Document:

EXHIBIT 4.2

 

AMENDED
AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

This
Amended and Restated Pledge and Security Agreement (this
“Security Agreement”) is entered into as of October ____, 2017, by and among GWG Holdings, Inc., a Delaware
corporation (“Holdings”), GWG Life, LLC, a Delaware limited liability company (“GWG Life,”
and referred to collectively with Holdings as the “Entity Grantors”), Jon R. Sabes and Steven F. Sabes (collectively,
the “Individual Grantors,” and referred to collectively with the Entity Grantors simply as the “Grantors”),
and Bank of Utah, in its capacity as indenture trustee under the Indenture (as defined below) and collateral trustee hereunder
(the “Trustee”), for the benefit of the holders of L Bonds issued by Holdings under the Indenture and
guaranteed by GWG Life (as defined in the Indenture).

 

I
N T R O D U C T I O N

 

A.       The
Entity Grantors and the Trustee are parties to that certain Indenture, originally dated as of October 19, 2011, subsequently amended
on each of December 15, 2011, January 9, 2015, and June 15, 2015, and now amended and restated as of even date herewith (as so
amended and restated, and as it may be amended or supplemented from time to time hereafter, the “Indenture”).
The Indenture contemplates and permits the grant of collateral security for certain debt securities of Holdings that may from
time to time be issued thereunder and, as of the date hereof, the only class of debt securities issued under the Indenture are
denominated as “L Bonds.” The grant of such collateral security was accomplished pursuant to the Indenture and a Pledge
and Security Agreement by and among the parties, dated as of October 19, 2011, and subsequently amended on each of December 15,
2011, January 9, 2015, and June 15, 2015 (as so amended, the “Original Security Agreement”).

 

B.       To
date, the L Bonds have been publicly offered and sold under several registration statements declared effective by the U.S. Securities
and Exchange Commission. In connection with this Security Agreement, Holdings has filed a new registration statement with the
U.S. Securities and Exchange Commission (SEC File No. 333-220288) to continue publicly offering and selling L Bonds, and to renew
presently outstanding L Bonds. In addition, Holdings may in the future file additional registration statements to continue publicly
offering and selling L Bonds, and to renew then-outstanding L Bonds.

 

C.       The
Grantors are entering into this Security Agreement to amend and restate the terms under which they have granted a security interest
in those assets specified herein pursuant to the Original Security Agreement, as collateral security for the obligations owing
in respect of the L Bonds issued under the Indenture (the “Secured Obligations”). The Trustee serves as
indenture trustee under the Indenture and hereby reconfirms its agreement to serve as collateral trustee hereunder for the benefit
of the holders of L Bonds issued under the Indenture.

 

A
G R E E M E N T

 

Now
Therefore, the Grantors and the Trustee hereby
amend and restate the Original Security Agreement and agree as follows:

 

Article
1

Definitions

 

1.1.       Terms
Defined in the Indenture. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Indenture.

 

     

     

    

 

1.2.       Terms
Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Security Agreement shall have the meanings
assigned to such terms in the UCC. In this regard, the following capitalized terms used in this Security Agreement shall have
the meanings set forth in the UCC: Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, Fixtures,
General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter-of-Credit Rights, Securities Account, and Supporting
Obligations.

 

1.3.       Other
Definitions. As used in this Security Agreement, and in addition to the terms defined elsewhere in this Security Agreement,
the following terms shall have the following meanings:

 

“Collateral”
means all of the assets of the Entity Grantors, including but not limited to Accounts, Chattel Paper, Commercial Tort Claims,
Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, letters
of credit, Letter-of-Credit Rights, Securities Accounts, Pledged Deposits, Supporting Obligations, wherever located, in which
any Entity Grantor now has or hereafter acquires any right or interest, including (as to each of the foregoing types of assets)
(i) the proceeds, including but limited to as set forth in the definition of “Equity Rights” below, insurance proceeds
and products thereof, and further including (ii) all books and records, customer lists, credit files, computer files, programs,
printouts and other computer materials and records related thereto.

 

“Collateral
Documents” has the meaning set forth in the Indenture.

 

“Default”
means an event described in Section 6.1.

 

“Equity
Collateral” shall mean all of the common stock issued by Holdings and held, whether of record or beneficially, by Jon
R. Sabes and Steven F. Sabes, together will all rights and Equity Rights related thereto. For this purpose, beneficial ownership
of common stock issued by Holdings shall be determined in a manner consistent with the definition of beneficial ownership set
forth in Rule 13d-3(a) promulgated by the U.S. Securities and Exchange Commission.

 

“Equity
Rights” means any securities, dividends, instruments or distributions, and any other right or property which any Grantor
shall become entitled to receive for any reason whatsoever, with respect to, or in substitution or exchange for, any Collateral
or Equity Collateral, as applicable; excluding, however, at any particular point in time, any such property that shall have already
been distributed to or received by an Individual Grantor on account of Equity Collateral.

 

“Governmental
Authority” means any country or nation, or any state or other political subdivision thereof or any entity exercising
executive, legislative or judicial, regulatory or administrative functions of or pertaining to government.

 

“Holder”
means a holder of record of one or more L Bonds.

 

“L
Bonds” are debt securities of Holdings that are guaranteed by GWG Life and issued as “Securities” under
the Indenture.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition (financial or otherwise)
of the Entity Grantors or (b) the validity or enforceability of this Security Agreement or the Indenture or the rights or remedies
of the Trustee or the Holders.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust,
unincorporated organization or government or Governmental Authority.

 

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“Pledged
Collateral” means, collectively, the Collateral of the Entity Grantors and the Equity Collateral of the Individual Grantors
pledged pursuant to this Security Agreement.

 

“Pledged
Deposits” means all time deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced by
certificates, which an Entity Grantor may from time to time designate as pledged to the Trustee or to any secured party as security
for any Secured Obligations, and all rights to receive interest on said deposits.

 

“Pledged
Securities” means (i) the equity securities comprising the Equity Collateral owned by the Individual Grantors, and (ii)
any other equity interests comprising Collateral that are owned by any Entity Grantor.

 

“Receivables”
means the Accounts, Chattel Paper, Documents, Investment Property, Instruments or Pledged Deposits, and any other rights or claims
to receive money which are General Intangibles or which are otherwise included as Collateral.

 

“Secured
Obligations” is defined in Paragraph C of the Introduction to this Security Agreement.

 

The
foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

 

Article
2

Grant of Security Interest and Pledge

 

2.1.       Grant
by Entity Grantors. To secure the prompt and complete payment and performance of the Secured Obligations, the Entity Grantors,
subject to the terms and conditions of this Security Agreement, hereby pledge, assign and grant to the Trustee, on behalf of and
for the benefit of the Holders, a security interest in all of each such Entity Grantor’s right, title and interest, whether
now owned or hereafter acquired, in and to the Collateral.

