Contract analysis

I. CORPORATE & FORMATION DOCUMENTS 1.1 | Corporate / Formation | Certificate of Formation — Quorum Receivables Funding 2022-1 LLC (DE SOS File No. 7894231) | Calderwood & Harkness LLP | QIH | Filed | Final | 2022-08-03 | 2022-08-03 | Filed with Delaware Secretary of State; registered agent: Ashgrove Services Inc. 1.2 | Corporate / Formation | Limited Liability Company Agreement — QRF 2022-1 LLC | Calderwood & Harknes

II. CORE TRANSACTION DOCUMENTS 2.1 | Transaction Documents | Indenture — QRF 2022-1 (Issuer) and Calvoneth Trust Company, N.A. (Trustee) | Calderwood & Harkness LLP / Ashfield & Greer LLP | Calloway & Brandt LLP | Execution Draft | v4 | At Closing | Governs Class A ($375M), Class B ($75M), Class C ($35M) Notes; sequential payment waterfall; NY governing law 2.2 | Transaction Documents | Receivables Sale Agreement — Q

III. OFFERING MEMORANDUM & DISCLOSURE 3.1 | Offering / Disclosure | Preliminary Offering Memorandum — QRF 2022-1 Notes | Calderwood & Harkness LLP | Ridgeline / Calloway & Brandt LLP | Draft | v3 | At Closing | Dated 2022-10-12; pool balance $612M, ~82,400 loans; WA APR 7.85% 3.2 | Offering / Disclosure | Final Offering Memorandum — QRF 2022-1 Notes | Calderwood & Harkness LLP | Ridgeline / Calloway & Brandt LLP | No

IV. LEGAL OPINIONS 4.1 | Legal Opinions | Opinion — True Sale (QPF to QRH Transfer) | Calderwood & Harkness LLP (Sylvia Hartwell) | Draft | v1 | At Closing | True sale under New York law; dated 2022-10-08; never finalized 4.2 | Legal Opinions | Opinion — True Sale (QRH to QRF 2022-1 Transfer) | Calderwood & Harkness LLP | Draft | v1 | At Closing | Dated 2022-10-08; never finalized 4.3 | Legal Opinions | Opinion — Enf

V. UCC FILINGS & PERFECTION 5.1 | UCC Filings | UCC-1 Financing Statement — QPF (Debtor) / QRH (Secured Party) | Calderwood & Harkness LLP | Draft | At Closing | To be filed with Delaware Secretary of State; insurance premium finance receivables; never filed 5.2 | UCC Filings | UCC-1 Financing Statement — QRH (Debtor) / QRF 2022-1 (Secured Party) | Calderwood & Harkness LLP | Draft | At Closing | To be filed with Del

VI. RATING AGENCY DELIVERABLES 6.1 | Rating Agency | Brindoval Ratings — Preliminary Rating Letter (Class A: AAA(cr), Class B: A(cr), Class C: BBB(cr)) | Brindoval Ratings Inc. (Andrew Petrosian) | Received | Final | 2022-08-22 | 2022-08-22 | Brindoval Engagement No. CR-SF-2022-08812 6.2 | Rating Agency | Pinnacle Rating Services — Preliminary Rating Letter (Class A: Aaa(p), Class B: A1(p), Class C: Baa2(p)) | Pinnac

VII. OFFICER'S AND CLOSING CERTIFICATES 7.1 | Certificates | Closing Certificate — QIH / QPF | QIH (Marcus Devereaux or Priya Raghavan) | Nolan Whitford | Draft | v1 | At Closing | Certifying reps & warranties, no MAC, no default, compliance with closing conditions 7.2 | Certificates | Officer's Certificate — QRF 2022-1 | QRF 2022-1 (via Sandra Ling-Hwang) | Draft | v1 | At Closing | Certifying issuer representations

VIII. AUDITOR & VERIFICATION AGENT DELIVERABLES 8.1 | Auditor / Verification | Comfort Letter — Meridian Ledger LLP | Meridian Ledger LLP (Robert Falcone) | Not Started | At Closing | Addressed to Ridgeline Capital Markets; financial data in OM 8.2 | Auditor / Verification | Agreed-Upon Procedures Letter — Meridian Ledger LLP | Meridian Ledger LLP (Robert Falcone) | Not Started | At Closing | Receivables pool data ve

IX. RECEIVABLES POOL DELIVERABLES 9.1 | Pool / Collateral | Final Receivables Pool Schedule (as of Cut-Off Date June 30, 2022) | QPF / Veristead Analytics LLC | Calderwood & Harkness LLP | Draft | At Closing | Initial pool balance: $612,000,000; ~82,400 loans; avg balance ~$7,427; WA APR 7.85%; WA orig term 9.2 mo; WA remaining term 5.7 mo 9.2 | Pool / Collateral | Pool Stratification Tables — By State | QPF / Verist

X. ACCOUNTS & BANKING 10.1 | Accounts | Evidence of Establishment of Collection Account at Calvoneth Trust | Calvoneth Trust (Gerald K. Fontaine) | Calderwood & Harkness LLP | Pending | At Closing 10.2 | Accounts | Evidence of Establishment of Payment Account at Calvoneth Trust | Calvoneth Trust | Pending | At Closing 10.3 | Accounts | Evidence of Establishment of Reserve Account at Calvoneth Trust | Calvoneth Trust

