Document:

exv10w1

Exhibit 10.1

EXECUTION VERSION

SHORTFALL AGREEMENT

BETWEEN

MAIDEN LANE III LLC

AND

AIG FINANCIAL PRODUCTS CORP.

     This Agreement, made and entered into as of November 25, 2008, by and between Maiden Lane III
LLC., a Delaware limited liability company (“ML III”), and AIG Financial Products Corp., a Delaware
corporation (“AIG-FP”).

WITNESSETH:

     WHEREAS, as of October 31, 2008, AIG-FP was party to the derivative transactions listed on
Schedule A hereto (the “Derivative Transactions”), with an aggregate notional value of
$53,510,385,969;

     WHEREAS, AIG-FP and ML III have entered into a termination agreement with each counterparty to
the Derivative Transactions, each with a trade date of November 10, 2008 (the “Termination
Agreements”), whereby inter alia, each Derivative Transaction would be terminated and each of the
parties to the Derivative Transactions would be released of all of its duties and obligations
thereunder;

     WHEREAS, ML III has entered into a forward purchase agreement with each counterparty to the
Derivative Transactions (the “Purchase Agreements”) whereby ML III will purchase certain CDO Issues
underlying the Derivative Transactions;

     WHEREAS, ML III has entered into the Master Investment and Credit Agreement, dated as of
November 25, 2008, with the Federal Reserve Bank of New York, American International Group, Inc.
(“AIG”) and The Bank of New York Mellon (the “Master Investment and Credit Agreement”) in
connection with obtaining certain loans and equity contributions to purchase the CDO Issues;

     WHEREAS, ML III entered into the Purchase Agreements and the Master Investment and Credit
Agreement in partial reliance on AIG-FP’s promise to make the payments, if any, described herein
and AIG-FP has entered into the Termination Agreements in partial reliance on ML III’s promises to
make the payments, if any, described herein;

     WHEREAS, AIG-FP has delivered collateral to the counterparties to the Derivative Transactions
(the “Counterparties”) as set forth on Schedule A hereto, as previously determined by ML III or its
designee(s), in consultation with AIG-FP (with respect to each Derivative Transaction, the “Posted
Collateral”); and

     WHEREAS, as of October 31, 2008, the difference between the notional value of each Derivative
Transaction and the market value of the related CDO Issue, or portion of a CDO Issue, as
applicable, underlying such Derivative Transaction was as set forth in Schedule A hereto under the
heading “Negative Mark-to-Market,” as previously determined by ML III or its designee(s), in
consultation with AIG-FP (with respect to each Derivative Transaction, the “Transaction Value”);

     NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereto
agree as follows:

     1. Definitions. Capitalized terms used, but not defined, herein shall have the
meanings ascribed to them in the Purchase Agreements, or, if not defined therein, the Master
Investment and Credit Agreement.

     (a) “Adjustment Date” means the fifth Business Day following the final Forward Closing
Date, or such other date as may be agreed to by ML III and AIG-FP.

 

 

     (b) “Collateral Excess Amount” means, with respect to each Derivative Transaction, the
amount by which (i) the Posted Collateral for the portion of the Derivative Transaction that
terminated as a result of consummation of the transactions contemplated by the related
Termination Agreement and Forward Purchase Agreement exceeds (ii) the Transaction Value for
such consummated transactions.

     (c) “Collateral Shortfall Amount” means, with respect to each Derivative Transaction,
the amount by which (i) the Transaction Value for the portion of the Derivative Transaction
that terminated as a result of consummation of the transactions contemplated by the related
Termination Agreement and Forward Purchase Agreement exceeds (ii) the Posted Collateral for
such portion of such terminated Derivatives Transaction.

     2. Adjustment Payments.

     (a) On the Adjustment Date, if the aggregate Collateral Excess Amounts exceed the
aggregate Collateral Shortfall Amounts, ML III shall, on the Adjustment Date, pay or cause
to be paid, in immediately available funds, the amount of such excess to AIG-FP.

     (b) On the Adjustment Date, if the aggregate Collateral Shortfall Amounts exceed the
aggregate Collateral Excess Amounts, AIG-FP shall pay, in immediately available funds, the
amount of such excess to ML III for credit to the Collateral Account.

     (c) To the extent ML III has received amounts by means of set-off credit to the amounts
otherwise payable by ML III to the Counterparties, or otherwise has collected fixed amount
payments accrued prior to the Trade Date, ML III shall pay such amounts to AIG-FP on the
first Payment Date following such collection or set off (to the extent collected or set off
by the second day prior to the relevant Notice Date), with such amounts to be determined by
ML III, or its designee(s), in consultation with AIG-FP.

     3. AIG-FP’s Representations and Warranties.

     (a) Organization; Powers. AIG-FP is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization and has all requisite power
and authority to execute, deliver and perform its obligations hereunder.

     (b) Authorization; No Conflict. The execution, delivery and performance of this
Agreement by AIG-FP have been duly authorized by all requisite corporate and, if required,
stockholder action and will not (A) result in the violation by AIG-FP of (1) any provision
of law, statute, rule or regulation, or of the certificate or articles of incorporation or
other constitutive documents or bylaws of AIG-FP, (2) any order of any nation or government,
any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative functions of or pertaining to government, any
securities exchange and any self-regulatory organization (each, a “Governmental Authority”)
or (3) any provision of any indenture, agreement or other instrument to which AIG-FP is a
party or by which it or any of its property is or may be bound, (B) be in conflict with,
result in a breach of or constitute (alone or with notice or lapse of time or both) a
default under, or give rise to any right to accelerate or to require the prepayment,
repurchase or redemption of any obligation under any such indenture, agreement or other
instrument or (C) result in the creation or imposition of any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including any conditional sale or
other title retention
agreement and any capital lease having substantially the same economic effect as any of
the foregoing) upon or with respect to any property or assets now owned or hereafter
acquired by AIG-FP.

2

 

     (c) Enforceability. This Agreement has been duly executed and delivered by AIG-FP and
constitutes a legal, valid and binding agreement of AIG-FP enforceable against AIG-FP in
accordance with its terms, except that such enforceability may be limited by bankruptcy,
insolvency, or other similar laws of general applicability affecting the enforcement of
creditors’ rights generally and by the court’s discretion in relation to equitable remedies.

     (d) Governmental Approvals. No action, consent or approval of, registration or filing
with or any other action by any Governmental Authority is or will be required to be taken,
obtained or made by AIG-FP in connection with the transactions contemplated hereunder except
(i) such as have been made or obtained and are in full force and effect and (ii) with
respect to any Governmental Authority other than a Governmental Authority of the United
States or any state thereof, if the failure to take such action, obtain such consent or
approval, or register or file with such Governmental Authority could not reasonably be
expected to have a Material Adverse Effect.

     (e) Litigation; Compliance with Laws.

     (i) Except as set forth in the financial statements attached to AIG’s most
recently filed form 10-Q, there are no actions, suits or proceedings at law or in
equity or by or before any Governmental Authority now pending or, to the knowledge
of AIG-FP, threatened against or affecting AIG-FP or any business, property or
rights of AIG-FP as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a material impairment of the
totality of the rights and remedies of, or benefits available to ML III under this
Agreement and the Transaction Documents taken as a whole.

     (ii) AIG-FP is not in violation of any law, rule or regulation (including any
zoning, building, ordinance, code or approval or any building permits) or any
restrictions of record or is in default with respect to any judgment, writ,
injunction, decree or order of any Governmental Authority, where such violation or
default could reasonably be expected to result in a material impairment of the
totality of the rights and remedies of, or benefits available to ML III under this
Agreement and the Transaction Documents taken as a whole.

     4. Covenant not to make certain amendments to any Purchase Agreements. In
consideration of AIG-FP’s agreement in Section 2 above, ML III hereby covenants not to amend any
Purchase Agreement in a manner that will cause AIG-FP to be liable to any Counterparty for a
greater portion of the Combined Settlement Amount (as defined in the Termination Agreements) than
it would have been under the Purchase Agreement in the form originally entered into between the
Counterparty and ML III. For the avoidance of doubt, this provision shall have no impact on ML
III’s ability to exercise discretion in accordance with the terms of the Purchase Agreements,
including determinations of whether and when a CDO Issue becomes an Excluded Asset or whether and
when the conditions for the purchase of a CDO Issue have been met or on ML III’s ability to waive
any such condition.

     5. No Bankruptcy Petition Against ML III. AIG-FP hereby covenants and agrees that it
will not at any time (i) commence or institute against ML III or join with or facilitate any other
Person in commencing or instituting against ML III, any bankruptcy, reorganization, arrangement,
readjustment of debt, dissolution, receivership, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state, or other jurisdiction, bankruptcy or similar
law or statute now or hereafter in effect in connection with any obligations relating to this
Agreement or any of the other Transaction Documents or (ii) participate in any assignment for
benefit of creditors, compositions, or arrangements with respect to ML III’s debts. The agreements
in this Section 5 shall survive the termination of this Agreement and payment in full of all
obligations under this Agreement.

     6. Waivers. AIG-FP hereby waives any failure or delay on the part of ML III in
asserting or enforcing any of its rights or in making any claims or demands hereunder.

3

 

     7. Opinion. AIG-FP shall cause to be delivered to ML III an opinion substantially in
the form of the opinion required under Section 7.01(c)(i)(D) of the Master Investment and Credit
Agreement with respect to its entry into this Agreement.

     8. Notices. Any notice, instruction, request, consent, demand or other communication
required or contemplated by this Agreement shall be in writing, shall be given or made or
communicated by hand delivery or fax, confirmed by telephone, addressed as follows:

	 	 	 	 	 
	 

	 	If to ML III:
	 	Maiden Lane III LLC
	 

	 	 	 	c/o Federal Reserve Bank of New York
	 

	 	 	 	33 Liberty Street New York, New York 10045
	 

	 	 	 	Attention: Helen Mucciolo, Senior Vice President
	 

	 	 	 	Telecopy: (212) 720-1333
	 

	 	 	 	Telephone: (212) 720-1593
	 

	 	 	 	E-mail: helen.mucciolo@ny.frb.org
	 
	 	 	 	 
	 

	 	with copies to:	 	 
	 
	 	 	 	 
	 

	 	 	 	Federal Reserve Bank of New York
	 

	 	 	 	33 Liberty Street New York, New York 10045
	 

	 	 	 	Attention: Joyce M. Hansen, Deputy General Counsel and Senior Vice
	 

	 	 	 	President
	 

	 	 	 	Telecopy: (212) 720-1756
	 

	 	 	 	Telephone: (212) 720-5024
	 

	 	 	 	E-mail: joyce.hansen@ny.frb.org
	 
	 	 	 	 
	 

	 	 	 	Davis Polk & Wardwell
	 

	 	 	 	450 Lexington Avenue, New York, New York 10017
	 

	 	 	 	Attention: Bjorn Bjerke
	 

	 	 	 	Telephone: (212) 450-4000
	 
	 	 	 	 
	 

	 	If to AIG-FP:
	 	AIG Financial Products Corp.
	 

	 	 	 	50 Danbury Road
	 

	 	 	 	Wilton, CT
	 

	 	 	 	06897-4444
	 

	 	 	 	Attn: Chief Financial Officer
	 

	 	 	 	Phone: (203) 222-4700
	 

	 	 	 	Fax: (203) 222-4780
	 
	 	 	 	 
	 

	 	with copies to:	 	 
	 
	 	 	 	 
	 

	 	 	 	AIG Financial Products Corp.
	 

	 	 	 	50 Danbury Road
	 

	 	 	 	Wilton, CT
	 

	 	 	 	06897-4444
	 

	 	 	 	Attn: General Counsel
	 

	 	 	 	Phone: (203) 222-4700
	 

	 	 	 	Fax: (203) 222-4780
	 
	 	 	 	 
	 

	 	 	 	Weil, Gotshal & Manges LLP
	 

	 	 	 	767 Fifth Avenue
	 

	 	 	 	New York, NY 10103
	 

	 	 	 	Attention: Jason A.B. Smith

	 

	 	 	 	Telephone: (212) 310-8000

4

 

     9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.

