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Filing # 26673025 E-Filed 04/29/2015 12:02:25 PM
IN THE CIRCUIT COURT OF THE TWENTIETH JUDICIAL CIRCUIT
OF THE STATE OF FLORIDA, IN AND FOR CHARLOTTE COUNTY
IN RE:
APPROVAL FOR TRANSFER OF
PAYMENT RIGHTS BY
Case No. 15001058CA
C. Porter, Jr.,
Transferor/Payee.
/
PETITION FOR COURT APPROVAL
OF A TRANSFER OF PAYMENT RIGHTS
Applicant, J.G. Wentworth Originations, LLC (“Applicant”), by and through its
undersigned attomeys, hereby brings this application under the Florida Structured
Settlement Transfer Act, Section 626.99296, Florida Statutes (the “Statute”), and would
show the following:
PARTIES AND JURISDICTION
{ Applicant is the Transferee, as defined by the Statute.
2 C. Porter, Jr. (“Payee”) is the Payee, as defined by the Statute, and is a sui
Juris individual residing in the State of Florida.
3. Travelers Casualty And Surety Company (‘Structured Settlement
Obligor”) is the Structured Settlement Obligor, as defined by the Statute, and is a
corporation authorized to do business in Florida.
4 Symetra Life Insurance Company (“Annuity Issuer”) is the Annuity
Issuer, as defined by the Statute, and is a corporation authorized to do business in Florida.
5 This Court has jurisdiction over this matter based on the Statute and venue
is appropriate in this Court.
6 Applicant seeks court approval of a proposed transfer of structured
settlement payment rights, as more particularly described below.
FACTUAL BACKGROUND
7 C. Porter, Jr. entered into a structured settlement (“Structured
Settlement”). Pursuant to the Structured Settlement and a subsequent annuity, Travelers
Casualty And Surety Company agreed to pay C. Porter, Jr. the “Periodic Payments”.
8 Travelers Casualty And Surety Company purchased an Annuity Contract
(no. AA0584215) from Symetra Life Insurance Company to fund its obligation to make
the Periodic Payments to C. Porter, Jr.. Pursuant to the terms of the Annuity Contract,
Symetra Life Insurance Company agreed to pay the Periodic Payments to C. Porter, Jr.
9. Applicant entered into an Absolute Assignment Agreement with C. Porter,
Jr. (the “Purchase Agreement”) (a true and complete copy of which is attached hereto as
Exhibit A) pursuant to which Applicant agreed to buy and C. Porter, Jr. agreed to sell his
or her right, title, and interest to receive the following payments: A) 12 monthly
payments of $1,049.80 each, beginning on September 2, 2021 and ending on August 2,
2022 (the “Assigned Payments”).
APPLICATION FOR APPROVAL OF TRANSFER
10. Under the Statute, transfers of structured settlement payment rights, such
as the instant proposed transfer, are permitted based on compliance with the Statute.
11. The Statute provides, in pertinent part, that such assignments or transfers
shall be effective, and the Structured Settlement Obligor and Annuity Issuer will be
required to honor the same, if (a) the transfer is authorized by a court of competent
jurisdiction based on criteria prescribed by the Statute; and (b) the Transferee provides to
the Payee, not less than ten days prior to the date on which the Payee enters the transfer
agreement, a “Disclosure Statement” in bold type, no smaller than 14 points in size,
setting forth certain information (see attached Exhibit B), including:
(a) The amounts and due dates of the structured settlement payments
to be transferred;
(b) The aggregate amount of the payments;
(©) The discounted present value of the payments, together with the
discount rate used in determining the present discounted present value;
@) The gross amount payable to the payee in exchange for the
payments;
© A good faith itemization of all broker commissions, services
charges, application fees, processing fees, closing costs, filing fees,
referral fees, administrative fees, legal fees and Notary fees and other
commissions, fees, costs, expenses, and charges payable by the payee or
deductible from the gross amount otherwise payable to the payee;
© The net amount payable to the payee after deducting all
commissions, fees, costs, expenses, and charges described in sub-
paragraph (e) above;
() The quotient, expressed as a percentage, obtained by dividing the
net payment amount by the discounted present value of the payments,
disclosed as follows: “the net amount that you will receive from us in
exchange for your future structured settlement payments represents 25.0%
of the estimated current value of the payments based upon the discounted
value using the applicable federal rate”;
(h) The effective annual interest rate disclosed as follows: “Based on
the net amount that you will receive from us and the amounts and timing
of the structured settlement payments that you are turning over to us, you
will, in effect, be paying interest to us at a rate of 24.99% per year”; and
@ The amount of any penalty and the aggregate amount of any
liquidated damages, including penalties, payable by the payee in the event
of a breach of the Transfer Agreement by the payee.
12. C. Porter, Jr. has executed and acknowledged receipt of the Disclosure
Statement attached hereto as Exhibit B, and has delivered the executed Disclosure
Statement to Applicant.
13. In compliance with the Statute, at least twenty (20) days before the date of
the hearing on the instant application for approval of the transfer of the structured
settlement payment rights, Applicant will serve, by Federal Express delivery, upon all
interested parties a notice including:
(a) A copy of Applicant’s Application to this Honorable Court;
(b) A copy of the “Purchase Agreement”;
(©) A copy of the “Disclosure Statement”;
(@) Notification that an interested party may support, oppose, or
otherwise respond to this Petition in person or by counsel, by submitting
written comments to this Honorable Court or by participating in the
hearing; and
) Notification of the time and place of the hearing and that a written
response to this Petition must be filed within 15 days after the service of
Applicant’s notice in order to be considered by this Honorable Court.
Applicant will provide written notice of the transfer to all interested parties,
including Payee and the Annuity Issuer. Non-redacted exhibits, identical to those
redacted exhibits filed with the court, have been served on all parties.
14. C. Porter, Jr, has received or waived his or her right to receive independent
professional advice regarding the legal, tax, and financial implications of the transfer (see
Exhibit C attached hereto, which is a Statement of Professional Representation that has
been executed by Payee and delivered to Applicant).
15. Applicant has provided written notice of its name, address and taxpayer
identification number to the Annuity Issuer and the Structured Settlement Obligor and
herewith files a copy of the notice with the court (a complete and correct copy of the
notice is attached hereto as Exhibit D).
16. Attached hereto as Exhibit E is the relevant portion of the Settlement
Agreement or Annuity Contract evidencing Payee’s rights to the structured settlement
payment rights sought to be transferred by this Application.
17. Upon information and belief of the Applicant, the Payee has previously
sold payments, as evidence by the orders attached hereto as Exhibit F.
WHEREFORE, Applicant respectfully requests this Honorable Court to hold a
hearing and thereafter enter an Order finding:
1 That the transfer of C. Porter, Jr.’s structured settlement payment rights is
in the best interests of said Payee taking into account the welfare and
support of Payee’s dependents, if any;
That Travelers Casualty And Surety Company and Symetra Life Insurance
Company be directed to pay and remit the Assigned Payments to J.G.
Wentworth Originations, LLC at J.G. Wentworth Originations, LLC, PO
Box 83364 Woburn, MA 01813-3364 or such other address as Applicant
shall later designate in writing;
That Payee no longer has the power or authority to request changes to the
payment address or beneficiary designation relating to the Assigned
Payments, and no other person or entity other than J.G, Wentworth
Originations, LLC or its successors or assigns shall have the power or
authority to change the address for payment of the Assigned Payments,
and that Travelers Casualty And Surety Company and Symetra Life
Insurance Company shall not change the payment address for the
Assigned Payments unless they have received written notice from J.G.
Wentworth Originations, LLC or its successors or its assigns;
That all notice and disclosure provisions relative to the Statute, including
those relating to the Transferee, Payee, Travelers Casualty And Surety
Company, Symetra Life Insurance Company, and any other interested
parties, have been satisfied;
That the transfer does not contravene any applicable statute or the Order of
any Court or other governmental authority;
That any payment by Travelers Casualty And Surety Company or Symetra
Life Insurance Company to anyone other than Applicant will not serve to
discharge or relieve the interested parties from their liability to Applicant
as to the Assigned Payment, and the interested parties shall remain liable
to J.G. Wentworth Originations, LLC for the Assigned Payment; and
For such other and further relief as this Honorable Court deems just and
proper.
