Document:

Assignment, Assumption and Recognition Agreement dated as of June 1, 2004

 Exhibit 4.4 
  

Assignment, Assumption and Recognition Agreement 
  
 This Assignment, Assumption and Recognition Agreement (the “Assignment Agreement”), dated as of June 29, 2004, among Terwin Advisors LLC,
a Delaware limited liability company (the “Assignor”), GreenPoint Mortgage Securities LLC, a Delaware limited liability company (the “Assignee”), and GreenPoint Mortgage Funding, Inc. (the
“Seller”): 
  
 For good and valuable
consideration the receipt and sufficiency of which hereby are acknowledged, and of the premises and mutual covenants herein contained, the parties hereto hereby agree as follows: 
  
 1. The Assignor hereby grants, transfers and assigns to the Assignee all of the right, title and interest of the Assignor,
as Purchaser, in, to and under (a) those certain Revolving Credit Loans listed on Exhibit A attached hereto (the “GreenPoint Revolving Credit Loans”), except for any interest collections due or accrued on or before the close
of business on May 31, 2004 (the “Cut-off Date”); (b) those certain Revolving Credit Loans listed on Exhibit B attached hereto (the “Terwin Revolving Credit Loans” and together with the GreenPoint Revolving
Credit Loans, the “Revolving Credit Loans”), except for any interest collections due or accrued on or before the Cut-off Date; (c) the Seller’s Purchase, Warranties and Servicing Agreement dated as of February 12, 2004, but
only to the extent of the related Revolving Credit Loans (the “GreenPoint Purchase Agreement”); and (d) the Seller’s Purchase Warranties and Servicing Agreements attached hereto as Exhibit D, but only to the extent of
the related Revolving Credit Loans (the “Terwin Purchase Agreements” and together with the GreenPoint Purchase Agreement, the “Purchase Agreements”). For purposes of this Assignment Agreement, the term
“Purchase Agreements” include any separate bill of sale, assignment and conveyance or other instrument pursuant to which the Seller and Wachovia Bank, National Association (“Wachovia”) effectuated the purchase and
sale of any Revolving Credit Loan following the execution and delivery of the related Purchase Agreements. 
  
 2. The Assignor specifically reserves and does not assign to the Assignee hereunder any and all right, title and interest in, to and under any and all
obligations of the Assignor with respect to any Revolving Credit Loans subject to the Purchase Agreements which are not the Revolving Credit Loans set forth on Exhibit A or Exhibit B attached hereto and are not the subject of this
Assignment Agreement. The Purchase Agreements and this Assignment Agreement are referred to herein collectively as the “Agreement.” 
  
 3. The Seller represents and warrants to the Assignee that (a) the copy of the GreenPoint Purchase Agreement, attached hereto as Exhibit C,
provided to the Assignee, is a true, complete and accurate copy of the GreenPoint Purchase Agreement, (b) the GreenPoint Purchase Agreement is in full force and effect as of the date hereof, (c) the provisions thereof have not been waived, amended
or modified in any respect, nor have any notices of termination been given thereunder, (d) the GreenPoint Purchase Agreement contain all of the terms and conditions governing the sale of the GreenPoint Revolving Credit Loans by the Seller to
Wachovia; provided, however, that the date of purchase and sale and the amount of payment for the GreenPoint Revolving Credit Loans may be set out in a Purchase Price and Terms Letter, as defined in the GreenPoint Purchase Agreement, and (e) the
Seller sold, conveyed and transferred 

  

 
the GreenPoint Revolving Credit Loans to Wachovia pursuant to the GreenPoint Purchase Agreement. 
  
 4. The Assignor represents and warrants to the Assignee that (a) the copies
of the Terwin Purchase Agreements, attached hereto as Exhibit D, provided to the Assignee, are true, complete and accurate copies of the Terwin Purchase Agreements, (b) the Terwin Purchase Agreements are in full force and effect as of the
date hereof, (c) the provisions thereof have not been waived, amended or modified in any respect, nor have any notices of termination been given thereunder, (d) the Terwin Purchase Agreements contain all of the terms and conditions governing the
sale of the Terwin Revolving Credit Loans by the related third-party sellers to the Assignor; provided, however, that the date of purchase and sale and the amount of payment for certain Terwin Revolving Credit Loans may be set out in a Purchase
Price and Terms Letter, as defined in the Terwin Purchase Agreements, and (e) the related third-party sellers sold, conveyed and transferred the related Revolving Credit Loans to the Assignor pursuant to the related Terwin Purchase Agreements.