 

2.2.       Grant
by Individual Grantors. To secure the prompt and complete payment and performance of the Secured Obligations, the Individual
Grantors, subject to the terms and conditions of this Security Agreement, hereby pledge the Equity Collateral to the Trustee,
on behalf of and for the benefit of the Holders.

 

Article
3

Representations and Warranties of Entity Grantors

 

The
Entity Grantors jointly and severally represent and warrant to the Trustee as follows:

 

3.1.       Title,
Authorization, Validity and Enforceability. Each Entity Grantor has good and valid rights in or the power to transfer the
Collateral owned by it and title to the Collateral with respect to which it has purported to grant a security interest hereunder,
free and clear of all Liens except for Liens permitted under Section 5.1.4. Each Entity Grantor has full corporate or limited
liability company power and authority to grant to the Trustee the security interest in the Collateral pursuant hereto. The execution
and delivery by each Entity Grantor have been duly authorized by proper corporate and limited liability company proceedings, as
applicable. This Security Agreement constitutes a legal, valid and binding obligation of each Entity Grantor and creates a security
interest which is enforceable against such Entity Grantor in all Collateral it now owns or hereafter acquires, except as enforceability
may be limited by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws relating to or affecting the
enforcement of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity
or at law), and (iii) requirements of reasonableness, good faith and fair dealing.

 

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3.2.       No
Conflicts or Violation. Neither the execution and delivery by any Entity Grantor of this Security Agreement, the creation
and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof,
will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Entity Grantor,
(ii) such Entity Grantor’s certificate of incorporation or formation, limited liability company agreement or by-laws (or
similar documents, as applicable), or (iii) the provisions of any indenture, instrument or agreement to which such Entity Grantor
is a party or is subject, or by which it or its property may be bound or affected, or conflict with or constitute a default thereunder,
or result in or require the creation or imposition of any Lien in or on the property of such Entity Grantor pursuant to the terms
of any such indenture, instrument or agreement (other than any Lien of the Trustee on behalf of the Holders).

 

3.3.       Offices.
The Entity Grantors’ mailing address and the principal location of their place of business or chief executive office is
220 South Sixth Street, Suite 1200, Minneapolis, Minnesota 55402.

 

3.4.       Accounts
and Chattel Paper. The names of the obligors, amounts owing, due dates and other information with respect to the Accounts
and Chattel Paper owned by each Entity Grantor are and will be correctly stated in all books and records of such Entity Grantor
relating thereto.

 

3.5.       No
Financing Statements or Security Agreements. No financing statement or security agreement describing all or any portion of
the Collateral which has not lapsed or been terminated naming any Entity Grantor as debtor has been filed or is of record in any
jurisdiction except financing statements (i) naming the Trustee on behalf of the Holders as the secured party and (ii) in respect
of Liens permitted by the Indenture or under Section 5.1.4.

 

3.6.       Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or
regulatory body required for the due execution, delivery or performance by the Entity Grantors of their respective obligations
under the Indenture or any Collateral Documents remains unobtained or unfulfilled.

 

3.7.       Compliance
with Laws.

 

3.7.1       Each
of the Entity Grantors is in material compliance with the requirements of all applicable laws, a breach of any of which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

3.7.2       No
Entity Grantor has failed to obtain any licenses, permits, franchises or other governmental authorizations necessary for the ownership
of its properties or the conduct of its business, which failure could reasonably be expected to have a Material Adverse Effect.

 

3.7.3       Each
Entity Grantor has complied with all licensure requirements in each state in which it is required to be specifically registered
as a purchaser, owner or servicer of life insurance policies.

 

3.8.       No
Proceedings. There is no order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority
to which any Entity Grantor is subject, and there is no action, suit, arbitration, regulatory proceeding or investigation pending,
before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality, against any Entity
Grantor or its direct or indirect subsidiaries that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. Furthermore, there is no action, suit, arbitration, regulatory proceeding or investigation pending, before
any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (A) asserting the invalidity
of the Indenture or any Collateral Documents, (B) seeking to prevent the issuance of L Bonds or the consummation of the transactions
contemplated by the Indenture or any registration statement under which L Bonds are being offered and sold, or (C) seeking to
adversely affect the federal income tax attributes of any Entity Grantor.

 

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3.9.       Investment
Company Act, Etc. No Entity Grantor is an “investment company” within the meaning of the Investment Company Act
of 1940; or a “holding company” or “subsidiary company” of a “holding company,” or an “affiliate”
of a “holding company” or a “subsidiary company” of a “holding company,” within the meaning
of the Public Utility Holding Company Act of 1935.

 

3.10.     Accuracy
of Information. All information heretofore furnished by or on behalf of any Entity Grantor in connection with the Collateral
Documents, or any transaction contemplated thereby, is true and accurate in all material respects (without omission of any information
necessary to prevent such information from being materially misleading).

 

3.11.     No
Material Adverse Change. Since December 31, 2010, there has been no material adverse change in the financial condition, business
or operations (taken as a whole) of any Entity Grantor with respect to its ability to perform its obligations under the Indenture
or any Collateral Documents.

 

3.12.     Trade
Names and Subsidiaries. Neither Entity Grantor has used any other names, trade names or assumed names for the six-year period
preceding the date of this Security Agreement (other than (i) Holdings, which prior to June 12, 2011 had existed under the name
GWG Holdings, LLC, and (ii) GWG Life, which prior to June 27, 2014 had existed under the name GWG Life Settlements, LLC). Neither
Entity Grantor has any subsidiaries or owns or holds, directly or indirectly, any equity interest in any other entity, except
as follows: (i) Holdings owns a direct equity interest in GWG Life, GWG Life USA, LLC (a Delaware limited liability company),
GWG Broker Services, LLC (a Delaware limited liability company), GWG MCA Capital, Inc. (a Delaware corporation), Wirth Park Agency,
LLC (a Delaware limited liability company), and Life Epigenetics, Inc. (a Delaware corporation); and (ii) GWG Life owns a direct
equity interest in GWG DLP Funding III, LLC (a Delaware limited liability company), GWG DLP Funding IV, LLC (a Delaware limited
liability company).

 

Article
4

Representations and Warranties of Individual Grantors

 

Each
Individual Grantor, severally but not jointly, hereby represents and warrants to the Trustee as follows:

 

4.1.       Title,
Authorization, Validity and Enforceability. Each Individual Grantor has good and valid rights in or the power to transfer
the Equity Collateral owned by it and title to the Equity Collateral with respect to which it has purported to grant a security
interest hereunder, free and clear of all Liens except for Liens permitted under Section 5.1.4. This Security Agreement constitutes
a legal, valid and binding obligation of each Individual Grantor and creates a security interest which is enforceable against
such Individual Grantor in all Equity Collateral it now owns or hereafter acquires.

