Document:

Credit and Security Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  
  

 
 CREDIT AND SECURITY AGREEMENT

 among 
 GWG DLP FUNDING II, LLC 
 as a Borrower 

UNITED LENDING SPV, LLC 
 as a Borrower 
 GWG LIFE SETTLEMENTS, LLC 

as a Seller and Life Settlement Master Servicer 
 UNITED LENDING, LLC 
 as a Seller and Premium Finance Master Servicer

 OPPORTUNITY BRIDGE FUNDING, LLC 
 as a Seller 
 GWG HOLDINGS, LLC 

as Performance Guarantor 
 AUTOBAHN FUNDING COMPANY LLC, 
 as the Lender 

and 
 DZ BANK
AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, 
 as the Agent 

Dated as of July 15, 2008 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE I	  			
			
		 	DEFINITIONS	  			
			
	 Section 1.01.
	 	Certain Defined Terms	  	 	2	  
	 Section 1.02.
	 	Other Terms	  	 	29	  
	 Section 1.03.
	 	Computation of Time Periods	  	 	29	  
			
		 	ARTICLE II	  			
			
		 	THE FACILITY	  			
			
	 Section 2.01.
	 	Borrowings	  	 	30	  
	 Section 2.02.
	 	Procedures for Borrowings	  	 	30	  
	 Section 2.03.
	 	Increase or Decrease of the Borrowing Limit	  	 	30	  
	 Section 2.04.
	 	Use of Proceeds	  	 	31	  
	 Section 2.05.
	 	Settlement Procedures	  	 	31	  
	 Section 2.06.
	 	Interest Rate Hedges	  	 	35	  
	 Section 2.07.
	 	Payments and Computations, Etc.	  	 	36	  
	 Section 2.08.
	 	Fees	  	 	37	  
	 Section 2.09.
	 	Prepayments	  	 	37	  
	 Section 2.10.
	 	Increased Costs; Capital Adequacy; Eurodollar Disruption Event	  	 	37	  
	 Section 2.11.
	 	Taxes	  	 	39	  
	 Section 2.12.
	 	Collateral Assignment of the Related Documents	  	 	40	  
	 Section 2.13.
	 	Grant of a Security Interest	  	 	41	  
	 Section 2.14.
	 	Releases of Collateral	  	 	42	  
	 Section 2.15.
	 	Evidence of Debt	  	 	43	  
	 Section 2.16.
	 	Reserve Account	  	 	43	  
			
		 	ARTICLE III	  			
			
		 	CONDITIONS OF LOANS	  			
			
	 Section 3.01.
	 	Conditions Precedent to Initial Borrowing	  	 	43	  
	 Section 3.02.
	 	Conditions Precedent to All Borrowings	  	 	44	  
			
		 	ARTICLE IV	  			
			
		 	REPRESENTATIONS AND WARRANTIES	  			
			
	 Section 4.01.
	 	Representations and Warranties	  	 	45	  

							
			
		 	ARTICLE V	  			
			
		 	COVENANTS	  			
			
	 Section 5.01.
	 	Affirmative Covenants	  	 	50	  
	 Section 5.02.
	 	Negative Covenants	  	 	58	  
	 Section 5.03.
	 	Financial Covenants	  	 	61	  
			
		 	ARTICLE VI	  			
			
		 	EVENTS OF DEFAULT; TERMINATION EVENTS	  			
			
	 Section 6.01.
	 	Events of Default	  	 	61	  
	 Section 6.02.
	 	Termination Events	  	 	65	  
			
		 	ARTICLE VII	  			
			
		 	THE AGENT	  			
			
	 Section 7.01.
	 	Authorization and Action	  	 	66	  
	 Section 7.02.
	 	Delegation of Duties	  	 	66	  
	 Section 7.03.
	 	Exculpatory Provisions	  	 	66	  
	 Section 7.04.
	 	Reliance by Agent	  	 	67	  
	 Section 7.05.
	 	Non-Reliance on Agent and Other Secured Parties	  	 	67	  
	 Section 7.06.
	 	Agent in Its Individual Capacity	  	 	68	  
	 Section 7.07.
	 	Successor Agent	  	 	68	  
			
		 	ARTICLE VIII	  			
			
		 	INDEMNIFICATION	  			
			
	 Section 8.01.
	 	Indemnities by the Borrower	  	 	68	  
	 Section 8.02.
	 	Indemnities by the Sellers and the Performance Guarantor	  	 	70	  
	 Section 8.03.
	 	Other Costs and Expenses	  	 	72	  
			
		 	ARTICLE IX	  			
			
		 	MISCELLANEOUS	  			
			
	 Section 9.01.
	 	Amendments and Waivers	  	 	72	  
	 Section 9.02.
	 	Notices, Etc.	  	 	72	  
	 Section 9.03.
	 	No Waiver; Remedies	  	 	73	  
	 Section 9.04.
	 	Binding Effect; Assignability	  	 	73	  
	 Section 9.05.
	 	Term of This Agreement	  	 	74	  
	 Section 9.06.
	 	Governing Law; Jury Waiver	  	 	74	  
	 Section 9.07.
	 	Consent to Jurisdiction	  	 	74	  
	 Section 9.08.
	 	Further Assurances	  	 	75	  
	 Section 9.09.
	 	Limitation of Liability	  	 	75	  

  
 ii 

							
	 Section 9.10.
	 	No Proceedings	  	 	75	  
	 Section 9.11.
	 	Recourse Against Certain Parties	  	 	75	  
	 Section 9.12.
	 	Execution in Counterparts; Severability; Integration	  	 	76	  
	 Section 9.13.
	 	Confidentiality	  	 	76	  
	 Section 9.14.
	 	Limitation on Payments	  	 	77	  
	 Section 9.15.
	 	U.S. Money Laundering and Terrorism Regulatory Matters	  	 	77	  
	 Section 9.16.
	 	Concerning Joint and Several Liability of the Borrowers	  	 	78	  
	 Section 9.17.
	 	Contribution	  	 	81	  

  

					
		 	LIST OF SCHEDULES AND EXHIBITS	  	
	 Schedules
	 		  	
			
	 SCHEDULE I
	 	ELIGIBILITY CRITERIA; PERFECTION REPRESENTATIONS	  	
	 SCHEDULE II
	 	POLICY FILE	  	
	 SCHEDULE III
	 	 CHIEF EXECUTIVE OFFICES; FEDERAL EMPLOYER
 IDENTIFICATION NUMBERS; LIST OF DEPOSIT ACCOUNTS;
 PRESENT AND FORMER NAMES
	  	
	 SCHEDULE IV
	 	OPERATING POLICIES AND PRACTICES	  	
	 SCHEDULE V
	 	 CONDITION PRECEDENT DOCUMENTS FOR THE INITIAL
 BORROWING
	  	
	 SCHEDULE VI
	 	 LIST OF APPROVED QUALIFIED STATES FOR PURCHASE
 POLICIES
	  	
	 SCHEDULE VII
	 	LIST OF UNREGULATED STATES	  	
			
	 Exhibits
	 		  	
			
	 EXHIBIT A
	 	FORM OF BORROWING BASE CERTIFICATE	  	
	 EXHIBIT B-1
	 	FORMS OF PREMIUM FINANCE LOAN DOCUMENTS	  	
	 EXHIBIT B-2
	 	FORMS OF BRIDGE LOAN DOCUMENTS	  	
	 EXHIBIT B-3
	 	FORMS OF PURCHASED POLICY DOCUMENTS	  	
	 EXHIBIT C
	 	FORM OF COMPLIANCE CERTIFICATE	  	
	 EXHIBIT D
	 	FORM OF COMMERCIAL PAPER REMITTANCE REPORT	  	
	 EXHIBIT E
	 	FORM OF ALLONGE	  	

  
 iii

 THIS CREDIT AND SECURITY AGREEMENT is made as of July 15, 2008, among GWG DLP
FUNDING II, LLC, a Delaware limited liability company, as a Borrower, UNITED LENDING SPV, LLC, a Delaware limited liability company, as a Borrower, GWG LIFE SETTLEMENTS, LLC, a Delaware limited liability company, as a Seller and
the Life Settlement Master Servicer, UNITED LENDING, LLC, a Delaware limited liability company, as a Seller and the Premium Finance Master Servicer, OPPORTUNITY BRIDGE FUNDING, LLC, as a Seller, GWG HOLDINGS, LLC, a Delaware
limited liability company, as the Performance Guarantor, AUTOBAHN FUNDING COMPANY LLC, a Delaware limited liability company, as the Lender, and DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, as the Agent. 

PRELIMINARY STATEMENTS 
 A. The Borrowers may from time to time request the Lender to make Advances hereunder, the proceeds of which will be used to purchase Assets from the Sellers pursuant to the Sale and Servicing Agreement.
The Lender has agreed to make such Advances on the terms and conditions set forth herein in an aggregate amount not to exceed at any one time outstanding the Borrowing Limit. 
 B. To secure its obligations hereunder and under the other Related Documents, the Borrowers have agreed to grant to the Agent, for the benefit of the Secured Parties, a security interest in the Assets and
the other Collateral. 
 C. GWG Life Settlements, LLC has been appointed to act as the Master Servicer of the Purchased Policies
pursuant to the Life Settlement Servicing Agreement, and United Lending, LLC has been appointed to act as the Master Servicer of the Purchased Loans pursuant to the Sale and Servicing Agreement. 

D. The Performance Guarantor owns 100% of the equity interests in the Sellers and has agreed to execute the Performance Guaranty,
pursuant to which it absolutely and unconditionally guarantees the obligations of the Sellers (including in their capacities as Master Servicers) hereunder and under the other Related Documents. 

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

ARTICLE I 

DEFINITIONS 
 Section 1.01. Certain Defined Terms. 
 As used in this Agreement and
its schedules and exhibits, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Accrual Basis Accounting” has the meaning specified in Section 5.01(a)(i). 

“Advance” means a loan made by the Lender to a Borrower pursuant to Article II. 

“Advance Amount” means, with respect to any Asset for which any Liquidation Proceeds are received, the product of
(i) the Maximum Advance Rate and (ii) the Collateral Balance of such Asset immediately prior to the sale or payment that gave rise to such Liquidation Proceeds. 
 “Advance Rate” means, at any time, a fraction (expressed as a percentage), the numerator of which is equal to the Facility Amount, and the denominator of which is equal to the Net
Eligible Receivables Balance. 
 “Adverse Claim” means a lien, security interest, charge or encumbrance, or
other right or claim in, of or on any Person’s assets or properties in favor of any other Person. 
 “Affected
Party” has the meaning specified in Section 2.10. 
 “Affiliate” means, with respect to any
Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any
specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Agent” means DZ Bank, in its
capacity as agent for the Secured Parties hereunder, and any successor thereto in such capacity appointed pursuant to Section 7.07. 
 “Agreement” means this Credit and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time hereafter. 

“Alternative Rate” means, with respect to any Alternative Rate Interest Period, an interest rate per annum equal to
LIBOR plus the Applicable Margin; provided, however, that the “Alternative Rate” for any Alternative Rate Interest Period shall be the Base Rate plus the Applicable Margin (a) if a Eurodollar Disruption Event has
occurred, (b) if such Advance is less than $250,000 or (c) for the first three Business Days of such Alternative Rate Interest Period, if the Agent does not receive notice, by the third Business Day preceding the first day of such
Alternative Rate Interest Period, that such Advance will not be funded through the issuance of the Lender’s commercial paper. 

  
 2 

 “Alternative Rate Interest Period” means any Interest Period (or portion
thereof) during which an Advance is not funded through the issuance of the Lender’s commercial paper or during which such Advance is otherwise to accrue Interest by reference to the Alternative Rate. 

“Annualized Default Rate” means a percentage determined as of the last day of each Monthly Period equal to (i) the
product of (a) the aggregate Collateral Balance of all Assets that became Defaulted Assets during such Monthly Period (such Collateral Balance being determined without giving effect to any charge-off of such Assets) and (b) 12, divided by
(ii) the average Eligible Asset Balance for such Monthly Period. For purposes of this definition, the term “Asset” shall include any Asset that has been repurchased by a Seller, or for which a Seller has made a substitution, pursuant
to the Sale and Servicing Agreement. 
 “Applicable Margin” has the meaning specified in the Fee Letter.

 “Approved Initial Lender” means any Person approved in writing by the Agent in its sole discretion as an
“Approved Initial Lender” hereunder. 
 “Asset” means any Purchased Loan or Purchased Policy.

 “Asset Documents” means, (i) with respect to any Loan, the related Loan Documents and (ii) with
respect to any Purchased Policy, the related Purchased Policy Documents. 
 “Assignment” has the meaning
specified in the Sale and Servicing Agreement. 
 “Assignment and Acceptance” means an assignment agreement
entered into by the Lender and an assignee pursuant to Section 9.04 in form and substance reasonably satisfactory to the Agent. 
 “Available Funds” means, with respect to any Monthly Settlement Date, the sum (without duplication) of the following: 

(a) all Collections received in respect of the Assets or any Other Conveyed Property during the most recently ended
Monthly Period; 
 (b) all amounts paid by or on behalf of a Seller in respect of Assets repurchased by it
pursuant to the Sale and Servicing Agreement during the most recently ended Monthly Period; 
 (c) all investment
earnings earned on investments in the Collection Account and the Reserve Account during the most recently ended Monthly Period; 
 (d) all amounts paid to or for the account of the Borrowers on or prior to such Monthly Settlement Date pursuant to any applicable Hedge Agreement (to the extent not previously distributed hereunder); and

 (e) all other amounts deposited to the Collection Account during the most recently ended Monthly Period
pursuant to this Agreement or any other Related Document and not enumerated above; 

  
 3 

 provided that, if (i) on any Monthly Settlement Date, there would not be sufficient funds, after
application of Available Funds, as defined above, to pay the items specified in (i) through (ix) of Section 2.05(a), then Available Funds for that Monthly Settlement Date will include, in addition to the Available Funds as defined
above, amounts on deposit in the Collection Account which would have constituted Available Funds for the Monthly Settlement Date immediately succeeding that Monthly Settlement Date, up to the amount necessary to pay such items, and the Available
Funds for the immediately succeeding Monthly Settlement Date will be adjusted accordingly; and provided, further that the Available Funds for any Monthly Settlement Date will exclude any portion of the amounts described in clauses
(a) through (e) above that have been released from the Collection Account prior to such Monthly Settlement Date pursuant to Section 2.05(c) or (d). 
 “Available Liquidation Proceeds” has the meaning specified in Section 2.05(a). 
 “Backup Servicer” means Wells Fargo Bank, N.A., in its capacity as backup servicer under the Backup Servicing Agreement, and any successor thereto in such capacity. 

“Backup Servicer Fees” means the fees payable to the Backup Servicer pursuant to the Backup Servicing Agreement.

 “Backup Servicing Agreement” means that certain Backup Servicing Agreement dated as of July 15, 2008
among the Backup Servicer, the Master Servicers and the Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. Section 101 et seq.), as amended from time to time, and any successor statute. 

“Base Rate” means, on any date, a fluctuating rate of interest per annum equal to the rate of interest published on such
date in the New York edition of the Wall Street Journal as the prime rate or, in the event no such rate is so published on such date, the rate of interest announced by DZ Bank from time to time (or by another money center bank selected by DZ Bank
from time to time in its discretion) as its prime or base commercial lending (or equivalent) rate. The prime or base commercial lending (or equivalent) rate used in computing the Base Rate is not intended to be the lowest rate of interest charged by
DZ Bank (or such other money center bank, as applicable) in connection with extensions of credit to debtors. The Base Rate shall change as and when the applicable prime or base commercial lending (or equivalent) rate changes. 

“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which a GWG Party
or any ERISA Affiliate of a GWG Party is, or at any time during the immediately preceding six years was, an “employer” as defined in Section 3(5) of ERISA. 
 “Borrowers” means GWG DLP Funding II, LLC, a Delaware limited liability company, and United Lending SPV, LLC, a Delaware limited liability company. 

“Borrowing” means a borrowing consisting of one or more Advances made on the same date. 

  
 4 

 “Borrowing Base” means, at any time, the sum of (a) the product of the
Maximum Advance Rate and the Net Eligible Asset Balance and (b) all Collections on the Assets then on deposit in the Collection Account (net of any accrued but unpaid Interest, Facility Fees and all other fees and expenses of the Borrowers).

 “Borrowing Base Certificate” means a certificate, in substantially the form of Exhibit A, executed by the
Master Servicers and the Borrowers and delivered to the Agent pursuant to Section 3.02 on a Borrowing Date or pursuant to Section 2.05(d) on the date of any withdrawal from the Collection Account, together with an updated portfolio tape
with respect to the Assets satisfactory to the Agent. 
 “Borrowing Base Deficiency” means, at any time the
amount, if any, by which (a) the Facility Amount exceeds (b) the Borrowing Base. 
 “Borrowing Date”
means the date of any Borrowing hereunder. 
 “Borrowing Limit” means $100,000,000. 

“Bridge Loan” means a Loan the proceeds of which are used to pay off outstanding amounts due and payable by the Obligor
under a premium finance loan previously entered into by such Obligor in order to finance premiums due under a Policy owned by such Obligor. 
 “Bridge Loan Lender” means, with respect to any Bridge Loan, Opportunity Bridge Funding, as the initial lender party to the related Loan Agreement and initial funder of such Loan.

 “Bridge Loan Take-Out Agreement” has the meaning specified in paragraph (iii) of “Eligible
Loan” on Schedule I. 
 “Business Day” means a day of the year (other than a Saturday or a Sunday) on
which (a) banks are not authorized or required to close in New York City, Minneapolis, MN and The Depositary Trust Company of New York is open for business and (b) if the term “Business Day” is used in connection with the
determination of LIBOR, dealings in dollar deposits are carried on in the London interbank market. 
 “Change of
Control” means the occurrence of any of the following: (i) GWG Life Settlements, LLC shall cease to own, free and clear of all Adverse Claims, all of the outstanding membership interests and other equity of, and voting rights with
respect to, GWG DLP Funding II, LLC, (ii) United Lending, LLC shall cease to own, free and clear of all Adverse Claims, all of the outstanding membership interests and other equity of, and voting rights with respect to, United Lending SPV, LLC,
(iii) the Performance Guarantor shall cease to own, free and clear of all Adverse Claims, all of the outstanding membership interests and other equity of, and voting rights with respect to, the Sellers or (iv) the owners of the outstanding
membership interests of the Performance Guarantor as of the date hereof and any other owners of the outstanding membership interests of the Performance Guarantor approved by the Agent in its sole discretion (the “Approved Owners”)
shall cease to own, free and clear of all Adverse Claims, 100% of each class of outstanding membership or other equity interests of the Performance Guarantor or shall otherwise cease to have control (as such term is defined in the definition of
“Affiliate”) over the Performance Guarantor. 

  
 5 

 “Chronically Ill” means, with respect to an Insured, any of
(i) suffering an illness or condition that could reasonably be expected to cause the death of such Insured within twenty-four (24) months, (ii) being unable to perform at least two (2) activities of daily living (i.e., eating,
toileting, transferring, bathing, dressing or continence), (iii) requiring substantial supervision to protect such Insured from threats to health or safety due to severe cognitive impairment and (iv) having a level of disability similar to
that described in clause (ii) as determined by the United States Secretary of Heath and Human Services; provided, however, if any law provides a more encompassing definition of the term “Chronically Ill” or any term having a similar
meaning, such definition shall prevail with respect to any Policy of which the transfer of an interest therein is governed by such law. 
 “Closing Date” means July 15, 2008. 

“Code” means the Internal Revenue Code of 1986, as amended or any successor statute. 

“Collateral” has the meaning specified in Section 2.13. 

“Collateral Account Agreement” means the Collateral Account Agreement of even date herewith among the Borrowers, the
Master Servicers, the Agent and the Collateral Account Bank, as the same may be amended, restated, supplemented or otherwise modified from time to time, and any successor agreement entered into by the Borrowers, the Master Servicers, the Agent and
any successor Collateral Account Bank. 
 “Collateral Account Bank” means Wells Fargo Bank, N.A., in its
capacity as Collateral Account Bank under the Collateral Account Agreement, and any successor thereto in such capacity. 

“Collateral Account Bank Fees” means the fees payable to the Collateral Account Bank pursuant to the Collateral Account
Agreement. 
 “Collateral Assignment” means, (i) with respect to any Policy securing a Loan, the
assignment of such Policy executed by the related Obligor, as the original owner of such Policy, in favor of the Premium Finance Borrower and (ii) in the case of a Purchased Policy, the assignment of such Policy by the Titling Trust to the
Agent, in each case in such form as the Agent may approve in writing, such approval not to be unreasonably withheld, as acknowledged and consented to by the relevant Qualified Life Insurance Carrier. 

“Collateral Balance” means (i) with respect to any Loan, the outstanding principal balance of such Loan as of the
date of determination, (ii) with respect to a Purchased Policy (other than an Escrow Policy), the Purchase Price for such Policy together with the amount of all premiums in respect of such Policy that have been paid by or on behalf of the Life
Settlement Borrower or the Titling Trust during the period such Policy was included in the Collateral hereunder and (iii) with respect to an Escrow Policy, the lesser of (A) the Purchase Price for such Policy and (B) the funds
currently held by an Eligible Escrow Agent pursuant to an Eligible Escrow Agreement in respect of such Purchase Price; provided that upon receipt of any Liquidation Proceeds for a Policy, the Collateral Balance of such Policy shall be deemed
to be zero. 

  
 6 

 “Collection Account” means a segregated account established by the Agent
and maintained with a bank selected by the Agent in the name of the Borrowers for the benefit of the Secured Parties. 

“Collections” means (a) all cash collections and other cash proceeds of any Asset included in the Collateral or any
Other Conveyed Property relating to any Asset included in the Collateral with respect thereto, including, without limitation, all payments of principal, interest and Finance Charges with respect to such Asset (in the case of Loan) and all Net Death
Benefits (in the case of a Purchased Policy) and all prepayments, recoveries, investment earnings, insurance proceeds, fees, Liquidation Proceeds and other cash proceeds of any Other Conveyed Property with respect to such Asset available for
application to amounts payable in respect of such Asset, (b) any amounts paid to or for the account of the Borrowers pursuant to the terms of any Related Document and (c) all other cash collections and other cash proceeds of the
Collateral. 
 “Commercial Paper Remittance Report” means a report furnished by a Borrower to the Agent in
substantially the form attached as Exhibit D. 
 “Consolidated Net Income” means, with reference to any period
and any Person, the net income (or loss) of such Person and its Subsidiaries calculated on a consolidated basis for such period in accordance with GAAP; provided that the Consolidated Net Income for the Sellers and their respective
Subsidiaries for any period shall reflect and include (without duplication) the accrued interest on the Loans included in the applicable Seller’s managed portfolio and accrued Expected IRR on the Policies included in the applicable
Seller’s management portfolio during such period. 
 “Contestable Policy” means a Policy for which the
contestability period has not expired. 
 “Contestable Policy Limit” means the product of (a) the greater
of (x) the Eligible Asset Balance and (y) $30,000,000 and (b) 20% or such greater percentage specified in a written notice from the Agent. 
 “Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds
for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures
any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or application for a letter of credit. 

“CP Interest Period” means any Interest Period (or portion thereof) during which an Advance is funded through the
issuance of the Lender’s commercial paper. 

  
 7 

 “CP Rate” means, for any CP Interest Period for any Advance, the per
annum rate equivalent to the weighted average cost of or related to the issuance of commercial paper by the Lender (as determined by the Agent, and which shall include (without duplication) interest or discount on such commercial paper, the fees
and commissions of placement agents and dealers, incremental carrying costs incurred with respect to commercial paper maturing on dates other than those on which corresponding funds are received by the Lender and other borrowings by the Lender to
fund small or odd dollar amounts that are not easily accommodated in the commercial paper market) to the extent such commercial paper is allocated, in whole or in part, by the Lender or the Agent on its behalf to fund or maintain such Advance during
such CP Interest Period; provided, however, that if any component of any such rate is a discount rate, in calculating the “CP Rate” the Agent shall for such component use the rate resulting from converting such discount rate
to an interest bearing equivalent rate per annum. 
 “Custodian” means Wells Fargo Bank, N.A., in its
capacity as custodian under the Custodian Agreement, and any successor thereto in such capacity. 
 “Custodian
Agreement” means the Custodian Agreement in form and substance reasonably satisfactory to the Agent to be entered into among the Master Servicers, the Borrowers, the Agent and the Custodian, together with all instruments, documents and
agreements executed in connection therewith, as such agreement may from time to time be amended, restated, supplemented and/or otherwise modified in accordance with the terms thereof. 

“Custodian Fees” means the fees payable to the Custodian by the Borrowers pursuant to the Custodian Agreement.

 “Custodian File” means, with respect to any Asset, the related “Asset File” as defined in the
Custodian Agreement. 
 “Custodian Receipt” means, with respect to any Assets, an “Asset File Collateral
Receipt” (as defined in the Custodian Agreement). 
 “Default Funding Rate” means the Base Rate plus
2.25%. 
 “Defaulted Asset” means any Asset as to which one or more of the following has occurred: 

(a) in the case of a Loan, the outstanding principal balance of such Asset, together with all accrued and unpaid interest
thereon, is not paid in full on or prior to the maturity date of such Asset; or any portion of any other payment due thereunder remains unpaid 90 or more days past the original due date for such payment; 

(b) such Asset has become a Liquidated Asset; 

(c) in the case of a Loan, any Servicer, any GWG Party, the Agent or the Lender makes or needs to make a premium payment
to maintain coverage under the related Policy beyond the original term of the related Asset; 

  
 8 

 (d) in the case of a Purchased Policy, if such Purchased Policy was acquired
during its contestability period, 12 months have elapsed since the end of such contestability period; 
 (e) the
applicable Qualified Life Insurance Carrier has suffered an Insolvency Event; 
 (f) the related Policy, in the
case of a Loan, or the Purchased Policy is no longer in force or a lapse in coverage under such Policy has occurred; or 
 (g) the related Policy, in the case of a Loan, or the Purchased Policy is determined to be unenforceable by a court of competent jurisdiction, another Governmental Authority or any Servicer. 

As used in this definition, the term “Asset” shall include any Loan or Policy that has been repurchased by a Seller, or for
which a Seller has made a substitution, pursuant to the Sale and Servicing Agreement. 
 “Deposit Account”
means a deposit account established in the name of the applicable Borrower for the benefit of the Agent into which Collections in respect of a Loan or Purchased Policy are deposited. 

“Deposit Account Bank” means a bank at which a Deposit Account is maintained, which bank shall be Wells Fargo Bank, N.A.
or such other bank as the Agent may approve in writing. 
 “Deposit Account Bank Fees” means the fees payable
to the Deposit Account Bank pursuant to the Deposit Account Control Agreements. 
 “Deposit Account Control
Agreement” means a deposit account control agreement in such form as the Agent may approve, executed by a Borrower, the Agent and the applicable Deposit Account Bank and providing the Agent with “control” (within the meaning of
Section 9-104 of the UCC as in effect on the date hereof in the State of New York) over the related Deposit Account. 

“Determination Date “ means, with respect to any Monthly Settlement Date, the fifth Business Day immediately preceding
such Monthly Settlement Date. 
 “DZ Bank” means DZ Bank AG Deutsche Zentral-Genossenschaftsbank and any
successor thereto. 
 “Electronic Ledger” means the electronic master record of a Seller with respect to all of
its loans, insurance policies and other receivables. 
 “Eligible Asset” has the meaning specified on Schedule
I. 
 “Eligible Asset Balance” means, at any time, the aggregate Collateral Balance of the Eligible Assets at
such time. 

  
 9 

 “Eligible Escrow Agent” means Wells Fargo Bank, N.A., or another escrow
agent that has been approved in writing by the Agent. 
 “Eligible Escrow Agreement” means (i) the Escrow
Agreement dated as of the Closing Date among GWG Life Settlements, Wells Fargo Bank, N.A., as escrow agent, and the Agent, as amended restated, supplemented or otherwise modified from time to time or (ii) another escrow agreement among GWG Life
Settlements, an Eligible Escrow Agent and the Agent in form and substance satisfactory to the Agent. 
 “Eligible Hedge
Counterparty” means a Hedge Counterparty that (i) has a long-term unsecured, non-credit enhanced debt rating (a “Debt Rating”) from at least two out of the following three rating agencies: Moody’s, Fitch and
Standard & Poor’s, or has its obligations under the relevant Hedge Agreement guaranteed by another Person that has such Debt Ratings pursuant to a guaranty in form and substance satisfactory to the Agent, (ii) such Debt Ratings
are not less than “A” by Fitch (if rated by Fitch), “A” by Standard & Poor’s (if rated by Standard & Poor’s) and “A2” by Moody’s (if rated by Moody’s) and (iii) has been
approved by the Agent as an Eligible Hedge Counterparty hereunder. 
 “Eligible Investments” means any one or
more of the following types of investments, excluding any security with the “r” symbol attached to the rating from Standard & Poor’s and all mortgage-backed securities: 

(a) direct interest-bearing obligations of, and interest-bearing obligations guaranteed as to timely payment of principal
and interest by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States; 

(b) demand or time deposits in, certificates of deposit of, demand notes of, or bankers’ acceptances issued by any
depository institution or trust company having the Required Rating (as defined below) (at the time of such investment or contractual commitment providing for such investment) organized under the laws of the United States or any state and subject to
supervision and examination by federal and/or state banking authorities (including, if applicable, the Agent, or any agent of the Agent acting in its commercial capacity); 

(c) short-term repurchase obligations pursuant to a written agreement (i) with respect to any obligation described in
clause (a) above, where the Agent has taken actual or constructive delivery of such obligation in accordance with Section 4.1 of the Sale and Servicing Agreement, and (ii) entered into with the corporate trust department of a
depository institution or trust company having the Required Rating (at the time of such investment or contractual commitment providing for such investment) organized under the laws of the United States or any state thereof, the deposits of which are
insured by the Federal Deposit Insurance Corporation (including, if applicable, the Agent, or any agent of the Agent acting in its commercial capacity); 
 (d) short-term securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any state having the Required Rating (at the time of such
investment or contractual commitment providing for such investment); 

  
 10 

 (e) commercial paper that (i) is payable in United States dollars and
(ii) has the Required Rating; 
 (f) freely redeemable shares in money market funds rated in the highest
applicable rating category by Moody’s, Standard & Poor’s and (if rated by Fitch) by Fitch; or 

(g) debt obligations of any corporation maturing or putable at par or better not more than one week from the date of
acquisition and backed by a letter of credit as to principal and interest issued by a banking institution having the Required Rating (at the time of such investment or contractual commitment providing for such investment). 

Eligible Investments may be purchased by or through the Agent or any of its Affiliates. For purposes of this definition “Required
Rating” shall mean a short-term unsecured debt rating of at least “A-1” by Standard & Poor’s, “P-1” by Moody’s and, if rated by Fitch, “F1” by Fitch. 

“Eligible Loan” has the meaning specified on Schedule I. 

“Eligible Medical Underwriter” means American Viatical Services LLC, 21st Services, Fasano Associates, ISC Services or
Examination Management Services, Inc. or any other Person that estimates life expectancies in the ordinary course of business and has been approved in writing by the Agent in its sole discretion as an “Eligible Medical Underwriter”
hereunder. 
 “Eligible Policy” has the meaning specified on Schedule I. 

“Equity Funded Amount” means, with respect to any Asset for which any Liquidation Proceeds are received, the product of
(i) one minus the Maximum Advance Rate and (ii) the Collateral Balance of such Asset immediately prior to the sale or payment that gave rise to such Liquidation Proceeds. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means (a) any corporation
which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as any GWG Party; (b) a trade or business (whether or not incorporated) under common control (within the meaning of
Section 414(c) of the Code) with any GWG Party or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as any GWG Party, any corporation described in clause (a) above or any trade
or business described in clause (b) above. 
 “Escrow Policy” means a Policy the Purchase Price for which
is currently being held by an Eligible Escrow Agent in accordance with an Eligible Escrow Agreement. 

