Document:

EXHIBIT 10.1

 

 NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

 

Principal Amount: $53,500.00Issue Date:
February 15, 2021 Purchase Price: $53,500.00

 

 

CONVERTIBLE PROMISSORY NOTE

 

FOR
VALUE RECEIVED, BANTEC, INC., a Delaware corporation (hereinafter called the “Borrower”), hereby promises
to pay to the order of GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns (the “Holder”)
the sum of $53,500.00 together with any interest as set forth herein, on February 15, 2022 (the “Maturity Date”), and
to pay interest on the unpaid principal balance hereof at the rate of ten percent (10%)(the “Interest Rate”) per annum
from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration
or by prepayment or otherwise. This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein.
Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent
(22%) per annum from the due date thereof until the same is paid (“Default Interest”). Interest shall commence accruing
on the date that the Note is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed.
All payments due hereunder (to the extent not converted into common stock, $0.0001 par value per share (the “Common Stock”)
in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made
at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of
this Note. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain
Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase Agreement”).

 

This Note
is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The following terms shall apply to this Note:

 

     

     

    

 

 

ARTICLE I. CONVERSION
RIGHTS

 

1.1            
 Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning
on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity
Date and (ii) the date of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding
amount of this Note to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable
shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the
Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion
Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall
the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the
sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised
or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the
limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this
Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder
and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately
preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1)
of such proviso. The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder.
The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion
Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion,
in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in
accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means
resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion
date (the “Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the
Conversion Date shall be the next business day. The term “Conversion Amount” means, with respect to any conversion
of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s
option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion
Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding
clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

1.2             Conversion
Price. The Conversion Price shall be equal to the Variable Conversion Price (as defined herein)(subject to equitable
adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities
or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary
distributions and similar events). The "Variable Conversion Price" shall mean 65% multiplied by the Market Price
(as defined herein) (representing a discount rate of 35%). “Market Price” means the lowest Trading Price (as
defined below) for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior
to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the
OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a
reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not
the principal trading market for such security, the closing bid price of such security on the principal securities exchange
or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of
the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the
“pink sheets”. If the Trading Price cannot be calculated for such security on such date in the manner provided
above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority
in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the
Conversion Price of such Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any
period on the OTC, or on the principal securities exchange or other securities market on which the Common Stock is then being
traded.

 

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1.3            
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve
from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all
times to have authorized and reserved six times the number of shares that would be issuable upon full conversion of the Note (assuming
that the 4.99% limitation set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the Note (as defined
in Section 1.2) in effect from time to time, initially 39,507,692 shares)(the “Reserved
Amount”). The Reserved Amount shall be increased (or decreased with the written consent of the Holder) from time to time
in accordance with the Borrower’s obligations hereunder. The Borrower represents that upon issuance, such shares will be
duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make any change
to its capital structure which would change the number of shares of Common Stock into which the Notes shall be convertible at the
then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient
number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note.
The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock
issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers
and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares
of Common Stock in accordance with the terms and conditions of this Note.

 

If, at any time the Borrower does not
maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

		1.4	Method of Conversion.

 

(a)             
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period
beginning on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the
Maturity Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part
at any time from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail
or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B)
subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of any amounts
owed hereunder).

 

The Holder shall be entitled
to deduct $500.00 from the conversion amount in each Notice of Conversion to cover Holder's deposit fees associated with each Notice
of Conversion. Any additional expenses incurred by Holder with respect to the Borrower's transfer agent, for the issuance of the
Common Stock into which this Note is convertible into, shall immediately and automatically be added to the balance of the Note
at such time as the expenses are incurred by Holder.

 

If at any time the
Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then at the
sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion
Amount for such conversion may be increased to include Additional Principal, where "Additional Principal" means
such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares
issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion
Price not been adjusted by the Holder to the par value price.

 

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(b)            
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of
this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower
unless the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing
the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to
the Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

 

(c)             
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission
or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided
in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”)
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with
the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed
to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of
accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its
obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except
the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the
Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce
the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower,
and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection
with such conversion.

 

(d)            
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common
Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set
forth herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable
upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent
Commission (“DWAC”) system.

 

(e)              Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon
conversion of this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall
pay to the Holder $2,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common
Stock (the “Fail to Deliver Fee”); provided; however that the Fail to Deliver Fee shall not be due if the failure
is a result of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the
best efforts of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth
day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the
Borrower by the first day of the month following the month in which it has accrued), shall be added to the principal amount
of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note and such additional
principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees that
the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate,
interference with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that
the liquidated damages provision contained in this Section 1.4(e) are justified.

 

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1.5            
 Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless: (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions
of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant
to an exemption from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are
transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the
shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any restrictive legend on certificates
representing shares of Common Stock issuable upon conversion of this Note shall be removed and the Borrower shall issue to the
Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall have received an opinion
of counsel from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion
shall be accepted by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon
conversion of this Note, such security is registered for sale by the Holder under an effective registration statement filed under
the Act; or otherwise may be sold pursuant to an exemption from registration. In the event that the Company does not reasonably
accept the opinion of counsel provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration
(such as Rule 144), at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

		1.6	Effect of Certain Events.

 

(a)             
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or
substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions
in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination
of the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed
to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon
the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III). “Person”
shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

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(b)             Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of
all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other
similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different
number of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale
or conveyance of all or substantially all of the assets of the Borrower other than in connection with a plan of complete
liquidation of the Borrower, then the Holder of this Note shall thereafter have the right to receive upon conversion of this
Note, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately
theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive
in such transaction had this Note been converted in full immediately prior to such transaction (without regard to any
limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the
rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation,
provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall
thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon
the conversion hereof. The Borrower shall not affect any transaction described in this Section 1.6(b) unless (a) it first
gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5) days prior written
notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the
consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or
sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or
acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall
similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)             
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to
acquire its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including
any dividend or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

1.7             Prepayment.
Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on the table
immediately following this paragraph (the “Prepayment Periods”) or as otherwise agreed to between the Borrower
and the Holder, the Borrower shall have the right, exercisable on not more than three (3) Trading Days prior written notice
to the Holder of the Note to prepay the outstanding Note (principal and accrued interest), in full, in accordance with this
Section 1.7. Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the
Holder of the Note at its registered addresses and shall state: (1) that the Borrower is exercising its right to prepay the
Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days from the date of the Optional
Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make
payment of the Optional Prepayment Amount (as defined below) to Holder, or upon the direction of the Holder as specified by
the Holder in a writing to the Borrower (which shall direction to be sent to Borrower by the Holder at least one (1) business
day prior to the Optional Prepayment Date). If the Borrower exercises its right to prepay the Note, the Borrower shall make
payment to the Holder of an amount in cash equal to the percentage (“Prepayment Percentage”) as set forth in the
table immediately following this paragraph opposite the applicable Prepayment Period, multiplied by the sum of: (w) the then
outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note
to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and
(x) plus (z) any amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional Prepayment
Amount”).

 

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	Prepayment Period	Prepayment Percentage
	
        1.       The period
        beginning on the Issue Date and ending on

        the date which is thirty (30) days following the Issue
        Date.
	112%
	
        2.       The period
        beginning on the date which is thirty-one

        (31) days following the Issue Date and ending on
        the date which is sixty (60) days following the Issue Date.
	117%
	
        3.       The
        period beginning on the date which is sixty-one

        (61) days following the Issue Date
        and ending on the date which is

        ninety (90) days following the Issue Date.
	122%
	
        4.       The
        period beginning on the date that is ninety-one

        (91) day from the Issue Date and ending
        one hundred twenty (120)

        days following the Issue Date.
	127%
	
        5.       The
        period beginning on the date that is one hundred

        twenty-one (121) day from the Issue Date and ending one
        hundred eighty (180) days following the Issue Date.
	135%

 

After the expiration of the Prepayment
Periods set forth above, the Borrower may submit an Optional Prepayment Notice to the Holder. Upon receipt by the Holder of the
Optional Prepayment Notice post Prepayment Periods, the prepayment shall be subject to the Holder’s and the Borrower’s
agreement with respect to the applicable Prepayment Percentage.

 

Notwithstanding anything contained
herein to the contrary, the Holder’s conversion rights herein shall not be affected in any way until the Note is fully paid
(funds received by the Holder) pursuant to an Optional Prepayment Notice.

 

1.8            
ACH Option. Notwithstanding anything contained herein to the contrary, upon the occurrence of an Event of Default,
at the Investor’s option, in addition to the right to conversion as set forth above and any other rights and remedies as
set forth herein, the Investor, or its affiliate or assignee, may deduct daily ACH payments from the bank account of the Borrower
(or any of its subsidiaries) in the amount of $636.90 per day until such time as the Borrower has paid (or the Investor has converted)
an amount equal to the principal balance, interest, accrued interest, Default Amount and any other fees as set forth in the Note.

 

ARTICLE II. CERTAIN
COVENANTS

 

2.1 Sale
of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business.
Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

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ARTICLE III. EVENTS
OF DEFAULT

 

If any of the following events of default (each, an “Event
of Default”) shall occur:

3.1            
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due
on this Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice
from the Holder.

 

3.2            
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens
in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in
accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in
certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or
hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of
Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note,
or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing)
any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of
Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes
any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and
any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not
be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation
of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this Note, if a
conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the
option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such
advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

3.3            
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in
this Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period
of twenty (20) days after written notice thereof to the Borrower from the Holder.

 

3.4            
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase
Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5            
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.6            
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or
involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower
or any subsidiary of the Borrower.

 

3.7             Delisting
of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which
specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the
Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

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3.8            
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the
Exchange Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.9            
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10         
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable
to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as
a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11         
Financial Statement Restatement.The restatement of any financial statements filed by the Borrower with the SEC
at any time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result
of such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on
the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.12         
 Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower
fails to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in
a form as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve
shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13         
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion
documents, a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements,
after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default
under this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights
and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement
or hereunder. “Other Agreements” means, collectively, all agreements and instruments between, among or by: (1) the
Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory
notes; provided, however, the term “Other Agreements” shall not include the related or companion documents to this
Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future
debt of Borrower to the Holder.

 

    9 

     

    

 

Upon the occurrence
and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the
principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and
the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum
(as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE
NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS
OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the
occurrence and during the continuation of any Event of Default specified in Sections 3.1 (solely with respect to failure to
pay the principal hereof or interest thereon when due on this Note upon a Trading Market Prepayment Event pursuant to Section
1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery of
written notice to the Borrower by such Holders (the “Default Notice”), and upon the occurrence of an Event of
Default specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon
at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable and the Borrower
shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the greater of (i) 150% times
the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the
unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y)
Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder
pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus
the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) or (ii) the
“parity value” of the Default Sum to be prepaid, where parity value means (a) the highest number of shares of
Common Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article I, treating the
Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion Date” for purposes of
determining the lowest applicable Conversion Price, unless the Default Event arises as a result of a breach in respect of a
specific Conversion Date in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the
highest Closing Price for the Common Stock during the period beginning on the date of first occurrence of the Event of
Default and ending one day prior to the Mandatory Prepayment Date (the “Default Amount”) and all other amounts
payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby
are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the
Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

If the Borrower fails to pay the
Default Amount within five (5) business days of written notice that such amount is due and payable, then the Holder shall have
the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized
shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares
of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

 

ARTICLE IV. MISCELLANEOUS

 

4.1            
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

    10 

     

    

 

4.2             Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice. Any notice or other communication required or permitted to be
given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation
generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day
during normal business hours where such notice is to be received), or the first business day following such delivery (if
delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

If to the Borrower, to:

BANTEC, INC.

195 Paterson Avenue

Little Falls, NJ 07424

Attn: Michael Bannon, Chief Executive Officer
Fax:

Email: mike@bantecinc.com

If to the Holder:

GENEVA ROTH REMARK HOLDINGS, INC.

111 Great Neck Road, Suite 214 Great Neck, NY 11021

Attn: Curt Kramer, Chief Executive Officer e-mail:
genevarothremark@gmail.com

With a copy by fax only
to (which copy shall not constitute notice): Naidich 

Wurman LLP

111 Great Neck Road, Suite 216 Great Neck,
NY 11021

Attn: Allison Naidich facsimile:
516-466-3555

e-mail: allison@nwlaw.com

 

4.3            
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower
and the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

4.4            
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be
the benefit of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor”
(as defined in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this
Note may be pledged as collateral in connection with a bona fide margin account or other lending arrangement; and may be
assigned by the Holder without the consent of the Borrower.

 

4.5            
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs
of collection, including reasonable attorneys’ fees.

 

    11 

     

    

 

4.6            
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York
without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Note shall be brought only in the state courts of New York or in the federal courts located in the state and
county of Nassau. The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Borrower and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney's fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith
is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of
any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit,
action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by
mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law.

 

4.7            
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the
Purchase Agreement.

 

4.8            
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm
to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges
that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach
or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other
available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining,
preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity
of showing economic loss and without any bond or other security being required.

 

IN WITNESS WHEREOF, Borrower has
caused this Note to be signed in its name by its duly authorized officer this on February 15, 2021

 

BANTEC, INC.

 

 

		By:	/s/ Michael Bannon Michael Bannon

Chief Executive Officer

 

 

    12EX-4.1

 Exhibit 4.1 

[Execution Version] 

INDENTURE 
 Dated as of
February 18, 2021 
  
  

Regional Management Issuance Trust 2021-1, 

Series 2021-1 Asset-Backed Notes 

 
  

among 
 REGIONAL MANAGEMENT
ISSUANCE TRUST 2021-1, 
 as Issuer 

REGIONAL MANAGEMENT CORP., 

as Servicer 
 WELLS FARGO BANK,
N.A., 
 as Indenture Trustee 

and 
 WELLS FARGO BANK,
N.A., 
 as Account Bank 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	3	 
			
	    Section 1.01
	 	 Definitions
	  	 	3	 
		
	 ARTICLE II. THE NOTES
	  	 	3	 
			
	    Section 2.01
	 	 Form Generally
	  	 	3	 
			
	    Section 2.02
	 	 Denominations
	  	 	4	 
			
	    Section 2.03
	 	 Execution, Authentication and Delivery
	  	 	4	 
			
	    Section 2.04
	 	 Book-Entry Notes
	  	 	4	 
			
	    Section 2.05
	 	Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Note Registrar	  	 	6	 
			
	    Section 2.06
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	13	 
			
	    Section 2.07
	 	 Persons Deemed Owners
	  	 	13	 
			
	    Section 2.08
	 	 Cancellation
	  	 	14	 
			
	    Section 2.09
	 	 Notices to Clearing Agency
	  	 	14	 
			
	    Section 2.10
	 	 Definitive Notes
	  	 	14	 
			
	    Section 2.11
	 	 CUSIP Numbers
	  	 	15	 
		
	 ARTICLE III. REPRESENTATIONS AND COVENANTS OF ISSUER
	  	 	15	 
			
	    Section 3.01
	 	 Payment of Principal and Interest
	  	 	15	 
			
	    Section 3.02
	 	 Maintenance of Office or Agency
	  	 	16	 
			
	    Section 3.03
	 	 Money for Note Payments to Be Held in Trust
	  	 	16	 
			
	    Section 3.04
	 	 Existence
	  	 	16	 
			
	    Section 3.05
	 	 Protection of Trust
	  	 	17	 
			
	    Section 3.06
	 	 Opinions as to Trust Estate
	  	 	17	 
			
	    Section 3.07
	 	 Performance of Obligations; Servicing of Loans
	  	 	18	 
			
	    Section 3.08
	 	 Negative Covenants
	  	 	18	 
			
	    Section 3.09
	 	 Statements as to Compliance
	  	 	19	 
			
	    Section 3.10
	 	 Issuer’s Name, Location, etc.
	  	 	19	 
			
	    Section 3.11
	 	 Amendments
	  	 	20	 
			
	    Section 3.12
	 	 No Borrowing
	  	 	21	 
			
	    Section 3.13
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	21	 
			
	    Section 3.14
	 	 Tax Treatment
	  	 	21	 
			
	    Section 3.15
	 	 Notice of Events of Default
	  	 	23	 
			
	    Section 3.16
	 	 No Other Business
	  	 	23	 

  
 i 

							
	    Section 3.17
	 	 Further Instruments and Acts
	  	 	23	 
			
	    Section 3.18
	 	 Maintenance of Separate Existence
	  	 	23	 
			
	    Section 3.19
	 	 Perfection Representations, Warranties and Covenants
	  	 	23	 
			
	    Section 3.20
	 	 Other Representations of the Issuer
	  	 	23	 
			
	    Section 3.21
	 	 Intercreditor Agreement
	  	 	24	 
			
	    Section 3.22
	 	 Compliance with Laws
	  	 	24	 
			
	    Section 3.23
	 	 Eligible Assets
	  	 	24	 
		
	 ARTICLE IV. SATISFACTION AND DISCHARGE
	  	 	24	 
			
	    Section 4.01
	 	 Satisfaction and Discharge of this Indenture
	  	 	24	 
			
	    Section 4.02
	 	 Application of Trust Money
	  	 	25	 
		
	 ARTICLE V. DEFAULTS AND REMEDIES
	  	 	26	 
			
	    Section 5.01
	 	 Early Amortization Events
	  	 	26	 
			
	    Section 5.02
	 	 Events of Default
	  	 	26	 
			
	    Section 5.03
	 	Acceleration of Maturity; Rescission and Annulment	  	 	28	 
			
	    Section 5.04
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	28	 
			
	    Section 5.05
	 	 Remedies; Priorities
	  	 	30	 
			
	    Section 5.06
	 	 Optional Preservation of the Trust Estate
	  	 	32	 
			
	    Section 5.07
	 	 Limitation on Suits
	  	 	32	 
			
	    Section 5.08
	 	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	 	33	 
			
	    Section 5.09
	 	 Restoration of Rights and Remedies
	  	 	33	 
			
	    Section 5.10
	 	 Rights and Remedies Cumulative
	  	 	33	 
			
	    Section 5.11
	 	 Delay or Omission Not Waiver
	  	 	33	 
			
	    Section 5.12
	 	 Control by Noteholders
	  	 	34	 
			
	    Section 5.13
	 	 Waiver of Past Defaults
	  	 	34	 
			
	    Section 5.14
	 	 Undertaking for Costs
	  	 	35	 
			
	    Section 5.15
	 	 Waiver of Stay or Extension Laws
	  	 	35	 
			
	    Section 5.16
	 	 Action on Notes
	  	 	35	 
			
	    Section 5.17
	 	 Sale of Loans
	  	 	35	 
			
	    Section 5.18
	 	 Performance and Enforcement of Certain Obligations
	  	 	36	 
		
	 ARTICLE VI. THE INDENTURE TRUSTEE
	  	 	36	 
			
	    Section 6.01
	 	 Duties of the Indenture Trustee
	  	 	36	 
			
	    Section 6.02
	 	Notice of Early Amortization Event or Event of Default; Notice of Breach of Representations or Warranties	  	 	39	 

  
 ii 

							
	    Section 6.03
	 	 Certain Matters Affecting the Indenture Trustee
	  	 	39	 
			
	    Section 6.04
	 	 Not Responsible for Recitals or Issuance of Notes
	  	 	42	 
			
	    Section 6.05
	 	 Indenture Trustee May Hold Notes
	  	 	43	 
			
	    Section 6.06
	 	 Money Held in Trust
	  	 	43	 
			
	    Section 6.07
	 	 Compensation, Reimbursement and Indemnification
	  	 	43	 
			
	    Section 6.08
	 	 Replacement of Indenture Trustee
	  	 	44	 
			
	    Section 6.09
	 	 Successor Indenture Trustee by Merger
	  	 	46	 
			
	    Section 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee
	  	 	46	 
			
	    Section 6.11
	 	 Eligibility; Disqualification
	  	 	47	 
			
	    Section 6.12
	 	 Representations and Warranties of the Indenture Trustee
	  	 	48	 
			
	    Section 6.13
	 	 Execution of Transaction Documents
	  	 	48	 
			
	    Section 6.14
	 	 Rule 15Ga-1 Compliance
	  	 	48	 
		
	 ARTICLE VII. NOTEHOLDERS’ LIST AND REPORTS
	  	 	49	 
			
	    Section 7.01
	 	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	49	 
			
	    Section 7.02
	 	 Preservation of Information; Communications to Noteholders
	  	 	49	 
		
	 ARTICLE VIII. ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	50	 
			
	    Section 8.01
	 	 Collection of Money
	  	 	50	 
			
	    Section 8.02
	 	 Establishment of the Note Accounts
	  	 	50	 
			
	    Section 8.03
	 	 Collections and Allocations
	  	 	53	 
			
	    Section 8.04
	 	 Rights of Noteholders
	  	 	53	 
			
	    Section 8.05
	 	 Release of Trust Estate
	  	 	53	 
			
	    Section 8.06
	 	 Application of Available Funds
	  	 	55	 
			
	    Section 8.07
	 	 Loan Actions
	  	 	58	 
			
	    Section 8.08
	 	 Optional Redemption of the Notes
	  	 	59	 
			
	    Section 8.09
	 	 Distributions and Payments to Noteholders
	  	 	61	 
			
	    Section 8.10
	 	 Reports and Statements to Noteholders
	  	 	61	 
		
	 ARTICLE IX. SUPPLEMENTAL INDENTURES
	  	 	62	 
			
	    Section 9.01
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	62	 
			
	    Section 9.02
	 	 Supplemental Indentures With Consent of Noteholders
	  	 	64	 
			
	    Section 9.03
	 	 Execution of Supplemental Indentures
	  	 	65	 
			
	    Section 9.04
	 	 Effect of Supplemental Indenture
	  	 	65	 
			
	    Section 9.05
	 	 Reference in Notes to Supplemental Indentures
	  	 	66	 
			
	    Section 9.06
	 	 Modification of Obligations of Owner Trustee
	  	 	66	 

  
 iii 

							
	 ARTICLE X. TERMINATION
	  	 	66	 
			
	    Section 10.01
	 	 Termination of Indenture
	  	 	66	 
			
	    Section 10.02
	 	 Final Distribution
	  	 	66	 
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	67	 
			
	    Section 11.01
	 	 Compliance Certificates
	  	 	67	 
			
	    Section 11.02
	 	 Form of Documents Delivered to Indenture Trustee
	  	 	67	 
			
	    Section 11.03
	 	 Acts of Noteholders
	  	 	68	 
			
	    Section 11.04
	 	 Notices, etc.
	  	 	69	 
			
	    Section 11.05
	 	 Notices to Noteholders; Waiver
	  	 	69	 
			
	    Section 11.06
	 	 Effect of Headings and Table of Contents
	  	 	70	 
			
	    Section 11.07
	 	 Successors and Assigns
	  	 	70	 
			
	    Section 11.08
	 	 Severability
	  	 	70	 
			
	    Section 11.09
	 	 Binding Effect; Third Party Beneficiaries
	  	 	70	 
			
	    Section 11.10
	 	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	70	 
			
	    Section 11.11
	 	 Counterparts; Execution
	  	 	71	 
			
	    Section 11.12
	 	 Recording of Indenture
	  	 	71	 
			
	    Section 11.13
	 	 Inspection
	  	 	72	 
			
	    Section 11.14
	 	 Trust Obligation
	  	 	72	 
			
	    Section 11.15
	 	 Limitation of Liability of Owner Trustee and Indenture Trustee
	  	 	72	 
			
	    Section 11.16
	 	 No Bankruptcy Petition; Disclaimer and Subordination
	  	 	73	 
			
	    Section 11.17
	 	 Tax Matters; Administration of Transfer Restrictions
	  	 	73	 
			
	    Section 11.18
	 	 Successor Servicer Transfer
	  	 	74	 
			
	    Section 11.19
	 	 Limited Recourse
	  	 	74	 
			
	    Section 11.20
	 	 Nature of Noteholders’ Claims
	  	 	75	 
			
	    Section 11.21
	 	 Force Majeure
	  	 	75	 
			
	    Section 11.22
	 	 PATRIOT Act
	  	 	75	 

  

			
	 EXHIBITS & SCHEDULES

		
	 Exhibit A
	  	 Forms of Class [A][B][C][D] Notes

	 Exhibit B
	  	 Form of Transfer Certificates

	 Exhibit C
	  	 Form of Monthly Servicer Report

	 Exhibit D
	  	 Rule 15Ga-1 Information

	 Exhibit E
	  	 Form of Class D Transferee Certification

		
	 Schedule I
	  	 Perfection Representations, Warranties and Covenants

  
 iv 

 This INDENTURE, dated as of February 18, 2021 (herein, as amended,
modified or supplemented from time to time as permitted hereby, called this “Indenture”), among REGIONAL MANAGEMENT ISSUANCE TRUST 2021-1, a statutory trust created under the laws of the State
of Delaware (the “Issuer”), REGIONAL MANAGEMENT CORP., a Delaware corporation, and its permitted successors and assigns, as servicer, (in such capacity, the “Servicer”), WELLS FARGO BANK, N.A., a national banking
association (“Wells Fargo”), as indenture trustee (in such capacity, the “Indenture Trustee”) and as account bank (in such capacity, the “Account Bank”). 

PRELIMINARY STATEMENT 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for asset-backed notes (the
“Notes”) as provided in this Indenture. 
 The Issuer, through this Indenture, wishes to provide security
for such obligations to the extent and as provided herein. All covenants and agreements made by the Issuer herein are for the benefit and security of the Indenture Trustee and the Noteholders. 

The Issuer is entering into this Indenture, and the Indenture Trustee is accepting the trusts created hereby, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged. All things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly
issued by the Issuer, the valid and binding obligations of the Issuer, and to make this Indenture a valid and binding agreement of the Issuer, in accordance with their and its terms. 

Simultaneously with the delivery of this Indenture, the Issuer is entering into the Sale and Servicing Agreement pursuant to
which (a) the Depositor will convey to the Issuer all of its right, title and interest in, to and under (i) the Loans conveyed to the Depositor in accordance with the Loan Purchase Agreement (excluding, for the avoidance of doubt, any 2021-1A SUBI Loans) and (ii) the 2021-1A SUBI Certificate (which represents a beneficial interest in the 2021-1A SUBI Loans and
other 2021-1A SUBI Assets) and (b) the Servicer will agree to service the Loans (including the 2021-1A SUBI Loans) and make collections thereon. 

GRANTING CLAUSES 

To secure the Issuer’s obligations under the Notes, the Issuer hereby Grants to the Indenture Trustee, for the benefit of
the Indenture Trustee and the Noteholders, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under all assets of the Issuer, including but not limited to the following: 

(i)    the 2021-1A SUBI Certificate and the Loans conveyed to the
Issuer from the Depositor pursuant to the Sale and Servicing Agreement, whether now existing or hereafter acquired, and all rights to payment and amounts due or to become due with respect to all of the foregoing and the other Sold Assets; 

(ii)    all money, instruments, investment property and other property (together with all earnings,
dividends, distributions, income, issues and profits relating thereto) distributed or distributable in respect of such Loans; 

  
 INDENTURE (RMIT 2021-1) – Page 1

 (iii)    the Note Accounts and all Eligible Investments
and all money, investment property, instruments and other property from time to time on deposit in or credited to the Note Accounts, together with all earnings, dividends, distributions, income, issues and profits relating thereto; 

(iv)    all rights, remedies, powers, privileges and claims of the Issuer under or with respect to the
Sale and Servicing Agreement, the Loan Purchase Agreement and each other Transaction Document (whether arising pursuant to the terms of the Sale and Servicing Agreement, the Loan Purchase Agreement or any other Transaction Document or otherwise
available to the Issuer at law or in equity) in respect of such Loans, including, without limitation, the rights of the Issuer to enforce the Sale and Servicing Agreement, the Loan Purchase Agreement or any other Transaction Document, and to give or
withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to the Sale and Servicing Agreement, the Loan Purchase Agreement or any other Transaction Document to the same extent as the Issuer
could but for the assignment and security interest granted hereunder; 
 (v)    all Liquidation Proceeds
thereof; 
 (vi)    all Loan Files, Servicer Files and the documents, agreements and instruments
included in the Loan Files and Servicer Files, including rights of recourse against the Loan Obligors, in each case to the extent related to such Loan and the related Contract; 

(vii)    all Records, documents and writings evidencing or related to the Loans or the related Contracts;

 (viii)    all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds
thereof), payments and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Loans, whether pursuant to the related Contract or otherwise, to the extent of the Seller’s interest therein,
if any; 
 (ix)    all security interests, Liens, guaranties and other encumbrances in favor of or
assigned or transferred to the Issuer relating to the Loans; 
 (x)    all deposit accounts, monies,
deposits, funds, accounts, instruments, investment property, letter-of-credit rights, letters of credit and supporting obligations, consisting of, arising from,
purporting to secure, or relating to, any of the foregoing; and 
 (xi)    all present and future
claims, income, products, accessions, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing,
including all proceeds, products, rents, receipts or profits of the conversion, voluntary or involuntary, into cash or other property, all cash and non-cash proceeds, and other property consisting of, arising
from or relating to all or any part of any of the foregoing or any proceeds thereof. 
 The property described in the
preceding sentence, together with the Related Collateral pledged pursuant to the 2021-1A Security Agreement, shall constitute the “Trust Estate”; provided, however, that the
Trust Estate shall not include, and the lien of this Indenture shall not extend to, any Loans that are reassigned to the Depositor (or in the case of the 2021-1A SUBI Loans, reallocated from the 2021-1A SUBI) pursuant to a Loan Action or assets or amounts released from the Lien of this Indenture in accordance with the express terms hereof. 

  
 INDENTURE (RMIT 2021-1) – Page 2

 For the avoidance of doubt, although the
2021-1A SUBI Certificate pledged by the Issuer to the Indenture Trustee hereunder represents a beneficial interest in the 2021-1A SUBI Loans, no 2021-1A SUBI Loans are being pledged hereunder, and the 2021-1A SUBI Loans continue to be the property of the North Carolina Trust. 

Such Grants are made in trust to secure the Notes equally and ratably without prejudice, priority or distinction, in each case
except as set forth herein. 
 The Indenture Trustee, as Indenture Trustee on behalf of the Noteholders, acknowledges such
Grant and accepts the trusts hereunder in accordance with the provisions hereof and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. On the Closing Date, the Issuer shall deliver to the
Indenture Trustee the 2021-1A SUBI Certificate together with an assignment in blank signed by the Issuer. 

