.

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

          With respect to any Distribution Date, the amount of the Principal
Adjustment, if any, attributable to any Class of Class B Certificates will be
allocated to the Classes of Class A Certificates (other than the Class A-4 and
Class A-PO Certificates) and any Class of Class B Certificates with a lower
numerical designation pro rata based on their outstanding Principal Balances.

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

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

          The pass-through rate with respect to the Class A-L1 Interest, Class
A-L2 Interest, Class A-LUR Interest, Class B-L1 Interest, Class B-L2 Interest,
Class B-L3 Interest, Class B-L4

                                      IV-3

<PAGE>

Interest, Class B-L5 Interest and Class B-L6 Interest shall be      % per annum.
                                                               -----
The Class A-LPO Interest is a principal-only interest and is not entitled to
distributions of interest. Any Non-Supported Interest Shortfalls will be
allocated to each Uncertificated Lower-Tier Interest in the same relative
proportions as interest is allocated to such Uncertificated Lower-Tier Interest.

          (iii) The Class A-4 Certificates are interest-only Certificates and
are not entitled to distributions in respect of principal.

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

                        [INSERT DISTRIBUTION PRIORITIES]

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

          (b) (i) For purposes of determining whether the Classes of Class B
Certificates are eligible to receive distributions of principal with respect to
any Distribution Date, the following tests shall apply:

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

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

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

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

                                      IV-4

<PAGE>

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

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

          (c) The Trustee shall establish and maintain the Upper-Tier
Certificate Account, which shall be a separate trust account and an Eligible
Account. On each Distribution Date other than the Final Distribution Date (if
such Final Distribution Date is in connection with a purchase of the assets of
the Trust Estate by the Seller), the Paying Agent shall, on behalf of the Master
Servicer, from funds available on deposit in the Payment Account, (i) deposit,
in immediately available funds, by wire transfer or otherwise, into the
Upper-Tier Certificate Account the Lower-Tier Distribution Amount and (ii)
distribute to the Class A-LR Certificateholder (other than as provided in
Section 9.01 respecting the final distribution to Certificateholders) by check
mailed to such Holder at the address of such Holder appearing in the Certificate
Register, the Class A Distribution Amount with respect to the Class A-LR
Certificate and all other amounts distributable to the Class A-LR Certificate.
The Trustee may clear and terminate the Upper-Tier Certificate Account pursuant
to Section 9.01.

          (d) On each Distribution Date other than the Final Distribution Date
(if such Final Distribution Date is in connection with a purchase of the assets
of the Trust Estate by the

                                      IV-5

<PAGE>

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

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

          (e) The Paying Agent (or if no Paying Agent is appointed by the Master
Servicer, the Master Servicer) shall withhold or cause to be withheld such
amounts as may be required by the Code (giving full effect to any exemptions
from withholding and related certifications required to be furnished by
Certificateholders and any reductions to withholding by virtue of any bilateral
tax treaties and any applicable certification required to be furnished by
Certificateholders with respect thereto) from distributions to be made to
Persons other than U.S. Persons ("Non-U.S. Persons"). Amounts withheld pursuant
to this Section 4.01(g) shall be treated as having been distributed to the
related Certificateholder for all purposes of this Agreement. For the purposes
of this paragraph, a "U.S. Person" is a citizen or resident of the United
States, a corporation or partnership (unless, in the case of a partnership,
Treasury regulations are adopted that provide otherwise) created or organized in
or under the laws of the United States, any state thereof or the District of
Columbia, including an entity treated as a corporation or partnership for
federal income tax purposes, an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable
Treasury regulations, certain trusts in existence on August 20, 1996 which are
eligible to elect to be treated as U.S. Persons).

                                      IV-6

<PAGE>

          Section 4.02 Allocation of Realized Losses.

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

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

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

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

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

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

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

          seventh, concurrently, to the Class A Certificates (other than the
Class A-PO Certificates) and the Class A-PO Certificates, pro rata, based on the
Non-PO Fraction and the PO Fraction, respectively.

          This allocation of Realized Losses will be effected through the
reduction of the applicable Class's Principal Balance.

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

          (c) After the Class B Principal Balance has been reduced to zero, the
interest portion of Realized Losses will be allocated among the outstanding
Classes of Class A Certificates based on their Class A Interest Percentages.

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

                                      IV-7

<PAGE>

Determination Date in the second month following the month which is such Prior
Month Receipt Period.

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

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

          Section 4.03 Paying Agent.

          (a) The Master Servicer hereby appoints the Trustee as initial Paying
Agent to make distributions to Certificateholders and to forward to
Certificateholders the periodic statements and the annual statements required by
Section 4.04 as agent of the Master Servicer.

          The Master Servicer may, at any time, remove or replace the Paying
Agent.

          The Master Servicer shall cause any Paying Agent that is not the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent agrees with the Trustee that such Paying Agent shall:

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

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

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

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

                                      IV-8

<PAGE>

case such Eligible Investments shall mature not later than the Distribution
Date), and shall not be sold or disposed of prior to maturity. All income and
gain realized from any such investment shall be for the benefit of the Master
Servicer and shall be subject to its withdrawal or order from time to time. The
amount of any losses incurred in respect of any such investments shall be
deposited in the Payment Account by the Master Servicer out of its own funds
immediately as realized. The Paying Agent may withdraw from the Payment Account
any amount deposited in the Payment Account that was not required to be
deposited therein and may clear and terminate the Payment Account pursuant to
Section 9.01.

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

          Concurrently with each distribution pursuant to Section 4.01(f), the
Master Servicer, or the Paying Agent appointed by the Master Servicer (upon
receipt of such statement from the Master Servicer), shall forward or cause to
be forwarded by mail to each Holder of a Certificate and the Seller a statement
setting forth:

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

          (ii) (a) the amount of such distribution to Holders of each Class of
     Class A Certificates allocable to interest, (b) the amount of the Current
     Class A Interest Distribution Amount allocated to each Class of Class A
     Certificates, (c) any Class A Interest Shortfall Amounts arising with
     respect to such Distribution Date and any remaining Class A Unpaid Interest
     Shortfall with respect to each Class after giving effect to such
     distribution, (d) the amount of any Non-Supported Interest Shortfall
     allocated to each Class of Class A Certificates for such Distribution Date
     and (e) the amount of any Relief Act Shortfall allocated to each Class of
     Class A Certificates for such Distribution Date;

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

          (iv) (a) the amount of such distribution to Holders of each Class of
     Class B Certificates allocable to interest, (b) the amount of the Current
     Class B Interest Distribution Amount allocated to each Class of Class B
     Certificates (c) any Class B Interest Shortfall Amounts arising with
     respect to such Distribution Date and any remaining Class B Unpaid Interest
     Shortfall with respect to each Class of Class B Certificates after giving
     effect to such distribution, (d) the amount of any Non-Supported Interest
     Shortfall allocated to each Class of Class B Certificates for such
     Distribution Date, and (e) the amount of any Relief Act Shortfall allocated
     to each Class of Class B Certificates for such Distribution Date;

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

                                      IV-9

<PAGE>

          (vi) the number of Mortgage Loans outstanding as of the preceding
     Determination Date;

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

          (viii) the Adjusted Pool Amount, the Adjusted Pool Amount (PO
     Portion), the Pool Scheduled Principal Balance of the Mortgage Loans for
     such Distribution Date and the aggregate Scheduled Principal Balance of the
     Discount Mortgage Loans for such Distribution Date;

          (ix) the aggregate Scheduled Principal Balances of the Mortgage Loans
     serviced by WFHM and, collectively, by the Other Servicers as of such
     Distribution Date;

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

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

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

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

          (xiv) the number and aggregate principal balances of Mortgage Loans
     delinquent (a) one month, (b) two months and (c) three months or more;

          (xv) the number and aggregate principal balances of the Mortgage Loans
     in foreclosure as of the preceding Determination Date;

          (xvi) the book value of any real estate acquired through foreclosure
     or grant of a deed in lieu of foreclosure;

          (xvii) the principal and interest portions of Realized Losses
     allocated as of such Distribution Date;

          (xviii) the amount by which the Principal Balance of each Class of
     Class B Certificates has been reduced as a result of Realized Losses
     allocated as of such Distribution Date;

          (xix) the unpaid principal balance of any Mortgage Loan as to which
     the Servicer of such Mortgage Loan has determined not to foreclose because
     it believes the related Mortgaged Property may be contaminated with or
     affected by hazardous wastes or hazardous substances;

                                      IV-10

<PAGE>

          (xx) the amount of the aggregate Servicing Fees and Master Servicing
     Fees paid (and not previously reported) with respect to the related
     Distribution Date and the amount by which the aggregate Available Master
     Servicer Compensation has been reduced by the Prepayment Interest Shortfall
     for the related Distribution Date;

          (xxi) in the case of the Class A-4 Certificates, the Notional Amount,
     if any;

          (xxii) in the case of each Class of LIBOR Certificates, the applicable
     Class A Pass-Through Rate;

          (xxiii) the Class A-PO Deferred Amount if any;

          (xxiv) the amount of PMI Advances made by a Servicer, if any; and

          (xxv) such other customary information as the Master Servicer deems
     necessary or desirable to enable Certificateholders to prepare their tax
     returns;

and shall deliver a copy of each type of statement to the Trustee, who shall
provide copies thereof to Persons making written request therefor at the
Corporate Trust Office.

          In the case of information furnished with respect to a Class of Class
A Certificates pursuant to clauses (i) and (ii) above and with respect to a
Class of Class B Certificates pursuant to clauses (iii) and (iv) above, the
amounts shall be expressed as a dollar amount per Class A or Class B Certificate
(other than the Class A-R and Class A-LR Certificates) with a $1,000
Denomination, and as a dollar amount per Class A-R and Class A-LR Certificates
with a $50 Denomination.

          Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall furnish or cause to be furnished to each Person
who at any time during the calendar year was the Holder of a Certificate a
statement containing the information set forth in clauses (i) and (ii)(a) above
in the case of a Class A Certificateholder and the information set forth in
clauses (iii) and (iv)(a) above in the case of a Class B Certificateholder
aggregated for such calendar year or applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Master Servicer
shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Master Servicer pursuant to any
requirements of the Code from time to time in force.

          Prior to the close of business on the third Business Day preceding
each Distribution Date, the Master Servicer shall furnish a statement to the
Trustee, any Paying Agent and the Seller (the information in such statement to
be made available to Certificateholders by the Master Servicer on written
request) setting forth the Class A Distribution Amount with respect to each
Class of Class A Certificates and the Class B Distribution Amount with respect
to each Class of Class B Certificates. The determination by the Master Servicer
of such amounts shall, in the absence of obvious error, be presumptively deemed
to be correct for all purposes hereunder and the Trustee and the Paying Agent
shall be protected in relying upon the same without any independent check or
verification.

                                      IV-11

<PAGE>

          In addition to the reports required pursuant to this Section 4.04, the
Paying Agent shall make available upon request to each Holder and each proposed
transferee of a Class B-4, Class B-5 or, Class B-6 Certificate such additional
information, if any, as may be required to permit the proposed transfer to be
effected pursuant to Rule 144A, which information shall be provided on a timely
basis to the Paying Agent by the Master Servicer.

          Section 4.05 Reports to Mortgagors and the Internal Revenue Service.

          The Master Servicer shall, in each year beginning after the Cut-Off
Date, make the reports of foreclosures and abandonments of any Mortgaged
Property as required by Code Section 6050J. In order to facilitate this
reporting process, the Master Servicer shall request that each Servicer, on or
before January 15th of each year, shall provide to the Internal Revenue Service,
with copies to the Master Servicer, reports relating to each instance occurring
during the previous calendar year in which such Servicer (i) on behalf of the
Trustee acquires an interest in a Mortgaged Property through foreclosure or
other comparable conversion in full or partial satisfaction of a Mortgage Loan
serviced by such Servicer, or (ii) knows or has reason to know that a Mortgaged
Property has been abandoned. Reports from the Servicers shall be in form and
substance sufficient to meet the reporting requirements imposed by Code Section
6050J. In addition, each Servicer shall provide the Master Servicer with
sufficient information to allow the Master Servicer to, for each year ending
after the Cut-Off Date, provide, or cause to be provided, to the Internal
Revenue Service and the Mortgagors such information as is required under Code
Sections 6050H (regarding payment of interest) and 6050P (regarding cancellation
of indebtedness).

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

          The Master Servicer will compute the amount of all distributions to be
made on the Certificates and all losses to be allocated to the Certificates. In
the event that the Master Servicer concludes that any ambiguity or uncertainty
exists in any provisions of this Agreement relating to distributions to be made
on the Certificates, the allocation of losses to the Certificates or otherwise,
the interpretation of such provisions and any actions taken by the Master
Servicer in good faith to implement such interpretation shall be binding upon
Certificateholders.

          Section 4.07 Determination of LIBOR.

          On each Rate Determination Date, the Trustee shall determine LIBOR for
the Distribution Date occurring in the succeeding month 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 Rate Determination Date. As used herein, "Telerate page 3750" means
the display designated as page 3750 on the Bridge Telerate Service.

          If on any Rate Determination Date the Trustee is unable to determine
LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for
the Distribution Date in the succeeding month will be whichever is higher of (x)
LIBOR as determined on the previous Rate Determination Date or (y) the Reserve
Interest Rate. The "Reserve Interest Rate" will be

                                      IV-12

<PAGE>

the rate per annum which the Trustee 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 the Reference
Banks are quoting, on the relevant Rate 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 Trustee can determine no such arithmetic mean, the
lowest one-month U.S. dollar lending rate that the Reference Banks are quoting
on such Rate Determination Date to leading European banks.

          If on any Rate Determination Date the Trustee is required but is
unable to determine the Reserve Interest Rate in the manner provided in the
preceding paragraph, LIBOR for the Distribution Date in the succeeding month
will be LIBOR as determined on the previous Rate Determination Date, or, in the
case of the first Rate Determination Date, 1.870%.

          The establishment of LIBOR by the Trustee and the Trustee's subsequent
calculation of the rates of interest applicable to each of the LIBOR
Certificates in the absence of manifest error, will be final and binding. After
a Rate Determination Date, the Trustee shall provide the Class A Pass-Through
Rates of the LIBOR Certificates for the related Distribution Date to Beneficial
Owners or Holders of LIBOR Certificates who place a telephone call to the
Trustee at (704) 374-2117 and make a request therefor during normal working
hours on any Business Day.

                                      IV-13

<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

          Section 5.01 The Certificates.

          (a) The Class A and Class B Certificates shall be issued only in
minimum Denominations of a Single Certificate and, except for the Class A-R and
Class A-LR Certificates, integral multiples of $1,000 in excess thereof (except,
if necessary, for one Certificate of each Class (other than the Class A-R and
Class A-LR Certificates) that evidences one Single Certificate plus such
additional principal portion or notional amount as is required in order for all
Certificates of such Class to equal the aggregate Original Principal Balance or
Original Notional Amount of such Class), and shall be substantially in the
respective forms set forth as Exhibits A-1, A-2, A-3, A-4, A-5, A-6, A-PO, A-R,
A-LR, B-1, B-2, B-3, B-4, B-5, B-6 and C (reverse side of Certificates) hereto.
On original issue the Certificates shall be executed and delivered by the
Trustee to or upon the order of the Seller upon receipt by the Trustee or the
Custodian of the documents specified in Section 2.01. The aggregate principal
portion (or notional amount) evidenced by the Class A and Class B Certificates
shall be the sum of the amounts specifically set forth in the respective
Certificates. The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by any Responsible Officer thereof.
Certificates bearing the manual or facsimile signatures of individuals who were
at any time the proper officers of the Trustee shall bind the Trustee
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Certificates or did not
hold such offices at the date of such Certificates. No Certificate shall be
entitled to any benefit under this Agreement, or be valid for any purpose,
unless manually countersigned by a Responsible Officer of the Trustee, or unless
there appears on such Certificate a certificate of authentication executed by
the Authenticating Agent by manual signature, and such countersignature or
certificate upon a Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

          Until such time as Definitive Certificates are issued pursuant to
Section 5.07, each Book-Entry Certificate shall bear the following legend:

          "Unless this certificate is presented by an authorized representative
of [the Clearing Agency] to the Seller or its agent for registration of
transfer, exchange or payment, and any certificate issued is registered in the
name of [the Clearing Agency] or such other name as requested by an authorized
representative of [the Clearing Agency] and any payment is made to [the Clearing
Agency], any transfer, pledge or other use hereof for value or otherwise by or
to any person is wrongful since the registered owner hereof, [the Clearing
Agency], has an interest herein."

          (b) Upon original issuance, the Book-Entry Certificates shall be
issued in the form of one or more typewritten certificates, to be delivered to
The Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
the Seller or to, and deposited with the Certificate Custodian, on behalf of The
Depository Trust Company, if directed to do so pursuant

                                       V-1

<PAGE>

instructions from The Depository Trust Company. Such Certificates shall
initially be registered in the Certificate Register in the name of the nominee
of the initial Clearing Agency, and no Beneficial Owner will receive a
definitive certificate representing such Beneficial Owner's interest in the
Book-Entry Certificates, except as provided in Section 5.07. Unless and until
definitive, fully registered certificates ("Definitive Certificates") have been
issued to Beneficial Owners pursuant to Section 5.07:

          (i) the provisions of this Section 5.01(b) shall be in full force and
     effect;

          (ii) the Seller, the Master Servicer, the Certificate Registrar and
     the Trustee may deal with the Clearing Agency for all purposes (including
     the making of distributions on the Book-Entry Certificates and the taking
     of actions by the Holders of Book-Entry Certificates) as the authorized
     representative of the Beneficial Owners;

          (iii) to the extent that the provisions of this Section 5.01(b)
     conflict with any other provisions of this Agreement, the provisions of
     this Section 5.01(b) shall control;

          (iv) the rights of Beneficial Owners shall be exercised only through
     the Clearing Agency and shall be limited to those established by law, the
     rules, regulations and procedures of the Clearing Agency and agreements
     between such Beneficial Owners and the Clearing Agency and/or the Clearing
     Agency Participants, and all references in this Agreement to actions by
     Certificateholders shall, with respect to the Book-Entry Certificates,
     refer to actions taken by the Clearing Agency upon instructions from the
     Clearing Agency Participants, and all references in this Agreement to
     distributions, notices, reports and statements to Certificateholders shall,
     with respect to the Book-Entry Certificates, refer to distributions,
     notices, reports and statements to the Clearing Agency or its nominee, as
     registered holder of the Book-Entry Certificates, as the case may be, for
     distribution to Beneficial Owners in accordance with the procedures of the
     Clearing Agency; and

          (v) the initial Clearing Agency will make book-entry transfers among
     the Clearing Agency Participants and receive and transmit distributions of
     principal and interest on the Certificates to the Clearing Agency
     Participants, for distribution by such Clearing Agency Participants to the
     Beneficial Owners or their nominees.

          For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of
Book-Entry Certificates evidencing specified Voting Interests, such direction or
consent shall be given by Beneficial Owners having the requisite Voting
Interests, acting through the Clearing Agency.

          Unless and until Definitive Certificates have been issued to
Beneficial Owners pursuant to Section 5.07, copies of the reports or statements
referred to in Section 4.04 shall be available to Beneficial Owners upon written
request to the Trustee at the Corporate Trust Office.

          Section 5.02 Registration of Certificates.

          (a) The Trustee shall cause to be kept at one of the offices or
agencies to be maintained in accordance with the provisions of Section 5.06 a
Certificate Register in which,

                                       V-2

<PAGE>

subject to such reasonable regulations as it may prescribe, the Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. The Trustee shall act as, or shall appoint, a
Certificate Registrar for the purpose of registering Certificates and transfers
and exchanges of Certificates as herein provided.

          Upon surrender for registration of transfer of any Certificate at any
office or agency maintained for such purpose pursuant to Section 5.06 (and
subject to the provisions of this Section 5.02) the Trustee shall execute, and
shall date, authenticate (or cause the Authenticating Agent to authenticate) and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates of a like aggregate principal portion or Percentage Interest
and of the same Class.

          At the option of the Certificateholders, Certificates may be exchanged
for other Certificates of authorized Denominations of a like aggregate principal
portion or Percentage Interest and of the same Class upon surrender of the
Certificates to be exchanged at any such office or agency. Whenever any
Certificates are so surrendered for exchange, the Trustee shall execute, and
shall date, authenticate (or cause the Authenticating Agent to authenticate) and
deliver, the Certificates which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar or the Trustee) be
duly endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing.

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

          All Certificates surrendered for transfer and exchange shall be
canceled by the Certificate Registrar, the Trustee or the Authenticating Agent
in accordance with their standard procedures.

          (b) No transfer of a Class B-4, Class B-5 or Class B-6 Certificate
shall be made unless the registration requirements of the Securities Act of
1933, as amended, and any applicable State securities laws are complied with, or
such transfer is exempt from the registration requirements under said Act and
laws. In the event that a transfer is to be made in reliance upon an exemption
from said Act or laws, (i) unless such transfer is made in reliance on Rule
144A, the Trustee or the Seller may, if such transfer is to be made within three
years after the later of (i) the date of the initial sale of Certificates or
(ii) the last date on which the Seller or any affiliate thereof was a Holder of
the Certificates proposed to be transferred, require a Class B-4, Class B-5 or
Class B-6 Certificateholder to deliver a written Opinion of Counsel acceptable
to and in form and substance satisfactory to the Trustee and the Seller, to the
effect that such transfer may be made pursuant to an exemption, describing the
applicable exemption and the basis therefor, from said Act and laws or is being
made pursuant to said Act and laws, which Opinion of Counsel shall not be an
expense of the Trustee, the Seller or the Master Servicer, and (ii) the Trustee
shall require the transferee (other than an affiliate of the Seller on the
Closing Date) to execute an investment letter in the form of Exhibit J hereto
certifying to the

                                       V-3

<PAGE>
Seller and the Trustee the facts surrounding such transfer, which investment
letter shall not be an expense of the Trustee, the Seller or the Master
Servicer. The Holder of a Class B-4, Class B-5 or Class B-6 Certificate desiring
to effect such transfer shall, and does hereby agree to, indemnify the Trustee,
the Seller, the Master Servicer and any Paying Agent acting on behalf of the
Trustee against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws. Neither the
Seller nor the Trustee is under an obligation to register the Class B-4, Class
B-5 or Class B-6 Certificates under said Act or any other securities law.

