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No Claimant or Successor Payee shall have the power to effect any Transfer of Payment Rights except as provided in sub -paragraph (II) above, and any other purported Transfer of Payment Rights shallbe wholly void, If Payment Rights under this Agreement become the subject of a Transfer approved in accordance with sub -paragraph (II) above the rights of shy direct or Indirect transferee of such Transfer shall be subject to the terms of this Agreement and any defense or claim In recoupment edging hereunder, S. Contingent Beneficiaries, Any Periodic Payments to be made after the death of any Claimant or Successor Payee shall be made to such party as shall have been designated In, or In accordance with, the Settlement Agreement or, If the Settlement Agreement does not provide for such designation, then to the party designated In conformity with this paragraph 8. Any party so designated is referred to in this Agreement as a "Contingent Beneflclary," If no Contingent Beneficiary is living at the 6me of the death of a Claimant or -Successor Payee, payment shall be made to the decedent's estate, As used in this agreement the term "Successor Payee' *refers to a Contingent Beneficiary or an estate that has become entitled to receive Periodic Payments following the death of Claimant or a Successor Payee. Except as otherwise provided in the Settlement Agreement, no designation or change of deslgnatlon of a Contingent Beneficiary shall be effective unless such change (1) Is requested In a written request submitted to Assignee (or its authorized agent) in accordance with. ssignee's customary procedures for processing Such requests; and (H) is confirmed by Assignee (or Its authrized agent). Except for a designation that Is expressly identified In the Settlement Agreement as Irrevocable, any designation of a Contingent Beneficiary shall be deemed to be revocable; and no party that Is designated as a Contingent Beneficiary (other than a party Irrevocably designated as a Contingent Beneficiary In the Settlement Agreement) shall, solely by virtue of its designation as a Contingent Beneficiary, be deemed to have any cognizable Interest in any Periodic Payments. Note: Beneficiaries section only applies to guaranteed benefits (Period Certain, Lump Sum(s), Life with Certain payments), 9. Failure to Satisfy Section 130(d), If at any time prior to completion of the Periodic Payments, the Settlement Agreement is declared terminated Ina final, non -appealable order of a court of competentjurisdietion (or in the case of a workers' compensation settlement, a final order of the applicable workers' compensation authority) or if It Is determined in any such final order that the requirements of Section 130(c) of the Code have not been satisfied in connection with this Agreement: (1) the assignment by Assignor to Assignee of the (facility to make the Periodic Payments, Assignee's acceptance of such assignment and the release by Claimant(s) of Assignor's liability shall be of no force or effect; (11y Assignee shall be conclusively deemed to be acting as the agent of Assignor; (ill) the Annuity shall. be owned by Assignor, which shall retain the liability to make the Periodic Payments; (iv) Assignee shall have no liability to make any Periodic Payments; and (v) the parties hereto agree to cooperate In taking such actions as may be necessary or appropriate to Implement the foregoing. 10, Goveming Law; Disclosure of Certain Tax Information; Binding Effect (i) This Agreement shall be governed by and interpreted in accordance with the internal laws of the State of California? provided, however, that any Transfer of Payment Rights under this Agreement may be subject to the laws of other states In addition to the state designated above, (II) This Agreement shall be binding upon the parties hereto and their respective successors, heirs, executors, administrators and permitted assigns, Including without limitation any party asserting an Interest in Payment Rights, 10/11 )PL ISS QARI Page 3 of 6 W26140 -11A