Document:

EX-10.6

 Exhibit 10.6 
  

 
  

FORM OF 
 ASSET REPRESENTATIONS
REVIEW AGREEMENT 
 HUNTINGTON AUTO TRUST 20[    ]-[    ], 

as Issuer 
 and 

THE HUNTINGTON NATIONAL BANK, 
 as
Sponsor and Servicer 
 and 

[                    ], 

as Asset Representations Reviewer 
  

 
 Dated as of
[            ], 20[    ] 
  

 
  

 
  

 TABLE OF CONTANTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I.
	 	 DEFINITIONS
	  	 	1	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
			
	 ARTICLE II.
	 	 ENGAGEMENT; ACCEPTANCE
	  	 	2	  
			
	 Section 2.1
	 	 Engagement; Acceptance
	  	 	2	  
			
	 Section 2.2
	 	 Eligibility of Asset Representations Reviewer
	  	 	3	  
			
	 Section 2.3
	 	 Independence of the Asset Representations Reviewer
	  	 	3	  
			
	 ARTICLE III.
	 	 DUTIES OF THE ASSET REPRESENTATIONS REVIEWER
	  	 	3	  
			
	 Section 3.1
	 	 Review Scope
	  	 	3	  
			
	 Section 3.2
	 	 Review Notices
	  	 	3	  
			
	 Section 3.3
	 	 Review Materials
	  	 	4	  
			
	 Section 3.4
	 	 Missing or Incomplete Review Materials
	  	 	4	  
			
	 Section 3.5
	 	 The Asset Review
	  	 	5	  
			
	 Section 3.6
	 	 Review Period
	  	 	5	  
			
	 Section 3.7
	 	 Review Report
	  	 	5	  
			
	 Section 3.8
	 	 Completion of Review for Certain Subject Receivables
	  	 	5	  
			
	 Section 3.9
	 	 Termination of Review
	  	 	6	  
			
	 Section 3.10
	 	 Review and Procedure Limitations
	  	 	6	  
			
	 Section 3.11
	 	 Review Systems
	  	 	6	  
			
	 Section 3.12
	 	 Representatives
	  	 	6	  
			
	 Section 3.13
	 	 Dispute Resolution
	  	 	7	  
			
	 Section 3.14
	 	 Records Retention
	  	 	7	  
			
	 Section 3.15
	 	 No Delegation
	  	 	7	  
			
	 ARTICLE IV.
	 	 PAYMENTS TO ASSET REPRESENTATIONS REVIEW
	  	 	7	  
			
	 Section 4.1
	 	 Annual Fee
	  	 	7	  
			
	 Section 4.2
	 	 Review Fee
	  	 	8	  
			
	 Section 4.3
	 	 Dispute Resolution Expenses
	  	 	8	  
			
	 Section 4.4
	 	 Payment
	  	 	9	  
			
	 Section 4.5
	 	 [Payments by the Issuer
	  	 	9	  
			
	 ARTICLE V.
	 	 OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER
	  	 	9	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.1
	 	 Representations and Warranties of the Asset Representations Reviewer
	  	 	9	  
			
	 Section 5.2
	 	 Limitation of Liability of Asset Representations Reviewer
	  	 	10	  
			
	 Section 5.3
	 	 Indemnification of Asset Representations Reviewer
	  	 	10	  
			
	 Section 5.4
	 	 Indemnification by Asset Representations Reviewer
	  	 	11	  
			
	 ARTICLE VI.
	 	 REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER
	  	 	11	  
			
	 Section 6.1
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	11	  
			
	 Section 6.2
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	11	  
			
	 Section 6.3
	 	 Successor Asset Representations Reviewer
	  	 	12	  
			
	 Section 6.4
	 	 Merger, Consolidation or Succession
	  	 	13	  
			
	 ARTICLE VII.
	 	 TREATMENT OF CONFIDENTIAL INFORMATION
	  	 	13	  
			
	 Section 7.1
	 	 Confidential Information
	  	 	13	  
			
	 Section 7.2
	 	 Safeguarding Personally Identifiable Information
	  	 	15	  
			
	 ARTICLE VIII.
	 	 OTHER MATTERS PERTAINING TO THE ISSUER
	  	 	16	  
			
	 Section 8.1
	 	 Termination of this Agreement
	  	 	16	  
			
	 Section 8.2
	 	 Limitation of Liability
	  	 	16	  
			
	 ARTICLE IX.
	 	 MISCELLANEOUS PROVISIONS
	  	 	16	  
			
	 Section 9.1
	 	 Amendment
	  	 	16	  
			
	 Section 9.2
	 	 Notices, Etc
	  	 	18	  
			
	 Section 9.3
	 	 Severability Clause
	  	 	18	  
			
	 Section 9.4
	 	 Governing Law
	  	 	18	  
			
	 Section 9.5
	 	 Headings
	  	 	18	  
			
	 Section 9.6
	 	 Counterparts
	  	 	18	  
			
	 Section 9.7
	 	 Waivers
	  	 	18	  
			
	 Section 9.8
	 	 Entire Agreement
	  	 	19	  
			
	 Section 9.9
	 	 Severability of Provisions
	  	 	19	  
			
	 Section 9.10
	 	 Binding Effect
	  	 	19	  
			
	 Section 9.11
	 	 Cumulative Remedies
	  	 	19	  
			
	 Section 9.12
	 	 Nonpetition Covenant
	  	 	19	  
			
	 Section 9.13
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	19	  

  

