Document:

ISDA Schedule to the Master Agreement

 Exhibit 10.5 
 (Multicurrency — Cross Border) 
 ISDA® 
 International Swap Dealers Association, Inc. 
 SCHEDULE 
 to the 
 Master Agreement 
 dated as of December 14, 2006 
 between 
  

					
	THE BANK OF NEW YORK	  	and        	  	 WELLS FARGO BANK, N.A,
 not in its individual
capacity, but solely as Securities Administrator on behalf of the SG Mortgage Securities Trust 2006-OPT2

			
	 established as a banking organization
 under the laws of the State of New York
	  		  	 The Trust is a common law trust
 established
under the laws of the State
 of New York.

			
	 (“Party A”)
  
	  		  	 (“Party B”)
  

			
		  		  	—

 Certain Definitions. Capitalized terms used in this Agreement that are not defined herein and are defined
in the Pooling and Servicing Agreement, dated as of December 1, 2006, among SG Mortgage Securities, LLC, as Depositor, HSBC Bank USA, National Association, as Trustee, and Wells Fargo Bank, N.A , as Securities Administrator and Master Servicer
(the “Pooling and Servicing Agreement”) have the meanings assigned therein. In the event of any inconsistency between the terms of this Agreement and the terms of the Pooling and Servicing Agreement, this Agreement will
govern. 
 Part 1. Termination Provisions. 
  

	(a)	“Specified Entity” in relation to Party A or Party B shall mean: none. 

  

	(b)	“Specified Transaction” will have the meaning specified in Section 14. 

  

	(c)	Applicability. The following provisions apply or do not apply to the parties as specified below: 

  

	 	(i)	Section 5(a)(i) (Failure to Pay or Deliver): 

 (A) will apply to Party A; and 
 (B) will apply to Party B. 
  

	 	(ii)	Section 5(a)(ii) (Breach of Agreement): 

 (A) will apply to Party A; and 
 (B) will not apply to Party B. 
  

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	 	(iii)	Section 5(a)(iii) (Credit Support Default): 

 (A) will apply to Party A; and 
 (B) will not apply to Party B. 
  

	 	(iv)	Section 5(a)(iv) (Misrepresentation): 

 (A) will apply to Party A; and 
 (B) will not apply to Party B. 
  

	 	(v)	Section 5(a)(v) (Default under Specified Transaction): 

 (A) will not apply to Party A; and 
 (B) will not apply to Party B. 
  

	 	(vi)	Section 5(a)(vi) (Cross Default): 

 (A) will apply to Party A; and 
 (B) will not apply to Party B. 
 For the purposes of Section 5(a)(vi): 
 “Specified Indebtedness” will have the meaning specified in Section 14, except that it shall not include indebtedness in respect of deposits received. 
 “Threshold Amount” means, 3% of consolidated shareholders equity of Party A and its subsidiaries determined in accordance with
generally accepted accounting principles of the United States consistently applied as of the last day of the fiscal quarter ended immediately prior to the occurrence or existence of an event for which a Threshold Amount is applicable under
Section 5(a)(vi). 
  

	 	(vii)	Section 5(a)(vii) (Bankruptcy): 

 (A) will apply to Party A; and 
 (B)(1) will not apply to Party B with respect to subclauses (2), (4) (but only if the
proceeding or petition is instituted or presented by Party A or its affiliates), (7) and (8) of Section 5(a)(vii) (but subclause (8) will not apply to Party B only to the extent that subclauses (2), (4) and (7) to the
extent do not apply to Party B), and the remaining provisions of Section 5(a)(vii) will apply to Party B; and (2) the words “trustee” and “custodian” in subclause (6) will not include the Trustee; and
(3) events described in Section 5(a)(vii) occurring with respect to the Trust are deemed to occur to Party B. 
  

	 	(viii)	Section 5(a)(viii) (Merger without Assumption): 

 (A) will apply to Party A; and 
 (B) will apply to Party B. 
  

	 	(ix)	Section 5(b)(i) (Illegality): 

 (A) will apply to Party A; and 
 (B) will apply to Party B. 
  

	 	(x)	Section 5(b)(ii) (Tax Event): 

 (A) will
apply to Party A; provided that the words “(x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is
taken or brought with respect to a party to this Agreement) or (y)” shall be deleted; and 
  

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 (B) will not apply to Party B. 
  

	 	(xi)	Section 5(b)(iii) (Tax Event upon Merger): 

 (A) will apply to Party A, provided, that Party A shall not be entitled to designate an Early Termination Date by reason of a Tax Event upon Merger in respect of which it is the Affected Party; and 
 (B) will apply to Party B. 
  

	 	(xii)	Section 5(b)(iv) (Credit Event upon Merger): 

 (A) will not apply to Party A; and 
 (B) will not apply to Party B. 
  

	 	(xiii)	Section 5(b)(v) (Additional Termination Event): 

 (A) will apply to Party A with respect to Part 1(g)(iv) and (v); and 
 (B) will apply to Party B with respect to Parts 1(g)(i),
(ii), and (iii). 
 With respect to the Moody’s Rating Condition, notwithstanding Sections 5(a)(i) and 5(a)(iii), any failure by Party A to perform any
obligation under the Credit Support Annex hereto shall not be an Event of Default unless a Moody’s Ratings Event has occurred and at least 30 Local Business Days have elapsed and such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to Party A. 
  

	(d)	The “Automatic Early Termination” provision of Section 6(a): 

 (A) will not apply to Party A; and 
 (B) will not apply to Party B. 
 (e) Payments on Early Termination. For the purpose of Section 6(e), the Second Method and Market Quotation will apply. For such purpose, for so long
as the Certificates are rated by Moody’s, if Party A is the Affected Party in respect of an Additional Termination Event or a Tax Event Upon Merger or the Defaulting Party in respect of any Event of Default (but not, in any case, in respect of
a Termination Event arising from an Illegality or Tax Event), the following provisions shall apply: 
  

	 	(i)	The definitions of “Market Quotation” and “Settlement Amount” are amended in their entirety to read as follows: 

 “Market Quotation” means, with respect to one or more Terminated Transactions, an offer capable of becoming legally binding upon
acceptance made by a Reference Market-maker with ratings that meet the Collateralization Requirement or the Ratings Requirement, as the case may be, for an amount that would be paid to Party B (expressed as a negative number) or by Party B
(expressed as a positive number) in consideration of an agreement between Party B and such Reference Market-maker to enter into a transaction (the “Replacement Transaction”), with commercial terms substantially the same as
those of this Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions) (which shall be determined by Party B, acting in a commercially reasonable manner), that would have the effect of preserving
the economic equivalent for Party B of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect
of such Terminated Transactions or group of 

  

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Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that Date. For this purpose,
Unpaid Amounts in respect of the Terminated Transaction or group of Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to be included. 
 “Settlement Amount”
means, with respect to any Early Termination Date: — 
 (a) if on or before the day falling ten (10) Local Business Days after the
day on which the Early Termination Date is designated (or such later day not later than the Early Termination Date as Party B may specify in writing to Party A) a Market Quotation is accepted by Party B so as to become legally binding: 

the Termination Currency Equivalent of the Market Quotation (whether positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is accepted by Party B so as to become legally binding. 
 (b) if there is no such accepted Market
Quotation during the period provided in (a): 
 Party B’s Loss (whether positive or negative and without reference to any Unpaid
amounts) for the relevant Terminated Transaction or group of Terminated Transactions. 
 (ii) Party B and, if request is made in writing
within two Local Business Days after the day on which the Early Termination Date is designated, Party A, shall use reasonable efforts to obtain one or more Market Quotations before the date determined pursuant to clause (a) of the definition of
“Settlement Amount”. 
 (iii) Notwithstanding anything to the contrary in Section 6(e)(i)(3) or Part 5(g), if the Settlement
Amount is a negative number, the Unpaid Amounts of Party A and Party B shall be subject to netting in accordance with Section 2(c). 
 (f)
“Termination Currency” means United States Dollars. 
 (g) “Additional Termination Event” will apply.
The following shall constitute Additional Termination Events, and the party specified shall be the Affected Party with respect thereto:— 
 (i) Termination of Trust Fund. The Trust or Trust Fund shall be terminated pursuant to any provision of the Pooling and Servicing Agreement (including, without limitation, by exercise of the option to purchase and giving of
notice under Sections 10.01 and 10.02 of the Pooling and Servicing Agreement). The Early Termination Date with respect to such Additional Termination Event shall be the Distribution Date upon which the Trust or Trust Fund is terminated and
final payment is made in respect of the Certificates. Each of Party A and Party B may designate an Early Termination Date in respect of this Additional Termination Event. Party B shall be the sole Affected Party. 
 (ii) Inability to Pay Certificates. The Trust is unable to pay or fails or admits in writing its inability to pay on any Distribution
Date, any accrued interest with respect to the Class A Certificates or make ultimate payment of principal with respect to the Class A Certificates, in either case to the extent required pursuant to the terms of the Pooling and Servicing
Agreement to be paid to the Class A Certificates. Party B shall be the sole Affected Party. 
  

