Document:

Exhibit 10.9

            Execution Version

        

         

      

    

    
      

    

    

     

    

     

    

     

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT

    

    

    among

    

    

    VERIZON MASTER TRUST,

      as Trust

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Servicer

    

    

    and

    

    

    PENTALPHA SURVEILLANCE LLC,

      as Asset Representations Reviewer

    

    

    Dated as of May 25, 2021

    

    

     

     

    

    
      

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Additional Definitions

          	
            1

          
	
            Section 1.3

          	
            Review Materials and Test Definitions

          	
            2

          
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            3

          
	
            Section 2.1

          	
            Engagement; Acceptance

          	
            3

          
	
            Section 2.2

          	
            Confirmation of Status

          	
            3

          
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	
            Section 3.1

          	
            Review Notices and Schedule of Tests

          	
            3

          
	
            Section 3.2

          	
            Identification of Group Review Receivables

          	
            3

          
	
            Section 3.3

          	
            Review Materials

          	
            3

          
	
            Section 3.4

          	
            Performance of Reviews

          	
            4

          
	
            Section 3.5

          	
            Review Reports

          	
            5

          
	
            Section 3.6

          	
            Review Representatives

          	
            5

          
	
            Section 3.7

          	
            Dispute Resolution

          	
            6

          
	
            Section 3.8

          	
            Limitations on Review Obligations

          	
            6

          
	
            Section 3.9

          	
            Updated Review Materials

          	
            7

          
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            7

          
	
            Section 4.1

          	
            Representations and Warranties

          	
            7

          
	
            Section 4.2

          	
            Covenants

          	
            8

          
	
            Section 4.3

          	
            Fees and Expenses

          	
            9

          
	
            Section 4.4

          	
            Limitation on Liability

          	
            9

          
	
            Section 4.5

          	
            Indemnification by Asset Representations Reviewer

          	
            10

          
	
            Section 4.6

          	
            Indemnification of Asset Representations Reviewer

          	
            10

          
	
            Section 4.7

          	
            Review of Asset Representations Reviewer’s Records

          	
            11

          
	
            Section 4.8

          	
            Delegation of Obligations

          	
            11

          
	
            Section 4.9

          	
            Confidential Information

          	
            12

          
	
            Section 4.10

          	
            Personally Identifiable Information

          	
            14

          
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            16

          
	
            Section 5.1

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            16

          
	
            Section 5.2

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            16

          
	
            Section 5.3

          	
            Successor Asset Representations Reviewer

          	
            17

          
	
            Section 5.4

          	
            Merger, Consolidation or Succession

          	
            17

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            18

          
	
            Section 6.1

          	
            Independence of Asset Representations Reviewer

          	
            18

          
	
            Section 6.2

          	
            No Petition

          	
            18

          
	
            Section 6.3

          	
            Limitation of Liability of Owner Trustee

          	
            18

          
	
            Section 6.4

          	
            Termination of Agreement

          	
            18

          
	
            Section 6.5

          	
            Monthly Reports

          	
            18

          

    

    

    

    

    
      
        i

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

       

        

    

    	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            19

          
	
            Section 7.1

          	
            Amendments

          	
            19

          
	
            Section 7.2

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            20

          
	
            Section 7.3

          	
            Notices

          	
            20

          
	
            Section 7.4

          	
            GOVERNING LAW

          	
            20

          
	
            Section 7.5

          	
            Submission to Jurisdiction

          	
            20

          
	
            Section 7.6

          	
            WAIVER OF JURY TRIAL

          	
            21

          
	
            Section 7.7

          	
            No Waiver; Remedies

          	
            21

          
	
            Section 7.8

          	
            Severability

          	
            21

          
	
            Section 7.9

          	
            Headings

          	
            21

          
	
            Section 7.10

          	
            Counterparts

          	
            21

          
	
            Section 7.11

          	
            Non-exclusive Agreement

          	
            21

          
	
            Section 7.12

          	
            Electronic Signatures

          	
            21

          

    

    

    	
             

            Schedule A — Review Materials

             

            

            Schedule B — Schedule of Tests 

          	 

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      ii

      
        

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of May 25, 2021 (this “Agreement”), among VERIZON MASTER TRUST, a Delaware statutory trust, as issuer (the “Trust”), CELLCO
      PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco”), as servicer (the “Servicer”), and PENTALPHA SURVEILLANCE LLC, a Delaware limited liability company, as asset representations reviewer (the “Asset
        Representations Reviewer”).

     

    BACKGROUND

     

    In the normal course of their businesses, Cellco and the other Originators originate device payment plan agreements for various wireless devices.  In addition, one or more Additional
      Transferors hold certain device payment plan agreements originated by Cellco and certain other Originators.

     

    In connection with certain securitization transactions sponsored by Cellco in which the Trust will issue one or more Series of Publicly Registered Notes secured by a revolving pool of
      Receivables.  Each such Series will be paid from collections on and proceeds of the Receivables designated to a Group under the Master Collateral Agreement.  The Trust has engaged the Servicer to service the Receivables.

     

    The Trust has granted a security interest in the Receivables and other related Collateral to the Master Collateral Agent, for the benefit of the Secured Parties.

     

    The Trust has determined to engage the Asset Representations Reviewer to perform reviews of certain Group Receivables for compliance with the representations and warranties made by the
      Originators and the Servicer (with respect to Receivables transferred by an Additional Transferor or re-designated to a Group on a Re-Designation Date) about each Group of Receivables.

     

    The parties agree as follows.

     

    ARTICLE I

      

      USAGE AND DEFINITIONS

     

    Section 1.1          Usage and Definitions.  Capitalized terms used in this Agreement and not otherwise defined
        herein are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among Verizon Master Trust, as Trust, Cellco Partnership d/b/a Verizon Wireless, as Servicer, U.S. Bank National Association, as
        Master Collateral Agent, and the Creditor Representatives from time to time party thereto (the “Master Collateral Agreement”).  Appendix A also contains usage rules that apply to this Agreement.  Appendix A is incorporated by reference into
        this Agreement.

     

    Section 1.2          Additional Definitions.

     

    “Confidential Information” has the meaning stated in Section 4.9(b).

     

    “Form Contract” has the meaning stated in Schedule A.

     

    
      
        

    

    
    “Group Review Receivable” means, for a Review and any Group, the related Group 60-Day Delinquent Receivables as of the last day of the Collection Period before the date on which a
      Review Notice is delivered pursuant to Section 12.2 of the Master Collateral Agreement.

     

    “Indemnified Person” has the meaning stated in Section 4.6(a).

     

    “Information Recipient” has the meaning stated in Section 4.9(a).

     

    “Monthly Fee” has the meaning stated in Section 4.3(a).

     

    “Personally Identifiable Information” or “PII” has the meaning stated in Section 4.10(a).

     

    “Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Group Review Receivable solely in accordance with Section 3.4.

     

    “Review Fee” has the meaning stated in Section 4.3(b).

     

    “Review Materials” means, for a Review and a Group Review Receivable, the documents and other materials listed in Schedule A, as applicable.

     

    “Review Notice” means the notice provided under Section 12.2 of the Master Collateral Agreement by the Master Collateral Agent to the Asset Representations Reviewer, each Creditor
      Representative for each Series of Publicly Registered Notes of the related Group, the Administrator and the Servicer.

     

    “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.5.

     

    “Schedule of Tests” has the meaning stated in Section 3.1(b).

     

    “Test” has the meaning stated in Section 3.1(b).

     

    “Test Complete” has the meaning stated in Section 3.4(c).

     

    “Test Fail” has the meaning stated in Section 3.4(a).

     

    “Test Incomplete” has the meaning stated in Section 3.4(a).

     

    “Test Pass” has the meaning stated in Section 3.4(a).

     

    “Trust PII” has the meaning stated in Section 4.10(a).

     

    Section 1.3          Review Materials and Test Definitions.  Capitalized terms or terms or phrases in quotation
        marks used in the Tests, if not defined in Appendix A to the Master Collateral Agreement or in this Agreement, refer to sections, titles or terms in the Form Contract or other Review Materials.

     

    
      2

      
        

    

    ARTICLE II

      

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

    Section 2.1          Engagement; Acceptance.  The Trust engages Pentalpha Surveillance LLC to act as the Asset
        Representations Reviewer for the Trust.  Pentalpha Surveillance LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement.