LIMITED RECOURSE 

The obligations of the Issuer to make payments of principal of and interest on the Notes are limited recourse obligations of
the Issuer that are secured solely by and are payable solely from the related Trust Estate and only to the extent proceeds and distributions on such Trust Estate are allocated for its benefit under the terms of this Indenture. The holders of the
Notes shall have no recourse to any other assets of the Issuer. In the event the Trust Estate has been exhausted and any of the Notes have not been paid in full, then any and all amounts that are still due on such Notes shall be extinguished and
shall not revive, and such Notes shall be canceled. 
 ARTICLE I. 

DEFINITIONS 

Section 1.01    Definitions. Capitalized terms used but not defined in this Indenture are
defined in and shall have the respective meanings assigned to them in Part A of Schedule II (together with Part B of such Schedule II, the “Definitions Schedule”) to the Sale and Servicing Agreement of even date herewith, by
and among Regional Management Receivables III, LLC (the “Depositor”), Regional Management Corp., as the servicer, the subservicers party thereto, Regional Management North Carolina Receivables Trust and the Issuer. The rules of
construction set forth in Part B of the Definitions Schedule shall be applicable to this Indenture. 
 ARTICLE II. 

THE NOTES 

Section 2.01    Form Generally. The Notes shall be designated as the “Regional Management
Issuance Trust 2021-1, Personal Loan Asset Backed Notes, Series 2021-1.” The Notes shall be in substantially the form attached as Exhibit A hereto. Except as
otherwise expressly provided herein, the Notes will be issued in fully registered form only and shall be numbered serially for identification. The terms of the Notes set forth in Exhibit A to this Indenture are part of the terms of this Indenture.
The Notes shall be typewritten, word processed, printed, lithographed, engraved or produced by any combination of these methods, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

  
 INDENTURE (RMIT 2021-1) – Page 3

 Section 2.02    Denominations. Each of the
Class A Notes, Class B Notes and Class C Notes shall be issued in fully registered form in minimum amounts of $100,000 and in integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued in fully registered
form in minimum amounts of $250,000 and in integral multiples of $1,000 in excess thereof. 

Section 2.03    Execution, Authentication and Delivery. Each Note shall be executed by manual
or facsimile signature on behalf of the Issuer by an Authorized Officer of the Issuer. 
 Notes bearing the manual or
facsimile signature of an individual who was, at the time when such signature was affixed, authorized to sign on behalf of the Issuer shall not be rendered invalid, notwithstanding the fact that such individual ceased to be so authorized prior to
the authentication and delivery of such Notes or does not hold such office at the date of issuance of such Notes. 
 On the
Closing Date, the Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A Notes for original issue in an aggregate principal amount of $203,130,000, Class B Notes for original issue in an aggregate principal amount of
$7,160,000, Class C Notes for original issue in an aggregate principal amount of $17,320,000, and Class D Notes for original issue in an aggregate principal amount of $21,090,000. At any time and from time to time after the execution and
delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication and delivery, and the Indenture Trustee, upon Issuer Order, shall authenticate and deliver such Notes as provided in this
Indenture and not otherwise. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication, substantially in the form provided for herein, executed by or on behalf of the Indenture Trustee by the manual signature of a duly authorized signatory, and such
certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.04    Book-Entry Notes. The Notes, upon original issuance, shall be issued in the
form of one or more Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee as custodian for the Clearing Agency on behalf of the Issuer. The Notes shall initially be registered on the Note Register in the name of the
Clearing Agency of its nominee, and no Beneficial Owner will receive a Definitive Note representing such Beneficial Owner’s interest in such Note, except as provided in Section 2.10. Unless and until Definitive Notes have been issued to
the applicable Beneficial Owners pursuant to Section 2.10: 
 (a)    the provisions of this
Section 2.04 shall be in full force and effect; 
 (b)    the Issuer, the Depositor, the Note
Registrar and the Indenture Trustee shall be entitled to communicate directly with the Clearing Agency and the Clearing Agency Participants for all purposes of this Indenture (including distributions) as the authorized representatives of the
Beneficial Owners of the Notes; 

  
 INDENTURE (RMIT 2021-1) – Page 4

 (c)    to the extent that the provisions of this
Section 2.04 conflict with any other provisions of this Indenture, the provisions of this Section 2.04 shall control; 

(d)    the rights of Beneficial Owners shall be exercised only through the Clearing Agency and the
applicable Clearing Agency Participants and shall be limited to those established by law and agreements between such owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes of such Class are
issued pursuant to Section 2.10, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal and interest on the related Notes to such Clearing Agency
Participants and, without limiting the Issuer’s or the Indenture Trustee’s duties and obligations set forth elsewhere herein, neither the Issuer nor the Indenture Trustee shall have any responsibility therefor; and 

(e)    whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Aggregate Note Balance, the Class A Note Balance, the Class B Note Balance, the Class C Note Balance or the Class D Note Balance, as applicable, the Clearing
Agency shall be deemed to represent such percentage with respect to the Notes only to the extent that it has received written instructions to such effect from Beneficial Owners and/or Clearing Agency Participants owning or representing,
respectively, such required percentage of the beneficial interest in such Notes and has delivered such written instructions to the Indenture Trustee. For the avoidance of doubt, irrespective of whether such Clearing Agency has received such written
instructions, the determination as to whether such Clearing Agency has received such written instructions and the determination as to whether any Note is “Outstanding” shall be made in accordance with the definition thereof. 

None of the Issuer, the Indenture Trustee or the Note Registrar shall have any liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests in the Book-Entry Notes or for maintaining, supervising or reviewing any records relating to beneficial ownership interests or transfers thereof. 

Except as provided in the next succeeding paragraph of this Section 2.04, the rights of Beneficial Owners with respect to
the Book-Entry Notes shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and Clearing Agency Participants. Except as provided in Section 2.10 hereof, Beneficial Owners shall not be
entitled to Definitive Notes in exchange for the Book-Entry Notes as to which they are the Beneficial Owners. Requests and directions from, and votes of, the Clearing Agency as Holder of the Notes shall not be deemed inconsistent if they are made
with respect to different Beneficial Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from, or voting by, Noteholders and give notice to the Clearing Agency of such record date. Other
than pursuant to Section 2.10, without the consent of the Issuer and the Indenture Trustee, no Book-Entry Note may be transferred by the Clearing Agency except to a successor Clearing Agency that agrees to hold such Note for the account of the
Beneficial Owners. 
 The Depository Trust Company shall be the initial Clearing Agency. In the event that The Depository
Trust Company resigns or is removed as Clearing Agency, the Indenture Trustee may designate a successor Clearing Agency. If no successor Clearing Agency has been designated within thirty (30) days of the effective date of the Clearing
Agency’s resignation or removal, each Beneficial Owner shall be entitled to Definitive Notes representing the Notes it beneficially owns in the manner prescribed in Section 2.10. 

  
 INDENTURE (RMIT 2021-1) – Page 5

 Section 2.05    Registration of and Limitations
on Transfer and Exchange of Notes; Appointment of Note Registrar. 
 (a)    The Indenture Trustee
shall act as, or shall appoint, a note registrar (in such capacity, the “Note Registrar”) that shall provide for the registration of Notes, and transfers and exchanges of Notes as herein provided. The Note Registrar shall initially
be the Indenture Trustee and any co-note registrar chosen by the Indenture Trustee and acceptable to the Issuer, and the Note Registrar shall have such rights, privileges, protections, immunities and benefits
as are set forth in Section 6.03(j). The Note Registrar shall keep a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the registration of Notes and the registration of
transfers of Notes shall be provided. The Note Registrar shall act solely for the purpose of maintaining the Note Register as an agent of the Issuer. Any transfer of an interest in a Note shall be reflected in the Note Register and entries in the
Note Register shall be presumed correct. The Note Registrar shall provide to the Issuer, upon reasonable written request, and at the expense of the requesting party, an updated copy of the Note Register. The Issuer shall have the right to inspect
the Note Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register. Any reference in this Indenture to the Note Registrar
shall include any co-note registrar unless the context requires otherwise. The Indenture Trustee may revoke such appointment and remove any Note Registrar if the Indenture Trustee determines in its sole
discretion that such Note Registrar failed to perform its obligations under this Indenture in any material respect. Any Note Registrar shall be permitted to resign as Note Registrar upon thirty (30) days written notice to the Issuer and the
Indenture Trustee; provided, however, that such resignation shall not be effective and such Note Registrar shall continue to perform its duties as Note Registrar until the Indenture Trustee has appointed a successor Note Registrar
(which may be the Indenture Trustee) reasonably acceptable to the Issuer. 
 (b)    No transfer, sale,
pledge or other disposition of any Note or interest therein shall be made unless that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. None of the Issuer, the Indenture Trustee or the Note Registrar is obligated to register or qualify any Notes under the Securities Act or any
other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder desiring to effect a transfer of Notes or interests
therein shall, and does hereby agree to, indemnify the Issuer, the Indenture Trustee and the Note Registrar against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. Any
attempted transfer, sale, pledge or other disposition of any Note or interest therein in contravention of this Section 2.05 will be void ab initio and the purported transferor will continue to be treated as the owner of the Notes for all
purposes. 

  
 INDENTURE (RMIT 2021-1) – Page 6

 The Notes are being offered and sold by the Initial Purchasers only
(i) to persons that are QIBs in transactions meeting the requirements of Rule 144A or (ii) with respect to each Class of Notes other than the Class D Notes, outside the United States to
non-“U.S. Persons” (as defined in Regulation S under the Securities Act) in transactions in compliance with Regulation S. If it is acquiring any Notes or any interest or participation therein in an
“offshore transaction” (as defined in Regulation S), the purchaser is deemed to acknowledge that those notes will initially be represented by a temporary global note with the applicable legends set forth in Exhibit A (the
“Temporary Regulation S Global Note”) in fully registered form without interest coupons and that transfers thereof or any interest or participation therein are restricted as set forth in this Section 2.05. The Notes that are
not sold in offshore transactions in reliance on Regulation S shall initially be issued in the form of one or more permanent global notes with the applicable legends set forth in Exhibit A (each, a “Rule 144A Global Note”) in fully
registered form without interest coupons. The principal amount of a Global Note may from time to time be increased or decreased by adjustments made on the records of the custodian for The Depository Trust Company (“DTC”), DTC’s
nominee or any other authorized person, to reflect the transfers of interest described in this Section 2.05 or other transactions under this Indenture. 

Any ownership interest represented by a beneficial interest in a Rule 144A Global Note may be transferred to another entity
who wishes to hold Notes in the form of an interest in a Rule 144A Global Note; provided, that, the applicable transferor and transferee are deemed to have represented and warranted that such transfer is being made to a transferee that, in
the case of the transferor the transferor reasonably believes, is a QIB in a transaction meeting the requirements of Rule 144A.  

Through and including the fortieth (40th) day after the later of the commencement of the offering of the Notes to persons
other than distributors in reliance upon Regulation S and the Closing Date (that period through and including that fortieth (40th) day, the “Distribution Compliance Period”), any ownership interest represented by a beneficial
interest in the Temporary Regulation S Global Note may be transferred to a person who wishes to hold Notes in the form of an interest in the Temporary Regulation S Global Note; provided, that, the applicable transferee is deemed to have
represented and warranted that it is not a “U.S. person” (as defined in Regulation S) and such transfer is being made in accordance with Rule 903 or Rule 904 of Regulation S and all other applicable securities laws. 

All distributions in respect of Notes represented by a Temporary Regulation S Global Note will be made only with respect to
that portion of the Temporary Regulation S Global Note in respect of which Euroclear or Clearstream shall have delivered to the Indenture Trustee a certificate or certificates substantially in the form of Exhibit
B-4. The delivery to the Indenture Trustee by Euroclear or Clearstream of a certificate or certificates referred to above may be relied upon by the Issuer and the Indenture Trustee as conclusive evidence that
the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Indenture and the Temporary Regulation S Global Note. 

Transfers of an interest in a Regulation S Global Note for an interest in a Rule 144A Global Note, and vice versa, may be made
at any time; provided that the intended transferor and transferee are each able to represent and warrant that such transferee satisfies the conditions set forth above to hold a beneficial interest in the applicable Global Note and the
transferor provides a transfer certificate in the form of Exhibit B-1, Exhibit B-2 or Exhibit B-3, as applicable;
provided, further, that no interest in a Rule 144A Global Note that is a Class D Note may be exchanged for an interest in a Regulation S Global Note. Any interest in the Notes represented by an interest in a Rule 144A Global Note that is
transferred to a person who takes delivery in the form of an interest in a Regulation S Global Note, and vice versa, will, upon transfer, cease to be an interest in such original Rule 144A Global Note or Regulation S Global Note, as the case may be,
and become an interest in a Regulation S Global Note or a Rule 144A Global Note, as applicable, and accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to an interest in the applicable form of Global
Note; provided, that no interest in a Rule 144A Global Note that is a Class D Note may be transferred to a person who takes delivery in the form of an interest in a Regulation S Global Note. 

  
 INDENTURE (RMIT 2021-1) – Page 7

 Interests in a Temporary Regulation S Global Note as to which the Indenture
Trustee has received from Euroclear or Clearstream, as the case may be, a certificate substantially in the form of Exhibit B-4 to the effect that Euroclear or Clearstream, as applicable, has received a
certificate substantially in the form of Exhibit B-5 from the holder of a beneficial interest in such Note will be exchanged on and after the last day of the Distribution Compliance Period for interests in a
permanent global note with the applicable legends set forth in Exhibit A (a “Permanent Regulation S Global Note” and, together with the Temporary Regulation S Global Note, the “Regulation S Global Notes”) in
fully-registered form without interest coupons. The delivery of the certificate or certificates referred to above to the Indenture Trustee by Euroclear or Clearstream may be relied upon by the Issuer and the Indenture Trustee as conclusive evidence
that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Indenture and the Temporary Regulation S Global Note. 

In the event that a Rule 144A Global Note is exchanged for one or more Definitive Notes (each, a “Rule 144A Definitive
Note”) or a Regulation S Global Note is exchanged for one or more Definitive Notes (each, a “Regulation S Definitive Note”) pursuant to Section 2.10 of this Indenture, the related Beneficial Owner shall be required to
deliver a representation letter with respect to the matters described in this Section 2.05. Such Rule 144A Definitive Notes and Regulation S Definitive Notes may be exchanged for one another only upon delivery of a representation letter with
respect to the matters described in this Section 2.05 and in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to ensure that such transfers comply with Rule
144A or are to Persons who are not “U.S. persons” (as defined in Regulation S), or otherwise comply with Regulation S, as the case may be) and as may be from time to time adopted by the Issuer and the Indenture Trustee. The Indenture
Trustee shall destroy the applicable Global Note upon its exchange in full for Definitive Notes. 
 Each purchaser of a Note
that represents a beneficial interest in a Global Note will be deemed to have represented and agreed, and each purchaser of a Definitive Note (or beneficial interest therein) will be required to certify to the Indenture Trustee and Note Registrar in
writing, that:  
 (i)    the purchaser has been advised that the Initial
Purchasers are relying on exemptions from the provisions of Section 5 of the Securities Act provided by Rule 144A in connection with the initial resale of the Notes; 

  
 INDENTURE (RMIT 2021-1) – Page 8

 (ii)    (A) the purchaser is a QIB and
is acquiring such Notes for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of an
investment in the Notes and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing the Notes, or (B) with respect to each Class of Notes other than the
Class D Notes, the purchaser is not a “U.S. person” (as defined in Regulation S) (and is not purchasing for the account or benefit of a “U.S. person” as defined in Regulation S), is outside the United States and is acquiring
the Notes pursuant to an exemption from registration under the Securities Act in accordance with Rule 903 or Rule 904 of Regulation S; 

(iii)    the purchaser understands that the Notes are being offered only in a transaction
that does not require registration of the Notes under the Securities Act and, if such purchaser decides to resell, pledge or otherwise transfer such Notes, then it agrees that it will resell, pledge or transfer such Notes only (A) so long as
such Notes are eligible for resale pursuant to Rule 144A, to a person who the seller reasonably believes is a QIB acquiring the Notes for its own account or as a fiduciary or agent for others (which others must also be QIBs) to whom notice is given
that the resale or other transfer is being made in reliance on Rule 144A, or (B) with respect to each Class of Notes other than the Class D Notes, outside the United States to non-“U.S.
Persons” (as defined in Regulation S under the Securities Act) in transactions in compliance with Regulation S under the Securities Act, and, in each case, in accordance with any applicable United States state securities or “Blue Sky”
laws or any securities laws of any other jurisdiction; 
 (iv)    unless the applicable
legend set forth in Exhibit A has been removed, the purchaser shall notify each transferee of the Notes that (A) the Notes have not been registered under the Securities Act, (B) the holder of Notes is subject to the restrictions on the
resale or other transfer thereof described in clause (ii) above, and (C) such transferee shall be deemed to have represented (1) as to its status as a QIB purchasing the Notes in reliance on Rule 144A, or (with respect to the
Class A Notes, the Class B Notes and the Class C Notes only) that it is not a “U.S. person” (as defined in Regulation S) (and is not purchasing for the account or benefit of a “U.S. person” as defined in Regulation
S), is outside the United States and is acquiring the Notes pursuant to an exemption from registration under the Securities Act in accordance with Rule 903 or Rule 904 of Regulation S, as the case may be, (2) if such transferee is a QIB, that
such transferee is acquiring the Notes for its own account or as a fiduciary or agent for others (which others also must be QIBs), and (3) that such transferee shall be deemed to have agreed to notify its subsequent transferees as to the
foregoing; 
 (v)    (A) the purchaser understands that each Rule 144A Global Note and
any Rule 144A Definitive Note will bear the legends set forth in Exhibit A hereto and (B) the purchaser understands that each Regulation S Global Note and any Regulation S Definitive Note will bear the legends set forth in Exhibit A; 

  
 INDENTURE (RMIT 2021-1) – Page 9

 (vi)      in the case of the
Class D Notes, (1) either (A) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing) (each
such entity, a “flow-through entity”) or (B) if it is or becomes a flow-through entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such flow-through entity has or ever will have
more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in the Notes, other interest (direct or indirect) in the Issuer, or any interest created under the Indenture
and (y) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in the Notes to permit any partnership to satisfy the 100 partner limitation of
Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Internal Revenue Code, (2) it is not acquiring
any Note or beneficial interest therein, it will not sell, transfer, assign, participate, pledge or otherwise dispose of any Note(s) or beneficial interest therein, and it will not cause any Note(s) or beneficial interests therein to be marketed, in
each case on or through an “established securities market” within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell
quotations, (3) its beneficial interest in the Notes is not and will not be in an amount that is less than the minimum denomination for such Note set forth in the Indenture, and it does not and will not hold any interest on behalf of any person
whose beneficial interest in a Note is in an amount that is less than the minimum denomination for the Notes set forth in the Indenture, (4) it will not sell, assign, transfer, pledge or otherwise dispose of any Note or beneficial interest
therein, or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Note or beneficial interest therein, in each case if the effect of doing so would be that the beneficial interest of
any person in such Note would be in an amount that is less than the minimum denomination for the Notes set forth in the Indenture, (5) it will not use any Note as collateral for the issuance of any securities that could cause the Issuer to be
treated as an association or publicly traded partnership taxable as corporation for U.S. federal income tax purposes, and (6) prior to the transfer of any Class D Note that is a Definitive Note (or beneficial interest therein), the
transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar a transferee certification substantially in the form of Exhibit E hereto; provided, however, that, notwithstanding the foregoing
representations and warranties, it may pledge a Note or any beneficial interest therein if doing so will not result in any person (other than the purchaser) being treated for U.S. federal income tax purposes as the owner of all or any portion of a
Note or beneficial interest therein; 
 (vii)     such purchaser, and each person
for which it is acting, understands that any sale or transfer to a person that does not comply with the requirements set forth herein will be null and void ab initio; 

(viii)    either of the following is true: (A) it is not and is not acting on behalf
or using the assets of (1) an “employee benefit plan,” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (2) a “plan,” as defined in Section 4975(e)(1) of the Internal Revenue Code,
that is subject to Section 4975 of the Internal Revenue Code, (3) an entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment in the entity (within the meaning
of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by section 3(42) of ERISA), or (4) any governmental, church, non-U.S. or other plan that is
subject to any non-U.S., federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Internal Revenue Code (“Similar Law”) or an entity
whose underlying assets include assets of any such plan; or (B) (1) the purchaser is acquiring Class A Notes, Class B Notes or Class C Notes, and (2) the acquisition, continued holding and disposition of the Notes (or any
interest therein) will not give rise to a fiduciary breach or non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code or result in a non-exempt violation of Similar Law; and 

  
 INDENTURE (RMIT 2021-1) – Page 10

 (ix)    the purchaser has
(A) reviewed the PPM, including the information incorporated herein by reference and been afforded the opportunity to request and review all additional information it considered necessary to verify the accuracy of, or to supplement, the
information contained or incorporated by reference herein, (B) independently and without reliance upon the Indenture Trustee or any Affiliate of the Indenture Trustee, and based on such documents and information as it has deemed appropriate,
made its own investment decision in respect of such Note. Each purchaser of Notes also represents that it will, independently and without reliance upon the Indenture Trustee or any Affiliate of the Indenture Trustee, and based on such documents and
information as it shall deemed appropriate at the time, continue to make its own decision in taking or not taking action under the Indenture and in connection with the Notes except for notices, reports and other documents expressly required to be
furnished to the holders of Notes by the Indenture, the Indenture Trustee shall not have any duty or responsibility to provide any Noteholder with any other information concerning the transactions contemplated hereby, the Trust Estate, the Issuer,
the Servicer, or any other parties to the Indenture or to any related documents which may come into the possession of the Indenture Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact, and (C) not relied on any information or representations other than as contained or incorporated by reference into the PPM and information given by duly authorized officers and
employees of the Issuer in connection with its examination of the Issuer and the terms of the offering and the Notes. 

(c)    At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is
not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder or Beneficial Owner, the Issuer shall promptly furnish or cause to be furnished Rule 144A
Information to such Noteholder or Beneficial Owner, to a prospective purchaser of such Note designated by such Noteholder or Beneficial Owner or to the Indenture Trustee for delivery to such Noteholder or Beneficial Owner or a prospective purchaser
designated by such Noteholder or Beneficial Owner, as the case may be, in order to permit compliance by such Noteholder or Beneficial Owner with Rule 144A in connection with the resale of a Note by such Noteholder or Beneficial Owner. 

(d)    Notwithstanding anything contained herein to the contrary, neither the Indenture Trustee nor the
Note Registrar shall be responsible for ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act, applicable state securities laws, ERISA (or, in the case of a governmental plan or a church
plan (as described in ERISA Sections 3(32) and 3(33), respectively) any substantially similar federal, state or local law), the Internal Revenue Code or the Investment Company Act, but shall only be required to receive any transferee certification
required pursuant to the terms of this Indenture with no duty whatsoever to confirm the accuracy of any of the information contained therein. Notwithstanding anything in this Indenture to the contrary, neither the Indenture Trustee nor the Note
Registrar shall be required to obtain any certificate specifically required by the terms of this Section 2.05 if the Indenture Trustee or the Note Registrar, as applicable, is not notified of or in a position to know of any transfer requiring
such a certificate to be presented by the proposed transferor or transferee. 

  
 INDENTURE (RMIT 2021-1) – Page 11

 (e)    With respect to any outstanding Notes retained by
the Issuer or conveyed to an Affiliate of the Issuer, and later sold to an unrelated purchaser, the requirements set forth in Section 3.14(c) must be met prior to any such later sale. 

(f)    If a Person is acquiring any Note or interest therein as a fiduciary or agent for one or more
accounts, such Person shall be required to deliver to the Note Registrar a certification (as to which, in the case of the Book Entry Notes, each prospective transferee account owner will be deemed to have represented such certification) to the
effect that it has (1) sole investment discretion with respect to each such account and (2) full power to make the foregoing acknowledgments, representations, warranties, certifications and agreements with respect to each such account as
set forth in this Section 2.05. 
 (g)    Subject to the preceding provisions of this
Section 2.05, upon surrender for registration of transfer of any Note at the offices or agency of the Note Registrar maintained for such purpose, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Notes of a like denomination and of the same Class. As of the Closing Date, the offices of the Note Registrar maintained for such purpose are located at the Corporate Trust Office of the
Indenture Trustee. 
 (h)    At the option of any Noteholder, its Notes may be exchanged for other Notes
of authorized denominations of the same Class and of a like aggregate denomination, upon surrender of the Notes to be exchanged at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for
exchange, the Issuer shall execute and the Indenture Trustee as authenticating agent shall authenticate and deliver the Notes which the Noteholder making the exchange is entitled to receive. 

(i)    Every Note presented or surrendered for transfer or exchange shall be duly endorsed by, or be
accompanied by a written instrument of transfer in the form satisfactory to the Note Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing. 

(j)    Every Note issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration or exchange. 

(k)    No service charge shall be imposed for any transfer or exchange of Notes, but the Note Registrar
may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

(l)    All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar,
and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures. 

  
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 Section 2.06    Mutilated, Destroyed, Lost or
Stolen Notes. If (a) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or the Indenture Trustee or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and
(b) in case of destruction, loss or theft there is delivered to the Indenture Trustee, the Issuer, the Depositor or the Note Registrar, as the case may be, such security or indemnity as may be required by it to hold the Issuer, the Depositor,
the Note Registrar and the Indenture Trustee harmless, then, in the absence of written notice to the Issuer, the Depositor, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as
contemplated by Article 8 of the UCC), the Issuer shall execute, and upon Issuer Order the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like
tenor and aggregate principal amount, bearing a number not contemporaneously outstanding; provided, however, that if any such mutilated, destroyed, lost or stolen Note shall have become, or within seven (7) days shall be, due and
payable, or shall have been selected or called for redemption, instead of issuing a replacement Note, the Issuer may pay such Note without surrender thereof, except that any mutilated Note shall be surrendered. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement
Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note
from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

In connection with the issuance of any replacement Note under this Section 2.06, the Issuer, the Indenture Trustee or the
Note Registrar may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses
of the Indenture Trustee or the Note Registrar) connected therewith. 
 Any replacement Note issued pursuant to this
Section 2.06 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute complete and indefeasible evidence of a debt of the Issuer, as if originally issued, whether or not the destroyed, lost or stolen Note shall be found
at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

The provisions of this Section 2.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.07    Persons Deemed Owners. The Indenture Trustee, the Note Registrar, the
Depositor, the Issuer and any agent of any of them may, prior to due presentation of a Note for registration of transfer, treat the Person in whose name any Note is registered as the holder of such Note for the purpose of receiving distributions
pursuant to the terms of this Indenture and for all other purposes whatsoever, and, in any such case, none of the Indenture Trustee, the Note Registrar, the Depositor, the Issuer nor any agent of any of them shall be affected by any notice to the
contrary. Upon any request or inquiry by a Noteholder, the Indenture Trustee or the Note Registrar shall be entitled to receive a certification in form reasonably satisfactory to the Indenture Trustee and the Note Registrar, to enable the Indenture
Trustee and the Note Registrar to confirm the status of such entity as a Noteholder. 

  
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 Section 2.08    Cancellation. All Notes
surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee and shall
no longer be considered Outstanding for any purpose hereunder. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any lawful
manner whatsoever. All Notes delivered by the Issuer or any other Person for cancellation shall be promptly canceled by the Indenture Trustee and such cancellation shall be recorded in the Note Registrar. No Notes shall be authenticated in lieu of
or in exchange for any Notes canceled as provided in this Section 2.08, except as expressly permitted by this Indenture. All canceled Notes held by the Indenture Trustee shall be destroyed or retained in accordance with its standard document
retention or disposal policy in effect at such time unless the Issuer shall direct prior to destruction that they be returned to the Issuer. 

Section 2.09    Notices to Clearing Agency. Whenever a notice or other communication is
required to be given to the Noteholders of any Class with respect to which Book-Entry Notes have been issued, unless and until Definitive Notes shall have been issued to the related Beneficial Owners pursuant to Section 2.10 and there are
no Book-Entry Notes outstanding, the Indenture Trustee shall transmit all such notices and communications to the Clearing Agency. 

Section 2.10    Definitive Notes. If Book-Entry Notes have been issued with respect to any
Class and (a) (i) the Issuer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to discharge properly its responsibilities with respect to such Class and (ii) the Issuer is unable to
locate and reach an agreement on satisfactory terms with a qualified successor, (b) to the extent permitted by law, the Issuer, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through
the Clearing Agency with respect to such Class or (c) after the occurrence of a Servicer Default or an Event of Default, Beneficial Owners with respect to such Class representing not less than 50% of the principal amount of the
Book-Entry Notes of such Class advise the Indenture Trustee and the applicable Clearing Agency in writing through the applicable Clearing Agency Participants that the continuation of a book-entry system with respect to the Notes of such
Class is no longer in the best interests of the Beneficial Owners with respect to such Class, then the Indenture Trustee shall notify all Beneficial Owners with respect to such Class, through the Clearing Agency of the occurrence of such event
and of the availability of Definitive Notes to Beneficial Owners with respect to such Class. Upon surrender to the Indenture Trustee of such Notes by the Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency
for registration, the Issuer shall execute and the Indenture Trustee shall authenticate Definitive Notes of such Class and shall recognize the registered holders of such Definitive Notes as Noteholders under this Indenture. None of the Issuer
or the Indenture Trustee shall be liable for any delay in delivery of such instructions, and the Issuer and the Indenture Trustee may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive
Notes of such Class, the Indenture Trustee shall recognize the registered Holders of such Definitive Notes of such Class as Noteholders of such Class hereunder. Definitive Notes will be transferable and exchangeable at the Corporate Trust
Office of the Indenture Trustee. 

  
 INDENTURE (RMIT 2021-1) – Page 14

 Pending the preparation of Definitive Notes, the Issuer may execute, and
upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are
issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

The Issuer represents that the Notes are of the type of debt instruments where payments under such debt instruments may be
accelerated by reason of prepayment of other obligations securing such debt instruments. 

Section 2.11    CUSIP Numbers. The Issuer in issuing the Notes may use “CUSIP”
numbers (if then generally in use), and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Issuer will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers. 

ARTICLE III. 