					
		 	-ii-	  	

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 9.14
	 	 Third-Party Beneficiaries
	  	 	20	  
		
	 Exhibit A – Agreed Upon Procedures
	  			

  

					
		 	-iii-	  	

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of
[            ], 20[    ] (this “Agreement”), by and between Huntington Auto Trust 20[    ]-[    ], a
Delaware statutory trust (the “Issuer”), THE HUNTINGTON NATIONAL BANK, a national banking association (the “Bank”), and in its capacity as sponsor, the “Sponsor”, and in its capacity as servicer,
the “Servicer”, and [                    ], a
[                    ]
(“[                    ]”, and in its capacity as asset representations reviewer, the “Asset Representations Reviewer”).

 WHEREAS, the Issuer will engage the Asset Representations Reviewer to perform reviews of Receivables for compliance with the
representations and warranties made by the Sponsor regarding such Receivables. 
 NOW, THEREFORE, in consideration of the mutual agreements
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms
used but not otherwise defined herein are defined in Appendix A to the Sale Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale Agreement”)
between the Issuer and Huntington Auto Funding, LLC, as seller, which also contains rules as to usage that are applicable herein. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual ARR Fee” has the meaning set forth in Section 4.1. 

“Asset Review” means the completion by the Asset Representations Reviewer of the “Tests” set forth in Exhibit A for
each Subject Receivable as further described in Section 3.5. 
 “Client Records” has the meaning set forth in
Section 3.14. 
 “Confidential Information” has the meaning set forth in Section 7.1. 

“Disclosing Party” has the meaning set forth in Section 7.1. 

“Eligible Asset Representations Reviewer” means a Person who (i) is not, and is not Affiliated with, the Sponsor, the
Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (ii) was not engaged or Affiliated with a Person that was engaged by the Sponsor or any Underwriter to perform any due diligence on the Receivables
prior to the Closing Date. 

 “Eligibility Representations” shall mean those representations identified in
Exhibit A. 
 “Indemnified Person” has the meaning set forth in Section 5.3. 

“Personally Identifiable Information” or “PII” has the meaning set forth in Section 7.2. 

“Privacy Laws” has the meaning set forth in Section 7.2. 

“Receiving Party” has the meaning set forth in Section 7.1. 

“Representatives” has the meaning set forth in Section 7.1. 

“Review Fee” has the meaning set forth in Section 4.2. 

“Review Invoice” means, with respect to any Asset Review, a detailed invoice prepared by the Asset Representations Reviewer
setting forth the calculation of the applicable Review Fee for such Asset Review. 
 “Review Materials” means the
documents, data, and other information required for each “Test” in Exhibit A. 
 “Review Period” has the meaning
set forth in Section 3.6. 
 “Review Report” has the meaning set forth in Section 3.7. 

“Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day Delinquent Receivables as of the related
Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents or paid in full by the related obligor after the Review Satisfaction Date will no longer be a
Subject Receivable. 
 “Tests” mean the procedures listed in Exhibit A as applied to the process described in
Section 3.5. 
 “Test Complete” has the meeting set forth in Section 3.8. 

“Test Fail” has the meaning set forth in Section 3.5. 

“Test Incomplete” has the meaning set forth in Section 3.5. 

“Test Pass” has the meaning set forth in Section 3.5. 

ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.1 Engagement; Acceptance. 

  
 2 

 The Issuer hereby engages
[                    ] to act as the Asset Representations Reviewer for the Issuer.
[                    ] hereby accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated
in this Agreement. 
 Section 2.2 Eligibility of Asset Representations Reviewer. 

[                    ] represents and
warrants to the Issuer and the Sponsor that it is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that
would result in it not being, an Eligible Asset Representations Reviewer. 
 Section 2.3 Independence of the Asset Representations
Reviewer. 
 The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the
Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Indenture Trustee or the Owner Trustee, the Asset
Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee, respectively, and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in
this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.1 Review Scope. 

The parties confirm that the Asset Representations Review is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations and warranties constitutes a breach of the Eligibility Representations. For
the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any Asset Review or at the time of origination of the related
Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail (as defined in Section 3.5). 

Section 3.2 Review Notices. 

Upon receipt of (i) a Review Notice from the Indenture Trustee in accordance with Section 7.6(b) of the Indenture and
(ii) the Review Materials in accordance with Section 3.3 of this Agreement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to begin, and may not begin, an
Asset Review until the Asset Representations Reviewer receives a Review Notice. Within ten Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the

  
 3 

 
Asset Representations Reviewer in the format selected by the Servicer to the address specified in Section 9.2. 

None of the Issuer, the Servicer, the Sponsor or the Asset Representations Reviewer is obligated to verify whether the Indenture Trustee
properly determined that a Review Notice was required. None or the Issuer, the Sponsor or the Asset Representations Reviewer is obligated to verify the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 

Section 3.3 Review Materials. 

