Exhibit 10.7


 


THIS EXPENSE ADVANCEMENT AGREEMENT (this
“Agreement”), dated as of [  ], 2020, is made and entered into by and among CF Finance Acquisition
Corp. III, a Delaware corporation (the “Company”), and CF Finance Holdings III, LLC (the “Sponsor”).


 


RECITALS


 


WHEREAS, the Company is engaged in
an initial public offering (the “Offering”) pursuant to which the Company will issue and deliver up to
23,000,000 units (the “Units”) (including up to 3,000,000 Units subject to an over-allotment option granted
to the underwriters of the Offering), with each Unit comprised of one share of common stock, par value $0.0001 per share (the “Common
Stock”), of the Company and one-third of one warrant, each whole warrant exercisable to purchase one share of Common
Stock at $11.50 per share, subject to certain adjustments (each, a “Warrant,” and collectively, the “Warrants”);


 


WHEREAS, the Company has filed with
the Securities and Exchange Commission a registration statement on Form S-1, No. 333-249367 (the “Registration
Statement”) for the registration, under the Securities Act of 1933, as amended (the “Securities Act”),
of the Units and the Warrants and the Common Stock underlying the Units, including a prospectus (the “Prospectus”);


 


WHEREAS, the proceeds of the Offering,
together with certain additional amounts from a concurrency private placement, will be deposited in a trust account (the “Trust
Account”) at J.P. Morgan Chase Bank, N.A. and managed by Continental Stock Transfer & Trust Company, as trustee,
as described in the Registration Statement and the Prospectus; and


 


WHEREAS, the Sponsor desires to enter
into this Agreement in order to facilitate the Offering and the other transactions contemplated in the Registration Statement and
the Prospectus, including any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination by the Company with one or more businesses (a “Business Combination”).


 


NOW, THEREFORE, in consideration
of the representations, covenants and agreements contained herein, and certain 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:


 


1.             (a)         From
time to time, as may be requested by the Company, the Sponsor agrees to advance to the Company up to $1,000,000.00 in the aggregate,
in each instance pursuant to the terms of the form of promissory note attached as Exhibit A hereto (the “Note”),
as may be necessary to fund the Company’s expenses relating to investigating and selecting a target business and other working
capital requirements following the Offering and prior to any potential Business Combination.


 


(b)          The
Sponsor represents to the Company that the Sponsor is capable of making such advances to satisfy its obligations under Section
1(a).


 


(c)          Notwithstanding
anything to the contrary herein or in the Note, the Sponsor hereby waives any and all right, title, interest or claim of any kind
("Claim") in or to any distribution of the Trust Account in which the proceeds of the Offering,
together with certain additional amounts, as described in greater detail in the Registration Statement and the Prospectus, will
be deposited, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever; provided, however, that if the Company completes its Business Combination, the Company may repay such
loaned amounts out of the proceeds released to the Company from the Trust Account.


 


2.           This
Agreement, together with the Note, constitutes the entire agreement and understanding of the parties hereto in respect of the subject
matter hereof 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 Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by the parties hereto.  


 






     


     


    

 


3.           No
party may assign either this Agreement or any of his, her or its rights, interests, or obligations hereunder without the prior
written consent of the other party; provided, however, that, subject to all applicable securities laws, the Note shall
be freely assignable by the Sponsor to any assignee; provided, further, that Sponsor’s obligations hereunder
shall remain in full force and effect in the event that an assignee fails to timely perform any of Sponsor’s obligations
hereunder. 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 Agreement shall be binding on the undersigned and each of his or
its heirs, personal representatives, successors and assigns.


 


4.           Any
notice, statement or demand authorized by this Agreement shall be sufficiently given (i) when so delivered if by hand or overnight
delivery, (ii) the date and time shown on a facsimile transmission confirmation, or (iii) if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid. Such notice, statement or demand shall
be addressed as follows:


 


If to the Company or the Sponsor:


 


110 East 59th Street


New York, NY 10022


Attn: Chief Executive Officer

Facsimile: (212) 829-4708 


 


with a copy in each case (which shall not constitute notice)
to:


 


Ellenoff Grossman & Schole LLP


1345 Avenue of the Americas


New York, New York 10105


Attn: Stuart Neuhauser, Esq.


