Document:

Exhibit 10.2

 

EXECUTION VERSION

 

 

 

Form
of LOAN SALE AGREEMENT

 

among

 

NMF SLF I, INC.,

as the Seller,

 

and

 

NMF SLF I SPV, L.L.C.,

as the Purchaser

 

Dated as of December 23, 2020

 

 

 

    

     

    

 

Table
of Contents

Page

 	ARTICLE I Definitions	1
	Section 1.1	Definitions	1
	Section 1.2	Other Terms	3
	ARTICLE II TRANSFER OF THE CONVEYED ASSETS	3
	Section 2.1	Transfer of the Conveyed Assets	3
	Section 2.2	Conveyance of Loan Assets	5
	Section 2.3	Direct Assignments	6
	Section 2.4	Delivery of Documents	6
	Section 2.5	Assignments	6
	ARTICLE III REPRESENTATIONS AND WARRANTIES	7
	Section 3.1	Representations and Warranties of the
    Seller	7
	Section 3.2	Representations and Warranties Regarding
    the Loans and Information	11
	Section 3.3	Representations and Warranties of the
    Purchaser	12
	ARTICLE IV Perfection of Transfer and Protection of Security Interests	13
	Section 4.1	Custody of Loan	13
	Section 4.2	Filing	13
	Section 4.3	Changes in Name, Corporate Structure or
    Location	13
	Section 4.4	Costs and Expenses	13
	Section 4.5	Sale or Capital Contribution Treatment	14
	ARTICLE
    V Covenants	14
	Section 5.1	Covenants of the Seller	14
	ARTICLE VI Indemnification by THE SELLER	17
	Section 6.1	Indemnification	17
	Section 6.2	Liabilities to Obligors	20
	Section 6.3	Limitation on Liability	20
	ARTICLE VII optional and mandatory repurchases	20
	Section 7.1	Mandatory Repurchases	20
	Section 7.2	Reassignment of Repurchased Loans	21
	Section 7.3	Discretionary Sales	21

 

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Table of Contents

(continued)

 

Page

 

	ARTICLE VIII Miscellaneous	21
	Section 8.1	Amendment	21
	Section 8.2	Governing Law	21
	Section 8.3	Notices	22
	Section 8.4	Severability of Provisions	22
	Section 8.5	Third Party Beneficiaries	22
	Section 8.6	Counterparts	23
	Section 8.7	Headings	23
	Section 8.8	No Bankruptcy Petition; Disclaimer	23
	Section 8.9	Jurisdiction; Waivers	23
	Section 8.10	No Partnership	24
	Section 8.11	Successors and Assigns; Assignment to
    Administrative Agent	24
	Section 8.12	Duration of Agreement	24
	Section 8.13	Limited Recourse	24

 

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SCHEDULES AND EXHIBITS

 

	Schedule 1	-	Loans
	 	 	 
	Schedule 2	-	Notice Information
	 	 	 
	Exhibit A	-	Form of Loan Assignment

 

    

     

    

 

THIS
LOAN SALE AGREEMENT, dated as December 23, 2020 (as amended, modified, restated, or supplemented from time to time,
this “Agreement”), is made by and between NMF SLF I, INC., a Maryland corporation (together with its successors
and assigns in such capacity, the “Seller”), and NMF SLF I SPV, L.L.C., a Delaware limited liability company
(together with its successors and assigns in such capacity, the “Purchaser”).

 

PREAMBLE

 

WHEREAS,
the Purchaser desires to acquire from time to time certain Loans, together with certain related property, as more fully
described in the Loan and Security Agreement, dated as of the date hereof (as amended, modified, restated or supplemented from
time to time, the “Loan Agreement”), by and among the Purchaser, as the Borrower, the Seller, as the Equityholder
and the Seller, New Mountain Finance Advisers BDC, L.L.C., as the Collateral Manager, each of the Lenders from time to time party
thereto, Wells Fargo Bank, National Association, as the Administrative Agent, and Wells Fargo Bank, National Association, as the
Collateral Custodian;

 

WHEREAS,
it is a condition to the Purchaser’s acquisition of the Loans from the Seller that the Seller make certain representations,
warranties and covenants regarding all Loans and related property sold and transferred pursuant to this Agreement for the benefit
of the Purchaser; and

 

WHEREAS,
the Purchaser may from time to time acquire certain Loans from the Seller pursuant to the terms and conditions set forth herein
and in the Loan Agreement.

 

NOW,
THEREFORE, based upon the above recitals, the mutual premises and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

ARTICLE I

Definitions

 

Section 1.1           Definitions.

 

Capitalized terms used
but not otherwise defined herein shall have the meanings attributed to such terms in the Loan Agreement. In addition, as used herein,
the following defined terms, unless the context otherwise requires, shall have the following meanings:

 

“Conveyed
Assets”: Collectively, the Loan Assets.

 

“Indemnified
Party”: The meaning specified in Section 6.1.

 

“Ineligible
Loan”: The meaning specified in Section 7.1.

 

“Loan”:
(a) Any commercial loan or note which is sourced or originated by the Seller or any of its Affiliates and conveyed pursuant
to this Agreement and (b) each Ramp-up Participation Interest.

 

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“Loan Assets”:
Any assets acquired by the Purchaser from the Seller pursuant to Section 2.1(a), which assets shall, unless the Administrative
Agent is otherwise notified at the time of the sale or transfer, include the Seller’s right, title and interest in the following:

 

(i)            the
Loans listed in the related Loan List, all payments paid in respect thereof and all monies due, to become due or paid in respect
thereof accruing on and after the applicable Transfer Date and all insurance proceeds, liquidation proceeds and other proceeds
and recoveries thereon, in each case as they arise after the applicable Transfer Date;

 

(ii)           all
security interests and Liens and Related Property subject thereto from time to time purporting to secure payment by Obligors under
such Loans;

 

(iii)          all
guaranties, indemnities and warranties, and other agreements or arrangements of whatever character from time to time supporting
or securing payment of such Loans;

 

(iv)          all
collections and records (including computer records) with respect to the foregoing;

 

(v)           all
Underlying Instruments relating to the applicable Loan Files; and

 

(vi)          all
income, payments, proceeds and other benefits of any and all of the foregoing, including but not limited to, all accounts, cash
and currency, chattel paper, electronic chattel paper, tangible chattel paper, copyrights, copyright licenses, equipment, fixtures,
general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment property, letter of credit rights,
software, supporting obligations, accessions, and other property consisting of, arising out of, or related to the foregoing, but
excluding any Excluded Amount with respect thereto.

 

“Loan Assignment”:
A Loan Assignment executed by the Seller and the Purchaser, substantially in the form of Exhibit A attached hereto.

 

“Loan List”:
Schedule 1 to each Loan Assignment delivered pursuant hereto and Schedule I to this Agreement as updated from time to time
pursuant to Section 2.1(a).

 

“Master Participation
Agreement”: The Participation Agreement, dated as of the date hereof, between the Seller, as grantor, and the Purchaser,
as the participant, relating to the Ramp-up Participation Interests conveyed on the date hereof.

 

“Purchaser”:
The meaning set forth in the preamble.

 

“Related Property”:
With respect to any Loan, means the interest of the Obligor in any property or other assets designated and pledged or mortgaged
as collateral to secure repayment of such Loan.

 

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“Repurchase
Price”:  As of any date of determination with respect thereto, with respect to any Loan repurchased pursuant
to Section 7.1, the Transfer Deposit Amount with respect thereto.

 

“Seller”:  The
meaning set forth in the preamble.

 

“Seller Retained
Interest”:  Accrued and unpaid interest (other than Accreted Interest) and fees with respect to any Loan with
respect to that period of time prior to the Transfer Date, with respect to the related Loan.

 

“Transfer
Date”:  The date of transfer of any Loan Assets hereunder.

 

“Transfer
Deposit Amount”: On any date of determination with respect to any Loan, an amount equal to the purchase price (expressed
as percentage of par) multiplied by the outstanding principal balance of such Loan on its Transfer Date less any principal received
by the Purchaser after such Transfer Date with respect thereto, plus the portion of fees amortized since such Transfer Date as
calculated per the Seller’s accounting policies with respect to such Loan.

 

“Transfer
Documents”: The meaning set forth in Section 2.5.

 

“Underlying
Note”: One or more promissory notes executed by the applicable Obligor evidencing a Loan.

 

Section 1.2       Other
Terms.

 

The interpretive provisions
contained in Section 1.2, Section 1.3 and Section 1.4 of the Loan Agreement are hereby incorporated by reference
herein.

 

ARTICLE II

TRANSFER OF THE CONVEYED ASSETS

 

Section 2.1       Transfer
of the Conveyed Assets.

 

(a)           Each
of the Seller and the Purchaser agrees and acknowledges that the Purchaser may, as permitted hereunder and under the Loan Agreement,
acquire from the Seller Loan Assets for a purchase price equal to the fair market value thereof as agreed between the Purchaser
and the Seller.  Loan Assets will be acquired, in each case, including in respect of the Ramp-up Participation Interests,
pursuant to (i) this Agreement upon the delivery from time to time by the Seller to the Purchaser of a Loan Assignment identifying
the Loan Assets to be transferred by the Seller to the Purchaser on the related Transfer Date, (ii) the Master Participation
Agreement upon the delivery from time to time by the Seller to the Purchaser of a Loan Assignment identifying the Loan Assets to
be transferred by the Seller to the Purchaser on the related Transfer Date and (iii) one or more Underlying Assignment Agreements
in the form specified in the applicable Underlying Instruments having an effective date as specified in such Underlying Assignment
Agreement without further amendment thereof.  From and after the Transfer Date, the Loan Assets listed on Schedule I
to the related Loan Assignment shall be deemed added to Schedule 1 hereto.  The purchase price for each Loan Asset
shall be paid by the Purchaser in a combination of (i) immediately available funds and (ii) if the Purchaser does not
have sufficient funds to pay the full amount of the purchase price, by means of a capital contribution by the Seller to the Purchaser;
provided that the Seller may elect to designate all or any portion of the Loan Asset being transferred by it to the Purchaser
as a capital contribution to the Purchaser.  Notwithstanding any other provision of this Agreement, only the rights and
obligations of the Seller as a lender under such Loan are sold or transferred thereby.  The sale and transfer of any
Conveyed Assets hereunder does not constitute and is not intended to result in a creation or assumption by the Purchaser or any
assignee of the Purchaser (including the Administrative Agent for the benefit of the Secured Parties), of any obligation of the
Seller as administrative agent, collateral agent or paying agent under any Loan.  The exchange of the Conveyed Assets
for the payment of the purchase price is intended by the Seller and the Purchaser to be a contemporaneous exchange.  Neither
the Seller nor the Purchaser has the right to unilaterally alter, subsequent to the transfer, the consideration given to the Seller
for any Conveyed Asset.

 

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(b)           In
the case of the Loan Assets to be sold by the Seller to the Purchaser in the form of the Ramp-up Participation Interests pursuant
to the Master Participation Agreement, the Seller hereby agrees to use its commercially reasonable best efforts to cause the assignment
of legal title to the Ramp-up Participation Interests to the Purchaser to become effective as soon as practicable after the Closing
Date, but in no event later than the date that is sixty (60) days after the Closing Date (or such longer period to which the Administrative
Agent may agree in its sole discretion) pursuant to the terms and conditions set forth in the Master Participation Agreement. Each
of the Seller and the Purchaser agrees (i) to execute and deliver, or to cause to be executed and delivered, all such instruments
and (ii) to take all such actions as the other may reasonably request to effectuate the assignment of legal title to the Ramp-up
Participation Interests to the Purchaser pursuant to the terms and conditions set forth in the Master Participation Agreement.
After the Closing Date, the Seller shall cause the Collections with respect to the participation to be deposited to the Collection
Account in the manner provided in the terms and conditions set forth in the Master Participation Agreement.

