[sheet: Closing Checklist]

Item No.	Category	Document / Deliverable	Description	Responsible Party	Counterparty / Addressee	Key Contact	Target Delivery Date	Actual Delivery Date	Status	Notes
1	I. Entity Formation & Organizational	Certificate of Formation — SkyLend Funding LLC	Certificate of Formation filed with Delaware Secretary of State for SkyLend Funding LLC (single-member LLC; sole member: Skybridge Fintech Ltd.). EIN: 93-4187620.	C&H / SBF	DE Secretary of State	Tomás Reyes (SBF)	2024-01-30	2024-01-30	Complete	Filed and accepted. Registered office: 1400 Market Street, Suite 1210, Wilmington, DE 19801.
2	I. Entity Formation & Organizational	Limited Liability Company Agreement — SkyLend Funding LLC	Single-member operating agreement; SBF as sole member; Danielle Prescott as Manager. Includes separateness covenants and bankruptcy-remoteness provisions.	C&H	SBF	Danielle Prescott (SBF)	2024-01-30	2024-01-30	Complete	Executed concurrently with Certificate of Formation.
3	I. Entity Formation & Organizational	Trust Agreement — SkyLend Receivables Trust 2024-1	Trust agreement between SkyLend Funding LLC (depositor) and Keymark Trust Company, N.A. (owner trustee) establishing SRT 2024-1 as a Delaware statutory trust. EIN: 93-4201855. Owner trustee fee: $7,500/annum.	C&H	Keymark Trust Company, N.A.	Elaine Marchetti (Keymark)	2024-02-14	2024-02-14	Complete	Executed. Trust formed as Delaware statutory trust.
4	I. Entity Formation & Organizational	Good Standing Certificate — Skybridge Fintech Ltd.	Certificate of good standing from DE Secretary of State for SBF (EIN: 84-3291076).	SBF	DE Secretary of State	Tomás Reyes (SBF)	At closing	Not Delivered	Transaction terminated 5/8/2024 before closing. Bring-down good standing never obtained.
5	I. Entity Formation & Organizational	Good Standing Certificate — SkyLend Funding LLC	Certificate of good standing from DE Secretary of State for the Depositor.	SBF	DE Secretary of State	Danielle Prescott (SBF)	At closing	Not Delivered	Transaction terminated 5/8/2024.
6	I. Entity Formation & Organizational	Certificate of Trust — SkyLend Receivables Trust 2024-1	Certificate of Trust filed with DE Secretary of State.	C&H / Keymark	DE Secretary of State	Elaine Marchetti (Keymark)	2024-02-14	2024-02-14	Complete	Filed concurrently with Trust Agreement.
7	I. Entity Formation & Organizational	Secretary's Certificate & Board Resolutions — Skybridge Fintech Ltd.	Board resolutions authorizing the securitization, formation of SPVs, execution of transaction documents, and designation of authorized signatories (Arun Mehta, CEO; Danielle Prescott, CFO; Tomás Reyes, GC).	SBF	C&H / Halcyon	Tomás Reyes (SBF)	2024-02-28	2024-02-28	Complete	Resolutions adopted; secretary's certificate delivered.
8	I. Entity Formation & Organizational	Incumbency Certificate — Skybridge Fintech Ltd.	Incumbency certificate identifying authorized officers and signatories of SBF.	SBF	C&H / AFS / Halcyon	Tomás Reyes (SBF)	At closing	Not Delivered	Transaction terminated 5/8/2024.
9	II. Core Transaction Documents	Indenture	Indenture between SRT 2024-1 (issuer) and Atlantic Fiduciary Services, Inc. (indenture trustee, paying agent, note registrar, custodian). Governs issuance of $170M Class A Notes and $22M Class B Notes. OC target 3.5% ($7M); reserve account 1.00% ($2M). AFS fees: $15,000 acceptance + $12,500/annum.	C&H	AFS / WDP (for Halcyon)	David Moynihan (AFS); Harrison Whitfield III (WDP)	At closing	Draft Only	Draft circulated 3/4/2024. WDP redline received 3/22/2024. Execution version never finalized. Transaction terminated 5/8/2024.
10	II. Core Transaction Documents	Receivables Purchase Agreement (RPA)	Agreement between SBF (seller/originator) and SkyLend Funding LLC (purchaser/depositor) for sale of consumer installment-loan receivables. Includes eligibility criteria, reps & warranties, repurchase obligations, true-sale language. NY law.	C&H	SBF / SkyLend Funding LLC	Danielle Prescott (SBF)	At closing	Draft Only	Draft circulated 3/11/2024. Execution version never finalized.
11	II. Core Transaction Documents	Sale and Servicing Agreement	Among SkyLend Funding LLC (depositor), SRT 2024-1 (issuer), SBF (servicer), and Clearview Loan Servicing, Inc. (sub-servicer). Payment waterfall: interest → fees → principal per §4.03 MSA. Servicing fee: 0.50%/annum ($1,000,000 est.). NY law.	C&H	SBF / SkyLend Funding / SRT 2024-1 / Clearview	Meredith Sloane (Clearview); Tomás Reyes (SBF)	At closing	Draft Only	Draft circulated 3/11/2024. Never executed.
12	II. Core Transaction Documents	Amendment No. 1 to Master Servicing Agreement	Amendment to MSA dated October 1, 2022 between SBF and Clearview. Adapts Clearview's servicing obligations for the Trust; adds securitization-specific reporting; confirms contractual payment-application waterfall (interest → fees → principal per §4.03). Servicing Account No. CLS-SBF-2022-0041.	C&H / Clearview	SBF / Clearview	Meredith Sloane (Clearview)	2024-03-18	2024-03-18	Complete	Executed 3/18/2024.
13	II. Core Transaction Documents	Preliminary Purchase Agreement (PPA)	Among SRT 2024-1, SBF, SkyLend Funding LLC, and Halcyon Securities LLC (initial purchaser). Rule 144A / Reg S. Underwriting discount: 1.00% ($2,000,000). §7(b) expense reimbursement upon issuer termination ($387,500). Halcyon Deal Ref: HLC-ABS-2024-017. NY law.	C&H / WDP	SRT 2024-1 / SBF / SkyLend Funding / Halcyon	Rebecca Thornton (Halcyon); Jonathan Kramer (Halcyon)	2024-02-20	2024-02-20	Draft Only	Partially executed. Terminated by SBF notice dated 5/8/2024. Halcyon expense reimbursement claim of $387,500 under §7(b) acknowledged.
14	II. Core Transaction Documents	Administration Agreement	Between SRT 2024-1 and SBF (as administrator). SBF performs admin duties including SEC reporting, tax filings, coordination with indenture trustee. NY law.	C&H	SRT 2024-1 / SBF	Tomás Reyes (SBF)	At closing	Draft Only	Never executed.
15	II. Core Transaction Documents	Account Control Agreement	Among SRT 2024-1, AFS (indenture trustee), and Keymark Trust Company, N.A. (collection-account bank). Establishes control over collection and reserve accounts. NY law.	C&H	SRT 2024-1 / AFS / Keymark	David Moynihan (AFS); Elaine Marchetti (Keymark)	At closing	Draft Only	Never executed.
16	II. Core Transaction Documents	Custodial Agreement	Between SRT 2024-1 and AFS (as custodian of receivable files). NY law.	C&H	SRT 2024-1 / AFS	David Moynihan (AFS)	At closing	Draft Only	Never executed.
17	II. Core Transaction Documents	Backup Servicing Agreement	Between SRT 2024-1 and Clearview (dual role as backup servicer contemplated). Not finalized.	C&H	SRT 2024-1 / Clearview	Meredith Sloane (Clearview)	At closing	Draft Only	Dual-role structure not finalized prior to termination.
18	III. Offering Document	Preliminary Offering Memorandum	Rule 144A / Reg S preliminary OM dated April 5, 2024. $170M Class A Notes (Aaa(sf)/AA+(sf); 5.45%–5.65%); $22M Class B Notes (A2(sf)/A(sf); 6.75%–7.00%). CUSIP prefix 87165Q. Pool stats: ~23,100 loans, WAC 14.82%, WA remaining term 38.4 mo., WA FICO 698. Distributed to 28 institutional investors during 4/15–4/19 roadshow.	C&H / SBF / Halcyon	Investors / Halcyon	Rebecca Thornton (Halcyon)	2024-04-05	2024-04-05	Complete (but contains incorrect data)	Distributed. Static-pool performance tables based on incorrect Clearview servicing data. 30+ DPD reported as 3.21% (actual: 5.47%); cum. net loss reported as 4.12% (actual: 6.89%). Discrepancy discovered by Broadleaf on 4/22/2024.
19	III. Offering Document	Final Offering Memorandum	Final OM reflecting final pricing, pool composition, and ratings.	C&H / SBF / Halcyon	Investors / Halcyon	Rebecca Thornton (Halcyon)	At pricing	Not Delivered	Never prepared. Transaction terminated before pricing.
20	IV. Legal Opinions	True-Sale Opinion — C&H	C&H opinion that transfer of receivables from SBF to Depositor constitutes a true sale under U.S. Bankruptcy Code.	C&H	SRT 2024-1 / AFS / Halcyon	Theodore Langston (C&H)	At closing	Draft Only	Draft prepared. Never delivered.
21	IV. Legal Opinions	Non-Consolidation Opinion — C&H	C&H opinion that SRT 2024-1 and SkyLend Funding LLC are bankruptcy-remote and would not be substantively consolidated with SBF.	C&H	SRT 2024-1 / AFS / Halcyon	Theodore Langston (C&H)	At closing	Draft Only	Draft prepared. Never delivered.
22	IV. Legal Opinions	Security-Interest Opinion — C&H	C&H opinion on creation and perfection of security interest in receivables under Indenture per UCC Article 9.	C&H	SRT 2024-1 / AFS / Halcyon	Theodore Langston (C&H)	At closing	Draft Only	Draft prepared. Never delivered.
23	IV. Legal Opinions	Tax Opinion / Tax Memorandum — C&H	C&H memorandum re: federal income tax treatment of SRT 2024-1 as a grantor trust under Subpart E, Subchapter J, IRC.	C&H	SBF / SRT 2024-1	Theodore Langston (C&H)	At closing	Draft Only	Internal memorandum prepared; formal opinion never delivered.
24	IV. Legal Opinions	10b-5 / Negative Assurance Letter — C&H to Halcyon	Negative-assurance letter re: Preliminary OM; C&H to Halcyon.	C&H	Halcyon Securities LLC	Rebecca Thornton (Halcyon)	At closing	Not Delivered	Never delivered due to discovery of servicing-data discrepancy and transaction termination.

25	IV. Legal Opinions	Underwriter's Counsel Opinion — WDP	WDP opinion to Halcyon re: authorization, validity, enforceability of Notes.	WDP	Halcyon Securities LLC	Harrison Whitfield III (WDP)	At closing	Not Delivered	Never delivered.
26	V. Certificates	Officer's Certificate — SBF	Certificate by Danielle Prescott (CFO) or Arun Mehta (CEO) certifying accuracy of SBF reps & warranties, compliance with eligibility criteria, absence of material adverse change.	SBF	SRT 2024-1 / AFS / Halcyon	Danielle Prescott (SBF)	At closing	Draft Only	Template prepared by C&H. Never executed.
27	V. Certificates	Bring-Down Certificate	Confirmation that reps & warranties remain true and correct as of closing date.	SBF	SRT 2024-1 / AFS / Halcyon	Danielle Prescott (SBF)	At closing	Not Executed	Blank-form template prepared by C&H. Never executed.
28	V. Certificates	Servicer Officer's Certificate — Clearview	Clearview certificate re: accuracy of servicing data and compliance with MSA.	Clearview	SRT 2024-1 / AFS	Meredith Sloane (Clearview)	At closing	Not Delivered	Not delivered. Clearview's data accuracy compromised by ClearCore migration error (June 2023).
29	VI. Rating Agency	Meridian Credit Ratings — Engagement Letter	Engagement of Meridian for preliminary ratings on Class A (exp. Aaa(sf)) and Class B (exp. A2(sf)) Notes. Engagement fee: $185,000 (non-refundable) + $25,000 surveillance/annum.	SBF / C&H	Meridian Credit Ratings, Inc.	Gregory Fontaine (Meridian)	2024-02-28	2024-02-28	Complete	Executed 2/28/2024.
30	VI. Rating Agency	Carrollton Ratings Group — Engagement Letter	Engagement of Carrollton for expected ratings on Class A (exp. AA+(sf)) and Class B (exp. A(sf)) Notes. Engagement fee: $160,000 (non-refundable) + $20,000 surveillance/annum.	SBF / C&H	Carrollton Ratings Group LLC	Teresa Kobayashi (Carrollton)	2024-02-28	2024-02-28	Complete	Executed 2/28/2024.
31	VI. Rating Agency	Rating-Agency Presentations (Legal/Structural)	Northgate Services Inc. presentations to Meridian (Gregory Fontaine) and Carrollton (Teresa Kobayashi) covering legal structure, true-sale analysis, waterfall, OC mechanics, early-amortization triggers. Capital structure: Class A $170M (85%), Class B $22M (11%), Residual $8M (4%).	C&H / SBF	Meridian / Carrollton	Gregory Fontaine; Teresa Kobayashi	2024-04-08	2024-04-08	Complete	Presentations delivered 4/8/2024.
32	VI. Rating Agency	Meridian — Final Rating Letter (Class A & Class B)	Final rating confirmation letter from Meridian.	Meridian	SRT 2024-1 / Halcyon	Gregory Fontaine (Meridian)	At pricing	Not Delivered	Meridian withdrew preliminary ratings on 5/1/2024. Final ratings never issued.
33	VI. Rating Agency	Carrollton — Final Rating Letter (Class A & Class B)	Final rating confirmation letter from Carrollton.	Carrollton	SRT 2024-1 / Halcyon	Teresa Kobayashi (Carrollton)	At pricing	Not Delivered	Carrollton placed expected ratings on 'developing' watch on 4/29/2024. Final ratings never issued.
34	VII. Due Diligence & Audit	Broadleaf Analytics — Engagement Letter	Halcyon's engagement of Broadleaf for independent loan-level due diligence and re-underwriting. Sample: 1,500 loans (~6.5% of pool by loan count). Fee: $225,000.	Halcyon	Broadleaf Analytics Group LLC	Sanjay Rajan (Broadleaf)	2024-03-25	2024-03-25	Complete	Engaged by Halcyon. Broadleaf discovered servicing-data discrepancy on 4/22/2024.
35	VII. Due Diligence & Audit	Broadleaf Analytics — Due Diligence Report	Final due-diligence report on stratified random sample of 1,500 loans from proposed pool of ~23,100.	Broadleaf	Halcyon	Sanjay Rajan (Broadleaf)	Pre-pricing	Not Finalized	Preliminary findings delivered 4/22/2024 identifying servicing-data discrepancy. Final report not completed due to termination.
36	VII. Due Diligence & Audit	Rowland & Cross LLP — AUP / Comfort Letter	Agreed-upon procedures letter and comfort letter from R&C (SBF's independent auditor). Full fee: $275,000; partial fee incurred: $137,500 (50%).	Rowland & Cross LLP	Halcyon / SRT 2024-1	Nathan Delacroix (R&C)	At closing	Draft Only	Work completed through draft stage. Final comfort letter never delivered. $137,500 partial fees incurred.
37	VII. Due Diligence & Audit	Issuer Due-Diligence Memorandum — C&H Internal	C&H internal memo on SBF origination practices, underwriting guidelines, regulatory compliance (state lending licenses, TILA, ECOA, FCRA), Clearview oversight. SBF FY2023 origination volume: $1.4B; gross receivables: $876.5M; ~312,000 active borrowers.	C&H	Internal (C&H file)	Patrick Gallagher; Simone Laroche (C&H)	2024-03-31	2024-03-28	Complete	Internal work product. Prepared by Gallagher and Laroche.
38	VII. Due Diligence & Audit	Eligibility Criteria & Representations Schedule	Schedule of loan-level eligibility criteria and rep/warranty framework. Max single-obligor concentration: 0.15% ($300,000). Geographic limit: no state > 20%. Attached to RPA and Sale & Servicing Agreement.	C&H	SBF / Halcyon / WDP	Theodore Langston (C&H)	2024-03-11	2024-03-11	Complete	Circulated with RPA and Sale & Servicing Agreement drafts.
39	VIII. UCC Filings	UCC-1 Financing Statement — SBF to SkyLend Funding LLC	Filing to perfect security interest in receivables sold by SBF to Depositor.	C&H	DE Secretary of State	Simone Laroche (C&H)	At closing	Not Filed	Never filed. Transaction terminated.
40	VIII. UCC Filings	UCC-1 Financing Statement — SkyLend Funding LLC to SRT 2024-1	Filing to perfect security interest in receivables transferred from Depositor to Trust.	C&H	DE Secretary of State	Simone Laroche (C&H)	At closing	Not Filed	Never filed. Transaction terminated.
41	VIII. UCC Filings	UCC-1 Financing Statement — SRT 2024-1 to AFS (Indenture Trustee)	Filing to perfect indenture trustee's security interest in Trust assets.	C&H	DE Secretary of State	Simone Laroche (C&H)	At closing	Not Filed	Never filed. Transaction terminated.
42	IX. Underwriter Deliverables	Halcyon Securities — Underwriting Engagement Letter	Halcyon underwriting mandate. Deal Ref: HLC-ABS-2024-017.	Halcyon / SBF	SBF / Halcyon	Rebecca Thornton (Halcyon)	2024-02-20	2024-02-20	Complete	Signed 2/20/2024.
43	IX. Underwriter Deliverables	Final Purchase Agreement (Pricing Agreement)	Final purchase agreement reflecting final pricing terms, coupon rates, and allocations.	C&H / WDP	SRT 2024-1 / SBF / Halcyon	Rebecca Thornton (Halcyon)	At pricing	Not Executed	Never executed. Halcyon suspended marketing 4/26/2024. Transaction terminated 5/8/2024.
44	IX. Underwriter Deliverables	DTC Eligibility / CUSIP Assignment	Confirmation of DTC eligibility and CUSIP assignment. CUSIP prefix: 87165Q (allocated, unused).	Halcyon / AFS	DTC	David Moynihan (AFS)	Pre-pricing	Not Completed	CUSIP prefix 87165Q allocated but never used. DTC eligibility not finalized.
45	X. Trustee & Fiduciary Deliverables	Keymark — Owner Trustee Acceptance	Keymark acceptance of appointment as owner trustee. Fee: $7,500/annum (prorated fee incurred: $3,750).	Keymark	SkyLend Funding LLC / C&H	Elaine Marchetti (Keymark)	2024-02-14	2024-02-14	Complete	Accepted upon execution of Trust Agreement.
46	X. Trustee & Fiduciary Deliverables	AFS — Indenture Trustee Acceptance	AFS acceptance of appointment as indenture trustee, paying agent, note registrar, and custodian. Acceptance fee: $15,000 (non-refundable); annual fee: $12,500.	AFS	SRT 2024-1 / C&H	David Moynihan (AFS)	2024-03-04	2024-03-04	Complete	Acceptance fee of $15,000 paid (non-refundable).
47	X. Trustee & Fiduciary Deliverables	AFS — Authentication of Notes	Indenture trustee authentication of Class A Notes and Class B Notes.	AFS	SRT 2024-1 / Halcyon	David Moynihan (AFS)	At closing	Not Completed	Notes never authenticated. Transaction terminated.
48	XI. Printing & EDGAR	Donnovan Press LLC — Printing & EDGAR Filing	Printing of Preliminary OM and EDGAR preparation. Fee: $42,000.	Donnovan Press LLC	C&H / SBF	—	2024-04-05	2024-04-05	Complete	Preliminary OM printed and EDGAR-formatted. Final OM never printed. $42,000 invoiced.
49	XII. Waterfall & Structural Analysis (Internal)	Waterfall Mechanics Memorandum — C&H Internal	C&H internal memo analyzing payment waterfall, OC target ($7M / 3.5%), reserve account ($2M / 1.00%), excess spread (est. 2.85% p.a.), early-amortization triggers, step-down conditions. Prepared by Theodore Langston and Simone Laroche.	C&H	Internal (C&H file)	Theodore Langston; Simone Laroche (C&H)	2024-03-15	2024-03-14	Complete	Internal work product.

50	XIII. Post-discovery / Termination	Broadleaf Notification of Servicing-Data Discrepancy	Broadleaf notifies Halcyon of material discrepancy between static-pool data in Preliminary OM and actual loan-tape records. ~14,600 loans affected (63.2% of pool). 30+ DPD: 3.21% reported vs. 5.47% actual (2.26 ppt / 70.4% relative increase). Cum. net loss (2022 vintage): 4.12% reported vs. 6.89% actual (2.77 ppt / 67.2% relative increase). Root cause: Clearview ClearCore migration error (June 2023) — partial payments applied to principal before interest, contrary to §4.03 MSA.	Broadleaf / Halcyon	SBF (via C&H)	Sanjay Rajan (Broadleaf); Rebecca Thornton (Halcyon)	2024-04-22	2024-04-22	Complete	Discrepancy discovered 4/22/2024. Halcyon notified SBF 4/23/2024.
51	XIII. Post-discovery / Termination	C&H Memorandum re: Servicing-Data Discrepancy	C&H memo to SBF (Tomás Reyes, Danielle Prescott, Arun Mehta) summarizing Broadleaf findings, legal implications, and immediate action items.	C&H	SBF	Linda Osei; Patrick Gallagher (C&H)	2024-04-23	2024-04-23	Complete	Delivered to client 4/23/2024.
52	XIII. Post-discovery / Termination	Halcyon Force-Majeure / Material-Change Notice	Halcyon formally suspends marketing and delivers material-change notice. Estimates 8–12 weeks for full data remediation and refreshed rating-agency analysis.	Halcyon / WDP	SBF (via C&H)	Rebecca Thornton (Halcyon)	2024-04-26	2024-04-26	Complete	Marketing suspended.
53	XIII. Post-discovery / Termination	C&H Letter to Halcyon re: Response to Material-Change Notice	C&H (Theodore Langston) on behalf of SBF to Halcyon (Rebecca Thornton, Jonathan Kramer), cc: WDP (Harrison Whitfield III). Acknowledges discrepancy; describes investigation; reserves SBF's rights.	C&H	Halcyon / WDP	Theodore Langston (C&H)	2024-04-28	2024-04-28	Complete	Delivered.
54	XIII. Post-discovery / Termination	Carrollton — Expected Ratings Placed on Watch	Carrollton places expected ratings on 'developing' watch.	Carrollton	SRT 2024-1 / SBF / Halcyon	Teresa Kobayashi (Carrollton)	2024-04-29	2024-04-29	Complete	Rating action taken.
55	XIII. Post-discovery / Termination	Meridian — Withdrawal of Preliminary Ratings	Meridian withdraws preliminary ratings on Class A and Class B Notes.	Meridian	SRT 2024-1 / SBF / Halcyon	Gregory Fontaine (Meridian)	2024-05-01	2024-05-01	Complete	Preliminary ratings withdrawn.
56	XIII. Post-discovery / Termination	C&H Securities-Law Exposure Memorandum	C&H memo to SBF (Arun Mehta, Tomás Reyes) and Pinnacle (Marcus Yoon, Catherine Drexler) analyzing Rule 10b-5, §12(a)(2), §17(a) exposure from distribution of incorrect Preliminary OM to 28 investors during 4/15–4/19 roadshow.	C&H	SBF / Pinnacle Growth Equity Partners, LP	Linda Osei; Patrick Gallagher (C&H)	2024-05-02	2024-05-02	Complete	Delivered.
57	XIII. Post-discovery / Termination	C&H Board Memorandum re: Termination Recommendation	C&H memo to SBF Board of Directors recommending formal termination. Summarizes data discrepancy, rating actions, Halcyon suspension, sunk costs ($1,779,150), and securities-law exposure.	C&H	SBF Board of Directors	Linda Osei (C&H)	2024-05-03	2024-05-03	Complete	Board meeting held 5/3/2024. Pinnacle (Marcus Yoon) and SBF management agreed to terminate.
58	XIII. Post-discovery / Termination	C&H Termination and Wind-Down Memorandum	C&H memo to SBF (Tomás Reyes, Danielle Prescott) setting forth termination procedures, document-retention requirements, cost reconciliation ($1,779,150 total sunk costs), and transition to litigation-phase representation.	C&H	SBF	Linda Osei; Theodore Langston (C&H)	2024-05-06	2024-05-06	Complete	Delivered.
59	XIII. Post-discovery / Termination	Termination Notice to Halcyon Securities LLC	Formal notice from SBF (via C&H, Theodore Langston) to Halcyon (Rebecca Thornton, Jonathan Kramer) terminating the PPA. Ref: HLC-ABS-2024-017. Acknowledges $387,500 expense reimbursement under §7(b). Reserves all rights.	C&H	Halcyon Securities LLC	Theodore Langston (C&H)	2024-05-08	2024-05-08	Complete	PPA terminated.
60	XIII. Post-discovery / Termination	Termination Notices to Service Providers	Form notices from SBF (via C&H) to: Keymark (Elaine Marchetti), AFS (David Moynihan), Meridian (Gregory Fontaine), Carrollton (Teresa Kobayashi), Rowland & Cross (Nathan Delacroix), and Donnovan Press LLC. Confirms termination and requests final invoicing.	C&H	Keymark / AFS / Meridian / Carrollton / R&C / Donnovan Press	Various	2024-05-08	2024-05-08	Complete	All notices sent 5/8/2024.
61	XIII. Post-discovery / Termination	WDP Reservation-of-Rights Letter (on behalf of Halcyon)	WDP letter to C&H on behalf of Halcyon asserting potential claim for additional damages beyond $387,500 expense reimbursement, citing lost revenue opportunity and reputational harm.	WDP	C&H / SBF	Harrison Whitfield III (WDP)	2024-05-10	2024-05-10	Complete (received)	Received by C&H 5/10/2024.
62	XIII. Post-discovery / Termination	C&H Response to WDP Reservation-of-Rights Letter	C&H (Linda Osei) on behalf of SBF to WDP (Harrison Whitfield III). Contests Halcyon's assertion of additional damages; cites PPA termination provisions, absence of break-up fee, Halcyon's contributory awareness of data-quality risks. Preserves SBF rights including potential counterclaims.	C&H	WDP / Halcyon	Linda Osei (C&H)	2024-05-15	2024-05-15	Complete	Delivered.
63	XIV. Clearview Indemnification (Litigation Phase)	C&H Analysis of Clearview Indemnification Rights Under MSA	C&H internal litigation memo (Linda Osei, Patrick Gallagher) analyzing SBF indemnification/damages claims against Clearview under §9.02 MSA dated 10/1/2022. Estimated claim range: $1,500,000–$3,000,000 (sunk costs $1,779,150 + reputational damages). Analyzes Clearview defenses including SBF's quarterly data-reconciliation obligations.	C&H	Internal (C&H file) / SBF	Linda Osei; Patrick Gallagher (C&H)	2024-04-30	2024-04-30	Complete	Internal work product. Supports potential indemnification claim against Clearview.

[sheet: Summary Dashboard]

Category	Total Items	Complete	Draft Only	Not Delivered / Not Executed / Not Filed	Not Completed / Not Finalized	Terminated	Completion %
I. Entity Formation & Organizational	8	4	0	4	0	0	50%
II. Core Transaction Documents	9	2	6	0	1	0	22%
III. Offering Document	2	1	0	1	0	0	50%
IV. Legal Opinions	6	0	4	2	0	0	0%
V. Certificates	3	0	1	2	0	0	0%
VI. Rating Agency	5	3	0	2	0	0	60%
VII. Due Diligence & Audit	5	3	1	0	1	0	60%
VIII. UCC Filings	3	0	0	3	0	0	0%
IX. Underwriter Deliverables	3	1	0	1	1	0	33%
X. Trustee & Fiduciary Deliverables	3	2	0	0	1	0	67%
XI. Printing & EDGAR	1	1	0	0	0	0	100%
XII. Waterfall & Structural Analysis (Internal)	1	1	0	0	0	0	100%
XIII. Post-discovery / Termination	13	13	0	0	0	0	100%
XIV. Clearview Indemnification (Litigation Phase)	1	1	0	0	0	0	100%
TOTAL	63	32	12	15	4	0	51%

[sheet: Transaction Reference]

Field	Value
Transaction	SkyLend Receivables Trust 2024-1 — Consumer-Receivables Securitization
Status	TERMINATED — May 8, 2024
C&H Matter No.	1009-00005
Halcyon Deal Reference	HLC-ABS-2024-017
Aggregate Deal Value (Target)	$200,000,000
Class A Notes	$170,000,000 (85%) — Exp. Aaa(sf)/AA+(sf) — Target coupon 5.45%–5.65% — WAL 2.1 yrs
Class B Notes	$22,000,000 (11%) — Exp. A2(sf)/A(sf) — Target coupon 6.75%–7.00% — WAL 3.4 yrs
Residual Interest (Retained by SBF)	$8,000,000 (4%) — Unrated
Overcollateralization Target	$7,000,000 (3.5%)
Reserve Account	$2,000,000 (1.00%)
Estimated Excess Spread	2.85% per annum
Pool Size (Proposed)	~23,100 loans; $213,750,000 gross; $200,000,000 after screening
WAC	14.82%
WA Remaining Term	38.4 months
WA FICO at Origination	698
Max Single-Obligor Concentration	0.15% ($300,000)
Geographic Concentration Limit	No single state > 20%
CUSIP Prefix (Allocated, Unused)	87165Q
Offering Type	Rule 144A / Regulation S (Securities Act §4(a)(2))
Governing Law	New York
Cut-Off Date	March 31, 2024
Preliminary OM Date	April 5, 2024
Termination Date	May 8, 2024
Reason for Termination	Servicing-data discrepancy discovered by Broadleaf Analytics on 4/22/2024; Clearview ClearCore migration error (June 2023) caused incorrect payment-waterfall application; 30+ DPD understated by 2.26 ppts (3.21% reported vs. 5.47% actual); cum. net loss understated by 2.77 ppts (4.12% vs. 6.89%); ~14,600 loans affected (63.2% of pool)

Total Sunk Transaction Costs

— KEY PARTIES —

Originator / Sponsor (Client)	Skybridge Fintech Ltd. — 1400 Market Street, Suite 1210, Wilmington, DE 19801 — EIN: 84-3291076
Client Contacts	Arun Mehta (CEO); Danielle Prescott (CFO); Tomás Reyes (GC)
PE Sponsor	Pinnacle Growth Equity Partners, LP — 399 Park Avenue, 28th Floor, New York, NY 10022 — 62.4% equity (Series C, $95M, 2021)
PE Contacts	Catherine Drexler (Managing Partner); Marcus Yoon (Principal / Board Rep)
Depositor	SkyLend Funding LLC — EIN: 93-4187620 — Manager: Danielle Prescott
Issuing Entity (Trust)	SkyLend Receivables Trust 2024-1 — EIN: 93-4201855
Owner Trustee	Keymark Trust Company, N.A. — 600 North King Street, Wilmington, DE 19801 — Elaine Marchetti
Indenture Trustee / Paying Agent / Custodian	Atlantic Fiduciary Services, Inc. — 2 Christiana Centre, Suite 1400, Wilmington, DE 19801 — David Moynihan
Lead Underwriter / Initial Purchaser	Halcyon Securities LLC — 200 Vesey Street, 42nd Floor, New York, NY 10281 — Rebecca Thornton (MD); Jonathan Kramer (Head of ABS)
Underwriter's Counsel	Whitfield, Drummond & Paige LLP — 51 West 52nd Street, New York, NY 10019 — Harrison Whitfield III; Priya Subramanian
Third-Party Servicer	Clearview Loan Servicing, Inc. — 8800 Brecksville Road, Suite 300, Cleveland, OH 44141 — Warren Pettigrew (CEO); Meredith Sloane (VP Ops) — Acct: CLS-SBF-2022-0041
Due Diligence Provider	Broadleaf Analytics Group LLC — 110 William Street, 14th Floor, New York, NY 10038 — Sanjay Rajan
Rating Agency (Primary)	Meridian Credit Ratings, Inc. — 7 World Trade Center, 33rd Floor, New York, NY 10007 — Gregory Fontaine
Rating Agency (Secondary)	Carrollton Ratings Group LLC — 55 Water Street, 40th Floor, New York, NY 10041 — Teresa Kobayashi
Independent Auditor	Rowland & Cross LLP — 1250 Avenue of the Americas, 22nd Floor, New York, NY 10020 — Nathan Delacroix
Printer / EDGAR Agent	Donnovan Press LLC
Issuer's Counsel	Calderwood & Harkness LLP — 425 Lexington Avenue, New York, NY 10017
C&H Engagement Team	Linda Osei (Responsible Partner — Litigation); Theodore Langston (Billing Partner — Capital Markets); Patrick Gallagher (Lead Associate — Litigation); Simone Laroche (Working Associate — Litigation)
C&H Billing Rates	Partners: $1,250–$1,575/hr; Associates: $725–$925/hr
C&H Fees Billed (Cap Mkts Phase)	$623,400 (actual through 5/8/2024; estimated budget was $850,000)

[sheet: Sunk Cost Reconciliation]

Line Item No.	Cost Category	Payee	Description	Contractual Basis	Full Contract Amount	Amount Incurred	Refundable?	Notes
1	Underwriter Expense Reimbursement	Halcyon Securities LLC	Out-of-pocket expenses upon termination by issuer	§7(b) Preliminary Purchase Agreement	$387,500	$387,500	No	Contingent on issuer termination; no separate break-up fee in PPA
2	Rating Agency — Primary	Meridian Credit Ratings, Inc.	Engagement fee (non-refundable); preliminary ratings withdrawn 5/1/2024	Engagement letter dated 2/28/2024	$185,000	$185,000	No	Surveillance fee of $25,000/annum not triggered (no final ratings issued)
3	Rating Agency — Secondary	Carrollton Ratings Group LLC	Engagement fee (non-refundable); expected ratings placed on watch 4/29/2024	Engagement letter dated 2/28/2024	$160,000	$160,000	No	Surveillance fee of $20,000/annum not triggered
4	Due Diligence Provider	Broadleaf Analytics Group LLC	Loan-level due diligence and re-underwriting; 1,500-loan sample	Engagement by Halcyon dated 3/25/2024	$225,000	$225,000	No	Broadleaf discovered servicing-data discrepancy 4/22/2024
5	Independent Auditor (Partial)	Rowland & Cross LLP	Agreed-upon procedures and comfort letter — work completed through draft stage (50%)	Engagement with SBF	$275,000	$137,500	No	50% of total $275,000 fee; final comfort letter not delivered
6	Owner Trustee (Prorated)	Keymark Trust Company, N.A.	Prorated owner trustee fee (6 months of $7,500 annual fee)	Trust Agreement dated 2/14/2024	$7,500	$3,750	No	$7,500 × 6/12 months
7	Indenture Trustee Acceptance	Atlantic Fiduciary Services, Inc.	Non-refundable acceptance fee	Indenture (draft dated 3/4/2024)	$15,000	$15,000	No	Annual trustee fee of $12,500 not incurred (Indenture never executed)
8	Issuer's Counsel	Calderwood & Harkness LLP	Legal fees billed through capital markets phase (engagement through 5/8/2024)	Engagement letter dated 1/25/2024	$850,000 (est.)	$623,400	No	Actual billed vs. $850,000 estimate. Post-termination litigation fees TBD.
9	Printing / EDGAR Filing	Donnovan Press LLC	Printing of Preliminary OM and EDGAR preparation	Vendor engagement	$42,000	$42,000	No	Final OM never printed
TOTAL	$1,779,150	Sum of all incurred amounts

[sheet: Timeline]

Date	Event	Parties Involved	Checklist Item Ref	Notes
2024-01-25	C&H engagement letter executed; matter opened (No. 1009-00005)	C&H / SBF	—	Linda Osei (Responsible Partner); Theodore Langston (Billing Partner)
2024-01-30	SkyLend Funding LLC formed (Depositor)	SBF / C&H / DE Sec. of State	Items 1–2	EIN: 93-4187620; Manager: Danielle Prescott
2024-02-14	SkyLend Receivables Trust 2024-1 formed	SkyLend Funding LLC / Keymark / C&H	Items 3, 6, 45	EIN: 93-4201855; Delaware statutory trust
2024-02-20	Halcyon underwriting engagement letter signed	SBF / Halcyon	Item 42	Deal Ref: HLC-ABS-2024-017
2024-02-28	Rating-agency engagement letters executed	SBF / Meridian / Carrollton	Items 29–30	Meridian: $185K; Carrollton: $160K (non-refundable)
2024-03-04	Draft Indenture circulated; AFS acceptance received	C&H / AFS / WDP	Items 9, 46	AFS acceptance fee $15,000 paid
2024-03-11	Draft RPA and Sale & Servicing Agreement circulated	C&H	Items 10–11, 38	Eligibility Criteria Schedule attached
2024-03-18	Clearview sub-servicing agreement amendment executed	SBF / Clearview	Item 12	Amendment No. 1 to MSA dated 10/1/2022
2024-03-22	WDP redline of Indenture received	WDP	Item 9	Key markups on waterfall, early-amort triggers, reps
2024-03-25	Broadleaf Analytics engaged by Halcyon for loan-level DD	Halcyon / Broadleaf	Item 34	Fee: $225,000; sample: 1,500 loans (~6.5% of pool)
2024-03-31	Cut-off date for receivables pool	SBF / Clearview	—	~23,100 loans; $213.75M gross; $200M after screening
2024-04-05	Preliminary Offering Memorandum distributed	C&H / SBF / Halcyon / Donnovan Press	Items 18, 48	CUSIP prefix 87165Q. Contains incorrect static-pool data.
2024-04-08	Rating-agency presentations delivered	C&H / SBF / Meridian / Carrollton	Item 31	Legal/structural slides by C&H
2024-04-10	Broadleaf commences loan-tape sampling and re-underwriting	Broadleaf	Item 35	Stratified random sample of 1,500 loans
2024-04-15	Investor roadshow begins	SBF / Halcyon	—	28 institutional investors over 5 days
2024-04-19	Investor roadshow concludes	SBF / Halcyon	—	Preliminary OM with incorrect data distributed to all 28 investors
2024-04-22	Broadleaf discovers servicing-data discrepancy; notifies Halcyon	Broadleaf / Halcyon	Item 50	30+ DPD: 3.21% reported vs. 5.47% actual; CNL: 4.12% vs. 6.89%
2024-04-23	Halcyon notifies SBF (via C&H) of Broadleaf findings	Halcyon / WDP / C&H / SBF	Item 50	Email from Rebecca Thornton and Harrison Whitfield III
2024-04-23	C&H delivers memo re: servicing-data discrepancy to SBF	C&H / SBF	Item 51	To Tomás Reyes, Danielle Prescott, Arun Mehta
2024-04-24	SBF internal investigation begins; Clearview preliminary response	SBF / Clearview	—	Root cause: ClearCore migration error (June 2023)
2024-04-26	Halcyon suspends marketing; delivers force-majeure/material-change notice	Halcyon / WDP	Item 52	Estimates 8–12 weeks for remediation
2024-04-28	C&H letter to Halcyon responding to material-change notice	C&H / SBF	Item 53	Acknowledges discrepancy; reserves rights
2024-04-29	Carrollton places expected ratings on 'developing' watch	Carrollton	Item 54	Teresa Kobayashi
2024-04-30	C&H completes Clearview indemnification analysis	C&H	Item 63	Est. claim range: $1.5M–$3.0M under MSA §9.02

2024-05-01	Meridian withdraws preliminary ratings	Meridian	Item 55	Gregory Fontaine
2024-05-02	C&H delivers securities-law exposure memorandum	C&H / SBF / Pinnacle	Item 56	Analyzes Rule 10b-5, §12(a)(2), §17(a) exposure
2024-05-03	SBF board meeting; decision to terminate transaction	SBF Board / Pinnacle / C&H	Item 57	C&H board memo recommending termination delivered same day
2024-05-06	C&H delivers termination-and-wind-down memorandum	C&H / SBF	Item 58	Cost reconciliation: $1,779,150 total sunk costs
2024-05-08	Transaction formally terminated; termination notices sent	SBF / C&H / all parties	Items 59–60	Notices to Halcyon, Keymark, AFS, Meridian, Carrollton, R&C, Donnovan Press
2024-05-10	WDP reservation-of-rights letter received (on behalf of Halcyon)	WDP / Halcyon	Item 61	Asserts potential claim for damages beyond $387,500
2024-05-15	C&H response to WDP reservation-of-rights letter	C&H / SBF	Item 62	Contests additional damages; preserves SBF rights and counterclaims

[sheet: Closing Checklist]
Item No. | Category | Document / Deliverable | Description | Responsible Party | Counterparty / Addressee | Key Contact | Target Delivery Date | Actual Delivery Date | Status | Notes
1 | I. Entity Formation & Organizational | Certificate of Formation — SkyLend Funding LLC | Certificate of Formation filed with Delaware Secretary of State for SkyLend Funding LLC (single-member LLC; sole member: Skybridge Fintech Ltd.). EIN: 93-4187620. | C&H / SBF | DE Secretary of State | Tomás Reyes (SBF) | 2024-01-30 | 2024-01-30 | Complete | Filed and accepted. Registered office: 1400 Market Street, Suite 1210, Wilmington, DE 19801.
2 | I. Entity Formation & Organizational | Limited Liability Company Agreement — SkyLend Funding LLC | Single-member operating agreement; SBF as sole member; Danielle Prescott as Manager. Includes separateness covenants and bankruptcy-remoteness provisions. | C&H | SBF | Danielle Prescott (SBF) | 2024-01-30 | 2024-01-30 | Complete | Executed concurrently with Certificate of Formation.
3 | I. Entity Formation & Organizational | Trust Agreement — SkyLend Receivables Trust 2024-1 | Trust agreement between SkyLend Funding LLC (depositor) and Keymark Trust Company, N.A. (owner trustee) establishing SRT 2024-1 as a Delaware statutory trust. EIN: 93-4201855. Owner trustee fee: $7,500/annum. | C&H | Keymark Trust Company, N.A. | Elaine Marchetti (Keymark) | 2024-02-14 | 2024-02-14 | Complete | Executed. Trust formed as Delaware statutory trust.
4 | I. Entity Formation & Organizational | Good Standing Certificate — Skybridge Fintech Ltd. | Certificate of good standing from DE Secretary of State for SBF (EIN: 84-3291076). | SBF | DE Secretary of State | Tomás Reyes (SBF) | At closing | Not Delivered | Transaction terminated 5/8/2024 before closing. Bring-down good standing never obtained.
5 | I. Entity Formation & Organizational | Good Standing Certificate — SkyLend Funding LLC | Certificate of good standing from DE Secretary of State for the Depositor. | SBF | DE Secretary of State | Danielle Prescott (SBF) | At closing | Not Delivered | Transaction terminated 5/8/2024.
6 | I. Entity Formation & Organizational | Certificate of Trust — SkyLend Receivables Trust 2024-1 | Certificate of Trust filed with DE Secretary of State. | C&H / Keymark | DE Secretary of State | Elaine Marchetti (Keymark) | 2024-02-14 | 2024-02-14 | Complete | Filed concurrently with Trust Agreement.
7 | I. Entity Formation & Organizational | Secretary's Certificate & Board Resolutions — Skybridge Fintech Ltd. | Board resolutions authorizing the securitization, formation of SPVs, execution of transaction documents, and designation of authorized signatories (Arun Mehta, CEO; Danielle Prescott, CFO; Tomás Reyes, GC). | SBF | C&H / Halcyon | Tomás Reyes (SBF) | 2024-02-28 | 2024-02-28 | Complete | Resolutions adopted; secretary's certificate delivered.
8 | I. Entity Formation & Organizational | Incumbency Certificate — Skybridge Fintech Ltd. | Incumbency certificate identifying authorized officers and signatories of SBF. | SBF | C&H / AFS / Halcyon | Tomás Reyes (SBF) | At closing | Not Delivered | Transaction terminated 5/8/2024.
9 | II. Core Transaction Documents | Indenture | Indenture between SRT 2024-1 (issuer) and Atlantic Fiduciary Services, Inc. (indenture trustee, paying agent, note registrar, custodian). Governs issuance of $170M Class A Notes and $22M Class B Notes. OC target 3.5% ($7M); reserve account 1.00% ($2M). AFS fees: $15,000 acceptance + $12,500/annum. | C&H | AFS / WDP (for Halcyon) | David Moynihan (AFS); Harrison Whitfield III (WDP) | At closing | Draft Only | Draft circulated 3/4/2024. WDP redline received 3/22/2024. Execution version never finalized. Transaction terminated 5/8/2024.
10 | II. Core Transaction Documents | Receivables Purchase Agreement (RPA) | Agreement between SBF (seller/originator) and SkyLend Funding LLC (purchaser/depositor) for sale of consumer installment-loan receivables. Includes eligibility criteria, reps & warranties, repurchase obligations, true-sale language. NY law. | C&H | SBF / SkyLend Funding LLC | Danielle Prescott (SBF) | At closing | Draft Only | Draft circulated 3/11/2024. Execution version never finalized.
11 | II. Core Transaction Documents | Sale and Servicing Agreement | Among SkyLend Funding LLC (depositor), SRT 2024-1 (issuer), SBF (servicer), and Clearview Loan Servicing, Inc. (sub-servicer). Payment waterfall: interest → fees → principal per §4.03 MSA. Servicing fee: 0.50%/annum ($1,000,000 est.). NY law. | C&H | SBF / SkyLend Funding / SRT 2024-1 / Clearview | Meredith Sloane (Clearview); Tomás Reyes (SBF) | At closing | Draft Only | Draft circulated 3/11/2024. Never executed.
12 | II. Core Transaction Documents | Amendment No. 1 to Master Servicing Agreement | Amendment to MSA dated October 1, 2022 between SBF and Clearview. Adapts Clearview's servicing obligations for the Trust; adds securitization-specific reporting; confirms contractual payment-application waterfall (interest → fees → principal per §4.03). Servicing Account No. CLS-SBF-2022-0041. | C&H / Clearview | SBF / Clearview | Meredith Sloane (Clearview) | 2024-03-18 | 2024-03-18 | Complete | Executed 3/18/2024.
13 | II. Core Transaction Documents | Preliminary Purchase Agreement (PPA) | Among SRT 2024-1, SBF, SkyLend Funding LLC, and Halcyon Securities LLC (initial purchaser). Rule 144A / Reg S. Underwriting discount: 1.00% ($2,000,000). §7(b) expense reimbursement upon issuer termination ($387,500). Halcyon Deal Ref: HLC-ABS-2024-017. NY law. | C&H / WDP | SRT 2024-1 / SBF / SkyLend Funding / Halcyon | Rebecca Thornton (Halcyon); Jonathan Kramer (Halcyon) | 2024-02-20 | 2024-02-20 | Draft Only | Partially executed. Terminated by SBF notice dated 5/8/2024. Halcyon expense reimbursement claim of $387,500 under §7(b) acknowledged.
14 | II. Core Transaction Documents | Administration Agreement | Between SRT 2024-1 and SBF (as administrator). SBF performs admin duties including SEC reporting, tax filings, coordination with indenture trustee. NY law. | C&H | SRT 2024-1 / SBF | Tomás Reyes (SBF) | At closing | Draft Only | Never executed.
15 | II. Core Transaction Documents | Account Control Agreement | Among SRT 2024-1, AFS (indenture trustee), and Keymark Trust Company, N.A. (collection-account bank). Establishes control over collection and reserve accounts. NY law. | C&H | SRT 2024-1 / AFS / Keymark | David Moynihan (AFS); Elaine Marchetti (Keymark) | At closing | Draft Only | Never executed.
16 | II. Core Transaction Documents | Custodial Agreement | Between SRT 2024-1 and AFS (as custodian of receivable files). NY law. | C&H | SRT 2024-1 / AFS | David Moynihan (AFS) | At closing | Draft Only | Never executed.
17 | II. Core Transaction Documents | Backup Servicing Agreement | Between SRT 2024-1 and Clearview (dual role as backup servicer contemplated). Not finalized. | C&H | SRT 2024-1 / Clearview | Meredith Sloane (Clearview) | At closing | Draft Only | Dual-role structure not finalized prior to termination.
18 | III. Offering Document | Preliminary Offering Memorandum | Rule 144A / Reg S preliminary OM dated April 5, 2024. $170M Class A Notes (Aaa(sf)/AA+(sf); 5.45%–5.65%); $22M Class B Notes (A2(sf)/A(sf); 6.75%–7.00%). CUSIP prefix 87165Q. Pool stats: ~23,100 loans, WAC 14.82%, WA remaining term 38.4 mo., WA FICO 698. Distributed to 28 institutional investors during 4/15–4/19 roadshow. | C&H / SBF / Halcyon | Investors / Halcyon | Rebecca Thornton (Halcyon) | 2024-04-05 | 2024-04-05 | Complete (but contains incorrect data) | Distributed. Static-pool performance tables based on incorrect Clearview servicing data. 30+ DPD reported as 3.21% (actual: 5.47%); cum. net loss reported as 4.12% (actual: 6.89%). Discrepancy discovered by Broadleaf on 4/22/2024.
19 | III. Offering Document | Final Offering Memorandum | Final OM reflecting final pricing, pool composition, and ratings. | C&H / SBF / Halcyon | Investors / Halcyon | Rebecca Thornton (Halcyon) | At pricing | Not Delivered | Never prepared. Transaction terminated before pricing.
20 | IV. Legal Opinions | True-Sale Opinion — C&H | C&H opinion that transfer of receivables from SBF to Depositor constitutes a true sale under U.S. Bankruptcy Code. | C&H | SRT 2024-1 / AFS / Halcyon | Theodore Langston (C&H) | At closing | Draft Only | Draft prepared. Never delivered.
21 | IV. Legal Opinions | Non-Consolidation Opinion — C&H | C&H opinion that SRT 2024-1 and SkyLend Funding LLC are bankruptcy-remote and would not be substantively consolidated with SBF. | C&H | SRT 2024-1 / AFS / Halcyon | Theodore Langston (C&H) | At closing | Draft Only | Draft prepared. Never delivered.
22 | IV. Legal Opinions | Security-Interest Opinion — C&H | C&H opinion on creation and perfection of security interest in receivables under Indenture per UCC Article 9. | C&H | SRT 2024-1 / AFS / Halcyon | Theodore Langston (C&H) | At closing | Draft Only | Draft prepared. Never delivered.
23 | IV. Legal Opinions | Tax Opinion / Tax Memorandum — C&H | C&H memorandum re: federal income tax treatment of SRT 2024-1 as a grantor trust under Subpart E, Subchapter J, IRC. | C&H | SBF / SRT 2024-1 | Theodore Langston (C&H) | At closing | Draft Only | Internal memorandum prepared; formal opinion never delivered.
24 | IV. Legal Opinions | 10b-5 / Negative Assurance Letter — C&H to Halcyon | Negative-assurance letter re: Preliminary OM; C&H to Halcyon. | C&H | Halcyon Securities LLC | Rebecca Thornton (Halcyon) | At closing | Not Delivered | Never delivered due to discovery of servicing-data discrepancy and transaction termination.
25 | IV. Legal Opinions | Underwriter's Counsel Opinion — WDP | WDP opinion to Halcyon re: authorization, validity, enforceability of Notes. | WDP | Halcyon Securities LLC | Harrison Whitfield III (WDP) | At closing | Not Delivered | Never delivered.
26 | V. Certificates | Officer's Certificate — SBF | Certificate by Danielle Prescott (CFO) or Arun Mehta (CEO) certifying accuracy of SBF reps & warranties, compliance with eligibility criteria, absence of material adverse change. | SBF | SRT 2024-1 / AFS / Halcyon | Danielle Prescott (SBF) | At closing | Draft Only | Template prepared by C&H. Never executed.
27 | V. Certificates | Bring-Down Certificate | Confirmation that reps & warranties remain true and correct as of closing date. | SBF | SRT 2024-1 / AFS / Halcyon | Danielle Prescott (SBF) | At closing | Not Executed | Blank-form template prepared by C&H. Never executed.
28 | V. Certificates | Servicer Officer's Certificate — Clearview | Clearview certificate re: accuracy of servicing data and compliance with MSA. | Clearview | SRT 2024-1 / AFS | Meredith Sloane (Clearview) | At closing | Not Delivered | Not delivered. Clearview's data accuracy compromised by ClearCore migration error (June 2023).
29 | VI. Rating Agency | Meridian Credit Ratings — Engagement Letter | Engagement of Meridian for preliminary ratings on Class A (exp. Aaa(sf)) and Class B (exp. A2(sf)) Notes. Engagement fee: $185,000 (non-refundable) + $25,000 surveillance/annum. | SBF / C&H | Meridian Credit Ratings, Inc. | Gregory Fontaine (Meridian) | 2024-02-28 | 2024-02-28 | Complete | Executed 2/28/2024.
30 | VI. Rating Agency | Carrollton Ratings Group — Engagement Letter | Engagement of Carrollton for expected ratings on Class A (exp. AA+(sf)) and Class B (exp. A(sf)) Notes. Engagement fee: $160,000 (non-refundable) + $20,000 surveillance/annum. | SBF / C&H | Carrollton Ratings Group LLC | Teresa Kobayashi (Carrollton) | 2024-02-28 | 2024-02-28 | Complete | Executed 2/28/2024.
31 | VI. Rating Agency | Rating-Agency Presentations (Legal/Structural) | Northgate Services Inc. presentations to Meridian (Gregory Fontaine) and Carrollton (Teresa Kobayashi) covering legal structure, true-sale analysis, waterfall, OC mechanics, early-amortization triggers. Capital structure: Class A $170M (85%), Class B $22M (11%), Residual $8M (4%). | C&H / SBF | Meridian / Carrollton | Gregory Fontaine; Teresa Kobayashi | 2024-04-08 | 2024-04-08 | Complete | Presentations delivered 4/8/2024.
32 | VI. Rating Agency | Meridian — Final Rating Letter (Class A & Class B) | Final rating confirmation letter from Meridian. | Meridian | SRT 2024-1 / Halcyon | Gregory Fontaine (Meridian) | At pricing | Not Delivered | Meridian withdrew preliminary ratings on 5/1/2024. Final ratings never issued.
33 | VI. Rating Agency | Carrollton — Final Rating Letter (Class A & Class B) | Final rating confirmation letter from Carrollton. | Carrollton | SRT 2024-1 / Halcyon | Teresa Kobayashi (Carrollton) | At pricing | Not Delivered | Carrollton placed expected ratings on 'developing' watch on 4/29/2024. Final ratings never issued.
34 | VII. Due Diligence & Audit | Broadleaf Analytics — Engagement Letter | Halcyon's engagement of Broadleaf for independent loan-level due diligence and re-underwriting. Sample: 1,500 loans (~6.5% of pool by loan count). Fee: $225,000. | Halcyon | Broadleaf Analytics Group LLC | Sanjay Rajan (Broadleaf) | 2024-03-25 | 2024-03-25 | Complete | Engaged by Halcyon. Broadleaf discovered servicing-data discrepancy on 4/22/2024.
35 | VII. Due Diligence & Audit | Broadleaf Analytics — Due Diligence Report | Final due-diligence report on stratified random sample of 1,500 loans from proposed pool of ~23,100. | Broadleaf | Halcyon | Sanjay Rajan (Broadleaf) | Pre-pricing | Not Finalized | Preliminary findings delivered 4/22/2024 identifying servicing-data discrepancy. Final report not completed due to termination.
36 | VII. Due Diligence & Audit | Rowland & Cross LLP — AUP / Comfort Letter | Agreed-upon procedures letter and comfort letter from R&C (SBF's independent auditor). Full fee: $275,000; partial fee incurred: $137,500 (50%). | Rowland & Cross LLP | Halcyon / SRT 2024-1 | Nathan Delacroix (R&C) | At closing | Draft Only | Work completed through draft stage. Final comfort letter never delivered. $137,500 partial fees incurred.
37 | VII. Due Diligence & Audit | Issuer Due-Diligence Memorandum — C&H Internal | C&H internal memo on SBF origination practices, underwriting guidelines, regulatory compliance (state lending licenses, TILA, ECOA, FCRA), Clearview oversight. SBF FY2023 origination volume: $1.4B; gross receivables: $876.5M; ~312,000 active borrowers. | C&H | Internal (C&H file) | Patrick Gallagher; Simone Laroche (C&H) | 2024-03-31 | 2024-03-28 | Complete | Internal work product. Prepared by Gallagher and Laroche.
38 | VII. Due Diligence & Audit | Eligibility Criteria & Representations Schedule | Schedule of loan-level eligibility criteria and rep/warranty framework. Max single-obligor concentration: 0.15% ($300,000). Geographic limit: no state > 20%. Attached to RPA and Sale & Servicing Agreement. | C&H | SBF / Halcyon / WDP | Theodore Langston (C&H) | 2024-03-11 | 2024-03-11 | Complete | Circulated with RPA and Sale & Servicing Agreement drafts.
39 | VIII. UCC Filings | UCC-1 Financing Statement — SBF to SkyLend Funding LLC | Filing to perfect security interest in receivables sold by SBF to Depositor. | C&H | DE Secretary of State | Simone Laroche (C&H) | At closing | Not Filed | Never filed. Transaction terminated.
40 | VIII. UCC Filings | UCC-1 Financing Statement — SkyLend Funding LLC to SRT 2024-1 | Filing to perfect security interest in receivables transferred from Depositor to Trust. | C&H | DE Secretary of State | Simone Laroche (C&H) | At closing | Not Filed | Never filed. Transaction terminated.
41 | VIII. UCC Filings | UCC-1 Financing Statement — SRT 2024-1 to AFS (Indenture Trustee) | Filing to perfect indenture trustee's security interest in Trust assets. | C&H | DE Secretary of State | Simone Laroche (C&H) | At closing | Not Filed | Never filed. Transaction terminated.
42 | IX. Underwriter Deliverables | Halcyon Securities — Underwriting Engagement Letter | Halcyon underwriting mandate. Deal Ref: HLC-ABS-2024-017. | Halcyon / SBF | SBF / Halcyon | Rebecca Thornton (Halcyon) | 2024-02-20 | 2024-02-20 | Complete | Signed 2/20/2024.
43 | IX. Underwriter Deliverables | Final Purchase Agreement (Pricing Agreement) | Final purchase agreement reflecting final pricing terms, coupon rates, and allocations. | C&H / WDP | SRT 2024-1 / SBF / Halcyon | Rebecca Thornton (Halcyon) | At pricing | Not Executed | Never executed. Halcyon suspended marketing 4/26/2024. Transaction terminated 5/8/2024.
44 | IX. Underwriter Deliverables | DTC Eligibility / CUSIP Assignment | Confirmation of DTC eligibility and CUSIP assignment. CUSIP prefix: 87165Q (allocated, unused). | Halcyon / AFS | DTC | David Moynihan (AFS) | Pre-pricing | Not Completed | CUSIP prefix 87165Q allocated but never used. DTC eligibility not finalized.
45 | X. Trustee & Fiduciary Deliverables | Keymark — Owner Trustee Acceptance | Keymark acceptance of appointment as owner trustee. Fee: $7,500/annum (prorated fee incurred: $3,750). | Keymark | SkyLend Funding LLC / C&H | Elaine Marchetti (Keymark) | 2024-02-14 | 2024-02-14 | Complete | Accepted upon execution of Trust Agreement.
46 | X. Trustee & Fiduciary Deliverables | AFS — Indenture Trustee Acceptance | AFS acceptance of appointment as indenture trustee, paying agent, note registrar, and custodian. Acceptance fee: $15,000 (non-refundable); annual fee: $12,500. | AFS | SRT 2024-1 / C&H | David Moynihan (AFS) | 2024-03-04 | 2024-03-04 | Complete | Acceptance fee of $15,000 paid (non-refundable).
47 | X. Trustee & Fiduciary Deliverables | AFS — Authentication of Notes | Indenture trustee authentication of Class A Notes and Class B Notes. | AFS | SRT 2024-1 / Halcyon | David Moynihan (AFS) | At closing | Not Completed | Notes never authenticated. Transaction terminated.
48 | XI. Printing & EDGAR | Donnovan Press LLC — Printing & EDGAR Filing | Printing of Preliminary OM and EDGAR preparation. Fee: $42,000. | Donnovan Press LLC | C&H / SBF | — | 2024-04-05 | 2024-04-05 | Complete | Preliminary OM printed and EDGAR-formatted. Final OM never printed. $42,000 invoiced.
49 | XII. Waterfall & Structural Analysis (Internal) | Waterfall Mechanics Memorandum — C&H Internal | C&H internal memo analyzing payment waterfall, OC target ($7M / 3.5%), reserve account ($2M / 1.00%), excess spread (est. 2.85% p.a.), early-amortization triggers, step-down conditions. Prepared by Theodore Langston and Simone Laroche. | C&H | Internal (C&H file) | Theodore Langston; Simone Laroche (C&H) | 2024-03-15 | 2024-03-14 | Complete | Internal work product.
50 | XIII. Post-discovery / Termination | Broadleaf Notification of Servicing-Data Discrepancy | Broadleaf notifies Halcyon of material discrepancy between static-pool data in Preliminary OM and actual loan-tape records. ~14,600 loans affected (63.2% of pool). 30+ DPD: 3.21% reported vs. 5.47% actual (2.26 ppt / 70.4% relative increase). Cum. net loss (2022 vintage): 4.12% reported vs. 6.89% actual (2.77 ppt / 67.2% relative increase). Root cause: Clearview ClearCore migration error (June 2023) — partial payments applied to principal before interest, contrary to §4.03 MSA. | Broadleaf / Halcyon | SBF (via C&H) | Sanjay Rajan (Broadleaf); Rebecca Thornton (Halcyon) | 2024-04-22 | 2024-04-22 | Complete | Discrepancy discovered 4/22/2024. Halcyon notified SBF 4/23/2024.
51 | XIII. Post-discovery / Termination | C&H Memorandum re: Servicing-Data Discrepancy | C&H memo to SBF (Tomás Reyes, Danielle Prescott, Arun Mehta) summarizing Broadleaf findings, legal implications, and immediate action items. | C&H | SBF | Linda Osei; Patrick Gallagher (C&H) | 2024-04-23 | 2024-04-23 | Complete | Delivered to client 4/23/2024.
52 | XIII. Post-discovery / Termination | Halcyon Force-Majeure / Material-Change Notice | Halcyon formally suspends marketing and delivers material-change notice. Estimates 8–12 weeks for full data remediation and refreshed rating-agency analysis. | Halcyon / WDP | SBF (via C&H) | Rebecca Thornton (Halcyon) | 2024-04-26 | 2024-04-26 | Complete | Marketing suspended.
53 | XIII. Post-discovery / Termination | C&H Letter to Halcyon re: Response to Material-Change Notice | C&H (Theodore Langston) on behalf of SBF to Halcyon (Rebecca Thornton, Jonathan Kramer), cc: WDP (Harrison Whitfield III). Acknowledges discrepancy; describes investigation; reserves SBF's rights. | C&H | Halcyon / WDP | Theodore Langston (C&H) | 2024-04-28 | 2024-04-28 | Complete | Delivered.
54 | XIII. Post-discovery / Termination | Carrollton — Expected Ratings Placed on Watch | Carrollton places expected ratings on 'developing' watch. | Carrollton | SRT 2024-1 / SBF / Halcyon | Teresa Kobayashi (Carrollton) | 2024-04-29 | 2024-04-29 | Complete | Rating action taken.
55 | XIII. Post-discovery / Termination | Meridian — Withdrawal of Preliminary Ratings | Meridian withdraws preliminary ratings on Class A and Class B Notes. | Meridian | SRT 2024-1 / SBF / Halcyon | Gregory Fontaine (Meridian) | 2024-05-01 | 2024-05-01 | Complete | Preliminary ratings withdrawn.
56 | XIII. Post-discovery / Termination | C&H Securities-Law Exposure Memorandum | C&H memo to SBF (Arun Mehta, Tomás Reyes) and Pinnacle (Marcus Yoon, Catherine Drexler) analyzing Rule 10b-5, §12(a)(2), §17(a) exposure from distribution of incorrect Preliminary OM to 28 investors during 4/15–4/19 roadshow. | C&H | SBF / Pinnacle Growth Equity Partners, LP | Linda Osei; Patrick Gallagher (C&H) | 2024-05-02 | 2024-05-02 | Complete | Delivered.
57 | XIII. Post-discovery / Termination | C&H Board Memorandum re: Termination Recommendation | C&H memo to SBF Board of Directors recommending formal termination. Summarizes data discrepancy, rating actions, Halcyon suspension, sunk costs ($1,779,150), and securities-law exposure. | C&H | SBF Board of Directors | Linda Osei (C&H) | 2024-05-03 | 2024-05-03 | Complete | Board meeting held 5/3/2024. Pinnacle (Marcus Yoon) and SBF management agreed to terminate.
58 | XIII. Post-discovery / Termination | C&H Termination and Wind-Down Memorandum | C&H memo to SBF (Tomás Reyes, Danielle Prescott) setting forth termination procedures, document-retention requirements, cost reconciliation ($1,779,150 total sunk costs), and transition to litigation-phase representation. | C&H | SBF | Linda Osei; Theodore Langston (C&H) | 2024-05-06 | 2024-05-06 | Complete | Delivered.
59 | XIII. Post-discovery / Termination | Termination Notice to Halcyon Securities LLC | Formal notice from SBF (via C&H, Theodore Langston) to Halcyon (Rebecca Thornton, Jonathan Kramer) terminating the PPA. Ref: HLC-ABS-2024-017. Acknowledges $387,500 expense reimbursement under §7(b). Reserves all rights. | C&H | Halcyon Securities LLC | Theodore Langston (C&H) | 2024-05-08 | 2024-05-08 | Complete | PPA terminated.
60 | XIII. Post-discovery / Termination | Termination Notices to Service Providers | Form notices from SBF (via C&H) to: Keymark (Elaine Marchetti), AFS (David Moynihan), Meridian (Gregory Fontaine), Carrollton (Teresa Kobayashi), Rowland & Cross (Nathan Delacroix), and Donnovan Press LLC. Confirms termination and requests final invoicing. | C&H | Keymark / AFS / Meridian / Carrollton / R&C / Donnovan Press | Various | 2024-05-08 | 2024-05-08 | Complete | All notices sent 5/8/2024.
61 | XIII. Post-discovery / Termination | WDP Reservation-of-Rights Letter (on behalf of Halcyon) | WDP letter to C&H on behalf of Halcyon asserting potential claim for additional damages beyond $387,500 expense reimbursement, citing lost revenue opportunity and reputational harm. | WDP | C&H / SBF | Harrison Whitfield III (WDP) | 2024-05-10 | 2024-05-10 | Complete (received) | Received by C&H 5/10/2024.
62 | XIII. Post-discovery / Termination | C&H Response to WDP Reservation-of-Rights Letter | C&H (Linda Osei) on behalf of SBF to WDP (Harrison Whitfield III). Contests Halcyon's assertion of additional damages; cites PPA termination provisions, absence of break-up fee, Halcyon's contributory awareness of data-quality risks. Preserves SBF rights including potential counterclaims. | C&H | WDP / Halcyon | Linda Osei (C&H) | 2024-05-15 | 2024-05-15 | Complete | Delivered.
63 | XIV. Clearview Indemnification (Litigation Phase) | C&H Analysis of Clearview Indemnification Rights Under MSA | C&H internal litigation memo (Linda Osei, Patrick Gallagher) analyzing SBF indemnification/damages claims against Clearview under §9.02 MSA dated 10/1/2022. Estimated claim range: $1,500,000–$3,000,000 (sunk costs $1,779,150 + reputational damages). Analyzes Clearview defenses including SBF's quarterly data-reconciliation obligations. | C&H | Internal (C&H file) / SBF | Linda Osei; Patrick Gallagher (C&H) | 2024-04-30 | 2024-04-30 | Complete | Internal work product. Supports potential indemnification claim against Clearview.
[sheet: Summary Dashboard]
Category | Total Items | Complete | Draft Only | Not Delivered / Not Executed / Not Filed | Not Completed / Not Finalized | Terminated | Completion %
I. Entity Formation & Organizational | 8 | 4 | 0 | 4 | 0 | 0 | 50%
II. Core Transaction Documents | 9 | 2 | 6 | 0 | 1 | 0 | 22%
III. Offering Document | 2 | 1 | 0 | 1 | 0 | 0 | 50%
IV. Legal Opinions | 6 | 0 | 4 | 2 | 0 | 0 | 0%
V. Certificates | 3 | 0 | 1 | 2 | 0 | 0 | 0%
VI. Rating Agency | 5 | 3 | 0 | 2 | 0 | 0 | 60%
VII. Due Diligence & Audit | 5 | 3 | 1 | 0 | 1 | 0 | 60%
VIII. UCC Filings | 3 | 0 | 0 | 3 | 0 | 0 | 0%
IX. Underwriter Deliverables | 3 | 1 | 0 | 1 | 1 | 0 | 33%
X. Trustee & Fiduciary Deliverables | 3 | 2 | 0 | 0 | 1 | 0 | 67%
XI. Printing & EDGAR | 1 | 1 | 0 | 0 | 0 | 0 | 100%
XII. Waterfall & Structural Analysis (Internal) | 1 | 1 | 0 | 0 | 0 | 0 | 100%
XIII. Post-discovery / Termination | 13 | 13 | 0 | 0 | 0 | 0 | 100%
XIV. Clearview Indemnification (Litigation Phase) | 1 | 1 | 0 | 0 | 0 | 0 | 100%
TOTAL | 63 | 32 | 12 | 15 | 4 | 0 | 51%
[sheet: Transaction Reference]
Field | Value
Transaction | SkyLend Receivables Trust 2024-1 — Consumer-Receivables Securitization
Status | TERMINATED — May 8, 2024
C&H Matter No. | 1009-00005
Halcyon Deal Reference | HLC-ABS-2024-017
Aggregate Deal Value (Target) | $200,000,000
Class A Notes | $170,000,000 (85%) — Exp. Aaa(sf)/AA+(sf) — Target coupon 5.45%–5.65% — WAL 2.1 yrs
Class B Notes | $22,000,000 (11%) — Exp. A2(sf)/A(sf) — Target coupon 6.75%–7.00% — WAL 3.4 yrs
Residual Interest (Retained by SBF) | $8,000,000 (4%) — Unrated
Overcollateralization Target | $7,000,000 (3.5%)
Reserve Account | $2,000,000 (1.00%)
Estimated Excess Spread | 2.85% per annum
Pool Size (Proposed) | ~23,100 loans; $213,750,000 gross; $200,000,000 after screening
WAC | 14.82%
WA Remaining Term | 38.4 months
WA FICO at Origination | 698
Max Single-Obligor Concentration | 0.15% ($300,000)
Geographic Concentration Limit | No single state > 20%
CUSIP Prefix (Allocated, Unused) | 87165Q
Offering Type | Rule 144A / Regulation S (Securities Act §4(a)(2))
Governing Law | New York
Cut-Off Date | March 31, 2024
Preliminary OM Date | April 5, 2024
Termination Date | May 8, 2024
Reason for Termination | Servicing-data discrepancy discovered by Broadleaf Analytics on 4/22/2024; Clearview ClearCore migration error (June 2023) caused incorrect payment-waterfall application; 30+ DPD understated by 2.26 ppts (3.21% reported vs. 5.47% actual); cum. net loss understated by 2.77 ppts (4.12% vs. 6.89%); ~14,600 loans affected (63.2% of pool)
Total Sunk Transaction Costs | $1,779,150
— KEY PARTIES —
Originator / Sponsor (Client) | Skybridge Fintech Ltd. — 1400 Market Street, Suite 1210, Wilmington, DE 19801 — EIN: 84-3291076
Client Contacts | Arun Mehta (CEO); Danielle Prescott (CFO); Tomás Reyes (GC)
PE Sponsor | Pinnacle Growth Equity Partners, LP — 399 Park Avenue, 28th Floor, New York, NY 10022 — 62.4% equity (Series C, $95M, 2021)
PE Contacts | Catherine Drexler (Managing Partner); Marcus Yoon (Principal / Board Rep)
Depositor | SkyLend Funding LLC — EIN: 93-4187620 — Manager: Danielle Prescott
Issuing Entity (Trust) | SkyLend Receivables Trust 2024-1 — EIN: 93-4201855
Owner Trustee | Keymark Trust Company, N.A. — 600 North King Street, Wilmington, DE 19801 — Elaine Marchetti
Indenture Trustee / Paying Agent / Custodian | Atlantic Fiduciary Services, Inc. — 2 Christiana Centre, Suite 1400, Wilmington, DE 19801 — David Moynihan
Lead Underwriter / Initial Purchaser | Halcyon Securities LLC — 200 Vesey Street, 42nd Floor, New York, NY 10281 — Rebecca Thornton (MD); Jonathan Kramer (Head of ABS)
Underwriter's Counsel | Whitfield, Drummond & Paige LLP — 51 West 52nd Street, New York, NY 10019 — Harrison Whitfield III; Priya Subramanian
Third-Party Servicer | Clearview Loan Servicing, Inc. — 8800 Brecksville Road, Suite 300, Cleveland, OH 44141 — Warren Pettigrew (CEO); Meredith Sloane (VP Ops) — Acct: CLS-SBF-2022-0041
Due Diligence Provider | Broadleaf Analytics Group LLC — 110 William Street, 14th Floor, New York, NY 10038 — Sanjay Rajan
Rating Agency (Primary) | Meridian Credit Ratings, Inc. — 7 World Trade Center, 33rd Floor, New York, NY 10007 — Gregory Fontaine
Rating Agency (Secondary) | Carrollton Ratings Group LLC — 55 Water Street, 40th Floor, New York, NY 10041 — Teresa Kobayashi
Independent Auditor | Rowland & Cross LLP — 1250 Avenue of the Americas, 22nd Floor, New York, NY 10020 — Nathan Delacroix
Printer / EDGAR Agent | Donnovan Press LLC
Issuer's Counsel | Calderwood & Harkness LLP — 425 Lexington Avenue, New York, NY 10017
C&H Engagement Team | Linda Osei (Responsible Partner — Litigation); Theodore Langston (Billing Partner — Capital Markets); Patrick Gallagher (Lead Associate — Litigation); Simone Laroche (Working Associate — Litigation)
C&H Billing Rates | Partners: $1,250–$1,575/hr; Associates: $725–$925/hr
C&H Fees Billed (Cap Mkts Phase) | $623,400 (actual through 5/8/2024; estimated budget was $850,000)
[sheet: Sunk Cost Reconciliation]
Line Item No. | Cost Category | Payee | Description | Contractual Basis | Full Contract Amount | Amount Incurred | Refundable? | Notes
1 | Underwriter Expense Reimbursement | Halcyon Securities LLC | Out-of-pocket expenses upon termination by issuer | §7(b) Preliminary Purchase Agreement | $387,500 | $387,500 | No | Contingent on issuer termination; no separate break-up fee in PPA
2 | Rating Agency — Primary | Meridian Credit Ratings, Inc. | Engagement fee (non-refundable); preliminary ratings withdrawn 5/1/2024 | Engagement letter dated 2/28/2024 | $185,000 | $185,000 | No | Surveillance fee of $25,000/annum not triggered (no final ratings issued)
3 | Rating Agency — Secondary | Carrollton Ratings Group LLC | Engagement fee (non-refundable); expected ratings placed on watch 4/29/2024 | Engagement letter dated 2/28/2024 | $160,000 | $160,000 | No | Surveillance fee of $20,000/annum not triggered
4 | Due Diligence Provider | Broadleaf Analytics Group LLC | Loan-level due diligence and re-underwriting; 1,500-loan sample | Engagement by Halcyon dated 3/25/2024 | $225,000 | $225,000 | No | Broadleaf discovered servicing-data discrepancy 4/22/2024
5 | Independent Auditor (Partial) | Rowland & Cross LLP | Agreed-upon procedures and comfort letter — work completed through draft stage (50%) | Engagement with SBF | $275,000 | $137,500 | No | 50% of total $275,000 fee; final comfort letter not delivered
6 | Owner Trustee (Prorated) | Keymark Trust Company, N.A. | Prorated owner trustee fee (6 months of $7,500 annual fee) | Trust Agreement dated 2/14/2024 | $7,500 | $3,750 | No | $7,500 × 6/12 months
7 | Indenture Trustee Acceptance | Atlantic Fiduciary Services, Inc. | Non-refundable acceptance fee | Indenture (draft dated 3/4/2024) | $15,000 | $15,000 | No | Annual trustee fee of $12,500 not incurred (Indenture never executed)
8 | Issuer's Counsel | Calderwood & Harkness LLP | Legal fees billed through capital markets phase (engagement through 5/8/2024) | Engagement letter dated 1/25/2024 | $850,000 (est.) | $623,400 | No | Actual billed vs. $850,000 estimate. Post-termination litigation fees TBD.
9 | Printing / EDGAR Filing | Donnovan Press LLC | Printing of Preliminary OM and EDGAR preparation | Vendor engagement | $42,000 | $42,000 | No | Final OM never printed
TOTAL | $1,779,150 | Sum of all incurred amounts
[sheet: Timeline]
Date | Event | Parties Involved | Checklist Item Ref | Notes
2024-01-25 | C&H engagement letter executed; matter opened (No. 1009-00005) | C&H / SBF | — | Linda Osei (Responsible Partner); Theodore Langston (Billing Partner)
2024-01-30 | SkyLend Funding LLC formed (Depositor) | SBF / C&H / DE Sec. of State | Items 1–2 | EIN: 93-4187620; Manager: Danielle Prescott
2024-02-14 | SkyLend Receivables Trust 2024-1 formed | SkyLend Funding LLC / Keymark / C&H | Items 3, 6, 45 | EIN: 93-4201855; Delaware statutory trust
2024-02-20 | Halcyon underwriting engagement letter signed | SBF / Halcyon | Item 42 | Deal Ref: HLC-ABS-2024-017
2024-02-28 | Rating-agency engagement letters executed | SBF / Meridian / Carrollton | Items 29–30 | Meridian: $185K; Carrollton: $160K (non-refundable)
2024-03-04 | Draft Indenture circulated; AFS acceptance received | C&H / AFS / WDP | Items 9, 46 | AFS acceptance fee $15,000 paid
2024-03-11 | Draft RPA and Sale & Servicing Agreement circulated | C&H | Items 10–11, 38 | Eligibility Criteria Schedule attached
2024-03-18 | Clearview sub-servicing agreement amendment executed | SBF / Clearview | Item 12 | Amendment No. 1 to MSA dated 10/1/2022
2024-03-22 | WDP redline of Indenture received | WDP | Item 9 | Key markups on waterfall, early-amort triggers, reps
2024-03-25 | Broadleaf Analytics engaged by Halcyon for loan-level DD | Halcyon / Broadleaf | Item 34 | Fee: $225,000; sample: 1,500 loans (~6.5% of pool)
2024-03-31 | Cut-off date for receivables pool | SBF / Clearview | — | ~23,100 loans; $213.75M gross; $200M after screening
2024-04-05 | Preliminary Offering Memorandum distributed | C&H / SBF / Halcyon / Donnovan Press | Items 18, 48 | CUSIP prefix 87165Q. Contains incorrect static-pool data.
2024-04-08 | Rating-agency presentations delivered | C&H / SBF / Meridian / Carrollton | Item 31 | Legal/structural slides by C&H
2024-04-10 | Broadleaf commences loan-tape sampling and re-underwriting | Broadleaf | Item 35 | Stratified random sample of 1,500 loans
2024-04-15 | Investor roadshow begins | SBF / Halcyon | — | 28 institutional investors over 5 days
2024-04-19 | Investor roadshow concludes | SBF / Halcyon | — | Preliminary OM with incorrect data distributed to all 28 investors
2024-04-22 | Broadleaf discovers servicing-data discrepancy; notifies Halcyon | Broadleaf / Halcyon | Item 50 | 30+ DPD: 3.21% reported vs. 5.47% actual; CNL: 4.12% vs. 6.89%
2024-04-23 | Halcyon notifies SBF (via C&H) of Broadleaf findings | Halcyon / WDP / C&H / SBF | Item 50 | Email from Rebecca Thornton and Harrison Whitfield III
2024-04-23 | C&H delivers memo re: servicing-data discrepancy to SBF | C&H / SBF | Item 51 | To Tomás Reyes, Danielle Prescott, Arun Mehta
2024-04-24 | SBF internal investigation begins; Clearview preliminary response | SBF / Clearview | — | Root cause: ClearCore migration error (June 2023)
2024-04-26 | Halcyon suspends marketing; delivers force-majeure/material-change notice | Halcyon / WDP | Item 52 | Estimates 8–12 weeks for remediation
2024-04-28 | C&H letter to Halcyon responding to material-change notice | C&H / SBF | Item 53 | Acknowledges discrepancy; reserves rights
2024-04-29 | Carrollton places expected ratings on 'developing' watch | Carrollton | Item 54 | Teresa Kobayashi
2024-04-30 | C&H completes Clearview indemnification analysis | C&H | Item 63 | Est. claim range: $1.5M–$3.0M under MSA §9.02
2024-05-01 | Meridian withdraws preliminary ratings | Meridian | Item 55 | Gregory Fontaine
2024-05-02 | C&H delivers securities-law exposure memorandum | C&H / SBF / Pinnacle | Item 56 | Analyzes Rule 10b-5, §12(a)(2), §17(a) exposure
2024-05-03 | SBF board meeting; decision to terminate transaction | SBF Board / Pinnacle / C&H | Item 57 | C&H board memo recommending termination delivered same day
2024-05-06 | C&H delivers termination-and-wind-down memorandum | C&H / SBF | Item 58 | Cost reconciliation: $1,779,150 total sunk costs
2024-05-08 | Transaction formally terminated; termination notices sent | SBF / C&H / all parties | Items 59–60 | Notices to Halcyon, Keymark, AFS, Meridian, Carrollton, R&C, Donnovan Press
2024-05-10 | WDP reservation-of-rights letter received (on behalf of Halcyon) | WDP / Halcyon | Item 61 | Asserts potential claim for damages beyond $387,500
2024-05-15 | C&H response to WDP reservation-of-rights letter | C&H / SBF | Item 62 | Contests additional damages; preserves SBF rights and counterclaims

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts