Unassociated Document

CUSTODIAL AGREEMENT

THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the “Custodial Agreement”), dated as of September 28, 2006, by and among HSBC Bank USA, National Association, not individually, but as indenture trustee (the “Indenture Trustee”), Wells Fargo Bank, N.A., as custodian (together with any successor in interest or any successor appointed hereunder, the “Custodian”), Renaissance REIT Investment Corp. (“RRIC” or the “Seller”), Renaissance Mortgage Acceptance Corp. (“RMAC” or the “Depositor”) and Ocwen Loan Servicing, LLC (together with any successor entity, “Ocwen” or the “Servicer”).

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

WHEREAS, Renaissance Home Equity Loan Trust 2006-3 as issuer, the Indenture Trustee and Wells Fargo Bank, N.A. as securities administrator, have entered into an Indenture dated as of September 28, 2006, relating to the issuance of RMAC’s Home Equity Loan Asset-Backed Notes, Series 2006-3 (as amended and supplemented from time to time, the “Agreement”); and

WHEREAS, the Custodian has agreed to act as agent for the Indenture Trustee for the purposes of receiving and holding certain documents and other instruments as described in Section 2.1(b) of the Mortgage Loan Sale and Contribution Agreement, dated as of September 28, 2006 (the “Contribution Agreement”), among RMAC, RRIC and Delta Funding Corporation as originator (“Delta”), delivered by RRIC under the Contribution Agreement, all upon the terms and conditions and subject to the limitations hereinafter set forth;

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, the Indenture Trustee and the Custodian hereby agree as follows:

1. Definitions

Capitalized terms used in this Custodial Agreement and not defined herein shall have the meanings assigned in the Agreement, unless otherwise required by the context herein.

2. Custody of Mortgage Documents

2.1

Custodian to Act as Agent; Acceptance of Mortgage Files.

The Custodian, as the duly appointed agent of the Indenture Trustee for these purposes, acknowledges that it will hold the Mortgage Notes, the Related Documents, the assignments and other documents required to be delivered by RRIC to the Custodian pursuant to Section 2.1(b) of the Contribution Agreement and relating to the Mortgage Loans identified on Schedule I hereto and declares that it will hold such Mortgage Notes, Related Documents, assignments and other documents and any similar documents received by the Indenture Trustee subsequent to the date hereof (the “Mortgage Files”) as agent for the Indenture Trustee, in trust, for the benefit of all present and future Noteholders. The Custodian agrees to execute the initial certification and the final certification set forth on Exhibits C-1 and C-2 of the Agreement.

2.2

Recordation of Assignments.

Except with respect to any MERS Mortgage Loan, if any Mortgage File includes one or more assignments to the Indenture Trustee of Related Documents that have not been recorded, within 30 days of the Closing Date, RRIC, at no expense to the Custodian, shall cause to be recorded in the appropriate public office for real property records each such assignment and, upon receipt thereof from such public office, shall return each such assignment to the Custodian; The Custodian also agrees to perform its other obligations, including, but not limited to its obligations under Section 2.03 of the Agreement and Section 3.07 of the Servicing Agreement.

2.3 Review of Mortgage Files.

The Custodian agrees, for the benefit of the Issuer, the Seller, the Depositor and the Noteholders, to review, in accordance with the provisions of Section 2.03 of the Agreement, each Mortgage File. If in performing the reviews required by this Section 2.3, the Custodian finds any document or documents constituting a part of a Mortgage File to be unexecuted or missing or, based on the criteria set forth in Section 2.1(b) of the Contribution Agreement, to be unrelated to the applicable Mortgage Loan, the Custodian shall promptly so notify RRIC, RMAC and the Indenture Trustee.

In connection with such review, the Custodian makes no representations as to, and shall not be responsible to verify (A) the validity, legality, enforceability, due authorization, recordability, sufficiency, or genuineness of any of the documents contained in any Mortgage File or (B) the collectability, insurability, effectiveness, or suitability of any Mortgage Loan.

2.4 Notification of Breaches of Representations and Warranties.

Upon discovery by the Custodian of a breach of any representation or warranty made by Delta as set forth in Section 3.1(c) of the Contribution Agreement, the Custodian shall give prompt written notice to Delta, RRIC, RMAC and the Indenture Trustee.