 

(c)           Except
as specifically provided in this Agreement, the sale or transfer of any Conveyed Assets under this Agreement shall be without recourse
to the Seller; it being understood that the Seller shall be liable to the Purchaser for all representations, warranties, covenants
and indemnities made by the Seller pursuant to the terms of this Agreement, all of which obligations are limited so as not to constitute
recourse to the Seller for the credit risk of the Obligors.  Each of the Seller and the Purchaser agrees that (i) the
representations and warranties of the Seller in Sections 3.1 and 3.2 hereof and of the Purchaser in Section 3.3
hereof, and the covenants of the Seller herein, including without limitation Section 5.1, will run to and be for the
benefit of the Purchaser and the Administrative Agent (as collateral assignee of the Purchaser, on behalf of the Secured Parties)
and (ii) either the Purchaser or the Administrative Agent (as collateral assignee of the Purchaser, on behalf of the Secured
Parties) may enforce the repurchase obligations of the Seller with respect to breaches of such representations, warranties and
covenants as set forth herein.  The parties hereto acknowledge and agree that the Administrative Agent for the benefit
of the Secured Parties is a third party beneficiary of such representations, warranties and covenants.

 

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(d)           Each
of the Seller and the Purchaser intends and agrees that (i) the sale, conveyance and transfer of the Conveyed Assets by the
Seller to the Purchaser pursuant to this Agreement in each and every case is intended to be, is and shall be treated for all purposes
(other than tax purposes) as, an absolute sale, conveyance and transfer of ownership of the applicable Conveyed Assets (free and
clear of any Lien other than Permitted Liens) rather than the mere granting of a security interest to secure a financing, a debt
or any other obligation and (ii) such Conveyed Assets shall not be part of the Seller’s estate in the event of a filing
of a bankruptcy petition or other action by or against the Seller under any Insolvency Law; provided that, solely for federal
income tax reporting purposes, so long as the Purchaser is treated as a “disregarded entity,” the conveyance and transfer
of the Conveyed Assets by the Seller to the Purchaser will not be recognized.  It is, further, not the intention of the
parties that any such sale, conveyance or transfer be deemed a pledge of any Conveyed Assets by the Seller to the Purchaser to
secure a debt or other obligation of the Seller.  However, in the event that notwithstanding such intent and agreement,
any such Conveyed Assets are held to continue to be the property of the Seller, then the parties hereto agree that the Seller hereby
grants to the Purchaser a security interest in all of its right, title and interest in, to and under such Conveyed Assets (whether
now existing or hereafter created).  For such purposes, this Agreement shall constitute a security agreement under the
UCC as in effect in the State of New York, to secure the prompt and complete payment of a loan deemed to have been made by the
Purchaser to the Seller in an amount equal to the aggregate purchase price paid to the Seller together with such other obligations
of the Seller as may arise hereunder in favor of the Purchaser.  This grant of a security interest is a supplemental
protection to the Purchaser and is not meant to negate or affect in any way the intended sale or transfer of the Conveyed Assets
by the Seller to the Purchaser.

 

(e)           The
Seller hereby authorizes the Purchaser to file or cause to be filed, and the Purchaser shall file or shall cause to be filed, in
all jurisdictions and with all filing offices as are necessary or advisable to perfect the precautionary security interest granted
to the Purchaser pursuant to Section 2.1(d), a precautionary UCC-1 financing statement and any amendments thereto and
continuation statements thereto as may be necessary or advisable naming the Seller as debtor, the Purchaser as assignor secured
party and the Administrative Agent as assignee secured party, listing all of the Conveyed Assets pledged hereunder as collateral
thereunder.

 

(f)            Notwithstanding
the foregoing, no transfer shall occur under this Agreement until receipt by the Administrative Agent, the Collateral Custodian
and initial Lender of executed legal opinion or opinions of Schulte Roth & Zabel LLP, counsel to the Purchaser and the
Seller, covering (i) non-consolidation of the Purchaser with the Seller and (ii) true sale or true contribution of the
Loans from the Seller to the Purchaser, in each case, in form and substance acceptable to the Administrative Agent in its reasonable
discretion.

 

Section 2.2       Conveyance
of Loan Assets.

 

(a)            As
and when permitted by the Loan Agreement and subject to this Section 2.2 and the satisfaction of the conditions imposed
under the Loan Agreement with respect to the acquisition of Loan Assets, including in respect of the Ramp-up Participation Interests
set forth on Schedule I to the Master Participation Agreement, the Seller may at its option (but shall not be obligated to), as
the Seller may agree with the Purchaser, sell, convey and transfer to the Purchaser all the right, title and interest of the Seller
in and to the Loan Assets identified in the related Loan Assignment and Underlying Assignment Agreements, in each and every case
without recourse other than as expressly provided herein.

 

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(b)           Concurrently
with the transfer of the Ramp-up Participation Interests in the Loan Assets identified on Schedule I to the Master Participation
Agreement and the transfer of any additional Loan Assets by the Seller to the Purchaser pursuant to the Master Participation Agreement
or this Agreement, (i) the Seller shall transfer to the Collection Account all Principal Collections and Interest Collections
(other than Seller Retained Interest) received with respect to such Loan Assets on and after the related Transfer Date, (ii) each
of the representations and warranties made by the Seller pursuant to Article III applicable to such Loan Assets shall
be true and correct as of the related Transfer Date and (iii) the Seller shall, at its own expense, on or prior to the applicable
Transfer Date, indicate in its records that ownership of such Loan Assets has been sold by the Seller to the Purchaser pursuant
to this Agreement.

 

Section 2.3       Direct
Assignments.

 

The Seller and the
Purchaser acknowledge and agree that, solely for administrative convenience, any transfer document or Underlying Assignment Agreement
(or, in the case of any Underlying Note, any chain of endorsement) required to be executed and delivered in connection with the
transfer of a Loan in accordance with the terms of related Underlying Instruments may reflect that (i) the Seller (or any
third party from whom the Seller or the Purchaser may purchase a Loan) is assigning such Loan directly to the Purchaser or (ii) the
Purchaser is acquiring such Loan at the closing of such Loan.  Nothing in any such transfer document or Underlying Assignment
Agreement (or, in the case of any Underlying Note, nothing in such chain of endorsement) shall be deemed to impair the sales, conveyances
and transfers of the Loans by the Seller to the Purchaser in accordance with the terms of this Agreement.

 

Section 2.4        Delivery
of Documents.

 

With respect to each
Loan transferred hereunder as part of the Conveyed Assets, within the time period required for delivery thereof under the Loan
Agreement, the Seller, on behalf of the Purchaser and the Collateral Manager, will deliver or cause to be delivered to the Collateral
Custodian each of the Required Loan Documents with respect to such Loan.

 

Section 2.5       Assignments.

 

It is the intention
of the Seller and the Purchaser that this Agreement, the Loan List and each Loan Assignment (collectively, the “Transfer
Documents”) shall supplement each Underlying Assignment Agreement required to be executed under any Underlying Instrument
relating to any Conveyed Asset, and that whenever possible, each provision of the Transfer Documents shall be interpreted in such
manner as to be effective and valid under each applicable Underlying Instrument and without replacing or superseding such Underlying
Assignment Agreement.  However, to the extent that there is a conflict or inconsistency between any provision of any
Transfer Document, on the one hand, and any provision of any Underlying Assignment Agreement, on the other hand, such Underlying
Assignment Agreement shall control and prevail to the extent any such conflict or inconsistency would invalidate the sale, transfer
and assignment contemplated thereby, without invalidating the remainder of such provision of such Transfer Document or the remaining
provisions of the Transfer Documents, and to the extent any provision of any Transfer Document would conflict with any Underlying
Instrument applicable to any Conveyed Asset in a manner that would invalidate the sale, transfer and assignment contemplated hereby,
such Underlying Instrument shall be controlling as to such provision without invalidating the remainder of such provision or the
remaining provisions of the Transfer Documents.

 

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ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

The Seller makes, and
upon each Transfer Date is deemed to make, the representations and warranties (including with respect to any Loan sourced or originated
by the Seller which for administrative convenience is assigned directly to the Purchaser or the Purchaser acquires directly at
the closing of the Loan in accordance with Section 2.3) set forth in Section 3.1 and, with respect to the
Loan Assets transferred on such Transfer Date, Section 3.2, on which the Purchaser will rely in acquiring any Loan
Assets on any applicable Transfer Date, and on which, in each case, each of the parties hereto acknowledges and agrees that the
Administrative Agent, for the benefit of the Secured Parties, shall be entitled to rely as an express third party beneficiary as
a condition of the Purchaser entering into the Transaction Documents to which it is a party.  Each of the parties hereto
acknowledges and agrees that such representations and warranties are being made by the Seller for the benefit of the Purchaser
and the Administrative Agent, as collateral assignee of the Purchaser, for the benefit of the Secured Parties.

 

The representations
and warranties set forth in this Article III are given as of the applicable Transfer Date, but shall survive the sale,
transfer and assignment of the Conveyed Assets to the Purchaser hereunder.

 

Section 3.1       Representations
and Warranties of the Seller.

 

By
its execution of this Agreement, the Seller represents and warrants to the Purchaser as of the date hereof and as of each
Transfer Date that:

 

(a)           Organization
and Good Standing.  The Seller has been duly organized, and is validly existing as a corporation in good standing,
under the laws of the State of Maryland, with all requisite corporate power and authority to own or lease its properties and conduct
its business as such business is presently conducted.  The Seller had at all relevant times, and now has all necessary
power, authority and legal right to acquire, own, sell and transfer the Conveyed Assets.

 

(b)           Due
Qualification.  The Seller is (i) duly qualified to do business and is in good standing as a corporation in
its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions
in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals,
except where the failure to so qualify or have such qualifications, licenses and approvals could not reasonably be expected to
have a Material Adverse Effect.  This Agreement and each other Transaction Document to which the Seller is a party have
been duly executed and delivered by the Seller.

 

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(c)            Power
and Authority; Due Authorization; Execution and Delivery.  The Seller (i) has all necessary corporate power,
authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry
out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary corporate
action, the execution, delivery and performance of each Transaction Document to which it is a party and solely with respect to
the pledge and assignment of an ownership and security interest in the Conveyed Assets being pledged, sold or transferred on such
Transfer Date, on the terms and conditions herein provided.

 

(d)            Binding
Obligation.  Each Transaction Document to which the Seller is a party constitutes a legal, valid and binding obligation
of the Seller, enforceable against the Seller in accordance with its respective terms, except as such enforceability may be limited
by Insolvency Laws and by general principles of equity (whether such enforceability is considered in a suit at law or in equity).

 

(e)            No
Violation.  The execution, delivery and performance of each Transaction Document to which it is a party and the fulfillment
of the terms thereof (including, without limitation, the use of the proceeds from the sale of the Conveyed Assets being sold on
such Transfer Date) will not (i) violate any Governing Documents of the Seller or any Contractual Obligation of the Seller
in any material respect, (ii) result in the creation or imposition of any Lien on the Collateral (other than any Permitted
Lien), or (iii) violate any Applicable Law in any material respect.

 

(f)            Agreements.  The
Seller is not a party to any agreement or instrument or subject to any corporate restriction that has resulted or could reasonably
be expected to result in a Material Adverse Effect.  The Seller is not in default in any manner under any provision of
any agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by
which it or any of its properties or assets are or may be bound, where such defaults could reasonably be expected to result in
a Material Adverse Effect.

 

(g)            No
Proceedings.  There is no litigation, proceeding or investigation pending or, to the knowledge of a Responsible Officer
of the Seller, threatened against the Seller, before any Governmental Authority (i) asserting the invalidity of any Transaction
Document to which the Seller is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated
by any Transaction Document to which the Seller is a party or (iii) that could reasonably be expected to have a Material Adverse
Effect.

 

(h)            All
Consents Required.  All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person
or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Seller of each Transaction
Document to which it is a party have been obtained or made, except for filings of UCC-1 financing statements in connection with
the transactions contemplated by the Transaction Documents.

 

(i)            Bulk
Sales.  The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not
require compliance with any “bulk sales” act or similar statutory provisions in effect in any applicable jurisdiction
by the Seller.

 

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(j)            Solvency.  The
Seller is not the subject of any Insolvency Proceedings or Insolvency Event.  The transactions under the Transaction
Documents to which the Seller is a party do not and will not render the Seller not Solvent and the Seller has delivered to the
Purchaser and the Administrative Agent on the Closing Date a certification in the form of Exhibit C to the Loan Agreement.