          (c) No transfer of a Class B-4, Class B-5 or Class B-6 Certificate
shall be made unless the Trustee and the Seller shall have received (i) a
representation letter from the transferee in the form of Exhibit J hereto, to
the effect that either (a) such transferee is not an employee benefit plan or
other retirement arrangement subject to Title I of ERISA or Code Section 4975,
or a governmental plan, as defined in Section 3(32) of ERISA, subject to any
federal, state or local law ("Similar Law") which is to a material extent
similar to the foregoing provisions of ERISA or the Code (collectively, a
"Plan") and is not a person acting on behalf of or using the assets of any such
Plan, which representation letter shall not be an expense of the Trustee, the
Seller or the Master Servicer or (b) if such transferee is an insurance company,
(A) the source of funds used to purchase the Class B-4, Class B-5 or Class B-6
Certificate is an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTE 95-60"),
60 Fed. Reg. 35925 (July 12, 1995)), (B) there is no Plan with respect to which
the amount of such general account's reserves and liabilities for the
contract(s) held by or on behalf of such Plan and all other Plans maintained by
the same employer (or affiliate thereof as defined in Section V(a)(1) of PTE
95-60) or by the same employee organization exceeds 10% of the total of all
reserves and liabilities of such general account (as such amounts are determined
under Section I(a) of PTE 95-60) at the date of acquisition and (C) the purchase
and holding of such Class B-4, Class B-5 or Class B-6 Certificate is covered by
Sections I and III of PTE 95-60 or (ii) in the case of any such Class B-4, Class
B-5 or Class B-6 Certificate presented for registration in the name of a Plan,
or a trustee of any such Plan, (A) an Opinion of Counsel satisfactory to the
Trustee and the Seller to the effect that the purchase or holding of such Class
B-4, Class B-5 or Class B-6 Certificate will not result in the assets of the
Trust Estate being deemed to be "plan assets" and subject to the prohibited
transaction provisions of ERISA, the Code or Similar Law and will not subject
the Trustee, the Seller or the Master Servicer to any obligation in addition to
those undertaken in this Agreement, which Opinion of Counsel shall not be an
expense of the Trustee, the Seller or the Master Servicer and (B) such other
opinions of counsel, officer's certificates and agreements as the Seller or the
Master Servicer may require in connection with such transfer, which opinions of
counsel, officers' certificates and agreements shall not be an expense of the
Trustee, the Seller or the Master Servicer. The Class B-4, Class B-5 and Class
B-6 Certificates shall bear a legend referring to the foregoing restrictions
contained in this paragraph.

          (d) No legal or beneficial interest in all or any portion of the Class
A-R or Class A-LR Certificate may be transferred directly or indirectly to a
"disqualified organization" within the meaning of Code Section 860E(e)(5) or an
agent of a disqualified organization (including a broker, nominee, or
middleman), to a Plan or a Person acting on behalf of or investing the assets of
a Plan (such Plan or Person, an "ERISA Prohibited Holder") or to an individual,
corporation, partnership or other person unless such transferee (i) is not a
Non-U.S.
                                      V-4

<PAGE>

Person or (ii) is a Non-U.S. Person that holds the Class A-R or Class A-LR
Certificate in connection with the conduct of a trade or business within the
United States and has furnished the transferor and the Trustee with an effective
Internal Revenue Service Form 4224 or (iii) is a Non-U.S. Person that has
delivered to both the transferor and the Trustee an opinion of a nationally
recognized tax counsel to the effect that the transfer of the Class A-R or Class
A-LR Certificate to it is in accordance with the requirements of the Code and
the regulations promulgated thereunder and that such transfer of the Class A-R
or Class A-LR Certificate will not be disregarded for federal income tax
purposes (any such person who is not covered by clauses (i), (ii) or (iii) above
being referred to herein as a "Non-permitted Foreign Holder"), and any such
purported transfer shall be void and have no effect. The Trustee shall not
execute, and shall not authenticate (or cause the Authenticating Agent to
authenticate) and deliver, a new Class A-R or Class A-LR Certificate in
connection with any such transfer to a disqualified organization or agent
thereof (including a broker, nominee or middleman), an ERISA Prohibited Holder
or a Non-permitted Foreign Holder, and neither the Certificate Registrar nor the
Trustee shall accept a surrender for transfer or registration of transfer, or
register the transfer of, the Class A-R or Class A-LR Certificate, unless the
transferor shall have provided to the Trustee an affidavit, substantially in the
form attached as Exhibit H hereto, signed by the transferee, to the effect that
the transferee is not such a disqualified organization, an agent (including a
broker, nominee, or middleman) for any entity as to which the transferee has not
received a substantially similar affidavit, an ERISA Prohibited Holder or a
Non-permitted Foreign Holder, which affidavit shall contain the consent of the
transferee to any such amendments of this Agreement as may be required to
further effectuate the foregoing restrictions on transfer of the Class A-R or
Class A-LR Certificate to disqualified organizations, ERISA Prohibited Holders
or Non-permitted Foreign Holders. Such affidavit shall also contain the
statement of the transferee that (i) the transferee has historically paid its
debts as they have come due and intends to do so in the future, (ii) the
transferee understands that it may incur liabilities in excess of cash flows
generated by the residual interest, (iii) the transferee intends to pay taxes
associated with holding the residual interest as they become due , (iv) the
transferee will not cause income from the Class A-R or Class AL-R Certificate to
be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable tax treaty of such transferee or any other person, and
(v) the transferee will not transfer the Class A-R or Class A-LR Certificate to
any Person who does not provide an affidavit substantially in the form attached
as Exhibit H hereto.

          The affidavit described in the preceding paragraph, if not executed in
connection with the initial issuance of the Class A-R or Class A-LR Certificate,
shall be accompanied by a written statement in the form attached as Exhibit I
hereto, signed by the transferor, to the effect that as of the time of the
transfer, the transferor has no actual knowledge that the transferee is a
disqualified organization, ERISA Prohibited Holder or Non-permitted Foreign
Holder, and has no knowledge or reason to know that the statements made by the
transferee with respect to clauses (i) and (iii) of the last sentence of the
preceding paragraph are not true. The Class A-R and Class A-LR Certificates
shall bear a legend referring to the foregoing restrictions contained in this
paragraph and the preceding paragraph.

          Upon notice to the Master Servicer that any legal or beneficial
interest in any portion of the Class A-R or Class A-LR Certificate has been
transferred, directly or indirectly, to a disqualified organization or agent
thereof (including a broker, nominee, or middleman) in contravention of the
foregoing restrictions, (i) such transferee shall be deemed to hold the

                                       V-5

<PAGE>
Class A-R or Class A-LR Certificate in constructive trust for the last
transferor who was not a disqualified organization or agent thereof, and such
transferor shall be restored as the owner of such Class A-R or Class A-LR
Certificate as completely as if such transfer had never occurred, provided that
the Master Servicer may, but is not required to, recover any distributions made
to such transferee with respect to the Class A-R or Class A-LR Certificate, and
(ii) the Master Servicer agrees to furnish to the Internal Revenue Service and
to any transferor of the Class A-R or Class A-LR Certificate or such agent
(within 60 days of the request therefor by the transferor or agent) such
information necessary to the application of Code Section 860E(e) as may be
required by the Code, including but not limited to the present value of the
total anticipated excess inclusions with respect to the Class A-R or Class A-LR
Certificate (or portion thereof) for periods after such transfer. At the
election of the Master Servicer, the cost to the Master Servicer of computing
and furnishing such information may be charged to the transferor or such agent
referred to above; however, the Master Servicer shall in no event be excused
from furnishing such information.

          Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

          If (i) any mutilated Certificate is surrendered to the Trustee or the
Authenticating Agent, or the Trustee or the Authenticating Agent receives
evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (ii) there is delivered to the Trustee or the Authenticating
Agent such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Trustee or the Authenticating
Agent that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute and authenticate (or cause the Authenticating Agent to
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
principal portion or Percentage Interest and of the same Class. Upon the
issuance of any new Certificate under this Section, the Trustee or the
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expense (including the fees and expenses of the Trustee or the
Authenticating Agent) in connection therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the Trust Estate, as if originally issued, whether or not the lost,
stolen, or destroyed Certificate shall be found at any time.

          Section 5.04 Persons Deemed Owners.

          Prior to the due presentation of a Certificate for registration of
transfer, the Seller, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of the Seller, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.01, and for all other purposes whatsoever,
and neither the Seller, the Master Servicer, the Trustee, the Certificate
Registrar nor any agent of the Seller, the Master Servicer, the Trustee or the
Certificate Registrar shall be affected by notice to the contrary.

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

          (a) If the Trustee is not acting as Certificate Registrar, the
Certificate Registrar shall furnish or cause to be furnished to the Trustee,
within 15 days after receipt by the

                                       V-6

<PAGE>
Certificate Registrar of a request by the Trustee in writing, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the
Certificateholders of each Class as of the most recent Record Date.

          (b) If five or more Certificateholders (hereinafter referred to as
"applicants") apply in writing to the Trustee, and such application states that
the applicants desire to communicate with other Certificateholders with respect
to their rights under this Agreement or under the Certificates and is
accompanied by a copy of the communication which such applicants propose to
transmit, then the Trustee shall, within five Business Days following the
receipt of such application, afford such applicants access during normal
business hours to the most recent list of Certificateholders held by the
Trustee. If such a list is as of the date more than 90 days prior to the date of
receipt of such applicants' request and the Trustee is not the Certificate
Registrar, the Trustee shall promptly request from the Certificate Registrar a
current list as provided in paragraph (a) hereof, and shall afford such
applicants access to such list promptly upon receipt.

          (c) Every Certificateholder, by receiving and holding a Certificate,
agrees with the Seller, the Master Servicer, the Certificate Registrar and the
Trustee that neither the Seller, the Master Servicer, the Certificate Registrar
nor the Trustee shall be held accountable by reason of the disclosure of any
such information as to the names, addresses and Percentage Interests of the
Certificateholders hereunder, regardless of the source from which such
information was delivered.

          Section 5.06 Maintenance of Office or Agency.

          The Trustee will maintain, at its expense, an office or agency where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Certificate Registrar in respect of the
Certificates and this Agreement may be served. The Trustee initially designates
the Corporate Trust Office and the principal corporate trust office of the
Authenticating Agent, if any, as its offices and agencies for said purposes.
Section 5.07 Definitive Certificates.

          If (i)(A) the Master Servicer advises the Trustee in writing that the
Clearing Agency is no longer willing or able properly to discharge its
responsibilities as depository with respect to the Book-Entry Certificates, and
(B) the Master Servicer is unable to locate a qualified successor, (ii) the
Master Servicer, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of dismissal or resignation of the Master Servicer, Beneficial Owners
representing aggregate Voting Interests of not less than 51% of the aggregate
Voting Interests of each outstanding Class of Book-Entry Certificates advise the
Trustee through the Clearing Agency and Clearing Agency Participants in writing
that the continuation of a book-entry system through the Clearing Agency is no
longer in the best interests of the Beneficial Owners, the Trustee shall notify
the Beneficial Owners, through the Clearing Agency, of the occurrence of any
such event and of the availability of Definitive Certificates to Beneficial
Owners requesting the same. Upon surrender to the Trustee by the Clearing Agency
of the Certificates held of record by its nominee, accompanied by reregistration
instructions and directions to execute and authenticate new Certificates from
the

                                       V-7

<PAGE>
Master Servicer, the Trustee shall execute and authenticate Definitive
Certificates for delivery at its Corporate Trust Office. The Master Servicer
shall arrange for, and will bear all costs of, the printing and issuance of such
Definitive Certificates. Neither the Seller, the Master Servicer nor the Trustee
shall be liable for any delay in delivery of such instructions by the Clearing
Agency and may conclusively rely on, and shall be protected in relying on, such
instructions.

          Section 5.08 Notices to Clearing Agency.

          Whenever notice or other communication to the Holders of Book-Entry
Certificates is required under this Agreement, unless and until Definitive
Certificates shall have been issued to Beneficial Owners pursuant to Section
5.07, the Trustee shall give all such notices and communications specified
herein to be given to Holders of Book-Entry Certificates to the Clearing Agency.

                                       V-8

<PAGE>

                                   ARTICLE VI

                       THE SELLER AND THE MASTER SERVICER

          Section 6.01 Liability of the Seller and the Master Servicer.

          The Seller and the Master Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically imposed by this
Agreement and undertaken hereunder by the Seller and the Master Servicer.

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

          Subject to the following paragraph, the Seller and the Master Servicer
each will keep in full effect its existence, rights and franchises as a
corporation under the laws of the jurisdiction of its incorporation, and will
obtain and preserve its qualification to do business as a foreign corporation in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, the Certificates or
any of the Mortgage Loans and to perform its respective duties under this
Agreement.

          The Seller or the Master Servicer may be merged or consolidated with
or into any Person, or transfer all or substantially all of its assets to any
Person, in which case any Person resulting from any merger or consolidation to
which the Seller or Master Servicer shall be a party, or any Person succeeding
to the business of the Seller or Master Servicer, shall be the successor of the
Seller or Master Servicer hereunder, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding; provided, however, that, in the case of
the Master Servicer, any such successor or resulting Person shall be qualified
to service mortgage loans for Fannie Mae or Freddie Mac.

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

          Neither the Seller nor the Master Servicer nor any subcontractor nor
any of the partners, directors, officers, employees or agents of any of them
shall be under any liability to the Trust Estate or the Certificateholders and
all such Persons shall be held harmless for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect any
such Person against any breach of warranties or representations made herein or
against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. The Seller,
the Master Servicer, any subcontractor, and any partner, director, officer,
employee or agent of any of them shall be entitled to indemnification by the
Trust Estate and will be held harmless against any loss, liability or expense
incurred in connection with the performance of its duties and obligations and
any legal action relating to this Agreement or the Certificates, including
without limitation, any legal action against the Trustee in its capacity as
trustee hereunder, other than any loss, liability or expense (including without
limitation, expenses payable by the Master Servicer under Section 8.06) incurred
by reason of willful misfeasance,

                                      VI-1

<PAGE>
bad faith or gross negligence in the performance of his or its duties hereunder
or by reason of reckless disregard of his or its obligations and duties
hereunder. The Seller, the Master Servicer and any of the directors, officers,
employees or agents of either may rely in good faith on any document of any kind
which, prima facie, is properly executed and submitted by any Person respecting
any matters arising hereunder. Neither the Seller nor the Master Servicer shall
be under any obligation to appear in, prosecute or defend any legal action
unless such action is related to its respective duties under this Agreement and
which in its opinion does not involve it in any expense or liability; provided,
however, that the Seller or the Master Servicer may in its discretion undertake
any such action which it may deem necessary or desirable with respect to this
Agreement and the rights and duties of the parties hereto and the interests of
the Certificateholders hereunder if the Certificateholders offer to the Seller
or the Master Servicer, as the case may be, reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred therein or
thereby. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Estate, and the Seller or the Master Servicer shall be entitled to be
reimbursed therefor out of the Certificate Account, and such amounts shall, on
the following Distribution Date or Distribution Dates, be allocated in reduction
of distributions on the Class A Certificates and Class B Certificates in the
same manner as Realized Losses are allocated pursuant to Section 4.02(a).

          Section 6.04 Resignation of the Master Servicer.

          The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except upon determination that its 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. Any such
determination permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities, duties,
liabilities and obligations hereunder.

          Section 6.05 Compensation to the Master Servicer.

          The Master Servicer shall be entitled to receive a monthly fee equal
to the Master Servicing Fee, as compensation for services rendered by the Master
Servicer under this Agreement. The Master Servicer also will be entitled to any
late reporting fees paid by a Servicer pursuant to its Servicing Agreement, any
investment income on funds on deposit in the Certificate Account and any
Liquidation Profits to which a Servicer is not entitled under its Servicing
Agreement.

          Section 6.06 Assignment or Delegation of Duties by Master Servicer.

          The Master Servicer shall not assign or transfer any of its rights,
benefits or privileges under this Agreement to any other Person, or delegate to
or subcontract with, or authorize or appoint any other Person to perform any of
the duties, covenants or obligations to be performed by the Master Servicer
without the prior written consent of the Trustee, and any agreement, instrument
or act purporting to effect any such assignment, transfer, delegation or
appointment shall be void. Notwithstanding the foregoing, the Master Servicer
shall have the right without the prior written consent of the Trustee (i) to
assign its rights and delegate its duties

                                      VI-2

<PAGE>
and obligations hereunder; provided, however, that (a) the purchaser or
transferee accepting such assignment or delegation is qualified to service
mortgage loans for Fannie Mae or Freddie Mac, is satisfactory to the Trustee, in
the exercise of its reasonable judgment, and executes and delivers to the
Trustee an agreement, in form and substance reasonably satisfactory to the
Trustee, which contains an assumption by such purchaser or transferee of the due
and punctual performance and observance of each covenant and condition to be
performed or observed by the Master Servicer hereunder from and after the date
of such agreement; and (b) each applicable Rating Agency's rating of any
Certificates in effect immediately prior to such assignment, sale or transfer is
not reasonably likely to be qualified, downgraded or withdrawn as a result of
such assignment, sale or transfer and the Certificates are not reasonably likely
to be placed on credit review status by any such Rating Agency; and (ii) to
delegate to, subcontract with, authorize, or appoint an affiliate of the Master
Servicer to perform and carry out any duties, covenants or obligations to be
performed and carried out by the Master Servicer under this Agreement and hereby
agrees so to delegate, subcontract, authorize or appoint to an affiliate of the
Master Servicer any duties, covenants or obligations to be performed and carried
out by the Master Servicer to the extent that such duties, covenants or
obligations are to be performed in any state or states in which the Master
Servicer is not authorized to do business as a foreign corporation but in which
the affiliate is so authorized. In no case, however, shall any permitted
assignment and delegation relieve the Master Servicer of any liability to the
Trustee or the Seller under this Agreement, incurred by it prior to the time
that the conditions contained in clause (i) above are met.

          Section 6.07 Indemnification of Trustee and Seller by Master Servicer.

          The Master Servicer shall indemnify and hold harmless the Trustee and
the Seller 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 Master Servicer under this
Agreement or by reason of reckless disregard of its obligations and duties under
this Agreement. Any payment pursuant to this Section made by the Master Servicer
to the Trustee or the Seller shall be from such entity's own funds, without
reimbursement therefor. The provisions of this Section 6.07 shall survive the
termination of this Agreement.

                                      VI-3

<PAGE>

                                   ARTICLE VII

                                     DEFAULT

          Section 7.01 Events of Default.

          In case one or more of the following Events of Default by the Master
Servicer shall occur and be continuing, that is to say:

          (i) any failure by the Master Servicer (a) to remit any funds to the
     Paying Agent as required by Section 4.03 or (b) to distribute or cause to
     be distributed to Certificateholders any payment required to be made by the
     Master Servicer under the terms of this Agreement which, in either case,
     continues unremedied for a period of three business days after the date
     upon which written notice of such failure, requiring the same to be
     remedied, shall have been given to the Master Servicer by the Trustee or to
     the Master Servicer and the Trustee by the holders of Certificates
     evidencing in the aggregate not less than 25% of the aggregate Voting
     Interest represented by all Certificates;

          (ii) any failure on the part of the Master Servicer duly to observe or
     perform in any material respect any other of the covenants or agreements on
     the part of the Master Servicer in the Certificates or in this Agreement
     which continues unremedied for a period of 60 days after the date on which
     written notice of such failure, requiring the same to be remedied, shall
     have been given to the Master Servicer by the Trustee, or to the Master
     Servicer and the Trustee by the holders of Certificates evidencing in the
     aggregate not less than 25% of the aggregate Voting Interest represented by
     all Certificates;

          (iii) a decree or order of a court or agency or supervisory authority
     having jurisdiction in the premises for the appointment of a trustee,
     conservator, receiver or liquidator in any bankruptcy, insolvency,
     readjustment of debt, marshaling of assets and liabilities or similar
     proceedings, or for the winding-up or liquidation of its affairs, shall
     have been entered against the Master Servicer and such decree or order
     shall have remained in force undischarged and unstayed for a period of 60
     days;

          (iv) the Master Servicer shall consent to the appointment of a
     trustee, conservator, receiver or liquidator or liquidating committee in
     any bankruptcy, insolvency, readjustment of debt, marshaling of assets and
     liabilities, voluntary liquidation or similar proceedings of or relating to
     the Master Servicer, or of or relating to all or substantially all of its
     property;

          (v) the Master Servicer shall admit in writing its inability to pay
     its debts generally as they become due, file a petition to take advantage
     of any applicable insolvency, bankruptcy or reorganization statute, make an
     assignment for the benefit of its creditors or voluntarily suspend payment
     of its obligations;

          (vi) the Master Servicer shall be dissolved, or shall dispose of all
     or substantially all of its assets; or consolidate with or merge into
     another entity or shall

                                      VII-1

<PAGE>
     permit another entity to consolidate or merge into it, such that the
     resulting entity does not meet the criteria for a successor servicer, as
     specified in Section 6.02 hereof; or

          (vii) the Master Servicer and any subservicer appointed by it becomes
     ineligible to service for both Fannie Mae and Freddie Mac, which
     ineligibility continues unremedied for a period of 90 days.

then, and in each and every such case, subject to applicable law, so long as an
Event of Default shall not have been remedied, either the Trustee or the holders
of Certificates evidencing in the aggregate not less than 66 2/3% of the
aggregate Voting Interest represented by all Certificates, by notice in writing
to the Master Servicer (and to the Trustee if given by the Certificateholders)
may terminate all of the rights and obligations of the Master Servicer under
this Agreement and in and to the Mortgage Loans, but without prejudice to any
rights which the Master Servicer may have to the aggregate Master Servicing Fees
due prior to the date of transfer of the Master Servicer's responsibilities
hereunder, reimbursement of expenses to the extent permitted by this Agreement,
Periodic Advances and other advances of its own funds. Upon receipt by the
Master Servicer of such written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates or the
Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
to and under this Section, subject to the provisions of Section 7.05; and,
without limitation, the Trustee is hereby authorized and empowered to execute
and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder and shall promptly provide the
Trustee all documents and records reasonably requested by it to enable it to
assume the Master Servicer's functions hereunder and shall promptly also
transfer to the Trustee all amounts which then have been or should have been
deposited in the Certificate Account by the Master Servicer or which are
thereafter received by the Master Servicer with respect to the Mortgage Loans.

          Section 7.02 Other Remedies of Trustee.

          During the continuance of any Event of Default, so long as such Event
of Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 7.01, shall have the right, in its own name as trustee of
an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filing of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no remedy
provided for by this Agreement shall be exclusive of any other remedy, and each
and every remedy shall be cumulative and in addition to any other remedy and no
delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Event of Default.

                                      VII-2

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

          During the continuance of any Event of Default, Holders of
Certificates evidencing in the aggregate not less than 25% of the aggregate
Voting Interest represented by all Certificates may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Agreement;
provided, however, that the Trustee shall be under no obligation to pursue any
such remedy, or to exercise any of the rights or powers vested in it by this
agreement (including, without limitation, (i) the conducting or defending of any
administrative action or litigation hereunder or in relation hereto and (ii) the
terminating of the Master Servicer from its rights and duties as servicer
hereunder) at the request, order or direction of any of the Certificateholders,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the cost, expenses and liabilities which may be
incurred therein or thereby and, provided further, that, subject to the
provisions of Section 8.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee, in accordance with an Opinion of
Counsel, determines that the action or proceeding so directed may not lawfully
be taken or if the Trustee in good faith determines that the action or
proceeding so directed would involve it in personal liability or be unjustly
prejudicial to the nonassenting Certificateholders.