2.5 Custodian to Cooperate; Release of Mortgage Files.

Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall, pursuant to the Servicing Agreement, promptly notify the Custodian by delivering to the Custodian two copies of a Request for Release (Exhibit B to the Servicing Agreement), one of which will be returned to the Servicer with the Mortgage File, executed by a Servicing Officer or in a mutually agreeable electronic format that originates from a Servicing Officer and shall request delivery to it of the Mortgage File. The Custodian agrees, upon receipt of such certification and request, promptly to release the related Mortgage File to the Servicer.

From time to time as is appropriate for the servicing or foreclosure of any Mortgage Loan, the Master Servicer or the Servicer shall, pursuant to the Servicing Agreement, deliver to the Custodian two copies of a Request for Release requesting that possession of all of the Mortgage File be released to the Master Servicer or the Servicer and certifying as to the reason for such release. With such Request for Release, the Master Servicer or the Servicer shall, pursuant to the Servicing Agreement, deliver to the Custodian a receipt signed by a Servicing Officer of the Master Servicer or the Servicer on behalf of the Master Servicer or the Servicer (or in a mutually agreeable electronic format that originates from a Servicing Officer), and upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or such document to the Master Servicer or the Servicer and the Master Servicer or the Servicer shall, pursuant to the Servicing Agreement, hold the Mortgage File or such document in trust for the benefit of the Seller and the Noteholders. The Master Servicer or the Servicer shall, pursuant to the Servicing Agreement, cause each Mortgage File to be returned to the Custodian when the need therefor by the Master Servicer or the Servicer no longer exists, unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account to the extent required by the Agreement or (ii) the Mortgage File has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially, and the Master Servicer or the Servicer has delivered to the Custodian a certificate of a Servicing Officer of the Master Servicer or the Servicer certifying as to the name and address of the Person to which such Mortgage File was delivered and the purpose or purposes of such delivery. In the event of the liquidation of a Mortgage Loan, the Custodian shall deliver such receipt with respect thereto to the Master Servicer or the Servicer upon deposit of the related Liquidation Proceeds in the Distribution Account to the extent required by the Agreement.

2.6 Assumption Agreements.

In the event that any assumption agreement or substitution of liability agreement is entered into with respect to any Mortgage Loan subject to this Custodial Agreement in accordance with the terms and provisions of the Agreement, the Master Servicer or the Servicer shall, pursuant to the Servicing Agreement, notify the Custodian that such assumption or substitution agreement has been completed by forwarding to the Custodian the original of such assumption or substitution agreement, which document shall be added to the related Mortgage File and, for all purposes, shall be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting parts thereof.

3. Concerning the Custodian

3.1 Custodian a Bailee and Agent of the Indenture Trustee.

With respect to each Mortgage Note, Related Document and other documents constituting each Mortgage File which are delivered to the Custodian, the Custodian is exclusively the bailee and agent of the Indenture Trustee, holds such documents for the benefit of the Trust and the Noteholders and undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. Except upon compliance with the provisions of Section 2.5 of this Custodial Agreement, no Mortgage Note, Related Document or other document constituting a part of a Mortgage File shall be delivered by the Custodian to the Master Servicer or the Servicer or otherwise released from the possession of the Custodian.

3.2 Indemnification.

Both RRIC and RMAC hereby agree to indemnify and hold the Custodian harmless from and against all claims, liabilities, losses, actions, suits or proceedings at law or in equity, or any other expenses, fees or charges of any character or nature, which the Custodian may incur or with which the Custodian may be threatened by reason of its acting as custodian under this Custodial Agreement, including indemnification of the Custodian against any and all expenses, including attorney’s fees if counsel for the Custodian has been approved by the Seller and the Depositor, which approval shall not be unreasonably withheld, and the cost of defending any action, suit or proceedings or resisting any claim. Notwithstanding the foregoing, it is specifically understood and agreed that in the event any such claim, liability, loss, action, suit or proceeding or other expense, fees, or charge shall have been caused by reason of any negligent act, negligent failure to act, or willful misconduct on the part of the Custodian, or which shall constitute a willful breach of its duties hereunder, the indemnification provisions of this Custodial Agreement shall not apply. The indemnification provided by this Section 3.2 shall survive the termination or assignment of this Custodial Agreement or the resignation or removal of the Custodian hereunder.

