EXHIBIT 1.1
UNDERWRITING AGREEMENT
(Pass-Through Certificates)
New York, New York
, 200
[Lead Underwriter’s name and address]
Ladies and Gentlemen:
Wachovia Asset Funding Trust, LLC (the “Company”), proposes to sell to the underwriters named in Schedule II hereto
(the “Underwriters”), for whom you are acting as representative (the “Representative”), the principal amount of the Pass-Through
Certificates, Series 200 - , identified in Schedule I hereto (the “Securities”), to be issued under a pooling and servicing
agreement (the “Pooling and Servicing Agreement”) dated as of , 200 , among the Company, , as servicer (in
such capacity, the “Servicer”), and , as trustee (the “Trustee”).
Each class of Securities listed in Schedule I hereto will represent an undivided beneficial ownership interest in
the Trust, LLC Series 200 - (the “Trust”). The assets of the Trust will include, among other things, a pool of
fixed-rate and adjustable-rate one-to-four-family residential mortgage loans (the “Mortgage Loans”) transferred to the Company
pursuant to a mortgage loan purchase agreement dated as of , 200 (the “Mortgage Loan Purchase Agreement”),
between and the Company, and by the Company to the Trust pursuant to the Pooling and Servicing Agreement. Custody of
the Mortgage Files with respect to the Mortgage Loans will be maintained by , as custodian (the “Custodian”). This
Underwriting Agreement shall hereinafter be referred to as the “Agreement.” This Agreement, the Pooling and Servicing Agreement and
the Mortgage Loan Purchase Agreement are collectively hereinafter referred to as the “Basic Documents.” Capitalized terms used
herein and not otherwise defined shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.
1. Representations and Warranties. (A) The Company represents and warrants to, and agrees with, each
Underwriter that:
(a) The Company meets the requirements for use of Form S-3 under the Securities Act of 1933, as amended (the
“Act”), and has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on such Form (the file
number of which is set forth in Schedule I hereto), which has been declared effective by the Commission, for the registration under
the Act of the Securities. Such registration statement, as amended to the date of this Agreement, meets the requirements set forth
in Rule 415(a)(1) under the Act and complies in all other material respects with said Rule. The Company proposes to file with the
Commission pursuant to Rule 424 under the Act a supplement to the form of prospectus included in such registration statement relating
to the Securities and the plan of distribution thereof and has previously advised the Representative of all further information
(financial and other) with respect to the Company to be set forth therein. Such registration statement, including the exhibits
thereto, as amended to the date of this Agreement, is hereinafter called the “Registration Statement”; such prospectus in the form in
which it appears in the Registration Statement is hereinafter called the “Base Prospectus”; and such supplemented form of prospectus,
supplemented by a prospectus supplement hereinafter called the "Prospectus Supplement", in the form in which it shall be filed with
the Commission pursuant to Rule 424 (including the Base Prospectus as so supplemented) is hereinafter called the “Prospectus.” Any
reference herein to the Registration Statement, the Base Prospectus or the Prospectus shall be deemed to refer to and include the
documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the issue date of the Base Prospectus or the
Prospectus, as the case may be; and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the
Registration Statement, the Base Prospectus or the Prospectus shall be deemed to refer to and include the filing of any document
under the Exchange Act after the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus, as the case may
be, and deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the Act.
(b) As of the date hereof, when the Prospectus is first filed pursuant to Rule 424 under the Act, when, prior
to the Closing Date (as hereinafter defined), any amendment to the Registration Statement becomes effective (including the filing of
any document incorporated by reference in the Registration Statement), when any supplement to the Prospectus is filed with the
Commission and at the Effective Date (as hereinafter defined), (i) the Registration Statement, as amended as of any such time, and
the Prospectus, as amended or supplemented as of any such time, will comply in all material respects with the requirements of the Act
and the respective rules and regulations thereunder, (ii) the Registration Statement, as amended as of any such time, will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein not misleading, (iii) the Prospectus, as amended or supplemented as of any such time, will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading; (iv) each Issuer Free
Writing Prospectus (as hereinafter defined), as amended or supplemented as of any such time prior to the date of the related
Prospectus Supplement, will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading; and (v) the Base Prospectus and Designated Static Pool Information (as hereinafter defined), taken together, as of the
date of the related Prospectus Supplement, will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading; provided, however, that the Company makes no representations or warranties as to (A) the information
contained in or omitted from the Registration Statement or the Prospectus or any amendment thereof or supplement thereto in reliance
upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter through the
Representative specifically for use in connection with the preparation of the Registration Statement and the Prospectus, (B) the
Current Report (as defined in Section 5(b) below), or in any amendment thereof or supplement thereto, incorporated by reference in
the Registration Statement or the Prospectus (or any amendment thereof or supplement thereto), or (C) any information contained in
any Underwriter Prepared Issuer FWP (as hereinafter defined) or Underwriter Free Writing Prospectus (as hereinafter defined), except,
in each case, to the extent of (x) any information set forth therein that constitutes Pool Information (as hereinafter defined) or
(y) any information accurately extracted from any Issuer Free Writing Prospectus and included in any Underwriter Prepared Issuer FWP
or Underwriter Free Writing Prospectus.
(i) “ABS Informational and Computational Materials” shall have the meaning given such term in Item
1101 of Regulation AB.
(ii) “Approved Offering Materials” means with respect to any class of Certificates, collectively the
following documents as most recently provided by the Company and designated in writing by the Company as Approved Offering Materials
prior to the time of any Contract of Sale: (i) one or more term sheets, providing factual information about the Certificates and the
structure and basic parameters thereof (excluding information about the subdivision of the senior classes into tranches), the basic
terms of the subordination or other credit enhancements if known, factual information about the Mortgage Loans (which may include
parameters or “stips” or tabular data prepared by the Company), the identity of and basic information about key parties to the
transaction known to the Company, and the tax, ERISA and SMMEA characteristics of the Certificates, (ii) a term sheet supplement,
containing risk factors and additional information of the type to appear in the Prospectus Supplement to the extent known, and (iii)
the Base Prospectus, which may be provided by a weblink. Each of the items described in (i) and (ii) in the preceding sentence shall
constitute an Issuer Free Writing Prospectus and any additional information provided by the Underwriter shall constitute an
Underwriter Free Writing Prospectus or Underwriter Prepared Issuer FWP, as the case may be.
(iii) “Contract of Sale” has the same meaning as in Rule 159 of the 1933 Act Regulations and all
Commission guidance relating to Rule 159.
(iv) “Designated Static Pool Information” shall mean the static pool information referred to in the
Prospectus under the caption [“Static Pool Information”] but deemed to be excluded from the Registration Statement and Prospectus
pursuant to Item 1105(d) of Regulation AB.
(v) "Effective Date" shall mean the earlier of the date on which the Prospectus is first used and the
time of the first Contract of Sale (as hereinafter defined) to which such Prospectus Supplement relates. The initial effective date
of the Registration Statement was within three years of the Closing Date (as hereinafter defined). If the third anniversary of the
initial effective date occurs within six months after the Closing Date, the Company will use best efforts to take such action as may
be necessary or appropriate to permit the public offering and sale of the Certificates as contemplated hereunder.
(vi) “Free Writing Prospectus” shall have the meaning given such term in Rules 405 and 433 of the 1933
Act Regulations.
(vii) “Issuer Free Writing Prospectus” shall mean any Free Writing Prospectus prepared by or on behalf
of the Company and identified by the Company as an Issuer Free Writing Prospectus and relating to the Certificates or the offering
thereof.