The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset Review. Within 60 days of receipt
by the Servicer of the Review Notice, the Servicer will provide the Asset Representations Reviewer with the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the Servicer: (i) by providing access
to the Servicer’s receivables system, either remotely or at one or more of the properties of the Servicer; (ii) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has
access; (iii) by providing originals or photocopies at one or more of the properties of the Servicer where the Receivable Files are located; (iv) by sending originals or photocopies of Review Materials to the Asset Representations Reviewer
at the address specified in Section 9.2; or (v) in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from the Review Materials so
long as such redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate and complete, including
any failure that results in the Review Materials being misleading in any material respect. 
 Section 3.4 Missing or Incomplete
Review Materials. 
 The Asset Representations Reviewer will complete the Tests for each Eligible Representation only using documentation
that is made available to it. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there are no systemic documentation errors, including but not limited to consistently
missing or incomplete information in the Review Materials with respect to each Subject Receivable. Once the Asset Representations Reviewer has confirmed the majority of the Review Materials have been provided in accordance with
Section 3.3, the Asset Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible, clearly unidentifiable, and/or illegible, the Asset Representations Reviewer will request that the
Servicer (with a copy to the Sponsor) provide an updated copy of such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset Representations Reviewer within 60 days of
notification by the Asset Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

  
 4 

 Section 3.5 The Asset Review. 

For an Asset Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for
each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test, 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 Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on any such
duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer and the Sponsor to provide missing Review Materials for such Subject Receivable and the Sponsor elects to have such
Subject Receivable included in the current Asset Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Review. 

Section 3.6 Review Period. 

The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials in accordance with
Section 3.3 (such time period, the “Review Period”); provided, that if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.4, the Review Period will
be extended for an additional 30 days. 
 Section 3.7 Review Report. 

Within five Business Days following the end of the applicable Review Period described in Section 3.6, the Asset Representations
Reviewer will provide the Issuer, the Servicer and the Indenture Trustee with (i) a report (a “Review Report”) specifying for each Subject Receivable whether there was a Test Pass, a Test Fail, a Test Incomplete (as
contemplated by Section 3.5) or a Test Complete (as contemplated by Section 3.8) for each Test and Subject Receivable and (ii) the related Review Invoice. The Review Report will include a summary of the findings and
conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Form 10-D for the Issuer 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 Personally Identifiable Information. For the avoidance of doubt, the Indenture Trustee shall have no obligation to forward the Review Report to any Noteholder or any other person. 

Section 3.8 Completion of Review for Certain Subject Receivables. 

Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the Transaction Documents. On
receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be 

  
 5 

 
considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason. 

Section 3.9 Termination of Review. 

If an Asset Review is in process and the Notes will be paid in full on the next Payment Date (including any payment in full as a result of any
early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset
Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.10 Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred, (ii) to
determine whether the required percentage of Noteholders has voted to direct an Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables are Subject Receivables
and may rely on the list of Subject Receivables provided by the Servicer, (iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.3, to obtain missing or insufficient Review Materials, or
(vi) to take any action or to cause any other party to take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant, including any Eligibility Representation. 

The Asset Representations Reviewer shall only be required to perform the testing procedures listed under “Tests” in Exhibit
A, and shall have no obligation to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer shall have no obligation to provide reporting
or other information other than the Review Report described in Section 3.7. However, the Asset Representations Reviewer may provide additional information about any Subject Receivable that it determines in good faith to be material to
its performance of an Asset Review. 
 Section 3.11 Review Systems. 

The Asset Representations Reviewer shall maintain and utilize an electronic case management system to manage the Tests and to provide
systematic control over each step in the Asset Review process and ensure consistency and repeatability for the Tests. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the 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 Asset Reviews as required by this Agreement. 

Section 3.12 Representatives. 

(a) Servicer Representative. The Servicer will provide reasonable access to one or more designated representatives to respond to
reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 

  
 6 

 (b) Asset Representations Review Representative. The Asset Representations Reviewer will
provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or the Indenture Trustee during the Asset Representations Reviewer’s completion of
an Asset Review. The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in Section 3.13 shall not respond to requests or inquiries, made by any Person not party to this
Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform such Person that
they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 
 Section 3.13 Dispute
Resolution. 
 If a Subject Receivable that was reviewed by the Asset Representations Reviewer during an Asset Review is the subject of a
dispute resolution proceeding under Section 3.11 of the Receivables Sale Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable
out-of-pocket expenses and reasonable compensation 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 (subject to
Section 4.3) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.11 of the Receivables Sale Agreement. 

Section 3.14 Records Retention. 

The Asset Representations Reviewer will maintain copies of Review Materials, Review Reports and internal work papers and correspondence
(collectively the “Client Records”) for a period of two years after the termination of this Agreement. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to the Servicer, in
electronic format or, to the extent held in tangible form, in that form. Upon the return of the Client Records, the Asset Representations Reviewer shall have no obligation to retain such Client Records or to respond to inquiries concerning any Asset
Review. 
 Section 3.15 No Delegation. 

The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of
the Issuer, the Sponsor and the Servicer. 
 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEW 

Section 4.1 Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee in an amount equal
to $[        ] (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the [Issuer] [Sponsor] within 

  
 7 

 
[30] days of the date hereof, with respect to the initial Annual ARR Fee[, and within [30] days of the annual anniversary of this Agreement with respect to each subsequent Annual ARR Fee;
provided, however, that if the Asset Representations Reviewer resigns or is removed in accordance with Section 6.2, then the Asset Representations Reviewer shall refund to the [Issuer] [Sponsor] the portion of the Annual ARR Fee
attributable to the portion of the annual period during which [                    ] will no longer act as the Asset Representations Reviewer,
assuming for purposes of such calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365.] 