 

4.2.       No
Conflicts or Violation. Neither the execution and delivery by any Individual Grantor of this Security Agreement, the creation
and perfection of the security interest in the Equity Collateral granted hereunder, nor compliance with the terms and provisions
hereof, will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Individual
Grantor, or (ii) the provisions of any indenture, instrument or agreement to which such Individual Grantor is a party or
is subject, or by which such Individual Grantor or any of the Equity Collateral may be bound or affected, or conflict with or
constitute a default thereunder, or result in or require the creation or imposition of any Lien in or on such Equity Collateral
pursuant to the terms of any such indenture, instrument or agreement (other than any Lien of the Trustee on behalf of the Holders).

 

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4.3.       Accuracy
of Information. All information heretofore furnished by or on behalf of any Individual Grantor in connection with the Collateral
Documents, or any transaction contemplated thereby, is true and accurate in all material respects (without omission of any information
necessary to prevent such information from being materially misleading).

 

Article
5

Covenants of the Grantors

 

From
the date of this Security Agreement and thereafter until this Security Agreement is terminated, each of the Grantors agrees:

 

5.1.       General.

 

5.1.1       Inspection.
Each Grantor will permit the Trustee (i) to inspect the Pledged Collateral, (ii) to examine and make copies of the records of
such Grantor relating to the Pledged Collateral and (iii) to discuss the Pledged Collateral and the related records of such Grantor
with, and to be advised as to the same by, such Grantor’s officers and employees, all at such reasonable times and intervals
as the Trustee may determine, upon reasonable notice by the Trustee to such Grantor and all at such Grantor’s expense.

 

5.1.2       Records
and Reports; Notice of Default. Each Grantor shall keep and maintain complete, accurate and proper books and records with
respect to the Pledged Collateral owned by such Grantor, and furnish to the Trustee, such reports relating to the Pledged Collateral
as the Trustee shall from time to time reasonably request. Each Grantor will give prompt notice in writing to the Trustee of the
occurrence of any Default under Section 6.1 and of any other development, financial or otherwise, which could reasonably be expected
to materially and adversely affect the Pledged Collateral.

 

5.1.3       Financing
Statements. Each Grantor hereby authorizes the Trustee to file, and if requested will execute and deliver to the Trustee,
all financing statements reasonably describing the Pledged Collateral owned by such Grantor and other documents and take such
other actions as may from time to time reasonably be requested by the Trustee, subject in all cases to Liens permitted under the
Indenture and any Collateral Documents, or any other agreement describing the rights of the Trustee (on behalf of the Holders)
relative to other creditors of some or all of the Grantors.

 

5.1.4       Liens.
No Grantor will create, incur, or suffer to exist any Lien on the Pledged Collateral owned by such Grantor except Liens (i) permitted
pursuant to the Indenture, this Security Agreement or any intercreditor agreement, or any other agreement describing the rights
of the Trustee relative to other creditors of some or all of the Grantors, and (ii) created under any debt or obligation senior
in right of payment or priority or pari passu in right of payment or priority, and (iii) disclosed to the Trustee promptly;
provided, however, that (1) an Individual Grantor may nonetheless create, incur, or suffer to exist a Lien on Equity Collateral
so long as the shares of common stock of Holdings comprising Equity Collateral and encumbered by any such Lien are deemed to have
been “disposed of” for purposes of determining whether an Individual Grantor is then and thereafter permitted to dispose
of Equity Collateral in the ordinary course of business under Section 5.1.5 below; and (2) upon the termination of any such Lien,
the shares of common stock of Holdings comprising Equity Collateral and previously encumbered by that Lien shall no longer be
deemed to have been “disposed of” for purposes of determining whether an Individual Grantor is thereafter permitted
to dispose of Equity Collateral in the ordinary course of business under Section 5.1.5 below.

 

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5.1.5       Disposition
of Collateral Outside Ordinary Course. No Entity Grantor is authorized to sell or otherwise dispose of the Collateral outside
of the ordinary course of business unless consented to by the Trustee, with the consent or at the direction of the Holders of
at least a majority in principal amount of the then-outstanding L Bonds. No Individual Grantor is authorized to sell or otherwise
dispose of the Equity Collateral outside of the ordinary course of business (unless consented to by the Trustee, with such consent
not to be unreasonably withheld, or unless consented to by the Trustee with the consent or at the direction of the Holders of
at least a majority in principal amount of the then-outstanding L Bonds). For purposes of the foregoing, any disposition of Equity
Collateral by an Individual Grantor (whether by private or public resale(s), encumbrance, or otherwise) shall be deemed to be
“in ordinary course of business” if such disposition does not cause the remaining Equity Collateral of that Individual
Grantor to represent less than 10% of the Equity Collateral beneficially held by the Individual Grantor as of October 19, 2011.

 

5.1.6       Change
in Corporate Existence, Type or Jurisdiction of Organization, Location, Name. Each Entity Grantor will: (a) preserve its existence
and entity structure as in effect on the date of this Security Agreement; (b) not change its name or jurisdiction of organization;
(c) not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business)
at a location other than a location specified in Section 3.3; unless, in each such case, such Entity Grantor shall have given
the Trustee not less than ten days’ prior written notice of such event or occurrence and the Trustee shall have either (x)
determined in good faith that such event or occurrence will not adversely affect the validity, perfection or priority of the Trustee’s
security interest in the Collateral, or (y) taken such steps (with the cooperation of such Grantor to the extent necessary or
advisable) as are necessary or advisable to properly maintain the validity, perfection and priority of the Trustee’s security
interest in the Collateral owned by such Entity Grantor.

 

5.2.       Certificated
and Uncertificated Securities. Upon request, each Grantor will deliver to the Trustee immediately upon execution of this Security
Agreement the originals of all Pledged Securities (to the extent certificated) and Instruments constituting Pledged Collateral
(if any then exist). In addition, each Grantor will permit the Trustee from time to time to cause the appropriate issuers (and,
if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of securities
not represented by certificates which are Pledged Collateral owned by such Grantor to mark their books and records with the numbers
and face amounts of all such uncertificated securities or other types of securities not represented by certificates and all replacements
thereof to reflect the Lien of the Trustee granted pursuant to this Security Agreement.

 

5.3.       No
Interference. Each Grantor agrees that it will not interfere with any right, power and remedy of the Trustee provided for
in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning
of the exercise by the Trustee of any one or more of such rights, powers or remedies.

