1025-00007 · Quorum Insurance Holdings · Closing

master-closing-checklist-v4.xlsx DOCUMENT M&A / Corporate

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[sheet: Cover]

Field	Value
Transaction	Quorum Receivables Funding 2022-1 LLC — $500,000,000 Insurance Premium Finance ABS Notes
Issuer	Quorum Receivables Funding 2022-1 LLC
Sponsor / Parent	Quorum Insurance Holdings Corp.
Originator / Seller / Servicer	Quorum Premium Finance LLC
Depositor	Quorum Receivables Holding LLC
Structuring Agent / Lead Bookrunner	Ridgeline Capital Markets LLC
Indenture Trustee / Paying Agent	Calvoneth Trust Company, N.A.
Back-Up Servicer / Liquidity Provider	Northvane Bank, N.A.
Issuer's Counsel	Calderwood & Harkness LLP
Underwriter's Counsel	Calloway & Brandt LLP
Trustee's Counsel	Ashfield & Greer LLP
Auditor	Meridian Ledger LLP
Verification Agent	Veristead Analytics LLC
Independent Manager Provider	Fortbridge Corporate Services LLC
Rating Agencies	Brindoval Ratings Inc. / Pinnacle Rating Services LLC
Offering Type	Rule 144A / Regulation S Private Placement
Governing Law	New York
C&H Matter Number	1025-00007
Ridgeline Deal ID	RCM-IPF-2022-0041
Checklist Version	v4
Checklist Date	October 12, 2022
Prepared By	Yuki Nakamura, Calderwood & Harkness LLP
Reviewed By	Douglas Carmichael, Calderwood & Harkness LLP
Approved By	Francesca Morano, Calderwood & Harkness LLP

Status

[sheet: Capital Structure Summary]

Tranche	Preliminary CUSIP	Par Amount	% of Total	Brindoval Rating	Pinnacle Rating	Credit Enhancement	Coupon Guidance at Launch	Indicative Pricing Nov 2
Class A Notes	74892TAA3 (placeholder)	$375,000,000	75.0%	AAA(cr)	Aaa(p)	25.0%	SOFR + 125 bps	SOFR + 168 bps
Class B Notes	74892TAB1 (placeholder)	$75,000,000	15.0%	A(cr)	A1(p)	10.0%	SOFR + 210 bps	SOFR + 285 bps
Class C Notes	74892TAC9 (placeholder)	$35,000,000	7.0%	BBB(cr)	Baa2(p)	3.0%	SOFR + 375 bps	SOFR + 450 bps
Overcollateralization / Retained Interest	N/A	$15,000,000	3.0%	Unrated	Unrated	N/A	N/A	N/A
TOTAL	$500,000,000	100.0%

[sheet: Checklist]

Item No.

I. CORPORATE & FORMATION DOCUMENTS

1.1	Corporate / Formation	Certificate of Formation — Quorum Receivables Funding 2022-1 LLC (DE SOS File No. 7894231)	Calderwood & Harkness LLP	QIH	Filed	Final	2022-08-03	2022-08-03	Filed with Delaware Secretary of State; registered agent: Ashgrove Services Inc.
1.2	Corporate / Formation	Limited Liability Company Agreement — QRF 2022-1 LLC	Calderwood & Harkness LLP	QIH / Fortbridge	Execution Draft	v2	At Closing	Sole member: Quorum Receivables Holding LLC; independent manager: Timothy R. Callan (Fortbridge)
1.3	Corporate / Formation	Certificate of Formation — Quorum Receivables Holding LLC (DE SOS File No. 7894228)	Calderwood & Harkness LLP	QIH	Filed	Final	2022-08-03	2022-08-03	Filed with Delaware Secretary of State; registered agent: Ashgrove Services Inc.
1.4	Corporate / Formation	Limited Liability Company Agreement — QRH LLC	Calderwood & Harkness LLP	QIH / Fortbridge	Execution Draft	v2	At Closing	Sole member: Quorum Premium Finance LLC; independent manager: Eleanor M. Vasquez (Fortbridge)
1.5	Corporate / Formation	Independent Manager Agreement — QRF 2022-1 (Fortbridge / Timothy R. Callan)	Calderwood & Harkness LLP	Fortbridge	Execution Draft	v1	At Closing
1.6	Corporate / Formation	Independent Manager Agreement — QRH (Fortbridge / Eleanor M. Vasquez)	Calderwood & Harkness LLP	Fortbridge	Execution Draft	v1	At Closing
1.7	Corporate / Formation	Certificate of Good Standing — QRF 2022-1 LLC (Delaware Secretary of State)	Calderwood & Harkness LLP	Pending	At Closing	To be obtained within 5 business days of closing
1.8	Corporate / Formation	Certificate of Good Standing — QRH LLC (Delaware Secretary of State)	Calderwood & Harkness LLP	Pending	At Closing	To be obtained within 5 business days of closing
1.9	Corporate / Formation	Certificate of Good Standing — Quorum Premium Finance LLC (Delaware Secretary of State)	QIH / Nolan Whitford	Pending	At Closing
1.10	Corporate / Formation	Certificate of Good Standing — Quorum Insurance Holdings Corp. (Delaware Secretary of State)	QIH / Nolan Whitford	Pending	At Closing	EIN: 82-4391067
1.11	Corporate / Formation	Secretary's Certificate — QIH Board Resolutions Authorizing Transaction	QIH / Nolan Whitford	Draft	v1	At Closing	Board resolutions authorizing $500M issuance, SPV formation, execution of transaction documents; authorized signatories: Marcus Devereaux, Priya Raghavan, Nolan Whitford
1.12	Corporate / Formation	Manager's Certificate — QPF Authorizing Resolutions	QIH / Sandra Ling-Hwang	Draft	v1	At Closing	Sandra Ling-Hwang as Manager of QPF
1.13	Corporate / Formation	Incumbency Certificate — QIH	QIH / Nolan Whitford	Pending	At Closing
1.14	Corporate / Formation	Incumbency Certificate — QPF	QIH / Sandra Ling-Hwang	Pending	At Closing

II. CORE TRANSACTION DOCUMENTS

2.1	Transaction Documents	Indenture — QRF 2022-1 (Issuer) and Calvoneth Trust Company, N.A. (Trustee)	Calderwood & Harkness LLP / Ashfield & Greer LLP	Calloway & Brandt LLP	Execution Draft	v4	At Closing	Governs Class A ($375M), Class B ($75M), Class C ($35M) Notes; sequential payment waterfall; NY governing law
2.2	Transaction Documents	Receivables Sale Agreement — QPF (Seller) to QRH (Purchaser)	Calderwood & Harkness LLP	Calloway & Brandt LLP	Execution Draft	v3	At Closing	True sale of insurance premium finance receivables; eligible receivables criteria
2.3	Transaction Documents	Receivables Transfer Agreement — QRH (Transferor) to QRF 2022-1 (Transferee)	Calderwood & Harkness LLP	Calloway & Brandt LLP	Execution Draft	v3	At Closing	Transfer of receivables with back-up security interest grant
2.4	Transaction Documents	Servicing Agreement — QRF 2022-1, QPF (Servicer), Calvoneth Trust (Trustee)	Calderwood & Harkness LLP	Calloway & Brandt LLP	Execution Draft	v3	At Closing	Servicing fee: 1.00% p.a. on outstanding pool balance; servicer default provisions
2.5	Transaction Documents	Back-Up Servicing Agreement — QRF 2022-1, QPF, Northvane Bank, N.A., Calvoneth Trust	Calderwood & Harkness LLP	Northvane / Calloway & Brandt LLP	Execution Draft	v2	At Closing	Back-up servicer fee: $50,000/yr ($12,500/quarter); warm standby obligations
2.6	Transaction Documents	Administration Agreement — QRF 2022-1 (Issuer), QIH (Administrator)	Calderwood & Harkness LLP	Execution Draft	v2	At Closing	QIH as administrator of QRF 2022-1
2.7	Transaction Documents	Note Purchase Agreement — QRF 2022-1, QIH, Ridgeline Capital Markets LLC	Calderwood & Harkness LLP	Calloway & Brandt LLP	Execution Draft	v3	At Closing	Placement fees: 0.30% Class A ($1,125,000), 0.45% Class B ($337,500), 0.60% Class C ($210,000); total $1,672,500; Rule 144A / Reg S
2.8	Transaction Documents	Liquidity Facility Agreement — QRF 2022-1, Northvane Bank, N.A.	Calderwood & Harkness LLP	Northvane	Execution Draft	v2	At Closing	$25,000,000 facility; commitment fee 0.25% p.a. ($62,500/yr undrawn); drawn rate SOFR + 150 bps
2.9	Transaction Documents	Account Control Agreement — QRF 2022-1, Calvoneth Trust (Securities Intermediary)	Calderwood & Harkness LLP	Ashfield & Greer LLP	Execution Draft	v2	At Closing	Collection, payment, reserve, and liquidity reserve accounts
2.10	Transaction Documents	Custodian Agreement — QRF 2022-1, Calvoneth Trust (Custodian)	Calderwood & Harkness LLP	Ashfield & Greer LLP	Draft	v1	At Closing	Custody of receivable files
2.11	Transaction Documents	Grant of Security Interest (Pledge Agreement) — QRF 2022-1 to Calvoneth Trust	Calderwood & Harkness LLP	Ashfield & Greer LLP	Execution Draft	v2	At Closing	First-priority security interest in all receivables, collections, accounts, and collateral
2.12	Transaction Documents	Performance Guaranty — QIH in favor of Calvoneth Trust	Calderwood & Harkness LLP	QIH / Ashfield & Greer LLP	Execution Draft	v1	At Closing	QIH guaranty of certain QPF servicing and seller obligations