Section 4.2 Review Fee. 

Following the completion of an Asset Review and delivery to the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review
Report and the related Review Invoice, the [Issuer] [Sponsor] shall pay to the Asset Representations Reviewer a fee of $[        ] [for each Subject Receivable for which the Asset Review was completed] [per
hour for its time spent conducting the Asset Review] [as a flat fee for such Review] [plus reasonable out-of-pocket expenses incurred in connection with travel to the location at which Review Materials are made available in accordance with
Section 3.3 (the “Review Fee”).] However, no Review Fee will be charged for any Subject Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations
Reviewer being notified of a termination of the Asset Review according to Section 3.9. [To the extent not paid by the [Issuer] [Sponsor] and outstanding for at least 90 days after receipt by the Indenture Trustee, the Sponsor, the
Servicer and the Issuer of the Review Invoice, the Review Fee shall be paid by [the Issuer pursuant to the priority of payments sets forth in Section 8.5(a) of the Indenture or Section 5.4(b) of the Indenture, as applicable
[the Sponsor]. [For the avoidance of doubt, there shall be no aggregate limit on the Review Fee paid by the [Issuer] [Sponsor] to the Asset Representations Reviewer pursuant to this Section 4.2.] 

Section 4.3 Dispute Resolution Expenses. 

If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.13 and its reasonable
out-of-pocket expenses and reasonable compensation for the time it incurs in participating in the proceeding are not paid by a party to the dispute resolution within [ninety (90)] days of the end of the proceeding, the [Issuer] [Sponsor] will
reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 

  
 8 

 Section 4.4 Payment. 

All payments made to the Asset Representations Reviewer shall be made to the account specified by the Asset Representations Reviewer from time
to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. 
 Section 4.5 [Payments by the Issuer.

 The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including
pursuant to this Article IV or Section 5.3, shall be limited to amounts available to make such payments pursuant to Section 8.5(a) of the Indenture and Section 5.4(b) of the Indenture, as applicable.] 

ARTICLE V. 
 OTHER
MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 
 Section 5.1 Representations and Warranties of the Asset
Representations Reviewer. 

[                    ] hereby makes the
following representations and warranties as of the date hereof: 
 (a) Existence and Power.
[                    ] is a
[                    ] validly existing and in good standing under the laws of its state of
[                    ] and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or
operated, and to execute, to deliver and to perform its obligations under this Agreement. [                    ] has obtained all necessary licenses
and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of [                    ] to perform
its obligations under this Agreement. 
 (b) Authorization and No Contravention. The execution, delivery and performance by
[                    ] of the Transaction Documents to which it is a party have been duly authorized by all necessary
[                    ] action on the part of
[                    ] and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its
organizational documents or (iii) any material indenture or material agreement or instrument to which [                    ] is a party or by
which its properties are bound (other than violations of such laws, rules, regulations, organizational documents, indentures, agreements or instruments which do not affect the legality, validity or enforceability of any of such agreements and which,
individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or [                    ]’s
ability to perform its obligations under, this Agreement). 
 (c) No Consent Required. No approval or authorization by, or filing
with, any Governmental Authority is required in connection with the execution, delivery and performance by [                    ] of this Agreement
other than (i) approvals and authorizations that have previously been obtained and filings that have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse
effect on the ability of [                    ] to perform its obligations under this Agreement. 

  
 9 

 (d) Binding Effect. This Agreement constitutes the legal, valid and binding obligation of
[                    ] enforceable against
[                    ] 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 the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general
principles of equity. 
 (e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of
[                    ], threatened against
[                    ] before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or
(ii) seek any determination or ruling that would materially and adversely affect the performance by [                    ] of its obligations
under this Agreement. 
 (f) Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations Reviewer. 

Section 5.2 Limitation of Liability of Asset Representations Reviewer. 

To the fullest extent permitted by applicable law, the Asset Representations Reviewer shall not be under any liability to the Issuer, the
Servicer, the Seller, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset Representations Reviewer pursuant to this Agreement, or
for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer against any liability which would otherwise be
imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or damage
(including loss of 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 and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.3 Indemnification of Asset Representations Reviewer. 

(a) The [Issuer] [Sponsor] will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an
“Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer’s obligations under this Agreement (including the costs and expenses of
defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset
Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. [To the extent not paid by the 

  
 10 

 
[Issuer] [Sponsor], any such indemnification amounts shall be paid by the [Issuer] [Sponsor] pursuant to the priority of payments set forth in Section 8.5(a) of the Indenture or
Section 5.4(b) of the Indenture, as applicable.] 
 (b) The indemnification set forth in this Section 5.3 will
survive the termination of this Agreement and the resignation or removal of the Asset Representations Reviewer. 
 Section 5.4
Indemnification by Asset Representations Reviewer. 
 (a) To the fullest extent permitted by law, the Asset Representations Reviewer
shall indemnify and hold harmless each of the Issuer, the Servicer and the Indenture Trustee, and its officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and
against any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which
may be imposed on, incurred by, or asserted at any time against an Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations
Reviewer in the performance of its obligations and duties under this Agreement; provided, however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses
arising or resulting from (i) the Indemnified Person’s own willful misconduct, bad faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 

(b) In case any such action, investigation or proceeding will be brought involving an Indemnified Person as contemplated by
Section 5.4(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of all expenses. The Issuer, the Servicer, the Sponsor and the Indenture Trustee each will have the
right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid by the Asset Representations Reviewer. In the event of any
claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.4, the Issuer’s, the Servicer’s, the Sponsor’s and the Indenture Trustee’s choice of legal counsel shall be subject to the
good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. 