REPRESENTATIONS AND COVENANTS OF ISSUER 

Section 3.01    Payment of Principal and Interest. 

(a)    The Issuer will duly and punctually pay principal of and interest on the Notes, in each case in
accordance with (and subject to) the terms of the Notes and this Indenture. 
 (b)    On each Payment
Date, the Noteholders of each Class as of the related Record Date shall be entitled to the interest accrued at the applicable Interest Rate and principal payable on such Payment Date as specified herein. All payment obligations under a Note are
discharged to the extent such payments are made to the Noteholder of record as of such related Record Date. 

  
 INDENTURE (RMIT 2021-1) – Page 15

 Section 3.02    Maintenance of Office or
Agency. The Issuer will maintain an office or agency with the Corporate Trust Office of the Indenture Trustee at Wells Fargo Bank, N.A., Attention: Corporate Trust Services/Structured Products Services, 600 S 4th St., MAC N9300-061, Minneapolis, Minnesota 55415, where Notes may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Issuer will give prompt written
notice to the Indenture Trustee and the Noteholders of any change in the location of any such office or agency. 

Section 3.03    Money for Note Payments to Be Held in Trust. As specified in
Section 8.02, all payments of amounts due and payable on or with respect to the Notes, which are to be made from amounts withdrawn from the Collection Account, shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so
withdrawn from the Collection Account shall be paid over to the Issuer except as provided in this Indenture. 
 Subject to
Requirements of Law with respect to escheat of funds, and after such notice required with respect to Notes not surrendered for cancellation pursuant to Section 10.02(b) is given, any money held by the Indenture Trustee in trust for the payment
of any amount due with respect to any Note remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust, and the Indenture Trustee shall give prompt notice of such occurrence to the Issuer and
shall release such money to the Issuer on Issuer Order; the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer (and then only to the extent of the amounts so paid to the Issuer) for payment thereof, and
all liability of the Indenture Trustee with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee, before being required to make any such repayment, shall at the written direction and expense
of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a
date specified therein, which date shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The cost of any such notice or publication shall be
paid out of funds in the Collection Account. The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such
repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee, at the last address of
record for each such Holder). 
 Section 3.04    Existence. The Issuer will keep in full
effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the Trust Estate and each other related instrument or agreement included in the Trust Estate. The Issuer shall not consolidate or merge with or into any other Person and shall not
(except as provided herein) convey or transfer its properties and assets substantially as an entirety to any Person. 

  
 INDENTURE (RMIT 2021-1) – Page 16

 Section 3.05    Protection of Trust. The
Issuer intends that the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders is to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions
necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of Indenture Trustee
therein cannot be perfected by the filing of a financing statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and shall file or shall authorize the filing of all such financing statements,
continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable and reasonably within its power to: 

(a)    grant more effectively all or any portion of the Trust Estate as security for the Notes; 

(b)    maintain or perfect or preserve the lien and security interest (and the priority thereof) of this
Indenture or to carry out more effectively the purposes hereof; 
 (c)    perfect, publish notice of, or
protect the validity of any Grant made or to be made by this Indenture and the priority thereof; or 

(d)    preserve and defend title to the Trust Estate and the rights therein of the Indenture Trustee and
the Noteholders secured thereby against the claims of all Persons and parties. 
 The Issuer hereby designates the Indenture
Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments
required to be executed or filed (if any) pursuant to this Section 3.05; provided, however, that the Indenture Trustee shall not be obligated to execute, file or authorize such instruments and shall have no liability
in connection therewith, including on account of any non-filing of any thereof. Financing statements filed pursuant to such appointment may describe the Trust Estate in the same manner as described herein or
may describe the collateral subject thereto as “All of the Debtor’s personal property and other assets, whether now owned or existing or hereafter acquired or arising, together with all products and proceeds thereof, substitutions and
replacements therefor, and additions and accessions thereto.” 
 The Issuer shall pay or cause to be paid any taxes
levied on all or any part of the Trust Estate from amounts available for such purpose pursuant to this Indenture. 

Section 3.06    Opinions as to Trust Estate. On or before June 30th of each calendar year,
beginning in 2022, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either stating that, (i) in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and continuation statements as is necessary
to maintain the lien and security interest created by this Indenture and reciting the details of such action or (ii) in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel
will also describe the recording, filing, re-recording and refiling of this Indenture and any other requisite documents and the execution and filing of any financing statements and continuation statements that
will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until June 30th of the following calendar year. 

  
 INDENTURE (RMIT 2021-1) – Page 17

 Section 3.07    Performance of Obligations;
Servicing of Loans. 
 (a)    The Issuer shall not take any action and shall use its best efforts
not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, in each case, except (i) as expressly provided in (or permitted by) this Indenture, the Sale and Servicing
Agreement, the other Transaction Documents to which it is a party or such other instrument or agreement or (ii) as ordered by any bankruptcy court or other court. 

(b)    To the extent permitted by the Transaction Documents, the Issuer may contract with other Persons to
assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall satisfy the obligations of the Issuer with respect
thereto and shall be deemed to be an action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture and the other
Transaction Documents to which it is a party. 
 (c)    The Issuer will punctually perform and observe
all of its obligations and agreements contained in this Indenture, the other Transaction Documents and in the instruments and agreements relating to the Trust Estate, including but not limited to preparing, authorizing and filing or causing to be
filed all UCC financing statements and amendments to financing statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein. 

(d)    If the Issuer shall have knowledge of the occurrence of a Servicer Default under the Sale and
Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and each Rating Agency thereof, and shall specify in such notice the action, if any, being taken with respect to such Servicer Default. If a Servicer Default shall arise
from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Trust Estate, the Issuer shall take all reasonable steps available to it or as may be directed by the Indenture
Trustee (acting at the written direction of the Required Noteholders) to remedy such failure or to cause such failure to be remedied, it being understood and agreed that the Issuer shall not be required to take any actions or steps that would
violate law or the provisions of any Transaction Document. 
 (e)    The Issuer shall deliver any Loan
Schedule (as defined in the Sale and Servicing Agreement) received by it pursuant to the Sale and Servicing Agreement to the Indenture Trustee. 

Section 3.08    Negative Covenants. So long as any Notes are Outstanding, the Issuer shall
not: 
 (a)    sell, transfer, convey, exchange, pledge or otherwise dispose of any part of the Trust
Estate except as expressly permitted by the Indenture; 
 (b)    claim any credit on, or make any
deduction from, the principal and interest payable in respect of the Notes (other than amounts properly withheld from payments under Requirements of Law) or assert any claim against any present or former Noteholder by reason of the payment of any
taxes levied or assessed upon any part of the Trust Estate; 

  
 INDENTURE (RMIT 2021-1) – Page 18

 (c)    (i) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden
the Trust Estate or any part thereof or any interest therein, except for Permitted Liens or (iii) permit the lien of this Indenture not to constitute a valid first-priority perfected security interest in the Trust Estate, subject only to
Permitted Liens; or 
 (d)    voluntarily dissolve or liquidate in whole or in part. 

Section 3.09    Statements as to Compliance. The Issuer will deliver to the Indenture Trustee,
no later than March 31 of each year so long as any Note is Outstanding (commencing March 31, 2022), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(a)    a review of the activities of the Issuer during the most recently ended calendar year (or in the
case of the Officer’s Certificate to be delivered on March 31, 2022, the period from the Closing Date to December 31, 2021) and of performance under this Indenture and the Sale and Servicing Agreement has been made under such
Authorized Officer’s supervision; and 
 (b)    to the best of such Authorized Officer’s
knowledge, based on such review, the Issuer has materially complied with all conditions and covenants under this Indenture and the Sale and Servicing Agreement throughout such calendar year, or, if there has been a default in its compliance with any
such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

Section 3.10    Issuer’s Name, Location, etc. 

(a)    The Issuer’s exact legal name is, and at all times has been, the name that appears for it on
the signature page below. 
 (b)    The Issuer has not used any trade or assumed names. 

(c)    The Issuer is, and at all time has been, a “registered organization” (within the meaning
of Article 9 of the UCC), organized solely under the laws of the State of Delaware. 
 (d)    The Issuer
will not change its name, its type or jurisdiction of organization, or its organizational identification number unless it has given the Indenture Trustee at least thirty (30) days prior written notice of such change. 

  
 INDENTURE (RMIT 2021-1) – Page 19

 Section 3.11    Amendments. 

(a)    Without derogating from the assignment granted to the Indenture Trustee under this Indenture or the
rights of the Indenture Trustee hereunder, the Issuer agrees that it will not (a) terminate, amend, waive, supplement or otherwise modify any of, or consent to the assignment by any party of, the Transaction Documents to which it is a party and
(b) to the extent that the Issuer has the right to consent to any termination, waiver, amendment, supplement or other modification of, or any assignment by any party of, any Transaction Document to which it is not a party, give such consent,
unless, in each case (i) other than in connection with the accession of an Additional Subservicer pursuant to Section 10.19 of the Sale and Servicing Agreement, either (1) such termination, amendment, waiver, supplement or other
modification or such assignment, as applicable, would not have an Adverse Effect, conclusive evidence of which may be established by delivery of an Officer’s Certificate of the Servicer as to such determination and the Rating Agency Notice
Requirement (as certified by the Servicer in writing, on which certification the Indenture Trustee may conclusively rely) is satisfied with respect to such termination, amendment, waiver, supplement or other modification or such assignment, as
applicable, or (2) the Required Noteholders have consented in writing thereto and (ii) the other requirements with respect to such termination, amendment, waiver, supplement or other modification, or such assignment, as applicable,
contained in the Transaction Documents (including this Section 3.11) are satisfied (which the Servicer shall certify in the required Officer’s Certificate). 

(b)    The Indenture Trustee may, without the consent of any Holders of Notes but upon satisfaction of the
Rating Agency Notice Requirement (as certified by the Servicer in writing, on which certification the Indenture Trustee may conclusively rely), consent to any termination, waiver, amendment, supplement or other modification of, or any assignment by
any party of, any Transaction Document (other than the Indenture) to which it is a party so long as (i) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate stating that the Issuer reasonably believes that such action
would not have an Adverse Effect and (ii) the other requirements with respect to such termination, amendment, waiver, supplement or other modification, or such assignment, as applicable, contained in the Transaction Documents (including this
Section 3.11) are satisfied (which the Issuer shall certify in the required Officer’s Certificate). 

(c)    Subject to satisfaction of the requirements in the foregoing clauses (a) or (b), as
applicable, the Indenture Trustee shall, when directed by an Issuer Order, execute and deliver such documents and otherwise take such actions as are reasonably required to effectuate such, or consent to such, termination, amendment, waiver,
supplement, other modification of, or assignment by any party of, any Transaction Document (other than the Indenture) to which it is a party. 

(d)    Notwithstanding the foregoing, the Issuer may amend, modify, waive, supplement or agree to any
amendment, modification, supplement or waiver of the terms of this Indenture in accordance with Article IX hereof (without the consent of any Holders of Notes in the case of Section 9.01), but subject to any other conditions set forth in
Article IX hereof applicable thereto. All reasonable fees, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred in connection with any such amendment, modification, waiver or supplement to
this Indenture shall be payable by the Issuer in accordance with and subject to Section 8.06. In connection with the execution of any amendment hereunder, the Owner Trustee, the Indenture Trustee and the Account Bank shall
be entitled to receive, and subject to Sections 6.01 and 6.03 hereof, the Indenture Trustee shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that all conditions precedent thereto have been
satisfied and the execution of such amendment is authorized or permitted under the terms of this Indenture. 

  
 INDENTURE (RMIT 2021-1) – Page 20

 Section 3.12    No Borrowing. The Issuer
shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except as expressly contemplated by the Transaction Documents and the Notes. 

Section 3.13    Guarantees, Loans, Advances and Other Liabilities. Except as expressly
contemplated by the Trust Agreement, the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring
another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.14    Tax Treatment. 

(a)    The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that,
for federal, state and local income and franchise tax and financial accounting purposes, (i) the Class A Notes, the Class B Notes and the Class C Notes will be, and the Class D Notes should be, treated as indebtedness
secured by the assets of the Issuer (and not an ownership interest in the Issuer), excluding any Notes retained by the Issuer or an Affiliate of the Issuer, and (ii) the Issuer shall not be treated as an association or publicly traded
partnership taxable as a corporation. The Issuer, by entering into this Indenture, and each Noteholder, by the acceptance of any such Note (and each beneficial owner of a Note, by its acceptance of an interest in the applicable Note), agree to treat
such Notes for federal, state and local income and franchise tax and financial accounting purposes as indebtedness, and to file all federal, state and local income tax and information returns and reports required to be filed with respect to any of
the Notes, under any applicable federal, state or local tax statute or any rule or regulation under any of them, consistent with such characterization. Each Holder of such Note agrees that it will cause any owner of a security entitlement to such
Note acquiring an interest in a Note through it to comply with this Indenture as to treatment of indebtedness under applicable tax law, as described in this Section 3.14. The parties hereto agree that they shall not cause or permit the making,
as applicable, of any election under Treasury Regulation Section 301.7701-3 whereby the Issuer or any portion thereof would be treated as an association taxable as a corporation or as a “publicly
traded partnership” taxable as a corporation, each for U.S. federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment. 

  
 INDENTURE (RMIT 2021-1) – Page 21

 (b)    Notwithstanding the preceding paragraph, if
(i) any taxing authority asserts that any of the Notes are not properly classifiable as indebtedness for income tax purposes (“Recharacterized Notes”) and (ii) either (A) the Issuer determines that it will not
challenge the assertion of such taxing authority or (B) any such challenge is unsuccessful, the Issuer and the Noteholders agree that (1) the Holders of the Recharacterized Notes shall be treated for all income tax purposes as partners of
a partnership from the inception of the Issuer, (2) taxable income or items of gross income of the partnership for each taxable year of the entity in an amount corresponding to the aggregate distributions of interest to the Holders of
Recharacterized Notes made pursuant to the terms of the Indenture during such taxable year shall be specially allocated to the Holders of the Recharacterized Notes pro rata in the proportion that the amount of distributions received by each
such Holder during such taxable year bears to the aggregate amount of distributions of interest received by all Noteholders pursuant to the terms of the Indenture during such taxable year, and (3) all remaining items of taxable income, gain,
loss, deduction, or credit of the partnership for such taxable year and any separately allocable items thereof shall be allocated to the Depositor; provided, however, that anything herein to the contrary notwithstanding, to the extent
that the distributions of interest to the Noteholders pursuant to the terms of the Notes during any taxable year exceed the taxable income or gross income of the partnership during such taxable year, the amount of such excess shall be specially
allocated to the Noteholders in accordance with the preceding provisions of this Section 3.14(b) in any subsequent taxable year or years of the entity to the extent of the taxable income or gross income of the partnership in such subsequent
taxable year or years. 
 (c)    With respect to any outstanding Notes retained by the Issuer or
conveyed to an Affiliate of the Issuer and sold to an unrelated purchaser at a later time (a “Later-Sold Note”), such sale will not be effective unless (A) the Issuer receives a Tax Opinion with respect to such sale and
(B) either (i) such Later-Sold Note or beneficial interest therein has a CUSIP number that is different than that of any other Notes outstanding immediately prior to such sale or (ii) the Issuer receives an Opinion of Counsel that such
Later-Sold Note will be fungible with the Class of Notes with the same CUSIP number for U.S. federal income tax purposes. In addition, with respect to the sale of a Later-Sold Note that is a Class A Note, a Class B Note or a
Class C Note, the Issuer must receive an Opinion of Counsel that such Class A Note, Class B Note or Class C Note, as applicable, will be characterized as indebtedness for U.S. federal income tax purposes. With respect to the sale
of a Later-Sold Note that is a Class D Note, the Issuer must receive an Opinion of Counsel that such Class D Note should be characterized as indebtedness for U.S. federal income tax purposes. 

(d)    The Note Accounts (including income, if any, earned on the investment of funds in any such account)
for U.S. federal income tax reporting and withholding purposes will be owned by the Issuer (the “Account Owner”). The Issuer agrees to notify Wells Fargo in writing promptly following any change in the status of the Issuer as
disregarded as an entity separate from the sole Beneficiary for federal, state and local income and franchise tax purposes and to provide updated tax documentation reflecting such change, as more fully described in this paragraph. The Account Owner
shall provide Wells Fargo in its capacity as Indenture Trustee with (i) an IRS Form W-9 or appropriate IRS Form W-8 by the Closing Date, and (ii) any
additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of Wells Fargo as may be necessary (a) to reduce or
eliminate the imposition of U.S. withholding taxes to the Account Owner and (b) to permit Wells Fargo to fulfill its tax reporting obligations under applicable law with respect to the Note Accounts or any amounts paid to the Account Owner. If
any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect (including without limitation in connection with the transfer of any beneficial ownership interest in the Issuer), the Account Owner shall timely
provide to Wells Fargo in its capacity as Indenture Trustee accurately updated and complete versions of such IRS forms or other documentation. Wells Fargo, both in its individual capacity and in its capacity as Indenture Trustee, shall have no
liability to the Account Owner or any other person in connection with any tax withholding amounts paid or withheld from the Note Accounts pursuant to applicable law arising from the Account Owner’s failure to timely provide an accurate, correct
and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. 

  
 INDENTURE (RMIT 2021-1) – Page 22

 Section 3.15    Notice of Events of Default.
The Issuer agrees to give the Indenture Trustee, each Noteholder and each Rating Agency written notice of each Event of Default hereunder and each default on the part of any party thereto of its obligations under the Loan Purchase Agreement, in each
case no later than five (5) Business Days after the earlier of (i) receipt of written notice of such event or (ii) actual knowledge of a Responsible Officer of the Administrator of such event. 

The Issuer shall deliver to the Indenture Trustee, within five (5) days after the occurrence of any Event of Default or
Insolvency Event with respect to the Issuer, written notice in the form of an Officer’s Certificate of the Issuer of such Event of Default or Insolvency Event, its status and what action the Issuer is taking or proposes to take with respect
thereto. The Indenture Trustee shall have no obligation either prior to or after receiving any notice indicating the existence of an Event of Default or Insolvency Event to investigate or verify that such event has in fact occurred and shall be
entitled to rely conclusively, and shall be fully protected in so relying, on any notice so furnished to it. In the absence of a Responsible Officer’s receipt of such notice or a Responsible Officer’s actual knowledge that an Event of
Default or Insolvency Event has occurred, the Indenture Trustee may conclusively assume that there is no Event of Default or Insolvency Event. When the Indenture Trustee incurs expenses or renders services in connection with an Event of Default, the
expenses (including the reasonable fees and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy laws. 

Section 3.16    No Other Business. The Issuer shall not engage in any business other than the
purpose and powers set forth in Section 2.03 of the Trust Agreement and all activities incidental thereto. 

Section 3.17    Further Instruments and Acts. Upon written request of the Indenture Trustee,
the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 3.18    Maintenance of Separate Existence. The Issuer agrees to comply with the
separateness covenants in Section 5.09 of the Trust Agreement. 

Section 3.19    Perfection Representations, Warranties and Covenants. The perfection
representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

Section 3.20    Other Representations of the Issuer. On the Closing Date, the Issuer makes the
following representations and warranties for the benefit of the Noteholders: 

(a)      Binding Obligation. The Transaction Documents to which the Issuer is a party or
by which it is bound constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its respective terms, except as such enforceability may be limited by Debtor Relief Laws and general principles
of equity (whether considered in a suit at law or in equity). 

  
 INDENTURE (RMIT 2021-1) – Page 23

 (b)      No Violation. The consummation
of the transactions contemplated by the Transaction Documents to which the Issuer is a party or by which it is bound and the fulfillments of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Certificate of Trust, Trust Agreement or any other agreement or document to which the Issuer is a party or by which it or any of its property is
bound or is subject or (ii) violate any Requirements of Law applicable to the Issuer. 

(c)      No Proceedings. There is no litigation, proceeding or investigation pending
before any Governmental Authority or, to the best knowledge of the Issuer, threatened against the Issuer, (i) asserting the invalidity of any Transaction Document to which the Issuer is a party or by which it is bound, (ii) seeking to
prevent the consummation of any of the transactions contemplated by such Transaction Documents or (iii) seeking any determination or ruling that could reasonably be expected to have an Adverse Effect. 

Section 3.21    Intercreditor Agreement. The Noteholders shall be deemed to have consented to
the Indenture Trustee’s entering into a joinder to the Intercreditor Agreement, dated as of the date hereof, and any control agreement or similar agreement relating thereto to which the Indenture Trustee is a party. The Indenture Trustee is
also hereby authorized to execute and deliver such joinder to the Intercreditor Agreement. 

Section 3.22    Compliance with Laws. The Issuer shall comply with the requirements of all
applicable laws, the non-compliance with which would, individually or in the aggregate, materially adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or the
other Transaction Documents to which the Issuer is a party. 
 Section 3.23    Eligible
Assets. The Issuer has not acquired or disposed of and shall not acquire or dispose of “eligible assets” for the primary purpose of recognizing gains or decreasing losses resulting from market value changes, and such acquisition or
disposition shall be in accordance with the documents pursuant to which the Issuer’s securities are issued and shall not result in a downgrading in the rating of any of the Issuer’s fixed-income securities. The Issuer will not acquire or
dispose of Sold Assets other than in accordance with the terms of the Transaction Documents. 
 ARTICLE IV. 

SATISFACTION AND DISCHARGE 

Section 4.01    Satisfaction and Discharge of this Indenture. This Indenture shall cease to be
of further effect except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Noteholders to receive payments of principal thereof and interest
thereon, (d) Sections 3.03 and 3.08 hereof, (e) the rights and immunities of the Indenture Trustee hereunder, including the rights of the Indenture Trustee under Section 6.07, and the obligations of the Indenture Trustee under
Section 4.02, and (f) the rights of such Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee and payable to all or any of them, and the Indenture Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when: 

(i)        either: 

(A)      all Notes theretofore authenticated and delivered (other than
(1) any Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.06, and (2) any Notes for whose full payment money is held in trust by the Indenture Trustee and thereafter released
to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or 

  
 INDENTURE (RMIT 2021-1) – Page 24

 (B)      all Notes not
theretofore delivered to the Indenture Trustee for cancellation: 

(1)      have become due and payable; or 

(2)      are to be called for redemption within one year under arrangements
satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer; 

and the Issuer, in the case of (1) or (2) above, has irrevocably deposited or caused to be irrevocably deposited with
the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes (to the extent not theretofore delivered to the Indenture Trustee for cancellation) in accordance with Section 8.06 when due and payable or on the applicable final Payment Date (if Notes shall have been called
for redemption pursuant to Section 8.08), as the case may be; 

(ii)      the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer with respect to the Notes and with respect to the Indenture Trustee and the Owner Trustee pursuant to the Transaction Documents; and 

(iii)      the Issuer has delivered to the Indenture Trustee an Opinion of
Counsel and an Officer’s Certificate of the Issuer meeting the applicable requirements of Section 11.01(a) and each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been
complied with. 
 Section 4.02    Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to make payments to the Noteholders for the payment in respect of which such monies have
been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; provided, however, such monies need not be segregated from other funds except to the extent required herein or in the Sale and
Servicing Agreement or required by law. Upon the satisfaction and discharge of this Indenture and the application of all such monies, the Indenture Trustee shall, and is hereby authorized and directed to, execute and deliver to the North Carolina
Trustees notice to the effect that all 2021-1A SUBI Assets have been liquidated into cash and all of such cash has been distributed in accordance with the Indenture together with the 2021-1A SUBI Supplement. 

  
 INDENTURE (RMIT 2021-1) – Page 25

 ARTICLE V. 

DEFAULTS AND REMEDIES 

Section 5.01    Early Amortization Events. An “Early Amortization Event”
means any one of the following events: 
 (a)    as of the Monthly Determination Date occurring during
March 2021 or any Monthly Determination Date thereafter, the average of the Monthly Net Loss Percentages reported on such Monthly Determination Date and the two immediately preceding Monthly Determination Dates (or (i) in the case of the first
Monthly Determination Date, the Monthly Net Loss Percentage for such Monthly Determination Date and (ii) in the case of the second Monthly Determination Date, the average of the Monthly Net Loss Percentages for such Monthly Determination Date
and the immediately preceding Monthly Determination Date) exceeds 17.0%; 
 (b)    a Reinvestment
Criteria Event exists with respect to two consecutive Payment Dates (in each case, after giving effect to all Loan Actions, if any, on such Payment Date) and the Monthly Servicer Report for the immediately following third Payment Date demonstrates
that any Reinvestment Criteria Event will exist as of such Payment Date (in the event that no Loan Actions are to be taken on the respective Loan Action Dates relating to such third Payment Date that will cure each such Reinvestment Criteria Event),
provided, that such Early Amortization Event shall be deemed to occur, and the Revolving Period shall terminate, on such third Payment Date; or 

(c)    a Servicer Default occurs. 

Section 5.02    Events of Default. An “Event of Default” means any one of the
following events: 
 (a)    an Insolvency Event with respect to the Issuer or the Depositor shall have
occurred; or 
 (b)    the Indenture Trustee shall cease to have a first-priority perfected security
interest in all or a material portion of the Trust Estate; or 
 (c)    (i) the Issuer, the North
Carolina Trust or the Depositor shall have become required to register as an “investment company” under the Investment Company Act, or (ii) the Issuer shall have become a “covered fund” under the Volcker Rule; or 

(d)    the Issuer or the Depositor shall become taxable as an association or as a publicly traded
partnership taxable as a corporation under the Internal Revenue Code; or 

  
 INDENTURE (RMIT 2021-1) – Page 26

 (e)    a default in the payment of any interest
(i) on any Class A Note until the Class A Notes have been paid in full, (ii) after the Class A Notes have been paid in full, on any Class B Note until the Class B Notes have been paid in full, (iii) after the
Class A Notes and the Class B Notes have been paid in full, on any Class C Note until the Class C Notes have been paid in full or (iv) after the Class A Notes, the Class B Notes, and the Class C Notes have
been paid in full, on any Class D Note until the Class D Notes have been paid in full, on any Payment Date and such default shall continue for a period of five (5) Business Days; or 

(f)    a failure to pay the principal balance of all Outstanding Notes of any Class, together with all
accrued and unpaid interest thereon, in full on the Stated Maturity Date for such Class; or 

(g)        any failure on the part of (i) the Issuer duly to observe or perform
any other covenants or agreements of the Issuer set forth in this Indenture or (ii) the Depositor duly to observe or perform any other covenants or agreements of the Depositor as set forth in the Sale and Servicing Agreement, which failure, in
any such case, has a material adverse effect on the interests of the Noteholders (as determined by the Threshold Noteholders) and continues unremedied for a period of forty-five (45) days after the earlier of the date on which (x) notice
of such failure, requiring the same to be remedied, shall have been given by registered or certified mail to the Issuer or the Depositor, as applicable, by the Indenture Trustee, or to the Issuer or the Depositor, as applicable, and the Indenture
Trustee, by the Threshold Noteholders, and (y) the Issuer or the Depositor, as applicable, has actual knowledge thereof; or 

(h)    (i) any representation, warranty or certification made by the Issuer in this Indenture or in any
certificate delivered pursuant to this Indenture shall prove to have been inaccurate when made or deemed made or (ii) any representation, warranty or certification made by the Servicer in the 2021-1A SUBI
Supplement (or Section 3.02(c) of the 2021-1A SUBI Servicing Agreement) or the Depositor in the Sale and Servicing Agreement or in any certificate delivered pursuant to the
2021-1A SUBI Supplement or the Sale and Servicing Agreement, as applicable, shall prove to have been inaccurate when made or deemed made and, in any such case, such inaccuracy has a material adverse effect on
the Noteholders (as determined by the Threshold Noteholders) and continues unremedied for a period of forty-five (45) days after the earlier of the date on which (x) a notice specifying such incorrect representation or warranty and
requiring the same to be remedied shall have been given by registered or certified mail to the Issuer, the Servicer or the Depositor, as applicable, by the Indenture Trustee, or to the Issuer, the Servicer or the Depositor, as applicable, and the
Indenture Trustee, by the Threshold Noteholders and (y) the Issuer, the Servicer or the Depositor, as applicable, has actual knowledge thereof; provided, that in the case of a representation, warranty or certification of the Servicer
pursuant to the 2021-1A SUBI Supplement or the Depositor pursuant to Section 2.05(a) of the Sale and Servicing Agreement, as applicable, no Event of Default shall occur pursuant to this
Section 5.02(h) unless and until the Depositor or the Servicer, as applicable, also shall have failed to pay the applicable Repurchase Price as and when required in accordance with Section 2.06(b) of the Sale and Servicing Agreement or the
2021-1A SUBI Supplement (or Section 3.02(d) of the 2021-1A SUBI Servicing Agreement), if applicable; or 

(i)    the Internal Revenue Service shall file notice of a lien pursuant to Section 430 or
Section 6321 of the Internal Revenue Code with regard to the Issuer, the Depositor, the North Carolina Trust or the Trust Estate and such lien shall not have been released within thirty (30) days. 

  
 INDENTURE (RMIT 2021-1) – Page 27

 Section 5.03    Acceleration of Maturity;
Rescission and Annulment. 
 (a)    If an Event of Default described in clauses (b) through (i)
of Section 5.02 shall have occurred and be continuing, then in every such case the Indenture Trustee, at the written direction of the Required Noteholders, shall declare all the Notes to be immediately due and payable, by a notice in writing to
the Issuer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued or accreted and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b)    If an Event of Default described in clause (a) of Section 5.02 shall have occurred and be
continuing, then the unpaid principal of all Notes, together with the accrued or accreted and unpaid interest thereon through the date of acceleration, shall automatically become, and shall be considered to be declared, due and payable. 

(c)    At any time after such declaration of acceleration of maturity has been made and before a judgment
or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Required Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration
and its consequences if: 
 (i)    the Issuer has paid or deposited with the Indenture
Trustee a sum sufficient to pay: 
 (A)    all payments of principal of and interest on
the Notes and all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(B)    all sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and outside counsel and, if applicable, any such amounts due to the Owner Trustee and the Back-up Servicer, and 

(ii)    all Events of Default, other than the nonpayment of the principal of the Notes
that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 
 No such
rescission shall affect any subsequent default or impair any right consequent to it. 