  
 11 

 “Eurodollar Disruption Event” means, with respect to any Interest Period,
any of the following: (a) a determination by the Lender or any Funding Source that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain United
States dollars in the London interbank market to make, fund or maintain any Advance for such Interest Period, (b) a determination by the Agent that the rate at which deposits of United States dollars are being offered to the Lender or any
Funding Source in the London interbank market does not accurately reflect the cost to the Lender or such Funding Source of making, funding or maintaining any Advance for such Interest Period, (c) the inability of the Lender or any Funding
Source to obtain United States dollars in the London interbank market to make, fund or maintain any Advance for such Interest Period or (d) a determination by the Agent that adequate and reasonable means do not exist for ascertaining a rate for
LIBOR as provided in the definition thereof for such Interest Period. 
 “Event of Default” has the meaning
assigned to that term in Section 6.01. 
 “Excess Concentration Amount” means, the sum (without
duplication) of: 
 (i) the aggregate, for all Qualified Life Insurance Carriers (treating each Qualified Life
Insurance Carrier and its Affiliates as a single Qualified Life Insurance Carrier), of the amount (if any) by which (A) the Insurance Company Concentration for such Qualified Life Insurance Carrier, exceeds (B) the Insurance Company
Concentration Limit for such Qualified Life Insurance Carrier; 
 (ii) the amount (if any) by which (A) the
aggregate Collateral Balance of the Eligible Assets consisting of or secured by Policies issued by all Qualified Life Insurance Carriers that do not have financial strength ratings of at least “AA-” from Standard & Poor’s and
at least “Aa3” from Moody’s, exceeds (B) 25% of the greater of (x) the Eligible Asset Balance and (y) $30,000,000; 
 (iii) the aggregate, for all Insureds, of the amount (if any) by which (A) the aggregate Collateral Balance of the Eligible Assets secured by or consisting of a Policy relating to the same Insured
exceeds (B) 5% of the greater of (x) the Eligible Asset Balance and (y) $30,000,000; 
 (iv) if
the Eligible Asset Balance is greater than or equal to $30,000,000 and if the aggregate Origination Expenses for all Eligible Assets that are Purchased Policies exceeds 20% of the Collateral Balance under such Purchased Policies, an amount which
(when subtracted from the aggregate Origination Expenses of such Purchased Policies) would eliminate such excess; 
 (v) if the Eligible Asset Balance is greater than or equal to $30,000,000 and if the average Collateral Balance of Eligible Assets is greater than $1,250,000, an amount which (when subtracted from the
aggregate Collateral Balance of the Eligible Assets for which the Collateral Balance exceeds $1,250,000) would eliminate such excess; 
 (vi) the aggregate, for all Eligible Assets, of the amount (if any) by which (A) the expected Collateral Balance of the Eligible Asset at the end of the Life Expectancy of the related Insured,
exceeds (B) 80% of the Net Death Benefit payable under the related Policy; 

  
 12 

 (vii) the aggregate, for all Eligible Assets that are Premium Finance Loans,
of the amount by which (A) the original Collateral Balance of the Eligible Asset exceeds (B) 10% of the Net Death Benefit payable under the related Policy; 

(viii) the aggregate, for all Eligible Assets that are Bridge Loans, of the amount by which (A) the original
Collateral Balance of the Eligible Asset exceeds (B) 25% of the Net Death Benefit payable under the related Policy; 
 (ix) the aggregate, for all Eligible Assets that are Bridge Loans, of the amount by which (A) the original Collateral Balance of the Eligible Asset exceeds (B) 80% of sales price of such
Eligible Asset under the related Bridge Loan Take-Out Agreement; 
 (x) the amount (if any) by which (A) the
aggregate Collateral Balance of the Eligible Assets for which the Life Expectancy of the related Insured exceeds 168 months exceeds (B) 15% of the greater of (x) the Eligible Asset Balance and (y) $30,000,000; 

(xi) if the Eligible Asset Balance is greater than or equal to $30,000,000 and if the weighted average Life Expectancy for
all Insureds relating to Eligible Assets (weighted by the respective Collateral Balances of such Assets and based on the Life Expectancies used for purposes of calculating the Values of the Policies) exceeds 144 months, an amount which (when
subtracted from the aggregate Collateral Balance of the Assets for which the Life Expectancy of the related Insured exceeds 144 months) would eliminate such excess; 

(xii) the aggregate, for all Insureds relating to Eligible Assets, of the amount (if any) by which (A) the aggregate
Collateral Balance of the Eligible Assets related to Insureds with primary residences in any one Qualified State (other than California, New York and any other state approved in writing by the Agent as being excluded from the calculations under this
clause) exceeds (B) 20% of the greater of (x) the Eligible Asset Balance and (y) $30,000,000; 

(xiii) if the Eligible Asset Balance is greater than or equal to $30,000,000 and if the weighted average Expected IRR for
all Eligible Assets that are Eligible Policies (weighted by the respective Collateral Balances of such Assets) is less than LIBOR (at the time of acquisition) plus 5.00%, an amount which (when subtracted from the aggregate Collateral Balance of the
Assets for which the Expected IRR is less than LIBOR (at the time of acquisition) plus 5.00%) would eliminate such deficiency; 
 (xiv) the amount (if any) by which (A) the aggregate Collateral Balance of the Eligible Assets that are Bridge Loans exceeds (B) 30% of the greater of (x) the Eligible Asset Balance and
(y) $30,000,000; and 

  
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 (xv) the amount (if any) by which (A) the aggregate Collateral Balance
of the Eligible Assets that are Contestable Policies exceeds (B) the Contestable Policy Limit. 
 “Excess
Spread” means, at any time, a per annum rate (expressed as a percentage and determined by the Master Servicers and agreed upon by the Agent) equal to (i) the Weighted Average Annualized Portfolio Yield at such time, minus (ii) the
Facility Rate at such time. 
 “Executive Order” means Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism. 
 “Exit Fee” has the meaning specified in the Fee Letter. 

“Expected IRR” means, with respect to any Policy, the expected internal rate of return on the Purchase Price of such
Policy to the Life Expectancy of the related Insured, as determined by the related Master Servicer as of the date on which such Policy was acquired by the Life Settlement Borrower in accordance with customary industry practice and based on
procedures and assumptions satisfactory to the Agent; provided that if the Agent in good faith disagrees with such calculation, then the Agent may, in its discretion, re-calculate the Expected IRR, and such re-calculation by the Agent shall
be conclusive and binding absent manifest error. 
 “Facility Amount” means, at any time, the sum of
(i) the aggregate face amount of all commercial paper notes issued by the Lender to fund or maintain Advances hereunder (net of all unearned discount with respect to any such notes issued on a discount basis), plus (ii) the aggregate
outstanding principal amount of Advances hereunder that were not funded through the issuance of the Lender’s commercial paper notes, plus (iii) the aggregate accrued and unpaid Interest and Facility Fees hereunder (without duplication of
amounts described in clause (i)). 
 “Facility Fees” means, collectively, the Program Fees and the Non-Use
Fees. 
 “Facility Rate” means, at any time, the sum of (i) the weighted average Interest Rate on the
Advances then outstanding hereunder (adjusted in a manner satisfactory to the Agent to reflect any Hedge Transactions then in effect), plus (ii) the rate per annum at which Program Fee accrues, plus (iii) the Collateral Account Bank Fees,
Custodian Fees, Life Settlement Servicing Fees, Master Servicing Fees and Backup Servicer Fees that were payable during the most recently ended Monthly Period, each expressed as a percentage of the average daily aggregate Collateral Balance of the
Eligible Assets during such Monthly Period and converted to an equivalent rate per annum. 
 “Fee Letter” means
that certain letter agreement dated as of the date hereof among the Borrowers, the Lender and the Agent, as it may be amended or modified and in effect from time to time. 
 “Final Payout Date” means the date following the Program Maturity Date on which all Advances, all Interest thereon and all other Obligations have been indefeasibly paid in full in cash.

  
 14 

 “Finance Charges” means, with respect to any Asset that is a Loan, any
interest, late charges, fees and other amounts owing by an Obligor pursuant to the related Asset Documents (excluding the Collateral Balance of such Asset). 
 “Fitch” means Fitch Ratings or its successor. 
 “Funding
Agreement” means this Agreement and any liquidity agreement, credit support agreement, purchase agreement or other agreement or instrument executed by any Funding Source with or for the benefit of the Lender and relating to this Agreement.

 “Funding Source” means (i) DZ Bank and (ii) any other insurance company, bank or other financial
institution providing liquidity, credit enhancement or back-up purchase support or facilities to the Lender. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, applied in a
manner consistent with that used in preparing the financial statements referred to in Section 4.01(z). 

“Governmental Authority” means the United States of America, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“GWG Life Settlements” means GWG Life Settlements, LLC, a Delaware limited liability company. 

“GWG Parties” means, collectively, the Borrowers, the Titling Trust, the Performance Guarantor, the Master Servicers
(excluding any successor Master Servicer that is not a Seller or Affiliate thereof) and the Sellers (in each case, whether as Seller or in any other capacity in connection with the Related Documents). 

“Hedge Agreement” means an agreement between a Borrower and a Hedge Counterparty that governs one or more Hedge
Transactions entered into pursuant to Section 2.06, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto
and one or more “Confirmations” thereunder confirming the specific terms of each such Hedge Transaction. Each Hedge Agreement shall be consistent with customary rating agency criteria for “swap-dependent” transactions and shall
otherwise be in form and substance satisfactory to the Agent. 
 “Hedge Breakage Costs” means, for any Hedge
Transaction, any amount payable by a Borrower upon the early termination (in whole or in part) of that Hedge Transaction. 

“Hedge Counterparty” means a counterparty that enters into a Hedge Transaction with a Borrower. Each Hedge Counterparty
must be an Eligible Hedge Counterparty at the time the relevant Hedge Transaction is entered into. 
 “Hedge Notional
Amount Requirement” means, for any date on which the Excess Spread (determined without giving effect to any Hedge Transactions) is less than 2.0%, a scheduled amortizing notional amount for such date and each Monthly Settlement Date
thereafter, such 

  
 15 

 schedule to match the estimated aggregate outstanding principal balance of the Advances as of such date and
each such subsequent Monthly Settlement Date (plus or minus 20% of such aggregate outstanding principal balance), as determined by the Agent in its sole discretion after consultation with the Master Servicers. 

“Hedge Transaction” means each interest rate hedge transaction (including, without limitation, any interest rate swap,
interest rate cap or other hedge transaction acceptable to the Agent) between a Borrower and a Hedge Counterparty that is entered into pursuant to Section 2.06 and is governed by a Hedge Agreement. 

“IEEPA” means the International Emergency Economic Power Act, 50 U.S.C. § 1701 et. seq. 

“ILIT Trust Agreement” means an irrevocable life insurance trust agreement of an Obligor between the Insured, as
grantor, and the related trustee in such form as the Agent may approve in writing (such approval not to be unreasonably withheld). 
 “Indebtedness” of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of property or services (other
than accounts payable arising in the ordinary course of such Person’s business), (iii) obligations, whether or not assumed, secured by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by
such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) obligations of such Person to purchase securities or other property arising out of or in connection with the sale of the same or
substantially similar securities or property, (vi) capitalized lease obligations, (vii) net liabilities under interest rate swap, exchange or cap agreements, (viii) Contingent Obligations, (ix) Off Balance Sheet Liabilities,
(x) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA and (xi) any other obligation for borrowed money or other financial accommodation which in accordance with GAAP would be shown as a liability
on the consolidated balance sheet of such Person. 
 “Indemnified Amounts” has the meaning assigned to that
term in Section 8.01. 
 “Indemnified Party” has the meaning assigned to that term in Section 8.01.

 “Independent Director” means an individual who qualifies as an “Independent Director” (as defined
in the limited liability company agreement of each Borrower as in effect on the date of this Agreement) and is an officer or employee of a company that provides independent directors to securitization special purposes entities in the ordinary course
of business. 
 “Initial Lender” means, with respect to any Premium Finance Loan, the original lender that was
party to the related Loan Agreement and initially funded such Premium Finance Loan. 
 “Insolvency Event”
means, with respect to a specified Person, (a) the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any
applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any

  
 16 

 substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs,
or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed or stayed within 60 days;
or (b) the commencement by such Person of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of
its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person or its members, partners,
shareholders or other equity holders (or its general partner, board of directors or similar managing entity or governing body, howsoever denominated) in furtherance of any of the foregoing. 

“Insurance Company Concentration” means, at any time with respect to any Qualified Life Insurance Carrier, the aggregate
Collateral Balance of Assets secured by or consisting of Policies issued by such Qualified Life Insurance Carrier. For purposes of the foregoing, each Qualified Life Insurance Carrier and its Affiliates shall be treated as a single Qualified Life
Insurance Carrier. 
 “Insurance Company Concentration Limit” means, with respect to any Qualified Life
Insurance Carrier, the product of (a) the greater of (x) the Eligible Asset Balance and (y) $30,000,000 and (b) applicable percentage specified below: 

(i) if such insurance company has a financial strength rating of “AA-” or better from Standard &
Poor’s and “Aa3” or better from Moody’s, 25%; and 
 (ii) if such insurance company does not
fall within clause (i), 10%. 
 “Insured” means the named insured under a Policy. 

“Interest” means, for any Advance and any Interest Period, the sum for each day during such Interest Period of the
following: 
 IR x PB 
 360 
 where: 
  

							
	 IR
	  	 	=	  	  	the Interest Rate for such Advance for such day
			
	 PB
	  	 	=	  	  	the outstanding principal balance of such Advance on such day

 provided that no provision of this Agreement shall require the payment or permit the collection of Interest in
excess of the maximum permitted by applicable law; and provided further that Interest for any Advance shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must
otherwise be returned for any reason. 

  
 17 

 “Interest Payment Date” means the Business Day requested by the Borrowers
in a Commercial Paper Remittance Report and approved by the Agent not later than 11:00 a.m. (New York time) on the Business Day immediately preceding the first day of the applicable Interest Period; provided that (i) no CP Interest
Period may be more than 90 days and (ii) if the Agent and the Borrowers have not mutually agreed on the Interest Payment Date with respect to any Advance by 11:00 a.m. (New York time) on the Business Day immediately preceding the first day of
such Interest Period, then the Interest Payment Date for such Interest Period will be the Business Day selected by the Agent in its discretion. 
 “Interest Period” means, with respect to any Advance, (i) initially, the period from and including the applicable Borrowing Date to but excluding the next succeeding Interest Payment
Date for such Advance, and (ii) thereafter, each successive period from and including an Interest Payment Date to but excluding the next succeeding Interest Payment Date for such Advance. 

“Interest Rate” means, for each day during any Interest Period and any Advance, a per annum rate equal to (a) to
the extent the Lender funds such Advance on such day through the issuance of its commercial paper, the CP Rate and (b) to the extent the Lender does not fund such Advance on such day through the issuance of its commercial paper, the Alternative
Rate; provided that from and after the occurrence of a Termination Event, the Interest Rate for all Advances and all Interest Periods shall be equal to the Alternative Rate unless otherwise directed by the Agent in its sole discretion; and
provided further that from and after the occurrence of an Event of Default, the Interest Rate for all Advances and all Interest Periods shall be equal to Default Funding Rate. 

“Key Employees” means Jon Sabes and Steve Sabes; provided that if any such Person is replaced by a successor that
has been approved in writing by the Agent, then such successor shall be deemed to be a Key Employee and the replaced Person shall cease to be a Key Employee. 
 “Lender” means Autobahn Funding Company LLC and its successors and assigns. 
 “LIBOR” means, with respect to any Alternative Rate Interest Period, the interest rate per annum (rounded upwards, if necessary, to the nearest 1/16 of 1%) reported at or about 11:00
a.m., on the date two Business Days prior to the first day of such Alternative Rate Interest Period, on Bloomberg page BBAM 1 (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate
quotations comparable to those currently provided on such page of such service, as determined by the Agent from time to time, for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) as the
London Interbank Offered Rate for United States dollar deposits having a term equal to such Alternative Rate Interest Period and in a principal amount of $1,000,000 or more (or, if such Page shall cease to be publicly available or, if the
information contained on such Page, in the Agent’s sole judgment, shall cease to accurately reflect such London Interbank Offered Rate, such rate as reported by any publicly available recognized source of similar market data selected by the
Agent that, in the Agent’s sole judgment, accurately reflects such London Interbank Offered Rate); provided that if no such rate is available for such Alternative Rate 

  
 18 

 
Interest Period, “LIBOR” shall be a rate per annum at which deposits in United States dollars are offered by the Agent to prime banks in the London interbank market at or about 11:00
A.M. (London time) two Business Days before the first day of such Alternative Rate Interest Period for delivery on such first day and for a period equal to such Alternative Rate Interest Period. If no such rate can be determined as set forth above
for a period equal to such Alternative Rate Interest Period, LIBOR for such Alternative Rate Interest Period shall be determined through the use of straight-line interpolation by reference to two rates determined as set forth above, one of which
shall be determined as if the Alternative Rate Interest Period were the period of time for which rates are available next shorter than the length of such Alternative Rate Interest Period and the other of which shall be determined as if the
Alternative Rate Interest Period were the period of time for which rates are available next longer than the length of such Alternative Rate Interest Period. 
 “Life Expectancy” means the average estimated life expectancy of the Insured as determined by at least two Eligible Medical Underwriters as of the most recent medical evaluation of such
Insured prior to the date the related Asset is first included in the Collateral; provided that, if the estimated life expectancy of the Insured provided by one Eligible Medical Underwriter (expressed as a number of years from the date of
determination to the end of the Life Expectancy of the related Insured) is 25% greater than the estimated life expectancy of the Insured provided by another Eligible Medical Underwriter, for purposes of this definition, the lower estimated life
expectancy will be increased by the amount necessary reduce such difference to less than 25%. 
 “Life Insurance
Trust” means an irrevocable life insurance trust settled by an Insured (or any other grantor who has a legal and valid insurable interest in the Insured). 
 “Life Settlement Borrower” means GWG DLP Funding II, LLC, a Delaware limited liability company. 
 “Life Settlement Master Servicer” means GWG Life Settlements, in its capacity as master servicer for the Purchased Policies under the Life Settlement Servicing Agreement, and any
successor thereto in such capacity. 
 “Life Settlement Provider” means GWG Life Settlements and any other life
settlement provider approved from time to time in writing by the Agent acting in its sole discretion. 
 “Life
Settlement Servicer” means Wells Fargo Bank, N.A., in its capacity as servicer pursuant to the Life Settlement Servicing Agreement, and any successor thereto in such capacity. 

“Life Settlement Servicing Agreement” means the Servicing Agreement of even date herewith among the Life Settlement
Master Servicer, the Life Settlement Servicer, the Life Settlement Borrower and the Titling Trust, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Life Settlement Servicing Fee” means the “Servicer Fee” payable to the Life Settlement Servicer under (and as
defined in) the Life Settlement Servicing Agreement. 

  
 19 

 “Liquidated Asset” means any Asset included in the Collateral (i) that
is owed by an Obligor which has suffered an Insolvency Event, (ii) that any Servicer has determined in good faith should be charged-off in accordance with its Operating Policies and Practices or (iii) that has been liquidated through its
sale, in the case of a Purchased Policy, and the sale of the related collateral, in the case of a Loan (such Asset shall become a Liquidated Asset as of the earliest date on which any of the foregoing has occurred). 

“Liquidation Fee” means for (i) any Advance for which Interest is computed by reference to the CP Rate and a
reduction of the outstanding principal balance thereof is made for any reason or (ii) any Advance for which Interest is computed by reference to LIBOR and a reduction of the outstanding principal balance of such Advance is made for any reason
on any day other than a Monthly Settlement Date or on less than three Business Days’ prior written notice, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Liquidation Fee) which would
have accrued during the Interest Period in which such reduction occurs (or, in the case of clause (i) above, during the period until the maturity of the underlying commercial paper tranches) on such Advance had such reduction not occurred,
exceeds (B) the income, if any, received by the Lender from the investment of the proceeds of such reduction of principal. A certificate as to the amount of any Liquidation Fee (including the computation of such amount) shall be submitted by
the Lender (or the Agent on its behalf) to the Borrowers and shall be conclusive and binding for all purposes, absent manifest error. 
 “Liquidation Proceeds” means Collections consisting of (i) the Sales Price received as a result of the sale of a Purchased Policy to a Third Party Buyer pursuant to
Section 2.14, (ii) the Net Death Benefit paid by an insurance carrier under a Purchased Policy or a Policy securing a Loan or (iii) the repayment in full of the outstanding principal balance of a Loan together with accrued and unpaid
interest thereon due as of the date of such repayment or any other proceeds received in respect of a Policy that secures or secured a Loan (whether in connection with the enforcement of the security interest therein or any other sale of such Policy,
but excluding any such proceeds required to be returned to the applicable Obligor pursuant to the terms of the applicable Loan Documents or applicable law), in each case to the extent actually received in cash and deposited into the Collection
Account. 
 “Loan” means a loan, advance or other extension of credit to an Obligor made or purchased by United
Lending, an Initial Lender or the Bridge Loan Lender, and all rights with respect thereto, whether constituting an account, chattel paper, instrument, investment property or general intangible, and including, without limitation, the obligation of
any related Obligor to pay any Finance Charges with respect thereto. 
 “Loan Agreement” means a loan agreement
entered into by and between United Lending, an Initial Lender or the Bridge Loan Lender and an Obligor in substantially the form attached as part of Exhibit B-1 hereto (in the case of Premium Finance Loan) or Exhibit B-2 hereto (in the case of a
Bridge Loan) or such other form as the Agent may approve in writing (such approval not to be unreasonably withheld). 

  
 20 

 “Loan Documents” means, with respect to any Loan, collectively,
(a) the executed original counterpart of the documents which evidence an Obligor’s obligation to repay a Loan including the original of any document that constitutes “tangible chattel paper” or an “instrument” for
purposes of Article 9 of the UCC and, with respect to each Loan Note, an allonge in the form attached as Exhibit E hereto duly endorsing such instrument in blank or to the Agent, (b) the related Loan Agreement, (c) the related Purchase and
Sale Agreement, (d) the related Collateral Assignment, (e) any related escrow agreement and (f) all other instruments, documents and agreements of the type included as part of Exhibit B-1 or Exhibit B-2, as applicable, or otherwise
executed and/or delivered under or in connection with any of the foregoing, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Loan Note” means a promissory note executed by an Obligor in substantially the form attached as part of Exhibit B-1
hereto (in the case of a Premium Finance Loan) or Exhibit B-2 (in the case of a Bridge Loan) or such other form as the Agent may approve in writing (such approval not to be unreasonably withheld). 

“Master Servicer” means the Life Settlement Master Servicer or the Premium Finance Master Servicer. 

“Master Servicer Default” has the meaning specified in the Sale and Servicing Agreement. 

“Master Servicer’s Certificate” has the meaning specified in the Sale and Servicing Agreement. 

“Master Servicing Fee” means the “Master Servicing Fee” payable to a Master Servicer under (and as defined in)
the Sale and Servicing Agreement (in the case of the Premium Finance Master Servicer) or the Life Settlement Servicing Agreement (in the case of the Life Settlement Master Servicer). 

“Material Adverse Effect” means a material adverse effect on (i) the financial condition, business or operations of
any GWG Party, (ii) the ability of any GWG Party to perform its obligations under any Related Document, (iii) the legality, validity or enforceability of this Agreement or any other Related Document, (iv) either Borrower’s or the
Agent’s interest in the Collateral or in any significant portion of the Assets included in the Collateral, the Other Conveyed Property or the Collections with respect thereto or the perfection of any such interest or (v) the collectibility
of the Assets included in the Collateral generally or of any material portion of such Assets. 
 “Maximum Advance
Rate” means at any time a percentage equal to the sum of (i) the product of (A) 60% and (B) a fraction, the numerator of which is the aggregate Collateral Balance of the Eligible Assets that are Bridge Loans at such time, and
the denominator of which is the Eligible Asset Balance and (ii) the product of (A) 75% and (B) a fraction, the numerator of which is the aggregate Collateral Balance of all Eligible Assets (other than Bridge Loans) at such time, and
the denominator of which is the Eligible Asset Balance. 
 “Milliman Model” means the actuarial pricing model
developed by Milliman (version 8.1.1 or such other subsequent version not objected to by the Agent in its reasonable discretion) that is used to establish the value of the Policies. 

  
 21 

 “Minimum Excess Spread” means 2.00%. 

“Monthly Period” means, with respect to a Monthly Settlement Date or a Determination Date, the calendar month
immediately preceding the month in which such Monthly Settlement Date or Determination Date occurs. 
 “Monthly
Settlement Date” means the date that is the 10th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day. 
 “Moody’s” means Moody’s Investors Service, Inc. or its successor. 
 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding
five years contributed to by a GWG Party or any ERISA Affiliate on behalf of its employees. 
 “Net Death
Benefit” means, with respect to any Policy, as of any date of determination, the death benefit payable under such Policy net of any Policy Loan (and accrued interest) as of such date of determination. 

“Net Eligible Asset Balance” means, at any time, (i) the Eligible Asset Balance at such time, minus (ii) the
Excess Concentration Amount at such time. 
 “Non-Use Fee” has the meaning specified in the Fee Letter.

 “Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever
created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrowers to the Lender, the Agent, the Backup Servicer, the Life Settlement Servicer, the Collateral Account Bank, the Deposit
Account Bank, any Affected Party and/or any other Secured Party, arising under or in connection with this Agreement or any other Related Document or the transactions contemplated hereby or thereby and shall include, without limitation, all liability
for principal of and interest on the Advances, Program Fees, Non-Use Fees, Exit Fees, audit fees, expense reimbursements, indemnifications, and other amounts due or to become due under the Related Documents, including, without limitation, interest,
fees and other obligations that accrue after the commencement of a bankruptcy, insolvency or similar proceeding (in each case whether or not allowed as a claim in such proceeding). 

“Obligor” means (i) in the case of a Loan, the Person (including, without limitation, any applicable Life Insurance
Trust) that is the sole owner and duly designated beneficiary of a Policy and which is primarily obligated to make payments under the related Loan and (ii) in the case of a Purchased Policy, the related insurance carrier that issued such
Policy. 
 “Obligor Concentration” means, at any time with respect to any Obligor, the aggregate Collateral
Balance of the Eligible Assets owing by such Obligor or any Affiliate of such Obligor. 
 “OFAC” means the U.S.
Department of Treasury’s Office of Foreign Asset Control. 

  
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 “Off Balance Sheet Liabilities” of a Person means (a) any repurchase
obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries, (b) any liability under any sale and leaseback transactions which do not create a
liability on the consolidated balance sheet of such Person prepared in accordance with GAAP, (c) any liability under any financing lease or so-called “synthetic” lease transaction, or (d) any obligations arising with respect to
any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheets of such Person and its Subsidiaries, prepared in accordance with GAAP.

 “Operating Policies and Practices” means those operating policies and practices relating to Assets described
in Schedule IV, as modified in compliance with this Agreement. 
 “Opportunity Bridge Funding” means
Opportunity Bridge Funding, LLC, a Delaware limited liability company. 
 “Origination Agreement” means an
agreement in form and substance satisfactory to the Agent, between GWG Life Settlements and another Life Settlement Provider relating to the purchase of Policies, as the same may be amended, restated, supplemented or otherwise modified from time to
time in accordance with the terms hereof and thereof. 
 “Origination Expenses” means, with respect to any
Purchased Policy, the amounts described in clauses (ii) and (iii) of the definition of “Purchase Price”, subject to the limits described therein. 
 “Originator” means any originating broker or agent approved in accordance with the Operating Policies and Practices that arranged for a Loan to be entered into by the relevant Initial
Lender or Bridge Loan Lender, as applicable, or the purchase or settlement of a Purchased Policy. 
 “Other Conveyed
Property” has the meaning specified in the Sale and Servicing Agreement. 
 “Other Taxes” has the
meaning specified in Section 2.11(b). 
 “Parent Group Member” means, collectively, the Performance
Guarantor and its Affiliates (other than the Borrowers). 
 “Performance Guarantor” means GWG Holdings, LLC, a
Delaware limited liability company. 
 “Performance Guaranty” means the performance guaranty of even date
herewith executed by the Performance Guarantor in favor of the Borrowers and the Agent, as amended, restated, supplemented or otherwise modified from time to time. 
 “Permitted Lien” means (a) an Adverse Claim created in favor of the Agent pursuant to this Agreement and any other documents related hereto and (b) liens for taxes not yet due
or being contested in good faith and by appropriate proceedings and with respect to which no tax lien filing has been made. 

  
 23 

 “Person” means an individual, partnership, corporation, limited liability
company, joint stock company, trust (including a business or statutory trust), unincorporated association, joint venture, government (or any agency or political subdivision thereof) or other entity. 

“Policies” means the life insurance policies issued by a Qualified Life Insurance Carrier insuring solely the life of
the Insured, and any and all applications, conditional receipts, riders, endorsements, supplements, amendments and all other documents and instruments that modify or otherwise affect the terms and conditions of such policy issued in connection
therewith. 
 “Policy File” means, except as otherwise consented to by the Agent, with respect to any Policy,
the documents specified as the “Policy File” on Schedule II hereto, in each case in substantially the form attached as part of Exhibit B-2 hereto or such other form as the Agent may approve in writing (such approval not to be unreasonably
withheld). 
 “Policy Loan” means, with respect to any Policy, any loan or other cash advance made against the
cash value of such Policy. 
 “Potential Event of Default” means an event which, with the passage of time or
the giving of notice, or both, would constitute an Event of Default. 
 “Premium Finance Loan” means a Loan the
proceeds of which are used to fund payments of premiums due under a related Policy. 
 “Premium Finance
Borrower” means United Lending SPV, LLC, a Delaware limited liability company. 
 “Premium Finance Master
Servicer” means United Lending, in its capacity as the master servicer for the Purchased Loans under the Sale and Servicing Agreement, and any successor thereto in such capacity. 

“Program Fee” has the meaning specified in the Fee Letter. 

“Program Maturity Date” means the earlier of (i) the Scheduled Program Maturity Date and (ii) the date of the
declaration or automatic occurrence of the Program Maturity Date pursuant to Article VI. 
 “Prohibited Person”
means any Person: (a) listed in the annex to, or otherwise subject to the provisions of, the Executive Order; (b) that is owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the annex to, or is
otherwise subject to the provisions of, the Executive Order; (c) with whom Lender is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering legal requirements, including the PATRIOT Act and the
Executive Order; (d) that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; (e) that is named as a “specifically designated national (SDN)” on the most current list
published by OFAC at its official website (http://www.treas.gov.ofac/t11sdn.pdf) or at any replacement website or other 

  
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replacement official publication of such list or is named on any other U.S. or foreign government or regulatory list issued after September 11, 2001; (f) that is covered by IEEPA, OFAC
or any other law, regulation or executive order relating to the imposition of economic sanctions against any country, region or individual pursuant to United States law or United Nations resolution; or (g) that is an affiliate (including any
principal, officer, immediate family member or close associate) of a person or entity described in one or more of clauses (a) – (f) of this definition. 
 “Purchase and Sale Agreement” means a Purchase and Sale Agreement between (i) in the case of a Premium Finance Loan, an Initial Lender and United Lending in substantially the form
attached as part of Exhibit B-1 hereto or such other form as the Agent may approve in writing (such approval not to be unreasonably withheld) and (ii) in the case of a Purchased Policy, GWG Life Settlements and the Person from whom GWG Life
Settlements purchased such Policy in substantially the form attached as part of Exhibit B-3 hereto or such other form as the Agent may approve in writing (such approval not to be unreasonably withheld), as the same may be amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
 “Purchase
Price” means, with respect to any Purchased Policy, an amount equal to the sum of (i) the Value of such Policy as of the date such Policy was purchased by the applicable Seller, plus (ii) the sum of any origination fees, Life
Settlement Provider fees and any broker commission fees actually paid in cash by such Seller (which fees, if paid to parties that are Affiliates of such Seller will be based on a market rate) in connection with its purchase of such Policy (which
fees in the aggregate shall not to exceed 30% of the amount described in clause (i)), plus (iii) other reasonable and customary closing expenses actually paid in cash by such Seller (which expenses, if paid to parties that are Affiliates of
such Seller will be based on a market rate) in connection with its purchase of such Policy (which expenses in the aggregate shall not exceed $20,000); provided that in no event will the Purchase Price for any Purchased Policy exceed the total
purchase price (inclusive of the fees and expenses referred to in clauses (ii) and (iii) above, subject to the limits described therein) actually paid in cash by such Seller in connection with its purchase of such Policy. 

“Purchased Loan” means a Loan in which the Premium Finance Borrower has acquired, or purports to have acquired, an
interest pursuant to the Sale and Servicing Agreement; provided that, except as otherwise expressly provided herein, the term “Purchased Loan” shall exclude any Loan that has been released from the Collateral pursuant to
Section 2.14 hereof. 
 “Purchased Policy” means a Policy in which a Borrower or the Titling Trust has
acquired, or purports to have acquired, an interest pursuant to the Sale and Servicing Agreement (but excluding any Policy securing a Purchased Loan, unless and until the Premium Finance Borrower or the Titling Trust becomes the legal and beneficial
owner of such Policy by way of foreclosure or otherwise pursuant to the relevant Asset Documents); provided that, except as otherwise expressly provided herein, the term “Purchased Policy” shall exclude any Policy that has been
released from the Collateral pursuant to Section 2.14 hereof. 

  
 25 

 “Purchased Policy Documents” means, with respect to any Purchased Policy,
collectively, (a) the related Origination Agreement (if applicable), (b) the related Purchase and Sale Agreement, (c) the related Collateral Assignment, (d) the related Trust Certificate, (e) the related Policy File,
(f) any related escrow agreement and (g) all other instruments, documents and agreements of the type included as part of Exhibit B-3 or otherwise executed and/or delivered under or in connection with any of the foregoing, in each case as
the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Qualified Life Insurance Carrier” means a life insurance company domiciled in the United States that has a minimum
financial strength rating of at least “A-” from Standard & Poor’s or “A3” from Moody’s, or if rated by both Standard & Poor’s and Moody’s, “A-” from Standard & Poor’s
and “A3” from Moody’s at the time of the origination of the related Policy. 
 “Qualified State”
has the meaning specified on Schedule I. 
 “Records” means, with respect to any Asset, all Asset Documents and
other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Asset, any Other Conveyed Property
therefor and the related Obligor, the related Insured, the related Originator and the related Initial Lender, Bridge Loan Lender or Life Settlement Provider, as applicable. 
 “Related Documents” means, collectively, this Agreement, the Fee Letter, the Sale and Servicing Agreement, the Life Settlement Servicing Agreement, the Performance Guaranty, the Backup
Servicing Agreement, the Trust Agreement, each Trust Certificate, the Titling Trust Security Agreement, each Purchase and Sale Agreement, each Assignment, the Collateral Account Agreement, each Deposit Account Control Agreement, each Eligible Escrow
Agreement and all other instruments, documents and agreements executed in connection with any of the foregoing. The Related Documents executed by any party are referred to herein as “such party’s Related Documents,” “its Related
Documents” or by a similar expression. 
 “Reserve Account” means the non-interest bearing trust account
established with the Collateral Account Bank pursuant to Section 2.16, which account has been designated as the “Reserve Account”, including any subaccounts of such account, and any other account designated as the “Reserve
Account” by the Agent. 
 “Responsible Officer” means, (i) with respect to any GWG Party, the
President, Chief Executive Officer, Chief Financial Officer or Controller of such GWG Party and any other officer or employee of such GWG Party having responsibility for the administration of the Related Documents and (ii) with respect to Wells
Fargo Bank, National Association, the President, Chief Executive Officer, Chief Financial Officer, Controller, any Vice President, any Assistant Vice President or any other officer or employee of Wells Fargo Bank, National Association having
responsibility for performing its obligations under this Agreement or any of the Related Documents. 
 “Sale and
Servicing Agreement” means that certain General Sale and Servicing Agreement of even date herewith among the Sellers, the Premium Finance Master Servicer and the Borrowers, as the same may be amended, restated, supplemented or otherwise
modified from time to time. 

  
 26 

 “Sale Price” has the meaning specified in Section 2.14. 

“Schedule of Assets” has the meaning specified in the Sale and Servicing Agreement. 

“Scheduled Program Maturity Date” means July 15, 2013. 

“Secured Parties” means, collectively, the Lender, the Agent, the Backup Servicer, the Life Settlement Servicer, the
Hedge Counterparties, the Affected Parties, other Indemnified Parties and their respective successors and assigns. 