Respectfully submitted on this 29th day of April, 2015.
/s/ Richard T. Petitt /s/ Darol H, M. Carr
Richard T. Petitt, FBN 0878995 Darol H. M. Carr, FBN 371203
Co-Counsel for Applicant FARR, FARR, EMERICH, HACKETT & CARR,
PETITT WORRELL CRAINE WOLFE LLC PA.
4830 West Kennedy Blvd., Ste 475 Co-Counsel for Applicant
Tampa, FL 33609-2599 99 Nesbit Street
813.443.5345 / 813.443.8331 (facsimile) Punta Gorda, FL 33950
Service E-Mail: 941.639.1158 / 941.639.0028 (facsimile)
Pleadings@PetittWorrell.com; dearr@farr.com; blong@farr.com;
Account 1D; 68930
PURCHASE CONTRACT
—_
This is a Purchase Contract (“Contract”) for the sale of structured settlement payments between
¢ Robert Porter, Jr. (You, Your), and J.G, Wentworth Originations, LLC (We, Us, Our)
3993 Howard Hughes Parkway, Suite 250, Las Vegas, NV 89169-6754.
-
BACKGROUND
A. In connection with the resolution of a personal injury claim, You or someone acting for You, signed a
Settlement ‘Agreement that entitles You to receive certain future payments (“Settlement Payments”),
according to 2 set schedule,
Those Settlement Payments are being paid to You from an annaity policy (“Annuity Policy”) purchased by the Person
responsible for making the Settlement Payments to You (““‘Obligor”).
Rather than wait for the Settlement Payments to be made to You in the future, You want to sell all or some of those
Settlement Payments (“Purchased Payments”) to Us now for a fump sum.
‘THIS CONTRACT CONTAINS AN ARBIFRATION PROVISION WHICH YOU SHOULD READ
CAREFULLY, AS If WELL HAVE A SUBSTANTIAL EMPACT ON HOW DISPUTES BETWEEN YOU AND
US ARE RESOLVED.
DEFINED WORDS
Certain words used in this Contract have specific meanings, shown below.
Affiliate An entity controlled by, controiling, or under common control with, another entity.
Annuity Policy ‘The policy purchased by the Obligor to ensure that the Settlement Payments are made to You as
required by the Settlement Agreement,
Closing Documents Any documents necessary to carry out the purchase of the Purchased Payments, other
than the “Contract or Contract Documents” as defined below.
Contract or Contract
Docaments Collectively, only this Contract and the Disclosure Statement.
Contract Date The date Your signature at the end of this Contract is E-signed and date stamped.
However, if You happen to sign this Contract before the number of days stated at the end
of Your Disclosure Statement for waiting has passed, You will have no obligation under
Your Contract until that time has passed.
Court Order A legally binding ruling issued by a judge or properly empowered administrative officer,
approving the sale of the Purchased Payments to Us (“Court Approval”).
Disclosure Statement The document which identifies for You, the Purchased Payments, oxpenses, Purchase Price
and various other disclosures.
Escumbrance Any claim, right, lien, policy loan, or restriction. In addition, this includes any
limits on rights of ownership (such as the use, voting, transfer, receipt of income, etc.).
Funding Date ‘The date We pay You the Net Purchase Price,
issuer The insurance company that issued the Annuity Policy.
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Obligor The Person who is obligated to make payments to You under the Settlement Agreement.
Party One of You or Us. Parties means both You and Us,
Person Any natural person or legal entity,
Purchased Payments Only those certain Payments that We are purchasing from You under this Contract,
Purchase Price:
Gross Purchase Price The amount shown as the “grossamount payable to the seller (You)” on the Disclosure
tatement, This is the sum We have agreed to pay You before any deductions as set
forth in the Contract Documents.
Net Purchase Price ‘The amount shown as the “net amount payable to the seller (You)” on the Disclosure
Statement. This is the sum We have agreed to pay You after any deductions as set forth
in the Contract Documents.
Settlement Agreement / The agreement that You and the Obligor signed to resolve Your personal injury claim.
Settloment Payments All of the payments that the Obligor has agreed to make to You in the Settlement
Agreement,
We, Our, or Us J.G. Wentworth Originations, LLC, along with any of its successors, assigns,
and designees. Some of the Contract Documents or Closing Documents may refer to Us
as the purchaser.
You or Your ‘The Person named on this Contract’s first page. Some of the Contract Documents or
Closing Documents may refer to You as the seller,
aN
You and We agree as follows:
1. SALE OF THE PURCHASED PAYMENT! .
A. Upon the signing of this Contract and subject to certain conditions including Court Approval, You sell, transfer
and assign to Us the right to receive the Purchased Paymenis specifically identified in the Disclosure Statement.
B. We will pay You the Net Purchase Price as agreed to in the Contract Documents, subject to certain conditions,
including meeting Our underwriting requirements, Court Approval and satisfactory completion of the Closing
Documents. We will do this in exchange for You:
. selling the Purchased Payments to Us;
changing the beneficiary of the Annuity Policy to Your estate and not changing it again until We have
been paid all of the Purchased Payments;
having any current beneficiaries waive their rights to the Purchased Payments; and
. fulfilling Your promises under this Contract.
If We are buying only a portion of Your payments, this will have no effect upon Your rights in the unsold portion,
You will continue to receive the unsold portion unless You have already sold or encumbered that portion.
However, sometimes the Issuer, the Ob! igor or the court may require Us to receive the entire amount of Your
yment. If so, We will then forward the portion of the payment still due to You and You hereby agree to this
payment servicing arrangement.
2. PURCHASE PRICE
A The Gross and Net Purchase Prices are shown on the Disclosure Statement and are fair and acceptable to You and Us.
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‘We will pay You the Net Purchase Price in the manner You designate for Us.
Before we pay Yon, You agree that We will adjust for the following amounts, if applicable:
. Purchased Payments Owed to Us — The Issuer may have already paid You some of the Purchased
Payments before We have paid You for them, If that happens, We will deduct the amount of those
Purchased Payments,
Holdbacks— Due to possible delays in the Issuer beginning to make the Purchased Payments to Us
instead of You, We will hold back an amount equal to any Purchased Payments that the Issuer owes Us
post Coit Approval, that are due within 99 days of the Kanding Date. If We subsequently receive those
particular Purchased Payments directly, We will return the amount of any related holdback to You,
Payment of Debts Owed — If You owe any past due child support, bankruptcy payoffs of taxes, or have
any Judgments or liens against You or Your assets, We may pay those amounts and deduct them from the
amount We pay You, and You hereby provide Us with specific authority to take such action, We will
provide You with notice of the amounts that We are going te pay, prior to actual payment,
Kany Purchased Payments are mistakenly sent to You after We have paid You for them, You will immediately contact
Us. If We then determine that any deductions or holdbacks as set forth above are not enought to reimburse Us, We will
advise You of the amount You owe Us. You agree to immediately send that amount to Us hy bank or certified check.
3. YOUR REPRESENTATIONS AND WARRANTIES
‘You represent and warrant to Us the following:
A. You undorsiand that THIS IS A SALE AND NOT A LOAN,
B. ‘The Annuity Policy is in fall force, You are the sole and undisputed recipient of the rightto the Purchased Payments,
have the right to sell them free and clear of any Encumbrances and have not previously sold any of the Purchased
Payments to any other Person.
You understand that Court Approval is required for this purchase; and You agree to fully cooperate with Us to
obtain that approval,
You gave Us all requested information and signed all documents necessary to complete the purchase.
Every statement made by You in the Contract Documents and Closing Documents is true and complete.
No law, divorce decree or other legal obstacte:
. requires You to keep the Purchased Payments for the benefit ofa current or former spi ouse, dependent children,
or other person;
legally prevents You from contracting with Us, selling the Purchased Payments or changing the Annuity
Policy’s beneficiary.
Either:
You have never filed for bankruptcy, will not do so before the Funding Date and there are no lawsuits or efforts
by any of
Y our creditors to put You into bankruptcy or take any of the Purchased Payments; or
if You filed for bankruptcy, the Purchased Payments were not subject to the claims of Your creditors. You will
Bive Us a copy of any of Your bankruptcy documents that We request including evidence of a final bankruptey
payoff or case closing, if any.