 

(k)           Taxes.  The
Seller has filed or caused to be filed all U.S. federal and other material tax and information returns that are required to be
filed by it and has paid or made adequate provisions for the payment of all U.S. federal and other material Taxes and all material
assessments made against it or any of its property (other than any amount of Tax that is not yet due or the validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have
been provided on the books of the Seller), and no U.S. federal or other material tax lien (other than a Permitted Lien in respect
of Taxes) has been filed and, to the Seller’s knowledge, no claim is being asserted with respect to any such Tax, fee or
other charge (other than any claim the validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which reserves in accordance with GAAP have been provided on the books of the Seller).

 

(l)            Reports
Accurate.  All information, exhibits, financial statements, documents, books, records or reports furnished or to
be furnished by the Seller to the Purchaser in connection with this Agreement are true, complete and correct in all material respects.

 

(m)           Location.  The
Seller’s location (within the meaning of Article 9 of the UCC) is, and at all times has been, the State of Maryland.  The
Seller has not changed its location within the four (4) months preceding the Closing Date, except to the extent it has satisfied
the requirements of Sections 4.3 and 5.1(d).

 

(n)            Legal
Name.  The Seller’s exact name as of the Closing Date is NMF SLF I, Inc.  As of the Closing
Date, the Seller has not had any prior legal names.

 

(o)           Value
Given.  The Seller has received reasonably equivalent value from the Purchaser in consideration for the transfer
to the Purchaser of the Conveyed Assets being sold or transferred on such Transfer Date, no such transfer shall have been made
for or on account of an antecedent debt, and no such transfer is or may be voidable or subject to avoidance under any section of
the Bankruptcy Code.

 

(p)           Accounting.  The
Seller accounts for the sale, conveyance and transfer of each Conveyed Asset as a sale or capital contribution for legal purposes
on its books, records and financial statements, in the case of financial statements, consistent with GAAP and in all cases, consistent
with the requirements set forth herein; provided that, solely for federal income tax reporting purposes, so long as the
Purchaser is treated as a “disregarded entity,” the conveyance and transfer of the Conveyed Assets by the Seller to
the Purchaser will not be recognized.

 

(q)           Investment
Company Act.  The Seller is regulated as a business development company under
the 1940 Act.

 

(r)            ERISA.  (i) Neither
the Seller nor, except as would not reasonably be expected to result in a Material Adverse Effect, any member of its Controlled
Group, has established, maintains, contributes to, or has any liability (contingent or otherwise) with respect to any Plan.

 

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(ii)            On
each day when the Seller is subject to ERISA and/or Section 4975 of the Code: (A) the Collateral Manager is the investment
manager of the Borrower pursuant to the Loan Agreement, which agreement is in full force and effect; (B) pursuant to the
Loan Agreement, the disposition of the Seller’s assets is subject to the discretionary authority of the Collateral Manager;
(C) the Seller is an investment fund (as defined in Part VI(b) of the QPAM Exemption); (D) the terms
of the transactions contemplated by the Transaction Documents were negotiated on behalf of the Borrower by the Collateral Manager,
which satisfies the conditions to be a QPAM within the meaning of the QPAM Exemption; (E) the conditions of Part I of
the QPAM Exemption are satisfied with respect to the Seller’s entering into and performance of the Loan Agreement, each
Loan made thereunder, and the transactions contemplated by the Transaction Documents; and (F) none of any Lender, the Administrative
Agent or any Affiliate of any of the foregoing has rendered (or has any responsibility or authority to render) investment advice
(within the meaning of Section 3(21) of ERISA and Section 4975(e)(3) of the Code) with respect to any moneys or
other property of the Seller that would cause any Lender, the Administrative Agent or any Affiliate of the of the foregoing to
be deemed a “fiduciary” within the meaning of Section 3(21) of ERISA and Section 4975(e)(3) of the
Code with respect to the assets of the Seller involved in any Loan or other transaction, and none of any Lender, the Administrative
Agent or any Affiliate of any of the foregoing is otherwise a fiduciary with respect to the assets of the Seller involved in any
Loan or other transaction under the Transaction Documents (including in connection with its retention or exercise of any rights
under the Transaction Documents).

 

(s)            Compliance
with Law.  The Seller has complied in all material respects with all Applicable Law to which it may be subject, and
no item of Conveyed Assets contravenes in any material respect any Applicable Law (including, without limitation, all applicable
predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing,
fair credit reporting, equal credit opportunity, fair debt collection practices and privacy).

 

(t)             No
Material Adverse Effect.  No event, change or condition has occurred that has had, or could reasonably be expected
to have, a Material Adverse Effect on the Seller since the Closing Date (provided that, the withdrawal of the Seller’s
election to be regulated as a business development company shall not constitute a Material Adverse Effect on the Seller).

 

(u)            Full
Payment.  As of the related Transfer Date, the Seller had no knowledge of any fact which should lead it to expect
that any Loan which is being sold, conveyed or transferred to the Purchaser on such Transfer Date will not be repaid by the applicable
Obligor in full.

 

(v)            Accuracy
of Representations and Warranties.  Each representation or warranty by the Seller contained herein or in any report,
financial statement, exhibit, schedule, certificate or other document furnished by the Seller pursuant hereto, in connection herewith
or in connection with the negotiation hereof is true and correct in all material respects.

 

    	 	10	 

     

    

 

(w)           Sanctions.   None
of the Seller nor any Person directly or indirectly Controlling the Seller (i) is a Sanctioned Person; (ii) is Controlled
by or is acting on behalf of a Sanctioned Person; (iii) is, to the Seller’s knowledge, under investigation for an alleged
breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will fund any repayment of the Obligations
with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other
party to this Agreement to be in breach of any Sanctions. To each such Person’s knowledge, no investor in such Person is
a Sanctioned Person. The Seller will notify each Lender and Administrative Agent in writing promptly after becoming aware of any
breach of this section.

 

(x)             BDC
Status. The Seller will use its best efforts to continue to be regulated as a business development company under the 1940 Act.

 

Section 3.2             Representations
and Warranties Regarding the Loans and Information.

 

By
its execution of this Agreement, the Seller hereby represents to the Purchaser as of the date hereof, as of each Transfer
Date and as of each Funding Date that:

 

(a)            Eligibility
of Collateral.  As of the related Transfer Date, the Seller has conducted such due diligence and other review as
it considered necessary with respect to each Loan set forth on Schedule 1 hereto.  As of each Transfer Date, (i) the
Loan List and the information contained on Schedule 1 hereto is an accurate and complete listing in all material respects
of all Loans included in the Conveyed Assets as of the related Transfer Date and the information contained therein with respect
to the identity of such Loans and the amounts owing thereunder is true, correct and complete as of the related Transfer Date, (ii) any
Underlying Assignment Agreement with respect to each such Loan is true, correct and complete as of the related Transfer Date, (iii) each
such Loan is an Eligible Loan as of the related Transfer Date, (iv) as of the related Transfer Date, each such Loan is free
and clear of any Lien of any Person (other than Permitted Liens and any Lien which will be released contemporaneously with the
sale or transfer thereof to the Purchaser), is in compliance in all material respects with all Applicable Laws and (v) with
respect to each such Loan included in the Conveyed Assets, as of the related Transfer Date, all material consents, licenses, approvals
or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected
or given by the Seller in connection with the granting of a security interest in such Conveyed Assets to the Purchaser have been
duly obtained, effected or given and are in full force and effect.

 

(b)            No
Fraud.  Each Loan originated by the Seller was originated without any fraud or material misrepresentation by the
Seller, or to the best of the knowledge of a Responsible Officer of the Seller as of the related Transfer Date, by the related
Obligor and each Loan originated by an unaffiliated third party which was purchased by the Seller and sold or transferred
to the Purchaser hereunder was, to the best of the Seller’s knowledge as of the related Transfer Date, originated without
any fraud or misrepresentation by the relevant originator or relevant Obligor.

 

(c)            Information.  All
information provided by the Seller either to the Purchaser or the Administrative Agent with respect to each Loan or otherwise hereunder
is true, correct and complete in all material respects; provided that, to the extent any such information was prepared by
the Seller based upon information furnished to the Seller by an Obligor or any other third party, such information is true, correct
and complete in all material respects to the best of the knowledge of the Seller as of the date furnished or, if set forth therein,
an earlier applicable date.

 

    	 	11	 

     

    

 

Section 3.3             Representations
and Warranties of the Purchaser.

 

By
its execution of this Agreement, the Purchaser hereby represents to the Seller as of the date hereof and as of each Transfer
Date that:

 

(a)            Organization
and Good Standing. The Purchaser has been duly organized, and is validly existing as a limited liability company in good standing,
under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties
and conduct its business as such business is presently conducted, and had at all relevant times, and now has all necessary power,
authority and legal right to acquire, own and sell the Conveyed Assets.

 

(b)            Due
Qualification.  The Purchaser is (i) duly qualified to do business and is in good standing as a limited liability
company in its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses
or approvals, except where the failure to be qualified, licensed or approved could not reasonably be expected to have a Material
Adverse Effect.  This Agreement and each other Transaction Document to which the Purchaser is a party have been duly
executed and delivered by the Purchaser.

 

(c)            Power
and Authority; Due Authorization; Execution and Delivery.  The Purchaser (i) has all necessary limited liability
company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party and all
other documents and agreements contemplated hereby and thereby, and (b) carry out the terms of the Transaction Documents to
which it is a party and all other documents and agreements contemplated hereby and thereby, and (ii) has duly authorized by
all necessary limited liability company action, the execution, delivery and performance of each Transaction Document to which it
is a party and all other documents and agreements contemplated hereby and thereby.

 

(d)            Binding
Obligation.  Each Transaction Document to which the Purchaser is a party constitutes a legal, valid and binding obligation
of the Purchaser enforceable against the Purchaser in accordance with its respective terms, except as such enforceability may be
limited by Insolvency Laws and by general principles of equity (whether such enforceability is considered in a suit at law or in
equity).

 

(e)            All
Consents Required.  All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person
or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Purchaser of each Transaction
Document to which it is a party have been obtained, except for filings of UCC-1 financing statements in connection with the transactions
contemplated by the Transaction Documents.

 

(f)             No
Violations. The execution, delivery and performance of each Transaction Document to which it is a party and any and all instruments
or documents required to be executed or delivered pursuant to or in connection herewith or therewith and the fulfillment of the
terms thereof will not (i) violate any Governing Documents of the Purchaser or any Contractual Obligation of the Purchaser
in any material respect, (ii) result in the creation or imposition of any Lien (other than any Permitted Lien) upon any of
the Purchaser’s properties pursuant to the terms of any such Contractual Obligation, other than as specifically set forth
in the Loan Agreement, or (iii) violate any Applicable Law in any material respect.

 

    	 	12	 

     

    

 

(g)            No
Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of a Responsible Officer of the
Purchaser, threatened against the Purchaser, before any Governmental Authority (i) asserting the invalidity of any Transaction
Document to which the Purchaser is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated
by any Transaction Document to which the Purchaser is a party or (iii) that could reasonably be expected to have a Material
Adverse Effect.

 

ARTICLE IV

Perfection of Transfer

and Protection of Security Interests

 

Section 4.1             Custody
of Loan.

 

With respect to each
Loan transferred hereunder as part of the Conveyed Assets, within the time period required for delivery thereof under the Loan
Agreement, the Seller shall deliver copies (or originals, if required by the definition of Required Loan Documents) of the Required
Loan Documents to the Collateral Custodian.

 

Section 4.2             Filing.

 

Each of the Seller
and the Purchaser hereby authorizes the Collateral Manager and the Administrative Agent to prepare and file such UCC financing
statements (including but not limited to amendment, renewal, continuation or in lieu statements) and amendments or supplements
thereto or other instruments as the Collateral Manager or the Administrative Agent may from time to time deem necessary or appropriate
in order to perfect and maintain the security interests granted hereunder in accordance with the UCC.

 

Section 4.3             Changes
in Name, Corporate Structure or Location.

 

If any change in the
Seller’s name, identity, structure, existence, state of formation, location or other action would make any financing or continuation
statement or notice of ownership interest or lien relating to any Conveyed Assets seriously misleading within the meaning of applicable
provisions of the UCC or any title statute, the Seller, no later than fifteen (15) Business Days after the effective date of such
change, shall file such amendments as may be required to preserve and protect the Purchaser’s and the Administrative Agent’s
respective interests in the Conveyed Assets.

 

Section 4.4             Costs
and Expenses.

