Extract to table

The cash-flow models and stress scenarios set forth in the Preliminary OM and provided to the rating agencies must be re-run using the corrected delinquency and loss data

Potential Securities-Law Implications (Preliminary) Although the offering is structured as a Rule 144A / Regulation S private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and no securities have been sold or committed for purchase by any investor, the distribution of the Preliminary OM containing materially incorrect static-pool data to 28 institutional investors during the April 15–19, 2024 roadshow raises potential legal exposure that must be carefully evaluated

Notification Obligations The discrepancy triggers a series of notification obligations — some contractual, some regulatory, and some prudential — that must be coordinated carefully to protect SBF's interests while fulfilling SBF's legal and ethical obligations

Each notification must be drafted with care to avoid unnecessary admissions or characterizations that could prejudice SBF's position in future proceedings

This timeline must be weighed against market conditions, the cost of delay, and the reputational considerations noted above