The following table summarizes the distribution of our $2.1 billion in second-to-pay exposure net par outstanding  between public finance and structured finance and from investment grade and BIG primary obligors as of  December 31, 2012: Approximately $21.0 billion (or 63.8%) of our financial guaranty segment’ s outstanding net par as of December 31, 2012  (after giving effect to the FGIC Commutation) remains subject to termination or recapture at the exclusive option of our credit  derivative counterparties or our primary reinsurance customers. In 2012, $14.6 billion of our financial guaranty net par  exposure was terminated at the option of credit derivative counterparties pursuant to the CDO Early  Terminations. We cannot  estimate the extent to which our credit derivative counterparties may exercise such rights in 2013 and beyond. Second-to-Pay Exposure Public Finance Net Par Outstanding % Second- to- Pay Structured  Finance Net Par Outstanding % Second- to- Pay Total Net Par Outstanding % Second- to- Pay ($ in billions) Investment grade primary obligors. . . . . $ 0.6 28.5% $ 0.1 4.8% $ 0.7 33.3% BIG primary obligors: MBIA Insurance Corporation. . . . . . . 0.1 4.8 0.6 28.5 0.7 (1) 33.3 Syncora Guaranty Inc. . . . . . . . . . . . . 0.3 14.3 — — 0.3 (2) 14.3 Ambac Assurance Corporation. . . . . . 0.2 9.5 — — 0.2 (3) 9.5 FGIC. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 4.8 — — 0.1 (4) 4.8 Other. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 4.8 — — 0.1 (5) 4.8 Total BIG primary obligors . . . . . . . . 0.8 38.2 0.6 28.5 1.4 66.7 Total Second-to-Pay. . . . . . . . . . . . . . . . . $ 1.4 66.7% $ 0.7 33.3% $ 2.1 100.0% __________________ (1)  $397.8 million or 56.1% of this net par outstanding is related to underlying obligations that are also rated BIG. (2)  $144.5 million or 38.5% of this net par outstanding is related to underlying obligations that are also rated BIG. (3)  $8.6 million or 3.6% of this net par outstanding is related to underlying obligations that are also rated BIG. (4)  All of this net par outstanding is related to underlying obligations that are also rated BIG. (5)  $15.5 million or 30.9% of this net par outstanding is related to underlying obligations that are also rated BIG. 121