Section 5.04    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 (a)    The Issuer covenants that if an Event of Default described in clauses (e) or (f) of
Section 5.02 shall have occurred and be continuing, the Issuer will, upon demand of the Indenture Trustee, immediately pay to the Indenture Trustee for the benefit of the Noteholders the whole amount then due and payable on such Notes for
principal and interest, with interest upon the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and outside counsel. 

  
 INDENTURE (RMIT 2021-1) – Page 28

 (b)    If the Issuer fails to pay such amounts forthwith
upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce
the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the Trust Estate or the property of another obligor on the Notes, wherever situated, the monies adjudged or decreed to be payable in the
manner provided by law. 
 (c)    If an Event of Default occurs and is continuing, the Indenture Trustee
may, subject to the provisions of Section 5.03, Section 5.05, Section 5.12, Section 6.01 and Section 6.03, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by such appropriate
Proceedings as the Indenture Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in
this Indenture, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

(d)    In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any
Person having or claiming an ownership interest in the related Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, now or hereafter in effect or in
case a receiver, conservator, assignee, trustee in bankruptcy, liquidator, sequestrator, custodian or other similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case
of any other comparable judicial Proceedings relative to the Issuer or the creditors or property of the Issuer or such other obligor or Person, the Indenture Trustee, regardless of whether the principal of any Notes shall then be due and payable as
therein expressed or by declaration or otherwise and regardless of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.04, shall be entitled and empowered, by intervention in such Proceedings or
otherwise: 
 (i)    with respect to the Issuer, to file one or more claims for the
whole amount of principal and interest owing and unpaid in respect of the Notes, and with respect to the Issuer to file such other papers or documents and take such actions as may be necessary or advisable in order to have the claims of the
Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred,
and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee pursuant to this Indenture, except as a result of negligence or bad faith) and of the Noteholders allowed; 

(ii)    unless prohibited by Requirements of Law, to vote on behalf of the Noteholders, in
any election of a trustee or a standby trustee in bankruptcy or a Person performing similar functions; and 

  
 INDENTURE (RMIT 2021-1) – Page 29

 (iii)    to collect and receive any
monies or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf, 

and any trustee, receiver or liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such
Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee pursuant to this Indenture except as a result of negligence or bad faith. 

(e)    Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent
to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder, or to authorize the Indenture Trustee to vote in respect of the
claim of any Noteholder in any such proceeding except, as provided in clause (d)(ii) above, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may
be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys,
shall be for the benefit of the Holders of the Notes as provided herein. 
 (g)    In any Proceedings
brought by the Indenture Trustee (except with respect to any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the
Noteholders, and it shall not be necessary to make any such Noteholder party to any such Proceedings. 

Section 5.05    Remedies; Priorities. 

(a)    If an Event of Default shall have occurred and be continuing and the Notes have been accelerated
under Section 5.03, the Indenture Trustee shall, upon the written direction of the Required Noteholders (subject to Section 5.06), do one or more of the following: 

(i)    institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuer and from any other obligor upon such
Notes monies adjudged due; 

  
 INDENTURE (RMIT 2021-1) – Page 30

 (ii)    sell, on a servicing released
basis, Loans, as shall constitute a part of the related Trust Estate (or rights or interest therein), at one or more public or private sales called and conducted in any manner permitted by law; 

(iii)    direct the Issuer to exercise rights, remedies, powers, privileges or claims
under the Sale and Servicing Agreement and the Loan Purchase Agreement pursuant to Section 5.18; and 

(iv)    take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee or the Noteholders hereunder; 
 provided, however, that the Indenture Trustee may not exercise the
remedy in clause (a)(ii) above or otherwise sell or liquidate the Trust Estate substantially as a whole (in one or more sales), or institute Proceedings in furtherance thereof, unless (A) the Holders of 100% of the aggregate unpaid principal
amount of the Outstanding Notes direct such remedy, (B) the Indenture Trustee determines that the anticipated proceeds of such sale distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the
Notes for principal and interest (after giving effect to the payment of any amounts that are senior in priority to such principal and interest in accordance with Section 8.06) or (C) the Indenture Trustee determines (based on the
information provided to it by the Servicer) that the Trust Estate may not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee is directed to take such remedy by the Holders of not less than 66 2/3% of the aggregate unpaid principal
amount of the Outstanding Notes. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting
firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. The cost of such opinion shall be reimbursed to the Indenture Trustee from amounts held in the Collection
Account in accordance with Section 8.06. 
 The remedies provided in this Section 5.05(a) are the exclusive
remedies provided to the Noteholders with respect to the Trust Estate and each of the Noteholders (by their acceptance of their respective interests in the Notes) and the Indenture Trustee hereby expressly waive any other remedy that might have been
available under the applicable UCC. 
 (b)    If the Indenture Trustee collects any money or property
pursuant to this Article V following the acceleration of the maturities of the Notes pursuant to Section 5.03 (so long as such declaration shall not have been rescinded or annulled), it shall pay out the money or property in accordance with
Section 8.06 or, in the case of an acceleration as a result of an Event of Default described in clause (a) of Section 5.02, as may otherwise be directed by a court of competent jurisdiction. 

(c)    Following the sale of the Trust Estate and the application of the proceeds of such sale and other
amounts, if any, then held in the Collection Account in accordance with Section 8.06, any and all amounts remaining due on the Notes and all other Obligations shall be extinguished and shall not revive, the Notes shall be deemed cancelled, and
the Notes shall no longer be Outstanding. 

  
 INDENTURE (RMIT 2021-1) – Page 31

 (d)    The Indenture Trustee may fix a record date and
Payment Date for any payment to Noteholders pursuant to this Section 5.05. At least fifteen (15) days before such record date, the Indenture Trustee shall transmit to each Noteholder and the Issuer a notice that states the record date, the
Payment Date and the amount to be paid. 
 Section 5.06    Optional Preservation of the Trust
Estate. Subject to Section 5.05(a), if the Notes have been declared to be due and payable under Section 5.03 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and the
Indenture Trustee has not received directions from the Noteholders to the contrary under Section 5.12, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust
Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility
of any proposed action and as to the sufficiency of the Trust Estate for such purpose. The cost of such opinion shall be reimbursed to the Indenture Trustee from amounts held in the Collection Account pursuant to Section 8.06. 

Section 5.07    Limitation on Suits. Subject to the other provisions of this Indenture, no
Noteholder shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a)    the Holders of not less than 10% of the aggregate unpaid principal amount of all Outstanding Notes
have made written request to the Indenture Trustee to institute such Proceeding in its own name as Indenture Trustee under this Indenture; 

(b)    such Noteholder has or Noteholders have previously given written notice to the Indenture Trustee of
a continuing Event of Default; 
 (c)    such Noteholder has or Noteholders have offered to the
Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

(d)    the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer
of indemnity has failed to institute any such Proceeding; and 
 (e)    no direction inconsistent with
such written request has been given to the Indenture Trustee during such sixty-day period by Holders of a majority of the aggregate unpaid principal amount of all Outstanding Notes; 

it being understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the
manner herein provided. 

  
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 In the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two (2) or more groups of Noteholders, each representing less than a majority of the aggregate unpaid principal amount of all Outstanding Notes, the Indenture Trustee shall act at the direction of the group
representing a greater percentage of the aggregate unpaid principal amount of all Outstanding Notes, or if both groups are equal, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any
other provisions of this Indenture. 
 No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action to which Noteholders are entitled to vote or consent under this Indenture, the Issuer may
set a record date for purposes of determining the identity of Noteholders entitled to vote. 

Section 5.08    Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture but subject to the limitations set forth in Sections 5.05(c), 11.16 and 11.19, the Holder of any Note will have the right, which is absolute and unconditional, to receive payment of the
principal of and interest on such Note on the Stated Maturity Date (and such principal shall be due and payable on such Stated Maturity Date) expressed in such Note and to institute suit for the enforcement of any such payment, and such right will
not be impaired without the consent of such Holder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay principal of or interest on the Notes or any other amount payable
to any Noteholder will be without recourse to the Issuer (except to the Trust Estate), the Indenture Trustee, the Owner Trustee or any affiliate, officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or
interest on the Notes or any other amount payable to any Noteholder will be subject to Article VIII. 

Section 5.09    Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder
has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned, or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such case the
Issuer, the Indenture Trustee or such Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 5.10    Rights and Remedies Cumulative. Except as provided in Section 5.05, no
right, remedy, power or privilege herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right, remedy, power or privilege, and every right, remedy, power or privilege shall, to the
extent permitted by law, be cumulative. The assertion or exercise of any right or remedy shall not preclude any other further assertion or the exercise of any other appropriate right or remedy. 

Section 5.11    Delay or Omission Not Waiver. No failure to exercise and no delay in
exercising, on the part of the Indenture Trustee or of any Noteholder or other Person, any right or remedy occurring hereunder upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article V may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

  
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 Section 5.12    Control by Noteholders. The
Holders of a majority of the aggregate unpaid principal amount of all Outstanding Notes, if an Event of Default has occurred and is continuing, shall have the right to direct the time, method and place of conducting any Proceeding for any right or
remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee with respect to the Notes; provided, however, that, subject to Section 6.01 and Section 6.03(d):

 (a)    the Indenture Trustee shall have the right to decline any such direction if the Indenture
Trustee shall have reasonably determined, or shall have been advised by counsel, that the action so directed is in conflict with any applicable Requirements of Law or with this Indenture; and 

(b)    the Indenture Trustee shall have the right to decline any such direction if the Indenture Trustee
in good faith shall determine that such direction would be illegal or involve the Indenture Trustee in liability for which it has not been indemnified in accordance with Article VI or be unjustly prejudicial to the Noteholders not parties to such
direction. 
 Section 5.13    Waiver of Past Defaults. The Required Noteholders may, on
behalf of all Noteholders, waive in writing any past default with respect to the Notes and its consequences (including an Event of Default), except that: 

(a)    a default in the payment of the principal or interest in respect of any Note cannot be waived
without the consent of each Noteholder of each Outstanding Note affected thereby; 
 (b)    a default as
a result of an Insolvency Event with respect to the Issuer or the Depositor cannot be waived without the consent of each Noteholder; 

(c)    a default in respect of a covenant or provision hereof that under Section 9.02 cannot be
modified or amended without the consent of the Noteholder of each Outstanding Note or each Noteholder of each Outstanding Note affected thereby cannot be waived without the consent of each such Noteholder; and 

(d)    an Early Amortization Event cannot be waived without the consent of each Noteholder. 

Upon any such written waiver, such default, and any Event of Default arising therefrom, shall cease to exist and shall be deemed to have been
cured for every purpose of this Indenture; provided, that no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

  
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 Section 5.14    Undertaking for Costs. All
parties to this Indenture agree, and each Noteholder by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, that the provisions of this
Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders (in compliance with Section 5.07), in each case holding in the aggregate more than 10% of
the aggregate unpaid principal amount of all Outstanding Notes, or (c) any suit instituted by any Noteholder for the enforcement of the payment of the principal of or interest on any Note on or after the date on which any of such amounts were
due pursuant to the terms of such Note (or, in the case of redemption, on or after the applicable Redemption Date). 

Section 5.15    Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may adversely
affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.16    Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under the Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to the Indenture. Neither the lien of the Indenture nor any rights or remedies of the
Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of
the Issuer. Any money or property collected by the Indenture Trustee shall be applied as specified in Section 5.03. 

Section 5.17    Sale of Loans. 

(a)    If all or a portion of the Loans are to be sold under the terms of Section 5.05(a)(ii), the
Indenture Trustee, or its agents, shall, unless another method of sale is directed in writing by the Required Noteholders, use its commercially reasonable efforts to sell, dispose or otherwise liquidate all or a portion of the Loans by the
solicitation of competitive bids. The Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as
compensation for any sale. The Indenture Trustee may retain the services of a financial advisor in connection with any such sale under this Section 5.17. The reasonable fees and expenses of such financial advisor shall be paid by the Issuer in
accordance with (and subject to) Section 8.06. 
 (b)    The Indenture Trustee is hereby
irrevocably appointed the agent and attorney-in-fact of the Issuer in connection with any sale of Loans pursuant to Section 5.05(a)(ii). No purchaser or transferee
at any such sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

  
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 (c)    If all or a portion of the Loans are to be sold
under the terms of Section 5.05(a)(ii), the Indenture Trustee shall solicit bids for such Loans from Permitted Assignees (identified in writing by the Servicer), each of which shall agree in writing to comply with the confidentiality provision
of this Indenture with respect to any information received in connection with such solicitation. The Indenture Trustee shall sell such Loans to the bidder with the highest cash purchase offer. The proceeds of any such sale shall be applied in
accordance with Section 5.05(b). In connection with any such sale of Loans or interests therein, the Indenture Trustee may contract with agents to assist in such sales, the cost of which and the other costs of such sale shall be paid from the
proceeds of any such sale. 
 (d)    At any sale of all or a portion of the Loans under
Section 5.05(a)(ii), the Indenture Trustee or the Noteholders may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain and dispose of such property without further accountability
therefor. 
 (e)    Upon completion of any sale under Section 5.05(a)(ii), the Issuer will deliver
or cause to be delivered all of the property sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of
possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale. If so requested by the Indenture Trustee or by any purchaser, the Issuer shall confirm any such sale or transfer by executing and
delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request. 

Section 5.18    Performance and Enforcement of Certain Obligations. If an Event of Default has
occurred and is continuing, the Indenture Trustee shall, at the written direction of the Required Noteholders, direct the Issuer to exercise all rights, remedies, powers, privileges and claims the Issuer may have against the Depositor, the Seller,
and the Servicer under or in connection with the Loan Purchase Agreement, the Sale and Servicing Agreement and the Loan Purchase Agreement, as applicable, including the right or power to take any action to compel or secure performance or observance
by the Depositor, the Servicer, or the Seller of their respective obligations thereunder. 
 ARTICLE VI. 

THE INDENTURE TRUSTEE 

Section 6.01    Duties of the Indenture Trustee. 

(a)    If an Event of Default has occurred and is continuing and a Responsible Officer shall have actual
knowledge or shall have received written notice of such Event of Default at the Corporate Trust Office, the Indenture Trustee shall, prior to the receipt of directions, if any, from the Required Noteholders, exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
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 (b)    With respect to the Indenture Trustee at all
times: (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied duties, obligations or covenants by the Indenture Trustee shall be read into this Indenture
or into any other Transaction Document; and (ii) in the absence of bad faith or negligence on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). If any such instrument is found not to conform in any material respect to the requirements of this Indenture, the
Indenture Trustee shall notify the Noteholders in the event that the Indenture Trustee, after so requesting, does not receive a satisfactorily corrected instrument. 

(c)    No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability
for its own negligent action, its own negligent failure to act, or its own bad faith or willful misconduct; provided, however, that: 

(i)    this clause (c) shall not be construed to limit the effect of clauses
(a) or (b) of this Section 6.01; 
 (ii)    the Indenture Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proven in a court of competent jurisdiction that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Indenture Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with this Indenture and/or the direction of the Required Noteholders as to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee or
for exercising any trust or power conferred upon the Indenture Trustee under this Indenture; 

(iv)    the Indenture Trustee shall not be deemed to have notice or knowledge of any Event
of Default, Early Amortization Event, or any other default unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof. In the absence of such actual knowledge or receipt of such notice,
the Indenture Trustee may conclusively assume that none of such events have occurred and the Indenture Trustee shall not have any obligation or duty to determine whether any Event of Default, Early Amortization Event or any other default has
occurred; and 
 (v)    the Indenture Trustee shall not have any duty (A) to see to
any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement or amendments to a financing statement evidencing a security interest, or to see to the maintenance of any such recording or filing
or depositing or to any re-recording, refiling or redepositing of any thereof, (B) to see to any insurance or (C) to see to the payment or discharge of any tax, assessment, or other governmental
charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Estate other than from funds available in the Collection Account. 

  
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 (d)    No provision of this Indenture or any other
document or instrument shall require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if there is
reasonable ground for believing that repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not reasonably assured to it. 

(e)    Whether or not therein expressly so provided, every provision of this Indenture or any other
Transaction Document that in any way relates to the Indenture Trustee is subject to subsections (a), (b), (c) and (d) of this Section 6.01. 

(f)    Except as expressly provided in this Indenture, the Indenture Trustee shall have no power to vary
the Trust Estate, including, without limitation, by (i) accepting any substitute payment obligation for a Loan initially transferred to the Issuer under the Sale and Servicing Agreement, (ii) adding any other investment, obligation or
security to the Issuer or the Trust Estate or (iii) withdrawing from the Trust Estate any Loans (except as otherwise provided in the Loan Purchase Agreement and the Sale and Servicing Agreement). 

(g)    The Indenture Trustee shall not have any responsibility or liability for investment losses on
Eligible Investments (other than as an obligor on any Eligible Investments on which the institution acting as Indenture Trustee is an obligor). The Indenture Trustee or its Affiliates are permitted to receive additional compensation that could be
deemed to be in the Indenture Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the Eligible Investments,
(ii) using Affiliates to effect transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.07 of this Indenture. 

(h)    Knowledge or information acquired by (i) Wells Fargo in any of its respective capacities
hereunder or under any Transaction Document or other document related to this transaction shall not be imputed to Wells Fargo in any of its other capacities hereunder or under such other documents except to the extent their respective duties are
performed by Responsible Officers in the same division of Wells Fargo, and vice versa (it being understood that on the Closing Date, the Corporate Trust Services department of Wells Fargo (including, as applicable, any agents or Affiliates utilized
thereby) is performing its obligations under each of its capacities hereunder and under the other Transaction Documents), and (ii) any Affiliate of Wells Fargo shall not be imputed to Wells Fargo in any of its respective capacities, provided
that the foregoing shall not relieve the Person acting as Back-up Servicer or Indenture Trustee, as applicable, from its obligations to perform or responsibility for the manner of performance of its duties in
a separate capacity under the Transaction Documents. 
 (i)    The Indenture Trustee shall not be deemed
to have knowledge of, or be required to act, based on any event or information unless a Responsible Officer of the Indenture Trustee receives written notice or has actual knowledge of such event or information. The delivery or availability of
reports or other documents (including, without limitation, news or other publicly available reports or documents, or any reports or documents delivered to the Indenture Trustee pursuant to this Indenture or related agreements or documents) to the
Indenture Trustee shall not constitute actual or constructive knowledge or notice of information contained in or determinable from those reports or documents, except for such information that this Indenture specifically requires the Indenture
Trustee to examine in such report or document and to take an action with respect thereto. 

  
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 (j)    Every provision of this Indenture and any other
Transaction Document relating to the conduct of, affecting the liability of, or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.01. 

Section 6.02    Notice of Early Amortization Event or Event of Default; Notice of Breach of
Representations or Warranties(a) . Upon the occurrence of any Early Amortization Event or Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge or has received notice at the Corporate Trust Office of the
Indenture Trustee, the Indenture Trustee shall notify all Noteholders as their names and addresses appear on the Note Register and each Rating Agency of such Early Amortization Event or Event of Default within ten (10) Business Days after such
Responsible Officer receives such notice or obtains actual knowledge. Upon obtaining actual knowledge of, or receipt of written notice by, a Responsible Officer of the Indenture Trustee of any breach of any representation or warranty contained in
Section 11.2(d) of the 2021-1A SUBI Supplement by the 2021-1A SUBI Servicer with respect to any Loan allocated to the
2021-1A SUBI at the time such representations and warranties were made, the Indenture Trustee shall give prompt written notice thereof to the North Carolina Trust, the
2021-1A SUBI Servicer and the Issuer. 

Section 6.03    Certain Matters Affecting the Indenture Trustee. Except as otherwise provided
in Section 6.01: 
 (a)    the Indenture Trustee may conclusively rely on and shall fully be
protected in acting or refraining from acting in accordance with any resolution, certificate, statement, instrument, Officer’s Certificate, opinion, report, notice, request, direction, consent, order, bond, note, or other paper or document
reasonably believed by it to be genuine and to have been signed or presented to it pursuant to this Indenture by the proper party or parties and shall be under no obligation to inquire as to the adequacy, accuracy or sufficiency of any such
information or be under any obligation to make any calculation or verifications in respect of any such information and shall not be liable for any loss that may be occasioned thereby; 

(b)    before the Indenture Trustee acts or refrains from acting, it may require and shall be entitled to
receive, at the reasonable expense of the Issuer, payable in accordance with and subject to Section 8.06, an Officer’s Certificate of the Issuer and/or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel; 

(c)    as a condition to the taking, suffering or omitting of any action by it hereunder, the Indenture
Trustee may consult with counsel and the written or oral advice or opinion of such counsel with respect to legal matters relating to the Indenture or the Notes shall be full and complete authorization and protection from any liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  
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 (d)    the Indenture Trustee shall not be under any
obligation to exercise any of the rights or powers vested in it by this Indenture, or to honor the request or direction of any of the Noteholders pursuant to this Indenture to institute, conduct or defend any litigation hereunder in relation hereto,
unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;
provided, however, that nothing contained herein shall relieve the Indenture Trustee of the obligations, upon the occurrence of an Event of Default (which has not been cured or waived) to exercise such of the rights and powers vested
in it by this Indenture and to use the same degree of care or skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs; 

(e)    the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document, believed by it to be genuine, but the Indenture Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer
and the Servicer, personally or by agent or attorney; 
 (f)    the Indenture Trustee shall not be
liable for any errors in judgment, or actions taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon the Indenture Trustee by this Indenture or any other
Transaction Document; 
 (g)    except as expressly required pursuant to the terms of this Indenture,
the Indenture Trustee shall not be required to make any initial or periodic examination of any documents or records related to any of the Trust Estate for the purpose of establishing the presence or absence of defects, the compliance by the Issuer
or any other Person (other than the Indenture Trustee) with its representations and warranties or for any other purpose except as expressly required pursuant to the terms of the Indenture; 

(h)    whether or not therein expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section; 

(i)    the Indenture Trustee shall not have any liability with respect to the acts or omissions of the
Servicer (except and to the extent the Indenture Trustee is the Servicer), the Depositor, the Issuer or the Back-up Servicer or any other party to the Transaction Documents (other than Wells Fargo in any of
its capacities under the Transaction Documents), including, without limitation, acts or omissions in connection with the servicing, management or administration of Loans; calculations made by the Servicer whether or not reported to the Issuer or
Indenture Trustee; and deposits into or withdrawals from any accounts or funds established pursuant to the terms of this Indenture; 

  
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 (j)     the rights, privileges, protections,
immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder and under the Transaction
Documents to which it is a party, and each agent, custodian, and any other Person employed to act hereunder and under the Transaction Documents to which it is a party (including, but not limited to, Wells Fargo as Imaged File Custodian under the Back-up Servicing Agreement); and in actions under any other Transaction Document, the Indenture Trustee shall be entitled to all the rights, privileges, protections, immunities and benefits afforded it hereunder;
provided, that the foregoing shall not apply to Wells Fargo in its capacity as Back-up Servicer; 

(k)     the Indenture Trustee shall not be responsible or liable in any manner whatsoever for
calculation, determination and/or verification of the allocations of Collections, determinations of monthly interest or the applications of Available Funds pursuant to this Indenture; 

(l)     the right of the Indenture Trustee to perform any permissive or discretionary act enumerated
in this Indenture or any other Transaction Document shall not be construed as a duty, and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; 

(m)    the Indenture Trustee shall not be required to give any bond or surety in respect of the execution
of the Note Accounts created hereby or in the powers granted hereunder; 
 (n)     the Indenture
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through Affiliates, agents, attorneys, custodians or nominees, and the Indenture Trustee shall not be responsible for any misconduct
or negligence on the part of any agent, attorney, custodians or nominees appointed with due care by it hereunder; provided, that the Indenture Trustee shall remain obligated and be liable to the Issuer and the Noteholders for the execution of
their respective trusts and powers and performance of their respective duties hereunder without diminution of such obligations and liability by virtue of the appointment of any such agent, attorney, custodian or nominee, and to the same extent and
under the same terms and conditions as if the Indenture Trustee alone were individually executing or performing such obligations; provided, however, that the Indenture Trustee shall not be liable for, and shall have no duty to
supervise or monitor, the execution or performance of any such obligations of the Indenture Trustee by any of the original parties (including any successors or assigns) to the Transaction Documents or the default, misconduct or any other action or
omission of any electronic vault provider, and the Indenture Trustee may assume such electronic vault provider’s performance of its obligations; 

(o)     under no circumstances shall the Indenture Trustee be personally liable for any
representation, warranty, covenant, obligation or indebtedness of any other party to the Transaction Documents (other than Wells Fargo in any of its capacities under the Transaction Documents), or be required to investigate the breach of any such
representation, warranty, covenant, obligation or indebtedness; provided, that if a Responsible Officer of the Indenture Trustee receives written notice from any party to the Transaction Documents of such breach of any such representation,
warranty, covenant, obligation or indebtedness, the Indenture Trustee shall notify Noteholders by posting a notice to the Indenture Trustee’s website at www.ctslink.com; 

  
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 (p)     the Indenture Trustee shall not be liable
for (i) the default, misconduct or any other action or omission of the Issuer, the Servicer or any other party to the Transaction Documents (other than Wells Fargo in any of its capacities under the Transaction Documents) or (ii) any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith;

 (q)     the Indenture Trustee shall not be under any obligation to take any action in the
performance of its respective duties hereunder that would be in violation of applicable law; 

(r)     in no event shall the Indenture Trustee be responsible or liable for punitive, special,
indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action; and 
 (s)     the Indenture Trustee may request that the Issuer deliver an Officer’s
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or any other Transaction Document, which Officer’s Certificate may be signed by any person
authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

The Indenture Trustee shall not have any responsibility to the Issuer or the Noteholders to make any inquiry or investigation as to, and shall
have no obligation in respect of, the terms of any engagement of independent public accountants by the Issuer or the Servicer; provided that the Indenture Trustee is hereby directed to and, upon receipt of an Issuer Order or written direction
from the Depositor, shall execute any acknowledgment or other agreement with the independent accountants required for the Indenture Trustee to receive any of the reports or instructions provided for herein or the Sale and Servicing Agreement, which
acknowledgment or agreement may include, among other things, (i) acknowledgements with respect to the sufficiency of the agreed upon procedures to be performed by the independent accountants by the Issuer, (ii) releases of claims (on
behalf of itself and the Holders) and other acknowledgments of limitations of liability in favor of the independent accountants, or (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of
independent accountants (including to the Holders). It is understood and agreed that the Indenture Trustee will deliver such acknowledgement or other agreement in conclusive reliance on the foregoing direction of the Issuer (or Depositor), and the
Indenture Trustee shall not make any inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency, validity or correctness of such procedures. Notwithstanding the foregoing, in no event shall the Indenture Trustee be
required to execute any agreement in respect of the independent accountants that the Indenture Trustee determines adversely affects it in its individual capacity. 

Section 6.04    Not Responsible for Recitals or Issuance of Notes. The recitals contained
herein, in any other Transaction Document and in the Notes, except with respect to the Indenture Trustee and its certificate of authentication, shall not be taken as the statements of the Indenture Trustee, and the Indenture Trustee does not assume
any responsibility for their correctness. The Indenture Trustee does not make any representation as to the validity, enforceability or sufficiency of the Indenture, the Notes or any related document or as to the perfection or priority of any
security interest therein. The Indenture Trustee shall not be accountable for the use or application by the Issuer of the proceeds from the Notes. 

  
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 Section 6.05    Indenture Trustee May Hold
Notes. The Indenture Trustee, the Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and subject to Section 6.11, may otherwise deal with the Issuer or its
affiliates with the same rights it would have if it were not Indenture Trustee, Note Registrar or such other agent. 

Section 6.06    Money Held in Trust. Money held by the Indenture Trustee in trust hereunder
need not be segregated from other funds held by the Indenture Trustee in trust hereunder except to the extent required herein or required by law. The Indenture Trustee shall not be under any liability for interest on any money received by it
hereunder except (i) as otherwise agreed upon in writing by the Indenture Trustee and the Issuer and (ii) as an obligor with respect to Eligible Investments on which the institution acting as Indenture Trustee is an obligor. 

Section 6.07    Compensation, Reimbursement and Indemnification. 

The Indenture Trustee shall be entitled to recover as compensation, for acting as Indenture Trustee and, if applicable,
Account Bank and Note Registrar, on each Payment Date and, in accordance with the priority set forth in Section 8.06, an annual fee (which compensation shall not be limited by any law on compensation of a trustee of an express trust) equal to
$18,000, payable in twelve equal monthly installments in accordance with the priority set forth in Section 8.06. In addition to compensation for its services, the Issuer shall reimburse, in each case in accordance with the priority set forth in
Section 8.06, (i) the Indenture Trustee and the Note Registrar, for all out-of-pocket expenses (including reasonable fees and out-of-pocket expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts) incurred or made by
it (including without limitation expenses incurred in connection with notices or other communications to the Noteholders), disbursements and advances incurred or made by the Indenture Trustee and the Note Registrar in accordance with any of the
provisions of this Indenture (including but in no way limited to any expenses incurred pursuant to Section 5.04, Section 5.05, Section 5.06 and
Section 5.07), or any of the Transaction Documents and (ii) the Account Bank, for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by it in accordance with Section 8.02(f), if any. Such expenses shall include the reasonable fees and out-of-pocket
expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts, except any such expense, disbursement or advance caused by its willful misconduct, negligence, fraud or bad
faith (as determined by a court of competent jurisdiction). In no event shall the Indenture Trustee or any agent of the Indenture Trustee advance any funds for the payment of principal, interest or premium on any Notes. In no event shall the
Indenture Trustee or any agent of the Indenture Trustee advance any funds for the payment of principal, interest or premium on any Notes. 