III. OFFERING MEMORANDUM & DISCLOSURE

3.1	Offering / Disclosure	Preliminary Offering Memorandum — QRF 2022-1 Notes	Calderwood & Harkness LLP	Ridgeline / Calloway & Brandt LLP	Draft	v3	At Closing	Dated 2022-10-12; pool balance $612M, ~82,400 loans; WA APR 7.85%
3.2	Offering / Disclosure	Final Offering Memorandum — QRF 2022-1 Notes	Calderwood & Harkness LLP	Ridgeline / Calloway & Brandt LLP	Not Started	At Closing	To be finalized with final pricing; pending
3.3	Offering / Disclosure	Offering Memorandum — Issuer Supplement (Pool Stratification Tables)	Calderwood & Harkness LLP / Veristead Analytics LLC	QPF	Draft	v1	At Closing	Stratification by state, carrier, remaining term, APR band, loan balance, delinquency
3.4	Offering / Disclosure	Investor Presentation Deck	Ridgeline Capital Markets LLC	Calderwood & Harkness LLP	Draft	v2	2022-10-20	2022-10-20	Used for virtual roadshow commencing 2022-10-24

IV. LEGAL OPINIONS

4.1	Legal Opinions	Opinion — True Sale (QPF to QRH Transfer)	Calderwood & Harkness LLP (Sylvia Hartwell)	Draft	v1	At Closing	True sale under New York law; dated 2022-10-08; never finalized
4.2	Legal Opinions	Opinion — True Sale (QRH to QRF 2022-1 Transfer)	Calderwood & Harkness LLP	Draft	v1	At Closing	Dated 2022-10-08; never finalized
4.3	Legal Opinions	Opinion — Enforceability of Indenture and Notes	Calderwood & Harkness LLP	Draft	v1	At Closing	Due authorization, execution, delivery, enforceability under NY law; never finalized
4.4	Legal Opinions	Opinion — Security Interest Perfection (UCC Article 9)	Calderwood & Harkness LLP	Draft	v1	At Closing	First-priority perfected security interests upon UCC-1 filing; never finalized
4.5	Legal Opinions	Opinion — Tax Characterization (Debt Treatment of Notes)	Calderwood & Harkness LLP (Sylvia Hartwell)	Draft	v1	At Closing	Notes treated as debt for U.S. federal income tax; QRF 2022-1 as disregarded entity; dated 2022-10-10; never finalized
4.6	Legal Opinions	Opinion — No Registration Required (Rule 144A / Reg S)	Calderwood & Harkness LLP	Draft	v1	At Closing	Exemption from Securities Act registration; never finalized
4.7	Legal Opinions	Opinion — Delaware LLC Valid Formation and Authorization (QRF 2022-1)	Calderwood & Harkness LLP	Draft	v1	At Closing	Valid formation, good standing, due authorization; never finalized
4.8	Legal Opinions	Opinion — Delaware LLC Valid Formation and Authorization (QRH)	Calderwood & Harkness LLP	Draft	v1	At Closing	Valid formation, good standing, due authorization; never finalized
4.9	Legal Opinions	Non-Consolidation Opinion — QRF 2022-1	Calderwood & Harkness LLP	Draft	v1	At Closing	Substantive non-consolidation with QIH, QPF, or QRH; dated 2022-10-05; never finalized
4.10	Legal Opinions	Non-Consolidation Opinion — QRH	Calderwood & Harkness LLP	Draft	v1	At Closing	Substantive non-consolidation with QIH or QPF; dated 2022-10-05; never finalized
4.11	Legal Opinions	Underwriter's Counsel Opinion (10b-5 Negative Assurance)	Calloway & Brandt LLP (Harrison Collier)	Not Started	At Closing	To be delivered by Calloway & Brandt; never started
4.12	Legal Opinions	Trustee's Counsel Opinion (Trustee Authorization)	Ashfield & Greer LLP (Vivian Sato)	Not Started	At Closing	To be delivered by Ashfield & Greer; never started

V. UCC FILINGS & PERFECTION

5.1	UCC Filings	UCC-1 Financing Statement — QPF (Debtor) / QRH (Secured Party)	Calderwood & Harkness LLP	Draft	At Closing	To be filed with Delaware Secretary of State; insurance premium finance receivables; never filed
5.2	UCC Filings	UCC-1 Financing Statement — QRH (Debtor) / QRF 2022-1 (Secured Party)	Calderwood & Harkness LLP	Draft	At Closing	To be filed with Delaware Secretary of State; never filed
5.3	UCC Filings	UCC-1 Financing Statement — QRF 2022-1 (Debtor) / Calvoneth Trust (Secured Party)	Calderwood & Harkness LLP	Draft	At Closing	To be filed with Delaware Secretary of State; never filed
5.4	UCC Filings	UCC Lien Search Results — QPF	Calderwood & Harkness LLP	Pending	At Closing	Delaware and all jurisdictions where QPF maintains offices
5.5	UCC Filings	UCC Lien Search Results — QRH	Calderwood & Harkness LLP	Pending	At Closing	Delaware
5.6	UCC Filings	UCC Lien Search Results — QRF 2022-1	Calderwood & Harkness LLP	Pending	At Closing	Delaware

VI. RATING AGENCY DELIVERABLES

6.1	Rating Agency	Brindoval Ratings — Preliminary Rating Letter (Class A: AAA(cr), Class B: A(cr), Class C: BBB(cr))	Brindoval Ratings Inc. (Andrew Petrosian)	Received	Final	2022-08-22	2022-08-22	Brindoval Engagement No. CR-SF-2022-08812
6.2	Rating Agency	Pinnacle Rating Services — Preliminary Rating Letter (Class A: Aaa(p), Class B: A1(p), Class C: Baa2(p))	Pinnacle Rating Services LLC (Monica Sung)	Received	Final	2022-08-29	2022-08-29	Pinnacle Engagement No. PRS-2022-ABS-3347
6.3	Rating Agency	Brindoval Ratings — Final Rating Letter	Brindoval Ratings Inc.	Pending	At Closing	Conditional on final documentation and pool composition
6.4	Rating Agency	Pinnacle Rating Services — Final Rating Letter	Pinnacle Rating Services LLC	Pending	At Closing	Conditional on final documentation and pool composition
6.5	Rating Agency	Rating Agency Fee Letters — Brindoval and Pinnacle (executed)	QIH / Calderwood & Harkness LLP	Brindoval / Pinnacle	Pending	At Closing	Combined accrued fees ~$420,000

VII. OFFICER'S AND CLOSING CERTIFICATES

7.1	Certificates	Closing Certificate — QIH / QPF	QIH (Marcus Devereaux or Priya Raghavan)	Nolan Whitford	Draft	v1	At Closing	Certifying reps & warranties, no MAC, no default, compliance with closing conditions
7.2	Certificates	Officer's Certificate — QRF 2022-1	QRF 2022-1 (via Sandra Ling-Hwang)	Draft	v1	At Closing	Certifying issuer representations, due authorization
7.3	Certificates	Closing Certificate — Calvoneth Trust Company, N.A.	Calvoneth Trust (Gerald K. Fontaine)	Draft	v1	At Closing	Certifying trustee acceptance, receipt of required documents, readiness to perform
7.4	Certificates	Servicer Compliance Certificate — QPF	QPF (Sandra Ling-Hwang)	Not Started	At Closing	Certifying servicing capabilities and compliance
7.5	Certificates	Solvency Certificate — QIH	QIH (Priya Raghavan, CFO)	Not Started	At Closing
7.6	Certificates	Bring-Down Certificate — QIH / QPF	QIH	Not Started	At Closing	Bring-down of representations to closing date