“Seller” means GWG Life Settlements, United Lending or Opportunity Bridge Funding. 

“Servicer” means any of the Life Settlement Servicer, the Life Settlement Master Servicer and the Premium Finance Master
Servicer. 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, a
division of The McGraw Hill Companies, Inc. 
 “Subordinated Indebtedness” means Indebtedness of a GWG Party
which (i) matures not earlier than one year after the Scheduled Program Maturity Date and (ii) has been subordinated to the payment of the obligations of such GWG Party under the Related Documents, as evidenced by a written subordination
agreement in form and substance reasonably satisfactory to the Agent. 
 “Subsidiary” of a Person means
(i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and
one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be
so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Performance Guarantor. 
 “Tangible Net Worth” means, at any date with respect to any Person, (a) the net worth of such Person and its consolidated Subsidiaries, determined in accordance with GAAP,
minus (b) the total book value of all intangible assets of such Person and its consolidated Subsidiaries determined in accordance with GAAP (including, without limitation, such items as goodwill, trademarks, trade names, service marks,
brand names, copyrights, patents and licenses); provided that no Indebtedness of, investment in or receivable owing by any Affiliate of such Person shall be included in the calculation of Tangible Net Worth; provided, further, that the
Tangible Net Worth for the Sellers and their respective Subsidiaries for any period shall reflect and include (without duplication) the accrued interest on the Loans included in the applicable Seller’s managed portfolio and accrued Expected IRR
on the Policies included in the applicable Seller’s managed portfolio during such period. 
 “Taxes” has
the meaning specified in Section 2.11(a). 
 “Termination Event” has the meaning specified in
Section 6.02. 

  
 27 

 “Third Party Buyer” has the meaning specified in Section 2.14.

 “Titling Trust” means GWG DLP Trust II, a Delaware statutory trust. 

“Titling Trust Security Agreement” means a security agreement executed by the Titling Trust in favor of the Agent,
pursuant to which the Titling Trust grants to the Agent a security interest in the Policies held by the Titling Trust, in such form as the Agent may approve in writing. 
 “Titling Trust Trustee” means Wells Fargo Bank, N.A., as trustee under the Trust Agreement, or Wells Fargo Delaware Trust Company, as Delaware trustee under the Trust Agreement or, in
either case, any successor trustee or Delaware trustee under the Trust Agreement. 
 “Titling Trust Trustee
Fees” means the fees payable to the Titling Trust Trustees pursuant to the Trust Agreement. 
 “Treasury
Regulations” means any regulations promulgated by the Internal Revenue Service interpreting the provisions of the Code. 
 “Trust Agreement” means the Trust Agreement of the GWG DLP Trust II dated as of July 15, 2008 among Wells Fargo Bank, N.A., as trustee, Wells Fargo Delaware Trust Company, as
Delaware trustee, and the Life Settlement Borrower, as certificateholder, as amended, restated, supplemented or otherwise modified from time to time. 
 “Trust Certificate” means a trust certificate evidencing undivided beneficial ownership of an interest in the assets of the Titling Trust. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction. 

“United Lending” means United Lending, LLC, a Delaware limited liability company. 

“United States” means the United States of America. 

“Value” means, (i) with respect to any Policy, an amount equal to (x) the present value of the expected Net
Death Benefit that will be paid under such Policy minus (y) the present value of all future projected premium payments that will be due under such Policy during the Life Expectancy of the related Insured, in each case calculated using the
Milliman Model and otherwise in a manner and using assumptions satisfactory to the Agent and based on a discount rate equal to the Expected IRR of the Policy as of the date such Policy (or the Loan secured by such Policy) was originated or acquired
by the applicable Seller and (ii) with respect to any Loan, the Value of the Policy securing such Loan; provided, in each case, that if the Agent shall determine in good faith that any GWG Party’s or Servicer’s calculation of
Value for any Asset is inaccurate, then such Value will be determined by the Agent, which calculation by the Agent will be conclusive and binding absent manifest error; and provided further that the Value of a Loan will not exceed the
Collateral Balance of such Loan. For purposes of calculating the Value of a Policy, the discount rate used to calculate the present value of the Net Death Benefit under the Policy shall be equal to the Expected IRR of such Policy or, in the case of
a Policy securing a Loan, the contractual interest rate payable by the Obligor under such Loan. 

  
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 “Weighted Average Annualized Portfolio Yield” means, at any time, the
product of (i) (A) in the case of Loans, the weighted average contractual interest rate for all Loans that are Eligible Assets (weighted solely by the respective Collateral Balances of such Loans) and (B) in the case of Purchased
Policies, the weighted average Expected IRR for all Purchased Policies that are Eligible Assets (weighted solely by the respective Collateral Balances of such Purchased Policies) and (ii) the Yield Realization Percentage. 

“Yield Realization Percentage” means, as of any date of determination, a fraction, the numerator of which is equal to
the annualized yield by the Borrowers actually realized during the immediately preceding six calendar month period in respect of sold or liquidated Eligible Assets included in the Collateral and the denominator of which is equal to (i) in the
case of Loans included in the Collateral, the weighted average annualized contractual interest accrued on such Loans during such six-month period and (ii) in the case of Purchased Policies included in the Collateral, the weighted average
Expected IRR on such Purchased Policies for such six-month period; provided, that, if less than five Policies are sold and/or liquidated during such six-month period, the immediately preceding twelve month period shall be used for purposes of
this definition. The Yield Realization Percentage shall be calculated by the relevant Seller in a manner satisfactory to the Agent; provided that if the Agent disagrees with such calculation, then the Agent may re-calculate the Yield
Realization Percentage, which calculation by the Agent shall be conclusive and binding absent manifest error. 

Section 1.02. Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP.
All terms used in Article 9 of the UCC in the State of New York, as in effect on the date hereof and not specifically defined herein, are used herein as defined in such Article 9. Unless otherwise expressly indicated, all references herein to
“Article,” “Section,” “Schedule” or “Exhibit” means articles and sections of, and schedules and exhibits to, this Agreement. Headings are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof. Any reference to any law, rule or regulation shall be deemed to be a reference to such law, rule or regulation as the same may be amended or re-enacted from time to time. Any reference to any Person
shall include its successors and permitted assigns. 
 Section 1.03. Computation of Time Periods. Unless otherwise
stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to
but excluding.” 

  
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 ARTICLE II 
 THE FACILITY 
 Section 2.01. Borrowings. On the terms and
conditions hereinafter set forth, and subject to the proviso below, the Lender shall make loans (each such loan, an “Advance”) to the Borrowers from time to time during the period from and including the date hereof to but excluding
the Program Maturity Date in an aggregate amount not to exceed, at any one time outstanding, the Borrowing Limit. Under no circumstances shall the Lender be required to make an Advance if, after giving effect to such Advance, a Borrowing Base
Deficiency would exist. 
 Section 2.02. Procedures for Borrowings.  

(a) Until the occurrence of the Program Maturity Date, the Lender will make Advances on any Business Day at the request of
a Borrower, subject to and in accordance with the terms and conditions of this Article II and Article III. 
 (b)
Each Borrowing shall be made on not less than three Business Days’ notice from the related Borrower to the Agent. Each such notice shall specify (A) the aggregate amount of such Borrowing, which shall be in an amount equal to or greater
than $250,000 (which amount applies in the aggregate to both Borrowers) and (B) the date of such Borrowing. Any such notice received by the Agent after 11:00 am New York time will be deemed to have been delivered on the following Business Day.
On the date of such Borrowing, the Lender shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the applicable Borrower in same day funds, the amount of such Borrowing by payment to the account which such
Borrower has designated in writing. 
 Section 2.03. Increase or Decrease of the Borrowing Limit. 

(a) The Borrowers may from time to time, in their discretion, request an increase in the Borrowing Limit. Each such
request must be made upon not less than 30 days written notice to the Agent. The Agent and the Lender may, in the sole and absolute discretion of each, grant or deny such request; provided that any failure of the Agent or the Lender to
respond to such request within such 30-day period shall be deemed to be a denial of such request. If each of the Agent and the Lender agrees in writing to grant such request, such increase will become effective upon the satisfaction of the
conditions set forth in Section 2.03(b) below. 
 (b) Notwithstanding anything herein to the contrary, no
increase in the Borrowing Limit will become effective unless both at the time such increase is requested and at the time such increase is to become effective: (x) no event has occurred, or would result from such increase, which constitutes an
Event of Default, a Potential Event of Default or a Termination Event and (y) the representations contained in Section 4.01 and the representations of the other GWG Parties contained in the other Related Documents are true and correct on
and as of such date as though made on and as of such date. 
 (c) Subject to the terms of the Fee Letter and the
payment of any Prepayment Fee required in connection therewith, the Borrowers may, upon at least 30 Business Days’ written notice to the Agent, terminate in whole or reduce in part the portion of the Borrowing Limit that exceeds the outstanding
Advances; provided, however, that each partial reduction of the Borrowing Limit shall be in an aggregate amount equal to $5,000,000 or an integral multiple thereof. 

  
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 Section 2.04. Use of Proceeds. The Borrowers will use the proceeds of Advances
hereunder solely: (i) to purchase Eligible Assets from the Sellers in accordance with the terms of the Sale and Servicing Agreement, including, in the case of an Escrow Policy, the funding of any related escrow of the Purchase Price therefore
with an Eligible Escrow Agent pursuant to an Eligible Escrow Agreement and, in the case of a Premium Finance Loan, the funding of any related escrow of the purchase price payable to the Initial Lender in respect of such Premium Finance Loan pursuant
to the terms of the related Loan Documents (an “Escrow Amount”); provided that (A) in no event may the aggregate of the Escrow Amounts in respect of Premium Finance Loans included in the Eligible Asset Balance exceed
$2,000,000, (B) the Agent may at any time in its discretion require that the Escrow Amount for all or any portion of the Premium Finance Loans be held by a third party bank acceptable to the Agent pursuant to an escrow agreement acceptable to
the Agent and (C) United Lending shall remain liable for any losses in respect of such Escrow Amount in the event of any bankruptcy, insolvency, receivership or similar proceeding with respect to the Initial Lender as provided in the Sale and
Servicing Agreement, (ii) to fund payments of premium due under a Purchased Policy or a Policy securing a Defaulted Asset included in the Collateral and (iii) to make periodic payments of Interest and Facility Fees due and payable under
this Agreement. 
 Section 2.05. Settlement Procedures. The Borrowers shall establish and maintain, or cause to be
established and maintained, the Collection Account in the name of the Agent. The Collection Account shall at all times be under the exclusive dominion and control of the Agent and no GWG Party shall have any access thereto or right to make any
withdrawal therefrom (except that the Master Servicers will have read-only online access for the purpose of reviewing the activity in the Collection Account). 
 (a) Monthly Settlement Date Distributions. On each Monthly Settlement Date, the Agent will direct the Collateral Account Bank to transfer the Available Funds on deposit in the Collection
Account (including any portion of such funds set aside pursuant to Section 2.05(c) but net of the portion of such funds set aside pursuant to Section 2.05(f) below) together with (x) prior to the occurrence of the Program Maturity
Date, the available funds on deposit in the Reserve Account (but only to the extent the amounts due under clauses (i) through (iv) below cannot be paid in full from the Available Funds on deposit in the Collection Account) and (y) on
or after the occurrence of the Program Maturity Date, all available funds on deposit in the Reserve Account, in the following amounts and priority: 
 (i) first, pay to each Hedge Counterparty, on a pari passu basis, an amount equal to any net payments (other than fees, expenses and Hedge Breakage Costs) that are due and payable under the
Hedge Agreements (if any); 
 (ii) second, pay, on a pari passu basis, (A) to the Collateral
Account Bank and the Deposit Account Bank an amount equal to the Collateral Account Bank Fees, Deposit Account Bank Fees and other expenses (including indemnities) then due and payable, (B) to the Custodian an amount equal to the Custodian Fees
and expenses (including indemnities) then due and payable; (C) to the Backup Servicer an amount equal to the Backup Servicer Fees and expenses (including indemnities) then due and payable, (D) to the Titling Trust Trustees an

  
 31 

 
amount equal to the Titling Trust Trustee Fees and expenses (including indemnities) then due and payable and (E) to the Life Settlement Servicer or any successor Master Servicer that is not
a Seller or an Affiliate thereof the expenses (including indemnities) then due and payable to such party; provided, that the total amount of expenses (including indemnities) payable under this clause (ii) after the Closing Date (excluding
Transition Expenses (as defined in the Sale and Servicing Agreement) incurred in consultation with the Agent, which shall not be subject to any cap) will not exceed $100,000 during any twelve calendar month period (the “Senior Expenses
Cap”); 
 (iii) third, pay, on a pari passu basis, (A) to each Master Servicer an amount
equal to the accrued and unpaid Master Servicing Fee owing to such Master Servicer and (B) to the Life Settlement Servicer an amount equal to the accrued and unpaid Life Settlement Servicing Fee; 

(iv) fourth, pay to the Agent for the account of the Lender an amount equal to the accrued and unpaid Interest and
Facility Fees and all other Obligations then due and payable (other than the principal balance of the Advances); 

(v) fifth, pay, on a pari passu basis, to each Hedge Counterparty, an amount equal to any fees, expenses and
Hedge Breakage Costs which are then due and payable under the Hedge Agreements (if any); 
 (vi) sixth,
pay to the Agent for the account of the Lender an amount equal to the lesser of (A) aggregate Advance Amount for all Assets for which any Liquidation Proceeds have been deposited into the Collection Account during the preceding Monthly Period
(the “Available Liquidation Proceeds”) and (B) the aggregate outstanding principal balance of the Advances; 
 (vii) seventh, on and after the Program Maturity Date, and at any other time that a Termination Event has occurred and is continuing, pay all remaining funds to the Agent for the account of the
Lender until the Advances have been repaid in full; 
 (viii) eighth, pay to the Agent an amount equal to
the Borrowing Base Deficiency (if any) as of such Monthly Settlement Date (determined as if no funds were on deposit in the Collection Account), for application to the repayment of the Advances; 

(ix) ninth, to pay the amounts described in clause (ii) above, but only to the extent not paid thereunder due
to the Senior Expenses Cap; 
 (x) tenth, so long as no Event of Default, Potential Event of Default or
Borrowing Base Deficiency exists or would be created thereby, to the extent so directed by the Borrowers, transfer to the Borrowers an amount equal to the lesser of (A) the Available Liquidation Proceeds net of the amount paid to the Agent
pursuant to clause (vi) above and (B) the Equity Funded Amount in respect of the 

  
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Assets which gave rise to such Liquidation Proceeds, together with an amount which would result in the Borrowers realizing an annualized rate of return on the Equity Funded Amount for such Assets
of not more than 18% per annum, as determined by the Agent; 
 (xi) eleventh, if any Advances are to
be prepaid on such Monthly Settlement Date pursuant to Section 2.09, transfer to the Agent the amount of such prepayment; 
 (xii) twelfth, any remaining Available Funds shall be remitted to the Reserve Account for future application in accordance with this Section 2.05 or, at the option of the Borrowers, to the
Lender to repay all or a portion of the Facility Amount, provided, that if the Advance Rate is less than or equal to 50% (after giving effect to all distributions to the Borrowers), any remaining Available Funds may be distributed to the
Borrowers so long as no Event of Default, Potential Event of Default or Borrowing Base Deficiency exists or would be created thereby; and provided further that, to the extent any portion of such remaining Available Funds is allocable to
excess spread collected on the Bridge Loans and the Premium Finance Loans (as determined by the Agent), such portion of the remaining Available Funds may be distributed to the Borrowers so long as no Event of Default, Potential Event or Default or
Borrowing Base Deficiency exists or would be created thereby; and 
 (xiii) thirteenth, any remaining
Available Funds on deposit in the Collection Account (and, in the case of the Final Payout Date, on deposit in the Reserve Account) to the Borrowers so long as no Event of Default, Potential Event of Default or Borrowing Base Deficiency exists or
would be created thereby. 
 (b) Eligible Investments. All funds held in the Collection Account and
the Reserve Account or any subaccount thereof (including, without limitation, investment earnings thereon), shall be invested at the direction of the Master Servicers or the Agent in Eligible Investments in accordance with the Collateral Account
Agreement. 
 (c) Other Payment Dates. On each Business Day (including any Monthly Settlement
Date), the Agent shall set aside funds on deposit in the Collection Account in an amount equal to the accrued and unpaid Interest through such day that will become payable on a subsequent Business Day. On each Interest Payment Date, the Agent shall
direct the Collateral Account Bank to pay the accrued and unpaid Interest due on such Interest Payment Date out of the funds so set aside. If any other Obligation becomes due and payable on a date other than a Monthly Settlement Date, the Agent may,
in its sole discretion, direct the Collateral Account Bank to transfer moneys held in the Collection Account in excess of the accrued and unpaid amounts described in clauses (i) through (iii) of Section 2.05(a) and the accrued and
unpaid Interest, to pay the Obligations so due and payable. 

  
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 (d) Other Interim Withdrawals From Collection Account and the Reserve
Account. Each Borrower may, on any Business Day other than a Monthly Settlement Date, request the Agent to withdraw and transfer to such Borrower all or any portion of the funds on deposit in the Collection Account and/or the Reserve Account
solely for the purpose of purchasing new Eligible Assets from the Sellers pursuant to the Sale and Servicing Agreement; provided that no such withdrawal shall be made unless (x) the Agent has received at least three (3) Business
Days prior notice of such withdrawal (specifying therein the amount of such withdrawal and the date such withdrawal is to be made), (y) the Agent has received, in form and substance reasonably satisfactory to the Agent, a completed Borrowing
Base Certificate duly executed by the Master Servicers and the Borrowers and containing information accurate as of a date no more than two (2) Business Days prior to the date of such withdrawal and confirming that no Borrowing Base Deficiency
would exist after giving effect to such withdrawal and the application of the proceeds thereof and (z) the following statements are true (and each GWG Party shall be deemed to have represented and warranted that the following statements are and
shall be true as of the date of such withdrawal): 
 (i) the representations and warranties contained in
Section 4.01 and the representations of the other GWG Parties contained in the other Related Documents are true and correct on and as of the date of such withdrawal as though made on and as of such date, 

(ii) no event has occurred and is continuing, or would result from such withdrawal, which constitutes an Event of Default,
a Potential Event of Default or a Termination Event, 
 (iii) no Borrowing Base Deficiency would exist after
giving effect to such withdrawal and the application of the proceeds thereof, 
 (iv) the Available Funds
remaining in the Collection Account for the next succeeding Monthly Settlement Date are sufficient to pay in full all amounts described in clauses (i) through (iv) of Section 2.05(a) on such Monthly Settlement Date; 

(v) the Agent has received such other approvals, opinions, documents or information as the Agent may reasonably request in
order to confirm (A) the satisfaction of the conditions set forth above and (B) that each Asset to be purchased by the applicable Borrower with the proceeds of such withdrawal is an Eligible Asset; and 

(vi) the Program Maturity Date has not occurred. 

(e) Application of Funds Released to Borrowers. The Sellers and each Borrower will cause all funds released
to the Borrowers pursuant to this Section 2.05 on any date to be applied: first, to pay the purchase price for Assets to be sold to such Borrower on such date pursuant to the Sale and Servicing Agreement (if any); and second, in
such other manner as such Borrower may direct. 

  
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 (f) Payment of Premiums. The Master Servicers shall cause all
premiums on the Policies included in the Collateral (including, without limitation, any Policies securing the Loans included in the Collateral) to be paid at least 30 days prior to the relevant due date therefor out of funds available for that
purpose pursuant to the Related Documents or the related Asset Documents (including the proceeds of Advances, to the extent necessary). So long as no Event of Default or Potential Event of Default has occurred hereunder and the conditions precedent
to the making of Advances as provided in Article III are satisfied, the Master Servicers may direct that funds on deposit in the Reserve Account be used for the purpose of paying such premiums as the same become due and payable. The Master Servicers
will promptly notify the Agent in the event there are insufficient funds to pay any such premium in full prior to such 30th day. Notwithstanding anything herein to the contrary, following the occurrence of an Event of Default or Potential Event of
Default, the Agent may, in its sole discretion, set aside Collections in the Collection Account or the Reserve Account (or such other account as the Agent may designate for such purpose) an amount of funds determined by the Agent in its sole
discretion (based on the amount of premiums expected to be payable under Policies included in, or securing Loans included in, the Collateral) to be used for the purpose of paying premiums due under Policies. Unless the Agent otherwise directs, any
such funds so set aside will not be distributed pursuant to Section 2.05(a) but instead will be used (at the Agent’s option and in its sole discretion in each case) to pay such premiums. To the extent the funds so set aside in the
Collection Account or the Reserve Account are not sufficient to pay any such premiums, the Agent or the Lender may, in its sole discretion, pay such premiums out of its own funds (even if doing so results in the Obligations exceeding the Borrowing
Limit). Any amounts so funded by the Agent or the Lender hereunder will constitute an Advance hereunder, which Advance shall bear interest at the Default Funding Rate and shall be repayable by the Borrowers on demand. 

Section 2.06. Interest Rate Hedges. 
 (a) On each Borrowing Date, for so long as the Excess Spread (determined without giving effect to any Hedge Transactions) is less than 2.0%, a Borrower will enter into one or more Hedge Transactions
satisfying the requirements of this Section 2.06. Each Hedge Transaction shall (i) have a scheduled amortizing notional amount which, when combined with all other Hedge Transactions then in effect, satisfies the Hedge Notional Amount
Requirement, (ii) to the satisfaction of the Agent, be sufficient to ensure that the Excess Spread is maintained at a level equal to or greater than the Minimum Excess Spread and (iii) incorporate such other terms as the Agent may
reasonably direct in consultation with such Borrower. 
 (b) If on any Monthly Settlement Date the Excess Spread
(determined without giving effect to any Hedge Transactions) is less than 2.0% and the actual aggregate notional amount of all Hedge Transactions is not equal to the Hedge Notional Amount Requirement, a Borrower shall enter into additional Hedge
Transactions or terminate an existing Hedge Transaction in whole or in part, as necessary in order to ensure that the actual aggregate notional amount of all Hedge Transactions after giving effect to such addition or termination is equal to the
Hedge Notional Amount Requirement as re-calculated by the Agent on such date. Each additional Hedge Transaction entered into by a Borrower pursuant to this Section 2.06(b) must satisfy the conditions set forth in Section 2.06(a) above.

  
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 (c) On each date that a repayment of the principal amount of the Advances is
made hereunder, the aggregate notional amounts of the Hedge Transactions shall, at the request of the Agent, be reduced such that, after giving effect to such reduction, the aggregate notional amount of all Hedge Transactions, after giving effect to
such addition or termination is equal to the Hedge Notional Amount Requirement as re-calculated by the Agent on such date. 
 (d) In the event that a termination payment is paid by the Hedge Counterparty to a Borrower, that termination payment shall either be paid directly to the replacement counterparty who is entering into the
replacement Hedge Transaction or deposited into the Collection Account and applied as Available Funds on the next Monthly Settlement Date. 
 (e) Neither Borrower shall enter into any Hedge Transaction unless (i) the Hedge Counterparty thereunder is, at the time such Hedge Transaction is entered into by a Borrower, an Eligible Hedge
Counterparty and (ii) the Agent has reviewed and approved the form and substance of the Hedge Agreement governing such Hedge Transaction. 
 Section 2.07. Payments and Computations, Etc. 
 (a) The
Advances shall accrue interest on each day during each Interest Period at the applicable Interest Rate. The accrued and unpaid Interest for each Advance shall be due and payable in full on each Interest Payment Date for such Advance. All Obligations
shall be due and payable in full on the Program Maturity Date. 
 (b) All amounts to be paid or deposited by any
GWG Party hereunder shall be paid or deposited in accordance with the terms hereof no later than 11:00 a.m. (New York time) on the day when due in lawful money of the United States in immediately available funds in accordance with the Agent’s
instructions. If any GWG Party fails to make any payment or deposit required to be made by it hereunder when due, such GWG Party shall, to the extent permitted by law, pay to the Agent interest on such amount at the Default Funding Rate, payable on
demand; provided, however, that such interest rate shall not at any time exceed the maximum rate permitted by applicable law. Any Obligation hereunder shall not be reduced by any distribution if such distribution is rescinded or required to
be returned to either Borrower or any other Person for any reason. All computations of Interest, Facility Fees, and other interest and fees hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first
but excluding the last day) elapsed. All such computations shall be made by the Agent, which computations by the Agent shall be conclusive and binding absent manifest error. All payments to be made by any GWG Party hereunder or under any other
Related Document shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. 
 (c) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of Interest, Facility Fees or any other interest or fee payable hereunder, as the case may be. 
 (d) If any Borrowing requested by a Borrower pursuant to Section 2.02 is not for any reason whatsoever made or effectuated (other than through the gross negligence, bad faith or willful misconduct of
the Lender and/or Agent) on the date specified therefor in such request, the 

  
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Borrowers shall indemnify the Lender and each Funding Source against any loss, cost or expense incurred by the Lender or such Funding Source in connection therewith, including, without
limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits, commercial paper proceeds or other funds acquired by the Lender or such Funding Source to fund or maintain such Borrowing. 

Section 2.08. Fees. 
 (a) The Borrowers shall pay the Agent the accrued and unpaid Program Fees, Non-Use Fees, Exit Fees and other fees in the amounts and on the dates set forth in the Fee Letter. 

(b) The Borrowers shall pay to the Agent, upon the Agent’s demand, for the benefit of the Lender, all Liquidation
Fees with respect to any repayment of an Advance. 
 Section 2.09. Prepayments. 

(a) The Borrowers shall have the right to prepay any Advance, in whole or in part, on any Interest Payment Date for such
Advance upon at least two Business Days’ written notice to the Agent, which notice shall specify the proposed prepayment date and the amount of such prepayment, provided that any partial prepayment of less than all the Advances shall be equal
to an integral multiple of $250,000. Such prepayment shall be made solely out of Collections on the Collateral; provided, however, that such prepayment may be made through capital contributions in an amount equal to up to 10% of the
Borrowing Limit. Each notice of prepayment shall be irrevocable and binding on the Borrowers. In addition, each such prepayment will be accompanied by payment of the related Liquidation Fees in accordance with Section 2.08(b). 

(b) If, on any Business Day (i) the Facility Amount shall exceed the Borrowing Limit or (ii) a Borrowing Base
Deficiency exists, then, the Borrowers shall remit to the Agent, prior to any Borrowing and in any event no later than the close of business of the Agent on the second succeeding Business Day, a payment (to be applied by the Agent to repay Advances)
in such amount as may be necessary (A) to reduce the Facility Amount to an amount less than or equal to the Borrowing Limit and (B) to eliminate such Borrowing Base Deficiency. 

Section 2.10. Increased Costs; Capital Adequacy; Eurodollar Disruption Event. 

(a) If after the date hereof, the Lender, the Agent, any Funding Source or any of their respective Affiliates (each an
“Affected Party”) shall be charged or shall incur any fee, expense, increased reserve requirement or other increased cost on account of the adoption or implementation of any applicable law, rule or regulation or any accounting
principle (including, without limitation, any applicable law, rule or regulation or accounting principle regarding or affecting capital adequacy) or any change therein, or any change in the interpretation or administration thereof by any
Governmental Authority or accounting body charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such Governmental Authority or accounting body (a
“Regulatory Change”): (i) which 

  
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subjects any Affected Party to any charge or withholding on or with respect to any Funding Agreement or an Affected Party’s obligations under a Funding Agreement, or on or with respect to
the Assets, or changes the basis of taxation of payments to any Affected Party of any amounts payable under any Funding Agreement (except for changes in the rate of tax on the overall net income of an Affected Party) or (ii) which imposes,
modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of an Affected Party, or credit extended by an Affected Party pursuant to a Funding
Agreement or (iii) which imposes any other condition the result of which is to increase the cost to an Affected Party of performing its obligations under a Funding Agreement, or to reduce the rate of return on an Affected Party’s capital
as a consequence of its obligations under a Funding Agreement, or to reduce the amount of any sum received or receivable by an Affected Party under a Funding Agreement or to require any payment calculated by reference to the amount of interests or
loans held or interest received by it, then, upon demand by the Agent by the submission of the certificate described below, the Borrowers shall pay to the Agent, for the benefit of the relevant Affected Party, such amounts as are necessary to
compensate such Affected Party for such increased cost, reduction or payment. A certificate from the relevant Affected Party setting forth in reasonable detail the amounts so required to compensate such Affected Party submitted to the Borrowers
shall be conclusive and binding for all purposes, absent manifest error. 
 (b) If the Lender shall notify the
Agent that a Eurodollar Disruption Event as described in clause (a) of the definition of “Eurodollar Disruption Event” has occurred, the Agent shall in turn so notify the Borrowers, whereupon all Advances in respect of which Interest
accrues at an Interest Rate determined by reference to LIBOR for the then current Interest Period shall immediately be converted into Advances in respect of which Interest accrues by reference to the Base Rate for the remainder of such Interest
Period. 
 (c) If any Affected Party requests compensation under this Section 2.10, or the Borrowers are
required to pay any additional amount to the Lender, any Funding Source or any Governmental Authority for the account of the Lender or Funding Source pursuant to Section 2.11 or if the Agent gives a notice pursuant to Section 2.10(b), then
the Lender or such Funding Source shall use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the judgment of the Lender or such Funding Source, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 2.10 or Section 2.11, as the case may be, in the future, or eliminate the
need for the notice pursuant to Section 2.10(b), as applicable, and (ii) in each case, would not subject the Lender or such Funding Source to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Lender or such
Funding Source. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by the Lender or such Funding Source in connection with any such designation or assignment. 

  
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 Section 2.11. Taxes. 

(a) Any and all payments and deposits required to be made hereunder or under any other Related Document by any GWG Party
shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding net income taxes that are imposed by the
United States and franchise taxes and net income taxes that are imposed on any Affected Party by the state or foreign jurisdiction under the laws of which such Affected Party is organized or any political subdivision thereof (all such non-excluded
taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If any GWG Party or the Agent shall be required by law to deduct any Taxes from or in respect of any sum payable
hereunder to any Affected Party, (i) the Borrowers shall make an additional payment to such Affected Party, in an amount sufficient so that, after making all required deductions (including deductions applicable to additional sums payable under
this Section 2.11), such Affected Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) such GWG Party or the Agent, as the case may be, shall make such deductions and (iii) such GWG
Party or the Agent, as the case may be, shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 

(b) In addition, the Borrowers agree to pay any present or future stamp or other documentary taxes or any other excise or
property taxes, charges or similar levies which arise from any payment made hereunder or under any other Related Document or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Related Document
(hereinafter referred to as “Other Taxes”). 
 (c) The Borrowers will indemnify each Affected
Party for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.11) paid by such Affected Party and any liability (including, without
limitation, penalties, interest and expenses) arising therefrom or with respect thereto whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty days from the date the Affected
Party (i) makes written demand therefor (and a copy of such demand shall be delivered to the Agent), (ii) provides a certificate as to the amount of such indemnification submitted to the Borrowers and the Agent by such Affected Party
certifying that such payment has been made and setting forth, in reasonable detail, the basis for and the calculation thereof, which shall be conclusive and binding for all purposes absent manifest error, and (iii) provides a copy of or extract
from documentation furnished by such taxing authority evidencing assertion or payment of such Taxes and Other Taxes, if available. 
 (d) The Lender and each Funding Source who is organized outside the United States shall, prior to the date hereof (or, in the case of any Person who becomes a Funding Source after the date hereof, prior
to the date on which it so becomes a Funding Source), deliver to the Borrowers and the Agent such certificates, documents or other evidence, as required by the Code or Treasury Regulations issued pursuant thereto,

  
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including Internal Revenue Service Form W-8BEN or Form W-8ECI and any other certificate or statement of exemption required by Treasury Regulation Section 1.1441-1(a) or
Section 1.1441-6(c) or any subsequent version thereof, properly completed and duly executed by the Lender or such Funding Source, as applicable, establishing that such payment is (i) not subject to withholding under the Code because such
payment is effectively connected with the conduct by the Lender or such Funding Source, as applicable, of a trade or business in the United States or (ii) totally exempt from United States tax under a provision of an applicable tax treaty. Each
of the Lender and such Funding Source that changes its funding office shall promptly notify the Borrowers and the Agent of such change and, upon written request from either Borrower or the Agent, shall deliver any new certificates, documents or
other evidence required pursuant to the preceding sentence prior to the immediately following due date of any payment by the Borrowers hereunder. Unless the Borrowers and the Agent have received forms or other documents satisfactory to them
indicating that payments hereunder are not subject to United States withholding tax, notwithstanding paragraph (a), the Borrowers or the Agent shall withhold taxes from such payments at the applicable statutory rate in the case of payments to or for
the Lender and any Funding Source organized under the laws of a jurisdiction outside the United States. 
 (e)
The Borrowers shall not be required to pay any amounts to any Affected Party in respect of Taxes and Other Taxes pursuant to paragraphs (a), (b) and (c) above if the obligation to pay such amounts would not have arisen but for a failure by
such Affected Party to comply with the provisions of paragraph (d) above unless such Affected Party is unable to comply with paragraph (d) because of (i) a change in applicable law, regulation or official interpretation thereof or
(ii) an amendment, modification or revocation of any applicable tax treaty or a change in official position regarding the application or interpretation thereof, in each case after the date hereof (or, in the case of any Person who became an
Affected Party after the date hereof, after the date on which it so became an Affected Party). 
 Section 2.12.
Collateral Assignment of the Related Documents. To secure the prompt and complete payment when due of the Obligations and the performance by each Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement
and each other Related Document, each Borrower hereby assigns to the Agent, for the benefit of the Secured Parties (and their respective successors and assigns), all of its right and title to and interest in the Related Documents, including, without
limitation, (i) all rights of such Borrower to receive moneys due or to become due under or pursuant to the Related Documents, (ii) all security interests and property subject thereto from time to time purporting to secure payment of
monies due or to become due under or pursuant to the Related Documents, (iii) all rights of such Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Related Documents, (iv) all claims of such
Borrower for damages arising out of or for breach of or default under the Related Documents, and (v) the right to compel performance and otherwise exercise all remedies and enforce all rights of such Borrower under the Related Documents.

