Document:

<PAGE>
                                                                     EXHIBIT 4.5

<TABLE>
<S>                                                    <C>
AMBAC                                                                         Ambac Assurance Corporation
Certificate Guaranty Insurance Policy                                          c/o CT Corporation Systems
                                                         44 East Mifflin Street, Madison, Wisconsin 53703
                                                                                   Administrative Office:
                                                        One State Street Plaza, New York, New York  10004
                                                                                Telephone: (212) 668-0340

Insured Obligations:  $245,645,000 Greenpoint                 Policy Number:
Home Equity Loan Trust 1992-2, Home Equity                    AB0330BE
Loan Asset-Backed Notes, Series 1992-2,
Class A-1 and Class A-2
                                                              Premium:  Calculated as set forth in the
                                                              Certificate Guaranty Insurance Policy
                                                              Endorsement attached hereto and made
                                                              a part hereof
</TABLE>

Ambac Assurance Corporation (Ambac) A Wisconsin Stock Insurance Company in
consideration of the payment of the premium and subject to the terms of this
Policy, hereby agrees unconditionally and irrevocably to pay to the Trustee for
the benefit of the Holders of the Insured Obligations, that portion of the
Insured Amounts which shall become Due for Payment but shall be unpaid by reason
of Nonpayment.

Ambac will make such payments to the Trustee from its own funds on the later of
(a) one (1) Business Day following notification to Ambac of Nonpayment or (b)
the Business Day on which the Insured Amounts are Due for Payment. Such payments
of principal or interest shall be made only upon presentation of an instrument
of assignment in form and substance satisfactory to Ambac, transferring to Ambac
all rights under such Insured Obligations to receive the principal of and
interest on the Insured Obligation. Ambac shall be subrogated to all the
Holders' rights to payment on the Insured Obligations to the extent of the
insurance disbursements so made. Once payments of the Insured Amounts have been
made to the Trustee, Ambac shall have no further obligation hereunder in respect
of such Insured Amounts.

In the event the Trustee for the Insured Obligations has notice that nay payment
of principal or interest on an Insured Obligation which has become Due for
Payment and which is made to a Holder by or on behalf of the Trustee has been
deemed a preferential transfer and theretofore recovered from its Holder
pursuant to the United States Bankruptcy Code in accordance with a final,
nonappealable order of a court of competent jurisdiction, such Holder will be
entitled to payment from Ambac to the extent of such recovery if sufficient
funds are not otherwise available.

This Policy is noncancelable by Ambac for any reason, including failure to
receive payment of any premium due hereunder. The premium on this Policy is not
refundable for any reason. This Policy does not insure against loss of any
prepayment or other acceleration payment which at any time may become due in
respect of any Insured Obligation, other than at the sole option of Ambac, nor
against any risk other than Nonpayment, including failure of the Trustee to make
any payment due Holders of Insured Amounts.

To the fullest extent permitted by applicable law, Ambac hereby waives and
agrees not to assert any and all rights and defenses, to the extent such rights
and defenses may be available to Ambac, to avoid payment of its obligations
under this Policy in accordance with the express provisions hereof.

Any capitalized terms not defined herein shall have the meaning given such terms
in the endorsement attached hereto or in the Agreement.

In witness whereof, Ambac has caused this Policy to be affixed with its
corporate seal and to be signed by its duly authorized officers in facsimile to
become effective as their original signatures and binding upon Ambac by virtue
of the countersignature of its duly authorized representative.

/s/ P. Lassiter                                 /s/ Stephen D. Cooke
President                                       Secretary

                                                /s/ [Authorized Representative]
Effective Date:  December 22, 1999              Authorized Representative
<PAGE>

                   CERTIFICATE GUARANTY INSURANCE ENDORSEMENT

Attached to and forming                           Effective Date of Endorsement:
part of Policy #AB0330BE                                       December 22, 1999
issued to:

Bank One, National Association,
as Indenture Trustee for the Holders of
GreenPoint Home Equity Loan Asset-Backed
Notes, Series 1999-2

         For all purposes of this Policy, the following terms shall have the
following meanings:

         "Agreement" shall mean the Sale and Servicing Agreement dated as of
December 1, 1999 between GreenPoint Mortgage Securities Inc., as Sponsor,
GreenPoint Mortgage Funding, Inc., as Servicer, and GreenPoint Home Equity Loan
Trust 1999-2, as Issuer, as such Agreement may be amended, modified or
supplemented from time to time as set forth in the Agreement.