     10. Jurisdiction; Consent to Service of Process.

     (a) Each party hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of any New York State court or federal court of the
United States of America sitting in New York City, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement, or for recognition
or enforcement of any judgment, and each of the Parties hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York State or, to the extent permitted by law, in such
federal court. Each of the Parties agrees that a final judgment in any such action or
proceeding shall be conclusive.

     (b) Each party hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection that it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any New York State or federal court. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

     (c) Each party irrevocably consents to service of process in the manner provided for
notices in Section 8. Nothing in this Agreement will affect the right of any party to serve
process in any other manner permitted by law.

     11. WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER
TRANSACTION DOCUMENTS. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     12. Limited Recourse. Notwithstanding anything to the contrary contained in this
Agreement, the obligations of ML III under this Agreement are solely the obligations of ML III and
shall be payable solely to the extent of funds received by and available to ML III in accordance
with the Transaction Documents. No recourse shall be had for the payment of any amount owing in
respect of any obligation of, or claim against, ML III arising out of or based upon this Agreement
against any holder of a Membership Interest, employee, officer or Affiliate thereof and, except as
specifically provided herein, no recourse shall be had for the payment of any amount owing in
respect of any obligation of, or claim against, ML III arising out of or based upon this Agreement
against any holder of the Membership Interests or any equity interests in any Related Party of any
such holder; provided that the foregoing shall not relieve any such person or entity from any
liability they might otherwise have as a result of willful misconduct, gross negligence or
fraudulent actions taken or omissions by them. The provisions of this Section shall survive the
termination or expiration of this Agreement and payment in full of any and all obligations arising
from this Agreement.

     13. Default. Upon and default by either party hereunder and the expiration of all
applicable grace periods, the non-defaulting party shall have all rights and remedies available
under applicable law.

     14. Miscellaneous.

5

 

     (a) All headings herein are for convenience of reference only and shall be disregarded
in the interpretation hereof.

     (b) This Agreement may be signed in any number of counterparts, each of which shall be
an original; but such counterparts shall together constitute one and the same instrument.

     (c) In the event of an assumption of AIG-FP’s obligations under this Agreement by a
successor, such successor shall succeed to and be substituted for AIG-FP with the same
effect as if it had been named herein, and upon such assumption, AIG-FP shall be relieved of
any further obligation hereunder. This Agreement may not be assigned by AIG-FP without the
prior written consent of ML III.

     (d) In case any provision in this Agreement shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

6

 

     IN WITNESS WHEREOF, each of the parties hereto has caused this Shortfall Agreement to be
executed on its behalf by its officers thereunto duly authorized on the day and year first above
written.

	 	 	 	 	 
	 	 	MAIDEN LANE III LLC
	 
	 	 	 	 
	 	 	By: FEDERAL RESERVE BANK OF NEW YORK,

as its sole Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Sandra C. Krieger
	 

	 	 	 	 
	 

	 	 	 	Name:  Sandra C. Krieger
	 

	 	 	 	Title:   Executive Vice President
	 
	 	 	 	 
	 	 	AIG FINANCIAL PRODUCTS CORP.
	 
	 	 	 	 
	 

	 	By:	 	/s/ William N. Dooley
	 

	 	 	 	 
	 

	 	 	 	Name:  William N. Dooley
	 

	 	 	 	Title:   Chief Executive Officer

 

 

					
	 	 	List of Derivative Transactions	 	Schedule A
	 	 	 	 	to
	 	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	Assets Included in 11/25/2008 Closing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	007019AH5
	 	SOCGEN	 	ADROC 2005-1A CP	 	$	919,521,441	 	 	$	452,626,198	 	 	$	387,220,455	 
	007019AA0
	 	SOCGEN	 	ADROC 2005-1A A1LT	 	$	97,465,057	 	 	$	47,976,302	 	 	$	40,404,053	 
	007022AF3
	 	SOCGEN	 	ADROC 2005-2A CP	 	$	1,049,861,004	 	 	$	498,651,911	 	 	$	471,068,590	 
	007022AA4
	 	SOCGEN	 	ADROC 2005-2A A1LT	 	$	113,150,489	 	 	$	53,743,026	 	 	$	50,435,858	 
	02149RAB4
	 	SOCGEN	 	ALTS 2005-1A ALTA	 	$	147,821,908	 	 	$	70,118,034	 	 	$	67,261,129	 
	02149RAC2
	 	SOCGEN	 	ALTS 2005-1A ALTB-1	 	$	1,228,360,968	 	 	$	582,662,324	 	 	$	558,922,199	 
	078446AA9
	 	SOCGEN	 	BLHV 2004-1A A1ST	 	$	238,243,324	 	 	$	175,653,183	 	 	$	136,456,001	 
	078446AG6
	 	SOCGEN	 	BLHV 2004-1A A1SB1	 	$	397,843,791	 	 	$	293,324,182	 	 	$	227,445,076	 
	05539MAA8
	 	SOCGEN	 	BFCGE 2006-1A A1LA	 	$	172,995,268	 	 	$	167,113,429	 	 	$	148,073,822	 
	USG17751AB79
	 	SOCGEN	 	CAMBR 3A A1	 	$	335,470,948	 	 	$	261,367,097	 	 	$	209,656,079	 
	23910PAJ4
	 	SOCGEN	 	DVSQ 2004-2A A1 D	 	$	234,658,713	 	 	$	80,934,224	 	 	$	104,688,546	 
	23910TAG2
	 	SOCGEN	 	DVSQ 2005-4A CP	 	$	882,943,929	 	 	$	578,333,542	 	 	$	442,832,922	 
	23910TAB3
	 	SOCGEN	 	DVSQ 2005-4A A1LT	 	$	359,683,474	 	 	$	235,594,822	 	 	$	174,381,986	 
	23910VAB8
	 	SOCGEN	 	DVSQ 2006-6A A1A	 	$	247,089,090	 	 	$	197,124,315	 	 	$	191,439,438	 
	23910VAD4
	 	SOCGEN	 	DVSQ 2006-6A CP	 	$	1,157,051,725	 	 	$	923,080,090	 	 	$	899,120,465	 
	26441EAA9
	 	SOCGEN	 	DUKEF 2005-HG1A A1LT	 	$	418,552,835	 	 	$	239,516,853	 	 	$	210,713,237	 
	26441EAL5
	 	SOCGEN	 	DUKEF 2005-HG1A A1B1	 	$	1,464,245,678	 	 	$	837,914,564	 	 	$	735,743,629	 
	507161AA5
	 	SOCGEN	 	LGNA 2004-1A A1ST	 	$	393,536,914	 	 	$	273,448,054	 	 	$	158,862,234	 
	507161AD9
	 	SOCGEN	 	LGNA 2004-1A A1SB1	 	$	627,515,745	 	 	$	436,027,608	 	 	$	253,374,074	 
	56659NAA3
	 	SOCGEN	 	MGATE 2004-1A A1S	 	$	472,636,987	 	 	$	142,280,275	 	 	$	205,469,130	 
	55312WAA4
	 	SOCGEN	 	MKP 5A A1	 	$	407,755,039	 	 	$	419,028,143	 	 	$	319,083,014	 
	82639RAA5
	 	SOCGEN	 	MADRE 2004-1A CP	 	$	926,649,164	 	 	$	436,975,668	 	 	$	372,981,606	 
	82639RAB3
	 	SOCGEN	 	MADRE 2004-1A A1A	 	$	367,717,922	 	 	$	184,590,394	 	 	$	148,150,428	 
	87337UAA2
	 	SOCGEN	 	TABS 2005-4A A	 	$	248,823,841	 	 	$	244,396,282	 	 	$	178,656,421	 
	97741PAL8
	 	SOCGEN	 	WITH 2004-1A A11A CP	 	$	477,958,813	 	 	$	260,965,512	 	 	$	252,732,223	 
	97741PAA2
	 	SOCGEN	 	WITH 2004-1A A1	 	$	38,109,671	 	 	$	20,807,880	 	 	$	20,151,406	 
	014684AA2
	 	SOCGEN	 	ALEXP 2004-1A A1	 	$	60,523,619	 	 	$	41,307,370	 	 	$	37,066,271	 
	51210VAA8
	 	SOCGEN	 	LAKES 2004-1A A1	 	$	81,822,507	 	 	$	23,145,132	 	 	$	32,201,491	 
	553121AA2
	 	SOCGEN	 	MKP 4A A1	 	$	77,084,595	 	 	$	52,610,236	 	 	$	42,041,626	 
	640699AA2
	 	SOCGEN	 	NEPTN 2004-1A A1LA	 	$	101,950,809	 	 	$	66,369,976	 	 	$	66,152,162	 
	746869AP1
	 	SOCGEN	 	PTNM 2002-1A A-1LT-d	 	$	167,280,752	 	 	$	45,892,416	 	 	$	59,078,412	 
	746869AR7
	 	SOCGEN	 	PTNM 2002-1A A-1LT-e	 	$	167,280,752	 	 	$	45,892,416	 	 	$	59,078,412	 
	746869BE5
	 	SOCGEN	 	PTNM 2002-1A A-1LT-j	 	$	167,280,752	 	 	$	45,892,416	 	 	$	59,078,412	 
	83743TAA2
	 	SOCGEN	 	SCF 4A A1	 	$	15,762,207	 	 	$	842,411	 	 	$	4,603,187	 
	82437RAA9
	 	SOCGEN	 	SHERW 2004-1A A1	 	$	152,520,850	 	 	$	129,728,384	 	 	$	102,866,289	 
	863286AA8
	 	SOCGEN	 	STRVL 2004-1A A1	 	$	132,809,022	 	 	$	48,160,739	 	 	$	56,173,797	 

Page 1 of 5

 

 