  
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 Section 2.13. Grant of a Security Interest. To secure the prompt and complete
payment when due of the Obligations and the performance by each Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement and each other Related Document, each Borrower hereby grants to the Agent, on behalf of
the Secured Parties (and their respective successors and assigns), a security interest in all of such Borrower’s right, title and interest in and to all of the following property and interests in property (collectively, the
“Collateral”), in each case whether tangible or intangible and whether now owned or existing or hereafter arising or acquired and wheresoever located: 

(a) all Assets, together with all Other Conveyed Property, Records and other property and interests in property related
thereto or pledged as collateral therefor, including, without limitation, all related Polices and all Collections and other moneys due and to become due under or in connection with any of the foregoing (whether in respect of principal, interest,
fees, expenses, indemnities, death benefits or otherwise); 
 (b) all right, title and interest of such Borrower
in, to and under all Asset Documents and Related Documents, including, without limitation, all other moneys due and to become due under or in connection with any of the foregoing (whether in respect of principal, interest, fees, expenses,
indemnities, or otherwise); 
 (c) all right, title and interest of such Borrower in, to and under the Collection
Account, the Reserve Account and each Deposit Account and all other bank and similar accounts relating to the collection of Assets and other Collateral and all funds held therein or in such other accounts, and all investments made with funds in the
Collection Account, the Reserve Account, the Deposit Accounts and such other accounts; 
 (d) the Titling Trust,
the Trust Certificates and the Trust Agreement, together with (i) all warrants, options and other rights to acquire beneficial interests in the Titling Trust and all of such Borrower’s rights to participate in, or to direct, the management
or administration of the Titling Trust, (ii) all rights, privileges, authority and powers of such Borrower under the Trust Agreement or otherwise as owner or holder of the Trust Certificates, (iii) all documents and certificates
representing or evidencing such Borrower’s interest in the Titling Trust, (iv) all of such Borrower’s right to receive dividends and redemptions on account of its interest in the Titling Trust or to receive distributions of the
Titling Trust’s assets, upon complete or partial liquidation or otherwise and (v) all distributions, cash, property, and instruments from time to time received, receivable or otherwise distributed in respect of, or in exchange for such
Borrower’s interest in the Titling Trust; 
 (e) all equipment, inventory, accounts, general intangibles,
payment intangibles, instruments, investment property, documents, chattel paper, goods, moneys, letters of credit, letter of credit rights, certificates of deposit, deposit accounts and all other property and interests in property of such Borrower,
whether tangible or intangible and whether now owned or existing or hereafter arising or acquired and wheresoever located; and 

  
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 (f) all proceeds of the foregoing property described in clauses
(a) through (e) above, including, without limitation, proceeds which constitute property of the type described in clauses (a) through (r) above and, to the extent not otherwise included, all (i) payments under any insurance
policy (whether or not the Agent or the Lender is the loss payee thereof), indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing and (ii) interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for or on account of the sale or other disposition of any or all of the then existing Collateral. 

Section 2.14. Releases of Collateral. Each Borrower may, upon not less than two (2) Business Days’ prior written
notice to the Agent, request the Agent to release its security interest in one or more Assets to the extent such release is necessary in connection with: 
 (a) any repurchase or substitution of such Assets pursuant to and in accordance with the Sale and Servicing Agreement; 

(b) any repayment of the related Loan; or 

(c) any sale of Purchased Policies to a Person that is not an Affiliate of any GWG Party (each such Person, a
“Third Party Buyer”) on arm’s length terms; provided that no such release pursuant to this clause (c) shall be made unless: 
 (i) the Agent receives payment in full and in cash of the sales price for such Purchased Policies (the “Sale Price”), which Sale Price is not less than the greater of (A) the Value
of such Purchased Policies and (B) the sum of (1) 95% of the aggregate Collateral Balance of such Purchased Policies plus (2) accrued and unpaid Facility Fees and Interest on a principal amount of Advances equal to such Collateral
Balance (calculated by reference to the Facility Rate); 
 (ii) neither the relevant Seller nor any of its
Affiliates receives any consideration for such sale, other than the Sale Price remitted to the Agent pursuant to clause (i); 
 (iii) each such Purchased Policy is sold by the Life Settlement Borrower or the Titling Trust to such Third Party Buyer without recourse, such that neither the Titling Trust nor the Life Settlement
Borrower is required to (A) make or provide any representations, warranties, indemnities or other undertakings of any kind to such Third Party Buyer or any other Person (it being understood and agreed that the Seller may make or provide any
such representations, warranties, indemnities or other undertakings as necessary or appropriate, so long as neither the Life Settlement Borrower nor the Titling Trust has any liability with respect thereto) or (B) execute any documents other
than an assignment agreement between the Life Settlement Borrower or Titling Trust and such Third Party Buyer in a form that has been approved in writing by the Agent; and 

(iv) no Borrowing Base Deficiency or other Event of Default or Potential Event of Default has occurred and is continuing
or would result therefrom. 

  
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 The release of the Agent’s security interest in any such Asset shall be subject to the Agent’s
receipt of all amounts payable by the relevant Seller in connection with such repurchase or substitution pursuant to the Sale and Servicing Agreement (in the case of a release pursuant to clause (a)) or from the relevant Obligor pursuant to the
related Asset Documents (in the case of a release pursuant to clause (b)) or from the relevant Seller or the Third Party Buyer (in the case of a release pursuant to clause (c)). Upon the written request of the Borrowers following the Agent’s
receipt of such amounts, and at the cost and expense of the Borrowers, the Agent shall deliver and, if necessary, execute such instruments and documents as the Borrowers may reasonably request for purposes of effectuating such release.
Notwithstanding the foregoing, it is understood and agreed that upon payment in full of all amounts payable by an Obligor under or in respect of an Eligible Loan in accordance with the related Asset Documents, the security interest in the collateral
securing such Eligible Loan shall automatically be released as and to the extent provided in the applicable Asset Documents. 

Section 2.15. Evidence of Debt. The Lender (or the Agent on its behalf) shall maintain an account or accounts evidencing the
indebtedness of the Borrowers to the Lender resulting from each Advance owing to the Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. The entries made in such
account(s) of the Lender or the Agent on behalf of the Lender shall be conclusive and binding for all purposes, absent manifest error. 
 Section 2.16. Reserve Account. The Borrowers shall establish and maintain, or cause to be established and maintained, the Reserve Account in the name of the Agent. The Reserve Account shall at
all times be under the exclusive dominion and control of the Agent and no GWG Party shall have any access thereto or right to make any withdrawal therefrom (except that the Master Servicers will have read-only online access for the purpose of
reviewing the activity in the Reserve Account). Funds will from time to time be deposited to, and withdrawn from, the Reserve Account pursuant to Section 2.05. Funds on deposit in the Reserve Account may be invested in Eligible Investments in
accordance with Section 2.05. On the Final Payout Date, any remaining funds in the Reserve Account shall be distributed to the Collection Account in accordance with Section 2.05. 

ARTICLE III 
 CONDITIONS OF LOANS 
 Section 3.01. Conditions Precedent to Initial
Borrowing. The initial Borrowing hereunder is subject to the condition precedent that the Agent shall have received on or before the date of such initial Borrowing each of the following: 

(a) the instruments, documents, agreements and opinions listed in Schedule V, each (unless otherwise indicated) dated such
date, in form and substance satisfactory to the Agent and the Lender; 

  
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 (b) confirmation from each of Moody’s, Standard & Poor’s
and Fitch that the execution and delivery of this Agreement will not result in the reduction or withdrawal of the then current ratings of the Lender’s commercial paper notes; 

(c) payment of all fees required to be paid on or before the Closing Date pursuant to the Fee Letter; and 

(d) such other approvals, opinions or documents as the Agent may reasonably request. 

Section 3.02. Conditions Precedent to All Borrowings. Each Borrowing (including the initial Borrowing) shall be subject to
the further conditions precedent that: 
 (a) no later than 1:00 pm (New York time) on the second Business Day
prior to the date of such Borrowing, the GWG Parties shall have delivered to the Agent, in form and substance reasonably satisfactory to the Agent, a completed Borrowing Base Certificate containing information accurate as of a date no more than
three (3) Business Days prior to the date of such Borrowing and confirming that no Borrowing Base Deficiency would exist after giving effect to such Borrowing; 

(b) on the date of such Borrowing, the following statements shall be true and correct as of the date of such Borrowing
(and each GWG Party shall be deemed to have represented and warranted that the following statements are true and correct as of the date of such Borrowing): 
 (i) the representations contained in Section 4.01 and the representations of the GWG Parties contained in the other Related Documents are true and correct on and as of such date as though made on and
as of such date; 
 (ii) no event has occurred and is continuing, or would result from such Borrowing, which
constitutes an Event of Default, a Potential Event of Default or a Termination Event; 
 (iii) on and as of such
day, after giving effect to such Borrowing, (A) the Facility Amount would not exceed the Borrowing Limit, and (B) no Borrowing Base Deficiency would exist; 

(iv) the Program Maturity Date has not occurred; 

(v) no law or regulation shall prohibit, and no order, judgment or decree of any federal, state or local court or
governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Borrowing in accordance with the provisions hereof; and 
 (vi) in the event the Agent determines in good faith that there has been any change in, or in the interpretation or application by any Governmental Authority of, any applicable law, rule or regulation
relating to the Assets or the transactions contemplated by the Transaction Documents or the Asset Documents 

  
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that has had or could have a Material Adverse Effect, the Agent shall have received such other approvals, opinions, documents or information as the Agent may reasonably request in order to
confirm (A) the satisfaction of the conditions set forth above and (B) that each Asset to be purchased by a Borrower with the proceeds of such Borrowing is an Eligible Asset. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and Warranties. Each GWG Party (in each case solely as to itself) hereby represents and warrants to the Lender and the Agent as follows as of the date hereof and
each Borrowing Date: 
 (a) Organization and Good Standing. Such GWG Party has been duly organized
and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, and is not organized under the laws of any other jurisdiction or Governmental Authority. Such GWG Party has the power and authority to
own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. Each of the Sellers and the Borrowers had at all relevant times, and now has, the power, authority and legal right to
acquire, own and sell, and to grant security interests in, the Assets and Other Conveyed Property as contemplated by the Related Documents. 
 (b) Due Qualification. Each GWG Party is duly qualified to do business as a foreign company in good standing, has filed on a timely basis all required tax returns, and has obtained all
necessary licenses and approvals, in each case in all jurisdictions where such qualification, filing, license or approval, as the case may be, is required for the conduct of its business. 

(c) Power and Authority. Such GWG Party has the power and authority to execute and deliver this Agreement
and the other Related Documents to which it is named as a party and to carry out its terms and their terms, respectively; and the execution, delivery and performance of this Agreement and the other Related Documents to which it is named as a party
have been duly authorized by such GWG Party by all necessary partnership or limited liability company, as applicable, action and this Agreement and each other Related Document to which it is named as a party have been duly executed and delivered by
such GWG Party. 
 (d) Valid and Binding Obligations. This Agreement and each other Related
Document to which such GWG Party is named as a party, when duly executed and delivered by the other parties thereto, shall constitute the legal, valid and binding obligations of such GWG Party enforceable in accordance with their respective terms,
except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless
of whether such enforceability is considered in a proceeding in equity or at law. 

  
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 (e) No Violation. The consummation of the transactions
contemplated by this Agreement and the other Related Documents and the fulfillment of the terms of this Agreement and the other Related Documents does not conflict with, result in any breach of any of the terms and provisions of or constitute (with
or without notice, lapse of time or both) a default under the organizational documents of such GWG Party, or any material indenture, agreement, mortgage, deed of trust or other instrument to which such GWG Party is a party or by which it or its
properties are bound, or result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than this Agreement and the Sale
and Servicing Agreement), or violate in any material respect any law, order, rule or regulation applicable to such GWG Party of any court or of any federal or state regulatory body, administrative agency or other Governmental Authority having
jurisdiction over such GWG Party or any of its properties. Such GWG Party is not in default with respect to any order of any court, arbitrator or Governmental Authority. 

(f) No Proceedings. There are no proceedings or investigations pending or, to the best of such GWG
Party’s knowledge, threatened against it before any court, regulatory body, administrative agency or other tribunal or Governmental Authority having jurisdiction over such GWG Party or its properties (A) asserting the invalidity of this
Agreement or any of the Related Documents, (B) seeking to prevent the making of any Advance or the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (C) seeking any judgment or other
legal or equitable relief from either Borrower, (D) seeking any other determination or ruling that would be reasonably likely to have a Material Adverse Effect, or (E) seeking to materially and adversely affect the federal income tax or
other federal, state or local tax attributes of the Advances. 
 (g) No Consents or Licenses. No
consent, approval, license, authorization or order of or declaration or registration or filing with any Governmental Authority is required to be made or obtained by such GWG Party in connection with the execution, delivery or performance of this
Agreement, any other Related Document or any Asset Document or the consummation of the transactions contemplated hereby or thereby, except such as have been duly made, effected or obtained. None of the parties hereto is required to be licensed under
any application law, rule or regulation relating to premium financing or life settlements by reason of such execution, delivery, performance or consummation except (in the case of the Sellers) for licenses that have already been obtained by it which
are in full force and effect. 
 (h) Chief Executive Office; Tax ID; Jurisdiction of Organization.
The chief executive office of such GWG Party is located in Minneapolis, Minnesota. During the past five years, such GWG Party has not had its chief executive office located in a state other than the State of Minnesota. The Federal Employer
Identification Number for each GWG Party is correctly set forth on Schedule III. Such GWG Party’s sole jurisdiction of organization is the State of Delaware. 

  
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 (i) Legal Name. The legal name of such GWG Party is as set
forth in Schedule II of this Agreement. Except as set forth in Schedule II of this Agreement, such GWG Party has not changed its name during the preceding six years and does not have any trade names, fictitious names, assumed names or “doing
business” names. 
 (j) Solvency. Such GWG Party is solvent and will not become insolvent
after giving effect to the transactions contemplated by the Related Documents. Such GWG Party is paying its debts as they become due and after giving effect to the transactions contemplated by the Related Documents will have adequate capital to
conduct its business. 
 (k) ERISA. Neither Borrower has any pension or profit sharing plans. To
the extent any other GWG Party has any pension or profit sharing plans, such plans have been fully funded in accordance with all applicable laws, rules and regulations and the terms of such plans. Each GWG Party is in compliance with ERISA and has
not incurred and does not expect to incur any liabilities (except for premium payments arising in the ordinary course of business) to the Pension Benefit Guaranty Corporation (or any successor thereto) under ERISA. 

(l) Nonconsolidation. The statements and factual assumptions contained in the opinion of Locke Lord
Bissell & Liddell LLP regarding true sale and substantive consolidation matters delivered to the Agent and others on the date hereof are, in each case, true and correct, and each GWG Party will comply with any covenants or obligations
assumed to be complied with by it in such opinion as if such covenants and obligations were set forth herein. 

(m) Notes to Financial Statements. All audited financial statements of the Parent Group Members that are
consolidated to include the Borrowers will contain notes clearly stating that (A) all of the Assets are owned by the Borrowers and (B) each Borrower is a separate legal entity. 

(n) Ownership of the Borrowers and Sellers. GWG Life Settlements is the legal and beneficial owner of 100%
of the membership interests and other equity interests of the Life Settlement Borrower, and all of such membership and other equity interests have been fully paid and are owned by GWG Life Settlements free and clear of all warrants, options, rights
to purchase and other Adverse Claims. GWG Life Settlements will not transfer any membership or other interest in the Life Settlement Borrower without the prior written consent of the Agent. United Lending is the legal and beneficial owner of 100% of
the membership interests and other equity interests of the Premium Finance Borrower, and all of such membership and other equity interests have been fully paid and are owned by United Lending free and clear of all warrants, options, rights to
purchase and other Adverse Claims. United Lending will not transfer any membership or other interest in the Premium Finance Borrower without the prior written consent of the Agent. The Performance Guarantor is the legal and beneficial owner of 100%
of the membership and other equity interests of the Sellers, and all of such membership and other equity interests have been fully paid and are owned by the Performance Guarantor free and clear of all warrants, options, rights to purchase and other
Adverse Claims. 

  
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 (o) Accuracy of Information. All written information
heretofore originated and furnished by any GWG Party, any Servicer, an Initial Lender, the Bridge Loan Lender or any Life Settlement Provider to the Agent or the Lender for purposes of or in connection with this Agreement, any of the other Related
Documents or any transaction contemplated hereby or thereby is, and all such written information hereafter originated and furnished by such GWG Party, Servicer, Initial Lender, Bridge Loan Lender, or Life Settlement Provider to the Agent or the
Lender, when taken as a whole, will be (in each case, in the case of information originated and furnished by an Initial Lender, Bridge Loan Lender or Life Settlement Provider or a Servicer that is not an Affiliate of either Borrower, to the
knowledge of the GWG Parties following a commercially reasonable inquiry), true and accurate in all material respects, on the date as of which such information is stated or certified and does not and will not contain any material misstatement of
fact or omit to state a material fact necessary to make the statements contained therein, taken as a whole and in context, not misleading. 
 (p) Title to Assets Purchased From Sellers. Each Asset (i) was purchased by United Lending from the applicable Initial Lender (in the case of a Premium Finance Loan) or by GWG Life
Settlements from the applicable Life Settlement Provider or Insured (in the case of a Purchased Policy) or was originated by Opportunity Bridge Funding (in the case of a Bridge Loan), in any case pursuant to and in accordance with a Purchase and
Sale Agreement (if applicable), the related Asset Documents and, if applicable, the related Origination Agreement, and the applicable Seller thereby irrevocably acquired (or, in the case of an Escrow Policy, will acquire upon release of the Purchase
Price pursuant to the related Eligible Escrow Agreement) all legal and equitable title to such Asset and the Other Conveyed Property free and clear of any Adverse Claims other than Permitted Liens and (ii) has been purchased by a Borrower from
the applicable Seller in accordance with the terms of the Sale and Servicing Agreement, and such Borrower has thereby irrevocably acquired (or, in the case of an Escrow Policy, will acquire upon release of the Purchase Price pursuant to the related
Eligible Escrow Agreement) all legal and equitable title to such Asset and the Other Conveyed Property free and clear of any Adverse Claims other than Permitted Liens. Without limiting the foregoing, all actions (including, without limitation, the
filing of all financing statements or other similar instruments or documents under the UCC of all applicable jurisdictions and the giving of all notices that may be required under the laws of any applicable jurisdiction) required in order to perfect
and protect such Borrower’s interest in the Assets included in the Collateral and Other Conveyed Property with respect thereto as against any purchasers from, or creditors of, each Seller and each applicable Initial Lender, Bridge Loan Lender
and Life Settlement Provider have been duly taken. 
 (q) Perfection. This Agreement (together with
the financing statements filed on or prior to the Closing Date) is effective to create a valid and perfected first priority security interest in the Collateral now existing or hereafter arising. Without limiting the foregoing, all actions
(including, without limitation, the filing of all financing statements 

  
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or other similar instruments or documents under the UCC of all applicable jurisdictions and the giving of all notices that may be required under the laws of any applicable jurisdiction) required
in order to perfect and protect the interests of the Agent and the Lender in the Collateral as against any purchasers from, or creditors of, any GWG Party and each applicable Initial Lender, Bridge Loan Lender or Life Settlement Provider have been
duly taken. The representations and warranties set forth in Part B of Schedule I are true and correct. 
 (r)
Deposit Accounts and Obligor Payment Instructions. No GWG Party has granted any Person, other than the Agent, dominion and control of any Deposit Account or the right to take dominion and control of any Deposit Account at a future time
or upon the occurrence of a future event. Each Deposit Account is subject to a Deposit Account Control Agreement duly executed and delivered by the applicable Borrower and the applicable Deposit Account Bank. All Obligors have been instructed to
make all payments due under the Assets directly to a Deposit Account. 
 (s) Operating Policies and
Practices. With respect to each Asset included in the Collateral, each GWG Party has complied in all material respects with, and has not made any material changes in, the Operating Policies and Practices except as permitted hereunder.

 (t) Payments to Sellers. With respect to each Asset transferred to the Borrowers under the Sale
and Servicing Agreement, each Borrower has given reasonably equivalent value to the applicable Seller in consideration for such transfer of such Asset and the Other Conveyed Property with respect thereto and such transfer was not made for or on
account of an antecedent debt. With respect to each Asset transferred to a Seller under a Purchase and Sale Agreement, such Seller has given reasonably equivalent value to the applicable seller thereunder in consideration for such transfer of such
Asset and the Other Conveyed Property with respect thereto and such transfer was not made for or on account of an antecedent debt. 
 (u) Not an Investment Company. Such GWG Party is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended from time to time, or any
successor statute. 
 (v) Taxes. Such GWG Party has paid when due all taxes payable by it in
connection with the Assets other than those taxes which are being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained in accordance with GAAP. 

(w) No Borrowing Base Deficiency. No Borrowing Base Deficiency exists. 

(x) No Event of Default, Etc. No Event of Default, Potential Event of Default or Termination Event has
occurred and is continuing. 
 (y) Eligible Assets. Each Asset was an Eligible Asset (i) as of
the date on which such Asset was sold by the applicable Seller to the applicable Borrower and (ii) as of each other date on which such Asset was included in the calculation of the Net Eligible Asset Balance in any Master Servicer’s
Certificate or Borrowing Base Certificate. 

  
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 (z) Financial Statements. The balance sheets of Great West
Growth, LLC (predecessor in interest to GWG Life Settlements) as of December 31, 2007 and its consolidated Subsidiaries as at December 31, 2007, and the related statements of income and retained earnings of Great West Growth, LLC for the
fiscal year then ended, certified by nationally recognized independent public accountants acceptable to the Agent, copies of which have been furnished to the Agent, fairly present in all material respects the financial condition of Great West
Growth, LLC as at such date and the results of the operations of Great West Growth, LLC for the period ended on such date, all in accordance with GAAP consistently applied. 

(aa) Use of Proceeds. No proceeds of any purchase hereunder will be used (i) for a purpose which
violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to Section 13 or 14 of
the Securities Exchange Act of 1934, as amended. 
 (bb) Material Adverse Effect. Since the Closing
Date no event or circumstance has occurred or exists which has had or could reasonably be expected to have a Material Adverse Effect. 
 (cc) Ordinary Course. Each GWG Party represents and warrants as to itself that each remittance of Collections by or to such GWG Party under the Transaction Documents will have been
(i) in payment of a debt incurred by such GWG Party in the ordinary course of business or financial affairs of such GWG Party and the transferee and (ii) made in the ordinary course of business or financial affairs of such GWG Party and
the transferee. 
 (dd) Representations in other Related Documents. All other representations and
warranties made by any GWG Party in the Related Documents are true and correct as of such date as though made on and as of such date. 
 ARTICLE V 
 COVENANTS 

Section 5.01. Affirmative Covenants. 
 Until the Final Payout Date, each GWG Party agrees on behalf of itself that it will perform and observe its covenants and agreements set forth in this Section 5.01. 

  
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 (a) Reporting. Each GWG Party will maintain, for itself and
each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and will furnish to the Agent (at its own expense): 
 (i) Annual Financial Reporting. Within 120 days after the close of each of its fiscal years, audited financial statements for such GWG Party for such fiscal year prepared both
(A) in accordance with GAAP and (B) after giving effect to the inclusion of accrued interest on the Loans included in the applicable Seller’s managed portfolio and accrued Expected IRR on the Policies included in the applicable
Seller’s managed portfolio in the Consolidated Net Income of such Transaction Party and otherwise in accordance with GAAP (“Accrual Basis Accounting”), and in each case certified in a manner acceptable to the Agent by
nationally recognized independent public accountants acceptable to the Agent. 
 (ii) Quarterly
Reporting. Within 45 days after the close of each quarterly period of each of its fiscal years, balance sheets for such GWG Party as at the close of each such period and statements of income and retained earnings and a statement of cash
flows for such GWG Party for the period from the beginning of such fiscal year to the end of such quarter, all prepared both (A) in accordance with GAAP and (B) in accordance with Accrual Basis Accounting, in each case subject to normal
year-end adjustments and without footnotes and certified by such GWG Party’s president, executive vice president, chief executive officer or chief financial officer. 

(iii) Monthly Reporting. Within 30 days after the close of each calendar month, balance sheets for such GWG
Party as at the close of each such month and statements of income and retained earnings and a statement of cash flows for such GWG Party for the period from the beginning of the current fiscal year to the end of such calendar month, all prepared
both (A) in accordance with GAAP and (B) in accordance with Accrual Basis Accounting, in each case subject to normal year-end adjustments and without footnotes and certified by such GWG Party’s president, executive vice president,
chief executive officer or chief financial officer. 
 (iv) Compliance Certificate. Together with
the financial statements required hereunder, a compliance certificate in substantially the form of Exhibit C signed by such GWG Party’s president, executive vice president, chief executive officer or chief financial officer and dated the date
of such annual financial statement, quarterly financial statement or monthly financial statement, as the case may be. 
 (v) Filings and Investor Reports. Promptly upon the filing or distribution thereof, copies of all registration statements and annual, quarterly, monthly or other reports which any GWG Party
or any Affiliate of a GWG Party files with the Securities and Exchange Commission or distributes to its equity investors, if any. 
 (vi) ERISA. Promptly after the filing or receiving thereof, each GWG Party shall provide the Agent with copies of all reports and notices with respect to any “Reportable Event” as
defined in Article IV of ERISA which such GWG Party or any ERISA Affiliate files under ERISA with the Internal Revenue Service or the Pension Benefit Guaranty Corporation or the U. S. Department of Labor or which such GWG Party or any ERISA
Affiliate receives from any such Person. 

  
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 (vii) Notices Under Related Documents. Forthwith upon its
receipt of any material notice, request for consent, financial statements, certification, report or other material communication under or in connection with any Related Document from any Person other than the Agent, copies of the same. 

(viii) Change in Operating Policies and Practices. At least ten Business Days prior to the effectiveness of
any material change in or amendment to the Operating Policies and Practices, a copy of the Operating Policies and Practices then in effect and a notice indicating such change or amendment. 

(ix) Other Information. Such other information as the Agent may from time to time reasonably request.

 All financial statements required to be delivered in respect of the Performance Guarantor pursuant to this Section 5.01
must be delivered on both a consolidated (with its consolidated subsidiaries) and a consolidating basis. All financial statements required to be delivered in respect of the Borrowers pursuant to this Section 5.01 must be delivered on a
stand-alone basis presented as supplemental consolidating financial statements. 
 (b) Notices.
Each GWG Party will notify the Agent in writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 

(i) Events of Default, Potential Events of Default and Termination Events. The occurrence of each Event of
Default, each Potential Event of Default and each Termination Event, by a statement of the president, executive vice president, chief executive officer or chief financial officer of such GWG Party. 

(ii) Judgment. The entry of (A) any judgment or decree against either Borrower or (B) any judgment
or decree against any other GWG Party or any of their respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against the GWG Parties and their respective Subsidiaries exceeds $250,000 (net of any insurance
proceeds actually received by the applicable GWG Parties or their Subsidiaries with respect to such judgment) or such judgment or decree would otherwise be reasonably likely to have a Material Adverse Effect. 

(iii) Litigation. The institution of any litigation, investigation, arbitration proceeding or governmental
proceeding (A) against or involving either Borrower or to which either Borrower becomes a party or (B) against or involving any other GWG Party or any Subsidiary of a GWG Party if the amount in controversy exceeds $250,000 or if such
litigation, arbitration proceeding or governmental proceeding, if adversely determined against such GWG Party or such Subsidiary, would be reasonably likely to have a Material Adverse Effect or if such litigation, investigation, arbitration
proceeding or governmental proceeding includes any allegation of criminal or fraudulent acts or omissions on the part of any GWG Party. 

  
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 (c) Compliance With Laws. Each GWG Party will comply in all
material respects with all applicable laws, rules, regulations, orders writs, judgments, injunctions, decrees or awards to which it may be subject (including, without limitation, all applicable laws, rules and regulations relating to consumer
lending, other consumer transactions and/or life settlements). Each GWG Party will pay when due any taxes payable by it when due other than those taxes which are being contested in good faith and by proper proceedings and as to which appropriate
reserves are being maintained in accordance with GAAP. 
 (d) Audits. Subject to applicable laws,
rules and regulations, each GWG Party will furnish to the Agent from time to time upon at least two Business Days’ prior written notice, such information with respect to it, the Assets and the Other Conveyed Property with respect thereto, the
Insureds, the Initial Lenders, the Bridge Loan Lender or Life Settlement Providers, as applicable, and the Originators as the Agent may reasonably request which is in such GWG Party’s possession or to which such GWG Party has reasonable access.
Subject to applicable laws, rules and regulations, each such GWG Party shall, from time to time during regular business hours as requested by the Agent, permit the Agent, or its agents or representatives at such GWG Party’s expense, (i) to
examine and make copies of and abstracts from all Records in the possession or under the control of any GWG Party and any Servicer relating to the Collateral, including, without limitation, the related Asset Documents and other Records, and
(ii) to visit the offices and properties of any GWG Party and any Servicer for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to any GWG Party’s financial condition or the Assets
and the Other Conveyed Property or any GWG Party’s or Servicer’s performance under the Related Documents to which it is a party or under the Asset Documents with any of the officers or employees of such GWG Party or Servicer having
knowledge of such matters. In addition, the Agent may from time to time, at the reasonable expense of the Borrowers, (i) perform or direct any GWG Party or Servicer to perform background checks on any material personnel hired by such GWG Party
or Servicer after the Closing Date, (ii) contact Initial Lenders or Life Settlement Providers, as applicable, and Originators directly for the purpose of confirming information relating to the Assets, (iii) accompany any GWG Party on any
due diligence or collateral audit conducted with respect to any Originator or Initial Lender or Life Settlement Provider, as applicable, and (iv) in its discretion, independently conduct any such due diligence or collateral audit itself.
Subject to applicable laws, rules and regulations, each GWG Party shall cooperate (and shall cause each Servicer to cooperate) with the Agent in any such background check, confirmation or audit and shall furnish to the Agent all information
(including, without limitation, names and addresses of Obligors and Insureds) that the Agent may reasonably request in connection therewith. 
 (e) Keeping and Marking of Records and Books. 

  
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 (i) Each GWG Party will maintain and implement administrative and operating
procedures (including, without limitation, an ability to recreate Records relating to the Assets in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably
necessary or advisable in light of industry practice for the collection of all Assets (including, without limitation, records adequate to permit the immediate identification of each new Asset and all Collections of and adjustments to each existing
Asset). Each such GWG Party will give the Agent notice of any material change in the administrative and operating procedures referred to in the previous sentence. 

(ii) Each GWG Party will (a) on or prior to the date hereof, mark its master data processing records relating to the
Assets with a legend, acceptable to the Agent, describing the security interest of the Agent and (b) upon the request of the Agent following the occurrence of any Event of Default, to the extent it is permitted to do so, deliver to the Agent or
its designee all Asset Documents in its possession or under its control (including, without limitation, all multiple originals of any such Asset Documents). 
 (f) Compliance With Asset Documents and Operating Policies and Practices. Each GWG Party will timely and fully (i) perform and comply in all material respects with all provisions,
covenants and other promises required to be observed by it under the Asset Documents related to the Assets, and (ii) comply in all material respects with the Operating Policies and Practices in regard to each Asset, the Other Conveyed Property
with respect thereto and the related Asset Documents. 
 (g) Purchase of Assets From the Sellers.
With respect to each Asset purchased, originated or otherwise acquired by a Seller during the period from the date hereof to the Program Maturity Date that is sold to the applicable Borrower or the Titling Trust pursuant to the Sale and Servicing
Agreement, each GWG Party shall take (or cause to be taken) all actions necessary to vest legal and equitable title to such Asset and the Other Conveyed Property and Collections with respect thereto irrevocably in such Borrower pursuant to and in
accordance with the Sale and Servicing Agreement and the other Related Documents, including, without limitation, (i) the giving of all notices and the filing of all financing statements or other similar instruments or documents reasonably
necessary under the UCC of all appropriate jurisdictions or any other law to perfect and protect such Borrower’s interest in such Asset and Other Conveyed Property as against any purchasers from, or creditors of, any other GWG Party and
(ii) such other actions to perfect, protect or more fully evidence the interest of such Borrower in such Asset or Other Conveyed Property as the Agent or any Secured Party may reasonably request. 

(h) Security Interest. Each GWG Party shall take all necessary actions to establish and maintain a valid and
perfected first priority security interest in the Collateral, to the full extent contemplated herein, in favor of the Agent for the benefit of the Secured Parties, including, without limitation, (i) the giving of all notices and the filing of
all financing statements or other similar instruments or documents reasonably 

  
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necessary under the UCC of all appropriate jurisdictions or any other law to perfect and protect the security interest of the Agent in the Collateral as against any purchasers from, or creditors
of, any GWG Party and (ii) such other actions to perfect, protect or more fully evidence the respective interests of the Agent and the Secured Parties in the Collateral as the Agent or the Lender may reasonably request. 

(i) Payment to Sellers. With respect to any Asset purchased by a Borrower from a Seller, each GWG Party
shall cause such sale to be effected under, and in compliance with the terms of, the Sale and Servicing Agreement, including, without limitation, the terms relating to the amount and timing of payments to be made to the applicable Seller in respect
of the purchase price for such Asset. With respect to any Asset purchased by a Seller from an Initial Lender, Life Settlement Provider or Insured, as applicable, each GWG Party shall cause such sale to be effected under, and in compliance with the
terms of, the applicable Purchase and Sale Agreement and Origination Agreement (if applicable), including, without limitation, the terms relating to the amount and timing of payments to be made to the Initial Lender, Life Settlement Provider or
Insured, as applicable, in respect of the purchase price for such Asset. 
 (j) Enforcement of Related
Documents. Each Borrower will (i) maintain each such Related Document in full force and effect, and (ii) take any action required or permitted to be taken by it under any Related Document as reasonably directed by the Agent,
including, without limitation, (A) making claims to which it may be entitled under any indemnity reimbursement or similar provision contained in any Related Document, (B) enforcing its rights and remedies (and the rights and remedies of
the Agent and the Lender, as assignees of the Borrower) under any Related Document and (C) making demands or requests for information or reports or for action from the other party or parties to such Related Documents. 