  

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Article
6

Default and Remedies

 

6.1.       Default.
The occurrence of any one or more of the following events shall constitute a Default:

 

6.1.1       Any
representation or warranty made by or on behalf of any Grantor under this Security Agreement shall be materially false as of the
date on which made;

 

6.1.2       The
breach by any Grantor of any of the terms or provisions of Article 8;

 

6.1.3       The
breach by any Grantor (other than a breach which constitutes a Default under Sections 6.1.1, 6.1.2 or 6.1.4) of any of the terms
or provisions of this Security Agreement which breach is not remedied or not begun to have been remedied within 30 days after
the giving of written notice to such Grantor by the Trustee; or

 

6.1.4       The
occurrence of any “Event of Default” under, and as defined in, the Indenture.

 

6.2.       Remedies.
Upon the occurrence of a Default hereunder, the Trustee may, and at the direction of the Holders of at least a majority in principal
amount of the then-outstanding L Bonds shall, exercise any or all of the following rights and remedies (subject in all cases to
any provisions, in favor of any debt that is senior in right of payment or priority, contained in the Indenture, this Security
Agreement or any other Collateral Documents):

 

6.2.1       Those
rights and remedies provided in this Security Agreement and the Indenture.

 

6.2.2       Those
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Pledged Collateral)
or under any other applicable law (including without limitation any law governing the exercise of a right of setoff or bankers’
lien) when a debtor is in default under a security agreement.

 

6.2.3       Without
notice (except as specifically provided in Section 10.1 or elsewhere herein), demand or advertisement of any kind to any Grantor
or any other Person, enter the premises of any Entity Grantor where any Collateral is located to collect, receive, assemble, process,
appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the
Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued
from time to time with or without notice and may take place at any Grantor’s premises of elsewhere), for cash, on credit
or for future delivery without assumption of any credit risk, and upon such other terms as the Trustee may deem commercially reasonable.

 

6.2.4       Concurrently
with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any
part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates
or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto,
to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with
respect to the Pledged Collateral as though the Trustee was the outright owner thereof.

  

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The
Trustee, on behalf of the Holders, may comply with any applicable state or federal law requirements in connection with a disposition
of the Pledged Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any
sale of the Pledged Collateral. The Trustee shall have the right upon any such public sale or sales and, to the extent permitted
by law, upon any such private sale or sales, to purchase for the benefit of the Trustee and the Holders, the whole or any part
of the Pledged Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly
releases.

 

Until
the Trustee is able to effect a sale, lease, or other disposition of Pledged Collateral, the Trustee shall have the right to hold
or use Pledged Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Pledged
Collateral or its value or for any other purpose deemed appropriate by the Trustee. The Trustee may, if it so elects, seek the
appointment of a receiver or keeper to take possession of Pledged Collateral and to enforce any of the Trustee’s remedies
(for the benefit of the Trustee and Holders), with respect to such appointment without prior notice or hearing as to such appointment.

 

Notwithstanding
the foregoing, neither the Trustee nor any Holder shall be required to (i) make any demand upon, or pursue or exhaust any of their
rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment
of the Secured Obligations or to pursue or exhaust any of their rights or remedies with respect to any Pledged Collateral therefor
or any direct or indirect guarantee thereof, (ii) marshal the Pledged Collateral or any guarantee of the Secured Obligations or
to resort to the Pledged Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Pledged
Collateral.

 

Each
Grantor recognizes that the Trustee may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled
to resort to one or more private sales thereof in accordance with this Section 6.2. Each Grantor also acknowledges that any private
sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding
such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner
solely by virtue of such sale being private. The Trustee shall be under no obligation to delay a sale of any of the Pledged Collateral
for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for
public sale under the Securities Act of 1933, or under applicable state securities laws, even if the applicable Grantor and the
issuer would agree to do so.

 

6.3.       Grantors’
Obligations Upon Default. Upon the request of the Trustee after the occurrence of a Default, each Grantor will (subject in
all cases to any provisions in favor of any debt that is senior in right of payment or priority contained in the Indenture, this
Security Agreement or any other Collateral Documents):

 

6.3.1       Assemble
and make available to the Trustee the Pledged Collateral and all books and records relating thereto at any place or places specified
by the Trustee;

 

6.3.2       Permit
the Trustee, by the Trustee’s representatives and agents, to enter, occupy and use any premises where all or any part of
the Pledged Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part
of the Pledged Collateral, or the books and records relating thereto, or both, to remove all or any part of the Pledged Collateral,
or the books and records relating thereto, or both, and to conduct sales of the Pledged Collateral, without any obligation to
pay the Grantor for such use and occupancy; and/or

 

6.3.3       Take,
or cause an issuer of Pledged Securities to take, any and all actions necessary to register or qualify the Pledged Collateral
to enable the Trustee to consummate a public sale or other disposition of such Pledged Securities.

 

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Article
7

Waivers, Amendments and Remedies

 

No
delay or omission of the Trustee or any secured party to exercise any right or remedy granted under this Security Agreement shall
impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial
exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right
or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever
shall be valid unless in writing signed by the Trustee and each Grantor. All rights and remedies contained in this Security Agreement
or by law afforded shall be cumulative and all shall be available to the Trustee and the Holders until the Secured Obligations
have been paid in full.

 

Article
8

Proceeds; Collection of Receivables

 

8.1.       Collection
of Receivables. Subject to any provisions of the Indenture, this Security Agreement or any other Collateral Documents, including
any intercreditor agreement or other agreement describing the rights of the Trustee relative to other creditors of some or all
of the Grantors, the Trustee may at any time after the occurrence and during the continuation of a Default, by giving each Grantor
written notice, elect to require that any Receivables be paid directly to the Trustee for the benefit of the Holders. In such
event, each Entity Grantor shall, and shall permit the Trustee to, promptly notify the account debtors or obligors under the Receivables
owned by such Entity Grantor of the Trustee’s interest therein and direct such account debtors or obligors to make payment
of all amounts then or thereafter due under such Receivables directly to the Trustee. Upon receipt of any such notice from the
Trustee, each Entity Grantor shall thereafter hold in trust for the Trustee, on behalf of the Holders, all amounts and proceeds
received by it with respect to the Receivables and immediately and at all times thereafter deliver to the Trustee all such amounts
and proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. The
Trustee shall hold and apply funds so received as provided by the terms of Sections 8.2 and 8.2.

 

8.2.       Special
Collateral Account. Subject in all cases to any provisions of the Indenture, this Security Agreement or any other Collateral
Documents, including any intercreditor agreement or other agreement describing the rights of the Trustee relative to other creditors
of some or all of the Grantors, after the occurrence and during the continuation of a Default, the Trustee may require all future
cash proceeds of the Pledged Collateral to be deposited in a special non-interest-bearing cash collateral account with the Trustee
and held there as security for the Secured Obligations. No Grantor shall have any control whatsoever over said cash collateral
account. The proceeds of the Pledged Collateral shall be applied by the Trustee to payment of the Secured Obligations as provided
under the Indenture.