					
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to
	 
	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	264403AJ5
	 	GSCM	 	DUKEF 2004-7A 1A2	 	$	101,776,989	 	 	$	50,492,887	 	 	$	68,225,181	 
	264403AK2
	 	GSCM	 	DUKEF 2004-7A 1A2V	 	$	78,501	 	 	$	0	 	 	$	52,622	 
	55311TAA2
	 	GSCM	 	MKP 3A A1	 	$	7,573,118	 	 	$	923,883	 	 	$	665,816	 
	02149WAA5
	 	GSI	 	ALTS 2005-2A A1	 	$	1,075,774,844	 	 	$	584,568,581	 	 	$	500,275,432	 
	112021AC4
	 	GSI	 	BROD 2005-1A A1B1	 	$	457,805,266	 	 	$	298,284,736	 	 	$	283,156,079	 
	112021AB6
	 	GSI	 	BROD 2005-1A A1NA	 	$	334,622,618	 	 	$	218,024,620	 	 	$	206,992,431	 
	112021AA8
	 	GSI	 	BROD 2005-1A A1V	 	$	235,982	 	 	$	0	 	 	$	145,975	 
	216444AA7
	 	GSI	 	COOL 2005-1A A1	 	$	190,351,823	 	 	$	115,271,719	 	 	$	96,722,078	 
	26545QAQ2
	 	GSI	 	DUNHL 2004-1A A1NV	 	$	152,147,155	 	 	$	85,798,709	 	 	$	83,162,838	 
	26545QAA7
	 	GSI	 	DUNHL 2004-1A A1VA	 	$	116,268	 	 	$	0	 	 	$	70,411	 
	34958CAA2
	 	GSI	 	FORTS 2006-1A A1	 	$	325,935,452	 	 	$	222,869,594	 	 	$	212,511,490	 
	37638VAG8
	 	GSI	 	GLCR 2004-2A A1NV	 	$	143,005,791	 	 	$	61,657,090	 	 	$	66,296,857	 
	37638VAA1
	 	GSI	 	GLCR 2004-2A A1V	 	$	44,029	 	 	$	0	 	 	$	20,412	 
	446279AA9
	 	GSI	 	HUNTN 2005-1A A1A	 	$	355,590,663	 	 	$	187,540,421	 	 	$	156,709,556	 
	446279AC5
	 	GSI	 	HUNTN 2005-1A A1B	 	$	218,690	 	 	$	0	 	 	$	96,377	 
	46426RAA7
	 	GSI	 	ICM 2005-2A A1A	 	$	176,951,173	 	 	$	130,474,880	 	 	$	126,871,563	 
	46426RAB5
	 	GSI	 	ICM 2005-2A A1B	 	$	41,392,087	 	 	$	30,520,440	 	 	$	29,630,985	 
	48206AAG3
	 	GSI	 	JPTR 2005-3A A1NV	 	$	1,178,880,487	 	 	$	809,568,470	 	 	$	609,154,082	 
	48206AAA6
	 	GSI	 	JPTR 2005-3A A1VA	 	$	226,795	 	 	$	0	 	 	$	117,190	 
	498588AC6
	 	GSI	 	KLROS 2006-2A A1NV	 	$	791,093,942	 	 	$	449,293,893	 	 	$	374,795,471	 
	498588AA0
	 	GSI	 	KLROS 2006-2A A1V	 	$	227,457	 	 	$	0	 	 	$	107,762	 
	52902TAC0
	 	GSI	 	LEXN 2005-1A A1AN	 	$	135,535,567	 	 	$	101,906,122	 	 	$	97,359,120	 
	52902TAE6
	 	GSI	 	LEXN 2005-1A A1B	 	$	169,844	 	 	$	0	 	 	$	124,476	 
	58936RAB3
	 	GSI	 	MRCY 2004-1A A1NV	 	$	160,883,690	 	 	$	75,735,434	 	 	$	76,415,109	 
	58936RAA5
	 	GSI	 	MRCY 2004-1A A1VA	 	$	53,652	 	 	$	0	 	 	$	25,483	 
	68571UAA7
	 	GSI	 	ORCHD 2005-2A A1	 	$	61,173,384	 	 	$	41,264,742	 	 	$	39,528,951	 
	68619MAJ0
	 	GSI	 	ORPT 2005-1A A1V	 	$	246,985	 	 	$	0	 	 	$	184,182	 
	68619MAQ4
	 	GSI	 	ORPT 2005-1A A1VB	 	$	641,913,250	 	 	$	460,605,880	 	 	$	478,690,272	 
	68619MAL5
	 	GSI	 	ORPT 2005-1A A1VF	 	$	639,443,403	 	 	$	458,833,637	 	 	$	453,607,536	 
	76112CAB4
	 	GSI	 	RESF 2004-1A A1NV	 	$	292,713,392	 	 	$	171,276,411	 	 	$	162,392,426	 
	76112CAA6
	 	GSI	 	RESF 2004-1A A1V	 	$	78,099	 	 	$	0	 	 	$	43,328	 
	768277AA3
	 	GSI	 	RIVER 2005-1A A1	 	$	127,184,116	 	 	$	79,645,207	 	 	$	74,738,350	 
	80410RAA4
	 	GSI	 	SATV 2005-1A A1	 	$	99,236,194	 	 	$	54,177,256	 	 	$	50,073,599	 
	83743YAS2
	 	GSI	 	SCF 7A A1AN	 	$	442,192,152	 	 	$	321,400,704	 	 	$	305,994,347	 
	83743YAB9
	 	GSI	 	SCF 7A A1B	 	$	142,919	 	 	$	0	 	 	$	98,899	 
	83743LAA9
	 	GSI	 	SCF 8A A1AV	 	$	192,080	 	 	$	0	 	 	$	154,905	 
	83743LAC5
	 	GSI	 	SCF 8A A1NV	 	$	264,686,822	 	 	$	202,220,037	 	 	$	213,459,472	 

Page 2 of 5

 

 

					
	 	 	 	 	 
	 	 	List of Derivative Transactions	 	Schedule A
	 	 	 	 	to
	 	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	82437XAA6
	 	GSI	 	SHERW 2005-2A A1	 	$	296,485,307	 	 	$	228,425,707	 	 	$	235,372,418	 
	896008AB5
	 	GSI	 	TRIAX 2006-2A A1B1	 	$	367,518,173	 	 	$	158,218,582	 	 	$	123,986,004	 
	896008AC3
	 	GSI	 	TRIAX 2006-2A A1B2	 	$	1,499,850,000	 	 	$	640,669,927	 	 	$	770,828,810	 
	952186AA2
	 	GSI	 	WESTC 2006-1A A1A	 	$	1,055,261,964	 	 	$	671,530,476	 	 	$	532,232,980	 
	952186AB0
	 	GSI	 	WESTC 2006-1A A1B	 	$	887,850,000	 	 	$	597,991,835	 	 	$	670,178,948	 
	085558AA2
	 	ML	 	BNLI 2006-1A A1A	 	$	496,409,791	 	 	$	439,196,451	 	 	$	299,769,860	 
	26440VAA2
	 	ML	 	DUKEF 2005-8A A1S	 	$	292,917,469	 	 	$	173,747,183	 	 	$	202,014,497	 
	348667AA4
	 	ML	 	FTSHR 2005-1A A1	 	$	526,577,136	 	 	$	302,189,253	 	 	$	310,310,479	 
	37638XAA7
	 	ML	 	GLCR 2005-3A A1	 	$	148,697,630	 	 	$	63,163,024	 	 	$	97,863,612	 
	48205YAA5
	 	ML	 	JPTR 2005-2A A1	 	$	190,796,866	 	 	$	92,636,070	 	 	$	99,749,683	 
	498587AA2
	 	ML	 	KLROS 2005-1A A1	 	$	342,362,711	 	 	$	125,541,830	 	 	$	160,018,879	 
	51210VAA8
	 	ML	 	LAKES 2004-1A A1	 	$	536,391,992	 	 	$	147,911,174	 	 	$	211,098,660	 
	83743TAA2
	 	ML	 	SCF 4A A1	 	$	23,643,310	 	 	$	266,846	 	 	$	6,904,780	 
	891088AA4
	 	ML	 	TORO 2005-1A A	 	$	436,466,860	 	 	$	240,263,906	 	 	$	238,828,293	 
	45377TAA4
	 	ML	 	INDE6 6A A1	 	$	255,238,556	 	 	$	181,229,550	 	 	$	168,981,769	 
	612180AA7
	 	ML	 	MNPT 2006-1A A1	 	$	77,392,822	 	 	$	76,189,575	 	 	$	65,473,989	 
	23910RAF8
	 	CALYON	 	DVSQ 2004-3A CP	 	$	939,586,876	 	 	$	461,098,970	 	 	$	438,295,314	 
	23910RAB7
	 	CALYON	 	DVSQ 2004-3A A1LT	 	$	316,640,772	 	 	$	155,390,351	 	 	$	146,230,930	 
	239156AG7
	 	CALYON	 	DVSQ 2005-5A A1A	 	$	1,658,783,429	 	 	$	1,326,923,069	 	 	$	1,071,242,581	 
	610891AB9
	 	CALYON	 	MONRO 2005-1A A1B	 	$	344,966,536	 	 	$	285,323,118	 	 	$	181,606,138	 
	610891AA1
	 	CALYON	 	MONRO 2005-1A A1A	 	$	950,618,011	 	 	$	786,259,727	 	 	$	500,448,734	 
	264408AC9
	 	BGI	 	DUKEF 2004-6B A1S2	 	$	121,768,970	 	 	$	37,410,000	 	 	$	89,680,169	 
	589368AA7
	 	BOA	 	MRCY 2005-2A A1	 	$	772,111,117	 	 	$	267,404,090	 	 	$	396,835,377	 
	48206AAC2
	 	RBS	 	JPTR 2005-3A A1VB	 	$	362,872,024	 	 	$	199,579,613	 	 	$	187,381,298	 
	553121AA2
	 	RBS	 	MKP 4A A1	 	$	63,069,214	 	 	$	45,547,103	 	 	$	34,397,694	 
	085558AA2
	 	RBS	 	BNLI 2006-1A A1A	 	$	364,337,461	 	 	$	256,047,257	 	 	$	220,014,576	 
	498587AA2
	 	RBS	 	KLROS 2005-1A A1	 	$	340,755,374	 	 	$	123,116,090	 	 	$	159,267,616	 
	612180AA7
	 	HSBC BANK USA	 	MNPT 2006-1A A1	 	$	155,675,217	 	 	$	149,724,900	 	 	$	131,700,553	 
	82437RAA9
	 	Rabobank	 	SHERW 2004-1A A1	 	$	142,230,085	 	 	$	102,448,390	 	 	$	95,925,777	 
	264403AA4
	 	Rabobank	 	DUKEF 2004-7A 1A1	 	$	180,553,082	 	 	$	126,387,158	 	 	$	121,031,943	 
	55311TAA2
	 	Rabobank	 	MKP 3A A1	 	$	4,111,121	 	 	$	822,224	 	 	$	361,443	 
	696399AA2
	 	Rabobank	 	PALIS 2004-1A A1A	 	$	171,405,353	 	 	$	53,873,765	 	 	$	74,869,617	 
	84129VAA9
	 	Rabobank	 	SCF 5A A1	 	$	92,813,892	 	 	$	29,697,892	 	 	$	34,880,362	 
	25454VAA7
	 	CORAL Purchasing (Ireland) Limited	 	DGCDO 2005-1A A1	 	$	201,073,213	 	 	$	123,056,806	 	 	$	143,447,393	 
	36868AAC6
	 	CORAL Purchasing (Ireland) Limited	 	GEMST 2005-3A A2	 	$	114,927,319	 	 	$	62,152,694	 	 	$	66,825,913	 
	36868BAA8
	 	CORAL Purchasing (Ireland) Limited	 	GEMST 2005-4A A1	 	$	281,773,877	 	 	$	196,959,940	 	 	$	199,519,096	 
	45377TAA4
	 	CORAL Purchasing (Ireland) Limited	 	INDE6 6A A1	 	$	175,476,508	 	 	$	110,987,307	 	 	$	116,174,967	 

Page 3 of 5

 

 

					
	 	 	 	 	 