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 (iii) Amendment of Pooling and Servicing Agreement. The amendment of the Pooling and
Servicing Agreement in a manner which could have a material adverse affect on Party A without first obtaining the prior written consent of Party A (such consent not to be unreasonably withheld), where such consent is required under the Pooling and
Servicing Agreement. Party B shall be the sole Affected Party. 
 (iv) Collateralization or Ratings Event. A Collateralization
Event or Ratings Event (as defined in Part 5(j)(i)) has occurred and is continuing and Party A fails to comply with the provisions of Part 5(j)(ii) within the time periods set out therein, and, with respect to a Ratings Event, at least one
substitute counterparty has made an offer which remains capable of becoming legally binding upon acceptance to be the Transferee of an assignment, transfer or replacement in accordance with Part 5(j)(B)(1)). Party A shall be the sole Affected Party.

 (v) Regulation AB. Party A shall fail to comply with the provisions of Part 5(k) within the time provided for therein.
Party A shall be the sole Affected Party. 
 Part 2. Tax Representations. 
 (a) Payer Representations. For the purpose of Section 3(e), Party A and Party B make the following representations: 
 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from
any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)) to be made by it to the other party under this Agreement. In making this representation, it may rely on: 
 (i) the accuracy of any representations made by the other party pursuant to Section 3(f); 
 (ii) the satisfaction of the agreement contained in Section 4 (a)(i) or 4(a)(iii) and the accuracy and effectiveness of any document provided by the
other party pursuant to Section 4 (a)(i) or 4(a)(iii); and 
 (iii) the satisfaction of the agreement of the other party contained in
Section 4(d), provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice of its
legal or commercial position. 
 (b) Payee Representations. For the purpose of Section 3(f), Party A and Party B make the following
representations. 
  

	 	(i)	The following representation will apply to Party A: 

 (x)
It is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for United States federal income tax purposes, (y) it is a trust company duly organized and existing under the laws
of the State of New York, and (y) its U.S. taxpayer identification number is 135160382. 
  

	 	(ii)	The following representation will apply to Party B: 

 None.

 (c) Additional Amounts Not Payable by Party B. Party B shall not be required to pay any additional amounts pursuant to
Section 2(d)(i)(4). 
  

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 Part 3. Agreement to Deliver Documents. For the purpose of Section 4(a): 
 (a) Tax forms, documents or certificates to be delivered are: 
  

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

	Party A and Party B	  	An Internal Revenue Service Form W-9 or W-8BEN as applicable or any successor form, accurately completed and in a manner reasonably satisfactory to Party A and any other document reasonably
requested to allow the other party to make payments under this Agreement without any deduction or withholding for or on the account of any tax.	  	(i) Prior to the first scheduled Payment Date; (ii) promptly upon reasonable demand by the other party; and (iii) promptly upon learning that any form previously provided by to the other party
has be-come obsolete or incorrect.

 (b) Other documents to be delivered are: 
  

							
	 Party required to deliver document
	  	 Form/Document/ Certificate
	  	 Date by which to be delivered
	  	 Covered by
 Section 3(d)
 Representation

	Party A	  	A certificate of an authorized officer of the party, as to the incumbency and authority of the respective officers of the party signing this Agreement, any relevant Credit Support Document, or
any Confirmation, as the case may be.	  	Upon the execution and delivery of this Agreement	  	Yes
				
	Party B	  	(i) a copy of the executed Pooling and Servicing Agreement, (ii) an incumbency certificate verifying the true signatures and authority of the person or persons signing this Agreement on behalf
of Party B, and (iii) a certified copy of the authorizing resolution (or equivalent authorizing documentation) of the Securities Administrator which sets forth the authority of each signatory to the Confirmation signing on its behalf and the
authority of such party to enter into Transactions contemplated and performance of its obligations hereunder.	  	(i) Upon the execution and delivery of the Pooling and Servicing Agreement, and (ii), (iii) upon the execution and delivery of this Agreement	  	Yes

  

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	Party A	  	A copy of the annual balance sheet of Party A for the most recently completed fiscal year and publicly available in its regulatory call report.	  	Promptly after request by Party B; provided, if available on http://www.fdic.gov, such delivery is not required.	  	Yes
				
	Party A	  	A legal opinion as to enforceability of this Agreement and any Confirmation evidencing a Transaction hereunder.	  	Upon the execution and delivery of this Agreement and such Confirmation	  	Yes
				
	Party B	  	A legal opinion as to the enforceability of this Agreement and any Confirmation evidencing a Transaction hereunder.	  	Upon the execution and delivery of this Agreement and such Confirmation	  	No.

 Part 4. Miscellaneous. 
  

	(a)	Addresses for Notices. For the purpose of Section 12(a): 

 Address for notices or communications to Party A: 
 Party A: With respect to any Transaction, to the
office(s) specified in the Confirmation related to such Transaction. A copy of any notice or other communication with respect to Sections 5 or 6 should also be sent to the addresses set out below: 
 The Bank of New York 
 Legal Department

 One Wall Street – 10th Floor 
 New York, New York 10286 
 Attention: General Counsel 
 Address for notices or communications to Party B: 
  

			
	Address:	 	Wells Fargo Bank, N.A.,
		 	not in its individual capacity, but solely as Securities Administrator
		 	on behalf of the SG Mortgage Securities Trust 2006-OPT2
		 	9062 Old Annapolis Road
		 	Columbia, Maryland 21045
	Attention:	 	Client Manager
	Facsimile:	 	(410) 715-2380 Telephone: (410) 884-2000

  

	(b)	Process Agent. For the purpose of Section 13(c): 

 Party A appoints as its Process Agent:— not applicable. 
 Party B appoints as its Process Agent:—
not applicable. 
  

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

  

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	(d)	Multibranch Party. For the purpose of Section 10(c): 

 Party A is a Multibranch Party and will enter into each Transaction only through the following Office:— New York (for all Transactions). 
 Party B is not a Multibranch Party. 
 (e) Calculation
Agent. The Calculation Agent is Party A; provided that if an Event of Default occurs with respect to Party A then Party B may designate a Reference Market-maker as Calculation Agent. 
  

	(f)	“Credit Support Document” Credit Support Document means in relation to:— 

 Party A: the Credit Support Annex hereto. 
 Party B: Not applicable. 
  

	(g)	“Credit Support Provider” means in relation to: 

 Party A: Not Applicable (except with respect to credit support furnished pursuant to Part 5(j) or 5(k)). 
 Party B: Not Applicable. 
 (h) Governing Law. This Agreement will be governed by and construed in accordance with the laws of the
State of New York without reference to choice of law doctrine other than New York General Obligations Law Sections 5-1401 and 5-1402. 
 (i) Netting of
Payments. Subparagraph (ii) of Section 2(c) will apply. 
 (j) “Affiliate” will have the meaning specified in
Section 14, provided, that, Party B shall not be deemed to have any Affiliates for purposes of this Agreement, including for purposes of Section 6(b)(ii) hereof. 
  

	(k)	Additional Representations. Section 3 is hereby amended by adding after Section 3(f) the following subsections: 

  

	 	“(g)	Relationship Between Parties. 

 (1)
Nonreliance. It is not relying on any statement or representation of the other party regarding the Transaction (whether written or oral), other than the representations expressly made in this Agreement or the Confirmation in respect of
that Transaction. 
  

	 	(2)	Evaluation and Understanding. 

 (i) It is
acting for its own account and has the capacity to evaluate (internally or through independent professional advice) the Transaction and has made its own decision to enter into the Transaction; it is not relying on any communication (written or oral)
of the other Party As investment advice or as a recommendation to enter into such transaction; it being understood that information and explanations related to the terms and conditions of such transaction shall not be considered investment advice or
a recommendation to enter into such transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of the transaction; and 
 (ii) It understands the terms, conditions and risks of the Transaction and is willing and able to accept those terms and conditions and to assume (and
does, in fact assume) those risks, financially and otherwise. 
 (3) Principal. The other party is not acting as a fiduciary or
an advisor for it in respect of this Transaction. 
  