(viii) “Issuer Information” shall mean any information of the type specified in clauses (1) - (5) of
footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform), other than Underwriter Derived Information. Consistent
with such definition, “Issuer Information” shall not be deemed to include any information in a Free Writing Prospectus solely by
reason of the Company’s review of the materials pursuant to Section 4.4(e) below and, consistent with Securities Offering Reform
Questions and Answers, November 30, 2005 promulgated by the staff of the Commission, “Issuer Information” shall not be deemed to
include any information in a Free Writing Prospectus solely by reason that the Underwriter has agreed not to use such Free Writing
Prospectus without consent of the Company.
(ix) “Permitted Additional Materials” shall mean information that is not ABS Informational and
Computational Materials and (x) that are referred to in Section 4.4(c) so long as any Issuer Information provided by the Underwriter
pursuant to Section 4.4(c) is limited to information included within the definition of ABS Informational and Computational Materials,
(y) that constitute Certificate price, yield, weighted average life, subscription or allocation information, or a trade confirmation,
or (z) otherwise with respect to which the Company has provided written consent to the Underwriter to include in a Free Writing
Prospectus.
(x) “Pool Information” means with respect to any Free Writing Prospectus, the information (including
any Preliminary Pool Information) with respect to the characteristics of the Mortgage Loans and administrative and servicing fees, as
provided by or on behalf of the Company to the Underwriter at the time most recent to the date of such Free Writing Prospectus.
(xi) “Preliminary Pool Information” means with respect to any Free Writing Prospectus, the information
with respect to the characteristics of the Mortgage Loans and administrative and servicing fees, as provided by or on behalf of the
Company to the Underwriter at the time most recent to the date of such Free Writing Prospectus and designated “Preliminary Pool
Information”.
(xii) “Underwriter Derived Information” shall refer to information of the type described in clause (5)
of footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform) when prepared by the Underwriter, including
traditional computational and analytical materials prepared by the Underwriter.
(xiii) “Underwriter Free Writing Prospectus” shall mean all Free Writing Prospectuses prepared by or on
behalf of the Underwriter other than any Underwriter Prepared Issuer FWP, including any Permitted Additional Materials.
(xiv) “Underwriter Prepared Issuer FWP” shall mean any Free Writing Prospectus or portion thereof
prepared by or on behalf of the Underwriter that contains only a description of the final terms of the Certificates or of the
offering of the Certificates after the final terms have been established for all classes of Certificates.
(xv) “Written Communication” shall have the meaning given such term in Rule 405 of the 1933 Act
Regulations.
(d) The Company has been duly formed and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware and has all requisite power and authority to own its properties and conduct its business, as
now conducted by it, and to enter into and perform its obligations under this Agreement and the other Basic Documents.
(e) The Company is not aware of (i) any request by the Commission for any further amendment of the Registration
Statement or the Base Prospectus or for any additional information or (ii) the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the institution or threatening of any proceeding for that purpose.
(f) This Agreement has been duly authorized, executed and delivered by the Company, and the other Basic
Documents, when delivered by the Company, will have been duly authorized, executed and delivered by the Company, and will constitute
a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, insolvency, reorganization, moratorium, receivership and similar laws affecting
creditors’ rights generally and to general principles of equity (regardless of whether the enforcement of such remedies is considered
in a proceeding in equity or at law), and except as rights to indemnity and contribution hereunder may be limited by federal or state
securities laws or principles of public policy.
(B) Each Underwriter represents and warrants to, and agrees with, the Company that:
(a) As of the date hereof and as of the Closing Date, the Underwriter has complied with all of its obligations
hereunder and all information contained in any Underwriter Free Writing Prospectus and in any Underwriter Prepared Issuer FWP as used
in connection with any Contract of Sale are accurate in all material respects (taking into account the assumptions explicitly set
forth in such Underwriter Prepared Issuer FWP or Underwriter Free Writing Prospectus), except to the extent of (x) any errors therein
that are caused by errors or omissions in the Pool Information or (y) information accurately extracted from any Issuer Free Writing
Prospectus and included in any Underwriter Prepared Issuer FWP or Underwriter Free Writing Prospectus.
(b) Prior to the Closing Date, the Underwriter shall notify the Company of the earlier of (x) the date on which
the Prospectus Supplement is first used and (y) the time of the first Contract of Sale to which such Prospectus Supplement relates.
2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and
warranties herein set forth, the Company agrees to sell to each Underwriter, and each Underwriter agrees, severally but not jointly,
to purchase from the Company, at the purchase price set forth in Schedule II hereto, the principal amount or percentage interest of
the Securities set forth opposite such Underwriter’s name therein.
3. Delivery and Payment. Delivery of and payment for the Securities shall be made at the office, on the date
and at the time specified in Schedule I hereto, which date and time may be postponed by agreement between the Representative and the
Company or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the
“Closing Date”). Delivery of the Securities shall be made to the Representative for the respective accounts of the several
Underwriters against payment by the several Underwriters through the Representative of the purchase price thereof in the manner set
forth in Schedule II hereto. If Schedule I indicates that the Securities are to be issued in book-entry form, delivery of the
Securities shall be made through the facilities of the depository or depositories set forth on Schedule I. Alternatively,
certificates for the Securities shall be registered in such names and in such denominations as the Representative may request not
less than three full business days in advance of the Closing Date.
The Company agrees to have the Securities available for inspection, checking and packaging by the Representative in
New York, New York, not later than 1:00 p.m., New York City time, on the business day prior to the Closing Date.
4. Offering by the Underwriters.
(a) It is understood by the parties hereto that, after the Registration Statement becomes effective, the
Underwriters propose to offer the Securities for sale to the public (which may include selected dealers) as set forth in the
Prospectus.
(b) It is understood that prior to the date of the first Contract of Sale made based on the Approved Offering
Materials, the Underwriters have not pledged, sold, disposed of or otherwise transferred any Certificate, Mortgage Loans or any
interest in any Certificate.
(c) It is understood that the Underwriters will solicit offers to purchase the Certificates as follows:
(i) Prior to the time the Underwriters have received the Approved Offering Materials the Underwriters
may, in compliance with the provisions of this Agreement, solicit offers to purchase Certificates; provided, that the Underwriters
shall not accept any such offer to purchase a Certificate or any interest in any Certificate or Mortgage Loan or otherwise enter into
any Contract of Sale for any Certificate, any interest in any Certificate or any Mortgage Loan prior to the Underwriters' conveyance
of Approved Offering Materials to the investor.
(ii) Any Written Communication relating to the Certificates made by an Underwriter in compliance with
the terms of this Agreement prior to the time such Underwriter has entered into a Contract of Sale for Certificates with the
recipient shall prominently set forth the following statements (or substantially similar statements approved by the Company):
The information in this free writing prospectus, if conveyed prior to the time of the your contractual
commitment to purchase any of the Certificates, supersedes any information contained in any prior similar
materials relating to the Certificates. The information in this free writing prospectus is preliminary,
and is subject to completion or change. This free writing prospectus is being delivered to you solely to
provide you with information about the offering of the Certificates referred to in this free writing
prospectus and to solicit an offer to purchase the Certificates, when, as and if issued. Any such offer to
purchase made by you will not be accepted and will not constitute a contractual commitment by you to
purchase any of the Certificates, until we have accepted your offer to purchase Certificates.
The Certificates referred to in these materials are being sold when, as and if issued. The issuer is not
obligated to issue such Certificates or any similar security and the underwriter’s obligation to deliver
such Certificates is subject to the terms and conditions of the underwriting agreement with the issuer and
the availability of such Certificates when, as and if issued by the issuer. You are advised that the terms
of the Certificates, and the characteristics of the mortgage loan pool backing them, may change (due, among
other things, to the possibility that mortgage loans that comprise the pool may become delinquent or
defaulted or may be removed or replaced and that similar or different mortgage loans may be added to the
pool, and that one or more classes of Certificates may be split, combined or eliminated), at any time prior
to issuance or availability of a final prospectus. You are advised that Certificates may not be issued
that have the characteristics described in these materials. The underwriter’s obligation to sell such
Certificates to you is conditioned on the mortgage loans and Certificates having the characteristics
described in these materials. If for any reason the issuer does not deliver such Certificates, the
underwriter will notify you, and neither the issuer nor any underwriter will have any obligation to you to
deliver all or any portion of the Certificates which you have committed to purchase, and none of the issuer
nor any underwriter will be liable for any costs or damages whatsoever arising from or related to such
non-delivery.
(iii) Any Preliminary Pool Information shall not be provided to prospective investors unless such
Preliminary Pool Information is accompanied by the Approved Offering Materials and the following statements (or substantially similar
statements approved by the Company) appear prominently thereon:
The information set forth below, entitled "preliminary information", was derived from a preliminary pool of
mortgage loans which is not representative of the mortgage loans that will comprise the final mortgage loan
pool. The preliminary pool of mortgage loans represents only a subset of the final mortgage loan pool and
mortgage loans that are included in the preliminary mortgage loan pool may be removed from the final
mortgage loan pool. It is expected that the characteristics of the final mortgage loan pool will differ,
and may differ materially, from the characteristics of the preliminary pool of mortgage loans and the
preliminary information may differ materially from information of a similar type if derived from the final
mortgage loan pool. Although the characteristics of the final mortgage loan pool are expected to be within
the parameters for the mortgage loan characteristics as set forth in the tables entitled ["collateral
stipulations - mortgage pool characteristics"] [accompanying Approved Offering Materials], they are not
expected to conform in all material respects to the characteristics of the preliminary mortgage loan pool.
You should refer to the parameters for the mortgage loan characteristics in the tables entitled
["collateral stipulations - mortgage pool characteristics"] in the accompanying [Approved Offering
Materials].
(iv) It is understood that the Underwriters will not enter into a Contract of Sale with any investor
until the Approved Offering Materials have been conveyed to the investor with respect to the Certificates which are the subject of
such Contract of Sale.
(d) It is understood that you may prepare and provide to prospective investors certain Free Writing
Prospectuses, subject to the following conditions:
(i) Unless preceded or accompanied by a prospectus satisfying the requirements of Section 10(a) of the
Act, the Underwriter shall not convey or deliver any Written Communication to any person in connection with the initial offering of
the Certificates, unless such Written Communication (i) is made in reliance on Rule 134 under the Act, (ii) constitutes a prospectus
satisfying the requirements of Rule 430B under the Act or (iii) constitutes a Free Writing Prospectus (as defined in Section 1(c)
above) consisting solely of (x) information of a type included within the definition of ABS Informational and Computational Materials
(as defined below), (y) Permitted Additional Materials or (z) information accurately extracted from any Issuer Free Writing
Prospectus and included in any Underwriter Prepared Issuer FWP or Underwriter Free Writing Prospectus.
(ii) The Underwriter shall comply with all applicable laws and regulations in connection with the use
of Free Writing Prospectuses, including but not limited to Rules 164 and 433 of the 1933 Act Regulations and all Commission guidance
relating to Free Writing Prospectuses, including but not limited to Commission Release No. 33-8591.
(iii) It is understood and agreed that all information provided by the Underwriter to or through
Bloomberg or Intex or similar entities for use by prospective investors, or imbedded in any CDI file provided to prospective
investors, to the extent constituting a Free Writing Prospectus, shall be deemed an Underwriter Free Writing Prospectus.
(iv) All Free Writing Prospectuses provided to prospective investors, whether or not filed with the
Commission, shall bear a legend including the following statement (or a substantially similar statement approved by the Company):
“THE DEPOSITOR HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE
SECURITIES AND EXCHANGE COMMISSION (THE SEC) FOR THE OFFERING TO WHICH THIS COMMUNICATION
RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION
STATEMENT AND OTHER DOCUMENTS THE DEPOSITOR HAS FILED WITH THE SEC FOR MORE COMPLETE
INFORMATION ABOUT THE DEPOSITOR AND THE OFFERING. YOU MAY GET THESE DOCUMENTS AT NO
CHARGE BY VISITING ▇▇▇▇▇ ON THE SEC WEB SITE AT ▇▇▇.▇▇▇.▇▇▇. ALTERNATIVELY, THE
DEPOSITOR, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO
SEND YOU THE PROSPECTUS AT NO CHARGE IF YOU REQUEST IT BY CALLING TOLL-FREE
1-XXX-XXX-XXXX.”
Each of the Underwriter and the Company shall have the right to request additional specific legends or notations to appear
on any Free Writing Prospectus and shall have the right to require changes regarding the use of terminology and the right to
determine the types of information appearing therein with the approval of the other (which shall not be unreasonably withheld).
(v) The Underwriter shall provide the Company with a letter from [_________], certified public
accountants, prior to the Closing Date, satisfactory in form and substance to the Company and its counsel and the Underwriter, to the
effect that such accountants have performed certain specified procedures, all of which have been agreed to by the Company and the
Underwriter, as a result of which they determined that certain information of an accounting, financial or statistical nature that is
included in any Underwriter Prepared Issuer FWP, other than any Pool Information therein and any information accurately extracted
from any Issuer Free Writing Prospectus and included in such Underwriter Prepared Issuer FWP, is accurate except as to such matters
that are not deemed by the Company and the Underwriter to be material. The foregoing letter shall be at the expense of the
Underwriter.
(vi) None of the information in any Free Writing Prospectus may conflict with the information then
contained in the Registration Statement or any prospectus or prospectus supplement that is a part thereof. The Certificates
described in any Underwriter Free Writing Prospectus or any Underwriter Prepared Issuer FWP will be of a type set forth in one of the
categories listed beneath the heading “Description of Certificates” in the term sheet supplement included in the Approved Offering
Materials and the description of the characteristics of the Certificates contained in such Underwriter Free Writing Prospectus or any
Underwriter Prepared Issuer FWP shall not be inconsistent with the description of the Certificates beneath such heading in the term
sheet supplement.
(vii) The Company shall not be obligated to file any Issuer Free Writing Prospectuses that have been
determined to contain any material error or omission unless such Issuer Free Writing Prospectus has been provided to a prospective
investor, in which case, the Underwriter shall cooperate with the Company to prepare a corrective Issuer Free Writing Prospectus that
the Underwriter will provide to any such prospective investor and the Company shall file to the extent required herein. In the event
that the Underwriter becomes aware that, as of the date on which an investor entered into a Contract of Sale, any Free Writing
Prospectus prepared by or on behalf of the Underwriter and delivered to such investor contained any untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements contained therein, in light of the circumstances
under which they were made, not misleading (such Free Writing Prospectus, a “Defective Free Writing Prospectus”), the Underwriter
shall notify the Company thereof as soon as practical but in any event within one business day after discovery.
(viii) If the Underwriter does not provide any Free Writing Prospectuses to the Company pursuant to
subsection (v) above, the Underwriter shall be deemed to have represented, as of the Closing Date, that it did not provide any
prospective investors with any information in written or electronic form in connection with the offering of the Certificates that
would constitute an Underwriter Prepared Issuer FWP.
