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    EXHIBIT
      4.1

     

    
      

      

    

     

    RENAISSANCE
      HOME EQUITY LOAN TRUST 2007-2

     

    Issuer

     

    

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

     

    Indenture
      Trustee

     

    and

     

    

     

    WELLS
      FARGO BANK, N.A.

     

    Securities
      Administrator

     

     

    _____________________________

     

    INDENTURE

     

    Dated
      as
      of June 18, 2007

     

    _____________________________

     

    HOME
      EQUITY LOAN ASSET-BACKED NOTES, SERIES 2007-2

     

    ________________

     

     

    
      

      

    

     

    TABLE
      OF CONTENTS

     

    Section

     

    
      
        	
                ARTICLE
                  I 

              
	 	 
	
                DEFINITIONS 

              
	 	 
	
                Section
                  1.01.

              	
                Definitions

              
	
                Section
                  1.02.

              	
                Incorporation
                  by Reference of Trust Indenture Act

              
	
                Section
                  1.03.

              	
                Rules
                  of Construction

              
	 	 
	
                ARTICLE
                  II 

              
	 	 
	
                ORIGINAL
                  ISSUANCE OF THE NOTES 

              
	 	 
	
                Section
                  2.01.

              	
                Form

              
	
                Section
                  2.02.

              	
                Execution,
                  Authentication and Delivery

              
	
                Section
                  2.03.

              	
                Acceptance
                  of Mortgage Loans by Indenture Trustee.

              
	
                Section
                  2.04.

              	
                Acceptance
                  of the Interest Rate Swap Agreement by Owner Trustee

              
	 	 
	
                ARTICLE
                  III 

              
	 	 
	
                COVENANTS 

              
	 	 
	
                Section
                  3.01.

              	
                Collection
                  of Payments with respect to the Mortgage Loans; Investment of
                  Accounts.

              
	
                Section
                  3.02.

              	
                Maintenance
                  of Office or Agency

              
	
                Section
                  3.03.

              	
                Money
                  for Payments To Be Held in Trust; Paying Agent

              
	
                Section
                  3.04.

              	
                Existence

              
	
                Section
                  3.05.

              	
                Payment
                  of Principal and Interest.

              
	
                Section
                  3.06.

              	
                Protection
                  of Collateral.

              
	
                Section
                  3.07.

              	
                Opinions
                  as to Collateral.

              
	
                Section
                  3.08.

              	
                Performance
                  of Obligations.

              
	
                Section
                  3.09.

              	
                Negative
                  Covenants

              
	
                Section
                  3.10.

              	
                [Reserved.]

              
	
                Section
                  3.11.

              	
                [Reserved.]

              
	
                Section
                  3.12.

              	
                Representations
                  and Warranties Concerning the Mortgage Loans

              
	
                Section
                  3.13.

              	
                Amendments
                  to Servicing Agreement

              
	
                Section
                  3.14.

              	
                Servicer
                  as Agent and Bailee of the Indenture Trustee

              
	
                Section
                  3.15.

              	
                Investment
                  Company Act

              
	
                Section
                  3.16.

              	
                Issuer
                  May Consolidate, etc.

              
	
                Section
                  3.17.

              	
                Successor
                  or Transferee.

              
	
                Section
                  3.18.

              	
                No
                  Other Business

              
	
                Section
                  3.19.

              	
                No
                  Borrowing

              
	
                Section
                  3.20.

              	
                Guarantees,
                  Loans, Advances and Other Liabilities

              
	
                Section
                  3.21.

              	
                Capital
                  Expenditures

              
	
                Section
                  3.22.

              	
                [Reserved].

              
	
                Section
                  3.23.

              	
                Restricted
                  Payments

              
	
                Section
                  3.24.

              	
                Notice
                  of Events of Default

              
	
                Section
                  3.25.

              	
                Further
                  Instruments and Acts

              
	
                Section
                  3.26.

              	
                Statements
                  to Noteholders

              
	
                Section
                  3.27.

              	
                [Reserved].

              
	
                Section
                  3.28.

              	
                Certain
                  Representations Regarding the Trust.

              
	
                Section
                  3.29.

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  3.30.

              	
                [Reserved].

              
	
                Section
                  3.31.

              	
                [Reserved]

              
	
                Section
                  3.32.

              	
                [Reserved]

              
	 	 
	
                ARTICLE
                  IV 

              
	 	 
	
                THE
                  NOTES; SATISFACTION AND DISCHARGE OF INDENTURE 

              
	 	 
	
                Section
                  4.01.

              	
                The
                  Notes

              
	
                Section
                  4.02.

              	
                Registration
                  of and Limitations on Transfer and Exchange of Notes; Appointment
                  of Note
                  Registrar and Certificate.

              
	
                Section
                  4.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Notes

              
	
                Section
                  4.04.

              	
                Persons
                  Deemed Owners

              
	
                Section
                  4.05.

              	
                Cancellation

              
	
                Section
                  4.06.

              	
                Book-Entry
                  Notes.

              
	
                Section
                  4.07.

              	
                Notices
                  to Depository

              
	
                Section
                  4.08.

              	
                Definitive
                  Notes

              
	
                Section
                  4.09.

              	
                Tax
                  Treatment

              
	
                Section
                  4.10.

              	
                Satisfaction
                  and Discharge of Indenture

              
	
                Section
                  4.11.

              	
                Application
                  of Trust Money

              
	
                Section
                  4.12.

              	
                Derivative
                  Contracts for Benefit of the Certificates

              
	
                Section
                  4.13.

              	
                Repayment
                  of Monies Held by Paying Agent

              
	
                Section
                  4.14.

              	
                Temporary
                  Notes

              
	
                Section
                  4.15.

              	
                Representation
                  Regarding ERISA

              
	
                Section
                  4.16.

              	
                Transfer
                  Restrictions for Class N Notes.

              
	 	 
	
                ARTICLE
                  V 

              
	 	 
	
                DEFAULT
                  AND REMEDIES 

              
	 	 
	
                Section
                  5.01.

              	
                Events
                  of Default

              
	
                Section
                  5.02.

              	
                Acceleration
                  of Maturity; Rescission and Annulment

              
	
                Section
                  5.03.

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee.

              
	
                Section
                  5.04.

              	
                Remedies;
                  Priorities.

              
	
                Section
                  5.05.

              	
                Optional
                  Preservation of the Collateral

              
	
                Section
                  5.06.

              	
                Limitation
                  of Suits

              
	
                Section
                  5.07.

              	
                Unconditional
                  Rights of Noteholders To Receive Principal and
                  Interest.

              
	
                Section
                  5.08.

              	
                Restoration
                  of Rights and Remedies

              
	
                Section
                  5.09.

              	
                Rights
                  and Remedies Cumulative

              
	
                Section
                  5.10.

              	
                Delay
                  or Omission Not a Waiver

              
	
                Section
                  5.11.

              	
                Control
                  By Noteholders

              
	
                Section
                  5.12.

              	
                Waiver
                  of Past Defaults

              
	
                Section
                  5.13.

              	
                Undertaking
                  for Costs

              
	
                Section
                  5.14.

              	
                Waiver
                  of Stay or Extension Laws

              
	
                Section
                  5.15.

              	
                Sale
                  of Trust.

              
	
                Section
                  5.16.

              	
                Action
                  on Notes

              
	
                Section
                  5.17.

              	
                Performance
                  and Enforcement of Certain Obligations.

              
	 	 
	
                ARTICLE
                  VI 

              
	 	 
	
                THE
                  INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR 

              
	 	 
	
                Section
                  6.01.

              	
                Duties
                  of Indenture Trustee and the Securities Administrator.

              
	
                Section
                  6.02.

              	
                Rights
                  of Indenture Trustee and Securities Administrator.

              
	
                Section
                  6.03.

              	
                Individual
                  Rights of Indenture Trustee and Securities
                  Administrator

              
	
                Section
                  6.04.

              	
                Indenture
                  Trustee’s and Securities Administrator’s Disclaimer

              
	
                Section
                  6.05.

              	
                Notice
                  of Event of Default

              
	
                Section
                  6.06.

              	
                Reports
                  by Securities Administrator to Holders and Tax
                  Administration.

              
	
                Section
                  6.07.

              	
                Compensation
                  and Indemnity

              
	
                Section
                  6.08.

              	
                Replacement
                  of Indenture Trustee or Securities Administrator

              
	
                Section
                  6.09.

              	
                Successor
                  Indenture Trustee or Securities Administrator by Merger

              
	
                Section
                  6.10.

              	
                Appointment
                  of Co-Indenture Trustee or Separate Indenture Trustee.

              
	
                Section
                  6.11.

              	
                Eligibility;
                  Disqualification

              
	
                Section
                  6.12.

              	
                Preferential
                  Collection of Claims Against Issuer

              
	
                Section
                  6.13.

              	
                Representations
                  and Warranties

              
	
                Section
                  6.14.

              	
                Directions
                  to Indenture Trustee and Securities Administrator

              
	
                Section
                  6.15.

              	
                The
                  Agents

              
	 	 
	
                ARTICLE
                  VII 

              
	 	 
	
                NOTEHOLDERS’
                  LISTS AND REPORTS 

              
	 	 
	
                Section
                  7.01.

              	
                Issuer
                  To Furnish Securities Administrator Names and Addresses of
                  Noteholders.

              
	
                Section
                  7.02.

              	
                Preservation
                  of Information; Communications to Noteholders.

              
	
                Section
                  7.03.

              	
                Reports
                  of Issuer.

              
	
                Section
                  7.04.

              	
                Reports
                  by Securities Administrator

              
	
                Section
                  7.05.

              	
                Statements
                  to Noteholders.

              
	 
	
                ARTICLE
                  VIII 

              
	 	 
	
                ACCOUNTS,
                  DISBURSEMENTS AND RELEASES 

              
	 
	
                Section
                  8.01.

              	
                Collection
                  of Money

              
	
                Section
                  8.02.

              	
                Trust
                  Accounts.

              
	
                Section
                  8.03.

              	
                Officer’s
                  Certificate

              
	
                Section
                  8.04.

              	
                Termination
                  Upon Payment to Noteholders

              
	
                Section
                  8.05.

              	
                Release
                  of Collateral.

              
	
                Section
                  8.06.

              	
                Surrender
                  of Notes Upon Final Payment

              
	
                Section
                  8.07.

              	
                Optional
                  Redemption of the Notes.

              
	 	 
	
                ARTICLE
                  IX 

              
	 	 
	
                SUPPLEMENTAL
                  INDENTURES 

              
	 	 
	
                Section
                  9.01.

              	
                Supplemental
                  Indentures Without Consent of Noteholders.

              
	
                Section
                  9.02.

              	
                Supplemental
                  Indentures With Consent of Noteholders

              
	
                Section
                  9.03.

              	
                Execution
                  of Supplemental Indentures

              
	
                Section
                  9.04.

              	
                Effect
                  of Supplemental Indenture

              
	
                Section
                  9.05.

              	
                Conformity
                  with Trust Indenture Act

              
	
                Section
                  9.06.

              	
                Reference
                  in Notes to Supplemental Indentures

              
	 	 
	
                ARTICLE
                  X 

              
	 	 
	
                MISCELLANEOUS 

              
	 	 
	
                Section
                  10.01.

              	
                Compliance
                  Certificates and Opinions, etc.

              
	
                Section
                  10.02.

              	
                Form
                  of Documents Delivered to Indenture Trustee

              
	
                Section
                  10.03.

              	
                Acts
                  of Noteholders.

              
	
                Section
                  10.04.

              	
                Notices
                  etc., to Indenture Trustee, Securities Administrator, Issuer and
                  Rating
                  Agencies.

              
	
                Section
                  10.05.

              	
                Notices
                  to Noteholders; Waiver

              
	
                Section
                  10.06.

              	
                Conflict
                  with Trust Indenture Act

              
	
                Section
                  10.07.

              	
                Effect
                  of Headings

              
	
                Section
                  10.08.

              	
                Successors
                  and Assigns

              
	
                Section
                  10.09.

              	
                Separability

              
	
                Section
                  10.10.

              	
                [Reserved.]

              
	
                Section
                  10.11.

              	
                Legal
                  Holidays

              
	
                Section
                  10.12.

              	
                GOVERNING
                  LAW

              
	
                Section
                  10.13.

              	
                Counterparts

              
	
                Section
                  10.14.

              	
                Recording
                  of Indenture

              
	
                Section
                  10.15.

              	
                Issuer
                  Obligation

              
	
                Section
                  10.16.

              	
                No
                  Petition

              
	
                Section
                  10.17.

              	
                Inspection

              
	
                Section
                  10.18.

              	
                No
                  Recourse to Owner Trustee

              
	
                Section
                  10.19.

              	
                Proofs
                  of Claim

              

      

    EXHIBITS

     

    
      
        	
                Exhibit
                  A-1

              	
                Form
                  of Offered Notes

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class N Notes

              
	
                Exhibit
                  B

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  C-2

              	
                Form
                  of Final Certification

              
	
                Exhibit

                  D

              	
                Interest
                  Rate Swap Agreement

              
	
                Exhibit
                  E

              	
                Form
                  of Custodial Agreement

              
	
                Exhibit
                  F-1

              	
                Form
                  of Transferor Certificate for Transfers of Class N
                  Notes

              
	
                Exhibit
                  F-2

              	
                Form
                  of Transferee Certificate for Transfers of the Class N
                  Notes

              
	
              	
                (Including
                  ERISA Certification)

              
	
                Exhibit
                  G-1

              	
                Form
                  of Transfer Certificate for Transfer from Restricted Global Security
                  to
                  Regulation S Global Security

              
	
                Exhibit
                  G-2

              	
                Form
                  of Transfer Certificate for Transfer from Regulation S Global Security
                  to
                  Restricted Global Security

              
	 	 
	
                Appendix
                  A

              	
                Definitions

              

      

    

     

    This
      Indenture, dated as of June 18, 2007, is entered into among Renaissance Home
      Equity Loan Trust 2007-2, a Delaware statutory trust, as Issuer (the “Issuer”),
      HSBC Bank USA, National Association, a national banking association, as
      Indenture Trustee (the “Indenture Trustee”) and Wells Fargo Bank, N.A., a
      national banking association, as Securities Administrator (the “Securities
      Administrator”).

     

    WITNESSETH
      THAT:

     

    Each
      party hereto agrees as follows for the benefit of the other party and for the
      equal and ratable benefit of the Holders of the Issuer’s Home Equity Loan
      Asset-Backed Notes, Series 2007-2 (the “Notes”).

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee at the Closing Date, as trustee
      for the benefit of the Holders of the Notes, all of the Issuer’s right, title
      and interest in and to whether now existing or hereafter created by (a) the
      Mortgage Loans, Eligible Substitute Mortgage Loans and the proceeds thereof
      and
      all rights under the Related Documents; (b) all funds on deposit from time
      to
      time in the Collection Account allocable to the Mortgage Loans excluding any
      investment income from such funds; (c) all funds on deposit from time to time
      in
      the Payment Account and in all proceeds thereof; (d) all rights under (i) the
      Mortgage Loan Sale and Contribution Agreement as assigned to the Issuer, (ii)
      the Servicing Agreement, (iii) any title, hazard and primary insurance policies
      with respect to the Mortgaged Properties and (iv) the rights with respect to
      the
      Interest Rate Swap Agreement and (e) all present and future claims, demands,
      causes and choses in action in respect of any or all of the foregoing and all
      payments on or under, and all proceeds of every kind and nature whatsoever
      in
      respect of, any or all of the foregoing and all payments on or under, and all
      proceeds of every kind and nature whatsoever in the conversion thereof,
      voluntary or involuntary, into cash or other liquid property, all cash proceeds,
      accounts, accounts receivable, notes, drafts, acceptances, checks, deposit
      accounts, rights to payment of any and every kind, and other forms of
      obligations and receivables, instruments and other property which at any time
      constitute all or part of or are included in the proceeds of any of the
      foregoing (collectively, the “Collateral”).

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and
      interest on, and any other amounts owing in respect of, the Notes, equally
      and
      ratably without prejudice, priority or distinction, and to secure compliance
      with the provisions of this Indenture, all as provided in this
      Indenture.

     

    The
      Indenture Trustee, as trustee on behalf of the Holders of the Notes,
      acknowledges such Grant, accepts the trust under this Indenture in accordance
      with the provisions hereof and agrees to perform its duties as Indenture Trustee
      as required herein.

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.  Definitions.  For
      all purposes of this Indenture, except as otherwise expressly provided herein
      or
      unless the context otherwise requires, capitalized terms not otherwise defined
      herein shall have the meanings assigned to such terms in the Definitions
      attached hereto as Appendix A which is incorporated by reference
      herein.  All other capitalized terms used herein shall have the
      meanings specified herein.

     

    Section
      1.02.  Incorporation
      by Reference of Trust Indenture Act.  Whenever this Indenture
      refers to a provision of the Trust Indenture Act (the “TIA”), the provision is
      incorporated by reference in and made a part of this Indenture. The following
      TIA terms used in this Indenture have the following meanings:

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuer and any other obligor on the
      indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rules and have the
      meanings assigned to them by such definitions.

     

    
      	
              Section
                1.03.  

            	
              Rules
                of Construction.  Unless the context otherwise
                requires:

            

    

     

    (i)           a
      term has the meaning assigned to it;

     

    (ii)           an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii)           “or”
      is not exclusive;

     

    (iv)           “including”
      means including without limitation;

     

    (v)           words
      in the singular include the plural and words in the plural include the singular;
      and

     

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

     

    ARTICLE
      II

     

    ORIGINAL
      ISSUANCE OF THE NOTES

     

    Section
      2.01.  Form.  The
      Notes, together with the Securities Administrator’s certificate of
      authentication, shall be in substantially the form set forth in Exhibit A-1
      and
      Exhibit A-2 to this Indenture, respectively, with such appropriate insertions,
      omissions, substitutions and other variations as are required or permitted
      by
      this Indenture.

     

    The
      Notes
      shall be typewritten, printed, lithographed or engraved or produced by any
      combination of these methods (with or without steel engraved
      borders).

     

    The
      terms
      of the Notes set forth in Exhibit A-1 and Exhibit A-2 to this Indenture are
      part
      of the terms of this Indenture.  To the extent the Notes and the terms
      of the Indenture are inconsistent, the terms of the Indenture shall
      control.

     

    Section
      2.02.  Execution,
      Authentication and Delivery.  The Notes shall be executed on
      behalf of the Issuer by any of its Authorized Officers.  The signature
      of any such Authorized Officer on the Notes may be manual or
      facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Notes or did not hold such offices at the
      date of such Notes.

     

    The
      Securities Administrator shall upon Issuer Request authenticate and deliver
      the
      Notes for original issue in an aggregate initial principal amount of
      $845,450,000.  The Notes shall have the following Initial Note
      Balances:

     

    
      	
              Class
                AV-1

            	
              $22,965,000.00

            
	
              Class
                AV-2

            	
              $15,631,000.00

            
	
              Class
                AV-3

            	
              $11,404,000.00

            
	
              Class
                AF-1

            	
              $263,200,000.00

            
	
              Class
                AF-2

            	
              $53,300,000.00

            
	
              Class
                AF-3

            	
              $153,200,000.00

            
	
              Class
                AF-4

            	
              $42,400,000.00

            
	
              Class
                AF-5

            	
              $74,975,000.00

            
	
              Class
                AF-6

            	
              $51,000,000.00

            
	
              Class
                M-1

            	
              $32,725,000.00

            
	
              Class
                M-2

            	
              $23,800,000.00

            
	
              Class
                M-3

            	
              $14,025,000.00

            
	
              Class
                M-4

            	
              $13,175,000.00

            
	
              Class
                M-5

            	
              $11,475,000.00

            
	
              Class
                M-6

            	
              $9,775,000.00

            
	
              Class
                M-7

            	
              $9,775,000.00

            
	
              Class
                M-8

            	
              $7,225,000.00

            
	
              Class
                M-9

            	
              $8,500,000.00

            
	
              Class
                N

            	
              $26,600,000.00

            

    

    

    Each
      of
      the Notes shall be dated the date of its authentication.  The Notes
      shall be issuable as registered Notes and the Notes shall be issuable in the
      minimum initial Note Balances of $25,000 and in integral multiples of $1 in
      excess thereof; provided that Offered Notes must be purchased in minimum total
      investments of $100,000 per Class.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Securities Administrator by the manual signature of one of its authorized
      signatories, and such certificate upon any Note shall be conclusive evidence,
      and the only evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    
      	
              Section
                2.03.  

            	
              Acceptance
                of Mortgage Loans by Indenture
                Trustee.

            

    

     

    (a)  The
      Indenture Trustee acknowledges receipt of, subject to the exceptions it notes
      pursuant to the procedures described below, the documents (or certified copies
      thereof) referred to in Section 2.1(b) of the Mortgage Loan Sale and
      Contribution Agreement, and declares that it or the Custodian holds and will
      continue to hold those documents and any amendments, replacements or supplements
      thereto and all other assets of the Trust as Indenture Trustee in trust for
      the
      use and benefit of all present and future Holders of the Notes.

     

    On
      the
      Closing Date or no later than the 45th day following
      the
      Closing Date, the Indenture Trustee or the Custodian on behalf of the Indenture
      Trustee shall certify to the Seller, the Depositor and the Servicer (and the
      Indenture Trustee if the Custodian is so certifying) that it has reviewed each
      Mortgage File and that, as to each Mortgage Loan listed in the related Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
      specifically identified in the certification in the form annexed hereto as
      Exhibit C-1 as not covered by such certification), (i) all documents
      constituting part of such Mortgage File required to be delivered to it pursuant
      to paragraphs (i) - (v) and (vii) of Section 2.1(b) of the Mortgage Loan Sale
      and Contribution Agreement are in its possession, (ii) such documents have
      been
      reviewed by it and appear regular on their face and relate to such Mortgage
      Loan, (iii) based on its examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule which corresponds to items
      (ii) and (iii) of the definition of “Mortgage Loan Schedule” accurately reflects
      information set forth in the Mortgage File.  If within such 45-day
      period the Indenture Trustee or the Custodian on behalf of the Indenture Trustee
      finds any document constituting a part of a Mortgage File not to have been
      executed or received or to be unrelated to the Mortgage Loans identified in
      said
      Mortgage Loan Schedule or, if in the course of its review, the Indenture Trustee
      or the Custodian on behalf of the Indenture Trustee determines that such
      Mortgage File is otherwise defective in any material respect, the Indenture
      Trustee or the Custodian on behalf of the Indenture Trustee shall promptly
      upon
      the conclusion of its review notify the Seller in the form of an exception
      report and the Seller shall have a period of ninety (90) days after such notice
      within which to correct or cure any such defect.

     

    On
      the
      360th day
      following the Closing Date, the Indenture Trustee or the Custodian on behalf
      of
      the Indenture Trustee shall deliver to the Seller and the Servicer an exception
      report showing the documents outstanding pursuant to Section 2.1(b) of the
      Mortgage Loan Sale and Contribution Agreement along with a final certification
      annexed hereto as Exhibit C-2 updated from the previous certification issued
      in
      the form of Exhibit C-1.  The Indenture Trustee or the Custodian on
      behalf of the Indenture Trustee shall also maintain records adequate to
      determine the date on which any document required to be delivered to it after
      such 360th day
      following the Closing Date must be delivered to it, and on each such date,
      the
      Indenture Trustee or the Custodian on behalf of the Indenture Trustee shall
      review the related Mortgage File to determine whether such document has, in
      fact, been delivered.  After the delivery of the final certification,
      a form of which is attached hereto as Exhibit C-2, (i) the Indenture Trustee
      or
      the Custodian on behalf of the Indenture Trustee shall provide to the Servicer
      and the Seller (and to the Indenture Trustee if delivered by the Custodian),
      no
      less frequently than monthly, updated exception reports showing the documents
      outstanding pursuant to Section 2.1(b) of the Mortgage Loan Sale and
      Contribution Agreement until all such exceptions have been eliminated and (ii)
      the Seller shall provide to the Indenture Trustee or the Custodian on behalf
      of
      the Indenture Trustee and the Servicer, no less frequently than monthly, updated
      certifications indicating the then current status of exceptions until all such
      exceptions have been eliminated; provided that the delivery of the final
      certification shall not act as a waiver of any of the rights the Noteholders
      may
      have with respect to such exceptions, and all rights are reserved with respect
      thereto.

     

    Neither
      the Indenture Trustee nor the Custodian makes any representations as to, and
      shall not be responsible to verify, (i) the validity, sufficiency, legality,
      due
      authorization, recordation or genuineness of any document or (ii) the
      collectability, insurability or effectiveness of any of the Mortgage
      Loans.

     

    (b)  Neither
      the Indenture Trustee nor the Custodian on behalf of the Indenture Trustee
      shall
      have any responsibility for reviewing any Mortgage File except as expressly
      provided in Section 2.02.  Without limiting the effect of the
      preceding sentence, in reviewing any Mortgage File pursuant to such subsection,
      neither the Indenture Trustee nor the Custodian shall have any responsibility
      for determining whether any document is valid and binding, whether the text
      of
      any assignment or endorsement is in proper or recordable form (except, if
      applicable, to determine if the Indenture Trustee is the assignee or endorsee),
      whether any document has been recorded in accordance with the requirements
      of
      any applicable jurisdiction, or whether a blanket assignment is permitted in
      any
      applicable jurisdiction, but shall only be required to determine whether a
      document has been executed, that it appears to be what it purports to be, and,
      where applicable, that it purports to be recorded, but shall not be required
      to
      determine whether any Person executing any document is authorized to do so
      or
      whether any signature thereon is genuine.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a high-cost home loan as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Indenture Trustee with respect to the custody, acceptance,
      inspection and release of the Mortgage Files, including but not limited to
      certain insurance policies and documents contemplated by this Agreement and
      the
      Servicing Agreement, and preparation and delivery of any applicable
      certifications shall be performed by the Custodian pursuant to the terms and
      conditions of the Custodial Agreement.

     

    Section
      2.04.  Authorization
      to Enter into Interest Rate Swap Agreement.  The Securities
      Administrator is hereby directed to perform the Owner Trustee’s obligations
      under the Interest Rate Swap Agreement, exercise the rights and perform the
      obligations on behalf of Party B (as defined therein) and not in its individual
      capacity.  The Issuer and the Holders of the Class N Notes (by
      acceptance of such Notes) acknowledge and agree that (i) the Securities
      Administrator shall perform the Owner Trustee’s obligations under the Interest
      Rate Swap Agreement on behalf of Party B (as defined therein) and (ii) the
      Securities Administrator shall exercise the rights and perform the obligations
      of Party B thereunder, solely in its capacity as Securities Administrator on
      behalf of Party B (as defined therein) and not in its individual
      capacity.

     

    Every
      provision of this Indenture affording protection to the Securities Administrator
      shall apply to the Securities Administrator’s delivery of the Interest Rate Swap
      Agreement and the performance of its duties and satisfaction of its obligations
      thereunder.

     

     

    ARTICLE
      III

     

    COVENANTS

     

    
      	
              Section
                3.01.  

            	
              Collection
                of Payments with respect to the Mortgage Loans; Investment of
                Accounts.

            

    

     

    (a)  The
      Securities Administrator shall establish with itself, a separate account (the
      “Payment Account”) titled “HSBC Bank USA, National Association, as Indenture
      Trustee, in trust for the registered holders of Renaissance Home Equity Loan
      Trust 2007-2 Home Equity Loan Asset-Backed Notes, Series 2007-2.”  The
      Payment Account shall be an Eligible Account.  The Securities
      Administrator shall deposit any amounts representing payments on and any
      collections in respect of the Mortgage Loans received by it immediately
      following receipt thereof, including, without limitation, all amounts withdrawn
      by the Servicer from the Collection Account pursuant to Section 3.03 of the
      Servicing Agreement for deposit to the Payment Account.  Amounts on
      deposit in the Payment Account may be invested in Eligible Investments pursuant
      to Section 3.01(b).  In addition, the Securities Administrator shall
      deposit the Initial Deposit in the Payment Account on the Closing
      Date.  Immediately prior to each Payment Date, the Securities
      Administrator shall withdraw from the Payment Account and pay to the Master
      Servicer an amount equal to the Master Servicing Fee for such Payment Date
      and
      any unreimbursed Monthly Advances made by the Master Servicer.  The
      Securities Administrator shall make all payments of principal of and interest
      on
      the Notes, subject to Section 3.03 as provided in Section 3.05 herein from
      monies on deposit in the Payment Account.

     

    (b)  Consistent
      with any requirements of the Code, all or a portion of any Account held by
      the
      Securities Administrator shall be invested and reinvested by the Securities
      Administrator (in the case of the Payment Account) or as directed in writing
      by
      the Servicer (in the case of the Collection Account) or the Seller (in the
      case
      of any other Account) (the applicable Person, the “Directing Party”), in one or
      more Eligible Investments bearing interest or sold at a discount.  If
      the applicable Directing Party does not provide investment directions, or if
      the
      Directing Party is the Servicer and a Servicer Event of Default shall have
      occurred and be continuing, the Securities Administrator shall invest all
      Accounts in Eligible Investments described in paragraph (vi) of the definition
      of Eligible Investments.  No such investment in any Account shall
      mature later than the Business Day immediately preceding the next Payment Date
      (except that for any such Account other than the Payment Account (i) if such
      Eligible Investment is an obligation of the Securities Administrator or a money
      market fund for which the Securities Administrator or any Affiliate is the
      manager or the advisor, then such Eligible Investment shall mature not later
      than such Payment Date and (ii) any other date may be approved by the Rating
      Agencies).

     

    (c)  If
      any
      amounts are needed for disbursement from any Account held by the Securities
      Administrator and sufficient uninvested funds are not available to make such
      disbursement, the Securities Administrator shall cause to be sold or otherwise
      converted to cash a sufficient amount of the investments in such
      Account.  The Securities Administrator shall not be liable for any
      investment loss or other charge resulting therefrom unless the Securities
      Administrator’s failure to perform in accordance with this Section 3.01(c) is
      the cause of such loss or charge.

     

    (d)  Except
      as
      set forth in Section 3.01(g), the Securities Administrator shall not in any
      way
      be held liable by reason of any insufficiency in any Account held by the
      Securities Administrator resulting from any investment loss on any Eligible
      Investment included therein (except to the extent that the Securities
      Administrator is the obligor and has defaulted thereon or as provided in
      subsection (c) of this Section 3.01).

     

    (e)  The
      Securities Administrator shall invest and reinvest funds in the Accounts held
      by
      the Securities Administrator, to the fullest extent practicable, in such manner
      as the applicable Directing Party shall from time to time direct as set forth
      in
      Section 3.01(b), but only in one or more Eligible Investments.

     

    (f)  So
      long
      as no Servicer Event of Default shall have occurred and be continuing, all
      net
      income and gain realized from investment of, and all earnings on, funds
      deposited in the Collection Account shall be for the benefit of the Servicer
      as
      Servicing Compensation (in addition to the Servicing Fee), and shall be subject
      to withdrawal on or before the first Business Day of the month following the
      month in which such income or gain is received.  The Servicer shall
      deposit in the Collection Account, the amount of any loss incurred in respect
      of
      any Eligible Investment held therein which is in excess of the income and gain
      thereon immediately upon realization of such loss, without any right to
      reimbursement therefore from its own funds.

     

    (g)  All
      net
      income and gain realized from investment of, and all earnings on, funds
      deposited in the Collection Account shall be for the benefit of the Servicer
      for
      the period from the date of deposit to the Deposit Date, as Servicing
      Compensation in addition to the Servicing Fee.  All net income and
      gain realized from investment of, and all earnings on, funds deposited in the
      Payment Account shall be for the benefit of the Securities Administrator for
      the
      period from the Deposit Date to the Payment Date, as
      compensation.  Any such income shall be subject to withdrawal on or
      before the first Business Day of the month following the month in which such
      income or gain is received.  The Securities Administrator shall
      deposit in the Payment Account from its own funds the amount of any loss
      incurred in respect of any Eligible Investment held therein which is in excess
      of the income and gain thereon payable to Securities Administrator immediately
      upon the realization of such loss, without any right to reimbursement
      therefor.

     

    Section
      3.02.  Maintenance
      of Office or Agency.  The Issuer will maintain an office or agency
      where, subject to satisfaction of conditions set forth herein, Notes may be
      surrendered for registration of transfer or exchange, and where notices and
      demands to or upon the Issuer in respect of the Notes and this Indenture may
      be
      served.  The Issuer hereby initially appoints the Securities
      Administrator to serve as its agent for the foregoing purposes.  If at
      any time the Issuer shall fail to maintain any such office or agency or shall
      fail to furnish the Indenture Trustee with the address thereof, such surrenders
      may be made at the office designated by the Securities Administrator for such
      purpose.

     

    Section
      3.03.  Money
      for Payments To Be Held in Trust; Paying Agent.  As provided in
      Section 3.01, all payments of amounts due and payable with respect to any Notes
      that are to be made from amounts withdrawn from the Payment Account pursuant
      to
      Section 3.01 shall be made on behalf of the Issuer by the Securities
      Administrator or by the Paying Agent, and no amounts so withdrawn from the
      Payment Account for payments of Notes shall be paid over to the Issuer except
      as
      provided in this Section 3.03.  The Issuer hereby appoints the
      Securities Administrator as its Paying Agent.

     

    The
      Securities Administrator will cause each Paying Agent other than the Securities
      Administrator to execute and deliver to the Securities Administrator an
      instrument in which such Paying Agent shall agree with the Securities
      Administrator (and if the Securities Administrator acts as Paying Agent it
      hereby so agrees), subject to the provisions of this Section 3.03, that such
      Paying Agent will:

     

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

     

    (ii)  give
      the
      Securities Administrator notice of any default by the Issuer of which it has
      actual knowledge in the making of any payment required to be made with respect
      to the Notes;

     

    (iii)  at
      any
      time during the continuance of any default described in (ii) above, upon the
      written request of the Securities Administrator, forthwith pay to the Securities
      Administrator all sums so held in trust by such Paying Agent;

     

    (iv)  immediately
      resign as Paying Agent and forthwith pay to the Securities Administrator all
      sums held by it in trust for the payment of Notes if at any time it ceases
      to
      meet the standards required to be met by a Paying Agent at the time of its
      appointment;

     

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

     

    (vi)  not
      commence a bankruptcy proceeding against the Issuer in connection with this
      Indenture.

     

    The
      Issuer may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, by Issuer Request direct
      any Paying Agent to pay to the Securities Administrator all sums held in trust
      by such Paying Agent, such sums to be held by the Securities Administrator
      upon
      the same trusts as those upon which the sums were held by such Paying Agent;
      and
      upon such payment by any Paying Agent to the Securities Administrator, such
      Paying Agent shall be released from all further liability with respect to such
      money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Securities Administrator or any Paying Agent in trust for the payment of any
      amount due with respect to any Note and remaining unclaimed for one year after
      such amount has become due and payable shall be discharged from such trust
      and
      be paid to the Issuer on Issuer Request; and the Holder of such Note shall
      thereafter, as an unsecured general creditor, look only to the Issuer for
      payment thereof (but only to the extent of the amounts so paid to the Issuer),
      and all liability of the Securities Administrator or such Paying Agent with
      respect to such trust money shall thereupon cease; provided, however,
      that the Securities Administrator or such Paying Agent, before being required
      to
      make any such repayment, shall at the expense and direction of the Issuer cause
      to be published once, in an Authorized Newspaper published in the English
      language, notice that such money remains unclaimed and that, after a date
      specified therein which shall not be less than 30 days from the date of such
      publication, any unclaimed balance of such money then remaining will be repaid
      to the Issuer.  The Securities Administrator may also adopt and
      employ, at the expense and direction of the Issuer, any other reasonable means
      of notification of such repayment (including, but not limited to, mailing notice
      of such repayment to Holders whose Notes have been called but have not been
      surrendered for redemption or whose right to or interest in monies due and
      payable but not claimed is determinable from the records of the Securities
      Administrator or of any Paying Agent, at the last address of record for each
      such Holder).

     

    Section
      3.04.  Existence.  The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuer hereunder is or becomes, organized under the laws of any
      other state or of the United States of America, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification to do
      business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes, the Mortgage Loans and each other instrument or agreement included in
      the
      Trust.

     

    
      	
              Section
                3.05.  

            	
              Payment
                of Principal and Interest.

            

    

     

    (a)  On
      each
      Payment Date from amounts on deposit in the Payment Account in accordance with
      Section 8.02 hereof, the Securities Administrator shall pay (i) to the Swap
      Provider, any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider and (ii) to the Persons specified below, to the extent provided
      therein, the Available Funds for such Payment Date.

     

    (b)  On
      each
      Payment Date the Securities Administrator shall withdraw from the Payment
      Account the Available Funds and apply such amount in the following order of
      priority, in each case, to the extent of the funds remaining:

     

    (i)  With
      respect to funds in the Payment Account received with respect to the Group
      I
      Mortgage Loans

     

    
      	
              (1)  

            	
              Concurrently,
                to each Class of Group I Notes, pro rata based on amounts due,
                the related Class Interest Payment for the applicable Payment
                Date.

            

    

     

    
      	
              (2)  

            	
              For
                payment pursuant to Section 3.05(b)(iii) below, any remaining
                amounts.

            

    

     

    (ii)  With
      respect to funds in the Payment Account received with respect to the Group
      II
      Mortgage Loans

     

    
      	
              (1)  

            	
              Concurrently,
                to each Class of Group II Notes, pro rata based on amounts due,
                the related Class Interest Payment for the applicable Payment
                Date.

            

    

     

    
      	
              (2)  

            	
              For
                payment pursuant to Section 3.05(b)(iii) below, any remaining
                amounts.

            

    

     

    (iii)  With
      respect to any remaining funds in the Payment Account after payments made
      pursuant to Sections 3.05(b)(i) and 3.05(b)(ii) above

     

    
      	
              (1)  

            	
              Concurrently,
                to the Senior Notes, to the extent not paid pursuant to Sections
                3.05(b)(i) and 3.05(b)(ii) above on the applicable Payment Date,
pro
                rata based on amounts due, the related Class Interest Payment for
                the
                applicable Payment Date; then

            

    

     

    
      	
              (2)  

            	
              Sequentially,
                first to the Class M-1 Notes, second to the Class M-2 Notes, third
                to the
                Class M-3 Notes, fourth to the Class M-4 Notes, fifth to the Class
                M-5
                Notes, sixth to the Class M-6 Notes, seventh to the Class M-7 Notes,
                eighth to the Class M-8 Notes and ninth to the Class M-9 Notes, the
                related Class Monthly Interest Amount for the applicable Payment
                Date;
                then

            

    

     

    
      	
              (3)  

            	
              To
                the Senior Notes, the Senior Principal Payment Amount for the applicable
                Payment Date, excluding any Subordination Increase Amount included
                in that
                amount, concurrently as follows:

            

    

     

    (a)           To
      the Group I Notes, the Group I Principal Payment Amount, sequentially, to the
      Class AV-1, Class AV-2 and Class AV-3 Notes, in that order, until the respective
      Class Note Balances of such Classes have been reduced to zero; provided,
      however, on any Payment Date on which the aggregate Note Balance of the
      Mezzanine Notes has been reduced to zero, principal payments to the Group I
      Notes will be made on a pro rata basis based on the Class Note Balance
      of each such Class; and

     

    (b)           To
      the Group II Notes, the Group II Principal Payment Amount, first to the Class
      AF-6 Notes, an amount equal to the Class AF-6 Lockout Payment Amount, and
      second, to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and
      Class AF-6 Notes, in that order, until the respective Class Note Balances of
      such Classes have been reduced to zero; provided, however, on any Payment Date
      on which the aggregate Note Balance of the Mezzanine Notes has been reduced
      to
      zero, principal payments to the Group II Notes will be made on a pro rata basis
      based on the Class Note Balance of each such Class; then

     

    
      	
              (4)  

            	
              To
                the Class M-1 Notes, the Class M-1 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (5)  

            	
              To
                the Class M-2 Notes, the Class M-2 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (6)  

            	
              To
                the Class M-3 Notes, the Class M-3 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (7)  

            	
              To
                the Class M-4 Notes, the Class M-4 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (8)  

            	
              To
                the Class M-5 Notes, the Class M-5 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (9)  

            	
              To
                the Class M-6 Notes, the Class M-6 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (10)  

            	
              To
                the Class M-7 Notes, the Class M-7 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (11)  

            	
              To
                the Class M-8 Notes, the Class M-8 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (12)  

            	
              To
                the Class M-9 Notes, the Class M-9 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	
              (13)  

            	
              To
                the Offered Notes, the Subordination Increase Amount for the applicable
                Payment Date, allocated in the same order of priority set forth in
                clause
                (3) and clauses (4) through (12) of this Section 3.05(b)(iii);
                then

            

    

     

    
      	
              (14)  

            	
              Sequentially,
                first to the Class M-1 Notes, second to the Class M-2 Notes, third
                to the
                Class M-3 Notes, fourth to the Class M-4 Notes, fifth to the Class
                M-5
                Notes, sixth to the Class M-6 Notes, seventh to the Class M-7 Notes,
                eighth to the Class M-8 Notes and ninth to the Class M-9 Notes, (a)
                any
                related Class Interest Carryover Shortfall, then (b) any related
                Class
                Principal Carryover Shortfall and then (c) any interest accrued on
                any
                related Class Principal Carryover Shortfall.;
                then

            

    

     

    
      	
              (15)  

            	
              To
                the Group I Notes in the order and priority described in
                Section 3.05(c), any Group I Basis Risk Shortfall Amount,
                then

            

    

     

    
      	
              (16)  

            	
              to
                the Class N Notes, the Class N Interest Payment Amount for the related
                Interest Period; then

            

    

     

    
      	
              (17)  

            	
              to
                the Class N Notes, the Class N Principal Payment Amount, if any,
                until
                such Note Balance is reduced to zero;
                then

            

    

     

    
      	
              (18)  

            	
              to
                the Swap Provider, any Swap Termination Payments resulting from a
                Swap
                Provider Trigger Event; and then

            

    

     

    
      	
              (19)  

            	
              to
                the Owner Trustee, any fees, expenses and indemnities not otherwise
                paid
                and then, to the Holders of the Certificates, any remaining
                amounts.

            

    

     

    On
      each
      Payment Date, the Class Interest Payment for each Class of Senior Notes in
      a
      Note Group will be paid on an equal priority within such Note
      Group.

     

    On
      each
      Payment Date, all amounts representing Prepayment Charges in respect of the
      Mortgage Loans received during the related Prepayment Period will be withdrawn
      from the Payment Account and paid by the Securities Administrator to the Holders
      of the Class N Notes and shall not be available for payment to the Holders
      of
      any Class of Offered Notes.

     

    (c)  On
      each
      Payment Date, after making the payments of the Available Funds as set forth
      above, the Securities Administrator will determine the amount of any Basis
      Risk
      Shortfalls with respect to the Offered Notes for such Payment Date and pay
      to
      the Group I Notes, pro rata based on amounts due, the related Basis
      Risk Shortfall Amount from payments made pursuant to Section 3.05(b)(iii)(15)
      above.

     

    (d)  The
      Securities Administrator shall make payments in respect of a Payment Date to
      each Noteholder of record on the related Record Date (other than as provided
      in
      Section 8.07 respecting the final payment), by check or money order mailed
      to
      such Noteholder at the address appearing in the Note Register, or, upon written
      request by a Holder of a Note delivered to the Securities Administrator at
      least
      five Business Days prior to the related Payment Date, by wire transfer or
      otherwise, or, if not, by check or money order to such Noteholder at the address
      appearing in the Note Register.  Payments among Noteholders of a Class
      shall be made in proportion to the Percentage Interests evidenced by the Notes
      of such Class held by such Noteholders.

     

    (e)  Each
      payment with respect to a Book-Entry Note shall be paid to the Depository,
      as
      Holder thereof, and the Depository shall be responsible for crediting the amount
      of such payment to the accounts of its Depository Participants in accordance
      with its normal procedures. Each Depository Participant shall be responsible
      for
      disbursing such payment to the Note Owners that it represents and to each
      indirect participating brokerage firm (a “brokerage firm” or “indirect
      participating firm”) for which it acts as agent.  Each brokerage firm
      shall be responsible for disbursing funds to the Note Owners that it
      represents.  None of the Securities Administrator, the Indenture
      Trustee, the Note Registrar, the Paying Agent, the Depositor, the Servicer
      or
      the Master Servicer shall have any responsibility therefor except as otherwise
      provided by this Indenture or applicable law.

     

    (f)  On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Certificate
      Distribution Account all amounts it received pursuant to this Section 3.05
      for
      the purpose of distributing such funds pursuant to the Trust
      Agreement.

     

    (g)  The
      principal of each Note shall be due and payable in full on the Final Stated
      Maturity Date for such Note as provided in the forms of Notes set forth in
      Exhibit A-1 and Exhibit A-2 to this Indenture.  All principal payments
      on the Notes shall be made to the Noteholders entitled thereto in accordance
      with the Percentage Interests represented by such Notes.  The
      Securities Administrator shall notify the Person in whose name a Note is
      registered at the close of business on the Record Date preceding the Final
      Stated Maturity Date or other final Payment Date (including any final Payment
      Date resulting from any redemption pursuant to Section 8.07
      hereof).  Such notice shall to the extent practicable be mailed no
      later than five Business Days prior to such Final Stated Maturity Date or other
      final Payment Date and shall specify that payment of the principal amount and
      any interest due with respect to such Note at the Final Stated Maturity Date
      or
      other final Payment Date will be payable only upon presentation and surrender
      of
      such Note and shall specify the place where such Note may be presented and
      surrendered for such final payment.  No interest shall accrue on the
      Notes on or after the Final Stated Maturity Date or any such other final Payment
      Date.

     

    
      	
              Section
                3.06.  

            	
              Protection
                of Collateral.

            

    

     

    (a)  The
      Issuer will from time to time prepare, execute and deliver all such supplements
      and amendments hereto and all such financing statements, continuation
      statements, instruments of further assurance and other instruments, and will
      take such other action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  cause
      the
      Issuer, the Servicer or the Master Servicer to enforce any of the rights to
      the
      Mortgage Loans; or

     

    (iv)  preserve
      and defend title to the Trust and the rights of the Indenture Trustee and the
      Noteholders in the Trust against the claims of all persons and
      parties.