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 (h) Exclusion from Commodity Exchange Act. (1) It is an “eligible contract
participant” within the meaning of Section 1a(12) of the Commodity Exchange Act, as amended; (2) this Agreement and each Transaction is subject to individual negotiation by such party; and (3) neither this Agreement nor any
Transaction will be executed or traded on a “trading facility” within the meaning of Section 1a(33) of the Commodity Exchange Act, as amended. 
 (i) Swap Agreement. Each Transaction is a “swap agreement” as defined in 12 U.S.C. Section 1821(e)(8)(D)(vi) and a “covered swap agreement” as defined in the Commodity Exchange
Act (7 U.S.C. Section 27(d)(1)). 
 Part 5. Other Provisions. 
 (a) Waiver of Jury Trial. Each party waives any right it may have to a trial by jury in respect of any Proceedings relating to this Agreement or any Credit Support Document. 
 (b) Recording of Conversations. Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant
personnel of the parties in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the
extent permitted by applicable law, that recordings may be submitted in evidence in any Proceedings. 
 (c) Severability. If any term,
provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants, and
conditions hereof shall continue in full force and effect as if this Agreement had been executed with the invalid or unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits or expectations of the parties. The parties shall endeavor to
engage in good faith negotiations to replace any invalid or unenforceable term, provision, covenant or condition with a valid or enforceable term, provision, covenant or condition, the economic effect of which comes as close as possible to that of
the invalid or unenforceable term, provision, covenant or condition. 
 (d) Set-off. Notwithstanding any provision of this Agreement or
any other existing or future agreement (but without limiting the provisions of Section 2(c) and Section 6 of this Agreement, except as provided in the next sentence), each party irrevocably waives any and all rights it may have to set off,
net, recoup or otherwise withhold or suspend or condition payment or performance of any obligation between it and the other party hereunder against any obligation between it and the other party under any other agreements. The last sentence of the
first paragraph of Section 6(e) shall not apply for purposes of any Transaction. For the avoidance of doubt, if more than one Transaction is entered into under this Agreement, nothing herein is intended to prevent the determination of a
Settlement Amount with respect to all such Transactions pursuant to Section 6. 
 (e) Failure to Pay or Deliver.
Section 5(a)(i) is hereby amended by replacing the word “third” by the word “second” in the third line thereof. 
 (f)
Non-Recourse. Notwithstanding any provision herein or in this Agreement to the contrary, the obligations of the Trust hereunder are limited recourse obligations of the Trust, payable solely from the Trust Fund and the proceeds
thereof to satisfy Party B’s obligations hereunder. In the event that the Trust Fund and proceeds thereof should be insufficient to satisfy all claims outstanding and following the realization of the Trust Fund and the distribution of the
proceeds thereof in accordance with the Pooling and Servicing Agreement, any claims against or obligations of the Trust under this Agreement or any confirmation hereunder still outstanding shall be extinguished and thereafter not revive. This
provision shall survive the termination of this Agreement. 
  

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 (g) Limitation on Institution of Bankruptcy Proceedings. Party A shall not institute against or cause any
other person to institute against, or join any other person in instituting against Party B, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, under any of the laws of the United States or any other jurisdiction, for
a period of one year and one day (or, if longer, the applicable preference period) following indefeasible payment in full of the Certificates. This provision shall survive the termination of this Agreement. 
 (h) Securities Administrator’s Capacity. It is expressly understood and agreed by the parties hereto that, insofar as this Agreement and any confirmation
evidencing a Transaction hereunder is executed by the Securities Administrator, (i) this Agreement and such confirmation are executed and delivered by the Securities Administrator, not in its individual capacity but solely as Securities
Administrator pursuant to the Pooling and Servicing Agreement in the exercise of the powers and authority conferred upon and vested in it thereunder, and pursuant to instruction set forth therein, (ii) each of the representations, undertakings
and agreements herein or therein made on behalf of the Trust is made and intended not as a personal representation, undertaking or agreement of the Securities Administrator but is made and intended for the purpose of binding only the Trust, and
(iii) under no circumstances will the Securities Administrator, in its individual capacity, be personally liable for the payment of any indebtedness or expenses or be personally liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken under this Agreement or any such confirmation 
 (i) [Reserved.] 
 (j) Ratings Downgrade. 
 (i)
Definitions. For purposes of each Transaction: (A) “Rating Agency Condition” means, with respect to any action taken or to be taken hereunder, a condition that is satisfied when each of Fitch, Inc.
(“Fitch”), Moody’s Investors Service Inc. (“Moody’s”) and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (“S&P”)] (each a
“Rating Agency”, and the rating condition with respect to it, the “Fitch Rating Condition”, “Moody’s Rating Condition” and “S&P Rating
Condition”, respectively) has confirmed in writing to the Securities Administrator that such action will not result in withdrawal, reduction or other adverse action with respect to any then-current rating by such Rating Agency of the
Certificates; (B) “Qualifying Ratings” means, with respect to the debt of any assignee or guarantor hereunder, (1) a short-term unsecured and unsubordinated debt rating of “P-1” (not on watch for
downgrade), and a long-term unsecured and unsubordinated debt of “A1” (not on watch for downgrade) (or, if it has no short-term unsecured and unsubordinated debt rating, a long term rating of “Aa3” (not on watch for downgrade) by
Moody’s, and (2) a short-term unsecured and unsubordinated debt rating of “A-1” by S&P, and (3) a short-term unsecured and unsubordinated debt rating of “F1” by Fitch and a long-term unsecured and
unsubordinated debt rating of “A” by Fitch; (C) a “Collateralization Event” shall occur with respect to Party A (or any applicable credit support provider) if: (1) its short-term unsecured and
unsubordinated debt rating is reduced to “P-2”, and its long-term unsecured and unsubordinated debt is reduced to “A3” (or, if it has no short-term unsecured and unsubordinated debt rating, its long term rating is reduced to
“A2”) by Moody’s (a “Moody’s Collateralization Event”), or (2) its short-term unsecured and unsubordinated debt rating is reduced to “A-2” by S&P (a “S&P Collateralization
Event”); or (3) its short-term unsecured and unsubordinated debt rating is reduced to “F2” by Fitch (a “Fitch Collateralization Event”); and (D) a “Ratings Event” shall
occur with 

  

 10 

 
respect to Party A (or any applicable credit support provider) if: (1) its short-term unsecured and unsubordinated debt rating is withdrawn or reduced
to “P-3” and its long-term unsecured and unsubordinated debt is reduced to “Baa1” (or, if it has no short-term unsecured and unsubordinated debt rating, its long term rating is reduced to “Baa1”) by Moody’s (a
“Moody’s Ratings Event”), or (2) its long-term unsecured and unsubordinated debt rating is withdrawn or reduced to “BB+” by S&P (a “S&P Ratings Event”), or (3) its
short-term unsecured and unsubordinated debt rating is withdrawn or reduced to “F3” or lower and its long-term unsecured and unsubordinated debt rating is withdrawn or reduced to “BBB” or lower by Fitch (a “Fitch
Ratings Event”). 
 (ii) Actions to be Taken. Subject, in each case to satisfaction of the Rating Agency Condition:
(A) if a Collateralization Event occurs with respect to Party A (or any applicable credit support provider), then Party A shall, at its own expense, within thirty (30) days of such Collateralization Ratings Event: (1) post collateral
in accordance with the Credit Support Annex; or (2) on terms substantially similar to this Agreement assign or transfer the Transactions to or replace the Transactions with transactions with a third party approved by Party B (such approval not
to be unreasonably withheld) the ratings of which (or of the guarantor of which) meet or exceed the Qualifying Ratings; or (3) obtain a guaranty of or a contingent agreement to honor Party A’s obligations under this Agreement by a third
party approved by Party B (such approval not to be unreasonably withheld) the ratings of which (or of the guarantor of which) meet or exceed the Qualifying Ratings; or (4) establish any other arrangement approved by Party B (such approval not
to be unreasonably withheld) that satisfies the Rating Condition; and (B) if a Ratings Event occurs with respect to Party A (or any applicable Credit Support Provider), then Party A shall, at its own expense, within ten (10) Business Days
of such Ratings Event: (1) on terms substantially similar to this Agreement assign or transfer the Transactions to or replace the Transactions with transactions with a third party approved by Party B (such approval not to be unreasonably
withheld) the ratings of which (or of the guarantor of which) meet or exceed the Qualifying Ratings, or (2) obtain a guaranty of or a contingent agreement to honor Party A’s obligations under this Agreement by a third party approved by
Party B (such approval not to be unreasonably withheld) the ratings of which (or of the guarantor of which) meet or exceed the Qualifying Ratings; or (3) establish any other arrangement approved by Party B (such approval not to be unreasonably
withheld) that satisfies the Rating Condition. 
 (k) Regulation AB. For purposes of Item1115 ( “Item 1115”) of
Subpart 229.1100 – Asset Backed Securities (Regulation AB) (17 C.F.R. ss.ss.229.1100 – 229.1123) (“Regulation AB”) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), as amended and interpreted by the Securities and Exchange Commission and its staff, if the Depositor or Party B makes a determination, acting reasonably and in good faith, that (x) the applicable
“significance percentage” with respect to this Agreement under Item 1115 has been reached (the “applicable percentage”), and (y) the Depositor has a reporting obligation under the Exchange Act (such event,
a “Reg AB Disclosure Event”), then Party A shall, within five (5) Business Days after notice to that effect, at its sole expense, take one of the following actions (each subject to the Rating Agency Condition):
(1) provide (including, if permitted by Regulation AB, provision by reference to reports filed pursuant to the Exchange Act or otherwise publicly available information): (A) (i)(x) the financial data required by Item 301 of Regulation
S–K (17 C.F.R. §229.301), pursuant to Item 1115(b)(1); (y) financial statements meeting the requirements of Regulation S–X (17 C.F.R. §§210.1–01 through 210.12–29, but excluding 17 C.F.R. ss.
210.3–05 and Article 11 of Regulation S–X (17 C.F.R. ss. ss. 210.11–01 through 210.11–03)), pursuant to Item 1115(b)(2); or (z) if Regulation AB has been modified by amendment or interpretation to permit other financial

