Document:

ex4.36

    

      EXHIBIT
        4.36

      AMENDED
        AND RESTATED PARENT GUARANTEE

      

      GUARANTEE,
        dated as of July 1, 2005, made by NAVISTAR INTERNATIONAL CORPORATION, a Delaware
        corporation (the “Guarantor”),
        in
        favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity,
        the “Administrative
        Agent”)
        for
        the lenders (the “Lenders”)
        parties to the Amended and Restated Credit Agreement, dated as of July 1,
        2005
        (as amended, supplemented or otherwise modified from time to time, the
“Credit
        Agreement”),
        among
        Navistar Financial Corporation (the “US
        Borrower”)
        and
        Arrendadora Financiera Navistar, S.A. DE C.V., Organización Auxiliar del
        Crédito, Servicios Financieros Navistar, S.A. DE C.V., Sociedad Financiera de
        Objeto Limitado and Navistar Comercial, S.A. DE C.V. (collectively, the
“Mexican
        Borrowers”;
        together with the US Borrower, the “Borrowers”),
        the
        Lenders, Bank of America, N.A., as syndication agent, The Bank of Nova Scotia,
        as documentation agent, and the Administrative Agent.

      

      W
        I T N E
        S S E T H:

      WHEREAS,
        pursuant to the Credit Agreement, certain of the Lenders have severally agreed
        to make Loans to the Mexican Borrowers upon the terms and subject to the
        conditions set forth therein;

      WHEREAS,
        it is a condition precedent to the obligation of the Lenders to make their
        respective Loans to the Mexican Borrowers under the Credit Agreement that
        the
        Guarantor shall have executed and delivered this Guarantee to the Administrative
        Agent for the ratable benefit of the Lenders; and

      WHEREAS,
        Guarantor owns, directly or indirectly, all of the capital stock of each
        of the
        Mexican Borrowers, and it is to the advantage of Guarantor that the Lenders
        make
        the Loans to the Mexican Borrowers;

      NOW,
        THEREFORE, in consideration of the premises and to induce the Administrative
        Agent and the Lenders to enter into the Credit Agreement and to induce the
        Lenders to make their respective loans to the Mexican Borrowers under the
        Credit
        Agreement, the Guarantor hereby agrees with the Administrative Agent, for
        the
        ratable benefit of the Lenders, as follows:

      

      1.  Defined
        Terms.
        (a)
        Unless
        otherwise defined herein, terms defined in the Credit Agreement and used
        herein
        shall have the meanings given to them in the Credit Agreement.

       

      (b)
          As
        used
        herein, “Mexican
        Obligations”
        means
        the unpaid principal of and interest on (including, without limitation, interest
        accruing after the maturity of the Mexican Revolving Loans and interest accruing
        after the filing of any petition in bankruptcy (“concurso”),
        or
        the commencement of any insolvency, reorganization or like proceeding, relating
        to any Mexican Borrower, whether or not a claim for post-filing or post-petition
        interest is allowed in such proceeding) the Mexican Revolving Loans and all
        other obligations and liabilities of the Mexican Borrowers to the Administrative
        Agent and the Lenders, whether direct or indirect, absolute or contingent,
        due
        or to become due, or now existing or hereafter incurred, which may

       

      

      

      

      

      

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      EXHIBIT
        4.36 (continued)

       

      arise
        under, out of, or in connection with, the Credit Agreement and any other
        document made, delivered or given in connection therewith, whether on account
        of
        principal, interest, reimbursement obligations, fees, indemnities, costs,
        expenses (including, without limitation, all reasonable fees and disbursements
        of counsel to the Administrative Agent and the Lenders that are required
        to be
        paid by the Mexican Borrowers pursuant to the terms of the Credit Agreement)
        or
        otherwise.

       

      (c)
          The
        words
“hereof,”“herein” and “hereunder” and words of similar import when used in this
        Guarantee shall refer to this Guarantee as a whole and not to any particular
        provision of this Guarantee, and section and paragraph references are to
        this
        Guarantee unless otherwise specified.