         "Certificate Insurance Policy" or "Policy" shall mean this Certificate
Guaranty Insurance Policy together with each and every endorsement hereto.

         "Collection Account" shall mean the account created and maintained with
the Trustee for the benefit of the Holders and the Insurer pursuant to Section
8.3 of the Indenture.

         "Deficiency Amount" means, for each Payment Date, the excess, if any,
of Required Payments over the Net Available Distribution Amount for such Payment
Date.

         "Due for Payment" shall mean with respect to any Insured Payment or
Preference Amount, the date such amount is due and payable pursuant to the terms
of the Agreement.

         "First Payment Date" shall mean January 18, 2000.

         "Holder" shall mean any person who is the registered owner or
beneficial owner of any Notes.
<PAGE>

                                       -2-

         "Indenture" shall mean the Indenture between GreenPoint Home Equity
Loan Trust 1999-2, as Issuer and Bank One, National Association as Indenture
Trustee, dated December 1, 1999.

         "Indenture Trustee" shall mean Bank One, National Association or its
successor-in-interest, in its capacity as Indenture trustee under the Indenture,
or if any successor Indenture trustee or any co-trustee shall be appointed as
provided therein, then "Indenture Trustee" shall also mean such successor
trustee or such co-trustee, as the case may be, subject to the provisions
thereof.

         "Insurance Agreement" shall mean the Insurance and Indemnity Agreement,
dated as of December 22, 1999, among GreenPoint Mortgage Securities Inc., as
Sponsor, GreenPoint Mortgage Funding, Inc., as Servicer, Bank One, National
Association, as Indenture Trustee, Ambac Assurance Corporation, as Insurer, and
GreenPoint Home Equity Loan Trust 1999-2, as Issuer, as such Agreement may be
amended, modified or supplemented from time to time.

         "Insured Amounts" shall mean, with respect to any Payment Date, the
Deficiency Amount for such Payment Date.

         "Insured Payments" shall mean, with respect to any Payment Date, the
aggregate amount actually paid by the Insurer to the Indenture Trustee in
respect of (i) Insured Amounts for such Payment Date and (ii) Preference Amounts
for any given Business Day.

         "Insurer" shall mean Ambac Assurance Corporation, or any successor
thereto, as issuer of this Policy.

         "Late Payment Rate" shall mean for any Payment Date, the greater of (i)
the rate of interest, as it is publicly announced by Citibank, N.A. at its
principal office in New York, New York as its prime rate (any change in such
prime rate of interest to be effective on the date such change is announced by
Citibank, N.A.) plus 2% and (ii) the then applicable highest rate of interest on
the Notes. The Late Payment Rate shall be computed on the basis of a year of 360
days and the actual number of days elapsed. In no event shall the Late Payment
Rate exceed the maximum rate permissible under any applicable law limiting
interest rates.

         "Net Available Distribution Amount" means, with respect to any Payment
Date, the sum of (i) the Total Available Funds on such Payment Date minus (ii)
the Indenture Trustee's Fee and the Premium Amount.

         "Nonpayment" shall mean, with respect to any Payment Date, an Insured
Amount is Due for Payment but has not been paid pursuant to the Agreement.
<PAGE>

                                      -3-

         "Notes" shall mean any one of the GreenPoint Home Equity Loan
Asset-Backed Notes, Series 1999-2, Class A-1 and Class A-2, substantially in the
form set forth in Exhibit A and Exhibit B to the Indenture.

         "Notice" shall mean the telephonic or telegraphic notice, promptly
confirmed in writing by telecopy substantially in the form of Exhibit A to the
Policy, the original of which is subsequently delivered by registered or
certified mail, from the Trustee specifying the Insured Amount which shall be
due and owing on the applicable Payment Date.

         "Payment Date" shall mean the 15th day of any month (or if such 15th
day is not a Business Day the first Business Day immediately following)
beginning with the First Payment Date.