  

 11 

 
information than as described in (x) and (y) above, such other financial information; and (ii) any updates to such financial information
within five (5) Business Days of the release thereof, and (B) the written consent to filing or incorporation by reference in the Exchange Act Reports of the Depositor the report relating to audits of such financial statements by the firm
conducting such audit; or (2) on terms substantially similar to this Agreement assign or transfer the Transactions to or replace the Transactions with transactions with a third party approved by the Depositor and Party B (such approval not to
be unreasonably withheld) (a “Reg AB Approved Party”) the ratings of which (or of the guarantor of which) meet or exceed the Qualifying Ratings and which is able to and agrees to comply with the requirements of
Item 1115(b) If the Depositor or Party B reasonably requests, Party A shall provide such other information as may be necessary for the Depositor to comply with Item 1115. In the event that Party A or a Reg AB Approved Party provides
financial data or financial statements in accordance as provided above, Party A or such Reg AB Approved Party will indemnify and hold harmless each of the Trust and the Depositor, its directors or officers and any person controlling it, from and
against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained therein or caused by any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Depositor shall be an express third party beneficiary of this Agreement as if a party hereto to the extent of
Depositor’s rights explicitly specified herein. 
 (l) Transfer, Amendment and Assignment. Notwithstanding the provisions of
Section 7 and Section 9(b), no assignment, transfer, amendment, waiver, supplement or other modification of any Transaction shall be permitted by either party unless the Rating Agency Condition is satisfied with respect thereto.

 [Signature page immediately follows] 
  

 12 

 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with
effect from the date specified on the first page of this Agreement: 
  

									
	      THE BANK OF NEW YORK	 		 	 WELLS FARGO BANK, N.A.,
 not in its
individual capacity, but solely as Securities Administrator on behalf of the SG Mortgage
 Securities Trust 2006-OPT2

					
	By:	 	 /s/ Stephen M. Lawler
	 		 	By:	 	 /s/ Raymond Delli Colli

	Name:	 	Stephen M. Lawler	 		 	Name:	 	Raymond Delli Colli
	Title:	 	Managing Director	 		 	Title:	 	Vice President
	Date:	 	December 14, 2006	 		 	Date:	 	December 14, 2006

  

 13 

 (Multicurrency - Cross Border) 
 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 MASTER AGREEMENT 
 dated as of
December 14, 2006 
  

					
	THE BANK OF NEW YORK	  	and	  	 WELLS FARGO BANK, N.A.,
 not in its individual
capacity, but solely as Securities Administrator on behalf of the SG Mortgage Securities Trust 2006-OPT2

			
	 established as a banking organization under
 the laws of the State of New York
	  		  	The Trust is a common law trust established under the laws of the State of New York.
			
	(“Party A”)	  		  	(“Party B”)

 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or
will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

 Accordingly, the parties agree as follows: - 
 1.
Interpretation 
 (a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the
purpose of this Master Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other
provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the
relevant Transaction. 
 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all
Confirmations form a single agreement between the parties (collectively referred to as this “Agreement’), and the parties would not otherwise enter into any Transactions. 
 2. Obligations 
 (a) General Conditions. 
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

 (ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the
relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be
made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 
 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event
of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other
applicable condition precedent specified in this Agreement. 
 Copyright © 1992 by International Swap Dealers Association, Inc.

  

 14 

 value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery,
in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but
excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below
with effect from the date specified on the first page of this document. 
  

									
	    THE BANK OF NEW YORK	 		 	 WELLS FARGO BANK, N.A.,
 not in its
individual capacity, but solely as Securities Administrator on behalf of the SG Mortgage Securities Trust 2006-OPT2

					
	By:	 	 /s/ Stephen M. Lawler
	 		 	By:	 	 /s/ Raymond Delli Colli

	Name:	 	Stephen M. Lawler	 		 	Name:	 	Raymond Delli Colli
	Title:	 	Managing Director	 		 	Title:	 	Vice President
	Date:	 	December 14, 2006	 		 	Date:	 	December 14, 2006

 ISDA® 1992 
  

 15ISDA Credit Support Annex to the Schedule to the ISDA Master Agreement

 Exhibit 10.6 
  

			
	(Bilateral Form)	 	(ISDA Agreements Subject to New York Law Only)

 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 ISDA Master
Agreement 
 Dated as of December 14, 2006 
 between 
  

					
	THE BANK OF NEW YORK	  	and	 	 WELLS FARGO BANK, N.A,
 not in its individual
capacity, but solely as Securities Administrator on behalf of the SG Mortgage Securities Trust 2006-OPT2

			
	established as a banking organization under the laws of the State of New York	  		 	The Trust is a common law trust established under the laws of the State of New York.
			
	 (“Party A”)
  
	  		 	 (“Party B”)
  

		  		 	

 This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule
and is a Credit Support Document under this Agreement with respect to Party A. 
 Accordingly, the parties agree as follows:— 
 Paragraphs 1 - 12. Incorporation. Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law
Only) published in 1994 by the International Swaps and Derivatives Association, Inc. are incorporated herein by reference and made a part hereof, except that Paragraph 1(b) is hereby amended in its entirety to read as follows: 
 “(b) Secured Party and Pledgor. Notwithstanding anything contained in this Annex to the contrary, (a) the term “Secured Party” as used in this
Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the
representations in Paragraph 9, and (d) only Party A will be required to make Transfers of Eligible Credit Support hereunder.” 
  

 A-1 

 Paragraph 13. 
 Certain Definitions. As used herein, “Fitch”, “Moody’s”, “S&P”, “Rating Agency”, “Collateralization
Event”, “Fitch Collateralization Event”; “Moody’s Collateralization Event”, “S&P Collateralization Event”; “Ratings Event”,
“Fitch Ratings Event”, “Moody’s Ratings Event”, and “S&P Ratings Event” have the meanings assigned in the Schedule. 
 (a) Security Interest for “Obligations.” The term “Obligations” as
used in this Annex includes the following additional obligations: Not applicable. 
  

	(b)	Credit Support Obligations. 

 (i)
Delivery Amount, Return Amount and Credit Support Amount. 
 (A) “Delivery Amount” has the
meaning specified in Paragraph 3(a) except that the words “upon a demand made by the Transferee on or promptly following a Valuation Date” shall be deleted and replaced by the words “on each Valuation Date commencing no later than the
Local Business day next following the Valuation Date falling, in the case of a Collateralization Event, on the 30th Local Business Day (or, in the case of an S&P Collateralization Event, the 30th day or the next day thereafter that is a Local
Business Day), or, in the case of a Ratings Event, promptly, after publication by the applicable Rating Agency of the applicable change in rating,”. 
 (B) “Return Amount” has the meaning specified in Paragraph 3(b). 
 (C)
“Credit Support Amount” in Paragraph 3(b), shall be amended in its entirety to read as follows: 
 “‘Credit Support Amount’ means, unless otherwise specified in Paragraph 13, for any Valuation Date after and during the continuance of a Collateralization Event or Ratings Event, (i) the Secured
Party’s Exposure for that Valuation Date, plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any, minus
(iv) the Pledgor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of the Credit Support Amount yields a number less than zero; and, provided
further, that the Credit Support Amount will not be less than the amount of in respect of a Moody’s Rating Event, the next scheduled Payment in respect of the Affected Transactions to be made by the Pledgor. 
 (ii) Eligible Collateral. The items set forth in Schedule 1 will qualify as “Eligible Collateral” for
Party A. If any Certificates are outstanding under the Pooling and Servicing Agreement and are rated by more than one Rating Agency and a Collateralization Event with respect to each such Rating Agency has occurred and is continuing, the Valuation
Percentage shall equal the lowest of the applicable percentages specified therein; provided, that, the Valuation Percentage may equal the highest of the applicable amounts determined as set forth above if the Rating Condition of each
Rating Agency is satisfied with respect with respect thereto. 
 (iii) Other Eligible Support. The following items will qualify
as “Other Eligible Support” for the party specified: Not Applicable. 
 (iv) Thresholds.

