Contract analysis

From: Francesca Morano <fmorano@calderwoodharkness.com> To: Derek Ashworth <dashworth@belmontridge.com> Cc: Samuel Eklund <seklund@calderwoodharkness.com> Date: Fri, 17 May 2024 05:47:00 -0000 Subject: Belmont Ridge Equipment Trust 2024-A — Tap Issuance Closing Confirmation

I am pleased to confirm that the $48,000,000 tap issuance of Class A-2 Notes (CUSIP 07839LAB3) by Belmont Ridge Equipment Trust 2024-A closed and funded today, May 17, 2024.

Net proceeds of $47,916,000 — reflecting gross proceeds of $48,060,000 at the 100.125% issue price, less Ashford Capital Markets LLC's underwriting discount of $144,000 — were wired to the Trust's collection account at Meridian Fiduciary Services, Inc. The Tap Notes are fungible with the original $220,000,000 Class A-2 tranche, bringing total Class A-2 Notes outstanding to $268,000,000 and total Series 2024-A outstan

Below is a summary of all completed closing deliverables, followed by outstanding post-closing items.

- Supplemental Indenture No. 2 (dated April 19, 2024, among the Trust, Belmont Ridge Bank NA as Servicer, and Meridian Fiduciary Services, Inc. as Indenture Trustee) — executed and delivered. - Amendment No. 1 to the Sale and Servicing Agreement (dated April 19, 2024, among BRB as Originator and Servicer, the Trust, and Meridian) — executed and delivered. This amendment adds the tap pool (1,247 lease contracts, aggre

- Calderwood & Harkness LLP issuer's counsel opinion — delivered (enforceability opinions on Supplemental Indenture No. 2, Amendment No. 1 to the Sale and Servicing Agreement, and the Underwriting Agreement; 10b-5 negative assurance with respect to the Prospectus Supplement; Investment Company Act opinion for the Trust). - Whitfield & Donahue LLP Delaware counsel opinion — delivered (trust formation and valid existen

- BRB Officer's Certificate — executed by Derek Ashworth, certifying representations and warranties, no Event of Default or Servicer Default, pool eligibility, and OCC charter compliance (Charter No. 91-4428). - Secretary's Certificate and Good Standing Certificates — delivered.

- Pinnacle Ratings Group Inc. — confirmed AAA(sf) rating on Class A-2 Notes (original and tap). - Crestline Ratings International LLC — confirmed Aaa(sf) rating on Class A-2 Notes (original and tap).

- Velthorn Accounting Group LLP bring-down comfort letter — received, confirming no modifications required to the original comfort letter dated April 19, 2024 with respect to pool-level statistical data and BRB financial information in the Prospectus Supplement.

- Net proceeds of $47,916,000 wired to the Trust collection account at Meridian Fiduciary Services, Inc. — confirmed received.

1. **Prospectus Supplement SEC Filing** — Confirmed already filed on April 22, 2024 under Rule 424(b)(5). Registration Statement No. 333-276891. 2. **EDGAR Filing of Form ABS-EE** — To be completed; Carlos Espinoza and Hannah Brinkley are coordinating. 3. **Closing Binder Assembly** — Calderwood & Harkness will prepare and circulate the closing binder containing all executed documents, opinions, certificates, and anc

The first payment date on the Tap Notes is **June 15, 2024**.

Congratulations on a smooth and efficient closing. Our thanks to you, Priya, Margaret Yuen, and the broader BRB team for your responsiveness throughout the process. Please do not hesitate to reach out if you have any questions regarding the post-closing items or any ongoing shelf program matters.

Francesca Morano Partner Calderwood & Harkness LLP 250 Park Avenue, 40th Floor New York, NY 10177 T: (212) 508-6240 fmorano@calderwoodharkness.com