         "Preference Amount" means any payment of principal or interest on a
Note which has become Due for Payment and which is made to a Holder by or on
behalf of the Indenture Trustee which has been deemed a preferential transfer
and theretofore recovered from its Holder pursuant to the United States
Bankruptcy Code in accordance with a final, nonappealable order of a court of
competent jurisdiction.

         "Premium Percentage" shall have the meaning set forth in the Insurance
Agreement.

         "Reimbursement Amount" shall mean, as to any Payment Date, the sum of
(x) (i) all Insured Payments paid by the Insurer, but for which the Insurer has
not been reimbursed prior to such Payment Date pursuant to Section 8.5(d)(vi)of
the Indenture, plus (ii) interest accrued thereon, calculated at the Late
Payment Rate from the date the Indenture Trustee received the related Insured
Payments, and (y) without duplication (i) any amounts then due and owing to the
Insurer under the Insurance Agreement plus (ii) interest on such amounts at the
Late Payment Rate.

         "Relief Act Shortfalls" shall mean interest shortfalls resulting from
the application of the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.

         "Required Payments" shall mean, (a) for any Payment Date, the sum of
(i) the Interest Payment Amount (excluding any Relief Act Shortfalls) and (ii)
any Overcollateralization Deficit and (b) on the Final Scheduled Payment Date,
the outstanding Note Principal Balance.

         "Trust Agreement" shall mean the Trust Agreement between GreenPoint
Mortgage Securities Inc., as Sponsor and Wilmington Trust Company as Owner
Trustee, dated as of December 1, 1999.

         Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in Annex A to the Indenture or the Trust Agreement.

         As provided by the Policy, the Insurer will pay any Insured Amount
payable hereunder, no later than 12:00 noon, New York City time, on the later of
the Payment Date on which such Insured
<PAGE>

                                      -4-

Amount is due or the Business Day following receipt in New York, New York on a
Business Day by the Insurer of a Notice; provided that, if such Notice is
received after 12:00 noon, New York City time, on such Business Day, it will be
deemed to be received on the following Business Day. If any such Notice is not
in proper form or is otherwise insufficient for the purpose of making a claim
under the Policy, it shall be deemed not to have been received for purposes of
this paragraph, and the Insurer shall promptly so advise the Indenture Trustee
and the Indenture Trustee may submit an amended Notice.

         The Insurer shall pay any Preference Amount when due to be paid
pursuant to the Order referred to below, but in any event on the Payment Date
next following receipt on a Business Day by the Insurer of (i) a certified copy
of a final, non-appealable order of a court or other body exercising
jurisdiction in such insolvency proceeding to the effect that the Indenture
Trustee or the Holder is required to return such Preference Amount paid during
the term of this Certificate Insurance Policy because such payments were avoided
as a preferential transfer or otherwise rescinded or required to be restored by
the Indenture Trustee or the Holder (the "Order"), (ii) a certificate by or on
behalf of the Indenture Trustee that the Order has been entered and is not
subject to any stay, (iii) an assignment, in form and substance satisfactory to
the Insurer, duly executed and delivered by the Indenture Trustee, irrevocably
assigning to the Insurer all rights and claims of the Indenture Trustee or the
Holder relating to or arising under the Agreement against the estate of the
Indenture Trustee or otherwise with respect to such Preference Amount and (iv) a
Notice of Nonpayment (attached hereto as Exhibit A) appropriately completed and
executed by the Indenture Trustee. Such payment shall be disbursed to the
receiver, conservator, debtor-in-possession or trustee in bankruptcy named in
the Order, and not to the Indenture Trustee or the Holder, as applicable,
directly, unless the Indenture Trustee or the Holder, as applicable, has made a
payment of the Preference Amount to the court or such receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order, in which case
the Insurer will pay the Indenture Trustee on behalf of the Holder, subject to
the delivery of (a) the items referred to in clauses (i), (ii), (iii) and (iv)
above to the Insurer and (b) evidence satisfactory to the Insurer that payment
has been made to such court or receiver, conservator, debtor-in-possession or
trustee in bankruptcy named in the Order.