3.3 Custodian May Own Notes.

The Custodian in its individual or any other capacity may become the owner or pledgee of Notes with the same rights it would have if it were not Custodian.

3.4 Custodian’s Fees and Expenses.

RRIC will pay the initial fees of the Custodian. Other fees payable to the Custodian hereunder for all services rendered by it in the exercise and performance of any of the powers and duties hereunder of the Custodian, as set forth in a separate letter agreement shall be paid from the Master Servicing Fee. RRIC will pay or reimburse the Custodian upon its request for all reasonable expenses, disbursements and advances incurred or made by the Custodian in accordance with any of the provisions of this Custodial Agreement (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or bad faith.

3.5 Custodian May Resign; Indenture Trustee May Remove Custodian.

The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture Trustee. Upon receiving such notice of resignation, the Indenture Trustee shall either take custody of the Mortgage Files itself and give prompt notice thereof to RRIC, RMAC and the Custodian or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If the Indenture Trustee has not taken custody of the Mortgage Files and no successor Custodian has been so appointed, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian. All fees and expenses of any successor Custodian shall be the responsibility of RRIC.

The Indenture Trustee may remove the Custodian at any time for cause, or otherwise the Indenture Trustee may remove the Custodian at any time upon giving 60 days written notice. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement.

Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMAC. The Indenture Trustee shall give prompt notice to RRIC, RMAC, the Servicer, the Master Servicer and the Custodian of the appointment of any successor Custodian.

3.6 Merger or Consolidation of Custodian.

Any Person into which the Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any Person succeeding to the business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

3.7 Representations of the Custodian.

The Custodian hereby represents and warrants as follows:

(i)	It is a national banking association subject to supervision or examination by a federal authority, has a combined capital and surplus of at least $50,000,000 and is qualified to do business in the jurisdiction in which it will hold any Mortgage File;

(ii)	It has full power, authority and legal right to execute and deliver this Custodial Agreement and to perform its obligations hereunder and has taken all necessary action to authorize the execution, delivery and performance by it of this Custodial Agreement;

(iii)

To the best of its knowledge, after reasonable investigation, the execution and delivery by it of this Custodial Agreement and the performance by it of its obligations hereunder will not violate any provision of its Charter or By-Laws or any law or regulation governing it or any order, writ, judgment or decree of any court, arbitrator or governmental authority or agency applicable to it or any of its assets. To the best of its knowledge, after reasonable investigation, such execution, delivery and performance will not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action with respect to, any governmental authority or agency regulating its activities. To the best of its knowledge, after reasonable investigation, such execution, delivery and performance will not conflict with, or result in a breach or violation of, any material indenture, mortgage, deed of trust, lease or other agreement or instrument to which it is a party or by which it or its properties are bound; and

(iv)

This Custodial Agreement has been duly executed and delivered by it. This Custodial Agreement, when executed and delivered by the other parties hereto, will constitute its valid, legal and binding obligation, enforceable against it in accordance with its terms, except as the enforcement thereof may be limited by applicable debtor relief laws and that certain equitable remedies may not be available regardless of whether enforcement is sought in equity or at law.

3.8 Limitations on the Responsibilities of the Custodian.

(a) Neither the Custodian nor any of its Affiliates, directors, officers, agents, counsel, attorneys-in-fact, and employees shall be liable for any action or omission to act hereunder except for its own or such person’s gross negligence or willful misconduct. Notwithstanding the foregoing sentence, in no event shall the Custodian or its Affiliates, directors, officers, agents, counsel, attorneys-in-fact, and employees be held liable for any special, indirect, punitive or consequential damages resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages. The provisions of this Section 3.8 shall survive the resignation or removal of the Custodian and the termination of this Agreement.

(b) The Custodian shall not be responsible for preparing or filing any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than for the Custodian’s compensation or for reimbursement of expenses.