  
 5. The Assignor warrants and represents to, and covenants
with, the Assignee and the Seller that: 
  
 (a) As of the date
hereof, the Assignor is not in default under the Purchase Agreements; 
  
 (b) The Assignor is transferring the Revolving Credit Loans and any and all of its interests, rights and obligations under the Purchase Agreements, free from any and all claims and encumbrances arising out of the Assignor’s ownership
thereof; 
  
 (c) The Assignor has not received notice of, and has
no knowledge of, any offsets, counterclaims or other defenses available to any third-party seller, Wachovia or the Seller with respect to the related Purchase Agreements or the related Revolving Credit Loans; 
  
 (d) The Assignor has not waived or agreed to any waiver under, or agreed to
any amendment or other modification of, the Purchase Agreements or the Revolving Credit Loans; 
  
 (e) The Assignor is a Delaware limited liability company in good standing under the laws of the jurisdiction of its incorporation, and has all requisite corporate power and authority to sell, transfer and assign the
Revolving Credit Loans; 
  
 (f) The Assignor has full corporate
power and authority to execute, deliver and perform under this Assignment Agreement, and to consummate the transactions set forth herein. The consummation of the transactions contemplated by this Assignment Agreement is in the ordinary course of the
Assignor’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of the Assignor’s charter or by-laws, or any legal restriction, or any material agreement or instrument to which the
Assignor is now a party or by which it is bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which the Assignor or its property is subject. The execution, delivery and performance by the Assignor of this
Assignment Agreement, and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action of the 

  

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Assignor. This Assignment Agreement has been duly executed and delivered by the Assignor and constitutes the valid and legally binding obligation of the
Assignor enforceable against the Assignor in accordance with its respective terms except as enforceability thereof may be limited by bankruptcy, insolvency, or reorganization or other similar laws now or hereinafter in effect relating to
creditor’s rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or in law; 
  
 (g) No material consent, approval, order or authorization of, or declaration, filing or registration with, any governmental
entity is required to be obtained or made by the Assignor in connection with the execution, delivery or performance by the Assignor of this Assignment Agreement, or the consummation by it of the transactions contemplated hereby; and 
  
 (h) The Assignor has paid the purchase price for the Revolving Credit Loans.

  
 (i) No event has occurred or has failed to occur, during the
period commencing on the date on which the Assignor acquired the Terwin Revolving Credit Loans and ending on the date hereof, inclusive, which would make the representations and warranties set forth in the Terwin Purchase Agreements untrue if such
representations and warranties were made with respect to the related Terwin Revolving Credit Loans effective as of the date hereof. 
  
 (j) Within sixty (60) days of discovery by the Assignor of a breach of any of the foregoing representations and warranties with respect to a Terwin
Revolving Credit Loan which materially and adversely affects the value of such Terwin Revolving Credit Loan or the Assignee’s interests therein, the Assignor shall use its best efforts to cure such breach in all material respects and, if such
breach is not cured within such sixty (60) day period, the Assignor shall, at the Assignee’s option, repurchase such Terwin Revolving Credit Loan at a price equal to the unpaid principal balance of the Terwin Revolving Credit Loan as of the
date or repurchase, plus accrued interest thereon to, but not including, the date of repurchase. 
  
 (k) In connection with any repurchase of a Terwin Revolving Credit Loan, the Assignee shall reassign the provisions of the related Terwin Purchase
Agreement to the Assignor with respect to such Terwin Revolving Credit Loan, and provide for the prompt delivery of the related custodial file to the Assignor or its designee, as applicable. 
  