         The Insurer hereby agrees that if it shall be subrogated to the rights
of Holders by virtue of any Insured Payment under this Policy, no recovery of
such payment will occur unless the full amount of the Holders' allocable
distributions for such Payment Date can be made. In so doing, the Insurer does
not waive its rights to seek full payment of all Reimbursement Amounts owed to
it under the Agreement.

         The terms and provisions of the Agreement constitute the instrument of
assignment referred to in the second paragraph of the face of this Policy.

         A premium will be payable on this Policy on each Payment Date as
provided in Section 8.6(d)(ii) of the Indenture, beginning with the first
Payment Date, in an amount equal to the Premium.
<PAGE>

                                      -5-

         CLAIMS ARISING UNDER THE POLICY WOULD BE EXCLUDED FROM COVERAGE BY THE
CALIFORNIA INSURANCE GUARANTY ASSOCIATION ESTABLISHED PURSUANT TO THE LAWS OF
CALIFORNIA.

         THE INSURANCE PROVIDED BY THE POLICY IS NOT COVERED BY THE
PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.

         The Policy to which this Endorsement is attached and of which it forms
a part is hereby amended to provide that there shall be no acceleration payment
due under the Policy unless such acceleration is at the sole option of the
Insurer.

         Nothing herein contained shall be held to vary, alter, waive or extend
any of the terms, conditions, provisions, agreements or limitations of the above
mentioned Policy other than as above stated.

         This Policy expires and terminates without any action on the part of
the Insurer or any other person on the date that is one year and one day
following the date on which the Notes have been paid in full.

         This Policy is issued under and pursuant to, and shall be construed
under, the laws of the State of New York.
<PAGE>

         IN WITNESS WHEREOF, the Insurer has caused this Endorsement to the
Policy to be signed by its duly authorized officers.

/s/                                             /s/ Jeff D. Nabi
-----------------------------                   ------------------------------
Assistant Secretary                             Vice President
<PAGE>

                                       A-1

                                    EXHIBIT A
                  TO THE CERTIFICATE GUARANTY INSURANCE POLICY
                               Policy No. AB0330BE

                         NOTICE OF NONPAYMENT AND DEMAND
                         FOR PAYMENT OF INSURED AMOUNTS

                                                          Date:  [             ]

Ambac Assurance Corporation
One State Street Plaza
New York, New York  10004
Attention:  General Counsel

                  Reference is made to Certificate Guaranty Insurance Policy No.
AB0330BE (the "Policy") issued by Ambac Assurance Corporation ("Ambac"). Terms
capitalized herein and not otherwise defined shall have the meanings specified
in the Policy and the Indenture, as the case may be, unless the context
otherwise requires.

                  The Trustee hereby certifies as follows:

                  1.       The Indenture Trustee is the Indenture Trustee under
                           the Indenture for the Holders.

                  2.       The relevant Payment Date is [date].

                  3.       Payment on the Notes in respect of the Payment Date
                           is due to be received on __________________ under the
                           Indenture in an amount equal to $___________________.

                  4.       There is an Insured Amount of $______________________
                           in respect of the Notes, which amount is Due for
                           Payment pursuant to the terms of the Indenture.

                  5.       The Indenture Trustee has not heretofore made a
                           demand for the Insured Amount in respect of the
                           Payment Date.

                  6.       The Indenture Trustee hereby requests the payment of
                           the Insured Amount that is Due For Payment be made by
                           Ambac under the Policy and directs that

<PAGE>

                                      A-2

                           payment under the Policy be made to the following
                           account by bank wire transfer of federal or other
                           immediately available funds in accordance with the
                           terms of the Policy to: __________________________
                           Indenture Trustee's account number.

                  7.       The Indenture Trustee hereby agrees that, following
                           receipt of the Insured Amount from Ambac, it shall
                           (a) hold such amounts in trust and apply the same
                           directly to the distribution of payment on the Notes
                           when due; (b) not apply such funds for any other
                           purpose; (c) deposit such funds to the Collection
                           Account and not commingle such funds with other funds
                           held by Indenure Trustee and (d) maintain an accurate
                           record of such payments with respect to each
                           certificate and the corresponding claim on the Policy
                           and proceeds thereof.

