Common use of Custodial Duties Clause in Contracts

Custodial Duties. 8 Section 3.04 Withdrawals from the Custodial Account.................10 Section 3.05 Maintenance of Hazard Insurance; Property Protection Expenses....................................12 Section 3.06 Modification Agreements................................13 Section 3.07 Trust Estate; Related Documents........................13 Section 3.08 Realization upon Defaulted Mortgage Loans..............14 Section 3.09 Management and Sale of REO Property....................15 Section 3.10 Issuer and Indenture Trustee to Cooperate..............15 Section 3.11 Compensation; Payment of Certain Expenses..............16 Section 3.12 Annual Statement as to Compliance......................16 Section 3.13 Annual Servicing Report................................17 Section 3.14 Access to Certain Documentation and Information Regarding the Mortgage Loans...........................17 Section 3.15 Maintenance of Certain Servicing Insurance Policies....17 Section 3.16 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property.....................17 Section 3.17 Assignments; Recordings of Assignments.................18 Section 3.18 [Reserved].............................................18 Section 3.19 Funding Account........................................18 Section 3.20 [Reserved].............................................19 Section 3.21 P&I Advances...........................................19 Section 3.22 Transfer of Mortgage Loans.............................20 ARTICLE IV Servicing Certificate........................................21 Section 4.01 Statements to Securityholders..........................21 Section 4.02 Tax Returns and 1934 Act Reports.......................23 ARTICLE V Note Payment Account.........................................23 Section 5.01 Note Payment Account...................................23 ARTICLE VI The Servicer.................................................24 Section 6.01 Liability of the Servicer..............................24 Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer...........................24 Section 6.03 Limitation on Liability of the Servicer and Others.....24 Section 6.04 Servicer Not to Resign.................................25 Section 6.05 Delegation of Duties...................................25 Section 6.06 Payment of Indenture Trustee's and Owner Trustee's Fees and Expenses; Indemnification.....................26 ARTICLE VII Default......................................................27 Section 7.01 Servicing Default......................................27 Section 7.02 Indenture Trustee to Act; Appointment of Successor.....29 Section 7.03 Notification to Securityholders........................31

Custodial Duties. 8 9 Section 3.04 Withdrawals from the Custodial Account............................................................10 Section 3.05 Maintenance of Hazard Insurance; Property Protection Expenses........................................................12 Section 3.06 Modification Agreements................................13 ..........................................................14 Section 3.07 Trust Estate; Related Documents........................13 ..................................................14 Section 3.08 Realization upon Defaulted Mortgage Loans..............14 ........................................15 Section 3.09 Management and Sale of REO Property....................15 ..............................................16 Section 3.10 Issuer and Indenture Trustee to Cooperate..............15 ........................................16 Section 3.11 Compensation; Payment of Certain Expenses..............16 ........................................17 Section 3.12 Annual Statement as to Compliance......................16 ................................................17 Section 3.13 Annual Servicing Report................................17 ..........................................................18 Section 3.14 Access to Certain Documentation and Information Regarding the Mortgage Loans...........................17 ............................................................................18 Section 3.15 Maintenance of Certain Servicing Insurance Policies....17 ..............................18 Section 3.16 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property.....................17 ..............................18 Section 3.17 Assignments; Recordings of Assignments.................18 ...........................................19 Section 3.18 [Reserved].............................................18 .......................................................................19 TABLE OF CONTENTS (Continued) Page Section 3.19 Funding Account........................................18 Accounts.................................................................19 Section 3.20 [Reserved].............................................19 .......................................................................21 Section 3.21 P&I Advances...........................................19 .....................................................................21 Section 3.22 Transfer of Mortgage Loans.............................20 ARTICLE IV Servicing Certificate...............................................................................................21 Section 4.01 Statements to Securityholders..........................21 Section 4.02 Tax Returns and 1934 Act Reports.......................23 ARTICLE V Note Payment Account.........................................3.23 Notice of Rating Change..........................................................23 Section 5.01 3.24 Calculation of LIBOR, Note Payment Account...................................23 ARTICLE VI The Servicer.................................................24 Section 6.01 Liability of the Servicer..............................24 Section 6.02 Merger or Consolidation ofRate, or Assumption of the Obligations of, the Servicer...........................24 Section 6.03 Limitation on Liability of the Servicer Net WAC Rate and Others.....24 Section 6.04 Servicer Not to Resign.................................25 Section 6.05 Delegation of Duties...................................25 Section 6.06 Payment of Indenture Trustee's and Owner Trustee's Fees and Expenses; Indemnification.....................26 ARTICLE VII Default......................................................27 Section 7.01 Servicing Default......................................27 Section 7.02 Indenture Trustee to Act; Appointment of Successor.....29 Section 7.03 Notification to Securityholders........................31Maximum Auction Rate...........23