(ix) In the event of any delay in the delivery by the Underwriter to the Company of any Underwriter
Prepared Issuer FWP required to be delivered in accordance with subsection (v) above, or in the delivery of the accountant’s comfort
letter in respect thereof pursuant to subsection (vi) above, the Company shall have the right to delay the release of the Prospectus
to investors or to the Underwriter, to delay the Closing Date and to take other appropriate actions in each case as necessary in
order to allow the Company to comply with its agreement set forth in Section 5(a) to file such Underwriter Prepared Issuer FWP by the
time specified therein.
(x) The Underwriter represents that it has in place, and covenants that it shall maintain, internal
controls and procedures which it reasonably believes to be sufficient to ensure full compliance with all applicable legal
requirements of the 1933 Act Regulations with respect to the generation and use of Free Writing Prospectuses in connection with the
offering of the Certificates. In addition, each Underwriter shall, for a period of at least three years after the date hereof,
maintain written and/or electronic records of the following:
(1) any Free Writing Prospectus used by the Underwriter to solicit offers to
purchase Certificates to the extent not filed with the Commission;
(2) regarding each Free Writing Prospectus delivered by the Underwriter to an
investor, the date of such delivery and identity of such investor; and
(3) regarding each Contract of Sale entered into by such Underwriter, the date,
identity of the investor and the terms of such Contract of Sale, as set forth in the related confirmation of trade.
(xi) The Underwriter covenants with the Company that after the final Prospectus is available the
Underwriter shall not distribute any written information concerning the Certificates to a prospective investor unless such
information is preceded or accompanied by the final Prospectus. It is understood and agreed that the use of written information in
accordance with the preceding sentence is not a Free Writing Prospectus and is not otherwise restricted or governed in any way by
this Agreement.
(xii) The Underwriter shall not use any Free Writing Prospectus in connection with the solicitation of
offers to purchase Certificates from any prospective investor in a class of Certificates with denominations of less than $25,000 or
otherwise designated as a “retail” class of Certificates, and the Underwriter shall not authorize any such use of any Free Writing
Prospectus by any dealer that purchases any such Certificates from the Underwriter.
(e) The Underwriter agrees that (i) if the Prospectus is not delivered with the confirmation in reliance on
Rule 172, it will include in every confirmation sent out the notice required by Rule 173 informing the investor that the sale was
made pursuant to the Registration Statement and that the investor may request a copy of the Prospectus from the Underwriter; (ii) if
a paper copy of the Prospectus is requested by a person who receives a confirmation, Underwriter shall deliver a printed or paper
copy of such Prospectus; and (iii) if an electronic copy of the Prospectus is delivered by the Underwriter for any purpose, such copy
shall be the same electronic file containing the Prospectus in the identical form transmitted electronically to the Underwriter by or
on behalf of the Company specifically for use by the Underwriter pursuant to this Section 4(e); for example, if the Prospectus is
delivered to the Underwriter by or on behalf of the Company in a single electronic file in pdf format, then the Underwriter will
deliver the electronic copy of the Prospectus in the same single electronic file in pdf format. The Underwriter further agrees that
(i) if it delivers to an investor the Prospectus in pdf format, upon the Underwriter’s receipt of a request from the investor within
the period for which delivery of the Prospectus is required, the Underwriter will promptly deliver or cause to be delivered to the
investor, without charge, a paper copy of the Prospectus and (ii) it will provide to the Company any Underwriter Prepared Issuer FWP,
or portions thereof, which the Company is required to file with the Commission in electronic format and will use reasonable efforts
to provide to the Company such Underwriter Prepared Issuer FWP, or portions thereof, in either Microsoft Word® or Microsoft Excel®
format and not in a pdf, except to the extent that the Company, in its sole discretion, waives such requirements.
5. Agreements. The Company agrees with the several Underwriters that:
(a) Prior to the termination of the offering of the Securities, the Company will not file any amendment of the
Registration Statement or supplement (including the Prospectus) to the Base Prospectus unless the Company has furnished the
Representative a copy for its review prior to filing and will not file any such proposed amendment or supplement to which the
Representative reasonably objects. Subject to the foregoing sentence, the Company will cause the Prospectus to be filed with the
Commission pursuant to Rule 424. The Company will advise the Representative promptly (i) when the Prospectus shall have been filed
with the Commission pursuant to Rule 424, (ii) when any amendment to the Registration Statement relating to the Securities shall have
become effective, (iii) of any request by the Commission for any amendment of the Registration Statement or amendment of or
supplement to the Prospectus or for any additional information, (iv) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or the institution or threatening of any proceeding for that purpose and (v) of the
receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose. The Company will use its best efforts to prevent
the issuance of any such stop order and, if issued, to obtain as soon as possible the withdrawal thereof.
(b) The Company will use its best efforts to cause any Computational Materials, Collateral Term Sheets and ABS
Term Sheets (each as defined in Section 10 below) with respect to the Securities which are delivered by the Underwriters to the
Company pursuant to Section 10 to be filed with the Commission on a Current Report on Form 8-K (the “Current Report”) pursuant to
Rule 13a-11 under the Exchange Act not later than the business day immediately following the day on which such Computational
Materials, Collateral Term Sheets or ABS Term Sheets are delivered to counsel for the Company by the Underwriters as provided in
Section 10, and will promptly advise the Underwriter when such Current Report has been so filed. Such Current Report shall be
incorporated by reference in the Prospectus and the Registration Statement. Notwithstanding the two preceding sentences, the Company
shall have no obligation to file materials provided by the Underwriters pursuant to Section 10 which, in the reasonable determination
of the Company after making reasonable efforts to consult with the Underwriters, are not required to be filed pursuant to the
No-Action Letters (as defined in Section 10 below), or which contain erroneous information or contain any untrue statement of a
material fact or, which, when read in conjunction with the Prospectus, omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; it being understood, however, that the Company shall have no obligation to
review or pass upon the accuracy or adequacy of, or to correct, any Computational Materials, Collateral Term Sheets or ABS Term
Sheets provided by the Underwriters to the Company pursuant to Section 10 hereof.
(c) If, at any time when a prospectus relating to the Securities is required to be delivered under the Act, any
event occurs as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, or if it shall be necessary to amend or supplement the Prospectus to comply with the Act or the Exchange Act or
the respective rules thereunder, the Company promptly will prepare and file with the Commission, subject to the first sentence of
paragraph (a) of this Section 5, an amendment or supplement which will correct such statement or omission or an amendment which will
effect such compliance and will use its best efforts to cause any required post-effective amendment to the Registration Statement
containing such amendment to be made effective as soon as possible; provided, however, that the Company will not be required to file
any such amendment or supplement with respect to any Computational Materials incorporated by reference in the Prospectus other than
any amendments or supplements of such Computational Materials that are furnished to the Company pursuant to Section 10(d) hereof
which the Company determines to file in accordance therewith.
(d) The Company will furnish to the Representative and counsel for the Underwriters, without charge, executed
copies of the Registration Statement (including exhibits thereto) and each amendment thereto which shall become effective on or prior
to the Closing Date and, so long as delivery of a prospectus by the Underwriter or dealer may be required by the Act, as many copies
of the Prospectus and any amendments thereof and supplements thereto (other than exhibits to the related Current Report) as the
Representative may reasonably request; provided, however, that if the Prospectus is not delivered with the confirmation in reliance
on Rule 172, the Underwriter will provide the notice specified in Section 4(e) in every confirmation and will deliver a paper copy of
the prospectus to those investors that request a paper copy thereof. The Company will pay the expenses of printing all documents
relating to the initial offering[, provided that any additional expenses incurred in connection with the requirement of delivery of a
market-making prospectus, if required, will be borne by the Underwriters].