                                                By:
                                                    ----------------------------
                                                            Trustee

                                                Title:
                                                       -------------------------
                                                            (Officer)<PAGE>
                                                                    EXHIBIT 10.1

                           AMBAC ASSURANCE CORPORATION

                                       and

                         GREENWICH CAPITAL MARKETS, INC.

                            INDEMNIFICATION AGREEMENT

                    GREENPOINT HOME EQUITY LOAN TRUST 1999-2

                          Dated as of December 15, 1999

<PAGE>

                                TABLE OF CONTENTS

         (This Table of Contents is for convenience of reference only and shall
not be deemed to be part of this Indemnification Agreement. All capitalized
terms used in this Indemnification Agreement and not otherwise defined shall
have the meanings set forth in Article I of this Indemnification Agreement.)

                                                                           Page
                                                                           ----
         Section 1.  Defined Terms............................................1
         Section 2.  Other Definitional Provisions............................2
         Section 3.  Representations and Warranties of the Underwriter........2
         Section 4.  Representations and Warranties of the Insurer............2
         Section 5.  Indemnification..........................................3
         Section 6.  Amendments, Etc..........................................5
         Section 7.  Notices..................................................5
         Section 8.  Severability.............................................6
         Section 9.  Governing Law............................................6
         Section 10. Counterparts.............................................6
         Section 11. Headings.................................................6

                                      (i)
<PAGE>

         INDEMNIFICATION AGREEMENT dated as of December 15, 1999 (the
"Indemnification Agreement"), by and between AMBAC ASSURANCE CORPORATION, as
Insurer, and GREENWICH CAPITAL MARKETS, INC. (the "Underwriter").

         Section 1. Defined Terms. Unless the context clearly requires
otherwise, all capitalized terms used but not defined herein shall have the
respective meanings assigned to them in Annex A to the Indenture, the Insurance
Agreement or the Policy. For purposes of this Indemnification Agreement, the
following terms shall have the following meanings:

         "Indenture" means the Indenture (as may be amended, modified or
supplemented from time to time as set forth therein) dated as of December 1,
1999 by and between the Issuer and the Indenture Trustee, relating to the
GreenPoint Home Equity Loan Asset-Backed Notes, Series 1999-2.

         "Insurance Agreement" means the Insurance and Indemnity Agreement (as
may be amended, modified or supplemented from time to time) dated as of December
22, 1999 by and among GreenPoint Mortgage Securities Inc., as Sponsor,
GreenPoint Mortgage Funding, Inc., as Servicer, the Insurer, the Trust, as
Issuer, and the Indenture Trustee.

         "Insurer" means Ambac Assurance Corporation, or any successor thereto,
as issuer of the Policy.

         "Insurer Information" has the meaning given such term in Section 4.

         "Material Adverse Change" means, in respect of any Person, a material
adverse change in (i) the business, financial condition, results of operations
or properties of such Person on a consolidated basis with its subsidiaries or
(ii) the ability of such Person to perform its obligations under any of the
Company Documents.

         "Offering Document" means the Prospectus Supplement, dated December 15,
1999, in respect of the Notes, and any amendment or supplement thereto, and any
other offering document in respect of the Notes that makes reference to the
Policy.

         "Securities Act" means the Securities Act of 1933, including, unless
the context otherwise requires, the rules and regulations thereunder, as amended
from time to time.

         "Securities Exchange Act" means the Securities Exchange Act of 1934,
including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time.

         "Underwriter" means Greenwich Capital Markets, Inc.

         "Underwriter Information" has the meaning given such term in Section 3.
<PAGE>

         Section 2. Other Definitional Provisions. The words "hereof," "herein"
and "hereunder" and words of similar import when used in this Indemnification
Agreement shall refer to this Indemnification Agreement as a whole and not to
any particular provision of this Indemnification Agreement, and Section,
subsection, Schedule and Exhibit references are to this Indemnification
Agreement unless otherwise specified. The meanings given to terms defined herein
shall be equally applicable to both the singular and plural forms of such terms.
The words "include" and "including" shall be deemed to be followed by the phrase
"without limitation."