(c) The Custodian shall not be responsible or liable for, and makes no representation or warranty with respect to, the validity, adequacy or perfection of any lien upon or security interest in any Mortgage File.

(d) The Custodian shall not be responsible for delays or failures in performance resulting from acts beyond its control. Such acts shall include, but not be limited to, acts of God, strikes, lockouts, riots, acts or war or terrorism, epidemics, nationalization, expropriation, currency restrictions, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

(e) The duties and obligations of the Custodian shall only be such as are expressly set forth in this Agreement or as set forth in a written amendment to this Agreement executed by the parties hereto or their successors and assigns. In the event that any provision of this Agreement implies or requires that action or forbearance be taken by a party, but is silent as to which party has the duty to act or refrain from acting, the parties agree that the Custodian shall not be the party required to take the action or refrain from acting. In no event shall the Custodian have any responsibility to ascertain or take action except as expressly provided herein.

(f) Nothing in this Agreement shall be deemed to impose on the Custodian any duty to qualify to do business in any jurisdiction, other than (i) any jurisdiction where any Mortgage File is or may be held by the Custodian from time to time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to qualify could have a material adverse effect on the Custodian or its property or business or on the ability of the Custodian to perform it duties hereunder.

(g) The Indenture Trustee and RRIC agree that the Custodian may delegate any of its duties under this Agreement to any of its agents, attorneys-in-fact, or Affiliates. Any such agent, attorney-in-fact, or Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Custodian is entitled under this Agreement.

(h) The Custodian shall have no duty to ascertain whether or not any cash amount or payment has been received by the Seller, Depositor, the Master Servicer, the Servicer or any third person.

4. Miscellaneous Provisions

4.1

Notices.

All notices, requests, consents and demands and other communications required under this Custodial Agreement or pursuant to any other instrument or document delivered hereunder shall be in writing and, unless otherwise specifically provided, may be delivered personally, by telegram or telex, or by registered or certified mail, postage prepaid, return receipt requested, at the addresses specified below (unless changed by the particular party whose address is stated herein by similar notice in writing), in which case the notice will be deemed delivered when received:

The Indenture Trustee:	HSBC Bank USA, National Association
	452 Fifth Avenue
	New York, New York
	Attention: Corporate Trust/Renaissance HEL Trust 2006-3
	Telecopy: (212) 525-1300
	Confirmation: (212) 525-1501

The Custodian:	Wells Fargo Bank, N.A.
	24 Executive Park, Suite 100
	Irvine, California 92614
	Attention: Mortgage Document Custody
	Telecopy: (949) 955-0140
	Confirmation: (949) 757-5100

RRIC:	Renaissance REIT Investment Corp.
	1000 Woodbury Road, Suite 200
	Woodbury, New York 11797
	Attention: Executive Department
	Telecopy: (516) 364-9450
	Confirmation: (516) 364-8500
RMAC:	Renaissance Mortgage Acceptance Corp.
	1000 Woodbury Road, Suite 200
	Woodbury, New York 11797
	Attention: Executive Department
	Telecopy: (516) 364-9450
	Confirmation: (516) 364-8500

The Servicer:	Ocwen Loan Servicing, LLC 1661 Worthington Road Centrepark West Suite 100 West Palm Beach, FL 33409 Attention: Secretary Facsimile Number: (561) 682-8177 Confirmation Number: (561) 682-8517

The Master Servicer:	Wells Fargo Bank, N.A.
	P.O. Box 98
	Columbia, Maryland 21046
	Or in the case of overnight deliveries:
	9062 Old Annapolis Road
	Columbia, Maryland 21045
	Attention: Corporate Trust Services - Renaissance 2006-3
	Telecopy: (410) 715-2380
	Confirmation: (410) 884-2000

4.2

Amendments.

No modification or amendment of or supplement to this Custodial Agreement shall be valid or effective unless the same is in writing and signed by all parties hereto, and the Indenture Trustee shall not enter into any amendment hereof except as permitted by the Agreement. The Indenture Trustee shall give prompt notice to the Custodian of any amendment or supplement to the Agreement and furnish the Custodian with written copies thereof. RRIC, RMAC, the Servicer, the Master Servicer and the Indenture Trustee agree to obtain the Custodian’s written consent prior to entering into any amendment or modification of the Agreement which affects any right, benefit, duty, or obligation of the Custodian thereunder.