       

      (d)
          The
        meanings given to terms defined herein shall be equally applicable to both
        the
        singular and plural forms of such terms.

       

      2.  Guarantee.
        (a)
        The
        Guarantor hereby unconditionally and irrevocably guarantees to the
        Administrative Agent, for its own benefit and for the ratable benefit of
        the
        Lenders and their respective successors, indorsees, transferees and assigns,
        the
        prompt and complete payment and performance by each Mexican Borrower when
        due
        (whether at the stated maturity, by acceleration or otherwise) of the Mexican
        Obligations of such Mexican Borrower.

       

      (b)
          The
        Guarantor further agrees to pay any and all expenses (including, without
        limitation, all fees and disbursements of counsel) which may be paid or incurred
        by the Administrative Agent or any Lender in enforcing or collecting, any
        or all
        of the Mexican Obligations and/or enforcing any rights with respect to, or
        collecting against, the Guarantor under this Guarantee. This Guarantee shall
        remain in full force and effect until the Mexican Obligations are paid in
        full
        and the Commitments are terminated, notwithstanding that from time to time
        prior
        thereto any Mexican Borrower may be free from any Mexican
        Obligations.

       

      (c)
          The
        Guarantor agrees that whenever, at any time, or from time to time, it shall
        make
        any payment to the Administrative Agent or any Lender on account of its
        liability hereunder, it will notify the Administrative Agent or such Lender
        in
        writing that such payment is made under this Guarantee for such
        purpose.

       

      3.  No
        Subrogation.
        Notwithstanding any payment or payments made by the Guarantor hereunder,
        or any
        set-off or application of funds of the Guarantor by the Administrative Agent
        or
        any Lender, the Guarantor shall not be entitled to be subrogated to any of
        the
        rights of the Administrative Agent or any Lender against any Mexican Borrower
        or
        against any collateral security or guarantee or right of offset held by the
        Administrative Agent or any Lender for the payment of the Mexican Obligations,
        nor shall the Guarantor seek or be entitled to seek any contribution or
        reimbursement from any Mexican Borrower in respect of payments made by the
        Guarantor hereunder, until all amounts owing to the Administrative Agent
        and the
        Lenders by each Mexican Borrower on account of the Mexican Obligations are
        paid
        in full and the Commitments are terminated.

       

      

      

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      EXHIBIT
        4.36 (continued)

      

      4.  Amendments,
        etc. with respect to the Mexican Obligations; Waiver of Rights.
        The
        Guarantor shall remain obligated hereunder notwithstanding that, without
        any
        reservation of rights against the Guarantor, and without notice to or further
        assent by the Guarantor, any demand for payment of any of the Mexican
        Obligations made by the Administrative Agent or any Lender may be rescinded
        by
        the Administrative Agent or such Lender, and any of the Mexican Obligations
        continued, and the Mexican Obligations, or the liability of any other party
        upon
        or for any part thereof, or any collateral security or guarantee therefor
        (including, without limitation, the guarantee of the US Borrower contained
        in
        Article XI of the Credit Agreement) or right of offset with respect thereto,
        may, from time to time, in whole or in part, be renewed, extended, amended,
        modified, accelerated, compromised, waived, surrendered or released by the
        Administrative Agent or any Lender, and the Credit Agreement, any Notes,
        any
        other Loan Document and any other documents executed and delivered in connection
        therewith may be amended, modified, supplemented or terminated, in whole
        or in
        part, as the Administrative Agent (or the requisite number of Lenders, as
        the
        case may be) may deem advisable from time to time, and any collateral security,
        guarantee or right of offset at any time held by the Administrative Agent
        or any
        Lender for the payment of the Mexican Obligations may be sold, exchanged,
        waived, surrendered or released. Neither the Administrative Agent nor any
        Lender
        shall have any obligation to protect, secure, perfect or insure any Lien
        at any
        time held by it as security for the Mexican Obligations or for this Guarantee
        or
        any property subject thereto. When making any demand hereunder against the
        Guarantor, the Administrative Agent or any Lender may, but shall be under
        no
        obligation to, make a similar demand on any Mexican Borrower or any other
        guarantor, and any failure by the Administrative Agent or any Lender to make
        any
        such demand or to collect any payments from any Borrower or any such other
        guarantor or any release of such Borrower or such other guarantor shall not
        relieve the Guarantor of its obligations or liabilities hereunder, and shall
        not
        impair or affect the rights and remedies, express or implied, or as a matter
        of
        law, of the Administrative Agent or any Lender against the Guarantor. For
        the
        purposes hereof “demand” shall include the commencement and continuance of any
        legal proceedings.

