I feel the need to clarify bc of comments from other folks: I did not choose this schedule.  I am arranging a unitranche for a sponsor and need commitments in three weeks from ourselves and other lenders.  One of the guys I brought in and was counting on, well they decided to punch out of the deal leaving a 50% hole in my unitranche financing.  So I scheduled some calls with other potential lenders whom I know to tee them up and gauge interest levels as a first step in addressing this challenge and before speaking with the sponsor today at 1130am and present some viable/tested options.

Geoffrey S. Chang  |  Managing Director  |  ORIX Leveraged Finance
ORIX USA Corporation  |  485 Lexington Ave., 27th Floor  |  New York, NY 10017
t  |  212-468-5870     c  |  917-860-5946     e  |  Geoff.Chang@orix.com  |  www.orix.com  |  www.orixlf.com

-----Original Message-----
From: ironlady@stagen.simplelists.com [mailto:ironlady@stagen.simplelists.com] On Behalf Of Chang, Geoff
Sent: Friday, July 21, 2017 4:36 PM
To: ironlady@stagen.simplelists.com
Subject: RE: Walk the Talk Gap

Okay okay, hour late back to office, damn traffic! lol

Geoffrey S. Chang  |  Managing Director  |  ORIX Leveraged Finance ORIX USA Corporation  |  485 Lexington Ave., 27th Floor  |  New York, NY 10017 t  |  212-468-5870     c  |  917-860-5946     e  |  Geoff.Chang@orix.com  |  www.orix.com  |  www.orixlf.com

-----Original Message-----
From: ironlady@stagen.simplelists.com [mailto:ironlady@stagen.simplelists.com] On Behalf Of Chang, Geoff
Sent: Friday, July 21, 2017 2:36 PM
To: ironlady@stagen.simplelists.com
Subject: Re: Walk the Talk Gap

It's interesting.  I have become pretty busy over the last several weeks and as a result, the walk the talk gap widened for me in some respects, and it culminated when I missed me scheduled call with Seth Braun because I was rolling from call to call to call on various transactions.  I am swamped with work and thought that acceptable as a reason for allowing gap to widen as it relates to sticking  to commitments.  It does not.  In fact, during times like this or of duress, that is when it is most imperative to actually narrow the gap.  First and foremost from a quality and efficacy standpoint.  But if adherence to values and standards is conditional on how busy you are or what stress you are under, then you run the risk of being a hypocrite.

I had conference calls last night at 830pm with Goldman, 930pm with Audax, midnight for 45 minutes with a firm called LBC and then again at 1am with TCPC in LA.  Then I worked on an IC memo until 3am. I had scheduled calls at 8am, 830am which I did from home, and 1130am from the office, and a squash game at the Harvard club with client at 1215pm, and committed to pick my kids up at 215pm in NJ bc my ex is sick and can't drop off.  I nailed timing on every aforementioned scheduled call, meeting or otherwise appt today, even squash with client which I was dying to cancel (lost 11-9 in last game in best of five to 11pts rally scoring), and I am only 9 minutes late driving through Manhattan Friday traffic to pick my kids up in NJ and I'll be back in the office with my kids in tow by 330pm.  Only thing I forgot to schedule was lunch. I'm so hungry.

I don't think I would have come close to maintaining this schedule had I not bailed on the call with Seth and in doing so, not come to realize and reflect upon the flaw in my logic.  Took me a couple weeks but I got there.

Some corners have to be cut.  Yesterday on the stagen call, I was leading a diligence call on a deal that I set up and created an agenda for with a sponsor and other lenders, at the same time.  I had an ear piece for each  call in each ear.  Wasn't the best solution and in hindsight as I should have also recorded the diligence call to review anything I might have missed.

In summary, the only time it is acceptable to not walk the talk, is if you are running that same path instead of walking.

I am running.

Sent from my iPhone

On Jul 21, 2017, at 1:28 PM, Browning, Jeff <Jeff.Browning@orix.com<mailto:Jeff.Browning@orix.com>> wrote:

I'm on a long flight and taking this time to work on Stagen, so just bear with me.

One of the asks was to identify a consistent gap in walking the talk.  I actually have two.  One personal and one professional.  Personally, I am on a journey to improve my overall health through my diet.  I am reading a book called In Defense of Food in which the premise is "eat food, not too much, mostly plants."  So I have been working to do this very thing.  Eat more vegetables, eat smaller portions, and significantly reduce (if not completely eliminate processed carbs).  I walk the talk on this very well during the day, but from about dinner on, I struggle because I have young children and I LOVE GOLDFISH CRACKERS!!!  Seriously.  I can put these away with the best of them.

From a professional standpoint, I am working on improving my communication with my team, and I say that I always make good, clear, effective and timely requests, I too often fall back on old habits of assuming my team can read my mind or not considering the impact of my words/request like I know I should.  I also struggle sometimes with the timing of my communications to others, which has caused significant issues in the past.

<image005.jpg><http://www.orix.com/>

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Jeff Browning  |  Managing Director|  ORIX Mezzanine & Private Equity ORIX USA Corporation  |  1717 Main Street, Suite 1100  |  Dallas, TX 75201
t  |  214-237-2373     c  |  972-900-2145     e  |  jeff.browning@orix.com<mailto:jeff.browning@orix.com>
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