‘We can rely on Your representations, warranties, and promises in this Contract. These representations, warranties, and
promises are for Our benefit and the benefit of any future owners of the Purchased Payments. You understand that Our
reliance on any intentional misrepresentation by You may result in Our enforcing Our rights against You in court.
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You had enough time to consider the sale of the Purchased Payments, understand the terms of the Contract
Documents
and Closing Documents (including the arbitration provision), are of tegal contracting age and sound
mind, not under the
influence of drugs or alcohol, and freely and voluntarily, enter into this Contract and agree to all of its terms.
‘You were advised by Us to obtain independent legal advice and professional tax advice about the sale of the Purchased
Payments and to have those advisors review the terms and legal, tax and other effects of this Contract with You prior
ta
‘Your execution of this Contract. You have also explored all appropriate financial options before
entering into this transaotion.
‘We did not provide tax, financial, or Jegal advice to You about this Contract and have advised You that We may not
refer
‘You to any specific attomey for such purpose,
If You are married, Your spouse understands all of the terms and conditions of this Contract including, but not limited to
the fact that, after the Funding Date, You (and Your spouse) will not receive the same amount of money on the same
payment schedule as You would have received under the Annuity Policy. Your spouse has been provided with
ail information relating to the transaction and has had every opportunity to review the terms of the transaction and to
seek any advice relating thereto. Your Spouse also understands that he or she will be giving up any property or contract
rights that he or she may have in the Purchased Payments.
‘We may sell, transfer, or assign Our right to the Purchased Payments in a sale, securitization, ur olher finanging
transaction (resale). Any resale would involve disclosiingcertain information about You (including Your personat
information) to the parties to a resale.
Any future owner of the right to the Purchased Payments will have all of the same rights We have, including theright to
the duties You owe Us under this Contract. ‘This includes the right to make a claim. against You for violatingany ofthe
representations, warranties, or promises You made in this Contract.
4. YOUR PROMISES TO US
Before and afler the Funding Date:
A ‘You will tell us right away if Your address or telephone number changes and do
everything necessary, including completing and signing all documents to:
+ sell the right to the Purchased Payments to Us;
* change the beneficiary as required by this Contract; and
* correvt any documentation errors in the Contract Documents or Closing Documents.
‘You will also tell Us if any of the following occurs:
* a violation of this Contract; or
* anything that could negatively affect the Annuity Policy, the Purchased Payments, or this Contract.
You will not:
* — agreo to sell the Purchased Payments to any Person other than Us;
. change the Annuity Policy’s beneficiary to any Person other than Your estate until We have collected all of the
Purchased Payments; or :
. withdraw cash from, borrow against, or change the Annuity Policy.
‘You will give Us information necessary to update Your epresentations, warranties, and promises in this Contract, You
‘will also update any documents and information so they will be true and complete on the Funding Date.
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We are now, and will continue in the future, fo rel ly on the representations and warranties
You have given Us, We will
confirm the accuracy of Your rep resentations and warranties. You must cooperate
with this confirmation and provide
complete access to any information We believe necessary.
‘You agree that updating representations, warranties, promises, documents and other
information will not cure a breach
of any representation! or warranty made by You that was not true and complete,
‘You agree that Our obligation to You under this Contract is strictly limited to the requireme
You under the terms of this Contract, after receipt and ap proval of the Closing Documents, nt to pay You what We owe
final undervaiting approval
and Court Approval. Under no circumstances will We be liable for anyconsequential damages.
You hereby appoint Us and any of Our designees, with full power of substitiition as your Atlorney in Pact, to act in
‘Your name and place for the purpose of assigning and transferring ownershipof any and all right, title and interest that
You have in the Purchased Payments and for Us to obtain all benefits contemplated by
this transaction. You also give
Us full authority to act in any way proper and n ecessary to exercise this Attomey in Fact
appointment including, but not
limited to: (1) negotiating, endorsing and execu iting checks, drafts and othier insttuments in Your name; and
(2) instituting, maintaining, compromising, settling and terminating. aby litigation or other proceedings related
to the
Purchased Payments. This power of attorney is coupled with an interest and shall survive
death ordisability.
CANCELLATION
BY US
We may cancel this Contract before the Funding Date if
A. You breach any representation, warranty, or promise in any Contract Documents or
ClosingDocuments,
B. The petition for the Court Order is contested, opposed, ar not approved,
C. ‘We are sued or threatened with a lawsuit or an arbitration about this Contract or the Annuity Policy.
‘There is any threatened, pendin; ig, OF final action, or change in law or rule challenging the legality
of, or negatively
affecting this transaction.
‘You fite for, or are forced into bankruptcy,
You die.
Final approval has not been given by Our underwriting department,
‘The Purchase Contract is not signed by You and received back by Usby June 01,
2015,
A major rating agency downgrades the Issuet’s credit rating.
f The Issuer is, or becomes insolvent, or under regulatorysupervision,
K With respect to A through J above, to the extent permitted by applicable law, the arbitratio
n provision in Section 9 of
this Contract shall survive the termination, cancellation or rescission of this Contract.
6. CANCELLATION
BY YOU
4. (1) YOU MAY CANCEL THIS CONTRACT WY (THOUT PENALTY OR FURTIIER
OBLIGATION AT ANY
TIME WITHIN FIVE (5) BUSINESS DAYS AFTER THE DATE YOU RECEIVE PAYMENT
HEREUNDER FROM US, IN ORDER FO! R THE CANCE} -LLATION TO BE EFFECTIVE, YOU MUST
SEND A NOTICE POSTMARKED AT ANY TIME WIT! "HIN FIVE BUSINESS DAYS AFTER YOU
RECEIVE PAYMENT HEREUNDER FROM US (This is is the rescission period),
(2) YOUR NOTICE IS TO BE SENT EITHER BY CERTH IFIED OR REGISTERED MAIL (RETURN
RECEIPT REQUESTED) OR FEDEX OR ANOTHER MAJOR OVERNIGHT DELIVER
Y SERVICE, THE
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NOTICE MUST INCLUDE A BANK OR CERTIFIE
u D CHECK MADE PAYABLE TO US, IN THE FULL
AMOUNT RECEIVED BY YOU. YOUR NOTICE MUST BE S| ENT TO:
J.G. Wentworth Orie ns, LLC
0 iion;
Nf Manager ti ions.
D of O;
Howard Hughes Parkway, Suite 250
Las Vegas, NV 89169-6754
& A, 1D)
i: YOU MAY CANCEL THIS TRANSACTION AT ANY JME Cror TO 5:00PM.
OF THE, TWENTY-FIRST DAY FOLLOWING}- RE POF T! CLOSED .f
CANCELLATION RIGHTS” FORM, ORAT THE THE APP!»PLICATION FOR
AUTHORIZATION OF A FRANSFER OF STRI ED SETTLEM IT. PAYME) IGHTS, OR AT ANY
TIME WITHIN FIVE
3 (8) BUSINESS DAYS AFTER YOU RECEIVE PAY! MENT HERE) INDER FROM US,
WHICHEVER EVENT OCCURS LAST (This is Georgia rescission period), IN R FOR THE
CANCELLATION TO BE EFFECTIVE, YOU MU: ST SIGN THE ENCLOSED “NOTICE OF
CANCELLATION RIGHTS” FORM AND MAIL OR DELIVER IT'TO US AS SPECIFIED IN THAT
NOTICE AND YOU MUST RETURN ALL AMOUNTS ASE PRIC! ‘E OR OTHERWISE) RECEIVED
BY YOU ACCORDING TO THE REQUIREMENTS OF6 (A) (2) ABOVE.
WEST VIRG) IDE! : IN ORDER FOR YOUR CANCELLATION TO BE EFFECTIVE, YOUR
NOTICE CAN BE SUBMITTED VIA PHONE, MAIL, OR FACSIMILE. ANY AMOUNTS ADVANCED BY
US IN CONTEMPLATION OF THE TRANSFER SHALL BE IMMEDIATELY REFUNDED 70 US. IF YOU
DISMISS YOUR ACTION AFTER APPOINTME! NT OF A GUARDIAN AD LITEM, OR RESCIND YOUR
TRANSFER AGREEMENT (PURCHASE CO) INTRACT) WITHIN THE RESCISSION PERIOD IN
6(A) (1) ABOVE, YOU SHALL BE RESPONSIBLE FOR THE FILING FEE AND ANY GUARDIAN AD
LITEM FEES.