(e) The Company will furnish such information as may be required and otherwise cooperate in qualifying the
Securities for sale under the laws of such jurisdictions as the Representative may reasonably designate and to maintain such
qualifications in effect so long as required for the distribution of the Securities; provided, however, that the Company shall not be
required to qualify to do business in any jurisdiction where it is not now so qualified or to take any action which would subject it
to general or unlimited service of process in any jurisdiction where it is not now so subject.
(f) The Company will pay all expenses (other than fees of counsel for the Underwriters, except as provided
herein) incident to the performance of the obligations under this Underwriting Agreement, including:
(i) the word processing, printing and filing of the Registration Statement as originally filed and of
each amendment thereto;
(ii) the reproduction of this Underwriting Agreement;
(iii) the preparation, printing, issuance and delivery of the Securities to the Underwriters;
(iv) the fees and disbursements of counsel and accountants for the Company;
(v) the qualification of the Securities under securities laws in accordance with the provisions of
Section 5(e) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection
therewith and in connection with the preparation of a blue sky survey, if requested by the Representative;
(vi) if requested by the Representative, the determination of the eligibility of the Securities for
investment and the reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with
the preparation of a legal investment memorandum;
(vii) the printing and delivery to the Underwriters of copies of the Registration Statement as
originally filed and of each amendment thereto, of the preliminary prospectuses, and of the Base Prospectus and Prospectus and any
amendments or supplements thereto;
(viii) if requested by the Representative, the printing and delivery to the Underwriters of copies of any
blue sky or legal investment memorandum;
(ix) the fees of any rating agency rating the Securities; and
(x) the fees and expenses of the Trustee, the Servicer, the Custodian and their counsel.
(g) The Company shall file any Issuer Free Writing Prospectus, and any Underwriter Prepared Issuer FWP provided
to it by the Underwriter under Section 4(d), not later than the date of first use thereof, except that:
(i) any Issuer Free Writing Prospectus or Underwriter Prepared Issuer FWP or portion thereof otherwise
required to be filed that contains only (1) a description of the final terms of the Certificates may be filed by the Company within
two days of the later of the date such final terms have been established for all classes of Certificates and the date of first use,
and (2) a description of the terms of the Certificates that does not reflect the final terms after they have been established for all
classes of all Certificates is not required to be filed; and
(ii) if the Issuer Free Writing Prospectus or Underwriter Prepared Issuer FWP includes only information
of a type included in the definition of ABS Informational and Computational Materials, the Company shall file the same within the
later of two business days after the Underwriter first provides this information to investors and the date upon which the Company is
required to file the Prospectus Supplement with the Commission pursuant to Rule 424(b)(3) of the Act;
provided further, that prior to the filing of any Underwriter Prepared Issuer FWP by the Company, the Underwriter must
comply with its obligations pursuant to Section 4.4 and that the Company shall not be required to file any Free Writing Prospectus to
the extent such Free Writing Prospectus includes information in a Free Writing Prospectus or Prospectus previously filed with the
Commission or that does not contain substantive changes from or additions to a Free Writing Prospectus previously filed with the
Commission.
(h) The Underwriter shall file any Underwriter Free Writing Prospectus that has been distributed by the
Underwriter in a manner reasonably designed to lead to its broad, unrestricted dissemination within the later of two business days
after the Underwriter first provides this information to investors and the date upon which the Company is required to file the
Prospectus Supplement with the Commission pursuant to Rule 424(b)(3) of the Act or otherwise as required under Rule 433 of the Act;
provided, however, that the Underwriter shall not be required to file any Underwriter Free Writing Prospectus to the extent such
Underwriter Free Writing Prospectus includes information in a Free Writing Prospectus or Prospectus previously filed with the
Commission or that does not contain substantive changes from or additions to a Free Writing Prospectus previously filed with the
Commission.
6. Conditions Precedent to the Obligations of the Underwriters. The obligations of the Underwriters to
purchase the Securities shall be subject to the accuracy of the representations and warranties on the part of the Company contained
herein as of the date hereof, as of the date of the effectiveness of any amendment to the Registration Statement filed prior to the
Closing Date (including the filing of any document incorporated by reference therein) and as of the Closing Date, to the accuracy of
the statements of the Company made in any certificates delivered pursuant to the provisions hereof, to the performance by the Company
of its obligations hereunder and to the following additional conditions:
(a) The Underwriters shall have received from [___________] (i) a letter, dated the date hereof, confirming
that they are independent public accountants within the meaning of the Act and the Rules and Regulations and otherwise in form and
substance reasonably satisfactory to the Underwriters and counsel for the Underwriters and (ii) a letter dated the Closing Date,
updating the letters referred to in clause (i) above, in form and substance reasonably satisfactory to the Underwriters and counsel
for the Underwriters.
(b) All actions required to be taken and all filings required to be made by the Company under the Act prior to
the sale of the Securities shall have been duly taken or made. At and prior to the Closing Date, no stop order suspending the
effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or,
to the knowledge of the Company or the Underwriters, shall be contemplated by the Commission.
(c) Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change,
or any development involving a prospective change, in or affecting particularly the business or properties of the Company or the
Servicer which, in the reasonable judgment of the Underwriters, materially impairs the investment quality of the Securities; (ii) any
downgrading in the rating of the securities of the Company by any “nationally recognized statistical rating organization” (as such
term is defined for purposes of Rule 436(g) under the Act), or any public announcement that any such organization has under
surveillance or review its rating of any securities of the Company (other than an announcement with positive implications of a
possible upgrading, and no implication of a possible downgrading, of such rating); (iii) any suspension or limitation of trading in
securities generally on the New York Stock Exchange, or any setting of minimum prices for trading on such exchange; (iv) any banking
moratorium declared by federal, New York or North Carolina authorities; or (v) any outbreak or escalation of major hostilities in
which the United States is involved, any declaration of war by Congress or any other substantial national or international calamity
or emergency if, in the reasonable judgment of the Underwriters, the effects of any such outbreak, escalation, declaration, calamity
or emergency makes it impractical or inadvisable to proceed with completion of the sale of and payment for the Securities.
(d) The Underwriters shall have received a favorable opinion of [________] , counsel to the Servicer and
the Seller addressed to the Underwriters, dated the Closing Date in form and substance reasonably satisfactory to the Underwriters
and their counsel, with respect to such matters as the Underwriters may require.
(e) The Underwriters shall have received a favorable opinion of [▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP], special
tax counsel for the Company, addressed to the Underwriters and dated the Closing Date and reasonably satisfactory in form and
substance to the Underwriters, generally to the effect that (i) the information in the Base Prospectus under “Federal Income Tax
Consequences” and in the Prospectus under “Federal Income Tax Consequences,” insofar as such information describes federal statutes
and regulations or otherwise constitute matters of law or legal conclusions of the statutes or regulations of such jurisdiction have
been prepared or reviewed by such counsel, and such information is correct in all material respects; and (ii) assuming compliance
with all of the provisions of the Pooling and Servicing Agreement, the applicable portions of the Trust will qualify as one or more
REMICs, and the portion of the Trust exclusive of such REMICs will constitute a grantor trust, pursuant to Section 860D of the
Internal Revenue Code of 1986 (the “Code”) for federal income tax purposes as of the Closing Date and will continue to qualify as one
or more REMICs and as a grantor trust for so long as the Trust continues to meet the requirements set forth in the Code and
applicable Treasury regulations.