 6. The Assignee warrants and represents to, and covenants with, the Assignor
and the Seller that: 
  
 (a) The Assignee is a Delaware limited
liability company, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite corporate power and authority to acquire, own and purchase the Revolving Credit Loans; 
  
 (b) The Assignee has full corporate power and authority to execute, deliver
and perform under this Assignment Agreement, and to consummate the transactions set forth herein. The consummation of the transactions contemplated by this Assignment Agreement is in the ordinary course of the Assignee’s business and will not
conflict with, or result in a breach of, any of the terms, conditions or provisions of the Assignee’s charter or by-laws, or any legal restriction, or any material agreement or instrument to which the Assignee is now a party or by which it is
bound, or result in the violation of any law, rule, regulation, order, judgment or decree 

  

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to which the Assignee or its property is subject. The execution, delivery and performance by the Assignee of this Assignment Agreement, and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action of the Assignee. This Assignment Agreement has been duly executed and delivered by the Assignee and constitutes the valid and legally binding
obligation of the Assignee enforceable against the Assignee in accordance with its respective terms except as enforceability thereof may be limited by bankruptcy, insolvency, or reorganization or other similar laws now or hereinafter in effect
relating to creditor’s rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or in law; and 
  
 (c) No material consent, approval, order or authorization of, or declaration, filing or registration with, any governmental
entity is required to be obtained or made by the Assignee in connection with the execution, delivery or performance by the Assignee of this Assignment Agreement, or the consummation by it of the transactions contemplated hereby. 
  
 7. The Seller warrants and represents to, and covenants with, the Assignor
and the Assignee that: 
  
 (a) The Seller is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its formation, and has all requisite power and authority to service the Revolving Credit Loans; 
  
 (b) The Seller has full power and authority to execute, deliver and perform under the Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated by the Agreement is in the ordinary course of the Seller’s business and will not conflict with, or result in a breach of, any of the terms, conditions or
provisions of the Seller’s charter or by-laws, or any legal restriction, or any material agreement or instrument to which the Seller is now a party or by which it is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which the Seller or its property is subject. The execution, delivery and performance by the Seller of this Assignment Agreement, and the consummation by it of the transactions contemplated hereby, have been duly authorized by
all necessary corporate action of the Seller. This Assignment Agreement has been duly executed and delivered by the Seller and constitutes the valid and legally binding obligation of the Seller enforceable against the Seller in accordance with its
respective terms except as enforceability thereof may be limited by bankruptcy, insolvency, or reorganization or other similar laws now or hereinafter in effect relating to creditors’ rights generally and by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in equity or in law; 
  
 (c) No material consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by the Seller in connection with the execution,
delivery or performance by the Seller of the Agreement, or the consummation by it of the transactions contemplated hereby; 
  
 (d) As of the date hereof, the Seller is not in default under the GreenPoint Purchase Agreement; and 
  

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 (e) No event has occurred or has failed to occur, during the period commencing on the date on which the
Assignor acquired the GreenPoint Revolving Credit Loans and ending on the date hereof, inclusive, which would make the representations and warranties set forth in Section 3.02 of the GreenPoint Purchase Agreement untrue if such representations and
warranties were made with respect to the GreenPoint Revolving Credit Loans effective as of the date hereof. 
  
 (f) Within sixty (60) days of the earlier of either, discovery by the Seller or notice to the Seller from the Assignor to the Assignee, of a breach of any
of the foregoing representations and warranties with respect to a GreenPoint Revolving Credit Loan which materially and adversely affects the value of such GreenPoint Revolving Credit Loan or the Assignee’s interests therein, the Seller shall
use its best efforts to cure such breach in all material respects and, if such breach is not cured within such sixty (60) day period, the Seller shall, at the Assignee’s option, repurchase such GreenPoint Revolving Credit Loan at a price equal
to the unpaid principal balance of such GreenPoint Revolving Credit Loan as of the date or repurchase, plus accrued interest thereon to, but not including, the date of repurchase. 
  
 (g) In connection with any repurchase of a GreenPoint Revolving Credit Loan, the Assignee shall reassign the provisions of
the GreenPoint Purchase Agreement to the Seller with respect to such GreenPoint Revolving Credit Loan, and provide for the prompt delivery of the related custodial file to the Seller or its designee, as applicable. 
  
 (h) With respect to the Revolving Credit Loans, the Seller shall remit to the
Assignor any interest collections due or accrued on or before the Cut-off Date immediately upon receipt of such collections. 
  