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to
	 
	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	48205MAA1
	 	CORAL Purchasing (Ireland) Limited	 	JPTR 2004-1A A1A	 	$	126,231,914	 	 	$	20,171,860	 	 	$	57,953,725	 
	722694AA4
	 	CORAL Purchasing (Ireland) Limited	 	PINEM 2005-A A1	 	$	199,847,062	 	 	$	131,899,061	 	 	$	135,370,991	 
	896005AA3
	 	CORAL Purchasing (Ireland) Limited	 	TRIAX 2006-1A A1	 	$	347,159,130	 	 	$	82,320,000	 	 	$	125,330,250	 
	896008AA7
	 	CORAL Purchasing (Ireland) 2 Limited	 	TRIAX 2006-2A A1A	 	$	348,638,446	 	 	$	90,720,000	 	 	$	148,397,513	 
	G6878DAA8
	 	DB	 	PALIS 2004-1X A1A	 	$	137,981,310	 	 	$	1,556,254	 	 	$	60,270,042	 
	USG9064WAA48
	 	REMO FINANCE INC - Dresdner	 	TRIAX 2006-2A A1A	 	$	398,443,938	 	 	$	0	 	 	$	169,597,157	 
	464267AA1
	 	UBS	 	ICM 2006-HG1A A1S	 	$	998,446,966	 	 	$	473,053,700	 	 	$	674,152,572	 
	54266TAB8
	 	UBS	 	LHILL 2006-1A A1S	 	$	125,000,000	 	 	$	118,074,381	 	 	$	111,827,623	 
	866244AA4
	 	UBS	 	SRCDO 2005-1A A1S	 	$	234,186,750	 	 	$	69,388,893	 	 	$	152,277,584	 
	92534EAA9
	 	UBS	 	VERT 2005-1A A1	 	$	233,655,485	 	 	$	127,696,596	 	 	$	176,560,809	 
	96254FAA5
	 	UBS	 	WHTL 2004-1A A1A	 	$	153,738,206	 	 	$	53,541,617	 	 	$	93,184,672	 
	56659NAA3
	 	UBS	 	MGATE 2004-1A A1S	 	$	203,980,173	 	 	$	70,633,071	 	 	$	88,676,151	 
	896005AA3
	 	UBS	 	TRIAX 2006-1A A1 - AIG SS	 	$	1,884,578,135	 	 	$	394,250,000	 	 	$	680,364,214	 
	05473WAA4
	 	BARCLAYS	 	AYRES 2005-1A A1A	 	$	92,345,803	 	 	$	63,283,537	 	 	$	54,956,922	 
	86565RAA4
	 	BARCLAYS	 	SMSTR 2005-HG1A A1 - AIG SS	 	$	696,872,765	 	 	$	415,029,663	 	 	$	449,655,578	 
	923367AA4
	 	BARCLAYS	 	VERDE 2005-1A A1 - AIG SS	 	$	626,262,698	 	 	$	373,431,839	 	 	$	381,727,284	 
	09622WAF5
	 	BMO	 	BGRS 2004-2A A1TB	 	$	107,085,475	 	 	$	10,010,178	 	 	$	56,745,033	 
	09622WAE8
	 	BMO	 	BGRS 2004-2A A1TA	 	$	46,424,339	 	 	$	4,996,315	 	 	$	24,644,888	 
	239104AE2
	 	BMO	 	DVSQ 2003-1A A1B	 	$	171,392,346	 	 	$	98,187,317	 	 	$	78,804,939	 
	239104AH5
	 	BMO	 	DVSQ 2003-1A A1C	 	$	171,392,346	 	 	$	98,164,080	 	 	$	78,804,939	 
	239104AL6
	 	BMO	 	DVSQ 2003-1A A1D	 	$	171,392,346	 	 	$	98,122,648	 	 	$	78,804,939	 
	746869AA4
	 	BMO	 	PTNM 2002-1A A-1MT-A	 	$	167,280,752	 	 	$	61,966,502	 	 	$	59,078,412	 
	746869AB2
	 	BMO	 	PTNM 2002-1A A-1MT-B	 	$	167,280,752	 	 	$	61,924,311	 	 	$	59,078,412	 
	746869AC0
	 	BMO	 	PTNM 2002-1A A-1MT-C	 	$	167,280,752	 	 	$	62,035,245	 	 	$	59,078,412	 
	264408AD7
	 	BMO	 	DUKEF 2004-6B A1S3	 	$	202,948,284	 	 	$	8,312,933	 	 	$	149,466,948	 
	 
	 	 	 	Assets Included 11/25/2008 Closing	 	$	46,119,130,493	 	 	$	25,854,602,616	 	 	$	25,060,896,305	 
	Assets Not Included in 11/25/2008 Closing	 	 	 	 	 	 	 	 	 	 	 	 
	014684AA2
	 	Rabobank	 	ALEXP 2004-1A A1	 	$	58,476,926	 	 	$	23,390,770	 	 	$	35,812,822	 
	147276AA7
	 	ML	 	CASF 2004-1A A1	 	$	179,360,155	 	 	$	57,819,432	 	 	$	80,857,962	 
	26440VAA2
	 	ML	 	DUKEF 2005-8A A1S	 	$	300,222,144	 	 	$	178,080,031	 	 	$	207,052,265	 
	348667AA4
	 	ML	 	FTSHR 2005-1A A1	 	$	199,732,740	 	 	$	114,621,550	 	 	$	117,701,962	 
	37638XAA7
	 	ML	 	GLCR 2005-3A A1	 	$	83,537,994	 	 	$	35,484,845	 	 	$	54,979,557	 
	48205YAA5
	 	ML	 	JPTR 2005-2A A1	 	$	539,208,535	 	 	$	261,797,590	 	 	$	281,901,277	 
	51210VAA8
	 	ML	 	LAKES 2004-1A A1	 	$	90,913,897	 	 	$	25,069,690	 	 	$	35,779,434	 
	58936RAN7
	 	ML	 	MRCY 2004-1A A1VB	 	$	177,090,112	 	 	$	58,623,523	 	 	$	84,112,692	 
	640699AA2
	 	ML	 	NEPTN 2004-1A A1LA	 	$	101,950,809	 	 	$	56,375,710	 	 	$	66,152,162	 
	64069RAA2
	 	ML	 	NEPTN 2005-2A A1	 	$	148,707,002	 	 	$	101,506,317	 	 	$	111,605,440	 

Page 4 of 5

 

 

					
	 	 	 	 	 
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to
	 
	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	84129VAA9
	 	ML	 	SCF 5A A1	 	$	106,521,790	 	 	$	3,086,130	 	 	$	40,031,923	 
	863286AA8
	 	ML	 	STRVL 2004-1A A1	 	$	431,629,323	 	 	$	149,051,969	 	 	$	182,564,841	 
	86258PAA0
	 	ML	 	STRAG 2004-2A A1	 	$	94,150,454	 	 	$	941,505	 	 	$	41,044,472	 
	83743TAA2
	 	ML	 	SCF 4A A1	 	$	34,676,854	 	 	$	391,375	 	 	$	10,127,010	 
	891088AA4
	 	ML	 	TORO 2005-1A A	 	$	409,122,668	 	 	$	225,211,624	 	 	$	223,865,950	 
	007019AA0
	 	SOCGEN	 	ADROC 2005-1A A1LT	 	$	45,394,684	 	 	$	22,345,127	 	 	$	18,818,326	 
	007022AA4
	 	SOCGEN	 	ADROC 2005-2A A1LT	 	$	51,454,053	 	 	$	24,439,104	 	 	$	22,935,202	 
	02149RAB4
	 	SOCGEN	 	ALTS 2005-1A ALTA	 	$	71,127,697	 	 	$	33,738,803	 	 	$	32,364,142	 
	078446AA9
	 	SOCGEN	 	BLHV 2004-1A A1ST	 	$	26,985,490	 	 	$	19,895,992	 	 	$	15,456,181	 
	23910VAB8
	 	SOCGEN	 	DVSQ 2006-6A A1A	 	$	24,808,142	 	 	$	19,791,598	 	 	$	19,220,827	 
	26441EAA9
	 	SOCGEN	 	DUKEF 2005-HG1A A1LT	 	$	209,276,408	 	 	$	119,758,421	 	 	$	105,356,614	 
	36293XAB3
	 	SOCGEN	 	GSFIN 2005-1A A1A	 	$	146,418,839	 	 	$	75,567,846	 	 	$	69,880,799	 
	36293XAC1
	 	SOCGEN	 	GSFIN 2005-1A CP	 	$	953,894,728	 	 	$	480,929,134	 	 	$	458,311,662	 
	507161AA5
	 	SOCGEN	 	LGNA 2004-1A A1ST	 	$	24,806,916	 	 	$	17,237,018	 	 	$	10,014,009	 
	56659NAA3
	 	SOCGEN	 	MGATE 2004-1A A1S	 	$	124,378,155	 	 	$	37,442,178	 	 	$	54,070,824	 
	82639RAB3
	 	SOCGEN	 	MADRE 2004-1A A1A	 	$	24,514,528	 	 	$	12,306,026	 	 	$	9,876,695	 
	97741PAA2
	 	SOCGEN	 	WITH 2004-1A A1	 	$	166,729,812	 	 	$	91,034,477	 	 	$	88,162,400	 
	264403AA4
	 	CALYON	 	DUKEF 2004-7A 1A1	 	$	113,041,930	 	 	$	113,041,929	 	 	$	75,776,521	 
	442451AA8
	 	GSI	 	HOUT 2006-1A A1AIG	 	$	747,122,522	 	 	$	442,543,147	 	 	$	460,110,142	 
	896008AB5
	 	GSI	 	TRIAX 2006-2A A1B1	 	$	1,120,662,528	 	 	$	482,451,345	 	 	$	378,066,934	 
	952186AB0
	 	GSI	 	WESTC 2006-1A A1B	 	$	300,000,000	 	 	$	202,058,400	 	 	$	226,450,058	 
	54266TAA0
	 	UBS	 	LHILL 2006-1A A1SU	 	$	285,337,643	 	 	$	150,407,587	 	 	$	184,060,217	 
	 
	 	 	 	Assets not included in 11/25/2008 Closing	 	$	7,391,255,476	 	 	$	3,636,440,192	 	 	$	3,802,521,320	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	Total Assets Included in Forward Purchase Agreements	 	$	53,510,385,969	 	 	$	29,491,042,808	 	 	$	28,863,417,626	 

Page 5 of 5exv10w1

Exhibit 10.1

EXECUTION VERSION

SHORTFALL AGREEMENT

BETWEEN

MAIDEN LANE III LLC

AND

AIG FINANCIAL PRODUCTS CORP.

     This Agreement, made and entered into as of November 25, 2008, by and between Maiden Lane III
LLC., a Delaware limited liability company (“ML III”), and AIG Financial Products Corp., a Delaware
corporation (“AIG-FP”).

WITNESSETH:

     WHEREAS, as of October 31, 2008, AIG-FP was party to the derivative transactions listed on
Schedule A hereto (the “Derivative Transactions”), with an aggregate notional value of
$53,510,385,969;

     WHEREAS, AIG-FP and ML III have entered into a termination agreement with each counterparty to
the Derivative Transactions, each with a trade date of November 10, 2008 (the “Termination
Agreements”), whereby inter alia, each Derivative Transaction would be terminated and each of the
parties to the Derivative Transactions would be released of all of its duties and obligations
thereunder;

     WHEREAS, ML III has entered into a forward purchase agreement with each counterparty to the
Derivative Transactions (the “Purchase Agreements”) whereby ML III will purchase certain CDO Issues
underlying the Derivative Transactions;

     WHEREAS, ML III has entered into the Master Investment and Credit Agreement, dated as of
November 25, 2008, with the Federal Reserve Bank of New York, American International Group, Inc.
(“AIG”) and The Bank of New York Mellon (the “Master Investment and Credit Agreement”) in
connection with obtaining certain loans and equity contributions to purchase the CDO Issues;

     WHEREAS, ML III entered into the Purchase Agreements and the Master Investment and Credit
Agreement in partial reliance on AIG-FP’s promise to make the payments, if any, described herein
and AIG-FP has entered into the Termination Agreements in partial reliance on ML III’s promises to
make the payments, if any, described herein;

     WHEREAS, AIG-FP has delivered collateral to the counterparties to the Derivative Transactions
(the “Counterparties”) as set forth on Schedule A hereto, as previously determined by ML III or its
designee(s), in consultation with AIG-FP (with respect to each Derivative Transaction, the “Posted
Collateral”); and

     WHEREAS, as of October 31, 2008, the difference between the notional value of each Derivative
Transaction and the market value of the related CDO Issue, or portion of a CDO Issue, as
applicable, underlying such Derivative Transaction was as set forth in Schedule A hereto under the
heading “Negative Mark-to-Market,” as previously determined by ML III or its designee(s), in
consultation with AIG-FP (with respect to each Derivative Transaction, the “Transaction Value”);

     NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereto
agree as follows:

     1. Definitions. Capitalized terms used, but not defined, herein shall have the
meanings ascribed to them in the Purchase Agreements, or, if not defined therein, the Master
Investment and Credit Agreement.

     (a) “Adjustment Date” means the fifth Business Day following the final Forward Closing
Date, or such other date as may be agreed to by ML III and AIG-FP.

