Document:

Specimen Warrant Certificate

 Exhibit 4.3 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF PRIOR TO THE DATE THAT IS 180 DAYS AFTER THE DATE UPON WHICH RAYCLIFF ACQUISITION CORP. (THE “COMPANY”) COMPLETES ITS
BUSINESS COMBINATION (AS DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER
PROVISIONS AND MAY NOT BE EXERCISED DURING SUCH PERIOD. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON
EXERCISE OF SUCH SECURITIES WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY. 
  

			
	Number	 	Warrants

 THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 
 5:00 P.M. NEW YORK CITY TIME,
                    , 2012 
 RAYCLIFF ACQUISITION CORP. 
 Incorporated Under the Laws of the State of Delaware 
 CUSIP [                    ] 

Warrant Certificate 
 This Warrant
Certificate certifies that                     , or registered assigns, is the registered holder of
                     warrants (as adjusted, the “Warrants”) to purchase shares of Common Stock, $0.0001 par value (the
“Common Stock”), of Raycliff Acquisition Corp., a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to
below, to receive from the Company that number of fully paid and nonassessable shares of Common Stock (each, a “Warrant Share”) as set forth below, at the exercise price (the “Exercise Price”) as
determined pursuant to the Warrant Agreement, payable in lawful money of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise 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. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 
 Each Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The number of Warrant Shares issuable upon exercise of the Warrants
are subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. The initial Exercise Price per share of Common Stock for any Warrant is equal to $7.50 per share. The Exercise Price is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement. 

 Warrants may be exercised only during the Warrant Exercise Period subject to the conditions set forth in the Warrant
Agreement and to the extent not exercised by the end of such Warrant Exercise Period such Warrants shall become void. 
 Reference is hereby made to the
further provisions of this Warrant Certificate set forth in this Warrant Certificate 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 until execution of the Warrant Agreement by the Company and the Warrant Agent. In addition, 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 and
construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 
 The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement effective as of
                    , 2008 (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) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement. 
 Warrants may be exercised at any time during the Warrant 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
Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” if permitted or required by 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 assignee a new Warrant Certificate evidencing the number of Warrants not
exercised. No adjustment shall be made for any dividends on any Common Stock issuable upon exercise of this Warrant. 
 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 Warrant Shares to be issued upon exercise is effective under the Act and (ii) a prospectus
thereunder relating to the Warrant Shares is current. In no event shall the Company be required to issue unregistered shares upon the exercise of any Warrant, unless such Warrant is an Insider Warrant (as defined in the Warrant Agreement).

 The Warrant Agreement provides that upon the occurrence of certain events the number of Warrant Shares 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 share of Common Stock, the Company will, upon exercise, round up or down to the nearest whole number of
shares of Common Stock to be issued to the Warrant holder. 
 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) thereof 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 stockholder of the
Company. 
 The Company may call the Warrants, other than the Insider Warrants held by the Sponsor or a Permitted Transferee, for redemption, in whole and
not in part, at a price of $0.01 per Warrant, upon not less than 30 days prior written notice of redemption to each Warrant holder, at any time after such Warrants have become exercisable pursuant to Section 6(a) of the Warrant Agreement, if,
and only if, (i) the Closing Price has equaled or exceeded $13.75 per share for any 20 trading days within a 30-trading-day period ending on the third Business Day prior to the notice of redemption to the Warrant holders and (ii) at all
times between the date of such notice of redemption and the redemption date a registration statement is in effect covering the Warrant shares issuable upon exercise of the Warrants and a current prospectus relating to those Warrant shares is
available. If the Company elects to call the Warrants for redemption, it may require all holders that wish to exercise Warrants to do so on a cashless basis as described in Section 6(c) of the Warrant Agreement. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Warrant Certificate as of the date hereof.

  

			
	RAYCLIFF ACQUISITION CORP.
		
	By:	 	 
	Name:	 	 
	Title:	 	President
		
	By:	 	 
	Name:	 	 
	Title:	 	Secretary

 Countersigned: 
 Dated:                                 , 2008 
 CONTINENTAL STOCK TRANSFER & TRUST COMPANY, 
 as Warrant Agent 

 

			
	By	 	 
		 	Authorized Signatory

 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                      shares of Common Stock and herewith tenders payment for such shares
to the order of Raycliff Acquisition Corp. in the amount of $             in accordance with the terms hereof. The undersigned requests that a certificate for such shares be
registered in the name of
                                        ,
whose address is
                                        
and that such shares be delivered to
                                        
whose address is
                                        .
If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such 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 6(b) of the Warrant Agreement and the Company has
required cashless exercise pursuant to Section 6(b) of the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with Section 6(c) of the Warrant Agreement. 
 In the event that the Warrant is an Insider Warrant (as defined in the Warrant Agreement), this Warrant may be exercised, to the extent allowed by the
Warrant Agreement, through cashless exercise pursuant to Section 6(c) of the Warrant Agreement, in which case (i) the number of shares that this Warrant is exercisable for would be determined in accordance with Section 6(c) of the
Warrant Agreement and (ii) the holder hereof will complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of Section 6(c) of
the Warrant Agreement, to receive                      shares of Common Stock. If said number of shares is less than all of the shares of
Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the name of
                                , whose address is
                                        ,
and that such Warrant Certificate be delivered to
                                        ,
whose address is                                 . 
  

