EXHIBIT 10.5
ASSET SETTLEMENT GROUP, INC.
0000 X Xxxxxxx Xxxx
Xx. Xxxxx, Xxxxxxx 00000
July 31, 2005
Capital Benefits, LLC
0000 X Xxxxxxx Xxxx
Xx. Xxxxx, Xxxxxxx 00000
Ladies and Gentlemen:
This letter shall serve to confirm and memorialize our agreement that
Capital Benefits, LLC (the "Fund") shall provide to us proceeds received from
the public offer and sale of units of membership interest in the Fund. The
proceeds shall be derived pursuant to the Fund's registration statement on Form
S-1 (the "Registration Statement"), for the sole purpose of purchasing life
insurance policies (the "Policies") as set forth in the Registration Statement.
The signature of such Registration Statement by the Fund shall constitute
conclusive evidence of the Fund's agreement to provide the funds, and we hereby
agree to use such proceeds to purchase the Policies, either directly from the
insured, if licensed as a broker, or through an unaffiliated broker referral
network. We further agree that we shall sell and transfer to the Fund all of our
right, title and interest to the Policies purchased with such proceeds, in
accordance with and subject to any agreements now or hereinafter in effect
either between us and the Fund or between us and any insured or unaffiliated
broker.
In accordance with the disclosures made in the Registration Statement, we
understand that: (a) the Fund is under no obligation to purchase any Policies
from us and may purchase policies from any other non-affiliated provider, and
(b) we may sell the Policies we purchase to non-affiliates (one such agreement
is already signed) and affiliated companies not engaged in a public offering of
securities, but that have similar objectives of the Fund.
If the foregoing accurately reflects our agreement with respect to the
foregoing, please indicate such by signing in the space indicated for such
below.
Very truly yours,
Asset Settlement Group, Inc.
By: /s/ Xxxxxxxx Xxxxx
-----------------------------
Xxxxxxxx Xxxxx, President
Acknowledged and accepted
as of the date first set forth above:
Capital Benefits, LLC
By: AmeriFirst Financial Services, Inc., Manager
By: /s/ Xxxxxxxx Xxxxx
-----------------------------
Xxxxxxxx Xxxxx, President
