Common use of First Payment Loan Account Clause in Contracts

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo Bank, National Association, as Trustee of the Renaissance HEL Trust 2004-1 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May 2004 Distribution Date, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 Distribution Date. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo BankBank Minnesota, National Association, as Trustee of the Renaissance HEL Trust 20042003-1 3 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May 2004 November 2003 Distribution Date, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 November 2003 Distribution Date. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo JPMorgan Chase Bank, National Association, as Trustee of the Renaissance HEL Trust 20042003-1 2 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May 2004 August 2003 Distribution Date, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 Distribution DateDate immediately following the end of the Funding Period. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Wells Fargo BankBank Minnesota, National Association, as Trustee of the Renaissance HEL Trust 20042002-1 4 First Payment Loan Account”. The First Payment Loan Account shall be shaxx xx treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May 2004 Distribution DateDate immediately following the end of the Funding Period, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 Distribution DateDate immediately following the end of the Funding Period. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo BankBank Minnesota, National Association, as Trustee of the Renaissance HEL Trust 20042003-1 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May 2004 2003 Distribution Date, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 Distribution DateDate immediately following the end of the Funding Period. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo JPMorgan Chase Bank, National Association, as Trustee of the Renaissance HEL Trust 20042003-1 2 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May 2004 August 2003 Distribution Date, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 August 2003 Distribution Date. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller. ARTICLE V Payments and Statements to Certificateholders; Rights of Certificateholders

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo BankBank Minnesota, National Association, as Trustee of the Renaissance HEL Trust 20042002-1 3 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On each Distribution Date during the May 2004 Distribution DateFunding Period, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May 2004 Distribution DateDate immediately following the end of the Funding Period. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.

First Payment Loan Account. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated the First Payment Loan Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated “Xxxxx Fargo BankBank Minnesota, National Association, as Trustee of the Renaissance HEL Trust 20042003-1 4 First Payment Loan Account”. The First Payment Loan Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the First Payment Loan Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the First Payment Loan Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05. (b) On the Closing Date, the Seller will cause to be deposited the Original First Payment Loan Deposit into the First Payment Loan Account from the sale of the Offered Certificates. (c) On the May February 2004 Distribution Date, the Trustee shall transfer from the First Payment Loan Account to the Distribution Account the amount of interest at the related Loan Rate minus the applicable Servicing Fee Rate for each First Payment Loan that would have otherwise been received with respect to such Mortgage Loan if the related Obligor had been required to make a scheduled payment during the related Due Period (the “First Payment Loan Shortfall”). (d) On the Business Day immediately following the end of the Funding Period, the Trustee shall (i) calculate the amount of the First Payment Loan Shortfall, in respect of the Subsequent Mortgage Loans, for the following Distribution Date, (ii) withdraw from the First Payment Loan Account all amounts in excess of such First Payment Loan Shortfall, and (iii) pay such amounts to or upon the order of the Seller. (e) The Trustee shall close the First Payment Loan Account at the close of business on the May February 2004 Distribution Date. All amounts, if any, remaining on deposit in the First Payment Loan Account (after transfer of the related First Payment Loan Shortfall to the Distribution Account) on such day shall be paid to the Seller.