 

Article
9

The Trustee

 

9.1.       Collateral
Trustee. Bank of Utah has been appointed collateral trustee for the Holders hereunder. It is expressly understood and agreed
by the parties to this Security Agreement that any authority conferred upon the Trustee hereunder is subject to the terms of the
delegation of authority made by the Holders to the Trustee pursuant to the Indenture, and that the Trustee has agreed to act (and
any successor Trustee shall act) as such hereunder only on the express conditions contained in the Indenture and this Article
9. Any successor Trustee appointed pursuant to the Indenture shall be entitled to all the rights, interests and benefits of the
Trustee hereunder.

 

    10

     

    

 

9.2.       No
                                         Implied Duty. The Trustee will not have any fiduciary duties nor will it have responsibilities
                                         or obligations other than those expressly assumed by it in this Security Agreement and
                                         the Indenture. The Trustee will not be required to take any action that is contrary to
                                         applicable law or any provision of this Security Agreement and the Indenture.

 

9.3.       Appointment
of Agents and Advisors. The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith
as it may reasonably require and will not be responsible for any misconduct or negligence on the part of any of them.

 

9.4.       Solicitation
of Instructions.

 

9.4.1       The
Trustee may at any time solicit written confirmatory instructions, or an order of a court of competent jurisdiction, as to any
action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations
under this Security Agreement or the Indenture.

 

9.4.2       No
written direction given to the Trustee that in the sole judgment of the Trustee imposes, purports to impose or might reasonably
be expected to impose upon the Trustee any obligation or liability not set forth in or arising under this Security Agreement,
or the Indenture will be binding upon the Trustee unless the Trustee elects, at its sole option, to accept such direction.

 

9.5.       Limitation
of Liability. The Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or
under the Indenture, except for its own gross negligence, bad faith or willful misconduct as determined by a court of competent
jurisdiction.

 

9.6.       Entitled
to Rely. The Trustee may seek and rely upon, and shall be fully protected in relying upon, any judicial order or judgment,
upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith,
and upon any certification, instruction, notice or other writing delivered to it by any of the Grantors in compliance with the
provisions of this Security Agreement or the Indenture, without being required to determine the authenticity thereof or the correctness
of any fact stated therein or the propriety or validity of service thereof. The Trustee may act in reliance upon any instrument
comporting with the provisions of this Security Agreement or the Indenture, or any signature reasonably believed by it to be genuine
and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in
connection with the provisions hereof or the Indenture has been duly authorized to do so.

 

9.7.       Actions
by Trustee. As to any matter not expressly provided for by this Security Agreement, or the Indenture, the Trustee will act
or refrain from acting as directed by the Holders of at least a majority in principal amount of the then-outstanding L Bonds,
and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding
on the Holders.

 

9.8.       Security
or Indemnity in favor of the Trustee. The Trustee will not be required to advance or expend any funds or otherwise incur any
financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided
with security or indemnity reasonably satisfactory to it against any and all liability or expense which may be incurred by it
by reason of taking or continuing to take such action.

 

    11

     

    

 

9.9.       Rights
of the Trustee. In the event there is any bona fide, good faith disagreement between the other parties to this Security Agreement
or the Indenture resulting in adverse claims being made in connection with Pledged Collateral held by the Trustee, and the terms
of this Security Agreement or the Indenture do not unambiguously mandate the action the Trustee is to take or not to take in connection
therewith under the circumstances then existing, or the Trustee is in doubt as to what action it is required to take or not to
take hereunder or under the Indenture, it will be entitled to refrain from taking any action (and will incur no liability for
doing so) until directed otherwise in writing by a request signed by all the parties hereto entitled to give such direction or
by order of a court of competent jurisdiction.

 

9.10.       Limitations
on Duty of Trustee in Respect of Collateral.

 

9.10.1       Beyond
the exercise of reasonable care in the custody of Pledged Collateral in its possession, the Trustee will have no duty as to any
Pledged Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or
as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee will not be responsible
for filing any financing or continuation statements or recording any documents or instruments in any public office at any time
or times or otherwise perfecting or maintaining the perfection of any Liens on the Pledged Collateral. The Trustee will be deemed
to have exercised reasonable care in the custody of the Pledged Collateral in its possession if the Pledged Collateral is accorded
treatment substantially equal to that which it accords its own property, and the Trustee will not be liable or responsible for
any loss or diminution in the value of any of the Pledged Collateral by reason of the act or omission of any carrier, forwarding
agency or other agent or bailee selected by the Trustee in good faith.

 

9.10.2       The
Trustee will not be responsible for the existence, genuineness or value of any of the Pledged Collateral or for the validity,
perfection, priority or enforceability of the Liens in any of the Pledged Collateral, whether impaired by operation of law or
by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross
negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Pledged Collateral
or any agreement or assignment contained therein, for the validity of the title of the Grantors to the Pledged Collateral, for
insuring the Pledged Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as
to the maintenance of the Pledged Collateral. The Trustee hereby disclaims any representation or warranty to the present and future
Holders concerning the perfection of the Liens granted hereunder or in the value of any of the Pledged Collateral.

 

Article
10

General Provisions

 

10.1.       Notice
of Disposition of Pledged Collateral; Etc. Each Grantor hereby waives notice of the time and place of any public sale or the
time after which any private sale or other disposition of all or any part of the Pledged Collateral may be made. To the extent
such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Entity Grantors,
addressed as set forth in Section 3.3, at least ten days prior to (i) the date of any such public sale or (ii) the time after
which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor
waives all claims, damages, and demands against the Trustee or any secured party arising out of the repossession, retention or
sale of the Pledged Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Trustee or
such secured party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor
absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Trustee
or any other secured party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all
rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the
sale of any Pledged Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred
by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment,
demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security
Agreement or any Pledged Collateral.

 

    12

     

    

 

10.2.       Limitation
on Duties with Respect to Pledged Collateral. The Trustee shall have no obligation to clean-up or otherwise prepare the Pledged
Collateral for sale. The Trustee and each secured party shall use reasonable care with respect to the Pledged Collateral in its
possession or under its control. Neither the Trustee nor any secured party shall have any other duty as to any Pledged Collateral
in its possession or control or in the possession or control of any agent or nominee of the Trustee or such other secured party,
or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.

 

10.3.       Performance
of Grantor’s Obligations. Without having any obligation to do so, the Trustee may perform or pay any obligation which
any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall reimburse the Trustee for any reasonable
amounts paid by the Trustee pursuant to this Section. Each Grantor’s obligation to reimburse the Trustee pursuant to the
preceding sentence shall be a Secured Obligation payable on demand.

