Exhibit 10.2


 


EXECUTION
VERSION


 


AMENDMENT
NO. 2

TO LOAN DOCUMENTS


 


THIS
AMENDMENT NO. 2 TO LOAN DOCUMENTS (this “Amendment”), dated as of June 28, 2021 is entered into by and among BENEFICIENT
CAPITAL COMPANY II, L.L.C. (f/k/a Beneficient Capital Company, L.L.C.) (the “Original Borrower”), BENEFICIENT COMPANY
HOLDINGS, L.P. (the “New Borrower”), THE BENEFICIENT COMPANY GROUP, L.P. (“Parent”), GWG HOLDINGS,
INC. (“GWG”), GWG LIFE, LLC (“GWG Life”), GWG DLP FUNDING V HOLDINGS, LLC (the “Equity
Owner”) and HCLP NOMINEES, L.L.C. (“HCLP”), as Lender under the Credit Agreement (as defined below) (in
such capacity, the “Lender”).


 


W
I T N E S S E T H


 


WHEREAS,
the Original Borrower, the Lender, Parent, GWG, GWG Life and the Equity Owner entered into that certain Second Amended and Restated Credit
Agreement, dated as of August 13, 2020 (as modified by that certain Consent No. 1 to Second Amended and Restated Credit Agreement, dated
as of January 20, 2021 and effective as of September 30, 2020 (the “Consent”), pursuant to which, among other things,
the Original Borrower transferred its rights and obligations under the Credit Agreement to the New Borrower, and the New Borrower accepted
such transfer and agreed to be bound by the Existing Credit Agreement, as amended by that certain Amendment No. 1 to Second Amended and
Restated Credit Agreement, dated as of March 10, 2021 (“Existing Amendment No. 1”, and as modified by this Amendment,
“Amendment No. 1”), and as otherwise amended, restated, supplemented or otherwise modified prior to the date hereof,
the “Existing Credit Agreement”, and the Existing Credit Agreement as amended by this Amendment, the “Credit
Agreement”);


 


WHEREAS,
the Original Borrower and the New Borrower have requested that the Lender (and such other Persons as may be required) make certain amendments
to (a) the Existing Credit Agreement, which amendments shall consist of the “Contemplated Amendments” referred to in the
Consent and certain other amendments and (b) certain other Loan Documents;


 


WHEREAS,
upon the terms and conditions set forth herein, the Lender (and each other Person whose consent is required with respect thereto) has
agreed to make certain amendments to the Existing Credit Agreement and such other Loan Documents.


 


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


 


1. Defined
Terms. All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the
meanings ascribed thereto in the Credit Agreement.


 


2. Amendments
to Existing Credit Agreement. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent set forth
in Section 7 hereof, the Existing Credit Agreement (including Appendix 1, Schedule 1.01A, Exhibit B-1, Exhibit B-2, Exhibit B-3,
Exhibit B-4 and Exhibit C thereto) shall be amended to reflect the changes which are attached as Annex B hereto, such that on
the Amendment Effective Date (as defined below) the terms set forth in Annex B hereto which appear in bold and double underlined
text (inserted text) shall be added to the Existing
Credit Agreement (including Appendix 1, Schedule 1.01A, Exhibit B-1, Exhibit B-2, Exhibit B-3, Exhibit B-4 and Exhibit C thereto) and
the terms appearing as text which is stricken (deleted text) shall be deleted from the
Existing Credit Agreement (including Appendix 1, Schedule 1.01A, Exhibit B-1, Exhibit B-2, Exhibit B-3, Exhibit B-4 and Exhibit C thereto).
Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent set forth in Section 7 hereof, Exhibits
D-1 through D-9, Exhibit E, Exhibit F, Exhibit G and Exhibit H of the Existing Credit Agreement are hereby deleted in their entirety.
Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent set forth in Section 7 hereof, GWG,
GWG Life and the Equity Owner shall hereinafter be released as, and cease to constitute, parties to the Credit Agreement.


 






    


     


    

 


3. Amendments
to Existing New Borrower Security Agreement. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent
set forth in Section 7 hereof, that certain Security and Pledge Agreement, dated as of September 1, 2017 (as amended, restated,
supplemented or otherwise modified prior to the date hereof, the “Existing New Borrower Security Agreement”, and the
Existing New Borrower Security Agreement as amended by this Amendment, the “New Borrower Security Agreement”), by
the New Borrower in favor of the Lender, shall be amended to reflect the changes which are attached as Annex C hereto, such that
on the Amendment Effective Date the terms set forth in Annex C hereto which appear in bold and double underlined text (inserted
text) shall be added to the Existing New Borrower Security Agreement and the terms appearing as text which is stricken
(deleted text) shall be deleted from the Existing New Borrower Security Agreement.


 


4. Amendments
to Existing Amendment No. 1. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent set forth
in Section 7 hereof, effective as of June 14, 2021, Existing Amendment No. 1 shall be amended to reflect the following modification:


 


 (a) Section 3 of Existing Amendment No. 1 shall be deleted in its entirety.




 


For
avoidance of doubt, the foregoing modification to Existing Amendment No. 1 shall be given retroactive effect as of June 14, 2021 such
that (i) the modifications to the definition of “Accrued Interest” contemplated thereby shall be deemed to have never become
effective and (ii) the fees contemplated by clauses (b), (c) and (d) of Section 3 of Existing Amendment No. 1 shall be deemed to have
never accrued.


 


5. Termination
of Certain Loan Documents. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions set forth in Section
7 below, (a) the Holdings Guaranty (as defined in the Existing Credit Agreement) and (b) that certain Pledge and Security Agreement,
dated as of September 1, 2017 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Original
Borrower Security Agreement”), by the Original Borrower in favor of the Lender, in each case, are hereby irrevocably terminated
and shall be of no further force and effect. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions precedent
set forth in Section 7 hereof, the Lender agrees to promptly execute and deliver, at the New Borrower’s expense, such other
instruments, documents, and agreements (in recordable form, if applicable) as may be reasonably requested by the New Borrower from time
to time to effect or evidence the foregoing terminations described in this Section 5, and authorizes the New Borrower (or its designee)
to file and/or deliver such instruments, documents and agreements, to the extent applicable.


 


6. Change
of Borrower. Subject to the satisfaction (or waiver in writing by the Lender) of the conditions set forth in Section 7 below,
and in furtherance of Section 1.5 of the Consent and any applicable documentation related to the BCH Distribution (as applicable), (a)
the Original Borrower hereby irrevocably assigns, transfers and conveys (to the extent it has not already done so) all of its rights,
duties, indebtedness, liabilities and obligations under the Credit Agreement and the other Loan Documents to the New Borrower, (b) the
New Borrower hereby irrevocably accepts (to the extent it has not already done so) such assignment, transfer and conveyance from the
Original Borrower under the Credit Agreement and the other Loan Documents and agrees to be the “Borrower” thereunder, (c)
the Original Borrower hereby irrevocably resigns as the “Borrower” and as a party to the Credit Agreement and the other Loan
Documents and (d) the New Borrower hereby (i) agrees to be bound by all of the terms, conditions and provisions of, (ii) assumes
all of the rights, duties, liabilities and obligations of Original Borrower under, and (iii) agrees that it will perform and discharge
all covenants, terms, provisions and agreements of Original Borrower under, the Credit Agreement and the other Loan Documents. Each of
the parties hereto (including, for avoidance of doubt, the Lender), subject to the satisfaction (or waiver in writing by the Lender)
of the conditions set forth in Section 7 below, from and after the Amendment Effective Date (or, to the extent that any of the
foregoing has already been implemented pursuant to the Consent, such earlier effective date set forth therein), consents to the foregoing
and agrees that (a) the New Borrower shall be the “Borrower” under the Credit Agreement and the other Loan Documents and
(b) the Original Borrower shall (i) cease to be a “Borrower” under the Credit Agreement and the other Loan Documents, (ii)
cease to be a party to the Credit Agreement and the other Loan Documents and (iii) have no further obligations under the Credit Agreement
the other Loan Documents.


 






    2


     


    

 


7. Conditions
Precedent to Amendment. The satisfaction (or waiver in writing by the Lender) of each of the following shall constitute conditions
precedent to the effectiveness of this Amendment (such date being the “Amendment Effective Date”):


 


(a) the
Lender shall have received this Amendment, duly executed by the parties hereto, and the same shall be in full force and effect;


 


(b) the
Lender shall have received all documents and instruments that Lender has then reasonably requested, in addition to those described in
this Section 7. All such additional documents and instruments shall be reasonably satisfactory to Lender in form, substance and date;


 


(c) no
event shall have occurred and be continuing that would constitute an Event of Default or a Default;


 


(d) all
representations and warranties made by Borrower or any of its Affiliates in any Loan Document shall be true and correct in all material
respects (without duplication of any materiality qualifier contained therein) on and as of time of the effectiveness hereof as if such
representations and warranties had been made as of the time of the effectiveness hereof (except to the extent that any such representation
or warranty was made as of a specific date, in which case such representation or warranty shall be true and correct in all material respects
(without duplication of any materiality qualifier contained therein) as of such specific date); and


 


(e) the
Lender shall have received a copy of an amendment to the Second Lien Credit Agreement on substantially similar terms to this Amendment
in a form acceptable to the lender (the “Second Lien Amendment No. 2”).


 


 8. Representations and Warranties. The New Borrower represents and warrants to the Lender that:




 


(a) the
representations and warranties of the New Borrower set forth in the Loan Documents (as modified by this Amendment) are true and correct
in all material respects (or in all respects if the applicable representation and warranty is qualified by Material Adverse Effect or
any other materiality qualifier) on and as of the date hereof (after giving effect to this Amendment), except to the extent that such
representations and warranties are by their terms made as of a specified date, in which case they are true and correct in all material
respects (or in all respects if the applicable representation and warranty is qualified by Material Adverse Effect or any other materiality
qualifier) as of such specified date;


 


(b) at
the time of and immediately after giving effect to this Amendment, no Default has occurred and is continuing;


 






    3


     


    

 


(c) this
Amendment has been duly executed and delivered by the New Borrower;


 


(d) this
Amendment (with respect to the New Borrower) and the Credit Agreement (as modified by this Amendment) (with respect to the New Borrower)
constitute legal, valid and binding obligations of such Person, enforceable against such Person in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject
to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and


 


(e) the
execution and delivery by the New Borrower of this Amendment and the performance by the New Borrower of this Amendment and the Credit
Agreement (as modified by this Amendment), have been duly authorized by all necessary corporate or other organizational action, and (i)
do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such
as have been obtained or made and are in full force and effect, (ii) will not violate any material Requirement of Law applicable to the
New Borrower, (iii) will not violate or result in a default under any material indenture, agreement or other instrument binding upon
the New Borrower or the assets of the New Borrower, or give rise to a right thereunder to require any payment to be made by the New Borrower,
and (iv) will not result in the creation or imposition of any Lien on any asset of the New Borrower or any Subsidiary, except Liens created
pursuant to the Loan Documents and the Second Lien Loan Documents.


 


9. GOVERNING
LAW; JURISDICTION; WAIVER OF JURY TRIAL. THIS AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING GOVERNING LAW; JURISDICTION;
AND WAIVER OF JURY TRIAL SET FORTH IN SECTIONS 9.14 AND 9.15 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED
HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.


 


10. Amendments.
This Amendment cannot be altered, amended, changed or modified in any respect except in accordance with Section 9.01 of the Credit
Agreement.


 


11. Counterpart
Execution. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Amendment by facsimile transmission or other electronic transmission (i.e., a “pdf”) shall be
effective as delivery of a manually executed counterpart hereof.


 


12. Continuing
Effectiveness; Etc.


 


(a) Upon
the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein,” “hereby” or words of like import shall mean and be a reference to the Existing
Credit Agreement as modified hereby and each reference to the Credit Agreement in any other document, instrument or agreement executed
and/or delivered in connection the Senior Credit Agreement shall mean and be a reference to the Existing Credit Agreement as modified
hereby.


 


(b) Except
as specifically amended hereby, the Existing Credit Agreement and all other documents, instruments and agreements executed and/or delivered
in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. The New Borrower (i) agrees that,
except as specifically provided herein, this Waiver and the transactions contemplated hereby shall not limit or diminish the obligations
of the New Borrower arising under or pursuant to the Credit Agreement or the other Loan Documents to which it is a party, (ii) reaffirms
its obligations under the Credit Agreement and each and every other Loan Document to which it is a party and (iii) reaffirms (x) all
Liens on the Collateral which have been granted by it in favor of the Lender pursuant to any of the Loan Documents (other than the Original
Borrower Security Agreement) and (y) all filings made with any Governmental Authority in connection with such Liens, as applicable.


 






    4


     


    

 


(c) Except
with respect to the subject matter hereof, including the amendments specifically set forth herein, the execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of the Lender nor constitute a waiver of any provision
of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.


 


(d) This
Amendment shall constitute a Loan Document under the Credit Agreement.


 


13. Integration.
This Amendment, together with the other Loan Documents and the other documents contemplated hereby, contains the final and complete integration
of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among
the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.


 


14. Severability.
In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder
of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.


 


15. Headings.
Section headings in this Amendment are included herein for convenience or reference only and shall not constitute a part of this Amendment
for any other purpose.


 


16. Lender
Consent. Reference is made to the Subordination Agreement. The Lender hereby consents to the modifications to the Second Lien Credit
Agreement and Second Lien Loan Documents (as applicable) contemplated by the Second Lien Amendment No. 2. With retroactive effect as
of the effective dates thereof, the Lender hereby consents to the modifications to the Second Lien Credit Agreement and Second Lien Loan
Documents (as applicable) contemplated by (a) that certain Consent No. 1 to Second Amended and Restated Second Lien Credit Agreement,
dated as of January 20, 2021 and effective as of September 30, 2020, by and among the Original Borrower, the New Borrower and the Second
Lien Lender and (b) that certain Amendment No. 1 to Second Amended and Restated Second Lien Credit Agreement, dated and effective as
of March 10, 2021, by and among the Original Borrower, the New Borrower and the Second Lien Lender.


 


[Signature
pages follow]


 




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IN
WITNESS WHEREOF, the parties have entered into this Amendment No. 2 to Loan Documents as of the date first above written.


 


	 	BENEFICIENT COMPANY HOLDINGS, L.P.,
	 	as New Borrower
	 	 	 
	 	By:	/s/ Greg Ezell
	 	Name:	Greg Ezell
	 	Title:	Chief Financial Officer
	 	 	 
	 	BENEFICIENT CAPITAL COMPANY II, L.L.C.,
	 	as Original Borrower
	 	 	 
	 	By:	/s/ Arthur C. Damoulakis
	 	Name: 	Arthur C. Damoulakis
	 	Title:	General Counsel
	 	 	 
	 	THE BENEFICIENT COMPANY GROUP, L.P.
	 	 	 
	 	By:	/s/ Greg Ezell
	 	Name:	Greg Ezell
	 	Title:	Chief Financial Officer


 


[Signature
Page to Amendment No. 2 to Loan Documents (First Lien)]


 




    


     


    

 


	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Tim Evans
	 	Name:	Tim Evans
	 	Title:	Chief Financial Officer
	 	 	 
	 	GWG LIFE, LLC
	 	 	 
	 	By:	/s/ Tim Evans
	 	Name:	Tim Evans
	 	Title:	Chief Financial Officer
	 	 	 
	 	GWG DLP FUNDING V HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Tim Evans
	 	Name:	Tim Evans
	 	Title:	Chief Financial Officer


 


[Signature
Page to Amendment No. 2 to Loan Documents (First Lien)]


 




    


     


    

  


	 	HCLP NOMINEES, L.L.C.,
	 	as the Lender
	 	 	 
	 	By: CROSSMARK MASTER HOLDINGS, LLC, its
    Manager
	 	 	 
	 	By:	/s/ David L. Wickline
	 	Name:	David L. Wickline
	 	Title:	Manager



  


[Signature
Page to Amendment No. 2 to Loan Documents (First Lien)]


 




    


     


    

 


Annex
A


 


 [Reserved]




 




    


     


    

 


Annex
B


 


Amendments
to Existing Credit Agreement


 


FINAL


 


Conformed through Amendment No.
1 to Second Amended and Restated Credit Agreement, dated as of March 10, 2021 (without giving effect to the modifications contemplated
in Section 3 thereof), and

Amendment No. 2 to Loan Documents, dated as of June 28, 2021


 


SECOND AMENDED AND RESTATED
CREDIT AGREEMENT


 


Dated as of August 13,
2020,


 


As
amended as of March 10, 2021 and as amended as of June 28, 2021


 


betweenamong


 


BENEFICIENT CAPITAL
COMPANY HOLDINGS, L.L.CP.


 


as the Borrower,


 


HCLP NOMINEES, L.L.C.,


 


as the Lender,


 


and


 


GWG HOLDINGS,
INC. and GWG LIFE, LLC


 


solely with
respect to Sections 6.12, 7.02, 7.11, 7.12 and 9.04,


 


THE BENEFICIENT COMPANY
GROUP, L.P.


 


solely with respect to
Sections 6.12(i), 6.12(j), 6.12(k), 7.02 and 7.10,


 


and


 


GWG DLP FUNDING
V HOLDINGS, LLC


 


solely
with respect to Sections 6.12(b), 6.12(f) and 6.12(g)



 










     


     


    


FINAL


 


TABLE OF CONTENTS




 


	Article I DEFINITIONS AND ACCOUNTING TERMS	1
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	22
	1.03	Accounting Terms	22
	1.04	Rounding	22
	1.05	Times of Day	22
	1.06	Divisions	23
	1.08	Amendment and Restatement of the Existing Credit Agreement	23
	 	 	 
	Article II THE LOAN	24
	2.01	Advances	24
	2.02	Borrowing of the Advances	24
	2.03	Prepayments; Cash Distributions	24
	2.04	Release of Proceeds of Funding Trust Loans	25
	2.05	Repayment of the Loan	26
	2.06	Interest	27
	2.07	Upfront Fee	27
	2.08	Computation of Interest and Fees	27
	2.09	Evidence of Debt	27
	2.10	Payments Generally	28
	 	 	 
	Article III TAXES, YIELD PROTECTION AND ILLEGALITY	28
	3.01	Taxes	28
	3.02	Illegality	31
	3.03	Market Disruption and Alternate Rate of Interest	31
	3.04	Increased Costs	31
	3.05	Mitigation of Obligations	32
	3.06	Survival	32



 






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	Article IV CONDITIONS PRECEDENT TO BORROWINGS	32
	4.01	Conditions to Effectiveness of the Original Credit Agreement	32
	4.02	Conditions to Effectiveness of the Second Amended and Restated Credit Agreement	33
	4.03	Conditions to Each Advance	34
	 	 	 
	Article V REPRESENTATIONS AND WARRANTIES	35
	5.01	Existence, Qualification and Power	35
	5.02	Authorization; No Contravention	35
	5.03	Governmental Authorization; Other Consents	35
	5.04	Binding Effect	35
	5.05	Financial Statements; No Material Adverse Effect	36
	5.06	Litigation	36
	5.07	No Default	36
	5.08	Ownership of Property; Liens	36
	5.09	Taxes	36
	5.10	ERISA Compliance	37
	5.11	Margin Regulations; Investment Company Act	37
	5.12	Disclosure	37
	5.13	Compliance with Laws	37
	5.14	Solvency	37
	5.15	Anti-Corruption Laws and Sanctions	38
	5.16	Second Lien Loan Documents	38
	 	 	 
	Article VI AFFIRMATIVE COVENANTS	38
	6.01	Financial Statements	38
	6.02	Certificates; Other Information	39
	6.03	Notices	39



 






    ii


     


    

 


	6.04	Payment of Taxes	40
	6.05	Preservation of Existence, Etc.	40
	6.06	Maintenance of Properties	40
	6.07	Compliance with Laws	40
	6.08	Books and Records	40
	6.09	Inspection Rights	41
	6.10	Use of Proceeds	41
	6.11	Security Interests; Further Assurances	41






	6.12	GWG Assumption.	42





	 	 	 
	Article VII NEGATIVE COVENANTS	43
	7.01	Liens	43
	7.02	Beneficient Transactions	44
	7.03	Indebtedness	44
	7.04	Fundamental Changes	45
	7.05	Dispositions	45
	7.06	Restricted Payments	45
	7.07	Transactions with Affiliates	46
	7.08	Burdensome Agreements	46
	7.09	Sanctions	46
	7.10	Securities	46
	 	 	 
	Article VIII EVENTS OF DEFAULT AND REMEDIES	47
	8.01	Events of Default	47
	8.02	Remedies Upon Event of Default	49
	8.03	Application of Funds	49



 


	Article IX MISCELLANEOUS	50
	9.01	Amendments, Etc.	50
	9.02	Notices; Effectiveness; Electronic Communications	50



 






    iii


     


    

 


	9.03	No Waiver; Cumulative Remedies; Enforcement	51
	9.04	Expenses; Indemnity; Damage Waiver	51
	9.05	Payments Set Aside	52
	9.06	Successors and Assigns	52
	9.07	Treatment of Certain Information; Confidentiality	54
	9.08	Right of Setoff	55
	9.09	Interest Rate Limitation	55
	9.10	Counterparts; Integration; Effectiveness	55
	9.11	Survival of Representations and Warranties	56
	9.12	Severability	56
	9.13	[Reserved]	56
	9.14	Governing Law; Jurisdiction; Etc.	56
	9.15	Waiver of Jury Trial	57
	9.16	No Advisory or Fiduciary Responsibility	57
	9.17	Electronic Execution of Assignments and Certain Other Documents	58
	9.18	USA PATRIOT Act	58



 


	APPENDIX	 
	1	Eligible Underlying Investment Criteria
	 	 
	SCHEDULES	 
	1.01A	Trusts
	1.01B	Underlying Investment Funds
	7.01	Existing Liens
	7.03	Existing Indebtedness
	9.02	Certain Addresses for Notices
	 	 
	EXHIBITS	 
	A	Form of Underlying Investment Fund Report
	B	Tax Forms
	C	Form of Loan Notice






	D-1	Form of Third Amended and Restated Credit Agreement
	D-2	Form of Fourth Amended and Restated Subordination and Intercreditor Agreement
	D-3	Form of Security and Pledge Agreement
	D-4	Form of GWG Borrower Note
	D-5	Form of UCC-1 Financing Statements
	D-6	Forms of Beneficient Releases
	D-7	Form of Equity Owner Security and Pledge Agreement 
	D-8	Form of Equity Owner Guaranty
	D-9	Schedule of Additional Items to be Delivered at GWG Assumption 
	E	Form of Assignment and Assumption Agreement
	F	Form of Existing Borrower Release Letter
	G	Form of Securities Account Control and Custodian Agreement 
	H	Form of Side Letter



 






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SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as
of August 13, 2020, as amended as of March 10, 2021 and June 28, 2021, among:


 


	(i)	BENEFICIENT CAPITAL COMPANY HOLDINGS, L.L.CP., a Delaware limited liability company (“ BCCpartnership (“ BCH”);
	 	 
	(ii)	HCLP NOMINEES, L.L.C., a Delaware limited liability company (the “ Lender”); and
	 	 
	(ii)	GWG HOLDINGS, INC., a Delaware corporation (“ WG” ), solely with respect to Sections 6.12, 7.02, 7.11, 7.12 and 9.04;
	 	 
	(iv)	GWG
    LIFE, LLC, a Delaware limited liability company
    (“GWG Life”
    ), solely with respect to Sections 6.12, 7.02, 7.11, 7.12 and 9.04;
	 	 
	(viii)	THE BENEFICIENT COMPANY
    GROUP, L.P., a Delaware limited partnership (the “ Parent”), solely with respect to Sections 6.12(i),
    6.12(j), 6.12(k), 7.02 and 7.10; and.
	 	 
	(vi)	GWG
    DLP FUNDING V HOLDINGS, LLC, a Delaware limited liability company
    (the “Equity
    Owner” ), solely with respect to Sections 6.12(b), 6.12(f) and 6.12(g).


 


WITNESSETH:


 


WHEREAS, BCC and the Lender
are currently party to the Amended and Restated Credit Agreement dated as of February 21, 2020 (as amended, supplemented or otherwise
modified prior to the Second Amendment and Restatement Date, the “Existing Credit Agreement”); and


 


WHEREAS, BCC and the Lender
wish to amend and restate the Existing Credit Agreement pursuant to and on the terms and conditions set forth herein.


 


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


 


Article
I



DEFINITIONS AND ACCOUNTING TERMS


 


1.01 Defined
Terms.


 


As used in this Agreement,
the following terms shall have the meanings set forth below:


 


“Account Control
Agreement” shall mean an account control agreement or similar agreement, in form and substance reasonably acceptable to the
Lender, pursuant to which the Lender obtains Control (as defined in the UCC) of each deposit account or securities account, as applicable,
identified therein.


 


“Accrued Interest”
means:


 


(a) During
any Interest Period, an amount which shall accrue on each calendar day on the outstanding amount of the Loan at a per annum rate equal
to (x) prior to the Second Amendment and Restatement Date, (A) One Month Adjusted LIBOR for such Interest Period plus (B) the Spread and
(y) on and after the Second Amendment and Restatement Date, (i) One Month Adjusted LIBOR for such Interest Period plus (ii) 8.0%; provided
that, if the Accrued Interest pursuant to this clause (y) is greater than 9.5%, the Accrued Interest shall be deemed to be 9.5%.


 


(b) Notwithstanding
the foregoing, (i) upon the occurrence and during the continuance of an Event of Default, at Lender’s option and upon written notice
to Borrower (or automatically upon any acceleration of the Obligations pursuant to Section 8.02), interest shall accrue on each
calendar day on the outstanding amount of the Loan, after as well as before judgment, at a rate equal to 2.00% per annum plus the rate
otherwise applicable to the Loan as provided in clause (a) or (c) of this definition; provided, that all interest accrued pursuant to
this clause (b) shall be payable on demand.


 






     


     


    

 


(c) Notwithstanding
clause (a), if the Lender determines at any time (which determination shall be conclusive absent manifest error) that (i) adequate and
reasonable means do not exist for ascertaining One Month Adjusted LIBOR for any Interest Period (including because LIBOR has ceased to
exist) or that no such One Month Adjusted LIBOR or LIBOR rate exists, (ii) One Month Adjusted LIBOR will not adequately and fairly reflect
the cost to the Lender of holding the Loan, (iii) the regulatory supervisor for the administrator of LIBOR has made a public announcement
that LIBOR is no longer representative, (iv) any Law has made it unlawful for any relevant Governmental Authority has asserted that it
is unlawful for the Lender or its Lending Office to determine or charge interest rates on the Loan based upon LIBOR or (v) any relevant
Governmental Authority has imposed material restrictions on the authority of the Lender to purchase or sell, or to take deposits of, Dollars
in the London interbank market, in each case, effective upon the Lender providing notice thereof to the Borrower until the circumstances
giving rise to such notice no longer exist (which the Lender shall promptly confirm by notice to the Borrower), Accrued Interest shall
accrue on each calendar day at a per annum rate equal to the Alternate Base Rate for such day plus 8.0%; provided, that if the
Accrued Interest pursuant to this clause (c) is greater than 9.5%, the Accrued Interest shall be deemed to be 9.5%.


 


(d) Accrued
Interest shall be computed in respect of the Loan on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days
(or 366 days in a leap year).


 


(e) LIBOR,
One Month Adjusted LIBOR, and the Alternate Base Rate shall be determined by the Lender, and such determination shall be conclusive and
binding absent manifest error.


 


“Acquisition Documents”
means the Transaction Agreement, the Funding Trust Loan Agreements, the LiquidTrust Notes, the BCC Notes, the Purchase and Sale Agreement,
the Economic Direction Agreement, each Seller Security Agreement and each document, instrument and agreement executed in connection therewith.


 


“Additional BCC Notes”
means the promissory notes issued by the Borrower BCC to each of The LT-9 LiquidTrust, The LT-12 LiquidTrust, The LT-13 LiquidTrust, The LT-14 LiquidTrust,
The LT-15 LiquidTrust, The LT-16 LiquidTrust, The LT-17 LiquidTrust, The LT-18 LiquidTrust, The LT-19 LiquidTrust, The LT-20 LiquidTrust,
The LT-21 LiquidTrust, The LT-22 LiquidTrust, The LT-23 LiquidTrust, The LT-24 LiquidTrust, the LT-25 LiquidTrust and The LT-26 LiquidTrust
on or after December 31, 2017, pursuant to the Acquisition Documents.


 


“Additional LiquidTrust
Notes” means the promissory notes issued by each of The LT-9 LiquidTrust, The LT-12 LiquidTrust, The LT-13 LiquidTrust, The
LT-14 LiquidTrust, The LT-15 LiquidTrust, The LT-16 LiquidTrust, The LT-17 LiquidTrust, The LT-18 LiquidTrust, The LT-19 LiquidTrust,
The LT-20 LiquidTrust, The LT-21 LiquidTrust, The LT-22 LiquidTrust, The LT-23 LiquidTrust, The LT-24 LiquidTrust, the LT-25 LiquidTrust
and The LT-26 LiquidTrust to the Borrower BCC on or after December 31, 2017, pursuant to the Acquisition Documents.


 


“Advance”
has the meaning specified in Section 2.01.


 


“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.


 






    2


     


    

 


“Aggregate Cash Receipts”
shall mean, for any period, with respect to any Person, the sum, without duplication, of (i) the Consolidated Cash Net Income of such
Person for such period, less capital expenditures, plus, (ii) all net cash proceeds of assets sales (including any sale of Equity
Interests), issuances of debt or equity or equitable contributions, distributions from investments, insurance proceeds and payments of
Indebtedness, leases or licenses, or any other cash payments or proceeds, received by such Person; provided, however, that
such amount shall not include Exempted Funding Trust Proceeds.


 


“Agreement”
means this Second Amended and Restated Credit Agreement.


 


“Alternate Base Rate”
means, for any date of determination, the greater of (a) the sum of (i) the Federal Funds Rate on such date plus (ii) one percent (1.00%)
and (b) the positive difference, if any, between (i) the Prime Rate on such date less (ii) two and a half percent (2.50%).


 


“Alternative
GWG Borrower” has the meaning specified in Section 6.12.


 


“Amendment
No. 2” means that certain Amendment No. 2 to Loan Documents, dated as of the Amendment No. 2 Effective Date, by and among BCC,
the Borrower, the Parent, GWG, GWG Life, GWG DLP Funding V Holdings,
LLC, a Delaware limited liability company, and the Lender.


 


“Amendment No. 2 Effective Date” means June 28, 2021.


 


“Amendment No. 2
Effective Date” means June 28, 2021.


 


“Anti-Corruption
Laws” means all Laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to
time concerning or relating to bribery or corruption.


 


“Appraisal Adjustment”
means with respect to any Eligible Underlying Investment, an adjustment to the Market Value of such Eligible Underlying Investment made
where the Lender uses a Third Party Appraisal of the “market value” of such Eligible Underlying Investment to determine such
Eligible Underlying Investment’s Market Value in lieu of the value reported by the applicable Underlying Investment Fund’s
general partner to its investors for a given period, where the Third Party Appraisal assessed the value of such Eligible Underlying Investment
to be less than 80% of the value most recently reported by such Eligible Underlying Investment’s general partner to its investors.


 


“Approved Assignee”
means any Lending Entity that is administered or managed by (a) the Lender, (b) an Affiliate of the Lender or (c) an entity or an Affiliate
of an entity that administers or manages the Lender.


 


“Assumption
Documentation” has the meaning specified in Section 6.12.


 



“Available Amount”
means, at any time, the excess at such time of (a) prior to the expiration of the Commitment Period, an amount equal to (x) the least
of (i) the Commitment and (ii) the Maintenance LTV Percentage multiplied by the Collateral Value, minus (with
respect to each clause (i) and (ii)), (y) the Total Outstandings, and (b) after the expiration of the Commitment Period, an amount
equal to zero.


 


“BCC” has
the meaning specified in the preamble heretomeans Beneficient
Capital Company II, L.L.C., a Delaware limited liability company (f/k/a Beneficient Capital Company, L.L.C.).


 


“BCC Notes” means the Original BCC
Notes and the Additional BCC Notes.


 


“BCH”
has the meaning specified in the preamble hereto.


 


“Beneficient Transactions”
means (i) the “ Beneficent Transactions” as defined in the Form 10-K filed by GWG with the Securities Exchange Commission
for the fiscal year ended December 31, 2019, or any of the transactions contemplated thereby, related thereto or consummated in connection
therewith, including with respect to any of the “ Seller Trusts” as defined therein (or any payments or distributions made
in connection with any of the foregoing other than, for the avoidance of doubt, (1) interest payments made on any debt securities held
by the Seller Trusts or (2) distribution of proceeds following the sale of any debt or equity securities held by the Seller Trusts to
third parties unaffiliated with the Borrower) or (ii) the CVR Contract dated as of September 1, 2017 (the “ CVR Contract”),
by and among MHT Financial, L.L.C., Highland Consolidated Business Holdings GP, L.L.C., the Parent, Beneficient Management, L.L.C., Holdingsthe
Borrower, Highland Consolidated L.P. and Beneficient Holdings, Inc.BHI,
as amended from time to time, and any agreement, acknowledgement or representation related to, or made in connection with, the CVR Contract.


 






    3


     


    

 


“Beneficient Trust CompanyBHI” means Beneficient
Trust Company, LTA, a Texas trust company to be formed as a direct Subsidiary of Holdings after the Closing
DateHoldings, Inc., a Delaware corporation.


 


“Board”
means the Board of Governors of the Federal Reserve System of the United States of America.


 


“Borrower” means (i) from the Closing Date until the consummation of the Borrower Mergerprior
to the Amendment No. 2 Effective Date, BCC and (ii) from and after the consummation of the
Borrower Merger, Beneficient Trust Company.Amendment No. 2
Effective Date, BCH.


 


“ Borrower
Merger” means a transaction pursuant to which BCC shall merge with and into Beneficient Trust Company in accordance
with Section 7.04(a).


 


“ Borrower Security Agreement”
means the security and pledge agreement, dated as of the Closing Date, executed in favor of the Lender by the Borrower,
as amended pursuant to Amendment No. 2, and as otherwise amended, restated, supplemented or modified from time to time pursuant to the
terms hereof and thereof.






 


“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in
fact closed in, the state of New York.


 


“Change in Law”
means the occurrence after the date of this Agreement (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law,
rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender
(or, for purposes of Section 3.04(b), by the Lending Office of the Lender or by the Lender’s, if any) with any request, guideline
or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided
that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued.


 


“Change of Control”
shall be deemed to have occurred if:


 


(a) the
occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent General Partner by Persons who
were not named or nominated in the manner set forth in the Organization Documents of Parent General Partner as of the Closing Date;


 


 (b) Parent General Partner shall fail to be the sole general partner of Parent;




 


 (c) Parent shall fail to be the sole general partner of Holdingsthe Borrower;




 


(d)
Holdings shall fail to own, directly, 100% of the Equity Interests of the Borrower;




 


(ed)
the occurrence of an Issuer Voting Trigger Event (as defined as of May 15, 2020, by that certain Third Amended and Restated Limited Liability
Company Agreement of Beneficient Management, L.L.C.) or any event that would result in BCCthe
Borrower ceasing to be a consolidated subsidiary of GWG;


 






    4


     


    

 


(fe)
other than pursuant to a common stock exchange permitted by the Amended and Restated Certificate of Incorporation of GWG set out in
Exhibit 99.1 to GWG’ s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2020, any
“ person” or “ group” (each as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than such
“ person” or “ group” directly or indirectly in Control of GWG, as of the Second Amendment and Restatement
Date, (i) becomes the “ beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
Equity Interests in GWG (including through securities convertible into or exchangeable for such Equity Interests) representing more
than 50% of the voting and/or economic interest of the Equity Interests in GWG (on a fully diluted basis), or (ii) otherwise has the
ability, directly or indirectly, to elect a majority of the Board of Directors of GWG; or


 


(gf)
any trust advisor to the Seller Trusts (as such term is defined in GWG’ s Annual Report on Form 10-K for the year ended December
31, 2019 filed with the Securities and Exchange Commission on March 27, 2020), as of the Second Amendment and Restatement Date, ceasing
to serve in such capacity, other than as approved in writing by the Lender (with such approval not to be unreasonably withheld, conditioned
or delayed, including, without limitation, in the event of the death or disability of a trust advisor).




 


“Closing Date”
means September 1, 2017.


 


“Collateral”
means a collective reference to the right, title and interest in all property with respect to which Liens in favor of the Lender are purported
to be granted pursuant to and in accordance with the terms of the Collateral Documents. For the avoidance of doubt, “Collateral”
shall not include any Underlying Investment Fund that becomes subject to a Severed EDA (as defined in the Economic Direction Agreement).


 


“Collateral Documents” means a collective reference to the Holdings Security Agreement, the
Borrower Security Agreement, the DST Security Agreement, each Account Control Agreement and,
the New BCC Security Agreement (if any), and any other security documents as may be executed and delivered by Holdings,
the Borrower, New BCC and/or
the DSTs pursuant to the Loan Documents.




 


“Collateral Value”
means, as of any date of determination, an amount equal to the aggregate sum of the Market Values of all Eligible Underlying Investments
as of such date.


 


“Collective Trust”
means a trust organized under the laws of Texas identified as a “Collective Trust” on Schedule 1.01A hereto, as such
schedule may be updated from time to time upon written notice by the Borrower to the Lender and approval in writing by the Lender.


 


“Commercial Loan
Agreement” means the commercial loan agreement dated as of August 10, 2018, between the Parent and GWG Life.


 


“Commitment”
means the Lender’s obligation to make Advances to the Borrower pursuant to Section 2.01, as such commitment may be reduced
from time to time pursuant to Section 2.05. The initial amount of the Commitment as of the Closing Date is $146,000,000. After
the expiration of the Commitment Period, the Commitment will be zero.


 


“Commitment Period”
means the period from and including the Closing Date to the earliest of (a) the Initial Proceeds Date and (b) the date of termination
of the Commitment of the Lender to make Advances pursuant to Section 8.02.


 


“Completion Date”
means June 30, 2018.


 






    5


     


    

 


“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.


 


“Consent” means that certain Consent No. 1 to Second Amended and Restated Credit Agreement, dated as of January 20, 2021 and effective
as of September 30, 2020, by and between BCC, the Borrower and the Lender.
For avoidance of doubt, the consents set forth therein shall remain effective after the execution of Amendment No. 2.




 


“Consolidated Cash
Net Income” shall mean, for any period, with respect to any Person, the consolidated cash net income (or cash net loss) of such
Person and its Subsidiaries and Affiliates, determined on a consolidated basis. The cash items in this calculation include cash receipts
of all fees, interest, return on investment and any other income items less cash disbursements for all operating expenses, interest expenses
and any other expense items.


 


“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.


 


“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.


 


“Debtor Relief Laws”
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect.


 


“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.


 


“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (whether effected pursuant to a Division
or otherwise) of any property comprising Collateral or other assets by the Borrower.


 


“Dividing Person”
has the meaning specified in the definition of “Division.”


 


“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.


 


“Dollar”
and “$” mean lawful money of the United States.


 


“DST” means
a Delaware statutory trust identified as a “DST” on Schedule 1.01A hereto, as such schedule may be updated from time
to time upon written notice by the Borrower to the Lender and approval in writing by the Lender.


 


“DST Default”
means, with respect to any DST, the occurrence of any of the following:


 


(a) such
DST fails to perform or observe any covenant or agreement contained in any Loan Document on its part to be performed or observed and such
failure shall continue unremedied or unwaived for thirty (30) days after the earlier of the date that such DST (i) knows or should have
known of such breach or (ii) has received notice thereof by the Lender;


 






    6


     


    

 


(b) any
representation, warranty, certification or statement of fact made or deemed made by or on behalf of such DST in any Loan Document shall
be incorrect or misleading in any respect with respect to representations, warranties, certifications and statements of fact containing
qualifications as to materiality or incorrect or misleading in any material respect with respect to representations, warranties, certifications
and statements of facts without qualifications as to materiality when so made or deemed to be made; or


 


(c) any
provision of any Loan Document to which such DST is a party, at any time after its execution and delivery and for any reason other than
as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect or
ceases to give the Lender any material part of the Liens purported to be created thereby; or such DST or any other affiliated Person contests
in any manner the validity or enforceability of any provision of any Loan Document to which such DST is a party; or such DST denies that
it has any or further liability or obligation under any provision of any Loan Document to which it is a party, or purports to revoke,
terminate or rescind any such Loan Document.


 


“DST Guaranty” means the guaranty, dated as of the Closing Date, executed in favor of the Lender by each of the DSTs,
as amended, restated, supplemented or otherwise modified from time to time pursuant to the terms hereof and thereof.


 


DST Security Agreement” means the security and pledge agreement, dated as of the Closing Date, executed in favor of the Lender
by the DSTs, as amended, restated, supplemented or otherwise modified from
time to time pursuant to the terms hereof and thereof.




 


“Economic Direction
Agreement” means each Economic Direction Agreement, entered into from time to time among the persons party thereto as Sellers
(the “Sellers”), the persons party thereto as Seller GPs, as applicable, MHT Financial, LLC, the Trusts party thereto and
the Lender.


 


“Eligible Underlying
Investment” means, as of any date of determination, an investment in an Underlying Investment Fund, to the extent such investment
satisfies all of the criteria set forth on Appendix 1 at such time.


 


“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination.


 


“Equity Owner” has the meaning specified in the preamble
hereto.




 


“ERISA”
means the Employee Retirement Income Security Act of 1974.


 


“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section
414(b) or (c) of the Internal Revenue Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Internal Revenue Code,
is treated as a single employer under Section 414 of the Internal Revenue Code.


 






    7


     


    

 


“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to
a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated
funding deficiency” (as defined in Section 412 of the Internal Revenue Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of
ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator
of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence
by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan
from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.


 


“Event of Default”
has the meaning specified in Section 8.01.


 


“Exchange Act”
means the Securities Exchange Act of 1934, and the regulations promulgated and the rulings issued thereunder.


 


“Exchange Transactions” has the meaning assigned to such term in the Consent.


 


“Exchange Trust” means a trust identified as an “ Exchange Trust” on Schedule 1.01A hereto, as such schedule may be updated
from time to time upon written notice by the Borrower to the Lender and approval in writing by the Lender.




 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to
a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the laws of or having its principal office or, in the case of the
Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of the Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of the
Lender with respect to an applicable interest in the Loan or Commitment pursuant to a law in effect on the date on which (i) the Lender
acquires such interest in the Loan or Commitment or (ii) the Lender changes its Lending Office, except in each case to the extent that,
pursuant to Section 3.01, amounts with respect to such Taxes were payable either to the Lender’s assignor immediately before
the Lender became a party hereto or to the Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 3.01(d) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.


 


“Exempted Funding
Trust Proceeds” any proceeds received on the Funding Trust Loans with The LT-1 Funding Trust, The LT-2 Funding Trust, The LT-5
Funding Trust, The LT-7 Funding Trust, the LT-8 Funding Trust and the LT-9 Funding Trust prior to May 31, 2020 in an amount not to exceed
$65,000,000.


 


“Existing Credit
Agreement” has the meaning specified in the preamble.


 


“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.


 






    8


     


    

 


“Federal Funds Rate”
means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions
by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website
from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective
rate; provided, that if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on
the next preceding Business Day as so published on the next succeeding Business Day; provided further that if the Federal Funds Rate as
so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“Final Maturity Date”
means March 31, 2022.


 


“Foreign Lender”
means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender
that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.


 


“Funding Trust”
means a trust organized under the laws of Texas identified as a “Funding Trust” on Schedule 1.01A hereto (provided
that, any additional “Funding Trust” may be added with the written approval of the Lender or, if the Lender shall request
in writing any amendments, modifications or supplements to the trust documentation of any Funding Trust reasonably determined by the Lender
as necessary to secure the required repayment of any Total Outstandings and such amendment, modification or supplement is not made within
such reasonable period as may be specified by the Lender, such “Funding Trust” may be removed by written notice from the Lender
to the Borrower).


 


“Funding Trust Loan
Agreement” means each Demand Loan and Security Agreement or Loan and Security Agreement between the Borrower,
New BCC and/or PEN (whether originally or by assignment or other transfer) (and/or any other Person by assignment or other transfer not
in violation of this Agreement), on the one hand, and the Trustee(s) of a Funding Trust,
on the other hand, set forth on Schedule 1.01A hereto, as such schedule may be updated from time to time upon written
notice by the Borrower to the Lender and approval in writing (for avoidance
of doubt, such approval may be provided via email) by the Lender.


 


“Funding
Trust Loans” means the loans made by the Borrower, New BCC, PEN and/or
any other Person to the Funding Trusts on the Closing Date, and from time to time thereafter, pursuant to the Funding Trust
Loan Agreements.




 


“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board, or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently applied.


 


“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank).


 






    9


     


    

 


“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to repay (or advance or supply funds for
the repayment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow
of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the
purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance
thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person
securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by
such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien) but limited to the fair
market value of such asset; provided that for the avoidance of doubt, (i) uncalled capital commitments, (ii) endorsements of instruments
for deposit or collection in the ordinary course of business and (iii) customary indemnity and similar provisions entered into in the
ordinary course of business, shall, in each case, not be deemed a “Guarantee”. The amount of any Guarantee shall be deemed
to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which
such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.


 


“GWG” has
the meaning specified in the preamble heretomeans GWG Holdings,
Inc., a Delaware corporation.


 


“GWG
Assumption” has the meaning specified in Section 6.12.


 


“GWG
Assumption Deadline” has the meaning specified in Section 6.12.


 


“GWG
Assumption Documentation” has the meaning specified in Section 6.12.


 


“GWG Borrower Life” means GWG DLP
Funding VLife, LLC, a Delaware limited liability
company.


 


“GWG
Collateral” means (i) all NPC-A interests held by GWG as of May 15, 2020 (except to the extent such NPC-A
interests have been sold, transferred or otherwise disposed of in accordance with Section 7.12 hereof),
(ii) the life insurance policies held as of May 15, 2020 by GWG Trust (to the extent such insurance policies have not expired or terminated
by the terms thereof) (except to the extent (x) such life insurance policies have been sold, transferred or otherwise disposed of in
accordance with Section 7.11 hereof (provided, for avoidance of doubt, that the expiration or
termination of any life insurance policies pursuant to the terms thereof shall not be deemed to be a sale, transfer or other disposition
thereof) or (y) such life insurance policies have not been transferred to the GWG Borrower (or Alternative GWG Borrower, if applicable)
and such non-transfer is permitted by Section 7.11 hereof) (the “GWG
Collateral Policies” ) and (iii) all Equity Interests in each GWG Borrower (or, to the extent an Alternative
GWG Borrower will become the borrower pursuant to the GWG Assumption, such Alternative GWG Borrower).


 


“
GWG Collateral Policies” has the meaning specified in the definition of “ GWG Collateral”
..


 


“ GWG Life”
has the meaning specified in the preamble hereto.




 


“GWG Note”
means the Promissory Note dated as of May 31, 2019, made by Jeffrey S. Hinkle and John A. Stahl, as trustees of The LT-1 LiquidTrust,
The LT-2 LiquidTrust, The LT-5 LiquidTrust, The LT-7 LiquidTrust, The LT-8 LiquidTrust and The LT-9 LiquidTrust, each a Texas common law
trust, payable to the order of GWG Life, LLC, in the principal amount of $65,000,000 (as may be amended, restated, replaced, extended,
renewed, supplemented or otherwise modified and in effect from time to time).


 


“GWG Trust”
means GWG Life Trust, a common law trust formed under the laws of Utah.


 


“Holdings”
means Beneficient Company Holdings, L.P., a Delaware limited partnership.


 


“Holdings
Guaranty” means the guaranty, dated as of the Closing Date, executed
in favor of the Lender by Holdings.


 


“Holdings
Security Agreement” means the security and pledge agreement, dated as of the Closing Date, executed in
favor of the Lender by Holdings.




 


“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:


 


(a) all
obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds,
debentures, notes, loan agreements or other similar instruments;


 


(b) indebtedness
evidenced by the Second Lien Credit Agreement or the other Second Lien Loan Documents in aggregate principal amount not to exceed the
amount permitted under the Subordination Agreement, in each case so long as such indebtedness is permitted and subject to the Subordination
Agreement;


 






    10


     


    

 


(c) the
maximum amount available to be drawn under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments;


 


(d) all
obligations in respect of the deferred purchase price of property or services (other than trade accounts payable and accrued obligations
in the ordinary course of business);




 


(e) indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse;


 


(f) all
obligations to purchase, redeem, retire or defease any Equity Interests (valued in the case of a redeemable preferred interest at the
greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends) prior to the Scheduled Maturity Date;


 


(g) without
duplication, all Guarantees with respect to Indebtedness of the types specified in clauses (a) through (f) above of another Person; and


 


(h) all
Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the
extent that such Indebtedness is expressly made non-recourse to such Person.


 


“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower
under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.


 


“Indemnitee”
has the meaning specified in Section 9.04(b).


 


“Information”
has the meaning specified in Section 9.07.


 


“Initial Advance”
means the Advance made on the Closing Date.


 


“Initial Advance
Amount” means $141,000,000.


 


“Initial Proceeds
Date” means the initial date on which any DST shall receive any proceeds from any distributions and other amounts received from
any Underlying Investment Fund, including any disbursement of such proceeds to such DST from a Seller Account, in each case in accordance
with the Economic Direction Agreement.


 


“Interest Payment
Date” means the fifteenth (15th) day of each calendar month (or, if such day is not a Business Day, the next succeeding Business
Day).


 


“Interest Period”
means (a) initially, the period from the Closing Date to the first Interest Payment Date hereunder and (b) thereafter, each period from
an Interest Payment Date to the next occurring Interest Payment Date.


 


“Internal Revenue
Code” means the Internal Revenue Code of 1986.


 


“IRS” means
the United States Internal Revenue Service.


 


“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.


 






    11


     


    

 


“Lender”
has the meaning specified in the preamble hereto.


 


“Lending Entity”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its activities.


 


“Lending Office”
means the office or offices of the Lender at which the Lender funds or books its interest in the Loan hereunder.


 


“LIBOR”
means, with respect to any interest period, the London interbank offered rate for Dollars for such interest period administered by the
ICE Benchmark Administration (or any other Person that takes over the administration of such rate) that appears on the display page for
“ICE Benchmark Administration Interest Settlement Rates” on that day or, if such rate does not appear on the above mentioned
Bloomberg page, as such rate appears on another major pricing service (“the LIBOR Screen Rate”) as of 11:00 a.m., London
time on the date two London Banking Days preceding such interest period; provided that if the LIBOR Screen Rate determined in accordance
with the foregoing shall be less than 1.00% at any time, such rate shall be deemed to be 1.00% at such time for purposes of this Agreement.


 


“LIBOR Screen Rate”
has the meaning specified in the definition of “LIBOR” above.


 


“Lien”
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien (statutory or other), charge, or other security interest or preferential
arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease (other than true leases)
having substantially the same economic effect as any of the foregoing).


 


“LiquidTrust”
means a trust organized under the laws of Texas identified as a “LiquidTrust” on Schedule 1.01A hereto, as such schedule
may be updated from time to time upon written notice by the Borrower to the Lender and approval in writing by the Lender.


 


“LiquidTrust Notes”
means the Original LiquidTrust Notes and the Additional LiquidTrust Notes.


 


“Loan”
means, collectively, each of the outstanding Advances made hereunder.


 


“Loan
Documents” means this Agreement, each Collateral Document, the Holdings Guaranty, the DST
Guaranty, the Subordination Agreement and any other agreement, instrument or document (including any financing statement) delivered in
connection herewith or therewith.




 


“Loan Notice”
means a notice of a borrowing of an Advance, in each case pursuant to Section 2.02(a), which, if in writing, shall be substantially
in the form of Exhibit C.


 


“London Banking Day”
means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.


 


“LTV Percentage”
means, at any time, the quotient (expressed as a percentage) of (a) the Total Outstandings divided by (b) the Collateral Value.


 


“Maintenance LTV
Percentage” means 40%.


 


“Mandatory Prepayment
Event” has the meaning specified in Section 2.03(b)(i).


 






    12


     


    

 


“Market Value”
means, with respect to any Eligible Underlying Investment at any time, the value of such Eligible Underlying Investment determined from
the net asset value for such Eligible Underlying Investment (as of the most recent Monthly Measurement Date for which information has
been provided by the Borrower), adjusted to reflect: (i) any Appraisal Adjustment applicable to such Eligible Underlying Investment at
such time and (ii) adjustments to account for Underlying Fund Contributions and Underlying Fund Distributions.


 


“Master
Term Sheet” means the Binding Term Sheet to Amend the Credit Agreement dated as of May 15, 2020, among BCC, the Lender, Beneficient
Holdings, Inc.BHI, GWG and GWG Life,
LLC.




 


“Material Adverse Effect”
means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, actual liabilities, contingent
liabilities that are reasonably likely to occur, or financial condition of the Borrower; (b) a material impairment of the rights and remedies
of the Lender under any Loan Document; (c) a material impairment of the ability of the Borrower to perform its obligations under any Loan
Document; or (d) a material adverse effect upon the legality, validity, binding effect or enforceability against the Borrower or
Holdings of any Loan Document.




 


“Material Indebtedness”
means the Second Lien Obligations and any Indebtedness (other than Indebtedness arising under the Loan Documents) having an aggregate
principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than the Threshold Amount.


 


“Maximum LTV Percentage”
means 50%.


 


“Monthly Measurement
Date” means the relevant measurement date for an Underlying Investment Fund Report delivered pursuant to Section 6.02(a).


 


“Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.


 


“Multiple Employer
Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two
of whom are not under common control, as such a plan is described in Section 4064 of ERISA.


 


“New BCC” means Beneficient Capital Company, L.L.C., a Delaware limited liability company.


 


“New
BCC Security Agreement” means any first lien security and pledge agreement and/or other security arrangements executed
in favor of the Lender by New BCC after the Amendment No. 2
Effective Date, in each case, (x) with such terms as the Lender and New BCC may reasonably agree (giving due consideration to the terms
of the Borrower Security Agreement) and (y) as amended, restated, supplemented or otherwise modified from time to time pursuant to the
terms hereof and thereof. 


 


“Note”
has the meaning specified in Section 2.09.


 


“NPC-A” means a Preferred Series A
Sub Class 1 Unit Account of Holdingsthe
Borrower.


 


“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower, HoldingsNew
BCC (if any) and the DSTs arising under any Loan Document, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the
commencement by or against the Borrower of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.




 






    13


     


    

 


“One Month Adjusted
LIBOR” means an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) LIBOR for
an interest period of one month multiplied by (b) the Statutory Reserve Rate (if any).


 


“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating or limited liability company agreement; and (c) with respect to any partnership, joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity.


 


“ Original BCC Notes”
means the promissory notes issued by the BorrowerBCC
to each of The LT-1 LiquidTrust, The LT-2 LiquidTrust, The LT-3 LiquidTrust, The LT-4 LiquidTrust, The LT-5 LiquidTrust, The
LT-6 LiquidTrust, The LT-7 LiquidTrust and The LT-8 LiquidTrust on the Closing Date pursuant to the Acquisition Documents in an aggregate
initial outstanding principal balance of no greater than $11,200,633.


 


“Original Credit
Agreement” means the Credit Agreement dated as of September 1, 2017, between the Borrower and the Lender.


 


“Original LiquidTrust
Notes” means the promissory notes issued by each of The LT-1 LiquidTrust, The LT-2 LiquidTrust, The LT-3 LiquidTrust, The LT-4
LiquidTrust, The LT-5 LiquidTrust, The LT-6 LiquidTrust, The LT-7 LiquidTrust and The LT-8 LiquidTrust to the
BorrowerBCC on the Closing Date pursuant to the
Acquisition Documents in an aggregate initial outstanding principal balance of no greater than $11,200,633.




 


“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in the Loan or Loan Document).


 


“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.05).


 


“Outstanding Amount”
means, on any date, the aggregate outstanding principal amount of the Loan after giving effect to all Accrued Interest compounded thereon
and any prepayments or repayments of the Loan occurring on such date.


 


“Parent”
has the meaning specified in the preamble hereto.


 


“Parent General Partner”
means Beneficient Management, LLCL.L.C.,
a Delaware limited liability company.




 






    14


     


    

 


“Participant”
has the meaning specified in Section 9.06(d).


 


“Participant Register”
has the meaning specified in Section 9.06(d).


 


“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.


 


“PEN” means PEN Indemnity Insurance Company, Ltd., a Bermuda company.




 


“Permitted Encumbrances”
means:


 


(a) Liens
imposed by law for taxes, assessments and other governmental charges that are not yet due or have not been delinquent for in excess of
ninety (90) days, or are being contested in compliance with Section 6.04;


 


(b) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlords’ and other like Liens imposed by law,
arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or which are being
contested in compliance with Section 6.04;


 


(c) pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other
social security laws or regulations;


 


(d) deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business;


 


(e) Liens
securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event of
Default under Section 8.01(h);


 


(f) Liens
arising solely by virtue of any statutory or common law provision relating to bankers’ Liens, rights of set-off or similar rights
and remedies as to deposit accounts, securities accounts or other funds maintained with a creditor depository institution;


 


(g) easements,
zoning restrictions, zoning by-laws, municipal by-laws and regulations, development agreements, site plan agreements, municipal agreements,
encroachment agreements, restrictive covenants and other restrictions, reservations, covenants, conditions, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations
and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of
the Borrower; and


 


(h) title
defects, encroachments or irregularities which are of a minor nature and which in the aggregate do not materially impair the value of
any real property or the use of the affected property for the purpose for which it is used by that Person;


 


provided, that the term
“Permitted Encumbrances” shall not include any Lien securing Indebtedness.


 


“Permitted Liens”
means, at any time, Liens on property and assets of the Borrower permitted to exist as of such time pursuant to the terms of Section
7.01.


 


“Permitted Trust
Liens” means (a) Liens imposed by law for taxes, assessments and other governmental charges that are not yet due or have not
been delinquent for in excess of ninety (90) days, or are being contested in accordance with the Loan Documents, (b) Liens arising under
the Loan Documents or the Second Lien Loan Documents and (c) Liens arising under the Acquisition Documents.


 






    15


     


    

 


“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.


 


“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.


 


“Prepayment Premium”
means, with respect to any prepayment of the Loan, an amount equal to the product of (x) 8.0%, (y) the principal amount of such prepayment
and (z) the lesser of (i) 1.50 and (ii)(A) the number of days remaining until the Scheduled Maturity Date divided by (B) 365.


 


“Prime Rate”
means the rate last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal
ceases to quote such rate, the prime rate in the United States as last quoted in such source as the Lender shall reasonably select.


 


“Purchase and Sale
Agreement” means that certain Purchase and Sale Agreement, dated as of the Closing Date among the Sellers and MHT Financial,
LLC.


 


“Recipient”
means the Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder.


 


“Register”
has the meaning specified in Section 9.06(e).


 


“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.


 


“Release Conditions”
means, at any time, (a) no Default has occurred and is continuing and (b) the LTV Percentage is less than the Release LTV Percentage (after
giving effect to any prepayment of the Loan on such date).


 


“Release LTV Percentage”
means 35%.


 


“Responsible Officer”
means the chief executive officer, president, managing member, general partner,
chief financial officer, treasurer, assistant treasurer or controller of the Borrower or Holdings, as
applicable, and, solely for purposes of the delivery of incumbency certificates, the secretary or any assistant secretary
of the Borrower or Holdings, as
applicablethe general partner of the Borrower (or its general
partner), and, solely for purposes of notices given pursuant to Article II, any other officer of the Borrower or
the general partner of the Borrower (or its general partner) so designated by any of the foregoing officersPersons
in a notice to the Lender. Any document delivered hereunder that is signed by a Responsible Officer of the Borrower or
Holdings shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower or
Holdings, as applicable.




 






    16


     


    

 


“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of any Person,
or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interests or on account of any return
of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof), or any option, warrant or other
right to acquire any such dividend or other distribution or payment.


 


“Sanctioned Country”
means, at any time, a country, region or territory that is itself the subject or target of any Sanctions (at the time of this Agreement,
Crimea, Cuba, Iran, North Korea, Sudan and Syria).


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets
Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council or the European Union,
(b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person.


 


“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.


 


“Scheduled Maturity
Date” means May 30, 2022; provided, however, that, if such date is not a Business Day, the Scheduled Maturity
Date shall be the next preceding Business Day.


 


“ Second Amendment and Restatement Date”
means the date hereofAugust
13, 2020.


 


“ Second Lien Credit
Agreement” means that certain Second Amended and Restated Second Lien Credit Agreement, dated as of the Second Amendment and
Restatement Date, by and among the Borrower (as
successor to BCC), the Second Lien Lender and the other parties party thereto, as amended, restated,
supplemented or otherwise modified from time to time pursuant to the termsnot
in violation of the Subordination Agreement, which amended and restatedincluding
by that certain Consent No. 1 to Second Amended and
Restated SubordinatedSecond
Lien Credit Agreement, dated as of February 21, 2020.January
20, 2021 and effective as of September 30, 2020, by and among BCC, the Borrower and the Second Lien Lender, that certain Amendment No.
1 to Second Amended and Restated Second Lien Credit Agreement, dated as of March 10, 2021, by and among BCC, the Borrower and the Second
Lien Lender, and that certain Amendment No. 2 to Second Lien Loan Documents, dated as of the Amendment No. 2 Effective
Date, by and among BCC, the Borrower, the Parent, GWG, GWG Life, GWG DLP Funding V Holdings, LLC, a
Delaware limited liability company, and the Second Lien Lender.


 


“Second Lien Lender”
means the “Lender” as defined in the Second Lien Credit Agreement.


 


“Second Lien Loan
Documents” means “Loan Documents” as defined in the Second Lien Credit Agreement.


 


“Second Lien Obligations”
means “Obligations” as defined in the Second Lien Credit Agreement.


 


“Seller Account”
means a “Specified Account” as defined in the Economic Direction Agreement.


 


“Seller Security
Agreement” means each security and pledge agreement executed by a Seller in favor of the Lender pursuant to the Economic Direction
Agreement.


 


“Sellers”
has the meaning specified in the definition of “Economic Direction Agreement”.


 






    17


     


    

 


“ Senior NPC-A”
means a Preferred Series A Sub Class 0 Unit Account of Holdingsthe
Borrower.


 


“Solvent”
or “Solvency” means, with respect to any Person as of a particular date, that on such date (a) such Person is able
to pay its debts and other liabilities, contingent obligations and other commitments as they become absolute and mature in the ordinary
course of business, (b) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay such debts and liabilities as they become absolute and mature in the ordinary course of business, (c) such Person is not
engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property
would constitute unreasonably small capital, (d) the sum of the fair saleable value of the property of such Person is greater than the
total amount of liabilities, including contingent liabilities, of such Person, as such liabilities become absolute and matured, (e) the
sum of present fair salable value of the property of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured and (f) such Person does not intend, in any transaction, to
defraud either present or future creditors or any other person to which such Person is or will become, through such transaction, indebted.
The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.


 


“Spread”
means 3.95% per annum.


 


“Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Lender is subject with respect to LIBOR, for eurocurrency funding (currently
referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage shall include those imposed
pursuant to such Regulation D. The Loan shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be available from time to time to the Lender under such Regulation
D or any comparable regulation to the extent the interest rate for the Loan is determined by reference to LIBOR. The Statutory Reserve
Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. If the Statutory Reserve
Rate determined in accordance with the foregoing shall be less than one (1) at any time, such rate shall be deemed to be one (1) at such
time for purposes of this Agreement.


 


“Subordination Agreement”
means the Third Amended and Restated Subordination and Intercreditor Agreement dated as of August 13, 2020, as amended, restated, supplemented
or otherwise modified from time to time, which amended and restated that certain Second Amended and Restated Subordination and Intercreditor
Agreement dated on or about February 21, 2020 between Lender and Second Lien Lender, as amended, restated, supplemented or otherwise modified
from time to time.


 


“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the outstanding shares of Equity Interests having ordinary voting power for the election of directors or equivalent governing body (other
than Equity Interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management
of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of the Borrower.


 






    18


     


    

 


“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.


 


“
Third A&R Credit Agreement” has the meaning specified in Section
6.12.


 


“Third Party Appraisal”
means an appraisal performed by a Third Party Appraiser, at the Lender’s sole cost, to assess the fair market value of an Eligible
Underlying Investment for purposes of determining whether to make an Appraisal Adjustment to the Market Value of such Eligible Underlying
Investment.


 


“Third Party Appraiser”
means an industry recognized appraising agent experienced in the valuation of private equity funds selected by the Lender in its reasonable
discretion.


 


Threshold Amount” means, with respect to Holdings or the Borrower, the greater
of (i) 5.0% of the total assets thereof and (ii) $20,000,000.


 


“Total Outstandings”
means the aggregate Outstanding Amount and any other accrued and unpaid amounts due under the Loan Documents.


 


“ Transaction Agreement”
means that certain Transaction Agreement, dated as of the Closing Date, among the Sellers, Holdingsthe
Borrower, MHT Financial, L.L.C. and the other parties thereto.


 


“Trust Adverse Event”
means, with respect to any Trust, the occurrence of any of the following:


 


(a) such
Trust shall incur any Indebtedness (other than (i) in the case of any Funding Trust, its respective Funding Trust Loans and (ii) in the
case of any LiquidTrust, its respective LiquidTrust Note);


 


(b)
such Trust engages, at any time in any business other (i) in the case of any Funding Trust, holding investments in Collective Trusts
(and similar trusts), (ii) in the case of any Collective Trust, holding investments in LiquidTrusts (and similar trusts), (iii) in
the case of any LiquidTrust or Exchange Trust,
holding investments in DSTs (and similar trusts), (iv) in the case of any DST, holding investments in Underlying Investment Funds
(and similar funds and co-investment vehicles) and, (v)
the transactions contemplated by the Acquisition Documents and
(vi) the Exchange Transactions;


 


(c) such
Trust merges into or consolidates, or permits to merge into or consolidate with it, any Person;


 


(d) such
Trust enters into any amendment or modification of any of its OrganizationalOrganization Documents
that could adversely affect the Lender, as determined in the reasonable good faith discretion of the Lender;


  


(e) such
Trust shall at any time fail to do any of the following (and, except with respect to clause (i) below as to legal existence, such
failure shall continue for a period of thirty (30) days after (y) such Trust knows or should have known of such failure or (y) such Trust
or the Borrower has received written notice thereof from such Lender):


 


(i) maintain
its legal existence and (as applicable) good standing under the Laws of the jurisdiction of its organization;


 


(ii) take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct
of its business, except to the extent that the failure to do so could not reasonably be expected to have a Trust Material Adverse Effect;




 



    19


     


    

 


(iii) pay
and discharge as the same shall become due and payable all material tax liabilities, assessments and governmental charges or levies upon
it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and
adequate reserves in accordance with GAAP are being maintained by such Trust;


 


(iv) comply
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except
in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Trust Material Adverse
Effect; or


 


(v) (A)
comply in all material respects with its obligations under the Acquisition Documents and (B) use commercially reasonable efforts to enforce
the obligations of the Sellers under the Acquisition Documents;


 


(f) such
Trust institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such Trust and the appointment continues undischarged
or unstayed for sixty calendar days; or any proceeding under any Debtor Relief Law relating to such Trust or to all or any material part
of its property is instituted without the consent of such Trust and continues undismissed or unstayed for sixty calendar days, or an order
for relief is entered in any such proceeding;


 


(g) (i)
such Trust becomes unable or admits in writing its inability or fails generally to pay its debts as they become due and payable, or (ii)
any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property
of such Trust and is not released, vacated or fully bonded within thirty days after its issue or levy;


 


(h) in
the case of any DST, such DST shall have failed to fund any capital call obligation made on such DST by any Underlying Investment Fund
in which such DST is invested within ten (10) Business Days after the date such DST receives notice that such obligation has not been
paid unless such DST is contesting the validity of such capital call in good faith based on the terms of the applicable limited partnership
agreement or limited liability company agreement; provided, that in the event such DST contests the validity of a capital call obligation
in good faith, the Borrower must provide the Lender evidence of such good faith claim with particularity with reference to the applicable
limited partnership agreement or limited liability company agreement, and provided, further, that any failure under this clause (h)
shall not be deemed continuing if such DST subsequently funds such capital call.


 


“Trust Material Adverse
Effect” means, with respect to any Trust, (a) a material adverse change in, or a material adverse effect upon, (i) the operations,
business, properties, actual liabilities, contingent liabilities that are reasonably likely to occur, or financial condition of such Trust;
(b) a material impairment of the rights and remedies of the Lender under any Loan Document; (c) a material impairment of the ability of
any DST to perform its obligations under any Loan Document; or (d) a material adverse effect upon the legality, validity, binding effect
or enforceability against any DST of any Loan Document.


 






    20


     


    

  


“ Trusts”
means, collectively, the Funding Trusts, the Collective Trusts, the LiquidTrusts and,
the DSTs and the Exchange Trusts.


 


“UCC” means
the Uniform Commercial Code as in effect from time to time in the State of New York.


 


“Underlying Fund
Contributions” means, as of any date of determination, the aggregate absolute value of all cash contributed by the DSTs (or,
as applicable, the Sellers) to each Underlying Investment Fund during the period from the most recent Monthly Measurement Date for which
net asset value information has been provided by the Borrower until such date.


 


“Underlying Fund
Distributions” means the aggregate absolute value of all cash distributed by each Underlying Investment Fund to the DSTs (or,
as applicable, the Sellers) during the period from the most recent Monthly Measurement Date for which net asset value information has
been provided by the Borrower until such date.


 


“Underlying Investment
Fund” means a fund or co-investment vehicle set forth on Schedule 1.01B hereto in which any DST has an interest, as such
schedule may be updated from time to time upon written notice by the Borrower to the Lender and approval in writing by the Lender.


 


“Underlying Investment
Fund Report” means a certificate substantially in the form of Exhibit A.


 


“United States”
and “U.S.” mean the United States of America.


 


“Upfront Fee”
has the meaning specified in Section 2.07 hereof.


 


“Upfront Fee Rate”
means 1.00%.


 


“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code.


 


“U.S. Tax Compliance
Certificate” has the meaning specified in Section 3.01(d)(ii) hereof.


 


“Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.


 






    21


     


    

 


1.02 Other
Interpretive Provisions.


 


With reference to this Agreement
and each other Loan Document, unless otherwise specified herein or in such other Loan Document:




 


(a) The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed
as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “hereto”, “herein,” “hereof” and “hereunder,” and words
of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular
provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law
shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to
any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time
to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all assets and properties, tangible and intangible, real and personal, including cash, securities, accounts
and contract rights.


 


(b) In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”


 


(c) Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.


 


1.03 Accounting
Terms.


 


(a) Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, except as otherwise specifically prescribed herein.


 


(b) Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrower or the Lender shall so request, the Lender and the Borrower shall negotiate in good faith to amend such
ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended,
(i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide to the Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.


 


1.04 Rounding.


 


Any financial ratios required
to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or
down to the nearest number (with a rounding-up if there is no nearest number).


 


1.05 Times
of Day.


 


Unless otherwise specified,
all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).


 






    22


     


    

 


1.06 Divisions.


 


For all purposes under this
Agreement, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s
laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person
comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders
of its capital stock or similar equity interests at such time.


 


1.07 Interest
Rates; LIBOR Notification.


 


The interest rate on a Loan
denominated in U.S. Dollars may be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory
reform. Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and,
as a result, such interest rate benchmarks may cease to comply with applicable Laws, may be permanently discontinued, and/or the basis
on which they are calculated may change. The London interbank offered rate is intended to represent the rate at which contributing banks
may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced
that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administration, the “IBA”) for purposes of the IBA setting the London interbank
offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may
no longer be deemed an appropriate reference rate upon which to determine the interest rate on LIBOR Loans. In light of this eventuality,
public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place
of the London interbank offered rate.


 


1.08 Amendment
and Restatement of the Existing Credit Agreement.


 


The terms and provisions of
the Existing Credit Agreement shall be deemed to be, and hereby are, amended, superseded and restated in their entirety, with effect as
of the Second Amendment and Restatement Date, by the terms and provisions of this Agreement.  This Agreement is not intended to be,
and shall not constitute, a novation.  All Loans made, and Obligations incurred, under the Existing Credit Agreement which are outstanding
on the Second Amendment and Restatement Date shall continue as the Loan and Obligations, respectively, under (and shall be governed by
the terms of) this Agreement and the other Loan Documents.  Without limiting the foregoing, upon the effectiveness of the amendment
and restatement contemplated hereby, (i) all references in the “Loan Documents” (as defined in the Existing Credit Agreement)
to the “Credit Agreement” and the “Loan Documents” shall be deemed to refer to this Agreement and the Loan Documents
and (ii) the “Loan” (as defined in the Existing Credit Agreement) shall be redesignated as the Loan hereunder.


 






    23


     


    

 


Article
II



THE LOAN


 


2.01 Advances.


 


Subject to the terms and conditions
set forth herein, the Lender agrees to make advances (each, an “Advance”) from time to time during the Commitment Period
to the Borrower in Dollars in an aggregate amount not to exceed at any time outstanding the amount of the Commitment. On the Closing Date,
the Lender agrees to make the Initial Advance to the Borrower in an amount equal to the Initial Advance Amount. Once any portion of the
Loan is repaid under this Agreement (including prepayments under Section 2.03), it may not be reborrowed.


 


2.02 Borrowing
of the Advances.


 


(a) Each
Advance shall be made upon the Borrower’s irrevocable written notice in the form of a Loan Notice, appropriately completed and duly
signed by a Responsible Officer and delivered to the Lender. Each such Loan Notice (other than with respect to the Initial Advance) must
be received by the Lender not later than 11:00 a.m. (New York time) two (2) Business Days prior to the requested date of any Advance.
Each Loan Notice shall be accompanied by an Underlying Investment Fund Report and shall specify (i) the requested date of the Advance
(which shall be a Business Day) and (ii) the principal amount of the Advance to be borrowed, which shall be in a principal amount of $200,000
or a whole multiple of $100,000 in excess thereof or, if less, in an amount equal to the remaining Commitment.


 


(b) Following
receipt of a Loan Notice, and upon satisfaction of the applicable conditions set forth in Section 4.03 (and, if such Advance is
the Initial Advance, Section 4.01), the Lender shall make the amount of the Advance available to the Borrower by wire transfer
of such funds to such account as shall be specified by the Borrower and reasonably acceptable to the Lender; provided, that the
parties hereto agree that the Initial Advance Amount may be made available to the Borrower in book-entry form.


 


2.03 Prepayments;
Cash Distributions.


 


(a) Voluntary
Prepayments of the Loan. The Borrower may, upon notice from the Borrower to the Lender, at any time or from time to time voluntarily
prepay the Loan in whole or in part, subject to the Prepayment Premium; provided, that (i) no Prepayment Premium shall apply to any prepayment
made from proceeds of cash distributions from Underlying Investment Funds and (ii) the aggregate Prepayment Premiums paid by the Borrower
hereunder shall not exceed an amount equal to 1.0% of the Commitment. With respect to any voluntary prepayment, (A) the Borrower’s
notice of such prepayment must (i) be received by the Lender not later than 1:00 p.m. three (3) Business Days prior to any date of prepayment
of the Loan and (ii) specify the Prepayment Premium, if any, applicable thereto; and (B) any such prepayment of the Loan (other than a
prepayment pursuant to Section 2.04) shall be in a principal amount of $2,000,000 or a whole multiple of $1,000,000 in excess thereof
(or, if less, the entire principal amount thereof then outstanding). Each such notice shall specify the date and amount of such prepayment.
The payment amount specified in such notice shall be due and payable on the date specified therein.


 


(b) Mandatory
Prepayments of the Loan.


 


(i) If
at any time after the Completion Date the LTV Percentage exceeds the Maximum LTV Percentage (a “Mandatory Prepayment Event”),
the Borrower shall prepay the Loan in an amount sufficient to reduce the LTV Percentage to the Maintenance LTV Percentage (the amount
required to so reduce the LTV Percentage shall be determined on the initial date of such excess) within ninety (90) days (or, if the LTV
Percentage exceeds 60.0%, thirty (30) days) after the occurrence of such excess; provided, that (A) within thirty (30) business
days of such Mandatory Prepayment Event, the Borrower shall submit a plan acceptable to Lender in its reasonable discretion with respect
to demands for payment under the Funding Trust Loans and Disposal by the DSTs of Equity Interests of Underlying Investment Funds and (B)
within seventy-five (75) days of such Mandatory Prepayment Event, the applicable DSTs shall have entered into purchase and sale agreements
with respect thereto with a buyer acceptable to Lender in its reasonable discretion.


 






    24


     


    

 


(ii) If
at any time prior to the expiration of the Commitment Period, the Total Outstandings exceed the Commitment, the Borrower shall prepay
the Loan in an amount sufficient to reduce the Total Outstandings to an amount less than the Commitment within fifteen (15) days after
the occurrence of such excess.


 


(iii) On
the Initial Proceeds Date, the Borrower shall prepay the Loan in an amount equal to $25,000,000 (net of any prepayment of the Loan made
pursuant to Section 2.04(a) on such date).


 


(iv)
Commencing on January 1, 2019 and calculated monthly, unless waived in writing by the Lender, the Borrower shall, with respect
to each calendar month, prepay the Loan on the Interest Payment Date following such calendar month, in an amount (not to exceed $30,000,000
for any calendar month) equal to (A) the sum of (x) the beginning of the month cash and cash equivalents balances of the Borrower and
all of its Affiliates but excluding Exempted Funding Trust Proceeds and any regulatory capital required by regulators, plus (y)
the Aggregate Cash Receipts of the Borrower for such month plus, without duplication, (z) the Aggregate Cash Receipts of each of its
Affiliates (excluding, for the avoidance of doubt and without any implication to the contrary, any Funding Trust, Collective Trust or,
LiquidTrust or Exchange Trust), less (B) $25,000,000;
provided, however, that (I) equity contributions by any party to the Borrower or any of its Affiliates shall not be included
in the Aggregate Cash Receipts of the Borrower or any of its Affiliates for purposes of this Section 2.03(b)(iv) until such equity
contributions shall be equal to or greater than $50,000,000 in the aggregate since January 1, 2019.


 


(v) The
provisions of this Section 2.03(b) shall not apply to any Exempted Funding Trust Proceeds.


 


2.04 Release
of Proceeds of Funding Trust Loans.


 


(a) The
Borrower shall cause all proceeds of the Funding Trust Loans to be paid to a deposit account of Borrower subject to an Account Control
Agreement.


               


(b) Upon
receipt by the Borrower, New BCC or PEN (or any other Person that is a
holder of Funding Trust Loans not in violation of this Agreement) of any proceeds of the Funding Trust Loans, the
Borrower shall applycause
(or shall cause New BCC, PEN or such other Person to cause, as applicable) an amount equal to the amount of such proceeds to
be paid as follows:


 


(i) First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts due and payable under the Loan
Documents (including fees, charges and disbursements of counsel to the Lender and amounts payable under Article III) payable to
the Lender;


 


(ii) Second,
to payment of accrued and unpaid interest on the Loan; provided, however, that the Borrower’s obligations to apply
such proceeds in accordance with this Section 2.04(b)(ii) is subject to the terms and provisions set forth in Section 2.06(b);


 






    25


     


    

 


(iii) Third,
to repayment of the outstanding principal balance of the Loan in an amount sufficient to reduce the LTV Percentage to the Release LTV
Percentage;


 


(iv)
Fourth, to payment of any other Obligations (other than interest
and principal) then due and owing;


 


(v) Fifth,
at the option of the Borrower, to an optional prepayment of the outstanding principal balance of the Loan in such amount as the Borrower
shall determine; and


 


(vi) Sixth,
(A) if the Release Conditions are satisfied, as directed by the Borrower and (B) otherwise, to repayment of the outstanding principal
balance of the Loan.


 


(c) Not
less than five (5) Business Days prior to each application of proceeds of the Funding Trust Loans pursuant to Section 2.04(a),
the Borrower shall provide the Lender with written notice of such application, together with the amount to be applied pursuant to each
clause of Section 2.04(a) and, as applicable, a calculation demonstrating compliance with the Release Conditions, in form reasonably
satisfactory to the Lender.


 


2.05 Repayment
of the Loan.


 


The
Borrower shall, until such time as all outstanding Obligations (other than Unasserted Obligations (as defined in the Subordination
Agreement)) shall have been paid in full, repay to the Lender the outstanding unpaid principal balance of the Loan in equal
instalments of $5,000,000 on each of September 10, 2021, December 10, 2021 and March 10, 2022. For avoidance of doubt, except as
otherwise as set forth in the immediately succeeding sentence, accrued interest on any such installment shall not become due and
payable at such time, and shall instead be payable in accordance with Section 2.06 hereof. Notwithstanding the foregoing, if
on any date on which an installment of principal is required to be paid pursuant to the first sentence of this Section 2.05,
less than $25,000,0005,000,000 of
the principal balance of the Loan remains outstanding and unpaid, the Borrower shall pay the following obligations (if any) in the
following order until either the sum paid on such date equals $25,000,0005,000,000 or
all outstanding Obligations (other than Unasserted Obligations (as defined in the Subordination Agreement)) have been paid in full:
(A) outstanding unpaid principal of the Loan, (B) accrued and unpaid interest on the Loan and (C) all other outstanding Obligations
(other than Unasserted Obligations (as defined in the Subordination Agreement)). The outstanding unpaid principal balance of the
Loan and all accrued and unpaid interest on the Loan shall be due and payable on the Scheduled Maturity Date. If all of the
outstanding principal balance of the Loan and accrued interest on the Loan are fully repaid on any date, this Agreement shall
terminate as of such date. Any repayment or prepayment of the Loan that is allocated to the principal amount of the Loan shall
reduce the Commitment of the Lender on a dollar for dollar basis. On each Scheduled Maturity Date prior to the Final Maturity Date, the Borrower
shall provide written notice (an “ Extension Notice”) to the Lender not less than fifteen (15) Business Days
prior to such Scheduled Maturity Date of the upcoming Scheduled Maturity Date, and, subject to lender’ s confirmation of
receipt of such notice, such Scheduled Maturity Date shall be extended by one additional calendar year, unless the Lender shall, in
its sole and absolute discretion, have delivered written notice declining such Extension Notice not less than ten (10) Business Days
prior to such Scheduled Maturity Date. If the Borrower fails to provide such Extension Notice (or fails to provide it not less than
fifteen (15) Business Days prior to such Scheduled Maturity Date), then the Lender shall have the right to deliver a written notice
declining any further extension (a “ Non-Renewal Notice”) at any time prior to thirty (30) calendar days after
the Scheduled Maturity Date, and effective upon the delivery of such Non-Renewal Notice, (i) if delivered prior to the applicable
Scheduled Maturity Date, then no extension shall occur on the applicable Scheduled Maturity Date and such Scheduled Maturity Date
shall constitute the Final Maturity Date, or (ii) if delivered after the applicable Scheduled Maturity Date, the date occurring two
Business Days following the date of such Non-Renewal Notice shall constitute the Final Maturity Date. If no Extension Notice or
Non-Renewal Notice is delivered, the Scheduled Maturity Date shall be extended by one additional calendar year.


 






    26


     


    

 


2.06 Interest.


 


(a) Accrued
Interest. The Loan shall bear interest on the outstanding principal amount thereof at the interest rate set out in the definition
of Accrued Interest.


 


(b) Interest
Payment Dates. Interest accrued on the Loan during each Interest Period shall be due and payable in cash on the following Interest
Payment Date.


 


(b) Interest
Payment Dates. Interest accrued on the Loan during each Interest Period shall be due and payable in cash on the following
Interest Payment Date; provided, that on each Interest
Payment Date occurring prior to the Completion Date, all accrued interest shall be deemed paid in kind on such Interest Payment Date
and shall be added to and become part of the outstanding principal amount of the Loan. The second Interest Payment Date to occur
after the Completion Date shall occur on or before June 30, 2019, on which date all interest accrued on the Loan from December 16,
2018 through the last Interest Payment Date will be due and payable..


 


2.07 Upfront
Fee.


 


The Borrower shall pay to
the Lender an upfront fee (the “Upfront Fee”) equal to the product of (i) the Upfront Fee Rate times (ii) the Commitment
as of the Closing Date. The entire amount of the Upfront Fee shall be fully earned as of the Closing Date and shall be due and payable
in full in cash in immediately available funds on the earlier of (x) the Completion Date and (y) payment in full of the outstanding principal
balance of the Loan; provided, that, at the option of the Borrower, the Upfront Fee may be deemed paid in kind on the Completion
Date and added to the outstanding principal amount of the Loan. The Upfront Fee shall not be refundable under any circumstances and shall
not be subject to any counterclaim, setoff or other impairment of right or rescission or turnover.


 


2.08 Computation
of Interest and Fees.


 


All computations of fees and
interest shall be made on the basis of a 360-day year and actual days elapsed, except that interest computed by reference to the Alternate
Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366
days in a leap year). Subject to subject to Section 2.10(a), interest shall accrue on the Loan for the day on which the Loan is
made, and shall not accrue on the Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any
portion of the Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one
day. Each determination by the Lender of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.


 


2.09 Evidence
of Debt.


 


The Loan shall be evidenced
by one or more accounts or records maintained by the Lender in the ordinary course of business. The accounts or records maintained by
the Lender shall be conclusive absent manifest error of the amount of the Loan advanced by the Lender to the Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of
the Borrower hereunder to pay any amount owing with respect to the Obligations. Upon the reasonable request of the Lender, the Borrower
shall execute and deliver to the Lender a promissory note in form and substance reasonably acceptable to the Lender (a “Note”),
which shall evidence the Loan in addition to such accounts or records. The Lender may attach schedules to its Note and endorse thereon
the date, amount and maturity of the Loan and payments with respect thereto.


 






    27


     


    

 


2.10 Payments
Generally.


 


(a) General.
All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Lender
at such account as the Lender shall specify to the Borrower in Dollars and in immediately available funds not later than 2:00 p.m. on
the date specified herein. All payments received by the Lender after 2:00 p.m. shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other
than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be.


 


(b) Funding
Source. Nothing herein shall be deemed to obligate the Lender to obtain the funds for the Loan in any particular place or manner or
to constitute a representation by the Lender that it has obtained or will obtain the funds for the Loan in any particular place or manner.


 


Article
III



TAXES, YIELD PROTECTION AND ILLEGALITY


 


3.01 Taxes.


 


(a) Payments
Free of Taxes.


 


(i) Any
and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by Law. If any Law (as determined in the good faith discretion of the Borrower) requires the deduction
or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Law and, if such Tax
is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient
receives an amount equal to the sum it would have received had no such deduction or withholding been made.


 


(b) Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable
Law any Other Taxes.


 


(c) Tax
Indemnifications. The Borrower shall indemnify each Recipient, within ten days after demand therefor, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower shall be conclusive absent manifest error.


 


(d) Status
of Lender.


 


(i) If
the Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document it shall
deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation
reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, the Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable Law
or reasonably requested by the Borrower as will enable the Borrower to determine whether or not the Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Section 3.01(d)(ii)(A), 3.01(d)(ii)(B)
and 3.01(d)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of
the Lender.


 






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(ii) Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,


 


(A) any
Lender that is a U.S. Person shall deliver to the Borrower on or prior to the date on which such Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding tax;


 


(B) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested
by the Borrower) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower), whichever of the following is applicable:


 


(1) in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments
of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments
under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty;


 


(2) executed
originals of IRS Form W-8ECI;


 


(3) in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue
Code, (x) a certificate substantially in the form of Exhibit B-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within
the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section
881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form
W-8BEN; or


 


(4) to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2 or Exhibit B-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may
provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-4 on behalf of each such direct and indirect partner;


 






    29


     


    

 


(C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested
by the Borrower) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower), executed originals of any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or to determine the withholding or deduction required to be made; and


 


(D) if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower at the time or times prescribed by law and at such time
or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.


 


(iii) Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.


 


(e) Treatment
of Certain Refunds. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant
to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section 3.01 with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund); provided that upon the request of the Recipient, Borrower agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Borrower pursuant to
this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed
to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential)
to the Borrower or any other Person.


 


(f) Survival.
Each party’s obligations under this Section 3.01 shall survive any assignment of rights by, or the replacement of, the Lender
and the repayment, satisfaction or discharge of all other Obligations.


 


(g) FATCA.
For purposes of this Section 3.01, the term “Laws” includes FATCA.




 






    30


     


    

 


3.02 [Reserved].


 


3.03 [Reserved].


 


3.04 Increased
Costs.


 


(a) Increased
Costs Generally. If any Change in Law shall:


 


(i) impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, the Lender (except any reserve requirement reflected in the One
Month Adjusted LIBOR);


 


(ii) subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded
Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or


 


(iii) impose
on the Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or the Loan;


 


and the result of any of the foregoing shall be
to increase the cost to the Lender of making or maintaining the Loan to the extent the interest thereon is determined by reference to
LIBOR, or to increase the cost to the Lender, or to reduce the amount of any sum received or receivable by the Lender (whether of principal,
interest or any other amount) then, upon request of the Lender, the Borrower will, upon delivery of a certificate as set forth in Section
3.04(c), pay to the Lender such additional amount or amounts as will compensate the Lender, for such additional costs incurred or
reduction suffered.


 


(b) Capital
Requirements. If the Lender determines that any Change in Law affecting the Lender or any Lending Office of the Lender or the Lender’s
holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the
Lender’s capital or on the capital of the Lender’s holding company, if any, as a consequence of this Agreement, the Commitment
or the Loan, to a level below that which the Lender or the Lender’s holding company could have achieved but for such Change in Law
(taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital
adequacy and liquidity), then from time to time the Borrower will (so long as the Lender makes a similar determination in similar transactions)
pay to the Lender upon delivery of a certificate as set forth in Section 3.04(c) below, such additional amount or amounts as will
compensate the Lender or the Lender’s holding company for any such reduction suffered.


 


(c) Certificates
for Reimbursement. A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding
company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent
manifest error. The Borrower shall pay the Lender, the amount shown as due on any such certificate within ten days after receipt thereof.


 






    31


     


    

 


(d) Delay
in Requests. Failure or delay on the part of the Lender to demand compensation pursuant to the foregoing provisions of this Section
shall not constitute a waiver of the Lender’s right to demand such compensation; provided that the Borrower shall not be required
to compensate the Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered
more than nine months prior to the date that the Lender, notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions and of the Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof).


 


3.05 Mitigation
of Obligations.


 


If the Lender requests compensation
under Section 3.04, or the Borrower is required to pay any Indemnified Taxes or additional amounts to the Lender or any Governmental
Authority for the account of the Lender pursuant to Section 3.01, or if the Lender gives a notice pursuant to clause (c)(iv)
of the definition of Accrued Interest, then at the request of the Borrower, the Lender shall use reasonable efforts to designate a different
Lending Office for funding or booking the Loan hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of the Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to clause
(c)(iv) of the definition of Accrued Interest, as applicable, and (ii) in each case, would not subject the Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to the Lender. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by the Lender in connection with any such designation or assignment.


 


3.06 Survival.


 


All of the Borrower’s
obligations under this Article III shall survive termination of the Commitment and repayment of the Obligations.


 


Article
IV



CONDITIONS PRECEDENT TO BORROWINGS


 


4.01 Conditions
to Effectiveness of the Original Credit Agreement.


 


The Original Credit Agreement
shall be effective upon, and the obligation of the Lender to make the Loan on the Closing Date shall be subject to, satisfaction or waiver
of the following conditions precedent in each case in a manner reasonably satisfactory to the Lender:


 


(a) Loan
Documents. Receipt by the Lender of executed counterparts of the Original Credit Agreement and the other Loan Documents (as in effect
on the Closing Date).


 


(b) Opinions
of Counsel. Receipt by the Lender of favorable opinions of legal counsel to BCC, the
Borrower, Holdings and the DSTs, addressed to the Lender, dated as of the Closing
Date.


  


(c) Organization
Documents, Resolutions, Etc. Receipt by the Lender of the following:


  


(i) copies of the Organization Documents of BCC, the Borrower,
Holdings and each Trust certified to be true and complete as of a recent date by the appropriate Governmental Authority
of the state or other jurisdiction of its incorporation or organization, where applicable, and certified to be true and correct as of
the Closing Date;


 






    32


     


    

 


(ii) such
certificates of resolutions or other action, incumbency certificates and/or other certificates as the Lender may require; and


 


(iii) such documents and certifications as the Lender may require to evidence that BCC,
the Borrower, Holdings and each Collective Trust is validly existing, in good standing
and qualified to engage in business in its state of organization or formation.


 


(d) Collateral.
Receipt by the Lender of the following:


 


(i) searches
of Uniform Commercial Code filings in such jurisdictions and with respect to such Persons as reasonably deemed appropriate by the Lender;
and


 


(ii) UCC
financing statements for each appropriate jurisdiction as is necessary, in the Lender’s discretion, to perfect the Lender’s
security interest in the Collateral.


 


(e) Acquisition
Documents. Receipt by the Lender of copies of the Acquisition Documents certified to be true and correct as of the Closing Date.


 


(f) Acquisition.
The Transaction Closing (as defined in the Transaction Agreement) shall have occurred or shall occur substantially contemporaneously with
the funding of the Loan hereunder.


 


(g) Fees.
Receipt by the Lender of any fees set forth herein that are required to be paid on or before the Closing Date.


 


4.02 Conditions
to Effectiveness of the Second Amended and Restated Credit Agreement.


 


This Agreement shall be effective
upon satisfaction or waiver of the following conditions precedent in each case in a manner reasonably satisfactory to the Lender:


 


(a) Loan
Documents. Receipt by the Lender of executed counterparts of this Agreement, the Subordination Agreement and the other Loan Documents.


 


(b)  Opinions of Counsel. Receipt by the Lender of favorable opinions of legal counsel to BCC,
the Borrower, Holdings and the DSTs, addressed to the Lender, dated as of the Second
Amendment and Restatement Date.


  


(c) Organization
Documents, Resolutions, Etc. Receipt by the Lender of the following:


 


(i) copies of the Organization Documents of BCC, the Borrower,
Holdings and each DST certified to be true and complete as of a recent date by the appropriate Governmental Authority
of the state or other jurisdiction of its incorporation or organization, where applicable, and certified to be true and correct as of
the Second Amendment and Restatement Date;


  


(ii) such
certificates of resolutions or other action, incumbency certificates and/or other certificates as the Lender may require with respect
to BCC, the Borrower, Holdings,
and each DST; and


  






    33


     


    

 


(iii) such documents and certifications as the Lender may require to evidence that the Borrower,
Holdings and each DST is validly existing, in good standing and qualified to engage in business in its state of organization
or formation.


 


(d) Fees.
Receipt by the Lender of any additional fees and expenses set forth herein that are required to be paid on or before the Second Amendment
and Restatement Date.


 


(e) Purchase Option. Receipt by the Lender of an option agreement in form and substance satisfactory to the Lender, granting
HCLP Nominees, L.L.C. the right to make a capital contribution of up to $152,000,000 to Holdings (as
defined in this Agreement as in effect on the Second Amendment and Restatement Date) in exchange for a capital account designated
as NPC-A with respect to such capital contribution and, in connection therewith, be admitted as a limited partner in Holdings (as
defined in this Agreement as in effect on the Second Amendment and Restatement Date).


  


(f) Fifth Amended and Restated Limited Partnership Agreement. Receipt by the Lender of an executed fifth amended and
restated limited partnership agreement of Holdings (as defined in this Agreement
as in effect on the Second Amendment and Restatement Date).


 


(g)
Unit Purchase Agreement. Receipt by the Lender of a Preferred Series C Unit Purchase Agreement among GWG, Holdings (as
defined in this Agreement as in effect on the Second Amendment and Restatement Date) and Parent.


 


(h)
Put Right Agreement. Receipt by the Lender of an executed copy of that certain Put Right Agreement, among Beneficient
Holdings, Inc.BHI, Parent and Holdings (as
defined in this Agreement as in effect on the Second Amendment and Restatement Date), relating to put rights granted to Beneficient
Holdings, Inc.BHI employees in respect of certain
tax liabilities incurred in connection with the receipt of NPC-As from Beneficient Holdings, IncBHI.


 


4.03 Conditions
to Each Advance.


 


The obligation of the Lender
to honor any request for an Advance is subject to the satisfaction or waiver of the following conditions precedent as of the date of such
Advance:


 


(a) 
Representations and Warranties. The representations and warranties of the Borrower, HoldingsNew
BCC (if any) and each DST contained in the Loan Documents, or which are contained in any document furnished at any time under
or in connection herewith or therewith, shall be true and correct in all material respects on and as of such date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date.


 


(b) No
Default. No Default shall exist or would result as a consequence of the making of such Advance or the subsequent application by the
Borrower of the proceeds thereof.


 


(c) Loan
Notice. The Lender shall have received a Loan Notice and an Underlying Investment Fund Report in accordance with the requirements
hereof.


 


(d) Commitment.
The Commitment Period has not expired and such Advance does not exceed the Available Amount.


 






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(e) LTV
Percentage. Immediately after giving effect to such Advance, the LTV Percentage shall be less than the Maintenance LTV Percentage.


 


Each Loan Notice submitted
by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Section 4.03 have been satisfied
on and as of the date of the applicable Advance.


 


Article
V



REPRESENTATIONS AND WARRANTIES


 


The Borrower represents and
warrants to the Lender that:


 


5.01 Existence,
Qualification and Power.


 


It (a) is (i) duly organized
or formed, validly existing and, (ii) in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has
all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease
its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party,
and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to
in clauses (a)(ii), (b)(i) or (c), to the extent that failure to do so, individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect.


 


5.02 Authorization;
No Contravention.


 


The execution, delivery and
performance by the Borrower of each Loan Document to which it is party has been duly authorized by all necessary corporate or other organizational
action, and does not (a) contravene the terms of any of its Organization Documents; (b) conflict with or result in any breach or contravention
of, or the creation of any Lien (other than any Lien created pursuant to the Loan Documents) under, or require any payment to be made
under (i) any material Contractual Obligation to which it is a party or affecting it or its properties or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which it or its property is subject; or (c) violate any material
Law.


 


5.03 Governmental
Authorization; Other Consents.


 


No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required
in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement or any other Loan
Document to which it is a party other than (i) those that have been obtained and are in full force and effect and (ii) filings to perfect
the Liens created by the Collateral Documents.


 


5.04 Binding
Effect.


 


Each Loan Document to which
it is party has been duly executed and delivered by the Borrower. Each Loan Document to which it is party constitutes a legal, valid and
binding obligation of the Borrower, enforceable against it in accordance with its terms except as enforceability may be limited by bankruptcy,
insolvency and other Laws affecting creditors’ rights generally and by general principles of equity, regardless of whether considered
in a proceeding in equity or law.


 






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5.05 Financial
Statements; No Material Adverse Effect.


 


(a) The Borrower BCC
has heretofore furnished to the Lender its consolidated pro forma balance sheet and statements of income, shareholders’ equity and
cash flows as of and for the fiscal year ended December 31, 2016. Such financial statements present fairly, in all material respects,
the pro forma financial position and results of operations and cash flows of the Borrower
BCC and its subsidiaries, as of such date and for such period in
accordance with GAAP.


  


(b) Since
December 31, 2016, there has been no event or circumstance that has had or could reasonably be expected to have a Material Adverse Effect.


 


5.06 Litigation.


 


There are no actions, suits,
proceedings, claims or disputes before any Governmental Authority (i) pending or, to the knowledge of the Responsible Officers after due
inquiry, threatened in writing, at Law, in equity or in arbitration, by or against the Borrower that (a) purport to affect or pertain
to this Agreement or any other Loan Document or any of the transactions contemplated hereby or (b) either individually or in the aggregate,
there is a reasonable possibility of an adverse determination and if determined adversely, could reasonably be expected to have a Material
Adverse Effect or (ii) pending at Law, in equity or in arbitration that purport to affect or pertain to or relate in any way to the Beneficient
Transactions and, either individually or in the aggregate, there is a reasonable possibility of an adverse determination and if determined
adversely, could reasonably be expected to have a Material Adverse Effect.


 


5.07 No
Default.


 


The Borrower is not in default
under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Loan Document.


 


5.08 Ownership
of Property; Liens.


 


The Borrower has good and
indefeasible title to its respective Collateral and such Collateral is not subject to any Liens other than Permitted Liens.


 


5.09 Taxes.


 


The Borrower has filed all
federal, material state and other tax returns and reports required to be filed, and have paid all federal, state and other taxes, assessments,
fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been
provided in accordance with GAAP. There is no proposed tax assessment against the Borrower that could reasonably be expected to, if made,
have a Material Adverse Effect. The Borrower is not a party to any tax sharing agreement.


 






    36


     


    

 


5.10 ERISA
Compliance.


 


No ERISA Event has occurred
or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected
to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations
under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the
date of the most recent financial statements reflecting such amounts, exceed by more than the Threshold Amount the fair market value of
the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions
used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than the Threshold Amount the fair market value of the assets of all such underfunded Plans.


 


5.11 Margin
Regulations; Investment Company Act.


 


(a) The
Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the Board), or extending credit for the purpose of purchasing or carrying margin
stock.


 


(b) No
part of the proceeds of the Loan will be used by the Borrower directly or indirectly (i) for the purpose of, whether immediately, incidentally
or ultimately, purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board) or (ii) for any other purpose
that would entail a violation of or that would be inconsistent with the provisions of the regulations of the Board (including regulations
T, U or X).


 


(c) The
Borrower is not required to register as an “investment company” or as a Person controlled by a “person” required
to register as an “investment company”, in each case as such terms are defined in the Investment Company Act of 1940.


 


5.12 Disclosure.


 


The Borrower has disclosed
to the Lender all agreements, instruments and corporate or other restrictions to which it is subject, and all other matters known to it,
that could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other written
information furnished by or on behalf of the Borrower to the Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information
so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading in any material respect as of such date furnished or certified;
provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time it being understood that such projections may vary from actual results
and that such variances may be material.


 


5.13 Compliance
with Laws.


 


The Borrower is in compliance
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such
instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.


 


5.14 Solvency.


 


The Borrower is Solvent.


 






    37


     


    

 


5.15 Anti-Corruption
Laws and Sanctions.


 


The Borrower has implemented
and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective
officers and employees and to the knowledge of the Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and
applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary, any Trust or any of their respective directors,
officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower, any Subsidiary or any Trust that will act in
any capacity in connection with the credit facility established hereby, is a Sanctioned Person. None of the Loan, the use of proceeds
thereof and the transactions directly or indirectly by the Borrower contemplated by this Agreement will violate Anti-Corruption Laws or
applicable Sanctions.


 


5.16 Second
Lien Loan Documents.


 


As of the Second Amendment
and Restatement Date, the Borrower has delivered to the Lender true and correct copies of the Second Lien Loan Documents. The Second Lien
Loan Documents are in full force and effect as of the Second Amendment and Restatement Date and have not been terminated, rescinded or
withdrawn as of such date. The execution, delivery and performance of the Second Lien Loan Documents by the Borrower does not and will
not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other
than consents or approvals that have been obtained and that are still in full force and effect.


 


Article
VI



AFFIRMATIVE COVENANTS


 


So long as the Lender shall
have any Commitment hereunder, or the Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall:


 


6.01 Financial
Statements.


 


Upon the written request of
the Lender, the Borrower will use commercially reasonable efforts to deliver to the Lender, in form and detail satisfactory to the Lender:


 


(a) within
180 days after the end of each fiscal year of each of the Parent and
the Borrower, its consolidated balance sheet and related statements of operations, shareholders’ equity and
cash flows as of the end of and for such year, (i) with respect to the fiscal year ending December 31, 2019, such financial
statements will be reported on by independent public accountants of recognized national standing (without a “ going
concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the
effect that such consolidated financial statements present fairly in all material respects the financial condition and results of
operations of such Person and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied and
(ii) with respect to each fiscal year thereafter, such financial statements will include consolidating financial statements for the
most recent period and such financial statements will be reported on by independent public accountants of recognized national
standing (without a “ going concern” or like qualification or exception and without any qualification or exception as to
the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of such Person and its consolidated subsidiaries on a consolidated basis in accordance
with GAAP consistently applied; and


 






    38


     


    

 


(b)  within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of each
of the Parent and the Borrower , its consolidated balance sheet and related
statements of operations, shareholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of such fiscal year for each of the first three quarters of each fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year,
all certified by a Responsible Officer as presenting fairly in all material respects the financial condition and results of operations
of such Person and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes; provided, however, that Holdingsthe
Parent and the Borrower shall not be required to deliver such balance sheets and reports for the second fiscal quarter of 2019.


  


6.02 Certificates;
Other Information.


 


Upon the written request of
the Lender, the Borrower will use commercially reasonable efforts to deliver (or cause to be delivered) to the Lender, in form and detail
satisfactory to the Lender:


 


(a)  within
forty-five (45) days after the end of each fiscal quarter of each of the Parent and
the Borrower, an Underlying Investment Fund Report as of the end of such fiscal quarter, including a calculation of
the Collateral Value as of the date of such report;


 


(b) each
of the following documents with respect to the Underlying Investment Funds, in each case, to the extent provided to any DST: (i) any written
amendment, supplement or other modification to the limited liability company or limited partnership agreement of each Underlying Investment
Fund delivered as of the Closing Date, (ii) any written amendment, supplement or other modification to the subscription agreements delivered
pursuant to Section 4.01(f) as of the Closing Date, if any, (iii) side letters which the relevant Underlying Investment Fund has
entered into with the applicable DST and (iv) such other documents as may be reasonably requested by the Lender from time to time (subject,
in each case, to any necessary confidentiality undertakings); and


 


(c) promptly, such additional information regarding the business or corporate affairs or financial condition of the Borrower,
HoldingsNew BCC
or the Trusts or compliance with the terms of the Loan Documents, as the Lender may from time to time reasonably request.


 


6.03 Notices.


 


Promptly notify the Lender
of:


 


(a) the
occurrence of any Default;


 


(b) any
claim made or asserted against the Collateral (other than by the Lender under the Loan Documents);


 


(c) any
filing or commencement of or, to its knowledge, any written threat or notice of intention of any Person to file or commence any material
action, suit, proceeding whether at law or equity by or before any Governmental Authority against or affecting the Borrower that if adversely
determined could reasonably be expected to have a Material Adverse Effect;


 






    39


     


    

 


(d) any
matter that has resulted or could reasonably be expected to result in a Material Adverse Effect; and


 


(e) the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding the Threshold Amount.


 


Each notice pursuant to this
Section 6.03 shall be accompanied by a statement of a Responsible Officer setting forth reasonable details of the occurrence referred
to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section
6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have or may have
been breached.


 


6.04 Payment
of Taxes.


 


Pay and discharge as the same
shall become due and payable all material tax liabilities, assessments and governmental charges or levies upon it or its properties or
assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Borrower.


 


6.05 Preservation
of Existence, Etc.


 


(a) Preserve,
renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization.


 


(b) Take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct
of its business, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect.


 


6.06 Maintenance
of Properties.


 


Maintain, preserve and protect
all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted.


 


6.07 Compliance
with Laws.


 


Comply with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. The Borrower will
maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.


 


6.08 Books
and Records.


 


(a) Maintain
proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made
of all material financial transactions and matters involving the assets and business of the Borrower.


 






    40


     


    

 


(b) Maintain
such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over the Borrower.


 


6.09 Inspection
Rights.


 


Upon five (5) Business Days
prior written notice and only once in any fiscal year, permit representatives and independent contractors of the Lender to visit and inspect
any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and
to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of
the Borrower and at reasonable times during normal business hours; provided, however, that when an Event of Default has
occurred and is continuing the Lender (or any of its representatives or independent contractors) (i) may do any of the foregoing at the
expense of the Borrower at any time during normal business hours and without advance notice and (ii) without limiting the inspection rights
under this Section 6.09 shall be authorized to request and receive the valuations of the Underlying Investment Funds and the Borrower
will provide, or cause to be provided, such valuations.


 


6.10 Use
of Proceeds.


 


Use the proceeds of the Advances
to repay existing indebtedness and for other general corporate purposes of the Borrower.


 


6.11 Security
Interests; Further Assurances.


 


Execute and deliver any and
all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and
recording of financing statements and other documents), that may be required under any applicable Law, or that the Lender may reasonably
request, in order to perfect and to maintain the perfection and priority of the security interest of the Lender in the Borrower’s
right, title and interest in the Collateral granted pursuant to the Security Documents, all at the Borrower’s expense.


 
6.12
GWG Assumption.[Reserved.]


 


At any
time within the six (6) month period after issuance of the Official Order from the Texas Banking Commissioner approving the Texas state
trust company charter of BCC, the Lender shall have the r ight to send written notice to the Borrower electing to proceed with the GWG
Assumption (as defined below) (the date of receipt of such notice by the Borrower, the “ Assumption Election
Date” ) (provided, that if the Borrower shall not have received such
notice from the Lender by the last day of such six (6) month period, such notice shall be deemed to have been received by the Borrower
from the Lender on such date and such date shall be the “ Assumption Election Date” ), and promptly (and in any event within
thirty (30) days) after the Assumption Election Date (the “ GWG Assumption Deadline”
), the Borrower, the Lender, GWG, GWG Life, Parent solely with respect to clauses (i), (j) and (k) below and the Equity Owner solely
with respect to clauses (b), (f)  and (g) below
agree to execute, deliver, file, authorize, carry out or satisfy (or, with respect to the Borrower, GWG and GWG Life, cause their respective
Subsidiaries and Affiliates (provided, that for purposes hereof GWG and its Subsidiaries shall
not be considered Affiliates of the Borrower, and provided further , that for
purposes hereof GWG Borrower, Alternative GWG Borrower, the Equity Owner and GWG Life USA, LLC, as applicable, shall be considered Affiliates
of GWG and GWG Life) to execute, deliver, file, authorize, carry out or satisfy) each of the following, as applicable:


 


(a) 
the Borrower, GWG Borrower (or the Alternative GWG Borrower, if applicable), the Lender, GWG Trust (solely to the extent it holds
life insurance policies constituting GWG Collateral) and each other party thereto shall execute and deliver a third amended and restated
credit agreement in the form attached hereto as Exhibit D-1 (with such modifications thereto as each of GWG,
the Borrower and the Lender may accept in their reasonable discretion) (after giving effect to any such
modifications, as in effect on the date of execution thereof, the “ Third A&R
Credit Agreement” ), and such third amended and restated credit agreement shall provide for, among other things,
the Borrower to assign to GWG Borrower, and GWG Borrower (or any other Affiliate of GWG in place of GWG Borrower solely to the extent
that GWG requests and the Lender agrees in writing to such substitution (such Affiliate, the “ Alternative
GWG Borrower” )) to assume, all of the Obligations and the other r ights and obligations of the Borrower,
including, for avoidance of doubt, for GWG Borrower (or such Alternative GWG Borrower, if applicable) to become the borrower under such
third amended and restated credit agreement,


 






    41


     


    

 


(b)
the Lender shall execute and deliver to the Second Lien Lender (and the GWG Borrower (or the Alternative GWG
Borrower, if applicable) and Equity Owner will acknowledge) a fourth amended and restated subordination and intercreditor agreement in
the form attached hereto as Exhibit D-2 (with such modifications thereto as each of the Lender and the
Second Lien Lender may approve (with the approval of the GWG Borrower (or the Alternative GWG Borrower,
if applicable) or the Equity Owner, as applicable, in respect of modifications materially adverse to such GWG Borrower (or Alternative
GWG Borrower, if applicable) or Equity Owner),


 


(c) 
GWG Borrower (or the Alternative GWG Borrower, if applicable) shall execute and deliver to the Lender a security and pledge agreement
in the form attached hereto as Exhibit D-3 (with such modifications thereto as each of GWG and the Lender may accept in their reasonable
discretion) and shall execute (as applicable) and deliver all further documents, financing statements (including the UCC Financing Statement
pursuant to clause (e) below), agreements and instruments as the Lender may reasonably require pursuant to such security and pledge agreement,
and shall carry out all such further actions (including the filing and recording of financing statements and other documents), and shall
have caused any other Affiliates of GWG to take all such further actions (including with respect to the transfer of title to any GWG
Collateral) that may be required (whether under any applicable Law or otherwise), or that the Lender may reasonably request, at GWG’s
(or, with respect to actions of any Affiliate of GWG, at GWG’s or such Affiliate’s) expense, in order to deliver to the Lender
a fir st priority perfected security interest in all of the GWG Collateral effective upon the GWG Assumption (subject only to such exceptions
as may be expressly permitted in the third amended and restated credit agreement referred to in clause (a) above (including any Permitted
Liens as referred to therein) and the fourth amended and restated subordination and intercreditor agreement referred to in clause (b)
above) (provided, that none of GWG, GWG Life or their Affiliates shall permit the GWG Assumption to be delayed beyond the GWG Assumption
Deadline on account of any such further documents, financing statements, agreements, instruments and actions referred to in this clause
(c) (excluding, for avoidance of doubt, the security and pledge agreement referred to in this clause (c), the UCC-1 financing statement
referred to in clause (e) below and the securities account control and custodian agreement referred to in clause (l) below)),


 


(d) 
GWG Borrower (or the Alternative GWG Borrower, if applicable) shall execute and deliver to the Lender a promissory note in the
form attached hereto as Exhibit D-4 (with such modifications thereto as each of GWG and the Lender may accept in their reasonable discretion),


 


(e) 
GWG Borrower (or the Alternative GWG Borrower, if applicable) shall file or authorize the Lender or such person as the Lender
designates to file the UCC-1 financing statements attached hereto as Exhibit D-5 (with such modifications thereto as each of GWG and
the Lender may accept in their reasonable discretion) upon the execution of the third amended and restated credit agreement referred
to in clause (a) above,


 


(f) 
the Equity Owner shall execute and deliver to the Lender a pledge and security agreement in the form attached hereto as Exhibit
D-7 (with such modifications thereto as each of GWG and the Lender may accept in their reasonable discretion),


 


(g) 
the Equity Owner shall execute and deliver to the Lender a guaranty agreement in the form attached hereto as Exhibit D-8 (with
such modifications thereto as each of GWG and the Lender may accept in their reasonable discretion),


 


(h) 
the Borrower, GWG and their Affiliates, as applicable, shall execute and/or deliver (as applicable) the items set forth on Exhibit
D-9 hereto (with such modifications to the list of items set forth in such exhibit and the requirements with respect thereto as each
of the Borrower, GWG and the Lender may accept in their reasonable discretion), and GWG and its Affiliates (other than Parent and its
Subsidiaries and the Trusts) shall satisfy each other condition precedent to the effectiveness of the third amended and restated credit
agreement referred to in clause (a) above,


 


(i) 
GWG, GWG Life, GWG Life USA, LLC the Parent and Holdings shall execute and deliver an assignment and assumption agreement in the
form attached hereto as Exhibit E (with such modifications thereto as each of GWG Life, the Borrower, the Parent and the Lender may accept
in their reasonable discretion), pursuant to which the outstanding amounts due under the Commercial Loan Agreement shall be assigned
to GWG or its designee,



 









    42


     


    




 


(j) 
GWG Life, Holdings and Parent shall execute and deliver a Side Letter relating to the exchange of the Preferred Series C Unit
Accounts, in the form attached hereto as Exhibit H (with such modifications thereto as each of GWG Life, the Lender, the Borrower and
Parent may accept in their reasonable discretion), pursuant to which Parent will issue (and GWG Life and Holdings will take all actions
that are necessary or appropriate to permit Parent to issue) Preferred Series C Unit Accounts of Holdings to GWG Life or its designee
equal to 110.0% of the Total Outstandings under this Agreement and the Total Outstandings (as defined in the Second Lien Credit Agreement)
under the Second Lien Credit Agreement (in each case, as of the date of the GWG Assumption and after giving effect to any repayments
or prepayments of any outstanding obligations on such date) (without duplication of any comparable issuance required by Section 6.12
of the Second Lien Credit Agreement) and such Preferred Series C Unit Accounts shall be validly issued in favor of GWG Life or its designee,


 


(k) 
GWG, GWG Life and the Parent shall execute and deliver an existing borrower release letter with respect to the Commercial Loan
Agreement in the form attached hereto as Exhibit F (with such modifications thereto as each of GWG Life, the Parent and the Lender may
accept in their reasonable discretion), and 


 


(l) 
GWG Borrower (or the Alternative GWG Borrower, if applicable), Lender and Wells Fargo Bank, N.A. shall execute and deliver a Securities
Account Control and Custodian Agreement in the form attached hereto as Exhibit G (with such modifications thereto as each of GWG Borrower,
the Lender and Wells Fargo Bank, N.A. may accept in their reasonable discretion).


 


(m) 
subject to completion of the items in clauses (a) through (l), substantially concurrently therewith or as promptly as practicable
thereafter, the Lender, the Borrower and any other Persons party thereto (as applicable) shall execute and deliver the release documents
attached hereto as Exhibit D-6 (clauses (a) through (m), collectively, the “ GWG Assumption”
and the documentation in clauses (a) through (m), collectively, the “ GWG Assumption Documentation”
).


 


GWG and GWG
Life hereby authorize the Lender or such Person as the Lender designates to file the UCC-1 financing statements attached hereto as Exhibit
D-5 and any other financing statements necessary to perfect the Lender’s fir st priority security interest in all of the GWG Collateral
upon the execution of the third amended and restated credit agreement referred to in clause (a) above. Following the Assumption Election
Date, Lender agrees to use commercially reasonable efforts to facilitate the execution and delivery of the GWG Assumption Documentation
and the completion of the GWG Assumption prior to the GWG Assumption Deadline and to take all further actions that the Borrower or GWG
may reasonably request in furtherance thereof. GWG, GWG Life and their Affiliates (other than Parent and its Subsidiaries and the Trusts)
shall take all such further actions that the Lender may reasonably request (and within the timeline reasonably specified in such request),
in order to prepare for the perfection and priority of the security interest of the Lender in the GWG Collateral prior to the GWG Assumption
Deadline, all at GWG’s and GWG Life’s expense; provided, that none of GWG, GWG Life
or their Affiliates shall permit the GWG Assumption to be delayed beyond the GWG Assumption Deadline on account of any such further actions.


 






Article
VII



NEGATIVE COVENANTS


 


So long as the Lender shall
have any Commitment hereunder, or the Loan or other Obligation hereunder shall remain unpaid or unsatisfied, (a) the Borrower shall not
(provided that Sections 7.11 and 7.12 shall
not be applicable to the Borrower), (b) with respect to Section 7.02, Parent,
and the Borrower,
GWG and GWG Life shall not, (c) with respect to Section 7.03, Parent and the Borrower shall not, and
(d) with respect to Section 7.10, Parent and the Borrower shall not and (e) with respect
to Sections 7.11 and 7.12, GWG and GWG Life shall not,
in each case, directly or indirectly:


 


7.01 Liens.


 


Create, incur, assume or suffer
to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:


 


(a) Liens
pursuant to any Loan Document;


 


(b) Any
Lien on any property or asset of the Borrower existing on the Closing Date and set forth in Schedule 7.01; provided that (i) such
Lien shall not apply to any other property or asset of such the Borrower unless permitted elsewhere under this Section 7.01, and
(ii) such Lien shall secure only those obligations which it secures on the Closing Date and extensions, renewals and replacements thereof
that do not increase the outstanding principal amount thereof (without giving effect to accrued interest, fees or transaction costs with
respect to such Indebtedness);


 






    43


     


    

 


(c) Permitted
Encumbrances;


 


(d) Liens
on property acquired by Borrower that were in existence at the time of the acquisition of such property and were not created in contemplation
of such acquisition;


 


(e) 
After the Completion Date, other Liens securing obligations not exceeding $10,000,000 in the aggregate; and


 


(f)
Liens granted to Second Lien Lender pursuant to the Second Lien Loan Documents.;
and


 


(g) Liens arising
under the Acquisition Documents.


 


7.02 Beneficient
Transactions.


 


Make or
agree to make, nor shall Parent, GWG or GWG Life, make or permit their respective Affiliates
to make or agree to make, any distribution or payment relating to, in satisfaction of, or in purported satisfaction of, any demand relating
to any Beneficient Transaction (including any demand made prior to a filing of any action, suit, proceeding, claim or dispute).


  


7.03 Indebtedness.


 


Create, incur, assume or suffer
to exist any Indebtedness by Parent or Borrower, except:


 


(a) Indebtedness
under the Loan Documents;


 


(b) Indebtedness
evidenced by the Second Lien Credit Agreement or the other Second Lien Loan Documents in aggregate principal amount not to exceed the
amount permitted under the Subordination Agreement, in each case so long as such Indebtedness is permitted and subject to the Subordination
Agreement;


 


(c) Indebtedness
and guarantees thereof existing on the Closing Date and set forth in Schedule 7.03 and extensions, renewals and replacements of
any such Indebtedness with Indebtedness that does not increase the outstanding principal amount thereof (without giving effect to accrued
interest, fees or transaction costs with respect to such Indebtedness);


 


(d) Indebtedness
in respect of overdrawn checks, drafts and similar instruments arising in the ordinary course of maintaining deposit accounts (if repaid
within two (2) Business Days);


 


(e) Indebtedness
arising in connection with endorsement of instruments for deposit in the ordinary course of business;


 


(f) Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability
insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business;


 


(g) Indebtedness
as an account party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided
in the ordinary course of business;


 






    44


     


    

 


(h) The
BCC Notes; and


 


(i) After
the Completion Date, other Indebtedness; provided, that the aggregate principal amount of such other Indebtedness does not exceed
$10,000,000 at any time outstanding.


 


7.04 Fundamental
Changes.


 





(a) 
(i) Merge into, consolidate with or amalgamate with (by scheme, arrangements or
otherwise) any other Person, or permit any other Person to merge into, consolidate with or amalgamate with it, orin each case, unless the Borrower is the continuing or surviving Person and the Lender consents
to such merger, consolidation or amalgamation in writing (for avoidance of doubt, such consent may be provided via email), (ii)
sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any substantial part of its
assets (whether now owned or hereafter acquired) or (iii) liquidate, wind-up or dissolve; provided,
that BCC and Beneficient Trust Company may consummate the Borrower Merger so long as (i) the Borrower Merger shall be permitted under
applicable Law, (ii) no Default shall have occurred and be continuing or shall result therefrom, (iii) as of the date of the Borrower
Merger and after giving effect thereto, the representations and warranties of the Borrower contained in the Loan Documents shall be true
and correct in all material respects on and as of such date with respect to Beneficient Trust Company (other than the representations
and warranties in Section 5.05(a) and the fir st sentence of Section 5.16, which shall be true and correct in all material respects with
respect to BCC), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they
shall be true and correct in all material respects as of such earlier date, (iv) not less than two (2) Business Days prior to the date
thereof, BCC shall have provided the Lender with copies of the documents described in Section 4.01(c) with respect to Beneficient Trust
Company, copies of the applicable merger agreement and such other documents as the Lender shall reasonably request and (v) BCC and Beneficient
Trust Company shall have taken all actions required under the Borrower Security Agreement in connection with such transaction;


 


(b) engage
in any business if, as a result, the general nature of the business in which the Borrower would then be engaged would be substantially
and adversely changed from the general nature of the business in which BCC and Beneficient Trust Company
arethe Borrower is engaged as of the Closing Date;


 


(c)
without the written consent of the Lender, enter into any amendment or modification of any of its Organization Documents that could adversely
affect the Lender, as determined in the reasonable good faith discretion of the Lender;


 


(d) change
(i) its fiscal year or (ii) its method of accounting as in effect on the Closing Date, unless prior notice is given to the Lender by the
Borrower and the Lender consents to such change (such consent not to be unreasonably withheld); or


 


(e) become
an “investment company” or a Person controlled by a “person” required to register as an “investment company”,
in each case as such terms are defined in the Investment Company Act of 1940.


 


7.05 Dispositions.


 


Except (i)
as required pursuant to the Acquisition Documents, (a) prior to the Completion Date, Dispose
of any of its property or (b) from and after the Completion Date, Dispose of ii)
as contemplated by the Consent or (iii) with the written consent of the Lender (for
avoidance of doubt, such consent may be provided via email), Dispose of  any Funding Trust Loan (or any interest under any Funding
Trust Loan Agreement) to any Person.




  


7.06 Restricted
Payments.


 


Declare
or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so unless (a)(i)
such Restricted Payment is permitted under its Organization Documents, (ii) such Restricted Payment is permitted
undernot in breach of the Subordination
Agreement and (iii) no Default has occurred and is continuing or would result from such Restricted Payment or
(b) such Restricted Payment constitutes tax distributions that are required to be made by its Organization Documents.


 






    45


     


    

 


7.07 Transactions
with Affiliates.


 


Enter into
any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair
and reasonable terms substantially as favorable to the Borrower as would be obtainable by the Borrower at the time in a comparable arm’
s length transaction with a Person other than an Affiliate, other than (i) transactions entered into prior to the Closing Date or contemplated
by the OrganizationalOrganization
Documents thereof as of the Closing Date, (ii) transactions permitted by the other provisions of this Agreement or of any other Loan Document
and (iii) transactions described in Section 6.12 or in the Master
Term Sheet and any transactions incidental or related thereto.


  


7.08 Burdensome
Agreements.


 


Enter
into, or permit to exist, any Contractual Obligation that (a) encumbers or restricts the ability of the Borrower to (i) pledge the Collateral
pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof or (ii) act as the Borrower
pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of
the matters referred to in clause (i) above) for (1) this Agreement and the other Loan Documents and (2) any Permitted Lien or any document
or instrument governing any Permitted Lien; provided, that any such restriction contained therein relates only to the asset or
assets subject to such Permitted Lien, or (b)   requires the grant of any security for
any obligation if such property is given as security for the Obligations,
other than any Permitted Lien or any document or instrument governing any Permitted Lien





 


7.09 Sanctions.


 


Use, or permit its respective
directors, officers, employees or agents to use, the proceeds of the Loan (A) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B)
for the purpose of directly or indirectly funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country to the extent such activities, businesses or transactions would be prohibited by Sanctions if conducted
by a corporation incorporated in the United States or in a European Union member state, or (C) in any manner that would result in the
violation of any Sanctions applicable to any party hereto.


 


7.10 Securities.
Issue, nor shall Parent issue or permit any of its Subsidiaries to issue, any securities that are senior to the NPC-A interests (other
than Senior NPC-A securities) or Senior NPC-A securities, other than Indebtedness permitted by Section 7.03.


  


7.11
[Reserved.]


 


7.12
[Reserved.]


 


7.11 
GWG Life Insurance Policies. Without the
written consent of the Lender, other than pursuant to clause (ii) of the proviso below, permit GWG Trust
or the GWG Borrower (or the Alternative GWG Borrower, if applicable) to sell, transfer or otherwise dispose of any portion of the GWG
Collateral Policies; provided that (i) for avoidance of doubt, the expiration or termination of any life insurance policies pursuant
to the terms thereof shall not be deemed to be a sale, transfer or other disposition thereof, and (ii) except for GWG Collateral Policies
sold, transferred or otherwise disposed of in accordance with this Section 7.11 and GWG Collateral Policies that expire or terminate
pursuant to the terms thereof, GWG and GWG Life shall cause GWG Trust to transfer all GWG Collateral Policies to the GWG Borrower (or
Alternative GWG Borrower, if applicable) (other than policies that would not cause the LTV Percentage (as defined in the Third A&R
Credit Agreement, after reducing the Collateral Value (as defined therein) for the Effective Date (as defined therein) by the fair market
value of all such non-transferred GWG Collateral Policies to exceed the Maximum LTV Percentage (as defined in the Third A&R Credit
Agreement) (provided that, on or prior to December 10, 2020, any GWG Collateral Policies with respect to which GWG Trust has submitted
a request to the issuing insurance company for the transfer to the GWG Borrower (or Alternative GWG Borrower, if applicable) to the issuing
insurance company (which request has not been modified or rescinded) shall be included in the calculation of Collateral Value (as defined
in the Third A&R Credit Agreement) for the EFfectivE Date (as defined in the Third A&R Credit Agreement) for purposes hereof
so long as the LTV Percentage (as defined in the Third A&R Credit Agreement) without the inclusion of such GWG Collateral Policies
shall not exceed, on the date of the GWG Assumption, (A) if such date is on or prior to September 10, 2020, 90% , and (B) if such date
is after September 10, 2020, but on or prior to December 10, 2020, 80% ) and shall, on or prior to August 15, 2020, submit all transfer
requests to the applicable issuing insurance companies for such transfers. Notwithstanding the foregoing, GWG Trust or the GWG Borrower
(or the Alternative GWG Borrower, if applicable) may sell all or any portion of the GWG Collateral Policies in one or a series of transactions
without the written consent of the Lender, provided, that substantially concurrent with the GWG Assumption (or at such other time as
the Lender may agree in its sole discretion), the GWG Trust or the GWG Borrower (or the Alternative GWG Borrower, if applicable) (and
not, for the avoidance of doubt, the Borrower or Holdings) shall make a prepayment of the Loan if and to the extent necessary to maintain
the LTV Percentage (as defined in the Third A&R Credit Agreement, after reducing the Collateral Value (as defined therein) for the
Effective Date (as defined therein) by the fair market value of all such sold GWG Collateral Policies) at an amount not in excess of
the Maximum LTV Percentage (as defined in the Third A&R Credit Agreement), after giving effect to such sale(s) of GWG Collateral
Policies.


 


7.12 
GWG NPC-A Interests. Without the written consent of the Lender, sell, transfer or otherwise dispose of any NPC-A interests held
by GWG as of May 15, 2020, other than any sales, transfers or other dispositions of such NPC-A interests to the GWG Borrower (or Alternative
GWG Borrower, if applicable) or the Equity Owner.


 



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Article
VIII



EVENTS OF DEFAULT AND REMEDIES


 


8.01 Events
of Default.


 


The occurrence of any of the
following shall constitute an Event of Default:


 


(a) 
Non-Payment. The Borrower or HoldingsNew
BCC fails to pay (i) when and as required to be paid by such Person
herein, any amount of the Loan, (ii) within three (3) days after the same becomes due, any interest or fee due hereunder,
or (iii) within five (5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document;


 


(b) 
Specific Covenants. The Borrower (or, with respect to Section
6.12, 7.02, 7.11 and 7.12,
GWG or GWG Life and not, for avoidance of doubt, the Second Lien Lender) fails to perform or observe any term, covenant
or agreement contained in (i) Section 6.03(a), 6.05 (as to legal existence of the Borrower) or Article VII; (ii)
Section 6.12, (iii) Section 6.01
and such failure shall continue unremedied or unwaived for fifteen (15) days after notice thereof by the Lender; or (iviii)
any of Section 6.02(a) and such failure shall continue unremedied or unwaived for five (5) Business Days after notice thereof by
the Lender.


 


(c) 
Other Defaults. The Borrower, New BCC or the
Parent or Holdings fails to perform or observe any covenant or agreement (not specified
in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure shall continue
unremedied or unwaived for thirty (30) days after the earlier of the date that the Borrower or Holdings,
as applicable, (i) knows or should have known of such breach or (ii) has received notice thereof by the Lender;


 


(d) 
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of the Borrower or HoldingsNew
BCC herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect
or misleading in any respect with respect to representations, warranties, certifications and statements of fact containing qualifications
as to materiality or incorrect or misleading in any material respect with respect to representations, warranties, certifications and statements
of facts without qualifications as to materiality when so made or deemed to be made;


 


(e) 
Cross-Default. The Borrower or Holdings (or any Affiliate thereof)
or any LiquidTrust fails to (i) make any payment of principal when due (whether by scheduled maturity, required prepayment, acceleration,
demand, or otherwise) in respect of any Material Indebtedness, the GWG Note or any Second Lien Obligations or (ii) observe or perform
any other agreement or condition relating to any Material Indebtedness, the GWG Note or any Second Lien Obligations or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event
is to cause, or to permit the holder or holders of such Material Indebtedness, the GWG Note or any Second Lien Obligations (or a trustee
or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Material Indebtedness, the GWG Note
or any Second Lien Obligations to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise),
or an offer to repurchase, prepay, defease or redeem such Material Indebtedness, the GWG Note or any Second Lien Obligations to be made,
prior to its stated maturity; provided, that this clause shall not apply to secured Indebtedness that becomes due as a result of the voluntary
sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder;



 


(f) 
 Insolvency Proceedings, Etc. The Borrower or Holdings institutes
or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed
for sixty calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its
property is instituted without the consent of such Person and continues undismissed or unstayed for sixty calendar days, or an order for
relief is entered in any such proceeding;


 


(g) 
Inability to Pay Debts; Attachment. (i) The Borrower or Holdings becomes
unable or admits in writing its inability or fails generally to pay its debts as they become due and payable, or (ii) any writ or warrant
of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person
and is not released, vacated or fully bonded within thirty days after its issue or levy;


 






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(h)  Judgments.
The Borrower cannot make the representation with respect to Section 5.06(ii); or there is entered against the Borrower or
Holdings (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such
judgments or orders) exceeding the Threshold Amount (after giving effect to any insurance proceeds covering such judgments or
orders), or (ii)  any one or more non-monetary
final judgments that have, or could reasonably be expected to have a Material Adverse Effect and, in either case, (A) enforcement
proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days
during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;


 


(i) 
Invalidity of Loan Documents. Any provision of any Loan Document to which the Borrower or HoldingsNew
BCC is a party, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder
or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect or ceases to give the Lender any
material part of the Liens purported to be created thereby; or the Borrower or HoldingsNew
BCC or any other affiliated Person contests in any manner the validity or enforceability of any provision of any such Loan
Document; or the Borrower or HoldingsNew
BCC denies that it has any or further liability or obligation under any provision of any such Loan Document, or purports to
revoke, terminate or rescind any such Loan Document;



 


(j) Lien
Defects. Any Lien created or purported to be created by any of the Loan Documents on any asset of the Borrower shall at any time fail
to constitute a valid and perfected Lien (or the equivalent thereof under applicable Laws) on any of the property purported to be subject
thereto, securing the obligations purported to be secured thereby, with the priority required by the Loan Documents, or the Borrower shall
so assert in writing except to the extent that any such failure or loss of benefit, perfection or priority results from the failure of
the Lender to file UCC financing or continuation statements;


 


(k) Change
of Control. There occurs any Change of Control;


 


(l) ERISA.
An ERISA Event shall have occurred that, in the opinion of the Lender, when taken together with all other ERISA Events that have occurred,
could reasonably be expected to result in liability of the Borrower in an aggregate amount exceeding the Threshold Amount;


 


(m) Governmental
Investigation. The occurrence of (i) any investigation or seizure made by any Governmental Authority for an actual or alleged violation
or breach of Law by the Borrower, or by any director or executive officer thereof that could reasonably be expected to have a Material
Adverse Effect or (ii) a revocation, suspension or termination of any license, permit or approval held by the Borrower or any director
or executive officer thereof that could reasonably be expected to have a Material Adverse Effect;


 


(n)
Acquisition Documents. The Borrower, Holdings, any Trust or any Affiliate
thereof shall (i) enter into, or consent to, any amendment to any Acquisition Document (A) prior to
the Completion Date, in any manner or (B) from and after the Completion Date, in any
manner adverse to the Lender (other than any amendments to
Funding Trust Loan Agreements specified on Schedule 1.01A hereto, as such schedule may be modified from time to time in accordance with
the definition of Funding Trust Loan Agreement) or (ii) fail to comply in all material respects with its obligations under
the Acquisition Documents;


 


(o) Proceeds of Underlying Investment Funds. (i) Any Trust shall fail to apply any proceeds of any Distribution from,
or Disposition of, any Equity Interests of any Underlying Investment Fund in accordance with the Organization Documents of such Trust
or (ii) any Funding Trust shall fail to apply any proceeds of any Distribution from, or Disposition of, any Equity Interests of any Underlying
Investment Fund received by such Funding Trust (indirectly through distributions from the applicable Trusts) to payment of amounts owing
to the Borrower pursuant to its respective Funding Trust Loan Agreement; or


 






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(p) Any
revenues, monies, distributions or proceeds received by or on behalf of the LiquidTrusts on account of or attributable to any Senior Beneficial
Interests from time to time purchased or acquired by the LiquidTrusts are not used to acquire as an investment Senior Beneficial Interests
in Collective Trusts.


 


8.02 Remedies
Upon Event of Default.


 


If any Event of Default occurs
and is continuing, the Lender may take any or all of the following actions:


 


(a) terminate
the Commitment and any obligation to make Advances;


 


(b) declare
the amount of the outstanding principal amount of the Loan and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower; and


 


(c) exercise
all rights and remedies available to it under the Loan Documents or applicable Law or at equity (provided, that the Lender shall
not take any action pursuant to the Limited Power of Attorney as the Borrower’s agent and attorney-in-fact unless an Event of Default
has occurred and is continuing);


 


provided, however, that upon the
occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States,
the obligation of the Lender to make Loan shall automatically terminate, the unpaid principal amount of all outstanding Loan and all interest
and other amounts as aforesaid shall automatically become due and payable without further act of the Lender.


 


8.03 Application
of Funds.


 


After the exercise of remedies
provided for in Section 8.02 (or after the Loan have automatically become immediately due and payable as set forth in the proviso
to Section 8.02), any amounts received on account of the Obligations shall be applied by the Lender in the following order:


 


First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts due and payable under the Loan Documents
(including fees, charges and disbursements of counsel to the Lender and amounts payable under Article III) payable to the Lender;


 


Second, to
payment of that portion of the Obligations constituting the Loan and other Obligations arising under the Loan Documents;


 


Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.


 






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Article
IX



MISCELLANEOUS


 


9.01 Amendments,
Etc.


 


No amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective
unless in writing signed by (a) the Lender, (b) the Borrower, and
(c) with respect to Section 6.12, 7.02 and
9.04, to the extent adverse to the interests of GWG or GWG Life, GWG or
GWG Life, as applicable, (d) with respect to Sections 6.12(i), 6.12(j),
6.12(k),Sections 7.02 and 7.10,
to the extent adverse to the interests of the Parent, the Parent, and (e) with respect to Sections 6.12(b),
6.12(f) and 6.12(g), to the extent adverse to the interests
of the Equity Owner, the Equity Owner, and each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, that no consent from GWG, GWG Life, the Parent or the Equity
Owner shall be required (i) in connection with a termination of this Agreement or (ii) except to the extent that such Person is a party
to the third amended and restated credit agreement referred to in Section 6.12(a), in connection
with the replacement of this Agreement with, and entry into, such third amended and restated credit agreement..




 


9.02 Notices;
Effectiveness; Electronic Communications.


 


(a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand
or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, to the address, facsimile number,
electronic mail address or telephone number specified for such Person on Schedule 9.02; and


 


Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).
Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be
effective as provided in such subsection (b).


 


(b) Electronic
Communications. Notices and other communications to the Lender hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Lender. The Lender or the Borrower may each,
in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that, approval of such procedures may be limited to particular notices or communications.


 


Unless the Lender otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of
an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail
or other written acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that
such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i)
and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice,
email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.


 


(c) Change
of Address, Etc. The Borrower and the Lender may change its address, facsimile or telephone number for notices and other communications
hereunder by notice to the other parties hereto.


 






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(d) Reliance
by the Lender. The Lender shall be entitled to rely and act upon any notices (including electronic Loan Notices) purportedly given
by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded
or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Borrower shall indemnify the Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to
and other telephonic communications with the Lender may be recorded by the Lender, and each of the parties hereto hereby consents to such
recording.


 


9.03 No
Waiver; Cumulative Remedies; Enforcement.


 


No failure by the Lender to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under
any other Loan Document (including the imposition of any per annum increase in the interest rate consistent with clause (b) of the definition
of Accrued Interest) preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided and provided under each other Loan Document are cumulative and not exclusive of
any rights, remedies, powers and privileges provided by Law.


 


9.04 Expenses;
Indemnity; Damage Waiver.


 


(a) Costs and Expenses.
The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Lender and its Affiliates in connection
the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
and (ii) all reasonable out-of-pocket expenses incurred by the Lender, and shall pay all reasonable fees and time charges for attorneys
who may be employees of the Lender, in connection with the enforcement or protection of its rights during the continuation of an Event
of Default (A) in connection with this Agreement and the other Loan Documents, or (B) in connection with the Loan made hereunder, including
all such reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loan. Notwithstanding
the foregoing, GWG and GWG Life (in lieu of the Borrower) shall pay all reasonable and documented out-of-pocket legal expenses incurred
by the Lender and its Affiliates (but not, for the avoidance of doubt, the legal expenses of the Parent and its Subsidiaries and the
Trusts) in connection with the GWG Assumption and the preparation, negotiation, execution and delivery of this Agreement and the GWG
Assumption Documentation.


 


(b) Indemnification
by the Borrower. The Borrower shall indemnify the Lender and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify
and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee,
incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower) other than such Indemnitee and its
Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, (ii) the Loan or the use or proposed use
of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the bad faith, fraud, gross negligence or willful misconduct of such Indemnitee or its Related Party or (y) result
from a claim brought by the Borrower against an Indemnitee for breach of such Indemnitee’s obligations hereunder or under any other
Loan Document, if such Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. Without limiting the provisions of Section 3.01(c), this Section 9.04(b) shall not apply with respect
to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.


 






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(c) Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, the Borrower and the Lender shall not assert, and
the Borrower and the Lender each hereby waives, and acknowledges that no other Person shall have, any claim against the Borrower or any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof, provided that nothing in this Section
9.04(c) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential
or punitive damages asserted against such Indemnitee by a third party. No Indemnitee shall be liable for any damages arising from the
use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful
misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.


 


(d) Payments.
All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.


 


(e) Survival.
The agreements in this Section and the indemnity provisions of Section 9.02(d) shall survive the replacement of the Lender, the
termination of the Commitment and the repayment, satisfaction or discharge of the Obligations.


 


9.05 Payments
Set Aside.


 


To the extent that any payment
by or on behalf of the Borrower is made to the Lender, or the Lender exercises its right of setoff, and such payment or the proceeds of
such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including
pursuant to any settlement entered into by the Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise, then, to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred.


 


9.06 Successors
and Assigns.


 


(a) Successors
and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the
benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except (i) that the Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder or thereunder without the prior written consent of
the Lender (other than pursuant to the Borrower Merger) and (ii) the Lender may not
assign or otherwise transfer any of its rights or obligations hereunder or thereunder except (A) to an assignee in accordance with
the provisions of Section 9.06(b), (B) by way of participation in accordance with the provisions of Section 9.06(c) or
(C) by way of pledge or assignment of a security interest subject to the restrictions of Section 9.06(e) (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in Section 9.06(b) and, to the extent expressly contemplated hereby, the Related Parties
of the Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement.




 






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(b) Assignments
by Lender. The Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
and the other Loan Documents (including all or a portion of the Commitment and the Loan outstanding); provided that the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required for any such assignment unless (i) an Event of Default
has occurred and is continuing at the time of such assignment or (ii) such assignment is to an existing Lender or an Affiliate of an existing
Lender or an Approved Assignee; provided that, the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Lender within five (5) Business Days after having received notice thereof. From and after the effective
date of any such assignment, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned, have
the rights and obligations of the Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned, be released from its obligations under this Agreement (and, in the case of an assignment and covering all of the assigning Lender’s
rights and obligations under this Agreement, the Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 3.01, 3.04, and 9.04 with respect to facts and circumstances occurring prior to the effective date of
such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment
or transfer by the Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for
purposes of this Agreement as a sale by the Lender of a participation in such rights and obligations in accordance with Section 9.06(d).


 


(c) Register.
The Lender, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain
at the Lending Office a copy of each assignment agreement (or the equivalent thereof in electronic form) and a register for the recordation
of the names and addresses of the Lender, the Commitment and the amount of the Loan pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Borrower, at any reasonable time and from time to time upon reasonable prior notice.


 


(d) Participations.
The Lender may at any time, without the consent of, or notice to, the Borrower, sell participations to one or more participants (other
than the Borrower or any of the Borrower’s Affiliates) (each, a “Participant”) in all or a portion of the Lender’s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and the Loan owing to it); provided
that (i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with
the Lender in connection with the Lender’s rights and obligations under this Agreement.


 






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Any agreement or instrument
pursuant to which the Lender sells such a participation shall provide that the Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement. The Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.01, and 3.04 to the same extent as if it were the Lender and had acquired its
interest by assignment pursuant to subsection (b) of this Section (it being understood that the documentation required under Section
3.01(d) shall be delivered to the Lender who sells the participation); provided that such Participant (A) agrees to be subject
to the provisions of Sections 3.05 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled
to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom
it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a Change in Law that occurs after the Participant acquired the applicable participation. The Lender that sells a
participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate
the provisions of Section 3.05 with respect to any Participant. To the extent permitted by Law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were the Lender. The Lender that sells a participation shall, acting solely
for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loan or other obligations under the Loan Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion
of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in
any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary.


 


(e) Certain
Pledges. The Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of the Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release the Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for the Lender as a party hereto.


 


9.07 Treatment
of Certain Information; Confidentiality.


 


The Lender
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory
authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or
similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii)
any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be
made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating
agency in connection with rating the Borrower or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities
provided hereunder, (h) any Third Party Appraiser, (i) with the consent of the Borrower or (j) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii) becomes available to the Lender or any of its Affiliates
on a nonconfidential basis from a source other than the Borrower or BCC.
For purposes of this Section, “ Information” means all information received from the Borrower or
BCC, other than any such information that is available to the Lender on a nonconfidential basis prior to disclosure by the
Borrower or BCC. Any Person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.




 






    54


     


    

 


The Lender
acknowledges that (a) the Information may include material non-public information concerning the Borrower and
BCC, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle
such material non-public information in accordance with applicable Law, including United States federal and state securities Laws. With
respect to any Information provided hereunder, the Lender’ s obligations under this Section 9.07 shall terminate on the two
(2) year anniversary of the Scheduled Maturity Date.






 


9.08 Right
of Setoff.


 


If an Event of Default shall
have occurred and be continuing, the Lender and each of its Affiliates is hereby authorized at any time and from time to time to the fullest
extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Lender or any such Affiliate
to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under
this Agreement or any other Loan Document to the Lender or its Affiliates, irrespective of whether or not the Lender or such Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent
or unmatured or are owed to a branch, office or Affiliate of the Lender different from the branch, office or Affiliate holding such deposit
or obligated on such indebtedness. The Lender agrees to notify the Borrower promptly after any such setoff and application; provided
that, the failure to give such notice shall not affect the validity of such setoff and application.


 


9.09 Interest
Rate Limitation.


 


Notwithstanding anything to
the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum
rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loan or, if it exceeds such unpaid
principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Lender exceeds the
Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense,
fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,
and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.


 


9.10 Counterparts;
Integration; Effectiveness.


 


This Agreement may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with
respect to fees payable to the Lender, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section
4.01, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this Agreement.


 






    55


     


    

 


9.11 Survival
of Representations and Warranties.


 


All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Lender, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or
knowledge of any Default at the time of the funding of the Loan, and shall continue in full force and effect as long as the Loan or any
other Obligation hereunder shall remain unpaid or unsatisfied.


 


9.12 Severability.


 


If any provision of this Agreement
or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor
in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


9.13 [Reserved].


 


9.14 Governing
Law; Jurisdiction; Etc.


 


(a) GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT,
AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).


 


(b) SUBMISSION
TO JURISDICTION. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING
OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE LENDER OR ANY RELATED PARTY
OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY
FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS
TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST
THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 






    56


     


    

 


(c) WAIVER
OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT.


 


(d) SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 9.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.


 


9.15 Waiver
of Jury Trial.


 


EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


9.16 No
Advisory or Fiduciary Responsibility.


 


In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging
and other services regarding this Agreement provided by the Lender are arm’s-length commercial transactions between the Borrower
and its Affiliates, on the one hand, and the Lender, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Lender is and has
been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not
be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) the Lender has no obligation
to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (iii) the Lender and its Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Borrower and its Affiliates, and the Lender has no obligation to disclose any of such interests
to the Borrower and its Affiliates. To the fullest extent permitted by Law, the Borrower hereby waives and releases any claims that it
may have against the Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of
any transaction contemplated hereby.


 






    57


     


    

 


9.17 Electronic
Execution of Assignments and Certain Other Documents.


 


The words “execute”
“execution,” “signed,” “signature,” and words of like import in any assignment or in any amendment
or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching
of assignment terms and contract formations on electronic platforms approved by the Lender or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on
the Uniform Electronic Transactions Act.


 


9.18 USA
PATRIOT Act.


 


The Lender that is subject
to the Act (as hereinafter defined) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Lender
to identify the Borrower in accordance with the Act. The Borrower shall, promptly following a request by the Lender, provide all documentation
and other information that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the Act.


 


[SIGNATURE PAGES FOLLOW]


 




    58


     


    

 


APPENDIX 1


 


Eligibility Criteria of Each Eligible Underlying
Investment


 


An investment in any Underlying
Investment Fund shall be an Eligible Underlying Investment if the following criteria are satisfied (or otherwise waived by the Lender):


 


(a) from
the Closing Date until the Assignment (as defined in the Economic Direction Agreement) of such investment to the Related DST (as defined
below) in accordance with the Acquisition Documents:


 


(i) a
DST (the “Related DST”) holds an economic interest in such investment in such Underlying Investment Fund pursuant to
the Economic Direction Agreement (and such investment is not subject to a Severed EDA (as defined in the Economic Direction Agreement));


 


(ii) the
interest of the applicable Seller in such investment is subject to a valid, perfected first priority lien in favor of the Lender pursuant
to a Seller Security Agreement;


 


(iii) such
Seller has complied in all material respects with its obligations under the Economic Direction Agreement and such Seller Security Agreement
in respect of such investment; and


 


(iv) (A)
such Seller shall have caused all distributions and other amounts received in respect of such investment to be paid to the applicable
Seller Account in accordance with the Economic Direction Agreement and (B) from and after the Completion Date, the Related DST shall have
caused all amounts received in any Seller Account in respect of such investment to be promptly transferred to a deposit account of the
Related DST;


 


(b) from
and after the Assignment (as defined in the Economic Direction Agreement) of such investment to the Related DST in accordance with the
Acquisition Documents:


 


(i) such
investment is owned by, and registered in the name of, the Related DST; and


 


(ii) the
Related DST shall have provided irrevocable instructions to such Underlying Investment Fund to pay all distributions in respect of such
investment to a deposit account of the Related DST.


 


(c) such
Underlying Investment Fund has furnished its Equity Interests holders with (x) its quarterly net asset value within seventy-five (75)
Business Days following the end of the preceding quarter and (y) an unqualified audit of its consolidated balance sheet and related statements
of operations, stockholders’ equity or partners’ equity, as the case may be, and cash flows as of the end of each fiscal year
within 180 days following the end of such fiscal year, in each case, evidenced by supporting detail acceptable to the Lender in its sole
discretion reasonably exercised;


 


(d) if
such Underlying Investment Fund is no longer in its investment period, such Underlying Investment Fund has made material cash distributions
to its limited partners within the previous twelve (12) months;


 






    Appendix 1-1


     


    

 


(e) to
the knowledge of the Borrower, such Underlying Investment Fund is not subject to any investigation, action, suit or proceeding by or before
any arbitrator, regulator, or Governmental Authority that could reasonably be expected to have a Material Adverse Effect;


 


(f) such
Underlying Investment Fund is Solvent;


 


(g) 
the Related DST (or, prior to the Completion Date, the applicable Seller) funds
or procures the funding of each capital call obligation made on the Related DST (or such Seller, as applicable)
in respect of such investment no later than ten (10) Business Days after the date the Related DST (or
such Seller, as applicable) receives notice that such obligation has not been met, unless the Related DST (or
such Seller, as applicable) is contesting the validity of such capital call in good faith; provided, that in the
event the Related DST (or such Seller, as applicable) contests the validity of a capital
call obligation in good faith, the Borrower must provide the Lender evidence of such good faith claim;


 


(h) 
(A) if the interests in the Related DST have been transferred
pursuant to the Exchange Transactions, 100% of the Equity Interests
of the Related DST are owned by an Exchange Trust or (B) with
respect to any Related DST the interests in which have not been transferred pursuant to the Exchange Transactions, (i)
100% of the Equity Interests of the Related DST are owned by a LiquidTrust (the “ Related LiquidTrust”), (ii) 100%
of the Equity Interests in the Related LiquidTrust (other than the residual beneficial interest therein owned by certain charitable endowments
as of the Closing Date (or applicable acquisition date of the assets of such the Related DST) or Equity Interests in the Related LiquidTrust
held by such Related LiquidTrust itself) are owned by a Collective Trust (the “ Related Collective Trust”) and (iii)
100% of the Equity Interests in the Related Collective Trust (other than the residual beneficial interest therein owned by certain charitable
endowments as of the Closing Date) are owned by one or more Funding Trusts (each, a “ Related Funding Trust”), in
each case, with respect to clauses (A) and (B), free and clear
of any Liens other than Permitted Trust Liens;


 


(i) 
(i) with respect to any Related DST the interests in which have
not been transferred pursuant to the Exchange Transactions, each trustee of each of the Related LiquidTrust, Related Collective
Trust and Related Funding Trusts shall be (A) an individual acting as a trustee thereof
on the Closing Date (or, if later, the date of formation of such Trust) (or
another individual reasonably acceptable to the Lender) or (B) Beneficient Trust Company and
(ii) the trustee of the Related DST shall be Delaware Trust Company (or another trustee reasonably acceptable to the Lender);




 


(j) such
investment is subject to a valid, perfected first priority lien in favor of the Lender pursuant to the DST Security Agreement; and


 


(k) 
(A) with respect to any Related DST the interests in which have
not been transferred pursuant to the Exchange Transactions, none of the Related Funding TrustsTrust,
Related Collective Trust, or Related
LiquidTrust or Related DST is subject to a Trust Adverse Event and
(B) the Related DST is not subject to a Trust Adverse Event;




 


(l) the
Related DST is not subject to a DST Default; and


 


(m) 
no Event of Default has occurred under the Funding Trust Loan Agreement to which any Related Funding Trust is a party.;




 


provided that, for
the avoidance of doubt, (x) if an investment fails to satisfy any of the criteria set forth above at any time, such investment will
not be precluded from becoming an Eligible Underlying Investment by virtue of such prior failure to the extent such investment
satisfies the criteria set forth above at a later time (including, with respect to clause (c), upon delivery of the reporting
required thereunder at a subsequent required reporting date under such clause, and with respect to clause (g), upon payment of any
capital call obligation that has not been paid) and (y) nothing in this Agreement or any other Loan Document shall be deemed to
prohibit or restrict (A) any partition of any LiquidTrust required pursuant to the OrganizationalOrganization Documents
thereof or the Acquisition Documents, (B) the severing of the Economic Direction Agreement pursuant to any Severed EDA (as defined
in the Economic Direction Agreement) or (C) any distribution or transfer of any such Severed EDA (and related interests in
Underlying Investment Funds) required pursuant to the OrganizationalOrganization Documents
of the Trusts or the Acquisition Documents.


 




    Appendix 1-2


     


    

 


SCHEDULE 1.01A


 


Trusts


 


Funding Trusts


 


		1.	THE LT-1A FUNDING TRUST



		2.	THE LT-2A FUNDING TRUST



		3.	THE LT-3A FUNDING TRUST



		4.	THE LT-4A FUNDING TRUST



		5.	THE LT-5A FUNDING TRUST



		6.	THE LT-6A FUNDING TRUST



		7.	THE LT-7A FUNDING TRUST



		8.	THE LT-8A FUNDING TRUST



		9.	THE LT-9A FUNDING TRUST



		10.	THE LT-12A FUNDING TRUST



		11.	THE LT-14A FUNDING TRUST



		12.	THE LT-15A FUNDING TRUST



		13.	THE LT-16A FUNDING TRUST



		14.	THE LT-17A FUNDING TRUST



		15.	THE LT-18A FUNDING TRUST



		16.	THE LT-19A FUNDING TRUST



		17.	THE LT-20A FUNDING TRUST



		18.	THE LT-21A FUNDING TRUST



		19.	THE LT-22A FUNDING TRUST



		20.	THE LT-23A FUNDING TRUST



		21.	THE LT-24A FUNDING TRUST



		22.	THE LT-25A FUNDING TRUST



		23.	THE LT-26A FUNDING TRUST



		24.	THE LT-27 FUNDING TRUST



		25.	THE LT-28 FUNDING TRUST



 


Funding Trust Loan Agreements


 


 


		1.	LT-1 Loan and Security
Agreement dated September 1, 2017 (as amended and restated December 31, 2019, amended October 13, 2020, amended December 31, 2020 and
amended and restated January 1, 2021)



 


		1.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL COMPANY,
L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-1 FUNDING TRUST



 


		2.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL COMPANY,
L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-2 FUNDING TRUST



 


		3.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL COMPANY,
L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-3 FUNDING TRUST



 






    Schedule 1.01A-1


     


    

 


		4.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-4 FUNDING TRUST



 


		5.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-5 FUNDING TRUST



 


		6.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-6 FUNDING TRUST



 


		7.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-7 FUNDING TRUST



 


		8.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-8 FUNDING TRUST



 


		9.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-9 FUNDING TRUST



 


		10.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-12 FUNDING TRUST



 


		11.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-14 FUNDING TRUST



 


		12.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-15 FUNDING TRUST



 


		13.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-16 FUNDING TRUST



 


		14.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-17 FUNDING TRUST



 


		15.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-18 FUNDING TRUST



 






    Schedule 1.01A-2


     


    

 


		16.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-19 FUNDING TRUST



 


		17.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-20 FUNDING TRUST



 


		18.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-21 FUNDING TRUST



 


		19.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-22 FUNDING TRUST



 


		20.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-23 FUNDING TRUST



 


		21.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-24 FUNDING TRUST



 


		22.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-25 FUNDING TRUST



 


		23.	DEMAND LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT CAPITAL
COMPANY, L.L.C. AND MURRAY T. HOLLAND AND JEFFREY S. HINKLE, AS TRUSTEES OF THE LT-26 FUNDING TRUST



 


		24.	LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT
CAPITAL COMPANY, L.L.C. AND JOHN A. STAHL, AS TRUSTEE OF THE LT-27 FUNDING TRUST



 


		25.	LOAN AND SECURITY AGREEMENT BETWEEN BENEFICIENT
CAPITAL COMPANY, L.L.C. AND JOHN A. STAHL, AS TRUSTEE OF THE LT-28 FUNDING TRUST



 


		2.	LT-2 Loan and Security Agreement dated Sept 1, 2017 (as amended and restated December
31, 2019, amended October 13, 2020, amended December 31, 2020 and amended and restated January
1, 2021)



 


		3.	LT-3 Loan and Security Agreement dated Sept 1, 2017 (as amended and restated December 31,
2019 and amended and restated January 1, 2021)



 


		4.	LT-4 Loan and Security Agreement dated Sept 1, 2017 (as amended and restated December 31,
2019 and amended and restated January 1, 2021)



 






    Schedule 1.01A-3


     


    

 


		5.	LT-5 Loan and Security Agreement
dated Sept 1, 2017 (as amended and restated December 31, 2019, amended October 13, 2020, amended December 31, 2020 and amended and restated
January 1, 2021)



 


		6.	LT-6 Loan and Security Agreement dated Sept 1, 2017 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		7.	LT-7 Loan and Security Agreement
dated Sept 1, 2017 (as amended and restated December 31, 2019, amended October 13, 2020, amended December 31, 2020 and amended and restated
January 1, 2021)



 


		8.	LT-8 Loan and Security Agreement
dated Sept 1, 2017 (as amended and restated December 31, 2019, amended October 13, 2020, amended December 31, 2020 and amended and restated
January 1, 2021)



 


		9.	LT-9 Loan and Security Agreement
dated Sept 1, 2017 (as amended and restated December 31, 2019, amended October 13, 2020, amended December 31, 2020 and amended and restated
January 1, 2021)



 


		10.	LT-12 Loan and Security Agreement dated Dec 31, 2017
(as amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		11.	LT-14 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		12.	LT-15 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		13.	LT-16 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		14.	LT-17 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		15.	LT-18 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		16.	LT-19 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		17.	LT-20 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		18.	LT-21 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		19.	LT-22 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		20.	LT-23 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 






    Schedule 1.01A-4


     


    

 


		21.	LT-25 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		22.	LT-26 Loan and Security Agreement dated Jan 1, 2018 (as
amended and restated December 31, 2019 and amended and restated January 1, 2021)



 


		23.	LT-27 Loan and Security Agreement dated Dec 13, 2019
(as amended and restated January 1, 2021)



 


		24.	LT-28 Loan and Security Agreement dated Dec 13, 2019
(as amended and restated January 1, 2021)



 


Collective Trusts


 


		1.	THE COLLECTIVE COLLATERAL TRUST I



		2.	THE COLLECTIVE COLLATERAL TRUST II



		3.	THE COLLECTIVE COLLATERAL TRUST III



		4.	THE COLLECTIVE COLLATERAL TRUST IV



		5.	THE COLLECTIVE COLLATERAL TRUST V



		6.	THE COLLECTIVE COLLATERAL TRUST VI



		7.	THE COLLECTIVE COLLATERAL TRUST VII



		8.	THE COLLECTIVE COLLATERAL TRUST VIII



 


LiquidTrusts


 


		1.	THE LT-1 LIQUIDTRUST



		2.	THE LT-2 LIQUIDTRUST



		3.	THE LT-3 LIQUIDTRUST



		4.	THE LT-4 LIQUIDTRUST



		5.	THE LT-5 LIQUIDTRUST



		6.	THE LT-6 LIQUIDTRUST



		7.	THE LT-7 LIQUIDTRUST



		8.	THE LT-8 LIQUIDTRUST



		9.	THE LT-9 LIQUIDTRUST



		10.	THE LT-12 LIQUIDTRUST



		11.	THE LT-1314
LIQUIDTRUST



		12.	THE LT-1415
LIQUIDTRUST



		13.	THE LT-1516
LIQUIDTRUST



		14.	THE LT-1617
LIQUIDTRUST



		15.	THE LT-1718
LIQUIDTRUST



		16.	THE LT-1819
LIQUIDTRUST



		17.	THE LT-1920
LIQUIDTRUST



		18.	THE LT-2021
LIQUIDTRUST



		19.	THE LT-2122
LIQUIDTRUST



		20.	THE LT-2223
LIQUIDTRUST



		21.	THE LT-2324
LIQUIDTRUST



		22.	THE LT-2425
LIQUIDTRUST



		23.	THE LT-2526
LIQUIDTRUST



		24.	THE LT-2627
LIQUIDTRUST





		25.	THE LT-28 LIQUIDTRUST



 



    Schedule 1.01A-5


     


    

 


DSTs


 


		1.	LT-1 CUSTODY TRUST



		2.	LT-2 CUSTODY TRUST



		3.	LT-3 CUSTODY TRUST



		4.	LT-4 CUSTODY TRUST



		5.	LT-5 CUSTODY TRUST



		6.	LT-6 CUSTODY TRUST



		7.	LT-7 CUSTODY TRUST



		8.	LT-8 CUSTODY TRUST



		9.	LT-9 CUSTODY TRUST



		10.	LT-12 CUSTODY TRUST



		11.	LT-14 CUSTODY TRUST



		12.	LT-15 CUSTODY TRUST



		13.	LT-16 CUSTODY TRUST



		14.	LT-17 CUSTODY TRUST



		15.	LT-18 CUSTODY TRUST



		16.	LT-19 CUSTODY TRUST



		17.	LT-20 CUSTODY TRUST



		18.	LT-21 CUSTODY TRUST



		19.	LT-22 CUSTODY TRUST



		20.	LT-23 CUSTODY TRUST



		21.	LT-24 CUSTODY TRUST



		22.	LT-25 CUSTODY TRUST



		23.	LT-26 CUSTODY TRUST



		24.	LT-27 CUSTODY TRUST



		25.	LT-28 CUSTODY TRUST



 


Exchange
Trusts


 


		1.	LT-21 EXCHANGE TRUST



		2.	LT-22 EXCHANGE TRUST



		3.	LT-23 EXCHANGE TRUST



		4.	LT-24 EXCHANGE TRUST



		5.	LT-25 EXCHANGE TRUST



		6.	LT-26 EXCHANGE TRUST



 




    Schedule 1.01A-6


     


    

 


EXHIBIT B-1


 


U.S. Tax Compliance Certificate

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is made to that certain
Second Amended and Restated Credit Agreement dated as of August 13, 2020, by and between Beneficient Capital
Company Holdings, L.L.CP.,
as the borrower (the “Borrower”), and HCLP Nominees, L.L.C., as the Lender (the “Lender”) (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”).




 


Pursuant to the provisions of
Section 3.01(e)(ii)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing the Loan(s)) in respect of which it is providing this certificate, (ii) it is
not a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (iv) it is not a “controlled foreign corporation”
related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.


 


The undersigned has furnished
the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees
that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower, and (2) the undersigned
shall have at all times furnished the Borrower with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.


 


	[NAME OF LENDER]	 
	 	 
	By:	 	 	 
		Name:	 	 
		Title:	 	 
	 	 	 	 
	Date: ________ __, _____	 




 




    Exhibit B-1-1


     


    

 


EXHIBIT B-2


 


U.S. Tax Compliance Certificate

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is made to that certain
Second Amended and Restated Credit Agreement dated as of August 13, 2020, by and between Beneficient Capital
Company Holdings, L.L.CP.,
as the borrower (the “Borrower”), and HCLP Nominees, L.L.C., as the Lender (the “Lender”) (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”).




 


Pursuant to the provisions of
Section 3.01(e)(ii)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Internal Revenue Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Internal Revenue Code.


 


The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing,
and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.


 





	[NAME OF LENDER]	 
	 	 
	By:	 	 	 
		Name:	 	 
		Title:	 	 
	 	 	 	 
	Date: ________ __, _____	 


 




    Exhibit B-2-1


     


    

 


EXHIBIT B-3



U.S. Tax Compliance Certificate

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is made to that certain
Second Amended and Restated Credit Agreement dated as of August 13, 2020, by and between Beneficient Capital
Company Holdings, L.L.CP.,
as the borrower (the “Borrower”), and HCLP Nominees, L.L.C., as the Lender (the “Lender”) (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”).




 


Pursuant to the provisions of
Section 3.01(e)(ii)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.


 


The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming
the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender
and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.


 





	[NAME OF LENDER]	 
	 	 
	By:	 	 	 
		Name:	 	 
		Title:	 	 
	 	 	 	 
	Date: ________ __, _____	 


 




    Exhibit B-3-1


     


    

 


EXHIBIT B-4


 


U.S. Tax Compliance Certificate

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)


 


Reference is made to that certain
Second Amended and Restated Credit Agreement dated as of August 13, 2020, by and between Beneficient Capital
Company Holdings, L.L.CP.,
as the borrower (the “Borrower”), and HCLP Nominees, L.L.C., as the Lender (the
“ Lender”) (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”).




 


Pursuant to the provisions of
Section 3.01(e)(ii)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
(as well as any Note(s) evidencing the Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of the Loan(s) (as well as any Note(s) evidencing the Loan(s)), (iii) with respect to the extension of
credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning
of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.


 


The undersigned has furnished
the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if
the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower, and (2) the undersigned shall
have at all times furnished the Borrower with a properly completed and currently effective certificate in either the calendar year in
which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.


 





	[NAME OF LENDER]	 
	 	 
	By:	 	 	 
		Name:	 	 
		Title:	 	 
	 	 	 	 
	Date: ________ __, _____	 


 




    Exhibit B-4-1


     


    

 


EXHIBIT C



Form of Loan Notice


 


Date: ____________,
20___


 


		To:	HCLP Nominees, L.L.C.

325 N. Saint Paul Street

Suite 4850

Dallas, TX 75201



 


		Re:	Second Amended and Restated Credit Agreement dated as of August
13, 2020, by and between Beneficient Capital Company Holdings,
L.L.CP., as the
borrower (the “ Borrower”), and HCLP Nominees, L.L.C., as the Lender (the “ Lender”) (as amended,
restated, supplemented, or otherwise modified from time to time, the “ Credit Agreement”).


 


Ladies and Gentlemen:


 


Capitalized terms used herein and not defined
herein shall have the meanings assigned to such terms in the Credit Agreement.


 


The Borrower hereby requests an Advance:


 


		1.	On __________, ____, which shall be a Business Day



 


		2.	In the amount of $____________.



 


[Wire Instructions for receipt of Advance:


 


Bank Name:            [___________]

                                  [___________]

Bank ABA:             [___________]

Swift/BIC Code:     [___________]

Attn:                        [___________]

Account Name:      [___________]

Account Number:  [___________]]


 


The undersigned hereby certifies that, as of the
date of such Advance:


 


(a) 
The representations and warranties of the Borrower, Holdings and each DST
contained in the Loan Documents, or which are contained in any document furnished at any time under or in connection therewith, are true
and correct in all material respects on and as of such date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date;




 


(b) No
Default exists or will result as a consequence of the making of such Advance or the subsequent application by the Borrower of the proceeds
thereof;


 


(c)  Such
Advance does not exceed the Available Amount; and


 






    Exhibit C-1


     


    

 


(d)  Immediately
after giving effect to such Advance, the LTV Percentage will not exceed the Maintenance LTV Percentage.


 


With respect to the Advance requested herein,
the undersigned Borrower hereby represents and warrants that (i) such request complies with the requirements of Section 2.02 of
the Credit Agreement and (ii) each of the conditions set forth in Section 4.03 of the Credit Agreement (and, if such Advance is
the Initial Advance, Section 4.01), have been satisfied on and as of the date of such Advance.


 


Attached hereto as Exhibit 1 is an Underlying
Investment Fund Report.


 


	BENEFICIENT CAPITAL COMPANY, L.L.C.	 
	 	 	 
	By:	                	 
	Name:	 	 
	Title:	 	 




 




    Exhibit C-2


     


    

 


Exhibit 1 to Loan Notice


 


Underlying Investment Fund Report


 


See attached.


 


 


Exhibit C-3








    


     


    

 


Annex
C


 


Amendments
to Existing New Borrower Security Agreement


 


EXECUTION VERSIONFINAL


 


Conformed
through Amendment No. 2 to Loan Documents, dated as of June 28, 2021


 


SECURITY AND PLEDGE AGREEMENT
(HOLDINGS)


(BCH)
(FIRST LIEN)


 


THIS SECURITY
AND PLEDGE AGREEMENT, dated as of September 1, 2017 (the “Original Security
Agreement”, and as amended, restated, supplemented, or otherwise modified from time to time, including
by Amendment No. 2 (as defined below), this “ Security Agreement”), is by and among Beneficient Company
Holdings, L.P., a Delaware limited partnership (the “ Pledgor” or
“BCH”), and HCLP Nominees, L.L.C. (the “ Lender”).


 


W I T N E S S E T H:


 


WHEREAS, Beneficient
Capital Company II, L.L.C. (f/k/a Beneficient Capital Company, L.L.C.),
a Delaware limited liability company (the “ Original Borrower”), has
entered into that certain Credit Agreement, dated as of the date hereofSeptember
1, 2017 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, including by that certain
Second Amended and Restated Credit Agreement, dated as of August 13, 2020, by and among the Original Borrower, BCH, the Lender and the
other Persons party thereto, that certain Amendment No. 1 to Second Amended and Restated Credit Agreement, dated as of March 10, 2021,
and that certain Amendment No. 2 to Loan Documents, dated as of June 28, 2021 (“Amendment No. 2”), the “
Credit Agreement”), with the Lender and the other Persons from
time to time party thereto, pursuant to which the Lender has a made a
term loanone or more loans to the Original
Borrower;


 


WHEREAS,
Holdings has guaranteed the obligations of the Borrower under the Credit Agreement pursuant to that certain Guaranty, dated as of the
date hereof (as amended, restated, supplemented or otherwise modified from time to
time, the “Holdings Guaranty”),
executed by Holdings in favor of the Lender;


 


WHEREAS,
pursuant to Amendment No. 2 and certain other documents, BCH became the borrower under the Credit Agreement and obtained the rights and
incurred the obligations of the Original Borrower thereunder, and the Original Borrower ceased to be a party to the Credit Agreement;


 


WHEREAS,
it is a condition precedent to the obligations of the Lender under the Credit Agreement that the Pledgorentry
into Amendment No. 2 that the Pledgor and the Lender make the amendments to the Original Security Agreement contemplated by Amendment
No. 2 and that the Pledgor continue to grant a security interest in its respective Collateral (as hereinafter defined) to the
Lender as security for the Obligations; and


 


WHEREAS, the Pledgor has agreed
to grant or continue to grant such security interest on the terms
and conditions set forth herein.


 


NOW, THEREFORE,
for and in consideration of the premises and to induce the Lender to enter into the Credit Agreement
and make a term loan to the Borrower thereunder , and other good and valuable consideration, receipt whereof is hereby
acknowledged, the parties hereto agree as follows:




 


1. Defined
Terms.


 


(a) Capitalized
terms used herein without definition shall have the same meanings given to such terms in the Credit Agreement.


 






     


     


    

 


(b) The
following terms shall have the meanings ascribed to them below or in the Sections of this Security Agreement as indicated below:


 


“Amendment
No. 2” has the meaning specified in the recitals hereto.


 


“BCH” has the meaning specified in the preamble hereto.


 


“ Collateral” has the meaning specified
in Section 2(a).


 


“Credit
Agreement” has the meaning specified in the recitals hereto.


 


“ Lender” has the meaning specified in
the preamble hereto.


 


“Permitted
Holdings Lien” means (a) Permitted Encumbrances, (b) Liens arising under the Loan Documents and (c) Liens arising
under the Acquisition Documents.


 


“Original
Borrower” has the meaning specified in the recitals hereto.


 


“Original Security Agreement”
has the meaning specified in the preamble hereto.




 


“Pledgor”
has the meaning specified in the preamble hereto.


 


“Security
Agreement” has the meaning specified in the preamble hereto.


 


“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York (the “New York UCC”); provided,
however, in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the Lender’s
security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of
New York, then the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction or jurisdictions
for purposes of the provisions hereof relating to perfection or priority.


 


(c) As
used herein, capitalized terms not otherwise defined herein or in the Credit Agreement shall have the meaning set forth in Article 9 of
the New York UCC.


 


2. Grant
of Security Interest.


 


(a) The
Pledgor, as security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Obligations, hereby grants to the Lender a continuing security interest in all of the Pledgor’s right, title,
and interest and benefit in, to and under the following, whether now owned or existing or hereafter acquired or arising and wheresoever
located, including all accessions thereto and products thereof (all of which being hereinafter collectively called the “Collateral”):


 


(i) all
right, title and interest of the Pledgor in, to and under the Funding Trust Loans, the Funding Trust Loan Agreements and the other Acquisition
Documents;


 


(ii) all
other Accounts, Chattel Paper, Documents, General Intangibles, Instruments, Investment Property, Money, Deposit Accounts, Goods, Commercial
Tort Claims, Letters of Credit, Letter of Credit Rights and Supporting Obligations;


 






    	 	2	 



     


    

 


(iii) all
Proceeds of the property described in the foregoing clauses (i) and (ii); and


 


(iv) all
books and records (including computer software and other records) pertaining to any of the foregoing.


 


(b) 
Notwithstanding anything herein to the contrary, in no event shall the Collateral include, and the Pledgor shall not
be deemed to have granted a security interest in, any of the Pledgor’ s rights or interests in or under (i) any license, contract,
permit, Instrument or security or to which the Pledgor is a party or any of its rights
or interests thereunder to the extent, but only to the extent, that such a grant would, under the terms of such license, contract, permit,
Instrument or security, result in a breach of the terms of, or constitute a default under, such license, contract, permit, Instrument
or security (other than to the extent that any such term would be rendered ineffective pursuant to the UCC or any other applicable law
or principles of equity); provided, that immediately upon the ineffectiveness, lapse or termination of any such provision the Collateral
shall include, and the Pledgor shall be deemed to have granted a security interest in, all such rights and interests as if such provision
had never been in effect or (ii) Equity Interests of any Subsidiary thereof that is not organized under the laws of a political subdivision
of the United States to the extent such Equity Interests exceed 65% of the issued and outstanding Equity Interests of such Subsidiary.




 


(c) The
security interest is granted as security only and shall not subject the Lender or to, or transfer or in any way affect or modify, any
obligation or liability of the Pledgor with respect to any of the Collateral or any transaction in connection therewith.


 


(d) The
Pledgor authorizes the Lender to file, in its discretion, in jurisdictions where this authorization will be given effect, a financing
statement or amendments thereof or supplements thereto or other instruments as the Lender may from time to time deem necessary or appropriate
in order to perfect and maintain the security interests granted by the Pledgor hereunder in accordance with the UCC (including authorization
to describe the Collateral as “all personal property”, “all assets” or words of similar meaning).


 


3. [Reserved].


 


4. Representations
and Warranties. The Pledgor hereby represents and warrants that:


 


(a) Existence, Qualification and Power. It (i) is (A) a limited partnership dulyo rganized or formed,
validly existing and, (B) in good standing under the Laws of the State of Delaware, (ii) has all requisite power and authority and
all requisite governmental licenses, authorizations, consents and approvals to (A) own or lease its assets and carry on its business
and (B) execute, deliver and perform its obligations under this Security Agreement and the other Loan Documents to which it is a
party, and (iii) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where
its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in
each case referred to in clauses (i)(B), (ii)(A) or (iii), to the extent that failure to do so, individually or in the aggregate,
could not reasonably be expected to have a Trust Material Adverse Effect.


 






    	 	3	 



     


    

 


(b) 
Authorization; No Contravention. The execution, delivery and performance by the Pledgor of this Security Agreement and the
other Loan Documents to which it is a party has been duly authorized by all necessary organizational action, and does not (a) contravene
the terms of any of its Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any
Lien (other than any Lien created pursuant to this Security Agreement or any
other Loan Documents) under, or require any payment to be made under (i) any material Contractual Obligation to which it is
a party or affecting it or its properties or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which it or its property is subject; or (c) violate any material Law.






 


(c) Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement
against, the Pledgor of this Security Agreement and the other Loan Documents to which it is a party other than (i) those that have been
obtained and are in full force and effect and (ii) filings to perfect the Liens created hereunder.


 


(d) 
Binding Effect. This Security Agreement and the other Loan Documents to which it is a party hashave
been duly executed and delivered by the Pledgor. Each of this Security Agreement and the other Loan Documents to which it is a party constitutes
a legal, valid and binding obligation of the Pledgor, enforceable against it in accordance with its terms except as enforceability may
be limited by bankruptcy, insolvency and other Laws affecting creditors’ rights generally and by general principles of equity, regardless
of whether considered in a proceeding in equity or law.


 


(e) 
Ownership of Property; Liens. The Pledgor has good and indefeasible title to its respective Collateral and such Collateral
is not subject to any Liens other than Permitted Holdings Liens.




 


(f) Investment
Company Act. The Pledgor is not required to register as an “investment company” or as a Person controlled by a “person”
required to register as an “investment company”, in each case as such terms are defined in the Investment Company Act of 1940.


 


(g) Compliance
with Laws. The Pledgor is in compliance with the requirements of all Laws and all orders, writs, injunctions and decrees applicable
to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith could not reasonably be
expected to have a Material Adverse Effect.


 


(h) 
Perfection of Security Interests in the Collateral. This Security Agreement creates in favor of the Lender valid security
interests in, and Liens on, the Pledgor’ s right, title and interest in the Collateral. Upon the filing of the UCC-1 financing statements
in the State of Delaware, together with the payment of all applicable fees
required thereon, to the extent that such security interests and Liens may be perfected by filing a financing statement in the State of
Delaware, such security interests and Liens will be perfected security interests and Liens in the Pledgor’ s right, title
and interest in the Collateral, prior to all other Liens other than
Permitted Holdings Liens.




 






    	 	4	 



     


    

 


(i) 
Deposit Accounts; Securities Account. As of the date hereof, the Pledgor does not own (i) any securities
accounts or (ii) any deposit accounts.


 




(i) [Reserved].


 


(j) 
Commercial Tort Claims. As of the date hereofJune
28, 2021, the Pledgor does not own any Commercial Tort Claims.




 


(k) Pledgor
Information. The exact legal name of the Pledgor as of the Closing Date is as set forth on the signature pages hereto. The Pledgor
has not during the five years preceding the Closing Date (i) changed its legal name, (ii) changed its state of formation, or (iii) been
party to a merger, consolidation or other change in structure.


 


5. Covenants.
The Pledgor covenants and agrees that:


 


(a) Existence;
Compliance with Laws; Taxes. The Pledgor shall:


 


(i) Preserve,
renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization.


 


(ii) 
Take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal
conduct of its business, except to the extent that the failure to do so could not reasonably be expected to have a Trust
Material Adverse Effect.




 


(iii) Comply
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except
in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.


 


(iv) Pay
and discharge as the same shall become due and payable all material tax liabilities, assessments and governmental charges or levies upon
it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and
adequate reserves in accordance with GAAP are being maintained by the Pledgor.


 


(b) 
Acquisition Documents; Organization Documents. Except with respect to any amendments or
modifications specifically contemplated in any such Acquisition Document or Organization Document and
any amendments to any Organization Documents made with the written consent (for avoidance of doubt, which may be via email) of the Lender,
the Pledgor shall not enter into or (solely with respect to Acquisition Documents)
consent to any amendment, modification or waiver of any Acquisition Document
or any Organization Document thereof (i) prior to the Completion Date, in any manner
or (ii) from and after the Completion Date, in a manner adverse to the Lender.
(other than any amendments to Funding Trust Loan Agreements specified
on Schedule 1.01A to the Credit Agreement, as such schedule may be modified
from time to time in accordance with the definition of Funding Trust
Loan Agreement set forth in the Credit Agreement).


 






    	 	5	 



     


    

 


(c) 
Sale of Collateral; Liens. The Pledgor shall not (i) sell, assign, transfer, exchange or otherwise dispose of, or grant
any option with respect to, the Collateral, unless (x) after giving effect
thereto and application of the proceeds thereof, no Default shall have occurred and be continuing or (y) with respect to Funding Trust
Loans (or interests under Funding Trust Loan Agreements), the Disposition thereof is not in violation of the Credit Agreement
or (ii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral,
or any interest therein, except for Permitted Holdings Liens.






 


(d) Transfer
Powers. Upon the request of the Lender, the Pledgor shall deliver to the Lender (i) any certificates or Instruments representing the
Collateral and (ii) concurrently therewith, an undated stock power, transfer power or endorsement covering such certificate or Instrument,
duly indorsed in blank.


 


(e) Deposit
Accounts; Securities Account. The Pledgor agrees that, if it shall establish any Deposit Account or Securities Account, it shall (i)
within ten (10) days (or such later date as the Lender may agree) following such establishment, deliver to the Lender written notice thereof
and (ii) promptly upon the request of the Lender, execute and deliver (and cause the applicable account bank or securities intermediary
to execute and deliver) to the Lender an Account Control Agreement with respect thereto.


 


(f) Pledgor
Information. The Pledgor shall not, without providing ten (10) days prior written notice to the Lender (or such lesser period as the
Lender may agree), change its name, state of formation or form of organization.


 


(g) Commercial
Tort Claim. The Pledgor agrees that, if it shall acquire an interest in any Commercial Tort Claim, it shall (i) within ten (10) days
(or such later date as the Lender may agree) following such acquisition, deliver to the Lender, in each case in form and substance reasonably
satisfactory to the Lender, written notice thereof containing a specific description of such Commercial Tort Claim and (ii) execute and
deliver to the Lender, in each case in form and substance reasonably satisfactory to the Lender, any document, and take all other action,
deemed by the Lender to be reasonably necessary or appropriate for the Lender to obtain a perfected security interest in such Commercial
Tort Claim.


 


(h) Further
Assurances. The Pledgor shall execute and deliver any and all further documents, financing statements, agreements and instruments,
and take all such further actions (including the filing and recording of financing statements and other documents), that may be required
under any applicable Law, or that the Lender may reasonably request, in order to perfect and to maintain the perfection and priority of
the security interest of the Lender in the Pledgor’s right, title and interest in the Collateral granted pursuant to this Security
Agreement, all at the Pledgor’s expense.


 


6. Rights
and Remedies of the Lender and Rights of the Pledgor Related to Collateral. If an Event of Default shall have occurred and be continuing,
and the Obligations have been declared immediately due and payable, the Lender may take any one or more of the following actions, in each
case subject to the terms of the Economic Direction Agreement:


 


(a) exercise,
in addition to all other rights and remedies granted to it in this Security Agreement and in any other instrument or agreement securing,
evidencing or relating to the Obligations, all rights and remedies of a secured party under the UCC and under any other applicable law,
as the same may from time to time be in effect;


 






    	 	6	 



     


    

 


(b) transfer
all or any part of the Collateral into the name of the Lender or its nominee and notify the parties obligated on any of the Collateral
to make payment to the Lender of any amount due or to become due thereunder;


 


(c) enforce
collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or
extend or renew for any period (whether or not longer than the original period) any obligation of any nature of any party with respect
thereto and exercise all other rights of the Pledgor in any of the Collateral;


 


(d) take
possession or control of any proceeds of the Collateral (including dispositions and distributions with respect to any Equity Interests
held directly by the Pledgor comprising the Collateral);


 


(e) execute
(in the name, place and stead of the Pledgor) endorsements, assignments, stock powers and other instruments of conveyance or transfer
with respect to all or any of the Collateral; and


 


(f) perform
such other acts as may be reasonably required to protect the Lender’s rights and interest hereunder.


 


In addition to the above,
upon the occurrence and during the continuance of an Event of Default and notice by the Lender to the Pledgor, the Lender or its nominee
or nominees shall have the sole and exclusive right to exercise all voting and consensual powers pertaining to the Collateral or any part
thereof, exercising such powers in such manner as the Lender may elect.


 


So long as no Event of Default
shall have occurred and be continuing, the Pledgor shall be entitled to exercise any and all of its voting and other consensual rights
pertaining to its respective Collateral or any part thereof and to use, transfer and dispose of such Collateral for any purpose not inconsistent
with the terms of this Security Agreement.


 


The rights of the Lender hereunder
shall not be conditioned or contingent upon the pursuit by the Lender of any right or remedy against the Pledgor or against any other
Person that may be or become liable in respect of all or any part of the Obligations or against any other collateral security therefor,
guarantee thereof or right of offset with respect thereto. The Lender shall be under no obligation to collect, attempt to collect, protect
or enforce the Collateral or any security therefor, or otherwise dispose of any Collateral upon the request of the Pledgor or any other
Person or to take any other action whatsoever with regard to the Collateral or any part thereof, which the Pledgor agrees and undertakes
to do at the Pledgor’s expense, but the Lender may do so in its discretion at any time when an Event of Default has occurred and
is continuing and at such time the Lender shall have the right to take any steps by judicial process or otherwise it may deem proper to
effect the collection of all or any portion of the Collateral or to protect or to enforce the Collateral or any security therefor. All
reasonable out-of-pocket expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred or paid by the
Lender in connection with or incident to any such collection or attempt to collect the Collateral of the Pledgor or actions to enforce
the Collateral of the Pledgor or any security therefor shall be borne by the Pledgor or reimbursed by the Pledgor to the Lender upon demand.
The proceeds received by the Lender as a result of any such actions in collecting or enforcing or protecting the Collateral shall be held
by the Lender without liability for interest thereon and shall be applied by the Lender as the Lender may deem appropriate toward payment
of any of the Obligations in such order or manner as the Lender may elect in accordance with Section 8. The Pledgor hereby acknowledges
that the Pledgor’s assets are of a special nature and that proceeds realized upon the disposition of the Collateral or any other
property of the Pledgor may be significantly below the market value of such assets without being “commercially unreasonable”
given the limited liquidity of such assets and other restrictions applicable thereto.


 






    	 	7	 



     


    

 


7. Further
Assurances. The Pledgor at any time and from time to time, upon written request of the Lender and the sole expense of the Pledgor,
shall promptly and duly execute and deliver (or cause the prompt and due execution and delivery of) any and all such further instruments
and documents and take such further action as the Lender may reasonably request to negotiate and otherwise effect the disposition of any
Collateral, including, without limitation, executing and delivering proxies and stock powers, in a form reasonably acceptable to the Lender,
with respect to the Collateral promptly after (and in any event within five (5) Business Days of) written request by the Lender.


 


8.  Application
of Proceeds. Upon the occurrence and during the continuation of any Event of Default, the proceeds and avails of the Collateral
at any time received by the Lender and any funds or payments received by the Lender in
respect of the Collateral, when received by the Lender in cash or its equivalent, shall be applied by the Lender to the
payment and satisfaction of the Obligations as set forth in the Credit Agreement,
unless the Lender may otherwise agree to any alternative application thereof in its sole discretion. The Lender shall
promptly notify the PledgorsPledgor of
each such application, including the amount and nature of the Obligations paid with such proceeds.




 


9. The
Lender’s Appointment as Attorney-in-Fact.


 


The Pledgor
shall on the date hereofSeptember
1, 2017 execute and deliver the Irrevocable Limited Power of Attorney in the form attached hereto as Exhibit A in favor
of the Lender and shall, upon request, promptly execute and deliver replacement Irrevocable Limited Powers of Attorney in favor of any
successors, assigns or replacements of the Lender.




 


10. Lien
Absolute. All rights of the Lender hereunder, and all obligations of the Pledgor hereunder, shall be absolute and unconditional irrespective
of:


 


(a) any
lack of validity or enforceability of the Credit Agreement, any other Loan Document, or any other agreement, document or instrument governing
or evidencing any Obligations;


 


(b) any
change in the time, manner or place of payment of, or in any other term of, all or any part of the Obligations, or any other amendment
or waiver of or any consent to any departure from the Obligations, any other Loan Document or any other agreement or instrument governing
or evidencing any Obligations;


 






    	 	8	 



     


    

 


(c) any
exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to departure from any
guaranty, for all or any of the Obligations; or


 


(d) any
other circumstance which might otherwise constitute a defense available to, or a discharge of, the Pledgor (other than full payment or
satisfaction of the Obligations).


 


11. Release
of Collateral Covered by this Security Agreement.


 


(a) 
This Security Agreement and the security interests and all related rights and powers granted or created hereunder shall automatically
terminate upon the indefeasible payment in full of the Obligations (other than contingent
indemnification obligations not yet accrued).


 


(b) 
Upon (i) any sale or other transfer by the Pledgor of any designated Collateral
in a transaction permitted hereunder or (ii) the effectiveness of any written consent to the release of the security interest created
under this Security Agreement in any designated Collateral in accordance with Section
15 hereof, the security interest in such designated Collateral created by this Security
Agreement shall be automatically released.


 


(c)  Upon
the termination of this Security Agreement as provided in clause (a) above, or the release of Collateral as provided in clause (b)
above, the Lender shall, at the Pledgors’Pledgor’s request
and expense, take all actions reasonably requested to confirm the termination of all rights, powers and interests under this
Security Agreement and the release of the Collateral (to the extent released) from the security interests granted or created
hereunder, including, without limitation, the execution and delivery of termination statements and releases and, where appropriate,
the return of physical possession and control of such Collateral.




 


12. Reinstatement.
This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against
the Pledgor for liquidation or reorganization, should the Pledgor become insolvent or make an assignment for the benefit of creditors
or should a receiver or trustee be appointed for all or any significant part of the Pledgor’s assets, and shall continue to be effective
or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as
a “voidable preference”, “fraudulent conveyance”, or otherwise, all as though such payment or performance had
not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall
be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.


 


13. Notices.


 


(a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given
by telephone shall be made to the applicable telephone number, to the address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule I hereto; and


 






    	 	9	 



     


    

 


Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).


 


(b) 
Change of Address, Etc. The Pledgor or the Lender may change its address, facsimile or telephone number for notices and
other communications hereunder by notice to the other partiesparty
hereto.




 


14. Severability.
Each provision of this Security Agreement shall be considered severable, and if for any reason any provision or provisions herein are
determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall
not impair the operation of or affect those portions of this Security Agreement that are valid, enforceable and legal.


 


15. Waivers;
Amendments.


 


(a) No
failure on the part of the Lender to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by the Lender of any right, remedy or power hereunder preclude any other or future exercise
of any other right, remedy or power. Each and every right, remedy and power hereby granted to the Lender or allowed it by law or other
agreement shall be cumulative and not exclusive of any other, and may be exercised by the Lender from time to time. No notice to or demand
on the Pledgor in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by the Lender
under this Security Agreement shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions.
No waiver or approval shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.


 


(b) Neither
this Security Agreement nor any provision hereof may be waived, amended or modified except with the written consent of all parties hereto.


 


16.  Successors
and Assigns. This Security Agreement and the rights and obligations of the PledgorsPledgor hereunder
shall not be assigned by the Pledgor. This Security Agreement may be assigned by the Lender to one or more assignees in accordance
with Section 9.06 of the Credit Agreement, and shall, together with the rights and remedies of the Lender hereunder, inure to the
benefit of the Lender and its successors and permitted
assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or
instrument evidencing the Obligations or any portion thereof or interest therein shall in any manner affect the security interest
granted to the Lender hereunder.




 






    	 	10	 



     


    

 


17. Governing
Law; Jurisdiction; Etc.


 


(a) GOVERNING
LAW. THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT
OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY
OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).


 


(b) SUBMISSION
TO JURISDICTION. THE PLEDGOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING
OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE LENDER OR ANY RELATED PARTY
OF THE FOREGOING IN ANY WAY RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO,
IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE
SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECURITY AGREEMENT OR IN ANY OTHER LOAN
DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS SECURITY AGREEMENT
OR ANY OTHER LOAN DOCUMENT AGAINST THE PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 


(c) WAIVER
OF VENUE. THE PLEDGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.


 






    	 	11	 



     


    

 


(d) SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 13.
NOTHING IN THIS SECURITY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.


 


18. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.


 


19. Execution
in Counterparts. This Security Agreement and any signed agreement or instrument entered into in connection with this Security Agreement,
and any amendments hereto or thereto, may be executed in one (1) or more counterparts, each of which will be deemed an original, but all
of which together will constitute one and the same agreement. Any such counterpart, to the extent delivered by means of a facsimile machine
or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”)
shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other party hereto
or thereto shall re execute the original form of this Security Agreement and deliver such form to all other parties hereto. No party hereto
shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives
any such defense, except to the extent such defense relates to lack of authenticity.


 


[SIGNATURE PAGES FOLLOW]


 




    	 	12	 



     


    

 


IN WITNESS WHEREOF, each of the parties hereto
has caused this Security Agreement to be executed and delivered on the date first set forth above.


 


	 	PLEDGOR:
	 	 
	 	BENEFICIENT COMPANY HOLDINGS, L.P.
	 	 	 
	 	By: 	The Beneficient Company Group, L.P., its general partner
	 	 	 
	 	By:	Beneficient Management, L.L.C., its general partner
	 	 	 
	 	By:	 
	 	 	Name:  Brad K. Heppner
	 	 	Title:  CEO
	 	 	 
	 	LENDER:
	 	 
	 	HCLP NOMINEES, L.L.C.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	 	13	 



     


    

 


SCHEDULE I


 


NOTICE INFORMATION


 


Pledgor:


 


325 N. Saint Paul Street, Suite 4850


Dallas, TX 75201


Attention: Brad K. Heppner


Email: bheppner@beneficient.com


 


Lender:


 


17575
Fitzpatrick Lane


Occidental, CA 95465


Attention: David Wickline


Email: Dwickline@cali351.com


 


With
copy to:


 


c/o
Thompson & Knight LLP


325 N. Saint PaulOne
Arts Plaza, 1722 Routh Street, Suite 48501500


Dallas, TX 75201


Attention: Jeffrey S. HinkleWilliam
Banowsky, Esq.


Email: jhinkle@beneficientBill.Banowsky@tklaw.com