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Investment in Limited Partnership (Tables)
 3 Months Ended
Feb. 29, 2020
Investments in and Advances to Affiliates [Abstract]  
Schedule of Funds in the Premium/Expense Reserve Account
Funds in the premium/expense reserve account shall be used or otherwise distributed in the following order of priority (in
thousands):

Premium/Expense Reserve Account
 
Three Months Ended February 29, 2020
 
 
 
 
Amount
 
Use of Proceeds
First
 
$
24,226

 
Premiums, Expenses and Manager Fees
Second
 
2,000

 
Minimum Class B Interest Monthly Distribution - after three years, Class D Returns takes priority until paid in full
Third
 
—

 
Minimum Class B Interest Monthly Distribution
Fourth
 
—

 
Retained For Premium/Expense to Cover Three Months of Transactions, excess to be sent to the Collection Account
 
 
$
26,226

 
 
Schedule of Reconciliation of Premium/Expense Reserve Account
he below is a reconciliation of the premium/expense reserve account for the three months ended February 29, 2020 (in thousands).

 
 
Three Months Ended February 29, 2020
Balance at December 1, 2019
 
$
4,195

 
 
 
Distributions received
 
 
Collections account
 
26,867

Total distribution received
 
$
26,867

 
 
 
Less Payments:
 
 
Premiums and expenses
 
24,226

Class B monthly distribution
 
2,000

Total payments
 
$
26,226

 
 
 
Balance at February 29, 2020
 
$
4,836
Schedule of Funds on Deposit in the Collections Account and Distributions by the Paying Agent
On each Distribution Date, funds on deposit in the Collections Account shall be distributed by the Paying Agent ("Wilmington Trust, N.A") pursuant to the Waterfall Notice in the following order of priority:

Collection Account
 
Three Months Ended February 29, 2020
 
 
 
Priority
 
Amount
 
 
Use of Proceeds
First
 
$
26,867

 
 
Premium/Expense Reserve Account - to cover next three months of premiums and expense
Second
 
—

 
 
Class A Minimum Return Cumulative Amount*
Third
 
—

 
 
Minimum Class B Interest Monthly Distribution
Fourth
 
—

 
 
Re-balancing the Total Return Distributions with 72.5% to the Class A Limited Partner and 27.5% to Class B Limited Partner
Fifth
 
—

 
 
72.5% to the Class A Limited Partner and 27.5% to the Class B Limited Partner
 
 
$
26,867

 
 
 

*Second - To pay the Class A Limited Partner the amount necessary such that the Class A Limited Partner shall have received the Class A Minimum Return Cumulative Amount (applied first which is 11%), second to the amounts necessary to reduce the principal balance from $406.0 million on the Effective Date to April 2039 when it is expected to be paid in full (the A&R LPA stipulate the expected monthly reduction in target principal commencing in April 2021), third to later contributions by the Class A Limited Partner, excluding Advance Facility but includes funded into premium/expense account on its own behalf and fourth the Class D Return, in each case of the definition of Class A Minimum Return Cumulative Amount as of the last day of the month immediately prior to such Distribution Date.
Schedule of Funds Received And Distributions From Collection Account
The below is a reconciliation of funds received in and distributed from the collection account for the three months ended February 29, 2020 (in thousands).
 
 
Three Months Ended February 29, 2020
Balance at December 1, 2019
 
$
13,007

Maturity proceeds received - face
 
33,126

Proceeds received - other*
 
145

Total receipts
 
$
46,278

 
 
 
Less: Distribution to premium/expense account
 
26,867

Balance at February 29, 2020
 
$
19,411


*Includes refund of premiums and interest earned on maturity proceeds
Schedule Reconciliation For Receivable For Maturity of Life Settlement
The below is a reconciliation of receivable for maturity of life settlement held by the limited partnership for the three months ended February 29, 2020 (in thousands).

 
 
Three Months Ended February 29, 2020
Maturities
 
46,900

Proceeds received
 
33,126

Receivable at February 29, 2020
 
$
13,774
Schedule of Life Settlements
The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2019 was 11.4 years.

Remaining Life Expectancy (In Years)*
Number of Life Settlement Contracts
 
Fair Value
 
Face Value
0-1
—

 
$
—

 
$
—

1-2
—

 
—

 
—

2-3
—

 
—

 
—

3-4
—

 
—

 
—

4-5
—

 
—

 
—

Thereafter
2

 
1,297

 
12,000

Total
2

 
$
1,297

 
$
12,000

At February 29, 2020, there were 524 policies in the White Eagle portfolio with death benefits of approximately $2.5 billion and the weighted average life expectancy calculated based on death benefit of the insureds in the policies was 6.8 years.

Remaining Life Expectancy (In Years)*
Number of Life Settlement Contracts
 
Face Value
0-1
10

 
$
43,124

1-2
22

 
80,793

2-3
37

 
133,059

3-4
53

 
256,248

4-5
54

 
260,434

Thereafter
348

 
1,679,494

Total
524

 
$
2,453,152


*Based on remaining life expectancy at February 29, 2020, as derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits.

Schedule of Estimated Premiums to be Paid on Life Insurance Policies
Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of February 29, 2020, are as follows (in thousands):

Year
Expected Premiums

2020
$
75,658

2021
103,320

2022
98,892

2023
92,877

2024
87,758

Thereafter
570,897

 
$
1,029,402