 

 

     (b) “Collateral Excess Amount” means, with respect to each Derivative Transaction, the
amount by which (i) the Posted Collateral for the portion of the Derivative Transaction that
terminated as a result of consummation of the transactions contemplated by the related
Termination Agreement and Forward Purchase Agreement exceeds (ii) the Transaction Value for
such consummated transactions.

     (c) “Collateral Shortfall Amount” means, with respect to each Derivative Transaction,
the amount by which (i) the Transaction Value for the portion of the Derivative Transaction
that terminated as a result of consummation of the transactions contemplated by the related
Termination Agreement and Forward Purchase Agreement exceeds (ii) the Posted Collateral for
such portion of such terminated Derivatives Transaction.

     2. Adjustment Payments.

     (a) On the Adjustment Date, if the aggregate Collateral Excess Amounts exceed the
aggregate Collateral Shortfall Amounts, ML III shall, on the Adjustment Date, pay or cause
to be paid, in immediately available funds, the amount of such excess to AIG-FP.

     (b) On the Adjustment Date, if the aggregate Collateral Shortfall Amounts exceed the
aggregate Collateral Excess Amounts, AIG-FP shall pay, in immediately available funds, the
amount of such excess to ML III for credit to the Collateral Account.

     (c) To the extent ML III has received amounts by means of set-off credit to the amounts
otherwise payable by ML III to the Counterparties, or otherwise has collected fixed amount
payments accrued prior to the Trade Date, ML III shall pay such amounts to AIG-FP on the
first Payment Date following such collection or set off (to the extent collected or set off
by the second day prior to the relevant Notice Date), with such amounts to be determined by
ML III, or its designee(s), in consultation with AIG-FP.

     3. AIG-FP’s Representations and Warranties.

     (a) Organization; Powers. AIG-FP is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization and has all requisite power
and authority to execute, deliver and perform its obligations hereunder.

     (b) Authorization; No Conflict. The execution, delivery and performance of this
Agreement by AIG-FP have been duly authorized by all requisite corporate and, if required,
stockholder action and will not (A) result in the violation by AIG-FP of (1) any provision
of law, statute, rule or regulation, or of the certificate or articles of incorporation or
other constitutive documents or bylaws of AIG-FP, (2) any order of any nation or government,
any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative functions of or pertaining to government, any
securities exchange and any self-regulatory organization (each, a “Governmental Authority”)
or (3) any provision of any indenture, agreement or other instrument to which AIG-FP is a
party or by which it or any of its property is or may be bound, (B) be in conflict with,
result in a breach of or constitute (alone or with notice or lapse of time or both) a
default under, or give rise to any right to accelerate or to require the prepayment,
repurchase or redemption of any obligation under any such indenture, agreement or other
instrument or (C) result in the creation or imposition of any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including any conditional sale or
other title retention
agreement and any capital lease having substantially the same economic effect as any of
the foregoing) upon or with respect to any property or assets now owned or hereafter
acquired by AIG-FP.

2

 

     (c) Enforceability. This Agreement has been duly executed and delivered by AIG-FP and
constitutes a legal, valid and binding agreement of AIG-FP enforceable against AIG-FP in
accordance with its terms, except that such enforceability may be limited by bankruptcy,
insolvency, or other similar laws of general applicability affecting the enforcement of
creditors’ rights generally and by the court’s discretion in relation to equitable remedies.

     (d) Governmental Approvals. No action, consent or approval of, registration or filing
with or any other action by any Governmental Authority is or will be required to be taken,
obtained or made by AIG-FP in connection with the transactions contemplated hereunder except
(i) such as have been made or obtained and are in full force and effect and (ii) with
respect to any Governmental Authority other than a Governmental Authority of the United
States or any state thereof, if the failure to take such action, obtain such consent or
approval, or register or file with such Governmental Authority could not reasonably be
expected to have a Material Adverse Effect.

     (e) Litigation; Compliance with Laws.

     (i) Except as set forth in the financial statements attached to AIG’s most
recently filed form 10-Q, there are no actions, suits or proceedings at law or in
equity or by or before any Governmental Authority now pending or, to the knowledge
of AIG-FP, threatened against or affecting AIG-FP or any business, property or
rights of AIG-FP as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a material impairment of the
totality of the rights and remedies of, or benefits available to ML III under this
Agreement and the Transaction Documents taken as a whole.

     (ii) AIG-FP is not in violation of any law, rule or regulation (including any
zoning, building, ordinance, code or approval or any building permits) or any
restrictions of record or is in default with respect to any judgment, writ,
injunction, decree or order of any Governmental Authority, where such violation or
default could reasonably be expected to result in a material impairment of the
totality of the rights and remedies of, or benefits available to ML III under this
Agreement and the Transaction Documents taken as a whole.

     4. Covenant not to make certain amendments to any Purchase Agreements. In
consideration of AIG-FP’s agreement in Section 2 above, ML III hereby covenants not to amend any
Purchase Agreement in a manner that will cause AIG-FP to be liable to any Counterparty for a
greater portion of the Combined Settlement Amount (as defined in the Termination Agreements) than
it would have been under the Purchase Agreement in the form originally entered into between the
Counterparty and ML III. For the avoidance of doubt, this provision shall have no impact on ML
III’s ability to exercise discretion in accordance with the terms of the Purchase Agreements,
including determinations of whether and when a CDO Issue becomes an Excluded Asset or whether and
when the conditions for the purchase of a CDO Issue have been met or on ML III’s ability to waive
any such condition.

     5. No Bankruptcy Petition Against ML III. AIG-FP hereby covenants and agrees that it
will not at any time (i) commence or institute against ML III or join with or facilitate any other
Person in commencing or instituting against ML III, any bankruptcy, reorganization, arrangement,
readjustment of debt, dissolution, receivership, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state, or other jurisdiction, bankruptcy or similar
law or statute now or hereafter in effect in connection with any obligations relating to this
Agreement or any of the other Transaction Documents or (ii) participate in any assignment for
benefit of creditors, compositions, or arrangements with respect to ML III’s debts. The agreements
in this Section 5 shall survive the termination of this Agreement and payment in full of all
obligations under this Agreement.

     6. Waivers. AIG-FP hereby waives any failure or delay on the part of ML III in
asserting or enforcing any of its rights or in making any claims or demands hereunder.

3

 

     7. Opinion. AIG-FP shall cause to be delivered to ML III an opinion substantially in
the form of the opinion required under Section 7.01(c)(i)(D) of the Master Investment and Credit
Agreement with respect to its entry into this Agreement.

     8. Notices. Any notice, instruction, request, consent, demand or other communication
required or contemplated by this Agreement shall be in writing, shall be given or made or
communicated by hand delivery or fax, confirmed by telephone, addressed as follows:

	 	 	 	 	 
	 

	 	If to ML III:
	 	Maiden Lane III LLC
	 

	 	 	 	c/o Federal Reserve Bank of New York
	 

	 	 	 	33 Liberty Street New York, New York 10045
	 

	 	 	 	Attention: Helen Mucciolo, Senior Vice President
	 

	 	 	 	Telecopy: (212) 720-1333
	 

	 	 	 	Telephone: (212) 720-1593
	 

	 	 	 	E-mail: helen.mucciolo@ny.frb.org
	 
	 	 	 	 
	 

	 	with copies to:	 	 
	 
	 	 	 	 
	 

	 	 	 	Federal Reserve Bank of New York
	 

	 	 	 	33 Liberty Street New York, New York 10045
	 

	 	 	 	Attention: Joyce M. Hansen, Deputy General Counsel and Senior Vice
	 

	 	 	 	President
	 

	 	 	 	Telecopy: (212) 720-1756
	 

	 	 	 	Telephone: (212) 720-5024
	 

	 	 	 	E-mail: joyce.hansen@ny.frb.org
	 
	 	 	 	 
	 

	 	 	 	Davis Polk & Wardwell
	 

	 	 	 	450 Lexington Avenue, New York, New York 10017
	 

	 	 	 	Attention: Bjorn Bjerke
	 

	 	 	 	Telephone: (212) 450-4000
	 
	 	 	 	 
	 

	 	If to AIG-FP:
	 	AIG Financial Products Corp.
	 

	 	 	 	50 Danbury Road
	 

	 	 	 	Wilton, CT
	 

	 	 	 	06897-4444
	 

	 	 	 	Attn: Chief Financial Officer
	 

	 	 	 	Phone: (203) 222-4700
	 

	 	 	 	Fax: (203) 222-4780
	 
	 	 	 	 
	 

	 	with copies to:	 	 
	 
	 	 	 	 
	 

	 	 	 	AIG Financial Products Corp.
	 

	 	 	 	50 Danbury Road
	 

	 	 	 	Wilton, CT
	 

	 	 	 	06897-4444
	 

	 	 	 	Attn: General Counsel
	 

	 	 	 	Phone: (203) 222-4700
	 

	 	 	 	Fax: (203) 222-4780
	 
	 	 	 	 
	 

	 	 	 	Weil, Gotshal & Manges LLP
	 

	 	 	 	767 Fifth Avenue
	 

	 	 	 	New York, NY 10103
	 

	 	 	 	Attention: Jason A.B. Smith

	 

	 	 	 	Telephone: (212) 310-8000

4

 

     9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.

     10. Jurisdiction; Consent to Service of Process.

     (a) Each party hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of any New York State court or federal court of the
United States of America sitting in New York City, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement, or for recognition
or enforcement of any judgment, and each of the Parties hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York State or, to the extent permitted by law, in such
federal court. Each of the Parties agrees that a final judgment in any such action or
proceeding shall be conclusive.

     (b) Each party hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection that it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any New York State or federal court. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

     (c) Each party irrevocably consents to service of process in the manner provided for
notices in Section 8. Nothing in this Agreement will affect the right of any party to serve
process in any other manner permitted by law.

     11. WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER
TRANSACTION DOCUMENTS. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     12. Limited Recourse. Notwithstanding anything to the contrary contained in this
Agreement, the obligations of ML III under this Agreement are solely the obligations of ML III and
shall be payable solely to the extent of funds received by and available to ML III in accordance
with the Transaction Documents. No recourse shall be had for the payment of any amount owing in
respect of any obligation of, or claim against, ML III arising out of or based upon this Agreement
against any holder of a Membership Interest, employee, officer or Affiliate thereof and, except as
specifically provided herein, no recourse shall be had for the payment of any amount owing in
respect of any obligation of, or claim against, ML III arising out of or based upon this Agreement
against any holder of the Membership Interests or any equity interests in any Related Party of any
such holder; provided that the foregoing shall not relieve any such person or entity from any
liability they might otherwise have as a result of willful misconduct, gross negligence or
fraudulent actions taken or omissions by them. The provisions of this Section shall survive the
termination or expiration of this Agreement and payment in full of any and all obligations arising
from this Agreement.

     13. Default. Upon and default by either party hereunder and the expiration of all
applicable grace periods, the non-defaulting party shall have all rights and remedies available
under applicable law.

     14. Miscellaneous.

5

 

     (a) All headings herein are for convenience of reference only and shall be disregarded
in the interpretation hereof.

     (b) This Agreement may be signed in any number of counterparts, each of which shall be
an original; but such counterparts shall together constitute one and the same instrument.

     (c) In the event of an assumption of AIG-FP’s obligations under this Agreement by a
successor, such successor shall succeed to and be substituted for AIG-FP with the same
effect as if it had been named herein, and upon such assumption, AIG-FP shall be relieved of
any further obligation hereunder. This Agreement may not be assigned by AIG-FP without the
prior written consent of ML III.

     (d) In case any provision in this Agreement shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

6

 

     IN WITNESS WHEREOF, each of the parties hereto has caused this Shortfall Agreement to be
executed on its behalf by its officers thereunto duly authorized on the day and year first above
written.