					
	 Date:                    ,
20    
	 		 	  

		 		 	(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).Form of Investment Management Trust Agreement

 Exhibit 10.2 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This
Agreement is made effective as of             , 2008 by and between Raycliff Acquisition Corp., a Delaware corporation (the “Company”), whose principal offices are
located at 5 East 59th Street, 4th floor, New
York, New York, 10022 and Continental Stock Transfer & Trust Company (“Trustee”), located at 17 Battery Place, New York, New York 10004. 
 WHEREAS, the Company has entered into an Underwriting Agreement with Deutsche Bank Securities Inc. as representative of the several underwriters (the “Underwriters”) named therein, relating to
the Company’s initial public offering (the “Offering”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) and warrants to purchase the Company’s common stock
(the “Warrants”) pursuant to a Registration Statement on Form S-1 (the “Registration Statement”) and prospectus (the “Prospectus”) which has been declared effective as of the
date hereof by the Securities and Exchange Commission; and 
 WHEREAS, as described in the Registration Statement, and in accordance with the
Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), $197,000,000 of the gross proceeds of the Offering and sale of the Insider Warrants (or $225,800,000 if the
Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’s Common Stock issued in the Offering as
hereinafter provided (the amount to be delivered to the Trustee will be 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, 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; 
 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 a segregated trust account (the “Trust Account”) established by the Trustee at JP Morgan Chase Bank N.A.; 
 (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, to invest and reinvest the Property in Government Securities or in money market funds
meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by the Company. As used herein, “Government Securities” means any
treasury bill issued by the United States, having a maturity of one hundred and eighty days or less; 

 (d) Collect and receive, when due, all interest arising from the Property, which shall become part of the
“Property,” as such term is used herein; 
 (e) Promptly notify the Company and Deutsche Bank Securities Inc. of all communications
received by it 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 the 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; and 
 (i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance
with, the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its Chief
Executive Officer, President, any Vice President, Secretary or Chairman of 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 only as directed in
the Termination Letter and the other documents referred to therein; provided, however, that, in connection with the approval by the stockholders of the Company of a proposal to extend the corporate existence of the Company by up to an
additional six months (the “Extended Period”) in which Public Stockholders holding less than 30% of the shares sold in the Offering vote against the Extended Period and properly exercise their right to convert such shares
into a pro rata portion of the property in the Trust Account (those voting against the Extended Period and properly exercising such right, the “Converting Stockholders”), a disbursement from the Trust Account shall be made to
the Converting Stockholders upon the terms of a letter (the “Conversion Disbursement Instructions”) to be delivered at such time to the Trustee by the Company and signed on behalf of the Company by its Chief Executive
Officer, President, any Vice President, Secretary or Chairman of the Board or other authorized officer of the Company. The Trustee understands and agrees that, except as provided in this Section 1(i), disbursements from the Trust Account shall
be made only pursuant to the terms of a duly executed Tax Payment Withdrawal Instruction or Interest Withdrawal Instruction, as set forth in Section 2(a) or 2(b), as the case may be; provided, however, that in the event that a
Termination Letter has not been received by the Business Combination Deadline Date (as determined in accordance with this Section 1(i)), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B hereto and distributed to the stockholders of record on the Business Combination Deadline Date. The “Business Combination Deadline Date” means the date that is 24 months (or 30 months, if the
Extended Period is approved) after the consummation of the Offering. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances. “Business Combination” means an acquisition of one
or more assets or operating businesses with a fair market value of at least 80% of the net assets held in the Trust Account (net of taxes and excluding the amount held in the Trust Account representing the deferred underwriting discount) at the time
of the signing of a 