     

    (b)  Except
      as
      otherwise provided in this Indenture, the Indenture Trustee shall not remove
      any
      portion of the Trust that consists of money or is evidenced by an instrument,
      certificate or other writing from the jurisdiction in which it was held at
      the
      date of the most recent Opinion of Counsel delivered pursuant to Section 3.07
      hereof (or from the jurisdiction in which it was held as described in the
      Opinion of Counsel delivered on the Closing Date pursuant to Section 3.07(a)
      hereof), or if no Opinion of Counsel has yet been delivered pursuant to Section
      3.07(b) hereof, unless the Indenture Trustee shall have first received an
      Opinion of Counsel to the effect that the lien and security interest created
      by
      this Indenture with respect to such property will continue to be maintained
      after giving effect to such action or actions.

     

    The
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      sign any financing statement, continuation statement or other instrument
      required to be signed pursuant to this Section 3.06 upon the Issuer’s
      preparation thereof and delivery to the Indenture Trustee.

     

    
      	
              Section
                3.07.  

            	
              Opinions
                as to Collateral.

            

    

     

    (a)           On
      the Closing Date, the Issuer shall furnish to the Indenture Trustee, the
      Securities Administrator and the Owner Trustee an Opinion of Counsel either
      stating that, in the opinion of such counsel, such action has been taken with
      respect to the recording and filing of this Indenture, any indentures
      supplemental hereto, and any other requisite documents, and with respect to
      the
      execution and filing of any financing statements and continuation statements,
      as
      are necessary to perfect and make effective the lien and first priority security
      interest in the Collateral and reciting the details of such action, or stating
      that, in the opinion of such counsel, no such action is necessary to make such
      lien and first priority security interest effective.

     

    (b)           On
      or before April 15th in each
      calendar
      year, beginning in 2008, the Issuer shall furnish to the Indenture Trustee
      and
      the Securities Administrator an Opinion of Counsel at the expense of the Issuer
      either stating that, in the opinion of such counsel, such action has been taken
      with respect to the recording, filing, re-recording and re-filing of this
      Indenture, any indentures supplemental hereto and any other requisite documents
      and with respect to the execution and filing of any financing statements and
      continuation statements as is necessary to maintain the lien and first priority
      security interest in the Collateral and reciting the details of such action
      or
      stating that in the opinion of such counsel no such action is necessary to
      maintain such lien and security interest.  Such Opinion of Counsel
      shall also describe the recording, filing, re-recording and re-filing of this
      Indenture, any indentures supplemental hereto and any other requisite documents
      and the execution and filing of any financing statements and continuation
      statements that will, in the opinion of such counsel, be required to maintain
      the lien and security interest in the Collateral until December 31st in the
      following
      calendar year.

     

    
      	
              Section
                3.08.  

            	
              Performance
                of Obligations.

            

    

     

    The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in this Indenture, the Basic Documents and in the instruments and
      agreements included in the Collateral.

     

    The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be
      deemed to be action taken by the Issuer.

     

    The
      Issuer will not take any action or permit any action to be taken by others
      which
      would release any Person from any of such Person’s covenants or obligations
      under any of the documents relating to the Mortgage Loans or under any
      instrument included in the Collateral, or which would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any of the documents relating to the Mortgage
      Loans or any such instrument, except such actions as the Servicer or the Master
      Servicer is expressly permitted to take in the Servicing
      Agreement.  The Indenture Trustee and the Securities Administrator may
      exercise the rights of the Issuer to direct the actions of the Servicer and/or
      the Master Servicer pursuant to the Servicing Agreement.

     

    The
      Issuer may retain an administrator and may enter into contracts with other
      Persons for the performance of the Issuer’s obligations hereunder, and
      performance of such obligations by such Persons shall be deemed to be
      performance of such obligations by the Issuer.

     

    
      	
              Section
                3.09.  

            	
              Negative
                Covenants.  So long as any Notes are Outstanding, the Issuer
                shall not:

            

    

     

    (i)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust, unless directed to do so by the Indenture
      Trustee;

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the Notes (other than amounts properly withheld from such payments
      under the Code) or assert any claim against any present or former Noteholder
      by
      reason of the payment of the taxes levied or assessed upon any part of the
      Trust;

     

    (iii)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Trust or
      any
      part thereof or any interest therein or the proceeds thereof or (C) permit
      the
      lien of this Indenture not to constitute a valid first priority security
      interest in the Trust; or

     

    (iv)  waive
      or
      impair, or fail to assert rights under, the Mortgage Loans, or impair or cause
      to be impaired the Issuer’s interest in the Mortgage Loans, the Mortgage Loan
      Sale and Contribution Agreement or in any Basic Document, if any such action
      would materially and adversely affect the interests of the
      Noteholders.

     

    
      	
              Section
                3.10.  

            	
              [Reserved.]

            

    

     

    
      	
              Section
                3.11.  

            	
              [Reserved.]

            

    

     

    Section
      3.12.  Representations
      and Warranties Concerning the Mortgage Loans.  The Indenture
      Trustee, as pledgee of the Mortgage Loans, has the benefit of the
      representations and warranties made by the Seller and the Originator in the
      Mortgage Loan Sale and Contribution Agreement concerning the Seller and the
      Mortgage Loans to the same extent as though such representations and warranties
      were made directly to the Indenture Trustee.  If a Responsible Officer
      of the Indenture Trustee or the Securities Administrator has actual knowledge
      of
      any breach of any representation or warranty made by the Seller or the
      Originator in the Mortgage Loan Sale and Contribution Agreement, the Indenture
      Trustee or the Securities Administrator shall promptly notify the Seller or
      the
      Originator, as applicable, of such finding and the Seller’s or the Originator’s
      obligation to cure such defect or repurchase or substitute for the related
      Mortgage Loan.

     

    Section
      3.13.  Amendments
      to Servicing Agreement.  The Issuer covenants with the Indenture
      Trustee and the Securities Administrator that it will not enter into any
      amendment or supplement to the Servicing Agreement without the prior written
      consent of the Indenture Trustee and the Securities Administrator.

     

    Section
      3.14.  Servicer
      as Agent and Bailee of the Indenture Trustee.  Solely for purposes
      of perfection under Section 9-305 of the UCC or other similar applicable law,
      rule or regulation of the state in which such property is held by the Servicer,
      the Issuer, the Indenture Trustee and the Securities Administrator hereby
      acknowledge that the Servicer is acting as bailee of the Indenture Trustee
      in
      holding amounts on deposit in the Collection Account, as well as its bailee
      in
      holding any Related Documents released to the Servicer, and any other items
      constituting a part of the Trust which from time to time come into the
      possession of the Servicer. It is intended that, by the Servicer’s acceptance of
      such bailee arrangement, the Indenture Trustee, as a secured party of the
      Mortgage Loans, will be deemed to have possession of such Related Documents,
      such monies and such other items for purposes of Section 9-305 of the UCC of
      the
      state in which such property is held by the Servicer.  Neither the
      Indenture Trustee nor the Securities Administrator shall be liable with respect
      to such documents, monies or items while in possession of the
      Servicer.

     

    Section
      3.15.  Investment
      Company Act.  The Issuer shall not become an “investment company”
or be under the “control” of an “investment company” as such terms are defined
      in the Investment Company Act of 1940, as amended (or any successor or
      amendatory statute), and the rules and regulations thereunder (taking into
      account not only the general definition of the term “investment company” but
      also any available exceptions to such general definition); provided,
      however, that the Issuer shall be in compliance with this Section 3.15 if
      it shall have obtained an order exempting it from regulation as an “investment
      company” so long as it is in compliance with the conditions imposed in such
      order.

     

    
      	
              Section
                3.16.  

            	
              Issuer
                May Consolidate, etc.

            

    

     

    (a)  The
      Issuer shall not consolidate or merge with or into any other Person,
      unless:

     

    (i)  the
      Person (if other than the Issuer) formed by or surviving such consolidation
      or
      merger shall be a Person organized and existing under the laws of the United
      States of America or any state or the District of Columbia and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Indenture Trustee and the Securities Administrator, in form reasonably
      satisfactory to the Indenture Trustee and the Securities Administrator, the
      due
      and punctual payment of the principal of and interest on all Notes, and all
      other amounts payable to the Indenture Trustee and the Securities Administrator,
      the payment to the Certificate Paying Agent of all amounts due to the
      Certificateholders, and the performance or observance of every agreement and
      covenant of this Indenture on the part of the Issuer to be performed or
      observed, all as provided herein;

     

    (ii)  immediately
      after giving effect to such transaction, no Event of Default shall have occurred
      and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuer that such transaction shall
      not
      cause the rating of the Notes to be reduced, suspended or withdrawn or to be
      considered by either Rating Agency to be below investment grade;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      a
      copy thereof to the Indenture Trustee and the Securities Administrator) to
      the
      effect that such transaction will not (A) result in a “substantial modification”
of the Notes under Treasury Regulation Section 1.1001-3, or adversely affect
      the
      status of the Notes as indebtedness for federal income tax purposes, or (B)
      if
      100% of the Certificates are not owned by the Seller, cause the Trust to be
      subject to an entity level tax for federal income tax purposes;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee and the Securities
      Administrator an Officer’s Certificate and an Opinion of Counsel each stating
      that such consolidation or merger and such supplemental indenture comply with
      this Article III and that all conditions precedent herein provided for or
      relating to such transaction have been complied with (including any filing
      required by the Exchange Act), and that such supplemental indenture is
      enforceable.

     

    (b)  The
      Issuer shall not convey or transfer any of its properties or assets, including
      those included in the Collateral, to any Person, unless:

     

    (i)  the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuer, the conveyance or transfer of which is hereby restricted, shall (A)
      be a
      United States citizen or a Person organized and existing under the laws of
      the
      United States of America or any state thereof, (B) expressly assume, by an
      indenture supplemental hereto, executed and delivered to the Indenture Trustee
      and the Securities Administrator, in form satisfactory to the Indenture Trustee
      and the Securities Administrator, the due and punctual payment of the principal
      of and interest on all Notes and the performance or observance of every
      agreement and covenant of this Indenture on the part of the Issuer to be
      performed or observed, all as provided herein, (C) expressly agree by means
      of
      such supplemental indenture that all right, title and interest so conveyed
      or
      transferred shall be subject and subordinate to the rights of the Holders of
      the
      Notes, (D) unless otherwise provided in such supplemental indenture, expressly
      agree to indemnify, defend and hold harmless the Issuer, the Indenture Trustee
      and the Securities Administrator against and from any loss, liability or expense
      arising under or related to this Indenture and the Notes and (E) expressly
      agree
      by means of such supplemental indenture that such Person (or if a group of
      Persons, then one specified Person) shall make all filings with the Commission
      (and any other appropriate Person) required by the Exchange Act in connection
      with the Notes;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuer that such transaction shall
      not
      cause the rating of the Notes to be reduced, suspended or
      withdrawn;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      a
      copy thereof to the Indenture Trustee and the Securities Administrator) to
      the
      effect that such transaction will not (A) result in a “substantial modification”
of the Notes under Treasury Regulation Section 1.1001-3, or adversely affect
      the
      status of the Notes as indebtedness for federal income tax purposes, or (B)
      if
      100% of the Certificates are not owned by the Seller, cause the Trust to be
      subject to an entity level tax for federal income tax purposes;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee and the Securities
      Administrator an Officer’s Certificate and an Opinion of Counsel each stating
      that such conveyance or transfer and such supplemental indenture comply with
      this Article III and that all conditions precedent herein provided for relating
      to such transaction have been complied with (including any filing required
      by
      the Exchange Act).

     

    
      	
              Section
                3.17.  

            	
              Successor
                or Transferee.

            

    

     

    (a)  Upon
      any
      consolidation or merger of the Issuer in accordance with Section 3.16(a), the
      Person formed by or surviving such consolidation or merger (if other than the
      Issuer) shall succeed to, and be substituted for, and may exercise every right
      and power of, the Issuer under this Indenture with the same effect as if such
      Person had been named as the Issuer herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.16(b), the Issuer will be released from every covenant and
      agreement of this Indenture to be observed or performed on the part of the
      Issuer with respect to the Notes immediately upon the delivery of written notice
      to the Indenture Trustee and the Securities Administrator of such conveyance
      or
      transfer.

     

    Section
      3.18.  No
      Other Business.  The Issuer shall not engage in any business other
      than financing, purchasing, owning and selling and managing the Mortgage Loans
      and the issuance of the Notes and Certificates in the manner contemplated by
      this Indenture and the Basic Documents and all activities incidental
      thereto.

     

    Section
      3.19.  No
      Borrowing.  The Issuer shall not issue, incur, assume, guarantee
      or otherwise become liable, directly or indirectly, for any indebtedness except
      for the Notes under this Indenture.

     

    Section
      3.20.  Guarantees,
      Loans, Advances and Other Liabilities.  Except as contemplated by
      this Indenture or the Basic Documents, the Issuer shall not make any loan or
      advance or credit to, or guarantee (directly or indirectly or by an instrument
      having the effect of assuring another’s payment or performance on any obligation
      or capability of so doing or otherwise), endorse or otherwise become
      contingently liable, directly or indirectly, in connection with the obligations,
      stocks or dividends of, or own, purchase, repurchase or acquire (or agree
      contingently to do so) any stock, obligations, assets or securities of, or
      any
      other interest in, or make any capital contribution to, any other
      Person.

     

    Section
      3.21.  Capital
      Expenditures.  The Issuer shall not make any expenditure (by
      long-term or operating lease or otherwise) for capital assets (either realty
      or
      personalty).

     

    
      	
              Section
                3.22.  

            	
              Reserved.

            

    

     

    Section
      3.23.  Restricted
      Payments.  The Issuer shall not, directly or indirectly, (i) pay
      any dividend or make any distribution (by reduction of capital or otherwise),
      whether in cash, property, securities or a combination thereof, to the Owner
      Trustee or any owner of a beneficial interest in the Issuer or otherwise with
      respect to any ownership or equity interest or security in or of the Issuer,
      (ii) redeem, purchase, retire or otherwise acquire for value any such ownership
      or equity interest or security or (iii) set aside or otherwise segregate any
      amounts for any such purpose; provided, however, that the Issuer may
      make, or cause to be made, (x) distributions and payments to the Owner Trustee,
      the Indenture Trustee, the Securities Administrator, Noteholders and the
      Certificateholders as contemplated by, and to the extent funds are available
      for
      such purpose under this Indenture and the Trust Agreement and (y) payments
      to
      the Servicer or the Master Servicer pursuant to the terms of the Servicing
      Agreement.  The Issuer will not, directly or indirectly, make payments
      to or distributions from the Collection Account except in accordance with this
      Indenture and the Basic Documents.

     

    Section
      3.24.  Notice
      of Events of Default.  The Issuer shall give the Indenture
      Trustee, the Securities Administrator and the Rating Agencies prompt written
      notice of each Event of Default hereunder and under the Trust
      Agreement.

     

    Section
      3.25.  Further
      Instruments and Acts.  Upon request of the Indenture Trustee or
      the Securities Administrator, the Issuer will execute and deliver such further
      instruments and do such further acts as may be reasonably necessary or proper
      to
      carry out more effectively the purpose of this Indenture.

     

    Section
      3.26.  Statements
      to Noteholders.  On each Payment Date, the Securities
      Administrator and the Certificate Registrar shall prepare and make available
      on
      the Securities Administrator’s website, https://www.ctslink.com (or deliver at
      the recipient’s option), to each Noteholder and Certificateholder the most
      recent statement prepared by the Securities Administrator pursuant to Section
      7.05 hereof.

     

    
      	
              Section
                3.27.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.28.  

            	
              Certain
                Representations Regarding the
                Trust.

            

    

     

    (a)  With
      respect to that portion of the Collateral described in clauses (a) through
      (d)
      of the definition of Collateral, the Issuer represents to the Indenture Trustee
      and the Securities Administrator that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuer.

     

    (ii)  The
      Collateral constitutes “deposit accounts” or “instruments,” as applicable,
      within the meaning of the applicable UCC.

     

    (iii)  The
      Issuer owns and has good and marketable title to the Collateral, free and clear
      of any lien, claim or encumbrance of any Person.

     

    (iv)  The
      Issuer has taken all steps necessary to cause the Indenture Trustee to become
      the account holder of the Collateral.

     

    (v)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Collateral.

     

    (vi)  The
      Collateral is not in the name of any Person other than the Issuer or the
      Indenture Trustee.  The Issuer has not consented to the bank
      maintaining the Collateral to comply with instructions of any Person other
      than
      the Indenture Trustee.

     

    (b)  With
      respect to that portion of the Collateral described in clause (e), the Issuer
      represents to the Indenture Trustee and the Securities Administrator
      that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuer.

     

    (ii)  The
      Collateral constitutes “general intangibles” within the meaning of the
      applicable UCC.

     

    (iii)  The
      Issuer owns and has good and marketable title to the Collateral, free and clear
      of any lien, claim or encumbrance of any Person.

     

    (iv)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Collateral.

     

    (c)  With
      respect to any Collateral in which a security interest may be perfected by
      filing, the Issuer has not authorized the filing of, and is not aware of any
      financing statements against, the Issuer, that include a description of
      collateral covering such Collateral, other than any financing statement relating
      to the security interest granted to the Indenture Trustee hereunder or that
      has
      been terminated.  The Issuer is not aware of any judgment or tax lien
      filings against the Issuer.

     

    (d)  The
      Issuer has caused or will have caused, within ten days, the filing of all
      appropriate financing statements in the proper filing office in the appropriate
      jurisdictions under applicable law in order to perfect the security interest
      in
      all Collateral granted to the Indenture Trustee hereunder in which a security
      interest may be perfected by filing and the Issuer will cause such security
      interest to be maintained.  Any financing statement that is filed in
      connection with this Section 3.28 shall contain a statement that a purchase
      or
      security interest in any collateral described therein will violate the rights
      of
      the secured party named in such financing statement.

     

    (e)  The
      foregoing representations may not be waived and shall survive the issuance
      of
      the Notes.

     

    
      	
              Section
                3.29.  

            	
              Allocation
                of Realized Losses.

            

    

     

    (a)  On
      each
      Payment Date, the Securities Administrator shall determine the total of the
      Applied Realized Loss Amounts for such Payment Date.  The Applied
      Realized Loss Amount for any Payment Date shall be applied by reducing the
      Class
      Note Balance of each Class of Mezzanine Notes beginning with the Class of
      Mezzanine Notes then outstanding with the lowest relative payment priority,
      in
      each case until the respective Class Note Balance thereof is reduced to
      zero.  Any Applied Realized Loss Amount allocated to a related Class
      of Mezzanine Notes shall be allocated among the Mezzanine Notes of such Class
      in
      proportion to their respective Percentage Interests.

     

    (b)  With
      respect to any Class of Mezzanine Notes to which an Applied Realized Loss Amount
      has been allocated (including any such Class for which the related Class Note
      Balance has been reduced to zero), the Class Note Balance of such Class will
      be
      increased up to the amount of Recoveries for such Payment Date, beginning with
      the Class of Mezzanine Notes with the highest relative payment priority, up
      to
      the amount of Applied Realized Loss Amounts previously allocated to reduce
      such
      Class Note Balance.  Any increase to the Class Note Balance of a Class
      of Mezzanine Notes shall increase the Note Balance of the related Class pro
      rata in accordance with each Percentage Interest.

     

    
      	
              Section
                3.30.  

            	
              Reserved.

            

    

     

    
      	
              Section
                3.31.  

            	
              Reserved.

            

    

     

    
      	
              Section
                3.32.  

            	
              Reserved.

            

    

     

    ARTICLE
      IV

     

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01.  The
      Notes.  Each Class of Notes shall be registered in the name of a
      nominee designated by the Depository.  Beneficial Owners will hold
      interests in the Notes through the book-entry facilities of the Depository
      in
      minimum initial Note Balances of $25,000 and integral multiples of $1 in excess
      thereof; provided that Offered Notes must be purchased in minimum total
      investments of $100,000 per Class.

     

    The
      Securities Administrator may for all purposes (including the making of payments
      due on the Notes) deal with the Depository as the authorized representative
      of
      the Beneficial Owners with respect to the Notes for the purposes of exercising
      the rights of Holders of the Notes hereunder. Except as provided in the next
      succeeding paragraph of this Section 4.01, the rights of Beneficial Owners
      with
      respect to the Notes shall be limited to those established by law and agreements
      between such Beneficial Owners and the Depository and Depository
      Participants.  Except as provided in Section 4.08 hereof, Beneficial
      Owners shall not be entitled to definitive notes for the Notes as to which
      they
      are the Beneficial Owners.  Requests and directions from, and votes
      of, the Depository as Holder of the Notes shall not be deemed inconsistent
      if
      they are made with respect to different Beneficial Owners.  The
      Securities Administrator may establish a reasonable record date in connection
      with solicitations of consents from or voting by Noteholders and give notice
      to
      the Depository of such record date.  Without the consent of the Issuer
      and the Securities Administrator, no Note may be transferred by the Depository
      except to a successor Depository that agrees to hold such Note for the account
      of the Beneficial Owners.

     

    In
      the
      event the Depository Trust Company resigns or is removed as Depository, the
      Securities Administrator with the approval of the Issuer may appoint a successor
      Depository.  If no successor Depository has been appointed within 30
      days of the effective date of the Depository’s resignation or removal, each
      Beneficial Owner shall be entitled to certificates representing the Notes it
      beneficially owns in the manner prescribed in Section 4.08.

     

    The
      Notes
      shall, on original issue, be executed on behalf of the Issuer by the Owner
      Trustee, not in its individual capacity but solely as Owner Trustee,
      authenticated by the Securities Administrator and delivered by the Securities
      Administrator to or upon the order of the Issuer.

     

    
      	
              Section
                4.02.  

            	
              Registration
                of and Limitations on Transfer and Exchange of Notes; Appointment
                of Note
                Registrar and Certificate.

            

    

     

    The
      Securities Administrator shall cause to be kept at the Corporate Trust Office
      a
      Note Register in which, subject to such reasonable regulations as it may
      prescribe, the Note Registrar shall provide for the registration of Notes and
      of
      transfers and exchanges of Notes as herein provided.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Note at the Corporate Trust Office, the Issuer
      shall execute and the Note Registrar shall authenticate and deliver, in the
      name
      of the designated transferee or transferees, one or more new Notes in authorized
      initial Note Balances evidencing the same Class and aggregate Percentage
      Interests.

     

    Subject
      to the foregoing, at the option of the Noteholders, Notes may be exchanged
      for
      other Notes of like tenor and in authorized initial Note Balances evidencing
      the
      same Class and aggregate Percentage Interests upon surrender of the Notes to
      be
      exchanged at the Corporate Trust Office of the Note
      Registrar.  Whenever any Notes are so surrendered for exchange, the
      Issuer shall execute and the Securities Administrator shall authenticate and
      deliver the Notes which the Noteholder making the exchange is entitled to
      receive.  Each Note presented or surrendered for registration of
      transfer or exchange shall (if so required by the Note Registrar) be duly
      endorsed by, or be accompanied by a written instrument of transfer in form
      reasonably satisfactory to the Note Registrar duly executed by the Holder
      thereof or his attorney duly authorized in writing with such signature
      guaranteed by a commercial bank or trust company located or having a
      correspondent located in the city of New York.  Notes delivered upon
      any such transfer or exchange will evidence the same obligations, and will
      be
      entitled to the same rights and privileges, as the Notes
      surrendered.

     

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

     

    The
      Issuer hereby appoints the Securities Administrator as (i) Certificate Registrar
      to keep at its Corporate Trust Office a Certificate Register pursuant to Section
      3.09 of the Trust Agreement in which, subject to such reasonable regulations
      as
      it may prescribe, the Certificate Registrar shall provide for the registration
      of Certificates and of transfers and exchanges thereof pursuant to Section
      3.05
      of the Trust Agreement and (ii) Note Registrar under this
      Indenture.  The Securities Administrator hereby accepts such
      appointments.

     

    Section
      4.03.  Mutilated,
      Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is
      surrendered to the Securities Administrator, or the Securities Administrator
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, and (ii) there is delivered to the Securities Administrator such security
      or indemnity as may be required by it to hold the Issuer, the Indenture Trustee
      and the Securities Administrator harmless, then, in the absence of notice to
      the
      Issuer, the Note Registrar, the Indenture Trustee or the Securities
      Administrator that such Note has been acquired by a protected purchaser, and
      provided that the requirements of Section 8-405 of the UCC are met, the Issuer
      shall execute, and upon its request the Securities Administrator shall
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Note, a replacement Note; provided,
however, that if any such destroyed, lost or stolen Note, but
      not a
      mutilated Note, shall have become or within seven days shall be due and payable,
      instead of issuing a replacement Note, the Issuer may pay such destroyed, lost
      or stolen Note when so due or payable without surrender thereof.  If,
      after the delivery of such replacement Note or payment of a destroyed, lost
      or
      stolen Note pursuant to the proviso to the preceding sentence, a protected
      purchaser of the original Note in lieu of which such replacement Note was issued
      presents for payment such original Note, the Issuer and the Securities
      Administrator shall be entitled to recover such replacement Note (or such
      payment) from the Person to whom it was delivered or any Person taking such
      replacement Note from such Person to whom such replacement Note was delivered
      or
      any assignee of such Person, except a bona fide purchaser, and shall be entitled
      to recover upon the security or indemnity provided therefor to the extent of
      any
      loss, damage, cost or expense incurred by the Issuer, the Indenture Trustee
      or
      the Securities Administrator in connection therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section 4.03, the Issuer may require
      the payment by the Holder of such Note of a sum sufficient to cover any tax
      or
      other governmental charge that may be imposed in relation thereto and any other
      reasonable expenses (including the fees and expenses of the Indenture Trustee
      and the Securities Administrator) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section 4.03 in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section 4.03 are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    Section
      4.04.  Persons
      Deemed Owners.  Prior to due presentment for registration of
      transfer of any Note, the Issuer, the Indenture Trustee, the Securities
      Administrator, the Paying Agent and any agent of any of them may treat the
      Person in whose name any Note is registered (as of the day of determination)
      as
      the owner of such Note for the purpose of receiving payments of principal of
      and
      interest, if any, on such Note and for all other purposes whatsoever, whether
      or
      not such Note be overdue, and neither the Issuer, the Indenture Trustee, the
      Securities Administrator the Paying Agent nor any agent of any of them shall
      be
      affected by notice to the contrary.

     

    Section
      4.05.  Cancellation.  All
      Notes surrendered for payment, registration of transfer, exchange or redemption
      shall, if surrendered to any Person other than the Securities Administrator,
      be
      delivered to the Securities Administrator and shall be promptly cancelled by
      the
      Securities Administrator.  The Issuer may at any time deliver to the
      Securities Administrator for cancellation any Notes previously authenticated
      and
      delivered hereunder which the Issuer may have acquired in any manner whatsoever,
      and all Notes so delivered shall be promptly cancelled by the Securities
      Administrator.  No Notes shall be authenticated in lieu of or in
      exchange for any Notes cancelled as provided in this Section 4.05, except as
      expressly permitted by this Indenture.  All cancelled Notes may be
      held or disposed of by the Securities Administrator in accordance with its
      standard retention or disposal policy as in effect at the time unless the Issuer
      shall direct by an Issuer Request that they be destroyed or returned to it;
      provided, however, that such Issuer Request is timely and the
      Notes have not been previously disposed of by the Securities
      Administrator.

     

    
      	
              Section
                4.06.  

            	
              Book-Entry
                Notes.  

            

    

     

    (a)  The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      representing the Book-Entry Notes, to be delivered to The Depository Trust
      Company, the initial Depository, by, or on behalf of, the Issuer.  The
      Notes shall initially be registered on the Note Register in the name of Cede
      & Co., the nominee of the initial Depository, and no Beneficial Owner will
      receive a Definitive Note representing such Beneficial Owner’s interest in such
      Note, except as provided in Section 4.08.  With respect to such Notes,
      unless and until definitive, fully registered Notes (the “Definitive Notes”)
      have been issued to Beneficial Owners pursuant to Section 4.08:

     

    (i)  the
      provisions of this Section 4.06 shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar, the Paying Agent, the Indenture Trustee and the Securities
      Administrator shall be entitled to deal with the Depository for all purposes
      of
      this Indenture (including the payment of principal of and interest on the Notes
      and the giving of instructions or directions hereunder) as the sole holder
      of
      the Notes, and shall have no obligation to the Beneficial Owners of the
      Notes;

     

    (iii)  to
      the
      extent that the provisions of this Section 4.06 conflict with any other
      provisions of this Indenture, the provisions of this Section 4.06 shall
      control;

     

    (iv)  the
      rights of Beneficial Owners shall be exercised only through the Depository
      and
      shall be limited to those established by law and agreements between such Owners
      of Notes and the Depository and/or the Depository
      Participants.  Unless and until Definitive Notes are issued pursuant
      to Section 4.08, the initial Depository will make book-entry transfers among
      the
      Depository Participants and receive and transmit payments of principal of and
      interest on the Notes to such Depository Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      Note
      Balances of the Notes, the Depository shall be deemed to represent such
      percentage with respect to the Notes only to the extent that it has received
      instructions to such effect from Beneficial Owners and/or Depository
      Participants owning or representing, respectively, such required percentage
      of
      the beneficial interest in the Notes and has delivered such instructions to
      the
      Securities Administrator.

     

    (b)  The
      Class
      N Notes offered and sold in reliance on the exemption from registration under
      Rule 144A shall be issued initially in the form of one or more permanent global
      Notes in definitive, fully registered form without interest coupons with the
      applicable legends set forth in Exhibit A-2 added to the forms of such Class
      N
      Notes (each, a “Restricted Global Security”), which shall be deposited on behalf
      of the subscribers for such Class N Notes represented thereby with the
      Securities Administrator as custodian for the Depository and registered in
      the
      name of a nominee of the Depository, duly executed by the Issuer and
      authenticated by the Securities Administrator as hereinafter
      provided.  The aggregate Note Balance of the Restricted Global
      Securities may from time to time be increased or decreased by adjustments made
      on the records of the Securities Administrator or the Depository or its nominee,
      as the case may be, as hereinafter provided.

     

    (c)  The
      Class
      N Notes sold in offshore transactions in reliance on Regulation S shall be
      issued initially in the form of one or more permanent global Notes in
      definitive, fully registered form without interest coupons with the applicable
      legends set forth in Exhibit A-2 hereto added to the forms of such Class N
      Notes
      (each, a “Regulation S Global Security”), which shall be deposited on behalf of
      the subscribers for such Class N Notes represented thereby with the Securities
      Administrator as custodian for the Depository, duly executed by the Issuer
      and
      authenticated by the Securities Administrator as hereinafter
      provided.  The aggregate Note Balance of the Regulation S Global
      Securities may from time to time be increased or decreased by adjustments made
      on the records of the Securities Administrator or the Depository or its nominee,
      as the case may be, as hereinafter provided.

     

    Section
      4.07.  Notices
      to Depository.  Whenever a notice or other communication to the
      Note Holders is required under this Indenture, unless and until Definitive
      Notes
      shall have been issued to Beneficial Owners pursuant to Section 4.08, the
      Securities Administrator shall give all such notices and communications
      specified herein to be given to Holders of the Notes to the Depository, and
      shall have no obligation to the Beneficial Owners.

     

    Section
      4.08.  Definitive
      Notes.  If (i) the Securities Administrator determines that the
      Depository is no longer willing or able to properly discharge its
      responsibilities with respect to the Notes and the Securities Administrator
      is
      unable to locate a qualified successor or (ii) after the occurrence of an Event
      of Default, Beneficial Owners of Notes representing beneficial interests
      aggregating at least a majority of the Note Balance of the Notes advise the
      Depository in writing that the continuation of a book-entry system through
      the
      Depository is no longer in the best interests of the Beneficial Owners, then
      the
      Depository shall notify all Beneficial Owners and the Securities Administrator
      of the occurrence of any such event and of the availability of Definitive Notes
      to Beneficial Owners requesting the same. Upon surrender to the Securities
      Administrator of the typewritten Notes representing the Book-Entry Notes by
      the
      Depository, accompanied by registration instructions, the Issuer shall execute
      and the Securities Administrator shall authenticate the Definitive Notes in
      accordance with the instructions of the Depository.  None of the
      Issuer, the Note Registrar, the Indenture Trustee or the Securities
      Administrator shall be liable for any delay in delivery of such instructions
      and
      may conclusively rely on, and shall be protected in relying on, such
      instructions.  Upon the issuance of Definitive Notes, the Securities
      Administrator shall recognize the Holders of the Definitive Notes as
      Noteholders.

     

    Section
      4.09.  Tax
      Treatment.  The Issuer has entered into this Indenture, and the
      Notes will be issued with the intention that, for federal, state and local
      income, single business and franchise tax purposes, the Notes will qualify
      as
      indebtedness.  The Issuer, the Indenture Trustee and the Securities
      Administrator (in accordance with Section 6.06 hereof), by entering into this
      Indenture, and each Noteholder, by its acceptance of its Note (and each
      Beneficial Owner by its acceptance of an interest in the applicable Book-Entry
      Note), agree to treat the Notes for federal, state and local income, single
      business and franchise tax purposes as indebtedness.

     

    Section
      4.10.  Satisfaction
      and Discharge of Indenture.  This Indenture shall cease to be of
      further effect with respect to the Notes except as to (i) rights of registration
      of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or
      stolen Notes, (iii) rights of Noteholders to receive payments of principal
      thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09, 3.17, 3.19
      and 3.20, (v) the rights, obligations and immunities of the Indenture Trustee
      and the Securities Administrator hereunder (including the rights of the
      Indenture Trustee and the Securities Administrator under Section 6.07 and the
      obligations of the Indenture Trustee and the Securities Administrator under
      Section 4.11) and (vi) the rights of Noteholders as beneficiaries hereof with
      respect to the property so deposited with the Indenture Trustee payable to
      all
      or any of them, and the Indenture Trustee, on demand of and at the expense
      of
      the Issuer, shall execute proper instruments acknowledging satisfaction and
      discharge of this Indenture with respect to the Notes and shall release and
      deliver the Collateral to or upon the order of the Issuer, when

     

    (A)           either

     

    (1)           all
      Notes theretofore authenticated and delivered (other than (i) Notes that have
      been destroyed, lost or stolen and that have been replaced or paid as provided
      in Section 4.03 hereof and (ii) Notes for whose payment money has theretofore
      been deposited in trust or segregated and held in trust by the Issuer and
      thereafter repaid to the Issuer or discharged from such trust, as provided
      in
      Section 3.03) have been delivered to the Securities Administrator for
      cancellation; or

     

    (2)           all
      Notes not theretofore delivered to the Securities Administrator for cancellation
      (a) have become due and payable, (b) will become due and payable at the Final
      Stated Maturity Date within one year, or (c) have been called for early
      redemption pursuant to Section 8.07 hereof, and the Issuer, in the case of
      (a)
      or (b) above, has irrevocably deposited or caused to be irrevocably deposited
      with the Securities Administrator cash or direct obligations of or obligations
      guaranteed by the United States of America (which will mature prior to the
      date
      such amounts are payable), in trust for such purpose, in an amount sufficient
      to
      pay and discharge the entire indebtedness on such Notes then outstanding not
      theretofore delivered to the Securities Administrator for cancellation when
      due
      on the Final Stated Maturity Date or other final Payment Date, or, in the case
      of (c) above, the Issuer shall have complied with all requirements of Section
      8.07 hereof,

     

    (B)           the
      Issuer has paid or caused to be paid all other sums payable hereunder;
      and

     

    (C)           the
      Issuer has delivered to the Indenture Trustee and the Securities Administrator
      an Officer’s Certificate and an Opinion of Counsel, each meeting the applicable
      requirements of Section 10.01 hereof, each stating that all conditions precedent
      herein provided for relating to the satisfaction and discharge of this Indenture
      have been complied with and, if the Opinion of Counsel relates to a deposit
      made
      in connection with Section 4.10(A)(2)(b) above, such opinion shall further
      be to
      the effect that such deposit will constitute an “in-substance defeasance” within
      the meaning of Revenue Ruling 85-42, 1985-1 C.B. 36, and in accordance
      therewith, the Issuer will be the owner of the assets deposited in trust for
      federal income tax purposes.

     

    Section
      4.11.  Application
      of Trust Money.  All monies deposited with the Securities
      Administrator pursuant to Section 4.10 hereof shall be held in trust and applied
      by it, in accordance with the provisions of the Notes and this Indenture, to
      the
      payment, either directly or through any Paying Agent or the Issuer, Certificate
      Paying Agent as designee of the Issuer, as the Securities Administrator may
      determine, to the Holders of Notes or Certificates, of all sums due and to
      become due thereon for principal and interest or otherwise; but such monies
      need
      not be segregated from other funds except to the extent required herein or
      required by law.

     

    Section
      4.12.  Derivative
      Contracts for Benefit of the Certificates.  At any time on or
      after the Closing Date, the Issuer shall have the right to convey to the Trust,
      solely for the benefit of the Holder of the Certificates, a derivative contract
      or comparable instrument.  Any such instrument shall constitute a
      fully prepaid agreement.  All collections, proceeds and other amounts
      in respect of such an instrument shall be distributed to the Certificates on
      the
      Payment Date following receipt thereof by the Securities
      Administrator.

     

    Section
      4.13.  Repayment
      of Monies Held by Paying Agent.  In connection with the
      satisfaction and discharge of this Indenture with respect to the Notes, all
      monies then held by any Person other than the Securities Administrator under
      the
      provisions of this Indenture with respect to such Notes shall, upon demand
      of
      the Issuer, be paid to the Securities Administrator to be held and applied
      according to Section 3.05 and thereupon such Person shall be released from
      all
      further liability with respect to such monies.

     

    Section
      4.14.  Temporary
      Notes.  Pending the preparation of any Definitive Notes, the
      Issuer may execute and upon its written direction, the Securities Administrator
      may authenticate and make available for delivery, temporary Notes that are
      printed, lithographed, typewritten, photocopied or otherwise produced, in any
      denomination, substantially of the tenor of the Definitive Notes in lieu of
      which they are issued and with such appropriate insertions, omissions,
      substitutions and other variations as the officers executing such Notes may
      determine, as evidenced by their execution of such Notes.

     

    If
      temporary Notes are issued, the Issuer will cause Definitive Notes to be
      prepared without unreasonable delay.  After the preparation of the
      Definitive Notes, the temporary Notes shall be exchangeable for Definitive
      Notes
      upon surrender of the temporary Notes at the office of the Securities
      Administrator located at the office designated for such purposes, without charge
      to the Holder.  Upon surrender for cancellation of any one or more
      temporary Notes, the Issuer shall execute and the Securities Administrator
      shall
      authenticate and make available for delivery, in exchange therefor, Definitive
      Notes of authorized denominations and of like tenor, class and aggregate
      principal amount.  Until so exchanged, such temporary Notes shall in
      all respects be entitled to the same benefits under this Indenture as Definitive
      Notes.

     

    Section
      4.15.  Representation
      Regarding ERISA.  By acquiring an Offered Note or interest
      therein, each Holder of such Note or Beneficial Owner of any such interest
      will
      be deemed to represent that either (1) it is not acquiring the Note with Plan
      Assets or (2) (A) the acquisition, holding and transfer of such Note will not
      give rise to a non-exempt prohibited transaction under Section 406 of ERISA
      or
      Section 4975 of the Code and (B) the Notes are rated investment grade or better
      and such person believes that the Notes are properly treated as indebtedness
      without substantial equity features for purposes of the Department of Labor
      (“DOL”) regulation 29 C.F.R. § 2510.3-101, and agrees to so treat the
      Notes.  Alternatively, regardless of the rating of the Notes, such
      person may provide the Securities Administrator with an Opinion of Counsel,
      which Opinion of Counsel will not be at the expense of the Trust, the Issuer,
      the Seller, the Depositor, the Indenture Trustee, the Securities Administrator,
      or the Master Servicer which opines that the acquisition, holding and transfer
      of such Note or interest therein is permissible under applicable law, will
      not
      constitute or result in a non-exempt prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Trust, the Issuer, the Seller,
      the Depositor, the Indenture Trustee, the Securities Administrator or the Master
      Servicer to any obligation in addition to those undertaken in the
      Indenture.

     

    
      	
              Section
                4.16.  

            	
              Transfer
                Restrictions for Class N Notes.

            

    

     

    (a)  No
      transfer, sale, pledge or other disposition of any Class N Note or interest
      therein shall be made unless that transfer, sale, pledge or other disposition is
      exempt from the registration and/or qualification requirements of the 1933
      Act
      and any applicable state securities laws, or is otherwise made in accordance
      with the 1933 Act and such state securities laws.  If a transfer of
      any Class N Note is to be made without registration under the 1933 Act (other
      than in connection with the initial issuance thereof or a transfer thereof
      by
      the Depositor or one of its Affiliates), then the Note Registrar shall refuse
      to
      register such transfer unless it receives (and upon receipt, may conclusively
      rely upon) a certificate from the Noteholder desiring to effect such transfer
      substantially in the form attached as Exhibit F-1 hereto and a certificate
      from
      such Noteholder’s prospective transferee substantially in the form attached as
      Exhibit F-2 hereto (which in the case of the Book-Entry Notes, the Noteholder
      and the Noteholder’s prospective transferee will be deemed to have represented
      such certification).  None of the Issuer, the Depositor, the Indenture
      Trustee, the Securities Administrator or the Note Registrar is obligated to
      register or qualify any Class N Notes under the Securities Act or any other
      securities law or to take any action not otherwise required under this Indenture
      to permit the transfer of any Class N Note or interest therein without
      registration or qualification.  Any Noteholder desiring to effect a
      transfer of Class N Notes or interests therein shall, and does hereby agree
      to,
      indemnify the Issuer, the Depositor, the Owner Trustee, the Indenture Trustee,
      the Securities Administrator and the Note Registrar against any liability that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    (b)  No
      Class
      N Note may be sold or transferred to a Person unless such Person certifies
      substantially in the form of Exhibit F-2 hereto (which in the case of the
      Book-Entry Notes, such Person will be deemed to have represented such
      certification), which certification the Securities Administrator may rely upon
      without further inquiry or investigation, to the following effect:

     

    (i)  Such
      Person is neither: (1) an employee benefit plan or other retirement arrangement,
      including individual retirement accounts and annuities, Keogh plans and
      collective investment funds and separate accounts in which such plans, accounts
      or arrangements are invested, including, without limitation, insurance company
      general accounts, that is subject to ERISA or Section 4975 of the Code (each,
      a
“Plan”), nor (2) any Person who is directly or indirectly purchasing such Note
      or interest therein on behalf of, as named fiduciary of, as trustee of, or
      with
“plan assets” (as defined under the DOL Regulations at 29 C.F.R. Section
      2510.3-101) of a Plan; or

     

    (ii)  (1)
      The
      acquisition, holding and transfer of the Class N Note will not give rise to
      a
      nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (2) the Class N Note is rated investment grade or better and the
      Transferee believes that the Class N Note is properly treated as indebtedness
      without substantial equity features for purposes of the DOL Regulations, and
      agrees to so treat the Class N Note; or

     

    (iii)  Such
      Person has provided the Securities Administrator and the Owner Trustee with
      an
      Opinion of Counsel,  which Opinion of Counsel will not be at the
      expense of the Issuer, the Depositor, the Seller, any Underwriter, the Owner
      Trustee, the Indenture Trustee, the Securities Administrator, the Servicer,
      the
      Master Servicer or any successor servicer which opines that the purchase,
      holding and transfer of such Class N Note or interest therein is permissible
      under applicable law, will not constitute or result in a non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Issuer, the Seller, the Depositor, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Servicer, the Master
      Servicer or any successor servicer to any  obligation in addition to
      those undertaken in the Indenture.

     

    Notwithstanding
      the foregoing, a certification will not be required in connection with the
      initial transfer of any such Note by the Depositor to an Affiliate of the
      Depositor (in which case, the Depositor or any Affiliate thereof shall be deemed
      to have represented that such Affiliate is not a Plan or any Person investing
      “plan assets” of any Plan) and the Note Registrar shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Note
      Registrar, shall be a written representation) from the Depositor of the status
      of such transferee as an Affiliate of the Depositor.

     

    (c)  No
      Note
      sold in an offshore transaction in reliance on Regulation S, may be sold or
      transferred to a Person unless such Person certifies substantially in the form
      of Exhibit F-2, G-1 or G-2 hereto (which in the case of the Book-Entry Notes,
      such Person will be deemed to have represented such certification), which
      certification the Securities Administrator may rely upon without further inquiry
      or investigation, to the following effect:

     

    (i)  Such
      Person is not a U.S. person within the meaning of Regulation S and was, at
      the
      time the buy order was originated, outside the United States;

     

    (ii)  Such
      Person understands that such Class N Notes have not been registered under the
      Securities Act, and that (x) until the expiration of the 40-day distribution
      compliance period (within the meaning of Regulation S), no offer, sale, pledge
      or other transfer of such Notes or any interest therein shall be made in the
      United States or to or for the account or benefit of a U.S. person (each as
      defined in Regulation S), (y) if in the future it decides to offer, resell,
      pledge or otherwise transfer such Class N Notes, such Class N Notes may be
      offered, resold, pledged or otherwise transferred only (A) to a person which
      the
      seller reasonably believes is a qualified institutional buyer that is purchasing
      such Class N Notes for its own account or for the account of a qualified
      institutional buyer to which notice is given that the transfer is being made
      in
      reliance on Rule 144A or (B) in an offshore transaction (as defined in
      Regulation S) in compliance with the provisions of Regulation S, in each case
      in
      compliance with the requirements of this Indenture; and it will notify such
      transferee of the transfer restrictions specified in this Section 4.16;
      and

     

    (iii)  The
      conditions in Section 4.16(b) have been satisfied.

     

    Notwithstanding
      the foregoing, a certification will not be required in connection with the
      initial transfer of any such Note by the Depositor to an Affiliate of the
      Depositor (in which case, the Depositor or any Affiliate thereof shall be deemed
      to have represented that such Affiliate is not a Plan or any Person investing
      “plan assets” of any Plan) and the Note Registrar shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Note
      Registrar, shall be a written representation) from the Depositor of the status
      of such transferee as an Affiliate of the Depositor.