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

          In the event that the Trustee shall have knowledge of any failure of
the Master Servicer specified in Section 7.01(i) or (ii) which would become an
Event of Default upon the Master Servicer's failure to remedy the same after
notice, the Trustee may, but need not if the Trustee deems it not in the
Certificateholders' best interest, give notice thereof to the Master Servicer.
For all purposes of this Agreement, in the absence of actual knowledge by a
corporate trust officer of the Trustee, the Trustee shall not be deemed to have
knowledge of any failure of the Master Servicer as specified in Section 7.01(i)
and (ii) or any Event of Default unless notified thereof in writing by the
Master Servicer or by a Certificateholder.

          Section 7.05 Trustee to Act; Appointment of Successor.

          When the Master Servicer receives notice of termination pursuant to
Section 7.01 or the Trustee receives the resignation of the Master Servicer
evidenced by an Opinion of Counsel pursuant to Section 6.04, the Trustee shall
be the successor in all respects to the Master Servicer in its capacity as
master servicer under this Agreement and the transactions set forth or provided
for herein and shall have the rights and powers and be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer by the terms and provisions hereof and in its capacity as such
successor shall have the same limitation of liability herein granted to the
Master Servicer. In the event that the Trustee is succeeding to the Master
Servicer as the Master Servicer, as compensation therefor, the Trustee shall be
entitled to receive monthly such portion of the Master Servicing Fee, together
with such other servicing compensation as is agreed to at such time by the
Trustee and the Master Servicer, but in no event more than 25% thereof until the
date of final cessation of the Master Servicer's servicing activities hereunder.
Notwithstanding the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is

                                      VII-3

<PAGE>
unable to so act or to obtain a qualifying bid as described below, appoint, or
petition a court of competent jurisdiction to appoint, any housing and home
finance institution, bank or mortgage servicing institution having a net worth
of not less than $10,000,000 and meeting such other standards for a successor
servicer as are set forth herein, as the successor to the Master Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Master Servicer hereunder; provided, however, that until
such a successor master servicer is appointed and has assumed the
responsibilities, duties and liabilities of the Master Servicer hereunder, the
Trustee shall continue as the successor to the Master Servicer as provided
above. The compensation of any successor master servicer so appointed shall not
exceed the compensation specified in Section 6.05 hereof. In the event the
Trustee is required to solicit bids as provided above, the Trustee shall
solicit, by public announcement, bids from housing and home finance
institutions, banks and mortgage servicing institutions meeting the
qualifications set forth in the preceding sentence for the purchase of the
master servicing functions. Such public announcement shall specify that the
successor master servicer shall be entitled to the full amount of the Master
Servicing Fee as compensation together with the other servicing compensation in
the form of late reporting fees or otherwise as provided in Section 6.05. Within
30 days after any such public announcement, the Trustee shall negotiate and
effect the sale, transfer and assignment of the master servicing rights and
responsibilities hereunder to the qualified party submitting the highest
qualifying bid. The Trustee shall deduct all costs and expenses of any public
announcement and of any sale, transfer and assignment of the servicing rights
and responsibilities hereunder from any sum received by the Trustee from the
successor to the Master Servicer in respect of such sale, transfer and
assignment. After such deductions, the remainder of such sum shall be paid by
the Trustee to the Master Servicer at the time of such sale, transfer and
assignment to the Master Servicer's successor. The Trustee and such successor
shall take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. The Master Servicer agrees to cooperate with the
Trustee and any successor servicer in effecting the termination of the Master
Servicer's servicing responsibilities and rights hereunder and shall promptly
provide the Trustee or such successor master servicer, as applicable, all
documents and records reasonably requested by it to enable it to assume the
Master Servicer's function hereunder and shall promptly also transfer to the
Trustee or such successor master servicer, as applicable, all amounts which then
have been or should have been deposited in the Certificate Account by the Master
Servicer or which are thereafter received by the Master Servicer with respect to
the Mortgage Loans. Neither the Trustee nor any other successor master servicer
shall be deemed to be in default hereunder by reason of any failure to make, or
any delay in making, any distribution hereunder or any portion thereof caused by
(i) the failure of the Master Servicer to deliver, or any delay in delivering,
cash, documents or records to it, or (ii) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer. Notwithstanding anything
to the contrary contained in Section 7.01 above or this Section 7.05, the Master
Servicer shall retain all of its rights and responsibilities hereunder, and no
successor (including the Trustee) shall succeed thereto, if the assumption
thereof by such successor would cause the rating assigned to any Certificates to
be revoked, downgraded or placed on credit review status (other than for
possible upgrading) by either Rating Agency and the retention thereof by the
Master Servicer would avert such revocation, downgrading or review.

                                      VII-4

<PAGE>
          Section 7.06 Notification to Certificateholders.

          Upon any termination of the Master Servicer or appointment of a
successor master servicer, in each case as provided herein, the Trustee shall
give prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register. The Trustee shall also, within
45 days after the occurrence of any Event of Default known to the Trustee, give
written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register, unless such Event of Default shall have
been cured or waived within said 45 day period.

                                      VII-5

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

          Section 8.01 Duties of Trustee.

          The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured),
the Trustee, subject to the provisions of Sections 7.01, 7.03, 7.04 and 7.05,
shall exercise such of the rights and powers vested in it by this Agreement, and
use the same degree of care and skill in its exercise as a prudent investor
would exercise or use under the circumstances in the conduct of such investor's
own affairs.

          The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any certificate, statement,
instrument, report, notice or other document furnished by the Master Servicer or
the Servicers pursuant to Articles III, IV and IX.

          No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:

          (i) Prior to the occurrence of an Event of Default and after the
     curing of all such Events of Default which may have occurred, the duties
     and obligations of the Trustee shall be determined solely by the express
     provisions of this Agreement, the Trustee shall not be liable except for
     the performance of such duties and obligations as are specifically set
     forth in this Agreement, no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the correctness of the opinions expressed therein,
     upon any certificates or opinions furnished to the Trustee, and conforming
     to the requirements of this Agreement;

          (ii) The Trustee shall not be personally liable with respect to any
     action taken, suffered or omitted to be taken by it in good faith in
     accordance with the direction of holders of Certificates which evidence in
     the aggregate not less than 25% of the Voting Interest represented by all
     Certificates relating to the time, method and place of conducting any
     proceeding for any remedy available to the Trustee, or exercising any trust
     or power conferred upon the Trustee under this Agreement; and

          (iii) The Trustee shall not be liable for any error of judgment made
     in good faith by any of its Responsible Officers, unless it shall be proved
     that the Trustee or such Responsible Officer, as the case may be, was
     negligent in ascertaining the pertinent facts.

                                     VIII-1

<PAGE>
          None of the provisions contained in this Agreement shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if there is reasonable ground for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

          Section 8.02 Certain Matters Affecting the Trustee.

          Except as otherwise provided in Section 8.01:

          (i) The Trustee may request and rely and shall be protected in acting
     or refraining from acting upon any resolution, Officers' Certificate,
     certificate of auditors or any other certificate, statement, instrument,
     opinion, report, notice, request, consent, order, appraisal, bond or other
     paper or document believed by it to be genuine and to have been signed or
     presented by the proper party or parties and the manner of obtaining
     consents and evidencing the authorization of the execution thereof shall be
     subject to such reasonable regulations as the Trustee may prescribe;

          (ii) The Trustee may consult with counsel, and any written advice of
     such counsel or any Opinion of Counsel shall be full and complete
     authorization and protection in respect of any action taken or suffered or
     omitted by it hereunder in good faith and in accordance with such advice or
     Opinion of Counsel;

          (iii) The Trustee shall not be personally liable for any action taken,
     suffered or omitted by it in good faith and believed by it to be authorized
     or within the discretion or rights or powers conferred upon it by this
     Agreement;

          (iv) Subject to Section 7.04, the Trustee shall not be accountable,
     shall have no liability and makes no representation as to any acts or
     omissions hereunder of the Master Servicer until such time as the Trustee
     may be required to act as Master Servicer pursuant to Section 7.05 and
     thereupon only for the acts or omissions of the Trustee as successor Master
     Servicer; and

          (v) The Trustee may execute any of the trusts or powers hereunder or
     perform any duties hereunder either directly or by or through agents or
     attorneys.

          Section 8.03 Trustee Not Required to Make Investigation.

          Prior to the occurrence of an Event of Default hereunder and after the
curing of all Events of Default which may have occurred, the Trustee shall not
be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, appraisal, bond, Mortgage, Mortgage Note or other paper
or document (provided the same appears regular on its face), unless requested in
writing to do so by holders of Certificates evidencing in the aggregate not less
than 51% of the Voting Interest represented by all Certificates; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Agreement, the
Trustee may require

                                     VIII-2

<PAGE>
reasonable indemnity against such expense or liability as a condition to so
proceeding. The reasonable expense of every such investigation shall be paid by
the Master Servicer or, if paid by the Trustee, shall be repaid by the Master
Servicer upon demand.

          Section 8.04 Trustee Not Liable for Certificates or Mortgage Loans.

          The recitals contained herein and in the Certificates (other than the
certificate of authentication on the Certificates) shall be taken as the
statements of the Seller, and the Trustee assumes no responsibility as to the
correctness of the same. The Trustee makes no representation for the correctness
of the same. The Trustee makes no representation as to the validity or
sufficiency of this Agreement or of the Certificates or of any Mortgage Loan or
related document. Subject to Section 2.04, the Trustee shall not be accountable
for the use or application by the Seller of any of the Certificates or of the
proceeds of such Certificates, or for the use or application of any funds paid
to the Master Servicer in respect of the Mortgage Loans deposited into the
Certificate Account by the Master Servicer or, in its capacity as trustee, for
investment of any such amounts.

          Section 8.05 Trustee May Own Certificates.

          The Trustee and any agent thereof, in its individual or any other
capacity, may become the owner or pledgee of Certificates with the same rights
it would have if it were not Trustee or such agent and may transact banking
and/or trust business with the Seller, the Master Servicer or their Affiliates.

          Section 8.06 The Master Servicer to Pay Fees and Expenses.

          The Master Servicer covenants and agrees to pay to the Trustee from
time to time, from its own funds, and the Trustee shall be entitled to receive,
reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) for all services
rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee and,
except as otherwise agreed by the Master Servicer and the Trustee, the Master
Servicer will pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by it 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 Trustee shall have no right of
reimbursement from the Trust Estate for any such expenses, disbursements and
advances not paid or reimbursed to it by the Master Servicer.

          Section 8.07 Eligibility Requirements.

          The Trustee hereunder shall at all times (i) be a corporation or
association having its principal office in a state and city acceptable to the
Seller, organized and doing business under the laws of such state or the United
States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, or shall
be a member of a bank holding system, the aggregate combined capital and surplus
of which is at least $50,000,000, provided that its separate capital and surplus
shall at all times be at least the

                                     VIII-3

<PAGE>
amount specified in Section 310(a)(2) of the Trust Indenture Act of 1939, (ii)
be subject to supervision or examination by federal or state authority and (iii)
have a credit rating or be otherwise acceptable to the Rating Agencies such that
neither of the Rating Agencies would reduce their respective then current
ratings of the Certificates (or have provided such security from time to time as
is sufficient to avoid such reduction) as evidenced in writing by each Rating
Agency. If such corporation or association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation or association shall be deemed
to be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 8.08.

          Section 8.08 Resignation and Removal.

          The Trustee may at any time resign and be discharged from the trust
hereby created by giving written notice of resignation to the Master Servicer,
such resignation to be effective upon the appointment of a successor trustee.
Upon receiving such notice of resignation, the Master Servicer shall promptly
appoint a successor trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning entity and one copy to its
successor. If no successor trustee shall have been appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee.

          If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.07 and shall fail to resign after written
request for its resignation by the Master Servicer, or if at any time the
Trustee shall become incapable of acting, or an order for relief shall have been
entered in any bankruptcy or insolvency proceeding with respect to such entity,
or a receiver of such entity or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of the property or
affairs of the Trustee for the purpose of rehabilitation, conversion or
liquidation, or the Master Servicer shall deem it necessary in order to change
the situs of the Trust Estate for state tax reasons, then the Master Servicer
shall remove the Trustee and appoint a successor trustee by written instrument,
in duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee.

          The Holders of Certificates evidencing in the aggregate not less than
51% of the Voting Interests represented by all Certificates (except that any
Certificate registered in the name of the Seller, the Master Servicer or any
affiliate thereof will not be taken into account in determining whether the
requisite Voting Interests has been obtained) may at any time remove the Trustee
and appoint a successor by written instrument or instruments, in triplicate,
signed by such holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete
set of which shall be delivered to the entity or entities so removed and one
complete set of which shall be delivered to the successor so appointed.

                                     VIII-4

<PAGE>

          Any resignation or removal of the Trustee and appointment of a
successor pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor as provided in Section
8.09.

          Section 8.09 Successor.

          Any successor trustee appointed as provided in Section 8.08 shall
execute, acknowledge and deliver to the Master Servicer and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective, and
such successor, without any further act, deed or reconveyance, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee
herein. The predecessor trustee shall deliver to its successor all documents and
statements held by it hereunder, and the Seller, the Master Servicer and the
predecessor entity shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor trustee all such rights, powers, duties and
obligations. No successor shall accept appointment as provided in this Section
unless at the time of such acceptance such successor shall be eligible under the
provisions of Section 8.07.

          Upon acceptance of appointment by a successor as provided in this
Section, the Master Servicer shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Master Servicer fails to mail such notice within
ten days after acceptance of the successor trustee, the successor trustee shall
cause such notice to be mailed at the expense of the Master Servicer.

          Section 8.10 Merger or Consolidation.

          Any Person into which the Trustee may be merged or converted or with
which it may be consolidated, to which it may sell or transfer its corporate
trust business and assets as a whole or substantially as a whole or any Person
resulting from any merger, sale, transfer, conversion or consolidation to which
the Trustee shall be a party, or any Person succeeding to the business of such
entity, shall be the successor of the Trustee, hereunder; provided, however,
that (i) such Person shall be eligible under the provisions of Section 8.07,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding, and
(ii) the Trustee shall deliver an Opinion of Counsel to the Seller and the
Master Servicer to the effect that such merger, consolidation, sale or transfer
will not subject either the Upper-Tier REMIC or the Lower-Tier REMIC to federal,
state or local tax or cause either the Upper-Tier REMIC or the Lower-Tier REMIC
to fail to qualify as a REMIC, which Opinion of Counsel shall be at the sole
expense of the Trustee.

          Section 8.11 Authenticating Agent.

          The Trustee may appoint an Authenticating Agent, which shall be
authorized to act on behalf of the Trustee in authenticating Certificates.
Wherever reference is made in this Agreement to the authentication of
Certificates by the Trustee or the Trustee's countersignature, such reference
shall be deemed to include authentication on behalf of the Trustee by the
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by the

                                     VIII-5

<PAGE>
Authenticating Agent. The Authenticating Agent must be acceptable to the Seller
and the Master Servicer and must be a corporation organized and doing business
under the laws of the United States of America or of any state, having a
principal office and place of business in a state and city acceptable to the
Seller and the Master Servicer, having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject
to supervision or examination by federal or state authorities.

          Any corporation into which the Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of the Authenticating Agent, shall be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

          The Authenticating Agent may at any time resign by giving at least 30
days' advance written notice of resignation to the Trustee, the Seller and the
Master Servicer. The Trustee may at any time terminate the agency of the
Authenticating Agent by giving written notice thereof to the Authenticating
Agent, the Seller and the Master Servicer. Upon receiving a notice of
resignation or upon such a termination, or in case at any time the
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 8.11, the Trustee promptly shall appoint a successor
Authenticating Agent, which shall be acceptable to the Master Servicer, and
shall give written notice of such appointment to the Seller, and shall mail
notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating
Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 8.11.

          The Authenticating Agent shall have no responsibility or liability for
any action taken by it as such at the direction of the Trustee. Any reasonable
compensation paid to the Authenticating Agent shall be a reimbursable expense
under Section 8.06.

          Section 8.12 Separate Trustees and Co-Trustees.

          The Trustee shall have the power from time to time to appoint one or
more persons or corporations to act either as co-trustees jointly with the
Trustee, or as separate trustees, for the purpose of holding title to,
foreclosing or otherwise taking action with respect to any Mortgage Loan outside
the state where the Trustee has its principal place of business, where such
separate trustee or co-trustee is necessary or advisable (or the Trustee is
advised by the Master Servicer that such separate trustee or co-trustee is
necessary or advisable) under the laws of any state in which a Mortgaged
Property is located or for the purpose of otherwise conforming to any legal
requirement, restriction or condition in any state in which a Mortgaged Property
is located or in any state in which any portion of the Trust Estate is located.
The Master Servicer shall advise the Trustee when, in its good faith opinion, a
separate trustee or co-trustee is necessary or advisable as aforesaid. The
separate trustees or co-trustees so appointed shall be trustees for the benefit
of all of the Certificateholders and shall have such powers, rights and remedies
as shall be specified in the instrument of appointment; provided, however, that
no such

                                     VIII-6

<PAGE>
appointment shall, or shall be deemed to, constitute the appointee an agent of
the Trustee. The Seller and the Master Servicer shall join in any such
appointment, but such joining shall not be necessary for the effectiveness of
such appointment.

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

          (i) all powers, duties, obligations and rights conferred upon the
     Trustee, in respect of the receipt, custody and payment of moneys shall be
     exercised solely by the Trustee;

          (ii) all other rights, powers, duties and obligations conferred or
     imposed upon the Trustee shall be conferred or imposed upon and exercised
     or performed by the Trustee and such separate trustee or co-trustee
     jointly, except to the extent that under any law of any jurisdiction in
     which any particular act or acts are to be performed (whether as Trustee
     hereunder or as successor to the Master Servicer hereunder) the Trustee
     shall be incompetent or unqualified to perform such act or acts, in which
     event such rights, powers, duties and obligations (including the holding of
     title to the Trust Estate or any portion thereof in any such jurisdiction)
     shall be exercised and performed by such separate trustee or co-trustee;

          (iii) no separate trustee or co-trustee hereunder shall be personally
     liable by reason of any act or omission of any other separate trustee or
     co-trustee hereunder; and

          (iv) the Trustee may at any time accept the resignation of or remove
     any separate trustee or co-trustee so appointed by it, if such resignation
     or removal does not violate the other terms of this Agreement.

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

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

          No separate trustee or co-trustee hereunder shall be required to meet
the terms of eligibility as a successor trustee under Section 8.07 hereunder and
no notice to Certificateholders of the appointment thereof shall be required
under Section 8.09 hereof.

                                     VIII-7

<PAGE>

          The Trustee agrees to instruct its co-trustees, if any, to the extent
necessary to fulfill such entity's obligations hereunder.

          The Master Servicer shall pay the reasonable compensation of the
co-trustees to the extent, and in accordance with the standards, specified in
Section 8.06 hereof.

          Section 8.13 Tax Matters; Compliance with REMIC Provisions.

          (a) Each of the Trustee and the Master Servicer covenants and agrees
that it shall perform its duties hereunder in a manner consistent with the REMIC
Provisions and shall not knowingly take any action or fail to take any action
that would (i) affect the determination of the Trust Estate's status as two
separate REMICs; or (ii) cause the imposition of any federal, state or local
income, prohibited transaction, contribution or other tax on either the
Upper-Tier REMIC, the Lower-Tier REMIC or the Trust Estate. The Master Servicer,
or, in the case of any tax return or other action required by law to be
performed directly by the Trustee, the Trustee, shall (i) prepare or cause to be
prepared, timely cause to be signed by the Trustee and file or cause to be filed
annual federal and applicable state and local income tax returns for each of the
Upper-Tier REMIC and the Lower-Tier REMIC using a calendar year as the taxable
year and the accrual method of accounting; (ii) in the first such federal tax
returns, make, or cause to be made, elections satisfying the requirements of the
REMIC Provisions, on behalf of the Trust Estate, to treat each of the Upper-Tier
REMIC and the Lower-Tier REMIC as a REMIC; (iii) prepare, execute and forward,
or cause to be prepared, executed and forwarded, to the Certificateholders all
information reports or tax returns required with respect to the Trust Estate, as
and when required to be provided to the Certificateholders, and to the Internal
Revenue Service and any other relevant governmental taxing authority in
accordance with the REMIC Provisions and any other applicable federal, state or
local laws, including without limitation information reports relating to
"original issue discount" and "market discount" as defined in the Code based
upon the issue prices, prepayment assumption and cash flows provided by the
Seller to the Trustee and calculated on a monthly basis by using the issue
prices of the Certificates; (iv) make available information necessary for the
application of any tax imposed on transferors of residual interests to
"disqualified organizations" (as defined in the REMIC Provisions); (v) file Form
8811 and apply for an Employee Identification Number with a Form SS-4 or any
other permissible method and respond to inquiries by Certificateholders or their
nominees concerning information returns, reports or tax returns; (vi) maintain
(or cause to be maintained by the Servicers) such records relating to the
Upper-Tier REMIC and the Lower-Tier REMIC, including but not limited to the
income, expenses, individual Mortgage Loans (including REO Mortgage Loans),
other assets and liabilities of each REMIC, and the fair market value and
adjusted basis of the property of each REMIC determined at such intervals as may
be required by the Code, as may be necessary to prepare the foregoing returns or
information reports; (vii) exercise reasonable care not to allow the creation of
any "interests" in either the Upper-Tier REMIC or the Lower-Tier REMIC within
the meaning of Code Section 860D(a)(2) other than the interests in the
Upper-Tier REMIC represented by the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-PO, Class A-R, Class B-1, Class B-2, Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates and the interests in the
Lower-Tier REMIC represented by the Class A-L1, Class A-L2, Class A-LPO, Class
A-LUR, Class B-L1, Class B-L2, Class B-L3, Class B-L4, Class B-L5 and Class B-L6
Interests and the Class A-LR Certificate; (viii) exercise reasonable care not to
allow the occurrence of any "prohibited transactions" within the meaning of Code

                                     VIII-8

<PAGE>
Section 860F(a), unless the Master Servicer shall have provided an Opinion of
Counsel to the Trustee that such occurrence would not (a) result in a taxable
gain, (b) otherwise subject any of the Upper-Tier REMIC, the Lower-Tier REMIC or
the Trust Estate to tax or (c) cause the Trust Estate to fail to qualify as two
separate REMICs; (ix) exercise reasonable care not to allow the either the
Upper-Tier REMIC or the Lower-Tier REMIC to receive income from the performance
of services or from assets not permitted under the REMIC Provisions to be held
by a REMIC; (x) pay (on behalf of the Upper-Tier REMIC or the Lower-Tier REMIC)
the amount of any federal income tax, including, without limitation, prohibited
transaction taxes, taxes on net income from foreclosure property, and taxes on
certain contributions to a REMIC after the Startup Day, imposed on the
Upper-Tier REMIC or Lower-Tier REMIC, as the case may be, when and as the same
shall be due and payable (but such obligation shall not prevent the Master
Servicer or any other appropriate Person from contesting any such tax in
appropriate proceedings and shall not prevent the Master Servicer from
withholding or depositing payment of such tax, if permitted by law, pending the
outcome of such proceedings); and (xi) if required or permitted by the Code and
applicable law, act as "tax matters person" for the Upper-Tier REMIC and the
Lower-Tier REMIC within the meaning of Treasury Regulations Section 1.860F-4(d),
and the Master Servicer is hereby designated as agent of the Class A-R and Class
A-LR Certificateholders for such purpose (or if the Master Servicer is not so
permitted, the Holders of the Class A-R and Class A-LR Certificates shall be the
tax matters persons for the Upper-Tier REMIC and Lower-Tier REMIC, respectively,
in accordance with the REMIC Provisions). The Master Servicer shall be entitled
to be reimbursed pursuant to Section 3.02 for any taxes paid by it pursuant to
clause (x) of the preceding sentence, except to the extent that such taxes are
imposed as a result of the bad faith, willful misfeasance or gross negligence of
the Master Servicer in the performance of its obligations hereunder. The Trustee
shall sign the tax returns referred to in clause (i) of the second preceding
sentence.