  
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 The Issuer shall, in accordance with the priority set forth in
Section 8.06, indemnify, defend, hold harmless and otherwise reimburse each of the Indenture Trustee, the Account Bank and the Note Registrar and each of their respective officers, directors, shareholders, agents and employees (each an
“Indemnified Person”) against any and all loss, suit, claim, judgment, cost, liability or expense (including, without limitation, the reasonable fees and expenses of counsel) incurred or expended in connection with or arising out of
(i) investigating, preparing for, defending itself or themselves against or prosecuting for itself or themselves or for the sake of the Trust Estate any legal proceeding, whether pending or threatened, that is related directly or indirectly in
any way to the Trust Estate, the Transaction Documents, the Loans or other assets of the Trust Estate, or the Notes (including without limitation the initial offering, any secondary trading and any transfer and exchange of the Notes), (ii) pursuing
enforcement (including without limitation by means of any dispute, action, claim, or suit brought by or against the Issuer for such purpose) of any indemnification or other obligation of the Issuer, (iii) the acceptance or administration of the
trusts created hereunder or under any other Transaction Document, and (iv) the performance of any and all of its or their duties and responsibilities and the exercise or lack of exercise of any and all of its or their powers, rights or
privileges hereunder or under any other Transaction Document, including without limitation (x) complying with any new or updated law or regulation in any way related to or affecting the transaction, and (y) addressing any bankruptcy in any
way related to or affecting the transaction, including, as applicable, all costs incurred in connection with the use of default specialists within or outside Wells Fargo (in the case of Wells Fargo personnel, such costs to be calculated using
standard market rates). The Indenture Trustee, the Account Bank or the Note Registrar, as applicable, shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee, the Account Bank
or the Note Registrar, as applicable, to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder unless such loss, liability or expense could have been avoided with such prompt notification and then only to
the extent of such loss, expense or liability which could have been so avoided. The Issuer shall not be required to reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee, the Account Bank or the
Note Registrar, as applicable, determined by a court of competent jurisdiction to have been caused by the willful misconduct or negligence of the Indenture Trustee, the Account Bank or the Note Registrar, as applicable. 

(a)    The provisions of this Section shall survive the resignation and removal of the Indenture Trustee
and the discharge, termination or assignment of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.02(d) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

(b)    Notwithstanding anything herein to the contrary, the right of the Indenture Trustee, the Account
Bank or the Note Registrar, as applicable, to enforce any of the Issuer’s payment obligations pursuant to this Section 6.07 shall be subject to the provisions of Section 11.16(a). 

Section 6.08    Replacement of Indenture Trustee. 

(a)    No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. At any time, the Indenture Trustee may resign for any reason by giving sixty (60) days prior written
notice to the Issuer. At any time, the Required Noteholders may remove the Indenture Trustee and any or all of its agents for any reason other than for cause (as described in the immediately succeeding sentence) by giving thirty (30) days prior
written notice to the Issuer and the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee by giving sixty (60) days prior written notice to the Indenture Trustee if: 

(i)    the Indenture Trustee fails to comply with Section 6.11; 

  
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 (ii)     the Indenture Trustee
shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Indenture Trustee or all or substantially all of
its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Indenture Trustee; or the Indenture Trustee shall admit in writing its inability to
pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 

(iii)    the Indenture Trustee otherwise becomes incapable of acting. If the Indenture
Trustee resigns or is removed, or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a
successor Indenture Trustee, which successor shall be reasonably satisfactory to the Servicer. 

(b)    Any resignation or removal of the Indenture Trustee and appointment of a successor indenture
trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor indenture trustee as provided in this Section 6.08(b). 

(i)    Any successor indenture trustee appointed as provided herein shall execute,
acknowledge and deliver to the Issuer, to the Servicer and to its predecessor indenture trustee, as applicable, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall
become effective and such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named
as Indenture Trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents or copies thereof and statements and all money and other property held by it hereunder; and the Issuer and the predecessor
indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor indenture trustee all such rights, powers, duties and obligations.

 (ii)    No successor indenture trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of Section 6.11. 

(iii)    Upon acceptance of appointment by a successor indenture trustee as provided in
this Section, such successor indenture trustee shall provide notice of such succession hereunder to all Noteholders, and the Servicer shall provide such notice to each Rating Agency. 

  
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 (c)    If a successor Indenture Trustee does not take
office within sixty (60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the aggregate unpaid principal amount of the Notes may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee and all reasonable and documented out-of-pocket fees, costs and expenses (including, without
limitation, reasonable fees of counsel) incurred in connection with such petition shall be paid by the Issuer in accordance with and subject to the priority set forth in Section 8.06. 

(d)    If the Indenture Trustee ceases to be eligible in accordance with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

(e)    No Indenture Trustee under this Indenture shall be liable for any action or omission of any
successor indenture trustee. 
 Section 6.09    Successor Indenture Trustee by Merger. If
the Indenture Trustee consolidates with, merges or converts into, or transfers or sells all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation or banking association without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. 

If at the time such successor by merger, conversion, consolidation or transfer to the Indenture Trustee shall succeed to such
position, and any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor indenture trustee and deliver such Notes so authenticated; and
in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the
full force which it is anywhere provided in the Notes or in this Indenture that the certificate of the Indenture Trustee shall have. 

Section 6.10    Appointment of Co-Indenture Trustee or
Separate Indenture Trustee. 
 (a)    Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, in connection with any Proceeding or other enforcement action or to the extent of any conflict of interest,
the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08.

  
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 (b)    Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i)    all rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed
the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction)
shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the written direction of the Indenture Trustee; 

(ii)    no separate trustee or co-trustee
hereunder shall be personally liable by reason of any act or omission of any other separate trustee or co-trustee hereunder; and 

(iii)    the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee. 
 (c)    Any notice, request or
other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing
any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the
trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d)    Any separate trustee or co-trustee may at any time
constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and
trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11    Eligibility; Disqualification. The Indenture Trustee shall at all times have a
combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and its long-term unsecured debt shall be rated at least “Baa3” by Moody’s, at least “BBB-” by S&P and, if rated by DBRS Morningstar, at least “BBB” by DBRS Morningstar. The Indenture Trustee (1) shall meet the requirements of Section 26(a)(1) of the Investment
Company Act, (2) shall not be an Affiliate of the Issuer, the Depositor or the initial Servicer and (3) shall not offer or provide credit or credit enhancement to the Issuer. In case at any time the Indenture Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Indenture Trustee shall resign immediately in the manner and with the effect specified in Section 6.08. 

  
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 Section 6.12    Representations and Warranties
of the Indenture Trustee. The Indenture Trustee represents and warrants that: 

(i)      the Indenture Trustee is duly organized and validly existing under the
laws of the jurisdiction of its organization; 
 (ii)     the Indenture Trustee has
full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and each other Transaction Document to which it is a party; 

(iii)    each of this Indenture and each other Transaction Document to which it is a party
has been duly executed and delivered by the Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms; and 

(iv)    the Indenture Trustee meets the eligibility requirements set forth in
Section 6.11. 
 Section 6.13    Execution of Transaction Documents. 

(a)    The Issuer hereby directs the Indenture Trustee (and by its acceptance of Notes, each Holder is
hereby deemed to have directed the Indenture Trustee) to execute the Back-up Servicing Agreement, the Sale and Servicing Agreement and each other Transaction Document to which the Indenture Trustee is
contemplated to be a party. 
 (b)    The Issuer hereby directs the Indenture Trustee (and, by its
acceptance of the Notes, each Holder is hereby deemed to have directed the Indenture Trustee) to execute all agreements and other documents, and to take all other actions, that are reasonably requested by the initial
2021-1A SUBI Servicer to effect any repurchase under Section 11.2(e) of the 2021-1A SUBI Supplement, and the Indenture Trustee is hereby authorized to execute such
documents and take such actions without further consent by or notice to any Person. 

Section 6.14    Rule 15Ga-1 Compliance. 

(a)    To the extent a Responsible Officer of the Indenture Trustee receives a demand for the repurchase
of a Loan based on a breach of a representation or warranty made by the Seller of such Loan (each, a “Demand”), the Indenture Trustee agrees (i) if such Demand is in writing, promptly to forward such Demand to the Depositor and
such Seller, and (ii) if such Demand is oral, to instruct the requesting party to submit such Demand in writing to the Indenture Trustee and the Depositor. 

(b)    In connection with the repurchase of a Loan pursuant to a Demand, any dispute with respect to a
Demand, or the withdrawal or final rejection of a Demand by the Seller of such Loan, the Indenture Trustee agrees, to the extent a Responsible Officer of the Indenture Trustee has actual knowledge thereof, promptly to notify the Depositor in
writing. 

  
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 (c)    The Indenture Trustee will (i) notify the
Depositor, as soon as practicable and in any event within five (5) Business Days of the receipt thereof and in the manner set forth in Exhibit D hereof, of all Demands and provide to the Depositor any other information reasonably requested to
facilitate compliance by it with Rule 15Ga-1 under the Exchange Act (“Rule 15Ga-1 Information”), and (ii) if requested in writing by the Depositor,
provide a written certification no later than fifteen (15) days following any calendar quarter or calendar year that the Indenture Trustee has not received any Demands for such period, or if Demands have been received during such period, that
the Indenture Trustee has provided all the information reasonably requested under clause (i) above with respect to such demands. For purposes of this Indenture, references to any calendar quarter shall mean the related preceding calendar
quarter ending in March, June, September, or December, as applicable. The Indenture Trustee has no duty or obligation to undertake any investigation or inquiry related to any repurchases of Loans, or otherwise assume any additional duties or
responsibilities, other than those express duties or responsibilities of the Indenture Trustee hereunder or under the Transaction Documents, and no such additional obligations or duties are otherwise implied by the terms of this Indenture. The
Depositor has full responsibility for compliance with all related reporting requirements associated with the transaction completed by the Transaction Documents and for all interpretive issues regarding this information. 

ARTICLE VII. 

NOTEHOLDERS’ LIST AND REPORTS 

Section 7.01    Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The
Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five (5) Business Days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names, addresses and
taxpayer identification numbers of the Holders of Notes as they appear on the Note Register as of the most recent Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after
receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten (10) Business Days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is
the Note Registrar, no such list shall be required to be furnished to the Indenture Trustee. 

Section 7.02    Preservation of Information; Communications to Noteholders. 

(a)    The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names, addresses and taxpayer identification numbers of the Noteholders received by the Indenture Trustee
in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.01 hereof upon receipt of a new list so furnished. 

(b)    Noteholders may communicate with other Noteholders with respect to their rights under this
Indenture or under the Notes. 

  
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 ARTICLE VIII. 

ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 8.01    Collection of Money. Except as otherwise expressly provided herein, the
Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture
Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money and property received by it in trust for the related Noteholders and shall apply it as provided in this Indenture. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance under any Transaction Document, the Indenture Trustee may, and upon the written direction of the Required Noteholders shall, take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim an Early Amortization Event or an Event of Default under this Indenture and
to proceed thereafter as provided in Article V hereof. 
 Section 8.02    Establishment of the
Note Accounts. 
 (a)     

(i)    The Servicer, for the benefit of the Noteholders, shall establish and maintain with
the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, a non-interest bearing Eligible Deposit Account bearing a designation clearly indicating that such account is the
“Collection Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Collection Account”). 

(ii)    The Servicer, for the benefit of the Noteholders, shall establish and maintain
with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, a non-interest bearing Eligible Deposit Account bearing a designation clearly indicating that such account is the
“Principal Distribution Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Principal Distribution Account”). The Issuer may from time to time deposit
or cause the deposit into the Principal Distribution Account from time to time of funds available to the Issuer that are not required to be deposited into another Note Account or otherwise allocated or to be held in trust on behalf of any Person in
accordance with this Indenture or any other Transaction Document. 
 (iii)    The
Servicer, for the benefit of the Noteholders, shall cause to be established and maintained with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, a non-interest bearing
Eligible Deposit Account that shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders (the “Reserve Account”). On the Closing Date, the Depositor will remit the
Reserve Account Required Amount to the Indenture Trustee for deposit in the Reserve Account. No later than 5:00 p.m., New York City time on the Business Day preceding each Payment Date, during the Revolving Period, the Indenture Trustee, based
solely upon written instructions furnished to the Indenture Trustee by the Servicer (which instruction may be included in the Monthly Servicer Report), shall withdraw from the Reserve Account all amounts on deposit therein as of the related Monthly
Determination Date (the “Reserve Account Draw Amount”), which amount shall constitute Available Funds for application in accordance with Section 8.06. 

  
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 (b)    The Note Accounts shall be under the sole
dominion and control of the Indenture Trustee for the benefit of the Noteholders. Except as expressly provided in this Indenture and the Sale and Servicing Agreement, the Servicer agrees that it shall have no right of
set-off or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Note Accounts for any amount owed to it by the Indenture Trustee, the Issuer or any
Noteholder. Pursuant to the Sale and Servicing Agreement, the Servicer shall instruct the Indenture Trustee to make withdrawals and payments from the Collection Account for the purposes of carrying out the Servicer’s, the Issuer’s or the
Indenture Trustee’s duties hereunder and under the Sale and Servicing Agreement. 
 (c)    Funds
(other than amounts deposited pursuant to Section 10.02 of this Indenture) on deposit in the Note Accounts shall, at the written direction of the Servicer, be invested by the Indenture Trustee in Eligible Investments selected by the Servicer.
In the absence of any such written direction, amounts on deposit in the Note Accounts shall not be invested and the Indenture Trustee shall have no obligation or liability to pay any interest or earnings thereon. All investment earnings (net of
losses and investment expenses) on such Eligible Investments shall be credited to the applicable Note Account. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders pursuant to Section 6.06. In
the absence of written directions from the Servicer, the Indenture Trustee may (but shall not be obligated) to invest such funds in Eligible Investments described in clause (d) of the definition thereof. Funds representing Collections collected
during any Collection Period shall be invested in Eligible Investments that will mature no later than the Business Day immediately prior to the Payment Date following the end of such Collection Period. No such Eligible Investment shall be disposed
of prior to its maturity. Funds deposited in the Note Accounts on the Business Day immediately prior to a related Payment Date shall not be invested overnight. On each Payment Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Note Accounts that are to be distributed on such Payment Date shall be treated as “Collections” received during the related Collection Period. The Indenture Trustee shall not bear any
responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section nor for the selection of Eligible Investments in accordance with the provisions of this Indenture. In addition, the
Indenture Trustee shall not have any liability in respect of the losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity or the failure of the Servicer to provide timely written investment direction.
Investments in any Eligible Investment are not obligations or recommendations of, or endorsed or guaranteed by, the Indenture Trustee or its Affiliates and are not insured by the Federal Deposit Insurance Corporation. The Indenture Trustee and its
Affiliates may provide various services for Eligible Investments and may be paid fees for such services. The other parties hereto agree that notifications after the completion of purchases and sales of Eligible Investments shall not be provided by
the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement shall be made available if no investment
activity has occurred during such period. 

  
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 (d)    The Indenture Trustee shall only be obligated to
make payments from the Collection Account to the extent such amounts are deposited therein. 

(e)    If, at any time, a Note Account ceases to be an Eligible Deposit Account, the Indenture Trustee (or
the Servicer on its behalf) shall within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Note Account meeting the applicable conditions
specified above and in this Section 8.02, transfer any money, instruments, investment property and other property to such new Note Account and from the date such new account is established, it shall be the applicable Note Account. 

(f)    Wells Fargo, in its capacity as securities intermediary or depositary bank with respect to each
Note Account (the “Account Bank”), hereby agrees that (i) each of the Note Accounts is a securities account, within the meaning of Section 8-501 of the UCC, maintained at the Account
Bank; (ii) each item of property (whether investment property, financial asset, security, cash or instrument) credited to any Note Account shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC, (iii) the Account Bank shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to the Note Accounts,
(iv) the Account Bank shall comply with entitlement orders originated by the Indenture Trustee with respect to any of the Note Accounts without the further consent of any other person or entity, (v) except as otherwise provided in
subsection (a) of this Section 8.02, the Account Bank shall not agree to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (vi) the Note Accounts, and all property credited to such
accounts shall not be subject to any lien, security interest, right of set-off or encumbrance in favor of the Account Bank in its capacity as securities intermediary or depositary bank or anyone claiming
through the Account Bank as securities intermediary or depositary bank, and (vii) the jurisdiction of the Account Bank, in its capacity as securities intermediary with respect to each Note Account, shall be the State of New York for purposes of
the UCC. Except as may be provided by the applicable published terms of its account agreements, the Account Bank shall enjoy all the same rights, protections, immunities and indemnities as the Indenture Trustee. With respect to any Note Account that
is not maintained at the Indenture Trustee, the Issuer (or the Servicer on its behalf) shall cause the securities intermediary or depositary bank with respect to each such Note Account to enter into an agreement or agreements (i) providing the
Indenture Trustee with “control” of such Note Account (within the meaning of Section 9-104 or Section 9-106 of the UCC); (ii) requiring:
(A) that each of the Note Accounts is either a securities account or a deposit account, (B) each item of property (whether investment property, financial asset, security, cash or instrument) credited to any Note Account shall be treated as
a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC to the extent any such Note Account is a securities account (except that such an agreement may provide that cash may be
treated as being credited to a deposit account), (C) such securities intermediary or depositary bank shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to the Note Accounts, (D) such
securities intermediary or depositary bank shall comply with entitlement orders originated by the Indenture Trustee with respect to any Note Account that is a securities account and shall comply with instructions directing the disposition of funds
originated by the Indenture Trustee with respect to any Note Account that is a deposit account, in each case without the further consent of any other person or entity, and shall not agree to comply with entitlement orders or instructions directing
the disposition of funds originated by any person or entity other than the Indenture Trustee, (E) the Note Accounts, and all property credited to such accounts shall not be subject to any lien, security interest, right of set-off or encumbrance in favor of such securities intermediary or depositary bank in its capacity as securities intermediary or depositary bank or anyone claiming through it; and (iii) that designate a single
State within the United States as the jurisdiction of such securities intermediary or depositary bank with respect to each Note Account for purposes of the UCC. 

  
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 Section 8.03    Collections and Allocations.
The Servicer shall apply, or shall instruct the Indenture Trustee in writing (which instruction may be included in the Monthly Servicer Report) to apply and the Indenture Trustee shall apply, all funds on deposit in the Collection Account as
described in this Article VIII. Except as otherwise provided below, the Servicer shall deposit (or cause to be deposited) Collections into the Collection Account as promptly as possible after the date of processing of such Collections but in no
event later than the second (2nd) Business Day following the date of processing of such Collections by the applicable Subservicer, or if such Collection was received directly by the Servicer, the Servicer; provided, that such
“processing” of any Collections will not begin prior to the date on which the Servicer or related Subservicer, as applicable, has received such Collections. The Servicer may retain funds constituting Collections in an amount equal to its
accrued and unpaid Servicing Fee and shall not be required to deposit such funds in the Collection Account. 

Section 8.04    Rights of Noteholders. As set forth in the Granting Clauses, the Trust Estate
secures the obligation of the Issuer to pay the Holders of the Notes principal and interest and the other obligations of the Issuer under the Notes. 

Section 8.05    Release of Trust Estate. 

(a)    Subject to Section 11.01, the Indenture Trustee may, and when required by the provisions of
this Indenture shall, upon Issuer Order, execute instruments prepared by and at the expense of the Issuer to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under
circumstances which are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b)    The Indenture Trustee upon Issuer Order shall authorize the Servicer to execute, in the name and on
behalf of the Indenture Trustee, instruments of satisfaction or cancellation, or of partial or full release or discharge, and other comparable instruments with respect to the Loans (and the Indenture Trustee shall execute any such documents on
request of the Servicer), subject to the obligations of the Servicer under the Sale and Servicing Agreement and only to the extent necessary to permit the Servicer to carry out its servicing obligations thereunder. 

(c)    Upon Issuer Order, the Indenture Trustee shall, at such time as there are no Outstanding Notes or
amounts owing hereunder, release and transfer, without recourse, any remaining portion of the Trust Estate (other than any cash held for the payment of the Notes pursuant to Section 4.02 and any other amounts to be applied to make payments on
the Notes) from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds and other property then credited to the Collection Account and any other account established pursuant to Section 8.02. The
Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.05(c) only upon receipt of an Issuer Order accompanied by an Officer’s Certificate of the Issuer and an Opinion of Counsel to the effect
that all conditions precedent to such release have been satisfied. 

  
 INDENTURE (RMIT 2021-1) – Page 53

 (d)    Upon either (i) adjustment in the value of
the Trust Certificate (if such adjustment is available) to reflect the Reassignment Price (other than with respect to any 2021-1A SUBI Loan) or (ii) receipt in the Principal Distribution Account of the
Reassignment Price, in either case, with respect to any Reassigned Loan that is to be reassigned to the Depositor, or in the case of a 2021-1A SUBI Loan, reallocated from the
2021-1A SUBI), in either case, subject to the conditions specified in, and in accordance with, Section 2.10 of the Sale and Servicing Agreement and Section 8.07(v) hereof, such Reassigned Loan
(together with the related Contract, all insurance proceeds allocable thereto, any other Related Assets relating to such Reassigned Loan and all rights to payment and amounts due or to become due with respect thereto, and all proceeds thereof) shall
automatically be released from the lien of this Indenture, without further action of any party hereto. 

(e)    Upon receipt in the Collection Account of the Repurchase Price with respect to any Loan that is to
be repurchased or reallocated, as applicable, in accordance with Section 2.06 of the Sale and Servicing Agreement, the 2021-1A SUBI Servicing Agreement, the 2021-1A
SUBI Supplement or the Loan Purchase Agreement, such repurchased or reallocated, as applicable, Loan (together with the related Contract, all insurance proceeds allocable thereto, any other Related Assets relating to such Loans and all rights to
payment and amounts due or to become due with respect thereto, and all proceeds thereof) shall automatically be released from the lien of this Indenture, without further action of any party hereto. 

(f)    Upon receipt in the Collection Account of the amount to be deposited by the Servicer with respect
to any Loan that is to be assigned or purchased and transferred to the Servicer in accordance with Section 3.03 of the Sale and Servicing Agreement, such Loan (together with the related Contract, all insurance proceeds applicable thereto and
all rights to payment and amounts due or to become due with respect thereto, and all proceeds thereof) shall automatically be released from the lien of this Indenture, without further action of any party hereto. 

(g)    In connection with an Optional Purchase, once the Notes are no longer Outstanding following deposit
of the Redemption Price into the Principal Distribution Account and Collection Account in accordance with Sections 8.08(a) and 8.08(c), the Loans and related Sold Assets shall automatically be released from the lien of this Indenture without
further action of any party hereto. 
 (h)    On the date when any Loan becomes a Charged-Off Loan in accordance with the Credit and Collection Policy, there shall automatically be released from the lien of this Indenture, without further action of any party hereto, such Charged-Off Loan, all insurance proceeds allocable to such Loan, all rights to payment and amounts due or to become due with respect to all of the foregoing, and all proceeds thereof; provided, that all
recoveries and other amounts collected by the Issuer, the Depositor or the Servicer (or any Affiliate of the Servicer) with respect to any Charged-Off Loan (including proceeds of any disposition by the
Servicer or any Affiliate thereof to any third party) in accordance with the Credit and Collection Policy shall be paid to the Issuer, shall be deposited in the Collection Account, shall be subject to the lien of this Indenture, and shall be applied
as provided herein. 

  
 INDENTURE (RMIT 2021-1) – Page 54

 (i)    In connection with an Optional Call, once the
Notes are no longer Outstanding following deposit of the applicable Optional Call Amount into the Principal Distribution Account and the Collection Account in accordance with Sections 8.08(b) and 8.08(c), the Loans and related Sold
Assets shall automatically be released from the lien of this Indenture without further action of any party hereto. 

(j)        At the same time as any Loan (i) expires by its terms and all amounts
in respect thereof have been paid by the related Loan Obligor and deposited into the Collection Account or (ii) has been prepaid in full and all amounts in respect thereof have been paid by the related Loan Obligor and deposited into the
Collection Account, in each case, such Loan shall automatically be released from the lien of this Indenture without further action of any party hereto. 

Section 8.06    Application of Available Funds. 

(a)    On each Payment Date, based solely upon written instruction from the Servicer (which instruction
may be included in the Monthly Servicer Report), the Indenture Trustee shall distribute the Available Funds with respect to such Payment Date in the following order of priority: 

(i)    to the following in the specified order: (A) first, pro rata (based on
amounts owing), (1) to the Indenture Trustee, the Account Bank and the Note Registrar, all fees and out-of-pocket expenses due to the Indenture Trustee, the Account Bank
or the Note Registrar pursuant to Section 6.07, (2) to the Owner Trustee for amounts due to the Owner Trustee pursuant to Section 11.01 of the Trust Agreement, (3) to the Back-up Servicer, any out-of-pocket expenses of the Back-up Servicer (other than Servicing Transition Costs (as such term is defined in the Back-up Servicing Agreement)) reimbursable pursuant to the Back-up Servicing Agreement, if any, that have not been paid by the Servicer, (4) to the Image File Custodian,
the Image File Custodian Fee and any out-of-pocket expenses due by the Issuer to the Image File Custodian, (5) to the
2021-1A SUBI Trustee, all fees and out-of-pocket expenses then due by the Issuer to the
2021-1A SUBI Trustee and (6) any costs and expenses then due by the Issuer under the Intercreditor Agreement, to the extent that such amounts are not paid when due by the Issuer in accordance with the
Intercreditor Agreement, and further provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement, and (B) second, to the Indenture Trustee, the Account Bank, the Note
Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2021-1A SUBI Trustee and any other Person entitled thereto (including Wells Fargo
solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts
represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), on a pro rata basis (based on amounts owing), any indemnified amounts due and owing to such parties from the Issuer pursuant to any
Transaction Document, in an aggregate amount for this clause (i), not to exceed $350,000 during any calendar year; provided, that such dollar amount limitation shall not apply during the continuation of an Event of Default; provided
further, for the avoidance of doubt, any amounts due but not paid due to the application of such dollar amount limitation in a calendar year will be paid in the next succeeding calendar year (subject to such dollar amount limitation for such
calendar year); 

  
 INDENTURE (RMIT 2021-1) – Page 55

 (ii)    to the Back-up Servicer, (A) an amount equal to the Back-up Servicing Fee for such Payment Date, plus the amount of any Back-up
Servicing Fee previously due but not previously paid to the Back-up Servicer; and (B) in the event that a Servicing Transition Period has commenced, an amount equal to the Servicing Transition Costs, if
any, not paid by the Servicer pursuant to the Back-up Servicing Agreement; provided, that the aggregate amount paid pursuant to this clause (ii)(B) on all Payment Dates shall not exceed $250,000; 

(iii)    to the Servicer, an amount equal to the Servicing Fee for such Payment Date (to
the extent not retained by the Servicer pursuant to Section 8.03), plus the amount of any Servicing Fee previously due but not previously paid to the Servicer; 

(iv)    to the Class A Noteholders, an amount equal to the Class A Monthly
Interest Amount for such Payment Date, plus the amount of any Class A Monthly Interest Amount previously due but not previously paid to the Class A Noteholders with interest thereon at the Class A Interest Rate; 

(v)    an amount equal to the lesser of (A) the First Priority Principal Payment for
such Payment Date and (B) all funds remaining after giving effect to the distributions in clauses (i) through (iv) above, to be deposited into the Principal Distribution Account; 

(vi)    to the Class B Noteholders, an amount equal to the Class B Monthly
Interest Amount for such Payment Date, plus the amount of any Class B Monthly Interest Amount previously due but not previously paid to the Class B Noteholders with interest thereon at the Class B Interest Rate; 

(vii)    an amount equal to the lesser of (A) the Second Priority Principal Payment
for such Payment Date and (B) all funds remaining after giving effect to the distributions in clauses (i) through (vi) above, to be deposited into the Principal Distribution Account; 

(viii)    to the Class C Noteholders, an amount equal to the Class C Monthly
Interest Amount for such Payment Date, plus the amount of any Class C Monthly Interest Amount previously due but not previously paid to the Class C Noteholders with interest thereon at the Class C Interest Rate; 

(ix)    an amount equal to the lesser of (A) the Third Priority Principal Payment for
such Payment Date and (B) all funds remaining after giving effect to the distributions in clauses (i) through (viii) above, to be deposited into the Principal Distribution Account; 

(x)    to the Class D Noteholders, an amount equal to the Class D Monthly
Interest Amount for such Payment Date, plus the amount of any Class D Monthly Interest Amount previously due but not previously paid to the Class D Noteholders with interest thereon at the Class D Interest Rate; 

(xi)    an amount equal to the lesser of (A) the Fourth Priority Principal Payment
for such Payment Date and (B) all funds remaining after giving effect to the distributions in clauses (i) through (x) above, to be deposited into the Principal Distribution Account; 

  
 INDENTURE (RMIT 2021-1) – Page 56

 (xii)    to the Reserve Account, an
amount equal to the lesser of (A) the Reserve Account Required Amount for such Payment Date and (B) all funds remaining after giving effect to the distributions in clauses (i) through (xi) above; 

(xiii)    an amount equal to the lesser of (A) the Regular Principal Payment Amount
for such Payment Date and (B) all funds remaining after giving effect to the distributions in clauses (i) through (xii) above, to be deposited into the Principal Distribution Account; 

(xiv)    prior to the occurrence and continuation of an Event of Default, to the Indenture
Trustee, the Account Bank, the Note Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2021-1A SUBI Trustee and any other Person entitled
thereto (including Wells Fargo solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further
provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), pro rata (based on amounts owing), an amount equal to the lesser of (A) fees and out-of-pocket expenses due and owing by the Issuer to such parties to the extent not paid in full pursuant to clause (i)(A) above or pursuant to clause (ii) above, as
applicable (and, in the case of the Back-up Servicer, which are reimbursable pursuant to the Back-up Servicing Agreement, if any, not paid by the Servicer), and
(B) all funds remaining after giving effect to the distributions in clauses (i) through (xiii) above; 

(xv)    prior to the occurrence and continuation of an Event of Default, to the Indenture
Trustee, the Account Bank, the Note Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2021-1A SUBI Trustee and any other Person entitled
thereto (including Wells Fargo solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further
provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), pro rata (based on amounts owing), an amount equal to the lesser of (x) any indemnified amounts due and
owing to such parties from the Issuer pursuant to any Transaction Document to the extent not paid in full pursuant to clause (i)(B) above and (y) all funds remaining after giving effect to the distributions in clauses (i) through (xiv)
above; and 
 (xvi)    all funds remaining after giving effect to the distributions in
clauses (i) through (xv) above, at the sole option of the Issuer, (x) to be deposited into the Principal Distribution Account or (y) to be distributed to the holder of the Trust Certificate or as such holder may direct, subject to the
satisfaction of any amounts owing to the Owner Trustee in accordance with the Trust Agreement. 
 On any Payment Date on which the sum of
the amounts on deposit in the Reserve Account and the remaining funds available to the Issuer after payments under clauses (i) through (xi) above would be sufficient to pay in full the Aggregate Note Balance, and any expenses, indemnification
amounts or other amounts owed by the Issuer to the Indenture Trustee, the Account Bank, the Note Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2021-1A SUBI Trustee and any other Person entitled thereto (including Wells Fargo solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid
when due by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), such amounts will be allocated to
pay the Notes in full and such expenses, indemnification amounts or other amounts on such Payment Date. 