(c) The indemnification set forth in this Section 5.4 will survive the termination or assignment of this Agreement and the
resignation or removal of the Asset Representations Reviewer or any Indemnified Person. 
 ARTICLE VI. 

REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 

Section 6.1 Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be an Eligible
Asset Representations Reviewer. 
 Section 6.2 Resignation and Removal of Asset Representations Reviewer. 

  
 11 

 (a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer
may not resign as Asset Representations Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the performance of its duties under this Agreement is
no longer permissible under applicable law or (iii) if it does not receive payment in full of any amounts required to be paid to the Asset Representations Reviewer in accordance with Article IV and pursuant to an undisputed invoice, which
failure continues unremedied for a period of [ninety (90)] days after written notice of such failure shall have been given to the Issuer, the Sponsor and the Indenture Trustee. Without limiting the foregoing, the Asset Representations Review shall
promptly resign if it is no longer an Eligible Asset Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice of resignation to the Issuer
and the Servicer, with a copy to the Indenture Trustee, no less than thirty (30) days prior to the date of its resignation. 
 (b)
Removal of Asset Representations Reviewer. If any of the following events occur, the Indenture Trustee may, or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the
Asset Representations Reviewer, remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 

(i) the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer; 

(ii) the Asset Representations Reviewer breaches any of its representations, warranties, covenants or obligations in this
Agreement; or 
 (iii) a Bankruptcy Event of the Asset Representations Reviewer occurs. 

(c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner Trustee and the Indenture Trustee of any
resignation or removal of the Asset Representations Reviewer. 
 Section 6.3 Successor Asset Representations Reviewer. 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer,
(i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the Indenture Trustee has received conflicting or
inconsistent requests from two or more groups of Noteholders, each representing less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the Note Balance)
and (ii) if the Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer which is an Eligible Asset Representations Reviewer. 

(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 Issuer, the Sponsor and the Servicer an agreement accepting its 

  
 12 

 
engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer and the Servicer on substantially the
same terms as this Agreement. 
 (c) Transition and Expenses. If the Asset Representations Review resigns or is removed, the Asset
Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the
successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s obligations under this Agreement
and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 6.4 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 business of the Asset Representations Reviewer, if that Person is an Eligible Asset
Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the Sponsor and the Servicer an agreement to assume the Asset Representations
Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VII. 

TREATMENT OF CONFIDENTIAL INFORMATION 

Section 7.1 Confidential Information. 

(a) Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” means nonpublic
proprietary information of a party (the “Disclosing Party”) that is disclosed to the other party (the “Receiving Party”), including but not limited to: (i) business or technical processes, formulae, source
codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets, intellectual property rights, know-how,
expertise, methods and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be confidential or proprietary to the Disclosing
Party; (ii) PII (as defined in Section 7.2 of this Agreement). The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or intangible and regardless of the medium in which it
is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Receiving Party or any of its employees, agents, advisors, directors,
officers, and subcontractors (collectively “Representatives”) that contain or reflect the Confidential Information. 
 (b)
Use of Confidential Information. Each party acknowledges that during the term of this Agreement it may be exposed to or acquire Confidential Information of the other party or 

  
 13 

 
its Affiliates. The Receiving Party shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such information except to its Representatives who
have a need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an agreement with the Receiving Party with confidentiality restrictions materially equivalent to those contained
herein. The Receiving Party shall be responsible for the breach of this Agreement by any of its Representatives. The Receiving Party will protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to
protect its own information of like import, but in no event with less than a commercially reasonable standard of care. 
 (c)
Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that: 
  

	 	(i)	is or becomes part of the public domain other than by disclosure by a party in violation of this Agreement; 

  

	 	(ii)	was disclosed to a party prior to the effective date of this Agreement without a duty of confidentiality; 

  

	 	(iii)	is independently developed by a party outside of this Agreement and without reference to or reliance on any Confidential Information of the other party; or 

 

	 	(iv)	was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality. 

The foregoing exceptions shall not apply to any PII, which shall remain confidential in all circumstances, except as required or permitted to
be disclosed by applicable law, statute, or regulation. 
 (d) Disclosure by Operation of Law. If either party is requested to
disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, such party shall (i) to the extent
permitted by law, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available steps to resist or narrow such request and
cooperate with such Party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to obtain an order, stipulation or other reliable
assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses incurred in connection with such party’s
effort to comply with this section. 
 (e) Return of Confidential Information. Upon the request of the Disclosing Party, the
Receiving Party shall return all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the Disclosing Party’s
Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s

  
 14 

 
Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will
(x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not
use the retained Confidential Information for any other purpose. 
 (f) Remedies. The parties agree that an actual or threatened
breach of this Section by it or its Representatives may cause irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, each party shall be entitled to seek injunctive relief to
restrain any such breach, threatened or actual, without the necessity of posting bond, in addition to any other remedies available to such party at law or in equity. 

