EX-10.2





 Exhibit 10.2 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of March 7, 2019, by and between
Crescent Acquisition Corp, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 

WHEREAS, the Company’s registration statement on Form S-1, Registration Statement No. 333-229718 (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each
of which consists of one share of the Company’s Class A Common Stock, par value $0.0001 per share (the “Common Stock”), and one-half of one redeemable warrant, each warrant entitling
the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Credit Suisse
Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives (the “Representatives”) of the several underwriters named therein (the “Underwriters”); and 

WHEREAS, as described in the Registration Statement, an aggregate of $250,000,000 from the proceeds of the Offering and sale of the Private
Placement Warrants (as defined in the Underwriting Agreement) (or $287,500,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located in
the United States (the “Trust Account”) for the benefit of the Company and the holders of shares of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee
(and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and
the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property equal to $8,750,000 (or up to $10,062,500 if the Underwriters’ over-allotment option is exercised in full) is attributable to deferred underwriting discounts and commissions that may be
payable by the Company to the Underwriters upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and 

WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property. 













	 	NOW	 THEREFORE, IT IS AGREED: 



1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

 

	 	(a)	 Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust
Account established by the Trustee at a branch office of JP Morgan Chase Bank, N.A. located in the United States and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company; 



 

	 	(b)	 Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;



  

	 	(c)	 In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United
States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3)
and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the Company; the Trustee may not
invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or other
consideration during such periods; 


  

	 	(d)	 Collect and receive, when due, all interest or other income arising from the Property, which shall become part
of the “Property,” as such term is used herein; 


  

	 	(e)	 Promptly notify the Company and the Representatives of all communications received by the Trustee with respect
to any Property requiring action by the Company; 


  

	 	(f)	 Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in
connection with the Company’s preparation of tax returns relating to assets held in the Trust Account; 


  

	 	(g)	 Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the
Property if, as and when instructed by the Company to do so; 


  

	 	(h)	 Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account
reflecting all receipts and disbursements of the Trust Account; 


  

	 	(i)	 Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in
accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of the Company by its Executive Chairman, Chief
Executive Officer, President, Chief Financial Officer, Secretary or Chairman (or, if applicable, any Co-Chairman) of the board of directors (the “Board”) or other authorized officer of the
Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not




  
 2 














	 	
previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter
and the other documents referred to therein, or (y) upon the date which is 24 months after the closing of the Offering, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be
liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the
Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date which is 24 months after the closing of the
Offering, the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders; 


 

	 	(j)	 Upon written request from the Company, which may be given from time to time in a form substantially similar to
that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax
obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in
the Trust Account as shall be designated by the Company in writing to make such distribution; so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, however, that if the tax to be
paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of
the Company setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company
referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 



 

	 	(k)	 Upon written request from the Company, which may be given from time to time in a form substantially similar to
that attached hereto as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem shares of Common Stock from Public
Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the 



  
 3 














	 	
Company’s amended and restated certificate of incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its public shares of Common Stock if
the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation. The written request of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and 

  

	 	(l)	 Not make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i),
1(j) and 1(k) above. 


 2. Agreements and Covenants of the Company. The Company hereby agrees
and covenants to: 
  

	 	(a)	 Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board
(or, if applicable, any Co-Chairman of the Board), Executive Chairman, Chief Executive Officer, President, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections
1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by
any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 


  

	 	(b)	 Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and
all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee
involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and
losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel; 



  
 4 














	 	(c)	 Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual
administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to
the Company pursuant to Sections 1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund to the
Company the annual administration fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this
Section 2(c), Schedule A and as may be provided in Section 2(b) hereof; 


  

	 	(d)	 In connection with any vote of the Company’s stockholders regarding any merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses, involving the Company (a “Business Combination”), provide to the Trustee an affidavit or certificate of the
inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination; 


  

	 	(e)	 Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is
sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 


  

	 	(f)	 Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a
Termination Letter in the form of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Representatives; 


  

	 	(g)	 Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from
instructing the Trustee to make any distributions that are not permitted under this Agreement; and 


  

	 	(h)	 Within four (4) business days after the Underwriters’ exercise of the over-allotment option (or any
unexercised portion thereof) or such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $8,750,000 (or $10,062,500, if the over-allotment option is
exercised in full). 