 (A) “Independent Amount” means with respect to Party B: Zero; and, with respect to Party A: an
amount, as of the date of determination, equal to the product of the aggregate Notional Amount outstanding at the beginning of the related Calculation Period under the applicable Affected Transactions, and: 
  

	 	(1)	in respect of a Moody’s Collateralization Event, the lesser of (x) 2% (for daily valuation) or 4% (for weekly valuation) or (y) the Moody’s Increase Factor at
First Trigger, and, in respect of a 

  

 A-2 

 Moody’s Ratings Event, the lesser of (x) 8% (for daily valuation) or 9% (for weekly valuation)
or (y) the Moody’s Increase Factor at Second Trigger; and 
  

	 	(2)	in respect of an S&P Collateralization Event or an S&P Ratings Event, (x) with respect to basis swaps, the product of the S&P Volatility Buffer and .10, and
(y) with respect to all other Transactions the S&P Volatility Buffer; and 

  

	 	(3)	in respect of a Fitch Collateralization Event or a Fitch Ratings Event, the Fitch Volatility Cushion. 

 As used herein, the “Moody’s Increase Factor” will be determined using the table set forth in Schedule 2; the
“S&P Volatility Buffer” will be determined using the tables set forth in Schedule 3; and the “Fitch Volatility Cushion” will be determined using the tables set forth in Schedule 4. If any
Certificates are outstanding under the Pooling and Servicing Agreement and are rated by more than one Rating Agency and a Collateralization Event with respect to each such Rating Agency has occurred and is continuing, the Independent Amount of Party
A shall equal the highest of the applicable amounts determined as set forth above; provided, that the Independent Amount may equal the lowest of the applicable amounts determined as set forth above if the Rating Condition of each Rating
Agency is satisfied with respect with respect thereto. 
 (B) “Threshold” means for each party: An
infinite number; provided, that the Threshold for Party A shall be zero upon the occurrence and during the continuance of an Event of Default, Termination Event, Additional Termination Event, Ratings Event, Collateralization Event (provided that,
with respect to a Collateralization Event, such event shall have continued for at least 30 days) or Specified Condition with respect to such party. 
 (C) “Minimum Transfer Amount” means with respect to Party A and Party B: $100,000; provided, that the Minimum Transfer Amount for such party shall be $50,000 in respect of an S&P
Collateralization Event if the aggregated principal balance of the Certificates is less than $50,000,000 on the applicable Valuation Date, and shall be zero upon the occurrence and during the continuance of an Event of Default, Termination Event,
Additional Termination Event, or Specified Condition with respect to such party. 
 (D) Rounding. The Delivery Amount and the Return
Amount will be rounded up and down respectively to the nearest integral multiple of $10,000. 
  

	(c)	Valuation and Timing. 

  

	 	(i)	“Valuation Agent” means, Party A, provided, that if any Event of Default with respect to Party A has occurred and is continuing, then
any designated third party mutually agreed to by the parties shall be the Valuation Agent until such time as Party A is no longer a Defaulting Party. 

  

	 	(ii)	“Valuation Date” means, at the election of Party A, either: 

 x each Local Business Day, or 
  ̈ any Local Business Day in each calendar week, which shall be the same calendar day each week to the extent
practicable, on a reasonably consistent basis. 
  

	 	(iii)	“Valuation Time” means: 

  ̈ the close of business in the city of the Valuation Agent on the Valuation Date or date of calculation, as applicable; 
 x the close of business on the Local Business Day before the Valuation Date or date of calculation, as applicable;
provided, that the calculations of Value and Exposure will be made as of approximately the same time on the same date. 
  

 A-3 

	 	(iv)	“Notification Time” means 1:00 p.m., New York time, on a Local Business Day. 

 (d) Conditions Precedent and Secured Party’s Rights and Remedies. (i) Illegality, and (ii) Additional Termination Events will be a
“Specified Condition” for Party A (as the Affected Party) (but not for purposes of Paragraph 8(d)), and (iii) Tax Event and (iv) Tax Event Upon Merger will not be a “Specified
Condition for Party A. 
  

	(e)	Substitution. 

 (i)
“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 
 (ii) Consent.
If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d): Applicable. 
  

	(f)	Dispute Resolution. 

 (i)
“Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5. 
 (ii) Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated as follows: as set
forth for other purposes in Paragraph 12. 
 (iii) Alternative. The provisions of Paragraph 5 will apply, except to the
following extent: (A) pending the resolution of a dispute, Transfer of the undisputed Value of Eligible Credit Support or Posted Credit Support involved in the relevant demand will be due as provided in Paragraph 5 if the demand is given by the
Notification Time, but will be due on the second Local Business Day after the demand if the demand is given after the Notification Time; and (B) the Disputing Party need not comply with the provisions of Paragraph 5(II)(2) if the amount to be
Transferred does not exceed the Disputing Party’s Minimum Transfer Amount. 
  

	(g)	Holding and Using Posted Collateral. 

 (i)
Eligibility to Hold Posted Collateral; Custodians. The Secured Party will not be entitled to hold Posted Collateral itself. The Secured Party will be hold Posted Collateral through a Custodian (which may be the Trustee and which shall
at all times be a financial institution as specified under the Pooling and Servicing Agreement, or, if not so specified, which shall be a commercial bank or trust company which is unaffiliated with Party B organized under the laws of the United
States or any state thereof, having assets of at least $10 billion and a long term debt or a deposit rating of at least (i) Baa2 from Moody’s and (ii) BBB from S&P, in an identifiable segregated account (provided that, so long as
the Certificates are rated by S&P, the Custodian must have a short-term debt or deposit rating of at least A-1 from S&P). 
 Initially, the Custodian for Party B is: Wells Fargo Bank, N.A. 
 (ii) Use of Posted Collateral. The provisions
of Paragraph 6(c) will apply to the Secured Party; therefore, Party B will not have any of the rights specified in Paragraph 6(c)(i) or 6 (c)(ii). 
  

	(h)	Distributions and Interest Amount. 

 (i)
Interest Rate. The “Interest Rate”, with respect to Eligible Collateral in the form of Cash will be , if the Custodian or Trustee is instructed to invest Cash Posted Collateral as provided in Paragraph 13(l)(vii), the
rate actually earned on the Cash Posted Collateral or, if the Pledgor instructs that the Cash Posted Collateral not be invested, an amount equal to the contractual rate of interest entitled to be received on such amounts from the Swap Collateral
Account (as hereinbelow defined), as applicable; provided, that, if the Swap Collateral Account does not pay interest and the Custodian or Trustee is not obligated to invest Cash Posted Collateral under the Pooling and Servicing Agreement, 

  

 A-4 

 
the “Interest Rate” will be, for any day, the rate opposite the caption “Federal Funds (Effective)” for such day as published for such
day in Federal Reserve Publication H.15(519) or any successor publication as published by the Board of Governors of the Federal Reserve System or such other rate as agreed by the parties. 
 (ii) Transfer of Interest Amount. The Transfer of the Interest Amount: will be made (x) with respect to earnings from Eligible
Investments pursuant to Part 13(l)(vii) or from the interest on the Swap Collateral Account pursuant to Part 13(h)(i), on such date as accrued and received (or if so agreed, on the first Local Business Day of each calendar month) and on any Local
Business Day that Posted Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b), and (y) with respect to any other Interest Amount, subject to the availability of interest and earnings on the Mortgage Loans
therefor, on the first Local Business Day of each calendar month and on any Local Business Day that Posted Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b). 
 (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 
  

	(i)	Other Eligible Support and Other Posted Support. 

 (i) “Value” with respect to Other Eligible Support and Other Posted Support means: Inapplicable. 
 (ii) “Transfer” with respect to Other Eligible Support and Other Posted Support means: Inapplicable. 
 (j)
Demands and Notices. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here: 
  

					
	(i)	  	Party A:	  	to be specified in each notice.
			
	(ii)	  	Party B:	  	
			
		  	Address:	  	Wells Fargo Bank, N.A.,
		  		  	 not in its individual capacity, but solely as Securities Administrator on behalf of the SG Mortgage Securities Trust 2006-OPT2
 9062 Old Annapolis Road
 Columbia, Maryland 21045

			
		  	Attention:	  	Client Manager
			
		  	Facsimile:	  	(410) 715-2380 Telephone: (410) 884-2000

  

	(k)	Addresses for Transfers. 

  

			
	Party A:	  	For Cash: To be provided
		
		  	For Eligible Collateral: To be provided
		
	Party B:	  	Wells Fargo Bank, N.A.
		  	San Francisco, CA
		  	ABA # 121-000-248.
		  	Acct. # 3970771416
		  	Acct. Name: SAS Clearing
		  	FFC: 50971902 - Swap Account

  

	(l)	Other Provisions. 