       

      5.  Guarantee
        Absolute and Unconditional.
        The
        Guarantor waives any and all notice of the creation, renewal, extension or
        accrual of any of the Mexican Obligations and notice of or proof of reliance
        by
        the Administrative Agent or any Lender upon this Guarantee or acceptance
        of this
        Guarantee; the Mexican Obligations, and any of them, shall conclusively be
        deemed to have been created, contracted or incurred, or renewed, extended,
        amended or waived, in reliance upon this Guarantee; and all dealings between
        the
        Mexican Borrowers or the Guarantor, on the one hand, and the Administrative
        Agent and the Lenders, on the other, shall likewise be conclusively presumed
        to
        have been had or consummated in reliance upon this Guarantee. The Guarantor
        waives diligence, presentment, protest, demand for payment and notice of
        default
        or nonpayment to or upon the Mexican Borrowers or any other guarantor with
        respect to the Mexican Obligations. This Guarantee shall be construed as
        a
        continuing, absolute and unconditional guarantee of payment without regard
        to
        (a) the validity, regularity or enforceability of the Credit Agreement or
        any
        Note or other Loan Document, any of the Mexican Obligations or any other
        collateral security therefor or guarantee or right of offset with respect
        thereto at any time or from time to time held by the Administrative Agent
        or any
        Lender, (b) any defense, set-off or counterclaim (other than a defense of
        payment or performance) which may at any time be 

       

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      EXHIBIT
        4.36 (continued)

       

      available
        to or be asserted by any Mexican Borrower against the Administrative Agent
        or
        any Lender, or (c) any other circumstance (other than a defense of payment
        or
        performance) whatsoever (with or without notice to or knowledge of the Borrowers
        or the Guarantor) which constitutes, or might be construed to constitute,
        an
        equitable or legal discharge of the Borrowers for the Mexican Obligations,
        or of
        the Guarantor under this Guarantee, in bankruptcy or in any other instance.
        When
        pursuing its rights and remedies hereunder against the Guarantor, the
        Administrative Agent and any Lender may, but shall be under no obligation
        to,
        pursue such rights and remedies as it may have against any Mexican Borrower
        or
        any other Person or against any collateral security or guarantee for the
        Mexican
        Obligations (including, without limitation, the guarantee of the US Borrower
        contained in Article XI of the Credit Agreement) or any right of offset with
        respect thereto, and any failure by the Administrative Agent or any Lender
        to
        pursue such other rights or remedies or to collect any payments from any
        Mexican
        Borrower or any such other Person or to realize upon any such collateral
        security or guarantee or to exercise any such right of offset, or any release
        of
        any Mexican Borrower or any such other Person or of any such collateral
        security, guarantee or right of offset, shall not relieve the Guarantor of
        any
        liability hereunder and shall not impair or affect the rights and remedies,
        whether express, implied or available as a matter of law, of the Administrative
        Agent or any Lender against the Guarantor. This Guarantee shall remain in
        full
        force and effect and be binding in accordance with and to the extent of its
        terms upon the Guarantor and its successors and assigns, and shall inure
        to the
        benefit of the Administrative Agent and the Lenders, and their respective
        successors, indorsees, transferees and assigns, until all the Mexican
        Obligations and the obligations of the Guarantor under this Guarantee shall
        have
        been satisfied by payment in full and the Commitments shall have been
        terminated, notwithstanding that from time to time during the term of the
        Credit
        Agreement any Mexican Borrower may be free from any Mexican
        Obligations.