	 	 	 	 	 
	 	 	MAIDEN LANE III LLC
	 
	 	 	 	 
	 	 	By: FEDERAL RESERVE BANK OF NEW YORK,

as its sole Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Sandra C. Krieger
	 

	 	 	 	 
	 

	 	 	 	Name:  Sandra C. Krieger
	 

	 	 	 	Title:   Executive Vice President
	 
	 	 	 	 
	 	 	AIG FINANCIAL PRODUCTS CORP.
	 
	 	 	 	 
	 

	 	By:	 	/s/ William N. Dooley
	 

	 	 	 	 
	 

	 	 	 	Name:  William N. Dooley
	 

	 	 	 	Title:   Chief Executive Officer

 

 

AMENDMENT NO. 1 TO SHORTFALL AGREEMENT

     AMENDMENT No. 1 (this “Amendment”) dated as of December 18, 2008 to the Shortfall Agreement
dated as of November 25, 2008 by and between Maiden Lane III LLC, a Delaware limited liability
company (“ML III”), and AIG Financial Products Corp., a Delaware corporation (“AIG-FP”) (the
“Shortfall Agreement”).

RECITALS

     WHEREAS, the parties hereto desire to amend the Shortfall Agreement as set forth herein to
provide for the addition of certain derivative transactions to such agreement and to provide for
additional payments between ML III and AIG-FP;

     NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

     Section 1. Definitions. Unless otherwise specifically defined herein, each term used herein
that is defined in the Shortfall Agreement has the meaning assigned to such term therein. Each
reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the Shortfall Agreement
shall, after this Amendment becomes effective, refer to the Shortfall Agreement as amended hereby.

     Section 2. Adjustment Date. The parties agree that December 18, 2008 shall be the
Adjustment Date under the Shortfall Agreement.

     Section 3. Amendment of Shortfall Agreement. Effective as of the date hereof, the Shortfall
Agreement is hereby amended as follows:

     (a) The first recital shall be replaced by the following text:

     “WHEREAS as of October 31, 2008, AIG-FP was party to the derivative
transactions listed on Schedule A (the “Derivative Transactions”), with an aggregate
notional value of $62,129,719,487;”

     (b) Schedule A to the Shortfall Agreement shall be replaced in full with Schedule A
hereto.

     (c) The following text shall be inserted immediately after Section 2(c):

     (d) On the Adjustment Date (i) if the aggregate of deemed increases in Posted
Collateral exceeds the aggregate of deemed reductions in Posted Collateral pursuant
to Section 2(c) of the applicable Termination Agreements, ML III shall pay or cause
to be paid, in immediately available funds, to AIG-FP the amount of such excess and
(ii) if the aggregate of deemed reductions in Posted Collateral exceeds the
aggregate of deemed increases in Posted Collateral pursuant to Section 2(c) of the
applicable Termination Agreements, AIG-FP shall pay, in immediately available funds,
to ML III the amount of such excess for credit to the Collateral Account.

 

 

     Section 4. Counterparts. This Amendment may be signed in any number of counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. Delivery of an executed signature page of this Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof.

     Section 5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

     Section 6. Effectiveness. This Amendment shall become effective on the date when each party
hereto shall have received from each of the other parties hereto a counterpart hereof signed by
such party or facsimile or other written confirmation that such party has signed a counterpart
hereof.

     Section 7.
Captions. The captions and section headings appearing herein are included solely
for convenience of reference and are not intended to affect the interpretation of any provision of
this Amendment.

[Remainder of page intentionally left blank.]

 

 

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed on its
behalf by its officers thereunto duly authorized on the day and year first above written.

	 	 	 	 	 
	 	 	MAIDEN LANE III LLC
	 
	 	 	 	 
	 	 	By: FEDERAL RESERVE BANK OF NEW

YORK, as its sole Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Helen
Mucciolo 
	 

	 	 	 	 
	 

	 	 	 	Name: Helen
Mucciolo
	 

	 	 	 	Title: Senior Vice President
	 
	 	 	 	 
	 	 	AIG FINANCIAL PRODUCTS CORP.
	 
	 	 	 	 
	 

	 	By:	 	/s/ William N. Dooley
	 

	 	 	 	 
	 

	 	 	 	Name: William N. Dooley
	 

	 	 	 	Title: Chief Executive Officer

 

 

					
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to

Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	Assets Included in 12/18/2008 and 12/22/2008 Closing	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	521764AG5	 	Deutsche Bank	 	LEAFS 2002-1A A1C
	 	$	844,492,047	 	 	$	106,999,907	 	 	$	103,217,346	 
	577734AA4	 	Deutsche Bank	 	MAX 2007-1 A-1
	 	$	2,096,537,000	 	 	$	1,567,311,089	 	 	$	972,583,514	 
	577734AP1	 	Deutsche Bank	 	MAX 2008-1 A-1
	 	$	5,403,463,000	 	 	$	4,039,474,369	 	 	$	2,506,666,486	 
	86331YAL8	 	Deutsche Bank	 	STRIPS III 2003-1 AFLT
	 	$	35,883,609	 	 	$	0	 	 	$	1,953,612	 
	USG26810AB04	 	GEORGE QUAY	 	DVSQ 2003-1 A-1MT A
	 	$	89,034,985	 	 	$	0	 	 	$	40,937,631	 
	23910PAF2	 	WACHOVIA	 	DVSQ 2004-2A A-1A MT
	 	$	66,273,252	 	 	$	8,149,109	 	 	$	29,566,558	 
	23910PAG0	 	WACHOVIA	 	DVSQ 2004-2A A-1B MT
	 	$	112,636,182	 	 	$	21,466,667	 	 	$	50,250,502	 
	23910PBA2	 	WACHOVIA	 	DVSQ 2004-2A A-1E MM
	 	$	514,371,900	 	 	$	58,416,800	 	 	$	229,477,294	 
	23910PAK1	 	WACHOVIA	 	DVSQ 2004-2A A-1A MM
	 	$	70,397,614	 	 	$	10,755,208	 	 	$	31,406,564	 
	23910PAJ4	 	WACHOVIA	 	DVSQ 2004-2A A-1D MT
	 	$	0	 	 	$	35,538,194	 	 	$	0	 
	G8860MAA4	 	WACHOVIA	 	TIAA Real Estate CDO 2003-1 A-1MM
	 	$	162,656,785	 	 	$	30,281,628	 	 	$	63,317,543	 
	264403AA4	 	CALYON	 	DUKEF 2004-7A 1A1
	 	$	113,041,931	 	 	$	113,041,929	 	 	$	75,776,522	 
	014684AA2	 	Rabobank International	 	ALEXP 2004-1A A1
	 	$	58,476,926	 	 	$	23,390,770	 	 	$	35,812,822	 
	896008AB5	 	GSI	 	TRIAX 2006-2A A1B1
	 	$	624,552,683	 	 	$	268,873,344	 	 	$	210,699,218	 
	952186AB0	 	GSI	 	WESTC 2006-1A A1B
	 	$	300,000,000	 	 	$	202,058,400	 	 	$	226,450,058	 
	442454AA2	 	GSI	 	Hout Bay 2006-1 Class A Trust Certificates
	 	$	747,122,522	 	 	$	442,543,147	 	 	$	460,110,142	 
	USG00857AA38	 	SOCGEN	 	ADROC 2005-1A A1LT
	 	$	45,394,684	 	 	$	22,345,127	 	 	$	18,818,326	 
	USG00929AA08	 	SOCGEN	 	ADROC 2005-2A A1LT
	 	$	51,454,053	 	 	$	24,439,104	 	 	$	22,935,202	 
	USG8088EAB68	 	SOCGEN	 	ALTS 2005-1A ALTA
	 	$	71,127,697	 	 	$	33,738,803	 	 	$	32,364,142	 
	USG0969TAA63	 	SOCGEN	 	BLHV 2004-1A A1ST
	 	$	26,985,490	 	 	$	19,895,992	 	 	$	15,456,181	 
	USG26818AB30	 	SOCGEN	 	DVSQ 2006-6A A1A
	 	$	24,808,142	 	 	$	19,791,598	 	 	$	19,220,827	 
	USG2861GAA97	 	SOCGEN	 	DUKEF 2005-HG1A A1LT
	 	$	209,276,408	 	 	$	119,758,421	 	 	$	105,356,614	 
	USG4161FAB25	 	SOCGEN	 	GSFIN 2005-1A A1A
	 	$	63,591,021	 	 	$	32,670,309	 	 	$	30,349,861	 
	36293XAB3	 	SOCGEN	 	GSFIN 2005-1A A1A
	 	$	83,497,776	 	 	$	42,897,537	 	 	$	39,850,687	 
	36293XAC1	 	SOCGEN	 	GSFIN 2005-1A CP
	 	$	958,259,397	 	 	$	480,929,134	 	 	$	460,408,727	 
	USG53500AA53	 	SOCGEN	 	LGNA 2004-1A A1ST
	 	$	24,806,916	 	 	$	17,237,018	 	 	$	10,014,009	 
	USG5814LAA91	 	SOCGEN	 	MGATE 2004-1A A1S
	 	$	124,378,155	 	 	$	37,442,178	 	 	$	54,070,824	 
	USG81230AB35	 	SOCGEN	 	MADRE 2004-1A A1A
	 	$	24,514,528	 	 	$	12,306,026	 	 	$	9,876,695	 
	USG9725LAA91	 	SOCGEN	 	WITH 2004-1A A1
	 	$	166,729,812	 	 	$	91,034,477	 	 	$	88,162,400	 
	147276AA7	 	ML	 	CASF 2004-1A A1
	 	$	179,360,155	 	 	$	57,819,432	 	 	$	80,857,962	 
	58936RAN7	 	ML	 	MRCY 2004-1A A1VB
	 	$	177,090,112	 	 	$	58,623,523	 	 	$	84,112,692	 
	640699AA2	 	ML	 	NEPTN 2004-1A A1LA
	 	$	101,950,809	 	 	$	56,375,710	 	 	$	66,152,162	 
	64069RAA2	 	ML	 	NEPTN 2005-2A A1
	 	$	148,707,002	 	 	$	101,506,317	 	 	$	111,605,440	 
	84129VAA9	 	ML	 	SCF 5A A1
	 	$	106,521,790	 	 	$	3,086,130	 	 	$	40,031,923	 
	86258PAA0	 	ML	 	STRAG 2004-2A A1
	 	$	94,150,454	 	 	$	941,505	 	 	$	41,044,472	 
	863286AA8	 	ML	 	STRVL 2004-1A A1
	 	$	431,629,323	 	 	$	149,051,969	 	 	$	182,564,841	 
	26440VAA2	 	ML	 	DUKEF 2005-8A A1S
	 	$	300,222,144	 	 	$	178,080,031	 	 	$	207,052,265	 
	348667AA4	 	ML	 	FTSHR 2005-1A A1
	 	$	199,732,740	 	 	$	114,621,550	 	 	$	117,701,962	 
	37638XAA7	 	ML	 	GLCR 2005-3A A1
	 	$	83,537,994	 	 	$	35,484,845	 	 	$	54,979,557	 
	48205YAA5	 	ML	 	JPTR 2005-2A A1
	 	$	539,208,535	 	 	$	261,797,590	 	 	$	281,901,277	 

 Page 1 of 5 

 