     

    (d)  If
      a
      Person is acquiring any Class N Note or interest therein as a fiduciary or
      agent
      for one or more accounts, such Person shall be required to deliver to the Note
      Registrar a certification (which in the case of the Book-Entry Notes, the
      prospective transferee will be deemed to have represented such certification)
      to
      the effect that it has (i) sole investment discretion with respect to each
      such
      account and (ii) full power to make the foregoing acknowledgments,
      representations, warranties, certifications and agreements with respect to
      each
      such account as set forth in subsections (b), (c) and (d) of this Section
      4.16.

     

    (e)  Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      the Notes remains outstanding and is held by or on behalf of the Depository,
      transfers of a Global Security representing the Notes, in whole or in part,
      shall only be made in accordance with this Section 4.16.

     

    (i)  Subject
      to clauses (ii) and (iii) of this Section 4.16(e), transfers of a Global
      Security representing the Class N Notes shall be limited to transfers of such
      Global Security in whole, but not in part, to nominees of the Depository or
      to a
      successor of the Depository or such successor’s nominee.

     

    (ii)  Restricted
      Global Security to Regulation S Global Security.  If a holder of a
      beneficial interest in a Restricted Global Security deposited with or on behalf
      of the Depository wishes at any time to exchange its interest in such Restricted
      Global Security for an interest in a Regulation S Global Security, or to
      transfer its interest in such Restricted Global Security to a Person who wishes
      to take delivery thereof in the form of an interest in a Regulation S Global
      Security, such holder, provided such holder is not a U.S. Person, may, subject
      to the rules and procedures of the Depository, exchange or cause the exchange
      of
      such interest for an equivalent beneficial interest in the Regulation S Global
      Security.  Upon receipt by the Securities Administrator, as Note
      Registrar, of (A) instructions from the Depository directing the Securities
      Administrator, as Note Registrar, to cause to be credited a beneficial interest
      in a Regulation S Global Security in an amount equal to the beneficial interest
      in such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Notes held through a Regulation S
      Global Security, (B) a written order given in accordance with the Depository’s
      procedures containing information regarding the participant account of the
      Depository and, in the case of a transfer pursuant to and in accordance with
      Regulation S, the Euroclear or Clearstream account to be credited with such
      increase and (C) a certificate in the form of Exhibit G-1 hereto given by the
      holder of such beneficial interest stating that the exchange or transfer of
      such
      interest has been made in compliance with the transfer restrictions applicable
      to the Global Securities, including that the holder is not a U.S. Person and
      pursuant to and in accordance with Regulation S, the Securities Administrator,
      as Note Registrar, shall reduce the principal amount of the Restricted Global
      Security and increase the principal amount of the Regulation S Global Security
      by the aggregate principal amount of the beneficial interest in the Restricted
      Global Security to be exchanged, and shall instruct Euroclear or Clearstream,
      as
      applicable, concurrently with such reduction, to credit or cause to be credited
      to the account of the Person specified in such instructions a beneficial
      interest in the Regulation S Global Security equal to the reduction in the
      principal amount of the Restricted Global Security.

     

    (iii)  Regulation
      S Global Security to Restricted Global Security.  If a holder of a
      beneficial interest in a Regulation S Global Security deposited with or on
      behalf of the Depository wishes at any time to transfer its interest in such
      Regulation S Global Security to a Person who wishes to take delivery thereof
      in
      the form of an interest in a Restricted Global Security, such holder may,
      subject to the rules and procedures of the Depository, exchange or cause the
      exchange of such interest for an equivalent beneficial interest in a Restricted
      Global Security.  Upon receipt by the Securities Administrator, as
      Note Registrar, of (A) instructions from the Depository directing the Securities
      Administrator, as Note Registrar, to cause to be credited a beneficial interest
      in a Restricted Global Security in an amount equal to the beneficial interest
      in
      such Regulation S Global Security to be exchanged but not less than the minimum
      denomination applicable to such Holder’s Class N Notes held through a Restricted
      Global Security, to be exchanged, such instructions to contain information
      regarding the participant account with the Depository to be credited with such
      increase, and (B) a certificate in the form of Exhibit G-2 hereto given by
      the
      holder of such beneficial interest and stating, among other things, that the
      Person transferring such interest in such Regulation S Global Security
      reasonably believes that the Person acquiring such interest in a Restricted
      Global Security is a qualified institutional buyer within the meaning of Rule
      144A, is obtaining such beneficial interest in a transaction meeting the
      requirements of Rule 144A and in accordance with any applicable securities
      laws
      of any State of the United States or any other jurisdiction, then the Securities
      Administrator, as Note Registrar, will reduce the principal amount of the
      Regulation S Global Security and increase the principal amount of the Restricted
      Global Security by the aggregate principal amount of the beneficial interest
      in
      the Regulation S Global Security to be transferred and the Securities
      Administrator, as Note Registrar, shall instruct the Depository, concurrently
      with such reduction, to credit or cause to be credited to the account of the
      Person specified in such instructions a beneficial interest in the Restricted
      Global Security equal to the reduction in the principal amount of the Regulation
      S Global Security.

     

    (iv)  Other
      Exchanges.  In the event that a Global Security is exchanged for
      Class N Notes in definitive registered form without interest coupons, such
      Class
      N Notes may be exchanged for one another only in accordance with such procedures
      as are substantially consistent with the provisions above (including
      certification requirements intended to insure that such transfers comply with
      Rule 144A or are to non-U.S. Persons, or otherwise comply with Regulation S
      under the Securities Act, as the case may be, and as may be from time to time
      adopted by the Issuer and the Securities Administrator.

     

    (v)  Restrictions
      on U.S. Transfers.  Transfers of interests in the Regulation S
      Global Security to U.S. persons (as defined in Regulation S) shall be limited
      to
      transfers made pursuant to the provisions of Section 4.16(e)(3).

     

    ARTICLE
      V

     

    DEFAULT
      AND REMEDIES

     

    Section
      5.01.  Events
      of Default.  The Issuer shall deliver to the Indenture Trustee and
      the Securities Administrator, written notice in the form of an Officer’s
      Certificate, within five days after learning of the occurrence of any event
      which with the giving of notice and the lapse of time would become an Event
      of
      Default under clause (iii), (iv) or (v) of the definition of “Event of Default,”
its status and what action the Issuer is taking or proposes to take with respect
      thereto.  Neither the Indenture Trustee nor the Securities
      Administrator shall be deemed to have knowledge of any Event of Default unless
      a
      Responsible Officer has actual knowledge thereof or unless written notice of
      such Event of Default is received by a Responsible Officer and such notice
      references the Notes, the Trust or this Indenture.

     

    Section
      5.02.  Acceleration
      of Maturity; Rescission and Annulment.  If an Event of Default
      should occur and be continuing, then and in every such case the Indenture
      Trustee shall, at the written direction of the Holders of Notes representing
      not
      less than a majority of the aggregate Note Balance of the Notes, declare the
      Notes to be immediately due and payable, by a notice in writing to the Issuer
      (and to the Indenture Trustee and the Securities Administrator if such notice
      is
      given by the Noteholders), and upon any such declaration the unpaid aggregate
      Note Balance, together with accrued and unpaid interest thereon through the
      date
      of acceleration shall become immediately due and payable.

     

    At
      any
      time after such declaration of acceleration of maturity with respect to an
      Event
      of Default has been made and before a judgment or decree for payment of the
      money due has been obtained by the Securities Administrator as hereinafter
      in
      this Article V provided, Holders of the Notes representing not less than a
      majority of the aggregate Note Balance of the Notes, by written notice to the
      Issuer, the Indenture Trustee and the Securities Administrator, may waive the
      related Event of Default and rescind and annul such declaration and its
      consequences if

     

    (i)  the
      Issuer has paid or deposited with the Securities Administrator a sum sufficient
      to pay (a) all payments of principal of and interest on the Notes and all other
      amounts that would then be due hereunder or upon the Notes if the Event of
      Default giving rise to such acceleration had not occurred; and (b) all sums
      paid
      or advanced by the Securities Administrator and the Indenture Trustee hereunder
      and the reasonable compensation, expenses, disbursements and advances of the
      Indenture Trustee and the Securities Administrator and its respective agents
      and
      counsel; and

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    
      	
              Section
                5.03.  

            	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee.

            

    

     

    (a)  The
      Issuer covenants that if (i) default is made in the payment of any interest
      on
      any Note when the same becomes due and payable, and such default continues
      for a
      period of five days, or (ii) default is made in the payment of the principal
      of
      or any installment of the principal of any Note when the same becomes due and
      payable, the Issuer shall, upon demand of the Securities Administrator, at
      the
      direction of the Holders of a majority of the aggregate Note Balance of the
      Notes, pay to the Securities Administrator, for the benefit of the Holders
      of
      Notes, the whole amount then due and payable on the Notes for principal and
      interest, with interest at the applicable Note Rate upon the overdue principal,
      and in addition thereto such further amount as shall be sufficient to cover
      the
      costs and expenses of collection, including the reasonable compensation,
      expenses, disbursements and advances of the Indenture Trustee and the Securities
      Administrator and its respective agents and counsel.

     

    (b)  In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, subject
      to the provisions of Section 10.16 hereof may institute a Proceeding for the
      collection of the sums so due and unpaid, and may prosecute such Proceeding
      to
      judgment or final decree, and may enforce the same against the Issuer or other
      obligor upon the Notes and collect in the manner provided by law out of the
      property of the Issuer or other obligor the Notes, wherever situated, the monies
      adjudged or decreed to be payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee, subject to
      the
      provisions of Section 10.16 hereof may, as more particularly provided in Section
      5.04 hereof, in its discretion, proceed to protect and enforce its rights and
      the rights of the Noteholders, by such appropriate Proceedings, as directed
      in
      writing by Holders of a majority of the aggregate Note Balance of the Notes,
      to
      protect and enforce any such rights, whether for the specific enforcement of
      any
      covenant or agreement in this Indenture or in aid of the exercise of any power
      granted herein, or to enforce any other proper remedy or legal or equitable
      right vested in the Indenture Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Trust,
      Proceedings under Title 11 of the United States Code or any other applicable
      federal or state bankruptcy, insolvency or other similar law, or in case a
      receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
      sequestrator or similar official shall have been appointed for or taken
      possession of the Issuer or its property or such other obligor or Person, or
      in
      case of any other comparable judicial Proceedings relative to the Issuer or
      other obligor upon the Notes, or to the creditors or property of the Issuer
      or
      such other obligor, the Indenture Trustee, as directed in writing by Holders
      of
      a majority of the aggregate Note Balance of the Notes, irrespective of whether
      the principal of any Notes shall then be due and payable as therein expressed
      or
      by declaration or otherwise and irrespective of whether the Indenture Trustee
      shall have made any demand pursuant to the provisions of this Section, shall
      be
      entitled and empowered, by intervention in such Proceedings or
      otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any claim for reasonable compensation to the Indenture
      Trustee, the Securities Administrator and each predecessor Indenture Trustee
      and
      Securities Administrator, and their respective agents, attorneys and counsel,
      and for reimbursement of all expenses and liabilities incurred, and all advances
      made, by the Indenture Trustee and Securities Administrator and each predecessor
      Indenture Trustee and Securities Administrator, except as a result of negligence
      or bad faith) and of the Noteholders allowed in such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Notes in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii)  to
      direct
      the Securities Administrator to collect and receive any monies or other property
      payable or deliverable on any such claims and to distribute all amounts received
      with respect to the claims of the Noteholders and of the Indenture Trustee
      on
      their behalf, and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the Holders
      of
      Notes allowed in any judicial proceedings relative to the Issuer, its creditors
      and its property; and any trustee, receiver, liquidator, custodian or other
      similar official in any such Proceeding is hereby authorized by each of such
      Noteholders to make payments to the Securities Administrator and, in the event
      that the Indenture Trustee shall consent to the making of payments directly
      to
      such Noteholders, to pay to the Indenture Trustee and the Securities
      Administrator such amounts as shall be sufficient to cover reasonable
      compensation to the Indenture Trustee and the Securities Administrator, each
      predecessor Indenture Trustee and Securities Administrator and their respective
      agents, attorneys and counsel, and all other expenses and liabilities incurred,
      and all advances made, by the Indenture Trustee and the Securities Administrator
      and each predecessor Indenture Trustee and Securities
      Administrator.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee or the
      Securities Administrator to authorize or consent to or vote for or accept or
      adopt on behalf of any Noteholder any plan of reorganization, arrangement,
      adjustment or composition affecting the Notes or the rights of any Holder
      thereof or to authorize the Indenture Trustee or the Securities Administrator
      to
      vote in respect of the claim of any Noteholder in any such proceeding except,
      as
      aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee and the Securities Administrator, each
      predecessor Indenture Trustee and Securities Administrator and their respective
      agents and attorneys, shall be for the ratable benefit of the Holders of the
      Notes, subject to Section 5.05 hereof.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the Holders of the Notes, and it shall not be necessary to make any Noteholder
      a
      party to any such Proceedings.

     

    
      	
              Section
                5.04.  

            	
              Remedies;
                Priorities.

            

    

     

    (a)  If
      an
      Event of Default shall have occurred and be continuing and if an acceleration
      has been declared and not rescinded pursuant to Section 5.02 hereof, the
      Indenture Trustee subject to the provisions of Section 10.16 hereof may, and
      shall, at the written direction of the Holders of a majority of the aggregate
      Note Balance of the Notes, do one or more of the following (subject to Section
      5.05 hereof):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise enforce any judgment
      obtained, and collect from the Issuer and any other obligor upon such Notes
      monies adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Trust;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the Holders of the Notes; and

     

    (iv)  sell
      the
      Collateral or any portion thereof or rights or interest therein, at one or
      more
      public or private sales called and conducted in any manner permitted by law;
      provided, however, that the Indenture Trustee may not sell or
      otherwise liquidate the Trust following an Event of Default, unless (A) the
      Indenture Trustee obtains the consent of the Holders of 100% of the aggregate
      Note Balance of the Notes, (B) the proceeds of such sale or liquidation
      distributable to the Holders of the Notes are sufficient to discharge in full
      all amounts then due and unpaid upon such Notes for principal and interest
      or
      (C) the Indenture Trustee determines that the Mortgage Loans will not continue
      to provide sufficient funds for the payment of principal of and interest on
      the
      applicable Notes as they would have become due if the Notes had not been
      declared due and payable, and the Indenture Trustee obtains the consent of
      the
      Holders of a majority of the aggregate Note Balance of the Notes. In determining
      such sufficiency or insufficiency with respect to clause (B) and (C), the
      Indenture Trustee may, but need not, obtain and conclusively rely upon written
      advice or an opinion (obtained at the expense of the Trust) of an Independent
      investment banking or accounting firm of national reputation as to the
      feasibility of such proposed action and as to the sufficiency of the Trust
      for
      such purpose.  Notwithstanding the foregoing, so long as a Servicer
      Event of Default has not occurred, any sale of the Trust shall be made subject
      to the continued servicing of the Mortgage Loans by the Servicer as provided
      in
      the Servicing Agreement.

     

    (b)  If
      the
      Indenture Trustee collects any money or property pursuant to this Article V,
      the
      Indenture Trustee shall forward such funds to the Securities Administrator
      and
      the Securities Administrator shall pay out the money or property in the
      following order:

     

    (i)  to
      the
      Indenture Trustee and the Securities Administrator for amounts due under Section
      6.07 hereof and to the Owner Trustee for amounts due pursuant to Article VII
      of
      the Trust Agreement;

     

    (ii)  to
      the
      Swap Provider and to the Noteholders in the order of priority set forth in
      Section 3.05; and

     

    (iii)  to
      the
      payment of the remainder, if any to the Certificate Paying Agent on behalf
      of
      the Issuer or to any other person legally entitled thereto.

     

    The
      Securities Administrator may fix a record date and Payment Date for any payment
      to Noteholders pursuant to this Section 5.04.  At least 15 days before
      such record date, the Securities Administrator shall mail to each Noteholder
      a
      notice that states the record date, the Payment Date and the amount to be
      paid.

     

    Section
      5.05.  Optional
      Preservation of the Collateral.  If the Notes have been declared
      to be due and payable under Section 5.02 following an Event of Default and
      such
      declaration and its consequences have not been rescinded and annulled, the
      Indenture Trustee may elect to take and maintain possession of the
      Collateral.  It is the desire of the parties hereto and the
      Noteholders that there be at all times sufficient funds for the payment of
      principal of and interest on the Notes and other obligations of the Issuer,
      the
      Indenture Trustee and the Securities Administrator shall take such desire into
      account when determining whether or not to take and maintain possession of
      the
      Trust.  In determining whether and how to take and maintain possession
      of the Trust, the Indenture Trustee may, but need not, obtain and rely upon
      the
      written advice or an opinion (obtained at the expense of the Trust) of an
      Independent investment banking or accounting firm of national reputation as
      to
      the feasibility of such proposed action and as to the sufficiency of the Trust
      for such purpose.

     

    Section
      5.06.  Limitation
      of Suits.  No Holder of any Note shall have any right to institute
      any Proceeding, judicial or otherwise, with respect to this Indenture, or for
      the appointment of a receiver or trustee, or for any other remedy hereunder,
      unless and subject to the provisions of Section 10.16 hereof

     

    (i)  such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than 25% of the aggregate Note Balance of the Notes have
      made a written request to the Indenture Trustee to institute such Proceeding
      in
      respect of such Event of Default in its own name as Indenture Trustee
      hereunder;

     

    (iii)  such
      Holder or Holders have offered to the Indenture Trustee indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities to be incurred
      in
      complying with such request;

     

    (iv)  the
      Indenture Trustee for 60 days after its receipt of such notice of request and
      offer of indemnity has failed to institute such Proceedings; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the Note
      Balances of the Notes.

     

    It
      is
      understood and intended that no one or more Holders of Notes shall have any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Notes or to obtain or to seek to obtain priority or preference over any
      other
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided.

     

    
      	
              Section
                5.07.  

            	
              Unconditional
                Rights of Noteholders To Receive Principal and
                Interest.

            

    

     

    Notwithstanding
      any other provisions in this Indenture, the Holder of any Note shall have the
      right, which is absolute and unconditional, to receive payment of the principal
      of and interest, if any, on such Note on or after the respective due dates
      thereof expressed in such Note or in this Indenture and to institute suit for
      the enforcement of any such payment, and such right shall not be impaired
      without the consent of such Holder.

     

    Section
      5.08.  Restoration
      of Rights and Remedies.  If the Indenture Trustee or any
      Noteholder has instituted any Proceeding to enforce any right or remedy under
      this Indenture and such Proceeding has been discontinued or abandoned for any
      reason or has been determined adversely to the Indenture Trustee or to such
      Noteholder, then and in every such case the Issuer, the Indenture Trustee and
      the Noteholders shall, subject to any determination in such Proceeding, be
      restored severally and respectively to their former positions hereunder, and
      thereafter all rights and remedies of the Indenture Trustee and the Noteholders
      shall continue as though no such Proceeding had been instituted.

     

    Section
      5.09.  Rights
      and Remedies Cumulative.  No right or remedy herein conferred upon
      or reserved to the Indenture Trustee, the Securities Administrator or to the
      Noteholders is intended to be exclusive of any other right or remedy, and every
      right and remedy shall, to the extent permitted by law, be cumulative and in
      addition to every other right and remedy given hereunder or now or hereafter
      existing at law or in equity or otherwise.  The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent
      the
      concurrent assertion or employment of any other appropriate right or
      remedy.

     

    Section
      5.10.  Delay
      or Omission Not a Waiver.  No delay or omission of the Indenture
      Trustee or any Holder of any Note to exercise any right or remedy accruing
      upon
      any Event of Default shall impair any such right or remedy or constitute a
      waiver of any such Event of Default or an acquiescence therein.  Every
      right and remedy given by this Article V or by law to the Indenture Trustee
      or
      to the Noteholders may be exercised from time to time, and as often as may
      be
      deemed expedient, by the Indenture Trustee or by the Noteholders, as the case
      may be.

     

    Section
      5.11.  Control
      By Noteholders.  The Holders of a majority of the aggregate Note
      Balance of Notes shall have the right to direct the time, method and place
      of
      conducting any Proceeding for any remedy available to the Indenture Trustee
      with
      respect to the Notes or exercising any trust or power conferred on the Indenture
      Trustee; provided that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  any
      direction to the Indenture Trustee to sell or liquidate the Collateral shall
      be
      by Holders of Notes representing not less than 100% of the Note Balances of
      the
      Notes;

     

    (iii)  the
      Indenture Trustee has been provided with indemnity satisfactory to it;
      and

     

    (iv)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction of the Holders of Notes
      representing a majority of the Note Balances of the Notes.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section 5.11 the Indenture Trustee
      need not take any action that it determines might involve it in
      liability.

     

    Section
      5.12.  Waiver
      of Past Defaults. Subject to Section 5.02(i),  prior to the
      declaration of the acceleration of the maturity of the Notes as provided in
      Section 5.02 hereof, the Holders of Notes representing not less than a majority
      of the aggregate Note Balance of the Notes may waive any past Event of Default
      and its consequences except an Event of Default (a) with respect to payment
      of
      principal of or interest on any of the Notes or (b) in respect of a covenant
      or
      provision hereof which cannot be modified or amended without the consent of
      the
      Holder of each Note.  In the case of any such waiver, the Issuer, the
      Indenture Trustee, the Securities Administrator and the Holders of the Notes
      shall be restored to their former positions and rights hereunder, respectively,
      but no such waiver shall extend to any subsequent or other Event of Default
      or
      impair any right consequent thereto.

     

    Upon
      any
      such waiver, any Event of Default arising therefrom shall be deemed to have
      been
      cured and not to have occurred, for every purpose of this Indenture; but no
      such
      waiver shall extend to any subsequent or other Event of Default or impair any
      right consequent thereto.

     

    Section
      5.13.  Undertaking
      for Costs.  All parties to this Indenture agree, and each Holder
      of any Note and each Beneficial Owner of any interest therein by such Holder’s
      or Beneficial Owner’s acceptance thereof shall be deemed to have agreed, that
      any court may in its discretion require, in any suit for the enforcement of
      any
      right or remedy under this Indenture, or in any suit against the Indenture
      Trustee or the Securities Administrator for any action taken, suffered or
      omitted by it as Indenture Trustee or Securities Administrator, the filing
      by
      any party litigant in such suit of an undertaking to pay the costs of such
      suit,
      and that such court may in its discretion assess reasonable costs, including
      reasonable attorneys’ fees, against any party litigant in such suit, having due
      regard to the merits and good faith of the claims or defenses made by such
      party
      litigant; but the provisions of this Section 5.13 shall not apply to (a) any
      suit instituted by the Indenture Trustee or the Securities Administrator, (b)
      any suit instituted by any Noteholder, or group of Noteholders, in each case
      holding in the aggregate more than 10% of the Note Balances of the Notes or
      (c)
      any suit instituted by any Noteholder for the enforcement of the payment of
      principal of or interest on any Note on or after the respective due dates
      expressed in such Note and in this Indenture.

     

    Section
      5.14.  Waiver
      of Stay or Extension Laws.  The Issuer covenants (to the extent
      that it may lawfully do so) that it will not at any time insist upon, or plead
      or in any manner whatsoever, claim or take the benefit or advantage of, any
      stay
      or extension law wherever enacted, now or at any time hereafter in force, that
      may affect the covenants or the performance of this Indenture; and the Issuer
      (to the extent that it may lawfully do so) hereby expressly waives all benefit
      or advantage of any such law, and covenants that it shall not hinder, delay
      or
      impede the execution of any power herein granted to the Indenture Trustee or
      the
      Securities Administrator, but will suffer and permit the execution of every
      such
      power as though no such law had been enacted.

     

    
      	
              Section
                5.15.  

            	
                    Sale
                of Trust.

            

    

     

    (a)  The
      power
      to effect any sale or other disposition (a “Sale”) of any portion of the Trust
      pursuant to Section 5.04 hereof is expressly subject to the provisions of
      Section 5.05 hereof and this Section 5.15.  The power to effect any
      such Sale shall not be exhausted by any one or more Sales as to any portion
      of
      the Trust remaining unsold, but shall continue unimpaired until the entire
      Trust
      shall have been sold or all amounts payable on the Notes and under this
      Indenture shall have been paid.  The Indenture Trustee may from time
      to time postpone any public Sale by public announcement made at the time and
      place of such Sale.  The Indenture Trustee hereby expressly waives its
      right to any amount fixed by law as compensation for any Sale.

     

    (b)  The
      Indenture Trustee shall not in any private Sale sell the Trust, or any portion
      thereof, unless

     

    (i)  the
      Holders of all Notes consent to or direct the Indenture Trustee to make, such
      Sale, or

     

    (ii)  the
      proceeds of such Sale would be not less than the entire amount which would
      be
      payable to the Noteholders under the Notes, in full payment thereof in
      accordance with Section 5.02 hereof, on the Payment Date next succeeding the
      date of such Sale, or

     

    (iii)  the
      Indenture Trustee determines that the conditions for retention of the Collateral
      set forth in Section 5.05 hereof cannot be satisfied (in making any
      determination under this Section 5.15, the Indenture Trustee may conclusively
      rely upon written advice or an opinion of an Independent investment banking
      firm
      obtained and delivered as provided in Section 5.05 hereof), the Holders of
      Notes
      representing at least 100% of the Note Balances of the Notes consent to such
      Sale.

     

    The
      purchase by the Indenture Trustee of all or any portion of the Trust at a
      private Sale shall not be deemed a Sale or other disposition thereof for
      purposes of this Section 5.15(b).

     

    (c)  [Reserved].

     

    (d)  In
      connection with a Sale of all or any portion of the Trust,

     

    (i)  any
      Holder or Holders of Notes may bid for and purchase the property offered for
      sale, and upon compliance with the terms of sale may hold, retain and possess
      and dispose of such property, without further accountability, and may, in paying
      the purchase money therefor, deliver any Notes or claims for interest thereon
      in
      lieu of cash up to the amount which shall, upon distribution of the net proceeds
      of such sale, be payable thereon, and such Notes, in case the amounts so payable
      thereon shall be less than the amount due thereon, shall be returned to the
      Holders thereof after being appropriately stamped to show such partial
      payment;

     

    (ii)  the
      Indenture Trustee, may bid for and acquire the property offered for Sale in
      connection with any Sale thereof, and, subject to any requirements of, and
      to
      the extent permitted by, applicable law in connection therewith, may purchase
      all or any portion of the Trust in a private sale, and, in lieu of paying cash
      therefor, may make settlement for the purchase price by crediting the gross
      Sale
      price against the sum of (A) the amount which would be payable to the Holders
      of
      the Notes and Holders of Certificates on the Payment Date next succeeding the
      date of such Sale and (B) the expenses of the Sale and of any Proceedings in
      connection therewith which are reimbursable to it, without being required to
      produce the Notes in order to complete any such Sale or in order for the net
      Sale price to be credited against such Notes, and any property so acquired
      by
      the Indenture Trustee shall be held and dealt with by it in accordance with
      the
      provisions of this Indenture;

     

    (iii)  the
      Indenture Trustee shall execute and deliver an appropriate instrument of
      conveyance, prepared by the Issuer and satisfactory to the Indenture Trustee,
      transferring its interest in any portion of the Trust in connection with a
      Sale
      thereof;

     

    (iv)  the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuer to transfer and convey its interest in any portion of the Trust
      in
      connection with a Sale thereof, and to take all action necessary to effect
      such
      Sale; and

     

    (v)  no
      purchaser or transferee at such a Sale shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any monies.

     

    Section
      5.16.  Action
      on Notes.  The Indenture Trustee’s right to seek and recover
      judgment on the Notes or under this Indenture shall not be affected by the
      seeking, obtaining or application of any other relief under or with respect
      to
      this Indenture.  Neither the lien of this Indenture nor any rights or
      remedies of the Indenture Trustee or the Noteholders shall be impaired by the
      recovery of any judgment by the Indenture Trustee against the Issuer or by
      the
      levy of any execution under such judgment upon any portion of the Trust or
      upon
      any of the assets of the Issuer.  Any money or property collected by
      the Indenture Trustee shall be applied in accordance with Section 5.04(b)
      hereof.

     

    Section
      5.17.       Performance
      and Enforcement of Certain Obligations.

     

    (a)  Promptly
      following a request from the Indenture Trustee to do so, the Issuer in its
      capacity as holder of the Mortgage Loans, shall take all such lawful action
      as
      the Indenture Trustee may request to cause the Issuer to compel or secure the
      performance and observance by the Seller, the Servicer and the Master Servicer,
      as applicable, of each of their obligations to the Issuer under or in connection
      with the Mortgage Loan Sale and Contribution Agreement and the Servicing
      Agreement, and to exercise any and all rights, remedies, powers and privileges
      lawfully available to the Issuer under or in connection with the Mortgage Loan
      Sale and Contribution Agreement and the Servicing Agreement to the extent and
      in
      the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans,
      including the transmission of notices of default on the part of the Seller,
      the
      Servicer or the Master Servicer thereunder and the institution of legal or
      administrative actions or proceedings to compel or secure performance by the
      Seller, the Servicer or the Master Servicer of each of their obligations under
      the Mortgage Loan Sale and Contribution Agreement and the Servicing
      Agreement.

     

    (b)  The
      Indenture Trustee, as pledgee of the Mortgage Loans, may, and at the direction
      (which direction shall be in writing or by telephone (confirmed in writing
      promptly thereafter)) of the Holders of 66-2/3% of the Note Balances of the
      Notes, shall exercise all rights, remedies, powers, privileges and claims of
      the
      Issuer against the Originator, the Seller, the Servicer or the Master Servicer
      under or in connection with the Mortgage Loan Sale and Contribution Agreement
      and the Servicing Agreement, including the right or power to take any action
      to
      compel or secure performance or observance by the Originator, the Seller, the
      Servicer or the Master Servicer, as the case may be, of each of their
      obligations to the Issuer thereunder and to give any consent, request, notice,
      direction, approval, extension or waiver under the Mortgage Loan Sale and
      Contribution Agreement and the Servicing Agreement, as the case may be, and
      any
      right of the Issuer to take such action shall not be suspended.

     

    ARTICLE
      VI

     

    THE
      INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    
      	
              Section
                6.01.  

            	
              Duties
                of Indenture Trustee and the Securities
                Administrator.

            

    

     

    (a)  If
      an
      Event of Default has occurred and is continuing, each of the Indenture Trustee
      and the Securities Administrator shall exercise the rights and powers vested
      in
      it by this Indenture and use the same degree of care and skill in their exercise
      as a prudent person would exercise or use under the circumstances in the conduct
      of such person’s own affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

    (i)  each
      of
      the Indenture Trustee and the Securities Administrator undertakes to perform
      such duties and only such duties as are specifically set forth in this Indenture
      and no implied covenants or obligations shall be read into this Indenture
      against the Indenture Trustee or the Securities Administrator; and

     

    (ii)  in
      the
      absence of bad faith on its part, each of the Indenture Trustee and the
      Securities Administrator may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon
      certificates or opinions furnished to the Indenture Trustee or the Securities
      Administrator and conforming to the requirements of this Indenture; however,
      each of the Indenture Trustee and the Securities Administrator shall examine
      the
      certificates and opinions to determine whether or not they conform to the
      requirements of this Indenture.

     

    (c)  Neither
      the Indenture Trustee nor the Securities Administrator may be relieved from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct, except that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this Section
      6.01;

     

    (ii)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      any
      error of judgment made in good faith by a Responsible Officer unless it is
      proved that the Indenture Trustee or the Securities Administrator was negligent
      in ascertaining the pertinent facts; and

     

    (iii)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable with
      respect to any action it takes or omits to take in good faith in accordance
      with
      a direction received by it from Noteholders or from the Issuer, which they
      are
      entitled to give under the Basic Documents.

     

    (d)  Neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      interest on any money received by it.

     

    (e)  Money
      held in trust by the Indenture Trustee or the Securities Administrator need
      not
      be segregated from other trust funds except to the extent required by law or
      the
      terms of this Indenture or the Trust Agreement.

     

    (f)  No
      provision of this Indenture shall require the Indenture Trustee or the
      Securities Administrator to expend or risk its own funds or otherwise incur
      financial liability in the performance of any of its duties hereunder or in
      the
      exercise of any of its rights or powers, if it shall have reasonable grounds
      to
      believe that repayment of such funds or indemnity satisfactory to it against
      such risk or liability is not reasonably assured to it.

     

    (g)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee and the Securities
      Administrator shall be subject to the provisions of this Section and to the
      provisions of the TIA.

     

    (h)  The
      Indenture Trustee shall act in accordance with Section 6.03 of the Servicing
      Agreement and shall act as successor to the Master Servicer or appoint a
      successor Master Servicer in accordance with Section 6.04 of the Servicing
      Agreement.

     

    (i)  In
      order
      to comply with its duties under U.S.A. Patriot Act, the Securities Administrator
      shall obtain and verify certain information and documentation from the other
      parties hereto, including, but not limited to, such party’s name, address, and
      other identifying information.

     

    (j)  The
      Securities Administrator agrees to notify the Master Servicer in writing no
      later than 5:00 p.m. New York time on each Deposit Date of the aggregate dollar
      amount of the funds received by the Securities Administrator from the Servicer
      on such Deposit Date and any other information reasonably requested by the
      Master Servicer, so as to enable the Master Servicer to make the reconciliations
      and verifications required to be made by it pursuant to Section 4.01 of the
      Servicing Agreement.

     

    (k)  In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Interest Rate Swap Agreement (including, without limitation, its obligation
      to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
      Agreement, the Securities Administrator shall, promptly following actual notice
      of such failure, breach or event, notify the Depositor and send any notices
      and
      make any demands, on behalf of the Issuer, required to enforce the rights of
      the
      Issuer under the Interest Rate Swap Agreement.

     

    In
      the event that the Swap Provider’s
      obligations are guaranteed by a third party under a guaranty relating to the
      Interest Rate Swap Agreement (such guaranty the “Guaranty” and such third party
      the “Guarantor”), then to the extent that the Swap Provider fails to make any
      payment by the close of business on the day it is required to make payment
      under
      the terms of the Interest Rate Swap Agreement, the Securities Administrator
      shall, promptly following actual notice of the Swap Provider’s failure to pay,
      demand that the Guarantor make any and all payments then required to be made
      by
      the Guarantor pursuant to such Guaranty; provided, that the Securities
      Administrator shall in no event be liable for any failure or delay in the
      performance by the Swap Provider or any Guarantor of its obligations hereunder
      or pursuant to the Interest Rate Swap Agreement and the Guaranty, nor for any
      special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an early termination of the
      Interest Rate Swap Agreement other than in connection with the optional
      redemption of the Notes, the Securities Administrator, at the direction of
      the
      Depositor, will use reasonable efforts to appoint a successor swap provider
      to
      enter into a new interest rate swap agreement on terms substantially similar
      to
      the Interest Rate Swap Agreement, with a successor swap provider meeting all
      applicable eligibility requirements. If the Securities Administrator receives
      a
      termination payment from the Swap Provider in connection with such early
      termination, the Securities Administrator will apply such termination payment
      to
      any upfront payment required to appoint the successor swap
      provider.  If the Securities Administrator is required to pay a
      termination payment to the Swap Provider in connection with such early
      termination, the Securities Administrator will apply any upfront payment
      received from the successor swap provider to pay such termination
      payment.

     

    If
      the Indenture Trustee is unable to
      appoint a successor swap provider within 30 days of the early termination,
      then
      the Securities Administrator (acting on behalf of the Issuer) will deposit
      any
      termination payment received from the original Swap Provider into a separate,
      non-interest bearing reserve account and will, on each subsequent Payment Date,
      withdraw from the amount then remaining on deposit in such reserve account
      an
      amount equal to the Net Swap Payment, if any, that would have been paid to
      the
      Issuer by the original Swap Provider calculated in accordance with the terms
      of
      the original Interest Rate Swap Agreement, and distribute such amount in
      accordance with the terms of Section 3.05.

     

    Upon
      an early termination of the
      Interest Rate Swap Agreement in connection with the optional redemption of
      the
      Notes, if the Securities Administrator receives a termination payment from
      the
      Swap Provider, such termination payment will be distributed in accordance with
      Section 3.05.

     

    
      	
              Section
                6.02.  

            	
              Rights
                of Indenture Trustee and Securities
                Administrator.

            

    

     

    (a)  Each
      of
      the Indenture Trustee and the Securities Administrator may conclusively rely
      on,
      and shall be fully protected from acting or refraining from acting upon, any
      document believed by it to be genuine and to have been signed or presented
      by
      the proper person.  Neither the Indenture Trustee nor the Securities
      Administrator need investigate any fact or matter stated in the
      document.

     

    (b)  Before
      the Indenture Trustee or the Securities Administrator acts or refrains from
      acting, it may require an Officer’s Certificate or an Opinion of
      Counsel.  Neither the Indenture Trustee nor the Securities
      Administrator shall be liable for any action it takes or omits to take in good
      faith in reliance on an Officer’s Certificate or Opinion of
      Counsel.

     

    (c)  Neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      any
      action it takes or omits to take in good faith which it believes to be
      authorized or within its rights or powers; provided, however,
      that the Indenture Trustee’s or the Securities Administrator’s conduct does not
      constitute willful misconduct, negligence or bad faith.

     

    (d)  Each
      of
      the Indenture Trustee and the Securities Administrator may consult with counsel,
      and the advice or Opinion of Counsel with respect to legal matters relating
      to
      the Basic Documents and the Notes shall be full and complete authorization
      and
      protection from liability in respect to any action taken, omitted or suffered
      by
      it hereunder or in connection herewith in good faith and in accordance with
      the
      advice or opinion of such counsel.

     

    (e)  Each
      of
      the Indenture Trustee and the Securities Administrator may execute any of the
      trusts or powers hereunder or perform any duties hereunder, either directly
      or
      by or through agents, attorneys, custodians or nominees appointed with due
      care,
      and shall not be responsible for any willful misconduct or negligence on the
      part of any agent, attorney, custodian or nominee so appointed.

     

    (f)  Any
      permissive right of the Indenture Trustee enumerated in this Indenture shall
      not
      be construed as a duty.

     

    (g)  In
      no
      event shall the Indenture Trustee be liable, directly or indirectly, for any
      special, indirect or consequential damages, even if the Indenture Trustee has
      been advised of the possibility of such damages.

     

    Section
      6.03.  Individual
      Rights of Indenture Trustee and Securities Administrator.  The
      Indenture Trustee or the Securities Administrator in its individual or any
      other
      capacity may become the owner or pledgee of Notes and may otherwise deal with
      the Issuer or its Affiliates with the same rights it would have if it were
      not
      Indenture Trustee or the Securities Administrator, as applicable, subject to
      the
      requirements of the Trust Indenture Act.  Any Note Registrar,
      co-registrar or co-paying agent may do the same with like
      rights.  However, each of the Indenture Trustee and the Securities
      Administrator must comply with Sections 6.11 and 6.12 hereof.

     

    Section
      6.04.  Indenture
      Trustee’s and Securities Administrator’s Disclaimer.  Neither the
      Indenture Trustee nor the Securities Administrator shall be responsible for
      and
      makes no representation as to the validity or adequacy of this Indenture or
      the
      Notes, it shall not be accountable for the Issuer’s use of the proceeds from the
      Notes, and it shall not be responsible for any statement of the Issuer in the
      Indenture or in any document issued in connection with the sale of the Notes
      or
      in the Notes other than the Securities Administrator’s certificate of
      authentication.

     

    Section
      6.05.  Notice
      of Event of Default.  Subject to Section 5.01, the Indenture
      Trustee or the Securities Administrator shall promptly mail to each Noteholder
      notice of the Event of Default after it is actually known to a Responsible
      Officer of the Indenture Trustee or the Securities
      Administrator,
      unless such Event of Default shall have been waived or cured.  Except
      in the case of an Event of Default in payment of principal of or interest on
      any
      Note, the Indenture Trustee or the Securities Administrator may withhold the
      notice if and so long as it in good faith determines that withholding the notice
      is in the interests of Noteholders.

     

    
      	
              Section
                6.06.  

            	
                   Reports
                by Securities Administrator to Holders and Tax
                Administration.

            

    

     

    The
      Securities Administrator shall deliver to each Noteholder such information
      as
      may be required to enable such holder to prepare its federal and state income
      tax returns.  Pursuant to the Mortgage Loan Sale and Contribution
      Agreement, the Administrator will prepare and file (or cause to be prepared
      and
      filed), on behalf of the Owner Trustee or the Issuer, all tax returns (if any)
      and information reports, tax elections and such annual or other reports of
      the
      Issuer as are necessary for preparation of tax returns and information reports
      as required by the Code.  In addition, the Securities Administrator
      shall prepare a Form 1099 with respect to each calendar year.

     

    Section
      6.07.  Compensation
      and Indemnity.  Each of the Indenture Trustee and the Securities
      Administrator shall be paid by the Master Servicer from a portion of the Master
      Servicing Fee.

     

    The
      Issuer shall reimburse the Indenture Trustee, the Securities Administrator
      and
      the Owner Trustee for all reasonable out-of-pocket expenses incurred or made
      by
      it, including costs of collection, in addition to compensation for its services.
      Such expenses shall include reasonable compensation and expenses, disbursements
      and advances of the Indenture Trustee’s the Securities Administrator’s or the
      Owner Trustee’s agents, counsel, accountants and experts.  The Issuer
      shall indemnify each of the Indenture Trustee, the Securities Administrator
      and
      the Master Servicer and hold each of them harmless against any and all claim,
      tax, penalty, loss, liability or expense (including attorneys’ fees and
      expenses) of any kind whatsoever incurred by it in connection with the
      administration of this Trust and the performance of its duties under any of
      the
      Basic Documents.  The Indenture Trustee, the Securities Administrator
      or the Master Servicer, as applicable, shall notify the Issuer promptly of
      any
      claim for which it may seek indemnity.  Failure by the Indenture
      Trustee, the Securities Administrator or the Master Servicer to so notify the
      Issuer shall not relieve the Issuer of its obligations hereunder, unless the
      Issuer is materially prejudiced thereby.  The Issuer shall defend any
      such claim, and the Indenture Trustee, the Securities Administrator or the
      Master Servicer, as applicable (each an “Indemnified Party”) shall have the
      right to employ separate counsel with respect to any such claim and to
      participate in the defense thereof, but the fees and expenses of such counsel
      shall be at the expense of such Indemnified Party unless: (i) the employment
      thereof has been specifically authorized by the Issuer in writing; (ii) such
      Indemnified Party shall have been advised by such counsel that there may be
      one
      or more legal defenses available to it which are different from or additional
      to
      those available to the Issuer and in the reasonable judgment of such counsel
      it
      is advisable for such Indemnified Party to employ separate counsel or (iii)
      the
      Issuer has failed to assume the defense of such claim within a reasonable period
      of time following written notice thereof, it being understood, however, with
      respect to any event described in clause (ii) or clause (iii) hereof, that
      the
      Issuer shall not, in connection with any one such claim or separate but
      substantially similar or related claims in the same jurisdiction arising out
      of
      the same general allegations or circumstances, be liable for the reasonable
      fees
      and expenses of more than one separate firm of attorneys (in addition to local
      counsel) at any time for all such Indemnified Parties, which firm shall be
      designated in writing by the Indemnified Parties.  The Issuer is not
      obligated to reimburse any expense or indemnify against any loss, liability
      or
      expense incurred by the Indenture Trustee, the Securities Administrator or
      the
      Master Servicer through the Indenture Trustee’s, the Securities Administrator’s
      or the Master Servicer’s own willful misconduct, negligence or bad
      faith.

     

    Notwithstanding
      anything to the contrary contained herein, the Issuer shall not settle any
      claim
      involving the Indenture Trustee without the Indenture Trustee’s prior written
      consent unless such settlement involves a complete and absolute release of
      the
      Indenture Trustee from any and all liability in connection with such
      claim.

     

    The
      Issuer shall indemnify each of the Originator and the Seller to the extent
      set
      forth in Section 5.2 of the Mortgage Loan Sale and Contribution
      Agreement.

     

    The
      Issuer’s payment and indemnification obligations to the Indenture Trustee, the
      Securities Administrator, the Master Servicer and the Owner Trustee pursuant
      to
      this Section 6.07 shall survive the discharge of this Indenture and the
      termination or resignation of the Indenture Trustee, the Securities
      Administrator or the Master Servicer. When the Indenture Trustee, the Securities
      Administrator, the Master Servicer or the Owner Trustee incurs expenses after
      the occurrence of an Event of Default with respect to the Issuer, the expenses
      are intended to constitute expenses of administration under Title 11 of the
      United States Code or any other applicable federal or state bankruptcy,
      insolvency or similar law.

     

    Section
      6.08.  Replacement
      of Indenture Trustee or Securities Administrator.  No resignation
      or removal of the Indenture Trustee or the Securities Administrator and no
      appointment of a successor Indenture Trustee or Securities Administrator shall
      become effective until the acceptance of appointment by the successor Indenture
      Trustee or Securities Administrator pursuant to this Section
      6.08.  The Indenture Trustee or the Securities Administrator may
      resign at any time by so notifying the Issuer.  Holders of a majority
      of Note Balances of the Notes may remove the Indenture Trustee or the Securities
      Administrator by so notifying the Indenture Trustee or the Securities
      Administrator, as applicable, and may appoint a successor Indenture Trustee
      or
      Securities Administrator.  The Issuer shall remove the Indenture
      Trustee or the Securities Administrator if:

     

    (i)  the
      Indenture Trustee or the Securities Administrator fails to comply with Section
      6.11 hereof;

     

    (ii)  the
      Indenture Trustee or the Securities Administrator is adjudged a bankrupt or
      insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or the
      Securities Administrator or its respective property; or

     

    (iv)  the
      Indenture Trustee or the Securities Administrator otherwise becomes incapable
      of
      acting.

     

    If
      the
      Indenture Trustee or the Securities Administrator resigns or is removed or
      if a
      vacancy exists in the office of the Indenture Trustee or the Securities
      Administrator for any reason (the Indenture Trustee in such event being referred
      to herein as the retiring Indenture Trustee and the Securities Administrator
      in
      such event being referred to herein as the retiring Securities Administrator),
      the Issuer shall, promptly appoint a successor Indenture Trustee or Securities
      Administrator, as applicable.