  

	 	(i)	Additional Definitions. As used in this Annex:— 

 “Equivalent Collateral” means, with respect to any security constituting Posted Collateral, a security of the same issuer and, as applicable, representing or having the same class, series, maturity, interest rate,
principal amount or liquidation value and such other provisions as are necessary for that security and the security constituting Posted Collateral to be treated as equivalent in the market for such securities; 
  

 A-5 

 “Local Business Day” means: (i) any day on which commercial banks are open
for business (including dealings in foreign exchange and foreign currency deposits) in New York, and (ii) in relation to a Transfer of Eligible Collateral, a day on which the clearance system agreed between the parties for the delivery of
Eligible Collateral is open for acceptance and execution of settlement instructions (or in the case of a Transfer of Cash or other Eligible Collateral for which delivery is contemplated by other means, a day on which commercial banks are open for
business (including dealings for foreign exchange and foreign currency deposits) in New York and such other places as the parties shall agree); 
  

	 	(ii)	Transfer Timing. 

 (A) Paragraph 4(b) shall
be deleted and replaced in its entirety by the following paragraph: “Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification
Time, then the relevant Transfer will be made not later than the close of business on the second Local Business Day thereafter; if a demand is made after the Notification Time then the relevant Transfer will be made not later than the close of
business on the third Local Business Day thereafter.” 
 (B) Paragraph 6(d)(1) shall be amended so that the reference therein to
“the following Local Business Day” shall be replaced by reference to “the second Local Business Day thereafter”. 
 (iii) Events of
Default. Paragraph 7 shall be deleted and replaced in its entirety by the following paragraph: 
 “For the purposes of
Section 5(a)(i) of this Agreement, an Event of Default will exist with respect to a party if that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Credit Support, Posted Credit Support or the Interest
Amount, as applicable, required to be made by it and that failure continues for two Local Business Day after the notice of that failure is given to that party; provided, that, with respect to a failure to Transfer Eligible Credit
Support, at least (x) 30 Local Business Days have elapsed after a Moody’s Ratings Event has occurred and (y) 10 Business Days have elapsed after an S&P Ratings Event, and such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to Party A”. 
 (iv) Return of Fungible Securities. In lieu of returning
to the Pledgor pursuant to Paragraphs 3(b), 4(d), 5 and 8(d) any Posted Collateral comprising securities the Secured Party may return Equivalent Collateral. 
 (v) No Counterclaim. A party’s rights to demand and receive the Transfer of Eligible Collateral as provided hereunder and its rights as Secured Party against the Posted Collateral or otherwise shall
be absolute and subject to no counterclaim, set-off, deduction or defense in favor of the Pledgor except as contemplated in Sections 2 and 6 of the Agreement and Paragraph 8 of this Annex. 
 (vi) Holding Collateral. The Secured Party shall cause any Custodian appointed hereunder to open and maintain a segregated account and to
hold, record and identify all the Posted Collateral in such segregated account and, subject to Paragraphs 6(c) and 8(a), such Posted Collateral shall at all times be and remain the property of the Pledgor and shall at no time constitute the property
of, or be commingled with the property of, the Secured Party or the Custodian. 
 (vii) Investment of Cash Posted Collateral.
Cash Posted Collateral shall be invested in Eligible Investments as directed by Party A, with gains and losses incurred in respect of such investments to be for the account of Party A, subject to the following parameters: the Cash Posted Collateral
shall be invested in such overnight (or redeemable within two 

  

 A-6 

 
Local Business Days of demand) investments rated at least A-1+ by S&P and Prime -1 by Moody’s or AAAm or AAAmG by S&P and Aaa by Moody’s as
directed by Party A (provided, that such investment shall be held uninvested or invested at the direction of Party B if an Event of Default or an Additional Termination Event has occurred with respect to which Party A is the defaulting or sole
Affected Party and Party B has designated an Early Termination Date with respect thereto). Such instructions may be delivered as standing instructions. 
 (viii) Return of Posted Collateral. At any time a Collateralization Event or Ratings Event has occurred and is continuing with respect to Party A, Party A shall be obligated to transfer Eligible
Collateral in accordance with the terms of this Annex. If a Collateralization Event or Rating Event occurs and thereafter ceases to be continuing (and provided that no Event of Default or Potential Event of Default exists with respect to Party A) or
Party A has made a Permitted Transfer under this Agreement, then Party A’s obligations to transfer Eligible Collateral under this Annex will immediately cease with respect to that Collateralization Event, and Party B will, upon demand by Party
A, return to Party A, or cause its Custodian to return, all Posted Collateral held under this Annex. The Secured Party is authorized to liquidate any Posted Collateral pursuant to written instructions from Party A. 
 (ix) External Verification of Mark-to-Market Valuations. If the long term senior unsecured debt of Party A is rated BBB or lower by S&P
or Fitch, once every month after (x) an S&P Ratings Event occurs and during its continuance, and (y) after a Fitch Collateralization Event occurs and during its continuance and the ratings of Party A at any time fall below BBB+ and F2,
Party A will at its own expense verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided, that a Reference Market-maker may not be used more than
four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the high quotation for a
Reference Market-maker, if applicable for the next Valuation Date. Party A shall provide the quotations of such Reference Market-makers to S&P and Fitch. 
 (x) Expenses. Notwithstanding Paragraph 10, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs involved in the transfer of
Eligible Collateral 
 (xi) Limit on Secured Party’s Liability. The Secured Party will not be liable for any losses or
damages that the Pledgor may suffer as a result of any failure by the Secured Party to perform, or any delay by it in performing, any of its obligations under this Annex if the failure or delay results from circumstances beyond the reasonable
control of the Secured Party or its Custodian, such as interruption or loss of computer or communication services, labor disturbance, natural disaster or local or national emergency. 
 [Signature page immediately follows] 
  

 A-7 

 IN WITNESS WHEREOF the parties have executed this Credit Support Annex on the respective dates specified
below with effect from the date on the first page. 
  

									
	THE BANK OF NEW YORK	 		 	WELLS FARGO BANK, N.A, not in its individual capacity, but solely as Securities Administrator on behalf of the SG Mortgage Securities Trust 2006-OPT2
					
	By:	 	 /s/ Stephen M. Lawler
	 		 	By:	 	 /s/ Raymond Delli Colli

	Name:	 	Stephen M. Lawler	 		 	Name:	 	Raymond Delli Colli
	Title:	 	Managing Director	 		 	Title:	 	Vice President
	Date:	 	December 14, 2006	 		 	Date:	 	December 14, 2006

  

 A-8 

 SCHEDULE 1 
 ELIGIBLE COLLATERAL 
 Certificates: SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2 
 Valuation Date (and Valuation Percentage column): Daily 
 Eligible Collateral & Valuation Percentages 
 Moody’s and S&P

  

											
	 	 	 	  	Valuation Percentage*
	 	 	 	  	Moody’s	 	 	S&P
	 	 	 	  	Collateralization
Event	 	 	Rating
Event	 	 	 
	(A)	 	Cash: U.S. Dollars in depositary account form	  	100	%	 	100	%	 	100
					
	(B)	 	U.S. Treasury Securities: negotiable debt obligations issued by the U.S. Treasury Department after July 18, 1984 (“Treasuries”) having a remaining maturity of up
to and not more than 1 year.	  	100	%	 	100	%	 	98.9
					
	(C)	 	Treasuries having a remaining maturity of greater than 1 year but not more than 2 years.	  	100	%	 	99	%	 	98
					
	(D)	 	Treasuries having a remaining maturity of greater than 2 years but not more than 3 years.	  	100	%	 	98	%	 	97.4
					
	(E)	 	Treasuries having a remaining maturity of greater than 3 years but not more than 5 years.	  	100	%	 	97	%	 	95.5
					
	(F)	 	Treasuries having a remaining maturity of greater than 5 years but not more than 7 years.	  	100	%	 	95	%	 	93.7
					
	(G)	 	Treasuries having a remaining maturity of greater than 7 years but not more than 10 years.	  	100	%	 	94	%	 	92.5
					
	(H)	 	Treasuries having a remaining maturity of greater than 10 years but not more than 20 years.	  	100	%	 	89	%	 	91.1
					
	(I)	 	Treasuries having a remaining maturity of greater than 20 years but not more than 30 years.	  	100	%	 	87	%	 	88.6
					
	(J)	 	Agency Securities: negotiable debt obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks (FHLB), Federal
Farm Credit Banks (FFCB), Tennessee Valley Authority (TVA) (collectively, “Agency Securities”) issued after July 18, 1984 and having a remaining maturity of not more than 1 year.	  	100	%	 	99	%	 	98.5
					