Custodial Duties. 8 Section 3.04 Withdrawals from the Custodial Account.................10 Section 3.05 Maintenance of Hazard Insurance; Property Protection Expenses....................................12 Section 3.06 Modification Agreements................................13 Section 3.07 Trust Estate; Related Documents........................13 Section 3.08 Realization upon Defaulted Mortgage Loans..............14 Section 3.09 Management and Sale of REO Property....................15 Section 3.10 Issuer and Indenture Trustee to Cooperate..............15 Section 3.11 Compensation; Payment of Certain Expenses..............16 Section 3.12 Annual Statement as to Compliance......................16 Section 3.13 Annual Servicing Report................................17 Section 3.14 Access to Certain Documentation and Information Regarding the Mortgage Loans...........................17 Section 3.15 Maintenance of Certain Servicing Insurance Policies....17 Section 3.16 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property.....................17 Section 3.17 Assignments; Recordings of Assignments.................18 Section 3.18 [Reserved].............................................18 Section 3.19 Funding Account........................................18 -i- TABLE OF CONTENTS (Continued) Page Section 3.20 [Reserved].............................................19 Section 3.21 P&I Advances...........................................19 Section 3.22 Transfer of Mortgage Loans.............................20 ARTICLE IV Servicing Certificate........................................21 Section 4.01 Statements to Securityholders..........................21 Section 4.02 Tax Returns and 1934 Act Reports.......................23 ARTICLE V Note Payment Account.........................................23 Section 5.01 Note Payment Account...................................23 ARTICLE VI The Servicer.................................................24 Section 6.01 Liability of the Servicer..............................24 Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer...........................24 Section 6.03 Limitation on Liability of the Servicer and Others.....24 Section 6.04 Servicer Not to Resign.................................25 Section 6.05 Delegation of Duties...................................25 Section 6.06 Payment of Indenture Trustee's and Owner Trustee's Fees and Expenses; Indemnification.....................26 ARTICLE VII Default......................................................27 Section 7.01 Servicing Default......................................27 Section 7.02 Indenture Trustee to Act; Appointment of Successor.....29 Section 7.03 Notification to Securityholders........................31

Custodial Duties. 8 9 Section 3.04 Withdrawals from the Custodial Account............................................................10 Section 3.05 Maintenance of Hazard Insurance; Property Protection Expenses........................................................12 Section 3.06 Modification Agreements..........................................................................................13 Section 3.07 Trust Estate; Related Documents........................13 ..................................................14 Section 3.08 Realization upon Upon Defaulted Mortgage Loans......................................................14 Section 3.09 Management and Sale of REO Property..................................................................15 Section 3.10 Issuer and Indenture Trustee to Cooperate......................................................15 Section 3.11 Compensation; Payment of Certain Expenses......................................................16 Section 3.12 Annual Statement as to Compliance......................................................................16 Section 3.13 Annual Servicing Report..........................................................................................17 Section 3.14 Access to Certain Documentation and Information Regarding the Mortgage Loans.......................................................................................................17 Section 3.15 Maintenance of Certain Servicing Insurance Policies..................................17 Section 3.16 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property...................................................17 Section 3.17 Assignments; Recordings of Assignments............................................................18 Section 3.18 [Reserved].............................................Pre-Funding Account..............................................................18 Section 3.19 Funding Account........................................18 ..................................................................19 Section 3.20 [Reserved].............................................19 Capitalized Interest Account.....................................................20 Section 3.21 P&I Advances...........................................19 .....................................................................21 Section 3.22 Transfer of Mortgage Loans.............................20 .......................................................22 ARTICLE IV Servicing Certificate........................................21 .....................................................................23 Section 4.01 Statements to Securityholders..........................21 ....................................................23 Section 4.02 Tax Returns and 1934 Act Reports.......................23 .................................................25 ARTICLE V Note Payment Account.........................................23 ......................................................................25 Section 5.01 Note Payment Account...................................23 .............................................................25 ARTICLE VI The Servicer.................................................24 ..............................................................................26 Section 6.01 Liability of the Servicer..............................24 ........................................................26 Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer...........................24 .........................................................................26 Section 6.03 Limitation on Liability of the Servicer and Others.....24 ...............................26 Section 6.04 Servicer Not to Resign.................................25 Section 6.05 Delegation of Duties...................................25 Section 6.06 Payment of Indenture Trustee's and Owner Trustee's Fees and Expenses; Indemnification.....................26 ARTICLE VII Default......................................................27 Section 7.01 Servicing Default......................................27 Section 7.02 Indenture Trustee to Act; Appointment of Successor.....29 Section 7.03 Notification to Securityholders........................31...........................................................27