 
definitive agreement in connection with the acquisition through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination. 
 2. Permitted Payments of Trust Property to the Company. 
 (a) 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”), the Trustee shall distribute to the Company the amount requested by the Company to cover any tax obligation owed by the Company as a result of interest or other income earned on
the funds held in the Trust Account, which amount shall be paid directly to the Company by electronic funds transfer, account debit or other method of payment. 
 (b) 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 (an “Interest Withdrawal
Instruction”), the Trustee shall distribute to the Company the amount requested by the Company to be used for working capital requirements and expenses relating to investigating and selecting a target business or assets;
provided, however, that the aggregate amount of all such distributions shall not exceed $3,000,000; provided that such $3,000,000 amount shall be increased by an additional amount equal to the product of (i) $450,000
multiplied by (ii) a fraction, the number of which shall be the number of units for which the underwriters’ over-allotment option in the Offering is exercised and denominator of which shall be 3,000,000. 
 (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from interest collected on the Property. Except as
provided in Sections 1(i), 2(a) and 2(b), no other distributions from the Trust Account shall be permitted. 
 3. 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, Chief Executive Officer, President, Treasurer, Secretary, Controller or any Vice President. In addition, except with respect to its duties under Sections 2(a) and 2(b) above, 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 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) Hold the Trustee harmless and indemnify the Trustee from and against, any and all
expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee 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 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 3(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; 
 (c) Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections 2(a) or 2(b) as set forth on Schedule A hereto, 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 Section 2(b). The Company shall pay the Trustee the
initial acceptance fee and first year’s fee at the consummation of the Offering (the “Effective Date”) and thereafter pay the annual fee on the anniversary of the Effective Date. The Trustee shall refund to the Company
the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 3(c) and as may be
provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections unless and until it is distributed to the Company pursuant to Section 2(b));

 (d) In connection with any vote of the Company’s Public Stockholders regarding a Business Combination, provide to the Trustee an
affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of the Public Stockholders regarding such Business Combination; 
 (e) Provide Deutsche Bank Securities Inc. with a copy of any Termination Letters and/or any other correspondence that it sends to the Trustee with respect to any proposed withdrawal from the Trust Account promptly
after it issues the same; and 
 (f) 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. 
 4. Limitations of Liability. The
Trustee shall have no responsibility or liability for: 
 (a) Taking 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 its own gross negligence or willful misconduct; 
 (b) Instituting 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; 

 (c) Refunding any depreciation in principal of any Property invested in accordance with
Section 1(c); 
 (d) Assuming that the authority of any person designated by the Company to give instructions hereunder shall be
continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
 (e) Any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct whether to
the other parties hereto or anyone else. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel reasonably chosen by the Trustee), 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 is believed by the Trustee,
in good faith, 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; 
 (f) Verifying the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company
or any other action taken by it is as contemplated by the Registration Statement; 
 (g) Filing information returns with the United States
Internal Revenue Service and payee statements with the Company, documenting the taxes payable by the Company, if any, relating to interest earned on the Property. 
 (h) Preparing, executing and filing tax reports, income or other tax returns and paying any taxes with respect to income 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, income tax obligations (it being expressly understood that, as set forth in Section 2(a), if there is any income tax obligation relating to the income of the Property in the Trust
Account, then, only at the written instruction of the Company, the Trustee shall make funds available in cash from the Property in the Trust Account in an amount specified by the Company as owing to the applicable tax authority), which amount shall
be paid directly to the Company by electronic funds transfer, account debit or other method of payment, and the Company shall forward such payment to the taxing authority. 
 (i) Obligations, duties or otherwise being subject to the provisions of any agreement or document other than this Agreement and that which is expressly
set forth herein. 

 5. Trust Account Waiver. The Trustee has no right, title, interest or claim of any kind
(“Claim”) in or to any monies in the Trust Account, and hereby waives any claim in or to any monies in the Trust Account it may have in the future. 
 6. 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. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company
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 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 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 3(b). 
 7. 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. Upon receipt of written instructions to disburse funds other than to the operating account of the
Company, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. 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 information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee will rely upon account numbers and all other identifying information provided to it by the Company, including the name of a beneficiary, beneficiary’s bank or intermediary bank. The Trustee
shall not be liable for any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument. 

 (c) This Agreement or any provision hereof may only be changed, amended or modified 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, Borough of Manhattan, for purposes of resolving any disputes hereunder. 
 (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 or by facsimile
transmission: 
 if to the Trustee, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson and Frank A. Di Paolo 
 Fax No.: (212) 509-5150 
 if to the Company, to: 
 Raycliff Acquisition Corp. 
 5 East 59th Street, 4th Floor 
 New York, New York 10022 
 Attn: Michael J. Emont 
 Fax No.: (212) 759-4129 
 in either case with a copy to: 
 Deutsche Bank Securities Inc. 
 60 Wall Street, 4th Floor 
 New York, New York 10005 
 Attn: General Counsel 
 Fax No.: (212) 266-6074 
 and 
 Akin Gump Strauss
Hauer & Feld LLP 
 590 Madison Avenue 
 New York, New York 10022 
 Attn: Bruce Mendelsohn 
 Fax No.: (212) 872-1002 
 and 
 Skadden, Arps, Slate,
Meagher & Flom LLP 
 300 S. Grand Avenue, Suite 3400 
  

 Los Angeles, California 90071 
 Attn: Gregg A. Noel 
 Fax No.: (213) 687-5600 
 (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company and
Deutsche Bank Securities Inc. 
 (g) Each of the Trustee and the Company 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) Each of the Company and the Trustee
hereby acknowledge that Deutsche Bank Securities Inc. is a third party beneficiary of this Agreement. 
 (i) The Trustee hereby consents to
the inclusion of Continental Stock Transfer and Trust Company in the Registration Statement and other materials relating to the Offering. 
  