	(K)	 	Agency Securities having a remaining maturity of greater than 1 year but not more than 2 years.	  	100	%	 	98	%	 	97.7
					
	(L)	 	Agency Securities having a remaining maturity of greater than 2 years but not more than 3 years.	  	100	%	 	97	%	 	97.3
					
	(M)	 	Agency Securities having a remaining maturity of greater than 3 years but not more than 5 years.	  	100	%	 	96	%	 	94.5
					
	(N)	 	Agency Securities having a remaining maturity of greater than 5 years but not more than 7 years.	  	100	%	 	94	%	 	93.1
					
	(O)	 	Agency Securities having a remaining maturity of greater than 7 years but not more than 10 years.	  	100	%	 	93	%	 	90.7

  

 A-1-1 

 Eligible Collateral & Valuation Percentages 
 Moody’s and S&P 
  

										
	 	 	 	  	Valuation Percentage*
	 	 	 	  	Moody’s	 	S&P
	 	 	 	  	Collateralization
Event	 	 	Rating
Event	 	 
	 (P)
	 	Agency Securities having a remaining maturity of greater than 10 years but not more than 20 years.	  	100	%	 	88%	 	87.7
					
	 (Q)
	 	Agency Securities having a remaining maturity of greater than 20 years but not more than 30 years.	  	100	%	 	86%	 	84.4
					
	 (R)
	 	FHLMC Certificates. Mortgage participation certificates issued by FHLMC evidencing undivided interests or participations in pools of first lien conventional or FHA/VA residential
mortgages or deeds of trust, guaranteed by FHLMC, issued after July 18, 1984 and having a remaining maturity of not more than 30 years.	  	100	%	 	86%
(weekly
valuation)	 	
					
	 (S)
	 	FNMA Certificates. Mortgage-backed pass-through certificates issued by FNMA evidencing undivided interests in pools of first lien mortgages or deeds of trust on residential
properties, guaranteed by FNMA, issued after July 18, 1984 and having a remaining maturity of not more than 30 years.	  	100	%	 	86%
(weekly
valuation)	 	
					
	 (T)
	 	GNMA Certificates. Mortgage-backed pass-through certificates issued by private entities, evidencing undivided interests in pools of first lien mortgages or deeds of trust on single
family residences, guaranteed by the Government National Mortgage Association (GNMA) with the full faith and credit of the United States, issued after July 18, 1984 and having a remaining maturity of not more than 30 years.	  	100	%	 	86%
(weekly
valuation)	 	
					
	 (U)
	 	Commercial Mortgage-Backed Securities. Floating rate commercial mortgage-backed securities rated AAA by two major rating agencies (including S&P so long as it is a Rating Agency
hereunder) with a minimum par or face amount of $250 million (excluding securities issued under Rule 144A) (“Commercial Mortgage-Backed Securities”) having a remaining maturity of not more than 5 years.	  			 	96.2	 	95.1
					
	 (V)
	 	Commercial Mortgage-Backed Securities having a remaining maturity of more than 5 years and not more than 10 years.	  			 	92.9	 	90.9
					
	 (W)
	 	Commercial Mortgage-Backed Securities having a remaining maturity of more than 10 years.	  			 	91.0	 	88.6
					
	 (X)
	 	Commercial Paper. Commercial Paper with a rating of at least P-1 by Moody’s and at least A-1+ by S&P and having a remaining maturity of not more than 30 days.	  	100	%	 	99%	 	99
					
	 (Y)
	 	Other Items of Credit Support approved by the Rating Agencies to the extent any Certificates are rated.	  	*	 	 	*	 	

	*	percentage to be determined. 

  

 A-1-2 

 Eligible Collateral & Valuation Percentages 
 Fitch 
  

															
	 	  	 	  	 Valuation Percentage*
 (Rating of Certificates)
	 
	 	  	 	  	AAA	 	 	AA	 	 	A	 	 	BBB	 
	 (A)
	  	Cash: U.S. Dollars in depositary account form	  	100	%	 	100	%	 	100	%	 	100	%
						
	 (B)
	  	U.S. Treasury Securities: negotiable debt obligations issued by the U.S. Treasury Department after July 18, 1984 (“Treasuries”) having a remaining maturity of
up to and not more than 1 year.	  	97.5	%	 	97.8	%	 	98.4	%	 	98.9	%
						
	 (C)
	  	Treasuries having a remaining maturity of greater than 1 year but not more than 2 years.	  	94.7	%	 	95.3	%	 	95.9	%	 	96.5	%
						
	 (D)
	  	Treasuries having a remaining maturity of greater than 2 years but not more than 3 years.	  	94.7	%	 	95.3	%	 	95.9	%	 	96.5	%
						
	 (E)
	  	Treasuries having a remaining maturity of greater than 3 years but not more than 5 years.	  	91.5	%	 	92.5	%	 	93.5	%	 	94.5	%
						
	 (F)
	  	Treasuries having a remaining maturity of greater than 5 years but not more than 7 years.	  	89.0	%	 	90.1	%	 	91.2	%	 	92.3	%
						
	 (G)
	  	Treasuries having a remaining maturity of greater than 7 years but not more than 10 years.	  	86.3	%	 	87.5	%	 	88.8	%	 	90.0	%
						
	 (H)
	  	Treasuries having a remaining maturity of greater than 10 years but not more than 20 years.	  	83.0	%	 	84.5	%	 	86.0	%	 	87.5	%
						
	 (I)
	  	Treasuries having a remaining maturity of greater than 20 years but not more than 30 years.	  	79.0	%	 	80.7	%	 	82.3	%	 	84.0	%
						
	 (J)
	  	Agency Securities: negotiable debt obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks (FHLB),
Federal Farm Credit Banks (FFCB), Tennessee Valley Authority (TVA) (collectively, “Agency Securities”) issued after July 18, 1984 and having a remaining maturity of not more than 1 year.	  			 			 			 		
						
	 (K)
	  	Agency Securities having a remaining maturity of greater than 1 year but not more than 2 years.	  			 			 			 		
						
	 (L)
	  	Agency Securities having a remaining maturity of greater than 2 years but not more than 3 years.	  			 			 			 		
						
	 (M)
	  	Agency Securities having a remaining maturity of greater than 3 years but not more than 5 years.	  			 			 			 		
						
	 (N)
	  	Agency Securities having a remaining maturity of greater than 5 years but not more than 7 years.	  			 			 			 		
						
	 (O)
	  	Agency Securities having a remaining maturity of greater than 7 years but not more than 10 years.	  			 			 			 		
						
	 (P)
	  	Agency Securities having a remaining maturity of greater than 10 years but not more than 20 years.	  			 			 			 		
						
	 (Q)
	  	Agency Securities having a remaining maturity of greater than 20 years but not more than 30 years.	  			 			 			 		

  

 A-1-3 

 Eligible Collateral & Valuation Percentages 
 Fitch 
  

							
	 	 	 	  	 Valuation Percentage*
 (Rating of Certificates)

	 (R)
	 	FHLMC Certificates. Mortgage participation certificates issued by FHLMC evidencing undivided interests or participations in pools of first lien conventional or FHA/VA residential
mortgages or deeds of trust, guaranteed by FHLMC, issued after July 18, 1984 and having a remaining maturity of not more than 30 years.	  		  	
				
	 (S)
	 	FNMA Certificates. Mortgage-backed pass-through certificates issued by FNMA evidencing undivided interests in pools of first lien mortgages or deeds of trust on residential
properties, guaranteed by FNMA, issued after July 18, 1984 and having a remaining maturity of not more than 30 years.	  		  	
				
	 (T)
	 	GNMA Certificates. Mortgage-backed pass-through certificates issued by private entities, evidencing undivided interests in pools of first lien mortgages or deeds of trust on single family
residences, guaranteed by the Government National Mortgage Association (GNMA) with the full faith and credit of the United States, issued after July 18, 1984 and having a remaining maturity of not more than 30 years.	  		  	
				
	 (U)
	 	Commercial Mortgage-Backed Securities. Commercial mortgage-backed securities rated AAA by two major rating agencies with a minimum par or face amount of $250 million (excluding securities
issued under Rule 144A) (“Commercial Mortgage-Backed Securities”) having a remaining maturity of not more than 5 years.	  		  	
				
	 (V)
	 	Commercial Mortgage-Backed Securities having a remaining maturity of more than 5 years and not more than 10 years.	  		  	
				
	 (W)
	 	Commercial Mortgage-Backed Securities having a remaining maturity of more than 10 years.	  		  	
				
	 (X)
	 	Commercial Paper. Commercial Paper with a rating of at least P-1 by Fitch and at least A-1+ by S&P and having a remaining maturity of not more than 30 days.	  		  	
				