       

      6.  Reinstatement.
        This
        Guarantee shall continue to be effective, or be reinstated, as the case may
        be,
        if at any time payment, or any part thereof, of any of the Mexican Obligations
        is rescinded or must otherwise be restored or returned by the Administrative
        Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation
        or
        reorganization of any Borrower or upon or as a result of the appointment
        of a
        receiver, intervenor or conservator of, or trustee or similar officer for,
        any
        Borrower or any substantial part of its property, or otherwise, all as though
        such payments had not been made.

       

      7.  Payments.
        The
        Guarantor hereby agrees that the Mexican Obligations will be paid to the
        Administrative Agent without set-off or counterclaim in U.S. Dollars at the
        office of the Administrative Agent located at 270 Park Avenue, New York,
        New
        York 10017.

       

      8.  Representations
        and Warranties.
        In
        order to induce the Lenders to make the Loans pursuant to the Credit Agreement,
        the Guarantor hereby represents and warrants to the Administrative Agent
        and the
        Lenders that:

       

      (a)
          Organization.
        The
        Guarantor is duly organized, validly existing and in good standing (to the
        extent such requirement shall be applicable) under the laws of the jurisdiction
        of its organization.

       

      

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      EXHIBIT
        4.36 (continued)

       

      (b)
          Power.
        The
        Guarantor has the corporate power and authority to execute and deliver, and
        to
        perform its obligations under, this Guarantee and has taken all necessary
        corporate and, if required, stockholder action to authorize its execution,
        delivery and performance of this Guarantee.

       

      (c)
          Due
        Execution.
        This
        Guarantee has been duly executed and delivered by the Guarantor and constitutes
        a legal, valid and binding obligation of the Guarantor enforceable in accordance
        with its terms, except as affected by bankruptcy, insolvency, fraudulent
        conveyance, reorganization, moratorium and other laws affecting creditors’
        rights generally and subject to general principles of equity regardless of
        whether considered in a proceeding in equity or at law.

       

      (d)
          Governmental
        Approvals; No Conflicts.
        The
        execution, delivery, performance, validity or enforceability of this Guarantee,
        (i) does not require any consent or approval of, registration or filing with,
        or
        any other action by, any Governmental Authority, except (A) such as have
        been
        obtained or made and are in full force and effect and (B) such filings as
        may be
        required under federal and state securities laws for purposes of disclosure,
        (ii) will not violate any applicable law or regulation (including, without
        limitation, all laws, rules and regulations promulgated by or relating to
        IMSS,
        INFONAVIT and SAR) or the charter, by-laws or other organizational documents
        of
        the Guarantor or any order of any Governmental Authority, (iii) will not
        violate
        or result in a default under any indenture, agreement or other instrument
        binding upon the Guarantor or any of its Subsidiaries or its assets (other
        than
        with respect to Section 3.12 of the Indenture, dated as of May 31, 2001,
        among
        the Guarantor, International and BNY Midwest Trust Company, as trustee and
        Section 10.5 of the Senior Note Purchase Agreement, dated as of June 15,
        2001,
        between International and State of Wisconsin Investment Board, in each case
        as
        amended, supplemented or otherwise modified from time to time), or give rise
        to
        a right thereunder to require any payment to be made by the Guarantor or
        any of
        its Subsidiaries, and (iv) will not result in the creation or imposition
        of any
        Lien on any asset of the Guarantor or any of its Subsidiaries.

       

      The
        Guarantor agrees that the foregoing representations and warranties shall
        be
        deemed to have been made by the Guarantor on the date of each borrowing by
        any
        Borrower under the Credit Agreement on and as of such date of borrowing as
        though made hereunder on and as of such date.

       

      9.  Authority
        of Administrative Agent.
        The
        Guarantor acknowledges that the rights and responsibilities of the
        Administrative Agent under this Guarantee with respect to any action taken
        by
        the Administrative Agent or the exercise or non-exercise by the Administrative
        Agent of any option, right, request, judgment or other right or remedy provided
        for herein or resulting or arising out of this Guarantee shall, as between
        the
        Administrative Agent and the Lenders, be governed by the Credit Agreement
        and by
        such other agreements with respect thereto as may exist from time to time
        among
        them, but, as between the Administrative Agent and the Guarantor, the
        Administrative Agent shall be conclusively presumed to be acting as
        Administrative Agent for the Lenders with full and valid authority so to
        act or
        refrain from acting, and the Guarantor shall not be under any obligation,
        or
        entitlement, to make any inquiry respecting such authority.

