Contract analysis

1. Introduction and Purpose of Letter Belmont Ridge Bank, National Association ("BRB"), in its capacity as Originator and Servicer under the Sale and Servicing Agreement dated as of January 29, 2024 (as the same may be amended, supplemented, or otherwise modified from time to time, the "Sale and Servicing Agreement"), is writing to you in connection with a proposed tap issuance of additional Class A-2 Notes (as defin

2. Background — Original Series 2024-A Issuance For the convenience of the Rating Agencies, BRB sets forth below a summary of the original Series 2024-A issuance and the key transaction documents governing the Trust. The original Series 2024-A Notes were issued on January 29, 2024 (the "Original Closing Date"). The Notes were issued pursuant to that certain Indenture dated as of January 29, 2024 (the "Indenture"), am

3. Summary of Proposed Tap Issuance BRB proposes to cause the Trust to issue an additional $48,000,000 aggregate principal amount of Class A-2 Notes (the "Tap Notes") under Supplemental Indenture No. 2 to the Indenture dated January 29, 2024 (the "Supplemental Indenture"). Supplemental Indenture No. 1, dated February 28, 2024, effected certain administrative amendments to the Indenture that were not material to the r

4. Tap Pool — Collateral Characteristics The Tap Issuance will be backed by a discrete pool of small-ticket commercial equipment leases originated by BRB in the ordinary course of its equipment finance business (the "Tap Pool"). The Tap Pool receivables will be added to the Trust's existing asset base via Amendment No. 1 to the Sale and Servicing Agreement. All receivables in the Tap Pool satisfy the eligibility crit

5. Post-Tap Credit Enhancement Structure The credit enhancement structure for the Class A-2 Notes following the Tap Issuance will continue to provide robust protection to Noteholders consistent with the AAA(sf) / Aaa(sf) ratings. The post-tap credit enhancement structure is as follows: Overcollateralization: The overcollateralization ("OC") target for the Trust, post-tap, will remain at 4.50% of the aggregate outstan

6. Servicing Arrangements The servicing arrangements for the Trust will remain unchanged following the Tap Issuance. A summary of the current servicing arrangements is set forth below. Servicer: Belmont Ridge Bank, National Association, serves as Servicer under the Sale and Servicing Agreement. BRB will continue to service both the original collateral pool and the Tap Pool receivables in accordance with its customary

7. Transaction Parties For ease of reference, the following table summarizes the key parties to the Series 2024-A transaction and their respective roles: All parties listed above have been engaged in their respective capacities since the Original Closing Date (except the Underwriter, which has been engaged specifically for the Tap Issuance). No changes to any of the above-listed parties or their respective roles are

8. Rating Agency Fee BRB acknowledges the combined rating agency fee of $75,000 (the "Rating Fee") for the tap surveillance and new-issue rating confirmation work to be performed by each of Pinnacle and Crestline in connection with the Tap Issuance. The Rating Fee covers the analytical review, credit committee presentation, and issuance of the written confirmation letters described in Section 10 below, as well as ong

9. Enclosed Materials For purposes of the Rating Agencies' review and analysis of the proposed Tap Issuance, the following documents and materials are enclosed with this letter: Exhibit A: Summary Term Sheet for the proposed Tap Issuance, setting forth the key economic, structural, and legal terms of the Tap Notes in a format substantially consistent with the term sheet distributed in connection with the original Ser

10. Requested Confirmation BRB respectfully requests that each Rating Agency deliver a written confirmation (which may be in letter or email form) addressed to each of BRB, the Trust, Ashford Capital Markets LLC (as Underwriter), and Meridian Fiduciary Services, Inc. (as Indenture Trustee) confirming the following: (i) Pinnacle: Pinnacle confirms that the issuance of the Tap Notes, on the terms described in this lett

11. Contact Information For questions regarding this request or to obtain additional information concerning the proposed Tap Issuance, the Tap Pool, or the Trust, please contact the following individuals: Priya Ranganathan Senior Vice President, Structured Finance Belmont Ridge Bank, National Association 600 Lexington Avenue, 32nd Floor New York, NY 10022 Telephone: (212) 547-3800 Email: pranganathan@belmontridgebank