         Section 3. Representations and Warranties of the Underwriter. The
Underwriter represents and warrants as of the Closing Date as follows:

                  (a) Compliance With Laws. The Underwriter will comply in all
         material respects with all legal requirements in connection with offers
         and sales of the Notes and will make such offers and sales in the
         manner to be provided in the Offering Document.

                  (b) Offering Document. The Underwriter will not use, or
         distribute to other broker-dealers for use, any Offering Document in
         connection with the offer and sale of the Notes unless such Offering
         Document includes such information relating to the Insurer as has been
         furnished by the Insurer for inclusion therein and has been approved by
         the Insurer.

                  (c) Underwriter Information. All material provided by the
         Underwriter for inclusion in the Offering Document (as revised from
         time to time), is true and correct in all material respects, it being
         understood and agreed that the only such information furnished by the
         Underwriter consists of the following information (collectively, the
         "Underwriter Information"): the information contained in the fifth
         paragraph under the caption "Underwriting" in the Offering Document.

         Section 4. Representations and Warranties of the Insurer. The Insurer
represents and warrants to the Underwriter as follows:

                  (a) Organization and Licensing. The Insurer is a duly
         organized and licensed and validly existing Wisconsin stock insurance
         company duly qualified to conduct an insurance business in the State of
         New York.

                  (b) Corporate Power. The Insurer has the corporate power and
         authority to issue the Policy and execute this Indemnification
         Agreement and to perform all of its obligations hereunder and
         thereunder.

                  (c) Authorization; Approvals. Proceedings legally required for
         the issuance of the Policy and the execution, delivery and performance
         of this Indemnification Agreement have been taken and all material
         licenses, orders, consents or other authorizations or approvals of any
         governmental boards or bodies legally required for the enforceability
         of the Policy have been obtained or are not material to the
         enforceability of the Policy.

                                       2
<PAGE>

                  (d) Enforceability. The Policy, when issued, and this
         Indemnification Agreement will each constitute a legal, valid and
         binding obligation of the Insurer, enforceable in accordance with its
         terms, subject to insolvency, reorganization, moratorium, receivership
         and other similar laws affecting creditors' rights generally and by
         general principles of equity and subject to principles of public policy
         limiting the right to enforce the indemnification provisions contained
         therein and herein, insofar as such provisions relate to
         indemnification for liabilities arising under federal securities laws.

                  (e) Financial Information. The consolidated financial
         statements of the Insurer and subsidiaries as of December 31, 1998 and
         December 31, 1997, and for each of the years in the three-year period
         ended December 31, 1998, prepared in accordance with generally accepted
         accounting principles, included in the Annual Report on Form 10-K of
         Ambac Financial Group, Inc. (which was filed with the Commission on
         March 30, 1999; Commission File Number 1-10777) and the unaudited
         consolidated financial statements of the Insurer and subsidiaries as of
         September 30, 1999 and for the periods ending September 30, 1999 and
         September 30, 1998 included in the Quarterly Report on Form 10-Q of
         Ambac Financial Group, Inc. for the period ended September 30, 1999
         (which was filed with the Commission on November 12, 1999), which are
         incorporated by reference in the Offering Document, fairly present in
         all material respects the financial condition of the Insurer as of such
         dates and for the periods covered by such statements in accordance with
         generally accepted accounting principles consistently applied. Since
         September 30, 1999, there has been no change in the financial condition
         of the Insurer that would materially and adversely affect its ability
         to perform its obligations under the Policy.

                  (f) Insurer Information. The information in the Offering
         Document as of the date hereof under the caption "THE INSURER AND THE
         POLICY" (the "Insurer Information") is true and correct in all material
         respects and does not contain any untrue statement of a material fact.

                  (g) Rating. The Insurer is not aware of any facts that if
         disclosed to Moody's or S&P would be reasonably expected to result in a
         downgrade of the rating of the financial strength rating of the Insurer
         by either of such Rating Agencies.

                  (h) No Litigation. There are no actions, suits, proceedings or
         investigations pending or, to the best of the Insurer's knowledge,
         threatened against it at law or in equity or before or by any court,
         governmental agency, board or commission or any arbitrator which, if
         decided adversely, would result in a Material Adverse Change or would
         materially and adversely affect its ability to perform its obligations
         under the Policy, this Indemnification Agreement or the Insurance and
         Indemnity Agreement.