       

      

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      EXHIBIT
        4.36 (continued)

       

      10.  Notices.
        All
        notices, requests and demands to or upon the Administrative Agent, any Lender
        or
        the Guarantor to be effective shall be in writing (or by telex, fax or similar
        electronic transfer confirmed in writing) and shall be deemed to have been
        duly
        given or made when delivered by hand or if given by mail, when deposited
        in the
        mails by certified mail, return receipt requested, or if by telex, fax or
        similar electronic transfer, when sent and receipt has been confirmed, addressed
        as follows:

       

      (a)
          if
        to the
        Administrative Agent or any Lender, at its address or transmission number
        for
        notices provided in or pursuant to Section 12.01 of the Credit Agreement;
        and

       

      (b)
          if
        to the
        Guarantor, at its address or transmission number for notices set forth under
        its
        signature below.

       

      The
        Administrative Agent, each Lender and the Guarantor may change its address
        and
        transmission numbers for notices by notice in the manner provided in this
        Section.

       

      11.  Severability.
        Any
        provision of this Guarantee which is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction.

       

      12.  Integration.
        This
        Guarantee represents the agreement of the Guarantor with respect to the subject
        matter hereof and there are no promises or representations by the Administrative
        Agent or any Lender relative to the subject matter hereof not reflected herein.
        This Guarantee amends and restates in its entirety the Guarantee, dated as
        of
        December 8, 2000, made by the Guarantor in favor of JPMorgan Chase Bank,
        N.A.
        (fka The Chase Manhattan Bank), as administrative agent for the lenders under
        the Existing Credit Agreement and supersedes and replaces the terms thereof
        in
        their entirety.

       

      13.  Amendments
        in Writing; No Waiver; Cumulative Remedies.
        (a)
        None
        of
        the terms or provisions of this Guarantee may be waived, amended, supplemented
        or otherwise modified except by a written instrument executed by the Guarantor
        and the Required Lenders, provided
        that any
        provision of this Guarantee may be waived by the Required Lenders in a letter
        or
        agreement executed by the Required Lenders or by telex or facsimile transmission
        from the Administrative Agent.

       

      (b)
          Neither
        the Administrative Agent nor any Lender shall by any act (except by a written
        instrument pursuant to paragraph 13(a) hereof), delay, indulgence, omission
        or
        otherwise be deemed to have waived any right or remedy hereunder or to have
        acquiesced in any Default or Event of Default or in any breach of any of
        the
        terms and conditions hereof. No failure to exercise, nor any delay in
        exercising, on the part of the Administrative Agent or any Lender, any right,
        power or privilege hereunder shall operate as a waiver thereof. No single
        or
        partial exercise of any right, power or privilege hereunder shall preclude
        any
        other or further exercise thereof or the exercise of any other right, power
        or
        privilege. A waiver by the Administrative 

       

      

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      EXHIBIT
        4.36 (continued)

       

      Agent
        or
        any Lender of any right or remedy hereunder on any one occasion shall not
        be
        construed as a bar to any right or remedy which the Administrative Agent
        or such
        Lender would otherwise have on any future occasion.

      

      (c)
          The
        rights and remedies herein provided are cumulative, may be exercised singly
        or
        concurrently and are not exclusive of any other rights or remedies provided
        by
        law.

       

      14.  Section
        Headings.
        The
        section headings used in this Guarantee are for convenience of reference
        only
        and are not to affect the construction hereof or be taken into consideration
        in
        the interpretation hereof.

       

      15.  Successors
        and Assigns.
        This
        Guarantee shall be binding upon the successors and assigns of the Guarantor
        and
        shall inure to the benefit of the Administrative Agent and the Lenders and
        their
        successors and assigns. The Guarantor may not transfer any of its rights
        or
        obligations under this Guarantee without the written consent of each
        Lender.