          In order to enable the Master Servicer or the Trustee, as the case may
be, to perform its duties as set forth above, the Seller shall provide, or cause
to be provided, to the Master Servicer within ten days after the Closing Date
all information or data that the Master Servicer determines to be relevant for
tax purposes to the valuations and offering prices of the Certificates,
including, without limitation, the price, yield, prepayment assumption and
projected cash flows of each Class of Certificates and the Mortgage Loans in the
aggregate. Thereafter, the Seller shall provide to the Master Servicer or the
Trustee, as the case may be, promptly upon request therefor, any such additional
information or data that the Master Servicer or the Trustee, as the case may be,
may from time to time request in order to enable the Master Servicer to perform
its duties as set forth above. The Seller hereby indemnifies the Master Servicer
or the Trustee, as the case may be, for any losses, liabilities, damages, claims
or expenses of the Master Servicer or the Trustee arising from any errors or
miscalculations by the Master Servicer or the Trustee pursuant to this Section
that result from any failure of the Seller to provide, or to cause to be
provided, accurate information or data to the Master Servicer or the Trustee, as
the case may be, on a timely basis. The Master Servicer hereby indemnifies the
Seller and the Trustee for any losses, liabilities, damages, claims or expenses
of the Seller or the Trustee arising from the Master Servicer's willful
misfeasance, bad faith or gross negligence in preparing any of the federal,
state and local tax returns of either REMIC as described above. In the event
that the Trustee prepares any of the federal, state and local tax returns of
either REMIC as described above, the Trustee hereby indemnifies the Seller and
the Master Servicer for any losses,

                                     VIII-9

<PAGE>
liabilities, damages, claims or expenses of the Seller or the Master Servicer
arising from the Trustee's willful misfeasance, bad faith or negligence in
connection with such preparation.

          (b) Notwithstanding anything in this Agreement to the contrary, each
of the Master Servicer and the Trustee shall pay from its own funds, without any
right of reimbursement therefor, the amount of any costs, liabilities and
expenses incurred by the Trust Estate (including, without limitation, any and
all federal, state or local taxes, including taxes imposed on "prohibited
transactions" within the meaning of the REMIC Provisions) if and to the extent
that such costs, liabilities and expenses arise from a failure of the Master
Servicer or the Trustee, respectively, to perform its obligations under this
Section 8.13.

          Section 8.14 Monthly Advances.

          In the event that WFHM fails to make a Periodic Advance required to be
made pursuant to the WFHM Servicing Agreement on or before the Distribution
Date, the Trustee shall make a Periodic Advance as required by Section 3.03
hereof; provided, however, the Trustee shall not be required to make such
Periodic Advances if prohibited by law or if it determines that such Periodic
Advance would be a Nonrecoverable Advance. With respect to those Periodic
Advances which should have been made by WFHM, the Trustee shall be entitled,
pursuant to Section 3.02(a)(i), (ii) or (v) hereof, to be reimbursed from the
Certificate Account for Periodic Advances and Nonrecoverable Advances made by
it.

                                     VIII-10

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

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

          Subject to Section 9.02, the respective obligations and
responsibilities of the Seller, the Master Servicer and the Trustee created
hereby (other than the obligation of the Trustee to make certain payments after
the Final Distribution Date to Certificateholders and the obligation of the
Master Servicer to send certain notices as hereinafter set forth and the tax
reporting obligations under Sections 4.05 and 8.13 hereof) shall terminate upon
the last action required to be taken by the Trustee on the Final Distribution
Date pursuant to this Article IX following the earlier of (i) the purchase by
the Seller of all Mortgage Loans and all property acquired in respect of any
Mortgage Loan remaining in the Trust Estate at a price equal to the sum of (x)
100% of the unpaid principal balance of each Mortgage Loan (other than any REO
Mortgage Loan) as of the Final Distribution Date, and (y) the fair market value
of the Mortgaged Property related to any REO Mortgage Loan (as determined by the
Master Servicer as of the close of business on the third Business Day next
preceding the date upon which notice of any such termination is furnished to
Certificateholders pursuant to the third paragraph of this Section 9.01), plus
any accrued and unpaid interest through the last day of the month preceding the
month of such purchase at the applicable Mortgage Interest Rate less any Fixed
Retained Yield on each Mortgage Loan (including any REO Mortgage Loan) and (ii)
the final payment or other liquidation (or any advance with respect thereto) of
the last Mortgage Loan remaining in the Trust Estate (including for this purpose
the discharge of any Mortgagor under a defaulted Mortgage Loan on which a
Servicer is not obligated to foreclose due to environmental impairment) or the
disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan; provided, however, that in no event shall the
trust created hereby continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James, living on the date
hereof.

          The right of the Seller to purchase all the assets of the Trust Estate
pursuant to clause (i) of the preceding paragraph are subject to Section 9.02
and conditioned upon the Pool Scheduled Principal Balance of the Mortgage Loans
as of the Final Distribution Date being less than the amount set forth in
Section 11.22. In the case of any purchase by the Seller pursuant to said clause
(i), the Seller shall provide to the Trustee the certification required by
Section 3.04 and the Trustee and the Custodian shall, promptly following payment
of the purchase price, release to the Seller the Owner Mortgage Loan Files
pertaining to the Mortgage Loans being purchased.

          Notice of any termination, specifying the Final Distribution Date
(which shall be a date that would otherwise be a Distribution Date) upon which
the Certificateholders may surrender their Certificates to the Trustee for
payment of the final distribution and cancellation, shall be given promptly by
the Trustee by letter to Certificateholders mailed not earlier than the 15th day
of the month preceding the month of such final distribution and not later than
the

                                      IX-1

<PAGE>
twentieth day of the month of such final distribution specifying (A) the Final
Distribution Date upon which final payment of the Certificates will be made upon
presentation and surrender of Certificates at the office or agency of the
Trustee therein designated, (B) the amount of any such final payment and (C)
that the Record Date otherwise applicable to such Distribution Date is not
applicable, payments being made (except in the case of any Class A Certificate
surrendered on a prior Distribution Date pursuant to Section 4.01) only upon
presentation and surrender of the Certificates at the office or agency of the
Trustee therein specified. If the Seller is exercising its right to purchase,
the Seller shall deposit in the Certificate Account on or before the Final
Distribution Date in immediately available funds an amount equal to the purchase
price for the assets of the Trust Estate computed as above provided. Failure to
give notice of termination as described herein shall not entitle a
Certificateholder to any interest beyond the interest payable on the Final
Distribution Date.

          Upon presentation and surrender of the Certificates, the Trustee shall
cause to be distributed to Certificateholders on the Final Distribution Date in
proportion to their respective Percentage Interests an amount equal to (i) as to
the Classes of Class A Certificates, the respective Principal Balance together
with any related Class A Unpaid Interest Shortfall and one month's interest in
an amount equal to the respective Interest Accrual Amount, (ii) as to the
Classes of Class B Certificates, the respective Principal Balance together with
any related Class B Unpaid Interest Shortfall and one month's interest in an
amount equal to the respective Interest Accrual Amount and (iii) as to the Class
A-R and Class A-LR Certificates, the amounts, if any, which remain on deposit in
the Upper-Tier Certificate Account and the Certificate Account, respectively
(other than amounts retained to meet claims) after application pursuant to
clauses (i), (ii) and (iii) above and payment to the Master Servicer of any
amounts it is entitled as reimbursement or otherwise hereunder. Such amount
shall be distributed in respect of interest and principal in respect of the
Uncertificated Lower-Tier Interests in the same amounts as distributed to their
Corresponding Upper-Tier Class or Classes in the manner specified in Section
4.01(a)(ii). Notwithstanding the foregoing, if the price paid pursuant to clause
(i) of the first paragraph of this Section 9.01, after reimbursement to the
Servicers, the Master Servicer and the Trustee of any Periodic Advances, is
insufficient to pay in full the amounts set forth in clauses (i), (ii) and (iii)
of this paragraph, then any shortfall in the amount available for distribution
to Certificateholders shall be allocated in reduction of the amounts otherwise
distributable on the Final Distribution Date in the same manner as Realized
Losses are allocated pursuant to Sections 4.02(a) and (e) hereof. Such
distribution on the Final Distribution Date shall be in lieu of the distribution
otherwise required to be made on such Distribution Date in respect of each Class
of Certificates.

          In the event that all of the Certificateholders shall not surrender
their Certificates for final payment and cancellation within three months
following the Final Distribution Date, the Trustee shall on such date cause all
funds, if any, in the Certificate 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 Master Servicer (if it exercised its
right to purchase the assets of the Trust Estate) or the Trustee (in any other
case) shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with respect thereto. If within three months after the second notice all the
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate

                                      IX-2

<PAGE>
steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their Certificates, and the
cost thereof shall be paid out of the funds on deposit in such escrow account.

          Section 9.02 Additional Termination Requirements.

          In the event of a termination of the Trust Estate upon the exercise by
the Seller of its purchase option as provided in Section 9.01, the Trust Estate
shall be terminated in accordance with the following additional requirements,
unless the Trustee has received an Opinion of Counsel to the effect that any
other manner of termination (i) will constitute a "qualified liquidation" of the
Trust Estate within the meaning of Code Section 860F(a)(4)(A) and (ii) will not
subject either the Upper-Tier REMIC or the Lower-Tier REMIC to federal tax or
cause the Trust Estate to fail to qualify as two separate REMICs at any time
that any Certificates are outstanding:

          (i) The notice given by the Trustee under Section 9.01 shall provide
     that such notice constitutes the adoption of a plan of complete liquidation
     of the Upper-Tier REMIC and the Lower-Tier REMIC as of the date of such
     notice (or, if earlier, the date on which the first such notice is mailed
     to Certificateholders). The Master Servicer shall also specify such date in
     a statement attached to the final tax returns of the Upper-Tier REMIC and
     the Lower-Tier REMIC; and

          (ii) At or after the time of adoption of such a plan of complete
     liquidation and at or prior to the Final Distribution Date, the Trustee
     shall sell all of the assets of the Trust Estate to the Seller for cash at
     the purchase price specified in Section 9.01 and shall distribute such cash
     within 90 days of such adoption in the manner specified in Section 9.01.

                                      IX-3

<PAGE>

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

          Section 10.01 Amendment.

          (a) This Agreement or the Custodial Agreement may be amended from time
to time by the Seller, the Master Servicer and the Trustee without the consent
of any of the Certificateholders, (i) to cure any ambiguity or mistake, (ii) to
correct or supplement any provisions herein or therein which may be inconsistent
with any other provisions herein or therein or in the related Prospectus, (iii)
to modify, eliminate or add to any of its provisions to such extent as shall be
necessary to maintain the qualification of the Trust Estate as two separate
REMICs at all times that any Certificates are outstanding or to avoid or
minimize the risk of the imposition of any federal tax on the Trust Estate, the
Lower-Tier REMIC or the Upper-Tier REMIC pursuant to the Code that would be a
claim against the Trust Estate, provided that (a) the Trustee has received an
Opinion of Counsel to the effect that such action is necessary or desirable to
maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action shall not, as evidenced by such Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder, (iv) to change the timing and/or nature of deposits into the
Upper-Tier Certificate Account and the Lower-Tier Certificate Account provided
that such change shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of any Certificateholder, (v) to
modify, eliminate or add to the provisions of Section 5.02 or any other
provisions hereof restricting transfer of the Certificates, provided that the
Master Servicer for purposes of Section 5.02 has determined in its sole
discretion that any such modifications to this Agreement will neither adversely
affect the rating on the Certificates nor give rise to a risk that either the
Upper-Tier REMIC or the Lower-Tier REMIC or any of the Certificateholders will
be subject to a tax caused by a transfer to a non-permitted transferee and (vi)
to make any other provisions with respect to matters or questions arising under
this Agreement or such Custodial Agreement which shall not be materially
inconsistent with the provisions of this Agreement, provided that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Certificateholder. Notwithstanding the
foregoing, any amendment pursuant to clause (iv) or (vi) shall not be deemed to
adversely affect in any material respect the interest of Certificateholders and
no Opinion of Counsel to that effect shall be required if the person requesting
the amendment instead obtains a letter from each Rating Agency stating that the
amendment would not result in the downgrading or withdrawal of the respective
ratings then assigned to the Certificates.

          This Agreement or the Custodial Agreement may also be amended from
time to time by the Seller, the Master Servicer and the Trustee with the consent
of the Holders of Certificates evidencing in the aggregate not less than 66-2/3%
of the aggregate Voting Interests of each Class of Certificates affected thereby
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or such Custodial Agreement
or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall (i) reduce in any manner
the amount of, or delay the timing of, payments received on Mortgage Loans which
are required to be distributed

                                       X-1

<PAGE>
on any Certificate without the consent of the Holder of such Certificate, (ii)
adversely affect in any material respect the interest of the Holders of
Certificates of any Class in a manner other than as described in clause (i)
hereof without the consent of Holders of Certificates of such Class evidencing,
as to such Class, Voting Interests aggregating not less than 66-2/3% or (iii)
reduce the aforesaid percentage of Certificates of any Class the Holders of
which are required to consent to any such amendment, without the consent of the
Holders of all Certificates of such Class then outstanding.

          Notwithstanding any contrary provision of this Agreement, the Trustee
shall not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel to the effect that such amendment will not
subject either the Upper-Tier REMIC or the Lower-Tier REMIC to tax or cause
either the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding.

          Promptly after the execution of any amendment requiring the consent of
Certificateholders, the Trustee shall furnish written notification of the
substance of such amendment to each Certificateholder.

          It shall not be necessary for the consent of Certificateholders under
this Section 10.01(a) to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.

          (b) Notwithstanding any contrary provision of this Agreement, the
Master Servicer may, from time to time, amend Schedule I hereto without the
consent of any Certificateholder or the Trustee; provided, however, (i) that
such amendment does not conflict with any provisions of the related Servicing
Agreement, (ii) that the related Servicing Agreement provides for the remittance
of each type of Unscheduled Principal Receipts received by such Servicer during
the Applicable Unscheduled Principal Receipt Period (as so amended) related to
each Distribution Date to the Master Servicer no later than the 24th day of the
month in which such Distribution Date occurs and (iii) that such amendment is
for the purpose of changing the Applicable Unscheduled Principal Receipt Period
for all Mortgage Loans serviced by any Servicer to a Mid-Month Receipt Period
with respect to Full Unscheduled Principal Receipts and to a Prior Month Receipt
Period with respect to Partial Unscheduled Principal Receipts.

          A copy of any amendment to Schedule I pursuant to this Section
10.01(b) shall be promptly forwarded to the Trustee.

          Section 10.02 Recordation of Agreement.

          This Agreement (or an abstract hereof, if acceptable to the applicable
recording office) is subject to recordation in all appropriate public offices
for real property records in all the towns or other comparable jurisdictions in
which any or all of the Mortgaged Properties are situated, and in any other
appropriate public office or elsewhere, such recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee, but only upon
direction

                                       X-2

<PAGE>
accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Certificateholders.

          For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

          Section 10.03 Limitation on Rights of Certificateholders.

          The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Estate, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of the
Trust Estate, nor otherwise affect the rights, obligations and liabilities of
the parties hereto or any of them.

          Except as otherwise expressly provided herein, no Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to
vote or in any manner otherwise control the operation and management of the
Trust Estate, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association, nor shall any Certificateholder be under any liability to any
third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

          No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless also the
Holders of Certificates evidencing not less than 25% of the Voting Interest
represented by all Certificates shall have made written request upon the Trustee
to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as it
may require against the cost, expenses and liabilities to be incurred therein or
thereby, and the Trustee, for 60 days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; it being understood and intended, and being
expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatever by virtue or by availing of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates, or to obtain or seek to obtain
priority over or preference to any other such Holder, or to enforce any right
under this Agreement, except in the manner herein provided and for the benefit
of all Certificateholders. For the protection and enforcement of the provisions
of this Section, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

                                       X-3

<PAGE>
          Section 10.04 Governing Law; Jurisdiction.

          This Agreement shall be construed in accordance with the laws of the
State of New York (without regard to conflicts of laws principles), and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws.

          Section 10.05 Notices.

          All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by certified or registered mail, return receipt requested (i) in the case of the
Seller, to Wells Fargo Asset Securities Corporation, 7485 New Horizon Way,
Frederick, Maryland 21703, Attention: Chief Executive Officer, or such other
address as may hereafter be furnished to the Master Servicer and the Trustee in
writing by the Seller, (ii) in the case of the Master Servicer, to Wells Fargo
Bank Minnesota, National Association, 7485 New Horizon Way, Frederick, Maryland
21703, Attention: Vice President or such other address as may hereafter be
furnished to the Seller and the Trustee in writing by the Master Servicer, (iii)
in the case of the Trustee, to the Corporate Trust Office or such other address
as may hereafter be furnished to the Seller and the Master Servicer in writing
by the Trustee, in each case Attention: Corporate Trust Department. Any notice
required or permitted to be mailed to a Certificateholder shall be given by
first class mail, postage prepaid, at the address of such Holder as shown in the
Certificate Register. Any notice mailed or transmitted within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the addressee receives such notice, provided, however,
that any demand, notice or communication to or upon the Seller, the Master
Servicer or the Trustee shall not be effective until received.

          For all purposes of this Agreement, in the absence of actual knowledge
by an officer of the Master Servicer, the Master Servicer shall not be deemed to
have knowledge of any act or failure to act of any Servicer unless notified
thereof in writing by the Trustee, the Servicer or a Certificateholder.

          Section 10.06 Severability of Provisions.

          If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

          Section 10.07 Special Notices to Rating Agencies.

          (a) The Trustee shall give prompt notice to each Rating Agency of the
occurrence of any of the following events of which it has notice:

          (i) any amendment to this Agreement pursuant to Section 10.01(a);

          (ii) any sale or transfer of the Class B Certificates pursuant to
     Section 5.02 to an affiliate of the Seller;

                                       X-4

<PAGE>
          (iii) any assignment by the Master Servicer of its rights and
     delegation of its duties pursuant to Section 6.06;

          (iv) any resignation of the Master Servicer pursuant to Section 6.04;

          (v) the occurrence of any of the Events of Default described in
     Section 7.01;

          (vi) any notice of termination given to the Master Servicer pursuant
     to Section 7.01;

          (vii) the appointment of any successor to the Master Servicer pursuant
     to Section 7.05; or

          (viii) the making of a final payment pursuant to Section 9.01.

          (b) The Master Servicer shall give prompt notice to each Rating Agency
of the occurrence of any of the following events:

          (i) the resignation of the Custodian or the appointment of a successor
     Custodian pursuant to the Custodial Agreement;

          (ii) the resignation or removal of the Trustee pursuant to Section
     8.08;

          (iii) the appointment of a successor trustee pursuant to Section 8.09;
     or

          (iv) the sale, transfer or other disposition in a single transaction
     of 50% or more of the equity interests in the Master Servicer.

          (c) The Master Servicer shall deliver to each Rating Agency:

          (i) reports prepared pursuant to Section 3.05; and

          (ii) statements prepared pursuant to Section 4.04.

          Section 10.08 Covenant of Seller.

          The Seller shall not amend Article Third of its Certificate of
Incorporation without the prior written consent of each Rating Agency rating the
Certificates.

          Section 10.09 Recharacterization.

          The Parties intend the conveyance by the Seller to the Trustee of all
of its right, title and interest in and to the Mortgage Loans 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 Seller shall be deemed to
have granted to the Trustee a first priority security interest in all of the
Seller's right, title and interest in and to the Mortgage Loans.

                                       X-5

<PAGE>

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

          Section 11.01 Class A Fixed Pass-Through Rate.

          The Class A Fixed Pass-Through Rate is       % per annum.
                                                 ------

          Section 11.02 Cut-Off Date.

          The Cut-Off Date for the Certificates is       , 200  .
                                                   ------     --

          Section 11.03 Cut-Off Date Aggregate Principal Balance.

          The Cut-Off Date Aggregate Principal Balance is $             .
                                                           -------------

          Section 11.04 Original Class A Percentage.

          The Original Class A Percentage is             %.
                                             ------------

          Section 11.05 Original Principal Balances of the Classes of Class A
                        Certificates.

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

                             Original
            Class      Principal Balance
          ----------   -----------------
          Class A-1     $
                         --------------
          Class A-2     $
                         --------------
          Class A-3     $
                         --------------
          Class A-5     $
                         --------------
          Class A-6     $
                         --------------
          Class A-PO    $
                         --------------
          Class A-R     $         50.00
          Class A-LR    $         50.00

          Section 11.05 Original Notional Amount

          The Original Notional Amount is $          .
                                           ----------

          Section 11.06 Original Class A Non-PO Principal Balance.

          The Original Class A Non-PO Principal Balance is $               .
                                                            ---------------

                                      XI-1

<PAGE>
          Section 11.07 Original Subordinated Percentage.

          The Original Subordinated Percentage is            % .
                                                  ----------

          Section 11.08 Original Class B Principal Balance.

          The Original Class B Principal Balance is $            .
                                                     ------------

          Section 11.09 Original Principal Balances of the Classes of Class B
                        Certificates.

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

                             Original
            Class      Principal Balance
          ----------   -----------------
          Class B-1    $
                        --------------
          Class B-2    $
                        --------------
          Class B-3    $
                        --------------
          Class B-4    $
                        --------------
          Class B-5    $
                        --------------
          Class B-6    $
                        --------------

          Section 11.10 Original Class B-1 Fractional Interest.

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

          Section 11.11 Original Class B-2 Fractional Interest.

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

          Section 11.12 Original Class B-3 Fractional Interest.

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

          Section 11.13 Original Class B-4 Fractional Interest.

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

          Section 11.14 Original Class B-5 Fractional Interest.

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

          Section 11.15 Original Class B-1 Percentage.

          The Original Class B-1 Percentage is           %.
                                               ----------

                                      XI-2

<PAGE>
          Section 11.16 Original Class B-2 Percentage.

          The Original Class B-2 Percentage is           %.
                                               ----------

          Section 11.17 Original Class B-3 Percentage.