 

The Purchaser will
be obligated to pay all reasonable invoiced costs and disbursements in connection with the perfection and the maintenance of perfection,
as against all third parties, of the Purchaser’s right, title and interest in and to the Conveyed Assets (including, without
limitation, the security interests provided for in the Loan Agreement).

 

    	 	13	 

     

    

 

Section 4.5             Sale
or Capital Contribution Treatment.

 

The Seller and the
Purchaser shall treat the transfer of Conveyed Assets made hereunder for all purposes as a sale and purchase or a capital contribution
on all of its relevant books and records; provided that, solely for federal income tax reporting purposes, so long as the
Purchaser is treated as a “disregarded entity,” the conveyance and transfer of the Conveyed Assets by the Seller to
the Purchaser will not be recognized.

 

ARTICLE V

Covenants

 

Section 5.1             Covenants
of the Seller.

 

The Seller makes the
following covenants on which the Purchaser will rely in acquiring any Loan Assets on any applicable Transfer Date, and on which,
in each case, each of the parties hereto acknowledges and agrees that the Administrative Agent, for the benefit of the Secured
Parties, shall be entitled to rely as an express third party beneficiary as a condition of the Purchaser entering into the Transaction
Documents to which it is a party:

 

(a)            Existence.  During
the term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a corporation
under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction
where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification could reasonably be
expected to have a Material Adverse Effect.

 

(b)            Security
Interests.  Except as otherwise permitted herein and in the Loan Agreement, the Seller will not sell, pledge, assign
or transfer to any other Person, or grant, create, incur, assume or suffer to exist any lien on any Conveyed Assets (other than
any Permitted Lien).  Promptly after a Responsible Officer of the Seller has knowledge thereof, the Seller will notify
the Purchaser and the Administrative Agent of the existence of any Lien on any Conveyed Assets (other than any Permitted Lien);
and the Seller shall defend the respective right, title and interest of the Purchaser in, to and under the Conveyed Assets against
all claims of third parties; provided that nothing in this Section 5.1(b) shall prevent or be deemed to
prohibit the Seller from suffering to exist Permitted Liens upon any of the Conveyed Assets. The Seller shall promptly take all
actions required (including, but not limited to, all filings and other acts necessary or advisable under the UCC of each relevant
jurisdiction) in order to continue (subject to Permitted Liens) the first priority perfected security interest of the Purchaser
granted by the Seller hereunder in all Conveyed Assets which have not been released pursuant to the Loan Agreement.

 

(c)            Compliance
with Law.  The Seller hereby agrees to comply in all material respects with all requirements of law applicable to
it including those with respect to the Conveyed Assets or any part thereof.

 

    	 	14	 

     

    

 

(d)            Location.  The
Seller shall not move its jurisdiction of formation outside of the State of Maryland without 15 days’ prior written notice
to the Purchaser and the Administrative Agent.

 

(e)            Merger
or Consolidation of the Seller.

 

(i)            Any
Person into which the Seller may be merged or consolidated, or any Person resulting from such merger or consolidation to which
the Seller is a party, or any Person succeeding, whether by acquisition of or transfer to such Person of substantially all of the
assets and the business of the Seller, shall be the successor to the Seller hereunder and the other Transaction Documents to which
the Seller is a party, without execution or filing of any paper or any further act on the part of any of the parties hereto, notwithstanding
anything herein to the contrary.

 

(ii)           Upon
the merger or consolidation of the Seller or transfer of substantially all of its assets and its business as described in this
Section 5.1(e), the Seller shall provide the Administrative Agent and the Purchaser notice of such merger, consolidation
or transfer of substantially all of the assets and business within 15 days after completion of the same.

 

(f)             Regulatory
Filings.  The Seller may make, or cause to be made, any filings, reports, notices, applications and registrations
with, and seek any consents or authorizations from, the Securities and Exchange Commission and any state securities authority on
behalf of the Seller as may be necessary or that the Seller deems advisable to comply with any federal or state securities or reporting
requirements laws relating to the transactions contemplated by the Transaction Documents or as may be otherwise required by Applicable
Law.

 

(g)            Collections.  All
Collections (other than the Seller Retained Interest) received by it with respect to the Conveyed Assets transferred hereunder
shall be held in trust for the benefit of the Purchaser and the Administrative Agent, as collateral assignee of the Purchaser,
for the benefit of the Secured Parties, until deposited into the Collection Account within two (2) Business Days after receipt.

 

(h)            Notice
of Default.  The Seller will furnish to the Purchaser (with a copy to the Administrative Agent), promptly upon a
Responsible Officer of the Seller becoming aware thereof, notice of the occurrence of any event with respect to the Seller which
constitutes a Default or an Event of Default.

 

(i)             Compliance
with Anti-Money Laundering Laws and Anti-Corruption Laws.  The Seller shall and each Person directly or indirectly
Controlling the Seller shall: (i) comply with all applicable Anti–Money Laundering Laws and Anti-Corruption Laws in
all material respects, and shall maintain policies and procedures reasonably designed to ensure compliance with the Anti-Money
Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated
herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable
investor and the origin of the assets used by such investor to purchase the property in question, and will maintain sufficient
information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure it does not use
any of the credit in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure it does not fund
any repayment of the Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering.

 

    	 	15	 

     

    

 

(j)             Compliance
with Sanctions.  None of the Seller nor any Person directly or indirectly Controlling the Seller will, directly or,
to the knowledge of the Seller, indirectly, use the proceeds of any Advance under the Loan Agreement, or lend, contribute, or otherwise
make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund any activities or business
of or with a Sanctioned Person, or (ii) in any manner that would be prohibited by Sanctions or would otherwise cause any Lender
to be in breach of any Sanctions. The Seller shall comply with all applicable Sanctions in all material respects, and shall maintain
policies and procedures reasonably designed to ensure compliance with Sanctions. The Seller will notify each Lender and the Administrative
Agent in writing promptly after becoming aware of any breach of this section.

    	 	16	 

     

    

 

ARTICLE VI

Indemnification by THE SELLER

 

Section 6.1             Indemnification.

 

(a)            Without
limiting any other rights that any such Person may have hereunder or under Applicable Law, the Seller hereby agrees to indemnify
the Purchaser, any assignee of the Purchaser and any such Persons’ respective assigns and officers, directors, members, managers,
employees and agents thereof (collectively, the “Indemnified Parties”), forthwith on demand, from and against
any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and
disbursements (all of the foregoing being collectively referred to as the “Indemnified Amounts”) awarded against
or incurred by such Indemnified Party arising out of or as a result the items described below, excluding, however, any Indemnified
Amounts (1) that have the effect of recourse for non-payment of the Loans due to any Obligor’s bankruptcy, insolvency,
lack of creditworthiness or financial inability to pay or (2) to the extent resulting from gross negligence, bad faith or
willful misconduct on the part of any Indemnified Party; provided, that, for the avoidance of doubt, the obligations of
the Seller set forth in Section 7.1 shall constitute the sole recourse to the Seller for any breach of the representations
or warranties set forth in Section 3.2(a)(iii) or the matters described in clause (ii) below with
respect to any Loan.  If the Seller has made any indemnity payment pursuant to this Section 6.1 and such
payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of such
Indemnified Amounts then, the recipient shall repay to the Seller an amount equal to the amount it has collected from others in
respect of such Indemnified Amounts.  Without limiting the foregoing, the Seller shall indemnify each Indemnified Party
for Indemnified Amounts (except to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any
Indemnified Party) relating to or resulting from:

 

(i)            any
representation or warranty made or deemed made by the Seller or any of its respective officers under or in connection with this
Agreement or any other Transaction Document, which shall have been false or incorrect in any material respect when made or deemed
made or delivered;

 

(ii)            the
failure of any Loan acquired hereunder to be an Eligible Loan as of the related Transfer Date;

 

(iii)           the
failure by the Seller to comply with any term, provision or covenant contained in this Agreement or any agreement executed by the
Seller in connection with this Agreement, or with any Applicable Law, with respect to any Conveyed Assets or the nonconformity
of any Conveyed Assets with any such Applicable Law;

 

(iv)          the
failure to vest and maintain vested in the Purchaser an undivided ownership interest in the Conveyed Assets, together with all
Collections (other than the Seller Retained Interest), free and clear of any Lien (other than Permitted Liens) whether existing
at the time of sale or transfer hereunder or at any time thereafter;

 

    	 	17	 

     

    

 

(v)           the
failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents
under the UCC of any applicable jurisdiction or other Applicable Law with respect to the security interest granted by the Seller
in any Conveyed Assets, whether at the time of sale or transfer hereunder or at any subsequent time if such failure or delay (i) was
caused by the Seller, (ii) could have been cured by the Seller and such cure was not effected in a timely manner or (iii) resulted
from a failure or delay by the Seller to confirm satisfactory completion in a timely manner of any and all actions requested in
order to maintain compliance with the UCC or such other Applicable Law;

 

(vi)          any
dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment with respect
to any Conveyed Assets existing at the related Transfer Date (including, without limitation, a defense based on the Conveyed Assets
not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms);

 

(vii)         any
failure of the Seller to perform its duties or obligations in accordance with the provisions of this Agreement or any of the other
Transaction Documents to which it is a party or any failure by the Seller to perform its duties under any Underlying Instruments
related to the Conveyed Assets;

 

(viii)        any
inability of the Purchaser or any Secured Party to obtain any judgment in, or utilize the court or other adjudication system of,
any state in which an Obligor may be located as a result of the failure of the Seller to qualify to do business or file any notice
or business activity report or any similar report;

 

(ix)           any
action taken by the Seller in the enforcement or collection of any Conveyed Assets;

 

(x)            any
products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort
relating to events occurring on or prior to the related Transfer Date and arising out of or in connection with the Underlying Assets
or services that are the subject of any Conveyed Asset;

 

(xi)           the
failure by the Seller to pay when due any Taxes for which the Seller is liable, including without limitation, sales, excise or
personal property taxes payable in connection with the Conveyed Assets;

 

(xii)          the
commingling by the Seller of Collections on the Conveyed Assets at any time with other funds of the Seller;

 

(xiii)         any
investigation, litigation or proceeding related to this Agreement or the use of proceeds by the Seller from sales or transfers
of Conveyed Assets executed hereunder or the security interest in the Conveyed Assets;

 

(xiv)         any
failure by the Purchaser to give reasonably equivalent value to the Seller, in consideration for the transfer by the Seller to
the Purchaser of any item of Conveyed Assets or any attempt by any Person to void or otherwise avoid any such transfer under any
statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code; or

 

    	 	18	 

     

    

 

(xv)          the
failure of the Seller or any of its agents or representatives to remit to the Purchaser or the Collateral Custodian, as applicable,
Collections (other than the Seller Retained Interest) on the Conveyed Assets remitted to the Seller or any such agent or representative
as provided in this Agreement.

 

(b)            Any
amounts subject to the indemnification provisions of this Section 6.1 shall be paid by the Seller to the Indemnified
Party pursuant to Section 2.7 or Section 2.8 of the Loan Agreement, as applicable, on the later of the next Payment Date
and 30 days after the Purchaser’s receipt of such Person’s demand therefor accompanied by a reasonably detailed description
in writing of the related damage, loss, claim, liability and related costs and expenses.

 

(c)            If
for any reason the indemnification provided above in this Section 6.1 is unavailable to the Indemnified Party or is
insufficient to hold an Indemnified Party harmless, then the Seller shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative
benefits received by such Indemnified Party on the one hand and the Seller on the other hand but also the relative fault of such
Indemnified Party on the one hand and the Seller on the other hand as well as any other relevant equitable considerations; provided
that the Seller shall not be required to contribute in respect of any Indemnified Amounts excluded in Section 6.1(a).

 

(d)            The
obligations of the Seller under this Section 6.1 shall survive the resignation or removal of the Administrative Agent,
the Collateral Custodian or any Lender and the termination of this Agreement and the Loan Agreement.

 

(e)            This
Section 6.1 shall not apply with respect to Taxes other than any Taxes representing damages, losses, claims, liabilities
and related costs and expenses arising from any non-Tax claims.

 

(f)             Notwithstanding
anything contained in this Section 6.1 or otherwise in this Agreement or in any other Transaction Document, the Seller
shall not be liable to any Indemnified Party or any other Person for any consequential (including loss of profit), indirect, special
or punitive damages under this Agreement or any other Transaction Document entered into by the Seller.