       

      16.  Governing
        Law.
        This
        Guarantee shall be governed by, and construed and interpreted in accordance
        with, the law of the State of New York.

       

      17.  Submission
        To Jurisdiction; Waivers.
        Each
        party hereto hereby irrevocably and unconditionally:

       

      (a)
          submits
        for itself and its property in any legal action or proceeding relating to
        this
        Guarantee and any other loan documents to which it is a party, or for
        recognition and enforcement of any judgment in respect thereof, to the
        non-exclusive general jurisdiction of the Courts of the State of New York,
        the
        courts of the United States of America for the Southern District of New York,
        and appellate courts from any thereof;

       

      (b)
          consents
        that any such action or proceeding may be brought in such courts and waives
        any
        objection that it may now or hereafter have to the venue of any such action
        or
        proceeding in any such court or that such action or proceeding was brought
        in an
        inconvenient court and agrees not to plead or claim the same;

       

      (c)
          agrees
        that service of process in any such action or proceeding may be effected
        by
        mailing a copy thereof by registered or certified mail (or any substantially
        similar form of mail), postage prepaid, to such party at its address set
        forth
        under its signature below or at such other address of which the other parties
        hereto shall have been notified pursuant thereto;

       

      (d)
          agrees
        that nothing herein shall affect the right to effect service of process in
        any
        other manner permitted by law or shall limit the right to sue in any other
        jurisdiction; and

       

      (e)
          waives,
        to the maximum extent not prohibited by law, any right it may have to claim
        or
        recover in any legal action or proceeding referred to in this subsection
        any
        special, exemplary, punitive or consequential damages.

       

      

      

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      EXHIBIT
        4.36 (continued)

      

      18.  WAIVERS
        OF JURY TRIAL.
        THE GUARANTOR, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY
        AND
        UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
        TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

       

      

       

      IN
        WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed
        and delivered by its duly authorized officer as of the day and year first
        above
        written.

       

      

      

      NAVISTAR
        INTERNATIONAL CORPORATION

       

      

       

      

       

      By:
        /s/
        Terry M. Endsley  

       

      Name:
        Terry M. Endsley

       

      Title:
        Vice President and Treasurer

       

      Address
        for Notices:

      Navistar
        International Corporation

      4201
        Winfield Road

      Warrenville,
        IL 60555-4025

      Telex:
              

      Fax:
        (630)
        753-2573    

      Attention:
        Vice
        President and Treasurer 

      

      

       

      

       

      JPMORGAN
        CHASE BANK, N.A.,

      as
        Administrative Agent

      

      

      By
        /s/
        Karen M. Sharf__________________

       

      Name:
        Karen M. Sharf

       

      Title:
        Vice President.

       

      

       

      

       

      

      

      E-14Exhibit 4.2

SUBSEQUENT TRANSFER INSTRUMENT

Pursuant to this Subsequent Transfer Instrument, dated September 2, 2005 (the “Instrument”), between Greenwich Capital Acceptance, Inc. as seller (the “Depositor”), and Deutsche Bank National Trust Company as trustee of the GreenPoint Mortgage Funding Trust 2005-HY1, Asset-Backed Certificates, Series 2005-HY1, as purchaser (the “Trustee”), and pursuant to the Pooling and Servicing Agreement, dated as of July 1, 2005 (the “Pooling and Servicing Agreement”), among the Depositor, GreenPoint Mortgage Funding, Inc. as servicer and the Trustee, the Depositor and the Trustee agree to the sale by the Depositor and the purchase by the Trustee in trust, on behalf of the Trust, of the Mortgage Loans listed on the attached Schedule of Mortgage Loans (the “Subsequent Mortgage Loans”).

Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Pooling and Servicing Agreement.

	
             
  	
            Section 1.
 	
            Conveyance of Subsequent Mortgage Loans.
 