  
 INDENTURE (RMIT 2021-1) – Page 57

 (b)    On each Payment Date, any amounts allocated to
the Principal Distribution Account pursuant to Section 8.06(a) above or otherwise available in the Principal Distribution Account shall be applied as follows: 

(i)    during the Revolving Period, upon the direction of the Servicer, to be made
available to the Issuer to be applied pursuant to Section 8.07 (subject to the conditions precedent set forth therein) and to the extent not so applied, to be retained in the Principal Distribution Account for application as Available Funds
pursuant to Section 8.06(a) on the next succeeding Payment Date; or 

(ii)    otherwise, the Indenture Trustee shall distribute such amounts as follows: 

(A)    first, to the Class A Noteholders in reduction of the Class A
Note Balance, until the Class A Note Balance has been reduced to zero; 

(B)    second, to the Class B Noteholders in reduction of the Class B
Note Balance, until the Class B Note Balance has been reduced to zero; 

(C)    third, to the Class C Noteholders in reduction of the Class C
Note Balance, until the Class C Note Balance has been reduced to zero; and 

(D)    fourth, to the Class D Noteholders in reduction of the Class D
Note Balance, until the Class D Note Balance has been reduced to zero. 

Section 8.07    Loan Actions. On any Loan Action Date occurring during the Revolving Period,
after giving effect to any payments, distributions and allocations pursuant to Section 8.06, the Issuer shall be permitted to take one or more of the following actions (each such action, a “Loan Action”): 

(i)    acquire Additional Loans (or, in the case of North Carolina Loans, beneficial
interests therein) in accordance with the Sale and Servicing Agreement and the 2021-1A SUBI Supplement, as applicable; 

(ii)    other than by using amounts on deposit in the Principal Distribution Account or
any other portion of the Trust Estate, acquire one or more Additional Loans, in each case in accordance with the Sale and Servicing Agreement; 

(iii)    designate any Loan that does not constitute a
Charged-Off Loan or a Delinquent Loan, in each case, as of the last day of the Collection Period immediately preceding such Loan Action Date, as an “Excluded Loan” with respect to such Loan Action
Date for all purposes of this Indenture (any such Loan, an “Excluded Loan”); 

  
 INDENTURE (RMIT 2021-1) – Page 58

 (iv)    designate any Excluded Loan that
does not constitute a Charged-Off Loan or a Delinquent Loan, in each case, as of the last day of the Collection Period immediately preceding such Loan Action Date, as not an “Excluded Loan” for all
purposes of this Indenture; or 
 (v)    identify any Loan that does not constitute a Charged-Off Loan or a Delinquent Loan, in each case as of the last day of the Collection Period immediately preceding such Loan Action Date, and cause such Loan to be released from the Lien of this Indenture and
reassign such Loan to the Depositor (or in the case of the 2021-1A SUBI Loans, reallocate from the 2021-1A SUBI) (any such Loan, a “Reassigned Loan” and
any such release, an “Issuer Loan Release”); 
 provided, that no Loan Actions may occur on any Loan Action Date
unless no Reinvestment Criteria Event shall exist on such Loan Action Date after giving effect to all such Loan Actions on such Loan Action Date. 

For the avoidance of doubt, any Loan designated as an “Excluded Loan” and Collections thereon shall remain part of
the Trust Estate and subject to the lien of this Indenture in favor of the Indenture Trustee for the benefit of the Noteholders (it being understood that an Issuer Loan Release may occur with respect to an Excluded Loan). 

No Loan Action may occur on any date other than a Loan Action Date. 

Upon the receipt of an Issuer Order accompanied with an Officer’s Certificate, the Indenture Trustee shall, in the manner
directed in such Issuer Order, take such actions necessary for the Issuer to consummate any Loan Actions. 

Section 8.08    Optional Redemption of the Notes. 

(a)    The Issuer shall retire the Notes in the event that the Servicer exercises its Optional Purchase
right pursuant to Section 2.09(a) of the Sale and Servicing Agreement to purchase all the remaining Sold Assets held by the Issuer. The aggregate redemption price for the remaining Sold Assets in connection with the exercise of the Optional
Purchase described in this clause (a) (the “Redemption Price”) will be equal to the then aggregate fair market value of all of the Sold Assets as of the date which is five (5) Business Days prior to the Business Day on which
such option is exercised; provided that an Optional Purchase shall not be exercised unless the Redemption Price equals or exceeds the sum of (i) the amount necessary to redeem all of the Notes in full (including, the Aggregate Note
Balance on the Record Date preceding the date of final payment on the Notes identified in Section 8.08(c) plus accrued and unpaid interest on each Class of Notes then Outstanding up to, but excluding, the date of final payment on
the Notes) on the date of final payment on the Notes in accordance with Section 8.06 (taking into account all amounts of Available Funds and any other amounts then on deposit in the Note Accounts and available to be distributed pursuant to
Section 8.06 on the date of final payment on the Notes) and (ii) any accrued and unpaid expenses, indemnification amounts or other amounts owed by the Issuer to the Indenture Trustee, the Account Bank, the Image File Custodian, the Note
Registrar, the Servicer, the Owner Trustee, the Third Party Allocation Agent (to the extent that such amounts are not paid by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts represent the
Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), the 2021-1A SUBI Trustee and the Back-up Servicer. 

  
 INDENTURE (RMIT 2021-1) – Page 59

 (b)    The Issuer may redeem the Notes on any Business
Day on or after the Payment Date occurring in March 2024 (an “Optional Call”). The optional call amount in connection with the exercise of the Optional Call described in this clause (b) (the “Optional Call Amount”)
shall equal the result of (i) 100% of the Aggregate Note Balance on the Record Date preceding the Redemption Date, plus (ii) accrued and unpaid interest on each Class of Notes then Outstanding up to but excluding the Redemption
Date, plus (iii) any accrued and unpaid expenses, indemnification amounts or other amounts owed by the Issuer to the Indenture Trustee, the Note Registrar, the Servicer, the Owner Trustee, the Account Bank, the Third Party Allocation
Agent (to the extent that such amounts are not paid by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor
Agreement), the Back-Up Servicer, the 2021-1A SUBI Trustee and the Image File Custodian, minus (iv) all amounts of Available Funds and any other amounts then
on deposit in the Note Accounts and available to be distributed pursuant to Section 8.06 or otherwise on the Redemption Date. 

(c)    In order to exercise the Optional Purchase set forth in Section 8.08(a) or the Optional Call
set forth in Section 8.08(b) (it being understood that the options set forth in such sections are separate options), the Servicer or the Issuer, as applicable (in such capacity, the “Redeeming Party”), shall provide written
notice of its exercise of such option (the “Redeeming Party Notice”) to the Indenture Trustee and the Owner Trustee at least ten (10) days prior to the Business Day on which it will exercise its option. Following receipt of
such notice, the Indenture Trustee shall provide written notice to the Noteholders of the final payment on the Notes. Such notice to Noteholders (the “Noteholder Redemption Notice”) shall, to the extent practicable, be provided no
later than five (5) Business Days prior to such date of final payment on the Notes (the “Redemption Date”) and shall specify that payment of the aggregate outstanding principal amount and any interest due with respect to such
Note on Redemption Date shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for such final payment. No interest shall accrue on the Notes on or after the
Stated Maturity Date or any such other date of final payment on the Notes (provided the Issuer does not default in the payment of the principal amount and interest due with respect to the Notes on such date of final payment on the Notes). In
addition, the Redeeming Party shall, no later than 11 a.m. (ET) on the Redemption Date, deposit (or cause to be deposited) (i) into the Principal Distribution Account, the portion of the Redemption Price or the Optional Call Amount, as
applicable, required to make the distributions required under Section 8.06(b)(ii) (measured as though the Redemption Date were a Payment Date) and (ii) into the Collection Account, the remaining portion of the Redemption Price or the
Optional Call Amount, as applicable. The Indenture Trustee shall, on the Redemption Date, apply such funds to make payments of all amounts owing to the transaction parties, pursuant to any Transaction Document and make final payments of principal of
and interest on the Notes in accordance with Section 8.06, and this Indenture shall be discharged subject to the provisions of Section 4.01. 

(d)    A Redeeming Party may withdraw its Redeeming Party Notice and cancel its Optional Purchase right or
Optional Call, as applicable, by written notice to the Indenture Trustee prior to the date on which the related Noteholder Redemption Notice is sent to the Noteholders. For the avoidance of doubt, any such withdrawal in accordance with the foregoing
shall not constitute an Event of Default, Servicer Default or a breach of any provision of any Transaction Document. 

  
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 Section 8.09    Distributions and Payments to
Noteholders. 
 (a)    Payments shall be made to, and reports shall be provided to, Noteholders as
set forth herein and in the Sale and Servicing Agreement. The identity of the Noteholders with respect to distributions and reports shall be determined as of the immediately preceding Record Date. 

(b)    Subject to the provisions of Section 5.05, on each Payment Date, the Indenture Trustee, in
accordance with the Monthly Servicer Report and Section 8.06, shall pay to each Noteholder of record on the related Record Date (other than as provided in Section 10.02) or to such other Person as may be specified in Section 8.06,
such amounts held by the Indenture Trustee that are allocated and available on such Payment Date to pay amounts payable to the Noteholders or such other Person pursuant to Section 8.06. 

(c)    Except as provided in Section 10.02 with respect to a final distribution, distributions to
Noteholders hereunder shall be made by wire transfer of same day funds to the account that has been designated by the applicable Noteholders not less than five (5) Business Days prior to such Payment Date. 

Section 8.10    Reports and Statements to Noteholders. 

(a)    Not later than the Monthly Determination Date relating to each Payment Date, the Servicer shall
deliver to the Issuer, each Rating Agency, the Back-up Servicer and the Indenture Trustee a Monthly Servicer Report, substantially in the form of Exhibit C hereto, prepared by the Servicer. 

(b)    The Monthly Servicer Report must set forth, among other things, the following information for such
Payment Date: 
 (i)    the Adjusted Loan Principal Balance for the related Collection
Period; 
 (ii)    the calculation of each of the components of the Reinvestment
Criteria Events as of the end of the related Collection Period and after giving effect to any Loan Actions to be taken on the related Payment Date, including, without limitation, the Weighted Average Coupon and the Weighted Average Loan Remaining
Term; 
 (iii)    the amount of interest to be paid to each Class of Notes on such
Payment Date; 
 (iv)    the amount of Collections for such Collection Period; 

(v)    the amount on deposit in the Reserve Account as of such Payment Date; 

  
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 (vi)    the amount of principal to be
paid to each Class of Notes and the principal balance for each Class of Notes immediately prior to such Payment Date and after giving effect to payments on the Notes on such Payment Date; 

(vii)    the amount of optional reassignments/reallocations for such Collection Period;
and 
 (viii)    the Monthly Net Loss Percentage as of such Monthly Determination Date.

 (c)    The Indenture Trustee shall make each Monthly Servicer Report available to the Noteholders via
its website at www.ctslink.com (which may be a secured area of the website accessible only to holders of the Notes and qualified prospective investors in the Notes). The Indenture Trustee may require registration and the acceptance of a disclaimer
in connection with providing access to the Indenture Trustee’s website. The Indenture Trustee shall not be liable for the dissemination of information made in accordance with the Indenture. 

(d)    On or before March 31 of each calendar year, beginning with calendar year 2022, the Indenture
Trustee, shall, upon written request, furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Noteholder, a report prepared by the Servicer containing the information which is required to be contained
in the Monthly Servicer Report delivered pursuant to clause (a) above aggregated for such calendar year or the applicable portion thereof during which such Person was a Noteholder, together with other information as is required to be provided
by an issuer of indebtedness under the Internal Revenue Code. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Indenture Trustee pursuant to any
requirements of the Internal Revenue Code as from time to time in effect. Notwithstanding anything to the contrary herein, in no event shall the Indenture Trustee be responsible for reporting, or be liable for failing to report, to the IRS or any
other Person any original issue discount information relating to the Notes if the Servicer shall not have provided such information to the Indenture Trustee in writing in a timely manner (which information the Indenture Trustee shall have no duty or
obligation to verify or confirm). 
 ARTICLE IX. 

SUPPLEMENTAL INDENTURES 

Section 9.01    Supplemental Indentures Without Consent of Noteholders. 

(a)    Without the consent of the Holders of any Notes, the Issuer, the Servicer and the Indenture
Trustee, so long as the Rating Agency Notice Requirement has been satisfied with respect to the applicable supplemental indenture and the Indenture Trustee has been authorized by an Issuer Order, at any time and from time to time, may enter into one
or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)    to conform the terms of this Indenture to the description thereof in the private
placement memorandum, dated as of February 8, 2021 (the “PPM”); 

  
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 (ii)    to correct or amplify the
description of any property at any time subject to the lien of this Indenture, or to better assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property; 
 (iii)    to add to the covenants of the
Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer under this Indenture; 

(iv)    to convey, transfer, assign, mortgage or pledge any property to the Indenture
Trustee; 
 (v)    to cure any ambiguity, to correct or supplement any provision herein
or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental
indenture; provided, that such action shall not have an Adverse Effect as evidenced by an Officer’s Certificate of the Servicer; or 

(vi)    to evidence and provide for the acceptance of the appointment hereunder by a
successor indenture trustee and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one indenture trustee, pursuant to the requirements of Article
VI. 
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations that may be therein contained. 
 (b)    The Issuer, the
Servicer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any Noteholders but upon satisfaction of the Rating Agency Notice Requirement, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that
(i) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate, dated the date of any such action, stating that the Issuer reasonably believes that such action will not have an Adverse Effect, and (ii) the
Issuer shall have delivered to the Indenture Trustee and each Rating Agency a Tax Opinion, dated the date of any such action, addressing such action. 

(c)    Additionally, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, may,
without the consent of any Noteholders, enter into an indenture or indentures supplemental hereto to add, modify or eliminate such provisions as may be necessary or advisable in order to enable the Issuer to avoid the imposition of state or local
income or franchise taxes imposed on the Issuer’s property or its income; provided, however, that (i) the Rating Agency Notice Requirement will have been satisfied, (ii) such amendment does not affect the rights, duties
or obligations of the Indenture Trustee hereunder without its consent and (iii) the Issuer delivers to the Indenture Trustee a Tax Opinion, dated the date of any such action, addressing such action. 

  
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 Section 9.02    Supplemental Indentures With
Consent of Noteholders. The Issuer, the Servicer and the Indenture Trustee, when authorized by an Issuer Order, also may, with the consent of the Holders of not less than a majority of the aggregate unpaid principal amount of the Outstanding
Notes adversely affected, by Act of such Holders delivered to the Issuer and the Indenture Trustee and with prior notice to each Rating Agency, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to,
changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that the Issuer shall have delivered to the Indenture
Trustee (i) an Officer’s Certificate indicating which Outstanding Notes, if any, would be adversely affected and (ii) a Tax Opinion, dated the date of any such action, addressing such action; and provided, further, that,
notwithstanding anything to the contrary contained herein, including, without limitation, Section 9.01, no supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(a)    change the date of payment of any installment of principal of or interest on any Note, or reduce
the principal amount thereof, the Interest Rate specified thereon or the redemption price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, all or any portion
of the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable or impair the right to institute suit for the enforcement of
the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, the
Redemption Date); 
 (b)    reduce the percentage of the aggregate unpaid principal amount of all
Outstanding Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with the provisions of this Indenture or defaults hereunder and
their consequences as provided for in this Indenture; 
 (c)    reduce the percentage of the aggregate
unpaid principal amount of any Outstanding Notes, the consent of the Holders of which is required to direct the Indenture Trustee to sell or liquidate the Trust Estate if the proceeds of such sale would be insufficient to pay the principal amount
and accrued but unpaid interest on the Outstanding Notes; 
 (d)    modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the
rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein; 

(e)    modify or alter the provisions of this Indenture prohibiting the voting of Notes held by the
Issuer, any other obligor on the Notes, or the Depositor; 
 (f)    permit the creation of any Lien
ranking prior to or on a parity with the Lien of this Indenture or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any part of the Trust Estate or deprive the Holder of any Note of the security provided
by the Lien of this Indenture; 

  
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 (g)    modify or alter any provisions (including any
relevant definitions) relating to the pro rata treatment of payments to any Class of Notes; or 

(h)    (i) reduce the Required Overcollateralization Amount or change the manner in which the Adjusted
Loan Principal Balance or Loan Action Date Aggregate Principal Balance is calculated or structured, (ii) modify any Reinvestment Criteria Event, Early Amortization Event or Event of Default (or any defined term used therein), (iii) modify the
provisions of this Section 9.02 or (iv) amend or supplement Section 8.03 with respect to the provisions of permitting monthly deposits of Collections by the Servicer or Section 8.05 with respect to the provisions permitting the
release of Loans from the lien of the Indenture. 
 It shall not be necessary for any Act of Noteholders under this
Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Promptly after the execution by the Issuer, the Servicer and the Indenture Trustee of any supplemental indenture pursuant to
this Section 9.02, the Indenture Trustee shall transmit to the Holders of the Notes to which such amendment or supplemental indenture relates written notice setting forth in general terms the substance of such supplemental indenture. Any
failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.03    Execution of Supplemental Indentures. In executing any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of
Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto are satisfied. 

The Indenture Trustee may, but shall not be obligated to, enter into any supplemental indenture that affects its (as such or
in its individual capacity) own rights, duties, liabilities, benefits, protections, privileges or immunities under this Indenture or otherwise. 

Any supplemental indenture affecting the rights, duties, liabilities or immunities of (a) the Owner Trustee, shall
require the Owner Trustee’s written consent, and (b) the Indenture Trustee, shall require the Indenture Trustee’s written consent. All reasonable fees, costs and expenses (including, without limitation, reasonable attorneys’
fees, costs and expenses) incurred in connection with any such amendment, modification, waiver or supplemental indenture will be payable by the Issuer in accordance with and subject to Section 8.06 of this Indenture. The Owner Trustee shall be
entitled to receive an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto are satisfied. 

Section 9.04    Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture under this Article IX, this Indenture shall be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer, the Servicer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and the terms and
conditions of any such supplemental indenture shall be deemed to be a part of this Indenture for any and all purposes. 

  
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 Section 9.05    Reference in Notes to
Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Issuer or the Indenture Trustee shall, bear a notation in form approved by the
Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be
prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes. 

Section 9.06    Modification of Obligations of Owner Trustee. Notwithstanding anything in this
Article IX to the contrary, no amendment may be made to this Indenture that would adversely affect the rights, indemnities, immunities, liabilities or duties of the Owner Trustee without the written consent of the Owner Trustee. 

ARTICLE X. 
 TERMINATION

 Section 10.01    Termination of Indenture. The respective obligations and
responsibilities of the Issuer, the Servicer and the Indenture Trustee created hereby (other than those which by their terms survive) shall terminate upon payment in full of all Outstanding Notes and the satisfaction in full of all other obligations
of the Issuer, the Servicer and the Indenture Trustee pursuant to this Indenture. At such time as the Notes and all other Obligations have been paid in full (other than contingent indemnification obligations in which no claim has been made or is
reasonably foreseeable), the Trust Estate shall be released from the lien of this Indenture without delivery of any instrument or any further action by any party, and the Indenture Trustee, upon Issuer Order, shall execute and deliver such
instruments or documents which the Issuer deems necessary or appropriate to evidence such termination and release. 

Section 10.02    Final Distribution. 

(a)    The Servicer shall give the Indenture Trustee at least fifteen (15) days prior written notice
of the Payment Date on which the Noteholders may surrender their Notes for payment of the final distribution on and cancellation of such Notes. Such notice shall be accompanied by an Officer’s Certificate of the Servicer setting forth the
information specified in Section 3.07 of the Sale and Servicing Agreement covering the period during the then-current calendar year through the date of such notice. To the extent practicable, not later than five (5) Business Days prior to
such final Payment Date, the Indenture Trustee shall provide notice to Noteholders specifying (i) the date upon which final payment of the Notes will be made upon presentation and surrender of such Notes at the office or offices therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or
offices therein specified. The Indenture Trustee shall give such notice to the Note Registrar (if other than the Indenture Trustee) at the time such notice is given to Noteholders. 

  
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 (b)    Notwithstanding a final distribution to the
Noteholders (or the termination of the Issuer), except as otherwise provided in this clause (b), all funds then on deposit in the Collection Account shall continue to be held in trust for the benefit of such Noteholders and the Indenture Trustee
shall pay such funds to such Noteholders upon surrender of their Notes. In the event that all such Noteholders shall not surrender their Notes for cancellation within six (6) months after the date specified in the notice from the Indenture
Trustee described in clause (a) above, the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final distribution with respect thereto. If within one
(1) year after the second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such Noteholders
concerning surrender of their Notes pursuant to and as described in Section 3.03. The Indenture Trustee shall pay to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two (2) years
pursuant to and as described in Section 3.03. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person. 

ARTICLE XI. 

MISCELLANEOUS 

Section 11.01    Compliance Certificates. 

(a)    Upon any application or request by the Issuer to the Indenture Trustee to take any action under any
provision of this Indenture, the Issuer shall furnish to the Indenture Trustee an Officer’s Certificate of the Issuer stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with. 
 (b)    Every certificate with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (i)    a statement that each signatory
of such certificate has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii)    a brief statement as to the nature and scope of the examination or investigation
upon which the statements contained in such certificate are based; 
 (iii)    a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been
complied with; and 
 (iv)    a statement as to whether, in the opinion of each such
signatory, such condition or covenant has been complied with. 
 Section 11.02    Form of
Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 

  
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 Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such Authorized Officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the
Servicer, the Depositor, the Issuer or the Administrator, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 Where any Person is required to make, give or execute two (2) or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 11.03    Acts of Noteholders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing and satisfying any requisite
percentages as to minimum number or Dollar value of aggregate unpaid principal amount represented by such Noteholders; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Indenture Trustee and
the Issuer, if made in the manner provided in this Section 11.03. 
 (b)    The fact and date of
the execution by any Person of any such instrument or writing may be proved in any manner which the Indenture Trustee deems sufficient. 

(c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the
Holder of any Notes shall bind the Holder (and any transferee thereof) of every Note issued upon the registration thereof, in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee
or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

  
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 Section 11.04    Notices, etc. Any request,
demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by the Indenture to be in writing and shall be made upon, given or furnished to, or filed with: 

(a)    the Indenture Trustee shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to a Responsible Officer, by facsimile transmission, e-mail or by other means acceptable to the Indenture Trustee to or with the Indenture Trustee at its Corporate Trust Office; or 

(b)    the Issuer shall be sufficient for every purpose hereunder if in writing and mailed, first-class
postage prepaid, to the Issuer addressed to it at Regional Management Issuance Trust 2021-1, c/o Wilmington Trust, National Association, as Owner Trustee, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890 Attention: Corporate Trust Administration – Regional Management Issuance Trust 2021-1, with a copy to the Administrator at 979 Batesville Road, Suite B, Greer, SC 29651
Attention: Legal Department or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. 

(c)    any Rating Agency shall be sufficient for every purpose hereunder if (i) in writing and
mailed, first-class postage prepaid, to such Rating Agency addressed to it at the address set forth in the Sale and Servicing Agreement or (ii) uploaded to any website maintained by the Issuer in accordance with 17 CFR 240.17g-5(a)(3) in respect of ratings of the Notes. 
 The Issuer shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee. 
 Unless a party hereto otherwise prescribes with
respect to itself, notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

Section 11.05    Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided), if in writing and mailed by first-class mail postage prepaid or national overnight courier service (or, in the case of a Holder of a
Global Note, e-mailed to DTC for further distribution to beneficial owners in accordance with DTC procedure) to each Noteholder affected by such event, at its address as it appears on the Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders and any notice which is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of regular mail service, it
shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be
deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other rights or obligations created hereunder and shall not under any circumstances constitute an Event of Default or an Early Amortization Event. 

  
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 Section 11.06    Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 11.07    Successors and Assigns. All covenants and agreements in this Indenture by the
Issuer and the Servicer shall bind their respective successors and assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors and assigns. Notwithstanding the foregoing, no
party hereto may assign its rights or obligations under this Indenture without the prior written consent of each other party hereto unless expressly set forth herein. 

Section 11.08    Severability. If any part of this Indenture is held to be invalid or
otherwise unenforceable, the rest of this Indenture will be considered severable and will continue in full force. 

Section 11.09    Binding Effect; Third Party Beneficiaries. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties hereto, the third-party beneficiaries named in the last sentence of this Section 11.09, the Noteholders, and their respective successors hereunder, any benefit or
any legal or equitable right, remedy or claim under this Indenture. This Indenture benefits and is binding on the parties hereto, and their respective successor and permitted assigns. Each of the Owner Trustee, the Third Party Allocation Agent and
the Back-up Servicer is a third-party beneficiary to this Indenture and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if such Person were a party hereto. 

Section 11.10    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a)    THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW) AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
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 (b)    EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE
NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS INDENTURE,
ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY
ACTION OR PROCEEDING AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 

(c)    EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, OR RELATING TO AN INCIDENT TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS INDENTURE OR THE OTHER TRANSACTION DOCUMENTS. 

Section 11.11    Counterparts; Execution. This Indenture may be executed in any number of
counterparts, each of which will be considered an original, but all of which together will constitute one agreement. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of
the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual
signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled
to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or
authenticity thereof. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument
shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof. 

Section 11.12    Recording of Indenture. If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which shall be counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person secured hereunder, or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. The parties hereto agree to (a) provide access to
the Loan Notes and related documentation in its possession for inspection by governmental regulatory agencies and (b) assist in the preparation of any routine reports required by regulatory bodies, if any. 

  
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 Section 11.13    Inspection. The Issuer
agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make
copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified
public accountants, all at such reasonable times and as often as may be reasonably requested; provided, that no such examination or discussion shall require that the Issuer violate any law or regulation. The Indenture Trustee shall, and shall
cause its representatives, to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture
Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder or is required by the UCC. 

Section 11.14    Trust Obligation. Neither any trustee nor any Beneficiary of the Issuer nor
any of their respective officers, directors, employers or agents will have any liability with respect to this Indenture, and recourse may be had solely to the assets of the Issuer with respect thereto. In addition, no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Beneficiary or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of any Beneficiary, the Indenture Trustee or the
Owner Trustee in their individual capacities, any Beneficiary, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Beneficiary, the Indenture Trustee or the Owner Trustee in their individual capacities. 

Section 11.15    Limitation of Liability of Owner Trustee and Indenture Trustee. 

(a)    It is expressly understood and agreed by the parties hereto that (i) this Indenture is
executed and delivered by Wilmington Trust, National Association (“Wilmington Trust”), not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested
in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, but is
made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust has made no investigation as to the accuracy or completeness of
any representations and warranties made by the Issuer in this Indenture and (v) under no circumstances shall Wilmington Trust be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or the other Transaction Documents to which the Issuer is a party. 

  
 INDENTURE (RMIT 2021-1) – Page 72

 (b)    It is expressly understood and agreed by the
parties hereto that the Indenture Trustee (i) has not provided nor will it provide in the future, any advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications and consequences of the
consummation, funding and ongoing administration of this Indenture and the matters contemplated herein, including, but not limited to, income, gift and estate tax issues, and the initial and ongoing selection and monitoring of financing
arrangements, (ii) has not made any investigation as to the accuracy of any representations, warranties or other obligations of any other party (other than Wells Fargo in any of its capacities under the Transaction Documents) to this Indenture
or the other Transaction Documents or any other document or instrument (other than the Indenture Trustee representations and warranties expressly set forth herein) and shall not have any liability in connection therewith and (iii) other than
the information included under the caption “THE INDENTURE TRUSTEE” in the PPM, has not prepared or verified, or shall be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document
delivered in connection with this Indenture. 
 Section 11.16    No Bankruptcy Petition;
Disclaimer and Subordination. 
 (a)    Notwithstanding any prior termination of this Indenture, to
the fullest extent permitted by law, each of the Servicer, the Indenture Trustee, the Account Bank, the Note Registrar, each Noteholder and the holder of the Trust Certificate (by acceptance of the applicable Notes or the Trust Certificate, as
applicable), agrees that it shall not file, commence, join, or acquiesce in a petition or proceeding, or cause either the Depositor or the Issuer to file, commence, join, or acquiesce in a petition or proceeding, that causes (i) either the
Depositor or the Issuer to be a debtor under any Debtor Relief Law or (ii) a trustee, conservator, receiver, liquidator, or similar official to be appointed for either the Depositor or the Issuer or any substantial part of its property. The
parties hereto agree that the obligations under this Section 11.16 shall survive termination of this Indenture. 

(b)    The provisions of this Section 11.16 shall be for the third party benefit of those entitled to
rely thereon and shall survive the resignation or removal of any party to this Indenture and the termination of this Indenture. 

Section 11.17    Tax Matters; Administration of Transfer Restrictions. 

(a)    The Issuer expects that any reporting, withholding or deduction (“FATCA Withholding
Tax”) imposed pursuant to Section 1471 through 1474 of the Internal Revenue Code and any regulations, intergovernmental agreements or other agreements thereunder or official interpretations thereof (“FATCA”) with
respect to any payments to be made in respect to the Notes will be undertaken and performed by the Clearing Agency and its Clearing Agency Participants. Notwithstanding the foregoing, each of the Issuer and the Indenture Trustee covenant to the
other that, to the extent the Issuer or the Indenture Trustee may be required by FATCA to collect or report Noteholder FATCA Information, it will provide any Noteholder FATCA Information collected by it to the other upon request. The Issuer further
covenants that, to the extent the Issuer determines that the Indenture Trustee is required to report Noteholder FATCA Information or to withhold or deduct FATCA Withholding Tax with respect to payments to be made by the Indenture Trustee pursuant to
this Indenture, it will promptly notify the Indenture Trustee of such fact; provided, however, the Issuer does not undertake any duty to monitor or determine the Indenture Trustee’s legal obligations under this Indenture or
otherwise; but provided further, however, the Issuer hereby agrees to fully indemnify the Indenture Trustee for any penalties (and interest thereon), fees, costs, damages or other liabilities imposed on the Indenture Trustee by any
Governmental Authority arising from the Indenture Trustee’s failure to collect or report any Noteholder FATCA Information, or to withhold or deduct any FATCA Withholding Tax; provided, that indemnification shall not be required with
respect to penalties, fees, costs, damages or other liabilities imposed on the Indenture Trustee arising from the Indenture Trustee’s own willful misconduct, negligence, fraud or bad faith in failing to collect or report any Noteholder FATCA
Information or to withhold or deduct any FATCA Withholding Tax. 