(k) Corporate Separateness. Each GWG Party acknowledges that the Lender is entering into the transactions
contemplated by this Agreement in reliance upon the Borrower’s identity as a separate legal entity from the Parent Group Members. Therefore, from and after the date of execution and delivery of this Agreement, each GWG Party shall take all
reasonable steps including, without limitation, all steps that the Agent or the Lender may from time to time reasonably request to maintain the a Borrower’s identity as a separate legal entity and to make it manifest to third parties that such
Borrower is an entity with assets and liabilities distinct from those of the Parent Group Members. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, each Borrower shall: 

(i) conduct its own business in its own name and require that all full-time employees of such Borrower (if any) identify
themselves as such and not as employees of any Parent Group Member (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as such Borrower’s employees);

 (ii) to the extent any employee, consultant or agent of such Borrower is also an employee, consultant or agent
of any Parent Group Member, allocate, on a reasonable basis the compensation of such employee, consultant or agent between such Borrower and such Parent Group Member; 

  
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 (iii) clearly identify its office space (by signage or otherwise) as its
offices; 
 (iv) conduct all transactions with any Parent Group Member (including, without limitation, any
delegation of its obligations hereunder) strictly on an arm’s-length basis and, to the extent allocated, allocate all overhead expenses (including, without limitation, telephone and other utility charges and rent for office space) for items
shared between such Borrower and such Parent Group Member on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 

(v) at all times have at least one director who is an Independent Manager; and promptly reimburse any Parent Group Member
in respect of any losses or expenses which are claimed by such Independent Manager in his or her capacity as Independent Manager and which are paid by such Parent Group Member; 

(vi) observe all limited liability company formalities as a distinct entity, and ensure that all limited liability company
actions relating to (A) the selection, maintenance or replacement of the Independent Manager, (B) the dissolution or liquidation of such Borrower and (C) the initiation or participation in, acquiescence in or consent to any
bankruptcy, insolvency, reorganization or similar proceeding involving such Borrower, are duly authorized by unanimous vote of its Board of Directors (including the Independent Manager); 

(vii) maintain such Borrower’s books and records separate from those of each Parent Group Member and otherwise
readily identifiable as its own assets rather than assets of any Parent Group Member; 
 (viii) prepare its
financial statements separately from those of the Parent Group Members and insure that any consolidated financial statements of any Parent Group Member that include such Borrower have detailed notes clearly stating that such Borrower is the owner of
the Assets, is a separate legal entity and that its assets will be available first and foremost to satisfy the claims of the creditors of such Borrower; 
 (ix) except as herein specifically otherwise provided, not commingle funds or other assets of such Borrower with those of any Parent Group Member and not maintain bank accounts or other depository
accounts to which any Parent Group Member is an account party, into which any Parent Group Member makes deposits or from which any Parent Group Member has the power to make withdrawals; 

  
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 (x) not permit any Parent Group Member to pay any of such Borrower’s
operating expenses (except pursuant to allocation arrangements that comply with the requirements of this Section 5.01(k)); 
 (xi) not hold itself out as responsible for the debts of any Parent Group Member; 
 (xii) not permit any Parent Group Member to hold itself out as responsible for the debts of such Borrower; and 
 (xiii) take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the opinion issued by Locke Lord Bissell & Liddell LLP, as counsel for the GWG
Parties, in connection with the closing under this Agreement and relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and correct at all times. 

Each GWG Party other than the Borrowers shall take all actions necessary on its part in order to ensure (x) compliance with the
covenants of the Borrowers set forth in this Section 5.01(k) and (y) that the statements, facts and assumptions set forth in the opinion issued by Locke Lord Bissell & Liddell LLP, as counsel for the GWG Parties, in connection
with the closing under this Agreement and relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and correct at all times. 

(l) True Sale. Each GWG Party shall take all such actions as are necessary on its part to ensure that the
facts and assumptions set forth in the opinion of Locke Lord Bissell & Liddell LLP, counsel for the GWG Parties, in connection with the closing under this Agreement and relating to true sale issues under the Sale and Servicing Agreement,
and in the certificates accompanying such opinion, remain true and correct at all times. 
 (m)
Collections. Each GWG Party shall (and shall cause each Servicer to), to the extent such GWG Party has the right or obligation to do so pursuant to the Related Documents and Asset Documents, (i) promptly after acquisition by the
Borrowers of the related Purchased Loan or Purchased Policy, direct all applicable Qualified Life Insurance Carriers and other obligors in respect of the Policies and other collateral securing any Loan to make all payments in respect of such
collateral directly to a Deposit Account, (ii) direct all Obligors to remit Collections in respect of the Assets directly to a Deposit Account or the Collection Account and (iii) direct all Collections deposited to a Deposit Account to be
remitted by wire transfer on a daily basis directly to the Collection Account. If any Collections are received by any GWG Party, any Servicer or any of their respective Affiliates, each GWG Party shall cause such Collections to be remitted directly
to the Collection Account as soon as practicable and in any event within one Business Day of such GWG Party’s, such Servicer’s or such Affiliate’s receipt of same, and, at all times prior to such remittance, such GWG Party, such
Servicer or such Affiliate shall hold such Collections in trust, for the exclusive benefit of the Agent on behalf of the Secured Parties. Each GWG Party will use commercially reasonable efforts

  
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(and will cause each Servicer and each of its Affiliates to use commercially reasonable efforts) not to permit any check or other funds to be deposited into the Collection Account other than
Collections in respect of the Collateral. To the extent any funds other than Collections are deposited into the Collection Account, the Master Servicers shall promptly (and in any event within one Business Day) identify such funds and notify the
Agent of the same and direct the Agent to remit such funds to the Person entitled thereto. The Agent may at any time following the occurrence of an Event of Default request each GWG Party to, and each GWG Party thereupon promptly shall, direct all
Obligors to remit all payments with respect to the Collateral to a new depository account specified by the Agent (which new account shall, if so directed by the Agent, be established in the Agent’s own name). 

(n) Fidelity Insurance. The Sellers shall maintain at all times an employee dishonesty policy providing an
indemnity for losses caused by the fraudulent or dishonest acts of the Sellers’ officers and employees in an amount no less than $1,000,000 in form and scope reasonably satisfactory to the Agent. Each such insurance policy shall name the Agent
as an additional insured. In the event any GWG Party receives any payment in respect of any such policy, such GWG Party shall deposit the amount of such payment into the Collection Account and such payment shall be treated as Collections hereunder.
The Sellers shall provide to the Agent, not less than annually, evidence reasonably satisfactory to the Agent demonstrating that each insurance policy required to be maintained by them hereunder has been so maintained and all premiums required to be
paid with respect thereto have been so paid. 
 (o) Deposit Accounts. Each GWG Party will cause
each Deposit Account to be subject at all times to a Deposit Account Control Agreement duly executed by the applicable Borrower and the applicable Deposit Account Bank. 

(p) Covenants under Other Related Documents. Each GWG Party will (and will cause each Servicer to) timely
and fully perform, observe and comply with all of the provisions, covenants and other terms required to be performed or observed by it under each Related Document to which it is a party in accordance with its terms. 

Section 5.02. Negative Covenants. 
 Until the Final Payout Date, each GWG Party agrees on behalf of itself that it will perform and observe the covenants and agreements set forth in this Section 5.02. 

(a) Name Change, Offices, Records and Books of Accounts; Jurisdiction of Organization. No GWG Party will
change its name, identity or corporate structure or relocate its chief executive office or jurisdiction of organization or any office where Records are kept unless it shall have: (i) given the Agent at least 30 days prior notice thereof and
(ii) delivered to the Agent all financing statements, instruments and other documents reasonably requested by the Agent in connection with such change or relocation. Neither Borrower will change its jurisdiction of organization to a
jurisdiction other than the State of Delaware. No GWG Party will change its jurisdiction of organization to a jurisdiction outside of the United States. 

  
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 (b) Change in Deposit Accounts. No GWG Party will add or
terminate any Deposit Account relating to the Assets from those listed in Schedule II, or make any change in its instructions to Obligors or insurance companies regarding payments to be made to any Deposit Account, unless (i) after giving
effect to any such addition, termination or other change, all Obligors have been instructed to make payments directly to a Deposit Account covered by a Deposit Account Control Agreement duly executed by the applicable Borrower and the applicable
Deposit Account Bank and (ii) in the case of any addition of a new bank proposed to be a Deposit Account Bank, the Agent shall have approved in writing the use of such bank for such purpose. 

(c) Modifications to Asset Documents and Operating Policies and Practices. No GWG Party will make any change
to the Operating Policies and Practices which would be reasonably likely to adversely affect the collectibility of any Asset in any material respect or increase the risk profile of any newly created Assets in any material respect. No GWG Party will
make any material change to the Operating Policies and Practices without the prior consent of the Agent. Except as expressly permitted under the Sale and Servicing Agreement (in the case of a Loan) or the Life Settlement Servicing Agreement (in the
case of a Purchased Policy), no GWG Party will extend, amend or otherwise modify the terms of any Asset or any Asset Document related thereto or request or receive any Policy Loans in respect of any Purchased Policy. 

(d) Merger. Neither Borrower shall merge or consolidate with or into, or convey, transfer, lease or
otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or any material part of its assets (whether now owned or hereafter acquired) to, or acquire all or any material part of
the assets of, any Person. No other GWG Party shall merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or any material part of its assets (whether now
owned or hereafter acquired) outside of the ordinary course of business to any Person, or acquire all or any material part of the assets of any Person, or permit of any its Subsidiaries to do any of the foregoing, except that any Subsidiary of a
Seller may merge or consolidate with or transfer assets to or acquire assets from any other Subsidiary of such Seller, provided that (x) immediately after giving effect to such proposed transaction, no Event of Default or Potential Event
of Default would exist, (y) in the case of any such merger to which such Seller is a party, such Seller is the surviving entity and (z) no Asset acquired by any of the GWG Parties or any of their Subsidiaries in connection with any such
transaction shall be considered an Eligible Asset hereunder without the Agent’s prior written consent. 

(e) Sales, Liens, Etc. Neither Borrower shall sell, assign (by operation of law or otherwise) or otherwise
dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Collateral or any other asset of a Borrower or assign
any right to receive income in respect thereof (in each case other than Permitted Liens and sales permitted pursuant to Section 2.14), and each Borrower shall defend the right, title and interest of the Agent and the Secured Parties in, to and
under any of the foregoing property, against all claims of third parties claiming through or under such 

  
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Borrower. Neither Seller shall sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon
(including, without limitation, the filing of any financing statement) or with respect to, any Asset or assign any right to receive income in respect thereof (in each case other than Permitted Liens and sales permitted pursuant to
Section 2.14). 
 (f) Amendments to the Related Documents. Neither Borrower shall, without the
prior written consent of the Agent, (i) cancel or terminate any Related Document, (ii) give any consent, waiver, directive or approval under any Related Document, (iii) waive any default, action, omission or breach under any Related
Document, or otherwise grant any indulgence thereunder, or (iv) amend, supplement or otherwise modify any of the terms of any Related Document. 
 (g) Nature of Business; Other Agreements. Neither Borrower shall engage in any business or activity of any kind or enter into any transaction or indenture, mortgage, instrument, agreement,
contract, lease or other undertaking other than the transactions contemplated and authorized by this Agreement and the other Related Documents. 
 (h) Indebtedness. Neither the Sellers nor the Borrowers shall create, incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether direct or contingent, other
than (i) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (ii) the incurrence of obligations under the Related Documents, (iii) the
incurrence of operating expenses in the ordinary course of business (which, in the case of the Borrowers, shall be of the type otherwise contemplated in Section 5.01(k) of this Agreement) and (iv) solely in the case of a Seller and the
Performance Guarantor, Subordinated Indebtedness. 
 (i) Amendments to Organizational Documents.
Neither Borrower shall amend, waive or otherwise modify its certificate of formation or limited liability company agreement in any material respect, and no GWG Party shall take any such action to effect or authorize any such amendment, waiver or
modification, in any such case without the prior written consent of the Agent, provided that (x) each Borrower will provide not less than five (5) Business Days’ prior written notice to the Agent of any such amendment, waiver
or modification and (y) no such amendment, waiver or modification that requires the consent of the “Independent Director” of such Borrower (as such term is defined in the limited liability company agreement of such Borrower as in
effect on the date hereof) shall be made without the prior written consent of the Agent. 
 (j)
Distributions and Investments. No GWG Party will make any loans or advances to or other investments in any other Person, or declare or pay any dividends or other distributions to its members, except that the Borrowers may make
distributions to their respective members, and each Seller and the Performance Guarantor may make loans or advances to other investments in any other Person and distributions to its members, in each case, if both before and after such transaction,
no Event of Default, Potential Event of Default or Termination Event is continuing or would result therefrom. 

  
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 (k) ERISA. No GWG Party will (1) engage or permit any
ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the U.S. Department of Labor; (2) permit to exist any accumulated funding deficiency, as defined in
Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan; (3) fail to make any payments to any Multiemployer Plan that the any ERISA Affiliate may
be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto; (4) terminate any Benefit Plan so as to result in any liability in excess of $50,000; or (5) permit to exist any occurrence of any
reportable event described in Title IV of ERISA which represents a material risk of a liability in excess of $50,000 of any ERISA Affiliate under ERISA or the Code. 

(l) Subsidiaries. Neither Borrower shall establish, create or permit to exist any subsidiary (other than the
Titling Trust). 
 Section 5.03. Financial Covenants. Until the Final Payout Date: 

(a) The Performance Guarantor covenants and agrees that it shall maintain, as at the end of each fiscal year (commencing
with fiscal year 2008), a positive Consolidated Net Income for the four fiscal quarter period then ending. 
 (b)
The Performance Guarantor covenants and agrees that it shall cause, at all times, its Tangible Net Worth to be not less than $5,000,000. 
 ARTICLE VI 
 EVENTS OF DEFAULT; TERMINATION EVENTS 

Section 6.01. Events of Default. If any of the following events (each an “Event of Default”) shall occur:

 (a) any GWG Party shall fail to make any payment or deposit as and when required under this Agreement or any
other Related Document and such failure shall remain unremedied for two Business Days; or the Obligations shall not be paid in full on or prior to the Program Maturity Date; or 

(b) a Borrowing Base Deficiency shall occur and shall remain unremedied for five consecutive Business Days; or 

(c) any representation, warranty, certification or statement made by any GWG Party pursuant to or in connection with this
Agreement or any other Related Document shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) the Annualized Default Rate shall at any time exceed 10%; or 

(e) any GWG Party shall fail to perform or observe any term, covenant or agreement set forth in Section 5.03;

  
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 (f) any GWG Party shall fail to perform or observe any term, covenant or
agreement hereunder or under any other Related Document (other than as referred to above in this Section) and, if capable of being cured, such failure shall remain unremedied for fifteen (15) days after the earlier to occur of (x) the date
on which a Responsible Officer of such GWG Party knows of such failure and (y) the date on which the Agent or any Secured Party notifies such GWG Party of such failure; or 

(g) an Insolvency Event shall occur with respect to any GWG Party or any Subsidiary thereof; or 

(h) the Agent, for the benefit of the Secured Parties, shall, for any reason, fail to have a valid and perfected first
priority security interest in all of the Assets and the other Collateral; or any Adverse Claims shall exist with respect to the Collateral other than Permitted Liens; or the Borrowers (or the Titling Trust on their behalf) shall, for any reason,
fail to have a valid and perfected first priority ownership interest in each Asset and the Other Conveyed Property and Collections with respect thereto, free and clear of all Adverse Claims other than Permitted Liens; or 

(i) (A) any GWG Party or Subsidiary thereof shall fail to pay any Indebtedness in excess of $100,000 when due; or
(B) any GWG Party or Subsidiary thereof shall default in the performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit
the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or 
 (j) a Master Servicer Default shall occur; or 
 (k) there shall
have been any material adverse change in the financial condition or operations of any GWG Party since the Closing Date, which in the judgment of the Agent, has or could reasonably be expected to have a Material Adverse Effect; or 

(l) a Change of Control shall occur; or 

(m) the annual audited consolidated financial statements for any GWG Party are qualified in any material manner; or

 (n) any Key Employee shall cease to be actively employed by the Sellers or shall cease to have primary
responsibility for managing the operations of the Sellers and shall not have been replaced by successors satisfactory to the Agent within 60 days; or 
 (o) any Hedge Counterparty fails or ceases to be an Eligible Hedge Counterparty and such Hedge Counterparty is not replaced by an Eligible Hedge Counterparty under all Hedge Transactions to which it is a
party within 30 days following the date on which such Hedge Counterparty ceased to be an Eligible Hedge Counterparty, such replacement to be made pursuant to documentation in form and substance reasonably satisfactory to the Agent; or 

  
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 (p) a Borrower fails to maintain in full force and effect all Hedge
Transactions required to be maintained by it pursuant to Section 2.06 or any “Event of Default” or “Termination Event” shall occur under any such Hedge Transaction with a Borrower as the “Defaulting Party” or
“Affected Party”; or 
 (q) either Master Servicer, the Life Settlement Servicer, the Backup Servicer,
the Titling Trust Trustee or the Custodian shall have delivered a notice of resignation under the Sale and Servicing Agreement, the Life Settlement Servicing Agreement, the Backup Servicing Agreement, the Trust Agreement or the Custodian Agreement,
as applicable, and shall not have been replaced with a successor Master Servicer, Life Settlement Servicer, Backup Servicer, Titling Trust Trustee or Custodian, as applicable, satisfactory to the Agent in its sole discretion within 30 days of the
date such notice is so delivered, or the Sale and Servicing Agreement, the Life Settlement Servicing Agreement, the Backup Servicing Agreement, the Titling Trust Agreement or the Custodian Agreement (or the provisions of any of the foregoing
relating to the duties of either Master Servicer, the Life Settlement Servicer, the Backup Servicer, the Titling Trust Trustee or the Custodian, as applicable) shall otherwise cease to be in full force and effect; or 

(r) the aggregate Value of the Eligible Assets, as determined using the Milliman Model and the most recent Life
Expectancies with respect to the Eligible Assets, shall at any time be less than 125% of the Facility Amount; or 

(s) a Governmental Authority shall direct that the activities of any GWG Party, the Backup Servicer or any Servicer
relating to the origination, purchase and/or servicing of Loans be terminated; or any other law, rule or regulation or other action by any Governmental Authority shall occur or be in effect that shall make it unlawful for the any GWG Party, the
Backup Servicer or any Servicer to originate, purchase and/or service Loans; or 
 (t) the Performance Guaranty
shall cease to be in full force and effect or the Performance Guarantor shall so assert; 
 then, and in any such event, the Agent may by notice
to the Borrowers, declare the Program Maturity Date to have occurred, whereupon all of the Obligations shall become immediately due and payable, except that, in the case of any Insolvency Event relating to any GWG Party, the Program Maturity Date
shall be deemed to have occurred automatically upon the occurrence of such event and all of the Obligations shall automatically become and be immediately due and payable, without presentment, demand, protest or any notice of any kind, all of which
are hereby expressly waived by the Borrower. Upon any such declaration or automatic occurrence, the Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided to
a secured party under the UCC of the applicable jurisdiction and other applicable laws, which rights shall be cumulative. The rights and remedies of a secured party which may be exercised by the Lender or the Agent pursuant to this Article VI shall
include, without limitation, the right, without notice except as specified below, to solicit and accept bids for and sell the Collateral or any part thereof in one or more parcels at a public or private sale, at any exchange, broker’s board or
at any of the Lender or the 

  
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Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Lender or the Agent may deem commercially reasonable. The Borrowers agree that, to
the extent notice of sale shall be required by law, 10 days’ notice to the Borrowers of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and that it shall be
commercially reasonable for the Lender or the Agent to sell the Collateral on an “as is” basis, without representation or warranty of any kind. Neither the Lender nor the Agent shall be obligated to make any sale of Collateral regardless
of notice of sale having been given and may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so
adjourned. 
 At any time following the occurrence of an Event of Default: 

(i) At the Agent’s request and at the Borrowers’ expense, each GWG Party shall notify each Obligor and each
Insured of the Agent’s security interest in the Assets under this Agreement and direct that payments be made directly to the Agent or its designee; 
 (ii) At the Agent’s request and at the Borrower’s expense, each GWG Party shall (A) assemble all of the documents, instruments and other Records (including, without limitation, computer
tapes and disks) that evidence or relate to the Collateral, or that are otherwise necessary to collect the Collateral and which are in its possession, and shall make the same available to the Agent at a place selected by the Agent or its designee,
and (B) segregate all cash, checks and other instruments received by it from time to time constituting Collections of Collateral in a manner acceptable to the Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly
indorsed or with duly executed instruments of transfer, to the Agent or its designee. 
 Each GWG Party hereby authorizes the
Agent, and hereby irrevocably appoints the Agent as its attorney-in-fact coupled with an interest, with full power of substitution and with full authority in place of such GWG Party, following the occurrence and during the continuation of an Event
of Default, to take any and all steps in such GWG Party’s name and on behalf of such GWG Party that are necessary or desirable, in the determination of the Agent, to collect amounts due under the Collateral, including, without limitation,
(i) endorsing such GWG Party’s name on checks and other instruments representing Collections of Collateral, (ii) enforcing the Assets, the Other Conveyed Property and the Related Documents, including to ask, demand, collect, sue for,
recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection therewith and to file any claims or take any action or institute any proceedings that the Agent (or such designee) may deem to be
necessary or desirable for the collection thereof or to enforce compliance with the terms and conditions of, or to perform any obligations or enforce any rights of the Borrowers in respect of, the Assets and the Other Conveyed Property and the
Related Documents. 

  
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 Section 6.02. Termination Events. If any of the following events (each a
“Termination Event”) shall occur: 
 (a) a Governmental Authority shall direct that the
activities of the Agent or the Lender, or any Affiliate of the Lender or the Agent, contemplated hereby be terminated (whether or not such direction has the force of law) or any other law, rule or regulation or other action by any Governmental
Authority shall occur or be in effect that shall make it unlawful for any GWG Party, the Borrowers, the Lender or the Agent to enter into or perform or exercise any of their respective rights or obligations under this Agreement or any other Related
Document; or 
 (b) any Event of Default; 

then, and in any such event, the Agent may by notice to the Borrowers, declare the Program Maturity Date to have occurred, whereupon the
Lender shall have no further obligation to make any Advances hereunder. 

  
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 ARTICLE VII 
 THE AGENT 
 Section 7.01. Authorization and Action. (a) By
accepting the benefits of this Agreement, each Secured Party hereby designates and appoints DZ Bank to act as its agent hereunder and under each other Related Document, and authorizes the Agent to take such actions as agent on its behalf and to
exercise such powers as are delegated to the Agent by the terms of this Agreement and the other Related Documents together with such powers as are reasonably incidental thereto. The Agent shall not have any duties or responsibilities, except those
expressly set forth herein or in any other Related Document, or any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Agent shall be read into
this Agreement or any other Related Document or otherwise exist for the Agent. In performing its functions and duties hereunder and under the other Related Documents, the Agent shall act solely as agent for the Secured Parties and does not assume
nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any GWG Party. The Agent shall not be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement,
any other Related Document or applicable law. The appointment and authority of the Agent hereunder shall terminate on the Final Payout Date. Each Secured Party hereby authorizes the Agent to execute each of the Uniform Commercial Code financing
statements, together with such other instruments or documents determined by the Agent to be necessary or desirable in order to perfect, evidence or more fully protect the interest of the Secured Parties contemplated hereunder, on behalf of such
Secured Party (the terms of which shall be binding on such Secured Party). Each Secured Party hereby authorizes the Agent to execute and/or authorize releases and Uniform Commercial Code termination statements in respect of any Uniform Commercial
Code filings made in respect of any Loans. Each Borrower may in any event act in accordance with the instructions of the Agent without further inquiry into the authority of the Agent to give such instructions. 

(b) Without limiting the generality of the foregoing, the Agent is authorized (but not required) to act on behalf of the Secured Parties
in connection with providing such instructions, approvals, waivers or consents as may from time to time be required hereunder or under the other Related Documents to permit or authorize or direct each Borrower to take or refrain from taking any
action under the Related Documents; provided that the Agent may at any time, in its sole discretion, elect to refrain from providing any such instructions, approvals, waivers or consents until such time as it shall have received the consent
thereto of the Lender. 
 Section 7.02. Delegation of Duties. The Agent may execute any of its duties under this
Agreement and each other Related Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of
any agents or attorneys-in-fact selected by it with reasonable care. 
 Section 7.03. Exculpatory Provisions.
Neither the Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other Related Document

  
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(except for its, their or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements,
representations or warranties made by any GWG Party contained in this Agreement, any other Related Document or any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this
Agreement, or any other Related Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, or any other Related Document or any other document furnished in connection herewith or therewith, or
for any failure of any GWG Party to perform its obligations hereunder or thereunder, or for the satisfaction of any condition specified in Article III, or for the perfection, priority, condition, value or sufficiency or any Collateral pledged in
connection herewith. The Agent shall not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other
Related Document, or to inspect the properties, books or records of any GWG Party. The Agent shall not be deemed to have knowledge of any Event of Default, Master Servicer Default or Termination Event or any event which, with the giving of notice or
the passage of time, or both, would constitute an Event of Default, Master Servicer Default or Termination Event, unless the Agent has received notice from a Borrower, a Master Servicer or a Secured Party. 

Section 7.04. Reliance by Agent. The Agent shall in all cases be entitled to rely, and shall be fully protected in relying,
upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to any GWG
Party), independent accountants and other experts selected by the Agent. The Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other Transaction Document unless it shall first receive
such advice or concurrence of the Lender as it deems appropriate and it shall first be indemnified to its satisfaction by the Secured Parties, provided that unless and until the Agent shall have received such advice, the Agent may take or
refrain from taking any action, as the Agent shall deem advisable and in the best interests of the Secured Parties. The Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Lender,
and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Secured Parties. 

Section 7.05. Non-Reliance on Agent and Other Secured Parties. Each Secured Party expressly acknowledges that neither the
Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Agent hereafter taken, including, without limitation, any review of the affairs of
the GWG Parties, shall be deemed to constitute any representation or warranty by the Agent. Each Secured Party represents and warrants to the Agent that it has and will, independently and without reliance upon the Agent or any other Secured Party
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the GWG Parties and made
its own decision to enter into this Agreement, the other Related Documents and all other documents related hereto or thereto. 

  
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 Section 7.06. Agent in Its Individual Capacity. The Agent and its Affiliates may
make loans to, accept deposits from and generally engage in any kind of business with either Borrower any Affiliate of either Borrower as though the Agent were not the Agent hereunder. With respect to the Obligations owing to the Agent hereunder,
the Agent shall have the same rights and powers under this Agreement as any other Secured Party and may exercise the same as though it were not the Agent, and the term “Secured Party” shall include the Agent in its individual capacity.

 Section 7.07. Successor Agent. The Agent may, upon five days’ notice to the Borrowers and the Secured
Parties, resign as Agent. If the Agent shall resign, then the Lender during such five-day period shall appoint from among the Secured Parties a successor agent. If for any reason no successor Agent is appointed by the Lender during such five-day
period, then effective upon the termination of such five day period, the Lender shall perform all of the duties of the Agent hereunder. After the effectiveness of any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall be
discharged from its duties and obligations hereunder and under the other Related Documents and the provisions of this Article VII and Article VIII shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by
it while it was Agent under this Agreement and under the other Related Documents. 
 ARTICLE VIII 

INDEMNIFICATION 
 Section 8.01. Indemnities by the Borrower. 
 Without limiting any
other rights which any Indemnified Party (as defined below) may have hereunder or under applicable law, the Borrowers hereby agree to indemnify the Agent, the Lender, each Affected Party and each other Secured Party and their respective officers,
directors, agents and employees (each an “Indemnified Party”) from and against any and all damages, losses, claims, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees and
disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or reasonably incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly
or indirectly, by any Secured Party of an interest in the Assets, excluding, however, Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction holds that such Indemnified Amounts resulted from gross
negligence or willful misconduct on the part of such Indemnified Party. Without limiting the generality of the foregoing indemnification, the Borrowers shall indemnify the Indemnified Parties for Indemnified Amounts (including, without limitation,
losses in respect of uncollectible Assets, regardless of whether reimbursement therefor would constitute recourse to the Borrowers, but excluding Indemnified Amounts to the extent final non-appealable judgment of a court of competent jurisdiction
holds such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of such Indemnified Party) relating to or resulting from: 
 (i) any representation or warranty made by any GWG Party, any Servicer, any Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator or any officer or employee of the
foregoing under or in connection with this Agreement any Master Servicer’s Certificate, or any Borrowing Base Certificate or any other Related Document or any other information or report delivered by any such party pursuant to any Related
Document, which shall have been false or incorrect when made or deemed made; 

  
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 (ii) the failure by any GWG Party, any Servicer, any Initial Lender, any
Bridge Loan Lender, any Life Settlement Provider or any Originator to comply with any applicable law, rule or regulation with respect to any Asset, Other Conveyed Property or Asset Documents related thereto, or the nonconformity of any Asset, Other
Conveyed Property or Asset Documents related thereto with any such applicable law, rule or regulation; 
 (iii)
any failure of any GWG Party, any Servicer, any Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator to perform its duties or obligations in accordance with the provisions of this Agreement, any other Related
Document, any Asset Documents, or any other contract or agreement related to a Asset or Other Conveyed Property with respect thereto; 
 (iv) any damage suit or other claim arising out of or in connection with any transaction which is the subject of any Asset Document, any Asset or any Other Conveyed Property with respect thereto;

 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of any Obligor,
any Insured, any Initial Lender, any Bridge Loan Lender or any Life Settlement Provider to the payment of any Asset (including, without limitation, a defense based on such Asset or any related Asset Document not being a legal, valid and binding
obligation of the related Obligor, Insured, Initial Lender, Bridge Loan Lender or Life Settlement Provider, as applicable, enforceable against it in accordance with its terms), or any other claim relating to a Asset or any Asset Document,

 (vi) the commingling of Collections at any time with other funds; 

(vii) any investigation, litigation or proceeding related to or arising from this Agreement or any other Related Document,
the transactions contemplated hereby or thereby, the use of the proceeds of Advances, the holding of the security interest created hereunder or any other investigation, litigation or proceeding relating to any GWG Party, any Servicer, any Initial
Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator, the Assets or Other Conveyed Property in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby or thereby; 

(viii) any failure to vest and maintain vested in the Agent, for the benefit of the Secured Parties, a first priority
perfected security interest in the Collateral as described in this Agreement or the existence of any Adverse Claim upon or with respect to the Collateral; or 

  
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 (ix) any failure to vest and maintain vested in the Borrowers legal and
equitable title to, and ownership of, the Assets, the Other Conveyed Property and the Collections, free and clear of any Adverse Claim (other than Adverse Claims created pursuant to this Agreement); or any failure of the Borrowers to give reasonably
equivalent value to the applicable Seller under the Sale and Servicing Agreement in consideration of the transfer by the applicable Seller of any Asset or any Other Conveyed Property with respect thereto; or any failure of the applicable Seller to
give reasonably equivalent value to any Initial Lender, Bridge Loan Lender or Life Settlement Provider, as applicable, in consideration of the transfer by such Initial Lender, Bridge Loan Lender or Life Settlement Provider, as applicable, of any
Asset or any Other Conveyed Property with respect thereto; or any attempt by any Person to void any such transfer under statutory provisions or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code.

 Notwithstanding anything to the contrary in this Agreement, solely for purposes of the indemnification obligations set forth
in this Section 8.01, any representations, warranties and covenants made by any GWG Party or any Servicer in this Agreement or the other Related Documents which are qualified by or limited to events or circumstances which have, or are
reasonably likely to have, given rise to a Material Adverse Effect or are qualified or limited by other concepts of materiality, shall not be deemed to be so qualified or limited. 

Section 8.02. Indemnities by the Sellers and the Performance Guarantor. 

Without limiting any other rights which the Agent or the Lender may have hereunder or under applicable law, the Sellers and the
Performance Guarantor hereby jointly and severally agree to indemnify each Indemnified Party and the Borrowers from and against any and all Indemnified Amounts awarded against or incurred by any of them arising out of or as a result of: 

(i) any representation or warranty made by any GWG Party, any Servicer, any Initial Lender, any Bridge Loan Lender, any
Life Settlement Provider or any Originator or any officer or employee of the foregoing under or in connection with this Agreement, any Master Servicer’s Certificate, any Borrowing Base Certificate or any other Related Document or Asset Document
or any other information or report delivered by GWG Party, any Servicer, any Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator or any officer or employee of the foregoing pursuant to any Related Document or Asset
Document, which shall have been false or incorrect when made or deemed made; 
 (ii) the failure by any GWG
Party, any Servicer, any Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator to comply with any applicable law, rule or regulation with respect to any Asset, Other Conveyed Property or Asset Documents related
thereto, or the nonconformity of any Asset, Other Conveyed Property or Asset Documents related thereto with any such applicable law, rule or regulation; 

  
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 (iii) any failure of any GWG Party, any Servicer, any Initial Lender, any
Bridge Loan Lender, any Life Settlement Provider or any Originator to perform its duties or obligations in accordance with the provisions of this Agreement, any other Related Document, any Asset Documents, or any other contract or agreement related
to a Asset or Other Conveyed Property with respect thereto; 
 (iv) any damage suit or other claim arising out of
or in connection with any transaction which is the subject of any Asset Document, any Asset or any Other Conveyed Property with respect thereto, in each case to the extent such suit or claim relates to or arose out of (A) events or
circumstances that occurred or existed prior to the applicable Purchase Date or (B) any actual or alleged act or omission on the part of any GWG Party, any Servicer, any Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or
any Originator; 
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor)
of any Obligor, any Insured, any Initial Lender, any Bridge Loan Lender or any Life Settlement Provider to the payment of any Asset (including, without limitation, a defense based on such Asset or the related Asset Documents not being a legal, valid
and binding obligation of such Obligor, Insured, Initial Lender or Life Settlement Provider, as applicable, enforceable against it in accordance with its terms), or any other claim relating to a Asset, in each case to the extent such dispute, claim,
offset or defense relates to or arose out of (A) events or circumstances that occurred or existed prior to the applicable Purchase Date or (B) any actual or alleged act or omission on the part of any GWG Party, any Servicer, any Initial
Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator; 
 (vi) the commingling of
Collections at any time with other funds; 
 (vii) any investigation, litigation or proceeding related to or
arising from (A) this Agreement, any other Related Document, any Asset Document, the transactions contemplated hereby or thereby, the use of the proceeds of Advances or the holding of the security interest created hereunder, (B) any GWG Party,
any Servicer, any Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator or any of their respective Affiliates, or (C) the Assets or Other Conveyed Property, in each case to the extent such investigation,
litigation or proceeding relates to or arose out of (A) events or circumstances that occurred or existed prior to the applicable Purchase Date or (B) any actual or alleged act or omission on the part of any GWG Party, any Servicer, any
Initial Lender, any Bridge Loan Lender, any Life Settlement Provider or any Originator; or 
 (viii) any failure
to vest and maintain vested in the Agent, for the benefit of the Secured Parties, a first priority perfected security interest in the Collateral as described in this Agreement or the existence of any Adverse Claim upon or with respect to the
Collateral. 