 

10.4.       Authorization
to Take Certain Action. Each Grantor irrevocably authorizes the Trustee at any time and from time to time in the sole discretion
of the Trustee and appoints the Trustee as its attorney-in-fact (i) to execute on behalf of such Grantor as debtor and to file
financing statements necessary or desirable in the Trustee’s sole discretion to perfect and to maintain the Trustee’s
security interest in the Collateral, (ii) to endorse and collect any future cash proceeds of the Pledged Collateral, (iii) to
file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Pledged
Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does
not add new collateral or add a debtor) in such offices as the Trustee in its sole discretion deems necessary or desirable to
maintain the Trustee’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the
issuers of uncertificated securities which are Collateral owned by such Grantor or with financial intermediaries holding other
Investment Property as may be necessary or advisable to give the Trustee control over such securities or other Investment Property,
(v) subject to the terms hereof, to enforce payment of the Instruments, Accounts and Receivables in the name of the Trustee or
such Grantor, (vi) to apply the future proceeds of any Pledged Collateral received by the Trustee to the Secured Obligations as
provided in Article 8 and (vii) to discharge past-due taxes, assessments, charges, fees or Liens on the Pledged Collateral (except
for such Liens as are specifically permitted hereunder or under the Indenture), and each Grantor agrees to reimburse the Trustee
on demand for any reasonable payment made or any reasonable expense incurred by the Trustee in connection therewith, provided
that this authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Indenture.

 

10.5.       Specific
Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in
Sections 5.1.4, 5.1.5 or 6.3 or in Article 8 will cause irreparable injury to the Trustee and the Holders, that the Trustee and
the Holders have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the
Trustee or the Holders, to seek and obtain specific performance of other obligations of the Grantors contained in this Security
Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 10.5 shall be specifically
enforceable against the Grantors.

 

    13

     

    

 

10.6.       Use
and Possession of Certain Premises. Upon the occurrence of a Default (but subject to any provisions of the Indenture, this
Security Agreement or any other Collateral Documents, including any intercreditor agreement or other agreement describing the
rights of the Trustee relative to other creditors of some or all of the Grantors), the Trustee shall be entitled to occupy and
use any premises owned or leased by the Grantors where any of the Pledged Collateral or any records relating to the Pledged Collateral
are located until the Secured Obligations are paid or the Pledged Collateral is removed therefrom, whichever first occurs, without
any obligation to pay any Grantor for such use and occupancy.

 

10.7.       Reinstatement.
This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or
against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit
of any creditor or creditors, or should a receiver or trustee be appointed for all or any significant part of any Grantor’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
Secured 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 Secured 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 Secured Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.

 

10.8.       Benefit
of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors,
the Trustee and the Holders and their respective successors and assigns (including all persons who become bound as a debtor to
this Security Agreement), except that the Grantors shall not have the right to assign their rights or delegate their obligations
under this Security Agreement or any interest herein, without the prior written consent of the Trustee. No sales of participations,
assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest
therein shall in any manner impair the Lien granted to the Trustee, for the benefit of the Trustee and the Holders, hereunder.

 

10.9.       Survival
of Representations. All representations and warranties of the Grantors contained in this Security Agreement shall survive
the execution and delivery of this Security Agreement.

 

10.10.       Taxes
and Expenses. Any taxes payable or ruled payable by a federal or state authority in respect of this Security Agreement shall
be paid by the Grantors, together with interest and penalties, if any. The Grantors shall reimburse the Trustee for any and all
reasonable out-of-pocket expenses and internal charges (including the fees, charges and disbursements of one U.S. counsel
paid or incurred by the Trustee in connection with the collection and enforcement of this Security Agreement and in the audit,
analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with
any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of
actions required pursuant to the terms hereof shall be borne solely by the Grantors.

 

10.11.       Headings.
The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Security Agreement.

 

10.12.       Termination.
This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations
outstanding) until (i) the Indenture has terminated pursuant to its express terms and (ii) all of the Secured Obligations have
been indefeasibly paid in cash and performed in full.

 

    14

     

    

 

10.13.       Entire
Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantors and the Trustee relating
to the Pledged Collateral and supersedes all prior agreements and understandings among the Grantors and the Trustee relating to
such Pledged Collateral.

 

10.14.       Governing
Law; Jurisdiction; Waiver of Jury Trial. 

 

10.14.1       THIS
SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO ITS
CONFLICTS-OF-LAW PROVISIONS.

 

10.14.2       Each
Grantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the state
courts sitting in Hennepin County, Minnesota, and of the United States District Court of the District of Minnesota, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Security Agreement or the Indenture, or
for recognition or enforcement of any judgment, and each Grantor hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such state or, to the extent permitted by law, in such
federal court. Each Grantor agrees that a final judgment in any such action 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 the
Indenture shall affect any right that the Trustee, the Holders may otherwise have to bring any action or proceeding relating to
this Security Agreement or the Indenture against any Grantor or its properties in the courts of any jurisdiction.

 

10.14.3       Each
Grantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Security Agreement or the Indenture in any court referred to in Section 10.14.2. Each Grantor hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.

 

10.14.4       Each
party to this Security Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.17
of this Security Agreement, and each of the Grantors hereby appoints Holdings as its agent for service of process. Nothing in
this Security Agreement or the Indenture will affect the right of any party to this Security Agreement to serve process in any
other manner permitted by law.

 

10.14.5       WAIVER
OF JURY TRIAL. EACH PARTY HEREBY 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 THE INDENTURE
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GRANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER GRANTOR HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER GRANTOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER GRANTORS HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY
AGREEMENT AND THE OTHER COLLATERAL DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    15

     

    

 

10.15.       Severability.
Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall,
as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction
or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this
Security Agreement are declared to be severable.

 

10.16.       Counterparts;
Delivery. This Security Agreement may be executed in 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
Security Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Security Agreement.

 

10.17.       Notices.
Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and
to the addresses set forth in Section 13.2 of the Indenture. Any party may change its address for service of notice upon it by
a notice in writing to the other parties as described in Section 13.2 of the Indenture.

 

10.18.       Conflicts
with Indenture. In the event of any direct conflict between the provisions of this Security Agreement and the provisions of
the Indenture, including without limitation any direct conflict relating to (i) the rights and remedies (or the limitations upon
such rights and remedies) of the Holders upon a Default or (ii) the subordination provisions contained in the Indenture (whether
in Article 10 of the Indenture or otherwise), the provisions of the Indenture shall control.

 

*  
*   *   *   *   *   *

 

    16

     

    

 

In
Witness Whereof, each of the Grantors and the
Trustee have executed this Amended and Restated Pledge and Security Agreement as of the date first above written.

 

	GRANTORS:	GWG Holdings,
    Inc.  
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GWG Life,
    LLC  
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Jon R.
    Sabes  
	 	 
	 	 
	 	 	 
	 	Steven
    F. Sabes  
	 	 
	 	 
	 	 	 
	 	 	 
	TRUSTEE:	Bank
    of Utah  
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page – Amended and Restated 

Pledge and Security AgreementEXHIBIT 4.4

 

		GWG HOLDINGS, INC.	 

 

 

 

GWG
HOLDINGS, INC.

