Purchaser's Closing Book

Transcription

1 Purchaser's Closing Book Prepared For: BillyBob and BettyJo Buyer Assigned Payments: DCF Case Code 9A020917A-4 Annuity Issuer The Prudential Life Insurance Company of America Purchase Price $24, Purchase Rate (Eff) 4.280% Total Payout $40, Closing Date 8/17/2017 Assigned Payment Description: 1 return(s) of $ 40, starting 07/15/2029 Purchaser Name (Owner) BillyBob and BettyJo Buyer Purchaser: Address 123 nowhere st, somewhere TX zip Purchaser Titling (Payee) The BillyBob and BettyJo Buyer Phone eg, John and Mary Smith, JTWROS, or GoldStar Trust FBO John Smith IRA #12345 Revocable Trust no@where.com Agent Name Agent Self Directed IRA Custodian Payee Information (If Applicable) SDIRA Company Name Phone SDIRA Address Structured Settlement & Transfer Details: DCF Case Code 9A020917A-4 GoldStar Case ID The Prudential Life Insurance Original Annuitant Lisa Bucher Annuity Issuer Company of America Annuity Obligor Passco Annuity Contract # SGQ00001 Escrow Funding Instructions: DCF Exchange utilizes escrow services from GoldStar Trust Company to receive and segregate purchaser funds until the transaction is fully executed and complete. For wire transfers, please ensure the additional "For Further Credit To Acct #xxxx information below is included in your wire instructions. Paper checks: make payable to "GoldStar Trust Company", overnight mail to GoldStar Trust, and allow 10 business days for funds clearing. Note the "For Further Credit To Acct #xxxx in the check memo line th Ave, Account Name: GoldStar Trust Company Recipient Address: Canyon, TX ABA/Routing #: # Account Number: Bank Name & Phone: Happy State Bank, Happy, TX Tel:(800) Further Credit To: For Further Credit To Acct # DCF Exchange, LLC PO Box 5343 Whitefish, MT, Ph: Fax: Nathaniel@dcfexchange.com

2 Purchaser s Closing Book Closing Book Instructions The following pages document the transfer of a specific payment stream from the original annuitant seller, through intermediaries including the DCF Business Trust and the DCF Exchange, to the end purchaser. Signature and Funding: For Cash Purchasers (Not Using an IRA): Review and execute the Absolute Assignment and Payment Servicing documents. To complete the transaction, transmit the purchase price to the account noted on the cover page. Signature and Funding: For Qualified (IRA) Purchasers: Please review this closing book. To approve the transaction, execute a 'Direction of Investment' form with the IRA custodian. The IRA custodian will then sign the required documents in this closing book and wire funds to close the transaction. Funding Instructions To complete the transaction, transmit the purchase price to the account noted on the cover page. Wire transfer is preferred, and funds sent by check must be received 7 business days prior to the closing date to allow for bank clearing. Funding delays due to paper checks may incur additional fees. For IRA custodians, wire transfer only

3 1. Purchaser Specific Documents a. Absolute Assignment b. Split Payment Summary c. Servicing Agreement d. Original Purchase Offer e. Amortization Schedule Table of Contents 2. Legal Review and Carrier Acknowledgement a. Legal Review Certification b. Acknowledgement or Stipulation c. Court Order d. Original Confirmation of Benefits Letter 3. Seller, Intermediary, and DCF Agreements a. Purchase and Assignment Agreement i. Between Intermediary and DCF b. Purchase Agreement i. Between Seller and Intermediary