 [Signature Page Follows] 

 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:	 	 
		 	 Steven G. Nelson
 President

	
	  
  
  
 RAYCLIFF ACQUISITION CORP.

		
	By:	 	 
		 	 Stefan V. Reyniak
 Vice President and
Treasurer

 SCHEDULE A 
  

					
	 Fee Item
	 	 Time and method of
 payment
	 	 Amount

			
	Initial acceptance fee	 	 Initial closing of Offering by
 wire
transfer
	 	$1,000
			
	Annual fee	 	 First year, initial closing of
 Offering by wire
transfer;
 thereafter on the anniversary
 of the effective date
of the
 Offering by wire transfer or
 check
	 	$3,000
			
	 Transaction processing fee for
 disbursements to Company
under
 Sections 1(i), 2(a) and 2(b)
	 	 Deduction by Trustee from
 accumulated income following

 disbursement made to
 Company under
Section 2
	 	$250

 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
     & Trust Company

 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson and Frank A. Di Paolo 
 Re: Trust
Account No.                      Termination Letter 
 Gentlemen: 
 Pursuant to Section 1(i) of the Investment Management Trust Agreement between Raycliff Acquisition Corp.
(“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement
(“Business 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 48 hours in advance of the actual date of the consummation of the Business
Combination (“Consummation Date”). 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account 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 shall direct on the Consummation
Date. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination
has been consummated (“Counsel’s Letter”) and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of
                        , which verifies the vote of the Company’s stockholders in connection with the Business
Combination and (b) written instructions with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the Counsel’s Letter 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 of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the
funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated and the Trust Account closed. 
 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 the funds held in the Trust

 
Account shall, upon written instruction from the Company, be reinvested as provided in the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice. 
  

			
	Very truly yours,
	
	Raycliff Acquisition Corp.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

	cc:	Deutsche Bank Securities Inc. 

  
  
 Exhibit A 

 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
 & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven Nelson and Frank A. Di Paolo 
  

	 	Re:	Trust Account No.                      Termination Letter

 Gentlemen: 
 Pursuant to
Section 1(i) of the Investment Management Trust Agreement between Raycliff Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2008 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a
Business Combination prior to the Business Combination Deadline 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 liquidation of the Trust Account as promptly as practicable to
stockholders of record on the Business Combination Deadline Date. You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in
accordance with the terms of the Trust Agreement and the Certificate of Incorporation. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Certificate of Incorporation and you shall oversee the
distribution of the funds. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

			
	 Very truly yours,
  
 Raycliff Acquisition Corp.

		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  
 cc:  Deutsche Bank
Securities Inc. 

 EXHIBIT C 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
 & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Cynthia Jordan and Francine West 
  

	 	Re:	Trust Account No. 

 Gentlemen: 
 Pursuant to Section 2(a) of the Investment Management Trust Agreement between Raycliff Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2008
(“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the Company $             of the income earned on the Property
as of the date hereof. 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,
  
 Raycliff Acquisition Corp.

		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  
 cc:  Deutsche Bank
Securities Inc. 

 EXHIBIT D 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer 
 & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Cynthia Jordan and Francine West 
  

	 	Re:	Trust Account No. 

 Gentlemen: 
 Pursuant to Section 2(b) of the Investment Management Trust Agreement between Raycliff Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of                     , 2008
(“Trust Agreement”), this is to advise you that the Company hereby requests that you deliver to the Company $             of the interest, net of the taxes
payable on such interest, earned on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 2(b), the maximum amount permitted to be withdrawn pursuant to
Section 2(b). The Company needs such funds to cover its expenses relating to investigating and selecting a target business and other working capital requirements. 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,
  
 Raycliff Acquisition Corp.

		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  
 cc:  Deutsche Bank
Securities Inc. 

 EXHIBIT E 
  

			
	AUTHORIZED INDIVIDUAL(S)	 	AUTHORIZED
	FOR TELEPHONE CALL BACK	 	TELEPHONE NUMBER(S)
		
	Company:	 	
		
	Raycliff Acquisition Corp.	 	
	5 East 59th Street, 4th Floor	 	
	New York, New York 10022	 	
	Attn: Michael J. Emont or Stefan V. Reyniak	 	(212) 508-5312
		
	Trustee:	 	
		
	Continental Stock Transfer & Trust Company	 	
	17 Battery Place	 	
	New York, New York 10004	 	
	Attn: Frank Di Paolo	 	(212) 845-3270

  
  
 Exhibit E

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