          The Original Class B-3 Percentage is           %.
                                               ----------

          Section 11.18 Original Class B-4 Percentage.

          The Original Class B-4 Percentage is           %.
                                               ----------

          Section 11.19 Original Class B-5 Percentage.

          The Original Class B-5 Percentage is           %.
                                               ----------

          Section 11.20 Original Class B-6 Percentage.

          The Original Class B-6 Percentage is           %.
                                               ----------

          Section 11.21 Closing Date.

          The Closing Date is        , 200  .
                              -------     --

          Section 11.22 Right to Purchase.

          The right of the Seller to purchase all of the Mortgage Loans pursuant
to Section 9.01 hereof shall be conditioned upon the Pool Scheduled Principal
Balance of the Mortgage Loans being less than $              (10% of the Cut-Off
                                               -------------
Date Aggregate Principal Balance) at the time of any such purchase.

          Section 11.23 Wire Transfer Eligibility.

          With respect to the Class A Certificates (other than the Class A-4,
Class A-R and Class A-LR) and the Class B Certificates (other than the Class B-5
Certficates), the minimum Denomination eligible for wire transfer on each
Distribution Date is $500,000. The Class A-R, Class A-LR and Class B-5
Certificates are not eligible for wire transfer. With respect to the Class A-4
Certificates, the minimum Denomination eligible for wire transfer on each
Distribution Date is 1% Percentage Interest.

          Section 11.24 Single Certificate.

          A Single Certificate for each Class of Class A Certificates (other
than the Class A-4, Class A-PO, Class A-R and Class A-LR Certificates)
represents a $        Denomination. A Single Certificate for the Class A-4
              -------
Certificates represents a $          Denomination. A Single Certificate for the
                           ---------
Class A-PO, Class B-1, Class B-2 and Class B-3 Certificates represents a $
                                                                          ------
Denomination. A Single Certificate for the Class B-4, Class B-5 and Class B-6
Certificates represents a $        Denomination. A Single Certificate for the
                           -------
Class A-R and Class A-LR Certificates represents a $50 Denomination.

                                      XI-3

<PAGE>
          Section 11.25 Servicing Fee Rate.

          The rate used to calculate the Servicing Fee is equal to such rate as
is set forth on the Mortgage Loan Schedule with respect to a Mortgage Loan.

          Section 11.26 Master Servicing Fee Rate.

          The rate used to calculate the Master Servicing Fee for each Mortgage
Loan is       % per annum.
        ------

                                      XI-4

<PAGE>
          IN WITNESS WHEREOF, the Seller, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized, all as of the day and year first above written.

                                          WELLS FARGO ASSET SECURITIES
                                             CORPORATION
                                                as Seller

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

                                          WELLS FARGO BANK MINNESOTA,
                                             NATIONAL ASSOCIATION
                                                as Master Servicer

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

                                          [TRUSTEE]
                                             as Trustee

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

Attest:

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

<PAGE>
STATE OF____________)
                       ss.:
COUNTY OF____________)

          On this     day of     , 200  , before me, a notary public in and for
                  ---        ----     --
the State of         , personally appeared                 , known to me who,
             --------                      ----------------
being by me duly sworn, did depose and say that s/he resides in        ,
                                                                -------
        ; that s/he is                of Wells Fargo Asset Securities
--------               --------------
Corporation, a Delaware corporation, 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____________)
                       ss.:
COUNTY OF____________)

          On this     day of     , 200  , before me, a notary public in and for
                  ---        ----     --
the State of         , personally appeared                 , known to me who,
             --------                      ----------------
being by me duly sworn, did depose and say that s/he resides in        ,
                                                                -------
        ; that s/he is                of Wells Fargo Bank Minnesota, 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 association.

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

[NOTARIAL SEAL]

<PAGE>
STATE OF____________)
                       ss.:
COUNTY OF____________)

          On this      day of     , 20  , before me, a notary public in and for
                  ----        ----    --
the State of           , personally appeared                    , known to me
             ----------                      -------------------
who, being by me duly sworn, did depose and say that s/he resides in
                 ; that s/he is a                      of [TRUSTEE], a national
-----------------                 --------------------
banking association, one of the parties that executed the foregoing instrument;
and that s/he signed his/her name thereto by order of the Board of Directors of
said association.

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

[NOTARIAL SEAL]

<PAGE>
STATE OF____________)
                       ss.:
COUNTY OF____________)

          On this      day of     , 20  , before me, a notary public in and for
                  ----        ----    --
the State of           , personally appeared                    , known to me
             ----------                      -------------------
who, being by me duly sworn, did depose and say that s/he resides in
                 ; that s/he is a                      of [TRUSTEE], a national
-----------------                 --------------------
banking association, one of the parties that executed the foregoing instrument;
and that s/he signed his/her name thereto by order of the Board of Directors of
said association.

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

[NOTARIAL SEAL]

<PAGE>

                                   SCHEDULE I

                    Wells Fargo Asset Securities Corporation,
               Mortgage Pass-Through Certificates, Series 200  -
                                                             -- ---
                 Applicable Unscheduled Principal Receipt Period

                      Full Unscheduled    Partial Unscheduled
Servicer             Principal Receipts    Principal Receipts
------------------   ------------------   -------------------

WFHM (Exhibit F-1)       Mid-Month             Mid-Month

[SERVICERS]

<PAGE>
                                   EXHIBIT A-1
                     [FORM OF FACE OF CLASS A-1 CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200  -   , CLASS A-1
                                      -- ---

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                             is the registered
                              ---------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-1 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the Class A
Distribution Amount for the Class A-1 Certificates required to be distributed to
Holders of the Class A-1 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the Principal Balance of certain Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-1 Certificates applicable to each Distribution Date will be     % per
                                                                    ----
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class A-1 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                      A-1-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-1-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      A-1-4

<PAGE>
                                   EXHIBIT A-2
                     [FORM OF FACE OF CLASS A-2 CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS A-2
                                      - --

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                             is the registered
                              ---------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-2 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the Class A
Distribution Amount for the Class A-2 Certificates required to be distributed to
Holders of the Class A-2 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the Principal Balance of certain Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-2 Certificates applicable to each Distribution Date will be      % per
                                                                    -----
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class A-2 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                      A-2-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-2-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      A-2-4

<PAGE>

                                   EXHIBIT A-3
                     [FORM OF FACE OF CLASS A-3 CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS A-3
                                      - --

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                             is the registered
                              ---------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-3 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Business Day preceding
such Distribution Date, in an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the Class A Distribution Amount for
the Class A-3 Certificates required to be distributed to Holders of the Class
A-3 Certificates on such Distribution Date, subject to adjustment in certain
events as specified in the Agreement. Distributions in reduction of the
Principal Balance of certain Classes of Class A Certificates may not commence on
the first Distribution Date specified above. Distributions of principal will be
allocated among the Classes of Class A Certificates in accordance with the
provisions of the Agreement. The pass-through rate on the Class A-3 Certificates
applicable to each Distribution Date will be a floating rate of interest
determined as provided herein and as specified in the Agreement. The
pass-through rate applicable with respect to the Distribution Date in
                                                                      --------
200  will be      % per annum. Thereafter, with respect to each Distribution
   -         -----
Date, the pass-through rate will be a per annum rate equal to      % plus LIBOR
                                                              -----
as determined on the second business day prior to the 25th day of the month
preceding the month in which such Distribution Date occurs, subject to a minimum
rate of      % and a maximum rate of      %. The amount of interest which
        -----                        -----
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-3
Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of

                                      A-3-2

<PAGE>
the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency specified by the Trustee for that
purpose in the notice of final distribution.

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

          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-3-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      A-3-4

<PAGE>
                                   EXHIBIT A-4
                     [FORM OF FACE OF CLASS A-4 CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS A-4
                                      - --

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN THE MANNER
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING
NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL
NOTIONAL AMOUNT REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                             is the registered
                              ---------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-4 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Business Day preceding
such Distribution Date, in an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the Class A Distribution Amount for
the Class A-4 Certificates required to be distributed to Holders of the Class
A-4 Certificates on such Distribution Date, subject to adjustment in certain
events as specified in the Agreement. The Class A-4 Certificates are not
entitled to distributions in respect of principal. The pass-through rate on the
Class A-4 Certificates applicable to each Distribution Date will be a floating
rate of interest determined as provided herein and as specified in the
Agreement. The pass-through rate applicable with respect to the Distribution
Date in        200  will be      % per annum. Thereafter, with respect to each
        ------    -         -----
Distribution Date, the pass-through rate will be a per annum rate equal to
     % minus LIBOR as determined on the second business day prior to the 25th
-----
day of the month preceding the month in which such Distribution Date occurs,
subject to a minimum rate of      % and a maximum rate of      %. The amount of
                             -----                        -----
interest which accrues on this Certificate in any month will be subject to
reduction with respect to any Non-Supported Interest Shortfall, any Relief Act
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-4 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency specified
by the Trustee for that purpose in the notice of final distribution.

                                      A-4-2

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

          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-4-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      A-4-4

<PAGE>
                                   EXHIBIT A-5
                     [FORM OF FACE OF CLASS A-5 CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -   , CLASS A-5
                                      - ---

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                           is the registered owner
                             --------------------------
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-5 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200   (the
                                                         ---------     --
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the Class A
Distribution Amount for the Class A-5 Certificates required to be distributed to
Holders of the Class A-5 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the Principal Balance of certain Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-5 Certificates applicable to each Distribution Date will be    % per
                                                                   ---
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class A-5 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                      A-5-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-5-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      A-5-4

<PAGE>
                                   EXHIBIT A-6
                     [FORM OF FACE OF CLASS A-6 CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200  -   , CLASS A-6
                                      -- ---

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                        cooperative housing corporations,
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                             is the registered
                             ---------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-6 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200   (the
                                                         ---------     --
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the Class A
Distribution Amount for the Class A-6 Certificates required to be distributed to
Holders of the Class A-6 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the Principal Balance of certain Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-6 Certificates applicable to each Distribution Date will be    % per
                                                                   ---
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class A-6 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                      A-6-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-6-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
  -------------------------
   Authorized Officer

                                      A-6-4

<PAGE>
                                  EXHIBIT A-PO
                    [FORM OF FACE OF CLASS A-PO CERTIFICATE]

      [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
         OF THE DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR
       REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
       COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
         WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 200  -   , CLASS A-PO
                                     -- ---

            evidencing an interest in a pool of fixed interest rate,
            conventional, monthly pay, fully amortizing, first lien,
     one- to four-family residential mortgage loans, which may include loans
          secured by shares issued by cooperative housing corporations,
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                              is the registered
                             ----------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-PO Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200    (the
                                                         ---------     --
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the
Distribution Amount for the Class A-PO Certificates required to be distributed
to Holders of the Class A-PO Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. The Class A-PO
Certificates are not entitled to distributions in respect of interest.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

                                     A-PO-2

<PAGE>
          Unless this Certificate has been countersigned by an authorized
officer of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                     A-PO-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                     A-PO-4

<PAGE>
                                   EXHIBIT A-R
                     [Form of Face of Class A-R Certificate]

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL INTEREST"
IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(d) OF THE POOLING
AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE
TRANSFEROR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, IT IS NOT A
DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR A DISQUALIFIED
ORGANIZATION OR A NON-PERMITTED FOREIGN HOLDER, AS DEFINED IN SECTION 5.02(d) OF
THE POOLING AND SERVICING AGREEMENT AND TO HAVE AGREED TO SUCH AMENDMENTS TO THE
POOLING AND SERVICING AGREEMENT AS MAY BE REQUIRED TO FURTHER EFFECTUATE THE
RESTRICTIONS ON TRANSFERS TO DISQUALIFIED ORGANIZATIONS, AGENTS THEREOF OR
NON-PERMITTED FOREIGN HOLDERS.

THE HOLDER OF THIS CLASS A-R CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO
HAVE AGREED TO THE DESIGNATION OF THE MASTER SERVICER AS ITS AGENT TO ACT AS
"TAX MATTERS PERSON" OF THE UPPER-TIER REMIC TO PERFORM THE FUNCTIONS OF A "TAX
MATTERS PARTNER" FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE
CODE, OR, IF SO REQUESTED BY THE MASTER SERVICER, TO ACT AS TAX MATTERS PERSON
OF THE UPPER-TIER REMIC.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A
"PLAN"), OR ANY PERSON ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.

<PAGE>
                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200  -   , CLASS A-R
                                      -- ---

                    evidencing an interest in a pool of fixed
                   interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

                                      A-R-2

<PAGE>
          THIS CERTIFIES THAT                          is the registered owner
                             ------------------------
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holder of the Class A-R Certificate with respect to a Trust
Estate consisting of a pool of fixed interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans,
other than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Seller", which term includes any successor entity under
the Agreement referred to below). The Trust Estate was created pursuant to a
Pooling and Servicing Agreement dated as of       , 200   (the "Agreement")
                                           -------     --
among the Seller, Wells Fargo Bank Minnesota, National Association, as master
servicer (the "Master Servicer") and [TRUSTEE], as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the Class A
Distribution Amount for the Class A-R Certificate required to be distributed to
the Holder of the Class A-R Certificate on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the Principal Balance of certain Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-R Certificate applicable to each Distribution Date will be     % per
                                                                   ---
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class A-R Certificate, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency specified
by the Trustee for that purpose in the notice of final distribution.

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

                                      A-R-3

<PAGE>
          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-R-4

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      A-R-5

<PAGE>
                                  EXHIBIT A-LR
                    [Form of Face of Class A-LR Certificate]

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL INTEREST"
IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(d) OF THE POOLING
AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE
TRANSFEROR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, IT IS NOT A
DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR A DISQUALIFIED
ORGANIZATION OR A NON-PERMITTED FOREIGN HOLDER, AS DEFINED IN SECTION 5.02(d) OF
THE POOLING AND SERVICING AGREEMENT AND TO HAVE AGREED TO SUCH AMENDMENTS TO THE
POOLING AND SERVICING AGREEMENT AS MAY BE REQUIRED TO FURTHER EFFECTUATE THE
RESTRICTIONS ON TRANSFERS TO DISQUALIFIED ORGANIZATIONS, AGENTS THEREOF OR
NON-PERMITTED FOREIGN HOLDERS.

THE HOLDER OF THIS CLASS A-LR CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO
HAVE AGREED TO THE DESIGNATION OF THE MASTER SERVICER AS ITS AGENT TO ACT AS
"TAX MATTERS PERSON" OF THE LOWER-TIER REMIC TO PERFORM THE FUNCTIONS OF A "TAX
MATTERS PARTNER" FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE
CODE, OR, IF SO REQUESTED BY THE MASTER SERVICER, TO ACT AS TAX MATTERS PERSON
OF THE LOWER-TIER REMIC.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A
"PLAN"), OR ANY PERSON ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.

<PAGE>
                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 200  -   , CLASS A-LR
                                     -- ---

                    evidencing an interest in a pool of fixed
                    interest rate, conventional, monthly pay,
                      fully amortizing, first lien, one- to
                four-family residential mortgage loans, which may
                    include loans secured by shares issued by
                    cooperative housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

                                     A-LR-2

<PAGE>
          THIS CERTIFIES THAT                            is the registered owner
                             ---------------------------
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holder of the Class A-LR Certificate with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans"), formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200    (the
                                                         --------      --
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the Class A
Distribution Amount for the Class A-LR Certificate required to be distributed to
the Holder of the Class A-LR Certificate on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the Principal Balance of certain Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-LR Certificate applicable to each Distribution Date will be     % per
                                                                    ---
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class A-LR Certificate, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency specified
by the Trustee for that purpose in the notice of final distribution.

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

                                     A-LR-3

<PAGE>
          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                     A-LR-4

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                     A-LR-5

<PAGE>
                                   EXHIBIT B-1
                     [FORM OF FACE OF CLASS B-1 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                       MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 200  -   , CLASS B-1
                                     -- ---

     evidencing an interest in a pool of fixed interest rate, conventional,
   monthly pay, fully amortizing, first lien, one- to four-family residential
mortgage loans, which may include loans secured by shares issued by cooperative
                          housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                              is the registered
                             ----------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-1 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans") formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200    (the
                                                         ---------     --
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and, subject to
the prior rights of the Class A Certificates as specified in the Agreement, any
Class B-1 Distribution Amount required to be distributed to Holders of the Class
B-1 Certificates on such Distribution Date, subject to adjustment, in certain
events, as specified in the Agreement. The pass-through rate on the Class B-1
Certificates applicable to each Distribution Date will be     % per annum. The
                                                          ---
amount of interest which accrues on this Certificate in any month will be
subject to reduction with respect to any Non-Supported Interest Shortfall, any
Relief Act Shortfall and the interest portion of certain Realized Losses
allocated to the Class B-1 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                      B-1-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      B-1-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      B-1-4

<PAGE>
                                   EXHIBIT B-2
                     [FORM OF FACE OF CLASS B-2 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND THE CLASS B-1 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS B-2
                                      - --

     evidencing an interest in a pool of fixed interest rate, conventional,
   monthly pay, fully amortizing, first lien, one- to four-family residential
mortgage loans, which may include loans secured by shares issued by cooperative
                          housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                              is the registered
                              ----------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-2 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans") formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and, subject to
the prior rights of the Class A Certificates and each Class of Class B
Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-2 Distribution Amount required to be distributed to
Holders of the Class B-2 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-2 Certificates applicable to each Distribution Date will be
    % per annum. The amount of interest which accrues on this Certificate in any
----
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class B-2 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                     B-2-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                     B-2-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                     B-2-4

<PAGE>
                                   EXHIBIT B-3

                     [FORM OF FACE OF CLASS B-3 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES AND THE CLASS B-2 CERTIFICATES AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE SELLER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS B-3
                                      - --

     evidencing an interest in a pool of fixed interest rate, conventional,
   monthly pay, fully amortizing, first lien, one- to four-family residential
mortgage loans, which may include loans secured by shares issued by cooperative
                          housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

<PAGE>
          THIS CERTIFIES THAT                                 is the registered
                              -------------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-3 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans") formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and, subject to
the prior rights of the Class A Certificates and each Class of Class B
Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-3 Distribution Amount required to be distributed to
Holders of the Class B-3 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-3 Certificates applicable to each Distribution Date will be
    % per annum. The amount of interest which accrues on this Certificate in any
----
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class B-3 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

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

                                      B-3-2

<PAGE>
          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      B-3-3

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      B-3-4

<PAGE>

                                   EXHIBIT B-4
                     [FORM OF FACE OF CLASS B-4 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES AND THE
CLASS B-3 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A
MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE
(COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS
OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE POOLING AND
SERVICING AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE
IS AN "INSURANCE COMPANY GENERAL ACCOUNT."

<PAGE>
                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS B-4
                                      - --

     evidencing an interest in a pool of fixed interest rate, conventional,
   monthly pay, fully amortizing, first lien, one- to four-family residential
mortgage loans, which may include loans secured by shares issued by cooperative
                          housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

                                      B-4-2

<PAGE>
          THIS CERTIFIES THAT                              is the registered
                              ----------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-4 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans") formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and, subject to
the prior rights of the Class A Certificates and each Class of Class B
Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-4 Distribution Amount required to be distributed to
Holders of the Class B-4 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-4 Certificates applicable to each Distribution Date will be
    % per annum. The amount of interest which accrues on this Certificate in any
----
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class B-4 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

          No transfer of a Class B-4 Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is desired
to be made by the Holder hereof, (i) the transferee will be required to execute
an

                                      B-4-3

<PAGE>
investment letter in the form described in the Agreement and (ii) if such
transfer is to be made within three years from the later of (a) the date of
initial issuance of the Certificates or (b) the last date on which the Seller or
any affiliate thereof was a Holder of the Certificates proposed to be
transferred, and unless such transfer is made in reliance on Rule 144A of the
Securities Act of 1933, as amended, the Trustee or the Seller may require the
Holder to deliver an opinion of counsel acceptable to and in form and substance
satisfactory to the Trustee and the Seller that such transfer is exempt
(describing the applicable exemption and the basis therefor) from or is being
made pursuant to the registration requirements of the Securities Act of 1933, as
amended, and of any applicable statute of any state. The Holder hereof desiring
to effect such transfer shall, and does hereby agree to, indemnify the Trustee,
the Seller, the Master Servicer, and any Paying Agent acting on behalf of the
Trustee against any liability that may result if the transfer is not so exempt
or is not made in accordance with such Federal and state laws. In connection
with any such transfer, the Trustee will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller or the Master Servicer
may require, as described in the Agreement.

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

          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      B-4-4

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      B-4-5

<PAGE>

                                   EXHIBIT B-5
                     [FORM OF FACE OF CLASS B-5 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES AND THE CLASS B-4 CERTIFICATES AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A
MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE
(COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS
OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE POOLING AND
SERVICING AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE
IS AN "INSURANCE COMPANY GENERAL ACCOUNT."

<PAGE>
                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS B-5
                                      - --

     evidencing an interest in a pool of fixed interest rate, conventional,
   monthly pay, fully amortizing, first lien, one- to four-family residential
mortgage loans, which may include loans secured by shares issued by cooperative
                          housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

                                      B-5-2

<PAGE>
          THIS CERTIFIES THAT                              is the registered
                              ----------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-5 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans") formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and, subject to
the prior rights of the Class A Certificates and each Class of Class B
Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-5 Distribution Amount required to be distributed to
Holders of the Class B-5 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-5 Certificates applicable to each Distribution Date will be
    % per annum. The amount of interest which accrues on this Certificate in any
----
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class B-5 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

          No transfer of a Class B-5 Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is desired
to be made by the Holder hereof, (i) the transferee will be required to execute
an

                                      B-5-3

<PAGE>
investment letter in the form described in the Agreement and (ii) if such
transfer is to be made within three years from the later of (a) the date of
initial issuance of the Certificates or (b) the last date on which the Seller or
any affiliate thereof was a Holder of the Certificates proposed to be
transferred, and unless such transfer is made in reliance on Rule 144A of the
Securities Act of 1933, as amended, the Trustee or the Seller may require the
Holder to deliver an opinion of counsel acceptable to and in form and substance
satisfactory to the Trustee and the Seller that such transfer is exempt
(describing the applicable exemption and the basis therefor) from or is being
made pursuant to the registration requirements of the Securities Act of 1933, as
amended, and of any applicable statute of any state. The Holder hereof desiring
to effect such transfer shall, and does hereby agree to, indemnify the Trustee,
the Seller, the Master Servicer, and any Paying Agent acting on behalf of the
Trustee against any liability that may result if the transfer is not so exempt
or is not made in accordance with such Federal and state laws. In connection
with any such transfer, the Trustee will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller or the Master Servicer
may require, as described in the Agreement.

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

          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      B-5-4

<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      B-5-5

<PAGE>
                                   EXHIBIT B-6
                     [FORM OF FACE OF CLASS B-6 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES, THE CLASS B-4 CERTIFICATES AND THE CLASS B-5 CERTIFICATES AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A
MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE
(COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS
OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE POOLING AND
SERVICING AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE
IS AN "INSURANCE COMPANY GENERAL ACCOUNT."