  
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 Notwithstanding anything to the contrary in this Agreement, solely for purposes of the
indemnification obligations set forth in this Section 8.02, any representations, warranties and covenants made by a GWG Party or a Servicer in this Agreement or any other Related Document which are qualified by or limited to events or
circumstances which have, or are reasonably likely to have, given rise to a Material Adverse Effect or are qualified or limited by other concepts of materiality, shall not be deemed to be so qualified or limited. 

Section 8.03. Other Costs and Expenses. 
 The Borrowers shall pay to the Agent and the Lender on demand all reasonable costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement
and the other Related Documents, the transactions contemplated hereby and the other documents to be delivered hereunder, including without limitation, the reasonable cost of the Lender’s auditors auditing the books, records and procedures of
the Backup Servicer, the Servicers and the GWG Parties, reasonable and documented fees and out-of-pocket expenses of legal counsel for the Lender and the Agent (which counsel may be employees of the Lender or the Agent) with respect thereto and with
respect to advising the Lender and the Agent as to their respective rights and remedies under this Agreement, all rating agency fees incurred by or on behalf of the Lender and any fees and expenses incurred in connection with any background check or
Assets confirmation referred to in Section 5.01(d). The Borrowers shall pay to the Agent on demand all costs and expenses of the Agent and the Lender, if any, including reasonable counsel fees and expenses in connection with the enforcement of
this Agreement and the other documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following a Termination Event. 

ARTICLE IX 

MISCELLANEOUS 
 Section 9.01. Amendments and Waivers. No amendment or modification of any provision of this Agreement shall be effective without the written agreement of the Borrowers, the Sellers, the Agent
and the Lender, and no termination or waiver of any provision of this Agreement or consent to any departure therefrom by the Borrowers, the Performance Guarantor, either Master Servicer or either Seller shall be effective without the written
concurrence of the Agent and the Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Section 9.02. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by facsimile copy) and
mailed, transmitted or delivered, as to each party hereto, at its address set forth as follows: (i) if to the Life Settlement Borrower: GWG DLP Funding II, LLC, 60 South Sixth Street, Suite 950, Minneapolis, MN 55402, Attention: Ryan Kaplan,
Facsimile: 612-746-0445, Telephone: 612-746-1933, or at such other address as shall be designated by such party in a written notice to the other parties hereto; (ii) if to the Premium Finance Borrower, United Lending SPV, LLC, 60 South Sixth
Street, Suite 950, Minneapolis, MN 55402, Attention: Ryan 

  
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Kaplan, Facsimile: 612-746-0445, Telephone: 612-746-1933, or at such other address as shall be designated by such party in a written notice to the other parties hereto; (iii) if to the
Performance Guarantor, any Seller or either Master Servicer: 60 South Sixth Street, Suite 950, Minneapolis, MN 55402, Attention: Ryan Kaplan, Facsimile: 612-746-0445, Telephone: 612-746-1933, or at such other address as shall be designated by such
party in a written notice to the other parties hereto; (iv) if to the Agent: DZ BANK AG Deutsche Zentral-Genossenschaftsbank, New York Branch, 609 5th Avenue, New York, New York 10017-1021, Attention: Asset Securitization Group, Facsimile:
(212) 745-1651, Confirmation No.: (212) 745-1656, or specified in the Agent’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto; and (v) if to
the Lender: Autobahn Funding Company LLC, c/o DZ BANK AG Deutsche Zentral-Genossenschaftsbank, New York Branch, 609 5th Avenue, New York, New York 10017-1021, Attention: Asset Securitization Group, Facsimile: (212) 745-1651, Confirmation No.:
(212) 745-1656, or specified in the Lender’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective,
upon receipt, or in the case of (x) notice by mail, five days after being deposited in the United States mails, first-class postage prepaid, (y) notice by facsimile copy, when verbal communication of receipt is obtained or (z) in the
case of personal delivery or overnight mail, when delivered, except that notices and communications pursuant to Article II shall not be effective until received. 
 Section 9.03. No Waiver; Remedies. No failure on the part of the Agent or the Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall
any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section 9.04. Binding Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Borrowers,
the Sellers, the Master Servicers, the Performance Guarantor, the Agent, the Lender and their respective successors and permitted assigns. This Agreement and the Lender’s rights and obligations hereunder and interest herein shall be assignable
in whole or in part (including, without limitation, by way of the sale of participation interests therein) by the Lender and its successors and assigns; provided, however, that (i) to the extent any assignee of the Lender will be
funding Advances through the issuance of commercial paper such that the Advances will accrue interest at the CP Rate, the commercial paper issued by such assignee shall have a rating from a nationally recognized rating agency at least equal to the
rating of the commercial paper of the Lender at the time of the applicable assignment and (ii) DZ Bank or any of its Affiliates shall remain the Agent hereunder after any such assignment, unless prohibited by applicable law. No GWG Party may
assign any of its rights or obligations hereunder or any interest herein without the prior written consent of the Lender and the Agent. The parties to each assignment or participation made by the Lender pursuant to this Section 9.04 shall
execute and deliver to the Agent for its acceptance and recording in its books and records, an Assignment and Acceptance or a participation agreement or other transfer instrument reasonably satisfactory in form and substance to the Agent and the
Borrower. Each such assignment or participation shall be effective as of the date specified in the applicable Assignment and Acceptance or other agreement or instrument only after the execution, delivery, acceptance and recording as described in the
preceding sentence. The Agent shall notify the 

  
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Borrowers of any assignment or participation thereof made pursuant to this Section 9.04. Subject to Section 9.11, the Lender may, in connection with any assignment or participation or
any proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the GWG Parties and the Collateral furnished to the Lender by or on
behalf of the GWG Parties, the Master Servicers or any other Person; provided, however, that the Lender shall not disclose any such information until it has obtained an agreement from such assignee or participant or proposed assignee
or participant that it shall treat as confidential (under terms mutually satisfactory to the Agent and such assignee or participant or proposed assignee or participant) any information obtained which is not already publicly known or available.

 Section 9.05. Term of This Agreement. This Agreement, including, without limitation, each GWG Party’s
obligation to observe its covenants set forth in Article V, shall remain in full force and effect until the Final Payout Date; provided, however, that the rights and remedies with respect to any breach of any representation and warranty made
or deemed made by any GWG Party pursuant to Articles III and IV and the indemnification and payment provisions of Article VIII and Article IX and the provisions of Sections 9.09, 9.10, 9.11, 9.13, 9.14, 9.16 and 9.17 shall be continuing and shall
survive any termination of this Agreement. 
 Section 9.06. Governing Law; Jury Waiver. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
 (b) EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 
 Section 9.07. Consent to
Jurisdiction. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY OR, TO THE EXTENT SUCH COURT LACKS JURISDICTION, THE
COURTS OF THE STATE OF NEW YORK, AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL, AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME
SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER, AND CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 9.07 SHALL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT ANY
PARTY’S RIGHT TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION. 

  
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 Section 9.08. Further Assurances. If any GWG Party fails to perform any of its
obligations hereunder, the Agent or the Lender may (but shall not be required to) perform, or cause performance of, such obligation; and the Agent’s or the Lender’s reasonable costs and expenses incurred in connection therewith shall be
payable by such GWG Party. Each Borrower and each Seller irrevocably authorizes the Agent at any time and from time to time in the sole discretion of the Agent acting in good faith, and appoints the Agent as its attorney-in-fact, to act on behalf of
such Borrower or such Seller (i) to execute on behalf of such Borrower or such Seller as debtor and to file financing statements, and to take such other action, as necessary in the Agent’s judgment exercised in good faith to perfect and to
maintain the perfection and priority of the interest of the Agent in the Collateral and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing
statement in such offices as the Agent acting in good faith deems necessary to perfect and to maintain the perfection and priority of the interests of the Agent in the Collateral. This appointment is coupled with an interest and is irrevocable. Each
Borrower hereby authorizes the Agent to file one or more financing statements against such Borrower in such jurisdictions as the Agent may select identifying the collateral as “all assets”, “all property” or words of similar
import. 
 Section 9.09. Limitation of Liability. Except with respect to any claim arising out of the willful
misconduct, bad faith or gross negligence of the Lender, the Agent or a Secured Party, (i) each GWG Party, to the extent permitted by law, waives any claim may be made by any GWG Party or any other Person against the Lender, the Agent, any
Secured Party or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising
out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and (ii) each GWG Party (on behalf of itself and all of its Subsidiaries and Affiliates), to the extent
permitted by law, hereby waives, releases, and agrees not to sue upon any claim for any such special, indirect, consequential or punitive damages. 
 Section 9.10. No Proceedings. Each of the parties hereto (other than the Lender) hereby agrees that it will not institute against, or join any other Person in instituting against, the Lender
any bankruptcy, insolvency or similar proceeding so long as any commercial paper issued by the Lender shall be outstanding or there shall not have elapsed one year and one day since the last day on which any such commercial paper shall have been
outstanding. 
 Section 9.11. Recourse Against Certain Parties. No recourse under or with respect to any obligation,
covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Lender as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection
herewith shall be had against any administrator of the Lender or any incorporator, affiliate, stockholder, officer, employee or director of the Lender or of any such administrator, as such, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it 

  
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being expressly agreed and understood that the agreements of the Lender contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto
or in connection herewith are, in each case, solely the limited liability company obligations of the Lender, and that no personal liability whatsoever shall attach to or be incurred by any administrator of the Lender or any organizer, member,
affiliate, officer, employee or director of the Lender or of any such administrator, as such, under or by reason of any of the obligations, covenants or agreements of the Lender contained in this Agreement or in any other such instruments, documents
or agreements, or which are implied therefrom, and that any and all personal liability of every such administrator of the Lender and each organizer, member, affiliate, officer, employee or director of the Lender or of any such administrator, or any
of them, for breaches by the Lender of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in
consideration for the execution of this Agreement. 
 Section 9.12. Execution in Counterparts; Severability;
Integration. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by facsimile or portable document format (PDF) shall be effective as delivery of a manually executed counterpart of this Agreement. In case any provision in
or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby. This Agreement 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 other than the Related Documents executed as of the date hereof to which the Agent is a party. 

Section 9.13. Confidentiality. 
 (a) Each GWG Party shall maintain and shall cause each of its Affiliates, employees and officers and agents to maintain the confidentiality of this Agreement and the other Related Documents and the other
confidential proprietary information with respect to the Agent and the Lender and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein and therein to
the extent such information has been identified as being confidential, except that each GWG Party and their respective Affiliates, officers and employees may disclose such information (i) to any rating agency or to such GWG Party’s
managers, directors, officers, employees, agents, external accountants and attorneys, (ii) to any Person that is proposed to be an investor in any GWG Party or a party to any prospective merger or consolidation or asset purchase with a GWG
Party who agrees to hold such information confidential and (iii) as required by any applicable law, judicial or administrative process or order under any judicial or administrative proceeding. In addition, each GWG Party may disclose any such
nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 

  
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 (b) The Agent and the Lender shall maintain and shall cause each of its
employees and officers and agents to maintain the confidentiality of all confidential proprietary information with respect to the GWG Parties and their businesses obtained by them in connection with the structuring, negotiating and execution of the
transactions contemplated herein and therein to the extent such information has been identified as being confidential; provided that any such information may be disclosed (i) to the Agent, the Lender and the other Secured Parties by each
other, (ii) by the Agent, the Lender or any other Secured Party to any prospective or actual assignee or participant of any of them who agrees to hold such information confidential in accordance with the terms of this Section 9.13,
(iii) by the Agent to any rating agency, (iv) by the Agent to any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to the Lender in connection with this Agreement and (v) to any officers,
directors, employees, outside accountants and attorneys of any of the foregoing; provided that each such Person described in clause (iv) above is informed of the confidential nature of such information in a manner consistent with the
practice of the Agent for making such disclosure generally to Persons of such type and has agreed to hold such information confidential on terms substantially similar in substance to those set forth in this Section 9.13. In addition, the
Secured Parties and the Agent may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or
effect of law). 
 Section 9.14. Limitation on Payments. Notwithstanding any provisions contained in this Agreement
to the contrary, the Lender shall not, and shall not be obligated to, pay any amount pursuant to this Agreement unless the Lender has received funds which may be used to make such payment and which funds are not required to repay commercial paper
notes issued by the Lender when due. Any amount which the Lender does not pay hereunder pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against or corporate obligation
of the Lender for any such insufficiency. 
 Section 9.15. U.S. Money Laundering and Terrorism Regulatory Matters.
Each GWG Party represents as follows as of the date hereof and as of each Borrowing Date: 
 (a) Neither such GWG
Party nor any Affiliate of such GWG Party, nor any of their respective officers or directors is a Prohibited Person. 
 (b) Neither such GWG Party, nor any of their respective officers or directors (in performing their responsibilities as such officers and directors) (i) to such GWG Party’s knowledge, has
conducted or will conduct any business or has engaged or will engage in any transaction or dealing (including with respect to any Asset) with any Prohibited Person, including making or receiving any contribution of funds, goods or services to or for
the benefit of any Prohibited Person, (ii) to such GWG Party’s knowledge, has dealt or will deal in, or otherwise has engaged or will engage in any transaction relating to, any property or interests in property blocked pursuant to the

  
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Executive Order or (iii) to such GWG Party’s knowledge, has engaged or will engage in or has conspired or will conspire to engage in any transaction that evades or avoids, or has the
purpose of evading or avoiding, or attempts to violate, any of the requirements or prohibitions set forth in the Executive Order or the PATRIOT Act. 
 (c) Each GWG Party and their respective officers and directors (in performing their responsibilities as such officers and directors) are in material compliance with all applicable orders, rules and
regulations issued by, and recommendations of, the U.S. Department of the Treasury and OFAC pursuant to IEEPA, the PATRIOT Act, other legal requirements relating to money laundering or terrorism and any executive orders related thereto. 

(d) To the extent required by law, each GWG Party has established an anti-money laundering and/or economic sanctions
program and/or procedures in accordance with all applicable laws, rules and regulations of its own jurisdiction including, without limitation, where applicable, the PATRIOT Act. 

(e) No GWG Party believes that any Obligor, Insured, Originator, Initial Lender, Bridge Loan Lender or Life Settlement
Provider is a “Prohibited Foreign Shell Bank” (as defined in the PATRIOT Act), or is named on any available lists of known or suspected terrorists, terrorist organizations or of other sanctioned person issued by the United States
government and/or the government(s) of any jurisdiction(s) in which such GWG Party is doing business. 
 (f) Each
GWG Party and its Affiliates have adopted reasonable procedures in accordance with applicable law to elicit information that substantiates the statements contained in this Section 9.15. 

Section 9.16. Concerning Joint and Several Liability of the Borrowers. 

(a) Each Borrower is accepting joint and several liability hereunder and under the other Related Documents in
consideration of the financial accommodations to be provided by the Lender and the Agent under this Agreement, for the mutual benefit, directly and indirectly, of each Borrower and in consideration of the undertakings of the other Borrower to accept
joint and several liability for the Obligations. 
 (b) Each Borrower, jointly and severally, hereby irrevocably
and unconditionally accepts, not merely as a surety but also as a primary obligor and co-debtor, joint and several liability with the other Borrower, with respect to the payment and performance of all of the Obligations (including, without
limitation, any Obligations arising under this Section 9.16), it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among them.

 (c) If and to the extent that either Borrower shall fail to make any payment with respect to any of the
Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then, in each such event, the other Borrower will make such payment with respect to, or perform, such Obligation. 

  
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 (d) The Obligations of each Borrower under the provisions of this
Section 9.16 constitute the full recourse Obligations of each Borrower enforceable against each such Person to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or the
other Related Documents or any other circumstance whatsoever. 
 (e) Except as otherwise expressly provided
herein, each Borrower hereby waives promptness, diligence, presentment, demand, protest, notice of acceptance of its joint and several liability, notice of any and all Advances made under this Agreement and any promissory note issued hereunder,
notice of occurrence of any Potential Event of Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement or any of the other Related Documents), or of any demand for any
payment under this Agreement, notice of any action at any time taken or omitted by the Agent or the Lender under or in respect of any of the Obligations hereunder, any requirement of diligence and, generally, all demands, notices and other
formalities of every kind in connection with this Agreement and the other Related Documents. Each Borrower hereby waives all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in
effect, any right to require the marshaling of assets of the Borrowers and any other entity or Person primarily or secondarily liable with respect to any of the Obligations, and all surety ship defenses generally. Each Borrower hereby assents to,
and waives notice of, any extension or postponement of the time for the payment, or place or manner for payment, compromise, refinancing, consolidation or renewals of any of the Obligations hereunder, the acceptance of any partial payment thereon,
any waiver, consent or other action or acquiescence by the Agent and the Lender at any time or times in respect of any default by either Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement and
the other Related Documents, any and all other indulgences whatsoever by the Agent and the Lender in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any
security for any of such Obligations or the addition, substitution or release, in whole or in part, of either Borrower or any other entity or Person primarily or secondarily liable for any Obligation. Each Borrower further agrees that its
Obligations shall not be released or discharged, in whole or in part, or otherwise affected by the adequacy of any rights which the Agent or the Lender may have against any collateral security or other means of obtaining repayment of any of the
Obligations, the impairment of any collateral security securing the Obligations, including, without limitation, the failure to protect or preserve any rights which any Agent or the Lender may have in such collateral security or the substitution,
exchange, surrender, release, loss or destruction of any such collateral security, any other act or omission which might in any manner or to any extent vary the risk of such Borrower, or otherwise operate as a release or discharge of such Borrower,
all of which may be done without notice to such Borrower. If for any reason the other Borrower has no legal existence or is under no legal obligation to discharge any of the Obligations, or if any of the Obligations have become irrecoverable from
the other Borrower by reason of such other Borrower’s insolvency, bankruptcy or reorganization or by other operation of law or for any reason, this Agreement and the other Related Documents to which it is a party shall nevertheless be binding
on such Borrower to the same extent as if such Borrower at all times had been the sole obligor on 

  
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such Obligations. Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or failure to act on the part of the Agent and the Lender,
including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the provisions of this Section 9.16, afford
grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its obligations under this Section 9.16, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain
unsatisfied, the obligations of such Borrower under this Section 9.16 shall not be discharged except by performance and then only to the extent of such performance. The Obligations of each Borrower under this Section 9.16 shall not be
diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any reconstruction or similar proceeding with respect to the other Borrower, or the Lender. The
joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, ownership, membership, constitution or place of formation
of either Borrower or the Lender. Each Borrower acknowledges and confirms that it has itself established its own adequate means of obtaining from the other Borrower on a continuing basis all information desired by such Borrower concerning the
financial condition of the other Borrower and that each such Borrower will look to the other Borrower and not to the Agent or the Lender in order for such Borrower to keep adequately informed of changes in the other Borrower’s respective
financial conditions. 
 (f) The provisions of this Section 9.16 are made for the benefit of the Lender and
the Agent and their respective permitted successors and assigns, and may be enforced by it or them from time to time against any or all of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Lender, the
Agent or such successor or assign first to marshal any of its or their claims or to exercise any of its or their rights against the other Borrower or to exhaust any remedies available to it or them against the other Borrower or to resort to any
other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this Section 9.16 shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully
satisfied. If at any time, any payment, or any part thereof; made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by the Lender or the Agent upon the insolvency, bankruptcy or reorganization of either
Borrower, or otherwise, the provisions of this Section 9.16 will forthwith be reinstated in effect, as though such payment had not been made. 
 (g) Each Borrower hereby agrees that it will not enforce any of its rights of reimbursement, contribution, subrogation or the like against the other Borrower with respect to any liability incurred by it
hereunder or under any of the other Related Documents, any payments made by it to the Lender or the Agent with respect to any of the Obligations or any collateral security therefor until such time as all of the Obligations have been indefeasibly
paid in full in cash. Any claim which either Borrower may have against the other Borrower with respect to any payments to the Lender or the Agent hereunder or under any other Related Documents are hereby expressly made subordinate and junior in
right of payment, without limitation as to any increases in the Obligations 

  
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arising hereunder or thereunder, to the prior payment in full of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar
proceeding under the laws of any jurisdiction relating to either Borrower, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full before any payment or distribution of any character, whether in cash,
securities or other property, shall be made to the other Borrower therefore. 
 (h) Each Borrower hereby agrees
that the payment of any amounts due with respect to the indebtedness owing by either Borrower to the other Borrower is hereby subordinated to the prior payment in full in cash of the Obligations. Each Borrower hereby agrees that after the occurrence
and during the continuance of any Potential Event of Default or Event of Default, such Borrower will not demand, sue for or otherwise attempt to collect any indebtedness of the other Borrower owing to such Borrower until the Obligations shall have
been paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee
for the Agent and be paid over to the Agent for the account of the Lender to be applied to repay the Obligations. 

Section 9.17. Contribution. 
 (a) To the extent that either Borrower shall make a payment under Section 9.16 of all or any of the Obligations (a “Guarantor Payment”) that, taking into account all other Guarantor
Payments then previously or concurrently made by the other Borrower, exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payment in the same portion that
such Borrower’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each Borrower as determined immediately prior to the making of such Guarantor
Payment, then, following indefeasible payment in full in cash of the Obligations, such Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, the other Borrower for the net amount of such excess,
pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

(b) As of any date of determination, the “Allocable Amount” of either Borrower shall be equal to the maximum
amount of the claim that could then be recovered from such Borrower under this Section 9.17 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform
Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This
Section 9.17 is intended only to define the relative rights of Borrowers and nothing set forth in this Section 9.17 is intended or shall impair the obligations of the Borrowers, jointly and severally, to pay any amounts as and when the
same shall become due and payable in accordance with the terms of this Agreement, including Section 9.16. 

  
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 (d) The parties hereto acknowledge that the rights of contribution and
indemnification of either Borrower under this Section 9.17 shall constitute assets of such Borrower. 
 (e)
The rights of an indemnifying Borrower against the other Borrower under this Section shall be exercisable upon the full and indefeasible payment of the Obligations. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
 

 
 Signature Page to Credit and Security Agreement 

 

 
 Signature Page to Credit and Security Agreement 

 

 
 Signature Page to Credit and Security Agreement 

 SCHEDULE I TO 
 CREDIT AND SECURITY 
 AGREEMENT 

ELIGIBILITY CRITERIA; PERFECTION REPRESENTATIONS 
  

	 	A.	Eligibility Criteria 

 “Eligible Asset” means, at any time, an Eligible Loan or an Eligible Policy that satisfies each of the following criteria: 

(i) such Asset was originated or purchased by the applicable Seller in the ordinary course of such Seller’s business
in accordance with and through the application of the Operating Policies and Practices and such Seller’s standard credit underwriting procedures (in effect at the time of such origination or purchase) within 90 days prior to the date such Asset
was first included in the Collateral hereunder; 
 (ii) neither such Asset nor any related Policy or Asset
Document contravenes any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, licensing, fair debt
collection practices, privacy, insurance, life settlement transactions, premium finance lending, anti-rebating or usury) and neither such Asset nor any related Policy or any related Asset Document was created, solicited or entered into in violation
of any law, rule or regulation; 
 (iii) each GWG Party, the Initial Lender (if applicable), the Bridge Loan
Lender (if applicable), the related Life Settlement Provider (if applicable), each Master Servicer, the Life Settlement Servicer (if applicable) and each other Person at any time owning an interest in, or servicing, such Asset and the related
Collateral had all licenses and permits necessary to originate, own and/or service, as applicable, such Asset and the related Collateral, and all consents, licenses, approvals and authorizations of, or registrations, declarations for filings with,
any Governmental Authority required to be obtained, effected or given by any party in connection with the origination, purchase and servicing of such Asset and the related Collateral as contemplated by the related Asset Documents and the Related
Documents and the security interest granted hereunder have been duly obtained, effected or given and are in full force and effect; 
 (iv) no selection procedures having an adverse effect on the Borrowers, the Lender or the Agent have been utilized by the applicable Seller in selecting the Asset from those loans and policies owned by
the applicable Seller and its Affiliates which meet the eligibility criteria specified herein, it being hereby acknowledged by the Agent that the neither shall have the exclusive right to acquire each Asset acquired by any Seller or any of its
Affiliates; 

 (v) such Asset, and each related Asset Document, constitutes the legal,
valid and binding obligation of each party thereto, enforceable against each such party in accordance with its terms, except as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar
laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(vi) such Asset and the related Asset Documents are not subject to, nor has there been asserted, any litigation or any
right of rescission, set off, counterclaim or other defense of any related Obligor or any related Insured; and the related Initial Lender (if applicable), the related Bridge Loan Lender (if applicable) or the related Life Settlement Provider (if
applicable), the applicable Seller and the applicable Borrower have performed all of their respective obligations under such Asset Documents in accordance with the terms thereof; 

(vii) such Asset is not (and has never been) a Defaulted Asset; 

(viii) the related Obligor (a) is not a Governmental Authority, (b) is not an Affiliate of any GWG Party and
(c) is not the subject of any Insolvency Event; 
 (ix) all of the representations and warranties set forth
in Sections 4.01(p) and 4.01(q) of this Agreement and in Part B of this Schedule I with respect to such Asset and the Other Conveyed Property with respect thereto are true and correct; 

(x) none of the Asset Documents related to such Asset or any applicable law, rule or regulation applicable to such Asset
or such Asset Documents or the related Policy (a) requires the consent of any party to, or otherwise prohibits or restricts, the transfer, sale or assignment of such Asset or any Other Conveyed Property or the rights or obligations of the
Initial Lender (if applicable), Bridge Loan Lender (if applicable) or Life Settlement Provider (if applicable) or the applicable Seller (or their respective assignees) under any Asset Document in the manner contemplated by the Related Documents,
(b) except as required by applicable law, contains a confidentiality provision that purports to restrict the ability of the Borrowers, the Agent or the Lender to exercise its rights under any Related Document, including, without limitation, its
right to review all Asset Documents or (c) requires any assignee of such Asset to obtain a license or other authorization in connection with the acquisition of such Assets or any interest therein; provided that any such assignee (other
than the relevant Borrower or the Agent, as assignee or secured party pursuant to the Related Documents) may be required to be licensed under the terms of any applicable premium finance law or life settlement law; in furtherance of the foregoing, in
the case of Loan, the related Loan Agreement expressly permits the Initial Lender or Bridge Loan Lender, as applicable, to sell or assign all or any portion of its rights or obligations thereunder to any other Person without the consent of the
related Obligor, the related Insured or any other Person; 
 (xi) a Custodian File for such Asset has been
delivered to the Custodian pursuant to the terms of the Custodian Agreement and the Agent has received (i) a Custodian Receipt certifying receipt of all Specified Documents (as defined in the Custodian Agreement) with respect to such Asset and
(ii) within thirty (30) days following the date such Asset is first included in the Collateral, a Post-Closing Collateral 

 
Receipt (as defined in the Custodian Agreement) certifying receipt of all Post-Closing Specified Documents (as defined in the Custodian Agreement) with respect to such Asset, which Custodian
Receipt and Post-Closing Collateral Receipt do not identify any deficiencies in respect of such Custodian File, unless the Agent has waived such deficiencies; 
 (xii) the information with respect to such Asset set forth in the Schedule of Assets has been produced from the Electronic Ledger and is true and correct as of the close of business on the date such Asset
is first included in the Collateral; 
 (xiii) such Asset was originated without fraud or material
misrepresentation on the part of the Insured, the Obligor, the Originator, the Initial Lender (if applicable), the Bridge Loan Lender (if applicable), the Life Settlement Provider (if applicable), the GWG Parties or any of their respective
Affiliates; 
 (xiv) neither the Initial Lender, Bridge Loan Lender or Life Settlement Provider, as applicable,
nor any GWG Party nor any of their respective Affiliates has done anything to convey any right to any Person (other than the applicable Borrower, the Lender or the Agent) that would result in such Person having a right to payments due under such
Asset or otherwise to impair the rights of the applicable Borrower, the Agent or the Lender in such Asset or the proceeds thereof, and prior to the sale by the applicable Seller of its interest in the Asset and the Other Conveyed Property with
respect thereto to the applicable Borrower, neither such Seller nor such Borrower had any constructive or actual knowledge that its interest in such Asset or Other Conveyed Property were subject to the actual or claimed interest of any Person other
than (A) in the case of a Premium Finance Loan, the ownership interest of the related Obligor in the Policy securing such Asset and (B) Permitted Liens; 

(xv) the applicable Seller has caused the portions of its Electronic Ledger relating to such Asset to be clearly and
unambiguously marked to show that such Asset has been sold to the applicable Borrower in accordance with the terms of the Sale and Servicing Agreement and a security interest therein has been granted by such Borrower to the Agent for the benefit of
the Secured Parties in accordance with the terms of this Agreement; 
 (xvi) after giving effect to the inclusion
of such Asset in the Eligible Assets and assuming that the Life Expectancy of each Insured under all Eligible Assets was extended by 25% (with all calculations hereunder being made on the basis of such assumption), no Borrowing Base Deficiency would
exist; and 
 (xvii) in the case of a Loan, (A) each of the Bridge Loan Lender, the Premium Finance Servicer
and the Premium Finance Borrower is duly licensed as a premium finance company under the laws of the State of Delaware pursuant to 18 Dec. C. § 4801, et.seq., (B) the relevant Loan Documents have been filed with the Insurance Commissioner
of the State of Delaware and have become effective in accordance with 18 Del. Admin. C. § 11.2 and (C) the Agent has received evidence satisfactory to it that the conditions described in clauses (A) and (B) have been satisfied.

 “Eligible Loan” means, at any time, a Loan that satisfies each of the
following criteria (in addition to the criteria set forth under the definition of “Eligible Asset”): 

(i) such Loan was made to, and is owing by, an Eligible Obligor; 

(ii) if such Loan is a Premium Finance Loan, such Loan is secured by a valid and perfected first priority security
interest in a single Eligible Policy, and the proceeds of such Loan were used solely to fund payments of premiums due under such Eligible Policy and any reasonable and customary closing expenses with respect to such Loan; 

(iii) if such Loan is a Bridge Loan, (1) such Loan is secured by a valid security interest in a single Eligible
Policy, (2) the proceeds of such Loan were used solely to pay off outstanding amounts due and payable under a premium finance loan and any reasonable and customary closing expenses with respect to such Loan and (3) the Obligor thereunder
has entered into a binding agreement (a “Bridge Loan Take-Out Agreement”) with a third party purchaser to sell the Policy securing such Bridge Loan to such purchaser in a manner that satisfies all applicable requirements of the
Operating Policies and Practices for a sale price (payable solely in cash) equal to or greater than the principal amount of such Bridge Loan and accrued interest therein and all other amounts payable by the Obligor thereunder; 

(iv) the Asset Documents relating to such Loan include all of the Specified Documents (as defined in the Custodian
Agreement), in each case substantially the form attached as part of Exhibit B-1 or Exhibit B-2, as applicable, or in such other form as the Agent may approve in writing, such approval not to be unreasonably withheld, together with all other
documentation required by the Operating Policies and Practices, all of which Asset Documents have been duly executed and completed in accordance with the Operating Policies and Practices; 

(v) such Asset was initially funded by the related Initial Lender or Bridge Loan Lender, as applicable, out of its own
funds, and such Initial Lender or Bridge Loan Lender, as applicable, held such Asset for its own account and for its own risk (without there being during such holding period any right or obligation on the part of any GWG Party or any other Person to
purchase or acquire such Loan or any interest therein or otherwise cover any losses incurred by such Initial Lender or Bridge Loan Lender, as applicable, with respect thereto) for a period of not less than three (3) Business Days; 

(vi) neither the Initial Lender nor any GWG Party has an equity interest in the related Policy; 

(vii) such Loan is denominated and payable only in United States dollars in the United States by an Obligor located in the
State of Delaware and is governed by the laws of the State of Minnesota; 
 (viii) the related Insured has
executed and delivered a personal guaranty in such form as the Agent may approve in writing (such approval not to be unreasonably withheld) covering (i) in the case of a Premium Finance Loan, not less than 10% of the maximum principal balance
of such Loan (or such other percentage as may be approved 

 
in writing by the Agent in its sole discretion) and (ii) in the case of a Bridge Loan (to the extent such Loan is non-recourse to the related Obligor), 100% of the original principal amount
owing under such Bridge Loan in the event such Bridge Loan is not paid or satisfied in full on its maturity date (it being understood that, pursuant to the terms of the related Asset Documents, the Bridge Loan may be satisfied by delivery of the
related Policy); 
 (ix) such Loan (a) has not had any of its terms, conditions or provisions amended,
modified, waived or rescinded other than in compliance with the Operating Policies and Practices and the Related Documents, (b) has not been restructured for credit reasons at any time, (c) has not been satisfied, subordinated or rescinded
and (d) has not had any material collateral securing such Loan released from the lien granted by the related Asset Documents; 
 (x) such Loan does not provide for substitution, exchange or addition of collateral; 
 (xi) as of the date such Loan is first included in the Collateral, no payment under such Loan is past due; 
 (xii) such Loan has an original term to maturity of (A) in the case of a Premium Finance Loan, not less than 24 months and not more than 120 months and (B) in the case of a Bridge Loan, not less
than 30 days and not more than 90 days, with the entire outstanding principal balance of such Loan and all accrued and unpaid interest thereon being due and payable in full on or before the date of such maturity; 

(xiii) the Initial Lender relating to such Loan in the case of a Premium Finance Loan is an Approved Initial Lender, and
the Bridge Loan Lender relating to such Loan in the case of a Bridge Loan is Opportunity Bridge Funding; 
 (xiv)
none of the Initial Lender or the Bridge Loan Lender, as applicable, the applicable Seller, the Premium Finance Borrower or any other Person is obligated to make any additional loans or other extensions of credit to the related Obligor pursuant to
the terms of the related Asset Documents; 
 (xv) the Asset Documents relating to such Loan incorporate customary
and enforceable provisions permitting the holder of such Loan to accelerate the maturity date thereof and to enforce its security interest in the collateral securing such Loan upon the occurrence of an event of default thereunder (after giving
effect to any applicable grace period), and the applicable Borrower, and its respective successors and assigns, shall be entitled to enforce all such rights under the related Asset Documents; 

(xvi) the promissory note relating to such Loan constitutes an “instrument” or a “payment intangible”
within the meaning of Article 9 of the UCC of all applicable jurisdictions, there is only one original of any instrument and such original is in the possession of the Custodian; 

 (xvii) such Loan is not assumable by another Person in a manner which would
release the Obligor thereof or the related Insured from such Obligor’s or Insured’s obligations with respect to such Loan or any related Loan Document; 

(xviii) as of the date such Loan is first included in the Collateral, no material default, breach, violation or event
permitting acceleration under the terms of such Loan has occurred; no continuing condition that with notice or the lapse of time would constitute a material default, breach, violation, or event permitting acceleration under the terms of such Loan
has arisen and all representations and warranties contained in the applicable Asset Documents are true and correct in all material respects; neither the Initial Lender or the Bridge Loan Lender, as applicable, nor the applicable Seller nor any of
their respective Affiliates shall waive or has waived any of the foregoing; and no collateral securing such Loan shall have been repossessed as of such date; 
 (xix) neither the applicable Seller nor the Initial Lender or the Bridge Loan Lender, as applicable, has made any other loans to the related Obligor, other than Loans made under the same Loan Agreement,
which additional Loans have been (or within seven (7) Business Days of the date such Loans are made, shall be) sold to the Premium Finance Borrower pursuant to the Sale and Servicing Agreement; 

(xx) pursuant to the related Asset Documents, each of the related Obligor and the related Insured expressly agrees to make
all payments thereunder stated to be due by it thereunder without condition or deduction for any counterclaim, defense, recoupment or setoff; 
 (xxi) the related Obligor has been instructed to make all payments under such Loan directly to the Collection Account or a Deposit Account; 

(xxii) no transfer by an Initial Lender or the Bridge Loan Lender, as applicable, to the applicable Seller, or by the
applicable Seller to the applicable Borrower, of such Loan is or may be voidable under any section of the Bankruptcy Code; 
 (xxiii) such Loan has not been outstanding for more than 60 months; and 
 (xxiv) in the case of a Premium Finance Loan for which the related purchase price has been escrowed with the Initial Lender, such escrow is in compliance with the terms of Section 2.04, the Initial
Lender is not in default in respect of any of its obligations in respect of the related escrow arrangement and no bankruptcy, insolvency, receivership or similar proceeding has been instituted by or against such Initial Lender. 