4.3

Governing Law.

This Custodial Agreement shall be deemed a contract made under the laws of the State of New York and shall be construed and enforced in accordance with and governed by the laws of the State of New York (without regard to its conflicts of laws provisions).

4.4

Recordation of Agreement.

To the extent permitted by applicable law, this Custodial Agreement is subject to recordation in all appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any or all of the Mortgaged Properties subject to the Mortgage Loans are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by RRIC and at its expense, but only upon direction accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Noteholders.

For the purpose of facilitating the recordation of this Custodial Agreement as herein provided and for other purposes, this Custodial Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

4.5

Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Custodial Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Custodial Agreement and shall in no way affect the validity or enforceability of the other provisions of this Custodial Agreement or of the Notes or the rights of the Holders thereof.

4.6

Waiver of Trial By Jury.

Each party hereto waives the right to trial by jury in any action, suit, proceeding, or counterclaim of any kind arising out of or related to this Custodial Agreement. In the event of litigation, this Custodial Agreement may be filed as a written consent to a trial by the court.

4.7

Counterparts.

This instrument 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.

4.8

Reliance of Custodian.

In the absence of bad faith, negligence or willful misconduct on the part of the Custodian, the Custodian may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instructions, certificate, opinion or the document furnished to the Custodian, reasonably believed by the Custodian to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Custodial Agreement; but in the case of any Related Document or other request, instruction, document or certificate which by any provision hereof is specifically required to be furnished to the Custodian, the Custodian shall be under a duty to examine the same to determine whether or not it conforms to the requirements of this Custodial Agreement.

The Custodian may rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness and RRIC and RMAC will hold the Custodian harmless from any claims that may arise or be asserted against the Custodian because of the invalidity of any such documents. Except as provided herein, no provision of this Custodial Agreement shall require the Custodian to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, if it should have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The Custodian may consult with competent counsel with regard to legal questions arising out of or in connection with this Custodial Agreement and the informed advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Custodian in good faith in accordance herewith.

4.9

Transmission of Mortgage Files.

Written instructions as to the method of shipment and shipper(s) the Custodian is directed to utilize in connection with the transmission of Mortgage Files and Related Documents in the performance of the Custodian’s duties hereunder shall be delivered by the Master Servicer or the Servicer to the Custodian prior to any shipment of any Mortgage Files and Related Documents hereunder. The Master Servicer or the Servicer will arrange for the provision of such services at its sole cost and expense (or, at the Custodian’s option, reimburse the Custodian for all costs and expenses incurred by the Custodian consistent with such instructions) and will maintain such insurance against loss or damage to Mortgage Files and Related Documents as the Master Servicer and the Servicer deems appropriate. Without limiting the generality of the provisions of Section 3.2 above, it is expressly agreed that in no event shall the Custodian have any liability for any losses or damages to any person, including without limitation the Master Servicer or the Servicer, arising out of actions of the Custodian consistent with instructions of the Master Servicer or the Servicer, as the case may be. If the Custodian does not receive written direction, the Custodian is hereby authorized to utilize a nationally recognized courier service, and shall incur no liability for acting in accordance with this sentence.

IN WITNESS WHEREOF, this Agreement is executed as of the date first above written.

HSBC BANK USA, NATIONAL ASSOCIATION, as Indenture Trustee By: ____________________________ Name: Title:
WELLS FARGO BANK, N.A., as Custodian By: ____________________________ Name: Title:
RENAISSANCE REIT INVESTMENT CORP., as Seller By: ____________________________ Name: Title:
RENAISSANCE MORTGAGE ACCEPTANCE CORP., as Depositor By: ____________________________ Name: Title:
OCWEN LOAN SERVICING, LLC, as Servicer By: ____________________________ Name: Title:
Acknowledged: WELLS FARGO BANK, N.A., as Master Servicer By: ____________________________ Name: Title:

Schedule I

DELIVERED TO INDENTURE TRUSTEE AT CLOSING

AS PROVIDED IN EXHIBIT A TO THE

CONTRIBUTION AGREEMENT

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 Ratings, Inc. 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 3.09 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 3.09 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 Indenture Trustee 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 2006-3 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
1^st to 36^th	0%
37^th to 60^th	45%
61^st to 72^nd	80%
73^rd to 84^th	100%
85^th 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) 75.80% 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) 81.70% 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) 85.20% 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) 88.60% 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) 91.50% 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) 96.20% 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) 98.20% 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-1 and Class N-2 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-1 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-1 Note.