Section 7.2 Safeguarding Personally Identifiable Information. 

(a) Definition. “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, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines Establishing Standards for Safeguarding Customer Information
(12 C.F.R. Section 208, Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made available to the Asset Representations Reviewer pursuant to this Agreement. 

(b) Non-Disclosure. To the extent the Asset Representations Reviewer receives Personally Identifiable Information in the performance
its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to the extent necessary to carry out its obligations under the Agreement and for no other
purpose; or (ii) as may be required by valid operation of law. 
 (c) Safeguards. To the extent the Asset Representations
Reviewer receives Personally Identifiable Information in the performance of services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and
physical safeguards: (i) to ensure the security and confidentiality of Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and
(iii) to protect against unauthorized acquisition of, access to or use of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

(d) Information. The Asset Representations Reviewer agrees to provide the Issuer and the Sponsor with information regarding its privacy
and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to provide training in the Privacy Laws
and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with Personally Identifiable Information. 

  
 15 

 (e) Breach. In the event of any actual or apparent theft, unauthorized use or disclosure
of any Personally Identifiable Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof, and as soon as practicable following discovery of any such
event, provide the Issuer and the Sponsor notice thereof, and such further information and assistance as may be reasonably requested. 

ARTICLE VIII. 
 OTHER
MATTERS PERTAINING TO THE ISSUER 
 Section 8.1 Termination of this Agreement. 

This Agreement will terminate, except for obligations under Section 5.3, Section 5.4, Section 9.13 and
Article VII, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 

Section 8.2 Limitation of Liability. It is expressly understood and agreed by the parties that (a) this document is executed
and delivered by [                    ], not individually or personally, but solely as Owner Trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal
representations, warranties, covenants undertakings and agreements by [                    ], but is made and intended for the purpose of binding
only the Issuer, (c) nothing herein contained shall be construed as creating any liability on [                    ], individually or
personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no
circumstances shall [                    ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements
delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. 
 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.1 Amendment. 

(a) Any term or provision of this Agreement may be amended by the Sponsor, the Servicer and the Asset Representations Reviewer without the
consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

  
 16 

 (i) the Sponsor or the Servicer delivers an Opinion of Counsel to the Indenture
Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture Trustee in
writing that the Rating Agency Condition is satisfied with respect to such amendment; 
 provided, that no amendment pursuant to this
Section 9.1(a) shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(b) This Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent
of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Controlling Class, 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 Noteholders, provided, that no amendment pursuant to this Section 9.1(b) shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee
without the prior written consent of such Person. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof.
The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture
Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 
 (c) Any term or provision of
this Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not
contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Non-Investment Grade Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any
other Person, provided, however, that the Sponsor, the Servicer and the Asset Representations Reviewer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and
promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

(d) Prior to the execution of any amendment or consent pursuant to this Section 9.1, the Sponsor shall provide written
notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy of such amendment or consent to each Rating Agency and the Indenture Trustee.

 (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive
and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this 

  
 17 

 
Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to,
enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 

Section 9.2 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed
by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and addressed in each case as specified on Schedule I to the Servicing
Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the
recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 
 Section 9.3
Severability Clause. 
 This Agreement constitutes the entire agreement between the Asset Representations Reviewer, the Issuer, the
Servicer, and the Sponsor. All prior representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 

If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each
term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 
 Section 9.4 Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.5 Headings. The section headings hereof have been inserted for convenience only and shall not be construed to affect the
meaning, construction or effect of this Agreement. 
 Section 9.6 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

Section 9.7 Waivers. No failure or delay on the part of the Servicer, the Asset Representations Reviewer, the Issuer or the
Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or
further exercise thereof or the exercise of any other power or right. No notice to or demand on 

  
 18 

 
the any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may
otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

Section 9.8 Entire Agreement. This Agreement contains a final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements
among the parties. 
 Section 9.9 Severability of Provisions. If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no
way affect the validity or enforceability of the other provisions of this Agreement. 
 Section 9.10 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its
terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 
 Section 9.11 Cumulative
Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 9.12
Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party
(i) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing
or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the
termination of this Agreement. 
 Section 9.13 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto
hereby irrevocably and unconditionally: 

  
 19 

 (a) submits for itself and its property in any legal action or proceeding relating to this
Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action
or proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.2 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all
right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 9.14 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other
Person will have any right hereunder. 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above. 
  

			
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	  

		 	Name:
		 	Title:
	
	HUNTINGTON AUTO TRUST 20[    ]-[    ]
		
	By:	 	[                    ],
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	
[                          
              ],
 as Asset Representations Reviewer

		
	By:	 	  

		 	Name:
		 	Title:Exhibit 4.4

 

EAGLE ACQUISITION CORP.

 

and

 

[•]

 

WARRANT AGREEMENT

 

Dated as of [•], 2016

 

THIS WARRANT AGREEMENT (this
“Agreement”), dated as of [•], 2016, is by and between Eagle Acquisition Corp., a Delaware corporation
(the “Company”), and [•], as warrant agent (in such capacity, the “Warrant Agent”).