VIII. AUDITOR & VERIFICATION AGENT DELIVERABLES

8.1	Auditor / Verification	Comfort Letter — Meridian Ledger LLP	Meridian Ledger LLP (Robert Falcone)	Not Started	At Closing	Addressed to Ridgeline Capital Markets; financial data in OM
8.2	Auditor / Verification	Agreed-Upon Procedures Letter — Meridian Ledger LLP	Meridian Ledger LLP (Robert Falcone)	Not Started	At Closing	Receivables pool data verification procedures
8.3	Auditor / Verification	Bring-Down Comfort Letter — Meridian Ledger LLP	Meridian Ledger LLP	Not Started	At Closing	Bring-down to closing date
8.4	Auditor / Verification	Third-Party Verification Report — Veristead Analytics LLC	Veristead Analytics LLC (Katharine Drummond)	Pending	At Closing	Stratification and tape reconciliation of receivables pool; initial pool $612M, ~82,400 loans

IX. RECEIVABLES POOL DELIVERABLES

9.1	Pool / Collateral	Final Receivables Pool Schedule (as of Cut-Off Date June 30, 2022)	QPF / Veristead Analytics LLC	Calderwood & Harkness LLP	Draft	At Closing	Initial pool balance: $612,000,000; ~82,400 loans; avg balance ~$7,427; WA APR 7.85%; WA orig term 9.2 mo; WA remaining term 5.7 mo
9.2	Pool / Collateral	Pool Stratification Tables — By State	QPF / Veristead	Calderwood & Harkness LLP	Draft	At Closing	Top 3: TX 14.2%, CA 11.8%, FL 9.6% (aggregate 35.6%); single state limit ≤ 20%
9.3	Pool / Collateral	Pool Stratification Tables — By Insurance Carrier	QPF / Veristead	Calderwood & Harkness LLP	Draft	At Closing	Single carrier limit ≤ 15% of pool
9.4	Pool / Collateral	Pool Stratification Tables — By Remaining Term, APR Band, Loan Balance, Delinquency	QPF / Veristead	Calderwood & Harkness LLP	Draft	At Closing	60+ day delinquency: 0.87% at cut-off
9.5	Pool / Collateral	Obligor Concentration Report	QPF / Veristead	Calderwood & Harkness LLP	Draft	At Closing	Largest single obligor: 0.38% ($2,325,600); top 10: 2.14% ($13,096,800); limit ≤ 0.75%
9.6	Pool / Collateral	Historical Loss and Delinquency Data (2019-2021)	QPF	Calderwood & Harkness LLP	Draft	At Closing	3-year avg net loss rate: 0.42%
9.7	Pool / Collateral	Eligible Receivables Compliance Certificate	QPF (Sandra Ling-Hwang)	Not Started	At Closing	Criteria: USD-denominated, secured by unearned premium refund rights, orig term ≤ 12 mo, U.S. commercial policyholder, not in default (no 60+ day past due), usury/licensing compliant

X. ACCOUNTS & BANKING

10.1	Accounts	Evidence of Establishment of Collection Account at Calvoneth Trust	Calvoneth Trust (Gerald K. Fontaine)	Calderwood & Harkness LLP	Pending	At Closing
10.2	Accounts	Evidence of Establishment of Payment Account at Calvoneth Trust	Calvoneth Trust	Pending	At Closing
10.3	Accounts	Evidence of Establishment of Reserve Account at Calvoneth Trust	Calvoneth Trust	Pending	At Closing
10.4	Accounts	Evidence of Establishment of Liquidity Reserve Account at Calvoneth Trust	Calvoneth Trust	Pending	At Closing
10.5	Accounts	Wire Transfer Instructions — All Parties	Calderwood & Harkness LLP	All parties	Pending	At Closing

XI. NOTES & GLOBAL CERTIFICATES

11.1	Notes	Global Note — Class A Notes ($375,000,000)	Calderwood & Harkness LLP	Calvoneth Trust	Not Started	At Closing	CUSIP: 74892TAA3 (placeholder; not finalized)
11.2	Notes	Global Note — Class B Notes ($75,000,000)	Calderwood & Harkness LLP	Calvoneth Trust	Not Started	At Closing	CUSIP: 74892TAB1 (placeholder; not finalized)
11.3	Notes	Global Note — Class C Notes ($35,000,000)	Calderwood & Harkness LLP	Calvoneth Trust	Not Started	At Closing	CUSIP: 74892TAC9 (placeholder; not finalized)
11.4	Notes	DTC Eligibility Letter / CUSIP Confirmation	Ridgeline Capital Markets LLC	Not Started	At Closing	Preliminary CUSIPs assigned; final confirmation pending

XII. TAX DELIVERABLES

12.1	Tax	IRS Form W-9 — QRF 2022-1 (EIN: 88-1247653)	QRF 2022-1 / QIH	Not Started	At Closing
12.2	Tax	IRS Form W-9 — QRH (EIN: 88-1247619)	QRH / QIH	Not Started	At Closing
12.3	Tax	IRS Form W-9 — QPF (EIN: 84-2653198)	QPF / QIH	Not Started	At Closing
12.4	Tax	IRS Form W-9 — QIH (EIN: 82-4391067)	QIH	Not Started	At Closing
12.5	Tax	FATCA Compliance Documentation	Calderwood & Harkness LLP (Sylvia Hartwell)	Pending	At Closing	W-8 documentation requirements for non-U.S. holders

XIII. REGULATORY & COMPLIANCE

13.1	Regulatory	Risk Retention Compliance Confirmation (Dodd-Frank Section 941)	Calderwood & Harkness LLP / QIH	Draft	At Closing	QIH to retain 5% horizontal interest via $15M OC / retained interest
13.2	Regulatory	Volcker Rule Compliance Memorandum	Calderwood & Harkness LLP	Draft	v1	2022-07-22	2022-07-22	Loan securitization exclusion; covered fund analysis
13.3	Regulatory	Blue Sky / State Securities Filing Survey	Calloway & Brandt LLP	Not Started	At Closing	Rule 144A / Reg S — limited state filings expected
13.4	Regulatory	QPF Premium Finance Licensing Confirmation (All 50 States)	QIH / Nolan Whitford	Calderwood & Harkness LLP	Draft	At Closing	Per state licensing survey memo dated 2022-08-10

XIV. THIRD-PARTY AGREEMENTS & CONSENTS

14.1	Third Party	Calvoneth Trust — Trustee Fee Letter (executed)	Calvoneth Trust / Ashfield & Greer LLP	Calderwood & Harkness LLP	Pending	At Closing	$35,000/yr + $5,000/payment date for distribution calculations
14.2	Third Party	Northvane Bank — Back-Up Servicer Fee Letter (executed)	Northvane Bank (Diane Coletti)	Calderwood & Harkness LLP	Pending	At Closing	$50,000/yr ($12,500/quarter)
14.3	Third Party	Northvane Bank — Liquidity Facility Commitment Letter	Northvane Bank (Diane Coletti)	Pending	At Closing	$25M commitment
14.4	Third Party	Fortbridge — Fee Agreement (Independent Managers)	Fortbridge Corporate Services LLC	Pending	At Closing	Covers both Timothy R. Callan (QRF 2022-1) and Eleanor M. Vasquez (QRH)
14.5	Third Party	Ridgeline Capital Markets — Placement Agent Fee Agreement	Ridgeline (Julian Weatherstone)	Calderwood & Harkness LLP	Pending	At Closing	0.30% Class A, 0.45% Class B, 0.60% Class C; total $1,672,500

XV. INSURANCE

15.1	Insurance	Evidence of QPF Errors & Omissions Insurance	QIH / QPF	Pending	At Closing
15.2	Insurance	Evidence of QPF Fidelity Bond / Crime Insurance	QIH / QPF	Pending	At Closing

XVI. MISCELLANEOUS CLOSING DELIVERABLES

16.1	Miscellaneous	Closing Funds Flow Memorandum	Calderwood & Harkness LLP	Ridgeline	Not Started	At Closing	Detailing flow of proceeds and fee payments
16.2	Miscellaneous	Executed Closing Transcript / Signature Pages	Calderwood & Harkness LLP	All Parties	Not Started	At Closing
16.3	Miscellaneous	Post-Closing Document Delivery Agreement	Calderwood & Harkness LLP	Not Started	At Closing	Covers any documents to be delivered within specified period after closing
16.4	Miscellaneous	Process Agent Appointment Letters (if applicable)	Calderwood & Harkness LLP	Not Started	At Closing	For any non-U.S. parties
16.5	Miscellaneous	Investor Representation Letters (Rule 144A / Reg S)	Ridgeline Capital Markets LLC	Calloway & Brandt LLP	Not Started	At Closing	To be collected from each investor

[sheet: Status Summary]

Category	Total Items	Filed / Received / Final	Execution Draft	Draft	Pending	Not Started	% Complete
I. Corporate & Formation Documents	14	2	4	2	6	0	14.3%
II. Core Transaction Documents	12	0	10	1	0	1	0.0%
III. Offering Memorandum & Disclosure	4	0	0	3	0	1	0.0%
IV. Legal Opinions	12	0	0	10	0	2	0.0%
V. UCC Filings & Perfection	6	0	0	3	3	0	0.0%
VI. Rating Agency Deliverables	5	2	0	0	3	0	40.0%
VII. Officer's & Closing Certificates	6	0	0	3	0	3	0.0%
VIII. Auditor & Verification Agent Deliverables	4	0	0	0	1	3	0.0%
IX. Receivables Pool Deliverables	7	0	0	6	0	1	0.0%
X. Accounts & Banking	5	0	0	0	5	0	0.0%
XI. Notes & Global Certificates	4	0	0	0	0	4	0.0%
XII. Tax Deliverables	5	0	0	0	1	4	0.0%
XIII. Regulatory & Compliance	4	0	0	3	0	1	0.0%
XIV. Third-Party Agreements & Consents	5	0	0	0	5	0	0.0%
XV. Insurance	2	0	0	0	2	0	0.0%
XVI. Miscellaneous Closing Deliverables	5	0	0	0	0	5	0.0%
TOTAL	100	4	14	31	26	25	4.0%

[sheet: Key Contacts]

Role	Organization	Key Contact	Title	Address	Email	Phone
Sponsor / Parent — CEO	Quorum Insurance Holdings Corp.	Marcus Devereaux	Chief Executive Officer	400 Atlantic Street, Suite 2200, Stamford, CT 06901	[placeholder]	[placeholder]
Sponsor / Parent — CFO	Quorum Insurance Holdings Corp.	Priya Raghavan	Chief Financial Officer	400 Atlantic Street, Suite 2200, Stamford, CT 06901	[placeholder]	[placeholder]
Sponsor / Parent — GC	Quorum Insurance Holdings Corp.	Nolan Whitford	General Counsel	400 Atlantic Street, Suite 2200, Stamford, CT 06901	[placeholder]	[placeholder]
Originator / Servicer — Treasurer	QIH / Quorum Premium Finance LLC	Sandra Ling-Hwang	Treasurer (QIH) / Manager (QPF)	400 Atlantic Street, Suite 2200, Stamford, CT 06901	[placeholder]	[placeholder]
Issuer's Counsel — Responsible Partner	Calderwood & Harkness LLP	Douglas Carmichael	Partner	601 Lexington Avenue, New York, NY 10022	[placeholder]	[placeholder]
Issuer's Counsel — Billing Partner	Calderwood & Harkness LLP	Francesca Morano	Partner	601 Lexington Avenue, New York, NY 10022	[placeholder]	[placeholder]
Issuer's Counsel — Lead Associate	Calderwood & Harkness LLP	Yuki Nakamura	Associate	601 Lexington Avenue, New York, NY 10022	[placeholder]	[placeholder]
Issuer's Counsel — Working Associate	Calderwood & Harkness LLP	Carlos Espinoza	Associate	601 Lexington Avenue, New York, NY 10022	[placeholder]	[placeholder]
Issuer's Counsel — Tax Specialist	Calderwood & Harkness LLP	Sylvia Hartwell	Partner (Tax)	601 Lexington Avenue, New York, NY 10022	[placeholder]	[placeholder]
Structuring Agent / Bookrunner	Ridgeline Capital Markets LLC	Julian Weatherstone	Head of ABS Origination	383 Madison Avenue, 14th Floor, New York, NY 10179	[placeholder]	[placeholder]
Structuring Agent / Bookrunner	Ridgeline Capital Markets LLC	Rebecca Tran	Managing Director	383 Madison Avenue, 14th Floor, New York, NY 10179	[placeholder]	[placeholder]
Underwriter's Counsel	Calloway & Brandt LLP	Harrison Collier	Partner	One Liberty Plaza, 165 Broadway, New York, NY 10006	[placeholder]	[placeholder]
Underwriter's Counsel	Calloway & Brandt LLP	Megan O'Shaughnessy	Senior Associate	One Liberty Plaza, 165 Broadway, New York, NY 10006	[placeholder]	[placeholder]
Indenture Trustee	Calvoneth Trust Company, N.A.	Gerald K. Fontaine	Senior Trust Officer	600 Travis Street, Suite 5800, Houston, TX 77002	[placeholder]	[placeholder]
Trustee's Counsel	Ashfield & Greer LLP	Vivian Sato	Partner	One Chase Manhattan Plaza, New York, NY 10005	[placeholder]	[placeholder]
Back-Up Servicer / Liquidity Provider	Northvane Bank, N.A.	Diane Coletti	Managing Director	200 Vesey Street, New York, NY 10281	[placeholder]	[placeholder]
Independent Manager (QRF 2022-1)	Fortbridge Corporate Services LLC	Timothy R. Callan	Independent Manager	1209 Orange Street, Wilmington, DE 19801	[placeholder]	[placeholder]
Independent Manager (QRH)	Fortbridge Corporate Services LLC	Eleanor M. Vasquez	Independent Manager	1209 Orange Street, Wilmington, DE 19801	[placeholder]	[placeholder]
Rating Agency #1	Brindoval Ratings Inc.	Andrew Petrosian	Lead Analyst	55 Water Street, New York, NY 10041	[placeholder]	[placeholder]
Rating Agency #2	Pinnacle Rating Services LLC	Monica Sung	Lead Analyst	7 World Trade Center, New York, NY 10007	[placeholder]	[placeholder]
Auditor	Meridian Ledger LLP	Robert Falcone	Engagement Partner	1301 Avenue of the Americas, New York, NY 10019	[placeholder]	[placeholder]
Verification Agent	Veristead Analytics LLC	Katharine Drummond	Managing Director	100 Summer Street, Suite 1500, Boston, MA 02110	[placeholder]	[placeholder]
Registered Agent	Ashgrove Services Inc.	28 Liberty Street, New York, NY 10005	[placeholder]	[placeholder]

[sheet: Timeline]

Date	Event / Milestone	Status	Notes
2022-06-28	Engagement opened; Calderwood & Harkness retained	Complete	C&H Matter No. 1025-00007
2022-06-30	Cut-off date for initial receivables pool	Complete	Pool balance: $612,000,000; ~82,400 loans
2022-07-11	Kick-off call with QIH treasury and Ridgeline	Complete
2022-07-18	Initial term sheet (v1) circulated	Complete
2022-07-22	Volcker Rule compliance memo delivered	Complete	Loan securitization exclusion confirmed
2022-07-25	Structure finalized; SPV formation authorized	Complete
2022-08-03	QRF 2022-1 LLC and QRH LLC formed in Delaware	Complete	DE SOS File Nos. 7894231 and 7894228
2022-08-08	Rating agency presentations to Brindoval and Pinnacle	Complete
2022-08-22	Brindoval preliminary ratings issued	Complete	AAA(cr) / A(cr) / BBB(cr)
2022-08-29	Pinnacle preliminary ratings issued	Complete	Aaa(p) / A1(p) / Baa2(p)
2022-09-06	First draft of core transaction documents circulated	Complete	Indenture, Sale Agmt, Transfer Agmt, Servicing Agmt
2022-09-14	First draft of Offering Memorandum circulated	Complete
2022-09-28	Second-round comments; rating agency Q&A	Complete
2022-10-12	Near-final documentation package circulated	Complete	Execution drafts: Indenture v4, Sale/Transfer v3, Servicing v3, NPA v3, all ancillary
2022-10-24	Investor roadshow commences (virtual)	Complete
2022-11-02	Roadshow concludes; indicative pricing received	Complete	Class A: SOFR+168, Class B: SOFR+285, Class C: SOFR+450; WAC ~200.25 bps vs. 175 bps hurdle
2022-11-07	Spread-widening analysis memo	Complete	Hurdle exceeded by 25.25 bps
2022-11-14	Decision to shelve; marketing suspended	Complete	QIH Board decision; Ridgeline notified
2022-11-18	Transaction placed in dormant status	Complete	Total sunk costs: ~$2,555,000
2022-12-15	Interim billing; matter coded dormant	Complete	Accrued C&H fees: ~$1,950,000
TBD	Transaction relaunch (subject to improved market conditions)	Pending	All documentation preserved for potential reactivation

[sheet: Cover]
Field | Value
Transaction | Quorum Receivables Funding 2022-1 LLC — $500,000,000 Insurance Premium Finance ABS Notes
Issuer | Quorum Receivables Funding 2022-1 LLC
Sponsor / Parent | Quorum Insurance Holdings Corp.
Originator / Seller / Servicer | Quorum Premium Finance LLC
Depositor | Quorum Receivables Holding LLC
Structuring Agent / Lead Bookrunner | Ridgeline Capital Markets LLC
Indenture Trustee / Paying Agent | Calvoneth Trust Company, N.A.
Back-Up Servicer / Liquidity Provider | Northvane Bank, N.A.
Issuer's Counsel | Calderwood & Harkness LLP
Underwriter's Counsel | Calloway & Brandt LLP
Trustee's Counsel | Ashfield & Greer LLP
Auditor | Meridian Ledger LLP
Verification Agent | Veristead Analytics LLC
Independent Manager Provider | Fortbridge Corporate Services LLC
Rating Agencies | Brindoval Ratings Inc. / Pinnacle Rating Services LLC
Offering Type | Rule 144A / Regulation S Private Placement
Governing Law | New York
C&H Matter Number | 1025-00007
Ridgeline Deal ID | RCM-IPF-2022-0041
Checklist Version | v4
Checklist Date | October 12, 2022
Prepared By | Yuki Nakamura, Calderwood & Harkness LLP
Reviewed By | Douglas Carmichael, Calderwood & Harkness LLP
Approved By | Francesca Morano, Calderwood & Harkness LLP
Status | INCOMPLETE — Transaction shelved November 14, 2022; all items remain in draft or pending status
[sheet: Capital Structure Summary]
Tranche | Preliminary CUSIP | Par Amount | % of Total | Brindoval Rating | Pinnacle Rating | Credit Enhancement | Coupon Guidance at Launch | Indicative Pricing Nov 2
Class A Notes | 74892TAA3 (placeholder) | $375,000,000 | 75.0% | AAA(cr) | Aaa(p) | 25.0% | SOFR + 125 bps | SOFR + 168 bps
Class B Notes | 74892TAB1 (placeholder) | $75,000,000 | 15.0% | A(cr) | A1(p) | 10.0% | SOFR + 210 bps | SOFR + 285 bps
Class C Notes | 74892TAC9 (placeholder) | $35,000,000 | 7.0% | BBB(cr) | Baa2(p) | 3.0% | SOFR + 375 bps | SOFR + 450 bps
Overcollateralization / Retained Interest | N/A | $15,000,000 | 3.0% | Unrated | Unrated | N/A | N/A | N/A
TOTAL | $500,000,000 | 100.0%
[sheet: Checklist]
Item No. | Category | Document / Deliverable Description | Responsible Party | Secondary Party | Draft / Execution Status | Current Version | Target Date | Actual Date | Notes / Comments
I. CORPORATE & FORMATION DOCUMENTS
1.1 | Corporate / Formation | Certificate of Formation — Quorum Receivables Funding 2022-1 LLC (DE SOS File No. 7894231) | Calderwood & Harkness LLP | QIH | Filed | Final | 2022-08-03 | 2022-08-03 | Filed with Delaware Secretary of State; registered agent: Ashgrove Services Inc.
1.2 | Corporate / Formation | Limited Liability Company Agreement — QRF 2022-1 LLC | Calderwood & Harkness LLP | QIH / Fortbridge | Execution Draft | v2 | At Closing | Sole member: Quorum Receivables Holding LLC; independent manager: Timothy R. Callan (Fortbridge)
1.3 | Corporate / Formation | Certificate of Formation — Quorum Receivables Holding LLC (DE SOS File No. 7894228) | Calderwood & Harkness LLP | QIH | Filed | Final | 2022-08-03 | 2022-08-03 | Filed with Delaware Secretary of State; registered agent: Ashgrove Services Inc.
1.4 | Corporate / Formation | Limited Liability Company Agreement — QRH LLC | Calderwood & Harkness LLP | QIH / Fortbridge | Execution Draft | v2 | At Closing | Sole member: Quorum Premium Finance LLC; independent manager: Eleanor M. Vasquez (Fortbridge)
1.5 | Corporate / Formation | Independent Manager Agreement — QRF 2022-1 (Fortbridge / Timothy R. Callan) | Calderwood & Harkness LLP | Fortbridge | Execution Draft | v1 | At Closing
1.6 | Corporate / Formation | Independent Manager Agreement — QRH (Fortbridge / Eleanor M. Vasquez) | Calderwood & Harkness LLP | Fortbridge | Execution Draft | v1 | At Closing
1.7 | Corporate / Formation | Certificate of Good Standing — QRF 2022-1 LLC (Delaware Secretary of State) | Calderwood & Harkness LLP | Pending | At Closing | To be obtained within 5 business days of closing
1.8 | Corporate / Formation | Certificate of Good Standing — QRH LLC (Delaware Secretary of State) | Calderwood & Harkness LLP | Pending | At Closing | To be obtained within 5 business days of closing
1.9 | Corporate / Formation | Certificate of Good Standing — Quorum Premium Finance LLC (Delaware Secretary of State) | QIH / Nolan Whitford | Pending | At Closing
1.10 | Corporate / Formation | Certificate of Good Standing — Quorum Insurance Holdings Corp. (Delaware Secretary of State) | QIH / Nolan Whitford | Pending | At Closing | EIN: 82-4391067
1.11 | Corporate / Formation | Secretary's Certificate — QIH Board Resolutions Authorizing Transaction | QIH / Nolan Whitford | Draft | v1 | At Closing | Board resolutions authorizing $500M issuance, SPV formation, execution of transaction documents; authorized signatories: Marcus Devereaux, Priya Raghavan, Nolan Whitford
1.12 | Corporate / Formation | Manager's Certificate — QPF Authorizing Resolutions | QIH / Sandra Ling-Hwang | Draft | v1 | At Closing | Sandra Ling-Hwang as Manager of QPF
1.13 | Corporate / Formation | Incumbency Certificate — QIH | QIH / Nolan Whitford | Pending | At Closing
1.14 | Corporate / Formation | Incumbency Certificate — QPF | QIH / Sandra Ling-Hwang | Pending | At Closing
II. CORE TRANSACTION DOCUMENTS
2.1 | Transaction Documents | Indenture — QRF 2022-1 (Issuer) and Calvoneth Trust Company, N.A. (Trustee) | Calderwood & Harkness LLP / Ashfield & Greer LLP | Calloway & Brandt LLP | Execution Draft | v4 | At Closing | Governs Class A ($375M), Class B ($75M), Class C ($35M) Notes; sequential payment waterfall; NY governing law
2.2 | Transaction Documents | Receivables Sale Agreement — QPF (Seller) to QRH (Purchaser) | Calderwood & Harkness LLP | Calloway & Brandt LLP | Execution Draft | v3 | At Closing | True sale of insurance premium finance receivables; eligible receivables criteria
2.3 | Transaction Documents | Receivables Transfer Agreement — QRH (Transferor) to QRF 2022-1 (Transferee) | Calderwood & Harkness LLP | Calloway & Brandt LLP | Execution Draft | v3 | At Closing | Transfer of receivables with back-up security interest grant
2.4 | Transaction Documents | Servicing Agreement — QRF 2022-1, QPF (Servicer), Calvoneth Trust (Trustee) | Calderwood & Harkness LLP | Calloway & Brandt LLP | Execution Draft | v3 | At Closing | Servicing fee: 1.00% p.a. on outstanding pool balance; servicer default provisions
2.5 | Transaction Documents | Back-Up Servicing Agreement — QRF 2022-1, QPF, Northvane Bank, N.A., Calvoneth Trust | Calderwood & Harkness LLP | Northvane / Calloway & Brandt LLP | Execution Draft | v2 | At Closing | Back-up servicer fee: $50,000/yr ($12,500/quarter); warm standby obligations
2.6 | Transaction Documents | Administration Agreement — QRF 2022-1 (Issuer), QIH (Administrator) | Calderwood & Harkness LLP | Execution Draft | v2 | At Closing | QIH as administrator of QRF 2022-1
2.7 | Transaction Documents | Note Purchase Agreement — QRF 2022-1, QIH, Ridgeline Capital Markets LLC | Calderwood & Harkness LLP | Calloway & Brandt LLP | Execution Draft | v3 | At Closing | Placement fees: 0.30% Class A ($1,125,000), 0.45% Class B ($337,500), 0.60% Class C ($210,000); total $1,672,500; Rule 144A / Reg S
2.8 | Transaction Documents | Liquidity Facility Agreement — QRF 2022-1, Northvane Bank, N.A. | Calderwood & Harkness LLP | Northvane | Execution Draft | v2 | At Closing | $25,000,000 facility; commitment fee 0.25% p.a. ($62,500/yr undrawn); drawn rate SOFR + 150 bps
2.9 | Transaction Documents | Account Control Agreement — QRF 2022-1, Calvoneth Trust (Securities Intermediary) | Calderwood & Harkness LLP | Ashfield & Greer LLP | Execution Draft | v2 | At Closing | Collection, payment, reserve, and liquidity reserve accounts
2.10 | Transaction Documents | Custodian Agreement — QRF 2022-1, Calvoneth Trust (Custodian) | Calderwood & Harkness LLP | Ashfield & Greer LLP | Draft | v1 | At Closing | Custody of receivable files
2.11 | Transaction Documents | Grant of Security Interest (Pledge Agreement) — QRF 2022-1 to Calvoneth Trust | Calderwood & Harkness LLP | Ashfield & Greer LLP | Execution Draft | v2 | At Closing | First-priority security interest in all receivables, collections, accounts, and collateral
2.12 | Transaction Documents | Performance Guaranty — QIH in favor of Calvoneth Trust | Calderwood & Harkness LLP | QIH / Ashfield & Greer LLP | Execution Draft | v1 | At Closing | QIH guaranty of certain QPF servicing and seller obligations
III. OFFERING MEMORANDUM & DISCLOSURE
3.1 | Offering / Disclosure | Preliminary Offering Memorandum — QRF 2022-1 Notes | Calderwood & Harkness LLP | Ridgeline / Calloway & Brandt LLP | Draft | v3 | At Closing | Dated 2022-10-12; pool balance $612M, ~82,400 loans; WA APR 7.85%
3.2 | Offering / Disclosure | Final Offering Memorandum — QRF 2022-1 Notes | Calderwood & Harkness LLP | Ridgeline / Calloway & Brandt LLP | Not Started | At Closing | To be finalized with final pricing; pending
3.3 | Offering / Disclosure | Offering Memorandum — Issuer Supplement (Pool Stratification Tables) | Calderwood & Harkness LLP / Veristead Analytics LLC | QPF | Draft | v1 | At Closing | Stratification by state, carrier, remaining term, APR band, loan balance, delinquency
3.4 | Offering / Disclosure | Investor Presentation Deck | Ridgeline Capital Markets LLC | Calderwood & Harkness LLP | Draft | v2 | 2022-10-20 | 2022-10-20 | Used for virtual roadshow commencing 2022-10-24
IV. LEGAL OPINIONS
4.1 | Legal Opinions | Opinion — True Sale (QPF to QRH Transfer) | Calderwood & Harkness LLP (Sylvia Hartwell) | Draft | v1 | At Closing | True sale under New York law; dated 2022-10-08; never finalized
4.2 | Legal Opinions | Opinion — True Sale (QRH to QRF 2022-1 Transfer) | Calderwood & Harkness LLP | Draft | v1 | At Closing | Dated 2022-10-08; never finalized
4.3 | Legal Opinions | Opinion — Enforceability of Indenture and Notes | Calderwood & Harkness LLP | Draft | v1 | At Closing | Due authorization, execution, delivery, enforceability under NY law; never finalized
4.4 | Legal Opinions | Opinion — Security Interest Perfection (UCC Article 9) | Calderwood & Harkness LLP | Draft | v1 | At Closing | First-priority perfected security interests upon UCC-1 filing; never finalized
4.5 | Legal Opinions | Opinion — Tax Characterization (Debt Treatment of Notes) | Calderwood & Harkness LLP (Sylvia Hartwell) | Draft | v1 | At Closing | Notes treated as debt for U.S. federal income tax; QRF 2022-1 as disregarded entity; dated 2022-10-10; never finalized
4.6 | Legal Opinions | Opinion — No Registration Required (Rule 144A / Reg S) | Calderwood & Harkness LLP | Draft | v1 | At Closing | Exemption from Securities Act registration; never finalized
4.7 | Legal Opinions | Opinion — Delaware LLC Valid Formation and Authorization (QRF 2022-1) | Calderwood & Harkness LLP | Draft | v1 | At Closing | Valid formation, good standing, due authorization; never finalized
4.8 | Legal Opinions | Opinion — Delaware LLC Valid Formation and Authorization (QRH) | Calderwood & Harkness LLP | Draft | v1 | At Closing | Valid formation, good standing, due authorization; never finalized
4.9 | Legal Opinions | Non-Consolidation Opinion — QRF 2022-1 | Calderwood & Harkness LLP | Draft | v1 | At Closing | Substantive non-consolidation with QIH, QPF, or QRH; dated 2022-10-05; never finalized
4.10 | Legal Opinions | Non-Consolidation Opinion — QRH | Calderwood & Harkness LLP | Draft | v1 | At Closing | Substantive non-consolidation with QIH or QPF; dated 2022-10-05; never finalized
4.11 | Legal Opinions | Underwriter's Counsel Opinion (10b-5 Negative Assurance) | Calloway & Brandt LLP (Harrison Collier) | Not Started | At Closing | To be delivered by Calloway & Brandt; never started
4.12 | Legal Opinions | Trustee's Counsel Opinion (Trustee Authorization) | Ashfield & Greer LLP (Vivian Sato) | Not Started | At Closing | To be delivered by Ashfield & Greer; never started
V. UCC FILINGS & PERFECTION
5.1 | UCC Filings | UCC-1 Financing Statement — QPF (Debtor) / QRH (Secured Party) | Calderwood & Harkness LLP | Draft | At Closing | To be filed with Delaware Secretary of State; insurance premium finance receivables; never filed
5.2 | UCC Filings | UCC-1 Financing Statement — QRH (Debtor) / QRF 2022-1 (Secured Party) | Calderwood & Harkness LLP | Draft | At Closing | To be filed with Delaware Secretary of State; never filed
5.3 | UCC Filings | UCC-1 Financing Statement — QRF 2022-1 (Debtor) / Calvoneth Trust (Secured Party) | Calderwood & Harkness LLP | Draft | At Closing | To be filed with Delaware Secretary of State; never filed
5.4 | UCC Filings | UCC Lien Search Results — QPF | Calderwood & Harkness LLP | Pending | At Closing | Delaware and all jurisdictions where QPF maintains offices
5.5 | UCC Filings | UCC Lien Search Results — QRH | Calderwood & Harkness LLP | Pending | At Closing | Delaware
5.6 | UCC Filings | UCC Lien Search Results — QRF 2022-1 | Calderwood & Harkness LLP | Pending | At Closing | Delaware
VI. RATING AGENCY DELIVERABLES
6.1 | Rating Agency | Brindoval Ratings — Preliminary Rating Letter (Class A: AAA(cr), Class B: A(cr), Class C: BBB(cr)) | Brindoval Ratings Inc. (Andrew Petrosian) | Received | Final | 2022-08-22 | 2022-08-22 | Brindoval Engagement No. CR-SF-2022-08812
6.2 | Rating Agency | Pinnacle Rating Services — Preliminary Rating Letter (Class A: Aaa(p), Class B: A1(p), Class C: Baa2(p)) | Pinnacle Rating Services LLC (Monica Sung) | Received | Final | 2022-08-29 | 2022-08-29 | Pinnacle Engagement No. PRS-2022-ABS-3347
6.3 | Rating Agency | Brindoval Ratings — Final Rating Letter | Brindoval Ratings Inc. | Pending | At Closing | Conditional on final documentation and pool composition
6.4 | Rating Agency | Pinnacle Rating Services — Final Rating Letter | Pinnacle Rating Services LLC | Pending | At Closing | Conditional on final documentation and pool composition
6.5 | Rating Agency | Rating Agency Fee Letters — Brindoval and Pinnacle (executed) | QIH / Calderwood & Harkness LLP | Brindoval / Pinnacle | Pending | At Closing | Combined accrued fees ~$420,000
VII. OFFICER'S AND CLOSING CERTIFICATES
7.1 | Certificates | Closing Certificate — QIH / QPF | QIH (Marcus Devereaux or Priya Raghavan) | Nolan Whitford | Draft | v1 | At Closing | Certifying reps & warranties, no MAC, no default, compliance with closing conditions
7.2 | Certificates | Officer's Certificate — QRF 2022-1 | QRF 2022-1 (via Sandra Ling-Hwang) | Draft | v1 | At Closing | Certifying issuer representations, due authorization
7.3 | Certificates | Closing Certificate — Calvoneth Trust Company, N.A. | Calvoneth Trust (Gerald K. Fontaine) | Draft | v1 | At Closing | Certifying trustee acceptance, receipt of required documents, readiness to perform
7.4 | Certificates | Servicer Compliance Certificate — QPF | QPF (Sandra Ling-Hwang) | Not Started | At Closing | Certifying servicing capabilities and compliance
7.5 | Certificates | Solvency Certificate — QIH | QIH (Priya Raghavan, CFO) | Not Started | At Closing
7.6 | Certificates | Bring-Down Certificate — QIH / QPF | QIH | Not Started | At Closing | Bring-down of representations to closing date
VIII. AUDITOR & VERIFICATION AGENT DELIVERABLES
8.1 | Auditor / Verification | Comfort Letter — Meridian Ledger LLP | Meridian Ledger LLP (Robert Falcone) | Not Started | At Closing | Addressed to Ridgeline Capital Markets; financial data in OM
8.2 | Auditor / Verification | Agreed-Upon Procedures Letter — Meridian Ledger LLP | Meridian Ledger LLP (Robert Falcone) | Not Started | At Closing | Receivables pool data verification procedures
8.3 | Auditor / Verification | Bring-Down Comfort Letter — Meridian Ledger LLP | Meridian Ledger LLP | Not Started | At Closing | Bring-down to closing date
8.4 | Auditor / Verification | Third-Party Verification Report — Veristead Analytics LLC | Veristead Analytics LLC (Katharine Drummond) | Pending | At Closing | Stratification and tape reconciliation of receivables pool; initial pool $612M, ~82,400 loans
IX. RECEIVABLES POOL DELIVERABLES
9.1 | Pool / Collateral | Final Receivables Pool Schedule (as of Cut-Off Date June 30, 2022) | QPF / Veristead Analytics LLC | Calderwood & Harkness LLP | Draft | At Closing | Initial pool balance: $612,000,000; ~82,400 loans; avg balance ~$7,427; WA APR 7.85%; WA orig term 9.2 mo; WA remaining term 5.7 mo
9.2 | Pool / Collateral | Pool Stratification Tables — By State | QPF / Veristead | Calderwood & Harkness LLP | Draft | At Closing | Top 3: TX 14.2%, CA 11.8%, FL 9.6% (aggregate 35.6%); single state limit ≤ 20%
9.3 | Pool / Collateral | Pool Stratification Tables — By Insurance Carrier | QPF / Veristead | Calderwood & Harkness LLP | Draft | At Closing | Single carrier limit ≤ 15% of pool
9.4 | Pool / Collateral | Pool Stratification Tables — By Remaining Term, APR Band, Loan Balance, Delinquency | QPF / Veristead | Calderwood & Harkness LLP | Draft | At Closing | 60+ day delinquency: 0.87% at cut-off
9.5 | Pool / Collateral | Obligor Concentration Report | QPF / Veristead | Calderwood & Harkness LLP | Draft | At Closing | Largest single obligor: 0.38% ($2,325,600); top 10: 2.14% ($13,096,800); limit ≤ 0.75%
9.6 | Pool / Collateral | Historical Loss and Delinquency Data (2019-2021) | QPF | Calderwood & Harkness LLP | Draft | At Closing | 3-year avg net loss rate: 0.42%
9.7 | Pool / Collateral | Eligible Receivables Compliance Certificate | QPF (Sandra Ling-Hwang) | Not Started | At Closing | Criteria: USD-denominated, secured by unearned premium refund rights, orig term ≤ 12 mo, U.S. commercial policyholder, not in default (no 60+ day past due), usury/licensing compliant
X. ACCOUNTS & BANKING
10.1 | Accounts | Evidence of Establishment of Collection Account at Calvoneth Trust | Calvoneth Trust (Gerald K. Fontaine) | Calderwood & Harkness LLP | Pending | At Closing
10.2 | Accounts | Evidence of Establishment of Payment Account at Calvoneth Trust | Calvoneth Trust | Pending | At Closing
10.3 | Accounts | Evidence of Establishment of Reserve Account at Calvoneth Trust | Calvoneth Trust | Pending | At Closing
10.4 | Accounts | Evidence of Establishment of Liquidity Reserve Account at Calvoneth Trust | Calvoneth Trust | Pending | At Closing
10.5 | Accounts | Wire Transfer Instructions — All Parties | Calderwood & Harkness LLP | All parties | Pending | At Closing
XI. NOTES & GLOBAL CERTIFICATES
11.1 | Notes | Global Note — Class A Notes ($375,000,000) | Calderwood & Harkness LLP | Calvoneth Trust | Not Started | At Closing | CUSIP: 74892TAA3 (placeholder; not finalized)
11.2 | Notes | Global Note — Class B Notes ($75,000,000) | Calderwood & Harkness LLP | Calvoneth Trust | Not Started | At Closing | CUSIP: 74892TAB1 (placeholder; not finalized)
11.3 | Notes | Global Note — Class C Notes ($35,000,000) | Calderwood & Harkness LLP | Calvoneth Trust | Not Started | At Closing | CUSIP: 74892TAC9 (placeholder; not finalized)
11.4 | Notes | DTC Eligibility Letter / CUSIP Confirmation | Ridgeline Capital Markets LLC | Not Started | At Closing | Preliminary CUSIPs assigned; final confirmation pending
XII. TAX DELIVERABLES
12.1 | Tax | IRS Form W-9 — QRF 2022-1 (EIN: 88-1247653) | QRF 2022-1 / QIH | Not Started | At Closing
12.2 | Tax | IRS Form W-9 — QRH (EIN: 88-1247619) | QRH / QIH | Not Started | At Closing
12.3 | Tax | IRS Form W-9 — QPF (EIN: 84-2653198) | QPF / QIH | Not Started | At Closing
12.4 | Tax | IRS Form W-9 — QIH (EIN: 82-4391067) | QIH | Not Started | At Closing
12.5 | Tax | FATCA Compliance Documentation | Calderwood & Harkness LLP (Sylvia Hartwell) | Pending | At Closing | W-8 documentation requirements for non-U.S. holders
XIII. REGULATORY & COMPLIANCE
13.1 | Regulatory | Risk Retention Compliance Confirmation (Dodd-Frank Section 941) | Calderwood & Harkness LLP / QIH | Draft | At Closing | QIH to retain 5% horizontal interest via $15M OC / retained interest
13.2 | Regulatory | Volcker Rule Compliance Memorandum | Calderwood & Harkness LLP | Draft | v1 | 2022-07-22 | 2022-07-22 | Loan securitization exclusion; covered fund analysis
13.3 | Regulatory | Blue Sky / State Securities Filing Survey | Calloway & Brandt LLP | Not Started | At Closing | Rule 144A / Reg S — limited state filings expected
13.4 | Regulatory | QPF Premium Finance Licensing Confirmation (All 50 States) | QIH / Nolan Whitford | Calderwood & Harkness LLP | Draft | At Closing | Per state licensing survey memo dated 2022-08-10
XIV. THIRD-PARTY AGREEMENTS & CONSENTS
14.1 | Third Party | Calvoneth Trust — Trustee Fee Letter (executed) | Calvoneth Trust / Ashfield & Greer LLP | Calderwood & Harkness LLP | Pending | At Closing | $35,000/yr + $5,000/payment date for distribution calculations
14.2 | Third Party | Northvane Bank — Back-Up Servicer Fee Letter (executed) | Northvane Bank (Diane Coletti) | Calderwood & Harkness LLP | Pending | At Closing | $50,000/yr ($12,500/quarter)
14.3 | Third Party | Northvane Bank — Liquidity Facility Commitment Letter | Northvane Bank (Diane Coletti) | Pending | At Closing | $25M commitment
14.4 | Third Party | Fortbridge — Fee Agreement (Independent Managers) | Fortbridge Corporate Services LLC | Pending | At Closing | Covers both Timothy R. Callan (QRF 2022-1) and Eleanor M. Vasquez (QRH)
14.5 | Third Party | Ridgeline Capital Markets — Placement Agent Fee Agreement | Ridgeline (Julian Weatherstone) | Calderwood & Harkness LLP | Pending | At Closing | 0.30% Class A, 0.45% Class B, 0.60% Class C; total $1,672,500
XV. INSURANCE
15.1 | Insurance | Evidence of QPF Errors & Omissions Insurance | QIH / QPF | Pending | At Closing
15.2 | Insurance | Evidence of QPF Fidelity Bond / Crime Insurance | QIH / QPF | Pending | At Closing
XVI. MISCELLANEOUS CLOSING DELIVERABLES
16.1 | Miscellaneous | Closing Funds Flow Memorandum | Calderwood & Harkness LLP | Ridgeline | Not Started | At Closing | Detailing flow of proceeds and fee payments
16.2 | Miscellaneous | Executed Closing Transcript / Signature Pages | Calderwood & Harkness LLP | All Parties | Not Started | At Closing
16.3 | Miscellaneous | Post-Closing Document Delivery Agreement | Calderwood & Harkness LLP | Not Started | At Closing | Covers any documents to be delivered within specified period after closing
16.4 | Miscellaneous | Process Agent Appointment Letters (if applicable) | Calderwood & Harkness LLP | Not Started | At Closing | For any non-U.S. parties
16.5 | Miscellaneous | Investor Representation Letters (Rule 144A / Reg S) | Ridgeline Capital Markets LLC | Calloway & Brandt LLP | Not Started | At Closing | To be collected from each investor
[sheet: Status Summary]
Category | Total Items | Filed / Received / Final | Execution Draft | Draft | Pending | Not Started | % Complete
I. Corporate & Formation Documents | 14 | 2 | 4 | 2 | 6 | 0 | 14.3%
II. Core Transaction Documents | 12 | 0 | 10 | 1 | 0 | 1 | 0.0%
III. Offering Memorandum & Disclosure | 4 | 0 | 0 | 3 | 0 | 1 | 0.0%
IV. Legal Opinions | 12 | 0 | 0 | 10 | 0 | 2 | 0.0%
V. UCC Filings & Perfection | 6 | 0 | 0 | 3 | 3 | 0 | 0.0%
VI. Rating Agency Deliverables | 5 | 2 | 0 | 0 | 3 | 0 | 40.0%
VII. Officer's & Closing Certificates | 6 | 0 | 0 | 3 | 0 | 3 | 0.0%
VIII. Auditor & Verification Agent Deliverables | 4 | 0 | 0 | 0 | 1 | 3 | 0.0%
IX. Receivables Pool Deliverables | 7 | 0 | 0 | 6 | 0 | 1 | 0.0%
X. Accounts & Banking | 5 | 0 | 0 | 0 | 5 | 0 | 0.0%
XI. Notes & Global Certificates | 4 | 0 | 0 | 0 | 0 | 4 | 0.0%
XII. Tax Deliverables | 5 | 0 | 0 | 0 | 1 | 4 | 0.0%
XIII. Regulatory & Compliance | 4 | 0 | 0 | 3 | 0 | 1 | 0.0%
XIV. Third-Party Agreements & Consents | 5 | 0 | 0 | 0 | 5 | 0 | 0.0%
XV. Insurance | 2 | 0 | 0 | 0 | 2 | 0 | 0.0%
XVI. Miscellaneous Closing Deliverables | 5 | 0 | 0 | 0 | 0 | 5 | 0.0%
TOTAL | 100 | 4 | 14 | 31 | 26 | 25 | 4.0%
[sheet: Key Contacts]
Role | Organization | Key Contact | Title | Address | Email | Phone
Sponsor / Parent — CEO | Quorum Insurance Holdings Corp. | Marcus Devereaux | Chief Executive Officer | 400 Atlantic Street, Suite 2200, Stamford, CT 06901 | [placeholder] | [placeholder]
Sponsor / Parent — CFO | Quorum Insurance Holdings Corp. | Priya Raghavan | Chief Financial Officer | 400 Atlantic Street, Suite 2200, Stamford, CT 06901 | [placeholder] | [placeholder]
Sponsor / Parent — GC | Quorum Insurance Holdings Corp. | Nolan Whitford | General Counsel | 400 Atlantic Street, Suite 2200, Stamford, CT 06901 | [placeholder] | [placeholder]
Originator / Servicer — Treasurer | QIH / Quorum Premium Finance LLC | Sandra Ling-Hwang | Treasurer (QIH) / Manager (QPF) | 400 Atlantic Street, Suite 2200, Stamford, CT 06901 | [placeholder] | [placeholder]
Issuer's Counsel — Responsible Partner | Calderwood & Harkness LLP | Douglas Carmichael | Partner | 601 Lexington Avenue, New York, NY 10022 | [placeholder] | [placeholder]
Issuer's Counsel — Billing Partner | Calderwood & Harkness LLP | Francesca Morano | Partner | 601 Lexington Avenue, New York, NY 10022 | [placeholder] | [placeholder]
Issuer's Counsel — Lead Associate | Calderwood & Harkness LLP | Yuki Nakamura | Associate | 601 Lexington Avenue, New York, NY 10022 | [placeholder] | [placeholder]
Issuer's Counsel — Working Associate | Calderwood & Harkness LLP | Carlos Espinoza | Associate | 601 Lexington Avenue, New York, NY 10022 | [placeholder] | [placeholder]
Issuer's Counsel — Tax Specialist | Calderwood & Harkness LLP | Sylvia Hartwell | Partner (Tax) | 601 Lexington Avenue, New York, NY 10022 | [placeholder] | [placeholder]
Structuring Agent / Bookrunner | Ridgeline Capital Markets LLC | Julian Weatherstone | Head of ABS Origination | 383 Madison Avenue, 14th Floor, New York, NY 10179 | [placeholder] | [placeholder]
Structuring Agent / Bookrunner | Ridgeline Capital Markets LLC | Rebecca Tran | Managing Director | 383 Madison Avenue, 14th Floor, New York, NY 10179 | [placeholder] | [placeholder]
Underwriter's Counsel | Calloway & Brandt LLP | Harrison Collier | Partner | One Liberty Plaza, 165 Broadway, New York, NY 10006 | [placeholder] | [placeholder]
Underwriter's Counsel | Calloway & Brandt LLP | Megan O'Shaughnessy | Senior Associate | One Liberty Plaza, 165 Broadway, New York, NY 10006 | [placeholder] | [placeholder]
Indenture Trustee | Calvoneth Trust Company, N.A. | Gerald K. Fontaine | Senior Trust Officer | 600 Travis Street, Suite 5800, Houston, TX 77002 | [placeholder] | [placeholder]
Trustee's Counsel | Ashfield & Greer LLP | Vivian Sato | Partner | One Chase Manhattan Plaza, New York, NY 10005 | [placeholder] | [placeholder]
Back-Up Servicer / Liquidity Provider | Northvane Bank, N.A. | Diane Coletti | Managing Director | 200 Vesey Street, New York, NY 10281 | [placeholder] | [placeholder]
Independent Manager (QRF 2022-1) | Fortbridge Corporate Services LLC | Timothy R. Callan | Independent Manager | 1209 Orange Street, Wilmington, DE 19801 | [placeholder] | [placeholder]
Independent Manager (QRH) | Fortbridge Corporate Services LLC | Eleanor M. Vasquez | Independent Manager | 1209 Orange Street, Wilmington, DE 19801 | [placeholder] | [placeholder]
Rating Agency #1 | Brindoval Ratings Inc. | Andrew Petrosian | Lead Analyst | 55 Water Street, New York, NY 10041 | [placeholder] | [placeholder]
Rating Agency #2 | Pinnacle Rating Services LLC | Monica Sung | Lead Analyst | 7 World Trade Center, New York, NY 10007 | [placeholder] | [placeholder]
Auditor | Meridian Ledger LLP | Robert Falcone | Engagement Partner | 1301 Avenue of the Americas, New York, NY 10019 | [placeholder] | [placeholder]
Verification Agent | Veristead Analytics LLC | Katharine Drummond | Managing Director | 100 Summer Street, Suite 1500, Boston, MA 02110 | [placeholder] | [placeholder]
Registered Agent | Ashgrove Services Inc. | 28 Liberty Street, New York, NY 10005 | [placeholder] | [placeholder]
[sheet: Timeline]
Date | Event / Milestone | Status | Notes
2022-06-28 | Engagement opened; Calderwood & Harkness retained | Complete | C&H Matter No. 1025-00007
2022-06-30 | Cut-off date for initial receivables pool | Complete | Pool balance: $612,000,000; ~82,400 loans
2022-07-11 | Kick-off call with QIH treasury and Ridgeline | Complete
2022-07-18 | Initial term sheet (v1) circulated | Complete
2022-07-22 | Volcker Rule compliance memo delivered | Complete | Loan securitization exclusion confirmed
2022-07-25 | Structure finalized; SPV formation authorized | Complete
2022-08-03 | QRF 2022-1 LLC and QRH LLC formed in Delaware | Complete | DE SOS File Nos. 7894231 and 7894228
2022-08-08 | Rating agency presentations to Brindoval and Pinnacle | Complete
2022-08-22 | Brindoval preliminary ratings issued | Complete | AAA(cr) / A(cr) / BBB(cr)
2022-08-29 | Pinnacle preliminary ratings issued | Complete | Aaa(p) / A1(p) / Baa2(p)
2022-09-06 | First draft of core transaction documents circulated | Complete | Indenture, Sale Agmt, Transfer Agmt, Servicing Agmt
2022-09-14 | First draft of Offering Memorandum circulated | Complete
2022-09-28 | Second-round comments; rating agency Q&A | Complete
2022-10-12 | Near-final documentation package circulated | Complete | Execution drafts: Indenture v4, Sale/Transfer v3, Servicing v3, NPA v3, all ancillary
2022-10-24 | Investor roadshow commences (virtual) | Complete
2022-11-02 | Roadshow concludes; indicative pricing received | Complete | Class A: SOFR+168, Class B: SOFR+285, Class C: SOFR+450; WAC ~200.25 bps vs. 175 bps hurdle
2022-11-07 | Spread-widening analysis memo | Complete | Hurdle exceeded by 25.25 bps
2022-11-14 | Decision to shelve; marketing suspended | Complete | QIH Board decision; Ridgeline notified
2022-11-18 | Transaction placed in dormant status | Complete | Total sunk costs: ~$2,555,000
2022-12-15 | Interim billing; matter coded dormant | Complete | Accrued C&H fees: ~$1,950,000
TBD | Transaction relaunch (subject to improved market conditions) | Pending | All documentation preserved for potential reactivation