 8. From and after the date hereof, the Seller shall recognize the Assignee or any of its assigns as the owner of the Revolving Credit Loans, and shall
look solely to such entity for performance from and after the date hereof of the Assignor’s obligations with respect to the Revolving Credit Loans. Effective the date hereof, the Seller and the Assignee agree that with respect to the Revolving
Credit Loans, the servicing provisions of the related Purchase Agreements and the provisions relating to payment for Additional Balances shall be superseded by the corresponding provisions of the Sale and Servicing Agreement dated as of June 1, 2004
among the Assignee, the Seller, the Assignor, GreenPoint Home Equity Loan Trust 2004-2, as issuer and U.S. Bank National Association, as indenture trustee. 
  
 9. Notice Addresses. 
  
 (a) The Assignee’s address for purposes of all notices and correspondence related to the Revolving Credit Loans and this Assignment Agreement is:

  
 GreenPoint Mortgage Securities LLC 
 100 Wood Hollow Drive, Doorstop #32210 
 Novato, CA 94945 
 Attention: S.A. Ibrahim 
  

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 (b) The Assignor’s address for purposes for all notices and correspondence related to the Revolving
Credit Loans and this Assignment Agreement is: 
  
 Terwin
Advisors LLC 
 c/o The Winter Group 
 3 Park Avenue 
 New York, NY 10016 
 (FAX) (212) 725-7977 
 Attention: Richard Winter 
  
 (c) The Seller’s address for purposes of all notices and correspondence
related to the Revolving Credit Loans and this Assignment Agreement is: 
  
 GreenPoint Mortgage Funding, Inc. 
 100 Wood Hollow Drive, Doorstop #32210 
 Novato, CA 94945 
 Attention: Steve Abreu

  
 10. This Assignment Agreement shall be construed in accordance
with the substantive laws of the State of New York (without regard to conflict of laws principles) and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, except to the extent preempted by
federal law. 
  
 11. This Assignment Agreement shall inure to the
benefit of the successors and assigns of the parties hereto. Any entity into which the Seller, the Assignor or the Assignee may be merged or consolidated shall, without the requirement for any further writing, be deemed the Seller, the Assignor or
the Assignee, respectively, hereunder. 
  
 12. No term or
provision of this Assignment Agreement may be waived or modified unless such waiver or modification is in writing and signed by the party against whom such waiver or modification is sought to be enforced. 
  
 13. This Assignment Agreement shall survive the conveyance of the Revolving
Credit Loans and the assignment of the Purchase Agreements by the Assignor. 
  
 14. Notwithstanding the assignment of the Purchase Agreements by either the Assignor or the Assignee, this Assignment Agreement shall not be deemed assigned by the Seller or the Assignor unless assigned by separate
written instrument. 
  
 15. For the purpose for facilitating the
execution of this Assignment Agreement as herein provided and for other purposes, this Assignment Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute and be one and the same instrument. 
  
 16. The parties hereto intend to treat the transfer of the Revolving Credit Loans to the Assignee as provided herein as a sale of all the Assignor’s right, title and interest in and to the Revolving Credit Loans, whether now existing
or hereafter created, and the other property described above and all proceeds thereof. In the event such transfer is deemed not to be a sale for such purposes, the Assignor grants to the Assignee, a security interest in all of such party’s
right, title and interest in, to and under the Revolving Credit Loans, whether now existing or hereafter created, and the other property described above and all proceeds thereof; and this Agreement shall constitute a security agreement under
applicable law. 
  
 [signatures on following page] 
  

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 IN WITNESS WHEREOF, the parties have caused this Assignment Agreement to be executed by their duly
authorized officers as of the date first above written. 
  