 

L
Bond

 

SUBSCRIPTION
AGREEMENT

 

Please
complete this form to purchase L Bonds. Sections of this form that are incomplete may be returned to your broker-dealer and may
delay your purchase of L Bonds.

 

Once
completed, send this Subscription Agreement along with your certified or personal check payable to GWG Holdings, Inc. or wire
your deposit to the account listed below, and forward any other documents requested in this agreement to your broker-dealer or
to GWG Holdings, Inc. at:

 

 

 

 

 

 

 

 

 

 

GWG
Holdings, Inc.

220
South Sixth Street, Suite 1200

Minneapolis,
Minnesota 55402

 

 

Wire
Instructions:

GWG
Holdings, Inc --- L Bond 2 Account Routing: 091310521

Account:
500023916

Bank
Name: Bell State Bank & Trust

 

     

     

    

 

		GWG HOLDINGS, INC.	 

L BOND SUBSCRIPTION AGREEMENT

 

 

	1	 	INVESTMENT
        AMOUNT

        Note:
Minimum principal amount of $25,000. Any amount above the minimum principal must be
	 	TERMS
    AND SUBSCRIPTION AMOUNT GWG will not issue an L Bond if term amount is below $10,000. (Select one for each L Bond):	 
	 	 	 	Offering
    Term	Dollar
    Amount	 
	 
	 	purchased in $1,000 increments.	 	 ☐
     2 Year	 	 
	 	Qualified or Non-

	 	 ☐  3
    Year	 	 
	 	Qualified Funds

                                                                                
	 	 ☐  5
    Year	 	 
	 	(Must select one)	 	 ☐  7
    Year	 	 
	 	 ☐   Qualified	 		 	 
	 	 ☐   Non-Qualified	 	Total
    Dollar Amount:	 	 
			*
    The interest payment date is the 15th calendar day of each month (or, if such date is not a business day, then the next business
    day thereafter). Note: Form 1099 will be issued annually based upon tax year(s) earnings.

 

	2	 	Select
    one form of ownership:	 	 	 
	 	 	 	 	 	 
	 	 ☐	Individual Investor	 	 ☐	Joint Tenants with right of survivorship
	 	 	 	 	 	 	Note:
    Both joint tenants must sign this agreement.
	 	 ☐	Corporation, LLC, Partnership, or Trust	 	 ☐	Tenants in Common
	 		Note:
    Please include a trust resolution or the appropriate corporate or partnership documents authorizing you to make this investment.	 	 	Note: Both owners must sign this agreement.
	 	 ☐	IRA, Employee Benefit Plan or other retirement
    plan	 	 ☐	Other (e.g., custodian for minor)

  

	3	 	All reports, notices and information will be sent
    to the email address indicated below.	 
	 	 	 	 
	 	GWG will not share or sell your contact information.
    Email Address:	 
	 	 	 	 	 
	 	 	Email
    Address	 
	 	 	 	 
	 	☐ 	I/We decline and GWG may charge me for the hardcopy
    and mailing costs (other than costs relating to reports we file with the Securities and Exchange Commission).

  

	4	 	 	 	GENERAL SUITABILITY STANDARDS
	
        

         

         

         

         

         

         

         

         

         

         

             
                     
	 	 	 	 
	 	Under penalties of perjury, I/we hereby declare and certify that (must initial each box):
	 	 	 	 
	 	 	 	 
	 	Initial	 	I/We have received a copy of the Prospectus, together with any related Prospectus Supplement;
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Initial	 	The social security number or tax identification number listed on this agreement is correct;
	 	 	 	 
	 	 	 	 
	 	 	 	I am/We are not subject to backup withholding, either because the Internal Revenue Service has not notified me/us that I am/we are subject to backup withholding as a result of a failure to report all interest or dividends or I/we have been notified that I am/we are no longer subject to backup withholding;
	 	Initial	 
	 	 	 
	 	 	 
	 	 	 	I/we acknowledge that my/our purchase is subject to the terms contained in the Prospectus, may be rejected in whole or in part, and will not become effective until accepted by GWG. Additionally, I authorize GWG or any of its designees to share any information regarding my investments with the financial professional representing me/us in this transaction, unless authorization is expressly rescinded by me/us in writing; and
	 	Initial	 
	 	 	 
	 	 	 
	 	 	 	 
	 	Initial	 	I/We hereby acknowledge that this investment in L Bonds is illiquid.
	 	 	 	 
	 	 	 	 

    	 	D-1	 

     

    

	 	GWG HOLDINGS,
                                         INC.
L BONDS SUBSCRIPTION AGREEMENT	 

 

 

The
undersigned investor, desiring to purchase one or more GWG L Bonds pursuant to the Prospectus (which term includes all supplements
thereto and any amendments thereof) of GWG Holdings, Inc. a Delaware corporation, by executing this Signature Page, hereby agrees
to be bound by all terms of this Subscription Agreement. 

 INVESTOR
CONTACT INFO

(Complete
this section with the personal info of the signing individual) 

	 	 	 	 
	 	 	 
	PRINT NAME OF INVESTOR  	 	PRINT NAME OF CO-INVESTOR (if APPLICABLE)
	 	 	 
			 
	INVESTOR DATE OF BIRTH (MM/DD/YY)  	 	CO-INVESTOR DATE OF BIRTH (MM/DD/YY)
	 	 	 
	 	 	 
	PRIMARY INVESTOR SOCIAL SECURITY NUMBER	 	CO-INVESTOR SOCIAL SECURITY NUMBER
	 	 	 
	 	 	 
	MAILING ADDRESS  	 	MAILING ADDRESS 
	 	 	 
	  	 	  
	CITY                                   STATE
                  ZIP	 	CITY                                   STATE
                  ZIP
	 	 	 
	INVESTOR PRIMARY PHONE  	 	CO-INVESTOR PRIMARY PHONE
	 	 	 
	 	 	 
	SIGNATURE OF INVESTOR  	 	SIGNATURE OF CO-INVESTOR
	 	 	 
	 	 	 
	DATE SIGNED (MM/DD/YY)  	 	DATE SIGNED (MM/DD/YY)
			 
	 	If you
    will own this L Bond investment directly as an individual or jointly, click here , skip section 6 and proceed to section 7.
    If owning this L Bond investment as an entity (e.g., trust, LLC, etc.), complete the left hand side of section 6. Lastly,
    if you are NOT owning this investment directly (i.e. your investment will be held in a brokerage account or IRA, etc.), you
    MUST fill out at least ONE side of section 6 before proceeding to section 7.

 

	  	IRA/QUALIFIED
    FUNDS OR	 	NON-QUALIFIED
    BROKERAGE FUNDS
	ENTITY OWNED	 	Is this bond being held inside a non-qualified
    brokerage account?
		 	☐ Yes. Fees
    may be assessed by your custodian. No ☐
	NAME OF INVESTING ENTITY	 	 
	    	 	
	DATE
    OF INCORPORATION       IRA ACCOUNT NUMBER	 	BROKERAGE FIRM NAME
	OR DECLARATION
                                         OF

                                                      TRUST
                                         (MM/DD/YY)
	 	 
	 

                                                 
	 	 
	TAX ID OF ENTITY	 	ACCOUNT NUMBER
	  
	 	 
	MAILING
    ADDRESS	 	MAILING
    ADDRESS
	 	 	 
	  		  
	CITY                                   STATE
                  ZIP	 	CITY                                   STATE
                  ZIP
	 	 	 
	PRIMARY PHONE  	 	PRIMARY PHONE  

 

	PRINT
    NAME OF AUTHORIZED SIGNOR AND TITLE	 	PRINT
    NAME OF AUTHORIZED SIGNOR AND TITLE
	 	
	AUTHORIZED SIGNATURE	AUTHORIZED SIGNATURE
	 	 

    	 	D-2	 

     

    

 

		GWG HOLDINGS, INC.
	L
    BOND SUBSCRIPTION AGREEMENT

 

	7	 	 	DIRECT DEPOSIT ACCOUNT INFORMATION: *REQUIRED FOR ALL PURCHASES
	 	 	 
	 	☐	I currently receive direct deposit payments from an existing GWG investment. I hereby instruct GWG to deposit all principal and interest payments for this new L Bond investment into the same account.
	 	 	 	 
	 	 	☐	Deposit my payments back
    into my IRA or Brokerage Account listed on the previous page. (Section 6) Deposit my payments into the 
	 	 	 	 
	 	 	☐	account listed below. Note: Must attach a VOIDED check for bank accounts.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	ACCOUNT OWNER NAME(S)	 	☐ CHECKING	☐ SAVINGS	☐ OTHER
	 	 	 	 	 
	 	 	 	 	 
	 	 	BANK ROUTING NUMBER (9 DIGITS)	 	ACCOUNT NUMBER
	 	 	 	 	 
	 	 	 	 	 
	 	 	BANK NAME	 	BRANCH LOCATION
	 	 	 
	 	 	Must attach voided check here for direct deposit:
		 	 
	 	
	 	 	 
	 	 	AUTHORIZATION STATEMENT
	 	 	 
	 	 	As the investor of record and authorized signatory of the account listed above, by signing this agreement, I authorize GWG Holdings, Inc., its affiliates, or its agents (collectively referred to hereinafter as “GWG”) to deposit interest and principal payments owed to me by initiating account credit entries to my financial institution listed on this form. Further, I authorize my financial institution to accept and to credit any credit entries initiated by GWG to the listed account. In the event of an erroneous credit entry, I also authorize GWG to debit the account for an amount not to exceed the original amount of the erroneous credit. This authorization shall remain in full force and effect until GWG and my financial institution have received written notice from me of its termination in such time and in such manner as to afford GWG and my financial institution reasonable opportunity to act on it. In the event the listed account is closed, I will promptly notify GWG of an alternate account into which payments can be made.
	 	 	 	 	 	 	 	 

    	 	D-3	 

     

    

 

		GWG HOLDINGS, INC.

                                                                               L
                                         BOND SUBSCRIPTION AGREEMENT 
	 
	 	 	 

	8	   SUBSTITUTE W-9 FORM-REQUEST FOR TAXPAYER INDENTIFICATION NUMBER AND CERTIFICATION
	 	 
	 	

                                                                                 
	 Name (as shown on your income tax return)
	 	 
	 	 Business name/disregarded entity name, if different from above
	 	 
	 	 Check appropriate box for federal tax  classification:	 	 
	 	 	 	 
	 	 ☐ Individual/sole proprietor   ☐ C Corporation   ☐  S Corporation   ☐ Partnership   ☐ Trust/estate
	 	 	 	 
	 	 ☐ Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership) ►  _____________   ☐ Exempt payee
	 	 	 	 
	 	 ☐ Other
    (see instructions) ►	 	 
	 	 	 	 	 
	 	 	Address
(number, street, and apt. or suite no.)	 Requester’s name and address (optional)
	 	 	 	 	 	 
	 	 	City,
state, and ZIP code	 	 	 
	 	 	 List account number(s) here (optional)
	           	        	 

		            Taxpayer
    Identification Number (TIN)	 
	 	 	  Social
    security number
	 	Enter
    your TIN in the appropriate box. The TIN provided must match the name given on the “Name” line to avoid backup
    withholding. For individuals, this is your social security number (SSN). For entities, it isyour employer identification number (EIN).	 				-			-	 			
	 		 	 	 	 	 	 	 	 	 	 	 	 

	 	 	  Employer
    identification number	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 			-								 

	

                                                                                 

                                                                                 

                                                                                
	Part II       Certification
	Under penalties of perjury, I certify that: 
	1.	The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and
	2.	I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and 
	3.	I am a U.S. citizen or other U.S. person (defined below).
	Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN.
	 
	Sign Here  	Signature of 

U.S. person ►	 	 	Date  ►
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    	 	D-4	 

     

    

  

		GWG HOLDINGS, INC.	 

L BOND SUBSCRIPTION AGREEMENT

 

 

ADVISOR CERTIFICATION

 

Based on the information obtained from the investor concerning his or her investment objectives, his or
her other investments, and his or her financial situation and needs, the undersigned Advisor has reasonable grounds to believe
that an L Bond investment is suitable for the investor. Prior to the investor executing this Subscription Agreement, the undersigned
Advisor has informed the investor of any compensation the undersigned Advisor shall receive on the account of the sale of the L
Bonds and all pertinent facts relating to an investment in the L Bonds, including the risk factors disclosed in the Prospectus.
The undersigned believes that the representations and warranties expressed hereinabove are true and correct.

 

 

 

	9	 	Is this investment a Fee Based Account?	 	☐ Yes             ☐ No
	 	 	 	 
	 	 	 	 	 
	 	ADVISOR
	 	 	 	 
	 	FIRM	 	 
	 	ADVISOR	 	 
	 	MAILING ADDRESS
	 	 
	 	              
	 	CITY                                                                              STATE                                               ZIP
	 	
	 	                          
	 	ADVISOR PRIMARY PHONE         ADVISOR SECONDARY PHONE         EMAIL ADDRESS
	 	 	 	 
	 	                                                                                                           
	 	BROKER-DEALER/RIA SIGNATURE
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	10	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	NAME OF BROKER-DEALER/RIA
	 	 	 	 
	 	 	 	 
	 	BROKER - DEALER / RIA	 	 
	 	PRINTED NAME OF AUTHORIZED BROKER-DEALER/RIA
	 	 	 	 
	 	                                                                                                                         
	 	BROKER-DEALER/RIA SIGNATURE
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	11	 	SUBSCRIPTION ACCEPTED BY THE COMPANY	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

D-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]