     

    A
      successor Indenture Trustee or Securities Administrator shall deliver a written
      acceptance of its appointment to the retiring Indenture Trustee or Securities
      Administrator, as applicable, and to the Issuer.  Thereupon, the
      resignation or removal of the retiring Indenture Trustee or Securities
      Administrator shall become effective, and the successor Indenture Trustee or
      Securities Administrator shall have all the rights, powers and duties of the
      Indenture Trustee or Securities Administrator, as applicable, under this
      Indenture.  The successor Indenture Trustee or Securities
      Administrator shall mail a notice of its succession to Noteholders and the
      Rating Agencies.  The retiring Indenture Trustee or Securities
      Administrator shall promptly transfer all property held by it as Indenture
      Trustee or Securities Administrator to the successor Indenture Trustee or
      Securities Administrator, as applicable.

     

    If
      a
      successor Indenture Trustee or Securities Administrator does not take office
      within 30 days after the retiring Indenture Trustee or Securities Administrator
      resigns or is removed, the retiring Indenture Trustee or Securities
      Administrator, as applicable, the Issuer or the Holders of a majority of Note
      Balances of the Notes may petition any court of competent jurisdiction for
      the
      appointment of a successor Indenture Trustee or Securities
      Administrator.

     

    Notwithstanding
      the replacement of the Indenture Trustee or Securities Administrator pursuant
      to
      this Section, the Issuer’s obligations under Section 6.07 shall continue
      for the benefit of the retiring Indenture Trustee or Securities
      Administrator.

     

    Section
      6.09.  Successor
      Indenture Trustee or Securities Administrator by Merger.  If
      either the Indenture Trustee or the Securities Administrator consolidates with,
      merges or converts into, or transfers all or substantially all of its corporate
      trust business or assets to, another corporation or banking association, the
      resulting, surviving or transferee corporation, without any further act, shall
      be the successor Indenture Trustee or Securities Administrator, as applicable;
      provided, that such corporation or banking association shall be otherwise
      qualified and eligible under Section 6.11 hereof.  The Indenture
      Trustee or the Securities Administrator, as applicable, shall provide the Rating
      Agencies with prior written notice of any such transaction.

     

    If
      at the
      time such successor or successors by merger, conversion or consolidation to
      the
      Securities Administrator shall succeed to the trusts created by this Indenture
      and any of the Notes shall have been authenticated but not delivered, any such
      successor to the Securities Administrator may adopt the certificate of
      authentication of any predecessor trustee and deliver such Notes so
      authenticated; and if at that time any of the Notes shall not have been
      authenticated, any successor to the Securities Administrator may authenticate
      such Notes either in the name of any predecessor hereunder or in the name of
      the
      successor to the Securities Administrator; and in all such cases such
      certificates shall have the full force which it is in the Notes or in this
      Indenture provided that the certificate of the Securities Administrator shall
      have.

     

    
      	
              Section
                6.10.  

            	
              Appointment
                of Co-Indenture Trustee or Separate Indenture
                Trustee.

            

    

     

    (a)  Notwithstanding
      any other provisions of this Indenture, at any time, for the purpose of meeting
      any legal requirement of any jurisdiction in which any part of the Trust may
      at
      the time be located, the Indenture Trustee shall have the power and may execute
      and deliver all instruments to appoint one or more Persons to act as a
      co-trustee or co-trustees, separate trustee or separate trustees, of all or
      any
      part of the Trust, and to vest in such Person or Persons, in such capacity
      and
      for the benefit of the Noteholders, such title to the Trust, or any part hereof,
      and, subject to the other provisions of this Section, such powers, duties,
      obligations, rights and trusts as the Indenture Trustee may consider necessary
      or desirable.  No co-trustee or separate trustee hereunder shall be
      required to meet the terms of eligibility as a successor trustee under Section
      6.11 hereof.

     

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

     

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

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

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

     

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

     

    Section
      6.11.  Eligibility;
      Disqualification.  The Indenture Trustee shall at all times
      satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall
      have a combined capital and surplus of at least $50,000,000 as set forth in
      its
      most recent published annual report of condition and it or its parent shall
      have
      a long-term debt rating of “Baa3” or better by Moody’s and “BBB” or better by
      S&P.  The Indenture Trustee shall comply with TIA § 310(b),
      including the optional provision permitted by the second sentence of TIA §
310(b)(9); provided, however, that there shall be excluded
      from the operation of TIA § 310(b)(1) any indenture or indentures under which
      other securities of the Issuer are outstanding if the requirements for such
      exclusion set forth in TIA § 310(b)(1) are met.

     

    Section
      6.12.  Preferential
      Collection of Claims Against Issuer.  The Indenture Trustee shall
      comply with TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b).  An Indenture Trustee who has resigned or been removed shall
      be subject to TIA § 311(a) to the extent indicated.

     

    Section
      6.13.  Representations
      and Warranties.  Each of the Indenture Trustee and the Securities
      Administrator hereby represents that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (ii)  The
      execution and delivery of this Indenture by it, and the performance and
      compliance with the terms of this Indenture by it, will not violate its charter
      or bylaws.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Indenture has duly authorized the execution, delivery
      and
      performance of this Indenture, and has duly executed and delivered this
      Indenture.

     

    (iv)  This
      Indenture, assuming due authorization, execution and delivery by the Issuer,
      constitutes a valid, legal and binding obligation of it, enforceable against
      it
      in accordance with the terms hereof, subject to (A) applicable bankruptcy,
      insolvency, receivership, reorganization, moratorium and other laws affecting
      the enforcement of creditors’ rights generally, and (B) general principles of
      equity, regardless of whether such enforcement is considered in a proceeding
      in
      equity or at law.

     

    (v)  Each
      of
      the Indenture Trustee and the Securities Administrator is a “securities
      intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the New
      York UCC, that in the ordinary course of its business maintains “securities
      accounts” for others, as such term is used in Section 8-501 of the New York
      UCC.  The local law of jurisdiction of each of the Indenture Trustee
      and the Securities Administrator as securities intermediary shall be the State
      of New York.

     

    Section
      6.14.  Directions
      to Indenture Trustee and Securities Administrator.  The Indenture
      Trustee and the Securities Administrator are hereby directed:

     

    (i)  in
      the
      case of the Indenture Trustee, to accept the pledge of the Mortgage Loans and
      hold the assets of the Trust in trust for the Noteholders;

     

    (ii)  in
      the
      case of the Securities Administrator, to authenticate and deliver the Notes
      substantially in the form prescribed by Exhibit A-1 and Exhibit A-2 to this
      Indenture in accordance with the terms of this Indenture; and

     

    (iii)  to
      take
      all other actions as shall be required to be taken by the terms of this
      Indenture.

     

    Section
      6.15.  The
      Agents.  The provisions of this Indenture relating to the
      limitations of the Indenture Trustee’s and the Securities Administrator’s
      liability and to its indemnity, rights and protections shall inure also to
      the
      Paying Agent and Note Registrar.

    

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    
      	
              Section
                7.01.  

            	
              Issuer
                To Furnish Securities Administrator Names and Addresses of
                Noteholders.

            

    

     

    The
      Issuer will furnish or cause to be furnished to the Securities Administrator
      (a)
      not more than five days after each Record Date, a list, in such form as the
      Securities Administrator may reasonably require, of the names and addresses
      of
      the Holders of Notes as of such Record Date, and (b) at such other times as
      the
      Securities Administrator may request in writing, within 30 days after receipt
      by
      the Issuer of any such request, a list of similar form and content as of a
      date
      not more than 10 days prior to the time such list is furnished;
provided, however, that so long as the Securities
      Administrator is the Note Registrar, no such list shall be required to be
      furnished to the Securities Administrator.

     

    
      	
              Section
                7.02.  

            	
              Preservation
                of Information; Communications to
                Noteholders.

            

    

     

    (a)  The
      Securities Administrator shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders of Notes contained in the
      most recent list furnished to the Indenture Trustee as provided in Section
      7.01
      hereof and the names and addresses of Holders of Notes received by the
      Securities Administrator in its capacity as Note Registrar.  The
      Securities Administrator may destroy any list furnished to it as provided in
      such Section 7.01 upon receipt of a new list so furnished.

     

    (b)  Noteholders
      or Note Owners may communicate pursuant to TIA § 312(b) with other Noteholders
      or Note Owners with respect to their rights under this Indenture or under the
      Notes.

     

    (c)  The
      Issuer, the Indenture Trustee, the Securities Administrator and the Note
      Registrar shall have the protection of TIA § 312(c).

     

    
      	
              Section
                7.03.  

            	
              Reports
                of Issuer.

            

    

     

    (a)  Subject
      to Section 3.13 of the Servicing Agreement,

     

    (i)  The
      Securities Administrator shall file with the Commission on behalf of the Issuer,
      with a copy to the Issuer within 15 days before the Issuer is required to file
      the same with the Commission, the annual reports and the information, documents
      and other reports (or such portions of any of the foregoing as the Commission
      may from time to time by rules and regulations prescribe) that the Issuer may
      be
      required to file with the Commission pursuant to Section 13 or 15(d) of the
      Exchange Act;

     

    (ii)  The
      Securities Administrator shall file with the Commission, on behalf of the
      Issuer, in accordance with rules and regulations prescribed from time to time
      by
      the Commission such additional information, documents and reports with respect
      to compliance by the Issuer with the conditions and covenants of this Indenture
      as may be required from time to time by such rules and regulations;

     

    (iii)  The
      Securities Administrator shall supply (and the Securities Administrator shall
      transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of
      any information, documents and reports required to be filed by the Issuer
      pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and
      regulations prescribed from time to time by the Commission; and

     

    (iv)  For
      each
      Distribution Date, through and including the Distribution Date in December
      2007,
      the Securities Administrator shall calculate the Significance Percentage of
      the
      Interest Rate Swap Agreement.  If on any such Distribution Date, the
      Significance Percentage is equal to or greater than 9%, the Securities
      Administrator shall promptly notify the Depositor and the Depositor, on behalf
      of the Securities Administrator, shall obtain the financial information required
      to be delivered by the Swap Provider pursuant to the terms of the Interest Rate
      Swap Agreement.  If, on any succeeding Distribution Date through and
      including the Distribution Date in December 2007, the Significance Percentage
      is
      equal to or greater than 10%, the Securities Administrator shall promptly notify
      the Depositor and the Depositor shall, within 5 Business Days of such
      Distribution Date, deliver to the Securities Administrator the financial
      information provided to it by the Swap Provider for inclusion in the Form 10-D
      relating to such Distribution Date.

     

               With
      respect to any Payment Date, for purposes of determining the numerator of the
      fraction that constitutes the Significance Percentage, the interest rate used
      to
      project future amounts payable under the Interest Rate Swap Agreement shall
      be
      equal to the highest rate reflected on the Implied Forwards Curve available
      at
      Bloomberg Financial Markets, L.P. for the remaining term of the Interest Rate
      Swap Agreement plus the percentage equivalent of a fraction, the numerator
      of
      which is 3.00% and the denominator of which is the remaining Payment Dates
      on
      which the Securities Administrator is entitled to receive payments under the
      Interest Rate Swap Agreement).  The discount rate used to determine
      the net present value of the estimated future amounts payable shall be equal
      to
      the lowest rate reflected on the Implied Forwards Curve.  The
      Securities Administrator shall obtain the Implied Forwards Curve from Bloomberg
      within 15 Business Days of the respective Payment Date.  To determine
      the Implied Forwards Curve for such Payment Date, the Securities Administrator
      shall take the following steps on the Bloomberg terminal: (1) the following
      keystrokes shall be entered:  fwcv , 32 (or any such other number as
      represents the United States) , 3 ; (2) the Forwards shall be set to “1-Mo”; (3)
      the Intervals shall be set to “1-Mo”;  and (4) the Points shall be set
      to equal the remaining term of the Interest Rate Swap Agreement in months and
      the Securities Administrator shall click .  For purposes of estimating
      future amounts payable under the Interest Rate Swap Agreement, the accrual
      period for both the Fixed Amounts and the Floating Amounts (as defined in the
      Confirmation) shall be assumed to be a 30-day period in a 360-day
      year.

     

    (b)  Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31st
      of each year.

     

    Section
      7.04.  Reports
      by Securities Administrator.  If required by TIA § 313(a), within
      60 days after each January 30th beginning
      with
      March 31, 2008, the Securities Administrator (on behalf of the Indenture
      Trustee) shall mail to each Noteholder as required by TIA § 313(c) a brief
      report dated as of such date that complies with TIA § 313(a).  The
      Securities Administrator (on behalf of the Indenture Trustee) also shall comply
      with TIA § 313(b).

     

    A
      copy of
      each report at the time of its mailing to Noteholders shall be filed by the
      Securities Administrator with the Commission via EDGAR and each stock exchange,
      if any, on which the Notes are listed.  The Issuer shall notify the
      Indenture Trustee and the Securities Administrator if and when the Notes are
      listed on any stock exchange.

     

    
      	
              Section
                7.05.  

            	
              Statements
                to Noteholders.

            

    

     

    (a)  Not
      later
      than each Payment Date the Securities Administrator shall prepare a statement
      (the “Remittance Report”) containing the information set forth below with
      respect to such Payment Date, which information shall be based solely upon
      the
      loan level information furnished by the Servicer and the Master Servicer, as
      applicable, upon which the Securities Administrator shall conclusively rely
      without independent verification thereof:

     

    (i)  the
      Available Funds and the Note Rate for each Class for the related Payment
      Date;

     

    (ii)  the
      aggregate amount of the payment to each Class of Notes on such Payment
      Date;

     

    (iii)  the
      amount of the payment set forth in paragraph (ii) above in respect of interest,
      the amount thereof in respect of any Class Interest Carryover Shortfall, and
      the
      amount of any Class Interest Carryover Shortfall remaining and the amount
      thereof in respect of any Class N Interest Shortfall, and the amount of any
      Class N Interest Shortfall remaining;

     

    (iv)  the
      amount of the payment set forth in paragraph (ii) above in respect of principal
      and the amount thereof in respect of the Class Principal Carryover Shortfall,
      and any remaining Class Principal Carryover Shortfall;

     

    (v)  the
      amount of Excess Interest paid as principal;

     

    (vi)  the
      aggregate amount of the Servicing Fee and the Master Servicing Fee for such
      Payment Date;

     

    (vii)  the
      Pool
      Balance and the aggregate Principal Balance of the Mortgage Loans in each Loan
      Group as of the close of business on the last day of the preceding Due
      Period;

     

    (viii)  the
      Class
      Note Balance of each Class of Notes after giving effect to payments allocated
      to
      principal;

     

    (ix)  the
      Overcollateralization Amount and the Required Overcollateralization Amount
      as of
      the close of business on the Payment Date, after giving effect to payments
      of
      principal on such Payment Date;

     

    (x)  whether
      a
      Cumulative Loss Event or a Delinquency Event has occurred and is continuing
      and
      the calculation thereof;

     

    (xi)  the
      aggregate amount of Principal Prepayments received during the related Prepayment
      Period;

     

    (xii)  the
      amount of all Curtailments that were received during the Due
      Period;

     

    (xiii)  the
      principal portion of all Monthly Payments received during the Due
      Period;

     

    (xiv)  the
      interest portion of all Monthly Payments received on the Mortgage Loans during
      the Due Period;

     

    (xv)  the
      amount of the Monthly Advances and the Compensating Interest payment to be
      made
      on the Determination Date;

     

    (xvi)  the
      amount to be distributed to the Certificates for the Payment Date;

     

    (xvii)  the
      weighted average remaining term to maturity of the Mortgage Loans and the
      weighted average Loan Rate as of the first day of the related Due
      Period;

     

    (xviii)  the
      amount of all payments or reimbursements to the Servicer pursuant to Sections
      3.03(ii) and (vi) of the Servicing Agreement (as reported by the
      Servicer);

     

    (xix)  the
      number of Mortgage Loans outstanding at the beginning and at the end of the
      related Due Period;

     

    (xx)  the
      amount of Liquidation Loan Losses experienced during the preceding Due Period
      and the Cumulative Net Losses as a percentage of the Cut-Off Date Pool
      Balance;

     

    (xxi)  as
      of the
      end of the preceding calendar month, the number and Principal Balance of
      Mortgage Loans which are 30-59 days delinquent; the number and Principal Balance
      of Mortgage Loans which are 60-89 days delinquent; the number and Principal
      Balance of Mortgage Loans which are 90 or more days delinquent (including the
      number and Principal Balance of Mortgage Loans which are in foreclosure; the
      number and Principal Balance of Mortgage Loans in bankruptcy; and the number
      and
      Principal Balance of Mortgage Loans which are REO Property, each separately
      set
      forth) (for the avoidance of doubt, delinquencies in this clause (xxi) are
      measured in accordance with the OTS method);

     

    (xxii)  the
      amounts of Applied Realized Loss Amounts for the applicable Due Period and
      the
      cumulative amount of Applied Realized Loss Amounts to date;

     

    (xxiii)  the
      number and aggregate Principal Balance of Mortgage Loans, other than Mortgage
      Loans in default or imminent default, that were modified by the Servicer during
      the related Due Period (as reported by the Servicer)

     

    (xxiv)  the
      amount of Basis Risk Shortfall Amount paid to each Class of Group I
      Notes;

     

    (xxv)  the
      amount of any Net Swap Payments or Swap Termination Payments;

     

    (xxvi)  whether
      a
      Stepdown Date or Trigger Event is in effect on such Payment Date;
      and

     

    (xxvii)  the
      applicable Record Dates, Interest Accrual Periods and determination dates for
      calculating payments for such Payment Date.

     

    (b)  The
      Securities Administrator shall make available such report to the Servicer,
      the
      Master Servicer, the Indenture Trustee, the Seller, the Noteholders, the Rating
      Agencies, Bloomberg (at 499 Park Avenue, New York, New York 10022, Attention:
      Mike Geller) and Intex Solutions (at 35 Highland Circle, Needham, Massachusetts
      02144, Attention: Harold Brennman) on the Payment Date.  The
      Securities Administrator may fully rely upon and shall have no liability with
      respect to information provided by the Servicer or the Master
      Servicer.  In the case of information furnished pursuant to subclauses
      (ii), (iii), (iv) and (vi) above, the amounts shall be expressed in a separate
      section of the report as a dollar amount for each Class for each $1,000 original
      dollar amount as of the related Cut-Off Date.

     

    (c)  The
      Securities Administrator will make the Remittance Report (and, at its option,
      any additional files containing the same information in an alternative format)
      available each month to Noteholders and the parties to this Indenture via the
      Securities Administrator’s internet website.  The Securities
      Administrator’s internet website shall initially be located at
“www.ctslink.com”.  Assistance in using the website can be obtained by
      calling the Securities Administrator’s customer service desk at
      (301) 815-6600.  Parties that are unable to use the above
      distribution options are entitled to have a paper copy mailed to them via first
      class mail by calling the customer service desk and indicating
      such.  The Securities Administrator shall have the right to change the
      way Remittance Reports are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Securities
      Administrator shall provide timely and adequate notification to all above
      parties regarding any such changes.  As a condition to access the
      Securities Administrator’s internet website, the Securities Administrator may
      require registration and the acceptance of a disclaimer.  The
      Securities Administrator will not be liable for the dissemination of information
      in accordance with this Agreement.  The Securities Administrator shall
      also be entitled to rely on but shall not be responsible for the content or
      accuracy of any information provided by third parties for purposes of preparing
      the Remittance Report and may affix thereto any disclaimer it deems appropriate
      in its reasonable discretion (without suggesting liability on the part of any
      other party hereto).

     

    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01.  Collection
      of Money.  Except as otherwise expressly provided herein, the
      Securities Administrator, on behalf of the Indenture Trustee, may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee or the Securities
      Administrator pursuant to this Indenture.  The Securities
      Administrator shall apply all such money received by it as provided in this
      Indenture.  Except as otherwise expressly provided in this Indenture,
      if any default occurs in the making of any payment or performance under any
      agreement or instrument that is part of the Trust, the Indenture Trustee may
      take such action as may be appropriate to enforce such payment or performance,
      including the institution and prosecution of appropriate
      Proceedings.  Any such action shall be without prejudice to any right
      to claim a Default or Event of Default under this Indenture and any right to
      proceed thereafter as provided in Article V.

     

    
      	
              Section
                8.02.  

            	
                   
                Trust Accounts.

            

    

     

    (a)  On
      or
      prior to the Closing Date, the Issuer shall cause the Securities Administrator
      to establish and maintain, in the name of the Indenture Trustee, for the benefit
      of the Noteholders, the Payment Account as provided in Section 3.01
      hereof.

     

    (b)  On
      each
      Payment Date, the Securities Administrator shall pay all remaining amounts
      on
      deposit in the Payment Account to the Noteholders in respect of the Notes and
      to
      such other persons in the order of priority set forth in Section 3.05 hereof
      (except as otherwise provided in Section 5.04(b) hereof).

     

    Section
      8.03.  Collateral
      Account

     

    (a)  The
      Securities Administrator is hereby directed to perform the obligations of the
      Custodian as defined under the Swap Credit Support Annex (the “Swap
      Custodian”).  On or before the Closing Date, the Swap Custodian shall
      establish a Swap Collateral Account.  The Swap Collateral Account
      shall be held in the name of the Swap Custodian in trust for the benefit of
      the
      Noteholders.  The Swap Collateral Account must be an Eligible Account
      and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as Swap
      Custodian for registered Noteholders of Renaissance Home Equity Loan Trust
      2007-2, Home Equity Loan Asset-Backed Notes, Series 2007-2.”

     

    (b)  The
      Swap
      Custodian shall credit to Swap Collateral Account all collateral (whether in
      the
      form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Interest
      Rate Swap Agreement.  Except for investment earnings, the Swap
      Provider shall not have any legal, equitable or beneficial interest in the
      Swap
      Collateral Account other than in accordance with the Interest Rate Swap
      Agreement and applicable law.  The Swap Custodian shall maintain and
      apply all collateral and earnings thereon on deposit in the Swap Collateral
      Account in accordance with Swap Credit Support Annex.

     

    (c)  Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be invested at the direction of the Swap Provider in
      Eligible Investments in accordance with the requirements of the Swap Credit
      Support Annex.  All amounts earned on amounts on deposit in the Swap
      Collateral Account (whether cash collateral or securities) shall be for the
      account of and taxable to the Swap Provider.

     

    (d)  Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Interest Rate Swap Agreement) with respect to the Swap Provider or upon
      occurrence or designation of an Early Termination Date (as defined in the
      Interest Rate Swap Agreement) as a result of any such Event of Default or
      Specified Condition with respect to the Swap Provider, and, in either such
      case,
      unless the Swap Provider has paid in full all of its Obligations (as defined
      in
      the Swap Credit Support Annex) that are then due, then any collateral posted
      by
      the Swap Provider in accordance with the Swap Credit Support Annex shall be
      applied to the payment of any Obligations due to Party B (as defined in the
      Interest Rate Swap Agreement) in accordance with the Swap Credit Support
      Annex.  Any excess amounts held in such Swap Collateral Account after
      payment of all amounts owing to Party B under the Interest Rate Swap Agreement
      shall be withdrawn from the Swap Collateral Account and paid to the Swap
      Provider in accordance with the Swap Credit Support Annex.

     

    Section
      8.04.  Officer’s
      Certificate.  The Indenture Trustee shall receive at least seven
      Business Days’ notice when requested by the Issuer to take any action pursuant
      to Section 8.05(a) hereof, accompanied by copies of any instruments to be
      executed, and the Indenture Trustee shall also require, as a condition to such
      action, an Officer’s Certificate, in form and substance satisfactory to the
      Indenture Trustee, stating the legal effect of any such action, outlining the
      steps required to complete the same, and concluding that all conditions
      precedent to the taking of such action have been complied with.

     

    Section
      8.05.  Termination
      Upon Payment to Noteholders.  This Indenture and the respective
      obligations and responsibilities of the Issuer, the Indenture Trustee and the
      Securities Administrator created hereby shall terminate upon the payment to
      Noteholders, the Certificate Paying Agent on behalf of the Owner Trustee, the
      Certificateholders, the Indenture Trustee and the Securities Administrator
      of
      all amounts required to be paid pursuant to Article III; provided,
      however, that in no event shall the trust created hereby continue beyond
      the expiration of 21 years from the death of the survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James, living on the date hereof.

     

    
      	
              Section
                8.06.  

            	
                   Release
                of Collateral.

            

    

     

    (a)  Subject
      to the payment of its fees and expenses and the fees and expenses of the
      Securities Administrator, the Indenture Trustee may, and when required by the
      provisions of this Indenture shall, execute instruments to release property
      from
      the lien of this Indenture, or convey the Indenture Trustee’s interest in the
      same, in a manner and under circumstances that are not inconsistent with the
      provisions of this Indenture, including for the purposes of any repurchase
      of a
      Mortgage Loan pursuant to Section 3.16 of the Servicing Agreement.  No
      party relying upon an instrument executed by the Indenture Trustee as provided
      in Article VIII hereunder shall be bound to ascertain the Indenture Trustee’s
      authority, inquire into the satisfaction of any conditions precedent, or see
      to
      the application of any monies.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) there are no Notes Outstanding
      and
      (ii) all sums due to the Indenture Trustee and the Securities Administrator
      pursuant to this Indenture have been paid, release any remaining portion of
      the
      Trust that secured the Notes from the lien of this Indenture.

     

    (c)  The
      Indenture Trustee shall release property from the lien of this Indenture
      pursuant to this Section 8.05 only upon receipt of a request from the Issuer
      accompanied by an Officers’ Certificate and an Opinion of Counsel stating that
      all applicable requirements have been satisfied.

     

    Section
      8.07.  Surrender
      of Notes Upon Final Payment.  By acceptance of any Note, the
      Holder thereof agrees to surrender such Note to the Securities Administrator
      promptly, prior to such Noteholder’s receipt of the final payment
      thereon.

     

    
      	
              Section
                8.08. 

            	
                   Optional
                Redemption of the Notes.

            

    

     

    (a)  The
      Seller may, at its option, redeem the Notes on any Payment Date on or after
      the
      Optional Redemption Date, by purchasing (on a servicing-retained basis), on
      such
      Payment Date, all of the outstanding Mortgage Loans and REO Properties at a
      price equal to the greater of (I) the sum of (w) 100% of the aggregate Principal
      Balance of the Mortgage Loans plus (x) the lesser of (A) the appraised value
      of
      any REO Property as determined by the higher of two appraisals completed by
      two
      independent appraisers selected by the Seller and at the Seller’s expense and
      (B) the Principal Balance of the Mortgage Loan related to such REO Property
      plus
      (y) in each case, the greater of (i) the aggregate amount of accrued and unpaid
      interest on the Mortgage Loans through the related Due Period and (ii) thirty
      (30) days’ accrued interest thereon at a rate equal to the Loan Rate, in each
      case net of the Servicing Fee and the Master Servicing Fee and (z) any Swap
      Termination Payment to the Swap Provider and any previous swap provider as
      of
      such redemption date (including a Swap Termination Payment owed to the Swap
      Provider in connection with such optional redemption) (the “Redemption Price”)
      and (II) the sum of (a) the fair market value of the assets of the Trust, (b)
      the greater of (i) the aggregate amount of accrued and unpaid interest on the
      Mortgage Loans through the related Due Period and (ii) thirty (30) days’ accrued
      interest thereon at a rate equal to the Loan Rate, in each case net of the
      Servicing Fee and the Master Servicing Fee and (c) any Swap Termination Payment
      to the Swap Provider and any previous swap provider as of such redemption date
      (including a Swap Termination Payment owed to the Swap Provider in connection
      with such optional redemption); provided, however, that the Seller
      hereby covenants and agrees not to exercise its rights under this Section 8.07
      on any Payment Date unless the Redemption Price is sufficient to redeem in
      full
      all of the Class N Notes (including all accrued and unpaid interest
      thereon).  Following an optional redemption of the Notes and a
      purchase of the Mortgage Loans and any REO Properties pursuant to this Section
      8.07, the Servicer shall be entitled to receive the Servicing Fee as
      compensation for its continued servicing of such Mortgage Loans and REO
      Properties.

     

    (b)  In
      order
      to exercise the foregoing option, the Seller shall provide written notice of
      its
      exercise of such option to the Indenture Trustee, the Securities Administrator
      and the Owner Trustee at least 15 days prior to its
      exercise.  Following receipt of the notice, the Securities
      Administrator shall provide notice to the Noteholders of the final payment
      on
      the Notes.  In addition, the Seller shall, not less than one Business
      Day prior to the proposed Payment Date on which such redemption is to be made,
      deposit the aggregate redemption price specified in (a) above with the
      Securities Administrator, who shall deposit the aggregate redemption price
      into
      the Payment Account and shall, on the Payment Date after receipt of the funds,
      apply such funds to make final payments of principal and interest on the Notes
      in accordance with Section 3.05(b) and (c) hereof and payment in full to the
      Indenture Trustee and the Securities Administrator, and this Indenture shall
      be
      discharged subject to the provisions of Section 4.10 hereof.  If for
      any reason the amount deposited by the Seller is not sufficient to make such
      redemption or such redemption cannot be completed for any reason, the amount
      so
      deposited by the Seller with the Securities Administrator shall be immediately
      returned to the Seller in full and shall not be used for any other purpose
      or be
      deemed to be part of the Trust.

     

    (c)  In
      connection with any redemption pursuant to this Section 8.08:

     

    (i)  At
      least
      twenty (20) days prior to the latest date on which notice of such optional
      redemption is required to be mailed to the Noteholders, the Seller shall notify
      in writing (which may be done in electronic format) the Swap Provider and the
      Securities Administrator of the final Payment Date on which the Seller intends
      to redeem the Notes;

     

    (ii)  No
      later
      than 4:00 pm (New York City time) four (4) Business Days prior to the final
      Payment Date specified in the notices required pursuant to Section 8.08, the
      Swap Provider shall notify in writing (in accordance with the applicable
      provisions of the Interest Rate Swap Agreement) (which may be done in electronic
      format) and by phone,  the Seller and the Securities Administrator of
      the amount of the Estimated Swap Termination Payment; and

     

    (iii)  Three
      (3)
      Business Days prior to the final Payment Date specified in the notices required
      pursuant to Sections 8.07, (x) the Seller shall, no later than 1:00 pm
      (New York City time) on such
      day, deliver to the Securities Administrator and the Securities Administrator
      shall deposit funds in the Payment Account in an amount equal to the sum of
      the
      Termination Price (which shall be based on the Estimated Swap Termination
      Payment), and (y) if the Securities Administrator shall have received an
      Officer’s Certificate stating that all of the requirements for optional
      redemption have been met, including without limitation the deposit required
      pursuant to the immediately preceding clause (x) as well as the requirements
      specified in Section 8.08, then the Securities Administrator shall, on the
      same
      Business Day, provide written notice (which may be done in electronic format)
      to
      the Seller and the Swap Provider (in accordance with the applicable provision
      of
      the Interest Rate Swap Agreement) confirming (a) its receipt of the Termination
      Price (which shall be based on the Estimated Swap Termination Payment), and
      (b)
      that all other requirements specified in Section 8.08 have been met (the
“Optional Redemption Notice”).  Upon the delivery of the Optional
      Redemption Notice by the Securities Administrator pursuant to the preceding
      sentence, (i) the optional redemption shall become irrevocable, (ii) the notice
      to Noteholders of such optional redemption provided pursuant to Section 8.08
      shall become unrescindable, (iii) the Swap Provider shall determine the Swap
      Termination Payment in accordance with the Interest Rate Swap Agreement (which
      shall not exceed the Estimated Swap Termination Payment), and (iv) the Swap
      Provider shall provide to the Securities Administrator written notice of the
      amount of the Swap Termination Payment not later than two (2) Business Days
      prior to the final Payment Date specified in the notices required pursuant
      to
      Sections 8.08.

     

    ARTICLE
      IX

     

    SUPPLEMENTAL
      INDENTURES

     

    
      	
              Section
                9.01.  

            	
                    
                Supplemental Indentures Without Consent of
                Noteholders.

            

    

     

    (a)  Without
      the consent of the Holders of any Notes but with prior notice to the Rating
      Agencies, the Issuer, the Indenture Trustee and the Securities Administrator,
      when authorized by an Issuer Request, at any time and from time to time, may
      enter into one or more indentures supplemental hereto (which shall conform
      to
      the provisions of the TIA as in force at the date of the execution thereof),
      in
      form satisfactory to the Indenture Trustee and the Securities Administrator,
      for
      any of the following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the Holders of the Notes, or
      to
      surrender any right or power herein conferred upon the Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture;

     

    (vi)  to
      make
      any other provisions with respect to matters or questions arising under this
      Indenture or in any supplemental indenture; provided, that such action (as
      evidenced by either (i) an Opinion of Counsel delivered to the Depositor, the
      Issuer, the Seller, the Securities Administrator and the Indenture Trustee
      or
      (ii) confirmation from the Rating Agencies that such amendment will not result
      in the reduction or withdrawal of the rating of any Class of Notes) shall not
      materially and adversely affect the interests of the Holders of the
      Notes;

     

    (vii)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI hereof; or

     

    (viii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the
      TIA;

     

    provided,
      however, that no such indenture supplements shall be entered into unless
      the Indenture Trustee and the Securities Administrator shall have received
      an
      Opinion of Counsel as to the enforceability of any such indenture supplement
      and
      to the effect that (i) such indenture supplement is permitted hereunder and
      (ii)
      entering into such indenture supplement will not result in a “substantial
      modification” of the Notes under Treasury Regulation Section 1.1001-3 or
      adversely affect the status of the Notes as indebtedness for federal income
      tax
      purposes.

     

    Each
      of
      the Indenture Trustee and the Securities Administrator is hereby authorized
      to
      join in the execution of any such supplemental indenture and to make any further
      appropriate agreements and stipulations that may be therein
      contained.

     

    (b)  The
      Issuer, the Indenture Trustee and the Securities Administrator, when authorized
      by an Issuer Request, may, also without the consent of any of the Holders of
      the
      Notes and prior notice to the Rating Agencies, enter into an indenture or
      indentures supplemental hereto for the purpose of adding any provisions to,
      or
      changing in any manner or eliminating any of the provisions of, this Indenture
      or of modifying in any manner the rights of the Holders of the Notes under
      this
      Indenture; provided, however, that such action as evidenced by an
      Opinion of Counsel, (i) is permitted by this Indenture, and shall not (ii)
      adversely affect in any material respect the interests of any Noteholder (which
      may be evidenced by confirmation from the Rating Agencies that such amendment
      will not result in the reduction or withdrawal of the rating of any Class of
      Notes) or (iii) if 100% of the Certificates are not owned by the Seller, cause
      the Issuer to be subject to an entity level tax for federal income tax
      purposes.

     

    (c)  Notwithstanding
      any of the other provisions of this Section 9.01, none of the Issuer, the
      Indenture Trustee or the Securities Administrator shall enter into any amendment
      to this Agreement that could reasonably be expected to have a material adverse
      effect on the interests of  the Swap Provider hereunder (excluding,
      for the avoidance of doubt, any supplement indenture to the Indenture that
      is
      entered into solely for the purpose of appointing a successor servicer, master
      servicer, securities administrator, trustee or other service provider) without
      the prior written consent of the Swap Provider, which consent shall not be
      unreasonably withheld, conditioned or delayed.

     

    Section
      9.02.  Supplemental
      Indentures With Consent of Noteholders.  The Issuer, the Indenture
      Trustee and the Securities Administrator, when authorized by an Issuer Request,
      also may, with prior notice to the Rating Agencies and, with the consent of
      the
      Holders of not less than a majority of the Note Balance of each Class of Notes
      affected thereby, by Act (as defined in Section 10.03 hereof) of such Holders
      delivered to the Issuer, the Indenture Trustee and the Securities Administrator,
      enter into an indenture or indentures supplemental hereto for the purpose of
      adding any provisions to, or changing in any manner or eliminating any of the
      provisions of, this Indenture or of modifying in any manner the rights of the
      Holders of the Notes under this Indenture; provided, however, that no
      such supplemental indenture shall, without the consent of the Holder of each
      Note affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on any Note,
      or reduce the principal amount thereof or the interest rate thereon, change
      the
      provisions of this Indenture relating to the application of collections on,
      or
      the proceeds of the sale of, the Trust to payment of principal of or interest
      on
      the Notes, or change any place of payment where, or the coin or currency in
      which, any Note or the interest thereon is payable, or impair the right to
      institute suit for the enforcement of the provisions of this Indenture requiring
      the application of funds available therefor, as provided in Article V, to the
      payment of any such amount due on the Notes on or after the respective due
      dates
      thereof;

     

    (ii)  reduce
      the percentage of the Note Balances of the Notes, the consent of the Holders
      of
      which is required for any such supplemental indenture, or the consent of the
      Holders of which is required for any waiver of compliance with certain
      provisions of this Indenture or certain defaults hereunder and their
      consequences provided for in this Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term “Outstanding”
or modify or alter the exception in the definition of the term
“Holder”;

     

    (iv)  reduce
      the percentage of the Note Balances of the Notes required to direct the
      Indenture Trustee to direct the Issuer to sell or liquidate the Trust pursuant
      to Section 5.04 hereof;

     

    (v)  modify
      any provision of this Section 9.02 except to increase any percentage specified
      herein or to provide that certain additional provisions of this Indenture or
      the
      Basic Documents cannot be modified or waived without the consent of the Holder
      of each Note affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      Note on any Payment Date (including the calculation of any of the individual
      components of such calculation); or

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Trust or, except as otherwise
      permitted or contemplated herein, terminate the lien of this Indenture on any
      property at any time subject hereto or deprive the Holder of any Note of the
      security provided by the lien of this Indenture;

     

    and
      provided, further, that such action shall not, as evidenced by an
      Opinion of Counsel, cause the Issuer (if 100% of the Certificates are not owned
      by the Seller) to be subject to an entity level tax.

     

    Any
      such
      action shall not (as evidenced by either (i) an Opinion of Counsel delivered
      to
      the Depositor, the Issuer, the Indenture Trustee and the Securities
      Administrator or (ii) confirmation from the Rating Agencies that such amendment
      will not result in the reduction or withdrawal of the rating of any Class of
      Notes) adversely affect in any material respect the interest of any Holder
      (other than a Holder who shall consent to such supplemental
      indenture).

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section 9.02 to approve
      the particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer, the Indenture Trustee and the Securities
      Administrator of any supplemental indenture pursuant to this Section 9.02,
      the
      Securities Administrator shall mail to the Holders of the Notes to which such
      amendment or supplemental indenture relates a notice setting forth in general
      terms the substance of such supplemental indenture.  Any failure of
      the Securities Administrator to mail such notice, or any defect therein, shall
      not, however, in any way impair or affect the validity of any such supplemental
      indenture.

     

    Section
      9.03.  Execution
      of Supplemental Indentures.  In executing, or permitting the
      additional trusts created by, any supplemental indenture permitted by this
      Article IX or the modification thereby of the trusts created by this Indenture,
      each of the Indenture Trustee and the Securities Administrator shall be entitled
      to receive (in addition to the documents required by Section 10.01), and subject
      to Sections 6.01 and 6.02 hereof, shall be fully protected in relying upon,
      an
      Opinion of Counsel stating that the execution of such supplemental indenture
      is
      authorized or permitted by this Indenture.  Each of the Indenture
      Trustee and the Securities Administrator may, but shall not be obligated to,
      enter into any such supplemental indenture that affects the Indenture Trustee’s
      or the Securities Administrator’s own rights, duties, liabilities or immunities
      under this Indenture or otherwise.

     

    Section
      9.04.  Effect
      of Supplemental Indenture.  Upon the execution of any supplemental
      indenture pursuant to the provisions hereof, this Indenture shall be and shall
      be deemed to be modified and amended in accordance therewith with respect to
      the
      Notes affected thereby, and the respective rights, limitations of rights,
      obligations, duties, liabilities and immunities under this Indenture of the
      Indenture Trustee, the Securities Administrator, the Issuer and the Holders
      of
      the Notes shall thereafter be determined, exercised and enforced hereunder
      subject in all respects to such modifications and amendments, and all the terms
      and conditions of any such supplemental indenture shall be and be deemed to
      be
      part of the terms and conditions of this Indenture for any and all
      purposes.

     

    Section
      9.05.  Conformity
      with Trust Indenture Act.  Every amendment of this Indenture and
      every supplemental indenture executed pursuant to this Article IX shall conform
      to the requirements of the Trust Indenture Act as then in effect so long as
      this
      Indenture shall then be qualified under the Trust Indenture Act.

     

    Section
      9.06.  Reference
      in Notes to Supplemental Indentures.  Notes authenticated and
      delivered after the execution of any supplemental indenture pursuant to this
      Article IX may, and if required by the Indenture Trustee or the Securities
      Administrator shall, bear a notation in form approved by the Indenture Trustee
      and the Securities Administrator as to any matter provided for in such
      supplemental indenture.  If the Issuer, the Indenture Trustee or the
      Securities Administrator shall so determine, new Notes so modified as to
      conform, in the opinion of the Indenture Trustee, the Securities Administrator
      and the Issuer, to any such supplemental indenture may be prepared and executed
      by the Issuer and authenticated and delivered by the Securities Administrator
      in
      exchange for Outstanding Notes.

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    
      	
              Section
                10.01.  

            	
                  
                Compliance Certificates and Opinions,
                etc.

            

    

     

    (a)  Upon
      any
      application or request by the Issuer to the Indenture Trustee or the Securities
      Administrator to take any action under any provision of this Indenture, the
      Issuer shall furnish to the Indenture Trustee or the Securities Administrator,
      as applicable, (i) an Officer’s Certificate stating that all conditions
      precedent, if any, provided for in this Indenture relating to the proposed
      action have been complied with and (ii) an Opinion of Counsel stating that
      in
      the opinion of such counsel all such conditions precedent, if any, have been
      complied with, except that, in the case of any such application or request
      as to
      which the furnishing of such documents is specifically required by any provision
      of this Indenture, no additional certificate or opinion need be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (i)  a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with;

     

    (iv)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with; and

     

    (v)  if
      the
      signatory of such certificate or opinion is required to be Independent, the
      statement required by the definition of the term “Independent
      Certificate.”

     

    (b)  (i)
      Prior
      to the deposit of any Collateral or other property or securities with the
      Indenture Trustee that is to be made the basis for the release of any property
      or securities subject to the lien of this Indenture, the Issuer shall, in
      addition to any obligation imposed in Section 10.01(a) or elsewhere in this
      Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
      or stating the opinion of each person signing such certificate as to the fair
      value (within 90 days prior to such deposit) to the Issuer of the Collateral
      or
      other property or securities to be so deposited and a report from a nationally
      recognized accounting firm verifying such value.

     

    (ii)  Whenever
      the Issuer is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (i) above, the Issuer shall also deliver to the
      Indenture Trustee an Independent Certificate from a nationally recognized
      accounting firm as to the same matters, if the fair value of the securities
      to
      be so deposited and of all other such securities made the basis of any such
      withdrawal or release since the commencement of the then current fiscal year
      of
      the Issuer, as set forth in the certificates delivered pursuant to clause (i)
      above and this clause (ii), is 10% or more of the Note Balances of the Notes,
      but such a certificate need not be furnished with respect to any securities
      so
      deposited, if the fair value thereof as set forth in the related Officer’s
      Certificate is less than $25,000 or less than one percent of the Note Balances
      of the Notes.

     

    (iii)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate
      certifying or stating the opinion of each person signing such certificate as
      to
      the fair value (within 90 days prior to such release) of the property or
      securities proposed to be released and stating that in the opinion of such
      person the proposed release will not impair the security under this Indenture
      in
      contravention of the provisions hereof.

     

    (iv)  Whenever
      the Issuer is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (iii) above, the Issuer shall also furnish to the
      Indenture Trustee an Independent Certificate as to the same matters if the
      fair
      value of the property or securities and of all other property or securities
      released from the lien of this Indenture since the commencement of the
      then-current calendar year, as set forth in the certificates required by clause
      (iii) above and this clause (iv), equals 10% or more of the Note Principal
      Balances of the Notes, but such certificate need not be furnished in the case
      of
      any release of property or securities if the fair value thereof as set forth
      in
      the related Officer’s Certificate is less than $25,000 or less than one percent
      of the then Note Principal Balances of the Notes.

     

    Section
      10.02.  Form
      of Documents Delivered to Indenture Trustee.  In any case where
      several matters are required to be certified by, or covered by an opinion of,
      any specified Person, it is not necessary that all such matters be certified
      by,
      or covered by the opinion of, only one such Person, or that they be so certified
      or covered by only one document, but one such Person may certify or give an
      opinion with respect to some matters and one or more other such Persons as
      to
      other matters, and any such Person may certify or give an opinion as to such
      matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuer may be based,
      insofar as it relates to legal matters, upon a certificate or opinion of, or
      representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which his certificate or opinion is based
      are
      erroneous.  Any such certificate of an Authorized Officer or Opinion
      of Counsel may be based, insofar as it relates to factual matters, upon a
      certificate or opinion of, or representations by, an officer or officers of
      the
      Seller or the Issuer, stating that the information with respect to such factual
      matters is in the possession of the Seller or the Issuer, unless such counsel
      knows, or in the exercise of reasonable care should know, that the certificate
      or opinion or representations with respect to such matters are
      erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuer shall deliver any
      document as a condition of the granting of such application, or as evidence
      of
      the Issuer’s compliance with any term hereof, it is intended that the truth and
      accuracy, at the time of the granting of such application or at the effective
      date of such certificate or report (as the case may be), of the facts and
      opinions stated in such document shall in such case be conditions precedent
      to
      the right of the Issuer to have such application granted or to the sufficiency
      of such certificate or report.  The foregoing shall not, however, be
      construed to affect the Indenture Trustee’s or the Securities Administrator’s
      right to rely upon the truth and accuracy of any statement or opinion contained
      in any such document as provided in Article VI.

     

    
      	
              Section
                10.03.  

            	
                  
                Acts of Noteholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Securities Administrator, and, where it is hereby expressly required, to the
      Issuer.  Such instrument or instruments (and the action embodied
      therein and evidenced thereby) are herein sometimes referred to as the “Act” of
      the Noteholders signing such instrument or instruments.  Proof of
      execution of any such instrument or of a writing appointing any such agent
      shall
      be sufficient for any purpose of this Indenture and (subject to Section 6.01
      hereof) conclusive in favor of the Securities Administrator and the Issuer,
      if
      made in the manner provided in this Section 10.03 hereof.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Securities Administrator deems
      sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Note Registrar.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Securities
      Administrator or the Issuer in reliance thereon, whether or not notation of
      such
      action is made upon such Note.