(f) The Underwriters shall have received a favorable opinion of [▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP], special
counsel for the Company, addressed to the Underwriters and dated the Closing Date and reasonably satisfactory in form and substance
to the Underwriters, with respect to the validity of the Certificates, ERISA matters and such other related matters as the
Underwriters shall require, and the Company shall have furnished or caused to be furnished to such counsel such documents as they may
reasonably request for the purpose of enabling them to pass upon such matters.
(g) The Underwriters shall have received a favorable opinion of counsel for the Trustee, addressed to the
Underwriters and dated the Closing Date and reasonably satisfactory in form and substance to the Underwriters and counsel for the
Underwriters, with respect to such matters as the Underwriters may require.
(h) The Underwriters shall have received a favorable opinion of counsel for the Custodian, addressed to the
Underwriters and dated the Closing Date and reasonably satisfactory in form and substance to the Underwriters and counsel to the
Underwriters, with respect to such matters as the Underwriters may require.
(i) The Underwriters shall have received a certificate dated the Closing Date of the President, any Vice
President or the Secretary of the Company in which the officer shall state that, to the best of his or her knowledge after reasonable
investigation, (i) the representations and warranties of the Company with respect to the Mortgage Loans contained in any Basic
Document are true and correct, (ii) the representations and warranties of the Company in this Agreement are true and correct, (iii)
the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or
prior to the Closing Date, (iv) no stop order suspending the effectiveness of the Registration Statement has been issued, (v) no
proceedings for that purpose have been instituted or are contemplated by the Commission, and (vi) there has been no amendment or
other document filed affecting the certificate of formation or limited liability company agreement of the Company, and no such
amendment has been authorized.
(j) On or before the Closing Date, the Underwriters shall have received evidence satisfactory to the
Underwriters that each class of Securities has been given the ratings set forth on Schedule I hereto.
(k) At the Closing Date, the Securities and the Pooling and Servicing Agreement will conform in all material
respects to the descriptions thereof contained in the Prospectus.
(l) The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date
that the Registration Statement or the Prospectus or any amendment or supplement thereto contains an untrue statement of a fact or
omits to state a fact which, in the opinion of [▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP], counsel for the Underwriters, is material and is
required to be stated therein or is necessary to make the statements therein not misleading.
(m) All proceedings and other legal matters relating to the authorization, form and validity of this Agreement,
the Pooling and Servicing Agreement, the Securities, the Registration Statement and the Prospectus, and all other legal matters
relating to this Agreement and the transactions contemplated hereby, shall be reasonably satisfactory in all respects to counsel for
the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request
to enable them to pass upon such matters.
(n) At the Closing Date, the Underwriters shall have received from [▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP],
counsel for the Underwriters, a letter with respect to the Prospectus, in form and substance satisfactory to the Underwriters.
The Company will provide or cause to be provided to the Underwriters such conformed copies of such opinions,
certificates, letters and documents as the Underwriters may reasonably request.
All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to
be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the
Underwriters.
If any condition specified in this Section 6 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by the Underwriters by notice to the Company at any time at or prior to the Closing Date, and such
termination shall be without liability of any party to any other party except as provided in Section 7 hereof.
7. Reimbursement of Underwriters’ Expenses. If the sale of the Securities provided for herein is not
consummated because any condition to the obligations of the Underwriters set forth in Section 6 hereof is not satisfied or because of
any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof
other than by reason of a default by any of the Underwriters, the Company will reimburse the Underwriters severally upon demand for
all out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been reasonably incurred by them
in connection with the proposed purchase and sale of the Securities.
8. Indemnification and Contribution.
(a) The Company agrees to indemnify and hold harmless any Underwriter and each person who controls the
Underwriter within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory
law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
(i) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement for the registration of the Securities as originally filed or in any amendment thereof, or in the Base Prospectus or the
Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon an omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, or (ii) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in any Issuer Free Writing Prospectus, or any omission or alleged omission to state
therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, or (iii) arise out of or are based upon any untrue statement of a material fact or alleged untrue statement of a material
fact contained in any Underwriter Prepared Issuer FWP or any Underwriter Free Writing Prospectus or any omission or alleged omission
to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, that in either case was caused by (x) any error or omission in any Pool Information or (y) or any information
accurately extracted from any Issuer Free Writing Prospectus and included in any Underwriter Prepared Issuer FWP or Underwriter Free
Writing Prospectus, and agree to reimburse each such indemnified party for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that (i) the Company
will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any
such untrue statement or alleged untrue statement or omission or alleged omission made therein (A) in reliance upon and in conformity
with written information furnished to the Company by or on behalf of any Underwriter through the Representative specifically for use
in connection with the preparation thereof or (B) in any Current Report or any amendment or supplement thereof, except to the extent
that any untrue statement or alleged untrue statement therein results (or is alleged to have resulted) directly from an error (a
“Collateral Error”) in the information concerning the Mortgage Loans furnished by the Company to any Underwriter in writing or by
electronic transmission that was used in the preparation of any Computational Materials, Collateral Term Sheets or ABS Term Sheets
included in such Current Report (or amendment or supplement thereof), (ii) such indemnity with respect to the Base Prospectus shall
not inure to the benefit of any Underwriter (or any person controlling such Underwriter) from whom the person asserting any such
loss, claim, damage or liability purchased the Securities which are the subject thereof if such person did not receive a copy of the
Prospectus (or the Prospectus as amended or supplemented) excluding documents incorporated therein by reference at or prior to the
confirmation of the sale of such Securities to such person in any case where such delivery is required by the Act and the untrue
statement or omission of a material fact contained in the Base Prospectus was corrected in the Prospectus (or the Prospectus as
amended or supplemented), and (iii) such indemnity with respect to any Collateral Error shall not inure to the benefit of any
Underwriter (or any person controlling such Underwriter) from whom the person asserting any loss, claim, damage or liability received
any Computational Materials, Collateral Term Sheets or ABS Term Sheets that were prepared on the basis of such Collateral Error, if,
prior to the time of confirmation of the sale of the Securities to such person, the Company notified the Underwriter in writing of
the Collateral Error or provided in written or electronic form information superseding or correcting such Collateral Error (in any
such case, a “Corrected Collateral Error”), and such Underwriter failed to notify such person thereof or to deliver such person
corrected Computational Materials, Collateral Term Sheets and/or ABS Term Sheets, as applicable. This indemnity agreement will be in
addition to any liability which the Company may otherwise have.
(b) Each Underwriter severally agrees to indemnify and hold harmless the Company, its directors and its
officers who sign the Registration Statement, and each person who controls the Company within the meaning of either the Act or the
Exchange Act, to the same extent as the foregoing indemnity from the Company to each Underwriter, but only with reference to (A)
written information relating to such Underwriter furnished to the Company by or on behalf of such Underwriter through the
Representative specifically for use in the preparation of the documents referred to in the foregoing indemnity, or (B) any
Computational Materials, Collateral Term Sheets or ABS Term Sheets furnished to the Company by any Underwriter pursuant to Section 10
and incorporated by reference in the Registration Statement or the Prospectus (except that no such indemnity shall be available for
any losses, claims, damages or liabilities, or actions in respect thereof resulting from any Collateral Error, other than a Corrected
Collateral Error). This indemnity agreement will be in addition to any liability which the Underwriter may otherwise have. The
Company acknowledges that the statements set forth in (i) the first sentence of the last paragraph on the front cover of the
Prospectus and (ii) in the first sentence of the second and third paragraphs under the heading “Method of Distribution” in the
Prospectus constitute the only information furnished in writing by or on behalf of the several Underwriters for inclusion in the
documents referred to in the foregoing indemnity (other than any Computational Materials, Collateral Term Sheets or ABS Term Sheets
furnished to the Company by any Underwriter), and you, as the Representative, confirm that such statements are correct.