 

(g)            An
Indemnified Party shall promptly notify the Seller if a claim is made by a third party with respect to this Agreement, and the
Seller may assume (with the consent of the Indemnified Party) the defense and any settlement of any such claim and pay all reasonable
invoiced out-of-pocket expenses in connection therewith, including reasonable invoiced counsel fees, and promptly pay, discharge
and satisfy any judgment or decree which may be entered against the Indemnified Party in respect of such claim.  If the
consent of the Indemnified Party required in the immediately preceding sentence is unreasonably withheld with respect to any claim,
the Seller shall be relieved of its indemnification obligations hereunder with respect to such claim.  The parties agree
that the provisions of this Section 6.1 shall not be interpreted to provide recourse to the Seller against loss by
reason of the bankruptcy, insolvency or lack of creditworthiness of an Obligor with respect to a Loan. The Seller shall have no
liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for uncollectible or
uncollected amounts payable under any Loan.

 

    	 	19	 

     

    

 

Section 6.2             Liabilities
to Obligors.

 

The Seller hereby acknowledges
and agrees that, except for any Unfunded Exposure Amount, no obligation or liability of the Seller to any Obligor under any of
the Loans is intended to be assumed by the Purchaser, the Collateral Manager, the Administrative Agent, the Collateral Custodian
or the Lenders under or as a result of this Agreement and the transactions contemplated hereby and under the other Transaction
Documents, and the Administrative Agent for the benefit of the Secured Parties is expressly named as a third party beneficiary
of this Agreement for purposes of this Section 6.2.

 

Section 6.3             Limitation
on Liability.

 

The Seller shall be
liable under this Agreement only to the extent of the obligations specifically undertaken by the Seller under this Agreement.  The
Seller and any shareholder, partner, member, manager, director, officer, employee or agent of the Seller may rely in good faith
on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder.  The
Seller and any shareholder, partner, member, manager, director, officer, employee or agent of the Seller shall be reimbursed by
the Purchaser (subject to the availability of funds in accordance with Section 2.7 or Section 2.8 of the Loan Agreement,
as applicable) for any liability or expense incurred by reason of the Purchaser’s willful misfeasance, bad faith or negligence
(except errors in judgment) in the performance of its respective duties hereunder, or by reason of reckless disregard of its obligations
and duties hereunder.  The Seller shall not be under any obligation to appear in, prosecute or defend any legal action
that is not incidental to its obligations under this Agreement or the other Transaction Documents and that in its opinion may involve
it in any expense or liability.

 

ARTICLE VII

optional and mandatory repurchases

 

Section 7.1             Mandatory
Repurchases.

 

(a)            Upon
discovery by a Responsible Officer of the Seller, the Purchaser (or the Collateral Manager on its behalf) or the Collateral Custodian
that a Loan was not an Eligible Loan on its Transfer Date (each such Loan, an “Ineligible Loan”), the party
discovering the same shall give prompt written notice to the other party hereto, the Administrative Agent, the Collateral Custodian
and the Collateral Manager.  Within ten (10) Business Days of the earlier of its discovery or its receipt of notice
of any such Ineligible Loan, the Seller shall (i) promptly cure such breach to the satisfaction of the Administrative Agent
or (ii) repurchase the Loan by depositing in the Collection Account an amount equal to the Transfer Deposit Amount of such
Loan as of the date of the purchase thereof from the Purchaser.

 

(b)            Notwithstanding
anything to the contrary contained herein, so long as no Event of Default has occurred and is continuing and subject to Section 2.14
of the Loan Agreement, no consents (other than the consent of the Collateral Manager on behalf of the Purchaser) shall be required
in connection with a mandatory repurchase pursuant to this Section 7.1. Such repurchase obligations constitute the
sole remedy available for a breach of Section 3.2(a)(iii).

 

    	 	20	 

     

    

 

Section 7.2             Reassignment
of Repurchased Loans.

 

Upon receipt by the
Collateral Custodian for deposit in the Collection Account of the Repurchase Price in the case of any repurchased Loan, the Purchaser
hereby assigns to the Seller, unless the Administrative Agent is otherwise notified at the time of the sale, all of the Purchaser’s
right, title and interest in the Conveyed Assets being repurchased without recourse, representation or warranty.  Such
reassigned Loan (together with the other Conveyed Assets related thereto) shall no longer thereafter be deemed a part of the Conveyed
Assets.

 

Section 7.3             Discretionary
Sales.

 

The Purchaser shall
be permitted to sell, transfer or otherwise dispose of the Conveyed Assets in accordance with and subject to the terms of Section 2.14
of the Loan Agreement, provided that the aggregate principal balance of all Loans which, on a cumulative basis from the
Closing Date, are sold by the Purchaser to the Seller or any other Affiliate, other than (x) any sale of a Loan in connection
with a refinancing or repayment by the related Obligor, (y) any other bankruptcy remote special purpose vehicle subject to
a credit facility, indenture or other financing document with a third-party lender, agent or trustee or (z) any mandatory
repurchase pursuant to Section 7.1 or 7.2 above, shall not exceed 15% of the aggregate outstanding balance of
all Loans then owned by the Purchaser as of the date of such sale (such aggregate outstanding balance of Loans to be calculated
prior to giving effect to such sale or any other proposed sale, transfer or disposition on such date).

 

ARTICLE VIII

Miscellaneous

 

Section 8.1             Amendment.

 

No amendment, waiver
or other modification of any provision of this Agreement shall be effective unless signed by the Purchaser and the Seller and consented
to in writing by the Administrative Agent.

 

Section 8.2             Governing
Law.

 

(a)            This
Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in any way whatsoever
(whether in contract, tort or otherwise) to this Agreement shall be governed by, the law of the State of New York.

 

(b)            EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.  Each party
hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that
it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications
in this Section 8.2(b).

 

    	 	21	 

     

    

 

Section 8.3             Notices.

 

All notices, demands,
certificates, requests, directions and communications hereunder shall be in writing (which shall include facsimile communication
and communication by e-mail and faxed, e-mailed or delivered, to each party hereto, at its address set forth in Schedule 2
hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto) and shall
be effective (a) upon receipt when sent through the U.S. mail, registered or certified mail, return receipt requested, postage
prepaid, with such receipt to be effective on the date of delivery indicated on the return receipt, (b) one Business Day after
delivery to an overnight courier, (c) on the date personally delivered to a Responsible Officer of the party to which sent,
or (d) on the date transmitted by legible facsimile transmission or electronic mail transmission with a confirmation of receipt,
in all cases addressed to the recipient at such recipient’s address for notices set forth in Schedule 2.

 

Section 8.4             Severability
of Provisions.

 

If one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever prohibited or held invalid or unenforceable,
then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement
and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
covenant, agreement, provision or term in any other jurisdiction.

 

Section 8.5             Third
Party Beneficiaries.

 

The parties hereto
hereby manifest their intent that the Administrative Agent, on behalf of the Secured Parties, the Administrative Agent and the
Lenders (and, solely with respect to Section 6.1, any other Indemnified Parties) are express third party beneficiaries
of this Agreement and that no other third party shall be deemed a third party beneficiary of this Agreement, and specifically that
the Obligors are not third party beneficiaries of this Agreement.  By execution of this Agreement, the parties hereto
acknowledge that the Collateral Manager will be exercising the rights and performing certain duties of the Purchaser hereunder
pursuant to Section 6.2 of the Loan Agreement.  For the avoidance of doubt, the Administrative Agent shall be entitled
to each of the rights, protections and indemnities set forth in the Loan Agreement when acting under this Agreement.

 

    	 	22	 

     

    

 

Section 8.6             Counterparts.

 

This Agreement (and
each amendment, modification, and waiver in respect thereof) may be executed by facsimile signature and in several counterparts
(including by e-mail (.PDF) or facsimile transmission), each of which shall be an original and all of which shall together constitute
but one and the same instrument. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered
by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned,
or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in
Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law, including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to
the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes
have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be
entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature,
or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity
or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings
when required under the UCC or other Signature Law due to the character or intended character of the writings.

 

Section 8.7             Headings.

 

The headings of the
various Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

Section 8.8             No
Bankruptcy Petition; Disclaimer.

 

(a)            The
Seller covenants and agrees that, prior to the date that is one year and one day after the satisfaction and discharge of the Loan
Agreement or, if longer, the applicable preference period then in effect, it will not institute against the Purchaser (in the case
of the Seller), or join any other Person in instituting against the Purchaser, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States.  This
Section 8.8 will survive the termination of this Agreement.

 

(b)            The
provisions of this Section 8.8 shall be for the third party benefit of those entitled to rely thereon, including the
Administrative Agent for the benefit of the Secured Parties, and shall survive the termination of this Agreement.

 

Section 8.9            Jurisdiction;
Waivers.

 

Each party hereto hereby
irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan
in The City of New York in any action or proceeding arising out of or relating to this Agreement, and hereby irrevocably agrees
that all claims in respect of such action or proceeding may be heard and determined in such New York State or Federal court.  Each
party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to
the maintenance of such action or proceeding.  Each party hereto irrevocably consents to the service of any and all process
in any action or proceeding by the mailing or delivery of copies of such process to it the address set forth in Schedule 2.  Each
party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law.  Each party hereto hereby irrevocably waives, to the
fullest extent that it may legally do so, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 8.9 any special, indirect, exemplary, punitive or consequential (including loss of profit) damages.

 

    	 	23	 

     

    

 

Section 8.10          No
Partnership.

 

Nothing herein contained
shall be deemed or construed to create a co-partnership or joint venture between the parties hereto.

 

Section 8.11          Successors
and Assigns; Assignment to Administrative Agent.

 

This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Each of the
parties hereto acknowledges that the rights of the Purchaser under this Agreement are hereby collaterally assigned to the Administrative
Agent, for the benefit of the Secured Parties, pursuant to the Loan Agreement.

 

Section 8.12          Duration
of Agreement.

 

This Agreement shall
continue in existence and effect until the satisfaction and discharge of the Loan Agreement.

 

Section 8.13          Limited
Recourse.

 

(a)            No
recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees
or any other obligations) of the Seller, the Purchaser or the Collateral Manager as contained in this Agreement, the Loan Agreement
or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against
any incorporator, affiliate, stockholder, officer, partner, member, manager, employee or director of Seller, the Purchaser or the
Collateral Manager by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise;
it being expressly agreed and understood that the agreements of the Seller, the Purchaser and the Collateral Manager contained
in this Agreement, the Loan Agreement and all of the other agreements, instruments and documents entered into by any such Person
pursuant hereto or in connection herewith are, in each case, solely the corporate, limited liability company or limited partnership
obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by such Person or any incorporator,
stockholder, affiliate, officer, partner, member, manager, employee or director of such Person under or by reason of any of the
obligations, covenants or agreements of the Seller, the Purchaser or the Collateral Manager contained in this Agreement, the Loan
Agreement or in any other such instruments, documents or agreements, or that are implied therefrom, and that any and all personal
liability of the Seller, the Purchaser and the Collateral Manager and each incorporator, stockholder, affiliate, officer, partner,
member, manager, employee or director of the Seller, the Purchaser and the Collateral Manager, or any of them, for breaches by
the Seller, the Purchaser or the Collateral Manager of any such obligations, covenants or agreements, which liability may arise
either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in
consideration for the execution of this Agreement and each other Transaction Document; provided that the foregoing non-recourse
provisions shall in no way affect any rights the Secured Parties might have against any incorporator, affiliate, stockholder, officer,
employee, partner, member, manager or director of the Seller, the Purchaser or the Collateral Manager to the extent of any fraud,
misappropriation, embezzlement or any other financial crime constituting a felony by such Person.

 

    	 	24	 

     

    

 

(b)            Notwithstanding
any contrary provision set forth herein, no claim may be made by any party hereto or assignee thereof or any other Person against
any party hereto, the Administrative Agent, the Secured Parties or their respective Affiliates, directors, officers, employees,
attorneys or agents for any special, indirect, consequential or punitive damages in respect to any claim for breach of contract
or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or any other Transaction
Document, or any act, omission or event occurring in connection therewith; and each party hereto and its assignees (including the
Administrative Agent as collateral assignee of the rights of the Purchaser hereunder) hereby waives, releases, and agrees not to
sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected.

