Exhibit 10.7


 


AF
ACQUISITION CORP.


139
North County Road


Floor
2, Suite 35


Palm
Beach, FL 33480


 


[     ], 2021


 


AF Ventures, LP


Mistral Capital Management, LLC


c/o 139 North County Road


Floor 2, Suite 35


Palm Beach, FL 33480 


 


Re: Administrative
Support Agreement


 


Ladies
and Gentlemen:


 


This letter agreement by and between AF Acquisition Corp. (the
“Company”), AF Ventures, LP and Mistral Capital Management, LLC (AF Ventures, LP and Mistral Capital Management,
LLC, together, the “Providers”), dated as of the date hereof, will confirm our agreement that, commencing on
the date the securities of the Company are first listed on The Nasdaq Capital Market (the “Listing Date”), pursuant
to a Registration Statement on Form S-1 and prospectus filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or
the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred
to as the “Termination Date”):


 


(i) The Providers shall
make available, or cause to be made available, to the Company, at 139 North County Road, Floor 2, Suite 35, Palm Beach, FL 33480
(or any successor location designated by the Providers), certain office space, utilities and secretarial and administrative support
as may be reasonably required by the Company. In exchange therefor, the Company shall pay the Providers, collectively, a total
of $25,000 per month; and


 


(ii) Each Provider hereby irrevocably waives any and all
right, title, interest, causes of action and claims of any kind as a result of, or arising out of, this letter agreement (each,
a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account
established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds of the Company’s
initial public offering will be deposited (the “Trust Account”) as a result of, or arising out of, this letter
agreement, and hereby irrevocably waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely
affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement,
payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason
whatsoever.

 


This
letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof or the transactions contemplated hereby.


 


This
letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by the parties hereto.


 


No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee.


 


This
letter agreement constitutes the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the
laws of the State of New York, without giving effect to its choice of law principles.


 


 


[Signature
Page Follows]


 






     


     


    

 


	 	Very
    truly yours,
	 	 
	 	AF
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	Andrew Z. Scharf
	 	 	Title:	President



 

	AGREED TO AND ACCEPTED BY:	 
	 	 
	AF VENTURES, LP	 
	 	 
	By:	       	 
	Name:		 
	Title:		 



 


	 	 
	MISTRAL CAPITAL MANAGEMENT, LLC	 
	 	 
	By:	            	 
	Name:	 	 
	Title:	 	 



 


[Signature
Page to Administrative Support Agreement]