(a)           The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee in trust, on behalf of the Trust, without recourse, all of its right, title and interest in and to the Subsequent Mortgage Loans, and including all amounts due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be delivered pursuant to Section 2.01 of the Pooling and Servicing Agreement; provided, however that the Depositor reserves and retains all right, title and interest in and to amounts due on the Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date. The Depositor, contemporaneously with the delivery of this Agreement, has delivered or caused to be delivered to the Trustee each item set forth in Section 2.01 of the
Pooling and Servicing Agreement. The transfer to the Trustee by the Depositor of the Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is intended by the Depositor, the Servicer, the Trustee and the Certificateholders to constitute and to be treated as a sale by the Depositor to the Trust Fund.

(b)           The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse for the benefit of the Certificateholders all the right, title and interest of the Depositor, in, to and under the Subsequent Assignment and Recognition Agreement, dated the date hereof, between the Depositor as purchaser and the Servicer as seller, to the extent of the Subsequent Mortgage Loans.

	
             
  	
            (c)
 	
            Additional terms of the sale are set forth on Attachment A hereto.
 
	
             
  	
            Section 2.
 	
            Representations and Warranties; Conditions Precedent.
 	
             

					

(a)           The Depositor hereby confirms that each of the conditions and the representations and warranties set forth in Section 2.08 of the Pooling and Servicing Agreement are satisfied as of the date hereof.

(b)           All terms and conditions of the Pooling and Servicing Agreement are hereby ratified and confirmed; provided, however, that in the event of any conflict, the provisions of this Instrument shall control over the conflicting provisions of the Pooling and Servicing Agreement.

	
             
  	
            Section 3.
 	
            Recordation of Instrument.
 

To the extent permitted by applicable law, this Instrument, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Servicer at the Certificateholders' expense on direction of the related Certificateholders, but only when accompanied by an 

 

Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders or is necessary for the administration or servicing of the Mortgage Loans.

	
             
  	
            Section 4.
 	
            Governing Law.
 

This Instrument shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without giving effect to principles of conflicts of law.

	
             
  	
            Section 5.
 	
            Counterparts.
 

This Instrument may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same instrument.

	
             
  	
            Section 6.
 	
            Successors and Assigns..
 

This Instrument shall inure to the benefit of and be binding upon the Depositor and the Trustee and their respective successors and assigns.

 

 

 

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            GREENWICH CAPITAL ACCEPTANCE, INC.
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 /s/ Adam Smith
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name: Adam Smith               
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title: Senior Vice President
 

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            as Trustee for GreenPoint Mortgage Funding Trust 2005-HY1, Asset-Backed Certificates, Series 2005-HY1 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 /s/ Marion Hogan
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name: Marion Hogan               
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title: Associate
 

 

 

Attachments

	
            A.
 	
            Additional terms of sale.
 

	
            B.
 	
            Schedule of Subsequent Mortgage Loans.
 

 

 

ATTACHMENT A

 

ADDITIONAL TERMS OF SALE

 

	
            A.
 	
            General 
 

 

	
             
 	
            1.
 	
            Subsequent Cut-off Date: August 1, 2005
 

	
             
 	
            2.
 	
            Subsequent Transfer Date: September 2, 2005
 

	
             
 	
            3.
 	
            Aggregate Principal Balance of the Subsequent Mortgage Loans as of the Subsequent Cut-off Date: $137,203,619
 

	
             
 	
            4.
 	
            Purchase Price: 100.00%
 

 

	
            B.
 	