(c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any
action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8,
notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party will not
relieve it from any liability which it may have to any indemnified party otherwise than under this Section 8. In case any such
action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein, and, to the extent that it may elect by written notice delivered to the indemnified
party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party; provided, however, that if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different from or additional to those available to the
indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assert such legal defenses
and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice
from the indemnifying party to such indemnified party of its election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 8 for any legal
or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified
party shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the
next preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than
one separate counsel (exclusive of any local counsel), approved by the Representative in the case of subparagraph (a), representing
the indemnified parties under subparagraph (a) who are parties to such action), (ii) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of
commencement of the action or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the
expense of the indemnifying party; and except that if clause (i) or (iii) is applicable, such liability shall be only in respect of
the counsel referred to in such clause (i) or (iii).
(d) To provide for just and equitable contribution in circumstances in which the indemnification provided for
in paragraph (a) or (b) of this Section 8 is due in accordance with its terms but is for any reason held by a court to be unavailable
from the Company or the Underwriters on the grounds of policy or otherwise, the Company and the Underwriters shall contribute to the
aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with
investigating or defending same) to which the Company and one or more of the Underwriters may be subject, as follows:
(i) in the case of any losses, claims, damages and liabilities (or actions in respect thereof) which
do not arise out of or are not based upon any untrue statement or omission of a material fact in any Computational
Materials, Collateral Term Sheets or ABS Term Sheets, in such proportion so that the Underwriters are responsible
for that portion represented by the percentage that the underwriting compensation received by them bears to the sum
of such underwriting compensation and the purchase price of the Securities specified in Schedule II hereto and the
Company is responsible for the balance; provided, however, that in no case shall any Underwriter (except as may be
provided in any agreement among underwriters relating to the offering of the Securities) be responsible under this
subparagraph (i) for any amount in excess of the underwriting compensation applicable to the Securities purchased by
such Underwriter hereunder; and
(ii) in the case of any losses, claims, damages and liabilities (or actions in respect thereof) which
arise out of or are based upon any untrue statement or omission of a material fact in any Computational Materials,
Collateral Term Sheets or ABS Term Sheets, in such proportion as is appropriate to reflect the relative fault of the
Company on the one hand and the Underwriters on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact in such Computational Materials, Collateral Term Sheets or ABS Term Sheets results from information
prepared by the Company on the one hand or the Underwriters on the other and that party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.
Notwithstanding anything to the contrary in this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 8, each person who controls an Underwriter within the meaning of either the Act or
the Exchange Act shall have the same rights to contribution as such Underwriter, and each person who controls the Company within the
meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each
director of the Company shall have the same rights to contribution as the Company, subject in each case to the preceding sentence of
this paragraph (d). Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or
proceeding against such party in respect of which a claim for contribution may be made against another party or parties under this
paragraph (d), notify such party or parties from whom contribution may be sought, but the omission to so notify such party or parties
shall not relieve the party or parties from whom contribution may be sought from any other obligation it or they may have hereunder
or otherwise than under this paragraph (d).
9. Default by One or More of the Underwriters. If any one or more Underwriters shall fail to purchase and pay
for any of the Securities agreed to be purchased by such Underwriter or Underwriters hereunder (the “Defaulted Securities”) and such
failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the
Representative shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting
Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may
be agreed upon and upon the terms herein set forth; if, however, the Representative shall not have completed such arrangements within
such 24-hour period, then the remaining Underwriters shall be obligated severally to take up and pay for (in the respective
proportions which the amount of Securities set forth opposite their names in Schedule II hereto bear to the aggregate amount of
Securities set forth opposite the names of all the remaining Underwriters) the Securities which the defaulting Underwriter or
Underwriters agreed but failed to purchase; provided, however, that in the event that the aggregate amount of Securities which the
defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate amount of Securities set forth
in Schedule II hereto, the remaining Underwriters shall have the right to purchase all, but shall not be under any obligation to
purchase any, of the Securities, and if such nondefaulting Underwriters do not purchase all the Securities, this Agreement will
terminate without liability to any nondefaulting Underwriter or the Company. In the event of a default by any Underwriter as set
forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Representative shall
determine in order that the required changes in the Registration Statement and the Prospectus or in any other documents or
arrangements may be effected. No action taken pursuant to this Section 9 shall relieve any defaulting Underwriter from its liability
in respect of its default.
10. Computational Materials and ABS Term Sheets.
(a) Not later than 10:30 a.m., New York City time, on a date no later than four business days before delivery
of the Prospectus to the Underwriters, the Underwriters shall deliver to the Company five complete copies of all materials provided
by the Underwriters to prospective investors in the Securities which constitute either (i) “Computational Materials” within the
meaning of the no-action letter dated May 20, 1994 issued by the Division of Corporation Finance of the Commission to ▇▇▇▇▇▇, ▇▇▇▇▇▇▇
Acceptance Corporation I, ▇▇▇▇▇▇, Peabody & Co. Incorporated, and ▇▇▇▇▇▇ Structured Asset Corporation and the no-action letter dated
May 27, 1994 issued by the Division of Corporation Finance of the Commission to the Public Securities Association (together, the
“▇▇▇▇▇▇ Letters”) or (ii) “ABS Term Sheets” within the meaning of the no-action letter dated February 17, 1995 issued by the Division
of Corporation Finance of the Commission to the Public Securities Association (the “PSA Letter” and together with the ▇▇▇▇▇▇ Letters,
the “No-Action Letters”), if the filing of such materials with the Commission is a condition of the relief granted in such letters.
In the case of any such materials that constitute “Collateral Term Sheets” within the meaning of the PSA Letter, if such Collateral
Term Sheets have not previously been delivered to the Company as contemplated by Section 10(b)(i) below, five complete copies of such
Collateral Term Sheets shall be delivered by the Underwriters to the Company no later than 10:30 a.m., New York City time, on the
first business day following the date on which such Collateral Term Sheets were initially provided to a potential investor. Each
delivery of Computational Materials, Collateral Term Sheets and/or ABS Term Sheets to the Company pursuant to this paragraph (a)
shall be effected by delivering four copies of such materials to counsel for the Company on behalf of the Company at the address
specified in Section 13 hereof and one copy of such materials to the Company.