 3. Limitations of Liability. The Trustee shall have no responsibility or liability to: 

 

	 	(a)	 Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or
document other than this Agreement and that which is expressly set forth herein; 


  

	 	(b)	 Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee
shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct; 



  
 5 














	 	(c)	 Institute any proceeding for the collection of any principal and income arising from, or institute, appear in
or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds
sufficient to pay any expenses incident thereto; 


  

	 	(d)	 Refund any depreciation in principal of any Property; 



 

	 	(e)	 Assume that the authority of any person designated by the Company to give instructions hereunder shall not be
continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 


  

	 	(f)	 The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it
to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity
and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper
person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 


  

	 	(g)	 Verify the accuracy of the information contained in the Registration Statement; 



 

	 	(h)	 Provide any assurance that any Business Combination entered into by the Company or any other action taken by
the Company is as contemplated by the Registration Statement; 


  

	 	(i)	 File information returns with respect to the Trust Account with any local, state or federal taxing authority or
provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 



 

	 	(j)	 Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income
generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j)
hereof; or 



  
 6 














	 	(k)	 Verify calculations, qualify or otherwise approve the Company’s written requests for distributions
pursuant to Sections 1(i), 1(j) and 1(k) hereof. 


 4. Trust Account Waiver. The Trustee has
no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in,
the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or
Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 

5. Termination. This Agreement shall terminate as follows: 
  

	 	(a)	 If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company
shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has
agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust
Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any
liability whatsoever; or 


  

	 	(b)	 At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in
accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b). 



6. Miscellaneous. 
  

	 	(a)	 The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth
below with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied
to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross
negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds. 



  
 7 














	 	(b)	 This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Procedure Laws and Rules 327(b).



  

	 	(c)	 This Agreement contains the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof. Except for Section 1(i) hereof (which may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding shares of Common Stock and
Class F common stock, par value $0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his, her or its
shares of Common Stock in connection with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each
of the parties hereto. 


  

	 	(d)	 The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of
New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.  



 

	 	(e)	 Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement
shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission: 



if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 

New York, New York 10004 

Attention: Francis Wolf and Celeste Gonzalez 

Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

if to the Company, to: 
 Crescent
Acquisition Corp 
 11100 Santa Monica Boulevard, Suite 2000 

Los Angeles, CA 90025 

Attention: Robert D. Beyer and Todd M. Purdy 

Fax No.: 

  
 8 













 in each case, with copies to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

300 South Grand Ave., Suite 3400 

Los Angeles, CA 90071 

Attention: Gregg A. Noel, Esq. and Jonathan Ko, Esq. 

Fax No.: (213) 687-5600 

and 
 Credit Suisse Securities
(USA) LLC 
 Eleven Madison Avenue 

New York, NY 10010 
 Attention:
IBCM-Legal 
 Fax No.: (212) 325-4296 

and 
 Merrill Lynch, Pierce,
Fenner & Smith 
 Incorporated 

One Bryant Park 
 New York, NY
10036 
 Attention: Syndicate Department 

Fax No.: (646) 855-3073 

and 
 Shearman &
Sterling LLP 
 599 Lexington Avenue 

New York, NY 10022 
 Attention:
Harald Halbhuber, Esq. and Ilir Mujalovic, Esq. 
 Fax No.: (212) 848-7179 

 

	 	(f)	 This Agreement may not be assigned by the Trustee without the prior consent of the Company.



  

	 	(g)	 Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly
authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 


  

	 	(h)	 This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 



  
 9 














	 	(i)	 This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.



  

	 	(j)	 Each of the Company and the Trustee hereby acknowledges and agrees that the Representatives, on behalf of the
Underwriters, are third party beneficiaries of this Agreement. 


  

	 	(k)	 Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations
hereunder to any other person or entity. 


 [Signature Page Follows] 

  
 10 













 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above. 
  

			
	Continental Stock Transfer & Trust Company, as Trustee
		
	By:	 	 /s/ Francis E. Wolf Jr.