“Eligible Obligor” means, at any time, an Obligor under a Loan that satisfies each of the following criteria:

 (i) as of the date of purchase of the related Loan by the Premium Finance Borrower, such Obligor is a Life
Insurance Trust settled by the related Insured, which Life Insurance Trust is organized under the laws of the State of Delaware; and 

 (ii) the beneficiaries of such Obligor are individuals that are immediate
family members or direct lineal descendants of the Insured with an insurable interest in the life of the Insured or an estate planning vehicle or trust all of the owners or beneficiaries of which have an insurable interest in the life of the
Insured, and all of such owners or beneficiaries are direct lineal descendants of the Insured. 
 “Eligible
Insured” means, at any time, an Insured that satisfies each of the following criteria: 
 (i) the age of
such Insured is greater than 65 years and less than 85 years; 
 (ii) the Life Expectancy of such Insured as of
the date the related Asset is first included in the Collateral (or, in the case of a Loan, as of the date such Loan was first made) is less than or equal to 18 years; 

(iii) each Servicer has continued access to such Insured’s medical records pursuant to a written authorization of
such Insured; 
 (iv) such Insured qualifies for a standard (including “flat extras”) or preferred
universal life insurance policy from the related Qualified Life Insurance Carrier; 
 (v) such Insured is not a
Prohibited Person; 
 (vi) such Insured and the related beneficiary are not related to or affiliated with the
Initial Lender (if applicable), the related Life Settlement Provider (if applicable) or any GWG Party; 
 (vii)
at the time the Policy was acquired by the Life Settlement Borrower, the Insured was not known by the Life Settlement Borrower or any of its Affiliates to have a terminal, catastrophic, life threatening or chronic illness or medical condition; and

 (viii) in the case of a Premium Finance Loan or a Purchased Policy, such Insured’s primary residence is
located in a Qualified State. 
 “Eligible Policy” means, at any time, a Policy that satisfies each of the
following criteria: 
 (i) the Insured under such Policy is an Eligible Insured; 

(ii) no payment of premiums thereon remains unpaid after the due date therefor, and all premiums due during the next
succeeding 30-day period (if any) have been paid in full in accordance with the terms of the related Policy Documents; 
 (iii) such Policy is an in-force, general account (i.e., non-variable), universal life insurance policy and is not (A) part of a group policy, (B) a term policy that is not convertible into a
universal life insurance policy or (C) a fractional interest in a universal life insurance policy; 

 (iv) such Policy was issued by a Qualified Life Insurance Carrier and is
governed by the laws of a Qualified State; 
 (v) in the case of a Policy securing a Loan, a Collateral
Assignment in respect of such Policy in favor of the Premium Finance Borrower has been executed by the related Obligor and, in the case of a Premium Finance Loan that has been held by the Premium Finance Borrower for more than 60 days, has been
acknowledged by the applicable Qualified Life Insurance Carrier, which Collateral Assignment is in the possession of the Custodian; 
 (vi) in the case of a Purchased Policy, (A) the Titling Trust owns (or, in the case of an Escrow Policy, will own upon release of the Purchase Price pursuant to the related Eligible Escrow Agreement)
100% of the legal and beneficial interest in such Policy and the related Qualified Life Insurance Carrier has confirmed (or, in the case of an Escrow Policy, will confirm within 30 days of the date such Policy is first included in the Eligible
Policies hereunder) such ownership in writing in accordance with its standard documentation for effecting a change of ownership, (B) the Life Settlement Borrower owns 100% of the interests in such Titling Trust and the Titling Trust has issued
a Trust Certificate to the Life Settlement Borrower evidencing such ownership in form and substance satisfactory to the Agent, which certificate has been duly endorsed by the Life Settlement Borrower in blank and is in the possession of the
Custodian, (C) the Titling Trust has duly executed and delivered a Titling Trust Security Agreement in favor of the Agent, pursuant to which the Titling Trust has granted to the Agent a first priority perfected security interest in such Policy
to secure the Obligations and (D) if such Purchased Policy has been held by the Life Settlement Borrower for more than 60 days, a Collateral Assignment in respect of such Policy executed by the Titling Trust in favor of the Agent has been
acknowledged and consented to by the applicable Qualified Life Insurance Carrier, which Collateral Assignment is in the possession of the Custodian, such that the Agent has a first priority perfected security interest in such Policy; 

(vii) such Policy is in full force and effect; the related Qualified Life Insurance Carrier confirmed such effectiveness
to the applicable Seller on or about the time the related Asset was acquired by such Seller; and such Policy is not being contested by the Qualified Life Insurance Carrier and is not the subject of any action, suit, investigation, proceeding,
dispute (pending or threatened), and is not subject to a right of rescission, setoff, counterclaim, subordination, recoupment, defense, abatement, suspension, deferment, deductible, reduction or termination which has been asserted or threatened with
respect to such Policy; 
 (viii) such Policy is not subject to any Adverse Claims (other than Adverse Claims in
favor of the applicable Borrower and Permitted Liens) and no Policy Loans are outstanding thereunder; 
 (ix) in
the case of a Purchased Policy other than a Contestable Policy, the payment of the death benefit cannot be denied for any reason except for non-payment of premium; 

 (x) in the case of a Policy securing a Loan, in the event the payment of the
death benefit is denied for any reason, the related Qualified Life Insurance Carrier will be obligated to refund all payments of premium received by it under such Policy and neither such Policy nor any applicable law, rule or regulation prohibits or
restricts such payment; 
 (xi) such Policy provides for a lump-sum payment of the death benefit, and the death
benefit under such Policy is payable only upon the death of the related Insured; 
 (xii) the death benefit for
such Policy is less than $15,000,000; 
 (xiii) such Policy constitutes the legal, valid and binding obligation
of the applicable Qualified Life Insurance Carrier, enforceable against such party in accordance with its terms, except as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(xiv) the related premiums and death benefit under such Policy are denominated and payable solely in U.S. dollars;

 (xv) unless otherwise approved in writing by the Agent in its good faith discretion, such Policy has not been
previously settled, pledged or otherwise transferred in whole or in part to any other Person other than (A) in the case of a Purchased Policy, by the Insured (or a related Life Insurance Trust established for the sole benefit of the immediate
family members or estate of the Insured) to an Approved Lender (as defined below) as collateral for a premium finance loan made by such Approved Lender pursuant to an Approved Premium Finance Program (as defined below) at the time such Policy was
initially issued; provided that such loan shall have been repaid in full, and any related Adverse Claim held by such Approved Lender shall have been fully released in writing, on or prior to the date such Policy is first included in the
Collateral hereunder pursuant to a written release in a form that has been approved in writing by the Agent, (B) in the case of a Purchased Policy, by the Insured to the applicable Seller or another Life Settlement Provider that has been
approved in writing by the Agent and (if applicable) by such Life Settlement Provider to the applicable Seller, in each case in accordance with the Operating Policies and Practices and the related Asset Documents, (C) as collateral for an
Eligible Loan included in the Collateral hereunder in accordance with the related Asset Documents and (D) by the applicable Seller to the applicable Borrower or the Titling Trust, and by the applicable Borrower or the Titling Trust to the
Agent, in each case pursuant to the Related Documents; 
 (xvi) the premiums of which have not been funded,
directly or indirectly, with the proceeds of any loan (other than an Eligible Loan or a premium finance loan made by an Approved Lender pursuant to an Approved Premium Finance Program); 

 (xvii) in which no Person has, or has had from the date of issue of such
Policy, a direct or indirect interest in the proceeds of the Policy, other than (i) individuals that are immediate family members or direct lineal descendants of the Insured with an insurable interest in the life of the Insured, (ii) an
estate planning vehicle or trust all of the owners or beneficiaries of which have an insurable interest in the life of the Insured, and all of such owners or beneficiaries are immediate family members or direct lineal descendants of the Insured,
(iii) the applicable Seller pursuant to the related Asset Documents and the Related Documents, (iv) the applicable Borrower pursuant to the related Asset Documents and the Related Documents, (v) the Agent for the benefit of the
Secured Parties and (vi) in the case of a Purchased Policy, the related Approved Lender pursuant to an Approved Premium Finance Program and any applicable Life Settlement Provider; 

(xviii) the annual premiums due under such Policy from the time of its issuance through the related Insured’s Life
Expectancy does not exceed 10% of the related Net Death Benefit, and such Policy does not permit any decrease in the Net Death Benefit; 
 (xix) upon or immediately after acquisition of such Policy by the applicable Borrower, the related Qualified Life Insurance Carrier has been directed under a Collateral Assignment to make all payments
under such Policy directly to the Collection Account or a Deposit Account; 
 (xx) the Asset Documents relating
to such Policy include the related Policy File, the related Purchase and Sale Agreement, the related Origination Agreement (if applicable) and the other Specified Documents (as defined in the Custodian Agreement), in each case in substantially the
form attached as part of Exhibit B-1, B-2 or B-3, as applicable or in such other form as the Agent may approve in writing, such approval not to be unreasonably withheld (provided, however, that any variation from any such form resulting from
a change in applicable law shall not require the consent of the Agent), together with all other documentation required by the Operating Policies and Practices, all of which Asset Documents have been duly executed and completed in accordance with the
Operating Policies and Practices; 
 (xxi) in the case of a Purchased Policy, unless otherwise approved in
writing by the Agent in its good faith discretion, such Policy was purchased by the applicable Seller directly from (A) the Insured (or a related Life Insurance Trust established for the sole benefit of the immediate family members or estate of
the Insured) or (B) a Life Settlement Provider pursuant to an Origination Agreement and a Purchase and Sale Agreement, which Life Settlement Provider (x) purchased such Policy directly from the Insured (or a related Life Insurance Trust
established for the sole benefit of the immediate family members or estate of the Insured), (y) has been approved in writing by the Agent and (z) is duly licensed under the laws of the State where the Insured is located; 

(xxii) all representations and warranties contained in the applicable Asset Documents are true and correct in all material
respects; 
 (xxiii) in the event a death certificate is submitted in respect of such Policy, the death benefit
under such Policy is required to be paid within 60 days after such submission, and such Policy shall be no longer constitute an “Eligible Policy” hereunder if such death benefit is not received in the Collection Account within 60 days
after such submission; 

 (xxiv) if the Insured was married at the time the Policy was issued or at
any time thereafter that the Insured or any related trust owned such Policy, the consent of the Insured’s spouse was obtained to the transfer of such Policy in the manner contemplated by the related Asset Documents; 

(xxv) the Qualified Life Insurance Carrier has not withheld taxes from any amounts owing to the applicable Borrower with
respect to such Policy or any other Policy included in the Collateral; and 
 (xxvi) the Custodian has received
the Policy File relating to such Policy and is holding such Policy File in accordance with the terms of the Custodian Agreement. 
 “Qualified State” means: 
 (i) in the case of
Premium Finance Loans, any state in the United States (other than Alaska and Virginia) so long as (A) the Initial Lender is MidCountry Bank and MidCountry Bank continues to be a federal savings bank, (B) no licenses or other authorizations
are required to be obtained by any GWG Party in order to purchase Premium Finance Loans originated in such state in the manner contemplated by the related Asset Documents and the Related Documents and (C) with respect to any state, if the
aggregate Collateral Balance of the Premium Finance Loans for which the related Insured is a resident in such state is equal to or greater than 5% of the Eligible Asset Balance, the Agent has received an opinion in form and substance satisfactory to
it regarding the compliance of the related Loan Documents with the laws of such state; 
 (ii) in the case of
Bridge Loans, the State of Delaware and any other state approved in writing by the Agent in its sole discretion; and 
 (iii) in the case of Purchased Policies, each state (A) that has been approved in writing by the Agent in its sole discretion as a Qualified State hereunder with respect to Purchased Policies, as set
forth on Schedule VI hereto (as amended from time to time by the Agent as provided below), (B) where GWG Life Settlements, LLC has all licenses and other authorizations required to be obtained by it (if any) in order to purchase Policies in
such state in the manner contemplated by the relevant Asset Documents, and the Agent has received evidence reasonably satisfactory to it of the same, (C) where neither the Borrower nor the Titling Trust is required to obtain any license or
other authorization in order to acquire such Purchased Policies originated in such state in the manner contemplated by the Related Documents and (D) with respect to any state, if the aggregate Collateral Balance of the Purchased Policies for
which the related seller under the applicable Purchase and Sale Agreement is domiciled in such state, is equal to or greater than 5% of the Eligible Asset Balance, the Agent has received an opinion in form and substance satisfactory to it regarding
the compliance of the related Policy Documents with the laws of such state; provided that, in the case of a Purchased Policy that is a Contestable Policy, each Qualified State must be an Unregulated State; and provided further that the
Agent may, at any time in its discretion, deliver an updated Schedule VI to the Borrowers, in which case Schedule VI shall automatically be deemed to have been amended and restated to read as set forth in such new Schedule VI effective upon the date
of such delivery. 

 “Unregulated State” any state set forth in Schedule VII hereto, as amended
from time to time by the Agent, so long as such state has not adopted a law, rule or regulation relating to life settlements; provided that the Agent may, at any time in its discretion, deliver an updated Schedule VII to the Borrowers, in
which case Schedule VII shall automatically be deemed to have been amended and restated to read as set forth in such new Schedule VII effective upon the date of such delivery. 
 “Approved Lender” means any lender that has been approved in writing by the Agent in its sole discretion as an “Approved Lender” hereunder. 

“Approved Premium Finance Program” means a program for the origination of premium finance loans by an Approved Lender
pursuant to loan documents the forms of which have been furnished to, and have been approved in writing by, the Agent in its sole discretion. 
  

	 	B.	Additional UCC Representations 

 1. Lawful Assignment. No Asset has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, and assignment of such Asset to the applicable Borrower under
the Sale and Servicing Agreement or the grant of a security interest in such Asset under this Agreement shall be unlawful, void, or voidable. None of the GWG Parties nor any of their respective Affiliates has entered into any agreement with any
account debtor that prohibits, restricts or conditions the assignment of any portion of the Assets. 
 2. All Filings
Made. All filings or other action (including, without limitation, UCC filings and notices required to be delivered under the common law) necessary in any jurisdiction to give the applicable Borrower a first priority perfected ownership interest
in the Assets and the Other Conveyed Property and to give the Agent a first priority perfected security interest in the Collateral, to the extent required under this Agreement, have been made. 

3. Tax Liens. As of the date on which any Asset is first included in the Collateral, there is no lien against any collateral, if
any, securing such Asset for delinquent taxes. 
 4. Creation. The Sale and Servicing Agreement creates a valid and
continuing security interest in the Assets in favor of the Borrowers which security interest is prior to all other Adverse Claims, and is enforceable as such as against creditors of and purchasers from either Seller; and this Agreement creates a
valid and continuing security interest in the Assets in favor of the Agent (for the benefit of the Secured Parties), which security interest is prior to all other Adverse Claims, and is enforceable as such as against creditors of and purchasers from
the Borrower. 
 5. Good Title. No Asset has been sold, transferred, assigned, or pledged by either Seller or any
Affiliate thereof to any Person other than directly to the Borrowers pursuant to the Sale and Servicing Agreement. Immediately prior to the transfer and assignment contemplated by the Sale and Servicing Agreement, the applicable Seller had (or, in
the case of an Escrow Policy, will acquire upon release of the Purchase Price pursuant to the related Eligible Escrow Agreement) good and marketable title to each Asset, and was (or, in the case of an Escrow Policy, will be upon release of the
Purchase Price pursuant to the related Eligible Escrow Agreement) the sole owner thereof, free and clear of all Adverse Claims (except for those 

 
released on or before the date on which such Asset first became a Asset and Permitted Liens) and, immediately upon the transfer thereof to the Borrowers under the Sale and Servicing Agreement,
the Borrowers shall have acquired (or, in the case of an Escrow Policy, will acquire upon release of the Purchase Price pursuant to the related Eligible Escrow Agreement) good and marketable title to each such Asset, and will be the sole owner
thereof, free and clear of all Adverse Claims (other than Permitted Liens), and the transfer has been perfected under the UCC or common law, as applicable. No Person has a participation in, or other right to receive, proceeds of any Asset except as
provided in this Agreement. None of the GWG Parties nor any Affiliate thereof has taken any action to convey any right to any Person, other than the Borrowers or the Agent, that would result in such Person having a right to payments due under such
Asset. 
 6. Perfection. Each of the applicable Seller and the applicable Borrower has caused or will have caused, on or
prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions and the giving of all notices under applicable law in order to perfect such Borrower’s interest in the
Assets relating to their sale from such Seller to such Borrower and the security interest in the Assets granted by such Borrower to the Agent (for the benefit of the Secured Parties) under this Agreement. 

7. No Other Interest. Other than the transfer of the Assets to Borrowers under the Sale and Servicing Agreement and Permitted
Liens, none of the Borrowers, the Sellers or any of their respective Affiliates has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets (unless such interest has been released). None of the Borrowers, the
Sellers or their Affiliates has authorized the filing of, or is aware of any financing statements that include a description of collateral covering the Assets other than any financing statement relating to the sale to the Borrowers under the Sale
and Servicing Agreement or the security interest granted to the Agent (for the benefit of the Secured Parties) under this Agreement or that has been released or terminated or is a Permitted Lien. 

8. No Notations. None of the tangible chattel paper or instruments that constitute or evidence the Assets has any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Borrowers and the Agent (for the benefit of the Secured Parties). 

 SCHEDULE II TO 
 CREDIT AND SECURITY 
 AGREEMENT 

POLICY FILE 
 Purchase
and Sale Agreement 
 Assignment to GWG DLP Trust II 
 Change of Ownership 
 Change of Beneficiary 

Verification of Coverage 
 In-force Policy
Illustration 
 Form of Collateral Assignment to DZ Bank AG Deutsche Zentral-Genossenschaftsbank 

Copy of Insured’s Driver License or Government Photo ID 
 Life Expectancy Reports from Approved Medical Underwriter 
 Spousal Consent(s) (if Insured is
married) 
 Bankruptcy Search Results 

Federal Tax Lien Search Results 
 State Tax
Lien Search Results 
 Irrevocable Limited Power of Attorney 

 SCHEDULE III TO 
 CREDIT AND SECURITY 
 AGREEMENT 

LOCATION OF CHIEF EXECUTIVE OFFICE; FEDERAL EMPLOYER 
 IDENTIFICATION NUMBERS; LIST OF DEPOSIT ACCOUNTS; PRESENT AND 
 FORMER
NAMES 
 Location of Chief Executive Office 
 60 South Sixth Street, Suite 950, Minneapolis, MN 55402 
 Federal EIN Number 

Borrower: GWG DLP Funding II, LLC, 26-2697948 

Borrower: United Lending SPV, LLC, 26-2698093 

Seller: GWG Life Settlements, LLC, 20-4356955 

Seller: United Lending, LLC, 26-2698064 

Seller: Opportunity Bridge Funding, 26-2610383 

Performance Guarantor: GWG Holdings, LLC, 26-2222607 
 List of Deposit Accounts 
 #22977902 

#22977903 
 Present and Former Names

 GWG Life Settlements, LLC’s former name: Great West Growth, LLC 

 SCHEDULE V TO 
 CREDIT AND SECURITY 
 AGREEMENT 

CONDITION PRECEDENT DOCUMENTS FOR THE INITIAL BORROWING 
 (Attached) 

  

 
 CREDIT AND SECURITY AGREEMENT

 among 

GWG DLP FUNDING II, LLC 
 as a Borrower 
 UNITED LENDING SPV, LLC 

as a Borrower 

UNITED LENDING, LLC 
 as Premium Finance Master Servicer and a Seller 
 GWG LIFE SETTLEMENTS, LLC

 as Life Settlements Master Servicer and a Seller 
 OPPORTUNITY BRIDGE FUNDING, LLC 
 as a Seller 

GWG HOLDINGS, LLC 

as Performance Guarantor 
 AUTOBAHN FUNDING COMPANY LLC 
 as Lender 

and 
 DZ BANK AG
DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK 
 as Agent 
 July 15, 2008 
 LIST OF CLOSING DOCUMENTS 

 
  

 

 Capitalized terms used and not otherwise defined herein have the meanings specified in the Credit and
Security Agreement referred to below. 
  

			
	Status	  	
		
		  	 A.     Principal Transaction Documents

		
		  	 1.      Credit and Security Agreement among GWG DLP Funding
II, LLC (“GWG DLP”), as a Borrower, United Lending SPV, LLC (“United Lending SPV”), as a Borrower (and together with GWG DLP, “Borrowers”), United Lending, LLC (“United Lending”), as Premium Finance Master
Servicer and a Seller, GWG Life Settlements, LLC (“GWG Life Settlements”), as Life Settlements Master Servicer and a Seller, Opportunity Bridge Funding, LLC (“OBF”), as a Seller (and together with United Lending and GWG Life
Settlements, “Sellers”), GWG Holdings, LLC, as Performance Guarantor, Autobahn Funding Company LLC, as Lender, and DZ Bank AG Deutsche Zentral- Genossenschaftsbank, as Agent.

		
		  	LIST OF SCHEDULES AND EXHIBITS
		
		  	 SCHEDULES

		
		  	 Schedule I        Eligibility Criteria; Perfection
Representations

		
		  	 Schedule II       Policy File

		
		  	 Schedule III     Chief Executive Offices; Federal Employer Identification Numbers; List of
Deposit Accounts; Present and Former Names

		
		  	 Schedule IV     Operating Policies and Practices

		
		  	 Schedule V      Condition Precedent Documents for the Initial
Borrowing

		
		  	 Schedule VI     List of Approved Qualified States for Purchased Policies

		
		  	 Schedule VII   List of Unregulated States

		
		  	 EXHIBITS

		
		  	 Exhibit A          Form of Borrowing Base
Certificate

			
		
		  	 Exhibit B-1      Forms of Loan Documents

		
		  	 Exhibit B-2      Forms of Purchased Policy Documents

		
		  	 Exhibit C          Form of Compliance Certificate

		
		  	 Exhibit D          Form of Commercial Paper Remittance
Report

		
		  	 Exhibit E          Form of Allonge

		
		  	 2.      Fee Letter among Borrowers, Lender and Agent.

		
		  	 3.      General Sale and Servicing Agreement among Sellers and Borrowers.

		
		  	 Schedule I        Schedule of Initial Assets

		
		  	 Exhibit A-1      Form of Assignment with respect to Purchased Policies

		
		  	 Exhibit A-2      Form of Assignment with respect to Premium Finance
Loans

		
		  	 Exhibit A-3      Form of Assignment with respect to Bridge Loans

		
		  	 Exhibit B          Master Servicer’s
Certificate

		
		  	 Exhibit C          Servicing Policies and
Procedures

		
		  	 4.      Life Settlement Servicing Agreement among Wells Fargo Bank, National Association
(“Wells Fargo”), as Servicer (the “Servicer”), GWG Life Settlements, as Master Servicer, the Agent, GWG DLP, as purchaser and GWG DLP Trust II (the “Titling Trust”).

		
		  	 Exhibit A          Servicing Policies and Procedures of the Master
Servicer

		
		  	 Schedule I        Addresses for Notices

		
		  	 5.      Custodian Agreement among Wells Fargo Bank, National Association, as custodian (the
“Custodian”), the Borrowers, the Servicer, the Master Servicers, the Agent and the Titling Trust.

		
		  	 Exhibit 1           Request for Release of Asset
File

  

			
		
		  	 Exhibit 2           Return of Documents to
Custodian

		
		  	 Exhibit 3           Authorized
Representatives

		
		  	 Exhibit 4           Confirmation and Notice of
Pledge

		
		  	
                        
    Schedule A – Assets Schedule

		
		  	 Exhibit 5           Schedule of Fees

		
		  	 Exhibit 6-A      Asset File Collateral Receipt (Insurance Policy File Summary
Checklist)

		
		  	 Exhibit 6-B      Asset File Collateral Receipt (Premium Finance Policy File Summary
Checklist)

		
		  	 Exhibit 6-C      Asset File Collateral Receipt (Bridge Loan Policy File Summary
Checklist)

		
		  	 Exhibit 7-A      Post-Closing Collateral Receipt (Insurace Policy File Summary
Checklist)

		
		  	 Exhibit 7-B      Post-Closing Collateral Receipt (Premium Finance Policy File Summary
Checklist)

		
		  	 6.      Deposit Account Control Agreement among Agent, GWG DLP, as Borrower and Wells Fargo, as
Depositary Bank.

		
		  	          Schedule 1—List of Signatories and Sample
Signatures

		
		  	 7.      Deposit Account Control Agreement among Agent, United
Lending SPV, as Borrower and Wells Fargo, as Depositary Bank.

		
		  	          Schedule 1—List of Signatories and Sample
Signatures

		
		  	 8.      Collateral Account Agreement among Wells Fargo, as Collateral Account Bank, the
Borrowers, the Master Servicers and Agent.

		
		  	          Schedule 1—List of Signatories and Sample
Signatures

		
		  	          Schedule 2—Fees

		
		  	 9.      Performance Guaranty executed by Performance Guarantor in favor of the Borrowers and the
Agent.

  

			
		
		  	 10.    Trust Agreement between Wells Fargo, as trustee (the “Titling Trust Trustee”), Wells
Fargo Delaware Trust Company, as Delaware trustee, and GWG DLP, as Borrower.

		
		  	 11.    Titling Trust Security Agreement executed by the Titling Trust in favor of the Lender and the
Agent.

		
		  	 12.    Trust Certificate.

		
		  	 13.    Back-up Servicing Agreement among Wells Fargo, as back-up servicer, the Master Servicers and the
Agent.

		
		  	 Exhibit A          Form of Letter of Certification

		
		  	 Schedule I        Backup Servicer’s Fees

		
		  	 14.    Escrow Agreement among GWG Life Settlements, Wells Fargo, as escrow agent, and the
Agent.

		
		  	 B.     Corporate Documents

		
		  	 15.    Good Standing Certificates for each of Borrower, United Lending, GWG Life Settlements, the
Performance Guarantor and the Titling Trust (collectively, the “GWG Parties”) and the Servicer from the jurisdictions indicated below:

		
		  	 a.      GWG DLP (Delaware)

		
		  	 b.      United Lending SPV (Delaware and Minnesota)

		
		  	 c.      GWG Life Settlements (Delaware)

		
		  	 d.      United Lending, LLC (Delaware and Minnesota)

		
		  	 e.      Performance Guarantor (Delaware and Minnesota)

		
		  	 f.       Titling Trust (Delaware)

		
		  	 g.      Servicer (Minnesota) (equivalent certificate)

		
		  	 16.    Secretary’s Certificate for each GWG Party or its trustee certifying (i) a copy of the
Certificate of Formation or Certificate of Trust of such GWG Party, (ii) a copy of the limited liability company agreement or trust agreement of such GWG Party, (iii) a copy of the resolutions of the board of directors, members,
beneficiaries or trustees, as applicable, of such GWG Party authorizing the execution, delivery and performance of the transaction documents to which it is a party and (iv) the names and true signatures of the officers of such GWG Party or its
trustee, as applicable, authorized to sign the transaction documents on its behalf.

  

			
		
		  	 a.      GWG DLP (Delaware)

		
		  	 b.      United Lending SPV (Delaware)

		
		  	 b.      GWG Life Settlements (Delaware)

		
		  	 c.      United Lending (Delaware)

		
		  	 d.      Performance Guarantor (Delaware)

		
		  	 17.    Secretary’s Certificate for Wells Fargo, certifying the names and true signatures of the
officers authorized to sign the transaction documents on its behalf.

		
		  	 C.     UCC-1 Financing Statements & Lien Searches

		
		  	 18.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
GWG DLP in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against GWG DLP in Minnesota (Hennepin County).

		
		  	 19.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
United Lending SPV in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against United Lending SPV in Minnesota (Hennepin County).

		
		  	 20.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
GWG Life Settlements in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against GWG Life Settlements in Minnesota (Hennepin County).

		
		  	 21.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
United Lending in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against United Lending in Minnesota (Hennepin).

		
		  	 22.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
the Titling Trust in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against the Titling Trust in Minnesota (Hennepin County).

			
		
		  	 23.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
“Great West Growth, LLC” in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against “Great West Growth, LLC” in Minnesota (Hennepin County).

		
		  	 24.    Pre-filing Lien Search Reports in respect of (i) UCC, tax lien and judgment filings made against
OBF in the office of the Secretary of State in Delaware and (ii) tax lien and judgment filings made against OBF in Minnesota (Hennepin County).

		
		  	 25.    UCC-1 Financing Statements naming GWG Life Settlements, as debtor/seller, DZ Bank, as agent and as
secured party, and GWG DLP, as initial assignor/secured party, filed in the offices of the Secretary of State of Delaware.

		
		  	 26.    UCC-1 Financing Statements naming United Lending, as debtor/seller, DZ Bank, as agent and as
secured party, and United Lending SPV, as initial assignor/secured party, filed in the offices of the Secretary of State of Delaware.

		
		  	 27.    UCC-1 Financing Statement naming GWG DLP, as debtor and DZ Bank, as agent and as secured party
filed in the offices of the Secretary of State of Delaware.

		
		  	 28.    UCC-1 Financing Statement naming United Lending SPV, as debtor and DZ Bank, as agent and as secured
party filed in the offices of the Secretary of State of Delaware.

		
		  	 29.    UCC-1 Financing Statement naming Titling Trust, as debtor and DZ Bank, as agent and as secured
party filed in the offices of the Secretary of State of Delaware.

		
		  	 30.    UCC-1 Financing Statement naming OBF, as debtor/seller, DZ Bank, as agent and as secured party, and
United Lending SPV, as initial assignor/secured party filed in the offices of the Secretary of State of Delaware.

		
		  	 31.    Post-filing Lien Search Reports showing the filings from the four preceding items to be of
record.

		
		  	 D.     Opinions and Legal Memoranda

		
		  	 32.    Opinion of in-house counsel for GWG regarding general corporate matters with respect to the GWG
Parties.

			
		
		  	 33.    Opinion of Locke Lord Bissell & Liddell LLP with respect to the GWG Parties regarding (i)
enforceability, (ii) validity, perfection and priority of security interests under UCC (based on CCH where appropriate), (iii) no governmental consents required, (iv) no violation of NY or federal law and (v) no requirement that GWG Parties be
registered as “investment companies”.

		
		  	 34.    Opinion of Locke Lord Bissell & Liddell LLP regarding true sale issues with respect to GWG DLP
and the Titling Trust.

		
		  	 35.    Opinion of Locke Lord Bissell & Liddell LLP regarding non- consolidation issues with respect to
GWG DLP and the Titling Trust.

		
		  	 36.    Opinion of Potter Anderson & Corroon LLP relating to the Titling Trust.

		
		  	 37.    Opinion of counsel for Wells Fargo regarding general corporate and enforceability
matters.

		
		  	 38.    Opinion of counsel for MidCountry Bank regarding general corporate matters.

		
		  	 39.    Legal Comfort Letters/Memorandum from Locke Lord Bissell & Liddell LLP addressing the following
issues with regard to each state that is to be included as a Qualified State in relation to the premium finance loan program:

		
		  	 (i) Usury: either the loan is exempt from usury laws or is in compliance with such laws.

		
		  	 (ii) Insurable Interest: under the insurable interest laws of Delaware, the ILIT will have an insurable interest.

		
		  	 (iii) Premium Finance Licensing: No license is required for the lender to engage in a premium finance business or the applicable license has
been obtained. Also, no other license is required for United Lending SPV or the Borrower by reason of its purchase or servicing of the loan.