                  (i) Securities Act Registration. The Policy is exempt from
         registration under the Securities Act.

                                       3
<PAGE>

         Section 5. Indemnification.

                  (a) The Underwriter hereby agrees to pay, and to protect,
         indemnify and hold harmless, the Insurer and its officers, directors,
         shareholders, employees, agents and each Person, if any, who controls
         the Insurer within the meaning of either Section 15 of the Securities
         Act or Section 20 of the Securities Exchange Act from and against, any
         and all claims, losses, liabilities (including penalties), actions,
         suits, judgments, demands, damages, costs or expenses (including
         reasonable fees and expenses of attorneys, consultants and auditors and
         reasonable costs of investigations) of any nature arising out of or by
         reason of any untrue statement of a material fact or an omission to
         state a material fact necessary in order to make the statements therein
         in light of the circumstances in which they were made not misleading,
         contained in the Underwriter Information or a breach of any of the
         representations and warranties of the Underwriter contained in Section
         3.

                  (b) The Insurer agrees to pay, and to protect, indemnify and
         hold harmless, the Underwriter and its respective officers, directors,
         shareholders, employees, agents and each Person, if any, who controls
         such Underwriter within the meaning of either Section 15 of the
         Securities Act or Section 20 of the Securities Exchange Act from and
         against, any and all claims, losses, liabilities (including penalties),
         actions, suits, judgments, demands, damages, costs or expenses
         (including reasonable fees and expenses of attorneys, consultants and
         auditors and reasonable costs of investigations) of any nature arising
         out of or by reason of any untrue statement of a material fact or an
         omission to state a material fact necessary in order to make the
         statements therein in light of the circumstances in which they were
         made not misleading, contained in the Insurer Information or a breach
         of any of the representations and warranties of the Insurer contained
         in Section 4.

                  (c) If any action or proceeding (including any governmental
         investigation) shall be brought or asserted against any Person
         (individually, an "Indemnified Party" and, collectively, the
         "Indemnified Parties") in respect of which the indemnity provided in
         this Section 5(a) or (b) may be sought from the Underwriter, on the one
         hand, or the Insurer, on the other (each, an "Indemnifying Party")
         hereunder, each such Indemnified Party shall promptly notify the
         Indemnifying Party in writing, and the Indemnifying Party shall assume
         the defense thereof, including the employment of counsel satisfactory
         to the Indemnified Party and the payment of all expenses. The
         Indemnified Party shall have the right to employ separate counsel in
         any such action and to participate in the defense thereof at the
         expense of

                                       4
<PAGE>

         the Indemnified Party; provided, however, that the fees and expenses of
         such separate counsel shall be at the expense of the Indemnifying Party
         if (i) the Indemnifying Party has agreed to pay such fees and expenses,
         (ii) the Indemnifying Party shall have failed to assume the defense of
         such action or proceeding and employ counsel reasonably satisfactory to
         the Indemnified Party in any such action or proceeding or (iii) the
         named parties to any such action or proceeding (including any impleaded
         parties) include both the Indemnified Party and the Indemnifying Party,
         and the Indemnified Party shall have been advised by counsel that there
         may be one or more legal defenses available to it which are different
         from or additional to those available to the Indemnifying Party (in
         which case, if the Indemnified Party notifies the Indemnifying Party in
         writing that it elects to employ separate counsel at the expense of the
         Indemnifying Party, the Indemnifying Party shall not have the right to
         assume the defense of such action or proceeding on behalf of such
         Indemnified Party, it being understood, however, that the Indemnifying
         Party shall not, in connection with any one such action or proceeding
         or separate but substantially similar or related actions or proceedings
         in the same jurisdiction arising out of the same general allegations or
         circumstances, be liable for the reasonable fees and expenses of more
         than one separate firm of attorneys at any time for the Indemnified
         Parties, which firm shall be designated in writing by the Indemnified
         Party). The Indemnifying Party shall not be liable for any settlement
         of any such action or proceeding effected without its written consent
         to the extent that any such settlement shall be prejudicial to the
         Indemnifying Party, but, if settled with its written consent, or if
         there is a final judgment for the plaintiff in any such action or
         proceeding with respect to which the Indemnifying Party shall have
         received notice in accordance with this subsection (c), the
         Indemnifying Party agrees to indemnify and hold the Indemnified Parties
         harmless from and against any loss or liability by reason of such
         settlement or judgment.

