Document:

Exhibit 10.3

 

EXECUTION VERSION

 

COLLATERAL ADMINISTRATION AGREEMENT

 

This COLLATERAL ADMINISTRATION
AGREEMENT, dated as of June 21, 2018 (this “Agreement”), is entered
into by and among OXford square funding 2018, LLC, a limited liability company formed
under the laws of the State of Delaware (the “Borrower”), OXFORD SQUARE CAPITAL CORP., a Maryland corporation,
as collateral manager (in such capacity, the “Collateral Manager”), and THE BANK OF NEW YORK MELLON TRUST COMPANY,
NATIONAL ASSOCIATION (“BNYM”), as collateral administrator under and for purposes of this Agreement (in such
capacity, the “Collateral Administrator”).

 

WITNESSETH:

 

WHEREAS, pursuant to
the terms of that certain Credit and Security Agreement dated as of June 21, 2018 (the
“Credit Agreement”), by and among the Borrower, the lenders from time to time party thereto (the “Lenders”),
Citibank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), BNYM, as collateral
agent (in such capacity, the “Collateral Agent”) and as custodian (in such capacity, the “Custodian”)
and Oxford Square Capital Corp., as equityholder, (the “Equityholder”), the Borrower has pledged certain collateral
(the “Collateral”), which includes, among other things, all of the Collateral Loans and Eligible Investments
as security for the Advances and other Obligations;

 

WHEREAS, the Borrower
wishes to engage BNYM to act as Collateral Administrator to perform certain administrative duties with respect to the Collateral
pursuant to the terms of this Agreement; and

 

WHEREAS, BNYM is prepared
to perform as Collateral Administrator certain specified obligations of the Borrower, or the Collateral Manager, on its behalf,
under the Credit Agreement (and certain other services) as specified herein, upon and subject to the terms of this Agreement (but
without assuming the obligations or liabilities of the Borrower or the Collateral Manager under the Credit Agreement);

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, and other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.            Definitions.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Credit Agreement. The rules
of construction set forth in Section 1.02 of the Credit Agreement shall apply to this Agreement as if fully set forth herein.

 

     

     

    

 

2.            Powers
and Duties of Collateral Administrator.

 

(a)          The
Borrower hereby appoints BNYM as, and BNYM hereby accepts the appointment to act as, the Collateral Administrator pursuant to the
terms of this Agreement, until the earlier to occur of (i) BNYM’s resignation or removal as the Collateral Administrator
pursuant to Section 7 hereof and (ii) the termination of this Agreement pursuant to Section 6 hereof. In such
capacity, the Collateral Administrator shall assist the Borrower and the Collateral Manager in connection with maintaining a database
of certain characteristics with respect to the Collateral on an ongoing basis as provided herein and in providing to the Borrower
and the Collateral Manager certain reports, schedules and calculations, all as more particularly described in Section 2(b)
below (in each case, such reports, schedules and calculations shall be prepared in such form and content, and in such greater detail,
as may be mutually agreed upon by the parties hereto from time to time and as may be required by the Credit Agreement) based upon
information and data received from the Borrower and/or the Collateral Manager, as required to be prepared and delivered (or which
are necessary to be prepared and delivered in order that certain other reports, schedules and calculations can be prepared and
delivered) under Article VIII of the Credit Agreement. BNYM’s duties and authority to act as Collateral Administrator hereunder
are limited to the duties and authority specifically set forth in this Agreement. By entering into, or performing its duties under,
this Agreement, the Collateral Administrator shall not be deemed to assume any obligations or liabilities of the Borrower or the
Collateral Manager under the Credit Agreement or any other Facility Document, and nothing herein contained shall be deemed to release,
terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties, obligations or Liabilities
of the Borrower or the Collateral Manager under or pursuant to the Credit Agreement or any other Facility Document.

 

(b)          The
Collateral Administrator shall perform the following general functions from time to time:

 

		(i)	Promptly, and in any event within thirty (30) days after the Closing Date, create a collateral
database with respect to the Collateral (the “Collateral Database”);

 

		(ii)	Update the Collateral Database promptly and on an ongoing basis for changes, including for ratings
changes as provided by the Collateral Manager, and to reflect the sale or other disposition of the Collateral Loans included in
the Collateral (the “Portfolio Collateral”) from time to time, in each case based upon, and to the extent of,
information furnished to the Collateral Administrator by or on behalf of the Borrower or the Collateral Manager as may be reasonably
required by the Collateral Administrator, or by the agents for the Obligors from time to time, or based on information maintained
by BNYM in its capacity as Collateral Agent under the Credit Agreement;

 

		(iii)	Provide information contained in the Collateral Database to the Collateral Manager on behalf of
the Borrower, as the Collateral Administrator and the Collateral Manager shall reasonably agree, including by way of reasonable
electronic access (by access to the Collateral Administrator’s internet website) to the reports generated by the Collateral
Administrator pursuant to this Agreement;

 

		(iv)	Track the receipt and daily allocation of cash to the Collection Account (and any subaccounts thereto)
with respect to Interest Proceeds and Principal Proceeds and the outstanding balance therein, and any withdrawals therefrom and,
on each Business Day, provide to the Borrower and the Collateral Manager daily reports reflecting such actions to the Covered Accounts
as of the close of business on the preceding Business Day;

 

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		(v)	[Reserved].

 

		(vi)	Reasonably cooperate with the Independent Accountants appointed by the Borrower in the preparation
by such accountants of the reports required under Section 8.09 of the Credit Agreement;

 

		(vii)	Not later than three (3) Business Days prior to the day on which each Monthly Report or Payment
Date Report is required to be provided by the Borrower pursuant to Section 8.07 of the Credit Agreement, the Collateral Administrator
shall prepare the relevant report using the information contained in the Collateral Database and, subject to the Collateral Administrator’s
receipt from the Collateral Manager of information with respect to the Collateral that is required for the preparation of the Monthly
Report or Payment Date Report, provide the results of such calculations to the Collateral Manager so that the Collateral Manager
may confirm such results. Upon approval by the Collateral Manager, the Borrower shall deliver the Monthly Report or Payment Date
Report, as applicable, in accordance with Section 8.07 of the Credit Agreement; and

 

		(viii)	So long as the same Person serves as the Collateral Administrator hereunder and as the Collateral
Agent under the Credit Agreement, provide such other information with respect to the Collateral as may be in the possession of
the Collateral Administrator or the Collateral Agent, or as may be required by the Credit Agreement, as the Borrower or the Collateral
Manager may reasonably request in writing from time to time.