     

    Section 2.2          Confirmation of Status.  The parties confirm that the Asset Representations Reviewer is not
        responsible for (a) reviewing any Group Receivables for compliance with the representations and warranties under the Transaction Documents and any other Series Related Documents, except as described in this Agreement with respect to the applicable
        Group Eligibility Representation, or (b) determining whether noncompliance with the applicable Group Eligibility Representation constitutes a breach of the Transaction Documents and other Series Related Documents.

     

    ARTICLE III

      

      ASSET REPRESENTATIONS REVIEW PROCESS

     

    Section 3.1          Review Notices and Schedule of Tests.

     

    (a)          Review Notice.  Upon receipt of a Review Notice from the Master Collateral Agent according to Section
        12.2 of the Master Collateral Agreement and access to the Review Materials as described in Section 3.3(a), the Asset Representations Reviewer will start a Review.  The Asset Representations Reviewer will not be obligated to start a Review until a
        Review Notice is received.

     

    (b)          Schedule of Tests.  On or prior to the Closing Date for each Indenture Series with at least one Class
        of Publicly Registered Notes, (i) the Servicer will deliver to the Asset Representation Reviewer a list of the eligibility characteristics with respect to such Series and identify the Group to which such Series belongs and (ii) the Servicer and the
        Asset Representations Reviewer will mutually agree to the procedures to be performed with respect to each representation and warranty for such Indenture Series (each such procedure, a “Test”).  The Tests to be performed with respect to each
        applicable Indenture Series of a Group will be included on one schedule that will be attached to and be a part of this Agreement (such schedule, with respect to each Group, a “Schedule of Tests”), which Schedule of Tests will be
        substantially in the form of Schedule B attached hereto and reflect the Tests mutually agreed upon by the Servicer and the Asset Representations Reviewer.

     

    Section 3.2          Identification of Group Review Receivables.  Within ten (10) Business Days after receipt of a
        Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Master Collateral Agent a list of the Group Review Receivables in Excel format (or such other format as mutually agreed to by the Servicer and the Asset
        Representations Reviewer).

     

    
      3

      
        

    

    Section 3.3          Review Materials.

     

    (a)          Access to Review Materials.  The Servicer will give the Asset Representations Reviewer access to the
        Review Materials for all of the Group Review Receivables within sixty (60) days after receipt by the Asset Representations Reviewer of the Review Notice by electronic posting to a password-protected website to which the Asset Representations
        Reviewer has access or by otherwise providing the Asset Representations Reviewer with a secure electronic copy or in another manner agreed by the Servicer and the Asset Representations Reviewer.  The Servicer shall use its best efforts to redact or
        remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials for the Review.

     

    (b)          Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review
        Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset
        Representations Reviewer will notify the Servicer promptly, and in any event within ten (10) Business Days after receipt of access to the Review Materials.  The Servicer will have fifteen (15) Business Days to give the Asset Representations
        Reviewer access to the missing Review Materials or other documents or information to correct any such insufficiency.  If the missing or insufficient Review Materials or other documents or information have not been provided by the Servicer within
        fifteen (15) Business Days, the related Group Review Receivable will have a Test Incomplete for the Test or Tests that require use of the missing or insufficient Review Materials and the Review Report will report will include the reason for the
        Test Incomplete.

     

    Section 3.4          Performance of Reviews.

     

    (a)          Test Procedures.  For a Review, the Asset Representations Reviewer will perform for each Group Review
        Receivable the applicable Tests using the Review Materials necessary to perform the procedures as stated in each Test.  For each Test and Group Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test

          Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”).  If a Test or part of a Test cannot be performed for a
        Group Review Receivable because the Test circumstances do not apply to the Group Review Receivable, the Test will be considered to be satisfied and will be reported as a Test Pass.

     

    (b)          Review Period.  The Asset Representations Reviewer will complete the Review of all of the Group
        Review Receivables within sixty (60) days after receiving access to the Review Materials under Section 3.3(a).  However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the Review
        period will be extended for an additional thirty (30) days.

     

    (c)          Completion of Review for Certain Group Review Receivables.  Following the delivery of the list of the
        Group Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer will promptly notify the Asset Representations Reviewer if a Group Review Receivable is paid in full by the Obligor or
        reacquired or acquired, as applicable, from the Trust by an Originator or the Servicer according

     

    
      4

      
        

    

    to the Transaction Documents and any other Series Related Documents.  If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such Group Review Receivable and
      the Review of the Group Review Receivable will be considered complete (a “Test Complete”).  In this case, the Asset Representations Reviewer will report a Test Complete for the Group Review Receivable on the Review Report and the related
      reason.

     

    (d)          Previously Reviewed Receivable; Duplicative Tests.  If a Group Review Receivable was included in a
        prior Review, the Asset Representations Reviewer will not perform any Tests on it, but will report the results of the previous Tests in the Review Report for the current Review and note that the results relate to a prior Review.  If the same Test
        is required for more than one representation or warranty listed on the Schedule of Tests for the related Group, the Asset Representations Reviewer will only perform the Test once for each Group Review Receivable but will report the results of the
        Test for each applicable representation and warranty on the Review Report.

     

    (e)          Termination of Review.  If a Review is in process and each Series of Publicly Registered Notes of the
        related Group will be paid in full on or prior to the next Payment Date, the Servicer will notify the Asset Representations Reviewer, the Master Collateral Agent and each Creditor Representative for each Series of Publicly Registered Notes of the
        related Group no less than ten (10) days before that Payment Date.  On receipt of notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

     

    Section 3.5          Review Reports.  Within five (5) days after the end of the Review period under Section
        3.4(b), the Asset Representations Reviewer will deliver to the Administrator, the Depositor, the Trust, the Servicer, the Master Collateral Agent and each Group Creditor Representative of a Series of Publicly Registered Notes of the related Group a
        Review Report indicating for each Group Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Group Review Receivable was a Test Incomplete or a Test Complete.  For each Test Fail, Test Incomplete or Test
        Complete, the Review Report will indicate the related reason.  The Review Report will contain a summary of the Review results to be included in the Trust’s Form 10-D report for the Collection Period in which the Review Report is received.  The
        Asset Representations Reviewer will ensure that the Review Report does not contain any Trust PII.  On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results.

     

    Section 3.6          Review Representatives.

     

    (a)          Servicer Representative.  The Servicer will designate one or more representatives who will be
        available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about the Review Materials or Tests, access to Review Materials on the
        Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

     

    
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    (b)          Asset Representations Reviewer Representative.  The Asset Representations Reviewer will designate one
        or more representatives who will be available to the Trust and the Servicer during the performance of a Review to answer questions about the Review.

     

    (c)          Questions About Review.  The Asset Representations Reviewer will make appropriate personnel available
        to respond in writing to written questions or requests for clarification of any Review Report from the Trust, the Master Collateral Agent, the Servicer and each Creditor Representative for each Series of Publicly Registered Notes of the related
        Group until the earlier of (i) the date upon which each Series of Publicly Registered Notes of the related Group will be paid in full and (ii) one (1) year after the delivery of the Review Report; provided, that, for any Group Receivables which was
        included in a prior Review, the one (1) year requirement will start as of the date that the first Review Report in which that Group Receivable was included was delivered.  The Asset Representations Reviewer will not be obligated to respond to
        questions or requests for clarification from a Noteholder or any other Person and will direct such questions or requests to the Servicer.

     

    Section 3.7          Dispute Resolution.  If a Group Receivable that was reviewed by the Asset Representations
        Reviewer is the subject of a dispute resolution proceeding under Section 11.2 of the Transfer and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the
        proceeding.  The reasonable expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the
        dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 11.2 of the Transfer and Servicing Agreement.  However, if such expenses are not paid by a party to the dispute resolution within ninety
        (90) days after the end of the proceeding, the expenses will be paid by the Trust according to Section 4.3(d).

     

    Section 3.8          Limitations on Review Obligations.

     

    (a)          Review Process Limitations.  The Asset Representations Reviewer is not obligated to:

     

    (i)          determine whether a Group Delinquency Trigger has occurred or whether the required percentage of the Public
        Noteholders of such Group has voted to direct a Review under the Master Collateral Agreement, and may rely on the information in any Review Notice delivered by the Master Collateral Agreement;

     

    (ii)          determine which Group Receivables are subject to a Review, and may rely on the lists of Group Review
        Receivables provided by the Servicer;

     

    (iii)          obtain or confirm the validity of the Review Materials and may rely on the accuracy and completeness of
        the Review Materials and will have no liability for any errors in the Review Materials;

     

    (iv)          obtain missing or insufficient Review Materials from any party or any other source (other than its
        obligation to notify the Servicer pursuant to Section 3.3(b));

     

    
      6

      
        

    

    (v)          take any action or cause any other party to take any action under any of the Transaction Documents or any
        other Series Related Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the applicable Group Review Receivables; or

     

    (vi)          establish cause, materiality or recourse for any Test Fail.

     

    (b)          Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform
        the testing procedures listed under “Tests” in the Schedule of Tests for the related Group (as updated pursuant to Section 3.9), and will not be obligated to perform additional procedures on any Group Review Receivable or, except as set forth in
        Section 3.5, to provide any information other than a Review Report.  However, the Asset Representations Reviewer may provide additional information in a Review Report about any Group Review Receivable that it determines in good faith to be material
        to the Review.

     

    Section 3.9          Updated Review Materials.  The Servicer acknowledges that it has provided the Asset
        Representations Reviewer with sample Review Materials, including a Data Tape, data dictionary and Form Contract which the Asset Representations Reviewer has relied on to program its systems to perform the Tests in the event of a Review.  If the
        Servicer updates, edits or otherwise makes material changes to its systems or to the Review Materials, the Servicer will promptly notify the Asset Representations Reviewer of any such material changes and provide new or updated sample Review
        Materials (and, to the extent impacted, the “Tests” in the Schedule of Tests for any Group) to the Asset Representations Reviewer.

     

    ARTICLE IV

      

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1          Representations and Warranties.  The Asset Representations Reviewer represents and warrants
        to the Trust and the Servicer as of the date of this Agreement:

     

    (a)          Organization and Good Standing. The Asset Representations Reviewer is a validly existing limited
        liability company in good standing under the laws of the State of Delaware and has full power and authority to conduct its business as presently conducted, and to execute, deliver and perform its obligations under this Agreement.

     

    (b)          Due Qualification. The Asset Representations Reviewer is duly qualified to do business, is in good
        standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the conduct of its business requires such qualification, licenses or approvals, except where the
        failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

     

    (c)          Due Authorization. The execution, delivery, and performance of this Agreement has been duly
        authorized by the Asset Representations Reviewer by all necessary limited liability company action on the part of the Asset Representations Reviewer.

     

    
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    (d)          No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its
        knowledge threatened, against the Asset Representations Reviewer or any of its properties: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii)
        seeking any determination or ruling that might have a Material Adverse Effect on the performance by the Asset Representations Reviewer of its obligations under, or the validity or enforceability of, this Agreement.

     

    (e)          All Consents. All authorizations, consents, orders or approvals of or registrations or declarations
        with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the execution and delivery of this Agreement and the performance of the transactions contemplated by this Agreement by the Asset
        Representations Reviewer have been duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

     

    (f)          Binding Obligation. This Agreement constitutes, when duly executed and delivered by each other party
        hereto, a legal, valid and binding obligation of the Asset Representations Reviewer, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
        receivership, conservatorship or other similar Laws affecting creditors’ rights generally or by general principles of equity.

     

    (g)          No Conflict. The execution and delivery of this Agreement by the Asset Representations Reviewer, and
        the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer, (i) do not contravene (A) the organizational documents of the Asset Representations Reviewer, (B) any contractual restriction binding on or
        affecting it or its property, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a
        Material Adverse Effect and (ii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties.

     

    (h)          No Violation. The execution and delivery of this Agreement by the Asset Representations Reviewer, and
        the performance and compliance with the terms of this Agreement by the Asset Representations Reviewer will not violate any Law applicable to the Asset Representations Reviewer, except where such violation would not reasonably be expected to have a
        Material Adverse Effect.

     

    (i)          Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

     

    Section 4.2          Covenants.  The Asset Representations Reviewer covenants and agrees that:

     

    (a)          Eligibility.  It will notify the Trust and the Servicer promptly if it no longer meets the
        eligibility requirements in Section 5.1.

     

    
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    (b)          Review Systems; Personnel.  It will maintain business process management and/or other systems
        necessary to ensure that it can perform each Test and will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Group Review Receivable and any related Review Materials to be
        individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct a Review as required by this Agreement.

     

    (c)          Maintenance of Review Materials.  It will maintain copies of any Review Materials, Review Reports and
        other documents relating to a Review, including internal correspondence and work papers, other than any PII returned or destroyed in accordance with Section 4.10(e), for a period of two (2) years after the termination of this Agreement.

     

    Section 4.3          Fees and Expenses.

     

    (a)          Monthly Fee and Initial Fee.  As compensation for its activities hereunder, the Asset Representations
        Reviewer shall be entitled to receive a monthly fee (the “Monthly Fee”), payable by the Trust, on each Payment Date, beginning with the first Payment Date, in an amount equal to $416.67, which amount will be paid by each Indenture Series
        with at least one Class of Publicly Registered Notes based on the ARR Series Allocation Percentage for such Series as set forth in each applicable Trust Financing Agreement.  The Trust will reimburse the Asset Representations Reviewer for all
        reasonable out-of-pocket expenses incurred or made by it in performing services under this Agreement, including fees and disbursements of its counsel, which amounts will be paid by each applicable Series based on the ARR Series Allocation
        Percentage for such Series in the related Group as set forth in each applicable Trust Financing Agreement.  In addition, pursuant to Section 2.2(e) of the Administration Agreement, if such amounts are not otherwise paid by the Trust, the
        Administrator shall reimburse the Asset Representations Reviewer for all reasonable and documented fees and disbursements of its counsel on the applicable Closing Date for each Indenture Series, provided that such reimbursed fees and disbursements
        pursuant to this sentence shall not exceed $5,000 for each Indenture Series, unless otherwise mutually agreed in writing by the parties.

     

    (b)          Review Fee.  Following the completion of a Review and the delivery of the Review Report pursuant to
        Section 3.5, or the termination of a Review according to Section 3.4(e), and the delivery to the Trust, the Administrator and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $50,000 (the “Review

          Fee”).  If a detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Trust from the related Group Available Funds starting on the Payment Date in that month, and will be paid by each Indenture
        Series with at least one Class of Publicly Registered Notes in the related Group based on the ARR Series Allocation Percentage for such Series in accordance with the related Trust Financing Agreement for each such Series of the related Group. 
        However, if the Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five (5) Business Days before the final Payment Date to be
        reimbursed no later than the final Payment Date.

     

    (c)          Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of
        its properties, the Trust will reimburse the Asset Representations

     

    
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    Reviewer for its reasonable travel expenses incurred in connection with the Review following the delivery to the Trust, the Administrator and the Servicer of on receipt of a detailed invoice in respect of
      such expenses; provided that such reimbursable expenses may not exceed $20,000, unless otherwise authorized in advance by the Trust.  Such amounts will be reimbursed by the Trust from the related Group Available Funds which amounts will be paid by
      Indenture Series with at least one Class of Publicly Registered Notes in the related Group based on the ARR Series Allocation Percentage for such Series in the related Group as set forth in each applicable Trust Financing Agreement.

     

    (d)          Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute
        resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Trust will promptly reimburse the
        Asset Representations Reviewer for such expenses on receipt of a detailed invoice from the related Group Available Funds which amounts will be paid by Indenture Series with at least one Class of Publicly Registered Notes in the related Group based
        on the ARR Series Allocation Percentage for such Series in the related Group as set forth in each applicable Trust Financing Agreement.

     

    (e)          Payments by Trust.  All amounts payable by the Trust under this Section 4.3 will be payable by each
        applicable Series according to the priority of payments set forth in the related Trust Financing Agreement.

     

    Section 4.4          Limitation on Liability.  The Asset Representations Reviewer will not be liable to any Person
        for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or gross negligence in performing its obligations
        under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the
        likelihood of the loss or damage and regardless of the form of action.  The Asset Representations Reviewer will have no other duties, obligations or liabilities to any Person, including the Noteholders and the Certificateholders, other than as
        specifically set forth in this Agreement.

     

    Section 4.5          Indemnification by Asset Representations Reviewer.  Subject to the limitations set forth in
        Section 4.4, the Asset Representations Reviewer will indemnify each of the Trust, the Depositor, the Administrator, the Servicer, the Owner Trustee and the Master Collateral Agent and their respective directors, officers, employees and agents for
        all fees, expenses, losses, damages, liabilities, reasonable attorney’s fees and other legal costs (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any
        proceedings brought by that Person to enforce the indemnification obligations of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or gross negligence of the Asset Representations Reviewer in performing its
        obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination
        of this Agreement, the termination of the Trust and the resignation or removal of the Asset Representations Reviewer.