<PAGE>
                        MORTGAGE PASS-THROUGH CERTIFICATE
                            SERIES 200 -  , CLASS B-6
                                      - --

     evidencing an interest in a pool of fixed interest rate, conventional,
   monthly pay, fully amortizing, first lien, one- to four-family residential
mortgage loans, which may include loans secured by shares issued by cooperative
                          housing corporations, sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
                (Not an interest in or obligation of the Seller)

          THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR
ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

          DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                                 Cut-Off Date:             , 200
                                                              ------------     -

CUSIP No.:                                      First Distribution Date:

Percentage Interest evidenced                   Denomination: $
by this Certificate: %

Final Scheduled Maturity Date:

                                      B-6-2

<PAGE>
          THIS CERTIFIES THAT                              is the registered
                              ----------------------------
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-6 Certificates with respect to a
Trust Estate consisting of a pool of fixed interest rate, conventional, monthly
pay, fully amortizing, first lien, one- to four-family residential mortgage
loans, other than the Fixed Retained Yield, if any, with respect thereto, and
which may include loans secured by shares issued by cooperative housing
corporations (the "Mortgage Loans") formed by Wells Fargo Asset Securities
Corporation (hereinafter called the "Seller", which term includes any successor
entity under the Agreement referred to below). The Trust Estate was created
pursuant to a Pooling and Servicing Agreement dated as of         , 200  (the
                                                          --------     -
"Agreement") among the Seller, Wells Fargo Bank Minnesota, National Association,
as master servicer (the "Master Servicer") and [TRUSTEE], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such distribution, in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and, subject to
the prior rights of the Class A Certificates and each Class of Class B
Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-6 Distribution Amount required to be distributed to
Holders of the Class B-6 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-6 Certificates applicable to each Distribution Date will be
    % per annum. The amount of interest which accrues on this Certificate in any
----
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall, any Relief Act Shortfall and the interest portion of certain Realized
Losses allocated to the Class B-6 Certificates, as described in the Agreement.

          Distributions on this Certificate will be made on behalf of the
Trustee either by the Master Servicer or by a Paying Agent appointed by the
Master Servicer by check mailed to the address of the Person entitled thereto,
as such name and address shall appear on the Certificate Register, unless such
Person is entitled to receive payments by wire transfer in immediately available
funds in accordance with the Pooling and Servicing Agreement and such Person has
notified the Master Servicer pursuant to the Pooling and Servicing Agreement
that such payments are to be made by wire transfer of immediately available
funds. Notwithstanding the above, the final distribution in reduction of the
Principal Balance of this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency specified by the Trustee for that purpose in
the notice of final distribution.

          No transfer of a Class B-6 Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is desired
to be made by the Holder hereof, (i) the transferee will be required to execute
an

                                      B-6-3

<PAGE>
investment letter in the form described in the Agreement and (ii) if such
transfer is to be made within three years from the later of (a) the date of
initial issuance of the Certificates or (b) the last date on which the Seller or
any affiliate thereof was a Holder of the Certificates proposed to be
transferred, and unless such transfer is made in reliance on Rule 144A of the
Securities Act of 1933, as amended, the Trustee or the Seller may require the
Holder to deliver an opinion of counsel acceptable to and in form and substance
satisfactory to the Trustee and the Seller that such transfer is exempt
(describing the applicable exemption and the basis therefor) from or is being
made pursuant to the registration requirements of the Securities Act of 1933, as
amended, and of any applicable statute of any state. The Holder hereof desiring
to effect such transfer shall, and does hereby agree to, indemnify the Trustee,
the Seller, the Master Servicer, and any Paying Agent acting on behalf of the
Trustee against any liability that may result if the transfer is not so exempt
or is not made in accordance with such Federal and state laws. In connection
with any such transfer, the Trustee will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller or the Master Servicer
may require, as described in the Agreement.

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

          This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

          Unless this Certificate has been countersigned by an authorized
officer of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      B-6-4

<PAGE>
          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.

Dated:

                                                  [TRUSTEE],
                                                      Trustee

                                                  By
                                                    ----------------------------
                                                      Authorized Officer

Countersigned:

[TRUSTEE],
   Trustee

By
   ------------------------
   Authorized Officer

                                      B-6-5

<PAGE>
                                    EXHIBIT C

                [Form of Reverse of Series 200 -   Certificates]
                                              - --

                    WELLS FARGO ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 200 -
                                           - --

          This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").

          The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event funds are
advanced with respect to any Mortgage Loan by a Servicer, the Master Servicer or
the Trustee, such advances are reimbursable to such Servicer, the Master
Servicer or the Trustee to the extent provided in the Agreement, from related
recoveries on such Mortgage Loan or from other cash that would have been
distributable to Certificateholders.

          As provided in the Agreement, withdrawals from the Certificate Account
created for the benefit of Certificateholders may be made by the Master Servicer
from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement to a Servicer, the Master Servicer or the
Trustee, as applicable, of advances made by such Servicer, the Master Servicer
or the Trustee.

          The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Seller, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Seller, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Voting Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates.

          As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency appointed by the Trustee, duly endorsed by, or
accompanied by an assignment in the form below or other written instrument of
transfer in form satisfactory to the Trustee 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 authorized Denominations
evidencing the same Class and aggregate Percentage Interest will be issued to
the designated transferee or transferees.

          The Certificates are issuable only as registered Certificates without
coupons in Classes and Denominations specified in the Agreement. As provided in
the Agreement and subject to certain limitations therein set forth, Certificates
are exchangeable for new Certificates of

                                       C-1

<PAGE>
authorized Denominations evidencing the same Class and aggregate Percentage
Interest, as requested by the Holder surrendering the same.

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

          The Seller, the Master Servicer, the Trustee and the Certificate
Registrar, and any agent of the Seller, the Master Servicer, the Trustee or the
Certificate Registrar, may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Seller, the
Master Servicer, the Trustee, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

          The obligations created by the Agreement in respect of the
Certificates and the Trust Estate created thereby shall terminate upon the last
action required to be taken by the Trustee on the Final Distribution Date
pursuant to the Agreement following the earlier of (i) the payment or other
liquidation (or advance with respect thereto) of the last Mortgage Loan subject
thereto or the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure of any Mortgage Loan, and (ii) the purchase by the Seller
from the Trust Estate of all remaining Mortgage Loans and all property acquired
in respect of such Mortgage Loans; provided, however, that the Trust Estate will
in no event continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late ambassador of
the United States to the Court of St. James, living on the date of the
Agreement. The Agreement permits, but does not require, the Seller to purchase
all remaining Mortgage Loans and all property acquired in respect of any
Mortgage Loan at a price determined as provided in the Agreement. The exercise
of such option will effect early retirement of the Certificates, the Seller's
right to exercise such option being subject to the Pool Scheduled Principal
Balance of the Mortgage Loans as of the Distribution Date upon which the
proceeds of such repurchase are distributed being less than ten percent of the
Cut-Off Date Aggregate Principal Balance.

                                       C-2

<PAGE>
                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
     ---------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
        (Please print or typewrite name and address including postal zip
                               code of assignee)

the beneficial interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Estate.

          I (We) further direct the Certificate Registrar to issue a new
Certificate of a like Denomination or Percentage Interest and Class, to the
above named assignee and deliver such Certificate to the following address:

--------------------------------------------------------
--------------------------------------------------------
Social Security or other Identifying Number of Assignee:

--------------------------------------------------------
Dated:

                                           -------------------------------------
                                           Signature by or on behalf of assignor

                                           -------------------------------------
                                           Signature Guaranteed

                                       C-3

<PAGE>
                            DISTRIBUTION INSTRUCTIONS

          The assignee should include the following for purposes of
distribution:

          Distributions shall be made, if the assignee is eligible to receive
distributions in immediately available funds, by wire transfer or otherwise, in
immediately available funds to
                               -------------------------------------------------
for the account of                                                 account
                   -----------------------------------------------
number              , or, if mailed by check, to
       -------------                             -------------------------------
                                    . Applicable statements should be mailed to
------------------------------------
                                                                               .
-------------------------------------------------------------------------------

          This information is provided by                       , the assignee
                                          ----------------------
named above, or                                    , as its agent.
                -----------------------------------

                                       C-4

<PAGE>
                                    EXHIBIT D

                                    RESERVED

<PAGE>
                                    EXHIBIT E

                               CUSTODIAL AGREEMENT

          THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of        , 200 , by and among [TRUSTEE], 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 "Seller"),
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION (together with any successor in
interest or successor under the Pooling and Servicing Agreement referred to
below, the "Master Servicer") and [Custodian] 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 Seller, the Master Servicer, and the Trustee, have
entered into a Pooling and Servicing Agreement dated as of      , 200  relating
                                                           -----     -
to the issuance of Mortgage Pass-Through Certificates, Series 2002-   (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 Seller 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 Seller, the
Master Servicer and the Custodian hereby agree as follows:

                                    ARTICLE I

                                   Definitions

          Capitalized terms used in this Agreement and not defined herein shall
have the meanings assigned in the Pooling and Servicing Agreement, unless
otherwise required by the context herein.

                                   ARTICLE II

                          Custody of Mortgage Documents

          Section 2.1. Custodian to Act as Agent; Acceptance of Custodial Files.
Subject to Section 2.3 hereof, the Custodian, as the duly appointed agent of the
Trustee for these purposes, declares that it holds and will hold the documents
delivered to it pursuant to Section

<PAGE>
2.01 of the Pooling and Servicing Agreement and any other documents constituting
part of the Owner 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.

          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 and related Mortgages that have not
been recorded, each such assignment shall be delivered by the Custodian to the
Seller for the purpose of recording it in the appropriate public office for real
property records, and the Seller, at no expense to the Custodian, shall promptly
cause to be recorded in the appropriate public office for real property records
each such assignment and, upon receipt thereof from such public office, shall
return each such assignment to the Custodian.

          Section 2.3. Review of Custodial Files. The Custodian agrees, for the
benefit of Certificateholders, to review, in accordance with the provisions of
Section 2.02 of the Pooling and Servicing Agreement, each Custodial File and to
provide the initial and final certifications in the forms of Exhibits N and O to
the Pooling and Servicing Agreement in accordance with the provisions thereof.
If in performing the review required by this Section 2.3 the Custodian finds any
document or documents constituting a part of a Custodial File to be missing or
defective, the Custodian shall follow the procedures specified in the Pooling
and Servicing Agreement.

          Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Seller or the Master Servicer as set forth in the Pooling
and Servicing Agreement, the Custodian shall follow the procedures specified in
the Pooling and Servicing Agreement.

          Section 2.5. Custodian to Cooperate; Release of Custodial Files. Upon
the payment in full of any Mortgage Loan, or the receipt by the Master Servicer
of a notification that payment in full will be escrowed in a manner customary
for such purposes, the Master Servicer or applicable Servicer shall immediately
deliver to the Custodian two copies of a Request for Release or such request in
an electronic format acceptable to the Custodian and shall request delivery to
it of the Custodial File. The Custodian agrees, within five business days of
receipt of such Request for Release, to release the related Custodial File to
the Master Servicer or applicable Servicer.

          From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer or applicable Servicer shall deliver
to the Custodian two copies of a Request for Release of a Servicing Officer
requesting that possession of the Custodial File be released to the Master
Servicer and certifying as to the reason for such release. Upon receipt of the
foregoing, the Custodian shall deliver the Custodial File to the Master Servicer
or applicable Servicer. The Master Servicer or applicable Servicer shall cause
each Custodial File therein so released to be returned to the Custodian when the
need therefor by the Master Servicer or applicable Servicer no longer exists,
unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds
relating to the Mortgage Loan have been deposited in the Certificate Account to
the extent required by the Pooling and Servicing Agreement or (ii) the Custodial
File

<PAGE>
or such document has been delivered to an attorney, or to a public trustee or
other public official as required by law, for purposes of initiating or pursuing
legal action or other proceedings for the foreclosure of the Mortgaged Property
either judicially or non-judicially. In the event of the liquidation of a
Mortgage Loan, the Master Servicer or applicable Servicer shall deliver two
copies of a Request for Release with respect thereto to the Custodian upon
deposit of the related Liquidation Proceeds in the Certificate Account to the
extent required by the Pooling and Servicing Agreement.

<PAGE>
          Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling and Servicing Agreement, the Master Servicer shall
notify the Custodian that such assumption or substitution agreement has been
completed by forwarding to the Custodian the original of such assumption or
substitution agreement, which copy shall be added to the related Custodial File
and, for all purposes, shall be considered a part of such Custodial File to the
same extent as all other documents and instruments constituting parts thereof.

                                   ARTICLE III

                            Concerning the Custodian

          Section 3.1. Custodian a Bailee and Agent of the Trustee. With respect
to each Mortgage Note, Mortgage and other documents constituting each Custodian
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, Mortgage or other document constituting a part of a Custodial
File shall be delivered by the Custodian to the Seller or the Master Servicer or
otherwise released from the possession of the Custodian.

          Section 3.2. Indemnification. The Seller 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 Seller, and the cost of defending any action,
suit or proceedings or resisting any claim. Notwithstanding the foregoing, it is
specifically understood and agreed that in the event any such claim, liability,
loss, action, suit or proceeding or other expense, fees, or charge shall have
been caused by reason of any negligent act, negligent failure to act, or willful
misconduct on the part of the Custodian, or which shall constitute a willful
breach of its duties hereunder, the indemnification provisions of this Agreement
shall not apply.

          Section 3.3. Custodian May Own Certificates. The Custodian in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not Custodian.

          Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses. The
Master Servicer covenants and agrees to pay to the Custodian from time to time,
and the Custodian shall be entitled to, reasonable compensation for all services
rendered by it in the exercise and performance of any of the powers and duties
hereunder of the Custodian, and the Master Servicer will pay or reimburse the
Custodian upon its request for all reasonable expenses,

<PAGE>
disbursements and advances incurred or made by the Custodian in accordance with
any of the provisions of this Agreement (including the reasonable compensation
and the expenses and disbursements of its counsel and of all persons not
regularly in its employ), except any such expense, disbursement or advance as
may arise from its negligence or bad faith.

          Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian may resign from the obligations and duties hereby imposed upon it as
such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Custodial Files itself and give prompt notice thereof to the
Seller, the Master Servicer and the Custodian or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Custodial Files
and no successor Custodian shall have been so appointed and have accepted
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.

          The Trustee, upon 60 days written notice, may remove the Custodian. In
such event, the Trustee shall appoint, or petition a court of competent
jurisdiction to appoint, a successor Custodian hereunder. Any successor
Custodian shall be a depository institution subject to supervision or
examination by federal or state authority and shall be able to satisfy the other
requirements contained in Section 3.7.

          Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Seller and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall have been
appointed and accepted appointment by the Trustee without the prior approval of
the Seller and the Master Servicer.

          Section 3.6. Merger or Consolidation of Custodian. Any Person into
which the Custodian may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Custodian shall be a party, or any Person succeeding
to the business of the Custodian, shall be the successor of the Custodian
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

          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 Custodian File.

                                   ARTICLE IV

                            Miscellaneous Provisions

          Section 4.1. Notices. All notices, requests, consents and demands and
other communications required under this Agreement or pursuant to any other
instrument or document

<PAGE>
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 4.2. 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 Seller, the Master Servicer nor
the Trustee shall enter into any amendment hereof except as permitted by the
Pooling and Servicing Agreement. The Trustee shall give prompt written notice to
the Custodian of any amendment or supplement to the Pooling and Servicing
Agreement and furnish the Custodian with written copies thereof.

          Section 4.3. 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 4.4. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Master Servicer and at its expense on
direction by the Trustee, but only upon direction accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders.

          For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

          Section 4.5. 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.

<PAGE>
          IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.

Address:                             [TRUSTEE],
                                        as Trustee

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

Address:                             WELLS FARGO ASSET SECURITIES
                                        CORPORATION, as Seller

7485 New Horizon Way
Frederick, Maryland 21703            By:
                                        ----------------------------------------
                                     Name:
                                     Title:

Address:                             WELLS FARGO BANK MINNESOTA, NATIONAL
                                        ASSOCIATION, as Master Servicer

7485 New Horizon Way
Frederick, Maryland 21703            By:
                                        ----------------------------------------
                                     Name:
                                     Title:

Address:                             [CUSTODIAN],
                                        as Custodian

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

<PAGE>
STATE OF ___________)
                    ss.:
COUNTY OF __________)

          On this     day of     , 200  , before me, a notary public in and for
                  ---        ----     --
the State of Maryland, personally appeared              , known to me who, being
                                           -------------
by me duly sworn, did depose and say that s/he resides at                 ; that
                                                          ----------------
s/he is           of Wells Fargo Asset Securities Corporation, a Delaware
        ---------
corporation, one of the parties that executed the foregoing instrument; and that
s/he signed his/her name thereto by order of the Board of Directors of said
corporation.

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

[NOTARIAL SEAL]

<PAGE>
STATE OF ___________)
                    ss.:
COUNTY OF __________)

          On this     day of     , 200  , before me, a notary public in and for
                  ---        ----     --
the State of Maryland, personally appeared              , known to me who, being
                                           -------------
by me duly sworn, did depose and say that s/he resides at                 ; that
                                                          ----------------
s/he is           of Wells Fargo Bank Minnesota, National Association, a
        ---------
national banking association, one of the parties that executed the foregoing
instrument; and that he signed her name thereto by order of the Board of
Directors of said corporation.

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

[NOTARIAL SEAL]

<PAGE>
STATE OF           )
                   ss.:
COUNTY OF          )

          On this      day of     , 200  , before me, a notary public in and for
                  ----        ----     --
the State of               , personally appeared                      , known to
             --------------                      ---------------------
me who, being by me duly sworn, did depose and say that he resides at
                  ; that he is a                       of [TRUSTEE], 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           )
                   ss.:
COUNTY OF          )

          On this      day of     , 200  , before me, a notary public in and for
                  ----        ----     --
the State of          , personally appeared                   , known to me who,
             ---------                      ------------------
being by me duly sworn, did depose and say that s/he resides at
                ; that s/he is a                  of                    , 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 F-1

                       [Schedule of Type 1 Mortgage Loans]

<PAGE>
                                   EXHIBIT F-2

                   [Schedule of Other Servicer Mortgage Loans]

<PAGE>
                                    EXHIBIT G

                        REQUEST FOR RELEASE OF DOCUMENTS

To:  Wells Fargo Bank Minnesota, National Association
     1015 10th Avenue S.E.
     Minneapolis., MN  55414
     Attn:
            ----------------

     Re:  CustodialAgreement, dated as of         , 200  , among [TRUSTEE], as
                                          --------     --
          Trustee, Wells Fargo Asset Securities Corporation, as Seller, Wells
          Fargo Bank Minnesota, National Association, as Master Servicer, and
                        as Custodian, relating to the Wells Fargo Asset
          -------------
          Securities Corporation; Mortgage Pass-Through Certificates, Series
          200 -  .
             - --

          In connection with the administration of the Mortgage Loans held by
you as Custodian for the Trust Estate pursuant to the above-captioned Custodial
Agreement, we request the release, and hereby acknowledge receipt, of the
Custodian's Owner Mortgage Loan File for the Mortgage Loan described below, for
the reason indicated.

                              Mortgage Loan Number:

                       Mortgagor Name, Address & Zip Code:

          Reason for Requesting Documents (check one):

                            1. Mortgage Paid in Full
          ----------

                            2. Foreclosure
          ----------

                            3. Substitution
          ----------

                            4. Other Liquidation (Repurchases, etc.)
          ----------

                            5. Nonliquidation
          ----------

          Reason:
                 ------------------------------------

          By:
             ---------------------------------------
             (authorized signer)

          Issuer:
                 -------------------------------------

<PAGE>
          Address:
                  -----------------------------------

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

          Date:
               ------------------------------------------

                           Custodian

Wells Fargo Bank Minnesota, National Association

          Please acknowledge the execution of the above request by your
signature and date below:

------------------------------------                  -----------------
Signature                                             Date

Documents returned to Custodian:

------------------------------------                  -----------------
Custodian                                             Date

                                       G-2

<PAGE>
                                    EXHIBIT H

                                             AFFIDAVIT PURSUANT TO SECTION
                                             860E(e)(4) OF THE INTERNAL REVENUE
                                             CODE OF 1986, AS AMENDED, AND FOR
                                             NON-ERISA INVESTORS

STATE OF           )
                   ) ss.:
COUNTY OF          )

          [NAME OF OFFICER], being first duly sworn, deposes and says:

          1. That he is [Title of Officer] of [Name of Purchaser] (the
"Purchaser"), a [description of type of entity] duly organized and existing
under the laws of the [State of_____] [United States], on behalf of which he
makes this affidavit.

          2. That the Purchaser's Taxpayer Identification Number is [ ].

          3. That the Purchaser is not a "disqualified organization"
within the meaning of Section 860E(e)(5),of the Internal Revenue Code of 1986,
as amended (the "Code"), or an ERISA Prohibited Holder, and will not be a
"disqualified organization" or an ERISA Prohibited Holder, as of [date of
transfer], and that the Purchaser is not acquiring Wells Fargo Asset Securities
Corporation Mortgage Pass-Through Certificates, Series 200  -   , Class
                                                          -- ---
[A-R][A-LR] Certificate (the "Class [A-R][A-LR] Certificate") for the account
of, or as agent (including a broker, nominee, or other middleman) for, any
person or entity from which it has not received an affidavit substantially in
the form of this affidavit. For these purposes, a "disqualified organization"
means the United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (other than an instrumentality if all of its activities are
subject to tax and a majority of its board of directors is not selected by such
governmental entity), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas as described in Code
Section 1381(a)(2)(C), or any organization (other than a farmers' cooperative
described in Code Section 521) that is exempt from taxation under the Code
unless such organization is subject to the tax on unrelated business income
imposed by Code Section 511. For these purposes, an "ERISA Prohibited Holder"
means an employee benefit plan or other retirement arrangement subject to Title
I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
or Code Section 4975 or a governmental plan, as defined in Section 3(32) of
ERISA, subject to any federal, state or local law which is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (collectively,
a "Plan") or a Person acting on behalf of or investing the assets of such a
Plan.

          4. That the Purchaser historically has paid its debts as they
have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class [A-R][A-LR]
Certificate as they become due.

<PAGE>
          5. That the Purchaser understands that it may incur tax
liabilities with respect to the Class [A-R][A-LR] Certificate in excess of cash
flows generated by the Class [A-R][A-LR] Certificate.

          6. That the Purchaser will not transfer the Class [A-R][A-LR]
Certificate to any person or entity from which the Purchaser has not received an
affidavit substantially in the form of this affidavit and as to which the
Purchaser has actual knowledge that the requirements set forth in paragraph 3, 4
or 10 hereof are not satisfied or that the Purchaser has reason to know does not
satisfy the requirements set forth in paragraph 4 hereof.