4 Absolute Assignment of Cash Flow DCF Case ID# 9A020917A-4 8/17/2017 Closing Date: "This Absolute Assignment of Cash Flow ( Assignment Agreement ) is effective as of the Closing Date noted below ( Closing Date ) and is by and between DCF Exchange, LLC ( DCF ), and Purchaser. In consideration of the purchase price shown below, DCF and Purchaser agree as follows: 1) Purchase Price. Purchaser agrees to pay DCF the Purchase Price and DCF agrees to assign to Purchaser all of its rights, title, and interest in and to the cash flow identified below ( Assigned Payments ). Upon executing this Assignment Agreement, Purchaser will transmit the full purchase price to DCF in cash or other immediately available funds. Subject to the Title Contingency provisions herein, this agreement will be effective upon mutual execution of this Assignment Agreement and receipt of the Purchase Price by DCF. 2) Nature of the Assigned Payments. Purchaser understands and acknowledges that the Assigned Payments identified on Exhibit A have been or will be transferred from the Original Annuitant to DCF through intermediaries, all in accordance with an applicable state structured settlement protection act. Purchaser further understands and acknowledges that it is not acquiring ownership of the underlying annuity contract, but rather is acquiring the contractual right to receive the Assigned Payments. Assigned Payments: DCF Case Code 9A020917A-4 Purchase Price $24, Annuity Issuer The Prudential Life Insurance Company of America Purchase Rate (Eff) 4.280% GoldStar Case ID Closing Date 8/17/2017 Original Annuitant Annuity Contract Number Assigned Payments: 1 return(s) of $ 40, starting 07/15/2029 3) Title Contingency. This Assignment Agreement is subject to and contingent upon the release and transfer of all rights, title, and interest to the Assigned Payments to DCF from intermediaries. If DCF is unable to obtain and deliver all rights, title, and interest to the Assigned Payments to the Purchaser on the Closing Date, then this Assignment Agreement will become null and void. In that event, DCF and Purchaser agree to rescind this Assignment Agreement mutually releasing each other from any obligation hereunder and DCF will return the Purchase Price to Purchaser in full within 5 days of the Closing Date. 4) Servicing of Assigned Payments. Payments will be made by the Annuity Issuer directly to GoldStar Trust Company ( GS ) and then delivered by GS to the Purchaser. Accordingly, in connection with this Assignment Agreement, Purchaser will also execute a Payment Servicing Agreement between Purchaser and GS for the Assigned Payments. DCF will deliver a copy of this fully executed Purchaser s Closing Book to GoldStar. The initial account set-up fees charged by GoldStar have been paid by DCF; however, ongoing servicing fees will be paid for and are the sole responsibility of the Purchaser. Purchaser understands and acknowledges that GS is a third-party payment servicing company. DCF has no financial interest in nor is it affiliated with GS, except as to the third-party payment servicing relationship arising hereunder.. 5) Representations. Subject to the Title Contingency provisions herein, DCF has all requisite power and authority to (i) execute and deliver this Assignment Agreement and (ii) to transfer the rights to the Assigned Payments. DCF represents that to the best of its actual knowledge and in good faith, all applicable laws have been complied with in connection with (i) this Assignment Agreement and (ii) the underlying transfer process to Purchaser. DCF makes no other warranties of any kind, either express or implied, to the fullest extent permissible by applicable law. DCF makes no representation regarding the investment strength of the underlying Annuity Issuer, nor any representation or warranty regarding the possibility that payments may not be made due to an action, inaction or omission of a third party. 6) Merger. This Assignment Agreement sets forth the entire agreement of the parties and supersedes and replaces all prior understandings and agreements, whether written or oral. Any amendments to this Assignment Agreement must be in writing and executed by both parties. The terms, provisions, representations, and warranties contained in this Assignment Agreement will not merge in, but survive, the closing of this transaction. 7) Counterparts. The parties may execute this Assignment Agreement in one or more identical counterparts, all of which when taken together will constitute one and the same instrument. Upon execution of this Assignment Agreement, either party hereby may send a copy of the executed Assignment Agreement (or executed counterpart) to the other party hereto via facsimile or via electronic mail, whereupon such signature of any party shall be considered valid, binding and effective for all purposes. 8) Choice of Law. This Assignment Agreement and the rights and obligations of the parties under this Agreement will be construed in accordance with and be governed by the law of the state of Montana, without regard to conflicts of law principles. The parties consent to exclusive jurisdiction and venue in the federal and state courts sitting in Montana. In any action or suit to enforce any right or remedy under this Assignment Agreement or to interpret any provision of this Assignment Agreement, the prevailing party shall be entitled to recover its reasonable attorney s fees, costs and other expenses. Purchaser Name (Owner): BillyBob and BettyJo Buyer Purchaser Titling (Payee): The BillyBob and BettyJo Buyer Revocable Trust Joint Purchaser Signature: Signature, If Applicable: Date: 8/17/2017 Date: 8/17/2017 DCF Business Trust DCF Services LLC, as Trustee of the DCF Business Trust, hereby acknowledges the transfer of the Assigned Payments to the Purchaser noted above. DCF Services hereby updates the records of the DCF Business Trust to reflect that the Assigned Payments are now owned exclusively by the Purchaser. DCF, BT #9A020917A (A Nevada business trust) By: DCF Services, LLC, (a Nevada limited liability company) Its: Trustee, Nathaniel M. Pulsifer, Manager Signed: DCF Signatures DCF Exchange, LLC DCF Exchange LLC hereby accepts payment for and relinquishes all ownership of the Assigned Payments shown above. As beneficiary of the DCF Business Trust, DCF Exchange LLC hereby directs the Trustee, DCF Services LLC, to update the records of the DCF Business Trust to reflect that the Assigned Payments are now owned exclusively by the Purchaser. DCF Exchange, LLC, a Montana limited liability company By Nathaniel M. Pulsifer or Ross Pearlstone Its: Managers Date 8/17/2017 Date 8/17/2017 File Name: 9A020917A-4 - GS# CloseBook- BillyBob Sample Signed:

5 DCF Exchange & GoldStar Trust Company Assigned Payment Servicing Agreement: Upon receipt of this Agreement and payment of account establishment fees (Paid by DCF), Servicer will provide the following services: 1) Payment Tracking a) Servicer will track and receive the Assigned Payments, as described below b) For deferred income or lump sum payments, Servicer shall contact Account Holder to confirm payment address and bank details 30 days prior to the payment due date. c) Servicer will notify the Investment Provider if a specific Assigned Payment is more than 10 days past its anticipated date. d) Investment Provider will contact Annuity Issuer to identify why a specific Assigned Payment was not received and attempt to resolve the issue in a commercially reasonable period of time, and communicate the results of the resolution with Servicer and Purchaser. 2) Payment Servicing a) Once each Assigned Payment is received, Servicer shall remit payment to Account Holder as directed below, less applicable Servicer fees 3) Administrative Services and Transfer On Death/ Beneficiary Designation a) Pursuant to the fee schedule shown below, Servicer will comply with Account Holder directions for beneficiary or pay on death instructions, bank account changes, name/ address changes, and account ownership changes b) Account Holder shall promptly notify Servicer of address or banking information changes. Assigned Payments: DCF Case Code 9A020917A-4 GoldStar Case ID Annuity Issuer The Prudential Life Insurance Company of America Original Annuitant & Contract # Lisa Bucher, Contract # SGQ000 Assigned Payments: 1 return(s) of $ 40, starting 07/15/2029 Payee/ Account Holder Information: Purchaser Name (Owner) BillyBob and BettyJo Buyer Address 123 nowhere st, somewhere TX zip Purchaser Titling (Payee) Phone eg, John and Mary Smith, JTWROS, or GoldStar Trust FBO John Smith IRA #12345 The BillyBob and BettyJo Buyer Revocable Trust no@where.com Payment Election- I (We) authorize GoldStar Trust to disburse as follows: (Not Applicable for IRA Account holders) Preference- ACH or check ACH Acct Type Checking Bank Name + Address Billy's Federal Savings Bank, McDermott FWY San Antonio TX Acct Name Routing # # Acct # # SDIRA Company Name Self Directed IRA Custodian Payee Information (If Applicable) Phone SDIRA Address The BillyBob and BettyJo Buyer Revocable Trust Name, Percent Allocation Address Agent Name, Phone, Transfer On Death / Beneficiary Designation (For Non-IRA Purchasers Only) Additional Authorized Agent (Optional) Payment Servicing Fees Account Ownership Change Fee $100 Distributions:ACH Paper Check Lump Sum Monitoring Fee, Per Lump $25 Wire/Fedex $5 per payment $7 Per Payment $25 Per Payment Disclaimer and Acknowledgement 1) By entering into this Agreement, the Servicer makes no implied or actual determination, statement or approval as to (i) the viability or enforceability of any Assigned Payment or the Client s interest therein, or (ii) Client s decision to (or to not) purchase or otherwise acquire, retain, finance or sell or otherwise dispose of its Assigned Payment; 2) The Servicer shall not be responsible or liable for (i) any amount of expected or anticipated payments with respect to any Assigned Payment in the event that the Carrier thereof denies such benefit or interest, (ii) the validity, perfection, priority, continuation or value of any Assigned Payment, or (iii) providing any type of tax documentation, withholding or filing services; and 3) Other than performing inquiries as expressly described hereunder, the Servicer will not undertake to verify or otherwise be responsible or liable for any errors, inaccuracies, omissions or shortfalls in any Assigned Payment. 4) Servicer shall have no obligation to transfer, pay or remit, in any manner whatsoever, Assigned Payments received from a Carrier to any Person other than the Account Holder or to its named beneficiary as specified herein Power of Attorney DCF BT, a Nevada business trust, hereby appoints the Account Holder named herein and GoldStar Trust Company as its attorney in fact for purposes of policy service and communication with carriers as identified herein. It is acknowledged that DCF BT has assigned all rights, title and interest in this payment stream to the Account Holder and has engaged GoldStar Trust Company to service the Assigned Payments solely to the Account Holder. Signatures DCF, BT #9A020917A (A Nevada business trust) By: DCF Services, LLC, (a Nevada limited liability company) Its: Trustee, Nathaniel M. Pulsifer, Manager Buyer Name (Owner): BillyBob and BettyJo Buyer Titling (Payee): The BillyBob and BettyJo Buyer Revocable Trust Signature(s): Signature: (Joint If Applicable) Date: 8/17/2017 Date: 8/17/2017 Signature: Gold Star Trust Company, Payment Servicing Division, Signature and Contact Information PO Box 719 / th Avenue (For Overnight Delivery) Canyon, Texas disbursingagent@goldstartrust.com Phone: Fax:

6 Split Summary: DCF Case ID# 9A020917A-4 8/17/2017 Parent/ Child Split Details: Closing Date: DCF Exchange purchases and re sells payment streams. We may sell a payment stream in its entirety to one customer, or portions thereof to several customers. The court ordered assignment addresses the entire payment stream, and the following table documents subsequent splits administered by our payment servicing partner. Parent Case Selling Status Payment Description: Total Payout: 9A020917A X Split Parent 148 Monthly return(s) of $ starting 05/15/2017 to 08/15/ return(s) of $ 10, starting 07/15/ return(s) of $ 20, starting 07/15/ return(s) of $ 80, starting 07/15/2029 $243, Child Case Details: Child Cases Selling Status Payment Description: Total Payout: 9A020917A-1 Sold 148 Monthly return(s) of $ starting 05/15/2017 to 08/15/2029 $133, A020917A-2 Sold 1 return(s) of $ 10, starting 07/15/ return(s) of $ 20, starting 07/15/2024 $30, A020917A-3 Sold 1 return(s) of $ 40, starting 07/15/2029 $40, A020917A-4 Reserved 1 return(s) of $ 40, starting 07/15/2029 $40, Sum of total payout of children $243, Total payout of parent minus sum of payout(s) of children $0.00 Sum of Cash Flow For All Children of This Parent $0.00 Reconcile- sum of children, less total payout of parent, plus cash flow. A slight variance from $0 due to rounding is normal $0.00

7 DCF Exchange Amortization Schedule Case ID - 9A020917A-4 Carrier - Prudential Life Effective Rate % Compounding - Monthly Investment - $24, Total Return - $40, Exclusion Ratio % WAL (Weighted Average Life) Cash Flow Summary 1 investment of $24, on 08/17/ return of $40, on 07/15/2029 Amortization Schedule Payment Type Date CashFlow Principal Interest Balance Invest 08/17/2017 $24, $24, Totals $0.00 $0.00 $0.00 Return 07/15/2029 $40, $24, $15, $ Totals $40, $24, $15, Grand Totals $40, $24, $15, Peak Valuation 07/15/2029 $39, Year End Valuation Summary Date Valuation 12/31/2017 $24, /31/2018 $25, /31/2019 $26, /31/2020 $27, /31/2021 $29, /31/2022 $30, /31/2023 $31, /31/2024 $33, /31/2025 $34, /31/2026 $35, /31/2027 $37, /31/2028 $39,103.07

8 Section 2: Legal Review and Carrier Acknowledgement 1. Legal Review Certification 2. Acknowledgement or Stipulation 3. Court Order 4. Original Confirmation of Benefits Letter

9 Legal Review Certification: DCF Exchange LLC facilitates the acquisition of payment streams and engages its own counsel to conduct a due diligence review of the collateral file of each case prior to DCF s purchase. This legal review typically involves the following items, documents and actions: 1. Court Documentation, including: a. Review of the state specific statutes, to insure compliance. b. Review of documentation indicating that the proceedings were filed in a court with proper jurisdiction. c. Review of Court procedural documentation including disclosure forms, Transfer Petitions and Notices, stamped/ filed/ executed versions thereof, with proof of service to, and receipt by, interested parties. d. Review of final signed/ stamped/ filed Court Order approving transfer and referencing that the transfer is in compliance with 26 USC 5891 and the specific state Structured Settlement Transfer Statutes. 2. Seller Documentation, including: a. Review of documentation of Seller s identity. b. Review of documentation that the individual selling the payment stream is entitled to transfer his or her right to receive those payments. c. Review of documentation that no bankruptcy, tax, or child support liens or other claims against the original recipient could affect the transfer of the payment stream. d. If the original recipient is married, review of documentation that the recipient s spouse has provided written consent to the transfer. e. Review of documentation that the seller has obtained, or waived its right to obtain, independent professional advice as to the advisability of the transfer. 3. Settlement and Transfer Documentation, including: a. Review of documentation of the original annuity contract, if available, or a current benefits letter or similar documentation of the availability of the payments. b. Review of documentation of the beneficiary designation with the carrier. c. Review of the Stipulation Agreement or Acknowledgement of Transfer letter d. Review of documentation of proof of payment of Carrier administration fees 4. Assignment and Sale Documentation, including: a. Review of Assignment of Seller to Originator Purchase Contract b. Review of Originator to DCF Receivable Purchase and Sale Agreement Once a thorough review of the above items is completed and counsel approves the purchase, DCF finalizes the acquisition of the payment stream into DCF inventory, for subsequent re-sale. DCF Exchange maintains storage of the full collateral documentation file for each payment stream transacted and such file is available to the purchaser or their counsel upon request.

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37 Section 3: Seller, Intermediary, and DCF Agreements 1. Purchase and Assignment Agreement a. Between Intermediary and DCF 2. Purchase Agreement a. Between Seller and Intermediary

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