     

    
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    Section 4.6          Indemnification of Asset Representations Reviewer.

     

    (a)          Indemnification.  The Trust will indemnify the Asset Representations Reviewer and its members,
        officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages, liabilities, reasonable attorney’s fees and other legal costs resulting from the performance of its obligations under this
        Agreement (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations
        of the Trust), but excluding any fee, expense, loss, damage or liability resulting directly from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or gross negligence or (ii) the Asset Representations Reviewer’s breach of any
        of its representations or warranties in this Agreement.

     

    (b)          Proceedings.  If an Indemnified Person receives notice of a Proceeding against it, the Indemnified
        Person will, if a claim is to be made under Section 4.6(a), promptly notify the Trust and the Administrator of the Proceeding.  The Trust (or the Administrator on behalf of the Trust) may participate in and assume the defense and settlement of a
        Proceeding at the expense of the Trust.  If the Trust (or the Administrator on behalf of the Trust) notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified
        Person, the Trust (or the Administrator on behalf of the Trust) will assume such defense with counsel reasonably satisfactory to the Indemnified Person and in a manner reasonably satisfactory to the
        Indemnified Person.  The Trust (or the Administrator on behalf of the Trust) will not be liable for legal fees and expenses of separate counsel to the Indemnified Person unless there is a conflict between the interests of the Trust or the
        Administrator, as applicable, and the Indemnified Person.  If the Indemnified Person has been advised by counsel that a reasonable likelihood exists of a conflict of interest between the Trust and the Indemnified Person (including the existence of
        different legal defenses available to each party), the Trust will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a Proceeding may be made without the approval of the Trust and the
        Indemnified Person, which approval will not be unreasonably withheld.

     

    (c)          Survival of Obligations.  Except as otherwise expressly provided in this Agreement, the obligations
        of the Trust and the Administrator (on behalf of the Trust) under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

     

    (d)          Repayment.  If the Trust makes a payment to an Indemnified Person under this Section 4.6 and the
        Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Trust.

     

    (e)          Force Majeure.  The Asset Representations Reviewer shall not be liable for any delay or failure to
        perform its obligations hereunder to the extent such delay or failure is due in any part to an act of God, fire, natural calamities, war, terrorism, nuclear event, act or orders of governments, or other events beyond its reasonable and foreseeable
        control, including, but not limited to, loss of power and communications outages resulting from such events; provided, however, the Asset Representations Reviewer will use commercially reasonable efforts to resume performance as soon as practicable
        under the circumstances.

     

    
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    Section 4.7          Review of Asset Representations Reviewer’s Records.  The Asset Representations Reviewer
        agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Trust (or the Administrator on behalf of the Trust) or the Servicer, during the Asset Representations Reviewer’s normal
        business hours, to have onsite access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations
        Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement; provided, that any review
        under this Section 4.7 will be subject to the confidentiality requirements of Section 4.9.  In addition, the Asset Representations Reviewer will permit the Trust’s (or the Administrator’s on behalf of the Trust) or the Servicer’s representatives to
        discuss the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer with the Asset Representations Reviewer’s officers and employees.  Any access and review will be subject
        to, and may be restricted by, the Asset Representations Reviewer’s confidentiality and privacy policies and attorney-client privilege.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and
        materials for a period of at least two (2) years after the termination of its obligations under this Agreement.

     

    Section 4.8          Delegation of Obligations.  The Asset Representations Reviewer may not delegate or
        subcontract its obligations under this Agreement to any Person without the consent of the Trust and the Servicer, which consent will not be unreasonably withheld and will be provided promptly by the Trust and the Servicer; provided, however, if
        such consent is not provided within four (4) Business Days, the Asset Representations Reviewer shall have a number of additional days to complete its Review equal to the number of days after the fourth Business Day taken by the Trust or the
        Servicer to provide consent.  To the extent the Asset Representations Reviewer employs or uses the services of independent contractors to assist with the performance of the services under this Agreement, the Asset Representations Reviewer will
        remain solely responsible for the payment of any costs, fees or expense of any such contractor.  The Asset Representations Reviewer will remain fully responsible for the performance of its obligations and duties under this Agreement in accordance
        with the terms of this Agreement to the same extent and under the same terms and conditions as if it alone were performing those obligations and duties under this Agreement, without diminution of any such obligation or liability by virtue of any
        indemnification from any Person acting as its agents or subcontractor.  The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations
        Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

     

    Section 4.9          Confidential Information.

     

    (a)          Treatment.  Each of the Trust, the Servicer and the Asset Representations Reviewer agrees to hold and
        treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. 
        The Confidential Information will not, (x) without the consent of the Trust and the Servicer, be

     

    
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    disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an “ARR Information Recipient”) or
      (y) without the consent of the Asset Representations Reviewer be disclosed or used by the Trust (or the Administrator on behalf of the Trust) or the Servicer, or their respective officers, directors, employees, agents, representatives or affiliates,
      including legal counsel (each, an “Trust Information Recipient” and, together with each ARR Information Recipient, the “Information Recipients”) other than for the purposes of performing or providing information for Reviews of Group
      Review Receivables or performing its respective obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Trust, Cellco or their
      Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

     

    (b)          Definition.  “Confidential Information” means oral, written and electronic materials
        (regardless of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer by the Trust or the Servicer, or to the Trust (or the Administrator on behalf of the Trust) or the
        Servicer by the Asset Representations Reviewer, in each case, for the purposes contemplated by this Agreement, including (as applicable):

     

    (i)          lists of Group Review Receivables and any related Review Materials;

     

    (ii)          origination and servicing guidelines, policies and procedures, and Form Contracts; and

     

    (iii)          notes, analyses, compilations, studies or other documents or records prepared by the Trust, the Servicer
        or the Asset Representations Reviewer, as applicable, which contain information supplied by or on behalf of the Trust, the Servicer, the Asset Representations Reviewer or their respective representatives.

     

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by an Information Recipient, (B) was available to,
      or becomes available to, an Information Recipient on a non-confidential basis from a Person or entity other than the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer, as applicable, before its
      disclosure to the Information Recipient who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer,
      as applicable, and is not prohibited from transmitting the information to the Information Recipient, (C) is independently developed by an Information Recipient without the use of the Confidential Information, as shown by the Information Recipient’s
      files and records or other evidence in its possession or (D) the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer, as applicable, gives permission to the Information Recipient to release.

     

    (c)          Protection.  Each of the Trust, the Servicer or the Asset Representations Reviewer will take, and the
        Trust will cause the Administrator to take, reasonable measures to protect the

     

    
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    secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of
      care.  The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10.

     

    (d)          Disclosure.  If the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset
        Representations Reviewer, as applicable, is required by applicable Law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the
        Confidential Information.  However, before a required disclosure, the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer, as applicable, if permitted by applicable Law, regulation, rule or order,
        will use its reasonable efforts to notify the other parties to this Agreement of the requirement and will cooperate, (i) at the Asset Representations Reviewer’s expense, in the Asset Representations Reviewer’s pursuit of a proper protective order
        or other relief for the disclosure of its Confidential Information or (ii) at the Servicer’s expense, in the Trust’s (or the Administrator’s on behalf of the Trust) and the Servicer’s pursuit of a proper protective order or other relief for the
        disclosure of the Confidential Information.  If the Trust (or the Administrator on behalf of the Trust), the Servicer or the Asset Representations Reviewer, as applicable, is unable to obtain a protective order or other proper remedy by the date
        that the information is required to be disclosed, the other parties to this Agreement will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

     

    (e)          Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible
        for a breach of this Section 4.9 by the ARR Information Recipients.  The Trust and the Servicer will be responsible for a breach of this Section 4.9 by the Trust Information Recipients.  The Trust agrees to cause the Administrator to comply with
        this Section 4.9.

     

    (f)          Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause
        irreparable injury to the Trust, the Administrator and the Servicer and the Trust (or the Administrator on behalf of the Trust) and the Servicer may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Trust (or
        the Administrator on behalf of the Trust) or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.  Each of the Trust and the
        Servicer agrees that, and the Trust will cause the Administrator to agree that, a violation of this Agreement may cause irreparable injury to the Asset Representations Reviewer and the Asset Representations Reviewer may seek injunctive relief in
        addition to legal remedies.  If an action is initiated by the Asset Representations Reviewer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the
        enforcement.

     

    (g)          Property.  All know-how, policies and procedures, intellectual property, and trade secret information
        conceived or originated by the Trust, the Servicer or the Asset Representations Reviewer, as applicable, which arises out of the performance of the obligations and services under this Agreement, or any related material or information, will be the
        property of the Trust, the Servicer or the Asset Representations Reviewer, as applicable.

     

    
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    (h)          Survival.  This Section 4.9 will survive the termination of this Agreement, the termination of the
        Trust and the resignation or removal of the Asset Representations Reviewer.

     

    Section 4.10          Personally Identifiable Information.

     

    (a)          Definitions.  “Personally Identifiable Information” or “PII” means information in any
        format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any
        information that when used separately or in combination with other information could identify an individual.  “Trust PII” means PII furnished by the Trust, the Servicer or their Affiliates to the Asset Representations Reviewer and PII
        developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

     

    (b)          Use of Trust PII.  The Trust does not grant the Asset Representations Reviewer any rights to Trust
        PII except as provided in this Agreement.  The Asset Representations Reviewer will use Trust PII only to perform its obligations under this Agreement or as specifically directed in writing by the Trust and will only reproduce Trust PII to the
        extent necessary for these purposes.  The Asset Representations Reviewer must comply with all Laws applicable to PII, Trust PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those
        relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Trust PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with
        applicable Law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the
        security, confidentiality and integrity of Trust PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Trust PII, (iii) protect against unauthorized access to or use of Trust PII and (iv) otherwise comply with its
        obligations under this Agreement.  These safeguards will include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (including intrusion protection, data storage protection and
        data transmission protection) and physical security measures.

     

    (c)          Additional Limitations.  In addition to the use and protection requirements described in Section
        4.10(b), the Asset Representations Reviewer’s disclosure of Trust PII is also subject to the following requirements:

     

    (i)          The Asset Representations Reviewer will not disclose Trust PII to its personnel or allow its personnel
        access to Trust PII except (A) for the Asset Representations Reviewer personnel who require Trust PII to perform a Review, (B) with the consent of the Trust or (C) as required by applicable Law.  When permitted, the disclosure of or access to Trust
        PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with access to Trust PII of the confidentiality requirements in this Agreement and
        train its personnel with access to Trust PII on the proper use and protection of Trust PII.

     

    
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    (ii)          The Asset Representations Reviewer will not sell, disclose, provide or exchange Trust PII with or to any
        third party without the consent of the Trust.

     

    (d)          Notice of Breach.  The Asset Representations Reviewer will notify the Trust promptly in the event of
        an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Trust PII and, where applicable, immediately take action to prevent any further breach.

     

    (e)          Return or Disposal of Trust PII.  Except where return or disposal is prohibited by applicable Law,
        promptly on the earlier of the completion of the Review or the request of the Trust, all Trust PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or
        restoration or (ii) if so directed by the Trust, returned to the Trust without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Trust.  Where the Asset Representations Reviewer
        retains Trust PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Trust PII to that required by applicable Law.

     

    (f)          Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide
        information to the Trust regarding the Asset Representations Reviewer’s compliance with this Section 4.10.  The Asset Representations Reviewer and the Trust agree to modify this Section 4.10 as necessary for either party to comply with applicable
        Law.

     

    (g)          Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Trust
        and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer,
        and not more than once during any year unless circumstances necessitate additional audits.  The Trust agrees to make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7.

     

    (h)          Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Trust’s
        Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this
        Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII related terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

     

    ARTICLE V

      

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

    Section 5.1          Eligibility Requirements for Asset Representations Reviewer.  The Asset Representations
        Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Trust, the Servicer, the Administrator, the Marketing Agent, the Originators, any

     

    
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    Additional Transferor, the Parent Support Provider, the Master Collateral Agent, the Creditor Representative for each Indenture Series with at least one Class of Publicly Registered Notes, the Owner Trustee,
      any counterparty under a Cap Agreement or an interest rate swap agreement, any Letter of Credit Provider or any of their Affiliates and (b) was not, and is not Affiliated with any Person that was, engaged by the Sponsor or any underwriter of the
      Notes of an Indenture Series with at least one Class of Publicly Registered Notes to perform any due diligence on any Receivables prior to the issuance of any Notes of such Indenture Series by the Trust.

     

    Section 5.2          Resignation and Removal of Asset Representations Reviewer.

     

    (a)          No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer
        unless it determines, in its sole discretion, that it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted
        under applicable Law.  The Asset Representations Reviewer will notify the Trust and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date, including written advice of
        counsel supporting its determination.

     

    (b)          Removal.  If any of the following events occur, the Trust may remove the Asset Representations
        Reviewer and terminate its rights and obligations under this Agreement (other than rights and obligations accrued prior to such event, including the right to receive all amounts accrued and owing to it under this Agreement) by notifying the Asset
        Representations Reviewer:

     

    (i)          the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

     

    (ii)          the Asset Representations Reviewer breaches any of its representations, warranties, covenants or
        obligations in this Agreement; or

     

    (iii)          an Insolvency Event of the Asset Representations Reviewer occurs.

     

    (c)          Notice of Resignation or Removal.  The Trust will notify the Servicer, the Administrator, the Owner
        Trustee and each Creditor Representative for each Series of Publicly Registered Notes of any resignation or removal of the Asset Representations Reviewer.

     

    (d)          Continue to Perform After Resignation or Removal.  No resignation or removal of the Asset
        Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section
        5.3(b).  If no successor Asset Representations Reviewer has been appointed and accepted its appointment within thirty (30) days after the resignation or removal of the Asset Representations Reviewer, the Asset Representations Reviewer may petition
        a court of competent jurisdiction for the appointment of a successor Asset Representations Reviewer that meets the requirements set forth in Section 5.1.  The Trust will reimburse the Asset Representations Reviewer for any reasonable out-of-pocket
        expenses (including, reasonable attorney’s fees) in connection with the replacement of the Asset Representations Reviewer, including any petition pursuant to this Section 5.2(d).

     

    
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    Section 5.3          Successor Asset Representations Reviewer.

     

    (a)          Engagement of Successor Asset Representations Reviewer.  Following the resignation or removal of the
        Asset Representations Reviewer, the Trust will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

     

    (b)          Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations
        Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Trust and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations
        Reviewer under this Agreement or entered into a new agreement with the Trust on substantially the same terms as this Agreement.

     

    (c)          Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset
        Representations Reviewer will cooperate with the Trust and take all actions reasonably requested to assist the Trust in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the
        successor Asset Representations Reviewer.

     

    Section 5.4          Merger, Consolidation or Succession.  Any Person (a) into which the Asset Representations
        Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the Asset Representations Reviewer’s business, if that Person meets the eligibility
        requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement without the execution or filing of any documents (other than an assumption agreement wherein the successor shall agree to perform the
        obligations of and serve as the Asset Representations Reviewer in accordance with the terms of this Agreement) or any further act on the part of any of the parties hereto, notwithstanding anything to the contrary herein.

     

    ARTICLE VI

      

      OTHER AGREEMENTS

     

    Section 6.1          Independence of Asset Representations Reviewer.  The Asset Representations Reviewer will be
        an independent contractor and will not be subject to the supervision of the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee for the manner in which it accomplishes the performance of its obligations under this
        Agreement.  Unless authorized by the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Trust, the Master Collateral
        Agent, the Owner Trustee or any Indenture Trustee and will not be considered an agent of the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee.  Nothing in this Agreement will make the Asset Representations Reviewer and
        any of the Trust, the Master Collateral Agent, the Owner Trustee or any Indenture Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

     

    
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    Section 6.2          No Petition.  The parties agree that, before the date that is two (2) years and one (1) day
        (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other
        Person in starting or pursuing against, (i) the Depositor or (ii) the Trust, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section
        6.2 will survive the termination of this Agreement.

     

    Section 6.3          Limitation of Liability of Owner Trustee.  This Agreement has been signed on behalf of the
        Trust by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event will Wilmington Trust, National Association in its individual capacity or as a beneficial owner
        of the Trust be liable for the representations, warranties, covenants, agreements or other obligations of the Trust under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the
        Trust Agreement.

     

    Section 6.4          Termination of Agreement.  This Agreement will terminate on the earlier of (a) the date upon
        which each Series of Publicly Registered Notes of each Group will be paid in full and (b) the date the Trust is terminated under the Trust Agreement.  The Trust will give the Asset Representations Reviewer advance notice of the occurrence of such
        events.