          7. That the Purchaser is aware that the Class [A-R][A-LR]
Certificate may be a "noneconomic residual interest" within the meaning of
Treasury regulations promulgated pursuant to the Code and that the transferor of
a noneconomic residual interest will remain liable for any taxes due with
respect to the income on such residual interest, unless no significant purpose
of the transfer was to impede the assessment or collection of tax.

          8. That the Purchaser will not cause income from the Class
[A-R][A-LR] Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the
Purchaser or any other person.

          9. That, if the Purchaser is purchasing the Class [A-R][A-LR]
Certificate in a transfer intended to meet the safe harbor provisions of
Treasury Regulations Sections 1.860E-1(c), the Purchaser has executed and
attached Attachment A hereto.

          10. That the Purchaser (i) is a U.S. Person or (ii) is a person
other than a U.S. Person (a "Non-U.S. Person") that holds the Class [A-R][A-LR]
Certificate in connection with the conduct of a trade or business within the
United States and has furnished the transferor and the Trustee with an effective
Internal Revenue Service Form W-8ECI or successor form at the time and in the
manner required by the Code or (iii) is a Non-U.S. Person that has delivered to
both the transferor and the Trustee an opinion of a nationally recognized tax
counsel to the effect that the transfer of the Class [A-R][A-LR] Certificate to
it is in accordance with the requirements of the Code and the regulations
promulgated thereunder and that such transfer of the Class [A-R][A-LR]
Certificate will not be disregarded for federal income tax purposes. "U.S.
Person" means a citizen or resident of the United States, a corporation or
partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary supervision over the administration of such trust, and one or
more such U.S. Persons have the authority to control all substantial decisions
of such trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence on August 20, 1996 which are eligible to elect to be
treated as U.S. Persons).

          11. That the Purchaser agrees to such amendments of the Pooling
and Servicing Agreement as may be required to further effectuate the
restrictions on transfer of the Class [A-R][A-LR] Certificate to such a
"disqualified organization," an agent thereof, an ERISA Prohibited Holder or a
person that does not satisfy the requirements of paragraph 4, paragraph 5 and
paragraph 10 hereof.

                                       H-2

<PAGE>
          12. That the Purchaser consents to the designation of the Master
Servicer as its agent to act as "tax matters person" of the [Upper-Tier
REMIC][Lower-Tier REMIC] pursuant to Section 8.14 of the Pooling and Servicing
Agreement, and if such designation is not permitted by the Code and applicable
law, to act as tax matters person if requested to do so.

                                       H-3

<PAGE>
          IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[Title of Officer] this     day of , 20  .
                        ---            --

                                         [Name of Purchaser]

                                         By:
                                             -----------------------------------
                                             [Name of Officer]
                                             [Title of Officer]

          Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer], of the Purchaser, and acknowledged to me that he
[she] executed the same as his [her] free act and deed and the free act and deed
of the Purchaser.

          Subscribed and sworn before me this    day of       , 20  .
                                              --       -------    --

Notary Public

COUNTY OF
         --------------------

STATE OF
        ---------------------

My commission expires the    day of           , 20  .
                          --        ----------    --

                                       H-4

<PAGE>
                                  ATTACHMENT A

                                       to

    AFFIDAVIT PURSUANT TO SECTION 860E(e)(4) OF THE INTERNAL REVENUE CODE OF
                  1986, AS AMENDED, AND FOR NON-ERISA INVESTORS

Check the appropriate box:

..    The consideration paid to the Purchaser to acquire the Class [A-R][A-LR]
     Certificate equals or exceeds the excess of (a) the present value of the
     anticipated tax liabilities over (b) the present value of the anticipated
     savings associated with holding such Certificate, in each case calculated
     in accordance with U.S. Treasury Regulations Sections 1.860E-1(c)(7) and
     (8), computing present values using a discount rate equal to the short-term
     Federal rate prescribed by Section 1274(d) of the Code and the compounding
     period used by the Purchaser.

                                       OR

..    The transfer of the Class [A-R][A-LR] Certificate complies with U.S.
     Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly:

     (i)  the Purchaser is an "eligible corporation," as defined in U.S.
          Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income
          from Class [A-R][A-LR] Certificate will only be taxed in the United
          States;

     (ii) at the time of the transfer, and at the close of the Purchaser's two
          fiscal years preceding the year of the transfer, the Purchaser had
          gross assets for financial reporting purposes (excluding any
          obligation of a person related to the Purchaser within the meaning of
          U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of
          $100 million and net assets in excess of $10 million;

     (iii)the Purchaser will transfer the Class [A-R][A-LR] Certificate only to
          another "eligible corporation," as defined in U.S. Treasury
          Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies
          the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and
          Section 1.860E-1(c)(5) of the U.S. Treasury Regulations;

     (iv) the Purchaser has determined the consideration paid to it to acquire
          the Class [A-R][A-LR] Certificate based on reasonable market
          assumptions (including, but not limited to, borrowing and investment
          rates, prepayment and loss assumptions, expense and reinvestment
          assumptions, tax rates and other factors specific to the Purchaser)
          that it has determined in good faith; and

     (v)  in the event of any transfer of the Class [A-R][A-LR] Certificate by
          the Purchaser, the Purchaser will require its transferee to complete a
          representation in the form of this Attachment A as a condition of the
          transferee's purchase of the Class [A-R][A-LR] Certificate.

<PAGE>
                                    EXHIBIT I

                [Letter from Transferor of Class A-R Certificate]

                                     [Date]

[TRUSTEE]
401 South Tryon Street
Charlotte, North Carolina 28202

     Re:  Wells Fargo Asset Securities Corporation,
          Series 200 -  , Class A-R
                    - --

Ladies and Gentlemen:

          [Transferor] has reviewed the attached affidavit of [Transferee], and
has no actual knowledge that such affidavit is not true and has no reason to
know that the information contained in paragraph 4 thereof is not true.

                                                      Very truly yours,

                                                      [Transferor]

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

<PAGE>
                                    EXHIBIT J

                    WELLS FARGO ASSET SECURITIES CORPORATION

                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 200 -
                                            - --
                       CLASS [B-4][B-5][B-6] CERTIFICATES

                               TRANSFEREE'S LETTER

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

[TRUSTEE]
401 South Tryon Street
Charlotte, North Carolina 28202

Wells Fargo Asset Securities Corporation
7485 New Horizon Way
Frederick, Maryland 21703

          The undersigned (the "Purchaser") proposes to purchase Wells Fargo
Asset Securities Corporation Mortgage Pass-Through Certificates, Series 200 -  ,
                                                                           - --
Class [B-4][B-5][B-6] Certificates (the "Class [B-4][B-5][B-6] Certificates") in
the principal amount of $           . In doing so, the Purchaser hereby
                         -----------
acknowledges and agrees as follows:

          Section 1. Definitions. Each capitalized term used herein and
not otherwise defined herein shall have the meaning ascribed to it in the
Pooling and Servicing Agreement, dated as of         , 200  (the "Pooling and
                                             --------     -
Servicing Agreement") among Wells Fargo Asset Securities Corporation, as seller
(the "Seller"), Wells Fargo Bank Minnesota, National Association, as master
servicer (the "Master Servicer") and [TRUSTEE], as trustee (the "Trustee"), of
Wells Fargo Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 200 -  .
          - --

          Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
the Seller, the Master Servicer and the Trustee that:

          (a) The Purchaser is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which the Purchaser is organized,
is authorized to invest in the Class [B-4][B-5][B-6] Certificates, and to enter
into this Agreement, and duly executed and delivered this Agreement.

          (b) The Purchaser is acquiring the Class [B-4][B-5][B-6] Certificates
for its own account as principal and not with a view to the distribution
thereof, in whole or in part.

          [(a) The Purchaser has knowledge of financial and business matters and
is capable of evaluating the merits and risks of an investment in the Class
[B-4][B-5][B-6]

<PAGE>
Certificates; the Purchaser has sought such accounting, legal and tax advice as
it has considered necessary to make an informed investment decision; and the
Purchaser is able to bear the economic risk of an investment in the Class
[B-4][B-5][B-6] Certificates and can afford a complete loss of such investment.]

          [(c) The Purchaser is a "Qualified Institutional Buyer" within the
meaning of Rule 144A of the Act.]

          (c) The Purchaser confirms that (a) it has received and reviewed a
copy of the Private Placement Memorandum dated              , 20  , relating to
                                               ---------- --    --
the Class [B-4][B-5][B-6] Certificates and reviewed, to the extent it deemed
appropriate, the documents attached thereto or incorporated by reference
therein, (b) it has had the opportunity to ask questions of, and receive answers
from the Seller concerning the Class [B-4][B-5][B-6] Certificates and all
matters relating thereto, and obtain any additional information (including
documents) relevant to its decision to purchase the Class [B-4][B-5][B-6]
Certificates that the Seller possesses or can possess without unreasonable
effort or expense and (c) it has undertaken its own independent analysis of the
investment in the Class [B-4][B-5][B-6] Certificates. The Purchaser will not use
or disclose any information it receives in connection with its purchase of the
Class [B-4][B-5][B-6] Certificates other than in connection with a subsequent
sale of Class [B-4][B-5][B-6] Certificates.

          (d) Either (i) the Purchaser is not an employee benefit plan or other
retirement arrangement subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended, ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), or a governmental plan, as
defined in Section 3(32) of ERISA subject to any federal, state or local law
("Similar Law") which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (collectively, a "Plan"), an agent acting on
behalf of a Plan, or a person utilizing the assets of a Plan or (ii) if the
Purchaser is an insurance company, (A) the source of funds used to purchase the
Class [B-4][B-5][B-6] Certificate is an "insurance company general account" (as
such term is defined in Section V(e) of Prohibited Transaction Class Exemption
95-60 ("PTE 95-60"), 60 Fed. Reg. 35925 (July 12, 1995), (B) there is no Plan
with respect to which the amount of such general account's reserves and
liabilities for the contract(s) held by or on behalf of such Plan and all other
Plans maintained by the same employer (or affiliate thereof as defined in
Section V(a)(1) of PTE 95-60) or by the same employee organization exceeds 10%
of the total of all reserves and liabilities of such general account (as such
amounts are determined under Section I(a) of PTE 95-60) at the date of
acquisition and (C) the purchase and holding of such Class [B-4][B-5][B-6]
Certificates are covered by Sections I and III of PTE 95-60 or (iii) the
Purchaser has provided (a) a "Benefit Plan Opinion" satisfactory to the Seller
and the Trustee of the Trust Estate and (b) such other opinions of counsel,
officers' certificates and agreements as the Seller or the Master Servicer may
have required. A Benefit Plan Opinion is an opinion of counsel to the effect
that the proposed transfer will not cause the assets of the Trust Estate to be
regarded as "plan assets" and subject to the prohibited transaction provisions
of ERISA, the Code or Similar Law and will not subject the Trustee, the Seller
or the Master Servicer to any obligation in addition to those undertaken in the
Pooling and Servicing Agreement (including any liability for civil penalties or
excise taxes imposed pursuant to ERISA, Section 4975 of the Code or Similar
Law).

          (e) If the Purchaser is a depository institution subject to the
jurisdiction of the Office of the Comptroller of the Currency ("OCC"), the Board
of Governors of the Federal Reserve System ("FRB"), the Federal Deposit
Insurance Corporation ("FDIC"), the Office of Thrift

                                       J-2

<PAGE>
Supervision ("OTS") or the National Credit Union Administration ("NCUA"), the
Purchaser has reviewed the "Supervisory Policy Statement on Securities
Activities" dated January 28, 1992 of the Federal Financial Institutions
Examination Council and the April 15, 1994 Interim Revision thereto as adopted
by the OCC, FRB, FDIC, OTS and NCUA (with modifications as applicable), as
appropriate, other applicable investment authority, rules, supervisory policies
and guidelines of these agencies and, to the extent appropriate, state banking
authorities and has concluded that its purchase of the Class [B-4][B-5][B-6]
Certificates is in compliance therewith.

          Section 3. Transfer of Class [B-4][B-5][B-6] Certificates.

          (a) The Purchaser understands that the Class [B-4][B-5][B-6]
Certificates have not been registered under the Securities Act of 1933 (the
"Act") or any state securities laws and that no transfer may be made unless the
Class [B-4][B-5][B-6] Certificates are registered under the Act and applicable
state law or unless an exemption from registration is available. The Purchaser
further understands that neither the Seller, the Master Servicer nor the Trustee
is under any obligation to register the Class [B-4][B-5][B-6] Certificates or
make an exemption available. In the event that such a transfer is to be made in
reliance upon an exemption from the Act or applicable state securities laws, (i)
the Trustee shall require, in order to assure compliance with such laws, that
the Certificateholder's prospective transferee certify to the Seller and the
Trustee as to the factual basis for the registration or qualification exemption
relied upon, and (ii) unless the transferee is a "Qualified Institutional Buyer"
within the meaning of Rule 144A of the Act, the Trustee or the Seller may, if
such transfer is made within three years from the later of (a) the Closing Date
or (b) the last date on which the Seller or any affiliate thereof was a holder
of the Certificates proposed to be transferred, require an Opinion of Counsel
that such transfer may be made pursuant to an exemption from the Act and state
securities laws, which Opinion of Counsel shall not be an expense of the
Trustee, the Master Servicer or the Seller. Any such Certificateholder desiring
to effect such transfer shall, and does hereby agree to, indemnify the Trustee,
the Master Servicer, any Paying Agent acting on behalf of the Trustee and the
Seller against any liability that may result if the transfer is not so exempt or
is not made in accordance with such federal and state laws.

          (b) No transfer of a Class [B-4][B-5][B-6] Certificate shall be made
unless the transferee provides the Seller and the Trustee with a Transferee's
Letter, substantially in the form of this Agreement.

          (c) The Purchaser acknowledges that its Class [B-4][B-5][B-6]
Certificates bear a legend setting forth the applicable restrictions on
transfer.

                                       J-3

<PAGE>
          IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
validly executed by its duly authorized representative as of the day and the
year first above written.

                                              [PURCHASER]

                                              By:
                                                  ------------------------------

                                              Its:
                                                  ------------------------------

                                       J-4

<PAGE>
                                    EXHIBIT K

                                   [RESERVED]

<PAGE>
                                    EXHIBIT L

                              SERVICING AGREEMENTS

               Wells Fargo Home Mortgage, Inc. Servicing Agreement

                              [SERVICING AGREEMENT]

<PAGE>
                                    EXHIBIT M

                      [FORM OF SPECIAL SERVICING AGREEMENT]

                 SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT

          This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the "Agreement")
is made and entered into as of       , between Wells Fargo Bank Minnesota,
                               ------
National Association (the "Company" and "Wells Fargo Bank") and           (the
                                                                ----------
"Purchaser").

                              PRELIMINARY STATEMENT

                                 is the holder of the entire interest in Wells
          ----------------------
Fargo Asset Securities Corporation Mortgage Pass-Through Certificates, Series
200 -  , Class      (the "Class B Certificates"). The Class B Certificates were
   - --        ----
issued pursuant to a Pooling and Servicing Agreement dated as of         , 200
                                                                 --------     -
among Wells Fargo Asset Securities Corporation, as seller (the "Seller"), Wells
Fargo Bank Minnesota, National Association, as Master Servicer and [TRUSTEE], as
Trustee.

                                 intends to resell all of the Class B
          ----------------------
Certificates directly to the Purchaser on or promptly after the date hereof.

          In connection with such sale, the parties hereto have agreed that the
Company will cause, to the extent that the Company as Master Servicer is granted
such authority in the related Servicing Agreements, the related servicers (each
a related "Servicer"), which service the Mortgage Loans which comprise the Trust
Estate related to the above referenced series under the related servicing
agreements (each a related "Servicing Agreement"), to engage in certain special
servicing procedures relating to foreclosures for the benefit of the Purchaser,
and that the Purchaser will deposit funds in a collateral fund to cover any
losses attributable to such procedures as well as all advances and costs in
connection therewith, as set forth herein.

          In consideration of the mutual agreements herein contained, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Purchaser agree that the following provisions shall become effective and shall
be binding on and enforceable by the Company and the Purchaser:

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.01 Defined Terms.

          Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

<PAGE>
          Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York are required or
authorized by law or executive order to be closed.

          Collateral Fund: The fund established and maintained pursuant to
Section 3.01 hereof.

          Collateral Fund Permitted Investments: Either (i) obligations of, or
obligations fully guaranteed as to principal and interest by, the United States,
or any agency or instrumentality thereof, provided such obligations are backed
by the full faith and credit of the United States, (ii) a money market fund
rated in the highest rating category of            . ("______") and
                                        -----------
              ("______") (iii) cash, (iv) mortgage pass-through certificates
-------------
issued or guaranteed by Government National Mortgage Association, FNMA or FHLMC,
(v) commercial paper (including both non-interest-bearing discount obligations
and interest-bearing obligations payable on demand or on a specified date), the
issuer of which may be an affiliate of the Company, having at the time of such
investment a rating of at least     by         and at least     by       or (vi)
                                ---    -------              ---    -----
demand and time deposits in, certificates of deposit of, any depository
institution or trust company (which may be an affiliate of the Company)
incorporated under the laws of the United States of America or any state thereof
and subject to supervision and examination by federal and/or state banking
authorities, so long as at the time of such investment either (x) the long-term
debt obligations of such depository institution or trust company have a rating
of at least    by       and     by        , (y) the certificate of deposit or
            --    -----     ---    -------
other unsecured short-term debt obligations of such depository institution or
trust company have a rating of at least     by       and     by         or (z)
                                        ---    -----     ---    -------
the depository institution or trust company is one that is acceptable to
                                                                         -----
and         and, for each of the preceding clauses (i), (iv), (v) and (vi), the
    -------
maturity thereof shall be not later than the earlier to occur of (A) 30 days
from the date of the related investment and (B) the next succeeding Distribution
Date as defined in the related Pooling and Servicing Agreement.

          Commencement of Foreclosure: The first official action required under
local law in order to commence foreclosure proceedings or to schedule a
trustee's sale under a deed of trust, including (i) in the case of a mortgage,
any filing or service of process necessary to commence an action to foreclose,
or (ii) in the case of a deed of trust, posting, the publishing, filing or
delivery of a notice of sale, but not including in either case (x) any notice of
default, notice of intent to foreclose or sell or any other action prerequisite
to the actions specified in (i) or (ii) above, (y) the acceptance of a
deed-in-lieu of foreclosure (whether in connection with a sale of the related
property or otherwise) or (z) initiation and completion of a short pay-off.

          Current Appraisal: With respect to any Mortgage Loan as to which the
Purchaser has made an Election to Delay Foreclosure, an appraisal of the related
Mortgaged Property obtained by the Purchaser at its own expense from an
independent appraiser (which shall not be an affiliate of the Purchaser)
acceptable to the Company as nearly contemporaneously as practicable to the time
of the Purchaser's election, prepared based on the Company's customary
requirements for such appraisals.

          Election to Delay Foreclosure: Any election by the Purchaser to delay
the Commencement of Foreclosure, made in accordance with Section 2.02(b).

                                       M-2

<PAGE>
          Election to Foreclose: Any election by the Purchaser to proceed with
the Commencement of Foreclosure, made in accordance with Section 2.03(a).

          Monthly Advances: Principal and interest advances and servicing
advances including costs and expenses of foreclosure.

          Required Collateral Fund Balance: As of any date of determination, an
amount equal to the aggregate of all amounts previously required to be deposited
in the Collateral Fund pursuant to Section 2.02(d) (after adjustment for all
withdrawals and deposits pursuant to Section 2.02(e)) and Section 2.03(b) (after
adjustment for all withdrawals and deposits pursuant to Section 2.03(c)) and
Section 3.02 to be reduced by all withdrawals therefrom pursuant to Section
2.02(g) and Section 2.03(d).

          Section 1.02 Definitions Incorporated by Reference.

          All capitalized terms not otherwise defined in this Agreement shall
have the meanings assigned in the Pooling and Servicing Agreement.

                                   ARTICLE II

                          SPECIAL SERVICING PROCEDURES

          Section 2.01 Reports and Notices.

          (a) In connection with the performance of its duties under the Pooling
and Servicing Agreement relating to the realization upon defaulted Mortgage
Loans, the Company as Master Servicer shall provide to the Purchaser the
following notices and reports:

          (i) Within five Business Days after each Distribution Date (or
     included in or with the monthly statements to Certificateholders pursuant
     to the Pooling and Servicing Agreement), the Company, shall provide to the
     Purchaser a report, using the same methodology and calculations in its
     standard servicing reports, indicating for the Trust Estate the number of
     Mortgage Loans that are (A) thirty days, (B) sixty days, (C) ninety days or
     more delinquent or (D) in foreclosure, and indicating for each such
     Mortgage Loan the loan number and outstanding principal balance.

          (ii) Prior to the Commencement of Foreclosure in connection with any
     Mortgage Loan, the Company shall cause (to the extent that the Company as
     Master Servicer is granted such authority in the related Servicing
     Agreement) the Servicer to provide the Purchaser with a notice (sent by
     telecopier) of such proposed and imminent foreclosure, stating the loan
     number and the aggregate amount owing under the Mortgage Loan. Such notice
     may be provided to the Purchaser in the form of a copy of a referral letter
     from such Servicer to an attorney requesting the institution of
     foreclosure.

          (b) If requested by the Purchaser, the Company shall cause the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) to make its servicing personnel
available (during their normal business hours) to respond to reasonable
inquiries, by phone or in writing by facsimile, electronic, or overnight mail

                                       M-3

<PAGE>
transmission, by the Purchaser in connection with any Mortgage Loan identified
in a report under subsection (a) (i) (B), (a) (i) (C), (a) (i) (D), or (a) (ii)
which has been given to the Purchaser; provided, that (1) the related Servicer
shall only be required to provide information that is readily accessible to its
servicing personnel and is non-confidential and (2) the related Servicer shall
respond within five Business Days orally or in writing by facsimile
transmission.

          (c) In addition to the foregoing, the Company shall cause the Servicer
(to the extent that the Company as Master Servicer is granted such authority in
the related Servicing Agreement) to provide to the Purchaser such information as
the Purchaser may reasonably request provided, however, that such information is
consistent with normal reporting practices, concerning each Mortgage Loan that
is at least ninety days delinquent and each Mortgage Loan which has become real
estate owned, through the final liquidation thereof; provided, that the related
Servicer shall only be required to provide information that is readily
accessible to its servicing personnel and is non-confidential provided, however,
that the Purchaser will reimburse the Company and the related Servicer for any
out of pocket expenses.

          Section 2.02 Purchaser's Election to Delay Foreclosure Proceedings.

          (a) The Purchaser shall be deemed to direct the Company to direct (to
the extent that the Company as Master Servicer is granted such authority in the
related Servicing Agreement) the related Servicer that in the event that the
Company does not receive written notice of the Purchaser's election pursuant to
subsection (b) below within 24 hours (exclusive of any intervening non-Business
Days) of transmission of the notice provided by the Company under Section 2.01
(a) (ii) subject to extension as set forth in Section 2.02(b), the related
Servicer may proceed with the Commencement of Foreclosure in respect of such
Mortgage Loan in accordance with its normal foreclosure policies without further
notice to the Purchaser. Any foreclosure that has been initiated may be
discontinued (i) without notice to the Purchaser if the Mortgage Loan has been
brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff approved by the related
Servicer) or (ii) if the related Servicer has reached the terms of a forbearance
agreement with the borrower. In the latter case, the related Servicer may
complete such forbearance agreement unless instructed otherwise by the Purchaser
within two Business Days notification.