  
 INDENTURE (RMIT 2021-1) – Page 73

 (b)    The Issuer and Indenture Trustee each have the
right to withhold FATCA Withholding Tax with respect to a Note (without any corresponding gross-up) on any Noteholder or beneficial owner of an interest in a Note that fails to comply with any requirement to
provide Noteholder FATCA Information to the Issuer or Indenture Trustee, as applicable, as described in clause (a) above. 

(c)    The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under the Indenture with respect to any transfer of any interest in any Note (including any transfers between or among Holders) other than to require delivery of such certificates as are expressly
required by, and to do so if and when expressly required by, this Indenture, and to examine the same to determine material compliance as to form with the express requirements hereof, and to provide to the Issuer copies of such certificates promptly
upon receipt. The Indenture Trustee shall promptly forward to the Issuer any transferee certification in the form of Exhibit E to this Indenture that it receives in respect of a Class D Note, and the Issuer shall have the sole obligation
to review, verify and confirm any information contained within such transferee certification. 

Section 11.18    Successor Servicer Transfer. The Servicer agrees to reasonably cooperate with
the Indenture Trustee and the Successor Servicer (which may be the Back-up Servicer) in transferring all rights, responsibilities, obligations, restrictions, duties and liabilities of the Servicer hereunder to
the Successor Servicer. 
 Section 11.19    Limited Recourse. No recourse under or with
respect to any obligation, covenant or agreement of the Issuer as contained in this Indenture or any of the other Transaction Documents or any other agreement, instrument or document to which the Issuer is a party shall be had against any
incorporator, stockholder, affiliate, officer, employee or director of the Issuer by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that the
agreements of the Issuer contained in this Indenture and all other agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the Issuer. Notwithstanding any
provisions contained in this Indenture to the contrary, the Issuer shall not, and shall not be obligated to, pay any fees, costs, indemnified amounts or expenses due pursuant to this Indenture other than in accordance with the order of priorities
set forth in Section 8.06 of this Indenture. Any amount which the Issuer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Reform Act of 1978
(11 U.S.C. §101, et seq.), as amended from time to time) against or obligation of the Issuer for any such insufficiency unless and until funds are available for the payment of such amounts as aforesaid. The parties hereto agree that the
provisions under this Section 11.19 shall survive the resignation or removal of any such party to this Indenture and the termination of this Indenture. 

  
 INDENTURE (RMIT 2021-1) – Page 74

 Section 11.20    Nature of
Noteholders’ Claims. Each Holder, by its ownership of the Notes, will agree that such Holder only has rights against the assets held by the Issuer pursuant to the Transaction Documents, and such Holder will not have rights
(whether through the Indenture Trustee, the Issuer, its ownership of any Note or otherwise) to the assets of any other issuing entity under a different securitization with respect to which the Depositor is acting as depositor. 

Section 11.21    Force Majeure. In no event shall the Indenture Trustee be personally liable
for any failure or delay in the performance of its obligations hereunder or under any other Transaction Document arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, any act or provision of
any present or future law or regulation or governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, disease, epidemic, pandemic, quarantine,
national emergency, interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility or other force
majeure events, it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 11.22    PATRIOT Act. The parties hereto acknowledge that in accordance with
requirements established under the USA PATRIOT Act and its implementing regulations (collectively, the “Patriot Act”), the Indenture Trustee, in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information in
its possession as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the Patriot Act. 

[remainder of page intentionally left blank] 

  
 INDENTURE (RMIT 2021-1) – Page 75

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Indenture Trustee and the
Account Bank have caused this Indenture to be duly executed by their respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	REGIONAL MANAGEMENT ISSUANCE
	TRUST 2021-1, as Issuer
		
	By:	 	WILMINGTON TRUST, NATIONAL
		 	ASSOCIATION, not in its individual
		 	capacity, but solely as Owner Trustee of the Issuer

  

			
	By:	 	 /s/ Rachel Simpson

			
	Name:	 	Rachel L. Simpson
	Title:	 	Vice President

  
 [Signature page to the
Indenture] 

 
			
	REGIONAL MANAGEMENT CORP., as Servicer
		
	By:	 	 /s/ Harpreet Rana

 

			
	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
	Financial Officer

  
 [Signature page to the
Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, not in its individual capacity,
	but solely as Indenture Trustee
		
	By:	 	 /s/ Marianna Stershic

			
	Name:	 	Marianna Stershic
	Title:	 	Vice President

  
 [Signature page to the
Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, not in its individual capacity, but
	solely as Account Bank
		
	By:	 	 /s/ Marianna Stershic

			
	Name:	 	Marianna Stershic
	Title:	 	Vice President

  
 [Signature page to the
Indenture] 

 Exhibit A 

FORM OF CLASS [A][B][C][D] NOTE 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY
UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. THE HOLDER HEREOF, BY
PURCHASING OR ACCEPTING THIS NOTE, IS HEREBY DEEMED TO HAVE AGREED FOR THE BENEFIT OF THE ISSUER AND THE INITIAL PURCHASERS THAT IT WILL RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE, AS A MATTER OF U.S. LAW, ONLY (1) SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE, PURSUANT TO RULE 144A PROMULGATED UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A (A “QIB”),
THAT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE QIBS) TO WHOM NOTICE IS GIVEN THAT THE RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) WITH RESPECT TO THE
CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES ONLY, OUTSIDE THE UNITED STATES TO NON-“U.S. PERSONS” (AS DEFINED IN REGULATION S PROMULGATED UNDER THE SECURITIES ACT (“REGULATION
S”)) IN TRANSACTIONS IN COMPLIANCE WITH REGULATION S IN ACCORDANCE WITH RULE 903 OR RULE 904 UNDER REGULATION S, IN EACH CASE, IN ACCORDANCE WITH ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY
OTHER JURISDICTION. 
 [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, ANY UNITED STATES STATE SECURITIES OR “BLUE
SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION, AND, AS A MATTER OF U.S. LAW, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE CLOSING OF THE OFFERING OF THE NOTES, MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A “U.S. PERSON” (AS DEFINED IN REGULATION S PROMULGATED UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT IN ACCORDANCE WITH RULE 903 OR 904 UNDER REGULATION S PROMULGATED UNDER THE SECURITIES ACT AND PURSUANT TO AND IN ACCORDANCE WITH ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER
JURISDICTION.]1 
  

 
 1 To be included only in the Notes that are Regulation S Notes, which shall include Class A Notes, Class B Notes and Class C Notes only. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-1 

 [THE HOLDER HEREOF, BY PURCHASING OR ACCEPTING THIS NOTE OR A BENEFICIAL
INTEREST HEREIN, (1) REPRESENTS FOR THE BENEFIT OF THE ISSUER AND THE INITIAL PURCHASERS THAT: (A) IT IS A QIB; (B) IT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB; AND (C) IT WILL OFFER, SELL,
ASSIGN, PLEDGE, ENCUMBER OR OTHERWISE TRANSFER THIS NOTE ONLY (I) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH TRANSFER, THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL THAT SUCH
TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND THE INDENTURE), (II) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH TRANSFER, THE ISSUER MAY REQUIRE AN OPINION OF
COUNSEL AND OTHER CERTIFICATIONS OR DOCUMENTS EVIDENCING THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND THE INDENTURE), (III) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (2) AGREES FOR THE BENEFIT OF THE ISSUER AND THE INITIAL PURCHASERS THAT
IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN OF THE RESALE RESTRICTIONS SET FORTH ABOVE.]2 

[NO BENEFICIAL OWNERS OF THIS NOTE WILL BE ENTITLED TO RECEIVE ANY PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE REFERRED TO HEREIN.]3 

THE ISSUER HAS NOT MADE ANY REPRESENTATION AS TO THE AVAILABILITY OF AN EXEMPTION UNDER THE SECURITIES ACT FOR RESALE OF THE SECURITY
EVIDENCED HEREBY. 
 THIS NOTE, AND ANY BENEFICIAL INTEREST HEREIN, MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $[100,000] 4 [250,000] 5 AND $1,000 INCREMENTS IN EXCESS THEREOF. 

EACH NOTEHOLDER OR BENEFICIAL OWNER, BY ACCEPTANCE OF THIS CLASS [A][B][C][D] NOTE, OR, IN THE CASE OF A BENEFICIAL OWNER, A BENEFICIAL
INTEREST IN THIS CLASS [A][B][C][D] NOTE, WILL BE DEEMED TO REPRESENT AND WARRANT THAT [EITHER (I)]6 IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN “EMPLOYEE
BENEFIT PLAN,” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN,” AS DEFINED IN SECTION 4975(e)(1) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL REVENUE CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH
EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (D) ANY
GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE INTERNAL REVENUE CODE (“SIMILAR LAW”) OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN[ OR (II)(A) IT IS ACQUIRING A CLASS A NOTE, CLASS B NOTE, OR CLASS C NOTE, (B) ITS ACQUISITION,
CONTINUED HOLDING, AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OR
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION OR VIOLATION OF ANY SIMILAR LAW AND (C) CERTAIN OTHER REQUIREMENTS ARE SATISFIED, IF APPLICABLE, AS SET FORTH IN THE INDENTURE]7. 
  

                          
                                       

2 To be included only in the Notes that are Rule 144A Notes. 

3 To be included only in the Notes that are Temporary Regulation S Notes. 

4 To be included only in the Class A Notes, the Class B Notes and the Class C Notes. 

5 To be included only in the Class D Notes. 

6 To be included only in the Class A Notes, the Class B Notes and the Class C Notes. 

7 To be included only in the Class A Notes, the Class B Notes and the Class C Notes. 

 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-2 

 [EXCEPT AS SET FORTH IN SECTION 2.05 OF THE INDENTURE, NO TRANSFER OF A CLASS D NOTE THAT IS
A GLOBAL NOTE OR BENEFICIAL INTEREST THEREIN SHALL BE EFFECTIVE, AND ANY SUCH ATTEMPTED TRANSFER SHALL BE VOID AB INITIO, UNLESS, PRIOR TO AND AS A CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER
AS INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS (AND SHALL BE DEEMED TO REPRESENT AND WARRANT), AND WITH RESPECT TO A CLASS D NOTE THAT IS A DEFINITIVE NOTE (OR BENEFICIAL INTEREST THEREIN), WILL BE REQUIRED TO CERTIFY
TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR IN WRITING, SUBSTANTIALLY IN THE FORM OF THE TRANSFEREE CERTIFICATION SET FORTH IN EXHIBIT E TO THE INDENTURE, TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR, AND ANY OF THEIR RESPECTIVE SUCCESSORS AND
ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH
ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE
THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE BENEFICIAL INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUER, OR ANY INTEREST CREATED UNDER THE INDENTURE AND
(Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE FLOW-THROUGH ENTITY’S BENEFICIAL INTEREST IN ANY CLASS D NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(h)(1)(ii) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE INTERNAL REVENUE CODE, (B) IT IS NOT ACQUIRING ANY CLASS D NOTE OR
BENEFICIAL INTEREST THEREIN, IT WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF ANY CLASS D NOTE(S) OR BENEFICIAL INTEREST THEREIN, AND IT WILL NOT CAUSE ANY CLASS D NOTE(S) OR BENEFICIAL INTEREST THEREIN TO BE MARKETED,
IN EACH CASE ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(b) OF THE INTERNAL REVENUE CODE, INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL
QUOTATIONS, (C) ITS BENEFICIAL INTEREST IN THE CLASS D NOTES IS NOT AND WILL NOT BE IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH CLASS D NOTE SET FORTH IN THE INDENTURE, AND IT DOES NOT AND WILL NOT HOLD ANY INTEREST ON
BEHALF OF ANY PERSON WHOSE BENEFICIAL INTEREST IN A CLASS D NOTE IS IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR THE CLASS D NOTES SET FORTH IN THE INDENTURE, (D) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE DISPOSE OF
ANY CLASS D NOTE OR ANY BENEFICIAL INTEREST THEREIN, OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY REFERENCE IN WHOLE OR IN PART TO ANY CLASS D NOTE OR BENEFICIAL INTEREST THEREIN, IN EACH CASE IF THE EFFECT
OF DOING SO WOULD BE THAT THE BENEFICIAL INTEREST OF ANY PERSON IN THE CLASS D NOTE WOULD BE IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR THE CLASS D NOTES SET FORTH IN THE INDENTURE, (E) IT WILL NOT USE ANY CLASS D NOTE AS
COLLATERAL FOR THE ISSUANCE OF ANY SECURITIES THAT COULD CAUSE THE ISSUER TO BE TREATED AS AN ASSOCIATION OR PUBLICLY TRADED PARTNERSHIP TAXABLE AS CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES, AND (F) PRIOR TO THE TRANSFER OF A CLASS D
NOTE THAT IS A DEFINITIVE NOTE (OR BENEFICIAL INTEREST THEREIN), THE TRANSFEREE SHALL HAVE EXECUTED AND DELIVERED TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A TRANSFEREE CERTIFICATION SUBSTANTIALLY IN THE FORM OF EXHIBIT E TO THE INDENTURE.
NOTWITHSTANDING THE FOREGOING, A TRANSFEREE MAY PLEDGE A CLASS D NOTE OR ANY BENEFICIAL INTEREST THEREIN IF DOING SO WILL NOT RESULT IN ANY PERSON (OTHER THAN THE TRANSFEREE) BEING TREATED FOR U.S. FEDERAL INCOME TAX PURPOSES AS THE OWNER OF ALL OR
ANY PORTION OF A CLASS D NOTE OR BENEFICIAL INTEREST THEREIN.]8 
  

                       
                                  

8 To be included only in the Global and Definitive Class D Notes. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-3 

 THIS NOTE AND RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO
MODIFY THE RESTRICTIONS ON AND PROCEDURES UNDERTAKEN OR REPRESENTED BY THE HOLDER, FOR RESALES AND OTHER TRANSFERS OF THIS NOTE, TO REFLECT ANY CHANGE IN, OR TO MAKE USE OF OTHER, APPLICABLE LAWS OR REGULATIONS (OR THE INTERPRETATION THEREOF) OR IN
PRACTICES RELATING TO RESALES OR OTHER TRANSFERS OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS NOTE AND ANY BENEFICIAL OWNER OF ANY INTEREST THEREIN SHALL BE DEEMED, BY ITS ACCEPTANCE OR PURCHASE HEREOF OR THEREOF, TO HAVE AGREED TO ANY
SUCH AMENDMENT OR SUPPLEMENT (EACH OF WHICH SHALL BE CONCLUSIVE AND BINDING ON THE HOLDER HEREOF AND ALL FUTURE HOLDERS OF THIS NOTE AND ANY NOTES ISSUED IN EXCHANGE OR SUBSTITUTION THEREFOR, WHETHER OR NOT ANY NOTATION THEREOF IS MADE HEREON) AND
AGREES TO TRANSFER THIS NOTE ONLY IN ACCORDANCE WITH SUCH RELATED DOCUMENTATION AS SO AMENDED OR SUPPLEMENTED AND IN ACCORDANCE WITH APPLICABLE LAW IN EFFECT AT THE DATE OF SUCH TRANSFER. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-4 

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE TRANSFER PROVISIONS AND RESTRICTIONS SET FORTH IN THE INDENTURE. 
 THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE REDUCED FROM
TIME TO TIME BY DISTRIBUTIONS ON THIS NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE
ACQUIRING THIS NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL ISSUANCE OF THIS NOTE, THE INDENTURE TRUSTEE IS WELLS FARGO BANK, NATIONAL ASSOCIATION. 

THIS NOTE IS NOT AN OBLIGATION OF, AND IS NOT INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, REGIONAL MANAGEMENT CORP., REGIONAL
MANAGEMENT RECEIVABLES III, LLC, ANY TRUSTEE OR ANY AFFILIATE OF ANY OF THE FOREGOING. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS
NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-5 

			
	Registered	  	 Class [        ] Note Balance as of the Closing Date:

		  	$[        ]
		
		  	 Initial principal amount of this [Rule 144A Global][Temporary Regulation S Global][Permanent Regulation S Global] Note as
of the Closing Date: $[        ]

		
	No.           	  	CUSIP NO. [  ]

 ISIN NO. [  ] 

REGIONAL MANAGEMENT ISSUANCE TRUST 2021-1 

ASSET-BACKED NOTES, CLASS [A][B][C][D] 

Regional Management Issuance Trust 2021-1 (herein referred to as the
“Issuer”), a Delaware statutory trust formed by an Amended and Restated Trust Agreement, dated as of February 18, 2021, for value received, hereby promises to pay to [Cede & Co.], or its registered assigns, subject to
the following provisions, the principal sum set forth above (reduced or increased as set forth on Schedule A-I hereto), or such lesser amount, as determined in accordance with the Indenture (referred to
herein), on the Stated Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class [A][B][C][D] Interest Rate on each Payment Date until the principal
amount of this Note is paid, subject to certain limitations in the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date
or, for the initial Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest will be computed as provided in the Indenture. Principal of this Note will be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this
Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
signature, this Note will not be entitled to any benefit under the Indenture or be valid for any purpose. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-6 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

  

			
	REGIONAL MANAGEMENT ISSUANCE TRUST 2021-1, as Issuer
	
	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee of the Issuer
	
	By:
                                         
                   
	Name:	 	
	Title:	 	

 Dated:
                        , 2021 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series described therein and referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, N.A., not in its individual capacity, but solely as Indenture Trustee
	
	By:                                   
                              
	Name:	 	
	Title:	 	

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-7 

 REGIONAL MANAGEMENT ISSUANCE TRUST 2021-1

 ASSET-BACKED NOTES, CLASS [A][B][C][D] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as the Regional Management Issuance Trust 2021-1, Series 2021-1, Asset-Backed Notes, Class [A][B][C][D] (the “Notes”), issued under the Indenture dated as of February 18, 2021 (the
“Indenture”), among the Issuer, Regional Management Corp., as servicer (the “Servicer”), and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), and as account bank, and
representing the right to receive certain payments from the Issuer. The Notes are subject to all of the terms, provisions and conditions of the Indenture, as it may be amended, supplemented or modified from time to time. All terms used in this Note
that are defined in Part A of Schedule II (together with Part B of such Schedule II, the “Definitions Schedule”) to the Sale and Servicing Agreement dated as of February 18, 2021, among, Regional Management Receivables III,
LLC, as the depositor (the “Depositor”), the Servicer, the Subservicers party thereto, the North Carolina Trust and the Issuer, have the meanings assigned to them therein or pursuant thereto, as applicable. In the event of any
conflict or inconsistency between the Definitions Schedule and this Note, the Definitions Schedule controls. 
 The
Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount
payable under this Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture. 

This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

The initial Class [A][B][C][D] Note Balance is
$[                        ]. The Class [A][B][C][D] Note Balance on any date of determination will be an amount equal to
(a) the initial Class [A][B][C][D] Note Balance minus (b) the aggregate amount of principal payments made to the Holders of Class [A][B][C][D] Notes [and which have not been rescinded] on or before such date. Payments of principal
of the Notes will be made in accordance with the provisions of, and subject to the limitations in, the Indenture. 
 On each
Payment Date, the Indenture Trustee will distribute to each Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Noteholder’s pro rata share of the amounts held by the Indenture
Trustee that are allocated and available on such Payment Date to pay interest and principal on the Class [A][B][C][D] Notes pursuant to the Indenture. Except as provided in the Indenture with respect to a final distribution, distributions to the
Noteholders shall be made (i) on the due date thereof, to an account designated by the holder of this Note, in U.S. dollars and in immediately available funds and (ii) without presentation or surrender of any Note or the making of any
notation thereon. Final payment of this Note will be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholders in accordance
with the Indenture. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-8 

 Upon the exercise of the Servicer’s or the holder of the Trust
Certificate’s option to purchase the remaining Sold Assets of the Issuer pursuant to the Transaction Documents, the Issuer will retire the Notes and redeem the Notes from the proceeds of such purchase. 

This Note does not represent an obligation of, or an interest in, the Depositor, Regional Management Corp., or any trustee or
Affiliate of any of them (other than the Issuer) and is not insured or guaranteed by any governmental agency or instrumentality or any other Person. 

Each Noteholder, by accepting a Note, and each beneficial owner of such Note hereby covenants and agrees that it will not at
any time file, commence, join, or acquiesce in a petition or proceeding, or cause the Issuer to file, commence, join, or acquiesce in a petition or proceeding, that causes (a) the Issuer to be a debtor under any Debtor Relief Law or (b) a
trustee, conservator, receiver, liquidator, or similar official to be appointed for the Issuer or any substantial part of its property. 

The Issuer, the Depositor, the Indenture Trustee and any agent of the Issuer, Depositor or the Indenture Trustee will treat
the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuer, the Depositor, the Indenture Trustee or any agent of the Issuer, Depositor or the Indenture Trustee will be affected by notice to the
contrary. 
 This Note is executed and delivered by Wilmington Trust, National Association, not individually or personally
but solely as owner trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement. Each of the representations, undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer. Under no circumstances shall Wilmington Trust, National Association
be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or the other
Transaction Documents to which the Issuer is a party. 
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-9 

 EACH NOTEHOLDER SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE, ANY TRANSACTION DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS NOTE OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN
SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS PARAGRAPH SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER PARTY
HERETO OR ANY OF THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 EACH NOTEHOLDER HEREBY WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF OR CONNECTED WITH THIS NOTE OR THE TRANSACTION DOCUMENTS. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-10 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                            . 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address of assignee) the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:                   
                                 
1 
 Signature Guaranteed: 

 
  

                       
                                         
     
 1 The signature to this assignment must correspond with
the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-11 

 SCHEDULE A-I 

The initial principal amount of this [Rule 144A][Temporary Regulation S][Permanent Regulation S] Global Note is $[ ]. The
aggregate principal amount of this Global Note issued, cancelled or exchanged for a Definitive Note or another Global Note is as follows: 
  

							
	              Date	  	       Principal Amount

  Issued, Cancelled or

        Exchanged
	  	 Remaining Principal    

Amount of this Global    

Note    
	  	 Notation Made by or

on Behalf of

	
                   
           
	  	
                   
             
	  	
                   
             
	  	
                   
             

	
                   
           
	  	
                   
             
	  	
                   
             
	  	
                   
             

	
                   
           
	  	
                   
             
	  	
                   
             
	  	
                   
             

	
                   
           
	  	
                   
             
	  	
                   
             
	  	
                   
             

	
                   
           
	  	
                   
             
	  	
                   
             
	  	
                   
             

  
 INDENTURE (RMIT 2021-1) – Exhibit
A-12 

 Exhibit B-1 

FORM OF TRANSFER CERTIFICATE FOR 

EXCHANGE OR TRANSFER FROM RULE 144A GLOBAL NOTE TO 

TEMPORARY REGULATION S GLOBAL NOTE 

Wells Fargo Bank, N.A. 
 Attention: Corporate Trust
Services/Structured Products Services 
 600 S 4th Street 
 MAC N9300-061 
 Minneapolis, Minnesota 55415 

Re:     Regional Management Issuance Trust 2021-1 

Reference is hereby made to the Indenture, dated as of February 18, 2021 (the “Indenture”), among Regional Management
Issuance Trust 2021-1 (the “Issuer”), Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), and Regional Management Corp., as servicer. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to
$[          ] principal amount of Class [A][B][C] Notes represented by a beneficial interest in the Rule 144 A Global Note (CUSIP No. [    ]) held with
DTC by or on behalf of [transferor] as beneficial owner (the “Transferor”). The Transferor has requested an exchange or transfer of its beneficial interest for an interest in the Temporary Regulation S Global Note (CUSIP (CINS) No.
[    ]) to be held with [Euroclear][Clearstream] (ISIN Code [    ] (Common Code [    ])) through DTC. 

In connection with such request and in respect of such Note, the Transferor does hereby certify that such exchange or transfer has been
effected in accordance with the transfer restrictions set forth in the Notes and pursuant to and in accordance with Rule 903 or 904 of Regulation S under the Securities Act, and accordingly the Transferor does hereby certify that: 

(1)       the offer of the Notes was not made to a person in the United States, and either;

 (A)    at the time the buy order was originated, the transferee was outside the United States or the
Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States, or 

(B)    the transaction was executed in, on or through (x) a physical trading floor of an established
foreign securities exchange that is located outside the United States or (y) the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was prearranged
with a buyer in the United States; 
 (2)       no directed selling efforts have been
made in the United States or otherwise in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-1-1 

 (3)       the transaction is not part of
a plan or scheme to evade the registration requirements of the Securities Act; and 

(4)       upon completion of the transaction, the beneficial interest being transferred as
described above was held with DTC through Euroclear or Clearstream or both (Common Code [    ] (ISIN Code [    ])). 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

 

			
	[INSERT NAME OF TRANSFEROR]
	
	By:                                   
                                  
	Name:	 	
	Title:	 	
	Date:
                                    , 20

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-1-2 

 Exhibit B-2 

FORM OF TRANSFER CERTIFICATE FOR 

EXCHANGE OR TRANSFER FROM RULE 144A GLOBAL NOTE TO 

PERMANENT REGULATION S GLOBAL NOTE 

Wells Fargo Bank, N.A. 
 Attention: Corporate Trust
Services/Structured Products Services 
 600 S 4th Street 
 MAC N9300-061 
 Minneapolis, Minnesota 55415 

Re:     Regional Management Issuance Trust 2021-1 

Reference is hereby made to the Indenture, dated as of February 18, 2021 (the “Indenture”), among Regional Management
Issuance Trust 2021-1 (the “Issuer”), Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), and Regional Management Corp., as servicer. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to
$[            ] principal amount of Class [A][B][C] Notes represented by a beneficial interest in the Rule 144 A Global Note (CUSIP No.
[    ]) held with DTC by or on behalf of [transferor] as beneficial owner (the “Transferor”). The Transferor has requested an exchange or transfer of its beneficial interest for an interest
in the Permanent Regulation S Global Note (CUSIP (CINS) No. [    ]). 
 In connection with such
request and in respect of such Notes, the Transferor does hereby certify that such exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Notes and that, with respect to transfers made in reliance on
Rule 903 or 904 of Regulation S under the Securities Act: 
 (1)       the offer of the
Notes was not made to a person in the United States, and either; 
 (A)    at the time the buy order
was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that transferee was outside the United States, or 

(B)    the transaction was executed in, on or through (x) a physical trading floor of an established
foreign securities exchange that is located outside the United States or (y) the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was prearranged
with a buyer in the United States; 
 (2)       no directed selling efforts have been
made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-2-1 

 (3)       the transaction is not part of
a plan or scheme to evade the registration requirements of the Securities Act. 
 This certificate and the statements
contained herein are made for your benefit and the benefit of the Issuer. 
  

			
	[INSERT NAME OF TRANSFEROR]
	
	By:                                   
                                
	Name:	 	
	Title:	 	
	Date:
                                    , 20

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-2-2 

 Exhibit B-3 

FORM OF TRANSFER CERTIFICATE FOR EXCHANGE OR TRANSFER FROM 

[TEMPORARY][PERMANENT] REGULATION S GLOBAL NOTE TO 

RULE 144A GLOBAL NOTE 
 Wells Fargo
Bank, N.A. 
 Attention: Corporate Trust Services/Structured Products Services 

600 S 4th Street 
 MAC
N9300-061 
 Minneapolis, Minnesota 55415 

Re:     Regional Management Issuance Trust 2021-1 

Reference is hereby made to the Indenture, dated as of February 18, 2021 (the “Indenture”), among Regional Management
Issuance Trust 2021-1 (the “Issuer”), Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), and Regional Management Corp., as servicer. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to
$[            ] principal amount of Class [A][B][C] Notes which are held in the form of the [Temporary][Permanent] Global Regulation S Global Note (CUSIP (CINS) No.
[    ]) with [Euroclear][Clearstream] (Common Code [    ] (ISIN Code [    ])) through DTC by or on behalf of [transferor] as
beneficial owner (the “Transferor”). The Transferor has requested an exchange or transfer of its beneficial interest in the Notes for an interest in the Rule 144A Global Note (CUSIP No.
[    ]). 
 In connection with such request and in respect of such Notes, the Transferor does
hereby certify that such Notes are being transferred in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is
purchasing the Notes for its own account or an account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A,
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

[Signature Page Follows] 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-3-1 

 
			
	[INSERT NAME OF TRANSFEROR]
	
	By:                                   
                            
	Name:	 	
	Title:	 	
	Date:                                   ,
20

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-3-2 

 Exhibit B-4 

FORM OF CLEARING SYSTEM CERTIFICATE 

Regional Management Issuance Trust 
 c/o Wilmington Trust,
National Association, as Owner Trustee 
 Rodney Square North 

1100 North Market Street 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration – Regional Management Issuance Trust 2021-1 

Regional Management Corp., as Administrator 
 979 Batesville
Road, Suite B 
 Greer, South Carolina 29651 
 Attention: Legal
Department 
 Wells Fargo Bank, N.A. 
 Attention: Corporate
Trust Services/Structured Products Services 
 600 S 4th Street 

MAC N9300-061 

Minneapolis, Minnesota 55415 
 Re:
    Regional Management Issuance Trust 2021-1 
 Reference is hereby made to the
Indenture, dated as of February 18, 2021 (the “Indenture”), among Regional Management Issuance Trust 2021-1 (the “Issuer”), Wells Fargo Bank, N.A., as indenture trustee
(the “Indenture Trustee”), and Regional Management Corp., as servicer. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

This is to certify that, based solely on certificates we have received in writing, by tested telex or by electronic transmissions from
noteholders (the “Noteholders”) appearing in our records as persons being entitled to a portion of the original principal amount of the Class [A][B][C] Notes (the “Notes”) substantially to the effect set forth in
Exhibit B-5 to the Indenture, U.S. $[              ] principal balance of Notes held by us or on
our behalf are beneficially owned by non-U.S. persons. As used in this paragraph the term “U.S. person” has the meaning given to it by Regulation S under the Act. 