“Class N-2 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-2 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”: September 28, 2006.

“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 2006-3 and for all other purposes at: P.O. Box 98, Columbia, Maryland 21046, Attention: Corporate Trust Services—Renaissance HEL Trust 2006-3 or in the case of overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services—Renaissance HEL Trust 2006-3 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 2006-3, 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
25^th - 36^th	1.05% for the first month plus an additional 1/12th of 1.35% for each month thereafter
37^th - 48^th	2.40% for the first month plus an additional 1/12th of 1.60% for each month thereafter
49^th - 60^th	4.00% for the first month plus an additional 1/12th of 1.25% for each month thereafter
61^st - 72^nd	5.25% for the first month plus an additional 1/12th of 0.90% for each month thereafter
73^rd -84^th 85^th and thereafter	6.15% for the first month plus an additional 1/12th of 0.25% for each month thereafter 6.40%

“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 September 1, 2006 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., $824,999,010.80).

“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 43.85% 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 “AAA” by S&P or “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.

“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 November 2036.

“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 Ratings, 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 September 7, 2006, 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 September 28, 2006, among the Issuer, the Indenture Trustee and the Securities Administrator, relating to the Renaissance Home Equity Loan Trust 2006-3, Home Equity Loan Asset-Backed Notes, Series 2006-3.

“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”: $989.20.

“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 October 2006, 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 October 2006, the period from and including the Closing Date and ending on October 24, 2006. 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 1992 ISDA Master Agreement (Multicurrency-Cross Border) dated as of September 28, 2006 (together with the schedule thereto, the Master Agreement) between the Swap Provider and the Trust and a confirmation of the same date, which supplements and forms part of the Master Agreement.

“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 2006-3, 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, 0.0150% 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 September 28, 2006, 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 Telerate Page 3750 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. “Telerate Page 3750” means the display designated as page 3750 on Bridge Telerate Service (or such other page as may replace page 3750 on that service for the purpose of displaying London interbank offered rates of major banks). 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	0.060%	0.120%
Class AV-2	0.150%	0.300%
Class AV-3	0.240%	0.480%

__________

⁽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	5.917% per annum⁽¹⁾
Class AF-2	5.580% per annum⁽¹⁾
Class AF-3	5.586% per annum⁽¹⁾
Class AF-4	5.812% per annum⁽¹⁾
Class AF-5	6.120% per annum⁽¹⁾
Class AF-6	5.731% per annum⁽¹⁾
Class M-1	6.019% per annum⁽¹⁾
Class M-2	6.068% per annum⁽¹⁾
Class M-3	6.118% per annum⁽¹⁾
Class M-4	6.217% per annum⁽¹⁾
Class M-5	6.266% per annum⁽¹⁾
Class M-6	6.484% per annum⁽¹⁾
Class M-7	6.959% per annum⁽¹⁾
Class M-8	7.157% per annum⁽¹⁾
Class M-9	7.500% per annum⁽¹⁾
Class N-1	6.413% per annum⁽¹⁾
Class N-2	7.385% 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%.

“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 25^th day of each month, or, if such day is not a Business Day, then the next Business Day, beginning in October 2006.

“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 16^th 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 15^th 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 September 7, 2006.

“Prospectus Supplement”: The prospectus supplement dated September 8, 2006 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, S&P and Fitch, 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) 3.00% 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 3.00% and the Cut-Off Date Pool Balance and (y) the product of 6.00% 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 12.00% 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) 69.50% 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 5.10% 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) 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 (vi) 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 September 28, 2006, 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 October 2009 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 36.50%.