					
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to

Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	51210VAA8	 	ML	 	LAKES 2004-1A A1
	 	$	90,913,898	 	 	$	25,069,690	 	 	$	35,779,434	 
	891088AA4	 	ML	 	TORO 2005-1A A
	 	$	409,122,668	 	 	$	225,211,624	 	 	$	223,865,950	 
	83743TAA2	 	ML	 	SCF 4A A1
	 	$	34,676,854	 	 	$	391,375	 	 	$	10,127,010	 
	 	 	 	 	Totals — Assets included in 12/18/2008 and 12/22/2008 Closing
	 	$	16,010,588,994	 	 	$	9,150,847,576	 	 	$	7,482,887,252	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Assets Included in 11/25/2008 Closing	 	 	 	 	 	 	 	 	 	 	 	 
	007019AH5	 	SOCGEN	 	ADROC 2005-1A CP
	 	$	919,521,441	 	 	$	452,626,198	 	 	$	387,220,455	 
	007019AA0	 	SOCGEN	 	ADROC 2005-1A A1LT
	 	$	97,465,057	 	 	$	47,976,302	 	 	$	40,404,053	 
	007022AF3	 	SOCGEN	 	ADROC 2005-2A CP
	 	$	1,049,861,004	 	 	$	498,651,911	 	 	$	471,068,590	 
	007022AA4	 	SOCGEN	 	ADROC 2005-2A A1LT
	 	$	113,150,489	 	 	$	53,743,026	 	 	$	50,435,858	 
	02149RAB4	 	SOCGEN	 	ALTS 2005-1A ALTA
	 	$	147,821,908	 	 	$	70,118,034	 	 	$	67,261,129	 
	02149RAC2	 	SOCGEN	 	ALTS 2005-1A ALTB-1
	 	$	1,228,360,968	 	 	$	582,662,324	 	 	$	558,922,199	 
	078446AA9	 	SOCGEN	 	BLHV 2004-1A A1ST
	 	$	238,243,324	 	 	$	175,653,183	 	 	$	136,456,001	 
	078446AG6	 	SOCGEN	 	BLHV 2004-1A A1SB1
	 	$	397,843,791	 	 	$	293,324,182	 	 	$	227,445,076	 
	05539MAA8	 	SOCGEN	 	BFCGE 2006-1A A1LA
	 	$	172,995,268	 	 	$	167,113,429	 	 	$	148,073,822	 
	USG17751AB79	 	SOCGEN	 	CAMBR 3A A1
	 	$	335,470,948	 	 	$	261,367,097	 	 	$	209,656,079	 
	23910PAJ4	 	SOCGEN	 	DVSQ 2004-2A A1 D
	 	$	234,658,713	 	 	$	80,934,224	 	 	$	104,688,546	 
	23910TAG2	 	SOCGEN	 	DVSQ 2005-4A CP
	 	$	882,943,929	 	 	$	578,333,542	 	 	$	442,832,922	 
	23910TAB3	 	SOCGEN	 	DVSQ 2005-4A A1LT
	 	$	359,683,474	 	 	$	235,594,822	 	 	$	174,381,986	 
	23910VAB8	 	SOCGEN	 	DVSQ 2006-6A A1A
	 	$	247,089,090	 	 	$	197,124,315	 	 	$	191,439,438	 
	23910VAD4	 	SOCGEN	 	DVSQ 2006-6A CP
	 	$	1,157,051,725	 	 	$	923,080,090	 	 	$	899,120,465	 
	26441EAA9	 	SOCGEN	 	DUKEF 2005-HG1A A1LT
	 	$	418,552,835	 	 	$	239,516,853	 	 	$	210,713,237	 
	26441EAL5	 	SOCGEN	 	DUKEF 2005-HG1A A1B1
	 	$	1,464,245,678	 	 	$	837,914,564	 	 	$	735,743,629	 
	507161AA5	 	SOCGEN	 	LGNA 2004-1A A1ST
	 	$	393,536,914	 	 	$	273,448,054	 	 	$	158,862,234	 
	507161AD9	 	SOCGEN	 	LGNA 2004-1A A1SB1
	 	$	627,515,745	 	 	$	436,027,608	 	 	$	253,374,074	 
	56659NAA3	 	SOCGEN	 	MGATE 2004-1A A1S
	 	$	472,636,987	 	 	$	142,280,275	 	 	$	205,469,130	 
	55312WAA4	 	SOCGEN	 	MKP 5A A1
	 	$	407,755,039	 	 	$	419,028,143	 	 	$	319,083,014	 
	82639RAA5	 	SOCGEN	 	MADRE 2004-1A CP
	 	$	926,649,164	 	 	$	436,975,668	 	 	$	372,981,606	 
	82639RAB3	 	SOCGEN	 	MADRE 2004-1A A1A
	 	$	367,717,922	 	 	$	184,590,394	 	 	$	148,150,428	 
	87337UAA2	 	SOCGEN	 	TABS 2005-4A A
	 	$	248,823,841	 	 	$	244,396,282	 	 	$	178,656,421	 
	97741PAL8	 	SOCGEN	 	WITH 2004-1A A11A CP
	 	$	477,958,813	 	 	$	260,965,512	 	 	$	252,732,223	 
	97741PAA2	 	SOCGEN	 	WITH 2004-1A A1
	 	$	38,109,671	 	 	$	20,807,880	 	 	$	20,151,406	 
	014684AA2	 	SOCGEN	 	ALEXP 2004-1A A1
	 	$	60,523,619	 	 	$	41,307,370	 	 	$	37,066,271	 
	51210VAA8	 	SOCGEN	 	LAKES 2004-1A A1
	 	$	81,822,507	 	 	$	23,145,132	 	 	$	32,201,491	 
	553121AA2	 	SOCGEN	 	MKP 4A A1
	 	$	77,084,595	 	 	$	52,610,236	 	 	$	42,041,626	 
	640699AA2	 	SOCGEN	 	NEPTN 2004-1A A1LA
	 	$	101,950,809	 	 	$	66,369,976	 	 	$	66,152,162	 
	746869AP1	 	SOCGEN	 	PTNM 2002-1A A-1LT-d
	 	$	167,280,752	 	 	$	45,892,416	 	 	$	59,078,412	 
	746869AR7	 	SOCGEN	 	PTNM 2002-1A A-1LT-e
	 	$	167,280,752	 	 	$	45,892,416	 	 	$	59,078,412	 
	746869BE5	 	SOCGEN	 	PTNM 2002-1A A-1LT-j
	 	$	167,280,752	 	 	$	45,892,416	 	 	$	59,078,412	 
	83743TAA2	 	SOCGEN	 	SCF 4A A1
	 	$	15,762,207	 	 	$	842,411	 	 	$	4,603,187	 
	82437RAA9	 	SOCGEN	 	SHERW 2004-1A A1
	 	$	152,520,850	 	 	$	129,728,384	 	 	$	102,866,289	 

 Page 2 of 5 

 

					
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to
	 
	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	863286AA8	 	SOCGEN	 	STRVL 2004-1A A1
	 	$	132,809,022	 	 	$	48,160,739	 	 	$	56,173,797	 
	264403AJ5	 	GSCM	 	DUKEF 2004-7A 1A2
	 	$	101,776,989	 	 	$	50,492,887	 	 	$	68,225,181	 
	264403AK2	 	GSCM	 	DUKEF 2004-7A 1A2V
	 	$	78,501	 	 	$	0	 	 	$	52,622	 
	55311TAA2	 	GSCM	 	MKP 3A A1
	 	$	7,573,118	 	 	$	923,883	 	 	$	665,816	 
	02149WAA5	 	GSI	 	ALTS 2005-2A A1
	 	$	1,075,774,844	 	 	$	584,568,581	 	 	$	500,275,432	 
	112021AC4	 	GSI	 	BROD 2005-1A A1B1
	 	$	457,805,266	 	 	$	298,284,736	 	 	$	283,156,079	 
	112021AB6	 	GSI	 	BROD 2005-1A A1NA
	 	$	334,622,618	 	 	$	218,024,620	 	 	$	206,992,431	 
	112021AA8	 	GSI	 	BROD 2005-1A A1V
	 	$	235,982	 	 	$	0	 	 	$	145,975	 
	216444AA7	 	GSI	 	COOL 2005-1A A1
	 	$	190,351,823	 	 	$	115,271,719	 	 	$	96,722,078	 
	26545QAQ2	 	GSI	 	DUNHL 2004-1A A1NV
	 	$	152,147,155	 	 	$	85,798,709	 	 	$	83,162,838	 
	26545QAA7	 	GSI	 	DUNHL 2004-1A A1VA
	 	$	116,268	 	 	$	0	 	 	$	70,411	 
	34958CAA2	 	GSI	 	FORTS 2006-1A A1
	 	$	325,935,452	 	 	$	222,869,594	 	 	$	212,511,490	 
	37638VAG8	 	GSI	 	GLCR 2004-2A A1NV
	 	$	143,005,791	 	 	$	61,657,090	 	 	$	66,296,857	 
	37638VAA1	 	GSI	 	GLCR 2004-2A A1V
	 	$	44,029	 	 	$	0	 	 	$	20,412	 
	446279AA9	 	GSI	 	HUNTN 2005-1A A1A
	 	$	355,590,663	 	 	$	187,540,421	 	 	$	156,709,556	 
	446279AC5	 	GSI	 	HUNTN 2005-1A A1B
	 	$	218,690	 	 	$	0	 	 	$	96,377	 
	46426RAA7	 	GSI	 	ICM 2005-2A A1A
	 	$	176,951,173	 	 	$	130,474,880	 	 	$	126,871,563	 
	46426RAB5	 	GSI	 	ICM 2005-2A A1B
	 	$	41,392,087	 	 	$	30,520,440	 	 	$	29,630,985	 
	48206AAG3	 	GSI	 	JPTR 2005-3A A1NV
	 	$	1,178,880,487	 	 	$	809,568,470	 	 	$	609,154,082	 
	48206AAA6	 	GSI	 	JPTR 2005-3A A1VA
	 	$	226,795	 	 	$	0	 	 	$	117,190	 
	498588AC6	 	GSI	 	KLROS 2006-2A A1NV
	 	$	791,093,942	 	 	$	449,293,893	 	 	$	374,795,471	 
	498588AA0	 	GSI	 	KLROS 2006-2A A1V
	 	$	227,457	 	 	$	0	 	 	$	107,762	 
	52902TAC0	 	GSI	 	LEXN 2005-1A A1AN
	 	$	135,535,567	 	 	$	101,906,122	 	 	$	97,359,120	 
	52902TAE6	 	GSI	 	LEXN 2005-1A A1B
	 	$	169,844	 	 	$	0	 	 	$	124,476	 
	58936RAB3	 	GSI	 	MRCY 2004-1A A1NV
	 	$	160,883,690	 	 	$	75,735,434	 	 	$	76,415,109	 
	58936RAA5	 	GSI	 	MRCY 2004-1A A1VA
	 	$	53,652	 	 	$	0	 	 	$	25,483	 
	68571UAA7	 	GSI	 	ORCHD 2005-2A A1
	 	$	61,173,384	 	 	$	41,264,742	 	 	$	39,528,951	 
	68619MAJ0	 	GSI	 	ORPT 2005-1A A1V
	 	$	246,985	 	 	$	0	 	 	$	184,182	 
	68619MAQ4	 	GSI	 	ORPT 2005-1A A1VB
	 	$	641,913,250	 	 	$	460,605,880	 	 	$	478,690,272	 
	68619MAL5	 	GSI	 	ORPT 2005-1A A1VF
	 	$	639,443,403	 	 	$	458,833,637	 	 	$	453,607,536	 
	76112CAB4	 	GSI	 	RESF 2004-1A A1NV
	 	$	292,713,392	 	 	$	171,276,411	 	 	$	162,392,426	 
	76112CAA6	 	GSI	 	RESF 2004-1A A1V
	 	$	78,099	 	 	$	0	 	 	$	43,328	 
	768277AA3	 	GSI	 	RIVER 2005-1A A1
	 	$	127,184,116	 	 	$	79,645,207	 	 	$	74,738,350	 
	80410RAA4	 	GSI	 	SATV 2005-1A A1
	 	$	99,236,194	 	 	$	54,177,256	 	 	$	50,073,599	 
	83743YAS2	 	GSI	 	SCF 7A A1AN
	 	$	442,192,152	 	 	$	321,400,704	 	 	$	305,994,347	 
	83743YAB9	 	GSI	 	SCF 7A A1B
	 	$	142,919	 	 	$	0	 	 	$	98,899	 
	83743LAA9	 	GSI	 	SCF 8A A1AV
	 	$	192,080	 	 	$	0	 	 	$	154,905	 
	83743LAC5	 	GSI	 	SCF 8A A1NV
	 	$	264,686,822	 	 	$	202,220,037	 	 	$	213,459,472	 
	82437XAA6	 	GSI	 	SHERW 2005-2A A1
	 	$	296,485,307	 	 	$	228,425,707	 	 	$	235,372,418	 
	896008AB5	 	GSI	 	TRIAX 2006-2A A1B1
	 	$	367,518,173	 	 	$	158,218,582	 	 	$	123,986,004	 
	896008AC3	 	GSI	 	TRIAX 2006-2A A1B2
	 	$	1,499,850,000	 	 	$	640,669,927	 	 	$	770,828,810	 