            The obligation of the Trust Fund to purchase a Subsequent Mortgage Loan on any Subsequent Transfer Date is subject to the satisfaction of the conditions set forth in the immediately preceding paragraph and the accuracy of the following representations and warranties with respect to each such Subsequent Mortgage Loan determined as of the applicable Subsequent Cut-off Date:  (i) such Subsequent Mortgage Loan may not be 30 or more days delinquent as of the last day of the month preceding the Subsequent Cut-off Date; (ii) the original term to stated maturity of such Subsequent Mortgage Loan will not be less than 120 months and will not exceed 360 months; (iii) the Subsequent Mortgage Loan may not provide for negative amortization; (iv) such Subsequent Mortgage Loan will not have a loan-to-value ratio greater than 100.00%; (v) such Subsequent Mortgage Loans will
have, as of the Subsequent Cut-off Date, a weighted average term since origination not in excess of 9 months; (vi) such Subsequent Mortgage Loan shall have a Mortgage Rate that is not less than 5.000% per annum or greater than 9.125% per annum; (vii) such Subsequent Mortgage Loan must have a first payment date occurring on or before September 2005 and will include 30 days’ interest thereon; (viii) such Subsequent Mortgage Loan will have a Gross Margin not less than 2.500% per annum; (ix) such Subsequent Mortgage Loan will have a Maximum Mortgage Rate not less than 10.375% per annum; (x) such Subsequent Mortgage Loan will have a Minimum Mortgage Rate not less than 1.750% per annum and (xi) such Subsequent Mortgage Loan shall have been underwritten in accordance with the criteria set forth under “The Originator and the Servicer” in the Prospectus Supplement.
 

 

	
            C.
 	
            Following the purchase of any Subsequent Group I Mortgage Loan by the Trust, the Group I Mortgage Loans (including such Subsequent Group I Mortgage Loans) will: (i) have a weighted average original term to stated maturity of not more than 360 months; (ii) have a weighted average Mortgage Rate of not less than 5.000% per annum and not more than 9.625% per annum; (iii) have a weighted average Loan-to-Value Ratio of not more than 100.00%; (iv) have no Mortgage Loan with a Stated Principal Balance at origination which does not conform to Fannie Mae and Freddie Mac loan limits; (v) will consist of Mortgage Loans with Prepayment Charges representing no less than approximately 40.00% by aggregate Stated Principal Balance of the Group I Mortgage Loans; (vi) have a weighted average FICO score of not less than 610 and (vii) the Group I Mortgage Loans will have a weighted
average Gross Margin not less than 2.000% per annum.  For purposes of the calculations described in this paragraph, percentages of the Group I Mortgage Loans will be based on the Stated Principal Balance of the Initial Group I Mortgage Loans as of the Cut-off Date and the Stated Principal Balance of the Subsequent Group I Mortgage Loans as of the related Subsequent Cut-off Date.
 

 

	
            D.
 	
            Following the purchase of any Subsequent Group II Mortgage Loan by the Trust, the Group II Mortgage Loans (including such Subsequent Group II Mortgage Loans) will: (i) have a weighted average original term to stated maturity of not more than 360 months; (ii) have a weighted average Mortgage Rate of not less than 5.000% per annum and not more than 8.500% per annum; (iii) have a weighted average Loan-to-Value Ratio of not more than 100.00%; (iv) have no Mortgage Loan with a principal balance in excess of $1,150,000; (v) will consist of Mortgage Loans with Prepayment Charges representing no less than 32% by aggregate Stated Principal Balance of the Group II Mortgage Loans; (vi) have a weighted average FICO score of not less than 610 and (vii) the Group II Mortgage Loans will have a weighted average Gross Margin not less than 2.000% per annum.  For purposes of the
calculations described in this paragraph, percentages of the Group II Mortgage Loans will be based on the Stated Principal Balance of the Initial Group II Mortgage Loans as of the Cut-off Date and the Stated Principal Balance of the Subsequent Group II Mortgage Loans as of the related Subsequent Cut-off Date.
 

 

 

 

	
            E.
 	
            Notwithstanding the foregoing, any Subsequent Mortgage Loan may be rejected by any Rating Agency if the inclusion of any such Subsequent Mortgage Loan would adversely affect the ratings of any Class of Certificates.  At least one Business Day prior to the Subsequent Transfer Date, each Rating Agency shall notify the Trustee as to which Subsequent Mortgage Loans, if any, shall not be included in the transfer on the Subsequent Transfer Date; provided, however, that the Seller shall have delivered to each Rating Agency at least three Business Days prior to such Subsequent Transfer Date a computer file acceptable to each Rating Agency describing the characteristics specified in paragraphs (c) and (d) above.
 

 

 

ATTACHMENT B

SCHEDULE OF SUBSEQUENT MORTGAGE LOANS

Available Upon Request

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