     

    Section 6.5          Monthly Reports.  The Servicer will provide the Asset Representations Reviewer with a copy of
        the Monthly Investor Report at the same time it is provided to the Master Collateral Agent, to the extent the Monthly Investor Report is not otherwise available from any publicly available source.

     

    ARTICLE VII

      

      MISCELLANEOUS PROVISIONS

     

    Section 7.1          Amendments.

     

    (a)          Amendments to Clarify and Correct Errors and Defects.  The parties may amend this Agreement, without
        the consent of any Creditor Representatives or Creditors, for the purpose of curing any ambiguity, correcting an error or correcting or supplementing any provision of this Agreement that may be defective or inconsistent with the other terms of this
        Agreement or providing for, or facilitating the acceptance of this Agreement by, a successor Asset Representations Reviewer.

     

    (b)          Other Amendments.  Other than as set forth in Section 7.1(c), the parties to this Agreement, without
        the consent of any Creditor Representatives or Creditors, may also amend this Agreement for the purpose of adding any provisions to, or changing in any manner or eliminating any provisions of, this Agreement or modifying in any manner the rights of
        the Creditors under this Agreement if (x) the Trust or the Administrator delivers an Officer’s Certificate to the Master Collateral Agent and the Owner Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that
        such amendment will not have a material adverse effect on the interest of any Creditor or (y) the Rating Agency Condition has been

     

    
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    satisfied for all Credit Extensions then rated by a Rating Agency with respect to such amendment.

     

    (c)          Amendments Requiring Consent of all Affected Creditors.  This Agreement may also be amended from time
        to time by the parties hereto, with the consent of the Majority Creditor Representatives of each Group adversely affected thereby, with prior written notice to the applicable Rating Agencies (if any Credit Extensions of an affected Group are then
        rated by such Rating Agency), and the Master Collateral Agent, for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Agreement or of modifying in any manner the rights of the Creditors
        under this Agreement.

     

    (d)          Consent of Master Collateral Agent and Owner Trustee.  The consent of the Master Collateral Agent
        will be required for any amendment to this Agreement that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Master Collateral Agent.  The consent of the Owner Trustee will be required for any
        amendment to this Agreement that has a material adverse effect on the rights, duties, obligations, immunities or indemnities of the Owner Trustee, which consent will not be unreasonably withheld.

     

    (e)          Notice of Amendments.  Promptly after the execution of an amendment, the Trust will deliver, or will
        cause the Administrator to deliver, a copy of the amendment to the Master Collateral Agent and the Rating Agencies, and the Master Collateral Agent will notify the Creditors of the substance of the amendment.

     

    (f)          Creditor Consent.  For any amendment to this Agreement requiring the consent of any Creditors, the
        Master Collateral Agent will, when directed by Trust Order, notify the Creditor Representatives to request consent and follow its reasonable procedures to obtain consent.  It shall not be necessary for the consent of any Creditor (acting through
        its Creditor Representatives) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Creditor (acting through its
        Creditor Representative) consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Creditor and any Creditor Representative consenting to any amendment shall be deemed to agree that
        such amendment does not have a material adverse effect on such Creditor Representative or its Creditors.

     

    (g)          Deemed Consent for All Creditors.  In the event that the Trust Financing Agreement for a Series
        enables a portion of the Creditors of that Series, or any Class of that Series, to exercise consent rights for such Series, the consent (or lack thereof) of such portion of the Creditors shall be deemed to be the consent (or lack thereof) of all
        Creditors of such Series.

     

    (h)          Trust Financing Agreements.  The Trust Financing Agreement for any Series may have additional
        requirements or criteria to amend, modify or waive any provision of this Agreement and no amendment, modification or waiver of any provision of this Agreement shall occur unless each of the additional criteria, if any, has been satisfied.

     

    
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    Section 7.2          Assignment; Benefit of Agreement; Third Party Beneficiaries.

     

    (a)          Assignment.  Except as stated in Section 5.4, this Agreement may not be assigned by the Asset
        Representations Reviewer without the consent of the Trust and the Servicer.

     

    (b)          Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be
        binding on the parties and their permitted successors and assigns.  The Owner Trustee and the Master Collateral Agent, for the benefit of the Secured Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement
        against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under this Agreement.

     

    Section 7.3          Notices.

     

    (a)          Notices to Parties.  All notices, requests, directions, consents, waivers or other communications to
        or from the parties must be in writing and will be considered received by the recipient:

     

    (i)          for personally delivered, express or certified mail or courier, when received;

     

    (ii)          for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

     

    (iii)          for an email, when receipt is confirmed by telephone or reply email from the recipient; and

     

    (iv)          for an electronic posting to a password-protected website to which the recipient has access, on delivery of
        an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

     

    (b)          Notice Addresses.  A notice, request, direction, consent, waiver or other communication must be
        addressed to the recipient at its address stated in Schedule A to the Transfer and Servicing Agreement, which address the party may change at any time by notifying the other parties.

     

    Section 7.4          GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO,
        SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE
        CONFLICTS OF LAW PRINCIPLES).

     

    Section 7.5          Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the
        United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by
        Law, any objection

     

    
      21

      
        

    

    that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

     

    Section 7.6          WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO
        IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    Section 7.7          No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy
        under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers,
        rights and remedies under this Agreement are in addition to any powers, rights and remedies under Law.

     

    Section 7.8          Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it
        will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

     

    Section 7.9          Headings.  The headings in this Agreement are included for convenience and will not affect
        the meaning or interpretation of this Agreement.

     

    Section 7.10          Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart
        will be an original and all counterparts will together be one document.

     

    Section 7.11          Non-exclusive Agreement.  The Asset Representations Reviewer and its affiliated companies
        may provide services to other clients, including, but not limited to, persons and entities in the same or similar businesses as the Trust and the Servicer, without notice to or consent from the Trust or the Servicer.

     

    Section 7.12          Electronic Signatures.  Each party agrees that this Agreement and any other documents to be
        delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and
        admissibility.

     

    

    

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      22

      
        

    

    IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly authorized officer as of the date and year first above written.

     

    

    

    	 	
            VERIZON MASTER TRUST,

          
	 	 	
            as Trust

          
	 	 	 
	 	
            By:

          	
            Wilmington Trust, National Association, not in its individual capacity, but solely as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	/s/ Mark H. Brzoska
	 	 	
            Name:   Mark H. Brzoska

          
	 	 	
            Title:     Vice President

            

          
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
            CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          
	 	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	/s/ Kee Chan Sin

          
	 	 	
            Name:

          	Kee Chan Sin

          
	 	 	
            Title:

          	Vice President and Assistant Treasurer

          
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 
	 	
            PENTALPHA SURVEILLANCE LLC,

          
	 	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	 	 
	 	
            By:

          	 /s/ James Callahan
	 	 	
            Name:  James Callahan 

          
	 	 	
            Title:  Executive Director and Solely as an Authorized Signatory for Pentalpha Surveillance LLC 

          

    

    

    

    

    

    

    
      
        

    

    Schedule A

     

    Review Materials

     

    	1.	
            Forms of device payment plan agreements (each, a “Form Contract”) applicable to the related Group Receivables; and

          

    	2.	
            An electronic data tape (the “Data Tape”) describing certain characteristics of the related Group Receivables as of the Cutoff Date or such other applicable date of determination.

          

    
      
        

    

    Schedule B

     

    Schedule of Tests

     

    1.          Verizon Master Trust, Series 2021-1

     

    	
            Representation and Warranty

          	
            Tests

          
	
            As of the related Cutoff Date, the Obligor on the account for such Receivable had a billing address in the United States or in a territory of the United
              States.

          	
            Check that state code indicated on Data Tape is a US state or US territory.

          
	
            As of the related Cutoff Date, the remaining term of the Receivable is less than or equal to thirty (30) months.

          	
            Check that remaining installments indicated on Data Tape are less than or equal to thirty (30) months.

          
	
            The Receivable did not contain a contractual right to an upgrade of the Device related to such device payment plan agreement, at the time such Receivable was
              originated.

          	
            Check that Form Contract used at the time of sale date is an approved form.

          
	
            As of the related Cutoff Date, as indicated on the records of the Originator or one of its Affiliates, the Obligor on the account for such Receivable maintains
              service with Verizon Wireless.

          	
            Check that account status on Data Tape is active.