			
	 TERWIN ADVISORS LLC
Assignor

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 GREENPOINT MORTGAGE SECURITIES LLC,

	 Assignee

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 GREENPOINT MORTGAGE FUNDING, INC.,

	 Seller

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 7 

 Exhibit A 
  

On File 
  

 Exhibit B 
  

On File 
  

 Exhibit C 
  

On File 
  

 Exhibit D 
  

On FileFinancial Guaranty Insurance Policy relating to the Notes

 Exhibit 4.5 
  

			
	[LOGO]	  	Ambac Assurance Corporation
	  	One State Street Plaza, 15th Floor
	  	New York, New York 10004
	  	Telephone: (212) 668-0340
	Certificate Guaranty Insurance Policy	  	 
		
	Insured Obligations: GreenPoint Home Equity Loan Trust 2004-3 Home Equity Loan Asset-Backed Notes, Series 2004-3	  	Policy Number: AB0772BE
		
	 	  	Premium: As specified in the endorsement attached hereto and made a part hereof.

  
 Ambac Assurance Corporation
(Ambac), a Wisconsin stock insurance corporation, 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 any 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 form 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/ Illegible
	 	[SEAL]    	 	 /s/ Illegible

	 President
	 	 	 	 Secretary

			
	 	 	 	 	 /s/ Illegible

	 Effective Date: June 29, 2004
	 	 	 	 Authorized Representative

  

 CERTIFICATE GUARANTY INSURANCE POLICY ENDORSEMENT 
  

			
	 Attached to and forming part of
 Certificate Guaranty
Insurance
 Policy #AB0772BE issued to:
	  	 Effective Date of Endorsement:
 June 29, 2004

		
	 U.S. Bank National Association,
 as Indenture Trustee for
the Holders of
 GreenPoint Home Equity Loan Trust 2004-3
 Home
Equity Loan Asset-Backed Notes, Series 2004-3
	  	 

  
 For all purposes of
the Policy, the following terms shall have the following meanings: 
  
 “Agreements” shall mean, for purposes of the Policy, the Indenture and the Servicing Agreement. 
  
 “Available Funds” shall have the meaning assigned to such term in the Indenture. 
  
 “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in
the state of New York, the state of California or the state in which the Corporate Trust Office is located are required or authorized by law or executive order to be closed or (iii) a day on which the Insurer is closed. 
  
 “Deficiency Amount” means with respect to the Notes, the sum of (i)
for any Payment Date the excess, if any, of (a) the Interest Payment Amount (excluding any Deferred Interest) over (b) the portion of the Available Funds for such Payment Date remaining after payment of the Indenture Trustee Fee, the Premium Amount,
the Credit Risk Manager Fee and the Owner Trustee Fee, in each case, for such Payment Date, such portion being (x) during the Managed Amortization Period, the pro rata portion of such remaining Available Funds based on the pari
passu application of such amount to the Interest Payment Amount and to interest on any Additional Balance Contributed Amount at the Note Rate on such Payment Date and (y) after the Managed Amortization Period, all such remaining Available
Funds, (ii) for any Payment Date other than the Final Scheduled Payment Date, the Overcollateralization Deficit, if any, for such Payment Date remaining after giving effect to payments pursuant to Section 8.7(b)(viii) of the Indenture on such
Payment Date and (iii) on the Final Scheduled Payment Date, the Outstanding Amount of the Notes, after taking into account all payments to be made to the Notes on the Final Scheduled Payment Date other than pursuant to the Policy. 
  
 “Due for Payment” shall mean, (i) with respect to an Insured
Amount, the Payment Date on which Insured Amounts are due and payable pursuant to the terms of the Indenture and (ii) with respect to a Preference Amount, the Business Day on which the documentation required by the Insurer has been received by the
Insurer. 
  
 “Final Scheduled Payment Date” shall mean
the Payment Date occurring in March 2035. 
  
 “First Payment
Date” shall mean the Payment Date occurring in July 2004. 
  

 “Holder” shall mean the registered owner or beneficial owner of any Note, but shall not include
the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer, the Sellers or the Sponsor. 
  
 “Indenture” shall mean the Indenture between the Issuer and the Indenture Trustee, dated June 1, 2004, as such agreement may be amended,
modified or supplemented from time to time. 
  
 “Indenture
Trustee” shall mean U.S. Bank National Association or its successor-in-interest, in its capacity as Indenture Trustee under the Indenture, or if any successor 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 June 29, 2004, among GreenPoint Mortgage Securities LLC, as
Sponsor, GreenPoint Mortgage Funding, Inc., as Servicer, U.S. Bank National Association, as Indenture Trustee, the Insurer, and GreenPoint Home Equity Loan Trust 2004-3, 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 and the Notes, 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 a Payment Date and (ii)
Preference Amounts for any given Business Day. 
  
 “Insurer” shall mean Ambac Assurance Corporation, or any successor thereto, as issuer of the Policy. 
  
 “Issuer” shall mean GreenPoint Home Equity Loan Trust 2004-3. 
  
 “Late Payment Rate” shall mean for any Payment Date, the lesser of (i) the greater of (a) 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 (b) the
then applicable highest rate of interest on the Notes and (ii) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed
over a year of 360 days. 
  
 “Nonpayment” shall mean,
with respect to any Payment Date, an Insured Amount is Due for Payment but has not been paid pursuant to the Indenture. 
  
 “Notes” shall mean the GreenPoint Home Equity Loan Trust 2004-3, Class A Variable Rate Asset-Backed Notes, substantially in the form set forth
in Exhibit A 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 Indenture Trustee
specifying the 

  

 2 

 
Insured Amount or Preference Amount which shall be due and owing on the applicable Payment Date. 
  
 “Payment Date” shall mean the 15th day of each month, or if such
day is not a Business Day, then the next Business Day, beginning with the First Payment Date. 
  
 “Policy” shall mean Certificate Guaranty Insurance Policy AB0772BE together with each and every endorsement thereto. 
  

“Preference Amount” shall mean any payment of principal or interest previously distributed to a Holder on a Note, which would have been
covered under the Policy as an Insured Amount, which has been deemed a preferential transfer and was previously recovered from its owner pursuant to the United States Bankruptcy Code in accordance with a final, non-appealable order a court of
competent jurisdiction. 
  
 “Premium” shall mean the
amount payable to the Insurer on each Payment Date calculated at the Premium Percentage. 
  
 “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 8.7(b)(ix) of the Indenture, plus (ii) interest accrued on such Insured Payments not previously repaid, 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, as certified to the Indenture Trustee by the Insurer plus (ii) interest on
such amounts at the Late Payment Rate. 
  
 “Relief Act
Shortfalls” shall mean interest shortfalls resulting from the application of the Servicemembers Relief Act, as amended, or any similar state law. 
  
 “Servicing Agreement” shall mean the Sale and Servicing Agreement, dated as of June 1, 2004 among GreenPoint Mortgage Securities LLC, as
Sponsor, GreenPoint Mortgage Funding, Inc., as Servicer and Seller, Terwin Advisors LLC, as Seller, the Indenture Trustee, The Murrayhill Company, as Credit Risk Manager, and the Issuer, as such agreement may be amended, modified or supplemented
from time to time. 
  
 “Trust Agreement” shall mean the
Trust Agreement, dated as of June 1, 2004, between GreenPoint Mortgage Securities Inc., as Sponsor and Wilmington Trust Company, as Owner Trustee, as such agreement may be amended, modified or supplemented from time to time. 
  
 Capitalized terms used herein as defined terms and not otherwise defined
herein shall have the meaning assigned to them in the Insurance Agreement and the Agreements, without regard to any amendment or modification thereof, unless such amendment or modification has been approved in writing by the Insurer. 
  
 Notwithstanding any other provision of 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 (i) the 

  

 3 

 
Payment Date on which the related Insured Amount is Due for Payment and (ii) the third Business Day following receipt in New York, New York on a Business Day
by the Insurer of a Notice at the address and in the manner provided in Section 6.02 of the Insurance Agreement; provided that, if such Notice is received after 12:00 noon, New York City time, on such Business Day, it shall 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 or corrected Notice. 
  