Custodial Duties. 8 Section 3.04 Withdrawals from the Custodial Account............................................................10 Section 3.05 Maintenance of Hazard Insurance; Property Protection Expenses........................................................12 Section 3.06 Modification Agreements..........................................................................................13 Section 3.07 Trust Estate; Related Documents........................13 ..................................................14 Section 3.08 Realization upon Defaulted Mortgage Loans......................................................14 Section 3.09 Management and Sale placeCitySale of REO Property.........................................................15 Section 3.10 Issuer and Indenture Trustee to Cooperate......................................................15 Section 3.11 Compensation; Payment of Certain Expenses......................................................16 Section 3.12 Annual Statement as to Compliance......................16 ................................................17 Section 3.13 Annual Independent Public Accountant's Servicing Report..........................................................17 Section 3.14 Access to Certain Documentation and Information Regarding the Mortgage Loans.......................................................................................................17 Section 3.15 Maintenance of Certain Servicing Insurance Policies..................................17 Section 3.16 Information Required by the Internal Revenue Service and Reports of Foreclosures and Abandonments of Mortgaged Property.....................17 ..............................18 Section 3.17 Assignments; Recordings of Assignments............................................................18 Section 3.18 [Reserved].............................................18 .......................................................................19 Section 3.19 Funding Account and Distribution Account........................................18 .........................................19 Section 3.20 [Reserved].............................................19 .......................................................................20 Section 3.21 P&I Advances...........................................19 .....................................................................20 Section 3.22 Transfer of Mortgage Loans....................................................................................20 ARTICLE IV Servicing Certificate........................................21 .....................................................................22 Section 4.01 Statements to Securityholders..........................21 ....................................................22 Section 4.02 Tax Returns and 1934 Act Reports.......................23 .................................................24 Section 4.03 Exchange Act Reporting...........................................................24 ARTICLE V Note Payment Account.........................................23 ......................................................................25 Section 5.01 Note Payment Account...................................23 .............................................................25 ARTICLE VI The Servicer.................................................24 ..............................................................................25 Section 6.01 Liability of the Servicer..............................24 ........................................................25 Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer...........................24 .........................................................................25 Section 6.03 Limitation on Liability of the Servicer and Others.....24 ...............................26 Section 6.04 Servicer Not to Resign.................................25 ...........................................................27 Section 6.05 Delegation of Duties...................................25 .............................................................27 Section 6.06 Payment of Indenture Trustee's, the Paying Agent's and Owner Trustee's Fees and Expenses; Indemnification.....................26 ...............................................27 ARTICLE VII Default......................................................27 ...................................................................................29 Section 7.01 Servicing Default......................................27 ................................................................29 Section 7.02 Indenture Trustee to Act; Appointment of Successor.....29 ...............................31 Section 7.03 Notification to Securityholders........................31..................................................32 ARTICLE VIII Miscellaneous Provisions..................................................................33 Section 8.01 Amendment........................................................................33 Section 8.02 Exhibits.........................................................................33 Section 8.03 GOVERNING LAW....................................................................33 Section 8.04 Notices..........................................................................33 Section 8.05 Severability of Provisions.......................................................34 Section 8.06 Protection of Confidential Information...........................................34 Section 8.07 Third-Party Beneficiaries........................................................34 Section 8.08 Counterparts.....................................................................34 Section 8.09 Effect of Headings and Table of Contents.........................................34 Section 8.10 Termination upon Purchase by the Servicer or Liquidation of All Mortgage Loans; Partial Redemption........................................................34 Section 8.11 Certain Matters Affecting the Indenture Trustee and the Paying Agent.............35 Section 8.12 Owner Trustee, Paying Agent and Indenture Trustee Not Liable for Related Documents........................................................................35 ARTICLE IX Compliance with Regulation AB.............................................................35 Section 9.01 Intent of the Parties; Reasonableness............................................35 Section 9.02 Additional Representations and Warranties of the Indenture Trustee...............35 Section 9.03 Information to be provided by the Indenture Trustee..............................35 Section 9.04 Report on Assessment of Compliance and Attestation...............................35 Section 9.05 Indemnification; Remedies........................................................35 EXHIBITS EXHIBIT A – MORTGAGE LOAN SCHEDULE.............................................................................A-1 EXHIBIT B – COLLECTION POLICY..................................................................................B-1 EXHIBIT C – LIMITED POWER OF ATTORNEY..........................................................................C-1 EXHIBIT D – FORM OF REQUEST FOR RELEASE........................................................................D-1 EXHIBIT E – FORM OF FORM 10-K CERTIFICATE......................................................................E-1 EXHIBIT F – FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE.............................................F-1 EXHIBIT G – SERVICING CRITERIA.................................................................................G-1 This Servicing Agreement, dated as of _____ __, 200_ (the "Agreement"), is among Wachovia Bank, National Association, as servicer (the "Servicer"), the Wachovia Asset Funding Trust, LLC [______] Trust, as issuer (the "Issuer"), Wachovia Bank, National Association, as Paying Agent (the "Paying Agent"), and [_________________], as indenture trustee (the "Indenture Trustee").