		 	 Name: Francis E. Wolf Jr.
 Title: Vice
President



  

			
	Crescent Acquisition Corp
		
	By:	 	 /s/ George P. Hawley

		 	 Name: George P. Hawley
 Title: General
Counsel and Secretary




  
 [Signature Page to
Investment Management Trust Agreement] 













 SCHEDULE A 
  

					
	Fee Item	  	Time and method of payment	  	Amount
	Initial acceptance fee	  	Initial closing of the Offering by wire transfer	  	$ 3,500.00
			
	Annual fee	  	First year, initial closing of the Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check	  	$ 10,000.00
			
	Transaction processing fee for disbursements to Company under Section 1(i) and 1(j)	  	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	  	$ 250.00 per wire
			
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	  	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	  	Prevailing rates


  
 Schedule A 













 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
 Re: Trust Account No. [    ] Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 
 Pursuant to
Section 1(i) of the Investment Management Trust Agreement between Crescent Acquisition Corp (“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
March 7, 2019 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement with
[                ] (“Target Business”) to consummate a business combination with Target Business
(“Business Combination”) on or about [insert date]. The Company shall notify you at least forty-eight (48) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the
Business Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
on [insert date], and to transfer the proceeds to the above-referenced trust operating account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for
transfer to the account or accounts that the Company and Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (together with Credit Suisse, the
“Representatives”) (solely with respect to the Deferred Discount) shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account at JPMorgan Chase Bank, N.A.
awaiting distribution, neither the Company nor the Representatives will earn any interest. 
 On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Company (the
“Notification”) and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the Company’s
stockholders, if a vote is held and (b) joint written instruction signed by the Company and the Representatives with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to public stockholders who
have properly exercised their redemption rights and express instructions to pay the Deferred Discount from the 

  
 Exh A-1 













 
Trust Account directly to the account or accounts directed by the Representatives (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in
the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the
Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon
the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated. 

In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not
notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c)
of the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice as soon thereafter as possible. 
  

			
	Very truly yours,
	
	Crescent Acquisition Corp
		
	By: 	 	 
		 	 Name:
 Title:



 cc: Credit Suisse Securities (USA) LLC 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

  
 Exh A-2 













 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
 Re: Trust Account No. [    ] Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 
 Pursuant to
Section 1(i) of the Investment Management Trust Agreement between Crescent Acquisition Corp (“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
March 7, 2019 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business (“Business Combination”) within the time frame specified in the
Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on [•]
and to transfer the total proceeds into the trust operating account at JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has selected [•], as the effective date for the purpose of determining when the
Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public
Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except
to the extent otherwise provided in Section 1(j) of the Trust Agreement. 
  

			
	Very truly yours,
	
	Crescent Acquisition Corp
		
	By: 	 	 
		 	 Name:
 Title:



 cc: Credit Suisse Securities (USA) LLC 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

  
 Exh B-1 













 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
 Re: Trust Account No. [    ] Tax Payment Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Crescent Acquisition Corp
(“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of March 7, 2019 (“Trust Agreement”), the Company hereby requests that you deliver to the Company
$[•] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 

[WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	Crescent Acquisition Corp
		
	By: 	 	 
		 	 Name:
 Title:



  

	cc:	 Credit Suisse Securities (USA) LLC 



	 	Merrill	 Lynch, Pierce, Fenner & Smith Incorporated 



  
 Exh C-1 













 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 One State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
 Re: Trust Account No. Stockholder Redemption Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between Crescent Acquisition Corp (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of March 7, 2019 (“Trust Agreement”), the Company hereby requests that you deliver to the redeeming
Public Stockholders of the Company $[                ] of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not
defined herein shall have the meanings set forth in the Trust Agreement. 
 The Company needs such funds to pay its Public Stockholders who
have properly elected to have their shares of Common Stock redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation that affects the substance or
timing of the Company’s obligation to redeem 100% of its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of
incorporation. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Stockholders in accordance with your customary procedures. 

 

			
	Very truly yours,
	
	Crescent Acquisition Corp
		
	By: 	 	 
		 	 Name:
 Title:



  

	cc:	 Credit Suisse Securities (USA) LLC 



	 	Merrill	 Lynch, Pierce, Fenner & Smith Incorporated 



  
 Exh D-1