Facsimile: (212) 370-7889


 


5.          This
Agreement may be executed in any number of original or facsimile or other electronic 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.


 


6.          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.


 


7.          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
parties hereto (i) agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Agreement
shall be brought and enforced in the state or federal courts located in the Borough of Manhattan in the State of New York, and
irrevocably submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection
to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.


 


[Signature Page Follows]


 




     


     


    

 


IN WITNESS WHEREOF, the undersigned
have caused this Expense Advance Agreement to be executed as of the date first written above.


 


	 	CF FINANCE ACQUISITION CORP. III
	 	 	 
	 	By:	 
	 	 	Name: Howard W. Lutnick
	 	 	Title:  Chairman and Chief Executive Officer


 


	 	CF FINANCE HOLDINGS III, LLC
	 	 
	 	By:	/s/
	 	 	Name: Howard W. Lutnick
	 	 	Title:   Chief Executive Officer


 


[Signature Page to the Expense Advance Agreement
between CF Finance Acquisition Corp. III and CF Finance Holdings III, LLC for up to $1,000,000]


 




     


     


    

 


Exhibit A


 


Promissory Note


 


THIS PROMISSORY NOTE (“NOTE”) AND THE SECURITIES
INTO WHICH THE NOTE MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE.  THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.  


 


PROMISSORY NOTE


 


	 	Dated as of _____, 2014
	 	 
	Principal Amount:  Up to $1,000,000.00 	New York, New York


 


Pursuant to that certain Expense Advance
Agreement (the “Agreement”), dated as of [ ], 2020, by and between CF Finance Acquisition Corp. III, a
Delaware corporation (the “Maker”), and CF Finance Holdings III, LLC (the “Payee”), the Maker
hereby promises to pay to the order of the Payee or its registered assigns or successors in interest, the principal sum of up to
One Million Dollars ($1,000,000.00) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the
Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note. Certain terms used herein but not defined herein shall have the meaning given to such terms in the Agreement.


 


1.            Principal. The
principal balance of this Note shall be payable by Maker on the date on which Maker consummates its Business Combination. The
principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer,
director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.


 


2.            Interest. No
interest shall accrue or be charged by Payee on the unpaid principal balance of this Note.


 


3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to One Million Dollars ($1,000,000.00) for costs reasonably
related to Maker’s working capital needs prior to the consummation of the Business Combination. The principal of this Note
may be drawn down from time to time prior to the date on which Maker consummates a Business Combination, upon request from Maker
to Payee (each, a “Drawdown Request”) in such amounts as Maker may determine in its discretion. Payee shall
fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the
maximum amount of drawdowns collectively under this Note is One Thousand Dollars ($1,000,000.00). Once an amount is drawn down
under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall
be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.


 


4.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees and then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.


 






     


     


    

 


5.            Events
of Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”):


 


(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.


 


(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.


  


(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.


 


6.            Remedies.


 


(a)           Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.


 


(b)           Upon
the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.


 


7.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.


 


8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.


 


9.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.


 






     


     


    

 


10.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
THEREOF.


 


11.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


12.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the Trust Account, and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever; provided, however,
that if the Maker completes a Business Combination, the Maker shall repay the principal balance of this Note, which may be out
of the proceeds released to the Maker from the Trust Account.


 


13.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.


 


14.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void; provided, however, that this Note shall be freely assignable by the Payee to any assignee.


 


[Signature Page Follows]


 




     


     


    

 


IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written. 


 


	 	CF Finance Acquisition Corp. III
	 	 	 
	 	By:	 
	 	 	Name: Howard W. Lutnick
	 	 	Title:   Chairman and Chief Executive Officer


 


[Signature Page to the Promissory Note by
CF Finance Acquisition Corp. III in favor of CF Finance Holdings III, LLC for up to $1,000,000 for Working Capital]