 

(c)            No
recourse shall be had for the payment of any amount owing by the Purchaser, the Seller or the Collateral Manager under this Agreement,
any Transaction Document or for the payment by the Purchaser, the Seller or the Collateral Manager of any fee in respect hereof
or any other obligation or claim of or against the Purchaser, the Seller or the Collateral Manager arising out of or based upon
this Agreement or any Transaction Document, against any employee, officer, director, shareholder, partner, member or manager of
the Purchaser, the Seller or the Collateral Manager or of any Affiliate of such Person (other than the Purchaser, the Seller or
the Collateral Manager, as applicable).  Recourse in respect of any obligations of the Purchaser under this Agreement
shall be limited to the Collateral (the proceeds of which are to be applied in accordance with Section 2.7 and Section 2.8
of the Loan Agreement) and on the exhaustion thereof all claims against the Purchaser hereunder shall be extinguished.  The
provisions of this Section 8.13 shall survive the termination of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	25	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the day and
year first above written.

 

		NMF SLF I, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		NMF SLF I SPV, L.L.C.
	 	 	 
	 	By: New Mountain Finance Advisers BDC, L.L.C., its Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Signature Page to Loan Sale Agreement

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, except as herein expressly provided, but solely as the Administrative Agent	 
	 	 	 
	By:	                   	 
	Name:	 
	Title:  		 

  

Signature Page to Loan Sale Agreement

 

     

     

    

 

SCHEDULE 1

 

LOANS

 

None as of the Closing Date

 

     

     

    

  

SCHEDULE 2

 

NOTICE INFORMATION

 

Seller:

 

NMF SLF I, INC.

787 Seventh Avenue, 49th Floor

New York, NY 10019

Attention:  Shiraz Kajee and Holly Lau

Fax:  (212) 720-0351

 

with
a copy to:

 

Schulte Roth & Zabel LLP

919
Third Avenue

New York, New York 10022

Attention: Daniel V. Oshinsky

Fax:  (212) 593-5955

Email: daniel.oshinsky@srz.com

 

Purchaser:

 

NMF SLF I SPV, L.L.C.

787 Seventh Avenue, 49th Floor

New York, NY 10019

Attention:  Shiraz Kajee and Holly Lau

Fax:  (212) 720-0351

 

with a copy to:

 

Schulte Roth & Zabel LLP

919
Third Avenue

New York, New York 10022

Attention: Daniel V. Oshinsky

Fax:  (212) 593-5955

Email: daniel.oshinsky@srz.com

 

Collateral
Custodian:

 

Wells
Fargo Bank, National Association

Corporate Trust Services Division

9062 Old Annapolis Rd.

Columbia, Maryland  21045

Attn:  CDO Trust Services – New Mountain Capital

Fax:  (410) 715-3748

Phone: (410) 884-2000

 

Administrative
Agent:

 

Wells Fargo Bank, National Association

Duke Energy Center

550 S. Tryon Street

Charlotte, NC 28202

Facsimile:  (704) 410-2430

 

     

     

    

 

EXHIBIT A

 

FORM OF
LOAN ASSIGNMENT

 

LOAN ASSIGNMENT NO.  ___,
dated as of ______________, from NMF SLF I, INC. (the “Seller”) to NMF
SLF I SPV, L.L.C. (the “Purchaser”).

 

(A)           We
refer to the Loan Sale Agreement, dated as of December 23, 2020 (such agreement as amended, modified, supplemented or restated
from time to time, the “Agreement”), by and between the Seller and the Purchaser.

 

(B)            Defined
Terms.  All capitalized terms used herein shall have the meanings ascribed to them in the Agreement unless otherwise
defined herein.

 

“Transfer
Date” shall mean, with respect to the Loans designated hereby, _____________, _____.

 

(C)            Designation
of Loan Assets.  Within the time period specified in the Loan Agreement, Seller will deliver the Loan File with respect
to such Loans transferred and assigned hereunder, and shall be as of the date of this Loan Assignment incorporated into and made
part of this Loan Assignment and is marked as Schedule I hereto.

 

(D)           The
Seller does hereby sell or transfer to the Purchaser, and the Purchaser hereby acquires or accepts from the Seller, all right,
title and interest of the Seller (whether now owned or hereafter acquired) in the Loan Assets that are identified by the Seller
as of the Transfer Date, which are listed on Schedule I.

 

(E)           This
Loan Assignment is made without recourse but on the terms and subject to the conditions set forth in the Transaction Documents
to which the Seller is a party.  The Seller acknowledges and agrees that the Purchaser is accepting this Loan Assignment
in reliance on the representations, warranties and covenants of the Seller contained in the Transaction Documents to which the
Seller is a party.  The Seller hereby certifies to the Purchaser that all of the representations and warranties in Section 3.2
of the Agreement are true, accurate and complete as of the Transfer Date referenced above.

 

(F)            Ratification
of the Agreement.  The Agreement is hereby ratified, and all references to the “Loan Sale Agreement,”
to “this Agreement” and “herein” shall be deemed to be a reference to the Agreement as supplemented by
this Loan Assignment.  Except as expressly amended hereby, all the representations, warranties, terms covenants and conditions
of the Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with
its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or
consent to non–compliance with any term or provision of the Agreement.

 

    A-1

     

    

 

(G)            Each
of the Seller and the Purchaser intends and agrees that (i) the sale, conveyance or transfer of the Loan Assets by the Seller
to the Purchaser pursuant to this Loan Assignment in each and every case is intended to be, is and shall be treated for all purposes
(other than tax purposes) as, an absolute sale, conveyance and transfer of ownership of the applicable Loans Assets (free and clear
of any Lien other than Permitted Liens) rather than the mere granting of a security interest to secure a financing, a debt or any
other obligation and (ii) such Loan Assets shall not be part of the Seller’s estate in the event of a filing of a bankruptcy
petition or other action by or against the Seller under any Insolvency Law; provided that, solely for federal income tax
reporting purposes, so long as the Purchaser is treated as a “disregarded entity,” the conveyance and transfer of the
Loan Assets by the Seller to the Purchaser will not be recognized.  It is, further, not the intention of the parties
that any such sale, conveyance or transfer be deemed a pledge of any Loan Assets by the Seller to the Purchaser to secure a debt
or other obligation of the Seller.  However, in the event that notwithstanding such intent and agreement, any such Loan
Assets are held to continue to be the property of the Seller, then the parties hereto agree that the Seller hereby grants to the
Purchaser a security interest in all of its right, title and interest in, to and under such Loan Assets (whether now existing or
hereafter created).  For such purposes, this Agreement shall constitute a security agreement under the UCC as in effect
in the State of New York, to secure the prompt and complete payment of a loan deemed to have been made by the Purchaser to the
Seller in an amount equal to the aggregate purchase price paid to the Seller together with such other obligations of the Seller
as may arise under the Agreement in favor of the Purchaser.

 

(H)           THIS
LOAN ASSIGNMENT NO. [____] SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO THE CHOICE OF LAW PROVISIONS.

 

[Remainder of Page Intentionally Left
Blank]

 

    A-2

     

    

 

IN WITNESS WHEREOF,
the Seller has caused this Loan Assignment to be executed by its duly authorized signatory as of the date first above written.

 

		NMF SLF I, INC., 

                                                  as the Seller

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to Loan Assignment

 

     

     

    

 

SCHEDULE
I TO EXHIBIT A

 

SEE ATTACHEDExhibit 4.1

    

    

    WARRANT AGREEMENT

    

    

    THIS WARRANT AGREEMENT (this “Agreement”), dated as of December 22, 2020, is by and between
      Healthcare Services Acquisition Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as warrant
      agent (the “Warrant Agent,” also referred to herein as the “Transfer Agent”).

    

    

    WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of
      the Company’s equity securities, each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-half of one Public
      Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 14,400,000 warrants (or up to 16,560,000 warrants if the Over-allotment
      Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”), each whole Public Warrant entitling the holder to purchase one share of Common
      Stock at an exercise price of $11.50 per share, subject to adjustment as described herein;

    

    

    WHEREAS, on December 22, 2020, the Company entered into that certain Warrant Purchase Agreement with Healthcare Services Acquisition Holdings LLC, a
      Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 5,626,000 warrants (or up to 6,252,400 warrants if the Over-allotment
      Option is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable), bearing the legend set forth in Exhibit B hereto (the “Sponsor Private Placement Warrants”), at a purchase price of $1.00 per Sponsor Private Placement Warrant;

    

    

    WHEREAS, on October 7, 2020, the Company and the Sponsor entered into those certain subscription agreements, as amended by Amendment No. 1 on December
      11, 2020 and Amendment No. 2 on December 22, 2020 (together, the “Anchor Subscription Agreement”) with certain funds and accounts managed by BlackRock, Inc. (together, the “Anchor Investor”), pursuant to which the Anchor Investor agreed to purchase an aggregate of 2,134,000 warrants (or up to 2,371,600 warrants if the Over-allotment Option is exercised in full)
      simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable), bearing the legend set forth in Exhibit B hereto (the “Anchor Private
        Placement Warrants”; together with the Sponsor Private Placement Warrants, the “Private Placement Warrants”), at a purchase price of $1.00 per Anchor Private Placement Warrant;

    

    

    WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor
      or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $2,000,000 of such loans may be converted into warrants at a price of
      $1.00 per warrant at the option of the lender (the “Working Capital Warrants”);

    

    

    WHEREAS, following consummation of the Offering, the Company may issue additional warrants (“Post-IPO
        Warrants” and, together with the Private Placement Warrants, the Working Capital Warrants and the Public Warrants, the “Warrants”) in connection with, or following the consummation
      by the Company of, a Business Combination;

    

    

    WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”)
      a registration statement on Form S-1, File No. 333-249389, and a prospectus (the “Prospectus”), for the registration under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Common Stock included in the Units;

    

    

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the
      issuance, registration, transfer, exchange, redemption and exercise of the Warrants;

    

    

    WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
      respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

    

    

    
      

      
        

      

    

    WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
      countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.

    

    

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

    

    

    1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts
      such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

    

    

    2. Warrants.

    

    

    2.1 Form of Warrant. Each Warrant shall initially be issued in registered form only.

    

    

    2.2 Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this
      Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof.

    

    

    2.3 Registration.

    

    

    2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”)
      for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders
      thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be
      effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”).

    

    

    If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant
      Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide
      written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing
      such Warrants (“Definitive Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A.

    

    

    Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief
      Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such
      Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

    

    

    2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
      treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby
      (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the
      Warrant Agent shall be affected by any notice to the contrary.

    

    

    
      

      
        

      

    

    2.4 Detachability of Warrants. The Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following
      the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business
        Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of B. Riley Securities, Inc., but in no event shall
      the Common Stock and the Public Warrants comprising the Units be separately traded until (A) the Company has filed (i) a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the
      gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriter of its right to purchase additional Units in the Offering (the “Over-allotment
        Option”), if the Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (ii) a second or amended Current Report on Form 8-K to provide updated financial information to reflect the underwriter’s exercise
      of the Over-allotment Option, if the Over-allotment Option is exercised following the filing of the Current Report on Form 8-K pursuant to clause (i) above, and (B) the Company issues a press release announcing when such separate trading shall begin.

    

    

    2.5 No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of the Units, each of
      which is comprised of one share of Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round
      down to the nearest whole number the number of Warrants to be issued to such holder.

