Exhibit 4.6

    

     

      

    

      Form of Warrant Certificate

      

      

      [FACE]

      

      

      Number

      

      

      Warrants

      

      

      THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

      

      

      THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

      

      

      IN THE WARRANT AGREEMENT DESCRIBED BELOW

      

      

      PAGAYA TECHNOLOGIES LTD.

      

      

      Incorporated Under the Laws of the State of Israel

      

      

      CUSIP [●]

      

      

      Warrant Certificate

      

      

      This Warrant Certificate certifies that ________________, or registered assigns, is the registered holder of warrant(s) evidenced hereby
        (the “Warrants” and each, a “Warrant”) to purchase Class A Ordinary Shares without par value per share (“Class A Ordinary Shares”), of Pagaya Technologies Ltd., a company organized under the laws of the State of Israel (the “Company”).
        Each whole Warrant entitles the holder, upon exercise during the period set forth in the Assignment, Assumption and Amended & Restated Warrant Agreement, dated as of [●], 2022 (as amended from time to time, the “Warrant Agreement”) to receive from the Company that number of fully paid and non-assessable Class A Ordinary Shares as set forth below, at the exercise price (the “Warrant

          Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of
        America upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Each capitalized term used
        in this Warrant Certificate but not defined herein shall have the meaning given to it in the Warrant Agreement.

      

      

      Each whole Warrant is initially exercisable for one fully paid and non-assessable Class A Ordinary Share. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of
        Warrants, a holder would be entitled to receive a fractional interest in a Class A Ordinary Share, the Company will, upon exercise, round down to the nearest whole number the number of Class A Ordinary Shares to be issued to the Warrant holder. The
        number of Class A Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

      

      

      The initial Warrant Price per Class A Ordinary Share for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence of certain events set forth in the
        Warrant Agreement.

      

      

      Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period, and to the extent not exercised by the end of such Exercise Period, such
        Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant Agreement.

      

      

      
        
          


      

       

      

      Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though
        fully set forth at this place.

      

      

      This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

      

      

      This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

       

      

      	 	
              PAGAYA TECHNOLOGIES LTD.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	 	 
	 	
              CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

            
	 	
              as Warrant Agent

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 


      

      

      
        
          


      

       

      

      [Form of Warrant Certificate]

      

      

      [Reverse]

      

      

      The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Class A Ordinary Shares and are issued or to be issued
        pursuant to an Assignment, Assumption and Amended & Restated Warrant Agreement dated as of [●], 2022 (as amended from time to time, the “Warrant Agreement”), duly executed and
        delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
        by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant
        Agreement may be obtained by the holder hereof upon written request to the Company. Each capitalized term used in this Warrant Certificate but not defined herein shall have the meaning given to it in the Warrant Agreement.

      

      

      Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering
        this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in
        the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby,
        there shall be issued to the holder hereof or his, her or its assignee a new Warrant Certificate evidencing the number of Warrants not exercised.

      

      

      Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the Class A
        Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Class A Ordinary Shares is current, except through “cashless exercise” as provided for in the Warrant Agreement.

      

      

      The Warrant Agreement provides that upon the occurrence of certain events the number of Class A Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to
        certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a Class A Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Class A
        Ordinary Shares to be issued to the holder of the Warrant.

      

      

      Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized
        in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the
        aggregate a like number of Warrants.

      

      

      Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in
        the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge
        imposed in connection therewith.

      

      

      The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing
        hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the
        Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.

      

      

      
        
          


      

       

      

      Election to Purchase

      

      

      (To Be Executed Upon Exercise of Warrant)

      

      

      The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive _____ Class A Ordinary Shares and herewith tenders payment for such Class A
        Ordinary Shares to the order of Pagaya Technologies Ltd. (the “Company”) in the amount of $_____________ in accordance with the terms hereof. The undersigned requests that a certificate
        for such Class A Ordinary Shares be registered in the name of _____________, whose address is and that such Class A Ordinary Shares be delivered to ______________ whose address is _______________. If said number of Class A Ordinary Shares is less
        than all of the Class A Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Class A Ordinary Shares be registered in the name of ___________________, whose
        address is _______________ and that such Warrant Certificate be delivered to _______________, whose address is _______________.

      

      

      In the event that the Warrant has been called for redemption by the Company pursuant to Section [●] of the Warrant Agreement and the Company has required cashless exercise
        pursuant to Section [●] of the Warrant Agreement, the number of Class A Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Sections [●] and [●]
        of the Warrant Agreement.

      

      

      In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section [●] of the Warrant Agreement, the number of Class A Ordinary Shares that this
        Warrant is exercisable for shall be determined in accordance with Section [●] of the Warrant Agreement.

      

      

      In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Class A Ordinary Shares that this Warrant is exercisable
        for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the
        right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Class A Ordinary Shares. If said number of Class A Ordinary Shares is less than all of the Class A Ordinary Shares
        purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Class A Ordinary Shares be registered in the name of ________________, whose
        address is________________ and that such Warrant Certificate be delivered to ________________, whose address is ________________.

      

      

       

      

      [Signature Page Follows]

      
        
          


      

      	
              Date: ____________, 202__

            	 	 
	 	 	
              Signature

            
	 	 	 
	 	 	 
	 	 	
              (Address)

            
	 	 	 
	 	 	 
	 	 	
              (Tax Identification Number)

            


       

      

      Signature Guaranteed:

      

      

      ___________________________________

      

      

      THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
        PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).