                  (d) To provide for just and equitable contribution if the
         indemnification provided by the Indemnifying Party is determined to be
         unavailable or insufficient to hold harmless any Indemnified Party
         (other than due to application of this Section), each Indemnifying
         Party shall contribute to the losses incurred by the Indemnified Party
         on the basis of the relative fault of the Indemnifying Party, on the
         one hand, and the Indemnified Party, on the other hand provided, that
         the Underwriter shall not be liable for any amount in excess of (i) the
         excess of the sales prices of the Offered Notes to the public over the
         prices paid therefor by the Underwriter over (ii) the aggregate amount
         of any damages which the Underwriter has otherwise been required to pay
         in respect of the same or any substantially similar claim.

                  The relative fault of each Indemnifying Party, on the one
         hand, and each Indemnified Party, on the other, shall be determined by
         reference to, among other things, whether the breach of, or alleged
         breach of, any of its representations and warranties set forth was
         within the control of, the Indemnifying Party or the Indemnified Party,
         and the parties relative intent, knowledge, access to information and
         opportunity to correct or prevent such breach.

                  No person guilty of fraudulent misrepresentation (within the
         meaning of Section (11)(f) of the Securities Act) shall be entitled to
         contribution from any person who was not guilty of such fraudulent
         misrepresentation.

         Section 6. Amendments, Etc. This Indemnification Agreement may be
amended, modified, supplemented or terminated only by written instrument or
written instruments signed by the parties hereto.

         Section 7. Notices. All demands, notices and other communications to be
given hereunder shall be in writing (except as otherwise specifically provided
herein) and shall be mailed by registered mail or personally delivered and
telecopied to the recipient as follows:

                                       5
<PAGE>

                  (a)      To the Insurer:

                           Ambac Assurance Corporation
                           One State Street Plaza
                           New York, New York  10004

                           Attention:  Structured Finance Department--MBS
                           Telecopy No.:  212-363-1459
                           Confirmation:  212-668-0340

                  (b)      To the Underwriter:

                           Greenwich Capital Markets, Inc.
                           600 Steamboat Road
                           Greenwich, Connecticut 06830
                           Attention:  Legal Department
                           Telecopy No.:  203-618-2132
                           Confirmation:  203-625-2700

         A party may specify an additional or different address or addresses by
writing mailed or delivered to the other parties as aforesaid. All such notices
and other communications shall be effective upon receipt.

         Section 8. Severability. In the event that any provision of this
Indemnification Agreement shall be held invalid or unenforceable by any court of
competent jurisdiction, the parties hereto agree that such holding shall not
invalidate or render unenforceable any other provision hereof. The parties
hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by any party hereto is unavailable or unenforceable
shall not affect in any way the ability of such party to pursue any other remedy
available to it.

         Section 9. Governing Law. This Indemnification Agreement shall be
governed by and construed in accordance with the laws of the State of New York.

         Section 10. Counterparts. The Indemnification Agreement may be executed
in counterparts by the parties hereto, and all such counterparts shall
constitute one and the same instrument.

         Section 11. Headings. The headings of Sections and the Table of
Contents contained in this Indemnification Agreement are provided for
convenience only. They form no part of this Indemnification Agreement and shall
not affect its construction or interpretation.

                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this
Indemnification Agreement, all as of the day and year first above mentioned.

                                            AMBAC ASSURANCE CORPORATION,
                                                as Insurer

                                            By: /s/ Jeffrey D. Nabi
                                                --------------------------------
                                                Name:  Jeffrey D. Nabi
                                                Title: Vice President

                                            GREENWICH CAPITAL MARKETS, INC.,
                                                as Underwriter

                                            By: /s/ Frank Skibo
                                                --------------------------------
                                                Name:  Frank Skibo
                                                Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}]]