D. ‘With respect to A through C above, fo the extent permitted by applicable law, the arbitration provision in Section
9 of this Contract shall survive the terminaGon, cancellation or resclsston of this Contract.
7. NOTICES
A Al notices about this Contract must be in writing,
B. All notices must be sent either by: (1) certified or registered mail (return receipt requested); or (2) FedEx or another major
overnight delivery service with a delivery tracking system and arc considered given when delivered as follows: If to You:
to the most recent address for You listed in Our files. If to Us: to the address listed in Section 6(A) (2) of this Contract.
VENTS OF DEFAULT.
You will be in default if You:
A. fail to comply with any terms or conditions of this Contract; or
B. breach any of Your representations, warranties and promises in this Contract.
If You are in default, even if You have not rejected the arbitration provision (see Section 9 of this Contract),
We have the right to
enforce Our rights against You in court to make You perform Your ptomises or to get money from You,
If We sue You ip court
in connection with a Claim that is subject to arbitration under the arbitration provision in Section 9 of this Contract,
and You have
not rejected the arbitration provision, You will have the option of remaining in court or seeking to compel arbitration
of that
Claim under the terms of the arbitration provision.
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9. ARBITRATION PROVISION
‘To the extent permitted by applicable law, You and We agree to the following arbitration provision.
YOU HAVE THE RIGHT TO REJECT THIS ARBITRATION PROVISION AS SET FORTH BELOW.
IfYou do not reject
this arbitration provision and 4 Claim is arbitrated, You will not have the right to: (1) have a court or a jury decide the Claim;
) engage in information gathering (discovery) to the same extent as in court; (3) participate in a class action in court or in
arbitration; or (4) join or consolidate a Claim with claims of aay other person. The right to appent is more timited in
arbitration than in court and other rights in court may be uitavailable or limited inarbitration.
‘Claims Subject to Arbitration, A “Claim” subject to arbitration is an claim, dispute or controversy between You and Us (other than
an Excluded Claim or Proceeding as sot forth below), whether preexisting, present of fiature, which arises out of, or relates to the
‘Contract, the negotiations related thereto, the breach thereof or any other ‘transaction conducted with us in connection with the
Contract, “Claim” has the broadest possible meaning and inctudes initial claims, counterclaims, cross-claims, third-party claims and
federal, state, local and administrative claims. It includes disputes based upon contract, fort, con: sumer rights, fraud and other
intentional torts, constitution, statute, regulation, ordinan ce, common law and equity and includes claims for money damages and
injunctive or declaratory relief. Upon the demand of Y.‘ou oF Us, Claim(s) will be resolved by individual (not class or class-wide)
binding arbitration in accordance with the terms specified in this arbitration provision,
Special Definitions. Solely for purposes of this arbitration provision, in addition to the meanings set forth in this Contract: (1) “We,”
“Us” and “Our” also (a) refer to Our employees, officers, directors, parents, controlling persons, subsidiaries and affiliates and (b)
apply to third parties if You assert a Claim against such third parties in connection with a Claim you assert against Us; and (2) “You”
or “Your” also refer to Your current or former spouse(s), children. heirs, estate, executors, successors, assigns, representatives and
beneficiaries,
Excluded Claim or Proceeding, Notwithstanding the foregoing, “Claim” does not include any dispute or controversy about the
validity, enforceability, Coverage or scope of this arbitration provision or any part thereof (irichiding, without limitation, the “Class
Action Waiver” set forth below and/or this sentetice); all such disputes or controversies are for a court and not an arbitrator to
decide,
However, any dispute or controversy that concems the validity or enforceability of the Contract as a whole is for the arbitrator,
not a
court, to decide, In addition, We will not require You to arbitrate any individual action brought by You in smal} claims court or Your
state’s equivalent court, unless such action is transferred, removed, or appealed to a different court,
Federal Arbitration Act. Notwithstanding any other provision in this Contract, You and We agree that this Contract
evidences a
transaction involving interstate commerce and that the Federal Arbitration Act {Title 9 of the United States Code) (“FAA”) shall
govern its interpretation and enforcement and proceedings pursuant thereto. To the extent state law is applicable under the FAA, the
law of the state of Your domicile (where You regularly reside on the Contract Date) shall apply,
Class Action Waiver, Notwithstanding any other provision of this Contract, if a Claim is arbitrated, neither You nor
We will
have the right: (a) to participate in a class action, private attorney general action or other representative action in court or in
arbitration, eith« er asa class representative or class member; + or (b) to join or consolidate Claims with claims of any other
Persons. No arbitrator shall have authority to conduct any arbitration in violation ni of this provision (provided, however, that
the Class Action Waiver does not apply to any lawsuit or administrative proceeding filed-against us by a state or federal
government agency even When such agency is seeking relief on behalf of. ‘9 class of borrowers including You. This means that
We will not have the rightto compel atbitration of ‘any claim brought by yy such an agency). The Class Action Waiver is
nonseverable from this arbitration provision. If the Class Action Waiver is limited, voided or found
unenforceable, then this
arbitration provision (except for this sentence) shall be null and void with respect to suck proceeding,
subject to the right to
appeal the limitation or invalidation of the Class Action Waiver.
Arbitration Procedures. If You or We seek to arbitrate a Clai im, the Party seeking arbitration must notify the other Party
in writing.
This notice can be given after the beginning ofa fawsuit and can be given in papers filed in the lawsuit, sych as a motion to compel
arbitration. Otherwise, Your notice must be sent to Us at the address. specified in Section 6 (A) (2) of this Contract
and Our notice
mnust be sent to the most recent address for You in our files. Any arbitration hearing that You attend will take place in a venue of Your
domicile. Ifa Party files a lawsuit in court asserting Claim(s) that are subject
to arbitration, and the other Party files a motion to
compel arbitration with the court, which is granted, it will be the responsibility of the Party prosecuting the Claim(s) to select an
arbitration administrator in accordance with the paragraph below and commence the arbitration proceeding in accordance with the
administrator’s rules and procedures.
Page 7
Qu 422011 LG. Wontwarh Origanations, LL
Account ID: 68930
‘The arbitration will be administered by the American Arbitration Association (“AAA”), 1633 Broadway, 10" Floor, New York, NY
10019, www.sdr.org, 1-800-778-7879 or JAMS, 1920 Main Street, Suite 300, Irvine, CA 92614, www,jamsadr.com, 1-800-352-5267.