(b) The Underwriters represent and warrant to and agree with the Company, as of the date hereof and as of the
Closing Date, that:
(i) if an Underwriter has provided any Collateral Term Sheets to potential investors in the Securities
prior to the date hereof and if the filing of such materials with the Commission is a condition of the relief
granted in the PSA Letter, then in each such case such Underwriter delivered four copies of such materials to
counsel for the Company on behalf of the Company at the address specified in Section 13 hereof and one copy of such
materials to the Company no later than 10:30 a.m., New York City time, on the first business day following the date
on which such materials were initially provided to a potential investor;
(ii) the Computational Materials (either in original, aggregated or consolidated form), Collateral Term
Sheets and ABS Term Sheets furnished to the Company pursuant to Section 10(a) or as contemplated in Section 10(b)(i)
constitute all of the materials furnished to prospective investors by the Underwriters (whether in written,
electronic or other format) prior to the time of delivery thereof to the Company with respect to the Securities in
accordance with the No-Action Letters, and such Computational Materials, Collateral Term Sheets and ABS Term Sheets
comply with the requirements of the No-Action Letters;
(iii) except as resulting directly from any Collateral Error, on the respective dates any such
Computational Materials, Collateral Term Sheets and/or ABS Term Sheets with respect to the Securities were last
furnished to each prospective investor and on the date of delivery thereof to the Company pursuant to this Section
10 and on the Closing Date, such Computational Materials, Collateral Term Sheets and/or ABS Term Sheets did not and
will not include any untrue statement of a material fact, or, when read in conjunction with the Prospectus, omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(iv) all Computational Materials, Collateral Term Sheets and ABS Term Sheets contained and will contain
a legend, prominently displayed on the first page thereof, to the effect that the Company has not prepared, reviewed
or participated in the preparation of such Computational Materials, Collateral Term Sheets or ABS Term Sheets, is
not responsible for the accuracy thereof and has not authorized the dissemination thereof;
(v) all Collateral Term Sheets with respect to the Securities furnished to potential investors
contained and will contain a legend, prominently displayed on the first page thereof, indicating that the
information contained therein will be superseded by the description of the Mortgage Loans contained in the
Prospectus and, except in the case of the initial Collateral Term Sheet, that such information supersedes the
information in all prior Collateral Term Sheets; and
(vi) on and after the date hereof, the Underwriters shall not deliver or authorize the delivery of any
Computational Materials, Collateral Term Sheets, ABS Term Sheets or other materials relating to the Securities
(whether in written, electronic or other format) to any potential investor unless such potential investor has
received a Prospectus prior to or at the same time as the delivery of such Computational Materials, Collateral Term
Sheets, ABS Term Sheets or other materials.
Notwithstanding the foregoing, the Underwriters make no representation or warranty as to whether any Computational Materials,
Collateral Term Sheets or ABS Term Sheets included or will include any untrue statement resulting directly from any Collateral Error
(except any Corrected Collateral Error, with respect to materials prepared after the receipt by the Underwriter from the Company of
notice of such Corrected Collateral Error or materials superseding or correcting such Collateral Error).
(c) The Underwriters acknowledge and agree that the Company has not authorized and will not authorize the
distribution of any Computational Materials, Collateral Term Sheets or ABS Term Sheets to any prospective investor, and agree that
any Computational Materials, Collateral Term Sheets or ABS Term Sheets with respect to the Securities furnished to prospective
investors shall include a disclaimer in the form set forth in paragraph (b)(v) above. The Underwriters agree that they will not
represent to investors that any Computational Materials, Collateral Term Sheets and/or ABS Term Sheets were prepared or disseminated
on behalf of the Company.
(d) If, at any time when a prospectus relating to the Securities is required to be delivered under the Act, it
shall be necessary to amend or supplement the Prospectus as a result of an untrue statement of a material fact contained in any
Computational Materials, Collateral Term Sheets or ABS Term Sheets provided by the Underwriters pursuant to this Section 10 or the
omission to state therein a material fact required, when considered in conjunction with the Prospectus, to be stated therein or
necessary to make the statements therein, when read in conjunction with the Prospectus, not misleading, or if it shall be necessary
to amend or supplement any Current Report to comply with the Act or the rules thereunder, the Underwriters, at their expense,
promptly will prepare and furnish to the Company for filing with the Commission an amendment or supplement which will correct such
statement or omission or an amendment which will effect such compliance. The Underwriters represent and warrant to the Company, as
of the date of delivery of such amendment or supplement to the Company, that such amendment or supplement will not include any untrue
statement of a material fact or, when read in conjunction with the Prospectus, omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading. The Company shall have no obligation to file such amendment or
supplement if the Company determines that (i) such amendment or supplement contains any untrue statement of a material fact or, when
read in conjunction with the Prospectus, omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; it being understood, however, that the Company shall have no obligation to review or pass upon the
accuracy or adequacy of, or to correct, any such amendment or supplement provided by the Underwriters to the Company pursuant to this
paragraph (d) or (ii) such filing is not required under the Act.
(e) Each Underwriter (at its own expense) further agrees to provide to the Company any accountants’ letters
obtained relating to the Computational Materials, Collateral Term Sheets and/or ABS Term Sheets, which accountants’ letters shall be
addressed to the Company or shall state that the Company may rely thereon; provided that the Underwriters shall have no obligation to
procure such letter.
11. Termination. This Agreement shall be subject to termination in the absolute discretion of the
Representative, by notice given to the Company prior to delivery of and payment for the Securities, if prior to such time (i) trading
in securities generally on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been
established on such Exchange, (ii) a banking moratorium shall have been declared by Federal authorities or (iii) there shall have
occurred any outbreak or material escalation of hostilities or other calamity or crisis the effect of which on the financial markets
of the United States is such as to make it, in the reasonable judgment of the Representative, impracticable to market the Securities.
12. Representations and Indemnities to Survive. The respective agreements, representations, warranties,
indemnities and other statements of the Company or its officers and of the Underwriters set forth in or made pursuant to this
Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the
Company or any of the officers, directors or controlling persons referred to in Section 8 hereof, and will survive delivery of and
payment for the Securities. The provisions of Sections 7 and 8 hereof and this Section 12 shall survive the termination or
cancellation of this Agreement.
13. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to
the Representative, will be mailed, delivered or telegraphed and confirmed to them, at the address specified in Schedule I hereto or,
if sent to the Company, will be mailed, delivered or telegraphed and confirmed to it at , Attention: .
14. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors and the officers and directors and controlling persons referred to in Section 8 hereof, and no other person
will have any right or obligation hereunder.
15. Applicable 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, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAW (BUT WITH REFERENCE TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH BY ITS
TERMS APPLIES TO THIS AGREEMENT).
16. Miscellaneous.
(a) This Agreement supersedes all prior or contemporaneous agreements and understandings relating to the
subject matter hereof.
(b) Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated except by a
writing signed by the party against whom enforcement of such change, waiver, discharge or termination is sought.
(c) This Agreement may be signed in any number of counterparts each of which shall be deemed an original, which
taken together shall constitute one and the same instrument.
(d) The headings of the Sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed a part of this Agreement.
If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the
enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Company and the
Underwriter.
Very truly yours,
WACHOVIA ASSET FUNDING TRUST, LLC
By: __________________________________
Name:
Title:
The foregoing Agreement is hereby
confirmed and accepted as of the
date specified in Schedule I hereto.
[NAME OF LEAD UNDERWRITER]
By: __________________________
Name:
Title:
For itself and as the authorized
Representative of other Underwriters
named in Schedule II hereto.
SCHEDULE I
Underwriting Agreement dated , 200
Registration Statement No. 333-
Representative: [Name of Lead Underwriter]
Title: Pass-Through Certificates, Series 200 -
Purchase Price and Description of the Securities:
Principal Pass-Through Form of Required Rating
Certificates Balance Rate Certificates
[_____] [_____]
Depositories for Book-Entry Certificates: The Depository Trust Company; Clearstream Banking; Euroclear System
Closing Date, Time and Location: , 200 a.m., New York City time, Office of [▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP,
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇]
SCHEDULE II
Securities
Principal
Amount of % of Class % of Class % of Class
Underwriter % of Securities Purchase Price**
Total Purchased* Certificates Certificates Certificates
% $ $ % % %
% $ $ % % %
% $ $ % % %
Total...................... 100% $ $ 100% 100% 100%
____________________________________________________________________________________________________________________________________
* Subject to final Class sizes.
** As a percentage of the Principal Amount of Securities Purchased.