Document:

Exhibit 10.25

 

[***] = Certain marked information has been omitted
from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

 

February 18, 2020

 

Cross River Bank

885 Teaneck Road

Teaneck, NJ 07666

Attn: Adam Goller, Chief Credit Officer

 

		Re:	Fee Letter

 

Ladies and Gentlemen:

 

Reference is made to that certain First Amended
and Restated Loan Program Agreement, dated as of February 12, 2018 (as amended, restated, supplemented or otherwise modified from
time to time, the “Agreement”), by and between Sunlight Financial LLC, a Delaware limited liability company (“Sunlight”),
and Cross River Bank, a New Jersey state-chartered bank (“CRB” and, together with Sunlight, the “Parties”
and each a “Party”). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.
Notwithstanding anything to the contrary in the Agreement, the Parties agree as follows:

 

		1.	Additional Fee Relating to Accrual of Interest. Sunlight shall pay to CRB an additional fee in
the aggregate amount of [***] (the “Additional Fee”) in settlement of the Additional Interest and OID. The Additional Fee
shall be paid on or before February_, 2020, in immediately available funds by electronic funds transfer to:

 

Cross River Bank

ABA No.: [***]

Account No.: [***]

Address: 885 Teaneck Road, Teaneck, NJ 07666

 

As used herein, “Additional
Interest and OID” means, in respect of Loans sold by CRB to Sunlight (or a capital provider designated by Sunlight; collectively
“Sunlight”) on or prior to the date hereof (the “Subject Loans”), (a) any interest accrued
as of the sale of such Subject Loans to Sunlight and resulting from an omission of uncollected, accumulated interest, and (b) any
uncollected original issue discount (“OID”) in respect of the Subject Loans accrued using a straight-line method. In
furtherance of this Section 1, upon payment in full of the Additional Fee, (A) all of Sunlight’s obligations in
respect of the Additional Interest and OID owed in respect of the Subject Loans shall be deemed to be satisfied and paid in full; and
(B) CRB shall not have, and hereby unconditionally waives, any remaining claims, causes of action, or other rights it may have or
that may later accrue against Sunlight, whenever arising, solely with respect to the Additional Interest and OID in respect of the Subject
Loans.

 

     

     

    

 

		2.	Miscellaneous.

 

		a.	This letter, together with the Agreement, sets forth the entire agreement and understanding of the parties
regarding the particular subject matter of this letter, and merges and supersedes all prior or contemporaneous agreements, discussions
and correspondence pertaining to the subject matter of this letter. This letter shall not be modified, amended canceled or altered in
any way, and may not be modified by custom, usage of trade or course of dealing, except by an update or an instrument in writing signed
by both Parties.

 

		b.	This letter may be executed in counterpart copies, each of which, taken together, shall be effective as
original, binding instruments. Delivery of an executed counterpart of a signature page of this letter by telecopy, e-mailed .pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed
counterpart of this letter.

 

		c.	This letter shall be governed by and construed in accordance with the laws of the State of New York, including
New York General Obligations Law Section 5-1401, but otherwise without reference to conflict of law principles thereof.

 

Please confirm your agreement
by executing below and returning a signed copy to Barry Edinburg at barry.edinburg@sunlightfinancial.com.

 

	 	Sincerely,
	 	 
	 	SUNLIGHT FINANCIAL LLC
	 	 	 
	 	By: 	/s/ Barry Edinburg
	 	Name:	Barry Edinburg
	 	Title:	Chief Financial Officer

 

ACCEPTED AND AGREED AS OF February 18, 2020

 

	CROSS RIVER BANK	 
	 	 	 
	By: 	/s/ Adam Goller	 
	Name:	Adam Goller	 
	Title:	EVPExhibit 10.26

 

	 	Sunlight Financial	 

 

[***] = Certain marked information has been omitted
from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

 

June 18, 2018

 

Cross River Bank

885 Teaneck Road

Teaneck, NJ 07666

Attn: Adam Goller, Chief Credit Officer

 

		Re:	Fee Letter

 

Ladies and Gentlemen:

 

Reference is made to that certain First Amended
and Restated Loan Program Agreement, dated as of February 12, 2018 (as amended, restated, supplemented or otherwise modified from
time to time, the “Agreement”), by and between Sunlight Financial LLC, a Delaware limited liability company (“Sunlight”),
and Cross River Bank, a New Jersey state-chartered bank (“CRB” and, together with Sunlight, the “Parties”
and each a “Party”). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.
Notwithstanding anything to the contrary in the Agreement, the Parties agree as follows:

 

		1.	Additional Fee Relating to Accrual of Interest. Sunlight shall pay to CRB an additional fee in
the aggregate amount of [***] (the “Additional Fee”) in settlement of the Additional Interest. The Additional Fee shall
be paid in two installments of [***] (each, an “Installment Payment”), with the first installment being due on or before
June 30, 2018 and the second installment being due on or before September 30, 2018 (each, a “Payment Date”).
Failure to make timely payments of the Additional Fee shall constitute a material default under the Agreement. On each Payment Date, the
applicable Installment Payment shall be paid in immediately available funds by wire transfer to:

 

Cross River Bank

ABA No.: [***]

Account No.: [***]

Address: 885 Teaneck Road, Teaneck, NJ 07666

 

As used herein, “Additional Interest”
means, in respect of certain Loans sold by CRB to Sunlight (or a Sunlight designee; collectively “Sunlight”), any interest
accrued in respect of such Loans that is due and owing to CRB but which has not been paid by Sunlight. In furtherance of this Section 1,
(a) all of Sunlight’s obligations in respect of (i) the Additional Interest and (ii) any other interest accrued on
Loans sold by CRB to Sunlight on or prior to the date hereof shall be deemed to be satisfied and paid in full and (b) CRB shall not
have any remaining claims or other rights against Sunlight in respect of the Additional Interest or any other interest accrued on Loans
sold by CRB to Sunlight on or prior to the date hereof.

 

	
    234 W. 39th Street, 7th Floor

    New York, New York

    (201) 287-4100 Phone

    (201) 287-4465 Fax
	 	101 N. Tryon Street, Suite 1000

Charlotte, NC 28246

(201) 287-4100 Phone

(201) 287-4465 Fax

 

     

    

    

 

		Sunlight Financial	 

 

		2.	Miscellaneous.

 

		a.	This letter, together with the Agreement, sets forth the entire agreement and understanding of the parties
regarding the particular subject matter of this letter, and merges and supersedes all prior or contemporaneous agreements, discussions
and correspondence pertaining to the subject matter of this letter. This letter shall not be modified, amended canceled or altered in
any way, and may not be modified by custom, usage of trade or course of dealing, except by an update or an instrument in writing signed
by both Parties.

 

		b.	This letter may be executed in counterpart copies, each of which, taken together, shall be effective as
original, binding instruments. Delivery of an executed counterpart of a signature page of this letter by telecopy, e-mailed .pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed
counterpart of this letter.

 

		c.	This letter shall be governed by and construed in accordance with the laws of the State of New York, including
New York General Obligations Law Section 5-1401, but otherwise without reference to conflict of law principles thereof.

 

		d.	Sunlight agrees to immediately resolve any accounting or technical issues that gave rise to the accrual
of the Additional Interest and shall ensure that from after the date hereof Sunlight shall pay accrued interest on all Loans (as such
term in defined in the Agreement) through the date that such Loan is purchased by Sunlight or its designee.

 

	
    234 W. 39th Street, 7th Floor

    New York, New York

    (201) 287-4100 Phone

    (201) 287-4465 Fax
	 	101 N. Tryon Street, Suite 1000

Charlotte, NC 28246

(201) 287-4100 Phone

(201) 287-4465 Fax

 

    2

    

    

 

		Sunlight Financial	 

 

Please confirm your agreement
by executing below and returning a signed copy to Barry Edinburg at barry.edinburg@sunlightfinancial.com.

 

	 	Sincerely,
	 	 	 
	 	SUNLIGHT FINANCIAL LLC
	 	 	 
	 	By:	/s/
    Barry Edinburg
	 	Name:  	Barry Edinburg
	 	Title:	Chief Financial Officer

 

	ACCEPTED AND AGREED
    AS OF June 19, 2018	 
	 	 	 
	CROSS RIVER
    BANK	 
	 	 	 
	By:	/s/
    Adam Goller	 
	Name:  	Adam Goller	 
	Title:	EVP	 

 

	
    234 W. 39th Street, 7th Floor

    New York, New York

    (201) 287-4100 Phone

    (201) 287-4465 Fax
	 	101 N. Tryon Street, Suite 1000

Charlotte, NC 28246

(201) 287-4100 Phone

(201) 287-4465 Fax

 

3Exhibit 10.27

 

[***] = Certain marked information has been omitted from this exhibit
because it is both not material and is the type that the registrant treats as private or confidential.

 

FOURTH AMENDMENT

 

TO

 

LOAN PROGRAM AGREEMENT

 

This Amendment is made as of March 8, 2019 (this
“Amendment”) by and between Cross River Bank, an FDIC-insured New Jersey state chartered bank (“Bank”),
and Sunlight Financial LLC, a Delaware limited liability company (“Sunlight”), amending the terms of that certain Amended
and Restated Loan Program Agreement dated as of February 12, 2018 as amended by that certain First Amendment thereto dated April 17, 2018,
that certain letter agreement further amending the same dated as of July 9, 2018 and the Third Amendment thereto dated as of October 26,
2018 (as so amended, the “Existing Agreement” and as amended by this Amendment, the “Agreement”).
Sunlight and Bank are collectively referred to herein as the “Parties”. Capitalized terms used herein but not otherwise
defined herein shall have the meanings set forth therefore in the Existing Agreement.

 

RECITALS

 

WHEREAS, the Existing Agreement allows the Parties to mutually
agree in writing to modify the Existing Agreement;

 

WHEREAS, the Parties now desire to amend and modify the Existing
Agreement upon the terms and subject to the conditions set forth in this Amendment to increase the cap on loan amounts that the Bank agrees
to hold as of any measurement date; and

 

WHEREAS, the Parties now further desire to amend and modify
the Existing Agreement to increase the Target Dealer Discount for Portfolio Loans as defined in Exhibit A of the Existing Agreement;

 

NOW, THEREFORE, in consideration of the foregoing premises and
the following terms, and for other good and valuable consideration, the Parties, intending to be legally bound, further agree as follows:

 

SECTION 1MODIFICATIONS TO EXISTING AGREEMENT

 

	1.1.	Exhibit A to the Existing Agreement is hereby modified to
restate the last section thereof related to Bank Caps to read in its entirety as follows: “The Bank shall not hold more than (i)
[***] of Non-Portfolio Loans or (ii) [***] of Portfolio Loans, at any time.”

 

	1.2.	Exhibit A to the Existing Agreement is hereby modified to
increase the Target Dealer Discount for Portfolio Loans from [***] to [***].

 

     

     

    

 

SECTION 2EFFECTIVENESS OF AGREEMENT

 

	2.1.	Unless otherwise defined or modified in this Amendment, all
capitalized words or terms used in this Amendment shall have the definitions ascribed to such words or terms in the Existing Agreement.
From and after the effectiveness of this Amendment, references in the Existing Agreement to “the Agreement” or words of similar
effect, shall refer to the Existing Agreement as amended by this Amendment.

 

	2.2.	Except as expressly amended and modified by this Amendment,
all terms and conditions set forth in the Existing Agreement shall remain unmodified, binding, and in full force and effect. This Amendment
sets forth the entire agreement and understanding of the parties regarding the particular subject matter of this Amendment, and merges
and supersedes all prior or contemporaneous agreements, discussions and correspondence pertaining to the subject matter of this Amendment.
This Amendment may be executed in counterpart copies, each of which, and together, shall be effective as original, binding instruments.
Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed .pdf or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

 

	2.3.	This Amendment shall be governed by and construed in accordance
with the laws of the State of New York, including general obligations law Section 5-1401, but otherwise without regard to the conflict
of laws principals thereof.

 

[remainder of page intentionally blank]

 

    2

     

    

 

IN WITNESS WHEREOF, each of the Parties hereto
has caused this Amendment to be duly executed as of the date set forth above.

 

	 	SUNLIGHT FINANCIAL LLC
	 	 	 
	 	By:	/s/ Matt Potere
	 	Name:	Matt Potere
	 	Title:  	CEO
	 	 	 
	 	CROSS RIVER BANK
	 	 	 
	 	By:	/s/ Giles Gade
	 	Name:	Giles Gade
	 	Title:	CEO
	 	 	 
	 	By:	/s/ Arlen Gelbard
	 	Name:	Arlen Gelbard
	 	Title:  	GC

 

 

3

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