‘The rules and forms of the AAA and JAMS may be obtained by writing to these organizations at the addresses listed.above. Ifthe
AAA and JAMS are unable or unwilling to serve as administrator, the Parties may agtee upon ariother administrator or, ifthey are
unable to agree, 9 court shall- determine the administrator, No company may serve as administrator, without the consent of all Parties,
if it adopts or has in place any formal or informal policy that is inconsistent with and purports to override the terms of this arbitration
provision. in the event of a conflict between the provisions of this arbitration provision, on the one hand, and other provisions of this
Contract or any applicable rutes of the AAA or JAMS or other administrator used, on the other hand, the provisions of this arbitration
Provision shall control, :
A single arbitrator will be appointed by the administrator and must be a practicing attorney with ten or more years of experience or a
relired judge, ‘The arbitrator will not be bound by judicial rules of procechire and evidence that would apply in a court, or by state or
Tocal laws that relateto arbitration proceedings. The arbitrator will honor statutes of limitation and claims of privilege recognized
under applicable law. In determining liability or awarding. damages or other relief, the arbitrator will follow this Contract and the
applicable substantive law, consistent with the FAA and this Contract, that would apply if the matter had been brought in court. At
‘Your written request, we will pay all filing, hearing and/or other fees charged by the administrator and arbitrator to You for Claim(s)
asserted by You ini arbitration after You have paid an amount equivalent to the fee, if any, for filing such Claim(s) in state or federal
court (whichever is less) in the judicial district in which You reside. (If You have already paid a filing fee for asserting the Claim(s) in
court, You will not be required to pay that amount again). In addition, the administrator may have # procedure whereby You can seek
& waiver of fees charged to You by the administrator and arbitrator. We will always pay any fees or expenses that We are required to
pay by law or the administrator’s rules ur that We ure required to pay for this acbitration provision to be enforced. The arbitrator will
have the authority to award attorneys’ and expert witness fees and costs to the extent permitted by this Contract, the administrator’s
tules or applicable law, The arbitrator will always award You reasonable attorneys’ and expert witness fees and costs (a) if and to the
extent You prevail on Claims you assert against Us in an arbitration commenced by You and (b) to the e
Preview
Filing # 26673025 E-Filed 04/29/2015 12:02:25 PM IN THE CIRCUIT COURT OF THE TWENTIETH JUDICIAL CIRCUIT OF THE STATE OF FLORIDA, IN AND FOR CHARLOTTE COUNTY IN RE: APPROVAL FOR TRANSFER OF PAYMENT RIGHTS BY Case No. 15001058CA C. Porter, Jr., Transferor/Payee. / PETITION FOR COURT APPROVAL OF A TRANSFER OF PAYMENT RIGHTS Applicant, J.G. Wentworth Originations, LLC (“Applicant”), by and through its undersigned attomeys, hereby brings this application under the Florida Structured Settlement Transfer Act, Section 626.99296, Florida Statutes (the “Statute”), and would show the following: PARTIES AND JURISDICTION { Applicant is the Transferee, as defined by the Statute. 2 C. Porter, Jr. (“Payee”) is the Payee, as defined by the Statute, and is a sui Juris individual residing in the State of Florida. 3. Travelers Casualty And Surety Company (‘Structured Settlement Obligor”) is the Structured Settlement Obligor, as defined by the Statute, and is a corporation authorized to do business in Florida. 4 Symetra Life Insurance Company (“Annuity Issuer”) is the Annuity Issuer, as defined by the Statute, and is a corporation authorized to do business in Florida. 5 This Court has jurisdiction over this matter based on the Statute and venue is appropriate in this Court. 6 Applicant seeks court approval of a proposed transfer of structured settlement payment rights, as more particularly described below. FACTUAL BACKGROUND 7 C. Porter, Jr. entered into a structured settlement (“Structured Settlement”). Pursuant to the Structured Settlement and a subsequent annuity, Travelers Casualty And Surety Company agreed to pay C. Porter, Jr. the “Periodic Payments”. 8 Travelers Casualty And Surety Company purchased an Annuity Contract (no. AA0584215) from Symetra Life Insurance Company to fund its obligation to make the Periodic Payments to C. Porter, Jr.. Pursuant to the terms of the Annuity Contract, Symetra Life Insurance Company agreed to pay the Periodic Payments to C. Porter, Jr. 9. Applicant entered into an Absolute Assignment Agreement with C. Porter, Jr. (the “Purchase Agreement”) (a true and complete copy of which is attached hereto as Exhibit A) pursuant to which Applicant agreed to buy and C. Porter, Jr. agreed to sell his or her right, title, and interest to receive the following payments: A) 12 monthly payments of $1,049.80 each, beginning on September 2, 2021 and ending on August 2, 2022 (the “Assigned Payments”). APPLICATION FOR APPROVAL OF TRANSFER 10. Under the Statute, transfers of structured settlement payment rights, such as the instant proposed transfer, are permitted based on compliance with the Statute. 11. The Statute provides, in pertinent part, that such assignments or transfers shall be effective, and the Structured Settlement Obligor and Annuity Issuer will be required to honor the same, if (a) the transfer is authorized by a court of competent jurisdiction based on criteria prescribed by the Statute; and (b) the Transferee provides to the Payee, not less than ten days prior to the date on which the Payee enters the transfer agreement, a “Disclosure Statement” in bold type, no smaller than 14 points in size, setting forth certain information (see attached Exhibit B), including: (a) The amounts and due dates of the structured settlement payments to be transferred; (b) The aggregate amount of the payments; (©) The discounted present value of the payments, together with the discount rate used in determining the present discounted present value; @) The gross amount payable to the payee in exchange for the payments; © A good faith itemization of all broker commissions, services charges, application fees, processing fees, closing costs, filing fees, referral fees, administrative fees, legal fees and Notary fees and other commissions, fees, costs, expenses, and charges payable by the payee or deductible from the gross amount otherwise payable to the payee; © The net amount payable to the payee after deducting all commissions, fees, costs, expenses, and charges described in sub- paragraph (e) above; () The quotient, expressed as a percentage, obtained by dividing the net payment amount by the discounted present value of the payments, disclosed as follows: “the net amount that you will receive from us in exchange for your future structured settlement payments represents 25.0% of the estimated current value of the payments based upon the discounted value using the applicable federal rate”; (h) The effective annual interest rate disclosed as follows: “Based on the net amount that you will receive from us and the amounts and timing of the structured settlement payments that you are turning over to us, you will, in effect, be paying interest to us at a rate of 24.99% per year”; and @ The amount of any penalty and the aggregate amount of any liquidated damages, including penalties, payable by the payee in the event of a breach of the Transfer Agreement by the payee. 12. C. Porter, Jr. has executed and acknowledged receipt of the Disclosure Statement attached hereto as Exhibit B, and has delivered the executed Disclosure Statement to Applicant. 13. In compliance with the Statute, at least twenty (20) days before the date of the hearing on the instant application for approval of the transfer of the structured settlement payment rights, Applicant will serve, by Federal Express delivery, upon all interested parties a notice including: (a) A copy of Applicant’s Application to this Honorable Court; (b) A copy of the “Purchase Agreement”; (©) A copy of the “Disclosure Statement”; (@) Notification that an interested party may support, oppose, or otherwise respond to this Petition in person or by counsel, by submitting written comments to this Honorable Court or by participating in the hearing; and ) Notification of the time and place of the hearing and that a written response to this Petition must be filed within 15 days after the service of Applicant’s notice in order to be considered by this Honorable Court. Applicant will provide written notice of the transfer to all interested parties, including Payee and the Annuity Issuer. Non-redacted exhibits, identical to those redacted exhibits filed with the court, have been served on all parties. 14. C. Porter, Jr, has received or waived his or her right to receive independent professional advice regarding the legal, tax, and financial implications of the transfer (see Exhibit C attached hereto, which is a Statement of Professional Representation that has been executed by Payee and delivered to Applicant). 15. Applicant has provided written notice of its name, address and taxpayer identification number to the Annuity Issuer and the Structured Settlement Obligor and herewith files a copy of the notice with the court (a complete and correct copy of the notice is attached hereto as Exhibit D). 16. Attached hereto as Exhibit E is the relevant portion of the Settlement Agreement or Annuity Contract evidencing Payee’s rights to the structured settlement payment rights sought to be transferred by this Application. 17. Upon information and belief of the Applicant, the Payee has previously sold payments, as evidence by the orders attached hereto as Exhibit F. WHEREFORE, Applicant respectfully requests this Honorable Court to hold a hearing and thereafter enter an Order finding: 1 That the transfer of C. Porter, Jr.’s structured settlement payment rights is in the best interests of said Payee taking into account the welfare and support of Payee’s dependents, if any; That Travelers Casualty And Surety Company and Symetra Life Insurance Company be directed to pay and remit the Assigned Payments to J.G. Wentworth Originations, LLC at J.G. Wentworth Originations, LLC, PO Box 83364 Woburn, MA 01813-3364 or such other address as Applicant shall later designate in writing; That Payee no longer has the power or authority to request changes to the payment address or beneficiary designation relating to the Assigned Payments, and no other person or entity other than J.G, Wentworth Originations, LLC or its successors or assigns shall have the power or authority to change the address for payment of the Assigned Payments, and that Travelers Casualty And Surety Company and Symetra Life Insurance Company shall not change the payment address for the Assigned Payments unless they have received written notice from J.G. Wentworth Originations, LLC or its successors or its assigns; That all notice and disclosure provisions relative to the Statute, including those relating to the Transferee, Payee, Travelers Casualty And Surety Company, Symetra Life Insurance Company, and any other interested parties, have been satisfied; That the transfer does not contravene any applicable statute or the Order of any Court or other governmental authority; That any payment by Travelers Casualty And Surety Company or Symetra Life Insurance Company to anyone other than Applicant will not serve to discharge or relieve the interested parties from their liability to Applicant as to the Assigned Payment, and the interested parties shall remain liable to J.G. Wentworth Originations, LLC for the Assigned Payment; and For such other and further relief as this Honorable Court deems just and proper. Respectfully submitted on this 29th day of April, 2015. /s/ Richard T. Petitt /s/ Darol H, M. Carr Richard T. Petitt, FBN 0878995 Darol H. M. Carr, FBN 371203 Co-Counsel for Applicant FARR, FARR, EMERICH, HACKETT & CARR, PETITT WORRELL CRAINE WOLFE LLC PA. 4830 West Kennedy Blvd., Ste 475 Co-Counsel for Applicant Tampa, FL 33609-2599 99 Nesbit Street 813.443.5345 / 813.443.8331 (facsimile) Punta Gorda, FL 33950 Service E-Mail: 941.639.1158 / 941.639.0028 (facsimile) Pleadings@PetittWorrell.com; dearr@farr.com; blong@farr.com; Account 1D; 68930 PURCHASE CONTRACT —_ This is a Purchase Contract (“Contract”) for the sale of structured settlement payments between ¢ Robert Porter, Jr. (You, Your), and J.G, Wentworth Originations, LLC (We, Us, Our) 3993 Howard Hughes Parkway, Suite 250, Las Vegas, NV 89169-6754. - BACKGROUND A. In connection with the resolution of a personal injury claim, You or someone acting for You, signed a Settlement ‘Agreement that entitles You to receive certain future payments (“Settlement Payments”), according to 2 set schedule, Those Settlement Payments are being paid to You from an annaity policy (“Annuity Policy”) purchased by the Person responsible for making the Settlement Payments to You (““‘Obligor”). Rather than wait for the Settlement Payments to be made to You in the future, You want to sell all or some of those Settlement Payments (“Purchased Payments”) to Us now for a fump sum. ‘THIS CONTRACT CONTAINS AN ARBIFRATION PROVISION WHICH YOU SHOULD READ CAREFULLY, AS If WELL HAVE A SUBSTANTIAL EMPACT ON HOW DISPUTES BETWEEN YOU AND US ARE RESOLVED. DEFINED WORDS Certain words used in this Contract have specific meanings, shown below. Affiliate An entity controlled by, controiling, or under common control with, another entity. Annuity Policy ‘The policy purchased by the Obligor to ensure that the Settlement Payments are made to You as required by the Settlement Agreement, Closing Documents Any documents necessary to carry out the purchase of the Purchased Payments, other than the “Contract or Contract Documents” as defined below. Contract or Contract Docaments Collectively, only this Contract and the Disclosure Statement. Contract Date The date Your signature at the end of this Contract is E-signed and date stamped. However, if You happen to sign this Contract before the number of days stated at the end of Your Disclosure Statement for waiting has passed, You will have no obligation under Your Contract until that time has passed. Court Order A legally binding ruling issued by a judge or properly empowered administrative officer, approving the sale of the Purchased Payments to Us (“Court Approval”). Disclosure Statement The document which identifies for You, the Purchased Payments, oxpenses, Purchase Price and various other disclosures. Escumbrance Any claim, right, lien, policy loan, or restriction. In addition, this includes any limits on rights of ownership (such as the use, voting, transfer, receipt of income, etc.). Funding Date ‘The date We pay You the Net Purchase Price, issuer The insurance company that issued the Annuity Policy. Page I GUN 2NR 22 2011 JG. Wenbyeth EXHIBIT 1A ‘Account 1; 68930 Obligor The Person who is obligated to make payments to You under the Settlement Agreement. Party One of You or Us. Parties means both You and Us, Person Any natural person or legal entity, Purchased Payments Only those certain Payments that We are purchasing from You under this Contract, Purchase Price: Gross Purchase Price The amount shown as the “grossamount payable to the seller (You)” on the Disclosure tatement, This is the sum We have agreed to pay You before any deductions as set forth in the Contract Documents. Net Purchase Price ‘The amount shown as the “net amount payable to the seller (You)” on the Disclosure Statement. This is the sum We have agreed to pay You after any deductions as set forth in the Contract Documents. Settlement Agreement / The agreement that You and the Obligor signed to resolve Your personal injury claim. Settloment Payments All of the payments that the Obligor has agreed to make to You in the Settlement Agreement, We, Our, or Us J.G. Wentworth Originations, LLC, along with any of its successors, assigns, and designees. Some of the Contract Documents or Closing Documents may refer to Us as the purchaser. You or Your ‘The Person named on this Contract’s first page. Some of the Contract Documents or Closing Documents may refer to You as the seller, aN You and We agree as follows: 1. SALE OF THE PURCHASED PAYMENT! . A. Upon the signing of this Contract and subject to certain conditions including Court Approval, You sell, transfer and assign to Us the right to receive the Purchased Paymenis specifically identified in the Disclosure Statement. B. We will pay You the Net Purchase Price as agreed to in the Contract Documents, subject to certain conditions, including meeting Our underwriting requirements, Court Approval and satisfactory completion of the Closing Documents. We will do this in exchange for You: . selling the Purchased Payments to Us; changing the beneficiary of the Annuity Policy to Your estate and not changing it again until We have been paid all of the Purchased Payments; having any current beneficiaries waive their rights to the Purchased Payments; and . fulfilling Your promises under this Contract. If We are buying only a portion of Your payments, this will have no effect upon Your rights in the unsold portion, You will continue to receive the unsold portion unless You have already sold or encumbered that portion. However, sometimes the Issuer, the Ob! igor or the court may require Us to receive the entire amount of Your yment. If so, We will then forward the portion of the payment still due to You and You hereby agree to this payment servicing arrangement. 2. PURCHASE PRICE A The Gross and Net Purchase Prices are shown on the Disclosure Statement and are fair and acceptable to You and Us. Page? CDN 2S% 472011 3.9 Wenworth Origmanens, LC Account 1D: 68930 ‘We will pay You the Net Purchase Price in the manner You designate for Us. Before we pay Yon, You agree that We will adjust for the following amounts, if applicable: . Purchased Payments Owed to Us — The Issuer may have already paid You some of the Purchased Payments before We have paid You for them, If that happens, We will deduct the amount of those Purchased Payments, Holdbacks— Due to possible delays in the Issuer beginning to make the Purchased Payments to Us instead of You, We will hold back an amount equal to any Purchased Payments that the Issuer owes Us post Coit Approval, that are due within 99 days of the Kanding Date. If We subsequently receive those particular Purchased Payments directly, We will return the amount of any related holdback to You, Payment of Debts Owed — If You owe any past due child support, bankruptcy payoffs of taxes, or have any Judgments or liens against You or Your assets, We may pay those amounts and deduct them from the amount We pay You, and You hereby provide Us with specific authority to take such action, We will provide You with notice of the amounts that We are going te pay, prior to actual payment, Kany Purchased Payments are mistakenly sent to You after We have paid You for them, You will immediately contact Us. If We then determine that any deductions or holdbacks as set forth above are not enought to reimburse Us, We will advise You of the amount You owe Us. You agree to immediately send that amount to Us hy bank or certified check. 3. YOUR REPRESENTATIONS AND WARRANTIES ‘You represent and warrant to Us the following: A. You undorsiand that THIS IS A SALE AND NOT A LOAN, B. ‘The Annuity Policy is in fall force, You are the sole and undisputed recipient of the rightto the Purchased Payments, have the right to sell them free and clear of any Encumbrances and have not previously sold any of the Purchased Payments to any other Person. You understand that Court Approval is required for this purchase; and You agree to fully cooperate with Us to obtain that approval, You gave Us all requested information and signed all documents necessary to complete the purchase. Every statement made by You in the Contract Documents and Closing Documents is true and complete. No law, divorce decree or other legal obstacte: . requires You to keep the Purchased Payments for the benefit ofa current or former spi ouse, dependent children, or other person; legally prevents You from contracting with Us, selling the Purchased Payments or changing the Annuity Policy’s beneficiary. Either: You have never filed for bankruptcy, will not do so before the Funding Date and there are no lawsuits or efforts by any of Y our creditors to put You into bankruptcy or take any of the Purchased Payments; or if You filed for bankruptcy, the Purchased Payments were not subject to the claims of Your creditors. You will Bive Us a copy of any of Your bankruptcy documents that We request including evidence of a final bankruptey payoff or case closing, if any. ‘We can rely on Your representations, warranties, and promises in this Contract. These representations, warranties, and promises are for Our benefit and the benefit of any future owners of the Purchased Payments. You understand that Our reliance on any intentional misrepresentation by You may result in Our enforcing Our rights against You in court. Pag wail212 #22011 4.5, Wentyonh Originanons, LL Account ID; 68930 You had enough time to consider the sale of the Purchased Payments, understand the terms of the Contract Documents and Closing Documents (including the arbitration provision), are of tegal contracting age and sound mind, not under the influence of drugs or alcohol, and freely and voluntarily, enter into this Contract and agree to all of its terms. ‘You were advised by Us to obtain independent legal advice and professional tax advice about the sale of the Purchased Payments and to have those advisors review the terms and legal, tax and other effects of this Contract with You prior ta ‘Your execution of this Contract. You have also explored all appropriate financial options before entering into this transaotion. ‘We did not provide tax, financial, or Jegal advice to You about this Contract and have advised You that We may not refer ‘You to any specific attomey for such purpose, If You are married, Your spouse understands all of the terms and conditions of this Contract including, but not limited to the fact that, after the Funding Date, You (and Your spouse) will not receive the same amount of money on the same payment schedule as You would have received under the Annuity Policy. Your spouse has been provided with ail information relating to the transaction and has had every opportunity to review the terms of the transaction and to seek any advice relating thereto. Your Spouse also understands that he or she will be giving up any property or contract rights that he or she may have in the Purchased Payments. ‘We may sell, transfer, or assign Our right to the Purchased Payments in a sale, securitization, ur olher finanging transaction (resale). Any resale would involve disclosiingcertain information about You (including Your personat information) to the parties to a resale. Any future owner of the right to the Purchased Payments will have all of the same rights We have, including theright to the duties You owe Us under this Contract. ‘This includes the right to make a claim. against You for violatingany ofthe representations, warranties, or promises You made in this Contract. 4. YOUR PROMISES TO US Before and afler the Funding Date: A ‘You will tell us right away if Your address or telephone number changes and do everything necessary, including completing and signing all documents to: + sell the right to the Purchased Payments to Us; * change the beneficiary as required by this Contract; and * correvt any documentation errors in the Contract Documents or Closing Documents. ‘You will also tell Us if any of the following occurs: * a violation of this Contract; or * anything that could negatively affect the Annuity Policy, the Purchased Payments, or this Contract. You will not: * — agreo to sell the Purchased Payments to any Person other than Us; . change the Annuity Policy’s beneficiary to any Person other than Your estate until We have collected all of the Purchased Payments; or : . withdraw cash from, borrow against, or change the Annuity Policy. ‘You will give Us information necessary to update Your epresentations, warranties, and promises in this Contract, You ‘will also update any documents and information so they will be true and complete on the Funding Date. Page4 GAAS 2011 1G, Weonvort Origuations, LLC Account 1D: 68930 We are now, and will continue in the future, fo rel ly on the representations and warranties You have given Us, We will confirm the accuracy of Your rep resentations and warranties. You must cooperate with this confirmation and provide complete access to any information We believe necessary. ‘You agree that updating representations, warranties, promises, documents and other information will not cure a breach of any representation! or warranty made by You that was not true and complete, ‘You agree that Our obligation to You under this Contract is strictly limited to the requireme You under the terms of this Contract, after receipt and ap proval of the Closing Documents, nt to pay You what We owe final undervaiting approval and Court Approval. Under no circumstances will We be liable for anyconsequential damages. You hereby appoint Us and any of Our designees, with full power of substitiition as your Atlorney in Pact, to act in ‘Your name and place for the purpose of assigning and transferring ownershipof any and all right, title and interest that You have in the Purchased Payments and for Us to obtain all benefits contemplated by this transaction. You also give Us full authority to act in any way proper and n ecessary to exercise this Attomey in Fact appointment including, but not limited to: (1) negotiating, endorsing and execu iting checks, drafts and othier insttuments in Your name; and (2) instituting, maintaining, compromising, settling and terminating. aby litigation or other proceedings related to the Purchased Payments. This power of attorney is coupled with an interest and shall survive death ordisability. CANCELLATION BY US We may cancel this Contract before the Funding Date if A. You breach any representation, warranty, or promise in any Contract Documents or ClosingDocuments, B. The petition for the Court Order is contested, opposed, ar not approved, C. ‘We are sued or threatened with a lawsuit or an arbitration about this Contract or the Annuity Policy. ‘There is any threatened, pendin; ig, OF final action, or change in law or rule challenging the legality of, or negatively affecting this transaction. ‘You fite for, or are forced into bankruptcy, You die. Final approval has not been given by Our underwriting department, ‘The Purchase Contract is not signed by You and received back by Usby June 01, 2015, A major rating agency downgrades the Issuet’s credit rating. f The Issuer is, or becomes insolvent, or under regulatorysupervision, K With respect to A through J above, to the extent permitted by applicable law, the arbitratio n provision in Section 9 of this Contract shall survive the termination, cancellation or rescission of this Contract. 6. CANCELLATION BY YOU 4. (1) YOU MAY CANCEL THIS CONTRACT WY (THOUT PENALTY OR FURTIIER OBLIGATION AT ANY TIME WITHIN FIVE (5) BUSINESS DAYS AFTER THE DATE YOU RECEIVE PAYMENT HEREUNDER FROM US, IN ORDER FO! R THE CANCE} -LLATION TO BE EFFECTIVE, YOU MUST SEND A NOTICE POSTMARKED AT ANY TIME WIT! "HIN FIVE BUSINESS DAYS AFTER YOU RECEIVE PAYMENT HEREUNDER FROM US (This is is the rescission period), (2) YOUR NOTICE IS TO BE SENT EITHER BY CERTH IFIED OR REGISTERED MAIL (RETURN RECEIPT REQUESTED) OR FEDEX OR ANOTHER MAJOR OVERNIGHT DELIVER Y SERVICE, THE Page5 OTR #22011 JG. Westwarth O¥igenaiions, 10 Account ID: 68930 NOTICE MUST INCLUDE A BANK OR CERTIFIE u D CHECK MADE PAYABLE TO US, IN THE FULL AMOUNT RECEIVED BY YOU. YOUR NOTICE MUST BE S| ENT TO: J.G. Wentworth Orie ns, LLC 0 iion; Nf Manager ti ions. D of O; Howard Hughes Parkway, Suite 250 Las Vegas, NV 89169-6754 & A, 1D) i: YOU MAY CANCEL THIS TRANSACTION AT ANY JME Cror TO 5:00PM. OF THE, TWENTY-FIRST DAY FOLLOWING}- RE POF T! CLOSED .f CANCELLATION RIGHTS” FORM, ORAT THE THE APP!»PLICATION FOR AUTHORIZATION OF A FRANSFER OF STRI ED SETTLEM IT. PAYME) IGHTS, OR AT ANY TIME WITHIN FIVE 3 (8) BUSINESS DAYS AFTER YOU RECEIVE PAY! MENT HERE) INDER FROM US, WHICHEVER EVENT OCCURS LAST (This is Georgia rescission period), IN R FOR THE CANCELLATION TO BE EFFECTIVE, YOU MU: ST SIGN THE ENCLOSED “NOTICE OF CANCELLATION RIGHTS” FORM AND MAIL OR DELIVER IT'TO US AS SPECIFIED IN THAT NOTICE AND YOU MUST RETURN ALL AMOUNTS ASE PRIC! ‘E OR OTHERWISE) RECEIVED BY YOU ACCORDING TO THE REQUIREMENTS OF6 (A) (2) ABOVE. WEST VIRG) IDE! : IN ORDER FOR YOUR CANCELLATION TO BE EFFECTIVE, YOUR NOTICE CAN BE SUBMITTED VIA PHONE, MAIL, OR FACSIMILE. ANY AMOUNTS ADVANCED BY US IN CONTEMPLATION OF THE TRANSFER SHALL BE IMMEDIATELY REFUNDED 70 US. IF YOU DISMISS YOUR ACTION AFTER APPOINTME! NT OF A GUARDIAN AD LITEM, OR RESCIND YOUR TRANSFER AGREEMENT (PURCHASE CO) INTRACT) WITHIN THE RESCISSION PERIOD IN 6(A) (1) ABOVE, YOU SHALL BE RESPONSIBLE FOR THE FILING FEE AND ANY GUARDIAN AD LITEM FEES. D. ‘With respect to A through C above, fo the extent permitted by applicable law, the arbitration provision in Section 9 of this Contract shall survive the terminaGon, cancellation or resclsston of this Contract. 7. NOTICES A Al notices about this Contract must be in writing, B. All notices must be sent either by: (1) certified or registered mail (return receipt requested); or (2) FedEx or another major overnight delivery service with a delivery tracking system and arc considered given when delivered as follows: If to You: to the most recent address for You listed in Our files. If to Us: to the address listed in Section 6(A) (2) of this Contract. VENTS OF DEFAULT. You will be in default if You: A. fail to comply with any terms or conditions of this Contract; or B. breach any of Your representations, warranties and promises in this Contract. If You are in default, even if You have not rejected the arbitration provision (see Section 9 of this Contract), We have the right to enforce Our rights against You in court to make You perform Your ptomises or to get money from You, If We sue You ip court in connection with a Claim that is subject to arbitration under the arbitration provision in Section 9 of this Contract, and You have not rejected the arbitration provision, You will have the option of remaining in court or seeking to compel arbitration of that Claim under the terms of the arbitration provision. Page d OLAS 49201 1.6. Wouts arch Osigmavions 1 Lo Account ID: 68930 9. ARBITRATION PROVISION ‘To the extent permitted by applicable law, You and We agree to the following arbitration provision. YOU HAVE THE RIGHT TO REJECT THIS ARBITRATION PROVISION AS SET FORTH BELOW. IfYou do not reject this arbitration provision and 4 Claim is arbitrated, You will not have the right to: (1) have a court or a jury decide the Claim; ) engage in information gathering (discovery) to the same extent as in court; (3) participate in a class action in court or in arbitration; or (4) join or consolidate a Claim with claims of aay other person. The right to appent is more timited in arbitration than in court and other rights in court may be uitavailable or limited inarbitration. ‘Claims Subject to Arbitration, A “Claim” subject to arbitration is an claim, dispute or controversy between You and Us (other than an Excluded Claim or Proceeding as sot forth below), whether preexisting, present of fiature, which arises out of, or relates to the ‘Contract, the negotiations related thereto, the breach thereof or any other ‘transaction conducted with us in connection with the Contract, “Claim” has the broadest possible meaning and inctudes initial claims, counterclaims, cross-claims, third-party claims and federal, state, local and administrative claims. It includes disputes based upon contract, fort, con: sumer rights, fraud and other intentional torts, constitution, statute, regulation, ordinan ce, common law and equity and includes claims for money damages and injunctive or declaratory relief. Upon the demand of Y.‘ou oF Us, Claim(s) will be resolved by individual (not class or class-wide) binding arbitration in accordance with the terms specified in this arbitration provision, Special Definitions. Solely for purposes of this arbitration provision, in addition to the meanings set forth in this Contract: (1) “We,” “Us” and “Our” also (a) refer to Our employees, officers, directors, parents, controlling persons, subsidiaries and affiliates and (b) apply to third parties if You assert a Claim against such third parties in connection with a Claim you assert against Us; and (2) “You” or “Your” also refer to Your current or former spouse(s), children. heirs, estate, executors, successors, assigns, representatives and beneficiaries, Excluded Claim or Proceeding, Notwithstanding the foregoing, “Claim” does not include any dispute or controversy about the validity, enforceability, Coverage or scope of this arbitration provision or any part thereof (irichiding, without limitation, the “Class Action Waiver” set forth below and/or this sentetice); all such disputes or controversies are for a court and not an arbitrator to decide, However, any dispute or controversy that concems the validity or enforceability of the Contract as a whole is for the arbitrator, not a court, to decide, In addition, We will not require You to arbitrate any individual action brought by You in smal} claims court or Your state’s equivalent court, unless such action is transferred, removed, or appealed to a different court, Federal Arbitration Act. Notwithstanding any other provision in this Contract, You and We agree that this Contract evidences a transaction involving interstate commerce and that the Federal Arbitration Act {Title 9 of the United States Code) (“FAA”) shall govern its interpretation and enforcement and proceedings pursuant thereto. To the extent state law is applicable under the FAA, the law of the state of Your domicile (where You regularly reside on the Contract Date) shall apply, Class Action Waiver, Notwithstanding any other provision of this Contract, if a Claim is arbitrated, neither You nor We will have the right: (a) to participate in a class action, private attorney general action or other representative action in court or in arbitration, eith« er asa class representative or class member; + or (b) to join or consolidate Claims with claims of any other Persons. No arbitrator shall have authority to conduct any arbitration in violation ni of this provision (provided, however, that the Class Action Waiver does not apply to any lawsuit or administrative proceeding filed-against us by a state or federal government agency even When such agency is seeking relief on behalf of. ‘9 class of borrowers including You. This means that We will not have the rightto compel atbitration of ‘any claim brought by yy such an agency). The Class Action Waiver is nonseverable from this arbitration provision. If the Class Action Waiver is limited, voided or found unenforceable, then this arbitration provision (except for this sentence) shall be null and void with respect to suck proceeding, subject to the right to appeal the limitation or invalidation of the Class Action Waiver. Arbitration Procedures. If You or We seek to arbitrate a Clai im, the Party seeking arbitration must notify the other Party in writing. This notice can be given after the beginning ofa fawsuit and can be given in papers filed in the lawsuit, sych as a motion to compel arbitration. Otherwise, Your notice must be sent to Us at the address. specified in Section 6 (A) (2) of this Contract and Our notice mnust be sent to the most recent address for You in our files. Any arbitration hearing that You attend will take place in a venue of Your domicile. Ifa Party files a lawsuit in court asserting Claim(s) that are subject to arbitration, and the other Party files a motion to compel arbitration with the court, which is granted, it will be the responsibility of the Party prosecuting the Claim(s) to select an arbitration administrator in accordance with the paragraph below and commence the arbitration proceeding in accordance with the administrator’s rules and procedures. Page 7 Qu 422011 LG. Wontwarh Origanations, LL Account ID: 68930 ‘The arbitration will be administered by the American Arbitration Association (“AAA”), 1633 Broadway, 10" Floor, New York, NY 10019, www.sdr.org, 1-800-778-7879 or JAMS, 1920 Main Street, Suite 300, Irvine, CA 92614, www,jamsadr.com, 1-800-352-5267. ‘The rules and forms of the AAA and JAMS may be obtained by writing to these organizations at the addresses listed.above. Ifthe AAA and JAMS are unable or unwilling to serve as administrator, the Parties may agtee upon ariother administrator or, ifthey are unable to agree, 9 court shall- determine the administrator, No company may serve as administrator, without the consent of all Parties, if it adopts or has in place any formal or informal policy that is inconsistent with and purports to override the terms of this arbitration provision. in the event of a conflict between the provisions of this arbitration provision, on the one hand, and other provisions of this Contract or any applicable rutes of the AAA or JAMS or other administrator used, on the other hand, the provisions of this arbitration Provision shall control, : A single arbitrator will be appointed by the administrator and must be a practicing attorney with ten or more years of experience or a relired judge, ‘The arbitrator will not be bound by judicial rules of procechire and evidence that would apply in a court, or by state or Tocal laws that relateto arbitration proceedings. The arbitrator will honor statutes of limitation and claims of privilege recognized under applicable law. In determining liability or awarding. damages or other relief, the arbitrator will follow this Contract and the applicable substantive law, consistent with the FAA and this Contract, that would apply if the matter had been brought in court. At ‘Your written request, we will pay all filing, hearing and/or other fees charged by the administrator and arbitrator to You for Claim(s) asserted by You ini arbitration after You have paid an amount equivalent to the fee, if any, for filing such Claim(s) in state or federal court (whichever is less) in the judicial district in which You reside. (If You have already paid a filing fee for asserting the Claim(s) in court, You will not be required to pay that amount again). In addition, the administrator may have # procedure whereby You can seek & waiver of fees charged to You by the administrator and arbitrator. We will always pay any fees or expenses that We are required to pay by law or the administrator’s rules ur that We ure required to pay for this acbitration provision to be enforced. The arbitrator will have the authority to award attorneys’ and expert witness fees and costs to the extent permitted by this Contract, the administrator’s tules or applicable law, The arbitrator will always award You reasonable attorneys’ and expert witness fees and costs (a) if and to the extent You prevail on Claims you assert against Us in an arbitration commenced by You and (b) to the e