“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 a forty-year amortization 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”: 5.1775% 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 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 LIBOR”: A per annum rate equal to the floating rate payable by the Swap Provider under the Interest Rate Swap Agreement.

“Swap Provider”: 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 2006-3.

“Trust Agreement”: The Trust Agreement, dated as of September 27, 2006, between the Owner Trustee and the Depositor together with the Amended and Restated Trust Agreement dated as of September 28, 2006, 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”: J.P. Morgan Securities Inc., Greenwich Capital Markets, Inc., Banc of America Securities LLC and Citigroup Global Markets Inc., or their successors.

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

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

AGGREGATE NOTE BALANCE: $_____________________	NOTE RATE:
INITIAL NOTE BALANCE OF THIS BOND: $_____________________	BOND NO. 1
PERCENTAGE INTEREST: 100%	CUSIP NO. [ ]

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)

AGGREGATE NOTE BALANCE: $_____________________	NOTE RATE:
INITIAL NOTE BALANCE OF THIS BOND: $_____________________	BOND NO. 1
PERCENTAGE INTEREST: 100%	CUSIP NO. [ ]

Class AV-1	$	56,800,000
Class AV-2	$	23,500,000
Class AV-3	$	29,700,000
Class AF-1	$	194,300,000
Class AF-2	$	116,400,000
Class AF-3	$	82,200,000
Class AF-4	$	68,400,000
Class AF-5	$	46,694,000
Class AF-6	$	56,444,000
Class M-1	$	25,988,000
Class M-2	$	24,338,000
Class M-3	$	14,438,000
Class M-4	$	14,025,000
Class M-5	$	11,963,000
Class M-6	$	10,313,000
Class M-7	$	9,075,000
Class M-8	$	8,250,000
Class M-9	$	7,425,000
Class N-1	$	29,700,000
Class N-2	$	4,700,000

RENAISSANCE HOME EQUITY LOAN TRUST 2006-3, as Issuer By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee

By:	/s/ Patricia A. Evans
Name:	Patricia A. Evans
Title:	Vice President


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/ Sandra Whalen
Name:	Sandra Whalen
Title:	Vice President

For purposes of Section 6.07: WELLS FARGO BANK, N.A., as Master Servicer

By:	/s/ Sandra Whalen
Name:	Sandra Whalen
Title:	Vice President

RENAISSANCE HOME EQUITY LOAN TRUST 2006-3 BY: WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as Owner Trustee

By:
	Authorized Signatory

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

By:
	Authorized Signatory

Renaissance Home Equity Loan Trust 2006-3 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



DATE:	28th September 2006

TO:	Renaissance Home Equity Loan Trust 2006-3
	c/o Wilmington Trust Company
	1100 North Market St.
	Wilmington, DE 19890 - 0001
ATTENTION:	Corporate Trust Administration

With copy to:	Wells Fargo Bank, N.A.
	9062 Old Annapolis Road
	Columbia, MD 21045
	Attention: Client Manager - Renaissance 06-3
	Tel: 410-884-2000
	Fax: 410-715-2380

FROM:	Bank of America, N.A.
	Sears Tower
	233 South Wacker Drive, Suite 2800
	Chicago, IL 60606

OUR REFERENCE NO:	13986007

INTERNAL TRACKING NOS.:	13986007

Type of Transaction:		Interest Rate Swap

Notional Amount:		With respect to any Calculation Period, the amount set forth for such period on Schedule I attached hereto.

Trade Date:		8^th September 2006

Effective Date:		25^th October 2006

Termination Date:		25^th October 2009, subject to adjustment in accordance with the Modified Following Business Day Convention

Fixed Amount:

	Fixed Rate Payer:	Party B

	Fixed Rate Payer
	Period End Dates:	The 25^th of each Month, commencing 25^th November 2006 and ending on the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.

	Fixed Rate Payer
	Payment Dates:	Early Payment shall be applicable. Each Fixed Rate Payer Payment Date shall be one Business Day prior to the related Fixed Rate Payer Period End Date.