    

    

    2.6 Private Placement Warrants and Working Capital Warrants. The Private Placement Warrants and the Working Capital Warrants shall be identical
      to the Public Warrants, except that so long as they are held by the original purchasers thereof or any Permitted Transferees (as defined below) they: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c)
      hereof, (ii) including the shares of Common Stock issuable upon exercise of the Private Placement Warrants and the Working Capital Warrants, subject to certain exceptions, may not be transferred, assigned or sold until thirty (30) days after the
      completion by the Company of an initial Business Combination, and (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof; provided, however, that in the case of (ii), the Private Placement Warrants and the Working Capital
      Warrants and any shares of Common Stock issued upon exercise of the Private Placement Warrants or the Working Capital Warrants may be transferred by the holders thereof:

    

    

    (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, the Sponsor, any affiliate
      of the Sponsor, any member(s) of the Sponsor or any affiliates of such members and funds and accounts advised by such members;

    

    

    (b) in the case of an individual, by gift to a member such individual’s immediate family or to a trust, the beneficiary of which is a member of such
      individual’s immediate family, an affiliate of such individual or to a charitable organization;

    

    

    (c) in the case of an individual, by virtue of the laws of descent and distribution upon death of such person;

    

    

    (d) in the case of an individual, pursuant to a qualified domestic relations order;

    

    

    (e) by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price at
      which the securities were originally purchased;

    

    

    (f) to an entity that is an Affiliate of such holder;

    

    

    (g) in the event of the Company’s liquidation prior to consummation of the Company’s initial Business Combination;

    

    

    (h) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon liquidation or dissolution of the Sponsor;

    

    

    (i)  to the Anchor Investor’s affiliates, to any investment fund or other entity controlled or managed by the Anchor Investor, or to any investment
      manager or investment advisor of the Anchor Investor or an affiliate of any such investment manager or investment advisor;

    

    

    
      

      
        

      

    

    (j) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the
      Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Company’s completion of its initial Business Combination; or

    

    

    (k) to the Company for no value for cancellation in connection with the consummation of the Company’s initial Business Combination;

    

    

    provided, however, that, in the case of clauses (a) through (f), (h) or (i), any such transferees (the “Permitted

        Transferees”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. As used herein “Affiliate” means, with respect to
      any holder any other person who, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person. For purposes of this definition, “control,” when used with respect to
      any specified person, shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such person, whether through ownership of voting securities or partnership or other ownership interests, by contract or
      otherwise; and the terms “controlling” and “controlled” shall have correlative meanings.

    

    

    2.7 Post-IPO Warrants. The Post-IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants,
      except as may be agreed upon by the Company.

    

    

    3. Terms and Exercise of Warrants.

    

    

    3.1 Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
      Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The
      term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) at which shares
      of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days
      (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided, that the Company shall provide at least three (3) Business Days prior written notice of such reduction to
      Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

    

    

    3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise
        Period”) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
      combination, involving the Company and one or more businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date of the closing of the Offering, and
      terminating at 5:00 p.m., New York City time, on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the commencement of the winding up and liquidation of
      the Company in accordance with the Company’s amended and restated certificate of incorporation, as amended from time to time, if the Company fails to complete a Business Combination, or (z) other than with respect to the Private Placement Warrants
      and the Working Capital Warrants to the extent then held by the original purchasers thereof or their Permitted Transferees, the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to
      an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant or a Working Capital
      Warrant to the extent then held by the original purchasers thereof or their Permitted Transferees in the event of a redemption (as set forth in Section 6 hereof)), each outstanding Warrant (other than a Private Placement Warrant or a Working
      Capital Warrant to the extent then held by the original purchasers thereof or their Permitted Transferees in the event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in
      respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company
      shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

    

    

    
      

      
        

      

    

    3.3 Exercise of Warrants.

    

    

    3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by
      delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented in book-entry form, the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depositary, to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from
      time to time, (ii) an election to purchase (“Election to Purchase”) any shares of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder
      on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each full share
      of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as
      follows:

    

    

    (a) in lawful money of the United States, in good certified check or wire payable to the order of the Warrant Agent;

    

    

    (b) [Reserved];

    

    

    (c) with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital Warrant is
      held by the original purchasers thereof or their Permitted Transferees, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
      underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average last reported sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise
      of the Warrant is sent to the Warrant Agent;

    

    

    (d) as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

    

    

    (e) as provided in Section 7.4 hereof.

    

    

    3.3.2 Issuance of Shares of Common Stock upon Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common
      Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the
      number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no
      obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to
      the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant
      unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. In the
      event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in
      which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. In no event will the Company be required to net cash settle the
      exercise of a Warrant. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4 hereof. If, by reason of any exercise of Warrants on a “cashless basis,” the holder of any Warrant
      would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder.

    

    

    
      

      
        

      

    

    3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly
      issued, fully paid and non-assessable.

    

    

    3.3.4 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued
      shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made,
      irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent
      are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.

    

    

    3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event he, she or it elects to be subject to the
      provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall
      not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates or any other person
      subject to aggregation with such person for purposes of the “beneficial ownership” test under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any
      “group” (within the meaning of Section 13 of the Exchange Act) of which such person is or may be deemed to be a part), to the Warrant Agent’s actual knowledge, would beneficially own (within the meaning of Section 13 of the Exchange Act) (or to the
      extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder would result in a higher ownership percentage, such higher percentage would be) in excess of 4.9% or 9.8% (or such
      other amount as a holder may specify) (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing
      sentence, the aggregate number of shares of Common Stock beneficially owned by such person and his, her or its affiliates or any such other person or group shall include the number of shares of Common Stock issuable upon exercise of the Warrant with
      respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and his, her
      or its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and his, her or its affiliates (including, without limitation, any convertible notes
      or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
      calculated in accordance with Section 13(d) of the Exchange Act. For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1)
      the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other
      notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm
      orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of
      the Company by the holder and his, her or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease
      the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the
      Company.

    

    

    
      

      
        

      

    

    4. Adjustments.

    

    

    4.1 Stock Dividends.

    

    

    4.1.1 Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of
      Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of
      Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a
      price less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable
      under any other equity securities sold in such rights offering that are convertible into or exercisable for the Common Stock) and (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y)
      the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account
      any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten (10) trading day
      period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

    

    

    4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
      distribution in cash, securities or other assets to all or substantially all of the holders of the Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other
      than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection with a proposed initial Business Combination, (d) to
      satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to (i) modify the substance or timing of the Company’s obligation to allow
      redemption in connection with its initial Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does not complete its initial Business Combination within the time period set
      forth in the Company’s amended and restated certificate of incorporation or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity or (e) in connection with the redemption of the shares
      of Common Stock included in the Units sold in the Offering upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to
      herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or
      the fair market value (as determined by the Company’s Board of Directors (the “Board”), in good faith) of any securities or other assets paid on each share of Common Stock in respect of such
      Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with
      the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events
      referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does
      not exceed $0.50 (being 5% of the offering price of the Units in the Offering). Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 per share and previously
      paid an aggregate of $0.40 of cash dividends and cash distributions on the shares of Common Stock during the 365-day period ending on the date of declaration of such $0.35 per share dividend, then the Warrant Price will be decreased, effective
      immediately after the effective date of such $0.35 per share dividend, by $0.25 (the absolute value of the difference between $0.75 per share (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period,
      including such $0.35 dividend) and $0.50 per share (the greater of (x) $0.50 per share and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).

    

    

    
      

      
        

      

    

    4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding
      shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
      reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

    

    

    4.3 Adjustments in Exercise Price.

    

    

    4.3.1 Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or
      Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock
      purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

    

    

    4.3.2 If (x) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common
      Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price to be
      determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any shares of Common Stock issued prior to the Offering and held by the Sponsor or such affiliates, as
      applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest
      thereon, available for the funding of an initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the 20
      trading day period starting on the trading day prior to the day on which the Company consummates an initial Business Combination (such price, the “Market Value”) is below $9.20 per share,
      the Warrant Price will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 shall be
      adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the
      higher of the Market Value and the Newly Issued Price.

    

    

    4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into
      another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of
      Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of
      the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and
      receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a
      dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative
        Issuance” ); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or
      merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the
      holders of the Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock (other than a tender,
      exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation or as a result of the repurchase of shares of
      Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
      members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
      Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the
      outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if
      such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to
      adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further, that if less than 70% of the consideration
      receivable by the holders of the Common Stock in the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
      or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the
      Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the difference of (i) the Warrant Price in effect prior to such
      reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a
      Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For
      purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10)
      trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior
      to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the amount of cash per share
      of Common Stock, if any, paid to holders plus the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any
      reclassification or reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section
        4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par
      value per share issuable upon exercise of the Warrant.

    

    

    
      

      
        

      

    

    4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise of a
      Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such
      price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4,
      the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such
      notice, or any defect therein, shall not affect the legality or validity of such event.

    

    

    4.6 No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
      shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a
      share, the Company shall, upon such exercise, round down to the nearest whole number of shares of Common Stock to be issued to such holder.

    

    

    4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
      after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its
      sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding
      Warrant or otherwise, may be in the form as so changed.

    

    

    
      

      
        

      

    

    4.8 Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section
        4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
      the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants
      is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be
      adjusted pursuant to this Section 4.8 as a result of any issuance of securities in connection with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in
      such opinion.

    

    

    4.9 No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to
      the conversion ratio of the Company’s Class B common stock, par value $0.0001 per share (the “Class B Common Stock”), into shares of Common Stock or the conversion of the shares of Class B
      Common Stock into shares of Common Stock, in each case, pursuant to the Company’s amended and restated certificate of incorporation, as further amended from time to time.

    

    

    5. Transfer and Exchange of Warrants.

    

    

    5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
      Register, upon surrender of such Warrant for transfer, in the case of certificated Warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant
      representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company
      from time to time upon request.

    

    

    5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
      transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
      that except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depositary, or to a nominee
      of a successor depository; provided further, however that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and the Working Capital Warrants), the
      Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also
      bear a restrictive legend.

    

    

    5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the
      issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.

    

    

    5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

    

    

    5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of
      this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for
      such purpose.

    

    

    
      

      
        

      

    

    5.6 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which
      such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
      included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date.

    

    

    6. Redemption.

    

    

    6.1 Redemption of Warrants for $0.01. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at
      the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01 per Warrant,
      provided that (a) the last reported sale price of the Common Stock for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Registered Holder
      equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current
      prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

    

    

    6.2 Redemption of Warrants for $0.10. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at
      the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant,
      provided that the last reported sale price of the Common Stock for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Registered Holder
      equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4 hereof) and, if the last reported sale price of the Common Stock for any 10 trading days within a 20-trading day period ending on the third trading day
      prior to the date on which the Company sends the notice of redemption to the Registered Holder is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants are also concurrently
      called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their
      Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of shares of Common Stock determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to
      expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section
        6.2, the “Redemption Fair Market Value” shall mean the volume-weighted average price of the Common Stock as reported during
      the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall
      provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends.

    

    

    	
            Redemption Date

          	
            
              Redemption Date Fair Market Value of Common Stock

            

          
	
            (period to expiration of warrants)

          	
            
              <10.00

            

          	
            
              11.00

            

          	
            
              12.00

            

          	
            
              13.00

            

          	
            
              14.00

            

          	
            
              15.00

            

          	
            
              16.00

            

          	
            
              17.00

            

          	
            
              >18.00

            

          
	
            60 months

          	
            0.261

          	
            0.281

          	
            0.297

          	
            0.311

          	
            0.324

          	
            0.337

          	
            0.348

          	
            0.358

          	
            0.361

          
	
            57 months

          	
            0.257

          	
            0.277

          	
            0.294

          	
            0.310

          	
            0.324

          	
            0.337

          	
            0.348

          	
            0.358

          	
            0.361

          
	
            54 months

          	
            0.252

          	
            0.272

          	
            0.291

          	
            0.307

          	
            0.322

          	
            0.335

          	
            0.347

          	
            0.357

          	
            0.361

          
	
            51 months

          	
            0.246

          	
            0.268

          	
            0.287

          	
            0.304

          	
            0.320

          	
            0.333

          	
            0.346

          	
            0.357

          	
            0.361

          
	
            48 months

          	
            0.241

          	
            0.263

          	
            0.283

          	
            0.301

          	
            0.317

          	
            0.332

          	
            0.344

          	
            0.356

          	
            0.361

          
	
            45 months

          	
            0.235

          	
            0.258

          	
            0.279

          	
            0.298

          	
            0.315

          	
            0.330

          	
            0.343

          	
            0.356

          	
            0.361

          
	
            42 months

          	
            0.228

          	
            0.252

          	
            0.274

          	
            0.294

          	
            0.312

          	
            0.328

          	
            0.342

          	
            0.355

          	
            0.361

          
	
            39 months

          	
            0.221

          	
            0.246

          	
            0.269

          	
            0.290

          	
            0.309

          	
            0.325

          	
            0.340

          	
            0.354

          	
            0.361

          
	
            36 months

          	
            0.213

          	
            0.239

          	
            0.263

          	
            0.285

          	
            0.305

          	
            0.323

          	
            0.339

          	
            0.353

          	
            0.361

          
	
            33 months

          	
            0.205

          	
            0.232

          	
            0.257

          	
            0.280

          	
            0.301

          	
            0.320

          	
            0.337

          	
            0.352

          	
            0.361

          
	