XI. NOTES & GLOBAL CERTIFICATES 11.1 | Notes | Global Note — Class A Notes ($375,000,000) | Calderwood & Harkness LLP | Calvoneth Trust | Not Started | At Closing | CUSIP: 74892TAA3 (placeholder; not finalized) 11.2 | Notes | Global Note — Class B Notes ($75,000,000) | Calderwood & Harkness LLP | Calvoneth Trust | Not Started | At Closing | CUSIP: 74892TAB1 (placeholder; not finalized) 11.3 | Notes | Global Note — Cl

XII. TAX DELIVERABLES 12.1 | Tax | IRS Form W-9 — QRF 2022-1 (EIN: 88-1247653) | QRF 2022-1 / QIH | Not Started | At Closing 12.2 | Tax | IRS Form W-9 — QRH (EIN: 88-1247619) | QRH / QIH | Not Started | At Closing 12.3 | Tax | IRS Form W-9 — QPF (EIN: 84-2653198) | QPF / QIH | Not Started | At Closing 12.4 | Tax | IRS Form W-9 — QIH (EIN: 82-4391067) | QIH | Not Started | At Closing 12.5 | Tax | FATCA Compliance Docu

XIII. REGULATORY & COMPLIANCE 13.1 | Regulatory | Risk Retention Compliance Confirmation (Dodd-Frank Section 941) | Calderwood & Harkness LLP / QIH | Draft | At Closing | QIH to retain 5% horizontal interest via $15M OC / retained interest 13.2 | Regulatory | Volcker Rule Compliance Memorandum | Calderwood & Harkness LLP | Draft | v1 | 2022-07-22 | 2022-07-22 | Loan securitization exclusion; covered fund analysis 13.

XIV. THIRD-PARTY AGREEMENTS & CONSENTS 14.1 | Third Party | Calvoneth Trust — Trustee Fee Letter (executed) | Calvoneth Trust / Ashfield & Greer LLP | Calderwood & Harkness LLP | Pending | At Closing | $35,000/yr + $5,000/payment date for distribution calculations 14.2 | Third Party | Northvane Bank — Back-Up Servicer Fee Letter (executed) | Northvane Bank (Diane Coletti) | Calderwood & Harkness LLP | Pending | At Cl

XV. INSURANCE 15.1 | Insurance | Evidence of QPF Errors & Omissions Insurance | QIH / QPF | Pending | At Closing 15.2 | Insurance | Evidence of QPF Fidelity Bond / Crime Insurance | QIH / QPF | Pending | At Closing

XVI. MISCELLANEOUS CLOSING DELIVERABLES 16.1 | Miscellaneous | Closing Funds Flow Memorandum | Calderwood & Harkness LLP | Ridgeline | Not Started | At Closing | Detailing flow of proceeds and fee payments 16.2 | Miscellaneous | Executed Closing Transcript / Signature Pages | Calderwood & Harkness LLP | All Parties | Not Started | At Closing 16.3 | Miscellaneous | Post-Closing Document Delivery Agreement | Calderwood

I. Corporate & Formation Documents | 14 | 2 | 4 | 2 | 6 | 0 | 14.3%

II. Core Transaction Documents | 12 | 0 | 10 | 1 | 0 | 1 | 0.0%

III. Offering Memorandum & Disclosure | 4 | 0 | 0 | 3 | 0 | 1 | 0.0%

IV. Legal Opinions | 12 | 0 | 0 | 10 | 0 | 2 | 0.0%

V. UCC Filings & Perfection | 6 | 0 | 0 | 3 | 3 | 0 | 0.0%

VI. Rating Agency Deliverables | 5 | 2 | 0 | 0 | 3 | 0 | 40.0%

VII. Officer's & Closing Certificates | 6 | 0 | 0 | 3 | 0 | 3 | 0.0%

VIII. Auditor & Verification Agent Deliverables | 4 | 0 | 0 | 0 | 1 | 3 | 0.0%

IX. Receivables Pool Deliverables | 7 | 0 | 0 | 6 | 0 | 1 | 0.0%

X. Accounts & Banking | 5 | 0 | 0 | 0 | 5 | 0 | 0.0%

XI. Notes & Global Certificates | 4 | 0 | 0 | 0 | 0 | 4 | 0.0%

XII. Tax Deliverables | 5 | 0 | 0 | 0 | 1 | 4 | 0.0%

XIII. Regulatory & Compliance | 4 | 0 | 0 | 3 | 0 | 1 | 0.0%

XIV. Third-Party Agreements & Consents | 5 | 0 | 0 | 0 | 5 | 0 | 0.0%

XV. Insurance | 2 | 0 | 0 | 0 | 2 | 0 | 0.0%

XVI. Miscellaneous Closing Deliverables | 5 | 0 | 0 | 0 | 0 | 5 | 0.0% TOTAL | 100 | 4 | 14 | 31 | 26 | 25 | 4.0% [sheet: Key Contacts] Role | Organization | Key Contact | Title | Address | Email | Phone Sponsor / Parent — CEO | Quorum Insurance Holdings Corp. | Marcus Devereaux | Chief Executive Officer | 400 Atlantic Street, Suite 2200, Stamford, CT 06901 | [placeholder] | [placeholder] Sponsor / Parent — CFO | Quo