 The Insurer will pay any Preference Amount when due to be paid pursuant to the Order (as defined below), but in any event no earlier than the third
Business Day following receipt 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 Holder, as applicable,
is required to return such Preference Amount paid during the term of the Policy because such payments were avoided as a preferential transfer or otherwise rescinded or required to be restored by the Indenture Trustee or Holder (the
“Order”), (ii) a certificate by or on behalf of the Indenture Trustee or Holder 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 or Holder, irrevocably assigning to the Insurer all rights and claims of the Indenture Trustee or Holder relating to or arising under the Indenture and the Servicing Agreement against the estate of the Indenture
Trustee or otherwise with respect to such Preference Amount and (iv) a Notice (in the form attached hereto as Exhibit A) appropriately completed and executed by the Indenture Trustee; provided, that if such documents are received after 12:00 noon,
New York City time, on such Business Day, they will be deemed to be received on the following Business Day; provided, further, that the Insurer shall not be obligated to make any payment in respect of any Preference Amount representing a payment of
principal on the Notes prior to the time the Insurer would have been required to make a payment in respect of such principal pursuant to the first paragraph of the face of the Policy. Such payment shall be disbursed to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order, and not to the Holder directly, unless the Holder 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 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 shall be subrogated to the rights of each Holder to the extent of any payment by the Insurer under the Policy. 
  
 The Insurer hereby agrees that if it shall be subrogated to the rights of
Holders by virtue of any payment under the 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 Insurance Agreement and Agreements. 
  

 4 

 The Policy does not cover Deferred Interest, Relief Act Shortfalls or interest shortfalls due to the
partial or full prepayment of the Mortgage Loans, nor does the Policy guarantee to the Holders of the Notes any particular rate of principal payment. In addition, the Policy does not cover shortfalls, if any, attributable to the liability of the
Issuer, the Indenture Trustee or any Noteholder for withholding taxes, if any, (including interest and penalties in respect of any liability for withholding taxes) or any risk other than Nonpayment, including the failure of the Indenture Trustee to
make any payment required under the Indenture to the Note holders. 
  
 The terms and provisions of the Indenture constitute the instrument of assignment referred to in the second paragraph of the face of the Policy. 
  
 A premium will be payable on the Policy on each Payment Date as provided in Section 8.7(b)(ii) of the Indenture, beginning with the First Payment Date, in
an amount equal to the Premium. 
  
 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 LAWS. 
  
 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. 
  
 To the extent the provisions of this endorsement conflict with the provisions
in the above-mentioned Policy, the provisions of this endorsement shall govern. 
  
 The Policy and the obligations of the Insurer thereunder will terminate 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 earlier to occur of (i)
the date on which all amounts required to be paid on the Notes have been paid in full and (ii) the Final Scheduled Payment Date. Upon termination of the Policy, the Indenture Trustee shall deliver the original of the Policy to the Insurer.

  
 No person other than the Indenture Trustee shall be entitled
to present the Notice. 
  
 No waiver of any rights or powers of
the Insurer, the Holders or the Indenture Trustee or consent by any of them shall be valid unless signed by an authorized officer or agent thereof. 
  
 The Policy is issued under and pursuant to, and shall be construed in accordance with, the laws of the State of New York, without giving effect to the
conflict of laws principles thereof. 
  

 5 

 IN WITNESS WHEREOF, Ambac Assurance Corporation has caused this endorsement to the Policy to be signed by
its duly authorized officers 
  

					
			
	 /s/ Illegible
	 	 	 	 /s/ Illegible

	 Assistant Secretary
	 	 	 	 Managing Director

  

 EXHIBIT A 
 TO THE CERTIFICATE GUARANTY INSURANCE POLICY 
 Policy No. AB0772BE 
  
 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. AB0772BE (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, dated as of June 1, 2004, between GreenPoint Home Equity Loan Trust 2004-3, as Issuer and U.S. Bank National
Association, as Indenture Trustee, as the case may be, unless the context otherwise requires. 
  
 The Indenture 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] [Preference 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] [Preference Amount] that is Due For Payment be made by Ambac under the Policy and directs that 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). 

  

 A-1 

	 	7.	The Indenture Trustee hereby agrees that, following receipt of the [Insured Amount] [Preference Amount] from the Insurer, 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 Policy Payment Account and not commingle such funds with other funds held by Indenture Trustee and (d)
maintain an accurate record of such payments with respect to the Notes and the corresponding claim on the Policy and proceeds thereof. 

  
 ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS A CRIME AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT TO EXCEED
FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 
  

			
		
	By:	 	 
	 	 	 Indenture Trustee

  

			
		
	 Title:
	 	 
	 	 	 (Officer)

  

 A-2

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