          
	
            As of the related Cutoff Date, as indicated on the records of the Originator or one of its Affiliates, the Receivable is not associated with the account of a
              government customer.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”

          
	
            As of the related Cutoff Date, the Obligor on the account for such Receivable is not indicated to be subject to a current bankruptcy proceeding on the records
              of the related Originator, the Servicer or one of its Affiliates, acting as its agent.

          	
            Check that bankruptcy status on Data Tape is not open.

          
	
            As of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (31) days or more Delinquent
              by the Obligor or (B) that is in “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act, as

          	
            Check that Data Tape indicates that the account related to the Receivable is less than thirty-one (31) days past due and that account and line is active.

          

    

    

    
      
        

    

    	
            Representation and Warranty

          	
            Tests

          
	
            amended) in accordance with the Servicing Procedures.

          	 
	
            The Receivable is denominated and payable only in U.S. dollars.

          	
            Check that Form Contract used at time of sale date indicates that it is payable in U.S. dollars.

          
	
            Installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement.

          	
            Check that Data Tape indicates monthly payments.

          
	
            As of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $3,000.

          	
            Check that unpaid balance indicated on Data Tape is less than or equal to $3,000.

          
	
            As of the related Cutoff Date, either (i) at least one (1) monthly payment made by the Obligor under the related device payment plan agreement has been
              received with respect to the related Receivable or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless.

          	
            Check that Data Tape (i) has the first payment indicated as “YES” or (ii) indicates customer tenure is greater than or equal to 1yr.

          
	
            The Receivable constitutes the legal and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms (except as
              such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar Laws relating to and limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a
              proceeding in equity or in law)).

          	
            Check that Form Contract used at time of sale date is an approved form.

          
	
            The Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer.

          	
            Check that customer type on Data Type is “BE” or “NA.”

             

          
	
            The Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the
              True-Up Trust or an affiliate thereof.

          	
            Check that customer type on Data Type is “PE,” “ME,” “BE” or “NA.”Exhibit 4.1

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of May 20, 2021, is by and between Graf Acquisition Corp.
IV, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation, as warrant agent (in such capacity, the “Warrant Agent”, and 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 common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one-fifth of one redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 3,000,000 warrants (or up to 3,450,000 warrants if the
Over-allotment Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”);

 

WHEREAS,
the Company has entered into that certain Private Placement Warrants Purchase Agreement (the “Private Placement Warrants
Purchase Agreement”) with Graf Acquisition Partners IV LLC, a Delaware limited liability company (the “Sponsor”),
pursuant to which the Sponsor agreed to purchase an aggregate of 4,433,333 warrants (or up to 4,733,333 warrants if the Over-allotment
Option is exercised in full) simultaneously with the closing of the Offering bearing the legend set forth in Exhibit B
hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per 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 the Company’s officers and directors may, but are not obligated to,
loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
additional 1,000,000 warrants at a price of $1.50 per warrant (the “Working Capital Warrants”);

 

WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-253411 (the “Registration Statement”), and 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,
following consummation of the Offering, the Company may issue additional warrants (the “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,
each whole Warrant entitles the holder thereof to purchase one share of Common Stock for $11.50 per whole share, subject to adjustment
as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction
of a Warrant; 

 

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, 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 be issued in registered form only, and, if a physical certificate is issued, shall be in substantially
the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile
signature of, the Chairman of the Board, President, 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. All of the Public Warrants shall initially be represented by
one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”).

 

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, 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. All of the Public Warrants shall initially be represented by
one or more Book-Entry Warrant Certificates deposited with The Depository Trust Company (the “Depositary”)
and registered in the name of Cede & Co., a nominee of the Depositary. 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 (i) the Depositary or its
nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each 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 Warrant
Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical
form evidencing such Warrants (“Definitive Warrant Certificate”). Such Definitive Warrant Certificate
shall be in the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions, as provided
above.

 

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 a Definitive Warrant 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
J.P. Morgan Securities LLC and Oppenheimer & Co. Inc., as representatives of the several underwriters, but in no event shall
the Common Stock and the Public Warrants comprising the Units be separately traded until (A) the Company has filed 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 underwriters of their 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 Form 8-K, and (B) the Company issues a press release and files with the Commission a current report
on Form 8-K announcing when such separate trading shall begin.

    2 

     

    

2.5 Fractional
Warrants. 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-fifth 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
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 either the Sponsor or any Permitted Transferees (as
defined below), as applicable, the Private Placement Warrants and the Working Capital Warrants: (i) may be exercised for cash
or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until the
date that is thirty (30) days after the completion by the Company of an initial Business Combination (as defined below), and (iii)
shall not be redeemable by the Company; provided, however, that in the case of (ii), the Private Placement Warrants and
the Working Capital Warrants and any shares of Common Stock held by either the Sponsor or any officers or directors of the Company,
or any Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants and the Working Capital
Warrants may be transferred by the holders thereof:

 

(a) to
the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors,
any affiliate of the Sponsor or to any members of the Sponsor or any of their affiliates;

 

(b) in
the case of an individual, by gift to a member of 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 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 any forward purchase agreement or similar arrangement or in connection with
the consummation of an initial Business Combination at prices no greater than the price at which the Warrants were originally
purchased;

 

(f) by
virtue of the laws of the State of Delaware or the limited liability company agreement of the Sponsor upon dissolution of the
Sponsor;

 

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

 

(h) in
the event that, subsequent to the consummation of a Business Combination, the Company completes a liquidation, merger, share exchange
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; provided, however, that, in the case of clauses (a) through (f),
these transferees (the “Permitted Transferees”) enter into a written agreement with the Company agreeing
to be bound by the transfer restrictions in this Agreement and the other restrictions contained in the letter agreement, dated
as of the date hereof, by and among the Company, the Sponsor and the Company’s officers and directors.

 

2.7 Working
Capital Warrants. Each of the Working Capital Warrants shall be identical to the Private Placement Warrants.

 

2.8 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 

     

    

3. Terms
and Exercise of Warrants.

 

3.1 Warrant
Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
including without limitation, subsection 3.3.5, 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 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, provided,
that the Company shall provide at least twenty (20) 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 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”), and terminating on the earlier to occur of: (i) at 5:00 p.m., New York City
time on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (ii) the
liquidation of the Company and (iii) other than with respect to the Private Placement Warrants and the Working Capital Warrants
then held by either the Sponsor or any officers or directors of the Company, or any of their Permitted Transferees as provided
in Section 6.1, the Redemption Date (as defined below) as provided in Section 6.2 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.
Except with respect to the right to receive the Redemption Price (as defined below) 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 held
by either the Sponsor or any officers or directors of the Company, or their Permitted Transferees, in the event of a redemption
for cash) 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, including without limitation subsection 3.3.5, 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 Book-Entry Warrant Certificate, 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”) 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 Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) 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 good bank draft payable to the order of the Warrant Agent or by
wire transfer of immediately available funds;

 

(b) in
the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” 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(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average closing price of the Common Stock
for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of the Warrants, pursuant to Section 6 hereof;

    4 

     

    

(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 either the Sponsor or any officer or director of the Company, 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 closing 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 Private Placement Warrant or Working
Capital Warrant is sent to the Warrant Agent; or

 

(d) as
provided in Section 7.4 hereof. 

 

3.3.2 Issuance
of Shares of Common Stock on 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. If fewer than all the Warrants evidenced by a Book-Entry Warrant
Certificate are exercised, a notation shall be made to the records maintained by the Depositary, its nominee for each Book-Entry
Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. 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. 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 Warrant exercise. The Company may require holders of Public Warrants to settle
the Warrant on a “cashless basis” pursuant to Section 7.4. 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.

    5 

     

    

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event 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 “group” of which holder
or its affiliates is a member, would beneficially own 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 its affiliates, or any “group” of which holder or its affiliates is a member, 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 its affiliates, or any “group” of which holder or its affiliates is a
member, and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially
owned by such person and 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the applicable regulations
of the Commission. For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable
regulations of the Commission, and the percentage held by Holder shall be determined in a manner consistent with the provisions
of Section 13(d) of the Exchange Act. To the extent that a holder makes the election described in this subsection 3.3.5, 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
unless it provides to the Warrant Agent in its Election to Purchase, a certification that, upon after giving effect to such exercise,
such person (together with such person’s affiliates) or any “group” of which holder or its affiliates is a member, would
beneficially own in excess of the Maximum Percentage of the shares of Common Stock outstanding immediately after giving effect
to such exercise as determined in accordance with this subsection. 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 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) multiplied by (ii)
one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering and 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.

