The Company has agreed to and acknowledged that the procedures performed are appropriate to meet the
intended purpose of assisting the Specified Parties in comparing Specified Attributes to Source Documents as listed in Exhibit A in connection with the issuance of equipment finance receivable-backed notes issued by Post Road Equipment Finance 2026-1, LLC in accordance with the confidential Preliminary Offering Memorandum. Additionally, BofA Securities, Inc., Wells Fargo Securities, LLC, Truist Securities, Inc., and Citizens JMP Securities, LLC have
agreed to and acknowledged that the procedures performed are appropriate to meet their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of this report
and may not meet the needs of all of the users of this report, and as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The appropriateness of these procedures for the intended purpose is solely the responsibility of the parties specified in this report. Consequently, we make
no representation regarding the appropriateness of the procedures enumerated below either for the purpose for which this report has been requested or for any other purpose.
The procedures performed and associated findings are as follows:
Agreed-Upon Procedures and Findings
For the purposes of
this report:
| i. |
The computer-generated Loan Data Files provided in a standard Microsoft Excel format containing information
related to the proposed transaction shall be herein referred to as the “Loan Data File.” |
| ii. |
The fields in the Loan Data Files shall be herein referred to as “Specified Attributes.”
|
| iii. |
The term “Contract” means master lease agreement, equipment schedule, payment schedule, loan and
security agreement, non-recourse promissory note, master sale and assignment agreement, guaranty, amendment(s) or other related documents. |
| iv. |
The term “Contract File” means any file containing the Contract and certain printed screen shots
from the Company’s servicing system. |
| v. |
The term “Obligor” means borrower(s)/lessee(s) stated on the respective Contracts.
|
| vi. |
The term “Obligor Group” means the Obligor along with any guarantor(s) on the respective Contracts.
|
| vii. |
The Contract File and Contract shall be herein referred to as “Source Documents.”
|
On January 16, 2026, the Company provided us with the Loan Data File with a cutoff date of December 31, 2025 (the
“December Loan Data File”) containing 212 individual customer accounts herein referred to as “Underlying Assets” that management represented was the entire population of the Underlying Assets in the proposed transaction. We
were instructed by the Specified Parties to haphazardly select a sample of 50 individual customer accounts and perform the agreed-upon procedures as outlined in the Engagement Letter dated January 8, 2026. From January 20, 2026 through
January 22, 2026, we were provided with the Source Documents referenced in Exhibit A related to the respective 50 individual customer accounts.
For
the sample, we inspected the presence of an electronic copy of the signed Contract or electronic documentation in the case of Contracts using electronic contracts.
We identified no exceptions in our procedure outlined above.
For the sample, we compared the Specified Attributes 1. through 11. outlined in Exhibit A and as presented in the December Loan Data File to the corresponding
Source Documents outlined in Exhibit A.
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