 

WHEREAS, it is proposed that
the Company enter into that certain Sponsor Warrants Purchase Agreement (the “Private Placement Warrants Purchase Agreement”),
with Eagle Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which
the Sponsor will purchase an aggregate of up to 6,037,500 warrants (including up to 562,500 warrants subject to the Over-allotment
Option (as defined below)) simultaneously with the closing of the Offering (as defined below), bearing the legend set forth in
Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement
Warrant;

 

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 (as defined below) and one-half of one Public Warrant (as defined below) (the
“Units”) and, in connection therewith, has determined to issue and deliver up to 8,625,000 warrants (including
up to 1,125,000 warrants if the Over-allotment Option is exercised in full) to public investors in the Offering (the “Public
Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles
the holder thereof to purchase one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable;

 

WHEREAS, the Company has
filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, No. 333-[•]
(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 shares
of Common Stock included in the Units;

 

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

 

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

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, 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	Effect of Countersignature. If a physical certificate
is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof.

 

		2.2	Registration.

 

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

 

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

 

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

 

		2.2.2	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, 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	 

     

    

 

		2.3	Detachability of Warrants. The shares of 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 Stifel, Nicolaus & Company, Incorporated,
FBR Capital Markets & Co. and Stephens Inc., but in no event shall the shares of 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.

 

		2.4	Private Placement Warrants. The Private Placement
Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted
Transferees (as defined below) the Private Placement 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 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 any shares of Common Stock
issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof:

 

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

 

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

 

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

 

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

 

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

 

		(f)	in the event of the Company’s liquidation prior to
the Company’s completion of an initial Business Combination;

 

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

 

    	 	3	 

     

    

 

		(h)	in the event of the Company’s completion of a liquidation,
merger, stock 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 subsequent to the completion of the Company’s
initial Business Combination; provided, however, that, in the case of clauses (a) through (e), these permitted
transferees (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to
be bound by the transfer restrictions in this Agreement.

 

		3.	Terms and Exercise of Warrants.

 

		3.1	Warrant Price. Each Warrant shall, when countersigned
by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to
the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share 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”) (A) commencing on the later of: (i) the date that
is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business
Combination”), and (ii) the date that is twelve (12) months from the date of the closing of the Offering,
and (B) terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years
after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance
with the Company’s amended and restated certificate of incorporation, as amended from time to time, if the Company fails
to consummate a Business Combination, and (z) other than with respect to the Private Placement Warrants, 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) (other than with respect to a Private Placement Warrant) in the event of a redemption
(as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant in the event of a redemption)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may
extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least
twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that
any such extension shall be identical in duration among all the Warrants.

 

    	 	4	 

     

    

 

		3.3	Exercise of Warrants.

 

		3.3.1	Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned
by the Warrant Agent, may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent,
or at the office of its successor as Warrant Agent, together with (i) an election to purchase form, duly executed, electing
to exercise such Warrants and (ii) 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;

 

		(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 difference
between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(b), 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 last sale 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;

 

		(c)	with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by
the Sponsor or its Permitted Transferee, 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 difference
between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c), by (y) the
Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average
last sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which
notice of exercise of the Warrant is sent to the Warrant Agent; or

 

		(d)	as provided in Section 7.4 hereof.

 

    	 	5	 

     

    

 

		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 as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall
not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle
such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying
the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its
obligations under Section 7.4. 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 shares of Common Stock issuable upon such Warrant exercise have been registered,
qualified or deemed to be exempt 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. Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants
may exercise its Warrants only for a whole number of shares of Common Stock (i.e., only an even number of Warrants may be exercised
at any given time by a Registered Holder). 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 nonassessable.

 

		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 at the close of business on the next succeeding
date on which the share transfer books or book-entry system are open.

 

    	 	6	 

     

    

 

		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 affect 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), to the Warrant
Agent’s actual knowledge, would beneficially own in excess of 9.8% (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 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 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”).
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 [•] (in such capacity, 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.

 

    	 	7	 

     

    

 

		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 shares of 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 shares of Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share
of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1,
(i) if the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining the
price payable for shares of Common Stock, there shall be taken into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted
average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the
first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive such rights.

 

		4.1.2	Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and
unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of 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 shares of Common Stock in connection with a proposed initial Business
Combination, (d) to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a vote to
amend the Company’s amended and restated certificate of incorporation pursuant to Section 9.7 thereof, (e) as a
result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is presented to the
stockholders of the Company for approval or (f) in connection with the redemption of public shares 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 shares of 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 $[•] (being [•]% of the
offering price of the Units in the Offering).

 

    	 	8	 

     

    

 

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

 

		4.3	Adjustments in Exercise Price. 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.

 

    	 	9	 

     

    

 

		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 Section 4.1 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 corporation (other than a consolidation or merger in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as
an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock
of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have
received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”
); provided, however, that (i) if the holders of the shares of 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 shares of 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 shares of Common Stock (other than a tender, exchange or redemption
offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s
amended and restated certificate of incorporation or as a result of the repurchase of shares of Common Stock by the Company if
a proposed initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which,
upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act) 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) 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) 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 shares of 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 shares of 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 of (i) the Warrant Price
in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less
than zero) 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 shares of 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 such Warrant.