     

    
      	
              Section
                10.04.  

            	
                  
                Notices etc., to Indenture Trustee, Securities Administrator,
                Issuer
                and Rating Agencies.

            

    

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i)  the
      Indenture Trustee or the Securities Administrator by any Noteholder or by the
      Issuer shall be sufficient for every purpose hereunder if made, given, furnished
      or filed in writing to or with the Indenture Trustee or the Securities
      Administrator at the Corporate Trust Office.  The Indenture Trustee or
      the Securities Administrator, as applicable, shall promptly transmit any notice
      received by it from the Noteholders to the Issuer; or

     

    (ii)  the
      Issuer by the Indenture Trustee, the Securities Administrator or by any
      Noteholder shall be sufficient for every purpose hereunder if in writing and
      mailed first-class, postage prepaid to the Issuer addressed to: Renaissance
      Home
      Equity Loan Trust 2007-2, in care of Wilmington Trust Company, 1100 North Market
      Street, Wilmington, Delaware 19990-0001, Attention: Corporate Trust
      Administration, or at any other address previously furnished in writing to
      the
      Indenture Trustee and the Securities Administrator by the Issuer.  The
      Issuer shall promptly transmit any notice received by it from the Noteholders
      to
      the Indenture Trustee and the Securities Administrator.

     

    Notices
      required to be given to the Rating Agencies by the Issuer, the Indenture
      Trustee, the Securities Administrator or the Owner Trustee shall be in writing,
      mailed first-class postage pre-paid, to (i) in the case of Moody’s, at the
      following address: Moody’s Investors Service, Inc., Residential Mortgage
      Monitoring Department, 99 Church Street, New York, New York 10007 and (ii)
      in
      the case of S&P, at the following address: Standard & Poor’s, 55 Water
      Street, 41st Floor, New York, New York 10041, Attention of Asset Backed
      Surveillance Department; or as to each of the foregoing, at such other address
      as shall be designated by written notice to the other parties.

     

    Section
      10.05.  Notices
      to Noteholders; Waiver.  Where this Indenture provides for notice
      to Noteholders of any event, such notice shall be sufficiently given (unless
      otherwise herein expressly provided) if in writing and mailed, first-class,
      postage prepaid to each Noteholder affected by such event, at such Person’s
      address as it appears on the Note Register, not later than the latest date,
      and
      not earlier than the earliest date, prescribed for the giving of such
      notice.  In any case where notice to Noteholders is given by mail,
      neither the failure to mail such notice nor any defect in any notice so mailed
      to any particular Noteholder shall affect the sufficiency of such notice with
      respect to other Noteholders, and any notice that is mailed in the manner herein
      provided shall conclusively be presumed to have been duly given regardless
      of
      whether such notice is in fact actually received.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such
      notice.  Waivers of notice by Noteholders shall be filed with the
      Securities Administrator but such filing shall not be a condition precedent
      to
      the validity of any action taken in reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Securities Administrator shall be deemed to be a sufficient
      giving of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute an Event of Default.

     

    Section
      10.06.  Conflict
      with Trust Indenture Act.  If any provision hereof limits,
      qualifies or conflicts with another provision hereof that is required to be
      included in this Indenture by any of the provisions of the TIA, such required
      provision shall control.

     

    The
      provisions of TIA §§ 310 through 317 that impose duties on any Person (including
      the provisions automatically deemed included herein unless expressly excluded
      by
      this Indenture) are a part of and govern this Indenture, whether or not
      physically contained herein.

     

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

     

    Section
      10.08.  Successors
      and Assigns.  All covenants and agreements in this Indenture and
      the Notes by the Issuer shall bind its successors and assigns, whether so
      expressed or not.  All agreements of the Indenture Trustee and the
      Securities Administrator in this Indenture shall bind its successors,
      co-trustees and agents.

     

    Section
      10.09.  Separability.  In
      case any provision in this Indenture or in the Notes shall be invalid, illegal
      or unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      10.10.  Third
      Party Beneficiary.  The Master Servicer shall be a third party
      beneficiary for purposes of Section 6.07 of this Indenture.  The Swap
      Provider shall be an express third-party beneficiary of this Agreement to the
      extent of its express rights to receive any payments under this Agreement or
      any
      other express rights of the Swap Provider explicitly stated in this Agreement,
      and shall have the right to enforce such rights under this Agreement as if
      it
      were a party hereto.

     

    Section
      10.11.  Legal
      Holidays.  In any case where the date on which any payment is due
      shall not be a Business Day, then (notwithstanding any other provision of the
      Notes or this Indenture) payment need not be made on such date, but may be
      made
      on the next succeeding Business Day with the same force and effect as if made
      on
      the date on which nominally due, and no interest shall accrue for the period
      from and after any such nominal date.

     

    Section
      10.12.  GOVERNING
      LAW.  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
      LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
      PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

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

     

    Section
      10.14.  Recording
      of Indenture.  If this Indenture is subject to recording in any
      appropriate public recording offices, such recording is to be effected by the
      Issuer and at its expense accompanied by an Opinion of Counsel at its expense
      (which may be counsel to the Indenture Trustee or the Securities Administrator
      or any other counsel reasonably acceptable to the Indenture Trustee and the
      Securities Administrator) to the effect that such recording is necessary either
      for the protection of the Noteholders or any other Person secured hereunder
      or
      for the enforcement of any right or remedy granted to the Indenture Trustee
      under this Indenture.

     

    Section
      10.15.  Issuer
      Obligation.  No recourse may be taken, directly or indirectly,
      with respect to the obligations of the Issuer, the Owner Trustee, the Indenture
      Trustee or the Securities Administrator on the Notes or under this Indenture
      or
      any certificate or other writing delivered in connection herewith or therewith,
      against (i) the Indenture Trustee, the Securities Administrator or the Owner
      Trustee in its individual capacity, (ii) any owner of a beneficial interest
      in
      the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
      employee or agent of the Indenture Trustee, the Securities Administrator or
      the
      Owner Trustee in its individual capacity, any holder of a beneficial interest
      in
      the Issuer, the Owner Trustee, the Indenture Trustee or the Securities
      Administrator or of any successor or assign of any of them in its individual
      capacity, except as any such Person may have expressly agreed (it being
      understood that the Indenture Trustee, the Securities Administrator and the
      Owner Trustee have no such obligations in their individual capacity) and except
      that any such partner, owner or beneficiary shall be fully liable, to the extent
      provided by applicable law, for any unpaid consideration for stock, unpaid
      capital contribution or failure to pay any installment or call owing to such
      entity. For all purposes of this Indenture, in the performance of any duties
      or
      obligations of the Issuer hereunder, the Owner Trustee shall be subject to,
      and
      entitled to the benefits of, the terms and provisions of Article VI, VII and
      VIII of the Trust Agreement.

     

    Section
      10.16.  No
      Petition.  The Indenture Trustee and the Securities Administrator,
      by entering into this Indenture, and each Noteholder, by accepting a Note,
      hereby covenant and agree that they will not at any time prior to one year
      from
      the date of termination hereof, institute against the Depositor or the Issuer,
      or join in any institution against the Depositor or the Issuer of, any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
      or other proceedings under any United States federal or state bankruptcy or
      similar law in connection with any obligations relating to the Notes, this
      Indenture or any of the Basic Documents, except for filing proofs of
      claim.

     

    Section
      10.17.  Inspection.  The
      Issuer agrees that, at its expense, on reasonable prior notice, it shall permit
      any representative of the Indenture Trustee or the Securities Administrator,
      during the Issuer’s normal business hours, to examine all the books of account,
      records, reports and other papers of the Issuer, to make copies and extracts
      therefrom, to cause such books to be audited by Independent certified public
      accountants, and to discuss the Issuer’s affairs, finances and accounts with the
      Issuer’s officers, employees, and Independent certified public accountants, all
      at such reasonable times and as often as may be reasonably requested. The
      Indenture Trustee or the Securities Administrator, as applicable, shall cause
      its representatives to hold in confidence all such information except to the
      extent disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee may reasonably determine that such disclosure is consistent
      with its obligations hereunder.

     

    Section
      10.18.  No
      Recourse to Owner Trustee.  It is expressly understood and agreed
      by the parties hereto that (a) this Indenture is executed and delivered by
      Wilmington Trust Company, not individually or personally, but solely as Owner
      Trustee of Renaissance Home Equity Loan Trust 2007-2, in the exercise of the
      powers and authority conferred and vested in it, (b) each of the
      representations, undertakings and agreements herein made on the part of the
      Issuer is made and intended not as personal representations, undertakings and
      agreements by Wilmington Trust Company but is made and intended for the purpose
      for binding only the Issuer, (c) nothing herein contained shall be construed
      as
      creating any liability of Wilmington Trust Company, individually or personally,
      to perform any covenant either expressed or implied contained herein, all such
      liability, if any, being expressly waived by the parties hereto and by any
      Person claiming by, through or under the parties hereto and (d) under no
      circumstances shall Wilmington Trust Company be personally liable for the
      payment of any indebtedness or expenses of the Issuer or be liable for the
      breach or failure of any obligation, representation, warranty or covenant made
      or undertaken by the Issuer under this Indenture or any other related
      documents.

     

    Section
      10.19.  Proofs
      of Claim.  The Indenture Trustee is authorized to file such proofs
      of claim and other papers or documents as may be necessary or advisable in
      order
      to have the claims of the Indenture Trustee (including any claim for the
      reasonable compensation, expenses, disbursements and advances of the Indenture
      Trustee, its agents and counsel) and the Noteholders allowed in any judicial
      proceedings relative to the Issuer (or any other obligor upon the Notes), its
      creditors or its property and shall be entitled and empowered to collect,
      receive and distribute any money or other property payable or deliverable on
      any
      such claims and any custodian in any such judicial proceeding is hereby
      authorized by each Noteholder to make such payments to the Indenture Trustee,
      as
      administrative expenses associated with any such proceeding, and, in the event
      that the Indenture Trustee shall consent to the making of such payments directly
      to the Noteholder to pay to the Indenture Trustee any amount due to it for
      the
      reasonable compensation, expenses, disbursements and advances of the Indenture
      Trustee, its agents and counsel, and any other amounts due to the Indenture
      Trustee under Section 6.07 hereof. To the extent that the payment of any such
      compensation, expenses, disbursements and advances of the Indenture Trustee,
      its
      agents and counsel, and any other amounts due the Indenture Trustee under
      Section 6.07 hereof out of the estate in any such proceeding, shall be denied
      for any reason, payment of the same shall be secured by a Lien on, and shall
      be
      paid out of, any and all distributions, dividends, money, securities and other
      properties that the Noteholders may be entitled to receive in such proceeding
      whether in liquidation or under any plan of reorganization or arrangement or
      otherwise.  Nothing herein contained shall be deemed to authorize the
      Indenture Trustee to authorize or consent to or accept or adopt on behalf of
      any
      Noteholder any plan of reorganization, arrangement, adjustment or composition
      affecting the Noteholder of the rights of any Noteholder thereof, or to
      authorize the Indenture Trustee to vote in respect of the claim of any
      Noteholder in any such proceeding.

     

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

     

    
      
        	 	
                
                  RENAISSANCE
                    HOME EQUITY LOAN TRUST 2007-2, as Issuer

                   

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

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ J.
                Christopher Murphy	 
	 	Name:	J.
                Christopher Murphy	 
	 	Title:	
                Financial
                  Services Officers

              	 
	 	 	 	 

      

                                                                  

      
        	 	
                HSBC
                  BANK USA, NATIONAL ASSOCIATION, as Indenture Trustee

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/  Fernando
                Acebedo	 
	 	Name:	Fernando
                Acebedo	 
	 	Title:	Vice
                President	 
	 	 	 	 

        

      
        	 	
                
                  WELLS
                    FARGO BANK, N.A., as Securities Administrator

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Martin
                Reed	 
	 	Name:	Martin
                Reed	 
	 	Title:	Vice
                President	 
	 	 	 	 

      

       

      For
        purposes of Section 6.07:

       

      
        	
                
                  
                    
                      WELLS
                        FARGO BANK, N.A., as Master Servicer

                    

                  

                

              	 
	 	 	 
	
                By:
                  

              	/s/ Martin
                Reed	 
	Name:	Martin
                Reed	 
	Title:	Vice
                President	 
	 	 	 

      

       

                                                                                                      

    

     

    
      	 STATE
              OF DELAWARE	)

      	 	)
              ss.:

      	
              COUNTY OF NEW CASTLE

            	
              )

            

    

     

    On
      this
      ___ day of June 2007, before me personally appeared __________________ to me
      known, who being by me duly sworn, did depose and say, that he is a
      __________________  of the Owner Trustee, one of the corporations
      described in and which executed the above instrument; and that he signed his
      name thereto by like order.

     

    
      	 	 	 
	 	 Notary
              Public	 
	 	 	 
	 	 NOTARY
              PUBLIC	 

    

     

    [NOTARIAL
      SEAL]

     

     

     

    
      	
              STATE
                OF

            	
              )

            

    

    )
      ss.:

    
      	
              COUNTY
                OF

            	
              )

            

    

     

    On
      this
      ___ day of June 2007, before me personally appeared __________________ to me
      known, who being by me duly sworn, did depose and say, that he is a
      __________________  of the Indenture Trustee, one of the corporations
      described in and which executed the above instrument; and that he signed his
      name thereto by like order.

     

    
      
        	 	 	 
	 	 Notary
                Public	 
	 	 	 
	 	 NOTARY
                PUBLIC	 

      

       

    

    [NOTARIAL
      SEAL]

     

    

     

    
      	
              STATE
                OF

            	
              )

            

    

    )
      ss.:

    
      	
              COUNTY
                OF

            	
              )

            

    

     

    On
      this
      ___ day of June 2007, before me personally appeared ________________ to me
      known, who being by me duly sworn, did depose and say, that s/he is a
      ___________________ of the Securities Administrator, one of the corporations
      described in and which executed the above instrument; and that she signed her
      name thereto by like order.

    
       

      
        	 	 	 
	 	 Notary
                Public	 
	 	 	 
	 	 NOTARY
                PUBLIC	 

      

       

    

    [NOTARIAL
      SEAL]

     

    
      	
              STATE
                OF

            	
              )

            

    

    )
      ss.:

    
      	
              COUNTY
                OF

            	
              )

            

    

     

    On
      this
      ___ day of June 2007, before me personally appeared ________________ to me
      known, who being by me duly sworn, did depose and say, that s/he is a
      ___________________ of the Master Servicer, one of the corporations described
      in
      and which executed the above instrument; and that she signed her name thereto
      by
      like order.

    
       

      
        	 	 	 
	 	 Notary
                Public	 
	 	 	 
	 	 NOTARY
                PUBLIC	 

      

       

    

    [NOTARIAL
      SEAL]

     

    EXHIBIT
      A-1 – FORM OF OFFERED NOTES

     

    FORM
      OF
      CLASS ___ NOTES

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THE
      HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE DEEMED
      TO
      REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF THE
      INDENTURE.

     

    THIS
      NOTE
      IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF PAYMENT
      TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE REFERRED TO
      BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON THIS
      NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN ON THE FACE HEREOF.

    

    [FOR
      CLASS M NOTES:  THIS NOTE IS SUBORDINATE TO CERTAIN NOTES TO THE
      EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN].

     

     

    RENAISSANCE
      HOME EQUITY LOAN TRUST 2007-2

    HOME
      EQUITY LOAN ASSET-BACKED NOTES, SERIES 2007-2

    CLASS
      ____

     

    

    
      	
              AGGREGATE
                NOTE BALANCE:

              $_____________________

            	
              NOTE
                RATE:

            
	 	 
	
              INITIAL
                NOTE BALANCE OF THIS BOND: $_____________________

            	
              BOND
                NO. 1

            
	 	 
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO.
                [             ]

            

    

    

    Renaissance
      Home Equity Loan Trust 2007-2 (the “Issuer”), a Delaware statutory trust, for
      value received, hereby promises to pay to Cede & Co. or registered assigns,
      the principal sum of ($_________________) in monthly installments on the
      twenty-fifth day of each month or, if such day is not a Business Day, the next
      succeeding Business Day (each a “Payment Date”), commencing in July 2007 and
      ending on or before the Payment Date occurring on the Final Stated Maturity
      Date
      and to pay interest on the Note Balance of this Note (this “Note”) outstanding
      from time to time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuer’s Home Equity Loan Asset-Backed
      Notes, Series 2007-2 (the “Notes”), issued under an Indenture dated as of June
      18, 2007 (the “Indenture”), among the Issuer, HSBC Bank USA, National
      Association, as indenture trustee (the “Indenture Trustee”, which term includes
      any successor Indenture Trustee under the Indenture) and Wells Fargo Bank,
      N.A.,
      as securities administrator (the “Securities Administrator”, which term includes
      any successor Securities Administrator under the Indenture), to which Indenture
      and all indentures supplemental thereto reference is hereby made for a statement
      of the respective rights thereunder of the Issuer, the Indenture Trustee, the
      Securities Administrator and the Holders of the Notes and the terms upon which
      the Notes are to be authenticated and delivered.  All terms used in
      this Note which are defined in the Indenture shall have the meanings assigned
      to
      them in the Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date.  The “Note
      Balance” of a Note as of any date of determination is equal to the Initial Note
      Balance thereof, reduced by the aggregate of all amounts previously paid with
      respect to such Note on account of principal and the aggregate amount of
      cumulative Realized Losses allocated to such Note on all prior Payment
      Dates.

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private
      debts.  All payments made by the Issuer with respect to this Note
      shall be equal to this Note’s pro rata share of the aggregate payments
      on all Class ____ Notes as described above, and shall be applied as between
      interest and principal as provided in the Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Stated Maturity Date.

     

    The
      Notes
      are subject to redemption in whole, but not in part, by the Seller on any
      Payment Date on or after the Optional Redemption Date.

     

    The
      Issuer shall not be liable upon the indebtedness evidenced by the Notes except
      to the extent of amounts available from the Trust which constitutes security
      for
      the payment of the Notes.  The assets included in the Trust will be
      the sole source of payments on the Class ____ Notes, and each Holder hereof,
      by
      its acceptance of this Note, agrees that (i) such Note will be limited in right
      of payment to amounts available from the Trust as provided in the Indenture
      and
      (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Seller, the Servicer,
      the
      Master Servicer or any of their respective affiliates, or to the assets of
      any
      of the foregoing entities, except the assets of the Issuer pledged to secure
      the
      Class ____ Notes pursuant to the Indenture and the rights conveyed to the Issuer
      under the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder.  All scheduled reductions in the Note
      Balance of a Note (or one or more predecessor Notes) effected by payments of
      principal made on any Payment Date shall be binding upon all Holders of this
      Note and of any note issued upon the registration of transfer thereof or in
      exchange therefor or in lieu thereof, whether or not such payment is noted
      on
      such Note.  The final payment of this Note shall be payable upon
      presentation and surrender thereof on or after the Payment Date thereof at
      the
      office or agency of the Issuer maintained by it for such purpose pursuant to
      Section 3.02 of the Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture.  If any such
      acceleration of maturity occurs prior to the payment of the entire unpaid Note
      Balance of the Notes, the amount payable to the Holder of this Note will be
      equal to the sum of the unpaid Note Balance of the Notes, together with accrued
      and unpaid interest thereon as described in the Indenture.  The
      Indenture provides that, notwithstanding the acceleration of the maturity of
      the
      Notes, under certain circumstances specified therein, all amounts collected
      as
      proceeds of the Trust securing the Notes or otherwise shall continue to be
      applied to payments of principal of and interest on the Notes as if they had
      not
      been declared due and payable.

     

    The
      failure to pay any Class Interest Carryover Shortfall at any time when funds
      are
      not available to make such payment as provided in the Indenture shall not
      constitute an Event of Default under the Indenture.

     

    The
      Holder of this Note or Beneficial Owner of any interest herein is deemed to
      represent that either (1) it is not acquiring this Note with Plan Assets or
      (2)(A) the acquisition, holding and transfer of this Note will not give rise
      to
      a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (B) this Note is rated investment grade or better and such person
      believes that this Note is properly treated as indebtedness without substantial
      equity features for purposes of the DOL Regulations, and agrees to so treat
      this
      Note.  Alternatively, regardless of the rating of this Note, such
      person may provide the Securities Administrator with an Opinion of Counsel,
      which Opinion of Counsel will not be at the expense of the Trust, the Issuer,
      the Seller, the Depositor, the Indenture Trustee, the Securities Administrator,
      or the Master Servicer or any successor servicer which opines that the
      acquisition, holding and transfer of this Note or interest herein is permissible
      under applicable law, will not constitute or result in a non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust, the Issuer, the Seller, the Depositor,  the Indenture Trustee,
      the Securities Administrator or the Master Servicer to any obligation in
      addition to those undertaken in the Indenture.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the
      Issuer.  Upon surrender for registration of transfer of, or
      presentation of a written instrument of transfer for, this Note at the office
      or
      agency designated by the Issuer pursuant to the Indenture, accompanied by proper
      instruments of assignment in form satisfactory to the Securities Administrator,
      one or more new Notes of any authorized denominations and of a like aggregate
      initial Note Balance, will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuer,
      the
      Indenture Trustee, the Securities Administrator and any agent of the Issuer,
      the
      Indenture Trustee or the Securities Administrator may treat the Person in whose
      name this Note is registered as the owner of such Note (i) on the applicable
      Record Date for the purpose of making payments and interest of such Note and
      (ii) on any other date for all other purposes whatsoever, as the owner hereof,
      whether or not this Note be overdue, and neither the Issuer, the Indenture
      Trustee, the Securities Administrator nor any such agent of any of them shall
      be
      affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      rights of the Holders of the Notes under the Indenture at any time by the Issuer
      and the Holders of a majority of all Notes at the time
      outstanding.  The Indenture also contains provisions permitting the
      Holders of Notes representing specified percentages of the aggregate Note
      Balance of the Notes on behalf of the Holders of all the Notes, to waive any
      past Default under the Indenture and its consequences.  Any such
      waiver by the Holder, at the time of the giving thereof, of this Note (or any
      one or more predecessor Notes) shall bind the Holder of every Note issued upon
      the registration of transfer hereof or in exchange hereof or in lieu hereof,
      whether or not notation of such consent or waiver is made upon such
      Note.  The Indenture also permits the Issuer, the Indenture Trustee
      and the Securities Administrator to amend or waive certain terms and conditions
      set forth in the Indenture without the consent of the Holders of the Notes
      issued thereunder.

     

    Initially,
      this Note will be registered in the name of Cede & Co. as nominee of DTC,
      acting in its capacity as the Depository for this Note.  This Note
      will be delivered by the clearing agency in denominations as provided in the
      Indenture and subject to certain limitations therein set forth.  This
      Note is exchangeable for a like aggregate initial Note Balance of Notes of
      different authorized denominations, as requested by the Holder surrendering
      same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    IN
      WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed
      by
      Wilmington Trust Company, not in its individual capacity but solely as Owner
      Trustee.

     

    Dated:
      June ___, 2007

     

    
      	 	
              RENAISSANCE
                HOME EQUITY LOAN TRUST 2007-2

               

              BY:  WILMINGTON
                TRUST COMPANY, not in its individual capacity but solely in its capacity
                as Owner Trustee

            	 
	 	 	 	 
	
            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 
	 	 	 	 
	 	 	 	 

    

    
       

    

    SECURITIES
      ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Notes referred to in the within-mentioned Indenture.

     

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator

     

    By:______________________________________

    Authorized
      Signatory

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

     

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	 	 	 
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	 	 	 
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	 	 	 
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              __________
                Custodian ______________________________

                   (Cust)                                             (Minor)

              under
                Uniform Gifts to Minor Act _____________________

              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above LIST.

     

    

     

    ASSIGNMENT

     

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

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING

    NUMBER
      OF
      ASSIGNEE:

    

    
      	 
	 
	 

    

     

    (Please
      print or typewrite name and address, including zip code, of
      assignee)

     

    

    
      	 

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints attorney to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    
      	
              Dated:

            	 	 	 

    

     

    Signature
      Guaranteed
      by                                                                                                                     

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    EXHIBIT
      A-2 – FORM OF CLASS N NOTES

     

    FORM
      OF
      CLASS N NOTES

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      NOTE
      IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF PAYMENT
      TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE REFERRED TO
      BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON THIS
      NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN ON THE FACE HEREOF.

     

    THIS
      NOTE
      IS SUBORDINATE TO THE OFFERED NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE
      REFERRED TO HEREIN.

    

    THIS
      NOTE
      HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY
      STATE.  ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS NOTE
      OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE
      ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION
      AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 4.16 OF THE INDENTURE
      REFERRED TO HEREIN.  [FOR REGULATION S ONLY:  NEITHER THIS
      NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED
      STATES (AS DEFINED IN RULES 901 THROUGH 905 OF THE SECURITIES ACT (“REGULATION
      S”)) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN
      REGULATION S), IN THE ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION
      IS
      EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

     

    NO
      TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN MAY BE MADE (A) TO ANY EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (“PLAN”) THAT IS SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
      SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR
      (B) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS NOTE OR SUCH
      INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
      ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, UNLESS
      SUCH PLAN OR PERSON PROVIDES THE CERTIFICATION DESCRIBED IN SECTION 4.16 OF
      THE
      INDENTURE REFERRED TO HEREIN.

     

    RENAISSANCE
      HOME EQUITY LOAN TRUST 2007-2

    HOME
      EQUITY LOAN ASSET-BACKED NOTES, SERIES 2007-2

    CLASS
      N

    

    
      	
              AGGREGATE
                NOTE BALANCE:

              $_____________________

            	
              NOTE
                RATE:

            
	 	 
	
              INITIAL
                NOTE BALANCE OF THIS BOND: $_____________________

            	
              BOND
                NO. 1

            
	 	 
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO.
                [             ]

            

    

    

    Renaissance
      Home Equity Loan Trust 2007-2 (the “Issuer”), a Delaware statutory trust, for
      value received, hereby promises to pay to Cede & Co. or registered assigns,
      the principal sum of ($_________________) in monthly installments on the
      twenty-fifth day of each month or, if such day is not a Business Day, the next
      succeeding Business Day (each a “Payment Date”), commencing in July 2007 and
      ending on or before the Payment Date occurring on the Final Stated Maturity
      Date
      and to pay interest on the Note Balance of this Note (this “Note”) outstanding
      from time to time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuer’s Home Equity Loan Asset-Backed
      Notes, Series 2007-2 (the “Notes”), issued under an Indenture dated as of June
      18, 2007 (the “Indenture”), among the Issuer, HSBC Bank USA, National
      Association, as indenture trustee (the “Indenture Trustee”, which term includes
      any successor Indenture Trustee under the Indenture) and Wells Fargo Bank,
      N.A.,
      as securities administrator (the “Securities Administrator”, which term includes
      any successor Securities Administrator under the Indenture), to which Indenture
      and all indentures supplemental thereto reference is hereby made for a statement
      of the respective rights thereunder of the Issuer, the Indenture Trustee, the
      Securities Administrator and the Holders of the Notes and the terms upon which
      the Notes are to be authenticated and delivered.  All terms used in
      this Note which are defined in the Indenture shall have the meanings assigned
      to
      them in the Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date.  The “Note
      Balance” of a Note as of any date of determination is equal to the Initial Note
      Balance thereof, reduced by the aggregate of all amounts previously paid with
      respect to such Note on account of principal and the aggregate amount of
      cumulative Realized Losses allocated to such Note on all prior Payment
      Dates.

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private
      debts.  All payments made by the Issuer with respect to this Note
      shall be equal to this Note’s pro rata share of the aggregate payments
      on all Class N Notes as described above, and shall be applied as between
      interest and principal as provided in the Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Stated Maturity Date.

     

    The
      Notes
      are subject to redemption in whole, but not in part, by the Seller on any
      Payment Date on or after the Optional Redemption Date.

     

    The
      Issuer shall not be liable upon the indebtedness evidenced by the Notes except
      to the extent of amounts available from the Trust which constitutes security
      for
      the payment of the Notes.  The assets included in the Trust will be
      the sole source of payments on the Class ____ Notes, and each Holder hereof,
      by
      its acceptance of this Note, agrees that (i) such Note will be limited in right
      of payment to amounts available from the Trust as provided in the Indenture
      and
      (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Seller, the Servicer,
      the
      Master Servicer or any of their respective affiliates, or to the assets of
      any
      of the foregoing entities, except the assets of the Issuer pledged to secure
      the
      Class N Notes pursuant to the Indenture and the rights conveyed to the Issuer
      under the Indenture.

     

    No
      transfer of this Note or any interest herein shall be made except in accordance
      with Section 4.16 of the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder.  All scheduled reductions in the Note
      Balance of a Note (or one or more predecessor Notes) effected by payments of
      principal made on any Payment Date shall be binding upon all Holders of this
      Note and of any note issued upon the registration of transfer thereof or in
      exchange therefor or in lieu thereof, whether or not such payment is noted
      on
      such Note.  The final payment of this Note shall be payable upon
      presentation and surrender thereof on or after the Payment Date thereof at
      the
      office or agency of the Issuer maintained by it for such purpose pursuant to
      Section 3.02 of the Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture.  If any such
      acceleration of maturity occurs prior to the payment of the entire unpaid Note
      Balance of the Notes, the amount payable to the Holder of this Note will be
      equal to the sum of the unpaid Note Balance of the Notes, together with accrued
      and unpaid interest thereon as described in the Indenture.  The
      Indenture provides that, notwithstanding the acceleration of the maturity of
      the
      Notes, under certain circumstances specified therein, all amounts collected
      as
      proceeds of the Trust securing the Notes or otherwise shall continue to be
      applied to payments of principal of and interest on the Notes as if they had
      not
      been declared due and payable.

     

    The
      failure to pay any Class Interest Carryover Shortfall at any time when funds
      are
      not available to make such payment as provided in the Indenture shall not
      constitute an Event of Default under the Indenture.

     

    The
      Holder of this Note or Beneficial Owner of any interest herein shall represent
      or shall be deemed to represent that either (1) it is not acquiring this Note
      with Plan Assets or (2) (A) the acquisition, holding and transfer of this Note
      will not give rise to a nonexempt prohibited transaction under Section 406
      of
      ERISA or Section 4975 of the Code and (B) this Note is rated investment grade
      or
      better and such person believes that this Note is properly treated as
      indebtedness without substantial equity features for purposes of the DOL
      Regulations, and agrees to so treat this Note.  Alternatively,
      regardless of the rating of this Note, such person may provide the Securities
      Administrator and the Owner Trustee with an Opinion of Counsel, which Opinion
      of
      Counsel will not be at the expense of the Issuer, the Depositor, the Seller,
      any
      Underwriter, the Owner Trustee, the Indenture Trustee, the Securities
      Administrator, the Servicer, the Master Servicer or any successor servicer
      which
      opines that the acquisition, holding and transfer of this Note or interest
      herein is permissible under applicable law, will not constitute or result in
      a
      non-exempt prohibited transaction under ERISA or Section 4975 of the Code and
      will not subject the Issuer, the Depositor, the Seller, any Underwriter, the
      Owner Trustee, the Indenture Trustee, the Securities Administrator, the
      Servicer, the Master Servicer or any successor servicer to any obligation in
      addition to those undertaken in the Indenture.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the
      Issuer.  Upon surrender for registration of transfer of, or
      presentation of a written instrument of transfer for, this Note at the office
      or
      agency designated by the Issuer pursuant to the Indenture, accompanied by proper
      instruments of assignment in form satisfactory to the Securities Administrator,
      one or more new Notes of any authorized denominations and of a like aggregate
      initial Note Balance, will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuer,
      the
      Indenture Trustee, the Securities Administrator and any agent of the Issuer,
      the
      Indenture Trustee or the Securities Administrator may treat the Person in whose
      name this Note is registered as the owner of such Note (i) on the applicable
      Record Date for the purpose of making payments and interest of such Note and
      (ii) on any other date for all other purposes whatsoever, as the owner hereof,
      whether or not this Note be overdue, and neither the Issuer, the Indenture
      Trustee, the Securities Administrator nor any such agent of any of them shall
      be
      affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      rights of the Holders of the Notes under the Indenture at any time by the Issuer
      and the Holders of a majority of all Notes at the time
      outstanding.  The Indenture also contains provisions permitting the
      Holders of Notes representing specified percentages of the aggregate Note
      Balance of the Notes on behalf of the Holders of all the Notes, to waive any
      past Default under the Indenture and its consequences.  Any such
      waiver by the Holder, at the time of the giving thereof, of this Note (or any
      one or more predecessor Notes) shall bind the Holder of every Note issued upon
      the registration of transfer hereof or in exchange hereof or in lieu hereof,
      whether or not notation of such consent or waiver is made upon such
      Note.  The Indenture also permits the Issuer, the Indenture Trustee
      and the Securities Administrator to amend or waive certain terms and conditions
      set forth in the Indenture without the consent of the Holders of the Notes
      issued thereunder.

     

    Initially,
      this Note will be registered in the name of Cede & Co. as nominee of DTC,
      acting in its capacity as the Depository for this Note.  This Note
      will be delivered by the clearing agency in denominations as provided in the
      Indenture and subject to certain limitations therein set forth.  This
      Note is exchangeable for a like aggregate initial Note Balance of Notes of
      different authorized denominations, as requested by the Holder surrendering
      same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    IN
      WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed
      by
      Wilmington Trust Company, not in its individual capacity but solely as Owner
      Trustee.

     

    Dated:
      June ___, 2007

    
       

      
        	 	
                
                  RENAISSANCE
                    HOME EQUITY LOAN TRUST 2007-2

                   

                  BY:  WILMINGTON
                    TRUST COMPANY, not in its individual capacity but solely in its
                    capacity
                    as Owner Trustee

                

              	 
	 	 	 	 
	
              	
                By:
                  

              	 	 
	 	 	
                Authorized
                  Signatory

              	 
	 	 	 	 
	 	 	 	 

      

      
         

      

    

    SECURITIES
      ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Notes referred to in the within-mentioned Indenture.

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator

     

    By:______________________________________

    Authorized
      Signatory

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

    

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	 	 	 
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	 	 	 
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	 	 	 
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              __________
                Custodian ______________________________

                   (Cust)                                                      (Minor)

              under
                Uniform Gifts to Minor Act _____________________

              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

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

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF

    ASSIGNEE:

    

    
      	 
	 
	 

    

    (Please
      print or typewrite name and address, including zip code, of
      assignee)

     

    

    
      	 

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints attorney to transfer said Note on the books kept for registration
      thereof, with full power of substitution in the premises.

     

    
      	
              Dated:

            	 	 	 

    

     

    Signature
      Guaranteed
      by                                                                                                                     

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    EXHIBIT
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

     

    EXHIBIT
      C-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    June
      ___,
      2007

    

    
      	
              Renaissance
                Home Equity Loan Trust 2007-2

              c/o
                Wilmington Trust Company

              1100
                North Market Street

              Wilmington,
                Delaware 19890-0001

              Attention:
                Corporate Trust Administration

            	
              Ocwen
                Loan Servicing, LLC

              1661
                Worthington Road,

              Suite
                100 CentrePark West

              West
                Palm Beach, FL 33409

            
	 	 
	
              Renaissance
                Mortgage Acceptance Corporation

              1000
                Woodbury Road

              Woodbury,
                New York 11797

            	
              HSBC
                Bank USA, National Association

              452
                Fifth Avenue

              New
                York, New York 10018

            

    

    

    
      	
               

            	
              Re:

            	
              Indenture,
                dated as of June 18, 2007 among Renaissance Home Equity Loan

              Trust
                2007-2, as Issuer, HSBC Bank USA, National Association, as
                Indenture

              Trustee
                and Wells Fargo Bank, N.A., as Securities Administrator and
                Home

              Equity
                Loan Asset-Backed Notes, Series 2007-2

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with the provisions of Section 2.03 of the above-referenced
      Indenture, the undersigned, as Custodian, pursuant to the Custodial Agreement,
      dated as of June 18, 2007, by and among Wells Fargo Bank, N.A., as Custodian,
      HSBC Bank USA, National Association, as Indenture Trustee, the Seller and the
      Depositor hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
      specifically identified on the attachment hereto), it has reviewed the documents
      delivered to it pursuant to Section 2.03 of the Indenture and has determined
      that (i) all documents required to be delivered to it pursuant paragraphs (i) –
(v) and (vii) of Section 2.1(b) of the Mortgage Loan Sale and Contribution
      Agreement are in its possession, (ii) such documents have been reviewed by
      it
      and appear regular on their face and have not been mutilated, damaged, torn
      or
      otherwise physically altered and relate to such Mortgage Loans, (iii) based
      on
      its examination and only as to the foregoing documents, the information set
      forth in the Mortgage Loan Schedule as to the information set forth in clauses
      (ii) and (iii) of the definition “Mortgage Loan Schedule” set forth in Annex A
      to the Indenture accurately reflects the information set forth in the Indenture
      Trustee’s Mortgage File.  The Custodian has made no independent
      examination of such documents beyond the review specifically required in the
      above-referenced Indenture.  The Custodian makes no representations as
      to: (i) the validity, legality, enforceability or genuineness of any such
      documents contained in each or any of the Mortgage Loans identified on the
      Mortgage Loan Schedule or (ii) the collectability, insurability, effectiveness
      or suitability of any such Mortgage Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Indenture.

     

    WELLS
      FARGO BANK, N.A.,

    as
      Custodian

     

    By:_______________________________

    Name:

    Title:

    EXHIBIT
      C-2

     

    FORM
      OF
      FINAL CERTIFICATION

     

    [DATE]

    

    
      	
              Renaissance
                Home Equity Loan Trust 2007-2

              c/o
                Wilmington Trust Company

              1100
                North Market Street

              Wilmington,
                Delaware 19890-0001

              Attention:
                Corporate Trust Administration

            	
              Ocwen
                Loan Servicing, LLC

              1661
                Worthington Road,

              Suite
                100 CentrePark West

              West
                Palm Beach, FL 33409

            
	
              Renaissance
                Mortgage Acceptance Corporation

              1000
                Woodbury Road

              Woodbury,
                New York 11797

            	
              HSBC
                Bank USA, National Association

              452
                Fifth Avenue

              New
                York, New York 10018

            

    

    

    
      	
               

            	
              Re:

            	
              Indenture,
                dated as of June 18, 2007 among Renaissance Home Equity Loan

              Trust
                2007-2, as Issuer, HSBC Bank USA, National Association, as
                Indenture

              Trustee
                and Wells Fargo Bank, N.A., as Securities Administrator and
                Home

              Equity
                Loan Asset-Backed Notes, Series 2007-2

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.03 of the above-captioned Indenture, the undersigned,
      as Custodian, pursuant to the Custodial Agreement, dated as of June 1, 2007,
      by
      and among Wells Fargo Bank, N.A., as Custodian, HSBC Bank USA, National
      Association, as Indenture Trustee, the Seller and the Depositor hereby certifies
      that, except as noted on the attachment hereto, as to each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
      listed on the attachment hereto) the Custodian has reviewed the documents
      delivered to it pursuant to Sections 2.1(b) (other than items listed in Section
      2.1(b)(vi)) of the Mortgage Loan Sale and Contribution Agreement and has
      determined that (i) all such documents are in its possession, (ii) such
      documents have been reviewed by it and have not been mutilated, damaged, torn
      or
      otherwise physically altered and relate to such Mortgage Loan, (iii) based
      on
      its examination, and only as to the foregoing documents, the information set
      forth in clauses (ii) and (iii) of the Mortgage Loan Schedule respecting such
      Mortgage Loan is correct.

     

    The
      Custodian has made no independent examination of such documents beyond the
      review specifically required in the above-referenced Indenture.  The
      Custodian makes no representations as to:  (i) the validity, legality,
      enforceability or genuineness of any such documents contained in each or any
      of
      the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
      collectability, insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned  Servicing Agreement.

     

    WELLS
      FARGO BANK, N.A.,

    as
      Custodian

    

    By:_____________________________

    Name:

    Title:

     

     

    EXHIBIT
      D

     

    INTEREST
      RATE SWAP AGREEMENT

     

     

     

    EXHIBIT
      E

     

    FORM
      OF
      CUSTODIAL AGREEMENT

     

    

     

    EXHIBIT
      F-1

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

    FOR
      TRANSFERS OF THE CLASS N NOTES

     

    [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    Re:           Renaissance
      Home Equity Loan Trust 2007-2

    Home
      Equity Loan Asset-Backed Notes, Series 2007-2 (the
“Notes”)

     

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by _____________________________ (the “Transferor”) to
      _________________________ (the “Transferee”) of the Class N Notes having an
      initial aggregate Note Balance as of June 18, 2007 (the “Closing Date”) of
      $______________ (the “Transferred Notes”).  The Class N Notes,
      including the Transferred Notes, were issued pursuant to the Indenture, dated
      as
      of June 18, 2007 (the “Indenture”), among Renaissance Home Equity Loan Trust
      2007-2 (the “Issuer”), HSBC Bank USA, National Association (the “Indenture
      Trustee”) and Wells Fargo Bank, N.A. (the “Securities
      Administrator”).  All capitalized terms used but not otherwise defined
      herein shall have the respective meanings set forth in the
      Indenture.  The Transferor hereby certifies, represents and warrants
      to you, as Note Registrar, and for the benefit of the Issuer, the Indenture
      Trustee, the Securities Administrator and the Transferee, that:

     

    1.  The
      Transferor is the lawful owner of the Transferred Notes with the full right
      to
      transfer such Notes free from any and all claims and encumbrances
      whatsoever.

     

    2.  Neither
      the Transferor nor anyone acting on its behalf has (a) offered, transferred,
      pledged, sold or otherwise disposed of any Note, any interest in any Note or
      any
      other similar security to any person in any manner, (b) solicited any offer
      to
      buy or accept a transfer, pledge or other disposition of any Note, any interest
      in any Note or any other similar security from any person in any manner, (c)
      otherwise approached or negotiated with respect to any Note, any interest in
      any
      Note or any other similar security with any person in any manner, (d) made
      any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) taken any other action, which (in the case of any of the acts described
      in
      clauses (a) through (e) hereof) would constitute a distribution of any Note
      under the Securities Act of 1933, as amended (the “Securities Act”), or would
      render the disposition of any Note a violation of Section 5 of the Securities
      Act or any state securities laws, or would require registration or qualification
      of any Note pursuant to the Securities Act or any state securities
      laws.

     

    3.  The
      Transferor and any person acting on behalf of the Transferor in this matter
      reasonably believe that the Transferee is a “qualified institutional buyer” as
      that term is defined in Rule l44A (“Rule l44A”) under the Securities Act (a
“Qualified Institutional Buyer”) purchasing for its own account or for the
      account of a Qualified Institutional Buyer.  In determining whether
      the Transferee is a Qualified Institutional Buyer, the Transferor and any person
      acting on behalf of the Transferor in this matter have relied upon the following
      method(s) of establishing the Transferee’s ownership and discretionary
      investments of securities (check one or more):

     

    
      	
              ____

            	
              (a)           The
                Transferee’s most recent publicly available financial statements, which
                statements present the information as of a date within 16 months
                preceding
                the date of sale of the Transferred Note in the case of a U.S. purchaser
                and within 18 months preceding such date of sale for a foreign purchaser;
                or

            
	 	 
	
              ____

            	
              (b)           The
                most recent publicly available information appearing in documents
                filed by
                the Transferee with the Securities and Exchange Commission or another
                United States federal, state, or local governmental agency or
                self-regulatory organization, or with a foreign governmental agency
                or
                self-regulatory organization, which information is as of a date within
                16
                months preceding the date of sale of the Transferred Note in the
                case of a
                U.S.  purchaser and within 18 months preceding such date of sale
                for a foreign purchaser, or

            
	 	 
	
              ____

            	
              (c)           The
                most recent publicly available information appearing in a recognized
                securities manual, which information is as of a date within 16 months
                preceding the date of sale of the Transferred Note in the case of
                a U.S.
                purchaser and within 18 months preceding such date of sale for a
                foreign
                purchaser, or

            
	 	 
	
              ____

            	
              (d)           A
                certification by the chief financial officer, a person fulfilling
                an
                equivalent function, or other executive officer of the Transferee,
                specifying the amount of securities owned and invested on a discretionary
                basis by the Transferee as of a specific date on or since the close
                of the
                Transferee’s most recent fiscal year, or, in the case of a Transferee that
                is a member of a “family of investment companies”, as that term is defined
                in Rule 144A, a certification by an executive officer of the investment
                adviser specifying the amount of securities owned by the “family of
                investment companies” as of a specific date on or since the close of the
                Transferee’s most recent fiscal
                year.

            

    

    

    4.  The
      Transferor and any person acting on behalf of the Transferor understand that
      in
      determining the aggregate amount of securities owned and invested on a
      discretionary basis by an entity for purposes of establishing whether such
      entity is a Qualified Institutional Buyer:

     

    1.  the
      following instruments and interests shall be excluded: securities of issuers
      that are affiliated with the Transferee; securities that are part of an unsold
      allotment to or subscription by the Transferee, if the Transferee is a dealer;
      securities of issuers that are part of the Transferee’s “family of investment
      companies”, if the Transferee is a registered investment company; bank deposit
      notes and certificates of deposit; loan participations; repurchase agreements;
      securities owned but subject to a repurchase agreement; and currency, interest
      rate and commodity swaps;

     

    2.  the
      aggregate value of the securities shall be the cost of such securities, except
      where the entity reports its securities holdings in its financial statements
      on
      the basis of their market value, and no current information with respect to
      the
      cost of those securities has been published, in which case the securities may
      be
      valued at market;

     

    3.  securities
      owned by subsidiaries of the entity that are consolidated with the entity in
      its
      financial statements prepared in accordance with United States generally
      accepted accounting principles may be included if the investments of such
      subsidiaries are managed under the direction of the entity, except that, unless
      the entity is a reporting company under Section 13 or 15(d) of the Securities
      Exchange Act of 1934, as amended, securities owned by such subsidiaries may
      not
      be included if the entity itself is a majority-owned subsidiary that would
      be
      included in the consolidated financial statements of another
      enterprise.

     

    5.  The
      Transferor or a person acting on its behalf has taken reasonable steps to ensure
      that the Transferee is aware that the Transferor is relying on the exemption
      from the provisions of Section 5 of the Securities Act provided by Rule
      144A.

     

    The
      Transferor or a person acting on its behalf has furnished, or caused to be
      furnished, to the Transferee all information regarding (a) the Transferred
      Notes
      and payments thereon, (b) the nature and performance of the Underlying
      Certificates, the Mortgage Loans and the Mortgage Participations, (c) the
      Indenture and the Collateral, and (d) any credit enhancement mechanism
      associated with the Transferred Notes, that the Transferee has
      requested.

     

    Very
      truly yours,

     

    [TRANSFEROR]

     

    By:______________________

    Name:

    Title:

    EXHIBIT
      F-2

     

    FORM
      OF
      TRANSFEREE CERTIFICATE

    FOR
      TRANSFERS OF THE CLASS N NOTES

     

    [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    Re:           Renaissance
      Home Equity Loan Trust 2007-2

    Home
      Equity Loan Asset-Backed Notes, Series 2007-2 (the
“Notes”)

     

    Ladies
      and Gentlemen:

     

    __________________
      (the “Transferee”) intends to purchase from  _________________ (the
“Transferor”) the Notes having an initial aggregate Note Balance as of June 18,
      2007 (the “Closing Date”) of $_____________ (the “Transferred
      Notes”).  The Notes, including the Transferred Notes, were issued
      pursuant to the Indenture, dated as of June 18, 2007 (the “Indenture”), between
      Renaissance Home Equity Loan Trust 2007-2 (the “Issuer”), HSBC Bank USA,
      National Association (the “Indenture Trustee”) and Wells Fargo Bank, N.A. (the
“Securities Administrator”).  All capitalized terms used herein and
      not otherwise defined shall have the meanings set forth in the
      Indenture.  The Transferee hereby certifies, represents and warrants
      to you, as Note Registrar, and for the benefit of the Issuer, the Indenture
      Trustee, the Securities Administrator and the Transferor, that:

     

    1.  The
      Transferee is a “qualified institutional buyer” (a “Qualified Institutional
      Buyer”) as that term is defined in Rule 144A (“Rule l44A”) under the Securities
      Act of 1933, as amended (the “Securities Act”), and has completed one of the
      forms of certification to that effect attached hereto as Annex 1 and Annex
      2.  The Transferee is aware that the sale to it of the Transferred
      Notes is being made in reliance on Rule 144A.  The Transferee is
      acquiring the Transferred Notes for its own account or for the account of a
      Qualified Institutional Buyer, and understands that such Transferred Notes
      may
      be resold, pledged or transferred only (i) to a person reasonably believed
      to be
      a Qualified Institutional Buyer that purchases for its own account or for the
      account of a Qualified Institutional Buyer to whom notice is given that the
      resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
      pursuant to another exemption from registration under the Securities
      Act.

     

    2.  The
      Transferee has been furnished with all information regarding (a) the Transferred
      Notes and payments thereon, (b) the nature and performance of the Underlying
      Certificates and the Mortgage Loans, (c) the Indenture, and (d) any credit
      enhancement mechanism associated with the Transferred Notes, that it has
      requested.

     

    3.  The
      Transferee represents that:

     

    ____                      a.           it
      is neither: (1) an employee benefit plan or other retirement arrangement,
      including individual retirement accounts and annuities, Keogh plans and
      collective investment funds and separate accounts in which such plans, accounts
      or arrangements are invested, including, without limitation, insurance company
      general accounts, that is subject to ERISA or Section 4975 of the Code (each,
      a
“Plan”), nor (2) any Person who is directly or indirectly purchasing such Note
      or interest therein on behalf of, as named fiduciary of, as trustee of, or
      with
“plan assets” (as defined under the DOL Regulations at 29 C.F.R. Section
      2510.3-101) of a Plan; or

     

    ____                      b.           (1)
      the acquisition, holding and transfer of the Transferred Note will not give
      rise
      to a nonexempt prohibited transaction under Section 406 of ERISA or Section
      4975
      of the Code and (2) the Transferred Note is rated investment grade or better
      and
      the Transferee believes that the Transferred Note is properly treated as
      indebtedness without substantial equity features for purposes of the DOL
      Regulations, and agrees to so treat the Transferred Note; or

     

    ____                      c.           the
      Transferee has provided the Securities Administrator and the Owner Trustee
      with
      an Opinion of Counsel, which opines that the acquisition, holding and transfer
      of the Transferred Note or interest therein is permissible under applicable
      law,
      will not constitute or result in a non-exempt prohibited transaction under
      ERISA
      or Section 4975 of the Code and will not subject the Issuer, the Seller, the
      Depositor, any Underwriter, the Owner Trustee, the Indenture Trustee, the
      Securities Administrator, the Servicer, the Master Servicer or any successor
      servicer to any obligation in addition to those undertaken in the
      Indenture.

     

     

    Very
      truly yours,

     

    [TRANSFEREE]

     

    By:______________________

    Name:

    Title:

     

    ANNEX
      1
      TO EXHIBIT F-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [for
      Transferees other than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) an Wells Fargo Bank, N.A., as Note Registrar, with respect to the
      Notes being transferred (the “Transferred Notes”) as described in the Transferee
      Certificate to which this certification relates and to which this certification
      is an Annex:

     

    1.  As
      indicated below, the undersigned is the chief financial officer, a person
      fulfilling an equivalent function, or other executive officer of the entity
      purchasing the Transferred Notes (the “Transferee”).

     

    2.  The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A under the Securities Act of 1933, as amended (“Rule 144A”), because (i) the
      Transferee owned and/or invested on a discretionary basis $____________________
      in securities (other than the excluded securities referred to below) as of
      the
      end of the Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    
      	
              ____

            	
              Corporation,
                etc. The Transferee is a corporation (other than a bank, savings
                and
                loan association or similar institution), Massachusetts or similar
                business trust, partnership, or any organization described in Section
                501(c)(3) of the Internal Revenue Code of 1986, as
                amended.

            
	 	 
	
              ____

            	
              Bank.  The
                Transferee (a) is a national bank or a banking institution organized
                under
                the laws of any State, U.S. territory or the District of Columbia,
                the
                business of which is substantially confined to banking and is supervised
                by the State or territorial banking commission or similar official
                or is a
                foreign bank or equivalent institution, and (b) has an audited net
                worth
                of at least $25,000,000 as demonstrated in its latest annual financial
                statements, a copy of which is attached hereto, as of a date not
                more than
                16 months preceding the date of sale of the Note in the case of a
                U.S.
                bank, and not more than 18 months preceding such date of sale for
                a
                foreign bank or equivalent institution.

            
	 	 
	
              ____

            	
              Savings
                and Loan.  The Transferee (a) is a savings and loan
                association, building and loan association, cooperative bank, homestead
                association or similar institution, which is supervised and examined
                by a
                State or Federal authority having supervision over any such institutions
                or is a foreign savings and loan association or equivalent institution
                and
                (b) has an audited net worth of at least $25,000,000 as demonstrated
                in
                its latest annual financial statements, a copy of which is attached
                hereto, as of a date not more than 16 months preceding the date of
                sale of
                the Note in the case of a U.S. savings and loan association, and
                not more
                than 18 months preceding such date of sale for a foreign savings
                and loan
                association or equivalent institution.

            
	 	 
	
              ____

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

            
	 	 
	
              ____

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

            
	 	 
	
              ____

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

            
	 	 
	
              ____

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

            
	 	 
	
              ____

            	
              Investment
                Advisor.  The Transferee is an investment advisor registered
                under the Investment Advisers Act of 1940, as amended.

            
	 	 

    

    

    3.  The
      term
“securities” as used herein does not include (i) securities of
      issuers that are affiliated with the Transferee, (ii) securities that are part
      of an unsold allotment to or subscription by the Transferee, if the Transferee
      is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
      participations, (v) repurchase agreements, (vi) securities owned but subject
      to
      a repurchase agreement and (vii) currency, interest rate and commodity
      swaps.  For purposes of determining the aggregate amount of securities
      owned and/or invested on a discretionary basis by the Transferee, the Transferee
      did not include any of the securities referred to in this
      paragraph.

     

    4.  For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee, unless the Transferee reports its securities
      holdings in its financial statements on the basis of their market value, and
      no
      current information with respect to the cost of those securities has been
      published, in which case the securities were valued at
      market.  Further, in determining such aggregate amount, the Transferee
      may have included securities owned by subsidiaries of the Transferee, but only
      if such subsidiaries are consolidated with the Transferee in its financial
      statements prepared in accordance with United States generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee’s direction.  However, such securities were not
      included if the Transferee is a majority-owned, consolidated subsidiary of
      another enterprise and the Transferee is not itself a reporting company under
      the Securities Exchange Act of 1934, as amended.

     

    5.  The
      Transferee acknowledges that it is familiar with Rule l44A and understands
      that
      the Transferor and other parties related to the Transferred Notes are relying
      and will continue to rely on the statements made herein because one or more
      sales to the Transferee may be in reliance on Rule 144A.

     

    
      	 	 	 	 	
              Will
                the Transferee be purchasing the Transferred Notes

            
	 	
              Yes

            	 	
              No

            	
              only
                for the Transferee’s own account?

            

    

    

    6.  If
      the
      answer to the foregoing question is “no”, then in each case where the Transferee
      is purchasing for an account other than its own, such account belongs to a
      third
      party that is itself a “qualified institutional buyer” within the meaning of
      Rule 144A, and the “qualified institutional buyer” status of such third party
      has been established by the Transferee through one or more of the appropriate
      methods contemplated by Rule 144A.

     

    7.  The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein.  Until such
      notice is given, the Transferee’s purchase of the Transferred Notes will
      constitute a reaffirmation of this certification as of the date of such
      purchase.  In addition, if the Transferee is a bank or savings and
      loan as provided above, the Transferee agrees that it will furnish to such
      parties any updated annual financial statements that become available on or
      before the date of such purchase, promptly after they become
      available.

     

    Very
      truly yours,

     

    [TRANSFEREE]

     

    By:______________________

    Name:

    Title:

     

    ANNEX
      2 TO EXHIBIT F-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [for
      Transferees that are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Note Registrar, with respect to the
      Notes being transferred (the “Transferred Notes”) as described in the Transferee
      Certificate to which this certification relates and to which this certification
      is an Annex:

     

    1.  As
      indicated below, the undersigned is the chief financial officer, a person
      fulfilling an equivalent function, or other executive officer of the entity
      purchasing the Transferred Certificates (the “Transferee”) or, if the Transferee
      is a “qualified institutional buyer” as that term is defined in Rule 144A under
      the Securities Act of 1933, as amended (“Rule 144A”), because the Transferee is
      part of a Family of Investment Companies (as defined below), is an executive
      officer of the investment adviser (the “Adviser”).

     

    2.  The
      Transferee is a “qualified institutional buyer” as defined in Rule 144A because
      (i) the Transferee is an investment company registered under the Investment
      Company Act of 1940, as amended, and (ii) as marked below, the Transferee alone
      owned and/or invested on a discretionary basis, or the Transferee’s Family of
      Investment Companies owned, at least $100,000,000 in securities (other than
      the
      excluded securities referred to below) as of the end of the Transferee’s most
      recent fiscal year.  For purposes of determining the amount of
      securities owned by the Transferee or the Transferee’s Family of Investment
      Companies, the cost of such securities was used, unless the Transferee or any
      member of the Transferee’s Family of Investment Companies, as the case may be,
      reports its securities holdings in its financial statements on the basis of
      their market value, and no current information with respect to the cost of
      those
      securities has been published, in which case the securities of such entity
      were
      valued at market.

     

    
      	
               

            	
              ____

            	
              The
                Transferee owned and/or invested on a discretionary basis $____________
                in
                securities (other than the excluded securities referred to below)
                as of
                the end of the Transferee’s most recent fiscal year (such amount being
                calculated in accordance with Rule
                144A).

            

    

    

    
      	
               

            	
              ____

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

            

    

    

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

     

    4.  The
      term
“securities” as used herein does not include (i) securities of issuers
      that are affiliated with the Transferee or are part of the Transferee’s Family
      of Investment Companies, (ii) bank deposit notes and certificates of deposit,
      (iii) loan participations, (iv) repurchase agreements, (v) securities owned
      but
      subject to a repurchase agreement and (vi) currency, interest rate and commodity
      swaps.  For purposes of determining the aggregate amount of securities
      owned and/or invested on a discretionary basis by the Transferee, or owned
      by
      the Transferee’s Family of Investment Companies, the securities referred to in
      this paragraph were excluded.

     

    5.  The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A.

     

    
      	 	 	 	 	
              Will
                the Transferee be purchasing the Transferred Notes

            
	 	
              Yes

            	 	
              No

            	
              only
                for the Transferee’s own account?

            

    

    

    6.  If
      the
      answer to the foregoing question is “no”, then in each case where the Transferee
      is purchasing for an account other than its own, such account belongs to a
      third
      party that is itself a “qualified institutional buyer” within the meaning of
      Rule 144A, and the “qualified institutional buyer” status of such third party
      has been established by the Transferee through one or more of the appropriate
      methods contemplated by Rule l44A.

     

    7.  The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein.  Until such notice,
      the Transferee’s purchase of the Transferred Notes will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    Print
      Name of Transferee or Adviser

    

    By:
      _________________________

    Name:

    Title:

     

    IF
      AN
      ADVISER:

    

    Print
      Name of Transferee

    

    _______________________

    Date:

     

    EXHIBIT
      G-1

     

    FORM
      OF TRANSFER
      CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL
      SECURITY

    TO
      REGULATION S GLOBAL
      SECURITY

    (Transfers
      pursuant to §
4.16(e)(ii)

                          
      of the
      Indenture)                            

    

    [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    Re:           Renaissance
      Home Equity Loan Trust 2007-2

    Home
      Equity Loan Asset-Backed Notes, Series 2007-2 (the “Notes”)

     

    Reference
      is hereby made to the Indenture, dated as of June 18, 2007 (the “Indenture”),
      between Renaissance Home Equity Loan Trust 2007-2 (the “Issuer”), HSBC Bank USA,
      National Association (the “Indenture Trustee”) and Wells Fargo Bank, N.A. (the
“Securities Administrator”).  Capitalized terms used but not defined
      herein shall have the meanings given them in the Indenture.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Securities which are held in the form of a Restricted Global Security with
      the Depository in the name of [name of transferor]
      ___________________________________ (the “Transferor”) to effect the transfer of
      the Securities in exchange for an equivalent beneficial interest in a Regulation
      S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Indenture and the private placement memorandum dated June 18,
      2007
      relating to the Class N Notes and in accordance with Rule 904 of Regulation
      S,
      and that:

     

    (a)  the
      offer
      of the Class N Notes was not made to a person in the United States;

     

    (b)  at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    (c)  no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    (d)  the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended (the
“Securities Act”); and

     

    (e)  the
      transferee is not a U.S.
      Person.

     

    You
      and
      the Issuer are entitled to rely upon this letter and are irrevocably authorized
      to produce this letter or a copy hereof to any interested party in any
      administrative or legal proceedings or official inquiry with respect to the
      matters covered hereby.  Terms used in this certificate have the
      meanings set forth in Regulation S.

     

                                                                

    [Name
      of Transferor]

    

    

    By:
                                                        

    Name:

    Title:

    Date:

    EXHIBIT
      G-2

     

    FORM
      OF TRANSFER CERTIFICATE FOR
      TRANSFER

    FROM
      REGULATION S GLOBAL
      SECURITY

    TO
      RESTRICTED GLOBAL
      SECURITY

    (Transfers
      pursuant to §
4.16(e)(iii)

                              of
      the
      Indenture)                          

     

    [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    Re:           Renaissance
      Home Equity Loan Trust 2007-2

    Home
      Equity Loan Asset-Backed Notes, Series 2007-2 (the “Notes”)

     

    Reference
      is hereby made to the Indenture, dated as of June 18, 2007 (the “Indenture”),
      between Renaissance Home Equity Loan Trust 2007-2 (the “Issuer”), HSBC Bank USA,
      National Association (the “Indenture Trustee”) and Wells Fargo Bank, N.A. (the
“Securities Administrator”).  Capitalized terms used but not defined
      herein shall have the meanings given them in the Indenture.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Class N Notes which are held in the form of a Regulations S Global Security
      in the name of [name of transferor] ___________________________________ (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Indenture and the private
      placement memorandum dated June 18, 2007 relating to the Class N Notes and
      (ii)
      Rule 144A under the United States Securities Act of 1933, as amended, to a
      transferee that the Transferor reasonably believes is purchasing the Class
      N
      Notes for its own account or an account with respect to which the transferee
      exercises sole investment discretion, the transferee or any such account is
      a
      qualified institutional buyer within the meaning of Rule 144A, in a transaction
      meeting the requirements of Rule 144A and in accordance with any applicable
      securities laws of any state of the United States or any other
      jurisdiction.

     

                                                                

    [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

    Date:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      APPENDIX
        A

       

      DEFINITIONS

       

      “10-K
        Filing Deadline”:  As specified in Section 3.13(a)(iv) of the
        Servicing Agreement.

       

      “Accepted
        Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
        either (x) those mortgage master servicing practices of prudent mortgage
        lending
        institutions which master service mortgage loans of the same type and quality
        as
        such Mortgage Loan in the jurisdiction where the related Mortgaged Property
        is
        located to the extent applicable to the Master Servicer, or (y) as provided
        in Section 4.01 of the Servicing Agreement, but in no event below the standard
        set forth in clause (x).

       

      “Accounts”:
        Collectively, the Collection Account and the Payment Account.

       

      “Additional
        Disclosure Notification”:  The form of notice set forth on Exhibit K
        of the Servicing Agreement.

       

      “Additional
        Form 10-D Disclosure”:  The meaning set forth in Section 3.13(a)(i) of
        the Servicing Agreement.

       

      “Additional
        Form 10-K Disclosure”:  The meaning set forth in Section 3.13(a)(iv)
        of the Servicing Agreement.

       

      “Adjustable
        Rate Notes”:  The Group I Notes.

       

      “Adjusted
        Net Mortgage Rate”: As to each Mortgage Loan, an amount equal to the Loan Rate
        less the sum of (i) the Servicing Fee Rate and (ii) the Master Servicing
        Fee
        Rate.

       

      “Administrator”:
        Delta Funding Corporation in the performance of its duties pursuant to Article
        VII under the Mortgage Loan Sale and Contribution Agreement.

       

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

       

      “Aggregate
        Principal Amount”:  With respect to any Payment Date, the sum of the
        Basic Principal Amounts for each Loan Group.

       

      “Ancillary
        Income”: All income derived from the Mortgage Loans, other than Servicing Fees
        and Master Servicing Fees, including but not limited to, late charges, fees
        received with respect to checks or bank drafts returned by the related bank
        for
        non-sufficient funds, assumption fees, optional insurance administrative
        fees
        and all other incidental fees and charges, including investment income on
        the
        Collection Account and any interest due and actually received from the related
        Mortgagor that accrued during the portion of the Prepayment Period that is
        in
        the same calendar month as the Payment Date with respect to such Mortgage
        Loan
        in connection with such Principal Prepayments in full.  Ancillary
        Income does not include any Prepayment Charges.

       

      “Applied
        Realized Loss Amounts”:  As to any Payment Date, an amount equal to
        the excess, if any, of (i) the aggregate Class Note Balance of the Offered
        Notes, after giving effect to all payments on such Payment Date over (ii)
        the
        Pool Balance as of the last day of the related Due Period.

       

      “Appraised
        Value”: The appraised value of the Mortgaged Property based upon the appraisal
        or the insured automated valuation report made by or for the originator at
        the
        time of the origination of the related Mortgage Loan.

       

      “Approved
        Servicer”: For purposes of Sections 3.01(a), 5.04, 6.02 and 6.04 of the
        Servicing Agreement, any established housing and home finance institution,
        bank
        or other mortgage loan or home equity loan servicer, that meets each of the
        following requirements:

       

      (i)  an
        Approved Servicer shall be acceptable to each of the Seller, the Depositor,
        the
        Master Servicer, the Securities Administrator and the Indenture
        Trustee;

       

      (ii)  an
        Approved Servicer shall be either (a) an affiliate or division of Wells Fargo
        Bank, N.A. that services mortgage loans similar to the Mortgage Loans or
        (b) a
        Person who has a rating of at least “Above Average” by S&P and either a
        rating of at least “RPS2” by Fitch or a rating of at least “SQ2” by
        Moody’s;

       

      (iii)  each
        Rating Agency shall have delivered a letter to the Indenture Trustee (such
        letter not to be an expense of the Indenture Trustee) prior to the appointment
        of the Approved Servicer stating that the proposed appointment of such Approved
        Servicer as Servicer hereunder will not result in the reduction or withdrawal
        of
        the then current ratings of the Offered Notes ; and

       

      (iv)  an
        Approved Servicer shall have a net worth of not less than
        $25,000,000.

       

      “Assessment
        of Compliance”:  As defined in Section 3.10 of the Servicing
        Agreement.

       

      “Assignment
        of Mortgage”: With respect to any Mortgage, an assignment, notice of transfer or
        equivalent instrument, in recordable form, sufficient under the laws of the
        jurisdiction in which the related Mortgaged Property is located to reflect
        the
        pledge of the Mortgage to the Indenture Trustee.

       

      “Attestation
        Report”:  As defined in Section 3.10 of the Servicing
        Agreement.

       

      “Authorized
        Newspaper”: A newspaper of general circulation in the Borough of Manhattan, The
        City of New York, printed in the English language and customarily published
        on
        each Business Day, whether or not published on Saturdays, Sundays or
        holidays.

       

      “Authorized
        Officer”: With respect to the Issuer, any officer of the Owner Trustee who is
        authorized to act for the Owner Trustee in matters relating to the Issuer
        and
        who is identified on the list of Authorized Officers delivered by the Owner
        Trustee to the Indenture Trustee on the Closing Date (as such list may be
        modified or supplemented from time to time thereafter) and any authorized
        officer of the Originator in its capacity as Administrator.

       

      “Available
        Funds”: As to any Payment Date, an amount equal to the sum of the following
        amounts, without duplication, with respect to the Mortgage Loans: (i) scheduled
        payments of principal and interest on the Mortgage Loans due during the related
        Due Period and received by the Servicer and the Master Servicer, net of (a)
        amounts representing the Servicing Fee and the Master Servicing Fee with
        respect
        to each Mortgage Loan and reimbursement for Monthly Advances and Servicing
        Advances and other amounts reimbursable to the Seller, the Depositor, the
        Servicer, the Master Servicer, the Securities Administrator, the Owner Trustee
        and the Indenture Trustee pursuant to Sections 5.03, 3.01(g), 6.01(b), 6.03(b)
        (with respect to Servicing Transfer Costs) of the Servicing Agreement and
        Section 6.07 of the Indenture (with respect to indemnification amounts),
        as
        applicable and (b) any Net Swap Payment or Swap Termination Payment owed
        to the
        Swap Provider (other than any Swap Termination Payment owed to the Swap Provider
        as a result of a Swap Provider Trigger Event); (ii) Net Liquidation Proceeds,
        Insurance Proceeds and any Subsequent Recoveries with respect to the Mortgage
        Loans and unscheduled payments of principal and interest on the Mortgage
        Loans
        received by the Servicer and the Master Servicer during the related Prepayment
        Period (net of amounts representing the Servicing Fee and the Master Servicing
        Fee and any Ancillary Income with respect to each Mortgage Loan and
        reimbursement for Monthly Advances and Servicing Advances); (iii) the Purchase
        Price for repurchased Defective Mortgage Loans and any related Substitution
        Adjustment Amounts; (iv) payments from the Servicer and the Master Servicer
        in
        connection with (a) Monthly Advances and (b) Compensating Interest; (v) payments
        from the Seller in connection with the redemption of the Notes as provided
        in
        this Indenture, (vi) any Net Swap Payment or Swap Termination Payment (to
        the
        extent not applied to a replacement swap as required to be retained and applied
        as provided herein) received by the Securities Administrator under the Interest
        Rate Swap Agreement and (vii) with respect to the first Payment Date, the
        Initial Deposit.

       

      “Available
        Funds Rate”: The Group I Available Funds Rate.

       

      “Back-Up
        Certification”:  The meaning set forth in Section 3.13(a)(iv) of the
        Servicing Agreement.

       

      “Balloon
        Loan”: Any Mortgage Loan that provided on the date of origination for scheduled
        monthly payments in level amounts substantially lower than the amount of
        the
        final scheduled payment.

       

      “Basic
        Principal Amount”: As to any Payment Date and Loan Group, an amount equal to the
        sum of the following amounts (without duplication) with respect to the Mortgage
        Loans in that Loan Group: (i) each scheduled payment of principal on a Mortgage
        Loan due during such Due Period and received by the Servicer and remitted
        by the
        Servicer to the Master Servicer on or prior to the related Determination
        Date;
        (ii) any Net Liquidation Proceeds allocable to principal, any Subsequent
        Recoveries and all full and partial principal prepayments received by the
        Servicer and remitted by the Servicer to the Master Servicer during the related
        Prepayment Period; (iii) the portion of the Purchase Price allocable to
        principal of all repurchased Defective Mortgage Loans with respect to such
        Payment Date; (iv) any Substitution Adjustment allocable to principal received
        on or prior to the previous Determination Date and not yet distributed; and
        (vi)
        any Monthly Advances with respect to scheduled payments of principal due
        during
        the related Due Period.

       

      “Basic
        Documents”: The Trust Agreement, the Certificate of Trust, the Indenture, the
        Servicing Agreement, the Mortgage Loan Sale and Contribution Agreement, the
        Interest Rate Swap Agreement and the other documents and certificates delivered
        in connection with any of the above.

       

      “Basis
        Risk Shortfall Amount”: The Group I Basis Risk Shortfall Amount or the Group II
        Basis Risk Shortfall Amount, as applicable.

       

      “Beneficial
        Owner”: With respect to any Note, the Person who is the beneficial owner of such
        Note as reflected on the books of the Depository or on the books of a Person
        maintaining an account with such Depository (directly as a Depository
        Participant or indirectly through a Depository Participant, in accordance
        with
        the rules of such Depository).

       

      “BIF”:
        The Bank Insurance Fund, as from time to time constituted, created under
        the
        Financial Institutions Reform, Recovery and Enhancement Act of 1989, or,
        if at
        any time after the execution of this Agreement the Bank Insurance Fund is
        not
        existing and performing duties now assigned to it, the body performing such
        duties on such date.

       

      “Blanket
        Mortgage”: The mortgage or mortgages encumbering a Cooperative
        Property.

       

      “Book-Entry
        Notes”: Any Offered Note or Class N Note registered in the name of the
        Depository or its nominee, ownership of which is reflected on the books of
        the
        Depository or on the books of a Person maintaining an account with such
        Depository (directly or as an indirect participant in accordance with the
        rules
        of such Depository).

       

      “Business
        Day”: Any day other than a Saturday, a Sunday or a day on which banking
        institutions in New York City, the States of Delaware, Florida, Maryland,
        Minnesota and New Jersey or any city in which the Corporate Trust Office
        of the
        Trustee or the Securities Administrator is located are authorized or obligated
        by law or executive order to close.

       

       “Certificate
        Distribution Account”: The account or accounts created and maintained pursuant
        to Section 3.10(c) of the Trust Agreement.  The Certificate
        Distribution Account shall be an Eligible Account.

       

      “Certificate
        Paying Agent”: The meaning specified in Section 3.10 of the Trust
        Agreement.

       

      “Certificate
        Percentage Interest”: With respect to each Certificate, the Certificate
        Percentage Interest stated on the face thereof.

       

      “Certificate
        Register”: The register maintained by the Certificate Registrar in which the
        Certificate Registrar shall provide for the registration of Certificates
        and of
        transfers and exchanges of Certificates.

       

      “Certificate
        Registrar”: Initially, Wells Fargo Bank, N.A., as Certificate Registrar, or any
        successor to Wells Fargo Bank, N.A. in such capacity.

       

      “Certificate
        of Trust”: The Certificate of Trust filed for the Trust pursuant to Section
        3810(a) of the Statutory Trust Statute.

       

      “Certificates”
        or “Trust Certificates”: The Renaissance Home Equity Loan Trust 2007-2 Trust
        Certificates, evidencing the beneficial ownership interest in the Issuer
        and
        executed by the Owner Trustee in substantially the form set forth in Exhibit
        A
        to the Trust Agreement.

       

      “Certificateholder”
        or “Holder”: The Person in whose name a Certificate is registered in the
        Certificate Register.  Owners of Certificates that have been pledged
        in good faith may be regarded as Holders if the pledgee establishes to the
        satisfaction of the Indenture Trustee or the Owner Trustee, as the case may
        be,
        the pledgee’s right so to act with respect to such Certificates and that the
        pledgee is not the Issuer, any other obligor upon the Certificates or any
        Affiliate of any of the foregoing Persons.

       

      “Certification”:
        As defined in Section 3.13 of the Servicing Agreement.

       

      “Certification
        Parties”: The meaning set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Certifying
        Person”: The meaning set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Civil
        Relief Act”: The Servicemembers Civil Relief Act and similar state
        laws.

       

      “Class”:
        All Notes having the same designation.

       

      “Class
        AF
        Notes”: The Class AF-1 Notes, Class AF-2 Notes, Class AF-3 Notes, Class AF-4
        Notes, Class AF-5 Notes and Class AF-6 Notes.

       

       “Class
        AF-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-1 Note.

       

       “Class
        AF-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-2 Note.

       

       “Class
        AF-3 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-3 Note.

       

      “Class
        AF-4 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-4 Note.

       

      “Class
        AF-5 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-5 Note.

       

      “Class
        AF-6 Calculation Percentage”: For any Payment Date will be the fraction,
        expressed as a percentage, the numerator of which is the Class Note Balance
        of
        the Class AF-6 Notes, and the denominator of which is the aggregate of the
        Class
        Note Balances of the Group II Notes, in each case before giving effect to
        any
        payments in reduction of the Class Note Balances of the Group II Notes pursuant
        to Section 3.05 hereof.

       

        “Class
        AF-6 Lockout Payment Amount”: For any Payment Date will be an amount equal to
        the product of (1) the applicable Class AF-6 Lockout Percentage for that
        Payment
        Date, (2) the Class AF-6 Calculation Percentage for that Payment Date and
        (3)
        the Senior Principal Payment Amount for that Payment Date.  In no
        event shall the Class AF-6 Lockout Payment Amount exceed the outstanding
        Class
        Note Balance of the Class AF-6 Notes or the Senior Principal Payment Amount
        for
        such Payment Date.

       

      “Class
        AF-6 Lockout Percentage”: For each Payment Date will be as follows:

       

      
        	
                
                  Payment Date

                

              	
                
                  Lockout
                    Percentage

                

              
	
                1st
                  to 36th

              	
                0%

              
	
                37th
                  to 60th

              	
                45%

              
	
                61st
                  to 72nd

              	
                80%

              
	
                73rd
                  to 84th

              	
                100%

              
	
                85th
                  and
                  thereafter

              	
                300%

              

      

      

      “Class
        AF-6 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-6 Note.

       

       “Class
        AV Notes”: The Class AV-1 Notes, Class AV-2 Notes and Class AV-3
        Notes.

       

      “Class
        AV-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AV-1 Note.

       

      “Class
        AV-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AV-2 Note.

       

      “Class
        AV-3 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AV-3 Note.

       

      “Class
        Interest Carryover Shortfall”: As to any Class of Offered Notes and any Payment
        Date, an amount equal to the sum of (i) the excess of the related Class Monthly
        Interest Amount for the preceding Payment Date and any Outstanding Class
        Interest Carryover Shortfall with respect to such Class on such preceding
        Payment Date, over the amount in respect of interest that is actually paid
        to
        the Holders of such Class on such preceding Payment Date plus (ii) one month’s
        interest on such excess, to the extent permitted by law, at the related Note
        Rate.

       

      “Class
        Interest Payment”: As to any Class of Offered Notes and Payment Date, an amount
        equal to the sum of (a) the related Class Monthly Interest Amount and (b)
        any
        Class Interest Carryover Shortfall for such Class of Offered Notes for such
        Payment Date.

       

      “Class
        M
        Notes” or “Mezzanine Notes”: The Class M-1 Notes, Class M-2 Notes, Class M-3
        Notes, Class M-4 Notes, Class M-5 Notes, Class M-6 Notes, Class M-7 Notes,
        Class
        M-8 Notes and Class M-9 Notes.

       

      “Class
        M-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-1 Note.

       

      “Class
        M-1 Principal Payment Amount: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balance of the Senior Notes has been reduced to zero, 100% of the remaining
        Principal Payment Amount, or (y) if a Delinquency Event is not in effect:
        the
        excess of (1) the sum of (A) the aggregate Class Note Balance of the Senior
        Notes (after giving effect to payments of the Senior Principal Payment Amount
        for such Payment Date) and (B) the Class Note Balance of the Class M-1 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 77.00%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-2 Note.

       

      “Class
        M-2 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and if the aggregate Class
        Note
        Balances of the Senior and Class M-1 Notes have been reduced to zero, 100%
        of
        the remaining Principal Payment Amount, or (y) if a Delinquency Event is
        not in
        effect: the excess of (1) the sum of (A) the aggregate Class Note Balance
        of the
        Senior Notes (after giving effect to payment of the Senior Principal Payment
        Amount for such Payment Date), (B) the Class Note Balance of the Class M-1
        Notes
        (after giving effect to payment of the Class M-1 Principal Payment Amount
        for
        such Payment Date) and (C) the Class Note Balance of the Class M-2 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 82.60%
        of the
        Pool Balance as of the last day of the related Due Period, minus the related
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-3 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-3 Note.

       

      “Class
        M-3 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1 and Class M-2 Notes have been reduced to
        zero,
        100% of the remaining Principal Payment Amount, or (y) if a Delinquency Event
        is
        not in effect: the excess of (1) the sum of (A) the aggregate Class Note
        Balance
        of the Senior Notes (after giving effect to payment of the Senior Principal
        Payment Amount for such Payment Date), (B) the Class Note Balance of the
        Class
        M-1 Notes (after giving effect to payment of the Class M-1 Principal Payment
        Amount for such Payment Date), (C) the Class Note Balance of the Class M-2
        Notes
        (after giving effect to payment of the Class M-2 Principal Payment Amount
        for
        such Payment Date) and (D) the Class Note Balance of the Class M-3 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 85.90%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-4 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-4 Note.

       

      “Class
        M-4 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2 and Class M-3 Notes have been
        reduced to zero, 100% of the remaining Principal Payment Amount, or (y) if
        a
        Delinquency Event is not in effect: the excess of (1) the sum of (A) the
        aggregate Class Note Balance of the Senior Notes (after giving effect to
        payment
        of the Senior Principal Payment Amount for such Payment Date), (B) the Class
        Note Balance of the Class M-1 Notes (after giving effect to payment of the
        Class
        M-1 Principal Payment Amount for such Payment Date), (C) the Class Note Balance
        of the Class M-2 Notes (after giving effect to payment of the Class M-2
        Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of
        the Class M-3 Notes (after giving effect to payment of the Class M-3 Principal
        Payment Amount for such Payment Date) and (E) the Class Note Balance of the
        Class M-4 Notes immediately prior to such Payment Date over (2) the lesser
        of
        (A) 89.00% of the Pool Balance as of the last day of the related Due Period,
        minus the Subordination Required Overcollateralization Amount for that Payment
        Date and (B) the Pool Balance as of the last day of the related Due Period
        minus
        the OC Floor.

       

      “Class
        M-5 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-5 Note.

       

      “Class
        M-5 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3 and Class M-4 Notes
        have
        been reduced to zero, 100% of the remaining Principal Payment Amount, or
        (y) if
        a Delinquency Event is not in effect: the excess of (1) the sum of (A) the
        aggregate Class Note Balance of the Senior Notes (after giving effect to
        payment
        of the Senior Principal Payment Amount for such Payment Date), (B) the Class
        Note Balance of the Class M-1 Notes (after giving effect to payment of the
        Class
        M-1 Principal Payment Amount for such Payment Date), (C) the Class Note Balance
        of the Class M-2 Notes (after giving effect to payment of the Class M-2
        Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of
        the Class M-3 Notes (after giving effect to payment of the Class M-3 Principal
        Payment Amount for such Payment Date), (E) the Class Note Balance of the
        Class
        M-4 Notes (after giving effect to payment of the Class M-4 Principal Payment
        Amount for such Payment Date) and (F) the Class Note Balance of the Class
        M-5
        Notes immediately prior to such Payment Date over (2) the lesser of (A) 91.70%
        of the Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-6 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-6 Note.

       

      “Class
        M-6 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4 and Class
        M-5
        Notes have been reduced to zero, 100% of the remaining Principal Payment
        Amount,
        or (y) if a Delinquency Event is not in effect: the excess of (1) the sum
        of (A)
        the aggregate Class Note Balance of the Senior Notes (after giving effect
        to
        payment of the Senior Principal Payment Amount for such Payment Date), (B)
        the
        Class Note Balance of the Class M-1 Notes (after giving effect to payment
        of the
        Class M-1 Principal Payment Amount for such Payment Date), (C) the Class
        Note
        Balance of the Class M-2 Notes (after giving effect to payment of the Class
        M-2
        Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of
        the Class M-3 Notes (after giving effect to payment of the Class M-3 Principal
        Payment Amount for such Payment Date), (E) the Class Note Balance of the
        Class
        M-4 Notes (after giving effect to payment of the Class M-4 Principal Payment
        Amount for such Payment Date), (F) the Class Note Balance of the Class M-5
        Notes
        (after giving effect to payment of the Class M-5 Principal Payment Amount
        for
        such Payment Date) and (G) the Class Note Balance of the Class M-6 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 94.00%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-7 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-7 Note.

       

      “Class
        M-7 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4, Class
        M-5
        and Class M-6 Notes have been reduced to zero, 100% of the remaining Principal
        Payment Amount, or (y) if a Delinquency Event is not in effect: the excess
        of
        (1) the sum of (A) the aggregate Class Note Balance of the Senior Notes (after
        giving effect to payments of the Senior Principal Payment Amount for such
        Payment Date), (B) the Class Note Balance of the Class M-1 Notes (after giving
        effect to payment of the Class M-1 Principal Payment Amount for such Payment
        Date), (C) the Class Note Balance of the Class M-2 Notes (after giving effect
        to
        payment of the Class M-2 Principal Payment Amount for such Payment Date),
        (D)
        the Class Note Balance of the Class M-3 Notes (after giving effect to payment
        of
        the Class M-3 Principal Payment Amount for such Payment Date), (E) the Class
        Note Balance of the Class M-4 Notes (after giving effect to payment of the
        Class
        M-4 Principal Payment Amount for such Payment Date), (F) the Class Note Balance
        of the Class M-5 Notes (after giving effect to payment of the Class M-5
        Principal Payment Amount for such Payment Date), (G) the Class Note Balance
        of
        the Class M-6 Notes (after giving effect to payment of the Class M-6 Principal
        Payment Amount for such Payment Date) and (H) the Class Note Balance of the
        Class M-7 Notes immediately prior to such Payment Date over (2) the lesser
        of
        (A) 96.30% of the Pool Balance as of the last day of the related Due Period,
        minus the Subordination Required Overcollateralization Amount for that Payment
        Date and (B) the Pool Balance as of the last day of the related Due Period
        minus
        the OC Floor.

       

      “Class
        M-8 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-8 Note.

       

      “Class
        M-8 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4, Class
        M-5,
        Class M-6 and Class M-7 Notes have been reduced to zero, 100% of the remaining
        Principal Payment Amount, or (y) if a Delinquency Event is not in effect:
        the
        excess of (1) the sum of (A) the aggregate Class Note Balance of the Senior
        Notes (after giving effect to payments of the Senior Principal Payment Amount
        for such Payment Date), (B) the Class Note Balance of the Class M-1 Notes
        (after
        giving effect to payment of the Class M-1 Principal Payment Amount for such
        Payment Date), (C) the Class Note Balance of the Class M-2 Notes (after giving
        effect to payment of the Class M-2 Principal Payment Amount for such Payment
        Date), (D) the Class Note Balance of the Class M-3 Notes (after giving effect
        to
        payment of the Class M-3 Principal Payment Amount for such Payment Date),
        (E)
        the Class Note Balance of the Class M-4 Notes (after giving effect to payment
        of
        the Class M-4 Principal Payment Amount for such Payment Date), (F) the Class
        Note Balance of the Class M-5 Notes (after giving effect to payment of the
        Class
        M-5 Principal Payment Amount for such Payment Date), (G) the Class Note Balance
        of the Class M-6 Notes (after giving effect to payment of the Class M-6
        Principal Payment Amount for such Payment Date), (H) the Class Note Balance
        of
        the Class M-7 Notes (after giving effect to payment of the Class M-7 Principal
        Payment Amount) and (I) the Class Note Balance of the Class M-8 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 98.00%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-9 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-9 Note.

       

      “Class
        M-9 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4, Class
        M-5,
        Class M-6, Class M-7 and Class M-8 Notes have been reduced to zero, 100%
        of the
        remaining Principal Payment Amount, or (y) if the Senior, Class M-1, Class
        M-2,
        Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class M-8 Notes
        are
        outstanding and a Delinquency Event is not in effect: the excess of (1) the
        sum
        of (A) the aggregate Class Note Balance of the Senior Notes (after giving
        effect
        to payments of the Senior Principal Payment Amount for such Payment Date),
        (B)
        the Class Note Balance of the Class M-1 Notes (after giving effect to payment
        of
        the Class M-1 Principal Payment Amount for such Payment Date), (C) the Class
        Note Balance of the Class M-2 Notes (after giving effect to payment of the
        Class
        M-2 Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of the Class M-3 Notes (after giving effect to payment of the Class M-3
        Principal Payment Amount for such Payment Date), (E) the Class Note Balance
        of
        the Class M-4 Notes (after giving effect to payment of the Class M-4 Principal
        Payment Amount for such Payment Date), (F) the Class Note Balance of the
        Class
        M-5 Notes (after giving effect to payment of the Class M-5 Principal Payment
        Amount for such Payment Date), (G) the Class Note Balance of the Class M-6
        Notes
        (after giving effect to payment of the Class M-6 Principal Payment Amount
        for
        such Payment Date), (H) the Class Note Balance of the Class M-7 Notes (after
        giving effect to payment of the Class M-7 Principal Payment Amount), (I)
        the
        Class Note Balance of the Class M-8 Notes (after giving effect to payment
        of the
        Class M-8 Principal Payment Amount) and (J) the Class Note Balance of the
        Class
        M-9 Notes immediately prior to such Payment Date over (2) the lesser of (A)
        the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the Due Period minus the OC
        Floor.

       

       “Class
        Monthly Interest Amount”: As to any Payment Date and Class of Offered Notes,
        interest for the related Interest Period at the related Note Rate on the
        related
        Class Note Balance immediately prior to that Payment Date.

       

       “Class
        N Interest Payment Amount”: With respect to the Class N Notes and any Payment
        Date, an amount equal to interest accrued during the related Interest Period
        on
        the related outstanding Class Note Balance at the related Note Rate, plus
        all
        interest accrued for prior Interest Periods but not paid on the related Payment
        Dates or any Payment Dates subsequent thereto (together with interest thereon
        at
        the related Note Rate).

       

       “Class
        N Interest Shortfall”: With respect to any Payment Date, an amount equal to the
        Class N Interest Payment Amount for such Payment Date less Available Funds
        remaining after payments pursuant to Section 3.05(b)(i) through Section
        3.05(b)(xvi) hereof.

       

       “Class
        N Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-2 and designated as
        a
        Class N Note.

       

       “Class
        N Principal Payment Amount”: With respect to the Class N Notes and any Payment
        Date, the lesser of (i) the related outstanding Class Note Balance immediately
        prior to such Payment Date and (ii) any Available Funds remaining after the
        payment of the related Class N Interest Payment Amount for such Payment
        Date.

       

      “Class
        Note Balance”: As of any date of determination and Class of Offered Notes or the
        Class N Notes, the Original Class Note Balance for such Class reduced by
        the sum
        of all amounts previously paid to the Noteholders of such Class in respect
        of
        principal from the Group I Principal Payment Amount or Group II Principal
        Payment Amount, as applicable, on all previous Payment Dates and, in the
        case of
        any Class of Mezzanine Notes, reduced by any related Applied Realized Loss
        Amounts allocated to such Class on prior Payment Dates; provided, however,
        if
        the context so specifies, the Class Note Balance will also be reduced by
        all
        payments of principal and allocations of related Applied Realized Loss Amounts
        on the Payment Date that is the date of determination.

       

      “Class
        Principal Carryover Shortfall”: As to any Class of Mezzanine Notes and any
        Payment Date, the excess, if any, of (i) the sum of (x) the amount of the
        reduction in the Class Note Balance of that Class of Mezzanine Notes on such
        Payment Date and (y) the amount of such reductions contemplated by clause
        (x)
        above on prior Payment Dates over (ii) the amount distributed in respect
        of such
        reductions of principal thereof on prior Payment Dates.

       

      “Closing
        Date”: June 18, 2007.

       

      “Code”:
        The Internal Revenue Code of 1986, as amended.

       

      “Collateral”:
        The meaning specified in the Granting Clause of the Indenture.

       

      “Collection
        Account”: The custodial account or accounts created and maintained for the
        benefit of the Noteholders pursuant to Section 3.02(b) of the Servicing
        Agreement.  The Collection Account shall be an Eligible
        Account.

       

      “Combined
        Loan-to-Value Ratio” or “CLTV”: With respect to any Mortgage Loan that is not
        secured by a first priority lien on the Mortgaged Property, the sum of the
        original principal balance of such Mortgage Loan and the outstanding principal
        balance of the related First Lien, if any, as of the date of origination
        of the
        Mortgage Loan, divided by the Appraised Value.

       

      “Commission”:
        The U.S. Securities and Exchange Commission.

       

      “Compensating
        Interest”: As to any Payment Date, the amount calculated pursuant to Section
        3.14 of the Servicing Agreement.

       

      “Cooperative
        Corporation”: The entity that holds title (fee or an acceptable leasehold
        estate) to the real property and improvements constituting the Cooperative
        Property and which governs the Cooperative Property, which Cooperative
        Corporation must qualify as a Cooperative Housing Corporation under Section
        216
        of the Code.

       

      “Cooperative
        Loan”: Any Mortgage Loan secured by Cooperative Shares and a Proprietary
        Lease.

       

      “Cooperative
        Property”: The real property and improvements owned by the Cooperative
        Corporation, including the allocation of individual dwelling units to the
        holders of the Cooperative Shares of the Cooperative Corporation.

       

      “Cooperative
        Shares”: Shares issued by a Cooperative Corporation.

       

      “Cooperative
        Unit”: A single-family dwelling located in a Cooperative Property.

       

      “Corporate
        Trust Office”: The designated offices of the Securities Administrator at which
        at any particular time its corporate trust business with respect to this
        Indenture shall be administered, which offices at the date of the execution
        of
        this Indenture are located for Note transfer purposes at: Wells Fargo Center,
        Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attention:
        Corporate Trust Services—Renaissance HEL Trust 2007-2 and for all other purposes
        at: P.O. Box 98, Columbia, Maryland 21046, Attention: Corporate Trust
        Services—Renaissance HEL Trust 2007-2 or in the case of overnight deliveries,
        9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust
        Services—Renaissance HEL Trust 2007-2 and which are the respective addresses to
        which notices to and correspondence with the Securities Administrator should
        be
        directed; and the designated office of the Indenture Trustee at which at
        any
        particular time its corporate trust business with respect to this Indenture
        shall be administered, which office at the date of the execution of this
        Indenture is located at 452 Fifth Avenue, New York, New York 10018, Attention:
        Corporate Trust and Loan Agency/Renaissance HEL Trust 2007-2, and which is
        the
        address to which notices to and correspondence with the Indenture Trustee
        should
        be directed.

       

      “Cumulative
        Loss Event”: For any Payment Date in the applicable period below, if Cumulative
        Net Losses exceed the applicable percentage set forth below for the related
        Payment Date:

       

      
        	
                Number
                  of Payment Dates

              	 	
                Percentages

              
	
                25th-36th

              	 	
                1.10%
                  for the first month plus an additional 1/12th
                  of 1.40% for
                  each month thereafter

              
	
                37th-48th

              	 	
                2.50%
                  for the first month plus an additional 1/12th
                  of 1.70% for
                  each month thereafter

              
	
                49th
                  -60th

              	 	
                4.20%
                  for the first month plus an additional 1/12th
                  of 1.40% for
                  each month thereafter

              
	
                61st
                  -72nd

              	 	
                5.60%
                  for the first month plus an additional 1/12th
                  of 1.00% for
                  each month thereafter

              
	
                73rd
                  -84th

              	 	
                6.60%
                  for the first month plus an additional 1/12th
                  of 0.30% for
                  each month thereafter

              
	
                85th
                  and
                  thereafter

              	 	
                6.90%

              

      

      

      “Cumulative
        Net Losses”: As of any date of determination, the aggregate of the Liquidation
        Loan Losses incurred from the Cut-Off Date through the end of the calendar
        month
        preceding such date of determination, expressed as a percentage of the related
        Cut-Off Date Pool Balance.

       

      “Curtailment”:
        With respect to a Mortgage Loan, any payment of principal received during
        a Due
        Period as part of a payment that is in excess of the amount of the Monthly
        Payment due for such Due Period and which is not intended to satisfy the
        Mortgage Loan in full or intended to cure a delinquency.

       

      “Custodial
        Agreement”: Any Custodial Agreement, as amended and supplemented from time to
        time, dated as of the date hereof, by and among the Indenture Trustee, the
        Seller, the Servicer, the Depositor, the Master Servicer and the Custodian
        substantially in the form set forth as Exhibit E.

       

      “Custodian”:
        The Person acting as custodian under a Custodial Agreement from time to
        time.  As of the Closing Date, the initial Custodian shall be Wells
        Fargo Bank, N.A.

       

      “Cut-Off
        Date”: As to any Mortgage Loan, the later of (x) close of business on June 1,
        2007 and (y) date of origination of such Mortgage Loan.

       

      “Cut-Off
        Date Pool Balance”: The aggregate Cut-Off Date Principal Balance of the Mortgage
        Loans (i.e., $849,997,583.00).

       

      “Cut-Off
        Date Principal Balance”: With respect to any Mortgage Loan, the unpaid principal
        balance thereof as of the related Cut-Off Date after giving effect to payments
        of principal due on or before the Cut-Off Date (or as of the applicable date
        of
        substitution with respect to an Eligible Substitute Mortgage Loan).

       

      “Default”:
        Any occurrence which is or with notice or the lapse of time or both would
        become
        an Event of Default.

       

      “Defective
        Mortgage Loan”: Any Mortgage Loan subject to repurchase or substitution pursuant
        to Section 2.1(f), 3.1 or 3.2 of the Mortgage Loan Sale and Contribution
        Agreement.

       

      “Definitive
        Notes”: The meaning specified in Section 4.06 of the Indenture.

       

      “Delinquency
        Amount”: As to any Payment Date, the aggregate Principal Balance of the Mortgage
        Loans that are any of the following: (a) 60 days or more delinquent (including
        any such delinquent Mortgage Loans that are in bankruptcy or in foreclosure)
        and
        (b) REO Properties, in each case, as of the last day of the preceding
        month.

       

      “Delinquency
        Event”: A Delinquency Event shall be in effect on a Payment Date, if the related
        Three Month Delinquency Rate exceeds 41.99% of the Senior Enhancement Percentage
        for such Payment Date.

       

      “Deposit
        Date”: As to any Payment Date, the Business Day preceding such Payment
        Date.

       

      “Depositor”:
        Renaissance Mortgage Acceptance Corp., a Delaware corporation, or any successor
        thereto.

       

      “Depository”:
        The initial Depository shall be The Depository Trust Company, the nominee
        of
        which is Cede & Co., as the registered Holder of the Notes.  The
        Depository shall at all times be a “clearing corporation” as defined in Section
        8-102(3) of the UCC of the State of New York.

       

      “Depository
        Participant”: A broker, dealer, bank or other financial institution or other
        Person for whom from time to time a Depository effects book-entry transfers
        and
        pledges of securities deposited with the Depository.

       

      “Determination
        Date”: As to any Payment Date, the fourth Business Day preceding such Payment
        Date.

       

      “Due
        Date”: As to any Mortgage Loan, the day of the month on which the Monthly
        Payment is due from the Mortgagor.

       

      “Due
        Period”: With respect to each Payment Date, the period from and including the
        second day of the month preceding the month in which such Payment Date occurs
        to
        and including the first day of the month of such Payment Date.

       

      “Electronic
        Ledger”: The electronic master record of home equity mortgage loans maintained
        by the Seller.

       

      “Eligible
        Account”: A segregated account that is (i) maintained with a depository
        institution whose debt obligations at the time of any deposit therein have
        the
        highest short-term debt rating by the Rating Agencies and whose accounts
        are
        insured to the maximum extent provided by either the Savings Association
        Insurance Fund (“SAIF”) or the Bank Insurance Fund (“BIF”) of the Federal
        Deposit Insurance Corporation and which has a minimum long-term unsecured
        debt
        rating of “A” by S&P and Fitch and “A2” by Moody’s, and which is any of (A)
        a federal savings and loan association duly organized, validly existing and
        in
        good standing under the federal banking laws, (B) an institution duly organized,
        validly existing and in good standing under the applicable banking laws of
        any
        state, (C) a national banking association duly organized, validly existing
        and
        in good standing under the federal banking laws, (D) a principal subsidiary
        of a
        bank holding company; (ii) a segregated trust account maintained with the
        corporate trust department of a federal or state chartered depository
        institution or trust company, having capital and surplus of not less than
        $50,000,000, acting in its fiduciary capacity; (iii) maintained at Wells
        Fargo
        Bank, N.A., so long as its debt obligations at the time of any deposit therein
        have a short-term debt rating of at least “A-1” for S&P, “P-1” for Moody’s
        and “F1” for Fitch; or (iv) otherwise acceptable to each Rating Agency as
        evidenced by a letter from each Rating Agency to the Securities Administrator,
        without reduction or withdrawal of the then current ratings of the
        Notes.

       

      “Eligible
        Investments”: One or more of the following (excluding any callable investments
        purchased at a premium):

       

      (i)  direct
        obligations of, or obligations fully guaranteed as to timely payment of
        principal and interest by, the United States or any agency or instrumentality
        thereof, provided that such obligations are backed by the full faith and
        credit
        of the United States;

       

      (ii)  repurchase
        agreements on obligations specified in clause (i) maturing not more than
        three
        (3) months from the date of acquisition thereof, provided that the short-term
        unsecured debt obligations of the party agreeing to repurchase such obligations
        are at the time rated by each Rating Agency in its highest short-term rating
        category (which is “A-1+” for S&P, “P-1” for Moody’s and “F1+” for
        Fitch);

       

      (iii)  certificates
        of deposit, time deposits and bankers’ acceptances of any U.S. depository
        institution or trust company incorporated under the laws of the United States
        or
        any state thereof and subject to supervision and examination by federal and/or
        state banking authorities, provided that the unsecured short-term debt
        obligations of such depository institution or trust company at the date of
        acquisition thereof have been rated by S&P and Moody’s in their respective
        highest unsecured short-term debt rating category;

       

      (iv)  commercial
        paper (having original maturities of not more than ninety (90) days) of any
        corporation incorporated under the laws of the United States or any state
        thereof which on the date of acquisition has been rated by each Rating Agency
        that rates such securities in their respective highest short term rating
        categories;

       

      (v)  short
        term investment funds (“STIFS”) sponsored by any trust company or national
        banking association incorporated under the laws of the United States or any
        state thereof which on the date of acquisition has been rated by each Rating
        Agency in their respective highest rating category of long term unsecured
        debt;

       

      (vi)  interests
        in any money market fund which at the date of acquisition of the interests
        in
        such fund including any such fund that is managed by the Indenture Trustee
        or
        the Securities Administrator or an Affiliate of the Indenture Trustee or
        the
        Securities Administrator or for which the Indenture Trustee or the Securities
        Administrator or an Affiliate of the Indenture Trustee or the Securities
        Administrator acts as advisor and throughout the time as the interest is
        held in
        such fund has a rating of “AAAm” or “AAAm-G” by S&P and “Aaa” by Moody’s ;
        and

       

      (vii)  other
        obligations or securities that are acceptable to each Rating Agency as an
        Eligible Investment hereunder and will not result in a reduction in the then
        current rating of the Notes, as evidenced by a letter to such effect from
        such
        Rating Agency and with respect to which the Indenture Trustee and the Securities
        Administrator have received confirmation that, for tax purposes, the investment
        complies with the last clause of this definition;

       

      provided
        that no instrument described hereunder shall evidence either the right to
        receive (a) only interest with respect to the obligations underlying such
        instrument or (b) both principal and interest payments derived from obligations
        underlying such instrument and the interest and principal payments with respect
        to such instrument provide a yield to maturity at par greater than 120% of
        the
        yield to maturity at par of the underlying obligations; provided, further,
        that
        no instrument described hereunder may be purchased at a price greater than
        par
        if such instrument may be prepaid or called at a price less than its purchase
        price prior to its stated maturity; and provided further, that if S&P is
        rating any of the Notes, an instrument described hereunder shall be rated
        the
        applicable rating of S&P set forth above.

       

      “Eligible
        Substitute Mortgage Loan”: A Mortgage Loan substituted by the Seller for a
        Defective Mortgage Loan which must, on the date of such substitution: (i)
        have
        an outstanding Principal Balance after deducting all scheduled principal
        payments due in the month of substitution (or in the case of a substitution
        of
        more than one Mortgage Loan for a Defective Mortgage Loan, an aggregate
        Principal Balance), not in excess of and not less than 95% of the Principal
        Balance of the Defective Mortgage Loan; (ii) have a Loan Rate not less than
        the
        Loan Rate of the Defective Mortgage Loan and not more than 1% in excess of
        the
        Loan Rate of such Defective Mortgage Loan; (iii) if such Defective Mortgage
        Loan
        is an adjustable-rate Mortgage Loan, have a Loan Rate based on the same Loan
        Index with adjustments to such Loan Rate made on the same interval between
        Interest Rate Adjustment Dates as that of the Defective Mortgage Loan and
        have a
        Margin that is not less than the Margin of the Defective Mortgage Loan and
        not
        more than one hundred (100) basis points higher than the Margin for the
        Defective Mortgage Loan; (iv) have a Mortgage of the same or higher level
        of
        priority as the Mortgage relating to the Defective Mortgage Loan at the time
        such Mortgage was transferred to the Trust; (v) have a remaining term to
        maturity not more than six (6) months earlier and not later than the remaining
        term to maturity of the Defective Mortgage Loan; (vi) comply with each
        representation and warranty set forth in the Mortgage Loan Sale and Contribution
        Agreement (deemed to be made as of the date of substitution); (vii) have
        an
        original CLTV not greater than that of the Defective Mortgage Loan; (viii)
        if
        such Defective Mortgage Loan is an adjustable-rate Mortgage Loan, have a
        Lifetime Rate Cap and a Periodic Rate Cap no lower than the Lifetime Rate
        Cap
        and Periodic Rate Cap, respectively, applicable to such Defective Mortgage
        Loan;
        (ix) have a credit risk not less than the credit risk of the Defective Mortgage
        Loan; and (x) be of the same type of Mortgaged Property as the Defective
        Mortgage Loan or a detached single family residence.  More than one
        Eligible Substitute Mortgage Loan may be substituted for a Defective Mortgage
        Loan if such Eligible Substitute Mortgage Loans meet the foregoing attributes
        in
        the aggregate.

       

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

       

      “Escrow
        Repair Loan”: A Mortgage Loan as to which the Servicer holds a portion of the
        proceeds in escrow pending repair of the related Mortgaged Property as specified
        in the related Mortgage and Mortgage Note.

       

      “Estimated
        Swap Termination Payment”:  As defined in the Interest Rate Swap
        Agreement.

       

      “Event
        of
        Default”: With respect to the Indenture, any one of the following events
        (whatever the reason for such Event of Default and whether it shall be voluntary
        or involuntary or be effected by operation of law or pursuant to any judgment,
        decree or order of any court or any order, rule or regulation of any
        administrative or governmental body):

       

      (i)  a
        failure
        by the Issuer to pay (a) with respect to the Offered Notes, (1) the Class
        Monthly Interest Amount or the Group I Principal Payment Amount or the Group
        II
        Principal Payment Amount on any Payment Date, which failure is not cured
        within
        3 Business Days or (2) the Class Interest Carryover Shortfall, but only,
        with
        respect to clause (2), to the extent funds are available to make such payment
        as
        provided in the Indenture or (b) with respect to the Class N Notes, all interest
        and principal due on the Class N Notes by the Final Stated Maturity Date;
        or

       

      (ii)  the
        failure by the Issuer on the Final Stated Maturity Date to reduce the Class
        Note
        Balance of any of the Notes to zero; or

       

      (iii)  there
        occurs a default in the observance or performance of any covenant or agreement
        of the Issuer made in the Indenture, or any representation or warranty of
        the
        Issuer made in the Indenture or in any certificate or other writing delivered
        pursuant hereto or in connection herewith proving to have been incorrect
        in any
        material respect as of the time when the same shall have been made, and such
        default shall continue or not be cured, or the circumstance or condition
        in
        respect of which such representation or warranty was incorrect shall not
        have
        been eliminated or otherwise cured, for a period of 30 days after there shall
        have been given, by registered or certified mail, to the Issuer by the Indenture
        Trustee or to the Issuer and the Indenture Trustee by the Holders of at least
        25% of the aggregate Note Balance of the Outstanding Notes, a written notice
        specifying such default or incorrect representation or warranty and requiring
        it
        to be remedied and stating that such notice is a notice of default hereunder;
        or

       

      (iv)  there
        occurs the filing of a decree or order for relief by a court having jurisdiction
        in the premises in respect of the Issuer or any substantial part of the Trust
        in
        an involuntary case under any applicable federal or state bankruptcy, insolvency
        or other similar law now or hereafter in effect, or appointing a receiver,
        liquidator, assignee, custodian, trustee, sequestrator or similar official
        of
        the Issuer or for any substantial part of the Trust, or ordering the winding-up
        or liquidation of the Issuer’s affairs, and such decree or order shall remain
        unstayed and in effect for a period of 60 consecutive days; or

       

      (v)  there
        occurs the commencement by the Issuer of a voluntary case under any applicable
        federal or state bankruptcy, insolvency or other similar law now or hereafter
        in
        effect, or the consent by the Issuer to the entry of an order for relief
        in an
        involuntary case under any such law, or the consent by the Issuer to the
        appointment or taking possession by a receiver, liquidator, assignee, custodian,
        trustee, sequestrator or similar official of the Issuer or for any substantial
        part of the assets of the Trust, or the making by the Issuer of any general
        assignment for the benefit of creditors, or the failure by the Issuer generally
        to pay its debts as such debts become due, or the taking of any action by
        the
        Issuer in furtherance of any of the foregoing; or

       

      (vi)  a
        failure
        of the Trust to be wholly owned by a REIT or a Qualified REIT
        Subsidiary.

       

      “Excess
        Interest”: As to any Payment Date and the Offered Notes, the Available Funds
        remaining after the application of payments pursuant to Section 3.05(b)(iii)(1)
        through (12).

       

      “Excess
        Overcollateralization Amount”: As to any Payment Date, the lesser of (i) the
        Basic Principal Amount for such Payment Date and (ii) the excess, if any,
        of (x)
        the Overcollateralization Amount (assuming 100% of the Basic Principal Amount
        is
        paid on the Offered Notes) over (y) the Required Overcollateralization
        Amount.

       

      “Exchange
        Act”: The Securities Exchange Act of 1934, as amended, and the rules and
        regulations thereunder.

       

      “Expenses”:
        The meaning specified in Section 7.02 of the Trust Agreement.

       

      “Fannie
        Mae”: Fannie Mae, formerly known as the Federal National Mortgage Association,
        or any successor thereto.

       

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

       

      “Final
        Stated Maturity Date”: The Payment Date in June 2037.

       

      “First
        Lien”: With respect to any Mortgage Loan which is a second priority lien, the
        mortgage loan relating to the corresponding Mortgaged Property having a first
        priority lien.

       

      “Fitch”:
        Fitch, Inc., or its successor in interest

       

      “Fixed
        Rate Notes”: The Class AF and Class M Notes.

       

      “Fixed
        Swap Payment”:  With respect to any Payment Date, a fixed amount equal
        to the product of (i) the Strike Rate, (ii) the Notional Amount (as defined
        in
        the Interest Rate Swap Agreement) for that Payment Date, and (iii) a fraction,
        the numerator of which is 30 (or, for the first Payment Date, the number
        of days
        elapsed from and including the effective date (as defined in the Interest
        Rate
        Swap Agreement) to but excluding the first Payment Date, determined on a
        30/360
        basis) and the denominator of which is 360.

       

      “Floating
        Swap Payment”:  With respect to any Payment Date, a floating amount
        equal to the product of (i) Swap LIBOR, (ii) the Notional Amount (as defined
        in
        the Interest Rate Swap Agreement) for that Payment Date, and (iii) a fraction,
        the numerator of which is the actual number of days in the related calculation
        period and the denominator of which is 360.

       

      “Foreclosure
        Profits”: With respect to a Liquidated Mortgage Loan, the amount, if any, by
        which (i) the aggregate of its Net Liquidation Proceeds exceeds (ii) the
        related
        Principal Balance (plus accrued and unpaid interest thereon at the applicable
        Loan Rate from the date interest was last paid (or advanced and not reimbursed)
        through the date of receipt of the final Liquidation Proceeds) of such
        Liquidated Mortgage Loan immediately prior to the final recovery of its
        Liquidation Proceeds.

       

      “Form
        8-K
        Disclosure Information”: The meaning set forth in Section 3.13(a)(iii) of the
        Servicing Agreement.

       

      “Freddie
        Mac”: Freddie Mac (also known as the Federal Home Loan Mortgage
        Corporation).

       

      “Free
        Writing Prospectus”: The free writing prospectus supplement, dated May 11,
        relating to the public offering of the Offered Notes.

       

      “GAAP”:
        United States generally accepted accounting principles as in effect from
        time to
        time, consistently applied.

       

      “Grant”:
        Pledge, bargain, sell, warrant, alienate, remise, release, convey, assign,
        transfer, create, and grant a lien upon and a security interest in and right
        of
        set-off against, deposit, set over and confirm pursuant to the
        Indenture.  A Grant of the Collateral or of any other agreement or
        instrument shall include all rights, powers and options (but none of the
        obligations) of the granting party thereunder, including the immediate and
        continuing right to claim for, collect, receive and give receipt for principal
        and interest payments in respect of such collateral or other agreement or
        instrument and all other moneys payable thereunder, to give and receive notices
        and other communications, to make waivers or other agreements, to exercise
        all
        rights and options, to bring proceedings in the name of the granting party
        or
        otherwise, and generally to do and receive anything that the granting party
        is
        or may be entitled to do or receive thereunder or with respect
        thereto.

       

      “Group
        I
        Available Funds Rate”:  As to any Payment Date and the Group I Notes,
        a rate per annum (adjusted for the actual number of days in the related Interest
        Period) equal to the product of (x) a fraction, expressed as a percentage,
        the
        numerator of which is the amount of interest received on the Group I Mortgage
        Loans during the related Due Period minus (i) the sum of the servicing fees
        and
        master servicing fees with respect to each Group I Mortgage Loan and any
        other
        amounts reimbursable to the Seller, Depositor, Servicer, Master Servicer,
        Securities Administrator, Owner Trustee or Indenture Trustee and (ii) an
        amount
        equal to any Net Swap Payment and Swap Termination Payment, if any, payable
        by
        the Trust (other than Swap Termination Payments resulting from a Swap Provider
        Trigger Event), and the denominator of which is the aggregate Note Balance
        of
        the Group I Notes immediately prior to such Payment Date, and (y)
        12.

       

      “Group
        I
        Basis Risk Shortfall Amount”: As to any Payment Date and each class of Group I
        Notes, the sum of (a) the excess, if any, of the related Class Monthly Interest
        Amount, calculated at the lesser of (i) the sum of one-month LIBOR and the
        applicable note margin and (ii) 14.00% over the related Class Monthly Interest
        Amount for the applicable Payment Date; (b) any Group I Basis Risk Shortfall
        Amount remaining unpaid from the prior Payment Date; and (c) accrued interest
        on
        the amount in clause (b) calculated at the lesser of clause (a)(i) or (a)(ii)
        herein for the most recently ended interest Period.

       

      “Group
        I
        Notes”: Class AV Notes.

       

      “Group
        I
        Parity Amount”:  For any Payment Date, the greater of (i) zero and
        (ii) the excess, if any, of (x) the aggregate Class Note Balance of the Group
        I
        Notes immediately prior to such Payment Date over (y) the aggregate Principal
        Balance of the Group I Mortgage Loans as of the last day of the related Due
        Period.

       

      “Group
        I
        Principal Payment Amount”:  With respect to any Payment Date, the
        lesser of (A) the greatest of (1) the product of (x) the Senior Principal
        Payment Amount for such Payment Date and (y) a fraction, the numerator of
        which
        is the excess of (i) the aggregate Principal Balance of the Group I Mortgage
        Loans as of the first day of the related Due Period over (ii) the aggregate
        Principal Balance of the Group I Mortgage Loans as of the last day of the
        related Due Period, and the denominator of which is the excess of (i) the
        Pool
        Balance as of the first day of the related Due Period over (ii) the Pool
        Balance
        as of the last day of the related Due Period, (2) the Group I Parity Amount
        and
        (3) the excess of (i) the Senior Principal Payment Amount for such Payment
        Date
        over (ii) the aggregate Class Note Balance of the Group II Notes immediately
        prior to such Payment Date and (B) the aggregate Class Note Balance of the
        Group
        I Notes immediately prior to such Payment Date.

       

      “Group
        II
        Notes”:  The Class AF Notes.

       

      “Group
        II
        Principal Payment Amount”:  With respect to any Payment Date, the
        excess of (1) the Senior Principal Payment Amount for such Payment Date and
        (2)
        the Group I Principal Payment Amount for such Payment Date.

       

      “High
        Cost Home Loan”: A Mortgage Loan classified as (a) a “high cost” loan under the
        Home Ownership and Equity Protection Act of 1994, (b) a “high cost,”
“threshold,” “covered,” “predatory” or similar loan under any other applicable
        state, federal or local law (or a similarly classified loan using different
        terminology under a law imposing heightened regulatory scrutiny or additional
        legal liability for residential mortgage loans having high interest rates,
        points and/or fees) or (c) a “High Cost Loan” or “Covered Loan” as defined in
        the current S&P LEVELS® Glossary.

       

      “Indemnified
        Party”: The meaning specified in Section 7.02 of the Trust
        Agreement.

       

      “Indenture”:
        The indenture dated as of June 18, 2007, among the Issuer, the Indenture
        Trustee
        and the Securities Administrator, relating to the Renaissance Home Equity
        Loan
        Trust 2007-2, Home Equity Loan Asset-Backed Notes, Series 2007-2.

       

      “Indenture
        Trustee”: HSBC Bank USA, National Association, and its successors and assigns or
        any successor indenture trustee appointed pursuant to the terms of the
        Indenture.

       

      “Independent”:
        When used with respect to any specified Person, the Person (i) is in fact
        independent of the Issuer, any other obligor on the Notes, the Seller, the
        Servicer, the Master Servicer, the Depositor and any Affiliate of any of
        the
        foregoing Persons, (ii) does not have any direct financial interest or any
        material indirect financial interest in the Issuer, any such other obligor,
        the
        Seller, the Servicer, the Master Servicer, the Depositor or any Affiliate
        of any
        of the foregoing Persons and (iii) is not connected with the Issuer, any
        such
        other obligor, the Seller, the Servicer, the Master Servicer, the Depositor
        or
        any Affiliate of any of the foregoing Persons as an officer, employee, promoter,
        underwriter, trustee, partner, director or person performing similar
        functions.

       

      “Independent
        Certificate”: A certificate or opinion to be delivered to the Indenture Trustee
        under the circumstances described in, and otherwise complying with, the
        applicable requirements of Section 10.01 of the Indenture, made by an
        independent appraiser or other expert appointed by an Issuer Request, and
        such
        opinion or certificate shall state that the signer has read the definition
        of
“Independent” in this Indenture and that the signer is Independent within the
        meaning thereof.

       

      “Initial
        Deposit”:  $2,417.00.

       

      “Initial
        Note Balance”: As set forth in Section 2.02 of the Indenture.

       

      “Insurance
        Proceeds”: Proceeds paid by any insurer pursuant to any insurance policy
        covering a Mortgage Loan or Mortgaged Property, or amounts required to be
        paid
        by the Servicer pursuant to Section 3.05 of the Servicing Agreement, net
        of any
        component thereof (i) covering any expenses incurred by or on behalf of the
        Servicer in connection with obtaining such proceeds, (ii) applied to the
        restoration or repair of the related Mortgaged Property, (iii) released to
        the
        Mortgagor in accordance with the Servicer’s normal servicing procedures or (iv)
        required to be paid to any holder of a mortgage senior to such Mortgage
        Loan.

       

      “Interest
        Period”: With respect to the Adjustable Rate Notes the period from the preceding
        Payment Date (or in the case of the first Payment Date, from the Closing
        Date)
        through the day preceding the applicable Payment Date, calculated on the
        basis
        of a 360-day year and the actual number of days in the applicable Interest
        Period.  With respect to the Fixed Rate Notes and any Payment Date,
        the calendar month preceding the month in which such Payment Date occurs,
        which
        such calendar month shall be deemed to have 30 days.

       

      With
        respect to the Class N Notes and any Payment Date other than the Payment
        Date in
        June 2007, the period from and including the Payment Date occurring in the
        immediately preceding month and ending on the day immediately preceding such
        Payment Date. With respect to the Class N Notes and the Payment Date in June
        2007, the period from and including the Closing Date and ending on July 24,
        2007.  Notwithstanding the foregoing, each Interest Period for the
        Class N Notes will be calculated on the basis of a 360-day year comprised
        of
        twelve 30-day months, and, after the first Interest Period, will be deemed
        to be
        30 days, regardless of its actual length.

       

      “Interest
        Rate Adjustment Date”: With respect to each adjustable-rate Mortgage Loan, the
        date or dates on which the Loan Rate is subject to adjustment in accordance
        with
        the related Mortgage Note.

       

      “Interest
        Rate Swap Agreement”:  The interest rate swap agreement, dated the
        Closing Date, between the Swap Provider and the Trust, including any schedule,
        confirmations, credit support annex or other credit support document relating
        thereto, and attached hereto as Exhibit D.

       

      “Investment
        Company Act”: The Investment Company Act of 1940, as amended, and any amendments
        thereto.

       

      “IRS”:
        The Internal Revenue Service.

       

      “Issuer”:
        Renaissance Home Equity Loan Trust 2007-2, a Delaware statutory trust, or
        its
        successor in interest.

       

      “Issuer
        Request”: A written order or request signed in the name of the Issuer by any one
        of its Authorized Officers and delivered to the Indenture Trustee.

       

      “LIBOR
        Business Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on
        which banking institutions in the State of New York or in the city of London,
        England are required or authorized by law to be closed.

       

      “Lien”:
        Any mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the foregoing; provided,
        however, that any assignment pursuant to Section 5.04 of the Servicing Agreement
        shall not be deemed to constitute a Lien.

       

      “Lifetime
        Rate Cap”: With respect to each adjustable-rate Mortgage Loan, the maximum Loan
        Rate permitted over the life of such Mortgage Loan, as provided by the terms
        of
        the related Mortgage Note.

       

      “Liquidated
        Mortgage Loan”: As to any Payment Date, a Mortgage Loan with respect to which
        the Servicer has determined, in accordance with the servicing procedures
        specified herein as of the end of the preceding related Prepayment Period,
        that
        all Liquidation Proceeds which it expects to recover with respect to such
        Mortgage Loan (including the disposition of the related REO Property) have
        been
        received.

       

      “Liquidation
        Loan Losses”: For each Liquidated Mortgage Loan the amount, if any, by which the
        Principal Balance thereof plus accrued and unpaid interest thereon is in
        excess
        of the Net Liquidation Proceeds realized with respect thereto.

       

      “Liquidation
        Proceeds”: Proceeds (including Insurance Proceeds) received in connection with
        the liquidation of any Mortgage Loan or related REO Property, whether through
        trustee’s sale, foreclosure sale or otherwise, other than Subsequent
        Recoveries.

       

      “Loan
        Group”:  Either Loan Group I or Loan Group II.

       

      “Loan
        Group I”:  The Mortgage Loans identified on the Mortgage Loan Schedule
        as being part of Loan Group I.

       

      “Loan
        Group II”:  The Mortgage Loans identified on the Mortgage Loan
        Schedule as being part of Loan Group II.

       

      “Loan
        Index”: With respect to each Interest Rate Adjustment Date for each
        adjustable-rate Mortgage Loan that is identified on the Mortgage Loan Schedule
        as having a LIBOR Loan Index, the average of the interbank offered rate for
        six-month U.S. dollar denominated deposits in the London Market, as determined
        according to the terms of the related Note.

       

      “Loan
        Rate”: With respect to any Mortgage Loan as of any day, the per annum rate of
        interest applicable under the related Mortgage Note to the calculation of
        interest for such day on the Principal Balance.

       

      “Maintenance”:
        With respect to any Cooperative Unit, the rent paid by the Mortgagor to the
        Cooperative Corporation pursuant to the Proprietary Lease.

       

      “Majority
        Certificateholder”: A Holder of a 50.01% or greater Certificate Percentage
        Interest of the Certificates.

       

      “Margin”:
        As to any adjustable-rate Mortgage Loan, the percentage set forth as the
        “Margin” for such Mortgage Loan on the Mortgage Loan Schedule.

       

      “Master
        Servicer”: Wells Fargo Bank, N.A., a national banking association or any
        successor thereto or any successor under the Servicing Agreement.

       

      “Master
        Servicer Event of Default”: As defined in Section 6.03 of the Servicing
        Agreement.

       

      “Master
        Servicing Fee”: As to each Payment Date and each Mortgage Loan, the monthly fee
        payable to the Master Servicer, which is calculated as an amount equal to
        the
        product of one-twelfth of the Master Servicing Fee Rate and the Principal
        Balance thereof at the beginning of the related Due Period.

       

      “Master
        Servicing Fee Rate”: For any Payment Date, 0.0105% per annum.

       

      “Master
        Servicing Officer”: Any officer of the Master Servicer involved in, or
        responsible for, the administration and master servicing of the Mortgage
        Loans
        whose name and specimen signature appear on a list of master servicing officers
        furnished to the Indenture Trustee and the Securities Administrator by the
        Master Servicer, as such list may be amended from time to time.

       

      “MERS”:
        Mortgage Electronic Registration Systems, Inc., a corporation organized and
        existing under the laws of the State of Delaware, or any successor
        thereto.

       

      “MERS
        Mortgage Loan”: Any Mortgage Loan registered with MERS on the MERS
        System.

       

      “MERS®
        System”: The system of recording transfers of mortgages electronically
        maintained by MERS.

       

      “Mezzanine
        Notes”: The Class M Notes.

       

      “MIN”:
        The Mortgage Identification Number for any MERS Mortgage Loan.

       

      “MOM
        Loan”: Any Mortgage Loan as to which MERS is acting as mortgagee, solely as
        nominee for the originator of such Mortgage Loan and its successors and
        assigns.

       

      “Monthly
        Advance”: An advance made by the Servicer or the Master Servicer pursuant to
        Section 3.15 or Section 4.13 of the Servicing Agreement,
        respectively.

       

      “Monthly
        Payment”: The scheduled monthly payment of principal and/or interest required to
        be made by a Mortgagor on the related Mortgage Loan.

       

      “Moody’s”:
        Moody’s Investors Service, Inc. or its successor in interest.

       

      “Mortgage”:
        The mortgage, deed of trust or other instrument creating a first or second
        lien
        on an estate in fee simple interest in real property securing a Mortgage
        Loan.

       

      “Mortgage
        File”: The mortgage documents listed in Section 2.1 of the Mortgage Loan Sale
        and Contribution Agreement pertaining to a particular Mortgage Loan and any
        additional documents required to be added to the Mortgage File pursuant to
        the
        Mortgage Loan Sale and Contribution Agreement.

       

      “Mortgage
        Loan Sale and Contribution Agreement”: The mortgage loan sale and contribution
        agreement, dated June 18, 2007, between the Seller and the
        Depositor.

       

      “Mortgage
        Loan Schedule”: With respect to any date, the schedule of Mortgage Loans
        constituting assets of the Trust, which on the Closing Date shall be the
        schedule set forth herein as Exhibit B, which schedule sets forth as to each
        Mortgage Loan: (i) the Cut-Off Date Principal Balance, (ii) the account number,
        (iii) the original principal amount, (iv) the CLTV as of the date of the
        origination of the related Mortgage Loan, (v) the Due Date, (vi) the Loan
        Rate
        as of the Cut-Off Date, (vii) the first date on which a Monthly Payment is
        or
        was due under the Mortgage Note, (viii) the original stated maturity date
        of the
        Mortgage Note and if the Mortgage Loan is a Balloon Loan, the amortization
        terms, (ix) the remaining number of months to maturity as of the Cut-Off
        Date,
        (x) the state in which the related Mortgaged Property is situated, (xi) the
        type
        of property, (xii) the lien status, (xiii) whether the Mortgage Loan is a
        MERS
        Mortgage Loan and, if so, its corresponding MIN, (xiv) the applicable Loan
        Group
        and (xv) with respect to each adjustable-rate Mortgage Loan, (a) the Periodic
        Rate Cap, (b) the Margin, (c) the Lifetime Rate Cap and (d) the next Interest
        Rate Adjustment Date after the Cut-Off Date.  The Seller shall
        indicate to the Indenture Trustee, Master Servicer and Securities Administrator
        which Mortgage Loans, if any, are Cooperative Loans.  The Mortgage
        Loan Schedule will be amended by the Seller from time to time to reflect
        the
        substitution of an Eligible Substitute Mortgage Loan for a Defective Mortgage
        Loan from time to time hereunder.

       

      “Mortgage
        Loans”: The mortgage loans that are transferred and assigned to the Indenture
        Trustee, on behalf of the Trust, on the Closing Date, together with the Related
        Documents, and are held by the Custodian on behalf of the Indenture Trustee
        as a
        part of the Trust, exclusive of Mortgage Loans that are transferred to the
        Seller or the Servicer, as the case may be, from time to time pursuant to
        Section 2.1(f) or 3.2 of the Mortgage Loan Sale and Contribution Agreement
        or
        Section 3.16 of the Servicing Agreement, such mortgage loans originally so
        held
        being identified in the Mortgage Loan Schedule, set forth on Exhibit B hereto,
        delivered on the Closing Date.

       

      “Mortgage
        Note”: With respect to a Mortgage Loan, the note pursuant to which the related
        mortgagor agrees to pay the indebtedness evidenced thereby which is secured
        by
        the related Mortgage.

       

      “Mortgaged
        Property”: The underlying property, including real property and improvements
        thereon, securing a Mortgage Loan, which, with respect to a Cooperative Loan,
        is
        the related Cooperative Shares and Proprietary Lease.

       

      “Mortgagor”:
        The obligor or obligors under a Mortgage Note.

       

      “Net
        Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan, Liquidation
        Proceeds, net of unreimbursed Servicing Fees, Master Servicing Fees, Servicing
        Advances and Monthly Advances with respect thereto.

       

      “Net
        Swap
        Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
        the Fixed Swap Payment over (y) the Floating Swap Payment and in the case
        of
        payments made by the Swap Provider, the excess, if any, of (x) the Floating
        Swap
        Payment over (y) the Fixed Swap Payment.  In each case, the Net Swap
        Payment shall not be less than zero.

       

      “Ninety
        Day Delinquency Rate”: As to any Payment Date, the percentage equivalent of a
        fraction, the numerator of which is the aggregate Principal Balances of (a)
        Mortgage Loans that are ninety (90) or more days delinquent as of the last
        day
        of the related Prepayment Period, (b) all REO Property and (c) Mortgage Loans
        in
        foreclosure or in bankruptcy and the denominator of which is the Pool Balance
        as
        of the last day of the related Due Period.

       

      “Nonrecoverable
        Advances”: With respect to any Mortgage Loan, (i) any Servicing Advance or
        Monthly Advance previously made and not reimbursed pursuant to Section 3.03(ii)
        or Section 4.13 of the Servicing Agreement or (ii) a Servicing Advance or
        Monthly Advance proposed to be made in respect of a Mortgage Loan or REO
        Property which, in the good faith business judgment of the Servicer or the
        Master Servicer, as applicable, as evidenced by an Officer’s Certificate
        delivered to the Seller, the Master Servicer, the Securities Administrator
        and
        the Indenture Trustee no later than the Business Day following such
        determination, would not be ultimately recoverable pursuant to Section 3.03(ii)
        or Section 4.13 of the Servicing Agreement.

       

      “Note”:
        Any Offered Note or Class N Note.

       

      “Note
        Balance”:  As of any date of determination, the aggregate Class Note
        Balance of the Offered Notes or the Class N Notes, as applicable.

       

      “Note
        Group”:  Either the Group I or the Group II Notes.

       

      “Note
        Index”: The rate for one month United States dollar deposits quoted on Reuters
        Screen LIBOR01 Page as of 11:00 A.M., London time, on the second LIBOR Business
        Day prior to the first day of any Interest Period relating to the Adjustable
        Rate Notes.  “Reuters Screen LIBOR01 Page” means the display page
        currently so designated on the Reuters Monitor Money Rates Service (or such
        other page as may replace that page on that service for the purpose of
        displaying comparable rates or prices).   If such rate does not
        appear on such page or such other page as may replace that page on that service
        (or if such service is no longer offered, such other service for displaying
        LIBOR or comparable rates as may be reasonably selected by the Securities
        Administrator after consultation with the Seller), the rate will be the
        Reference Bank Rate.  If no such quotations can be obtained and no
        Reference Bank Rate is available, the Note Index will be the Note Index
        applicable to the preceding Payment Date.  On the second LIBOR
        Business Day immediately preceding each Payment Date, the Securities
        Administrator shall determine the Note Index for the Interest Period commencing
        on such Payment Date and inform the Seller and the Servicer of such
        rate.

       

      “Note
        Margin”: As to any Adjustable Rate Note, the respective amount set forth
        below:

       

      
        	
                
                  Class

                

              	
                
                    Note
                    Margin  

                

              
	 	
                (1)

              	
                (2)

              
	
                Class
                  AV-1

              	
                0.110%

              	
                0.220%

              
	
                Class
                  AV-2

              	
                0.250%

              	
                0.500%

              
	
                Class
                  AV-3

              	
                0.320%

              	
                0.640%

              

      

      __________

      (1)      On
        or before the Optional Redemption Date.

      (2)      After
        the Optional Redemption
        Date.

       

      “Note
        Owner”: The Person who is the beneficial owner of a Book-Entry
        Note.

       

      “Note
        Rate”: The Note Rate for any Interest Period with respect to the Adjustable-Rate
        Notes, will equal the lesser of (a) the sum of the Note Index and the Note
        Margin, (b) 14.00%, and (c) the Group I Available Funds Rate.  The
        Note Rate for any Interest Period with respect to the Fixed-Rate Notes, will
        equal the applicable fixed interest rate listed in the table below.

       

      As
        to any
        Class of Fixed-Rate Notes, the respective per annum rate set forth or described
        below:

       

      
        	
                
                  Class

                

              	
                
                  Rate

                

              
	
                Class
                  AF-1

              	
                5.893%
                  per annum(1)

              
	
                Class
                  AF-2

              	
                5.675%
                  per annum(1)

              
	
                Class
                  AF-3

              	
                5.744%
                  per annum(1)

              
	
                Class
                  AF-4

              	
                5.906%
                  per annum(1)

              
	
                Class
                  AF-5

              	
                6.203%
                  per annum(2)

              
	
                Class
                  AF-6

              	
                5.879%
                  per annum(1)

              
	
                Class
                  M-1

              	
                6.065%
                  per annum(1)

              
	
                Class
                  M-2

              	
                6.115%
                  per annum(1)

              
	
                Class
                  M-3

              	
                6.165%
                  per annum(1)

              
	
                Class
                  M-4

              	
                6.313%
                  per annum(1)

              
	
                Class
                  M-5

              	
                6.660%
                  per annum(1)

              
	
                Class
                  M-6

              	
                7.006%
                  per annum(1)

              
	
                Class
                  M-7

              	
                7.500%
                  per annum(1)

              
	
                Class
                  M-8

              	
                7.500%
                  per annum(1)

              
	
                Class
                  M-9

              	
                7.500%
                  per annum(1)

              
	
                Class
                  N

              	
                8.353%
                  per annum(1)

              

      

      
        	
                 

              	
                _________________

              

      

      
        	
                 

              	
                (1)

              	
                As
                  to (i) any Payment Date on or before the Optional Redemption Date,
                  the
                  fixed rate of interest shown above and (ii) any Payment Date after
                  the
                  Optional Redemption Date, the sum of the fixed interest rate shown
                  above
                  and 0.50%.

              

      

      
        	
                 

              	
                (2)

              	
                As
                  to (i) any Payment Date on or before the Optional Redemption Date,
                  the
                  fixed rate of interest shown above and (ii) any Payment Date after
                  the
                  Optional Redemption Date, the sum of the fixed interest rate shown
                  above
                  and 0.75%.

              

      

       

      “Note
        Register and Note Registrar”: The register maintained and the registrar
        appointed pursuant to Section 4.02.

       

      “Noteholder
        or Holder”: The Person in whose name a Note is registered in the Note Register,
        except that, solely for the purpose of giving any consent, direction, waiver
        or
        request pursuant to this Indenture, (x) any Note registered in the name of
        the
        Seller or the Depositor or any Person known to a Responsible Officer to be
        an
        Affiliate of the Seller or the Depositor and (y) any Note for which the Seller
        or the Depositor or any Person known to a Responsible Officer to be an Affiliate
        of the Seller or the Depositor is the Note Owner or Holder shall be deemed
        not
        to be outstanding (unless to the knowledge of a Responsible Officer (i) the
        Seller or such Affiliate is acting as trustee or nominee for a Person who
        is not
        an Affiliate of such Seller or the Depositor and who makes the voting decision
        with respect to such Notes or (ii) the Seller or the Depositor or such Affiliate
        is the Note Owner or Holder of all the Notes of a Class, but only with respect
        to the Class as to which the Seller or the Depositor or such Affiliate owns
        all
        the Notes) and the Percentage Interest evidenced thereby shall not be taken
        into
        account in determining whether the requisite amount of Percentage Interests
        necessary to effect any such consent, direction, waiver or request has been
        obtained.

       

      “OC
        Floor”: An amount equal to 0.50% of the Cut-Off Date Pool Balance.

       

      “Offered
        Notes”: The Senior Notes and the Mezzanine Notes.

       

      “Officer’s
        Certificate”: A certificate signed by the President, an Executive Vice
        President, a Senior Vice President, a First Vice President, a Vice President,
        Assistant Vice President, the Treasurer, Assistant Treasurer, Assistant
        Secretary, Controller or Assistant Controller of the Servicer or the Master
        Servicer and delivered to the Indenture Trustee, the Master Servicer, the
        Securities Administrator or the Custodian.  With respect to the
        Issuer, a certificate signed by any Authorized Officer of the
        Issuer.

       

      “Opinion
        of Counsel”: A written opinion of counsel reasonably acceptable to the Indenture
        Trustee and the Securities Administrator, who may be in-house counsel for
        the
        Servicer, the Master Servicer, the Depositor or the Seller and who, in the
        case
        of opinions delivered to each Rating Agency, is reasonably acceptable to
        it.

       

      “Optional
        Redemption Date”: The Payment Date following the Due Period at the end of which
        the Pool Balance is less than 10% of the Cut-Off Date Pool Balance.

       

      “Originator”:
        Delta Funding Corporation, a New York corporation, or any successor
        thereto.

       

      “Outstanding”:
        With respect to the Notes, as of the date of determination, all Notes
        theretofore executed, authenticated and delivered under this Indenture
        except:

       

      (i)           Notes
        theretofore canceled by the Note Registrar or delivered to the Securities
        Administrator for cancellation; and

       

      (ii)           Notes
        in exchange for or in lieu of which other Notes have been executed,
        authenticated and delivered pursuant to the Indenture unless proof satisfactory
        to the Securities Administrator is presented that any such Notes are held
        by a
        holder in due course;

       

      “Outstanding
        Class Interest Carryover Shortfall”: As to any Class of Offered Notes and any
        Payment Date, the amount of Class Interest Carryover Shortfall for such Payment
        Date.

       

      “Overcollateralization
        Amount”: As to any Payment Date, the excess, if any, of (i) the Pool Balance as
        of the end of the related Due Period over (ii) the aggregate Class Note Balance
        of the Offered Notes after giving effect to the payment of the Principal
        Payment
        Amount on such Payment Date.

       

      “Ownership
        Interest”: As to any Note or security interest in such Note, including any
        interest in such Note as the Holder thereof and any other interest therein,
        whether direct or indirect, legal or beneficial, as owner or as
        pledgee.

       

      “Owner
        Trust”: The corpus of the Issuer created by the Trust Agreement which consists
        of items referred to in Section 3.01 of the Trust Agreement.

       

      “Owner
        Trustee”: Wilmington Trust Company, acting not in its individual capacity but
        solely as Owner Trustee, and its successors and assigns or any successor
        owner
        trustee appointed pursuant to the terms of the Trust Agreement.

       

      “Paying
        Agent”: Any paying agent appointed pursuant to Section 3.03 of the
        Indenture.

       

      “Payment
        Account”: The account established and maintained by the Securities Administrator
        pursuant to Section 3.01.  The Payment Account shall be an Eligible
        Account.

       

      “Payment
        Date”: The 25th
        day of each month, or, if such day is not a Business Day, then the next Business
        Day, beginning in July 2007.

       

      “Percentage
        Interest”: With respect to any Note, the percentage obtained by dividing the
        Class Note Balance of such Note by the aggregate Class Note Balances of all
        Notes of that Class. With respect to any Note, the percentage as stated on
        the
        face thereof.

       

      “Periodic
        Rate Cap”: With respect to each adjustable-rate Mortgage Loan with respect to
        which the related Mortgage Note provides for a periodic rate cap, the maximum
        percentage increase or decrease in the Loan Rate permitted for such Mortgage
        Loan over the Loan Rate in effect as of an Interest Rate Adjustment Date,
        as set
        forth on the Mortgage Loan Schedule.

       

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

       

      “Plan”:
        Any employee benefit plan or certain other retirement plans and arrangements,
        including individual retirement accounts and annuities, Keogh plans and bank
        collective investment funds and insurance company general or separate accounts
        in which such plans, accounts or arrangements are invested, that are subject
        to
        ERISA or Section 4975 of the Code.

       

      “Plan
        Assets”: Assets of a Plan within the meaning of Department of Labor regulation
        29 C.F.R. § 2510.3-101.

       

      “Pool
        Balance”: With respect to any date of determination, the aggregate Principal
        Balance of the Mortgage Loans as of the applicable date.

       

      “Prepayment
        Charge”: As to a Mortgage Loan, any charge to be paid by a Mortgagor in
        connection with certain partial prepayments and all prepayments in full made
        during the related Prepayment Charge Period, the Prepayment Charges with
        respect
        to each applicable Mortgage Loan so held by the Trust being identified in
        the
        Prepayment Charge Schedule (other than any Prepayment Charge Payment
        Amount).

       

      “Prepayment
        Charge Payment Amount”: The amounts payable by the Seller or the Servicer, as
        the case may be, pursuant to Section 3.1 of the Mortgage Loan Sale and
        Contribution Agreement and Section 3.21 of the Servicing Agreement.

       

      “Prepayment
        Charge Period”: As to any Mortgage Loan, the period of time, if any, during
        which a Prepayment Charge may be imposed.

       

      “Prepayment
        Charge Schedule”:  As of any date, the list of Mortgage Loans subject
        to Prepayment Charges included in the Trust on such date, attached hereto
        as
        Exhibit B (including the prepayment charge summary attached
        thereto).  The Prepayment Charge Schedule shall set forth the
        following information with respect to each such Mortgage Loan subject to
        a
        Prepayment Charge:

       

      (i)  the
        Mortgage Loan account number;

       

      (ii)  a
        code
        indicating the type of Prepayment Charge;

       

      (iii)  the
        first
        date on which a Monthly Payment is or was due under the related Mortgage
        Note;

       

      (iv)  the
        original term of the Prepayment Charge;

       

      (v)  the
        Cut-Off Date Principal Balance of the related Mortgage Loan; and

       

      (vi)  the
        remaining term of the Prepayment Charge.

       

      The
        Prepayment Charge Schedule shall be amended by the Seller and delivered to
        the
        Indenture Trustee, the Securities Administrator, the Master Servicer and
        the
        Servicer from time to time in accordance with the provisions of the Mortgage
        Loan Sale and Contribution Agreement, and the Indenture Trustee, the Securities
        Administrator, the Master Servicer and the Servicer shall have no responsibility
        to recalculate or otherwise review the information set forth
        therein.

       

      “Prepayment
        Interest Shortfall”: With respect to any Payment Date, for each Mortgage Loan
        that was the subject during the related Prepayment Period of a voluntary
        Principal Prepayment (other than Principal Prepayments in full that occur
        during
        the portion of the related Prepayment Period that is in the same calendar
        month
        as the Payment Date), an amount equal to the excess, if any, of (i) 30 days
        of
        accrued interest on the Principal Balance of such Mortgage Loan at the Loan
        Rate
        (or at such lower rate as may be in effect for such Mortgage Loan pursuant
        to
        application of the Civil Relief Act), net of the Servicing Fee Rate (which
        shall
        constitute payment of the Servicing Fee with respect to such Mortgage Loan),
        with respect to the Servicer’s obligation in respect of any Prepayment Interest
        Shortfall and net of the Master Servicing Fee Rate (which shall constitute
        payment of the Master Servicing Fee with respect to such Mortgage Loan),
        with
        respect to the Master Servicer’s obligation in respect of any Prepayment
        Interest Shortfall, over (ii) the amount of interest actually remitted by
        the
        Mortgagor in connection with such Principal Prepayment.

       

      “Prepayment
        Period”: With respect to any Payment Date and any Principal Prepayment in full,
        the period from the 16th day of
        the
        calendar month preceding the month in which such Payment Date occurs (or
        in the
        case of the first Payment Date, from the related Cut-off Date) through the
        15th day of
        the
        month in which such Payment Date occurs.  With respect to any Payment
        Date and any Curtailment, the calendar month preceding such Payment
        Date.

       

      “Principal
        Balance”: With respect to any date and as to any Mortgage Loan, other than a
        Liquidated Mortgage Loan, the related Cut-Off Date Principal Balance, minus
        all
        collections credited against the Cut-Off Date Principal Balance of such Mortgage
        Loan, as of such date.  For purposes of this definition, a Liquidated
        Mortgage Loan shall be deemed to have a Principal Balance equal to the Principal
        Balance of the related Mortgage Loan immediately prior to the final recovery
        of
        related Liquidation Proceeds and a Principal Balance of zero
        thereafter.

       

      “Principal
        Payment Amount”: With respect to any Payment Date, the lesser of (1) the
        aggregate Class Note Balance of the Offered Notes immediately preceding such
        Payment Date and (2) the sum of (x) the Aggregate Principal Amount for such
        Payment Date minus the Excess Overcollateralization Amount, if any, for such
        Payment Date and (y) the Subordination Increase Amount, if any, for such
        Payment
        Date.  On the first Payment Date, the Principal Payment Amount will
        also include the Initial Deposit.

       

      “Principal
        Prepayment”: Any payment or other recovery of principal on a Mortgage Loan equal
        to the outstanding principal balance thereof, received in advance of the
        final
        scheduled Due Date which is intended to satisfy a Mortgage Loan in full (without
        regard to any Prepayment Charge that may have been collected by the Servicer
        in
        connection with such payment of principal).

       

      “Proceeding”:
        Any suit in equity, action at law or other judicial or administrative
        proceeding.

       

      “Proprietary
        Lease”: With respect to any Cooperative Unit, a lease or occupancy agreement
        between a Cooperative Corporation and a holder of related Cooperative
        Shares.

       

      “Prospectus”:
        The base prospectus of the Depositor dated March 8, 2007.

       

      “Prospectus
        Supplement”: The prospectus supplement dated May 14, 2007 relating to the
        offering of the Offered Notes.

       

      “Purchase
        Price”: As to any Mortgage Loan repurchased on any date pursuant to Section
        2.1(f) or 3.1 of the Mortgage Loan Sale and Contribution Agreement or Section
        3.16 of the Servicing Agreement, an amount equal to the sum of (i) the unpaid
        Principal Balance thereof, (ii) the greater of (a) all unpaid accrued interest
        thereon to the end of the Due Period preceding the Payment Date on which
        such
        Purchase Price is included in Available Funds and (b) thirty (30) days’ interest
        thereon, computed at the applicable Loan Rate; provided, however, that if
        the
        purchaser is the Servicer, the amount described in clause (ii) shall be computed
        at the Loan Rate net of the Servicing Fee Rate (which shall constitute payment
        of the Servicing Fee with respect to such Mortgage Loan), (iii) if the purchaser
        is the Seller, (x) any unreimbursed Servicing Advances with respect to such
        Mortgage Loan and (y) expenses reasonably incurred or to be incurred by the
        Servicer, the Master Servicer, the Securities Administrator, the Trust or
        the
        Indenture Trustee in respect of the breach or defect giving rise to the purchase
        obligation, including costs due to any violations of any predatory or abusive
        lending law and (iv) the amount of any penalties, fines, forfeitures, legal
        fees
        and related costs, judgments and any other costs, fees and expenses incurred
        by
        or imposed on the Indenture Trustee, the Servicer, the Master Servicer, the
        Securities Administrator or the Trust or with respect to which any of them
        are
        liable arising from a breach by the Seller of its representations and warranties
        in the Mortgage Loan Sale and Contribution Agreement.

       

      “Qualified
        REIT Subsidiary”: A qualified REIT subsidiary within the meaning of Section
        856(i)(2) of the Code.

       

      “Rating
        Agency”: Initially Moody’s and S&P, and their successors and
        assigns.  If such agency or a successor is no longer in existence,
“Rating Agency” shall include such other statistical credit rating agency, or
        other comparable Person, designated by the Depositor, notice of which
        designation shall be given to the Indenture Trustee and the Securities
        Administrator.  References herein to the highest short term unsecured
        rating category of a Rating Agency shall mean “A-1” or better in the case of
        S&P and “P-1” or better in the case of Moody’s.  References herein
        to the highest long-term rating category of a Rating Agency shall mean “AAA” in
        the case of S&P and “Aaa” in the case of Moody’s.

       

      “Recognition
        Agreement”: With respect to any Cooperative Loan, an agreement between the
        Cooperative Corporation and the originator of such Mortgage Loan, which
        establishes the rights of such originator in the Cooperative
        Property.

       

      “Record
        Date”: As to the Fixed Rate Notes and any Payment Date, the last Business Day
        of
        the month immediately preceding the month in which the related Payment Date
        occurs.  As to the Adjustable Rate Notes and Class N Notes and any
        Payment Date, the Business Day preceding such Payment Date (except in the
        case
        of the first Payment Date, for which the Record Date shall be the Closing
        Date);
        provided, however, that if the Adjustable Rate Notes or the Class N Notes
        are no
        longer Book-Entry Notes, the “Record Date” shall be the last Business Day of the
        month immediately preceding the month in which the related Payment Date
        occurs.

       

      “Redemption
        Price”: As defined in Section 8.07 of the Indenture.

       

      “Reference
        Bank Rate”: As to any Interest Period relating to the Adjustable Rate Notes as
        follows: the arithmetic mean (rounded upwards, if necessary, to the nearest
        one
        sixteenth of a percent) of the offered rates for United States dollar deposits
        for one month which are offered by the Reference Banks as of 11:00 A.M.,
        London
        time, on the second LIBOR Business Day prior to the first day of such Interest
        Period to prime banks in the London interbank market for a period of one
        month
        in amounts approximately equal to the aggregate Class Note Balance of the
        Adjustable Rate Notes; provided that at least two such Reference Banks provide
        such rate.  If fewer than two offered rates appear, the Reference Bank
        Rate will be the arithmetic mean of the rates quoted by one or more major
        banks
        in New York City, selected by the Securities Administrator after consultation
        with the Seller, as of 11:00 A.M., New York City time, on such date for loans
        in
        U.S. Dollars to leading European Banks for a period of one month in amounts
        approximately equal to the aggregate Class Note Balance of the Adjustable
        Rate
        Notes.  If no such quotations can be obtained, the Reference Bank Rate
        shall be the Reference Bank Rate applicable to the preceding Interest
        Period.

       

      “Reference
        Banks”: Three major banks that are engaged in the London interbank market,
        selected by the Seller after consultation with the Securities
        Administrator.

       

      “Registered
        Holder”: The Person in whose name a Note is registered in the Note Register on
        the applicable Record Date.

       

      “Regulation
        AB”:  Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
        C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and
        subject to such clarification and interpretation as have been provided by
        the
        Commission in the adopting release (Asset-Backed Securities, Securities Act
        Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the
        staff
        of the Commission, or as may be provided by the Commission or its staff from
        time to time.

       

       “Regulation S”:
        Regulation S promulgated under the Securities Act or any successor
        provision thereto, in each case as the same may be amended from time to time;
        and all references to any rule, section or subsection of, or definition or
        term
        contained in, Regulation S means such rule, section, subsection, definition
        or term, as the case may be, or any successor thereto, in each case as the
        same
        may be amended from time to time.

       

      “Regulation
        S Global Security”: The meaning specified in Section 4.06(b).

       

      “Related
        Documents”: With respect to each Mortgage Loan, the documents specified in
        Section 2.1(b) of the Mortgage Loan Sale and Contribution Agreement and any
        documents required to be added to such documents pursuant to the Mortgage
        Loan
        Sale and Contribution Agreement, the Trust Agreement, Indenture or the Servicing
        Agreement.

       

      “Released
        Mortgaged Property Proceeds”: As to any Mortgage Loan, proceeds received by the
        Servicer in connection with (a) a taking of an entire Mortgaged Property
        by
        exercise of the power of eminent domain or condemnation or (b) any release
        of
        part of the Mortgaged Property from the lien of the related Mortgage, whether
        by
        partial condemnation, sale or otherwise, which are not released to the Mortgagor
        in accordance with applicable law and mortgage servicing standards the Servicer
        would use in servicing mortgage loans for its own account and the Servicing
        Agreement.

       

      “Relevant
        Servicing Criteria”: The Servicing Criteria applicable to the various parties,
        as set forth on Exhibit J to the Servicing Agreement.  For
        clarification purposes, multiple parties can have responsibility for the
        same
        Relevant Servicing Criteria.  With respect to a Servicing Function
        Participant engaged by the Servicer, the Master Servicer, the Securities
        Administrator, the Trustee, and the Custodian, the term “Relevant Servicing
        Criteria” may refer to a portion of the Relevant Servicing Criteria applicable
        to such parties.

       

      “REO
        Property”: A Mortgaged Property that is acquired by the Servicer or the Master
        Servicer on behalf of the Trust in foreclosure or by deed in lieu of
        foreclosure.

       

      “Reportable
        Event”: The meaning set forth in Section 3.13(a)(iii) of the Servicing
        Agreement.

       

      “Reporting
        Servicer”:  As set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Required
        Overcollateralization Amount”: With respect to any Payment Date (a) prior to the
        Stepdown Date, the product of (x) 3.70% and (y) the Cut-Off Date Pool Balance
        and (b) on and after the Stepdown Date, the greater of (1) the lesser of
        (x) the
        product of 3.70% and the Cut-Off Date Pool Balance and (y) the product of
        7.40%
        and the Pool Balance as of the end of the related Due Period and (2) the
        OC
        Floor.

       

      Notwithstanding
        the foregoing, on each Payment Date during the continuance of (a) a Delinquency
        Event (whether or not a Cumulative Loss Event is continuing), the Required
        Overcollateralization Amount will equal the Required Overcollateralization
        Amount in effect as of the immediately preceding Payment Date or (b) a
        Cumulative Loss Event (and a Delinquency Event is not then continuing), the
        Required Overcollateralization Amount will equal the lesser of (x) the Required
        Overcollateralization Amount in effect as of the immediately preceding Payment
        Date and (y) the product of 14.80% and the Pool Balance as of the end of
        the
        related Due Period; but the Required Overcollateralization Amount will never
        be
        less than the OC Floor.

       

      “Residential
        Dwelling”: A one- to five-family dwelling, a five- to eight-family dwelling, a
        mixed use property, a unit in a planned unit development, a unit in a
        condominium development, a townhouse, a unit in a cooperative or a mobile
        home
        treated as real property under local law.

       

      “Responsible
        Officer”: When used with respect to the Securities Administrator, any officer
        assigned to the corporate trust group (or any successor thereto), including
        any
        executive vice president, senior vice president, first vice president, vice
        president, assistant vice president, controller, assistant controller, trust
        officer, any assistant secretary, any trust officer or any other officer
        of the
        Trustee customarily performing functions similar to those performed by any
        of
        the above designated officers and having direct responsibility for the
        administration of this Agreement.  When used with respect to the
        Indenture Trustee, any officer in the Corporate Trust Office with direct
        responsibility for the administration of the Basic Documents.  When
        used with respect to the Depositor, the Seller, the Master Servicer or Servicer,
        the President or any Vice President, Assistant Vice President or any Secretary
        or Assistant Secretary.

       

      “Restricted
        Global Security”: The meaning specified in Section 4.06(b).

       

      “Rule
        144A”: Rule 144A under the 1933 Act.

       

      “S&P”:
        Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
        Inc.

       

      “SAIF”:
        The Savings Association Insurance Fund, as from time to time constituted,
        created under the Financial Institutions Reform, Recovery and Enhancement
        Act of
        1989, or, if at any time after the execution of this Agreement the Savings
        Association Insurance Fund is not existing and performing duties now assigned
        to
        it, the body performing such duties on such date.

       

      “Sarbanes-Oxley
        Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the
        Commission promulgated thereunder (including any interpretations thereof
        by the
        Commission’s staff).

       

      “Sarbanes-Oxley
        Certification”: A written certification signed by an officer of the Master
        Servicer that complies with (i) the Sarbanes-Oxley Act, and (ii) Exchange
        Act
        Rules 13a-14(d) and 15d-14(d), as in effect from time to time; provided that
        if,
        after the Closing Date (a) the Sarbanes-Oxley Act is amended, (b) the Rules
        referred to in clause (ii) are modified or superseded by any subsequent
        statement, rule or regulation of the Commission or any statement of a division
        thereof, or (c) any future releases, rules and regulations are published
        by the
        Commission from time to time pursuant to the Sarbanes-Oxley Act, which in
        any
        such case affects the form or substance of the required certification and
        results in the required certification being, in the reasonable judgment of
        the
        Master Servicer, materially more onerous that then form of the required
        certification as of the Closing Date, the Sarbanes-Oxley Certification shall
        be
        as agreed to by the Master Servicer and the Depositor following a negotiation
        in
        good faith to determine how to comply with any such new
        requirements.

       

      “Securities
        Act”:  The Securities Act of 1933, as amended, and the rules and
        regulations thereunder.

       

      “Securities
        Administrator”: Wells Fargo Bank, N.A., a national banking association or any
        successor thereto or any successor hereunder.

       

      “Securities
        Administrator Information”: As defined in Section 3.13 of the Servicing
        Agreement.

       

      “Security
        Agreement”: With respect to any Cooperative Loan, the agreement between the
        owner of the related Cooperative Shares and the originator of the related
        Mortgage Note, which defines the terms of the security interest in such
        Cooperative Shares and the related Proprietary Lease.

       

      “Seller”:
        Renaissance REIT Investment Corp.

       

      “Senior
        Note”: Any Class AV Note or Class AF Note.

       

      “Senior
        Noteholder”: The Holder of a Senior Note.

       

      “Senior
        Enhancement Percentage”: As to any Payment Date, the percentage equivalent of a
        fraction, the numerator of which is the sum of (i) the aggregate Class Note
        Balances of the Mezzanine Notes and (ii) the Overcollateralization Amount
        (in
        each case, on the prior Payment Date) and the denominator of which is the
        Pool
        Balance as of the last day of the prior Due Period.

       

      “Senior
        Principal Payment Amount”: With respect to (a) any Payment Date prior to the
        Stepdown Date or during the continuation of a Delinquency Event, the lesser
        of
        (1) 100% of the Principal Payment Amount and (2) the aggregate Class Note
        Balance of the Senior Notes immediately prior to such Payment Date, and (b)
        any
        other Payment Date, an amount equal to the lesser of (1) the Principal Payment
        Amount and (2) the excess, if any, of (x) the aggregate Class Note Balance
        of
        the Senior Notes immediately prior to the applicable Payment Date over (y)
        the
        lesser of (A) 69.30% of the Pool Balance as of the last day of the related
        Due
        Period minus the Subordination Required Overcollateralization Amount for
        such
        Payment Date and (B) the Pool Balance as of the last day of the related Due
        Period minus the OC Floor.

       

      “Servicer”:
        Ocwen Loan Servicing, LLC, or any successor thereto or any successor
        hereunder.

       

      “Servicer
        Event of Default”: As defined in Section 6.01 of the Servicing
        Agreement.

       

      “Servicer
        Information”: As defined in Section 3.13 of the Servicing
        Agreement.

       

      “Servicer
        Reimbursement Amount”: As defined in Section 3.20 of the Servicing
        Agreement.

       

      “Servicer
        Termination Test”: The Servicer Termination Test is failed if either (x)
        Cumulative Net Losses for the Mortgage Loans exceed 5.50% of the aggregate
        Original Class Note Balance of the Offered Notes or (y) the most recent Three
        Month 90-Day Delinquency Rate exceeds 30%.

       

      “Servicing
        Advances”: All reasonable and customary “out of pocket” costs and expenses
        incurred prior to, on or after the Cut-Off Date in the performance by the
        Servicer of its servicing obligations under the Servicing Agreement, including,
        but not limited to, the cost of (i) the preservation, restoration and protection
        of the Mortgaged Property, (ii) any enforcement or judicial proceedings,
        including foreclosures and any litigation related to a Mortgage Loan, (iii)
        the
        management and liquidation of the REO Property, including reasonable fees
        paid
        to any independent contractor in connection therewith, (iv) compliance with
        the
        obligations under Section 3.04, 3.06 or 3.19 of the Servicing Agreement,
        (v)
        refunding to any mortgagor such prepaid origination fees and/or finance charges
        that are subject to reimbursement upon a principal prepayment of the related
        Mortgage Loan to the extent such reimbursement is required by applicable
        law,
        (vi) in connection with the liquidation of a Mortgage Loan, expenditures
        relating to the purchase or maintenance of the First Lien pursuant to Section
        3.17 of the Servicing Agreement, all of which reasonable and customary
        out-of-pocket costs and expenses are reimbursable to the Servicer to the
        extent
        provided in Sections 3.03(ii) and (vi) and 3.06 of the Servicing Agreement
        and
        (vii) correcting any outstanding title issues (i.e., any lien or encumbrance
        on
        the Mortgaged Property that prevents the effective enforcement of the intended
        lien position) not customarily processed internally by servicers in the
        servicing industry reasonably necessary for the Servicer to perform its
        obligations under the Servicing Agreement.

       

      “Servicing
        Agreement”: The Servicing Agreement dated as of June 18, 2007, among the Master
        Servicer, the Servicer, the Issuer, the Indenture Trustee and the Securities
        Administrator.

       

      “Servicing
        Certificate”: A certificate completed and executed by a Servicing Officer on
        behalf of the Servicer.

       

      “Servicing
        Compensation”: The Servicing Fee and other amounts to which the Servicer is
        entitled pursuant to Section 3.08 of the Servicing Agreement.

       

      “Servicing
        Criteria”:  The criteria set forth in paragraph (d) of Item 1122 of
        Regulation AB, as such may be amended from time to time.

       

      “Servicing
        Fee”: As to each Payment Date and each Mortgage Loan, the monthly fee payable
        to
        the Servicer, which is calculated as an amount equal to the product of
        one-twelfth of the Servicing Fee Rate and the Principal Balance thereof at
        the
        beginning of the related Due Period.

       

      “Servicing
        Fee Rate”: For any Payment Date, 0.50% per annum, which shall not exceed 0.50%
        per annum upon the Optional Redemption of the Notes and shall survive the
        termination of the Servicing Agreement.

       

      “Servicing
        Function Participant”:  Any Sub-Servicer, Subcontractor or any other
        Person, other than the Servicer, the Master Servicer, the Trustee, the Custodian
        and the Securities Administrator, that is determined to be “participating in the
        servicing function” within the meaning of Item 1122 of Regulation AB, without
        regard to any threshold referenced therein.

       

      “Servicing
        Officer”: Any officer of the Servicer involved in, or responsible for, the
        administration and servicing of the Mortgage Loans whose name and specimen
        signature appear on a list of servicing officers furnished to the Indenture
        Trustee, the Master Servicer and the Securities Administrator by the Servicer,
        as such list may be amended from time to time.

       

      “Servicing
        Rights Owner”: The Servicer or an Affiliate of the Servicer that has acquired or
        may acquire ownership of the servicing rights associated with the servicing
        rights and obligations under the Servicing Agreement.

       

      “Servicing
        Rights Pledgee”: As defined in Section 5.04 of the Servicing
        Agreement.

       

      “Servicing
        Transfer Costs”: All reasonable costs and expenses incurred by the Successor
        Servicer or the Successor Master Servicer in connection with the transfer
        of
        servicing from a predecessor Servicer or the transfer of master servicing
        from
        the predecessor Master Servicer, as applicable, including, without limitation,
        any reasonable costs or expenses associated with the complete transfer of
        all
        electronic servicing data and the completion, correction or manipulation
        of such
        electronic servicing data as may be required by the successor to correct
        any
        errors or insufficiencies in the servicing data or otherwise to enable the
        successor to service or master service, as applicable, the Mortgage Loans
        properly and effectively.

       

      “Significance
        Percentage”: The percentage equivalent of a fraction, the numerator of which is
        the net present value of the estimated future amounts payable under the Interest
        Rate Swap Agreement and the denominator of which is the aggregate Certificate
        Principal Balance of the Class A and Mezzanine Notes on such Distribution
        Date
        (after giving effect to all distributions on such Payment Date), in each
        case as
        determined pursuant to the Interest Rate Swap Agreement.

       

      “Sixty
        Day Delinquency Rate”: As to any Payment Date, the percentage equivalent of a
        fraction, the numerator of which is the aggregate Principal Balance of (a)
        Mortgage Loans that are 60 or more days delinquent, (b) Mortgage Loans that
        are
        60 or more days delinquent and in bankruptcy or foreclosure and (c) all REO
        Property, in each case, as of the last day of the preceding month, and the
        denominator of which is the Pool Balance as of the last day of the related
        Due
        Period.

       

      “Statutory
        Trust Statute”: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §§3801
        et seq., as the same may be amended from time to time.

       

      “Stepdown
        Date”: The earlier to occur of (x) the first Payment Date after the Payment Date
        on which the aggregate Class Note Balance of the Senior Notes is reduced
        to zero
        and (y) the later to occur of (A) the Payment Date in June 2010 and (B) the
        first Payment Date on which the Senior Enhancement Percentage (calculated
        for
        this purpose only after taking into account payments of principal on the
        mortgage loans, but prior to payment of the Principal Payment Amount to the
        Offered Notes then entitled to payments of principal on such Payment Date),
        is
        at least equal to 38.10%.

       

      “Stepped
        Fixed Rate Loan”: A Mortgage Loan having a fixed rate throughout its term, and a
        thirty year maturity without a balloon payments that is comprised of a fixed
        monthly payment based on an amortization greater than thirty years during
        the
        first ten years of such Mortgage Loan’s term and a fixed monthly payment based
        on a twenty year amortization during the next twenty years of such Mortgage
        Loan’s term.

       

      “Strike
        Rate”:  5.05% per annum.

       

      “Subcontractor”:  Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing of Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
        under
        the direction or authority of the Servicer (or a Sub-Servicer of the Servicer),
        the Master Servicer, the Trustee, the Custodian or the Securities
        Administrator.

       

      “Subordination
        Deficiency”: As to any Payment Date, the excess, if any, of (i) the Required
        Overcollateralization Amount for such Payment Date over (ii) the
        Overcollateralization Amount for such Payment Date after giving effect to
        the
        payment of the Aggregate Principal Amount on such Payment Date.

       

      “Subordination
        Increase Amount”: As to any Payment Date, the lesser of (i) the Subordination
        Deficiency and (ii) the Excess Interest.

       

      “Subordination
        Required Overcollateralization Amount”: As to any Payment Date on which a
        Delinquency Event does not exist, the Required Overcollateralization Amount
        without giving effect to the OC Floor calculation.  As to any other
        Payment Date, the Required Overcollateralization Amount.

       

      “Subsequent
        Recovery”: With respect to any Liquidated Mortgage Loan, an amount received in
        respect of principal on such Mortgage Loan which has previously been allocated
        as an Applied Realized Loss Amount to a Class or Classes of Notes net of
        reimburseable expenses.

       

      “Subservicer”:
        Any Person that services Mortgage Loans on behalf of the Servicer, and is
        responsible for the performance (whether directly or through sub-servicers
        or
        Subcontractors) of a substantial portion of the material servicing functions
        required to be performed under this Agreement, the Servicing Agreement or
        any
        sub-servicing agreement that are identified in Item 1122(d) of Regulation
        AB.

       

      “Subservicing
        Agreement”: Any agreement between the Servicer and any Subservicer relating to
        subservicing and/or administration of certain Mortgage Loans as provided
        in
        Section 3.01(b) of the Servicing Agreement, a copy of which shall be delivered,
        along with any modifications thereto, to the Indenture Trustee, the Master
        Servicer and the Securities Administrator.

       

      “Substitution
        Adjustment”: As to any date on which a substitution occurs pursuant to Section
        3.2 of the Mortgage Loan Sale and Contribution Agreement, the sum of (a)
        the
        excess of (i) the aggregate Principal Balances of all Defective Mortgage
        Loans
        to be replaced by Eligible Substitute Mortgage Loans (after application of
        principal payments received on or before the date of substitution of any
        Eligible Substitute Mortgage Loans as of the date of substitution) over (ii)
        the
        Principal Balance of such Eligible Substitute Mortgage Loans and (b) the
        greater
        of (x) accrued and unpaid interest on such excess through the Due Period
        relating to the Payment Date for which such Substitution Adjustment will
        be
        included as part of Available Funds and (y) thirty (30) days’ interest on such
        excess calculated on a 360-day year in each case at the Loan Rate and (c)
        the
        amount of any unreimbursed Servicing Advances made by the Servicer with respect
        to such Defective Mortgage Loan and (d) the amount referred to in clause
        (iv) of
        the definition of Purchase Price in respect of such Defective Mortgage
        Loan.

       

      “Successor
        Servicer”: As defined in Section 6.02 of the Servicing Agreement.

       

      “Successor
        Master Servicer”: As defined in Section 6.04 of the Servicing
        Agreement.

       

      “Swap
        Credit Support Annex”: The credit support annex, dated the Closing Date, between
        the Swap Provider and the Trust, which is annexed to and forms part of the
        Interest Rate Swap Agreement.

       

      “Swap
        LIBOR”:  A per annum rate equal to the floating rate payable by the
        Swap Provider under the Interest Rate Swap Agreement.

       

       “Swap
        Provider”:  The swap provider under the Interest Rate Swap
        Agreement.  Initially, the Swap Provider shall be Bank of America,
        N.A.

       

       “Swap
        Provider Trigger Event”:  A Swap Termination Payment that is triggered
        upon: (i) an Event of Default under the Interest Rate Swap Agreement with
        respect to which the Swap Provider is a Defaulting Party (as defined in the
        Interest Rate Swap Agreement), (ii) a Termination Event under the Interest
        Rate
        Swap Agreement with respect to which the Swap Provider is the sole Affected
        Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional
        Termination Event under the Interest Rate Swap Agreement with respect to
        which
        the Swap Provider is the sole Affected Party.

       

       “Swap
        Termination Payment”:  The payment due to either party under the
        Interest Rate Swap Agreement upon the early termination of the Interest Rate
        Swap Agreement.

       

      “Three
        Month Delinquency Rate”: As to any Payment Date the arithmetic average of the
        Sixty Day Delinquency Rates for the related Payment Date and the two immediately
        preceding Payment Dates.

       

      “Three
        Month 90-Day Delinquency Rate”: As to any Payment Date, the arithmetic average
        of the Ninety Day Delinquency Rates for the related Payment Date and the
        two
        immediately preceding Payment Dates.

       

      “Trust”:
        The Renaissance Home Equity Loan Trust 2007-2.

       

      “Trust
        Agreement”: The Trust Agreement, dated as of June 12, 2007, between the Owner
        Trustee and the Depositor together with the Amended and Restated Trust Agreement
        dated as of June 18, 2007, among the Owner Trustee, the Depositor and Wells
        Fargo Bank, N.A., as Certificate Registrar and Certificate Paying Agent,
        relating to the Trust.

       

      “Trust
        Indenture Act” or “TIA”: The Trust Indenture Act of 1939, as amended from time
        to time, as in effect on any relevant date.

       

      “UCC”:
        The Uniform Commercial Code, as amended from time to time, as in effect in
        any
        specified jurisdiction.

       

      “Underwriters”:
        Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank
        Securities, Inc., Greenwich Capital Markets, Inc. and J.P. Morgan Securities
        Inc., or their successors.exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of January ___, 2004 by and
between HARDEE’S FOOD SYSTEMS, INC., a North Carolina corporation (the “Company”), and NOAH J.
GRIGGS (the “Employee”).

R E C I T A L S:

     A. Employee is a key employee of the Company.

     B. The Company and Employee desire to enter into this Agreement to set forth the terms and
provisions of Employee’s employment by the Company.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the
parties agree as follows:

     1. Employment and Duties. Subject to the terms and conditions of this Agreement, the
Company employs the Employee to serve in an executive and managerial capacity as Executive Vice
President of Operations of the Company, and the Employee accepts such employment and agrees to
perform such reasonable responsibilities and duties commensurate with the aforesaid positions as
directed by the Company’s Board of Directors or as set forth in the Articles of Incorporation and
the Bylaws of the Company. Any change in such titles or delegation of duties inconsistent with
such titles without the consent of Employee, shall be deemed a termination without cause under
Section 7(b) below.

     2. Term. The term of this Agreement shall commence on the first day of the Company’s
fiscal year commencing in the year 2004 (the “Effective Date”) and shall terminate on the last day
of the Company’s fiscal year ending in the year 2007, subject to prior termination as set forth in
Section 7 below (the “Term”). The Term may be extended at any time upon mutual written agreement
of the parties.

     3. Salary. Commencing on the Effective Date, and subject to the other provisions of
this Agreement, the Company shall pay the Employee a minimum base annual salary of $250,000. The
Chief Executive Officer of the Company may, from time to time, increase such salary in his sole
discretion.

     4. Other Compensation and Fringe Benefits. In addition to any executive bonus,
pension, deferred compensation and stock option grants which the Company may from time to time make
available to the Employee upon mutual agreement, the Employee shall be entitled to the following:

          (a) The standard Company benefits enjoyed by the Company’s other top executives;

          (b) Provision by the Company during the Term and any extensions thereof to the Employee and
his dependents of the medical and other insurance coverage provided by the Company to its other top
executives;

 

 

          (c) Provision by the Company of supplemental disability insurance sufficient to provide
two-thirds of the Employee’s pre-disability minimum base annual salary for a two-year period; and

          (d) For the fiscal years ending in January 2005, 2006 and 2007, Employee shall be entitled to
a bonus in the amount determined by the Company’s Chief Executive Officer, in his sole discretion.

     The Company shall deduct from all compensation payable under this Agreement to the Employee
any taxes or withholdings the Company is required to deduct pursuant to state and federal laws or
by mutual agreement between the parties.

     5. Vacation. For and during each year of the Term and any extensions thereof, the
Employee shall be entitled to reasonable paid vacation periods consistent with his positions with
the Company and in accordance with the Company’s standard policies, or as the Company’s Board of
Directors may approve. In addition, the Employee shall be entitled to such holidays consistent
with the Company’s standard policies or as the Company’s Board of Directors may approve.

     6. Expense Reimbursement. In addition to the compensation and benefits provided
herein, the Company shall, upon receipt of appropriate documentation, reimburse the Employee each
month for his reasonable travel, lodging, entertainment, promotion and other ordinary and necessary
business expenses in accordance with the Company’s policies then in effect.

     7. Termination.

          (a) For Cause. The Company may terminate this Agreement immediately for cause upon
written notice to the Employee, in which event the Company shall be obligated only to pay the
Employee that portion of the minimum base annual salary due him through the date of termination.
Cause shall be limited to (i) the persistent failure to perform duties consistent with a
commercially reasonable standard of care; (ii) the willful neglect of duties; (iii) criminal or
other illegal activities involving dishonesty; or, (iv) a material breach of this Agreement.

          (b) Without Cause. Either party may terminate this Agreement immediately without
cause by giving written notice to the other. If the Company terminates under this Section 7(b) ,
then it shall pay to the Employee the sum of (i) all amounts owed through the date of termination,
plus (ii) an amount equal to the product of the Employee’s minimum base annual salary in effect as
of the date of termination times the number of years (including partial years) remaining in the
Term. Such payment to be made in a lump sum on or before the fifth day following the date of
termination, and shall be in lieu of all further salary and bonus obligations under this Agreement.
In addition, if the Company terminates under this Section 7(b), (i) all options granted to the
Employee which had not vested as of the date of such termination shall vest concurrently with such
termination, and, notwithstanding the terms of any option agreements, Employee may exercise any
vested options, including by reason of acceleration, for a period after such termination which is
the greater of what is provided in the respective option agreement or 30 days, and (ii) the Company
shall maintain in full force and effect for the continued benefit of the Employee for the remainder
of the Term, all employee benefit plans (except for the Company’s stock option plans) and programs
in which the Employee was entitled to participate immediately prior to the date of termination,
provided that the Employee’s continued participation is possible under the general terms and
provisions of such plans and programs. In the event that the Employee’s participation in any such
plan or program

2

 

is prohibited, the Company shall, at its expense, arrange to provide the Employee with
benefits substantially similar to those which the Employee would otherwise have been entitled to
receive under such plans and programs from which his continued participation is prohibited. If the
Employee terminates under this Section 7(b), then the Company shall only be obligated to pay the
Employee the minimum annual base salary due him through the date of termination.

          (c) Disability. If the Employee fails to perform his duties hereunder on account of
illness or other incapacity for a period of six consecutive months, then the Company shall have the
right upon written notice to the Employee to terminate this Agreement without further obligation by
paying the Employee the minimum base annual salary, without offset, for the remainder of the Term
in a lump sum or as otherwise directed by the Employee.

          (d) Death. If the Employee dies during the Term, then this Agreement shall terminate
immediately and the Employee’s legal representatives shall be entitled to receive the minimum
annual base salary for the remainder of the Term in a lump sum or as otherwise directed by the
Employee’s legal representative. Executive’s outstanding Company options will immediately vest in
full and be exercisable for a period of 90 days from Employee’s death.

          (e) Effect of Termination. Termination for any reason or for no reason shall not
constitute a waiver of the Company’s rights under this Agreement nor a release of the Employee from
any obligation hereunder except his obligation to perform his day-to-day duties as an employee.

          (f) Mitigation. Employee shall not be required to mitigate the amount of any payment
provided for in this Section 7 by seeking other employment or otherwise, nor shall any compensation
or other payments received by the Employee after the date of termination reduce any payments due
under this Section 7.

     8. Non-Delegation of Employee’s Rights. The obligations, rights and benefits of the
Employee hereunder are personal and may not be delegated, assigned or transferred in any manner
whatsoever, nor are such obligations, rights or benefits subject to involuntary alienation,
assignment or transfer.

     9. Confidential Information. The Employee acknowledges that in his capacity as an
employee of the Company he will occupy a position of trust and confidence and he further
acknowledges that he will have access to and learn substantial information about the Company and
its operations that is confidential or not generally known in the industry, including, without
limitation, information that relates to purchasing, sales, customers, marketing, and the Company’s
financial position and financing arrangements. The Employee agrees that all such information is
proprietary or confidential, or constitutes trade secrets and is the sole property of the Company.
The Employee will keep confidential, and will not reproduce, copy or disclose to any other person
or firm, any such information or any documents or information relating to the Company’s methods,
processes, customers, accounts, analyses, systems, charts, programs, procedures, correspondence or
records, or any other documents used or owned by the Company, nor will the Employee advise, discuss
with or in any way assist any other person, firm or entity in obtaining or learning about any of
the items described in this Section 9. Accordingly, the Employee agrees that during the Term and
at all times thereafter he will not disclose, or permit or encourage anyone else to disclose, any
such information, nor will he utilize any such information, either alone or with others, outside
the scope of his duties and responsibilities with the Company.

3

 

     10. Non-Competition During Employment Term. The Employee agrees that, during the Term
and any extensions thereof, he will devote substantially all his business time and effort, and give
undivided loyalty, to the Company, and that he will not engage in any way whatsoever, directly or
indirectly, in any business that is competitive with the Company or its affiliates, nor solicit, or
in any other manner work for or assist any business which is competitive with the Company or its
affiliates. In addition, during the Term and any extensions thereof, the Employee will undertake
no planning for or organization of any business activity competitive with the work he performs as
an employee of the Company, and the Employee will not combine or conspire with any other employee
of the Company or any other person for the purpose of organizing any such competitive business
activity.

     11. Non-Competition After Employment Term. The parties acknowledge that the Employee
will acquire substantial knowledge and information concerning the business of the Company and its
affiliates as a result of his employment. The parties further acknowledge that the scope of
business in which the Company is engaged as of the Effective Date is national and very competitive
and one in which few companies can successfully compete. Competition by the Employee in that
business after this Agreement is terminated would severely injure the Company. Accordingly, for a
period of two years after this Agreement is terminated or the Employee leaves the employment of the
Company for any reason whatsoever, except as otherwise stated hereinbelow, the Employee agrees (i)
not to become an employee, consultant, advisor, principal, partner or substantial shareholder of
any firm or business that in any way competes with the Company or its affiliates in any of their
presently-existing or then-existing products and markets; and (ii) not to solicit any person or
business that was at the time of such termination and remains an executive employee of the Company
or any of its affiliates. Notwithstanding any of the foregoing provisions to the contrary, the
Employee shall not be subject to the restrictions set forth in this Section 11 under the following
circumstances:

          (a) If the Employee’s employment with the Company is terminated by the Company without cause;
or

          (b) If the Employee’s employment with the Company is terminated as a result of the Company’s
unwillingness to extend the Term of this Agreement.

     12. Return of Company Documents. Upon termination of this Agreement, Employee shall
return immediately to the Company all records and documents of or pertaining to the Company and
shall not make or retain any copy or extract of any such record or document.

     13. Improvements and Inventions. Any and all improvements or inventions which the
Employee may conceive, make or participate in during the period of his employment shall be the sole
and exclusive property of the Company. The Employee will, whenever requested by the Company,
execute and deliver any and all documents which the Company shall deem appropriate in order to
apply for and obtain patents for improvements or inventions or in order to assign and convey to the
Company the sole and exclusive right, title and interest in and to such improvements, inventions,
patents or applications.

     14. Actions. The parties agree and acknowledge that the rights conveyed by this
Agreement are of a unique and special nature and that the Company will not have an adequate remedy
at law in the event of a failure by the Employee to abide by its terms and conditions nor will
money damages adequately compensate for such injury. It is therefore agreed between the parties

4

 

that, in the event of a breach by the Employee of any of his obligations contained in this
Agreement, the Company shall have the right, among other rights, to damages sustained thereby and
to obtain an injunction or decree of specific performance from any court of competent jurisdiction
to restrain or compel the Employee to perform as agreed herein. The Employee agrees that this
Section 14 shall survive the termination of his employment and he shall be bound by its terms at
all times subsequent to the termination of his employment for so long a period as Company continues
to conduct the same business or businesses as conducted during the Term or any extensions thereof.
Nothing herein contained shall in any way limit or exclude any other right granted by law or equity
to the Company.

     15. Amendment; Integration. This Agreement contains, and its terms constitute, the
entire agreement of the parties, and it may be amended only by a written document signed by both
parties to this Agreement.

     16. Governing Law. California law shall govern the construction and enforcement of
this Agreement and the parties agree that any litigation pertaining to this Agreement shall be
adjudicated in courts located in California.

     17. Attorneys’ Fees. If any party finds it necessary to employ legal counsel or to
bring an action at law or other proceedings against the other party to enforce any of the terms
hereof, the party prevailing in any such action or other proceeding shall be paid by the other
party its reasonable attorneys’ fees as well as court costs, all as determined by the court and not
a jury.

     18. Severability. If any section, subsection or provision hereof is found for any
reason whatsoever, to be invalid or inoperative, that section, subsection or provision shall be
deemed severable and shall not affect the force and validity of any other provision of this
Agreement. If any covenant herein is determined by a court to be overly broad thereby making the
covenant unenforceable, the parties agree and it is their desire that such court shall substitute a
reasonable judicially enforceable limitation in place of the offensive part of the covenant and
that as so modified the covenant shall be as fully enforceable as if set forth herein by the
parties themselves in the modified form. The covenants of the Employee in this Agreement shall
each be construed as an agreement independent of any other provision in this Agreement, and the
existence of any claim or cause of action of the Employee against the Company, whether predicated
on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of
the covenants in this Agreement.

     19. Notices. Any notice, request, or instruction to be given hereunder shall be in
writing and shall be deemed given when personally delivered or three days after being sent by
United States certified mail, postage prepaid, with return receipt requested, to the parties at
their respective addresses set for the below:

To the Company:

Hardee’s Food Systems, Inc.

One US Bank Plaza

Suite 2000

St. Louis, MO 63101

Attention: General Counsel

5

 

To the Employee:

Noah J. Griggs

7457 Cromwell Drive

Clayton, MO 63105

     20. Waiver of Breach. The waiver by any party of any provisions of this Agreement
shall not operate or be construed as a waiver of any prior or subsequent breach by the other party.

     IN WITNESS WHEREOF the parties have executed this Agreement to be effective as of the date
first set forth above.

	 	 	 	 	 
	 	HARDEE’S FOOD SYSTEMS, INC.

 	 
	 	By:  	/s/ E. Michael Murphy
 	 
	 	Its:  	EVP
 	 
	 	 	 	 
	 
	 	EMPLOYEE

 	 
	 	/s/ Noah J. Griggs
 	 
	 	Noah J. Griggs 	 

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