          (b) In connection with any Mortgage Loan with respect to which a
notice under Section 2.01(a)(ii) has been given to the Purchaser, the Purchaser
may elect to instruct the Company to cause, to the extent that the Company as
Master Servicer is granted such authority in the related Servicing Agreement,
the related Servicer to delay the Commencement of Foreclosure until such time as
the Purchaser determines that the related Servicer may proceed with the
Commencement of Foreclosure. Such election must be evidenced by written notice
received within 24 hours (exclusive of any intervening non-Business Days) of
transmission of the notice provided by the Company under Section 2.01(a)(ii).
Such 24 hour period shall be extended for no longer than an additional four
Business Days after the receipt of the information if the Purchaser requests
additional information related to such foreclosure; provided, however, that the
Purchaser will have at least one Business Day to respond to any requested
additional information. Any such additional information shall be provided only
to the extent it (i) is not confidential in nature and (ii) is obtainable by the
related Servicer from existing reports, certificates or statements or is
otherwise readily accessible to its servicing personnel. The Purchaser agrees
that it has no right to deal with the mortgagor during

                                       M-4

<PAGE>
such period. However, if such servicing activities include acceptance of a
deed-in-lieu of foreclosure or short payoff, the Purchaser will be notified and
given two Business Days to respond.

          (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the Purchaser shall obtain a Current
Appraisal as soon as practicable, but in no event more than 15 business days
thereafter, and shall provide the Company with a copy of such Current Appraisal.

          (d) Within two Business Days of making any Election to Delay
Foreclosure, the Purchaser shall remit by wire transfer to the Company, for
deposit in the Collateral Fund, an amount, as calculated by the Company, equal
to the sum of (i) 125% of the greater of the unpaid principal balance of the
Mortgage Loan and the value shown in the Current Appraisal referred to in
subsection (c) above (or, if such Current Appraisal has not yet been obtained,
the Company's estimate thereof, in which case the required deposit under this
subsection shall be adjusted upon obtaining such Current Appraisal), and (ii)
three months' interest on the Mortgage Loan at the applicable Mortgage Interest
Rate. If any Election to Delay Foreclosure extends for a period in excess of
three months (such excess period being referred to herein as the "Excess
Period"), within two Business Days the Purchaser shall remit by wire transfer in
advance to the Company for deposit in the Collateral Fund the amount of each
additional month's interest, as calculated by the Company, equal to interest on
the Mortgage Loan at the applicable Mortgage Interest Rate for the Excess
Period. The terms of this Agreement will no longer apply to the servicing of any
Mortgage Loan upon the failure of the Purchaser to deposit any of the above
amounts relating to the Mortgage Loan within two Business Days of the Election
to Delay Foreclosure or within two Business Days of the commencement of the
Excess Period subject to Section 3.01.

          (e) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the Company may withdraw from the
Collateral Fund from time to time amounts necessary to reimburse the related
Servicer for all related Monthly Advances and Liquidation Expenses thereafter
made by such Servicer in accordance with the Pooling and Servicing Agreement and
the related Servicing Agreement. To the extent that the amount of any such
Liquidation Expenses is determined by the Company based on estimated costs, and
the actual costs are subsequently determined to be higher, the Company may
withdraw the additional amount from the Collateral Fund. In the event that the
Mortgage Loan is brought current by the mortgagor and the foreclosure action is
discontinued, the amounts so withdrawn from the Collateral Fund shall be
redeposited if and to the extent that reimbursement therefor from amounts paid
by the mortgagor is not prohibited pursuant to the Pooling and Servicing
Agreement or the related Servicing Agreement, applicable law or the related
mortgage note. Except as provided in the preceding sentence, amounts withdrawn
from the Collateral Fund to cover Monthly Advances and Liquidation Expenses
shall not be redeposited therein or otherwise reimbursed to the Purchaser. If
and when any such Mortgage Loan is brought current by the mortgagor, all amounts
remaining in the Collateral Fund in respect of such Mortgage Loan (after
adjustment for all permitted withdrawals and deposits pursuant to this
subsection) shall be released to the Purchaser.

          (f) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the related Servicer shall continue to
service the Mortgage Loan in accordance with its customary procedures (other
than the delay in Commencement of Foreclosure as provided herein). If and when
the Purchaser shall notify the Company that it believes that it is appropriate
to do so, the related Servicer may proceed with the Commencement of Foreclosure.
In

                                       M-5

<PAGE>
any event, if the Mortgage Loan is not brought current by the mortgagor by the
time the loan becomes 6 months delinquent, the Purchaser's election shall no
longer be effective and at the Purchaser's option, either (i) the Purchaser
shall purchase the Mortgage Loan from the related Trust Estate at a purchase
price equal to the fair market value as shown on the Current Appraisal, to be
paid by (x) applying any balance in the Collateral Fund to such to such purchase
price, and (y) to the extent of any deficiency, by wire transfer of immediately
available funds from the Purchaser to the Company for deposit in the related
Certificate Account; or (ii) the related Servicer shall proceed with the
Commencement of Foreclosure.

          (g) Upon the occurrence of a liquidation with respect to any Mortgage
Loan as to which the Purchaser made an Election to Delay Foreclosure and as to
which the related Servicer proceeded with the Commencement of Foreclosure in
accordance with subsection (f) above, the Company shall calculate the amount, if
any, by which the value shown on the Current Appraisal obtained under subsection
(c) exceeds the actual sales price obtained for the related Mortgaged Property
(net of Liquidation Expenses and accrued interest related to the extended
foreclosure period), and the Company shall withdraw the amount of such excess
from the Collateral Fund, shall remit the same to the Trust Estate and in its
capacity as Master Servicer shall apply such amount as additional Liquidation
Proceeds pursuant to the Pooling and Servicing Agreement. After making such
withdrawal, all amounts remaining in the Collateral Fund in respect of such
Mortgage Loan (after adjustment for all permitted withdrawals and deposits
pursuant to this Agreement) shall be released to the Purchaser.

          Section 2.03 Purchaser's Election to Commence Foreclosure Proceedings.

          (a) In connection with any Mortgage Loan identified in a report under
Section 2.01(a)(i)(B), the Purchaser may elect to instruct the Company to cause,
to the extent that the Company as Master Servicer is granted such authority in
the related Servicing Agreement, the related Servicer to proceed with the
Commencement of Foreclosure as soon as practicable. Such election must be
evidenced by written notice received by the Company by 5:00 p.m., New York City
time, on the third Business Day following the delivery of such report under
Section 2.01(a)(i).

          (b) Within two Business Days of making any Election to Foreclose, the
Purchaser shall remit to the Company, for deposit in the Collateral Fund, an
amount, as calculated by the Company, equal to 125% of the current unpaid
principal balance of the Mortgage Loan and three months interest on the Mortgage
Loan at the applicable Mortgage Interest Rate. If and when any such Mortgage
Loan is brought current by the mortgagor, all amounts in the Collateral Fund in
respect of such Mortgage Loan (after adjustment for all permitted withdrawals
and deposits pursuant to this Agreement) shall be released to the Purchaser if
and to the extent that reimbursement therefor from amounts paid by the mortgagor
is not prohibited pursuant to the Pooling and Servicing Agreement or the related
Servicing Agreement, applicable law or the related mortgage note. The terms of
this Agreement will no longer apply to the servicing of any Mortgage Loan upon
the failure of the Purchaser to deposit the above amounts relating to the
Mortgage Loan within two Business Days of the Election to Foreclose subject to
Section 3.01.

          (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Foreclose, the related Servicer shall continue to service
the Mortgage Loan in accordance with its customary procedures (other than
Commencement of Foreclosure as provided herein). In connection therewith, the
Company shall have the same rights to make withdrawals for

                                       M-6

<PAGE>
Monthly Advances and Liquidations Expenses from the Collateral Fund as are
provided under Section 2.02(e), and the Company shall make reimbursements
thereto to the limited extent provided under such subsection in accordance with
its customary procedures. The Company shall not be required to cause, to the
extent that the Company as Master Servicer is granted such authority in the
related Servicing Agreement, the related Servicer to proceed with the
Commencement of Foreclosure if (i) the same is stayed as a result of the
mortgagor's bankruptcy or is otherwise barred by applicable law, or to the
extent that all legal conditions precedent thereto have not yet been complied
with, or (ii) the Company believes there is a breach of representations or
warranties by the Company, a Servicer, or a Seller, which may result in a
repurchase or substitution of such Mortgage Loan, or (iii) the Company or
related Servicer reasonably believes the Mortgaged Property may be contaminated
with or affected by hazardous wastes or hazardous substances (and, without
limiting the related Servicer's right not to proceed with the Commencement of
Foreclosure, the Company supplies the Purchaser with information supporting such
belief). Any foreclosure that has been initiated may be discontinued (x) without
notice to the Purchaser if the Mortgage Loan has been brought current or if a
refinancing or prepayment occurs with respect to the Mortgage Loan (including by
means of a short payoff approved by the Purchaser) or (y) with notice to the
Purchaser if the related Servicer has reached the terms of a forbearance
agreement unless instructed otherwise by the Purchaser within two Business Days
of such notification. Any such instruction shall be based upon a decision that
such forbearance agreement is not in conformity with reasonable servicing
practices.

          (d) Upon the occurrence of a liquidation with respect to any Mortgage
Loan as to which the Purchaser made an Election to Foreclose and as to which the
related Servicer proceeded with the Commencement of Foreclosure in accordance
with subsection (c) above, the Company shall calculate the amount, if any, by
which the unpaid principal balance of the Mortgage Loan at the time of
liquidation (plus all unreimbursed interest and servicing advances and
Liquidation Expenses in connection therewith other than those paid from the
Collateral Fund) exceeds the actual sales price obtained for the related
Mortgaged Property, and the Company shall withdraw the amount of such excess
from the Collateral Fund, shall remit the same to the Trust Estate and in its
capacity as Master Servicer shall apply such amount as additional Liquidation
Proceeds pursuant to the Pooling and Servicing Agreement. After making such
withdrawal, all amounts remaining in the Collateral Fund (after adjustment for
all withdrawals and deposits pursuant to subsection (c) in respect of such
Mortgage Loan shall be released to the Purchaser.

          Section 2.04 Termination.

          (a) With respect to all Mortgage Loans included in the Trust Estate,
the Purchaser's right to make any Election to Delay Foreclosure or any Election
to Foreclose and the Company's obligations under Section 2.01 shall terminate
(i) at such time as the Principal Balance of the Class B Certificates has been
reduced to zero, (ii) if the greater of (x) 43% (or such lower or higher
percentage that represents the related Servicer's actual historical loss
experience with respect to the Mortgage Loans in the related pool as determined
by the Company) of the aggregate principal balance of all Mortgage Loans that
are in foreclosure or are more than 90 days delinquent on a contractual basis
and REO properties or (y) the aggregate amount that the Company estimates
through the normal servicing practices of the related Servicer will be required
to be withdrawn from the Collateral Fund with respect to Mortgage Loans as to
which the Purchaser has made an Election to Delay Foreclosure or an Election to
Foreclosure, exceeds (z) the then-current principal balance of the Class B
Certificates, (iii) upon any transfer by the Purchaser of any interest (other
than the

                                       M-7

<PAGE>
minority interest therein, but only if the transferee provides written
acknowledgment to the Company of the Purchaser's right hereunder and that such
transferee will have no rights hereunder) in the Class B Certificates (whether
or not such transfer is registered under the Pooling and Servicing Agreement),
including any such transfer in connection with a termination of the Trust Estate
or (iv) upon any breach of the terms of this Agreement by the Purchaser.

          (b) Except as set forth in 2.04(a), this Agreement and the respective
rights, obligations and responsibilities of the Purchaser and the Company
hereunder shall terminate upon the later to occur of (i) the final liquidation
of the last Mortgage Loan as to which the Purchaser made any Election to Delay
Foreclosure or any Election to Foreclose and the withdrawal of all remaining
amounts in the Collateral Fund as provided herein and (ii) ten Business Days'
notice. The Purchaser's right to make an election pursuant to Section 2.02 or
Section 2.03 hereof with respect to a particular Mortgage Loan shall terminate
if the Purchaser fails to make any deposit required pursuant to Section 2.02(d)
or 2.03(b) or if the Purchaser fails to make any other deposit to the Collateral
Fund pursuant to this Agreement.

                                  ARTICLE III

                       COLLATERAL FUND; SECURITY INTEREST

          Section 3.01 Collateral Fund.

          Upon receipt from the Purchaser of the initial amount required to be
deposited in the Collateral Fund pursuant to Article II, the Company shall
establish and maintain with Bankers Trust Company as a segregated account on its
books and records an account (the "Collateral Fund"), entitled "Wells Fargo Bank
Minnesota, National Association, as Master Servicer, for the benefit of
registered holders of Wells Fargo Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 200 -  ." Amounts held in the Collateral Fund
                                     - --
shall continue to be the property of the Purchaser, subject to the first
priority security interest granted hereunder for the benefit of the
Certificateholders, until withdrawn from the Collateral Fund pursuant to Section
2.02 or 2.03 hereof. The Collateral Fund shall be an "outside reserve fund"
within the meaning of the REMIC Provisions, beneficially owned by the Purchaser
for federal income tax purposes. All income, gain, deduction or loss with
respect to the Collateral Fund shall be that of the Purchaser. All distributions
from the Trust Fund to the Collateral Fund shall be treated as distributed to
the Purchaser as the beneficial owner thereof.

          Upon the termination of this Agreement and the liquidation of all
Mortgage Loans as to which the Purchaser has made any Election to Delay
Foreclosure or any Election to Foreclose pursuant to Section 2.04 hereof, the
Company shall distribute or cause to be distributed to the Purchaser all amounts
remaining in the Collateral Fund (after adjustment for all deposits and
permitted withdrawals pursuant to this Agreement) together with any investment
earnings thereon. In the event the Purchaser has made any Election to Delay
Foreclosure or any Election to Foreclose, prior to any distribution to the
Purchaser of all amounts remaining in the Collateral Fund, funds in the
Collateral Fund shall be applied consistent with the terms of this Agreement.

                                       M-8

<PAGE>
          Section 3.02 Collateral Fund Permitted Investments.

          The Company shall, at the written direction of the Purchaser, invest
the funds in the Collateral Fund in Collateral Fund Permitted Investments. Such
direction shall not be changed more frequently than quarterly. In the absence of
any direction, the Company shall select such investments in accordance with the
definition of Collateral Fund Permitted Investments in its discretion.

          All income and gain realized from any investment as well as any
interest earned on deposits in the Collateral Fund (net of any losses on such
investments) and any payments of principal made in respect of any Collateral
Fund Permitted Investment shall be deposited in the Collateral Fund upon
receipt. All costs and realized losses associated with the purchase and sale of
Collateral Fund Permitted Investments shall be borne by the Purchaser and the
amount of net realized losses shall be deposited by the Purchaser in the
Collateral Fund promptly upon realization. The Company shall periodically (but
not more frequently than monthly) distribute to the Purchaser upon request an
amount of cash, to the extent cash is available therefore in the Collateral
Fund, equal to the amount by which the balance of the Collateral Fund, after
giving effect to all other distributions to be made from the Collateral Fund on
such date, exceeds the Required Collateral Fund Balance. Any amounts so
distributed shall be released from the lien and security interest of this
Agreement.

          Section 3.03 Grant of Security Interest.

          The Purchaser hereby grants to the Company for the benefit of the
Certificateholders under the Pooling and Servicing Agreement a security interest
in and lien on all of the Purchaser's right, title and interest, whether now
owned or hereafter acquired, in and to: (1) the Collateral Fund, (2) all amounts
deposited in the Collateral Fund and Collateral Fund Permitted Investments in
which such amounts are invested (and the distributions and proceeds of such
investments) and (3) all cash and non-cash proceeds of any of the foregoing,
including proceeds of the voluntary conversion thereof (all of the foregoing
collectively, the "Collateral").

          The Purchaser acknowledges the lien on and the security interest in
the Collateral for the benefit of the Certificateholders. The Purchaser shall
take all actions requested by the Company as may be reasonably necessary to
perfect the security interest created under this Agreement in the Collateral and
cause it to be prior to all other security interests and liens, including the
execution and delivery to the Company for filing of appropriate financing
statements in accordance with applicable law. The Company shall file appropriate
continuation statements, or appoint an agent on its behalf to file such
statements, in accordance with applicable law.

          Section 3.04 Collateral Shortfalls.

          In the event that amounts on deposit in the Collateral Fund at any
time are insufficient to cover any withdrawals therefrom that the Company is
then entitled to make hereunder, the Purchaser shall be obligated to pay such
amounts to the Company immediately upon demand. Such obligation shall constitute
a general corporate obligation of the Purchaser. The failure to pay such amounts
within two Business Days of such demand (except for amounts to cover interest on
a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an
immediate termination of the Purchaser's right to make any Election to Delay
Foreclosure or Election to

                                       M-9

<PAGE>
Foreclose and the Company's obligations under this Agreement with respect to all
Mortgage Loans to which such insufficiencies relate, without the necessity of
any further notice or demand on the part of the Company.

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

          Section 4.01 Amendment.

          This Agreement may be amended from time to time by the Company and the
Purchaser by written agreement signed by the Company and the Purchaser.

          Section 4.02 Counterparts.

          This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

          Section 4.03 Governing Law.

          This Agreement shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

          Section 4.04 Notices.

          All demands, notices and direction hereunder shall be in writing or by
telecopy and shall be deemed effective upon receipt to:

          (a)  in the case of the Company,
               Wells Fargo Bank Minnesota, National Association
               7485 New Horizon Way
               Frederick, MD 21703

               Attention:  Vice President, Master Servicing
               Phone: 301-696-7800
               Fax:   301-815-6365

          (b)  in the case of the Purchaser,

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

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

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

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

                                      M-10

<PAGE>
               Attention:
                         ------------------------

          Section 4.05 Severability of Provisions.

          If any one or more of the covenants, agreements, provision or terms of
this Agreement shall be for any reason whatsoever, including regulatory, held
invalid, then such covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

          Section 4.06 Successors and Assigns.

          The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders;
provided, however, that the rights under this Agreement cannot be assigned by
the Purchaser without the consent of the Company.

          Section 4.07 Article and Section Headings.

          The article and section headings herein are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          Section 4.08 Confidentiality.

          The Purchaser agrees that all information supplied by or on behalf of
the Company pursuant to Sections 2.01 or 2.02, including individual account
information, is the property of the Company and the Purchaser agrees to hold
such information confidential and not to disclose such information.

          Each party hereto agrees that neither it, nor any officer, director,
employee, affiliate or independent contractor acting at such party's direction
will disclose the terms of Section 4.09 of this Agreement to any person or
entity other than such party's legal counsel except pursuant to a final,
non-appealable order of court, the pendency of such order the other party will
have received notice of at least five business days prior to the date thereof,
or pursuant to the other party's prior express written consent.

          Section 4.09 Indemnification.

          The Purchaser agrees to indemnify and hold harmless the Company, the
Seller, and each Servicer and each person who controls the Company, the Seller,
or a Servicer and each of their respective officers, directors, affiliates and
agents acting at the Company's, the Seller's, or a Servicer's direction (the
"Indemnified Parties") against any and all losses, claims, damages or
liabilities to which they may be subject, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of, or are
based upon, actions taken by, or actions not taken by, the Company, the Seller,
or a Servicer, or on their behalf, in accordance with the provisions of this
Agreement and (i) which actions conflict with the Company's, the Seller's, or a
Servicer's obligations under the Pooling and Servicing Agreement or the related
Servicing Agreement, or (ii) give rise to securities law liability under federal
or state securities laws with respect to the Certificates. The Purchaser hereby
agrees to reimburse the Indemnified Parties for the reasonable legal or other
expenses incurred by them in connection with investigating or defending any such

                                      M-11

<PAGE>
loss, claim, damage, liability or action. The indemnification obligations of the
Purchaser hereunder shall survive the termination or expiration of this
Agreement.

                                      M-12

<PAGE>
          IN WITNESS WHEREOF, the Company and the Purchaser have caused their
names to be signed hereto by their respective officers thereunto duly
authorized, all as of the day and year first above written.

                                        Wells Fargo Bank Minnesota, National
                                           Association

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

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

                                      M-13

<PAGE>
                                    EXHIBIT N

                 FORM OF INITIAL CERTIFICATION OF THE CUSTODIAN

                                         , 200
                                 --------     -

Wells Fargo Asset Securities Corporation
7485 New Horizon Way
Frederick, Maryland  21703

[TRUSTEE]
401 South Tryon Street
Charlotte, North Carolina 28202

          Re:  The Pooling and Servicing Agreement, dated         , 200 , among
                                                          --------     -
               Wells Fargo Asset Securities Corporation, as Seller, Wells Fargo
               Bank Minnesota, National Association, as Master Servicer, and
               [TRUSTEE], as Trustee, relating to Wells Fargo Asset Securities
               Corporation; Mortgage Pass-Through Certificates, Series 200 -  .
                                                                          - --

Ladies and Gentlemen:

     In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that,
except as specified in any list of exceptions attached hereto, it has received
the original Mortgage Note relating to each of the Mortgage Loans listed on the
Mortgage Loan Schedule.

     The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this initial certification.
The Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

<PAGE>
     Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                                        WELLS FARGO BANK MINNESOTA,
                                        NATIONAL ASSOCIATION,
                                          as Custodian on behalf of the Trustee

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

                                       N-2

<PAGE>
                                    EXHIBIT O

                  FORM OF FINAL CERTIFICATION OF THE CUSTODIAN

                              [__________ __, ____]

Wells Fargo Asset Securities Corporation
7485 New Horizon Way
Frederick, Maryland  21703

[TRUSTEE]
401 South Tryon Street
Charlotte, North Carolina 28202

     Re:  The Pooling and Servicing Agreement, dated         , 200 , among Wells
                                                     --------     -
          Fargo Asset Securities Corporation, as Seller, Wells Fargo Bank
          Minnesota, National Association, as Master Servicer, and [TRUSTEE], as
          Trustee, relating to the Wells Fargo Asset Securities Corporation;
          Mortgage Pass-Through Certificates, Series 200 -
                                                        - --
Ladies and Gentlemen:

     In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that, as to
each Mortgage Loan listed in the Mortgage Loan Schedule, except as may be
specified in any list of exceptions attached hereto, such Mortgage File contains
all of the items required to be delivered pursuant to Section 2.01 of the
Pooling and Servicing Agreement.

     The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this final certification. The
Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

<PAGE>
     Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                                        WELLS FARGO BANK MINNESOTA, NATIONAL
                                        ASSOCIATION,
                                          as Custodian on behalf of the Trustee

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

                                       O-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]