 Page 3 of 5 

 

					
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to
	 
	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	952186AA2	 	GSI	 	WESTC 2006-1A A1A
	 	$	1,055,261,964	 	 	$	671,530,476	 	 	$	532,232,980	 
	952186AB0	 	GSI	 	WESTC 2006-1A A1B
	 	$	887,850,000	 	 	$	597,991,835	 	 	$	670,178,948	 
	085558AA2	 	ML	 	BNLI 2006-1A A1A
	 	$	496,409,791	 	 	$	439,196,451	 	 	$	299,769,860	 
	26440VAA2	 	ML	 	DUKEF 2005-8A A1S
	 	$	292,917,469	 	 	$	173,747,183	 	 	$	202,014,497	 
	348667AA4	 	ML	 	FTSHR 2005-1A A1
	 	$	526,577,136	 	 	$	302,189,253	 	 	$	310,310,479	 
	37638XAA7	 	ML	 	GLCR 2005-3A A1
	 	$	148,697,630	 	 	$	63,163,024	 	 	$	97,863,612	 
	48205YAA5	 	ML	 	JPTR 2005-2A A1
	 	$	190,796,866	 	 	$	92,636,070	 	 	$	99,749,683	 
	498587AA2	 	ML	 	KLROS 2005-1A A1
	 	$	342,362,711	 	 	$	125,541,830	 	 	$	160,018,879	 
	51210VAA8	 	ML	 	LAKES 2004-1A A1
	 	$	536,391,992	 	 	$	147,911,174	 	 	$	211,098,660	 
	83743TAA2	 	ML	 	SCF 4A A1
	 	$	23,643,310	 	 	$	266,846	 	 	$	6,904,780	 
	891088AA4	 	ML	 	TORO 2005-1A A
	 	$	436,466,860	 	 	$	240,263,906	 	 	$	238,828,293	 
	45377TAA4	 	ML	 	INDE6 6A A1
	 	$	255,238,556	 	 	$	181,229,550	 	 	$	168,981,769	 
	612180AA7	 	ML	 	MNPT 2006-1A A1
	 	$	77,392,822	 	 	$	76,189,575	 	 	$	65,473,989	 
	23910RAF8	 	CALYON	 	DVSQ 2004-3A CP
	 	$	939,586,876	 	 	$	461,098,970	 	 	$	438,295,314	 
	23910RAB7	 	CALYON	 	DVSQ 2004-3A A1LT
	 	$	316,640,772	 	 	$	155,390,351	 	 	$	146,230,930	 
	239156AG7	 	CALYON	 	DVSQ 2005-5A A1A
	 	$	1,658,783,429	 	 	$	1,326,923,069	 	 	$	1,071,242,581	 
	610891AB9	 	CALYON	 	MONRO 2005-1A A1B
	 	$	344,966,536	 	 	$	285,323,118	 	 	$	181,606,138	 
	610891AA1	 	CALYON	 	MONRO 2005-1A A1A
	 	$	950,618,011	 	 	$	786,259,727	 	 	$	500,448,734	 
	264408AC9	 	BGI	 	DUKEF 2004-6B A1S2
	 	$	121,768,970	 	 	$	37,410,000	 	 	$	89,680,169	 
	589368AA7	 	BOA	 	MRCY 2005-2A A1
	 	$	772,111,117	 	 	$	267,404,090	 	 	$	396,835,377	 
	48206AAC2	 	RBS	 	JPTR 2005-3A A1VB
	 	$	362,872,024	 	 	$	199,579,613	 	 	$	187,381,298	 
	553121AA2	 	RBS	 	MKP 4A A1
	 	$	63,069,214	 	 	$	45,547,103	 	 	$	34,397,694	 
	085558AA2	 	RBS	 	BNLI 2006-1A A1A
	 	$	364,337,461	 	 	$	256,047,257	 	 	$	220,014,576	 
	498587AA2	 	RBS	 	KLROS 2005-1A A1
	 	$	340,755,374	 	 	$	123,116,090	 	 	$	159,267,616	 
	612180AA7	 	HSBC BANK USA	 	MNPT 2006-1A A1
	 	$	155,675,217	 	 	$	149,724,900	 	 	$	131,700,553	 
	82437RAA9	 	Rabobank	 	SHERW 2004-1A A1
	 	$	142,230,085	 	 	$	102,448,390	 	 	$	95,925,777	 
	264403AA4	 	Rabobank	 	DUKEF 2004-7A 1A1
	 	$	180,553,082	 	 	$	126,387,158	 	 	$	121,031,943	 
	55311TAA2	 	Rabobank	 	MKP 3A A1
	 	$	4,111,121	 	 	$	822,224	 	 	$	361,443	 
	696399AA2	 	Rabobank	 	PALIS 2004-1A A1A
	 	$	171,405,353	 	 	$	53,873,765	 	 	$	74,869,617	 
	84129VAA9	 	Rabobank	 	SCF 5A A1
	 	$	92,813,892	 	 	$	29,697,892	 	 	$	34,880,362	 
	25454VAA7	 	CORAL Purchasing (Ireland) Limited	 	DGCDO 2005-1A A1
	 	$	201,073,213	 	 	$	123,056,806	 	 	$	143,447,393	 
	36868AAC6	 	CORAL Purchasing (Ireland) Limited	 	GEMST 2005-3A A2
	 	$	114,927,319	 	 	$	62,152,694	 	 	$	66,825,913	 
	36868BAA8	 	CORAL Purchasing (Ireland) Limited	 	GEMST 2005-4A A1
	 	$	281,773,877	 	 	$	196,959,940	 	 	$	199,519,096	 
	45377TAA4	 	CORAL Purchasing (Ireland) Limited	 	INDE6 6A A1
	 	$	175,476,508	 	 	$	110,987,307	 	 	$	116,174,967	 
	48205MAA1	 	CORAL Purchasing (Ireland) Limited	 	JPTR 2004-1A A1A
	 	$	126,231,914	 	 	$	20,171,860	 	 	$	57,953,725	 
	722694AA4	 	CORAL Purchasing (Ireland) Limited	 	PINEM 2005-A A1
	 	$	199,847,062	 	 	$	131,899,061	 	 	$	135,370,991	 
	896005AA3	 	CORAL Purchasing (Ireland) Limited	 	TRIAX 2006-1A A1
	 	$	347,159,130	 	 	$	82,320,000	 	 	$	125,330,250	 
	896008AA7	 	CORAL Purchasing (Ireland) 2 Limited	 	TRIAX 2006-2A A1A
	 	$	348,638,446	 	 	$	90,720,000	 	 	$	148,397,513	 
	G6878DAA8	 	DB	 	PALIS 2004-1X A1A
	 	$	137,981,310	 	 	$	1,556,254	 	 	$	60,270,042	 
	USG9064WAA48	 	REMO FINANCE INC - Dresdner	 	TRIAX 2006-2A A1A
	 	$	398,443,938	 	 	$	0	 	 	$	169,597,157	 
	464267AA1	 	UBS	 	ICM 2006-HG1A A1S
	 	$	998,446,966	 	 	$	473,053,700	 	 	$	674,152,572	 

 Page 4 of 5 

 

					
	 
	 	List of Derivative Transactions
	 	Schedule A
	 
	 	 	 	to
	 
	 	 	 	Shortfall Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CUSIP / ISIN of	 	 	 	 	 	 	 	 	 	 
	Underlying CDO Issue	 	Counterparty	 	Tranche Name	 	Notional Value	 	Total Collateral Posted	 	Negative Mark to Market
	54266TAB8	 	UBS	 	LHILL 2006-1A A1S
	 	$	125,000,000	 	 	$	118,074,381	 	 	$	111,827,623	 
	866244AA4	 	UBS	 	SRCDO 2005-1A A1S
	 	$	234,186,750	 	 	$	69,388,893	 	 	$	152,277,584	 
	92534EAA9	 	UBS	 	VERT 2005-1A A1
	 	$	233,655,485	 	 	$	127,696,596	 	 	$	176,560,809	 
	96254FAA5	 	UBS	 	WHTL 2004-1A A1A
	 	$	153,738,206	 	 	$	53,541,617	 	 	$	93,184,672	 
	56659NAA3	 	UBS	 	MGATE 2004-1A A1S
	 	$	203,980,173	 	 	$	70,633,071	 	 	$	88,676,151	 
	896005AA3	 	UBS	 	TRIAX 2006-1A A1 - AIG SS
	 	$	1,884,578,135	 	 	$	394,250,000	 	 	$	680,364,214	 
	05473WAA4	 	BARCLAYS	 	AYRES 2005-1A A1A
	 	$	92,345,803	 	 	$	63,283,537	 	 	$	54,956,922	 
	86565RAA4	 	BARCLAYS	 	SMSTR 2005-HG1A A1 - AIG SS
	 	$	696,872,765	 	 	$	415,029,663	 	 	$	449,655,578	 
	923367AA4	 	BARCLAYS	 	VERDE 2005-1A A1 - AIG SS
	 	$	626,262,698	 	 	$	373,431,839	 	 	$	381,727,284	 
	09622WAF5	 	BMO	 	BGRS 2004-2A A1TB
	 	$	107,085,475	 	 	$	10,010,178	 	 	$	56,745,033	 
	09622WAE8	 	BMO	 	BGRS 2004-2A A1TA
	 	$	46,424,339	 	 	$	4,996,315	 	 	$	24,644,888	 
	239104AE2	 	BMO	 	DVSQ 2003-1A A1B
	 	$	171,392,346	 	 	$	98,187,317	 	 	$	78,804,939	 
	239104AH5	 	BMO	 	DVSQ 2003-1A A1C
	 	$	171,392,346	 	 	$	98,164,080	 	 	$	78,804,939	 
	239104AL6	 	BMO	 	DVSQ 2003-1A A1D
	 	$	171,392,346	 	 	$	98,122,648	 	 	$	78,804,939	 
	746869AA4	 	BMO	 	PTNM 2002-1A A-1MT-A
	 	$	167,280,752	 	 	$	61,966,502	 	 	$	59,078,412	 
	746869AB2	 	BMO	 	PTNM 2002-1A A-1MT-B
	 	$	167,280,752	 	 	$	61,924,311	 	 	$	59,078,412	 
	746869AC0	 	BMO	 	PTNM 2002-1A A-1MT-C
	 	$	167,280,752	 	 	$	62,035,245	 	 	$	59,078,412	 
	264408AD7	 	BMO	 	DUKEF 2004-6B A1S3
	 	$	202,948,284	 	 	$	8,312,933	 	 	$	149,466,948	 
	 	 	 	 	Totals — Assets Included 11/25/2008 Closing
	 	$	46,119,130,493	 	 	$	25,854,602,616	 	 	$	25,060,896,305	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Overall Totals
	 	$	62,129,719,487	 	 	$	35,005,450,192	 	 	$	32,543,783,557	 

 Page 5 of 5

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