    6 

     

    

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 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 (as amended
from time to time, the “Charter”) to modify the substance or timing of the Company’s obligation
to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does not complete the Business
Combination within the period set forth in the Charter or with respect to any other material provisions relating to stockholders’
rights or pre-initial Business Combination activity, or to provide for redemption in connection with a Business Combination or
(e) in connection with the redemption of public 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 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).

 

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 Warrant 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 equity-linked securities for capital raising purposes in connection
with the closing of the 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 initial stockholders (as defined in the Prospectus) or their affiliates, without taking into account any
shares of common stock initially purchased by the initial shareholders in a private placement prior to the Offering (the “Founder
Shares”) held by such stockholders or their 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 funding the 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 the Business Combination (such price, the “Market Value”) is below
$9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value
and the Newly Issued Price, and the last sales price of the Common Stock that triggers the Company’s right to redeem the
Warrants pursuant to Section 6.1 below shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the
Market Value and the Newly Issued Price.

    7 

     

    

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 is not a subsidiary of another entity whose stockholders did not own all or substantially all of the Common Stock
of the Company in substantially the same proportions immediately before such transaction) 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 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 Charter or as a result of the redemption 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)
equal to the difference (but in no event less than zero) 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 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.

    8 

     

    

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 the 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. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment
recommended in such opinion.

 

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 a certificated Warrant, 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 in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant
Certificate and Definitive Warrant Certificate may be transferred only in whole and only to the Depositary, to another nominee
of the Depositary, to a successor depository, 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.

    9 

     

    

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 Cash. Subject to Sections 6.4 and 6.5 hereof, not less than all of the outstanding Warrants
may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office
of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the
price of $0.01 per Warrant (the “Redemption Price”); provided that the closing price of the Common
Stock reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof), on each
of twenty (20) trading days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which
notice of the redemption is given; provided further that 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 6.2 below) or the Company has elected to require the exercise of the Warrants
on a “cashless basis” pursuant to subsection 3.3.1 and such cashless exercise is exempt from registration under
the Securities Act.

 

6.2 Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section
6.1, 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
(such period, the “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.

 

6.3 Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
to Section 6.2 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders
of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption
shall contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the
Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such
case. 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.

    10 

     

    

6.4 Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in Section 6.1 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) if at the time of the redemption such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants
continue to be held by the Sponsor or any Permitted Transferees, as applicable. However, once such Private Placement Warrants,
Working Capital Warrants or Post-IPO Warrants are transferred (other than to Permitted Transferees under Section 2.6),
the Company may redeem the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if the Post-IPO
Warrants permit such redemption by their terms) 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 the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants prior to redemption pursuant
to Section 6.1. 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) 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 stockholders 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 the 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 best efforts to file with the Commission a registration
statement registering, under the Securities Act, the issuance of the shares of Common Stock issuable upon exercise of the Warrants.
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration 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 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 shares
of Common Stock issuable upon exercise of the 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 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. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall
mean the average closing price of the Common Stock for 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 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 rule)) 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.

    11 

     

    

7.4.2 Cashless
Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities
Act (or any successor rule), the Company may, at its option, 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 (or any
successor rule) as described in subsection 7.4.1 and (i) in the event the Company so elects, the Company shall not be required
to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Common Stock issuable
upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary or (ii) if the Company does not so elect,
the Company agrees to use its best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public
Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder 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 organized and existing under the laws of the State of New York, in good standing and having its principal office
in the Borough of Manhattan, City and State of New York, 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 corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation 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.

    12 

     

    

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, Executive Vice
President, Vice 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 or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
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 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.

    13 

     

    

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:

 

Graf
Acquisition Corp. IV 

1790
Hughes Landing Blvd., Suite 400 

The
Woodlands, Texas 77380 

Attention:
James A. Graf, Chief Executive Officer

 

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 

Attention:
Compliance Department

 

in
each case, with copies to:

 

White
 & Case LLP 

1221
Avenue of the Americas 

New
York, NY 10020 

Attn:
  Joel L. Rubinstein 

Elliot
M. Smith 

Email:
joel.rubinstein@whitecase.com 

 elliot.smith@whitecase.com

 

and 

 

Ellenoff
Grossman & Schole LLP 

145
Avenue of the Americas 

New
York, NY 10105 

Attn:
Douglas S. Ellenoff 

          Stuart
Neuhauser 

Email:
ellenoff@egsllp.com 

           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. 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.

    14 

     

    

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 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 or
corporation 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.

 

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 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 modification or 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 number of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private
Placement Warrants, Working Capital Warrants or Post-IPO Warrants or any provision of this Agreement with respect to the Private
Placement Warrants, Working Capital Warrants or Post-IPO Warrants, 50% of the number of then outstanding Private Placement Warrants,
Working Capital Warrants or Post-IPO 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.

 

[Signature
Page Follows] 

    15 

     

    

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

 

	 	GRAF ACQUISITION CORP. IV
	 	 	 
	 	By: 	/s/
    James A. Graf
	 	Name: 	James A.Graf
	 	Title: 	Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By: 	/s/
    Henry Farrell
	 	Name: 	Henry Farrell
	 	Title: 	Vice President

 

[Signature Page to Warrant Agreement] 

    	 

    	 

    

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  

 

GRAF
ACQUISITION CORP. IV

 

Incorporated
Under the Laws of the State of Delaware

 

CUSIP
384272 209 

 

Warrant
Certificate

 

This
Warrant Certificate certifies that ________________, or registered assigns, is the registered holder of warrant(s) evidenced
hereby (the “Warrants” and each, a “Warrant”) to purchase shares of common
stock, $0.0001 par value per share (“Common Stock”), of Graf Acquisition Corp. IV, a Delaware corporation
(the “Company”). Each whole 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 “Warrant Price”) as determined pursuant to the
Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant
Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant Price at the
office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.
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 the 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 Warrant Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Warrant Price is subject to
adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

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

 

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

     A-1

     

    

 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.

 

	 	GRAF ACQUISITION CORP. IV
	 	 	 
	 	By:	 
	 	Name: 	 James
    A. Graf
	 	Title:	 Chief
    Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY,
	 	as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Vice
    President

     A-2

     

    

[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           , 2021 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or
 “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy
of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. 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 Warrant Price as specified in the Warrant Agreement
(or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office
of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee,
a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the 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. In addition, and notwithstanding anything else in this Warrant Certificate or the Warrant
Agreement, to the extent that the holder of a Warrant has delivered a notice contemplated by subsection 3.5.5 of the Warrant Agreement,
neither the Company nor the Warrant Agent shall issue to Holder, and Holder may not acquire, any right it might have to acquire,
a number of shares of Common Stock upon exercise of any Warrant to the extent that, upon such exercise, the number of shares of
Common Stock then beneficially owned by Holder would exceed the Maximum Percentage of shares of Common Stock outstanding immediately
after giving effect to such exercise as determined in accordance with subsection 3.3.5. of 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.

     A-3

     

    

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 Graf Acquisition Corp. IV (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 6.1 of the Warrant Agreement
and the Company has required cashless exercise pursuant to Section 6.3 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(b) and Section
6.3 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. 

     A-4

     

    

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 ________________.

 

By
signing this Election to Purchase, the undersigned hereby certifies that such election will not result in the undersigned beneficially
owning shares of Common Stock in excess of the 4.9% Cap outlined in Section 3.5.5 of the Warrant Agreement.

 

[To
be included in any Election to Purchase of a holder who has provided the notice set forth in subsection 3.3.5 of the Warrant Agreement.

 

By
signing this Election to Purchase, the undersigned hereby certifies that upon after giving effect to such exercise, the undersigned
(together with such person’s affiliates) or any “group” of which holder or its affiliates is a member, would not beneficially
own in excess of the Maximum Percentage of the shares of Common Stock outstanding immediately after giving effect to such exercise
as determined in accordance with subsection 3.3.5. of the Warrant Agreement.]

 

[Signature
Page Follows] 

     A-5

     

    

	Date: ____________,
    20___	 
	 	Signature
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

  

	Signature Guaranteed:	 
	 	 
	 	 

 

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

     A-6

     

    

EXHIBIT
B 

 

LEGEND

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED 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 GRAF ACQUISITION CORP. IV (THE “COMPANY”),
GRAF ACQUISITION PARTNERS IV LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE 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 BY THIS CERTIFICATE AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED
TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

     B-1

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