 

(c)          The
Borrower and the Collateral Manager shall cooperate with the Collateral Administrator in connection with the matters described
herein, including calculations and information relating to the Monthly Reports and the Payment Date Reports or as otherwise reasonably
requested hereunder. Without limiting the generality of the foregoing, the Collateral Manager shall advise in a timely manner the
Collateral Administrator of the results of any determinations required or permitted to be made by it or the Borrower (or Collateral
Manager on its behalf) under the Credit Agreement and supply the Collateral Administrator with such other information as is maintained
by the Collateral Manager that the Collateral Administrator may from time to time request with respect to the Collateral and reasonably
needed to complete the reports and certificates required to be prepared by the Collateral Administrator hereunder or required to
permit the Collateral Administrator to perform its obligations hereunder (including determinations of Original Asset Value, Aggregate
Principal Balance and the Borrowing Base, as applicable) and any other information that may be reasonably required under the Credit
Agreement with respect to a Collateral Loan or Eligible Investment (including as to its designation as a Delayed Drawdown Collateral
Loan, Defaulted Collateral Loan, DIP Collateral Loan, Noteless Loan, PIK Loan, Partial PIK Loan, Credit Risk Collateral Loan, Eligible
Loan, Ineligible Collateral Loan, Equity Security, First Lien Obligation, Second Lien Obligation, Specified Eligible Investment,
Structured Finance Obligation, Certificated Security or Uncertificated Security). Nothing herein shall obligate the Collateral
Administrator to determine independently the correct characterization or categorization of any item of Collateral under the Credit
Agreement (it being understood that any such characterization or categorization shall be based exclusively upon the determination
and notification received by the Collateral Administrator from the Collateral Manager). The Collateral Manager shall review and
verify the contents of the aforesaid reports. To the extent any of the information in such reports, instructions or certificates
conflicts with information, data or calculations in the records of the Collateral Manager, the Collateral Manager shall notify
the Collateral Administrator of such discrepancy and use commercially reasonable efforts to assist the Collateral Administrator
in reconciling such discrepancy. The Collateral Manager further agrees to send such reports, instructions, statements and certificates
to the Borrower for execution. In addition, the Collateral Manager shall provide prompt notice to the Collateral Administrator
upon the Collateral Manager’s obtaining knowledge of a Collateral Loan becoming a Defaulted Collateral Loan.

 

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(d)          If,
in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of
action, the Collateral Administrator may request written instructions from the Borrower or the Collateral Manager acting on behalf
of the Borrower as to the course of action desired by it. If the Collateral Administrator does not receive such instructions within
two (2) Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain
from taking any such courses of action. The Collateral Administrator shall act in accordance with instructions received after such
two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such
instructions. The Collateral Administrator shall be entitled to rely on the advice of legal counsel and independent accountants
in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

 

(e)           The
Collateral Administrator shall have no obligation to determine the Original Asset Value or the price of any Collateral in connection
with any actions or duties under this Agreement. Nothing herein shall prevent the Collateral Administrator or any of its Affiliates
from engaging in other businesses or from rendering services of any kind to any Person.

 

3.            Compensation.
The Borrower agrees to pay, and the Collateral Administrator shall be entitled to receive, compensation for, and reimbursement
for all expenses in connection with, the Collateral Administrator’s performance of the duties called for herein and as provided
in the Collateral Agent Fee Letter; provided that such amounts will be payable solely from and pursuant to Section 9.01
of the Credit Agreement.

 

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4.            Limitation
of Responsibility of the Collateral Administrator; Indemnification.

 

(a)          The
Collateral Administrator will have no responsibility under this Agreement other than to render the services expressly called for
hereunder in good faith and without willful misconduct or gross negligence of its duties hereunder. The Collateral Administrator
shall incur no liability to anyone in acting upon any signature, instrument, statement, notice, resolution, request, direction,
consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably
believed by it to be signed by the proper party or parties. The Collateral Administrator may exercise any of its rights or powers
hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys, and the Collateral Administrator
shall not be responsible for any misconduct or negligence on the part of any agent (other than an Affiliate of the Collateral Administrator)
or attorney appointed hereunder with due care by it. Neither the Collateral Administrator nor any of its affiliates, directors,
officers, shareholders, agents or employees will be liable to any other parties hereto, the Borrower, the Collateral Manager or
any other Person, except by reason of acts or omissions by the Collateral Administrator constituting willful misconduct or gross
negligence of the Collateral Administrator’s duties hereunder. The Collateral Administrator shall in no event have any liability
for the actions or omissions of the Borrower, the Collateral Manager, the Custodian (but only if not the same Person as the Collateral
Administrator) or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results
from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Collateral Manager,
the Custodian (but only if not the same Person as the Collateral Administrator) or another Person except to the extent that such
inaccuracies or errors are caused by the Collateral Administrator’s own bad faith, willful misconduct, gross negligence or
reckless disregard of its duties hereunder. The Collateral Administrator shall not be liable for failing to perform or any delay
in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Borrower,
the Collateral Manager, the Custodian (but only if not the same Person as the Collateral Administrator) or any other Person in
furnishing necessary, timely and accurate information to the Collateral Administrator. The duties and obligations of the Collateral
Administrator and its employees or agents shall be determined solely by the express provisions of this Agreement and they shall
not be under any obligation or duty except for the performance of such duties and obligations as are specifically set forth herein,
and no implied covenants shall be read into this Agreement against them.

 

(b)          The
Collateral Administrator may rely conclusively on any notice, certificate or other document (including telecopier or other electronically
transmitted instructions, documents or information) furnished to it hereunder and reasonably believed by it in good faith to be
genuine. The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably believed by it
to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is
governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.
The Collateral Administrator shall not be bound to make any investigation into the facts or matters stated in any certificate,
report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral
Administrator shall examine the same to determine whether it conforms on its face to the requirements hereof. The Collateral Administrator
shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral
Administrator responsible for the administration of this Agreement. Under no circumstances shall the Collateral Administrator be
liable for indirect, punitive, special or consequential damages under or pursuant to this Agreement, its duties or obligations
hereunder or arising out of or relating to the subject matter hereof. It is expressly acknowledged by the Borrower and the Collateral
Manager that application and performance by the Collateral Administrator of its various duties hereunder (including recalculations
to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data and information
provided to it by the Collateral Manager (and/or the Borrower) with respect to the Collateral, and the Collateral Administrator
shall have no responsibility for the accuracy of any such information or data provided to it by such Persons. Nothing herein shall
impose or imply any duty or obligation on the part of the Collateral Administrator to verify, investigate or audit any such information
or data, or to determine or monitor on an independent basis whether any obligor under the Collateral is in default or in compliance
with the underlying documents governing or securing such securities, from time to time, the role of the Collateral Administrator
hereunder being solely to perform certain mathematical computations and data comparisons and to provide certain reports and other
deliveries, as provided herein. For purposes of monitoring changes in ratings, the Collateral Administrator shall be entitled to
use and rely (in good faith) exclusively upon one or more reputable electronic financial information reporting services, and shall
have no liability for any inaccuracies in the information reported by, or other errors or omissions of, any such services.

 

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(c)          The
Borrower shall, and hereby agrees to, reimburse, indemnify and hold harmless the Collateral Administrator and its affiliates, directors,
officers, shareholders, agents and employees for and from any and all reasonable and documented out-of-pocket losses, damages,
liabilities, demands, charges, costs, expenses (including the reasonable and documented out-of-pocket fees and expenses of outside
counsel and other experts) and claims of any nature in respect of, or arising from any acts or omissions performed or omitted by
the Collateral Administrator, its affiliates, directors, officers, shareholders, agents or employees pursuant to or in connection
with the terms of this Agreement, or in the performance or observance of its duties or obligations under this Agreement; provided
the same are in good faith and without willful misconduct and/or gross negligence on the part of the Collateral Administrator.
For the avoidance of doubt, the obligations of the Borrower under this Section 4(c) shall be payable only in accordance
with the order specified in the priorities set forth in Section 9.01 of the Credit Agreement and shall survive the termination
of this Agreement and any earlier resignation or removal of the Collateral Administrator.

 

(d)          Nothing
herein shall obligate the Collateral Administrator to determine independently any characteristic of a Collateral Loan, or to evaluate
or verify the Collateral Manager’s characterization of any Collateral Loan, including whether any item of Collateral is a
Delayed Drawdown Collateral Loan, Defaulted Collateral Loan, DIP Collateral Loan, Noteless Loan, PIK Loan, Partial PIK Loan, Credit
Risk Collateral Loan, Eligible Loan, Ineligible Collateral Loan, Equity Security, First Lien Obligation, Second Lien Obligation,
Specified Eligible Investment, Structured Finance Obligation, Certificated Security or Uncertificated Security, any such determination
being based exclusively upon notification the Collateral Administrator receives from the Collateral Manager or from (or in its
capacity as) the Collateral Agent (based upon notices received by the Collateral Agent from the obligor, trustee or agent bank
under an underlying governing document, or similar source) and nothing herein shall obligate the Collateral Administrator to review
or examine any underlying instrument or contract evidencing, governing or guaranteeing or securing any Collateral Loan in order
to verify, confirm, audit or otherwise determine any characteristic thereof.

 

(e)          Without
limiting the generality of any terms of this Section 4, the Collateral Administrator shall have no liability for any failure,
inability or unwillingness on the part of the Collateral Manager or the Borrower or the Collateral Agent, if not the same Person
as the Collateral Administrator, to provide accurate and complete information on a timely basis to the Collateral Administrator,
or otherwise on the part of any such party to comply with the terms of this Agreement or the Credit Agreement and shall have no
liability for any inaccuracy or error in the performance or observance on the Collateral Administrator’s part of any of its
duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other
failure on the part of any such other party to comply with the terms hereof.

 

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5.            No
Joint Venture. Nothing contained in this Agreement (a) shall constitute the Borrower, the Collateral Administrator and
the Collateral Manager as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (b) shall be construed to impose any liability as such on any of them or (c) shall be deemed to confer on any
of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

 

6.            Term.
This Agreement shall continue in effect so long as the Credit Agreement remains in effect with respect to the Obligations, unless
this Agreement has been previously terminated in accordance with Section 7 hereof.

 

7.            Termination.

 

(a)          This
Agreement may be terminated without cause by any party upon not less than ninety (90) days’ written notice to each other
party. If at any time, prior to payment in full of all Obligations, the Collateral Administrator shall resign or be removed as
Collateral Agent under the Credit Agreement, such resignation or removal shall be deemed a resignation or removal of the Collateral
Administrator hereunder.

 

(b)          At
the option of the Borrower (with the prior written consent or at the direction of the Administrative Agent), this Agreement may
be terminated upon thirty (30) days’ written notice of termination from the Borrower (or the Collateral Manager on behalf
of the Borrower) to the Collateral Administrator if any of the following events shall occur:

 

		(i)	The Collateral Administrator shall, in violation of its duty of care hereunder, default in the
performance of any of its material duties under this Agreement and shall not cure such default within thirty (30) days (or, if
such default cannot be cured in such time, the Collateral Administrator shall not have given within thirty (30) days such assurance
of cure as shall be reasonably satisfactory to the Borrower, the Collateral Manager and the Administrative Agent and cured such
default within the time so assured);

 

		(ii)	A court having jurisdiction in the premises shall enter a decree or order for relief in respect
of the Collateral Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the
Collateral Administrator or for any substantial part of its property, or order the winding up or liquidation of its affairs; or

 

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		(iii)	The Collateral Administrator shall commence a voluntary case under applicable bankruptcy, insolvency
or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under
any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator or similar official of the Collateral Administrator or for any substantial part of its property, or shall make any
general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due.

 

If any of the events
specified in clauses (ii) or (iii) of this Section 7(b) shall occur, the Collateral Administrator shall give
written notice thereof to the Collateral Manager, the Administrative Agent and the Borrower within one (1) Business Day after the
occurrence of such event.

 

(c)          Except
when the Collateral Administrator shall be removed pursuant to subsection (b) of this Section 7 or shall resign pursuant
to subsection (d) of this Section 7, no removal or resignation of the Collateral Administrator shall be effective until
the date as of which a successor collateral administrator reasonably acceptable to the Administrative Agent, the Borrower and the
Collateral Manager shall have agreed in writing to assume all of the Collateral Administrator’s duties and obligations pursuant
to this Agreement and shall have executed and delivered an agreement in form and content reasonably satisfactory to the Administrative
Agent, the Borrower, the Collateral Manager and the Collateral Agent. Upon any resignation or removal of the Collateral Administrator
hereunder, the Borrower shall promptly, and in any case within thirty (30) days after the related notice of resignation or removal,
appoint a qualified successor consented to by the Administrative Agent to act as collateral administrator hereunder and cause such
successor collateral administrator to execute and deliver an agreement accepting such appointment as described in the preceding
sentence. If the Borrower fails to appoint such a qualified successor which duly accepts its appointment by properly executing
and delivering such an agreement within such time, the retiring Collateral Administrator shall be entitled to petition a court
of competent jurisdiction for the appointment of a successor to serve as collateral administrator hereunder and shall be indemnified
pursuant to Section 4(c) for the reasonable costs and expenses thereof.

 

(d)          Notwithstanding
the foregoing, the Collateral Administrator may resign its duties hereunder without any requirement that a successor collateral
administrator be obligated hereunder and without any liability for further performance of any duties hereunder (i) immediately
upon the termination (whether by resignation or removal) of BNYM as Collateral Agent under the Credit Agreement, or (ii) upon
thirty (30) days’ notice to the Collateral Manager and the Administrative Agent upon any reasonable determination by BNYM
that the taking of any action, or performance of any duty, on its part as the Collateral Administrator pursuant to the terms of
this Agreement would be in conflict with or in violation of its duties or obligations as the Collateral Agent under the Credit
Agreement or (iii) upon at least sixty (60) days’ prior written notice of termination to the Collateral Manager, the Administrative
Agent and the Borrower upon the occurrence of any of the following events and the failure to cure such event within such sixty
(60) day notice period: (A) failure of the Borrower to pay any of the amounts specified in Section 3 hereof within sixty
(60) days after such amount is due pursuant to Section 3 hereof (to the extent not already paid to the Collateral Administrator
pursuant to Section 9.01 of the Credit Agreement) or (B) failure of the Borrower to provide any indemnity payment to Collateral
Administrator pursuant to the terms of this Agreement, as the case may be, within sixty (60) days of the receipt by the Borrower
of the written request for such payment or reimbursement (to the extent not already paid to the Collateral Administrator pursuant
to Section 9.01 of the Credit Agreement).

 

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(e)          Any
corporation into which the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Collateral Administrator shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Collateral Administrator, shall be the successor
of the Collateral Administrator hereunder without the execution or filing of any paper or any further act on the part of any of
the parties hereto.

 

8.            Representations
and Warranties.

 

(a)          The
Collateral Manager hereby represents and warrants to the Collateral Administrator and the Borrower as follows:

 

		(i)	The Collateral Manager is a corporation duly organized and validly existing under the laws of the
State of Maryland, with full power and authority to own and operate its assets and properties, conduct the business in which it
is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to
which it is a party.

 

		(ii)	The Collateral Manager is in good standing in the State of Maryland. The Collateral Manager is
duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature
of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents
to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified
or in good standing could not reasonably be expected to have a Material Adverse Effect.

 

		(iii)	The execution and delivery by the Collateral Manager of, and the performance of its obligations
under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby
are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by
it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or
at law.

 

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		(iv)	None of the execution and delivery by the Collateral Manager of this Agreement or the other Facility
Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with
the terms, conditions and provisions hereof or thereof, will (1) conflict with, or result in a breach or violation of, or constitute
a default under its Constituent Documents, (2) conflict with or contravene (A) any Applicable Law, (B) any indenture, agreement
or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order,
writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (3) result in a breach
or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in any contractual obligation
or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation,
agreement or document relates), except in the case of clause (1) above, where such conflicts, breaches, violations or defaults
could not reasonably be expected to have a Material Adverse Effect.

 

		(v)	The Collateral Manager has obtained, maintained and kept in full force and effect all Governmental
Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary
for the execution and delivery by it of the Facility Documents to which it is a party, and the performance by the Collateral Manager
of its obligations under this Agreement and the other Facility Documents to which it is a party, and no material Governmental Authorization,
Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection
with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under
this Agreement and the other Facility Documents to which it is a party.

 

		(vi)	The Collateral Manager has duly observed and complied in all material respects with all Applicable
Laws relating to the conduct of its business and its assets. The Collateral Manager has preserved and kept in full force and effect
its legal existence. The Collateral Manager has preserved and kept in full force and effect its rights, privileges, qualifications
and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. Without
limiting the foregoing, neither the Collateral Manager nor, to the Collateral Manager’s knowledge, any Affiliate of the Collateral
Manager is (1) a country, territory, organization, person or entity named on an OFAC list; (2) a Person that resides or has a place
of business in a country or territory named on such lists or which is designated as a “NonCooperative Jurisdiction”
by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction;
(3) a “Foreign Shell Bank” within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical
presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation
and supervision; or (4) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United
States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering
concerns. The Collateral Manager is in compliance with all applicable OFAC rules and regulations and also in compliance with all
applicable provisions of the PATRIOT Act.

 

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(b)          The
Borrower hereby represents and warrants to the Collateral Administrator and the Collateral Manager as follows:

 

		(i)	The Borrower is a limited liability company formed and validly existing under the laws of the State
of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now
engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it
is a party.

 

		(ii)	The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified to do
business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business,
assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which
it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good
standing could not reasonably be expected to have a Material Adverse Effect.

 

		(iii)	The execution and delivery by the Borrower of, and the performance of its obligations under the
Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within
its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute
its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

		(iv)	None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents
to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or
therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (1) conflict with,
or result in a breach or violation of, or constitute a default under its Constituent Documents, (2) conflict with or contravene
(A) any Applicable Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its
assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it
or any of its assets or properties or (3) result in a breach or violation of, constitute a default under, or permit the acceleration
of any obligation or liability in, any contractual obligation or any agreement or document to which it is a party or by which it
or any of its assets are bound (or to which any such obligation, agreement or document relates).

 

    	11

     

    

 

		(v)	The Borrower has obtained, maintained and kept in full force and effect all Governmental Authorizations
and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so could
not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary for the execution
and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge
of the Collateral by the Borrower under this Agreement and the performance by the Borrower of its obligations under this Agreement
and the other Facility Documents to which it is a party, and no material Governmental Authorization, Private Authorization or Governmental
Filing which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery
by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral
by the Borrower under this Agreement or the performance of its obligations under this Agreement and the other Facility Documents
to which it is a party.

 

		(vi)	The Borrower has duly observed and complied in all material respects with all Applicable Laws relating
to the conduct of its business and its assets. The Borrower has preserved and kept in full force and effect its legal existence.
The Borrower has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where
the failure to do so could not reasonably be expected to result in a Material Adverse Effect. Without limiting the foregoing, neither
the Borrower nor to the Borrower’s knowledge, any Affiliate of the Borrower is (1) a country, territory, organization, person
or entity named on an OFAC list; (2) a Person that resides or has a place of business in a country or territory named on such lists
or which is designated as a “NonCooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or
whose subscription funds are transferred from or through such a jurisdiction; (3) a “Foreign Shell Bank” within
the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated
with a bank that has a physical presence and an acceptable level of regulation and supervision; or (4) a person or entity that
resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections
311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns. The Borrower is in compliance with
all applicable OFAC rules and regulations and also in compliance with all applicable provisions of the PATRIOT Act.

 

    	12

     

    

 

(c)          The
Collateral Administrator hereby represents and warrants to the Collateral Manager and the Borrower as follows:

 

		(i)	The Collateral Administrator is a national banking association duly organized, validly existing
and in good standing under the laws of the United States of America and has full organizational power and authority to execute,
deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize
this Agreement on the terms and conditions hereof, the execution, delivery and performance of this Agreement and all obligations
required hereunder. No consent of any other Person including stockholders or other equity holders and creditors of the Collateral
Administrator, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing
or declaration with, any governmental authority, except those that have been obtained, is required by the Collateral Administrator
in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and the
obligations imposed upon it hereunder. When executed and delivered by the Collateral Administrator and the other parties hereto,
this Agreement will constitute the legal, valid and binding obligations of the Collateral Administrator enforceable against the
Collateral Administrator in accordance with its terms, subject, as to enforcement, (a) to the effect of bankruptcy, insolvency
or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy,
receivership, insolvency or similar event applicable to the Collateral Administrator and (b) to general equitable principles
(whether enforceability of such principles is considered in a proceeding at law or in equity).

 

		(ii)	The execution, delivery and performance of this Agreement and the documents and instruments required
hereunder will not violate any provision of any existing law or regulation binding on the Collateral Administrator, or any order,
judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Administrator, or the articles
of association or by-laws, as amended, of the Collateral Administrator.

 

9.            Amendments.
This Agreement may not be amended, changed, modified or terminated (except as otherwise expressly provided herein) except by the
Collateral Manager, the Borrower and the Collateral Administrator in writing with the prior written consent of the Administrative
Agent.

 

    	13

     

    

 

10.          Governing
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (WITHOUT
REGARD TO ITS CHOICE OF LAWS RULES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

11.          Submission
to Jurisdiction; Waivers; Etc. Each party hereto hereby irrevocably and unconditionally (a) submits for itself and its property
in any legal action or proceeding relating to this Agreement or the other Facility Documents to which it is a party, or for recognition
and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New
York in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and the appellate
courts of any of them; (b) consents that any such action or proceeding may be brought in any court described in Section 11(a)
and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any
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 party at its address
set forth in Section 13 or at such other address as may be permitted thereunder; (d) agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law; and (e) waives, to the maximum extent not prohibited
by law, any right it may have to claim or recover in any legal action or proceeding against any Secured Party arising out of or
relating to this Agreement or the other Facility Documents any special, exemplary, punitive or consequential damages.

 

    	14

     

    

 

12.          IMPORTANT
WAIVERS.

 

(a)       EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR
FOR ANY COUNTERCLAIM HEREIN OR THEREIN OR RELATING HERETO OR THERETO, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE EQUITYHOLDER, THE BORROWER, THE COLLATERAL MANAGER, THE AGENTS OR ANY OTHER
AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS
PROVISION (AND EACH OTHER PROVISION OF EACH OTHER FACILITY DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER FACILITY DOCUMENT. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING ANY INDEMNIFIED
PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR
ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT,
COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE
CLAIM OF ACTION. NO PARTY OR INDEMNIFIED PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS
OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION
TRANSMISSION SYSTEMS IN CONNECTION WITH ANY FACILITY DOCUMENT OR THE TRANSACTIONS; PROVIDED THAT THE FOREGOING SHALL NOT
LIMIT THE INDEMNIFICATION OBLIGATIONS OF THE BORROWER PURSUANT TO SECTION 4(C) EACH PARTY CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY OR AN INDEMNIFIED PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BUYER OR AN
INDEMNIFIED PARTY WOULD NOT SEEK TO ENFORCE ANY OF THE WAIVERS IN THIS SECTION 12 IN THE EVENT OF LITIGATION OR
OTHER CIRCUMSTANCES. THE SCOPE OF SUCH WAIVERS IS INTENDED TO BE ALL–ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE FACILITY DOCUMENTS, REGARDLESS OF THEIR LEGAL THEORY. EACH
PARTY ACKNOWLEDGES THAT THE WAIVERS IN THIS SECTION 12 ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT
SUCH PARTY HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE FACILITY DOCUMENTS, AND THAT SUCH PARTY WILL CONTINUE TO
RELY ON SUCH WAIVERS IN THEIR RELATED FUTURE DEALINGS UNDER THE FACILITY DOCUMENTS. EACH PARTY FURTHER REPRESENTS AND
WARRANTS THAT IT HAS REVIEWED SUCH WAIVERS WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHT TO A
JURY TRIAL AND OTHER RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THE WAIVERS IN THIS SECTION 12 ARE IRREVOCABLE,
MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO ANY OF THE FACILITY DOCUMENTS. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT. THE PROVISIONS OF THIS SECTION 12 SHALL SURVIVE TERMINATION OF THE FACILITY DOCUMENTS AND
THE INDEFEASIBLE PAYMENT IN FULL OF THE OBLIGATIONS.

 

    	15

     

    

 

13.         Notices.
Any notice, report or other communication given hereunder shall be delivered in writing, electronically, via facsimile or addressed
to the address for each such party set forth in the Credit Agreement, or to such other address as any party shall have provided
to the other parties in writing. All notices required or permitted to be given hereunder shall be in writing and shall be deemed
given if such notice is mailed by first class mail, postage prepaid, hand delivered, sent by overnight courier service guaranteeing
next day delivery or sent by electronic mail or by telecopy (facsimile) in legible form to the address of such party as provided
above. The Collateral Administrator agrees to accept and act upon instructions or directions pursuant to this Agreement sent by
unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, provided that any person providing such
instructions or directions shall provide to the Collateral Administrator an incumbency certificate listing such designated persons,
which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If
the Borrower or the Collateral Manager elects to give the Collateral Administrator e-mail or facsimile instructions (or instructions
by a similar electronic method), the Collateral Administrator’s understanding of such instructions shall be deemed controlling.
The Collateral Administrator shall not be liable for any losses, costs or expenses arising directly or indirectly from the Collateral
Administrator’s reasonable, good faith reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction, unless such subsequent written instruction expressly revokes
such prior instruction and the Collateral Administrator had not yet commenced compliance with such prior instruction. Each of the
Borrower and the Collateral Manager agrees to assume all risks arising out of their respective use of such electronic methods to
submit instructions and directions to the Collateral Administrator, including without limitation the risk of the Collateral Administrator
acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

14.         Successors
and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of each of the Collateral
Manager, the Borrower and the Collateral Administrator; provided, however, that the Collateral Administrator may
not assign its rights and obligations hereunder without the prior written consent of the Collateral Manager, the Administrative
Agent and the Borrower, except that the Collateral Administrator may delegate to, employ as agent, or otherwise cause any duty
or obligation hereunder to be performed by, any direct or indirect wholly owned subsidiary of the Collateral Administrator or its
successors without the prior written consent of the Collateral Manager, the Administrative Agent or the Borrower (provided
that in such event the Collateral Administrator shall remain responsible for the performance of its duties as the Collateral Administrator
hereunder). Notwithstanding the foregoing, the Collateral Administrator consents to the pledge of its rights under this Agreement
by the Borrower to the Collateral Agent, as provided in the granting language set forth in Section 7.01 of the Credit Agreement.
The parties hereto, and their successors and assigns intend that the Administrative Agent shall be a third party beneficiary of
this Agreement.

 

15.         Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile or other
electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

    	16

     

    

 

16.         Severability.
Any provision of this Agreement or any other Facility Document 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 or affecting the validity or enforceability of such provision in any other jurisdiction.

 

17.         Conflict
with the Credit Agreement. If this Agreement shall require that any action be taken with respect to any matter and the Credit
Agreement shall require that a different action be taken with respect to such matter, and such actions shall be mutually exclusive,
or if this Agreement should otherwise conflict with the Credit Agreement, the Collateral Administrator shall notify the Collateral
Manager and act in accordance with the Collateral Manager’s instructions.

 

18.         Subordination.
The Collateral Administrator agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be
subordinated to the extent set forth in the Credit Agreement (as if it were a party to the Credit Agreement, in the case of any
successor Collateral Administrator that is not also serving as Collateral Agent under the Credit Agreement).

 

19.         Survival.
Notwithstanding anything herein to the contrary, Section 4 and all indemnifications set forth or provided for in this Agreement
shall survive the termination of this Agreement.

 

20.         No
Petition in Bankruptcy. The Collateral Administrator agrees not to file or join in the filing of an involuntary petition in
bankruptcy against the Borrower for the nonpayment of the Collateral Administrator’s fees or other amounts payable by the
Borrower under this Agreement until the payment in full of all Obligations issued under the Credit Agreement and the expiration
of a period equal to one year and one day or, if longer, the applicable preference period under the Bankruptcy Code plus ten (10)
days following said payment. The provisions of this Section 20 shall survive termination of this Agreement.

 

21.         Limited
Recourse Against Borrower. Notwithstanding any other provision of this Agreement, each of the parties hereto hereby agrees
that any obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower, payable solely from
the Collateral in accordance with Article IX of the Credit Agreement, and following realization of the Collateral, all obligations
of the Borrower under this Agreement and any claims of a party hereto shall be extinguished and shall not thereafter revive. No
recourse shall be had against any officer, director, employee, manager or member of the Borrower or its successors and assigns
for the payment of any amounts payable under this Agreement. The provisions of this Section 21 shall survive the termination
of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	17

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Collateral Administration Agreement to be executed and delivered as of the day first above
written.

 

	 	OXFORD SQUARE FUNDING 2018, LLC,
	 	as Borrower
	 	 	   
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	OXFORD SQUARE Capital corp., as Collateral Manager
	 	 	     
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Collateral Administration
Agreement]

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Collateral Administration
Agreement]

 

     

     

    

 

 

	Acknowledged and agreed to by:	 
	 	 
	CITIBANK, N.A., as Administrative Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Collateral Administration
Agreement]Exhibit
4.1

 

WARRANT
AGREEMENT

 

between

 

THUNDER
BRIDGE ACQUISITION, LTD.

 

and

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of June 18, 2018, is by and between Thunder Bridge Acquisition,
Ltd., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS,
on June 18, 2018, the Company entered into that certain Amended and Restated Private Placement Warrants Purchase Agreement with
Thunder Bridge Acquisition LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which
the Sponsor agreed to purchase an aggregate of 8,150,000 warrants (or up to 8,487,500 warrants if the Over-allotment Option (as
defined below) in connection with the Company’s Offering (as defined below) is exercised in full) simultaneously with the
closing of the Offering (and the closing of the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit
B hereto (the “Sponsor Private Placement Warrants”) at a purchase price of $1.00 per Private Placement
Warrant; and

 

WHEREAS,
on June 18, 2018, the Company entered into that certain Amended and Restated Private Placement Warrants Purchase Agreement with
Cantor Fitzgerald & Co. (“Cantor”), pursuant to which Cantor agreed to purchase an aggregate of
350,000 warrants in connection with the Company’s Offering (as defined below) simultaneously with the closing of the Offering
bearing the legend set forth in Exhibit B hereto (the “Representative Warrants” and collectively with
the Sponsor Private Placement Warrants, the “Private Placement Warrants”) at a purchase price of $1.00
per Representative Warrant; and

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s executive officers and directors may loan
to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional
1,500,000 warrants at a price of $1.00 per warrant (the “Working Capital Warrants”); and

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s
equity securities (the “Units”), each such unit comprised of one Class A ordinary share, par value $0.0001
per share (“Ordinary Shares”), of the Company and one warrant (the “Public Warrants”)
and, in connection therewith, has determined to issue and deliver up to 25,875,000 Public Warrants (including up to 3,375,000
Public Warrants subject to the Over-allotment Option) to public investors in the Offering). Each Warrant entitles the holder thereof
to purchase one Ordinary Share for $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS,
the Company has entered into that certain Contingent Forward Purchase Contract, dated as of April 19, 2018, with Monroe Capital
LLC (“Monroe”), pursuant to which Monroe has agreed to purchase 5,000,000 Units, each such Unit comprised
of one Ordinary Share and one warrant (the “Forward Purchase Warrants” and together with the Private
Placement Warrants, the Working Capital Warrants and the Public Warrants, the “Warrants”), such purchase
to occur simultaneously with the Company’s initial Business Combination (as defined below). Each Forward Purchase Warrant
entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) registration statements
on Form S-1, File Nos. 333-224581 and 333-225711 (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 Ordinary Shares included in the Units;
and

  

    1

     

    

 

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; and

 

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

  

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement.

 

2.
Warrants.

 

2.1 Form of
Warrant. Each Warrant shall be issued in registered form only.

 

2.2 Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to
this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3 Registration.

 

2.3.1 Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants 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.

 

Physical
certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, 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.

 

2.3.2 Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

  

    2

     

    

 

2.4 Detachability
of Warrants. The Ordinary Shares 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
Cantor, as representative of the several underwriters, but in no event shall the Ordinary Shares 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.

 

2.5 Private
Placement Warrants, Working Capital Warrants and Forward Purchase Warrants. The Private Placement Warrants, the Working Capital
Warrants and the Forward Purchase Warrants shall be identical to the Public Warrants, except that so long as they are held by
the Sponsor, Cantor, Monroe or any of their Permitted Transferees (as defined below), as applicable, the Private Placement Warrants,
the Working Capital Warrants and the Forward Purchase 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), (iii) in the case of Cantor, for as
long as the Private Placement Warrants are held by Cantor or its designees or affiliates, they may not be exercised after five
years from the effective date of the Registration Statement and (iv) shall not be redeemable by the Company; provided, however,
that in the case of (ii), the Private Placement Warrants, the Working Capital Warrants, the Forward Purchase Warrants and any
Ordinary Shares held by the Sponsor, Cantor, Monroe or any of their Permitted Transferees, as applicable, and issued upon exercise
of the Private Placement Warrants, the Working Capital Warrants and the Forward Purchase Warrants may be transferred by the holders
thereof:

 

(a)
to the Company’s, Cantor’s or Monroe’s officers or directors, any affiliates or family members of any of Cantor,
Monroe or the Company’s officers or directors, any members of Cantor, Monroe or the Sponsor, or any affiliates of Cantor,
Monroe or 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 transfers made with any forward purchase agreement or similar arrangement or in connection with the consummation
of the Company’s Business Combination at prices no greater than the price at which the Warrants were originally purchased;

 

(f)
in the event of the Company’s, Monroe’s or Cantor’s liquidation prior to consummation of the Company’s
initial Business Combination;

 

(g)
in the event that, subsequent to the consummation of the Company’s initial Business Combination, the Company consummates
a merger, share exchange, reorganization or other similar transaction that results in all of the holders of the Company’s
equity securities issued in the Offering having the right to exchange their Ordinary Shares for cash, securities or other property;
or

 

(h)
by virtue of the laws of the Cayman Islands or the Sponsor’s operating agreement upon dissolution of the Sponsor
or Cantor’s organizational documents upon dissolution of Cantor;

   

    3

     

    

 

provided, however,
that, in the case of clauses (a) through (e) or (h), these 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 Ordinary Shares 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 Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower
the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered
Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

 

3.2 Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the later of the date that is: (i) thirty (30) days after the first date on which the Company completes a merger,
share exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one
or more businesses (a “Business Combination”), or (ii)  twelve (12) months from the date
of the closing of the Offering, and 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 memorandum and articles of association,
as amended from time to time, if the Company fails to complete a Business Combination, or (z) other than with respect to
the Private Placement Warrants, the Working Capital Warrants and the Forward Purchase Warrants then held by the Sponsor, Cantor,
Monroe or their Permitted Transferees, as applicable, 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, a Working Capital Warrant or a Forward Purchase Warrant then held by
the Sponsor, Cantor, Monroe or their Permitted Transferees, as applicable) in the event of a redemption (as set forth in Section 6 hereof),
each outstanding Warrant (other than a Private Placement Warrant, Working Capital Warrant or Forward Purchase Warrant held by
the Sponsor, Cantor, Monroe or their Permitted Transferees, as applicable, 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.

 

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, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full Ordinary Share 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 Ordinary Shares
and the issuance of such Ordinary Shares, 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;

 

    4

     

    

 

(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 Ordinary Shares equal to the quotient obtained by dividing (x) the
product of the number of Ordinary Shares 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 reported sale price of the Ordinary Shares 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, the Working Capital Warrants and the Forward Purchase Warrants, so long as such
Private Placement Warrant, Working Capital Warrant or Forward Purchase Warrant is held by the Sponsor, Cantor, Monroe or a Permitted
Transferee, as applicable, by surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing
(x) the product of the number of Ordinary Shares 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
reported last sale price of the Ordinary Shares 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.

 

3.3.2 Issuance
of Ordinary Shares 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 Ordinary Shares 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 Ordinary Shares as
to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver
any Ordinary Shares 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 Ordinary Shares 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 Ordinary Shares upon exercise of a Warrant unless
the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration
or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant
shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser
of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the Ordinary Shares
underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If,
by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole
number, the number of Ordinary Shares to be issued to such holder.

 

3.3.3 Valid
Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and non-assessable.

 

3.3.4 Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued
shall for all purposes be deemed to have become the holder of record of such Ordinary Shares 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 Ordinary Shares at the close of business on the next succeeding date on which the
share transfer books or book-entry system are open.

  

    5

     

    

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 9.8% (as specified by the holder) (the “Maximum Percentage”) of the Ordinary
Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number
of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon
exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares
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 shares 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 issued and outstanding Ordinary Shares, the holder may rely on the number
of issued and outstanding Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly
report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the
case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the transfer
agent of the Company setting forth the number of Ordinary Shares 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 Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares 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 issued and outstanding Ordinary Shares was reported. By written notice to the Company, the holder
of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage
specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first
(61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Share
Capitalizations.

 

4.1.1 Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding
Ordinary Shares is increased by a capitalization of Ordinary Shares, or by a split of Ordinary Shares or other similar
event, then, on the effective date of such share capitalization, split or similar event, the number of Ordinary Shares
issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary
Shares. A rights offering to holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than
the “Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to
the product of (i) the number of Ordinary Shares 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 Ordinary Shares) and (ii) one (1) minus
the quotient of (x) the price per Ordinary Shares 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 Ordinary Shares, in determining the price payable for Ordinary Shares, 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 Ordinary Shares as reported during the ten (10) trading day period
ending on the trading day prior to the first date on which the Ordinary Shares 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 Ordinary Shares on account of such Ordinary Shares (or other shares of the
Company 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 Ordinary
Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of
the Ordinary Shares in connection with a vote to amend the Company’s amended and restated memorandum and articles of association
as provided therein, (e) as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination
is presented to the shareholders 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
Ordinary Share 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 Ordinary Shares 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 Ordinary Shares issuable on exercise of each Warrant) does not exceed
$0.50 (being 5% of the offering price of the Units in the Offering).

  

    6

     

    

 

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

 

4.3 Adjustments
in Exercise Price. Whenever the number of Ordinary Shares 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 Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter.

 

4.4 Replacement
of Securities upon Reorganization, etc. In case of any redesignation or reorganization of the issued and outstanding
Ordinary Shares (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof
or that solely affects the par value of such Ordinary Shares), 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 redesignation or reorganization of the issued and outstanding Ordinary Shares), 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 liquidated and 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 Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such redesignation, 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” ) and the Company shall not enter into any such consolidation, merger, sale or conveyance unless the successor
or purchasing entity, as the case may be, shall execute an amendment hereto with the Warrant Agent providing for delivery of such
Alternative Issuance; provided, however, that (i) if the holders of the Ordinary Shares 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 Ordinary Shares 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 Ordinary Shares (other than a tender, exchange
or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for
in the Company’s amended and restated memorandum and articles of association or as a result of the repurchase of Ordinary
Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval)
under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any
group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such
maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under
the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part,
own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50%
of the outstanding shares of Ordinary Shares, 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 shareholder
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 Ordinary Shares 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 Ordinary Shares in the applicable event is payable in the form of capital stock or shares 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 (but in no event less than zero) (i) the Warrant Price in effect prior to such reduction
minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined
below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation
of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).
For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the
price of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares 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 Ordinary Shares consists exclusively of cash, the amount of such cash per
Ordinary Share, and (ii) in all other cases, the amount of cash per Ordinary Share, if any, plus the volume weighted average
price of the Ordinary Shares 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 Ordinary Shares
covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3and
this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
redesignations, 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.

  

    7

     

    

 

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

  

    8

     

    

 

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; provided, however, that under no circumstances shall the Warrants
be adjusted pursuant to this Section 4.8 as a result of any issuance of securities in connection with a Business Combination.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5. Transfer
and Exchange of Warrants.

 

5.1 Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, in the case of certificated warrants, properly endorsed with signatures
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing
an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case
of certificated warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request.

 

5.2 Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that 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.

 

    9

     

    

 

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 Ordinary Shares
reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third 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 Ordinary Shares 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.

  

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 (the “30-day 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 Ordinary Shares 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 Working Capital Warrants and the Forward Purchase Warrants. The Company agrees that the
redemption rights provided in this Section 6 shall not apply to the Private Placement Warrants, the Working
Capital Warrants and the Forward Purchase Warrants if at the time of the redemption such Private Placement Warrants, Working Capital
Warrants or Forward Purchase Warrants continue to be held by the Sponsor, Cantor, Monroe or their Permitted Transferees, as applicable. However,
once such Private Placement Warrants, Working Capital Warrants or Forward Purchase Warrants are transferred (other than to Permitted
Transferees under Section 2.5), the Company may redeem the Private Placement Warrants, the Working Capital Warrants
and the Forward Purchase Warrants, provided that the criteria for redemption are met, including the opportunity of the holder
of such Private Placement Warrants, Working Capital Warrants or Forward Purchase Warrants to exercise the Private Placement Warrants,
the Working Capital Warrants and the Forward Purchase Warrants prior to redemption pursuant to Section 6.3.
Private Placement Warrants, Working Capital Warrants and Forward Purchase Warrants that are transferred to persons other than
Permitted Transferees shall upon such transfer be subject to redemption as provided for in this Section 6.

 

7. Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1 No
Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder 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 shareholder in respect of the meetings of shareholder or the election of directors
of the Company or any other matter.

 

7.2 Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or
not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3 Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary
Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

  

    10

     

    

 

7.4 Registration
of Ordinary Shares; Cashless Exercise at Company’s Option.

 

7.4.1 Registration
of the Ordinary Shares. 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 Ordinary Shares 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 Ordinary Shares
issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants
(in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number
of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares 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 Ordinary Shares 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 Ordinary Shares issued upon such exercise shall be freely
tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144
under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive
legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants
have been exercised, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this subsection 7.4.1.

 

7.4.2 Cashless
Exercise at Company’s Option. If the Ordinary Shares is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of
the Securities Act (or any successor rule), the Company may, at its option, (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 (or any successor rule) 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 Ordinary Shares 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 Ordinary Shares issuable upon exercise
of the Public Warrant under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent
an exemption is not available.

 

8. Concerning
the Warrant Agent and Other Matters.

 

8.1 Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Ordinary Shares 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 Ordinary 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.

 

    11

     

    

 

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 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 Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of
the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct or bad faith.

  

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

 

    12

     

    

 

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 Ordinary Shares
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:

 

Thunder
Bridge Acquisition, Ltd.

9912
Georgetown Pike

Suite
D203

Great
Falls, Virginia 22066

Attention:
Gary A. Simanson

 

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

  

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attention:
Compliance Department

 

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.

  

    13

     

    

 

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 and, for purposes of Sections 7.4, 9.4 and
9.8, Cantor, 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, for purposes of Sections 7.4, 9.4 and 9.8, Cantor, 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.

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing
any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii) to provide for the delivery
of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any amendment to increase
the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants, the Working
Capital Warrants and the Forward Purchase 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 – Private Placement Warrants

 

[Signature
Page Follows]

  

    14

     

    

  

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

  

	 	THUNDER BRIDGE ACQUISITION, LTD.
	 	 	 
	 	By:	 /s/
    Gary A. Simanson
	 	Name: 	Gary A. Simanson
	 	Title:	Chief Executive
    Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 /s/
    Kevin Jennings
	 	Name:	Kevin Jennings
	 	Title:	Vice President

 

[Signature
Page to Warrant Agreement]

   

    15

     

    

  

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

THUNDER
BRIDGE ACQUISITION, LTD.

Incorporated
Under the Laws of the Cayman Islands

 

CUSIP
G8857R 126

 

Warrant
Certificate

 

This
Warrant Certificate certifies that                     ,
or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase Class A Ordinary Shares, $0.0001 par value (“Ordinary
Shares”), of Thunder Bridge Acquisition, Ltd., a Cayman Islands exempted company (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 non-assessable Ordinary Shares 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
Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. No fractional shares will be
issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest
in an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number. The number of Ordinary Shares issuable
upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

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

  

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

 

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.

    

	 	THUNDER BRIDGE ACQUISITION, LTD.
	 	 
	 	By:	 
	 	Name: 	Gary A. Simanson
	 	Title:	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST CO.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

    16

     

    

  

[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 Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of                 ,
2018 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder)
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 Ordinary Shares to be issued upon exercise is effective under the Securities Act
and (ii) a prospectus thereunder relating to the Ordinary Shares 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 Ordinary Shares 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 an Ordinary Share, the Company shall, upon exercise,
round down to the nearest whole number of Ordinary Shares 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 shareholder of the Company.

  

    17

     

    

  

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             
Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Thunder Bridge Acquisition, Ltd. (the “Company”)
in the amount of $             in accordance with the terms hereof. The
undersigned requests that a certificate for such Ordinary Shares be registered in the name of                     ,
whose address is                     
and that such Ordinary Shares be delivered to                     
whose address is                     . If
said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such Ordinary 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 Ordinary 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, Working Capital Warrant or Forward Purchase Warrant that is to be exercised
on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of
Ordinary 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 Ordinary 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 Ordinary 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 Ordinary Shares. If said number of shares is less than all of the Ordinary
Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate
representing the remaining balance of such Ordinary Shares be registered in the name of                     ,
whose address is                     
and that such Warrant Certificate be delivered to                     ,
whose address is                     .

 

[Signature
Page Follows]

 

	Date:                     
    , 20    	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax
    Identification Number)
	 	 	 
	Signature
    Guaranteed:	 	 
	 	 	 
	 	 	 

 

    18

     

    

 

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

 

EXHIBIT B

 

LEGEND

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION,
SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG THUNDER BRIDGE ACQUISITION, LTD.
(THE “COMPANY”), THUNDER BRIDGE ACQUISITION LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE
COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN)
EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY
TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES
EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A ORDINARY SHARES 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.”

 

 

19

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