We further certify (i) that we are not making available herewith for exchange any portion of the Temporary Regulation S Global Note
excepted in such certificates and (ii) that as of the date hereof we have not received any notification from any of our Noteholders to the effect that the statements made by such Noteholder with respect to any portion of the part submitted
herewith for exchange are no longer true and cannot be relied upon as at the date hereof. We understand that this certification is required in connection with certain securities laws of the United States. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-4-1 

 In connection therewith, if administrative or legal proceedings are commenced or threatened
in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certification to any interested party in such proceedings. 

[Signature Page Follows] 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-4-2 

 
			
	Yours faithfully,
	
	[MORGAN GUARANTY TRUST COMPANY OF NEW YORK, Brussels office, as operator of the Euroclear                    
System][CLEARSTREAM, LUXEMBOURG]
	
	By:                                   
                            
	Name:	 	
	Title:	 	
	Date:                             ,
20     10

  
  

 
 10 To be dated no earlier than the first day following the completion of the Distribution Compliance Period. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-4-3 

 Exhibit B-5 

FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP 

Wells Fargo Bank, N.A. 
 Attention: Corporate Trust
Services/Structured Products Services 
 600 S 4th Street 
 MAC N9300-061 
 Minneapolis, Minnesota 55415 

Re:     Regional Management Issuance Trust 2021-1 

Reference is hereby made to the Indenture, dated as of February 18, 2021 (the “Indenture”), among Regional Management
Issuance Trust 2021-1 (the “Issuer”), Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), and Regional Management Corp., as servicer. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture. 
 The Securities are of the category contemplated in
Section 230.903(b)(3) of Regulation S under the Securities Act of 1933, as amended (the “Act”), and therefore this is to certify that, except as set forth below, the Notes (the “Securities”) described herein
are beneficially owned by non-U.S. persons. As used in this paragraph, the term “U.S. person” has the meaning given to it by Regulation S under the Act. 

We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the
Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification, applies as of
such date. 
 This certification excepts and does not relate to U.S. $[        ] of such
interest in the above Securities in respect of which we are not able to certify and as to which, we understand the exchange and delivery of definitive Securities (or, if relevant, exercise of any rights or collection of any interest) cannot be made
until we do so certify. 
 We understand that this certification is required in connection with certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification to any interested
party in such proceedings. 
 [Signature Page Follows] 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-5-1 

 
			
	
[                      
], as, or as agent for, the beneficial owner(s) of the Securities to which this certificate relates

	
	By:
                                         
               
		
	Date:	 	                              , 20    11

  
  
  

 
 11 Not earlier than 15 days prior to the certification event to which the certification relates. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
B-5-2 

 EXHIBIT C 

FORM OF MONTHLY SERVICER REPORT 

REGIONAL MANAGEMENT ISSUANCE TRUST 2021-1 

MONTHLY SERVICER REPORT 
  

											
	    Transaction	  	
Revolving
 Termination

Date
	  	
Initial Cut-

Off Date
	  	Closing Date	  	
Initial Loan
 Pool
	  	Initial Note
Balance
	   RMIT
2021-1
	  	 	  	 	  	 	  	 	  	 

 Collection Period Beginning: 

Collection Period Ending: 
 Prev. Distribution: 

Payment Date: 
 Days in Collection Period: 

 

			
	 I. Adjusted Loan Principal Balance Calculation
	  	
	 (1)   Beginning of Collection Period Loan Principal Balance
	  	(1)                     
	 (2)   Additional Loans added during the Collection Period
	  	(2)                     
	 (3)  Principal Reductions (embed the unearned adjustment and other categories in this
number)
	  	(3)                     
	 (4)  Renewal Payoffs
	  	(4)                     
	 (5)  Charged-Off Loans
	  	(5)                     
	 (6)  Repurchased Receivables
	  	(6)                     
	 (7)  Other Receivables Adjustments
	  	(7)                     
	 (8)   Total Principal Reduction
	  	(8)                     
	 (9)   End of Collection Period Loan Principal Balance
	  	(9)                     
	 (10) Excluded Loans
	  	(10)                   
	 (11) End of Collection Period Adjusted Loan Principal Balance
	  	(11)                   
		
	 II. Loan Action Date Aggregate Loan Principal Balance
	  	
	 (12) End of Collection Period Adjusted Loan Principal Balance
	  	(12)                   
	 (13) Additional Loans acquired on the Loan Action Date
	  	(13)                   
	 (14) Designate additional Excluded Loans (not Charged-Off
or Delinquent)
	  	(14)                   
	 (15) Designate Excluded Loans as not Excluded Loans (not
Charged-Off or Delinquent)
	  	(15)                   
	 (16) Reassigned Loans to the Depositor
	  	(16)                   
	 (17) Loan Action Date Aggregate Principal Balance
	  	(17)                   

  
 INDENTURE (RMIT 2021-1) – Exhibit
C-1 

 III. Reinvestment Criteria (based on Loan Action Date Principal Balance) 

 

							
	Reinvestment Criteria            
				
	Test	  	Current Level	  	Test Level	  	Compliance
	 Top Three States
	  		  	80.00%	  	
	 Single State Originated (Top state)
	  		  	40.00%	  	
	 Single State Originated (other than any Top 3 States)
	  		  	15.00%	  	
	 Weighted Average Coupon
	  		  	26.00%	  	
	 Weighted Average Remaining Term
	  		  	46	  	
	 Original Term > 60 months
	  		  	2.50%	  	
	 Payment Deferrals
	  		  	10.00%	  	
	 FICO < 541
	  		  	7.00%	  	
	 FICO < 581
	  		  	19.00%	  	
	 FICO < 621
	  		  	50.00%	  	
	 FICO < 661
	  		  	85.00%	  	
	 Unsecured Loans
	  		  	17.50%	  	
	 Convenience Checks
	  		  	15.00%	  	
	 Small Branch Loans
	  		  	20.00%	  	
	 Unsecured Loans (FICO < 621)
	  		  	2.25%	  	

  

							
	Overcollateralization
Event                                  
				
	 Loan Action Date Aggregate Principal Balance
	  	                    	  		  	
	 Less: Required Overcollateralization Amount
	  	                    	  		  	
	 (a) Calculation
	  		  	                    	  	
				
	 Aggregate Note Balance (after giving effect to payments on the Loan Action Date)
	  	                    	  		  	
	 Less: Amounts on Deposit in the Principal Distribution Account (after giving effect to payments on
the Loan Action Date)
	  	                    	  		  	
	 (b) Calculation
	  		  	                    	  	
		
	 Reinvestment Criteria Event exists if (a) is less than (b)
	  	
			
	 (18) Has a Reinvestment Criteria Event occurred?
	  		  	(18)                          

  

											
	 IV. Note Balance Calculation
	  	Class A	  	  Class B      	  	  Class C      	  	  Class D      	  	   Total      
	 (19) Original Note Balance
	  	(19)                   	  	                	  	                	  	                	  	                
	 (20) Beginning of Period
	  	(20)                   	  	                	  	                	  	                	  	                
	 Note Balance
	  		  		  		  		  	

  
 INDENTURE (RMIT 2021-1) – Exhibit
C-2 

											
	 (21) First Priority Principal Payment
	  	(21)                   	  	                	  	                	  	                	  	                
	 (22) Second Priority Principal Payment
	  	(22)                   	  	                	  	                	  	                	  	                
	 (23) Third Priority Principal Payment
	  	(23)                   	  	                	  	                	  		  	                
	 (24) Fourth Priority Principal Payment
	  	(24)                   	  	                	  	                	  		  	                
	 (25) Regular Principal Payment
	  	(25)                   	  	                	  	                	  		  	                
	 (26) End of Period Note Balance
	  	(26)                   	  	                	  	                	  		  	                
	 (27) Note Pool Factors
	  	(27)                   	  	                	  	                	  		  	                

  

													
	 V. Calculation of Note Interest
	  				  		  		  			
	 Beginning Note Balance
	  	 	Interest Rate	 	  	Days	  	Basis	  	 	Calculated Interest	 
	 (28) Class A
	  				  		  	30/360	  	 	$0.00	 
	 (29) Class B
	  				  		  	30/360	  			
	 (30) Class C
	  				  		  	30/360	  			
	 (31) Class D
	  				  		  	30/360	  			

  

			
	 VI. Regular Principal Payment Calculation
	  	
	 (32) Aggregate Note Balance as of the end of the related Collection Period
	  	(32)                 
	 (33) Less: Amount on deposit in the Principal Distribution Account (as of the end of Collection Period plus (58), (60),
(62), (64))
	  	(33)                 
	 (34) Less: Adjusted Loan Principal Balance as of the end of the related Collection Period
	  	(34)                 
	 (35) Less: Required Overcollateralization Amount
	  	(35)                 

  

			
	 VII. Collections and Available Funds
	  	
	 (36) Principal Collections
	  	(36)                 
	 (37) Interest Collections
	  	(37)                 
	 (38) Fee Collections
	  	(38)                 
	 (39) Liquidation Proceeds (third party debt sales and post charge off proceeds)
	  	(39)                 
	 (40) Amounts deposited in the Collection Account for Repurchased Receivables
	  	(40)                 
	 (41) Investment Earnings – Collection Account
	  	(41)                 
	 (42) Investment Earnings – Transferred from Principal Distribution Account
	  	(42)                 
	 (43) Investment Earnings – Transferred from Reserve Account
	  	(43)                 
	 (44) Reserve Account Draw Amount
	  	(44)                 
	 (45) All other amounts received
	  	(45)                 
		
	 (46) Total Available Funds
	  	(46)                 
		
	 VIII. Distributions
	  	
	 (47) Indenture Trustee, Account Bank, Note Registrar (fees and out of pocket expenses)
	  	(47)                 
	 (48) Owner Trustee Fees
	  	(48)                 
	 (49) Back-up Servicer (out of pocket expenses, other than
Servicing Transition Costs)
	  	(49)                 
	 (50) Image File Custodian Fee
	  	(50)                 
	 (51) 2021-1A SUBI Trustee Fees
	  	(51)                 
	 (52) Any costs and expenses then due by the Issuer under the Intercreditor Agreement
	  	(52)                 

  
 INDENTURE (RMIT 2021-1) – Exhibit
C-3 

			
	 (53) Indemnified Amounts due to parties (not to exceed $350,000 yearly cap)
	  	(53)                 
	 (54) Back-up Servicing Fee
	  	(54)                 
	 (55) Servicing Transition Costs (not to exceed $250,000)
	  	(55)                 
	 (56) Servicing Fee
	  	(56)                 
	 (57) Class A Monthly Interest Amount
	  	(57)                 
	 (58) First Priority Principal Payment (to be deposited in Principal Distribution Account)
	  	(58)                 
	 (59) Class B Monthly Interest Amount
	  	(59)                 
	 (60) Second Priority Principal Payment (to be deposited in Principal Distribution
Account)
	  	(60)                 
	 (61) Class C Monthly Interest Amount
	  	(61)                 
	 (62) Third Priority Principal Payment (to be deposited in Principal Distribution Account)
	  	(62)                 
	 (63) Class D Monthly Interest Amount
	  	(63)                 
	 (64) Fourth Priority Principal Payment (to be deposited in Principal Distribution
Account)
	  	(64)                 
	 (65) Reserve Account Required Amount
	  	(65)                 
	 (66) Regular Principal Payment Amount (to be deposited in Principal Distribution Account)
	  	(66)                 
	 (67) Fees and expenses due to transaction parties not previously paid above
	  	(67)                 
	 (68) Indemnified amounts due to transaction parties not previously paid above
	  	(68)                 
	 (69) Additional amounts to be deposited in the Principal Distribution Account
	  	(69)                 
	 (70) Amounts distributed to the holder of the Trust Certificate
	  	(70)                 
		
	 (71) Total Distributions
	  	(71)                 
		
	 IX. Reserve Account and Principal Distribution Account
	  	
		
	 Reserve Account
	  	
		
	 (72) Reserve Account Balance as of the end of the related Collection Period
	  	(72)                 
	 (73) Reserve Account Required Amount
	  	(73)                 
	 (74) Reserve Account Draw Amount
	  	(74)                 
	 (75) Amounts to be deposited in the Reserve Account to maintain Reserve Account Required
Amount
	  	(75)                 
	 (76) Investment earnings – Transferred to Collection
	  	(76)                 
	 (77) End of Period Reserve Account Balance
	  	(77)                 
		
	 Principal Distribution Account
	  	
		
	 (78) Principal Distribution Account as of the end of the Related Collection Period
	  	(78)                 
	 (79) Amounts deposited to the Principal Distribution Account on the Loan Action Date
	  	(79)                 
	 (80) Payment to Noteholders (after the Revolving Period)
	  	(80)                 
	 (81) Purchase of Additional Loans on the Loan Action Date (during the Revolving Period)
	  	(81)                 
	 (82) Principal Distribution Account (on the Loan Action Date after giving effect to all deposits
and payments)
	  	(82)                 
	
	 X. Early Amortization Events (to be completed only during Revolving
Period)

	
	 Monthly Net Loss Percentage

	 (83) Charged-Off Loans during the related Collection
Period
	  	(83)                 
	 (84) Monthly Recoveries (Up to Principal Balance)
	  	(84)                 
	 (85) Adjusted Loan Principal Balance of all Loans in the Trust Estate immediately prior to the commencement of such
Collection Period
	  	(85)                 

  
 INDENTURE (RMIT 2021-1) – Exhibit
C-4 

							
	 	  	Next Previous	  	Previous	  	Current
	 (86) Monthly Net Loss Percentage
	  	(86)                 	  	                   	  	(86)                 
				
	 (87) 3-Month Average
	  		  		  	(87)                 
	 (88) Trigger Level -17%
	  		  		  	(88)                 
	 (89) Compliance
	  		  		  	(89)                 
				
	 Reinvestment Criteria Event
	  		  		  	
				
	 	  	Next Previous	  	Previous	  	Current
	 (90) Has a Reinvestment Criteria Event

existed for the respective period?
	  	(90)                 	  	                     	  	                     
		
	 (91) Trigger – Reinvestment Criteria exists for 3 consecutive periods
	  	(91)                 
	 (92) Compliance
	  	(92)                 

  
 INDENTURE (RMIT 2021-1) – Exhibit
C-5 

					
	 XI. Statistical Data
	  		  	
			
	 Receivables with Scheduled Payment Delinquent
	  	Dollars	  	Percent
	 (93) 30-59 days
	  	(93)                 	  	                     
	 (94) 60-89 days
	  	(94)                 	  	                     
	 (95) 90-119 days
	  	(95)                 	  	                     
	 (96) 120-149 days
	  	(96)                 	  	                     
	 (97) 150-179 days
	  	(97)                 	  	                     
	 (98) 180+ days
	  	(98)                 	  	                     
	 (99) Total
	  	(99)                 	  	                     

By:                         
                                        
     
 Name: 
 Title: 

Date: 

  
 INDENTURE (RMIT 2021-1) – Exhibit
C-6 

 EXHIBIT D 

RULE 15GA-1 INFORMATION 

Reporting Period:          

☐ Check here if nothing to report. 

																													
	
Asset  

Class  
	 	Shelf  	 	Series
   Name  
	 	CIK  	 	Originator  	 	Loan No  	 	Servicer  
 Loan

No
	 	Outstanding  
 Principal

Balance
	 	Repurchase  
 Type
	 	Indicate Repurchase Activity During the Reporting Period by Checkmark or by Date Reference (as
applicable)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Subject to
 Demand
	 	Repurchased
 or Replaced
	 	Repurchased
 Pending
	 	Demand in
Dispute	 	Demand 
Withdrawn	 	Demand 
Rejected
	
    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 Terms and Definitions: 

NOTE: Any date included on this report is subject to the descriptions below. Dates referenced on this report for this
Transaction where the Servicer is not the Repurchase Enforcer (as defined below); availability of such information may be dependent upon information received from other parties. 

References to “Repurchaser” shall mean the party obligated under the Transaction Documents to
repurchase a Loan. References to “Repurchase Enforcer” shall mean the party obligated under the Transaction Documents to enforce the obligations of any Repurchaser. 

Outstanding Principal Balance: For purposes of this report, the Outstanding Principal Balance of a Loan in this
Transaction equals the remaining outstanding principal balance of the Loan reflected on the distribution or payment reports at the end of the related reporting period, or if the Loan has been liquidated prior to the end of the related reporting
period, the final outstanding principal balance of the Loan reflected on the distribution or payment reports prior to liquidation. 

Subject to Demand: The date when a demand for repurchase is identified and coded by the Servicer or Indenture
Trustee as a repurchase related request. 
 Repurchased or Replaced: The date when a Loan is repurchased or
replaced. To the extent such date is unavailable, the date upon which the Servicer or Indenture Trustee obtained actual knowledge a Loan has been repurchased or replaced. 

Repurchase Pending: A Loan is identified as “Repurchase Pending” when a demand notice is sent
by the Indenture Trustee, as Repurchase Enforcer, to the Repurchaser. A Loan remains in this category until (i) a Loan has been Repurchased, (ii) a request is determined to be a “Demand in Dispute,” (iii) a request is
determined to be a “Demand Withdrawn,” or (iv) a request is determined to be a “Demand Rejected.” 

  
 INDENTURE (RMIT 2021-1) – Exhibit
D-1 

	
	 With respect to the Servicer only, a Loan is identified as “Repurchase Pending” on the
date (y) the Servicer sends notice of any request for repurchase to the related Repurchase Enforcer, or (z) the Servicer receives notice of a repurchase request but determines it is not required to take further action regarding such
request pursuant to its obligations under the applicable Transaction Documents. The Loan will remain in this category until the Servicer receives actual knowledge from the related Repurchase Enforcer, Repurchaser, or other party, that the repurchase
request should be changed to “Demand in Dispute”, “Demand Withdrawn”, “Demand Rejected”, or “Repurchased.”

 
 Demand in Dispute:
Occurs (i) when a response is received from the Repurchaser which refutes a repurchase request, or (ii) upon the expiration of any applicable cure period.

 
 Demand Withdrawn: The
date when a previously submitted repurchase request is withdrawn by the original requesting party. To the extent such date is not available, the date when the Servicer or the Indenture Trustee receives actual knowledge of any such withdrawal.

 
 Demand Rejected: The
date when the Indenture Trustee, as Repurchase Enforcer, has determined that it will no longer pursue enforcement of a previously submitted repurchase request. To the extent such date is not otherwise available, the date when the Servicer receives
actual knowledge from the Indenture Trustee, as Repurchase Enforcer, that it has determined not to pursue a repurchase request.

  
 INDENTURE (RMIT 2021-1) – Exhibit
D-2 

 EXHIBIT E 

FORM OF CLASS D TRANSFEREE CERTIFICATION 

Wells Fargo Bank, N.A., as Indenture Trustee 
 Attention:
Corporate Trust Services/Structured Products Services 
 600 S 4th St. 

MAC N9300-061 

Minneapolis, Minnesota 55415 

Reference is made to the Indenture, dated as of February 18, 2021 (the “Indenture”), among Regional
Management Issuance Trust 2021-1, as issuer (the “Issuer”), Regional Management Corp., as servicer (the “Servicer”), Wells Fargo Bank, N.A., as indenture trustee (the
“Indenture Trustee”), and Wells Fargo Bank, N.A., as account bank. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

Pursuant to Section 2.05(b) of the Indenture, the undersigned, as the prospective transferee of a Class D Note that
is a Definitive Note, hereby represents and warrants to the Indenture Trustee and the Note Registrar that: 
 (a) it is not
and is not acting on behalf of, or using the assets of (i) an “employee benefit plan,” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii) a “plan,” as defined in Section 4975(e)(1)
of the Code, that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment in the entity (within the meaning of
Department of Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) or (iv) any governmental, church, non-U.S. or other
plan that is subject to any non-U.S., federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code or an entity whose underlying assets include assets
of any such plan, 
 (b) [it is not and will not become for U.S. federal income tax purposes a partnership, subchapter S
corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing)][if it is or becomes for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the
single owner of which is any of the foregoing) (each such entity, a “Flow-Through Entity”), then (i) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever will have
more than 50% of the value of its interest in such Flow-Through Entity attributable to the beneficial interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuer, or any interest created under the Indenture,
and (ii) it is not and will not be a principal purpose of the arrangement involving the Flow-Through Entity’s beneficial interest in any Class D Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Internal Revenue Code]1, 
 (c) it is not acquiring any Class D Note or beneficial interest
therein, it will not sell, transfer, assign, participate, pledge or otherwise dispose of any Class D Note(s) or beneficial interest therein, and it will not cause any Class D Note(s) or beneficial interest therein to be marketed, in each
case on or through an “established securities market” within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell
quotations, 
  

                          
                                   

1 Prospective transferee must include one of the two bracketed statements. 

  
 INDENTURE (RMIT 2021-1) – Exhibit
E-1 

 (d) its beneficial interest in the Class D Notes is not and will not be
in an amount that is less than the minimum denomination for such Class D Note set forth in the Indenture, and it does not and will not hold any interest on behalf of any person whose beneficial interest in a Class D Note is in an amount
that is less than the minimum denomination for the Class D Notes set forth in the Indenture, 
 (e) it will not sell,
assign, transfer, pledge or otherwise dispose of any Class D Note or any beneficial interest therein, or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class D Note
or beneficial interest therein, in each case if the effect of doing so would be that the beneficial interest of any person in the Class D Note would be in an amount that is less than the minimum denomination for the Class D Notes set forth
in the Indenture, 
 (f) it will not use any Class D Note as collateral for the issuance of any securities that could
cause the Issuer to be treated as an association or publicly traded partnership taxable as corporation for U.S. federal income tax purposes, 

(g) [Reserved] 

(h) it will not transfer a Class D Note that is a Definitive Note (or any beneficial interest therein) unless, prior to
the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar a transferee certification substantially in the form of Exhibit E to the Indenture, 

(i) this transferee certification has been duly executed and delivered to the Indenture Trustee and the Note Registrar and
constitutes the legal, valid and binding obligation of the transferee, enforceable against the transferee in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws or equitable principles affecting the enforcement of creditors’ rights generally and general principles of equity, and 

(j) it acknowledges that the Indenture Trustee and the Note Registrar will rely on the truth and accuracy of the foregoing
representations and warranties, and agrees that if it becomes aware that any of the foregoing made by it or deemed to have been made by it are no longer accurate, it shall promptly notify the Issuer. 

[Remainder of Page Intentionally Left Blank] 

  
 INDENTURE (RMIT 2021-1) – Exhibit
E-2 

 IN WITNESS WHEREOF, the undersigned has executed this Transferee
Certification as of the date indicated below. 
  

					
	
Dated:                  
               
	  	[Name of Prospective Transferee]
		
		  	By:                                  
                                         
                  
		  		  	Name:    
		  		  	Title:

  
 INDENTURE (RMIT 2021-1) – Exhibit
E-3 

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents,
warrants, and covenants to the Indenture Trustee as follows: 
  

	1.	 This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the
Loans (other than the 2021-1A SUBI Loans), the 2021-1A SUBI Certificate and the Note Accounts in favor of the Indenture Trustee, which security interest is prior to all
other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Issuer. 

  

	2.	 The Loans constitute “tangible chattel paper,” “electronic chattel paper,”
“accounts,” “instruments” or “general intangibles” within the meaning of the UCC. 

  

	3.	 Each Note Account constitutes either a “deposit account” or a “securities account”
within the meaning of the UCC. All Eligible Investments have been and will have been credited to one of the Note Accounts. To the extent that a Note Account is a “securities account” the securities intermediary for such Note Account has
agreed to treat all assets credited to such Note Account as “financial assets” within the meaning of the UCC. 

  

	4.	 Immediately prior to the sale, transfer, assignment and conveyance of the Loans (other than the 2021-1A SUBI Loans) and the 2021-1A SUBI Certificate by the Depositor to the Issuer, the Depositor owned and had good and marketable title to such Loans (other than the 2021-1A SUBI Loans) and the 2021-1A SUBI Certificate, in each case, free and clear of any Lien (other than any Permitted Lien) and immediately after the sale, transfer,
assignment and conveyance of such Loans (other than the 2021-1A SUBI Loans) and the 2021-1A SUBI Certificate to the Issuer, the Issuer, will have good and marketable
title to such Loans (other than the 2021-1A SUBI Loans) and the 2021-1A SUBI Certificate, in each case, free and clear of any Lien (other than any Permitted Lien).

  

	5.	 The Issuer caused or will have caused, within ten (10) days after the effective date of this Indenture,
the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Loans (other than the
2021-1A SUBI Loans) and the 2021-1 SUBI Certificate, in each case, granted to the Indenture Trustee hereunder, and all financing statements referred to in this paragraph
5 contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser.” 

 

	6.	 With respect to the Note Accounts that constitute deposit accounts, either: 

 

	 	(i)	 the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank
maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Note Accounts without further consent by the Issuer; or 

  
 INDENTURE (RMIT 2021-1) – Schedule
I-1 

	 	(ii)	 the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such
Note Accounts. 

  

	7.	 With respect to the Note Accounts that constitute securities accounts or securities entitlements, either:

  

	 	(i)	 the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the
securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such Note Accounts without further consent by the Issuer; or 

 

	 	(ii)	 the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the
Indenture Trustee as the person having a security entitlement against the securities intermediary in each of such Note Accounts. 

  

	8.           (a)	 other than the security interest granted to the Indenture Trustee pursuant to the Indenture and transfers
contemplated by and permitted under the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Loans or any interest in the Note Accounts, and the interest of the Indenture Trustee in
the Note Accounts is free and clear of any lien (other than any Permitted Lien), claim or encumbrance (other than any such pledge, assignment, sale, grant or conveyance that is no longer effective). 

 

	 	(b)	 the Issuer has not authorized the filing of, and is not aware of, any financing statements against the
Issuer that include a description of collateral covering the Loans other than any financing statement (i) relating to the conveyance of the Loans by the Warehouse Borrower to the Seller under the Purchase Agreement, (ii) relating to the
conveyance of Loans by a borrower under a warehouse facility pursuant to an Other Warehouse Purchase Agreement, if applicable, (iii) relating to the conveyance of Loans by a Regional Originator to the Seller under the Omnibus Distribution and
Assignment Agreement, (iv) relating to the conveyance of the 2021-1A SUBI Certificate by Regional North Carolina to the Seller under the SUBI Certificate Purchase Agreement, (v) relating to the
pledge of the 2021-1A SUBI Assets by each of the North Carolina Trust and the Issuer to the Indenture Trustee, (vi) relating to the conveyance of the 2021-1A SUBI
Certificate and the Loans (other than the 2021-1A SUBI Loans) by the Seller to the Depositor pursuant to the Loan Purchase Agreement, (vii) relating to the conveyance of the Loans (other than the 2021-1A SUBI Loans) by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, (viii) relating to the security interest granted to the Indenture Trustee hereunder or (ix) that has been
terminated. 

  

	 	(c)	 The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer.

  
 INDENTURE (RMIT 2021-1) – Schedule
I-2 

	9.	 On or prior to the Grant of any Loan by the Issuer to Indenture Trustee for the benefit of the Indenture
Trustee and the Noteholders, the Seller of such Loan has in its possession all originals (or, in the case of Convenience Checks, copies) of the instruments and tangible chattel paper that constitute or evidence each Loan Granted by the Issuer to the
Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders; and none of the tangible chattel paper that constitute or evidence such Loan has any stamps, marks or notations indicating that such Loan has been pledged, assigned or
otherwise conveyed to any Person other than the Seller, the North Carolina Trust, the Depositor, the Issuer or the Indenture Trustee, other than any such stamps, marks or notations that relate to a pledge, assignment, conveyance or other interest
that has been cancelled, terminated or voided (or if such stamp, mark or notation is in the name of an agent (or any predecessor agent) under the ABL Facility, the Issuer has the right to cancel or void such stamp, mark or notation without the
consent of such agent (or any predecessor agent, as applicable), and such agent (or any predecessor agent, as applicable) has released in writing its lien on such Contract). 

 

	10.	 To the extent that any Contract relating to a Loan constitutes Electronic Chattel Paper, there is only one
single Authoritative Copy of each electronic “record” constituting or evidencing a Contract that is Electronic Chattel Paper, the record or records composing the Electronic Chattel Paper are created, stored and assigned in such a manner
that (A) a single authoritative copy of the record or records exists which is unique, identifiable and unalterable (other than a revision that is readily identifiable as an authorized or unauthorized revision), (B) each copy of the
authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy, (C) the authoritative copy has been communicated to and is maintained by the Electronic Vault Provider as a designated custodian of
the Indenture Trustee, (D) all copies or revisions that add or change an identified assignee of the Authoritative Copy of such Contract that constitutes or evidences the Loan must be made with the participation of the Indenture Trustee, and
(E) such Authoritative Copy identifies only the Indenture Trustee as the assignee. To the extent that any Contract relating to a Loan constitutes Electronic Chattel Paper, none of Seller, the North Carolina Trust, the Servicer (including in its
capacity as 2021-1A SUBI Servicer), the Issuer, the Electronic Vault Provider nor any other Person has communicated an Authoritative Copy of such Contract that constitutes or evidences the Loan to any Person
other than the Electronic Vault Provider as a designated custodian of the Indenture Trustee pursuant to the terms of the Sale and Servicing Agreement and the Electronic Collateral Control Agreement from and after the Closing Date or the applicable
Addition Date. 

  

	11.	 No Note Account that constitutes a securities account or securities entitlement is in the name of any person
other than the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Note Account to comply with entitlement orders of any person other than the Indenture Trustee. 

 

	12.	 No Note Account that constitutes a deposit account is in the name of any person other than the Indenture
Trustee. The Issuer has not consented to the bank maintaining such Note Account to comply with instructions of any person other than the Indenture Trustee. 

  

	13.	 Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection
representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed.

  
 INDENTURE (RMIT 2021-1) – Schedule
I-3 

	14.	 The parties to the Indenture shall provide each Rating Agency with prompt written notice of any material
breach of the perfection representations, warranties and covenants contained in this Schedule I of which such party has actual knowledge, and shall not, without satisfying the Rating Agency Notice Requirement, waive a breach of any of such
perfection representations, warranties or covenants. 

  

	15.	 The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture
(including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first-priority interest, the Indenture Trustee’s security interest in the Loans, the Issuer shall, from time to time and
within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or
any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Loans as a first-priority interest. 

  
 INDENTURE (RMIT 2021-1) – Schedule
I-4

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