	Fixed Rate:	5.17750 per cent

	Fixed Rate Day
	Count Fraction:	30/360

Floating Amounts:

	Floating Rate Payer:	Party A

	Floating Rate Payer
	Period End Dates:	The 25^th of each Month, commencing 25^th November 2006 and ending on the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.

	Floating Rate Payer
	Payment Dates:	Early Payment shall be applicable. Each Floating Rate Payer Payment Date shall be one Business Day prior to the related Floating Rate Payer Period End Date.

	Floating Rate for
	Initial Calculation
	Period:	to be determined

	Floating Rate Option:	USD-LIBOR-BBA

	Designated Maturity:	1 Month

	Spread:	None

	Floating Rate Day
	Count Fraction:	Actual/360

	Reset Dates:	The first day of each Calculation Period

	Compounding:	Inapplicable


Business Days:		New York


Calculation Agent:		Party A

Party required to deliver document	Form/Document/ Certificate	Date by which to be delivered

Party A and Party B	Any document required or reasonably requested to allow the other party to make payments under this Agreement without any deduction or withholding for or on the account of any Tax or with such deduction or withholding at a reduced rate	Promptly after the earlier of (i) reasonable demand by either party or (ii) learning that such form or document is required

Party A	Annual Report of Bank of America Corporation containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the country in which such party is organized.	To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 90 days after the end of each fiscal year of Party A.	Yes
Party A and Party B	Legal opinion from counsel for such party.	Upon the execution and delivery of this Agreement and such Confirmation	No
Party B	A duly executed copy of the Indenture.	Upon the execution and receipt of such Indenture.	No
Party B	Copy of each monthly servicer report.	Upon availability	No

5.	Account Details and Settlement Information:	Payments to Party A:

		As advised under separate cover with reference to this Confirmation, each party shall provide appropriate payment instructions to the other party in writing and such instructions shall be deemed to be incorporated into this agreement.

		Payments to Party B:

		Wells Fargo Bank, N.A. ABA # 121000248 Account Name: SAS Clearing Account # 3970771416 FFC: 50950900

Calculation Period scheduled to commence on:	Calculation Period scheduled to end on:	Notional Amount (USD)
10/25/06	11/25/06	105,810,000.00
11/25/06	12/25/06	101,060,000.00
12/25/06	01/25/07	96,523,000.00
01/25/07	02/25/07	92,189,000.00
02/25/07	03/25/07	88,050,000.00
03/25/07	04/25/07	84,096,000.00
04/25/07	05/25/07	80,319,000.00
05/25/07	06/25/07	76,711,000.00
06/25/07	07/25/07	73,265,000.00
07/25/07	08/25/07	69,973,000.00
08/25/07	09/25/07	66,830,000.00
09/25/07	10/25/07	63,827,000.00
10/25/07	11/25/07	60,958,000.00
11/25/07	12/25/07	58,219,000.00
12/25/07	01/25/08	55,602,000.00
01/25/08	02/25/08	53,102,000.00
02/25/08	03/25/08	50,715,000.00
03/25/08	04/25/08	48,435,000.00
04/25/08	05/25/08	46,257,000.00
05/25/08	06/25/08	44,176,000.00
06/25/08	07/25/08	42,189,000.00
07/25/08	08/25/08	40,189,000.00
08/25/08	09/25/08	25,917,000.00
09/25/08	10/25/08	24,550,000.00
10/25/08	11/25/08	21,267,000.00
11/25/08	12/25/08	20,310,000.00
12/25/08	01/25/09	19,396,000.00
01/25/09	02/25/09	18,523,000.00
02/25/09	03/25/09	17,689,000.00
03/25/09	04/25/09	16,893,000.00
04/25/09	05/25/09	16,132,000.00
05/25/09	06/25/09	15,406,000.00
06/25/09	07/25/09	14,712,000.00
07/25/09	08/25/09	13,960,000.00
08/25/09	09/25/09	2,161,000.00
09/25/09	10/25/09	2,019,000.00

____	(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.

____	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.

_______	_______	Will the Transferee be purchasing the Transferred Notes
Yes	No	only for the Transferee’s own account?

____	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).

Print Name of Transferee or Adviser
By:
	Name
	Title


IF AN ADVISER:


Print Name of Transferee



Date: