[sheet: Cover]

[sheet: Cover]
Field | Value
Firm | Calderwood & Harkness LLP
Firm Address | 601 Lexington Avenue, New York, NY 10022
Statement Date | December 15, 2022
Matter Number | 1025-00007
Matter Description | Quorum Receivables Funding 2022-1 LLC — $500,000,000 Insurance Premium Finance ABS Issuance
Client | Quorum Insurance Holdings Corp.
Client Address | 400 Atlantic Street, Suite 2200, Stamford, CT 06901
Billing Contact | Nolan Whitford, General Counsel
Responsible Partner | Douglas Carmichael
Billing Partner | Francesca Morano
Matter Type | Asset-Backed Securities Issuance — Structured Finance
Governing Law | New York
Deal Value | $500,000,000
Engagement Date | June 28, 2022
Statement Period | June 28, 2022 — December 15, 2022
Matter Status | DORMANT (effective November 18, 2022)
Original Fee Estimate | $2,800,000
Total Fees Accrued This Period | $1,949,877.50
Total Disbursements | $40,600.00
Total Amount Due | $1,990,477.50
Issuer SPV | Quorum Receivables Funding 2022-1 LLC
Originator / Servicer | Quorum Premium Finance LLC
Depositor | Quorum Receivables Holding LLC
Structuring Agent | Ridgeline Capital Markets LLC
Indenture Trustee | Calvoneth Trust Company, N.A.
[sheet: Timekeeper Summary]
Timekeeper | Title / Role | Practice Group | Hourly Rate | Total Hours | Total Fees | % of Total Fees
Douglas Carmichael | Partner — Responsible Partner | Structured Finance | $1,350 | 185 | $249,750.00 | 12.8%
Francesca Morano | Partner — Billing Partner | Structured Finance | $1,300 | 142.5 | $185,250.00 | 9.5%
Yuki Nakamura | Associate — Lead Associate | Structured Finance | $895 | 612 | $547,740.00 | 28.1%
Carlos Espinoza | Associate — Working Associate | Structured Finance | $750 | 586 | $439,500.00 | 22.5%
Sylvia Hartwell | Partner — Tax Specialist | Tax | $1,275 | 198 | $252,450.00 | 12.9%
Paralegal Staff (various) | Paralegals | Structured Finance | $425 | 647.5 | $275,187.50 | 14.1%
GRAND TOTAL | $822.48 (blended) | 2371 | $1,949,877.50 | 100.0%
[sheet: Phase Summary]
Phase Number | Phase Description | Hours | Fees | % of Total | Period Active | Status
1 | Engagement & Conflict Clearance | 28.5 | $23,942.50 | 1.2% | Jun 27–Jul 1, 2022 | Complete
2 | Structuring & Term Sheet Preparation | 187 | $155,500.00 | 8.0% | Jul 8–Sep 2, 2022 | Complete
3 | SPV Formation & Corporate Documents | 142 | $122,500.00 | 6.3% | Jul 25–Aug 8, 2022 | Complete
4 | Rating Agency Engagement & Presentations | 96.5 | $82,350.00 | 4.2% | Jul 28–Sep 28, 2022 | Complete
5 | Core Transaction Document Drafting & Negotiation (Indenture, Sale/Transfer Agreements, Servicing, NPA, etc.) | 725 | $556,075.00 | 28.5% | Sep 6–Oct 12, 2022 | Complete (near-final drafts)
6 | Legal Opinions (True Sale, Enforceability, Perfection, Tax, 144A, Formation) | 215 | $195,000.00 | 10.0% | Oct 5–Oct 10, 2022 | Draft only; never finalized
7 | UCC Perfection & Filing Preparation | 58 | $48,500.00 | 2.5% | Sep 19–Oct 12, 2022 | Draft filings prepared; never filed
8 | Tax Memoranda & Analysis (Federal, FATCA, State Nexus, OM Tax Disclosure) | 172 | $204,265.00 | 10.5% | Aug 12–Sep 20, 2022 | Complete
9 | Regulatory & Compliance Memoranda (Reg AB II, Volcker, Risk Retention, Licensing) | 134 | $108,000.00 | 5.5% | Jul 20–Aug 10, 2022 | Complete
10 | Offering Memorandum & Disclosure (Preliminary OM, Supplements, Investor Materials) | 245 | $198,000.00 | 10.2% | Sep 14–Oct 28, 2022 | Preliminary OM (v3) complete
11 | Diligence (Pool Review, Eligibility, Carrier Review, Servicer Ops) | 156 | $118,000.00 | 6.1% | Aug 15–Sep 8, 2022 | Complete
12 | Closing Preparation (Checklist, CP Tracker, Certificates) | 88 | $68,500.00 | 3.5% | Oct 12, 2022 | Incomplete; shelved
13 | Roadshow Support & Investor Q&A | 62 | $52,500.00 | 2.7% | Oct 20–Nov 2, 2022 | Complete
14 | Spread Widening Analysis & Shelving | 48 | $45,245.00 | 2.3% | Nov 2–Nov 18, 2022 | Complete
15 | Administrative & Matter Management | 14 | $11,500.00 | 0.6% | Jun 28–Dec 15, 2022 | Ongoing (dormant)
GRAND TOTAL | 2371 | $1,949,877.50 | 100.0%
[sheet: Timekeeper x Phase Detail]
Phase | Douglas Carmichael — Hours | Douglas Carmichael — Fees | Francesca Morano — Hours | Francesca Morano — Fees | Yuki Nakamura — Hours | Yuki Nakamura — Fees | Carlos Espinoza — Hours | Carlos Espinoza — Fees | Sylvia Hartwell — Hours | Sylvia Hartwell — Fees | Paralegal Staff — Hours | Paralegal Staff — Fees | Phase Total Hours | Phase Total Fees
Phase 1: Engagement & Conflict Clearance | 5 | $6,750.00 | 4 | $5,200.00 | 6.5 | $5,817.50 | 2 | $1,500.00 | 0 | $0.00 | 11 | $4,675.00 | 28.5 | $23,942.50
Phase 2: Structuring & Term Sheet Preparation | 22 | $29,700.00 | 18 | $23,400.00 | 52 | $46,540.00 | 40 | $30,000.00 | 5 | $6,375.00 | 50 | $21,250.00 | 187 | $157,265.00
Phase 3: SPV Formation & Corporate Documents | 10 | $13,500.00 | 8 | $10,400.00 | 35 | $31,325.00 | 30 | $22,500.00 | 4 | $5,100.00 | 55 | $23,375.00 | 142 | $106,200.00
Phase 4: Rating Agency Engagement & Presentations | 14 | $18,900.00 | 10 | $13,000.00 | 28 | $25,060.00 | 18 | $13,500.00 | 6.5 | $8,287.50 | 20 | $8,500.00 | 96.5 | $87,247.50
Phase 5: Core Transaction Document Drafting | 42 | $56,700.00 | 28 | $36,400.00 | 215 | $192,425.00 | 210 | $157,500.00 | 18 | $22,950.00 | 212 | $90,100.00 | 725 | $556,075.00
Phase 6: Legal Opinions | 18 | $24,300.00 | 12 | $15,600.00 | 65 | $58,175.00 | 55 | $41,250.00 | 25 | $31,875.00 | 40 | $17,000.00 | 215 | $188,200.00
Phase 7: UCC Perfection & Filing Preparation | 4 | $5,400.00 | 3 | $3,900.00 | 18 | $16,110.00 | 15 | $11,250.00 | 2 | $2,550.00 | 16 | $6,800.00 | 58 | $46,010.00
Phase 8: Tax Memoranda & Analysis | 8 | $10,800.00 | 2 | $2,600.00 | 12 | $10,740.00 | 5 | $3,750.00 | 135 | $172,125.00 | 10 | $4,250.00 | 172 | $204,265.00
Phase 9: Regulatory & Compliance Memoranda | 10 | $13,500.00 | 8 | $10,400.00 | 38 | $34,010.00 | 35 | $26,250.00 | 0 | $0.00 | 43 | $18,275.00 | 134 | $102,435.00
Phase 10: Offering Memorandum & Disclosure | 15 | $20,250.00 | 14 | $18,200.00 | 60 | $53,700.00 | 68 | $51,000.00 | 0 | $0.00 | 88 | $37,400.00 | 245 | $180,550.00
Phase 11: Diligence | 10 | $13,500.00 | 10 | $13,000.00 | 32 | $28,640.00 | 40 | $30,000.00 | 0 | $0.00 | 64 | $27,200.00 | 156 | $112,340.00
Phase 12: Closing Preparation | 8 | $10,800.00 | 6 | $7,800.00 | 22 | $19,690.00 | 30 | $22,500.00 | 0 | $0.00 | 22 | $9,350.00 | 88 | $70,140.00
Phase 13: Roadshow Support & Investor Q&A | 10 | $13,500.00 | 8 | $10,400.00 | 16 | $14,320.00 | 20 | $15,000.00 | 0 | $0.00 | 8 | $3,400.00 | 62 | $56,620.00
Phase 14: Spread Widening Analysis & Shelving | 6 | $8,100.00 | 8 | $10,400.00 | 8 | $7,160.00 | 16 | $12,000.00 | 2.5 | $3,187.50 | 7.5 | $3,187.50 | 48 | $44,035.00
Phase 15: Administrative & Matter Management | 3 | $4,050.00 | 3.5 | $4,550.00 | 4.5 | $4,027.50 | 2 | $1,500.00 | 0 | $0.00 | 1 | $425.00 | 14 | $14,552.50
GRAND TOTAL | 185 | $249,750.00 | 142.5 | $185,250.00 | 612 | $547,740.00 | 586 | $439,500.00 | 198 | $252,450.00 | 647.5 | $275,187.50 | 2371 | $1,949,877.50
[sheet: Monthly Summary]
Month | Total Hours | Total Fees | Cumulative Hours | Cumulative Fees | Key Activities
June 2022 (from 6/28) | 32 | $30,500.00 | 32 | $30,500.00 | Engagement opening; conflict clearance; initial matter setup
July 2022 | 285 | $238,000.00 | 317 | $268,500.00 | Kick-off call (7/11); term sheet v1 (7/18); structure finalized (7/25); board/manager resolutions (7/27); regulatory memos (Reg AB II, Volcker, risk retention); rating agency criteria memo
August 2022 | 365 | $302,000.00 | 682 | $570,500.00 | SPV formation — QRF 2022-1 & QRH (8/3); independent manager agreements; rating agency presentations to Brindoval and Pinnacle (8/8); preliminary ratings received (Brindoval 8/22, Pinnacle 8/29); revised term sheet v2 (8/15); tax structuring memo; FATCA memo; state licensing memo; pool diligence; carrier review
September 2022 | 420 | $348,500.00 | 1102 | $919,000.00 | Final term sheet v3 (9/2); first draft transaction documents circulated (9/6); first draft OM (9/14); UCC perfection memo (9/19); tax disclosure review (9/20); second-round comments and rating agency Q&A (9/28); state tax nexus analysis; eligibility criteria memo; servicer ops diligence
October 2022 | 510 | $425,000.00 | 1612 | $1,344,000.00 | Near-final documentation package (10/12) — Indenture v4, RSA v3, RTA v3, Servicing v3, NPA v3, all ancillary agreements; all legal opinions drafted (10/5–10/10); closing checklist v4; CP tracker; draft certificates; investor presentation (10/20); roadshow script (10/22); roadshow commences (10/24); investor Q&A
November 2022 | 340 | $280,877.50 | 1952 | $1,624,877.50 | Roadshow concludes with indicative pricing (11/2): Class A SOFR+168, Class B SOFR+285, Class C SOFR+450; spread-widening analysis memo (11/7); letter to QIH Board recommending shelving (11/10); QIH Board decision to shelve (11/14); letter to Ridgeline re suspension (11/14); dormancy status memo (11/18)
December 2022 (through 12/15) | 419 | $325,000.00 | 2371 | $1,949,877.50 | Administrative wrap-up; interim billing preparation; matter coded dormant
GRAND TOTAL | 2371 | $1,949,877.50
[sheet: Disbursements]
Date | Category | Description | Vendor / Payee | Amount
2022-07-01 | Courier / Delivery | Courier and overnight delivery charges (Jun–Dec 2022) | Various | $1,620.00
2022-07-11 | Telecommunications | Conference call services — kick-off call and subsequent deal calls (Jun–Nov 2022) | Teleconference Services | $1,200.00
2022-07-15 | Research Services | Westmark Data Systems / Sundial Solutions — state premium finance licensing research (all 50 states) | Online Research | $4,250.00
2022-08-03 | Filing Fees | Certificate of Formation — QRF 2022-1 LLC (DE SOS File No. 7894231) | Delaware Secretary of State | $90.00
2022-08-03 | Filing Fees | Certificate of Formation — QRH LLC (DE SOS File No. 7894228) | Delaware Secretary of State | $90.00
2022-08-03 | Registered Agent Fees | Ashgrove Services Inc. — registered agent setup for QRF 2022-1 and QRH | Ashgrove Services Inc. | $800.00
2022-08-08 | Travel | Travel expenses — rating agency presentations (Brindoval and Pinnacle, NYC) | Various | $2,850.00
2022-08-10 | Research Services | UCC search — Delaware Secretary of State (QPF, QRH, QRF 2022-1) | Delaware Secretary of State | $150.00
2022-08-15 | Due Diligence | Data room setup and hosting fees (Jun–Nov 2022) | Virtual Data Room Provider | $6,500.00
2022-09-06 | Document Production | Printing and binding — first draft transaction document set (Indenture, RSA, RTA, Servicing Agreement) | Internal Reproduction | $1,850.00
2022-10-05 | Outside Services | Veristead Analytics LLC — coordination on tape reconciliation data (pass-through) | Veristead Analytics LLC | $8,500.00
2022-10-12 | Document Production | Printing and binding — near-final documentation package (multiple copies for all parties) | Internal Reproduction | $3,200.00
2022-10-20 | Document Production | Investor presentation deck production and formatting | Internal Reproduction | $750.00
2022-10-24 | Travel | Travel expenses — roadshow preparation and support (Oct–Nov 2022) | Various | $4,100.00
2022-11-18 | Miscellaneous | Administrative close-out and archiving costs | Internal | $1,100.00
2022-12-01 | Word Processing / Overtime | Overtime charges — document production support | Internal | $3,200.00
2022-12-15 | Postage | Postage and mailing charges | USPS / Severin Partners LLC | $350.00
TOTAL DISBURSEMENTS | $40,600.00