9. VIE Long-Term Debt

As of March 31, 2014 and December 31, 2013, the VIE long-term debt consisted of the following:

	March 31, 2014		December 31, 2013
	(Dollars in thousands)
PLMT Permanent Facility	$	46,696	$	47,267
Residual Term Facility	67,989		68,785
Long-Term Presettlement Facility	11,408		12,435
2012-A Facility	2,197		2,276
LCSS Facility (2010-C)	12,880		12,880
LCSS Facility (2010-D)	7,159		7,159
	$	148,329	$	150,802

PLMT Permanent Facility

The Company has a $75.0 million floating rate asset backed loan with interest payable monthly at one-month LIBOR plus 1.25% which is currently in a runoff mode with the outstanding balance being reduced by periodic cash collections on the underlying lottery receivables. The loan matures on November 1, 2038.

The debt agreement with the counterparty requires Peachtree Lottery Master Trust (“PLMT”) to hedge each lottery receivable with a pay fixed and receive variable interest rate swap with the counterparty. The swaps are recorded at fair value in derivative liabilities, at fair market value on the condensed consolidated balance sheets.

Residual Term Facility

In September 2011, the Company issued term debt of $56.0 million to a financial institution. In August 2012, the Company issued additional term debt of $14.0 million to the same financial institution. The residual term debt is collateralized by notes receivable and the cash flows from securitization residuals related to certain securitizations. Interest on the residual term debt facility is payable monthly at 8.0% until September 15, 2014 and 9.0% thereafter. The $56.0 million term debt matures on September 15, 2018 and the $14.0 million term debt matures on September 15, 2019. Principal payments from collateral cash flows began on September 15, 2014 and will continue through 2018, the $14.0 million term debt requires annual principal payments of $2.0 million beginning on September 15, 2014 and continuing through 2019.

Long-Term Presettlement Facility

The Company has a $45.1 million fixed rate note, of which, $11.4 million and $12.4 million is outstanding as of March 31, 2014 and December 31, 2013, respectively, and bearing interest at 9.25% annually. Interest and principal is payable monthly from the cash receipts of collateralized presettlement receivables. The note matures on June 6, 2016.

2012-A Facility

In December 2012, the Company issued a series of notes collateralized by structured settlements. The proceeds of the notes were $2.5 million at a fixed interest rate of 9.25%. Interest and principal are payable monthly from cash receipts of collateralized structured settlement receivables. The notes mature on June 15, 2024.

Long-term Debt for Life Contingent Structured Settlements (2010-C & 2010-D)

Long-term Debt (2010-C)

In November 2010, the Company issued a private asset class securitization note registered under Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”). The 2010-C bond issuance of $12.9 million is collateralized by life-contingent structured settlements. 2010-C accrues interest at 10% per annum and matures on March 15, 2039.

The interest and, if available, principal payments are payable monthly from cash receipts of collateralized life-contingent structured settlements receivables.

Long-term Debt (2010-D)

In December 2010, the Company paid $0.2 million to purchase the membership interests of LCSS, LLC from JLL Partners. LCSS, LLC owns 100% of the membership interests of LCSS II, which owns 100% of the membership interests of LCSS III. In November 2010, LCSS III issued $7.2 million long-term debt 2010-D collateralized by life-contingent structured settlements. 2010-D accrues interest at 10% per annum and matures on July 15, 2040.

The interest and, if available, principal payments are payable monthly from cash receipts of collateralized life-contingent structured settlements receivables.