Struggling to keep “call protection” and “make‑whole” straight when drafting term sheets or fielding investor questions? By the end of this lesson, you’ll confidently calibrate HY schedule language versus IG formula language, choosing precise phrasing that signals the right economics—NC periods and step‑downs for HY; make‑whole pricing and par‑call windows for IG. You’ll find crisp explanations, live‑style examples and dialogue, plus targeted exercises (MCQ, fill‑in, and error‑correction) to pressure‑test your wording for roadshows, OMs, and redlines. Expect an exacting, low‑noise toolkit you can deploy immediately on active deals.