	 (Y)
	 	Other Items of Credit Support approved by the Rating Agencies to the extent any Certificates are rated.	  		  	*

	*	percentage to be determined. 

  

 A-1-4 

 SCHEDULE 2 
 MOODY’S INCREASE FACTOR 
 Certificates: SG Mortgage
Securities Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2 
 Valuation Date (and Valuation Percentage column): Daily 
 The Moody’s Increase Factor will be determined using the following table: 
  

							
	 Moody’s Increase
Factor
	 
	 Remaining Years to Maturity
	  	Posting Frequency	 
	 	  	Daily	 	 	Weekly	 
	 Moody’s Increase Factor at First Trigger
 Swaps, Caps and Floors
	  
  

	 1
	  	0.15	%	 	0.25	%
	 2
	  	0.30	%	 	0.50	%
	 3
	  	0.40	%	 	0.70	%
	 4
	  	0.60	%	 	1.00	%
	 5
	  	0.70	%	 	1.20	%
	 6
	  	0.80	%	 	1.40	%
	 7
	  	1.00	%	 	1.60	%
	 8
	  	1.10	%	 	1.80	%
	 9
	  	1.20	%	 	2.00	%
	 10
	  	1.30	%	 	2.20	%
	 11
	  	1.40	%	 	2.30	%
	 12
	  	1.50	%	 	2.50	%
	 13
	  	1.60	%	 	2.70	%
	 14
	  	1.70	%	 	2.80	%
	 15
	  	1.80	%	 	3.00	%
	 16
	  	1.90	%	 	3.20	%
	 17
	  	2.00	%	 	3.30	%
	 18
	  	2.00	%	 	3.50	%
	 19
	  	2.00	%	 	3.60	%
	 20
	  	2.00	%	 	3.70	%
	 21
	  	2.00	%	 	3.90	%
	 22 to 30
	  	2.00	%	 	4.00	%
	 Moody’s Increase Factor at Second Trigger
 Swaps
	  			 		
	 1
	  	0.50	%	 	0.60	%
	 2
	  	1.00	%	 	1.20	%
	 3
	  	1.50	%	 	1.70	%
	 4
	  	1.90	%	 	2.30	%
	 5
	  	2.40	%	 	2.80	%
	 6
	  	2.80	%	 	3.30	%
	 7
	  	3.20	%	 	3.80	%
	 8
	  	3.60	%	 	4.30	%
	 9
	  	4.00	%	 	4.80	%
	 10
	  	4.40	%	 	5.30	%
	 11
	  	4.70	%	 	5.60	%
	 12
	  	5.00	%	 	6.00	%
	 13
	  	5.40	%	 	6.40	%
	 14
	  	5.70	%	 	6.80	%
	 15
	  	6.00	%	 	7.20	%
	 16
	  	6.30	%	 	7.60	%

  

 A-2-1 

							
	 17
	  	6.60	%	 	7.90	%
	 18
	  	6.90	%	 	8.30	%
	 19
	  	7.20	%	 	8.60	%
	 20
	  	7.50	%	 	9.00	%
	 21
	  	7.80	%	 	9.00	%
	 22 to 30
	  	8.00	%	 	9.00	%
	 Moody’s Increase Factor at Second Trigger
 Caps, Floors, Transaction Specific Hedges
	  			 		
	 1
	  	0.65	%	 	0.75	%
	 2
	  	1.30	%	 	1.50	%
	 3
	  	1.90	%	 	2.20	%
	 4
	  	2.50	%	 	2.90	%
	 5
	  	3.10	%	 	3.60	%
	 6
	  	3.60	%	 	4.20	%
	 7
	  	4.20	%	 	4.80	%
	 8
	  	4.70	%	 	5.40	%
	 9
	  	5.20	%	 	6.00	%
	 10
	  	5.70	%	 	6.60	%
	 11
	  	6.10	%	 	7.00	%
	 12
	  	6.50	%	 	7.50	%
	 13
	  	7.00	%	 	8.00	%
	 14
	  	7.40	%	 	8.50	%
	 15
	  	7.80	%	 	9.00	%
	 16
	  	8.20	%	 	9.50	%
	 17
	  	8.60	%	 	9.90	%
	 18
	  	9.00	%	 	10.40	%
	 19
	  	9.40	%	 	10.80	%
	 20
	  	9.70	%	 	11.00	%
	 21 to 30
	  	10.00	%	 	11.00	%

  

 A-2-2 

 SCHEDULE 3 
 S&P VOLATILITY BUFFER 
 Certificates: SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2 
 Highest Rating of Certificates: Class [ ] rated “Aaa” by Moody’s, “AAA” by S&P, and
“AAA”]by Fitch. 
 Weighted Average Life of Highest Rated Certificates: 4.67 years 
 The S&P Volatility Buffer will be determined using the following table: 
  

										
	 S&P Volatility
Buffer
	 
	Party A Rating*	  	(Weighted Average Life of Highest Rated Certificates)	 
		  	(Up to 5 years)	 	 	(Up to 10 years)	 	 	(Up to 30 years)	 
	
	If, on the related Valuation Date, the highest rated Certificates are rated “AA-” or higher by S&P, the S&P Volatility Buffer is:	  
				
	 A-2
	  	3.25	%	 	4.00	%	 	4.75	%
	 A-3
	  	4.00	%	 	5.00	%	 	6.25	%
	 BB+ or lower
	  	4.50	%	 	6.75	%	 	7.50	%
	
	 If, on the related Valuation Date, the highest rated Certificates are rated “A” or “A+” by S&P, the
S&P Volatility Buffer is:
	  

	 BBB+/BBB
	  	3.25	%	 	4.00	%	 	4.50	%
	 A-2
	  	3.25	%	 	4.00	%	 	4.50	%
	 A-3/BBB-
	  	3.50	%	 	4.50	%	 	6.00	%
	 BB+ or lower
	  	4.00	%	 	5.25	%	 	7.00	%

	*	This rating shall be the higher of the rating by S&P on the related Valuation Date of the long-term debt and short-term debt of Party A or its guarantor or other Credit Support
Provider. 

  

 A-3-1 

 SCHEDULE 4 
 FITCH VOLATILITY CUSHION 
 Certificates: SG Mortgage Securities Trust
2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2 
 Highest Rating of Certificates: Class A rated “Aaa” by Moody’s, “AAA”
by S&P, and “AAA” by Fitch. 
 Weighted Average Life of Highest Rated Certificates: 4.67 years. 
 The Fitch Volatility Cushion will be determined using the following table: 
  

						
	 Fitch Volatility Cushion
 (USD Interest Rate Swaps)
	 
	 Weighted Average Life of Highest Rated Certificates
	  	Posting Frequency	 
	 	  	Daily	  	Weekly	 
	 If, on the related Valuation Date, the highest rated Certificates are rated “AA-” or higher by Fitch, the Fitch
Volatility Cushion is:
	   

	 1
	  		  	0.8	%
	 2
	  		  	1.7	%
	 3
	  		  	2.5	%
	 4
	  		  	3.3	%
	 5
	  		  	4.0	%
	 6
	  		  	4.7	%
	 7
	  		  	5.3	%
	 8
	  		  	5.9	%
	 9
	  		  	6.5	%
	 10
	  		  	7.0	%
	 11
	  		  	7.5	%
	 12
	  		  	8.0	%
	 13
	  		  	8.5	%
	 14
	  		  	9.0	%
	 > = 15
	  		  	9.5	%
	
	 If, on the related Valuation Date, the highest rated Certificates are rated “A+” or “A” by Fitch, the Fitch
Volatility Cushion is:
	   

			
	 1
	  		  	0.6	%
	 2
	  		  	1.2	%
	 3
	  		  	1.8	%
	 4
	  		  	2.3	%
	 5
	  		  	2.8	%
	 6
	  		  	3.3	%
	 7
	  		  	3.8	%

  

 A-4-1 

				
	 8
	  	4.2	%
	 9
	  	4.6	%
	 10
	  	5.0	%
	 11
	  	5.3	%
	 12
	  	5.7	%
	 13
	  	6.0	%
	 14
	  	6.4	%
	 > = 15
	  	6.7	%
	If, on the related Valuation Date, the highest rated Certificates are rated “A-” or “BBB+” by Fitch, the Fitch Volatility Cushion is:	  
	 1
	  	0.5	%
	 2
	  	1.0	%
	 3
	  	1.6	%
	 4
	  	2.0	%
	 5
	  	2.5	%
	 6
	  	2.9	%
	 7
	  	3.3	%
	 8
	  	3.6	%
	 9
	  	4.0	%
	 10
	  	4.3	%
	 11
	  	4.7	%
	 12
	  	5.0	%
	 13
	  	5.3	%
	 14
	  	5.6	%
	 > = 15
	  	5.9	%

  

 A-4-2

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