Epstein Secrets

oceeds from a Redemption Financing or the issuance of Replacement Notes, as applicable. "Registered": With respect to any debt obligation issued by a United States person (as defined in the Code), a debt obligation (a) that is issued after July 18. 1984 and (b) that is in registered form for purposes of the Cod

with a specified benchmark rating level based upon S&P's proprietary corporate debt default studies. In calculating each scenario loss rate, the S&P CDO Monitor considers each obligor's issuer rating. the number of obligors in the portfolio, the obligor and industry concentrations in the portfolio and the r

ciation, in its individual capacity and not as Trustee, or any successor thereto. "Bankruptcy Code": The United States Bankruptcy Code, Title 11 of the United States Code, as amended. "Bankruptcy Law": The U.S. Bankruptcy Code, as amended from time to time, and Part V of the Companies Law (2004 Revision) of the

ateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined through application of the S&P CDO Monitor, which, after giving effect to S&P's assumptions on recoveries and timing and the 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-00724

iation, in its individual capacity and not as Trustee, or any successor thereto. "Bankruptcy Code": The United States Bankruptcy Code, Title I I of the United States Code, as amended. "Bankruptcy Law": The U.S. Bankruptcy Code, as amended from time to time, and Part V of the Companies Law (2004 Revision) of the

Collateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain as determined through application of the CDO Monitor, which, after giving effect to assumptions on recoveries and timing and the 5 EFTA00596137 Priority of Payments, will result in sufficient funds