            30 months

          	
            0.196

          	
            0.224

          	
            0.250

          	
            0.274

          	
            0.297

          	
            0.316

          	
            0.335

          	
            0.351

          	
            0.361

          
	
            27 months

          	
            0.185

          	
            0.214

          	
            0.242

          	
            0.268

          	
            0.291

          	
            0.313

          	
            0.332

          	
            0.350

          	
            0.361

          
	
            24 months

          	
            0.173

          	
            0.204

          	
            0.233

          	
            0.260

          	
            0.285

          	
            0.308

          	
            0.329

          	
            0.348

          	
            0.361

          
	
            21 months

          	
            0.161

          	
            0.193

          	
            0.223

          	
            0.252

          	
            0.279

          	
            0.304

          	
            0.326

          	
            0.347

          	
            0.361

          
	
            18 months

          	
            0.146

          	
            0.179

          	
            0.211

          	
            0.242

          	
            0.271

          	
            0.298

          	
            0.322

          	
            0.345

          	
            0.361

          
	
            15 months

          	
            0.130

          	
            0.164

          	
            0.197

          	
            0.230

          	
            0.262

          	
            0.291

          	
            0.317

          	
            0.342

          	
            0.361

          
	
            12 months

          	
            0.111

          	
            0.146

          	
            0.181

          	
            0.216

          	
            0.250

          	
            0.282

          	
            0.312

          	
            0.339

          	
            0.361

          
	
            9 months

          	
            0.090

          	
            0.125

          	
            0.162

          	
            0.199

          	
            0.237

          	
            0.272

          	
            0.305

          	
            0.336

          	
            0.361

          
	
            6 months

          	
            0.065

          	
            0.099

          	
            0.137

          	
            0.178

          	
            0.219

          	
            0.259

          	
            0.296

          	
            0.331

          	
            0.361

          
	
            3 months

          	
            0.034

          	
            0.065

          	
            0.104

          	
            0.150

          	
            0.197

          	
            0.243

          	
            0.286

          	
            0.326

          	
            0.361

          
	
            0 months

          	
            —

          	
            —

          	
            0.042

          	
            0.115

          	
            0.179

          	
            0.233

          	
            0.281

          	
            0.323

          	
            0.361

          

    

    

    
      

      
        

      

    

    The exact Redemption Fair Market Value and Redemption Date (as defined below) may not be set forth in the table above, in which case, if the Redemption
      Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of shares of Common Stock to be issued for each Warrant exercised in a Make-Whole Exercise will be determined by a
      straight-line interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

    

    

    The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the
      Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share
      prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In
      such an event, the number of shares in the table above shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and
      the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. If the Exercise Price is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share prices in the
      column headings shall equal the share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case
      of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price
      adjustment. In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common Stock per Warrant (subject to adjustment).

    

    

    6.3 Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, pursuant to Sections 6.1
      or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less
      than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on
      the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 or Section 6.2 hereof.

    

    

    6.4 Exercise After Notice of Redemption. The Warrants may be exercised for cash (or on a “cashless basis” in accordance with Section 6.2 hereof)
      at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights
      except to receive, upon surrender of the Warrants, the Redemption Price.

    

    

    6.5 Exclusion of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in Section
        6.1 hereof shall not apply to the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they are non-redeemable by the Company for cash) if at the time of the redemption such
      Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants continue to be held by the original purchasers thereof or their Permitted Transferees. However, once such Private Placement Warrants, Working Capital Warrants or Post-IPO
      Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants pursuant to Section 6.1 hereof,
      provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants to exercise such Private Placement Warrants, Working Capital Warrants or
      Post-IPO Warrants prior to redemption pursuant to Section 6.4 hereof. Private Placement Warrants, Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they are non-redeemable by the Company) that are
      transferred to persons other than Permitted Transferees shall, upon such transfer, cease to be Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants and shall become Public Warrants under this Agreement.

    

    

    
      

      
        

      

    

    7. Other Provisions Relating to Rights of Holders of Warrants.

    

    

    7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company,
      including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as a stockholder in respect of the meetings of stockholders or the election of directors
      of the Company or any other matter.

    

    

    7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent
      may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost,
      stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

    

    

    7.3 Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
      Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

    

    

    7.4 Registration of Common Stock; Cashless Exercise at Company’s Option.

    

    

    7.4.1 Registration of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after
      the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon
      exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within 60 Business Days after the closing of the Company’s initial Business Combination and to maintain the effectiveness of
      such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the
      60th Business Day following the closing of the Business Combination, holders of the applicable Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such
      registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the issuance of the shares of Common Stock issuable upon
      exercise of the applicable Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of
      Common Stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price
      by (y) the Fair Market Value and (B) 0.361 per whole Warrant. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the average reported last sale price of the Common Stock as reported during the ten (10) trading day
      period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or his, her or its securities broker or intermediary. The date that notice of cashless exercise is received
      by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which
      shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the
      shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor statute)) of the
      Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall
      continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

    

    

    
      

      
        

      

    

    7.4.2 Cashless Exercise at Company’s Option. If the shares of Common Stock are at the time of any exercise of a Public Warrant not listed on a
      national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise
      such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in
      effect a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its commercially reasonable
      efforts to register or qualify for sale the shares of Common Stock issuable upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is not available.

    

    

    8. Concerning the Warrant Agent and Other Matters.

    

    

    8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
      Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

    

    

    8.2 Resignation, Consolidation, or Merger of Warrant Agent.

    

    

    8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
      discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint
      in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or
      by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the
      appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the laws of the State of New York, in
      good standing and having its principal office in the United States of America, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor
      Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for
      any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such
      predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
      successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

    

    

    8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
      predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment.

    

    

    8.2.3 Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or
      any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

    

    

    
      

      
        

      

    

    8.3 Fees and Expenses of Warrant Agent.

    

    

    8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and
      shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

    

    

    8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
      delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

    

    

    8.4 Liability of Warrant Agent.

    

    

    8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
      or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
      conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such
      statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

    

    

    8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The
      Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of
      this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.

    

    

    8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity
      or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be
      responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
      adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of
      Common Stock shall, when issued, be valid and fully paid and non-assessable.

    

    

    8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
      and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares
      of Common Stock through the exercise of the Warrants.

    

    

    8.6 Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee
      thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all
      rights to seek access to the Trust Account.

    

    

    
      

      
        

      

    

    9. Miscellaneous Provisions.

    

    

    9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
      to the benefit of their respective successors and assigns.

    

    

    9.2 Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any
      Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until
      another address is filed in writing by the Company with the Warrant Agent), as follows:

    

    

    Healthcare Services Acquisition Corporation

    7809 Woodmont Avenue, Suite 200

    Bethesda, MD 20814

    Attn: Tao Tan

    Email: tao.tan@healthcarespac.com

    

    

    Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be
      sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by
      the Warrant Agent with the Company), as follows:

    

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, NY 10004

    Attn: Compliance Department

    

    

    With a copy in each case to:

    

    

    Ropes & Gray LLP

    1211 Avenue of the Americas

    New York, NY 10036

    Attention: Paul Tropp and Christopher Capuzzi

    Email: paul.tropp@ropesgray.com, christopher.capuzzi@ropesgray.com

    

    

    and

    

    

    B. Riley Securities, Inc.

    299 Park Avenue

    New York, New York 10171

    Attention:  Syndicate Department

    

    

    and

    

    

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas

    New York, New York 10105

    Attn: Stuart Neuhauser

    Email: sneuhauser@egsllp.com

    

    

    9.3 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
      all respects by 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. The Company hereby agrees that any action, proceeding or
      claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such
      jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing,
      the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

    

    

    
      

      
        

      

    

    Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum
      provisions in this Section 9.3. If any action, the subject matter of which is within the scope of the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the
      Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the
      United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in
      any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

    

    

    9.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation
      or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
      conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

    

    

    9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent
      in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

    

    

    9.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
      purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to
      have the same legal effect as delivery of an original signed copy of this Agreement.

    

    

    9.7 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
      interpretation thereof.

    

    

    9.8 Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing
      any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision
      contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the
      Registered Holders, and (ii) to provide for the delivery of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall
      require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or Working Capital Warrants or any provision of this
      Agreement with respect to the Private Placement Warrants or Working Capital Warrants, 50% of the number of then outstanding Private Placement Warrants and Working Capital Warrants. Notwithstanding the foregoing, the Company may lower the Warrant
      Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

    

    

    9.9 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
      affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
      Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

    

    

    
      

      
        

      

    

    Exhibit A – Form of Warrant Certificate

    Exhibit B – Legend

    

    

    [Signature Page Follows]

    

    

    
      

      
        

      

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

    

    

    

    

    	 	
            HEALTHCARE SERVICES ACQUISITION CORPORATION

          
	 	 	 
	 	
            By:

          	
            /s/ Tao Tan

          
	 	
            Name:

          	
             Tao Tan

          
	 	
            Title:

          	
            Chief Operating Officer

          
	 	 	 
	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

          
	 	 	 
	 	
            By:

          	
            /s/ James F. Kiszka

          
	 	
            Name:

          	
             James F. Kiszka

          
	 	
            Title:

          	
            Vice President

          

    

    

    
      

      
        

      

    

    EXHIBIT A

    

    

    [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

    HEALTHCARE SERVICES ACQUISITION CORPORATION

    

    

    Incorporated Under the Laws of the State of Delaware

    

    

    CUSIP 42227K 112

    

    

    Warrant Certificate

    

    

    This Warrant Certificate certifies that __________, or its registered assigns, is the
      registered holder of __________ warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of Class A
      common stock, $0.0001 par value per share (“Common Stock”), of Healthcare Services Acquisition Corporation, 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 non-assessable shares of Common Stock as set forth below, at the
      exercise price (the “Exercise 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 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 whole Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. 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 share of Common Stock, the Company will, upon exercise, round down to the nearest whole number of shares of Common Stock to
      be issued to the Warrant holder. The number of shares of Common Stock issuable upon exercise of the Warrants is 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 $11.50 per share. The Exercise 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.

    

    

    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, without regard to conflicts of
      laws principles thereof.

    

    

    
      

      
        

      

    

    	 	
            HEALTHCARE SERVICES ACQUISITION CORPORATION

          
	 	 	 
	 	
            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 shares of
      Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of December 22, 2020 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental
      Stock Transfer & Trust Company, a New York limited purpose trust company, 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. 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 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” 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 issuance of the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the shares of Common Stock 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 shares of Common Stock 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 share of Common Stock, the Company shall, upon exercise, round down
      to the nearest whole number of shares of Common Stock 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 stockholder 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 __________ shares of Common Stock
      and herewith tenders payment for such shares of Common Stock to the order of Healthcare Services Acquisition Corporation (the “Company”) in the amount of $ __________ in accordance with the
      terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of __________, whose address is __________ and that such shares of Common Stock be delivered to __________ whose address is
      __________. If said number of shares of Common Stock 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 of Common Stock 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 6.2 of the Warrant Agreement and a holder thereof
      elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 6.2 of the Warrant Agreement.

    

    

    In the event that the Warrant is a Private Placement Warrant or a Working Capital Warrant that is to be exercised on a “cashless” basis pursuant to subsection
        3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.

    

    

    In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of
      Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 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 shares of
      Common Stock 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 shares of Common Stock. If said number of shares of Common Stock 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 of Common Stock be registered in the name of
      __________, whose address is __________ and that such Warrant Certificate be delivered to __________, whose address is __________.

    

    

    [Signature Page Follows]

    

    

    
      

      
        

      

    

    	
            Date: __________, 20

          	 	 
	 	 	
            (Signature)

          
	 	 	 
	 	 	
            (Address)

          
	 	 	 
	 	 	
            (Tax Identification Number)

          
	 	 	 
	
            Signature Guaranteed:

          	 	 
	 	 	 
	 	 	 

    

    

    THE SIGNATURE(S) MUST 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 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

    
      

      
        

      

    

    EXHIBIT B

    

    

    LEGEND

    

    

    “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
      OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL
      LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG HEALTHCARE SERVICES ACQUISITION CORPORATION (THE “COMPANY”), HEALTHCARE SERVICES ACQUISITION HOLDINGS LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED HEREBY MAY NOT
      BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE
      (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

    

    

    SECURITIES EVIDENCED HEREBY AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION
      RIGHTS UNDER A REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

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