 

    	 	10	 

     

    

 

		4.5	Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of
shares 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 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 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 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 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.

 

    	 	11	 

     

    

 

		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, 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. 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 in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the
case of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating
whether the new Warrants must also bear a restrictive legend.

 

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

 

		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. Subject to Section 6.4 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 last sales price of the
Common Stock reported has been at least $24.00 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 trading day prior to
the date on which notice of the redemption is given and provided 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.

 

    	 	12	 

     

    

 

		6.2	Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all
of the Warrants, 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 30-day 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.

 

		6.4	Exclusion of Private Placement Warrants. The Company agrees that the redemption rights provided
in this Section 6 shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement
Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such Private Placement Warrants
are transferred (other than to Permitted Transferees under subsection 2.5), the Company may redeem the Private Placement
Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement
Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.3. Private Placement
Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement
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.

 

    	 	13	 

     

    

 

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

 

		7.4.1	Registration of Shares of Common Stock. The Company agrees that as soon as practicable, but
in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its
best efforts to file with the Commission a registration statement for the registration, under the Securities Act of the shares
of Common Stock issuable upon exercise of the Warrants. The Company shall use its 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 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 difference between the Warrant Price and the “Fair Market
Value” (as defined below) by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair
Market Value” shall mean 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 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) 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 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.

 

    	 	14	 

     

    

 

		7.4.2	Cashless Exercise at Company’s Option. If the shares of Common Stock are 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, the Company may, at its option, (i) require holders of
Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects,
the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the
Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement
to the contrary, and (y) use its best efforts to register or qualify for sale the shares of Common Stock issuable upon exercise
of the Public Warrant under the blue sky laws of the state of residence in those states in which the Warrants were initially offered
by the Company 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.

 

		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 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.

 

    	 	15	 

     

    

 

		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 shares of 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.

 

		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 Chairman of the Board, the Chief
Executive Officer (or, if applicable, any co-Chief Executive Officer) or the Chief Financial Officer 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.

 

    	 	16	 

     

    

 

		8.4.2	Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful
misconduct, fraud or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities,
including judgments, 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, fraud or bad faith.

 

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

 

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

 

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

 

		9.	Miscellaneous Provisions.

 

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

 

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

 

    	 	17	 

     

    

 

Eagle Acquisition Corp.

595 East Lancaster Avenue, Suite 300

Radnor, PA 19087

Attention: [•]

 

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:

 

[•]

 

Attention: [•]

 

		9.3	Applicable Law. The validity, interpretation, and performance of this Agreement and of the
Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum.

 

		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 his Warrant for inspection by it.

 

		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.

 

    	 	18	 

     

    

 

		9.8	Amendments. This Agreement may be amended by the parties hereto without the consent of any
Registered Holder 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. All
other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any
amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders
of 65% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
Holders.

 

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

 

Exhibit A Form of Warrant
Certificate

 

Exhibit B Legend —
Sponsor’s Warrants

 

    	 	19	 

     

    

 

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

 

	 	EAGLE ACQUISITION CORP.
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	[•], as Warrant Agent
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[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

 

Eagle Acquisition Corp.

Incorporated Under the Laws of the State of Delaware

 

CUSIP [•]

 

Warrant Certificate

 

This Warrant Certificate
certifies that                     ,
or registered assigns, is the registered holder of                     
warrant(s) (the “Warrants” and each, a “Warrant”) to purchase shares of common stock, $0.0001
par value (“Common Stock”), of Eagle Acquisition Corp., a Delaware corporation (the “Company”).
Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive
from the Company that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price (the
“Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate
and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set
forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon
exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

 

The initial Exercise Price
per share of Common Stock for any Warrant is equal to $11.50 per whole share. The Exercise Price is subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement.

 

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

 

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

 

     

     

    

 

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

 

This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of
laws principles thereof.

 

	 	eagle ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive             
shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [•], 2016 (the “Warrant
Agreement”), duly executed and delivered by the Company to [•], as warrant agent (the “Warrant Agent”),
which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for
a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company
and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered
Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request
to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in
the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive             
shares of Common Stock and herewith tenders payment for such shares to the order of Eagle Acquisition Corp. (the “Company”)
in the amount of $                    
in accordance with the terms hereof. The undersigned requests that a certificate for such shares be registered in the name of                     ,
whose address is                     
and that such shares be delivered to whose address is                     .
If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such shares be registered in the name of                     ,
whose address is                     ,
and that such Warrant Certificate be delivered to                     ,
whose address is                     .

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required
cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares 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 that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
of the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with subsection
3.3.1(c) of the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of
shares 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 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 is less than all of the shares of Common Stock purchasable hereunder
(after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining
balance of such shares be registered in the name of                     ,
whose address is                     ,
and that such Warrant Certificate be delivered to                     ,
whose address is                     .

  

	Date:	,	(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 SEC RULE 17Ad-15 under the SECURITIES exchange
act, OF 1934, AS AMENDED).

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES 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 AGREEMENTS
BY AND AMONG EAGLE Acquisition cORP. (THE “COMPANY”), EAGLE
ACQUISITION SPONSOR, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES 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 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.

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