			
		
		  	 40.    Legal Comfort Letters/Memorandum from Locke Lord Bissell & Liddell LLP addressing the following
issues with regard to each state that is to be included as a Qualified State in relation to the life settlements program:

		  	 (i) Life Settlement Licensing: No license is required for a life settlement provider (including GWG Life Settlements) to engage in the life
settlement business or, if such Qualified State requires a license, GWG Life Settlements has obtained the required license;

		
		  	 (ii) Form Documents: Whether the form documents used by the life settlement provider need to be approved by the state regulator and, if so,
whether they have been approved;

		
		  	 (iii) Assignments. Whether GWG Life Settlements can transfer the policies it purchases in such Qualified State to GWG DLP or the Titling
Trust without any requirement that GWG DLP or the Titling Trust itself be licensed.

		
		  	 41.    Minnesota Regulatory Opinion of Leonard, Street and Deinard addressing the following issues with
regard to the premium finance documents:

		
		  	 (i) Enforceability and Compliance with Law: the form documents do not violate applicable Minnesota law and will be enforceable under
Minnesota law.

		
		  	 (ii) Usury: what usury limitations from MidCountry Bank’s home jurisdiction would be applicable and the loan is in compliance with such
limitations (if any).

		
		  	 42.    Minnesota Regulatory Opinion of Leonard, Street and Deinard addressing the following issues with
regard to the bridge loan documents:

		
		  	 (i) Licensing: (a) OBF is not required to be licensed or obtain other governmental consents under the laws of Minnesota to originate and
service the bridge loans or, if a license is required, all applicable licenses have been obtained, and (b) United Lending SPV is not required to be licensed or obtain other governmental consents in order to purchase or own the bridge
loans.

		
		  	 (ii) Enforceability and Compliance with Law: the form documents do not violate applicable Minnesota law and will be enforceable under
Minnesota law.

			
		
		  	 43.    Delaware Regulatory Opinion of Stevens & Lee addressing the following issues with regard to the
premium finance and bridge loan documents:

		  	 (i) Licensing: (a) OBF is not required to be licensed or obtain other governmental consents under the laws of Delaware to originate and
service the bridge loans or, if a license is required, all applicable licenses have been obtained, and (b) United Lending SPV is not required to be licensed or obtain other governmental consents in order to purchase or own the bridge
loans.

		
		  	 (ii) Enforceability and Compliance with Law: with respect to the bridge loans, the form documents do not violate applicable Delaware law and
will be enforceable under Delaware law.

		
		  	 (iii) Creation of Valid Trust: with respect to the premium finance loans, the form of trust agreement is effective under Delaware law to
create a valid trust.

		
		  	E. Miscellaneous
		
		  	 44.    Ratings Letters from Fitch and Moody’s.

		
		  	 45.    Liquidity Asset Purchase Agreement

		
		  	 46.    Liquidity Fee Letter

		
		  	 47.    Initial Assignments under Sale and Servicing Agreement

		
		  	 48.    Evidence of insurance required by Section 5.01(n) of the Credit and Security
Agreement

		
		  	 49.    Evidence of appointment of Independent Director for Borrower

 SCHEDULE VI TO 
 CREDIT AND SECURITY 
 AGREEMENT 

LIST OF APPROVED QUALIFIED STATES FOR PURCHASED POLICIES 
 Each Unregulated State 
 Arkansas 
 Colorado 
 Connecticut 
 Georgia 
 Indiana 
 Iowa 
 Kansas 
 Louisiana 
 Maine 
 Maryland 
 Mississippi 
 Montana 
 Nebraska 
 Nevada 
 New Jersey 
 North Carolina 
 Oklahoma 
 Pennsylvania 
 Tennessee 
 Texas 
 Utah 
 Virginia 

 SCHEDULE VII TO 
 CREDIT AND SECURITY 
 AGREEMENT 

LIST OF UNREGULATED STATES 
 Alabama 
 Arizona 
 California 
 Delaware 
 District of Columbia 
 Idaho 
 Illinois 
 Massachusetts 
 Michigan 
 Minnesota 
 Missouri 
 New Hampshire 
 New Mexico 
 New York 
 Oregon 
 Rhode Island 
 South Carolina 
 South Dakota 
 Vermont 
 Washington 
 Wisconsin 
 Wyoming 

 EXHIBIT C TO 
 CREDIT AND SECURITY 
 AGREEMENT 

FORM OF COMPLIANCE CERTIFICATE 
 To: DZ Bank AG Deutsche Zentral-Genossenschaftsbank, as Agent 
 This compliance
certificate (the “Certificate”) is furnished pursuant to that certain Credit and Security Agreement dated as of July 15, 2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”),
among United Lending, SPV, LLC, (“Premium Finance Borrower”), GWG DLP Funding II, LLC (“Life Settlement Borrower”), United Lending, LLC (“Premium Finance Seller and Premium Finance Master Servicer”), GWG Life
Settlements, LLC (“Life Settlement Seller and Life Settlement Master Servicer”), Opportunity Bridge Funding, LLC (“OBF”), GWG Holdings, LLC (“Performance Guarantor”), Autobahn Funding Company LLC, as Lender, and DZ Bank
AG Deutsche Zentral-Genossenschaftsbank, as Agent. 
 Capitalized terms used and not otherwise defined herein have the meanings
specified in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected
                     of [Premium Finance Borrower] [Life Settlement Borrower] [Premium Finance Seller] [Premium Finance Master
Servicer] [Life Settlement Seller] [Life Settlement Master Servicer] [OBF] [Performance Guarantor]; 
 2. I have reviewed the
terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the [Premium Finance Borrower] [Life Settlement Borrower] [Premium Finance Seller] [Premium Finance
Master Servicer] [Life Settlement Seller] [Life Settlement Master Servicer] [OBF] [Performance Guarantor] and its Subsidiaries during the accounting period covered by the attached financial statements; and 

3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which
constitutes an Event of Default or Potential Event of Default, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below. 

 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature
of the condition or event, the period during which it has existed and the action which the [Premium Finance Borrower] [Life Settlement Borrower] [Premium Finance Seller] [Premium Finance Master Servicer] [Life Settlement Seller] [Life Settlement
Master Servicer] [OBF] [Performance Guarantor] has taken, is taking, or proposes to take with respect to each such condition or event: 
 The foregoing certifications and the financial statements delivered with this Certificate in support hereof, are made and delivered this      day of
            ,     . 
  

	
	  
	 Name:

	 Title:

 EXHIBIT D TO 
 CREDIT AND SECURITY 
 AGREEMENT 

FORM OF COMMERCIAL PAPER REMITTANCE REPORT 
 (Attached) 

 Global Commission Funding, LLC 

Commercial Paper Remittance Report 
  

																							
	 	  	 	 	 	 	 	 	 	 	FIXED PERIOD ENDING:	 	 	24-Jun-08	 	 	 	 
	 	  	 	 	 	 	 	 	 	 	REPORT DATE:	 	 	24-Jun-08	 	 	 	 
	 A.
	  	 COMMERCIAL PAPER MATURITIES
	 				 				 				 				 			
							
	 	  	 	 	Issuance Date	 	 	Fixed Period	 	 	Face Value	 	 	Proceeds	 	 	Stub Proceeds	 
	 	  	 	 	 	 	 	(days)	 	 	 	 	 	 	 	 	 	 
		  	 Tranche #1
	 	 	6/23/2008	  	 	 	1.00	  	 	 	10,005,000.00	  	 	 	10,000,000.00	  	 			
		  		 				 				 	  
	  
	 	 	  
	  
	 	 			
		  	 TOTAL FACE VALUE OF CP MATURING
	 				 				 	 	10,005,000.00	  	 	 	10,000,000.00	  	 	 	—  	  
		  		 				 				 	  
	  
	 	 	  
	  
	 	 			
							
	 B.
	  	 CP ROLLOVER
	 				 				 				 				 			
							
	 	  	 	 	 	 	 	Net Proceeds	 	 	Fixed Period	 	 	Maturity Date	 	 	 	 
	 	  	 	 	 	 	 	 	 	 	(days - not to exceed 90)	 	 	 	 	 	 	 
		  	 Tranche #1
	 				 	 	10,000,000.00	  	 	 	27.00	  	 	 	7/21/2008	  	 			
		  		 				 				 				 	  
	  
	 	 			
		  	 TOTAL NET PROCEEDS OF CP REQUESTED ON ROLLOVER DATE
	 				 				 				 	 	10,000,000.00	  	 			
		  		 				 				 				 	  
	  
	 	 			
							
	 C.
	  	 SUMMARY
	 				 				 				 				 			
							
		  	 Face Value of CP Maturing on Fixed Period end-date
	 				 				 				 	 	10,005,000.00	(a) 	 			
		  	 Net Proceeds of CP Maturing on Fixed Period end-date
	 				 				 				 	 	10,000,000.00	(b) 	 			
		  	 Net Proceeds of CP Requested
	 				 				 				 	 	—  	(c) 	 			
		  	 Amount to be paid by Borrower directly to US BANK (Principal)
	 				 				 				 	 	—  	(d) 	 			
		  	 Stub Proceeds held at US Bank to be applied to maturing CP
	 				 				 				 	 	—  	(e) 	 			
		  	 Amount to be paid by Borrower directly to US BANK (Yield)
	 				 				 				 	 	5,000.00	(f) 	 			
		  	 Outstanding Principal Balance of Loans - post CP Rollover
	 				 				 				 	 	10,000,000.00	(c) plus CP not maturin 	 			
		  	 Borrowing Limit
	 				 				 				 	 	100,000,000.00	(f) 	 			
		  	 Is (c) greater than (d) ? (if “YES”, then Loans must be paid down pursuant to
CSA)
	    
	 				 				 	 	OK	  	 			

 The Undersigned hereby represents and warrants that this report is a true and accurate accounting of pledged Collateral
as of the date hereof, in accordance with the terms and conditions of the Credit and Security Agreement dated as of XXXXX XX, 2008 amongst GWG DLP II Funding, LLC and United Lending, LLC as the Borrowers, GWG Life Settlemen as the Master
Servicer, Autobahn Funding Company, LLC, as Lender, DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt AM Main as Program Agent, and Wells Fargo Nation Association as Custodian, Collection Account Bank and Servicer. 

 

									
	BY:	 	GWG DLP II Funding, LLC	 		 		 	
		 	United Lending, LLC	 		 	Name:	 	 
					
		 		 		 	Title:	 	 

 EXHIBIT E TO 
 CREDIT AND SECURITY 
 AGREEMENT 

FORM OF ALLONGE 
 This Allonge is attached to and made a part of the Note dated as of [            ] made by
[            ] in favor of the undersigned. 
 Pay to the
order of DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, its successors and assigns. 
  

			
	[LENDER]
		
	By:	 	 
	Name:	 	 
	Title:Consent and Amendment No. 1 to Credit and Security Agreement

 Exhibit 10.2 
 

 
  
 Exhibit
10.2 
 EXECUTION COPY 
 CONSENT AND AMENDMENT NO. 1 Dated as of December 14, 2010 
 in relation to 
 CREDIT AND SECURITY AGREEMENT
Dated as of July 15, 2008 
 THIS CONSENT AND AMENDMENT NO. 1 (this “Amendment”) dated as of
December 14, 2010 is entered into by and among GWG DLP FUNDING II, LLC, a Delaware limited liability company, as a Borrower (“GWG DIP”), UNITED LENDING SPV, LLC, a Delaware limited liability company, as a Borrower (“United
Lending SPV” and, together with GWG DLP, the “Borrowers”), GWG LIFE SETTLEMENTS, LLC, a Delaware limited liability company, as a Seller and the Life Settlement Master Servicer (“GWG Life Settlements”), UNITED LENDING, LLC, a
Delaware limited liability company, as a Seller and the Premium Finance Master Servicer (“United Lending” and, together with GWG Life Settlements, the “Master Servicers”), OPPORTUNITY BRIDGE FUNDING, LLC, as a Seller
(“OBF”), GWG HOLDINGS, LLC, a Delaware limited liability company, as the Performance Guarantor (“GWG Holdings”), AUTOBAHN FUNDING COMPANY LLC, a Delaware limited liability company, as the Lender (the “Lender”), and DZ
BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, as the Agent (the “Agent”). 
 PRELIMINARY STATEMENTS

 A. Reference is made to the Credit and Security Agreement dated as of July 15, 2008 among the Borrowers,
the Master Servicers, OBF, GWG Holdings, the Lender and the Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement. 
 B. The GWG Parties have requested that the Agent and Lender
approve, and subject to the terms and conditions of this Amendment the Agent and the Lender have agreed to approve, Magna Life Settlements, Inc., a Florida corporation, as a Life Settlement Provider under the Credit Agreement. 

C. GWG Life Settlements has informed the Agent and the Lender that it has issued, and expects to continue to issue, notes
(the “Life Notes”) under the Amended and Restated Note Issuance and Security Agreement dated as of May 8, 2009, by and among GWG Life Settlements, the Noteholders parties thereto, GWG LifeNotes Trust and Lord Securities Corporation,
as amended pursuant to an amendment and restatement dated as of November 15, 2010 and an amendment dated as of December 7, 2010 (the “Note Issuance and Security Agreement”), and, in connection therewith, has pledged its equity
interest in GWG DLP as collateral therefor (such pledge, the “Equity Interest Pledge”). GWG Life Settlements has 

 

 
  
 requested
that the Lender and the Agent consent to such issuance and pledge. The Lender and the Agent have agreed to grant such consent on the terms and conditions hereinafter set forth. 
 D. The parties hereto have agreed to effect certain other amendments to the Credit Agreement on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Consents.
Effective as of the Effective Date (as defined in Section 3 below), each of the Lender and the Agent hereby consents to the following: 
 Life Notes. The incurrence of Indebtedness by GWG Life Settlements under the Life Notes and the related Equity Interest Pledge, in each case in accordance with the terms and conditions of
the Note Issuance and Security Agreement attached hereto as Annex I. 
 Amendments to LLC Agreements. The
amendments to each Borrower’s Limited Liability Company Agreement in the form attached hereto as Annex II. 

SECTION 2. Amendments. Effective as of the Effective Date (as defined in Section 3 below), the Credit Agreement is
hereby amended as follows: 
 2.1 Section 1.01 of the Credit Agreement is amended by adding the following
new defined terms in the appropriate alphabetical order: 
 “17g-5 Representative” means any deal team
officer within the New York Asset Securitization Group of DZ Bank. 
 “A.M. Best” means A.M. Best
Company, or any successor thereto. 
 “Cause” means the conviction of, or the entry of a guilty plea or
nolo contendere by, the Independent Director for a crime of dishonesty or moral turpitude or any action by the Independent Director which constitutes gross negligence, bad faith or willful misconduct in the conduct of his or her duties as a director
of the applicable Borrower. 
 “CDS Agreement” means an agreement between a Borrower and a CDS
Counterparty that governs one or more credit default swap transactions, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a
“Schedule” thereto and one or more “Confirmations” thereunder confirming the specific terms of each such CDS Transaction. 

	 2
	  
	 

 

 
  
 “CAS
Counterparty” means a counterparty that enters into a CDS Transaction with a Borrower. 
 “CDS
Transaction” means each credit default swap transaction between a Borrower and a CDS Counterparty that is governed by a CDS Agreement. 
 “Eligible CDS Counterparty” means, at any time of determination, a CDS Counterparty that (i) if an insurance company, (x) has financial strength ratings from at least
two out of the following three rating agencies; Standard & Poor’s, Moody’s and A.M. Best, (y) such financial strength ratings are not less than “AA-” by Standard & Poor’s (if rated by
Standard & Poor’s), “Aa3” by Moody’s (if rated by Moody’s) and “A-” by A.M. Best (if rated by A.M. Best), and (z) such CDS Counterparty has been approved by the Agent in writing as an Eligible CDS
Counterparty hereunder, and (ii) if not an insurance company, (x) has a long-term unsecured, non-credit enhanced debt rating (a “Debt Rating) from at least two out of the following three rating agencies: Fitch, Standard &
Poor’s and Moody’s, (y) such Debt Ratings are not less than “AA-” by Fitch (if rated by Fitch), “AA-” by Standard & Poor’s (if rated by Standard & Poor’s) and “Aa3” by
Moody’s (if rated by Moody’s) and (iii) has been approved by the Agent in writing as an Eligible CDS Counterparty hereunder. 
 “Eligible CDS Transaction” means a CDS Transaction: 
 (i) that is entered into between a Borrower and an CDS Counterparty that is at all times an Eligible CDS Counterparty; 

(ii) for which the related CDS Agreement is consistent with customary rating agency criteria for
“swap-dependent” transactions and is otherwise be in form and substance satisfactory to the Agent. 

(iii) that references certain debt obligations of a Qualified Life Insurance Carrier; 

(iv) for which neither the CDS Counterparty nor any of its Affiliates is an Affiliate of the referenced Qualified Life
Insurance Carrier or any of its Affiliates; 

	 (v)
	  
	 for which all premium and other payment 

obligations of the applicable Borrower thereunder have been paid in full upfront on the date such transaction is entered
into; 

	 3
	  
	 

 

 
  
 (vi) that
has a tenor of at least five (5) years; 
 (vii) under which the CDS Counterparty is obligated to make all
payments directly to the Collection Account; 
 (viii) that provides for settlement in cash only; and 

(ix) that has otherwise been approved in writing by the Agent in its sole discretion. 

“First Amendment Effective Date” means December 14, 2010. 

“Life Notes” means the “Promissory Notes” from time to time issued by, and evidencing
“Loans” made to, GWG Life Settlements under, and as each such term is defined in, the Note Issuance and Security Agreement.), as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with
their terms and the terms of this Agreement. 
 “Life Notes Prospectus” means the Confidential Private
Placement Memorandum dated November 15, 2010, with respect to GWG Life Settlements’ offering of the Life Notes.), as the same may be supplemented or otherwise modified or replaced from time to time after the First Amendment Effective Date
in accordance with the terms of this Agreement, and shall include any registration statement for the Life Notes. 

“Magna Purchase and Sale Agreement” means that certain Life Settlements Purchase and Sale Agreement dated as of
January 15, 2007 by and among GWG Life Settlements, LLC (formerly known as Great Growth West, LLC) and Magna Life Settlements, Inc. (formerly known as Magna Administrative Services, Inc.), as supplemented by an addendum dated as of
January 1, 2007, as amended by amendments dated as of November 13, 2008 and July 1, 2009, and as such agreement may be further amended, restated, supplemented or otherwise modified from time to time after the First Amendment Effective
Date in accordance with its terms and the terms of this Agreement. 
 “Note Issuance and Security
Agreement” means the Amended and Restated Note Issuance and Security Agreement dated as of May 8, 2009 by and among GWG Life Settlements, the noteholders parties thereto, GWG LifeNotes Trust and Lord Securities Corporation, as amended
pursuant to an amendment and restatement dated as of November 15, 2010 and an amendment dated as of December 7, 2010, and as the same may be further 

	 4
	  
	 

 

 
  
 amended,
restated, supplemented or otherwise modified from time to time after the First Amendment Effective Date in accordance with its terms and the terms of this Agreement. 
 “Rule 17g-5” means Rule 17g-5 under the Securities Exchange Act of 1934, as amended, as such rule may be amended from time to time, and subject to such clarification and
interpretation as have been provided by the Securities and Exchange Commission in the adopting release (Amendments to Rules for Nationally Recognized Statistical Rating Organizations, Exchange Act Release No. 34-61050, 74 Fed. Reg. 63,832,
63,865 (Dec. 4, 2009)) and subject to such clarification and interpretation as may be provided by the Securities and Exchange Commission or its staff from time to time. 
 “Transaction Information” means any information provided to any nationally recognized statistical rating organization providing a rating or proposing to provide a rating to, or
monitoring an existing rating of, the Lender’s commercial paper, in each case, to the extent related to providing or proposing to provide such rating or monitoring such rating including, without limitation, information in connection with any
GWG Party or the Collateral. 
 2.2 The definition of “Collections” in Section 1.01 of the Credit
Agreement is amended and restated in its entirety as follows: 
 “Collections” means (a) all cash
collections and other cash proceeds of any Asset included in the Collateral or any Other Conveyed Property relating to any Asset included in the Collateral with respect thereto, including, without limitation, all payments of principal, interest and
Finance Charges with respect to such Asset (in the case of Loan) and all Net Death Benefits (in the case of a Purchased Policy) and all prepayments, recoveries, investment earnings, insurance proceeds, fees, Liquidation Proceeds and other cash
proceeds of any Other Conveyed Property with respect to such Asset available for application to amounts payable in respect of such Asset, (b) any amounts paid to or for the account of the Borrowers pursuant to the terms of any Related Document,
including, without limitation, payments made under CDS Transactions and (c) all other cash collections and other cash proceeds of the Collateral. 
 2.3 Clause (ii) of the definition of “Excess Concentration Amount” in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows:

	 5
	  
	 

 

 
  
 (ii) the
amount (if any) by which (A) the excess of (I) the aggregate Collateral Balance of the Eligible Assets consisting of or secured by Policies issued by all Qualified Life Insurance Carriers that do not, at the time of determination, have
financial strength ratings from at least two of Standard & Poor’s, Moody’s and A.M. Best or that, at the time of determination, have a financial strength rating below (x) “AA-” from Standard & Poor’s
(if rated by Standard & Poor’s), (y) “Aa3” from Moody’s (if rated by Moody’s) or (z) “A-” from A.M. Best (if rated by A.M. Best) over (II) the aggregate notional amount of all CDS Transactions
referencing such Qualified Life Insurance Carriers that are Eligible CDS Transactions at the time of determination exceeds (B) 20% of the greater of (x) the Eligible Asset Balance and (y) $30,000,000; 

2.4 The definition of “Excess Concentration Amount” in Section 1.01 of the Credit Agreement is further
amended to (a) delete the “and” appearing immediately at the end of subclause (xiv) therein, (b) replace the period appearing at the end of subclause (xv) with “, and”, and (c) insert the following new
subclause (xvi) in proper numerical order: 
 (xvi) the aggregate, for all Eligible CDS Counterparties
(treating each Eligible CDS Counterparty and its Affiliates as a single Eligible CDS Counterparty), of the amount (if any) by which (A) the aggregate notional amount of CDS Transactions entered into by an Eligible CDS Counterparty exceeds
(B) 10% of the greater of (x) Eligible Asset Balance and (y) $30,000,000; 
 2.5 The definition of
“Independent Director” set forth in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows: 
 “Independent Director” means a Person who (i) is not, and has not been during the preceding five years, a stockholder, member, employee, partner, officer, director, manager
or supplier of any GWG Party or any of their respective Affiliates, (ii) does not have, and has not during the preceding five years had, a personal friendship or business or family relationship with any stockholder, member, employee, partner,
officer, director, manager or supplier of any GWG Party or Affiliate of such GWG Party (other than as an independent director or in a similar capacity for the Borrowers or another Affiliate of GWG Life Settlements), and (iii) (a) has prior
experience as an independent director or manager for an entity whose charter documents require the unanimous consent of all independent directors or managers thereof before such entity could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable state or federal law relating to bankruptcy and (b) is employed by, and has at least three years of 

	 6
	  
	 

 

 
  
 employment
experience with, Lord Securities Corporation, Global Securitization Services, LLC or Amacar, L.L.C. or a similar nationally recognized provider of advisory, management, or placement services to issuers of securitization or structured finance
instruments, agreements or securities, which in the ordinary course of its business provides Independent Directors for special-purpose financing entities such as the Borrowers, that is approved by the Agent in writing. 

2.6 The definition of “Insurance Company Concentration” in Section 1.01 of the Credit Agreement is amended
and restated in its entirety as follows; 
 “Insurance Company Concentration” means, at any time with
respect to any Qualified Life Insurance Carrier, the excess of (x) the aggregate Collateral Balance of Assets secured by or consisting of Policies issued by such Qualified Life Insurance Carrier over (y) the aggregate notional amount of
all Eligible CDS Transactions referencing such Qualified Life Insurance Carrier. For purposes of the foregoing, each Qualified Life Insurance Carrier and its Affiliates shall be treated as a single Qualified Life Insurance Carrier. 

2.7 The definition of “Insurance Company Concentration Limit” in Section 1.01 of the Credit Agreement is
amended and restated in its entirety as follows: 
 “Insurance Company Concentration Limit” means, with
respect to any Qualified Life Insurance Carrier, the product of (a) the greater of (x) the Eligible Asset Balance and (y) $30,000,000 and (b) applicable percentage specified below: 

(i) if such Qualified Life Insurance Carrier has, at the time of determination, a financial strength rating from at least
two of Standard & Poor’s, Moody’s and A.M. Best and does not, at the time of determination, have a financial strength rating below (x) “AA-” from Standard & Poor’s (if rated by Standard &
Poor’s), (y) “Aa3” from Moody’s (if rated by Moody’s) or (z) “A-” from A.M. Best (if rated by A.M. Best), 17.5%; and 
 (ii) if such Qualified Life Insurance Carrier does not fall within clause (i), 10%. 
 2.8 The definition of “Life Settlement Provider” in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows: 

“Life Settlement Provider” means each of the life settlement providers listed on Schedule VIII to this
Agreement, which Schedule may be amended from time to time by the Agent 

	 7
	  
	 

 

 
  
 acting in
its sole discretion to evidence the Agent’s approval of additional life settlement providers. 
 2.9 The
definition of “Liquidation Proceeds” in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows: 
 “Liquidation Proceeds” means Collections consisting of (i) the Sales Price received as a result of the sale of a Purchased Policy to a Third Party Buyer pursuant to
Section 2.14, (ii) the Net Death Benefit paid by an insurance carrier under a Purchased Policy or a Policy securing a Loan (iii) the cash settlement payment paid by a CDS Counterparty in respect of a credit event under a CDS
Transaction referencing the debt obligations of an Qualified Life Insurance Carrier with respect to a Purchased Policy or (iv) the repayment in full of the outstanding principal balance of a Loan together with accrued and unpaid interest
thereon due as of the date of such repayment or any other proceeds received in respect of a Policy that secures or secured a Loan (whether in connection with the enforcement of the security interest therein or any other sale of such Policy, but
excluding any such proceeds required to be returned to the applicable Obligor pursuant to the terms of the applicable Loan Documents or applicable law), in each case to the extent actually received in cash and deposited into the Collection Account.

 2.10 The definition of “Maximum Advance Rate” in Section 1.01 of the Credit Agreement is
amended and restated in its entirety as follows: 
 “Maximum Advance Rate” means at any time a
percentage equal to the sum of (i) the product of (A) 60% and (B) a fraction, the numerator of which is the aggregate Collateral Balance of the Eligible Assets that are Bridge Loans at such time, and the denominator of which is the
Eligible Asset Balance and (ii) the product of (A) 70% and (B) a fraction, the numerator of which is the aggregate Collateral Balance of all Eligible Assets (other than Bridge Loans) at such time, and the denominator of which is the
Eligible Asset Balance. 
 2.11 The definition of “Origination Agreement” in Section 1.01 of the
Credit Agreement is amended and restated in its entirety to read as follows: 
 “Origination Agreement”
means an agreement in form and substance satisfactory to the Agent, between a Life Settlement Provider and the applicable seller relating to the purchase of Policies, as the same may be amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms hereof and thereof. 

	 8
	  
	 

 

 
  
 The
definition of “Policy File” in Section 1.01 of the Credit Agreement is amended by replacing the reference therein to “Exhibit B-2” with “Exhibit B-3”. 

The definition of “Purchase and Sale Agreement” in Section 1.01 of the Credit Agreement is amended and
restated in its entirety to read as follows: 
 “Purchase and Sale Agreement” means a Purchase and Sale
Agreement between (i) in the case of a Premium Finance Loan, an Initial Lender and United Lending in substantially the form attached as part of Exhibit B-l hereto or such other form as the Agent may approve in writing (such approval not to be
unreasonably withheld) and (ii) in the case of a Purchased Policy, the Life Settlement Provider and the Person from whom the Life Settlement Provider, as applicable, purchased such Policy in substantially the form attached as part of Exhibit
B-3 hereto (including any applicable commission disclosure statement) or such other form as the Agent may approve in writing (such approval not to be unreasonably withheld), as the same may be amended, restated, supplemented or otherwise modified
from time to time in accordance with the terms hereof and thereof. 
 2.14 The definition of “Related
Documents” in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows: 

“Related Documents” means, collectively, this Agreement, the Fee Letter, the Sale and Servicing Agreement, the
Life Settlement Servicing Agreement, the Performance Guaranty, the Backup Servicing Agreement, the Trust Agreement, each Trust Certificate, the Titling Trust Security Agreement, each Purchase and Sale Agreement, each Assignment, the Collateral
Account Agreement, each Deposit Account Control Agreement, each Eligible Escrow Agreement, the Note Issuance and Security Agreement, the Life Notes and all other instruments, documents and agreements executed in connection with any of the foregoing.
The Related Documents executed by any party are referred to herein as “such party’s Related Documents,” “its Related Documents” or by a similar expression. 

2.15 The definition of “Subordinated Indebtedness” in Section 1.01 of the Credit Agreement is amended and
restated in its entirety as follows: 
 “Subordinated Indebtedness” means (a) the Life Notes, if
and only if the aggregate outstanding principal balance of the Life Notes with a maturity date earlier than the Scheduled Program Maturity Date, together with accrued and unpaid interest thereon, does not at any time exceed $100,000,000 (or such
higher amount as is consented to by the Agent in writing), and (b) any other 
 9 

 

 
  

Indebtedness of a GWG Party which (i) matures not earlier than the date that is one year after the Scheduled Program
Maturity Date and (ii) has been subordinated to the payment of the obligations of such GWG Party under the Related Documents, as evidenced by a written subordination agreement in form and substance reasonably satisfactory to the Agent.

 2.16 Section 4.01 of the Credit Agreement is amended to insert the following new subsections (ee) and
(ff) in proper alphabetical order: 
 (ee) Transaction Information. None of the GWG Parties, nor any Affiliate of
a GWG Party or any third party with which any GWG Party or any Affiliate thereof has contracted, has delivered, in writing or orally, to any nationally recognized statistical rating organization providing or proposing to provide a rating to, or
monitoring the rating of, the Lender’s commercial paper, any Transaction Information without providing such Transaction Information to the Agent prior to delivery to such nationally recognized statistical rating organization and has not
participated in any oral communications with respect to Transaction Information with such nationally recognized statistical rating organizations without the participation of a 17g-5 Representative of the Agent. 

(ft) Life Notes Prospectus. The Life Notes Prospectus is true and accurate in all material respects, on the date as of
which such information is stated and does not and will not contain any material misstatement of fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not
misleading. 
 2.17 Section 5.01(a) of the Credit Agreement is amended to re-number subsection (ix) thereof
as subsection (x) and to insert the following new clause (ix) in the appropriate numerical order as follows: 
 (ix) Life Notes. Concurrently with the delivery of the monthly report pursuant to subsection (iii) above with respect to each calendar month beginning with the month of December 2010,
and until the Final Payout Date, the GWG Parties shall provide to the Agent a status report concerning the Life Notes as of the end of such month certified by a Responsible Officer of each of the GWG Parties, which report shall include (a) the
number of, aggregate principal balance of and aggregate accrued and unpaid interest on, the outstanding Life Notes as of such month end, (b) the number of, aggregate principal balance of and aggregate accrued and unpaid interest on, the
outstanding Life Notes with stated maturities prior to the Scheduled Program Maturity Date as of such 
 10

 

 
  
 month end,
(c) the number of beneficial owners of outstanding securities issued by GWG Life Settlements (excluding Life Notes with a maturity at the time of issuance not exceeding nine months), (d) a statement that none of the GWG Parties is an
“investment company” within the meaning of the Investment Company Act of 1940, and (e) such other information as may be reasonably requested by the Agent from time to time. The GWG Parties shall promptly notify the Agent of the filing
of any registration statement with respect to the Life Notes, and of the withdrawal of any such registration statement. In addition, the GWG Parties shall deliver to the Agent promptly (and in any event within one (1) Business Day) after their
receiving the same, a copy of each comment letter or other correspondence received from the SEC or any other Governmental Authority relating to the Life Notes or the status of the GWG Parties for purposes of the Investment Company Act of 1940.

 Section 5.01(k)(v) of the Credit Agreement is amended to delete each reference to “Independent
Manager” and replace it with “Independent Director”. 
 Section 5.01(k)(vi) of the Credit
Agreement is amended and restated in its entirety as follows: 
 (vi) observe all limited liability company
formalities as a distinct entity, and ensure that all limited liability company actions relating to (A) the dissolution or liquidation of such Borrower and (B) the initiation or participation in, acquiescence in or consent to any
bankruptcy, insolvency, reorganization or similar proceeding involving such Borrower, are duly authorized by unanimous vote of its Board of Directors (including the Independent Director); 

2.20 Section 5.01 (k) of the Credit Agreement is further amended to (a) delete the “and”
appearing immediately at the end of subclause (xii) therein, (b) replace the period appearing at the end of subclause (xiii) with “, and”, and (c) insert the following new subclause (xiv) in proper numerical order:

 (xiv) maintain its charter documents in conformity with this Agreement, such that (1) it does not amend,
restate, supplement or otherwise modify its certificate of formation or limited liability company agreement in any respect that would impair its ability to comply with the terms or provisions of any of the Related Documents, including, without
limitation, Section 5.01 (k) of this Agreement; and (2) its limited liability company agreement, at all times that this Agreement is in effect, provides for not less than five (5) days’ prior written notice to the Agent of

 11 

 

 
  
 the
replacement or appointment of any director that is to serve as an Independent Director in accordance with Section 5.01 (q). 
 2.21 Section 5.01 of the Credit Agreement is amended to insert the following new subsection (q) in proper alphabetical order: 

(q) Removal and Appointment of Independent Director, The applicable Borrower will notify the Agent in writing of
(i) the decision to appoint a new Person as the “Independent Director” of such Borrower for purposes of this Agreement, such notice (a) to be issued not less than five (5) days prior to the effective date of such appointment
and (b) to contain a written certification of a Responsible Officer of such Borrower that the designated Person satisfies the criteria set forth in the definition herein of “Independent Director,” and (ii) the removal of any
Independent Director of such Borrower, such notice (a) to be issued promptly, but in any event, not less than five (5) days prior to the appointment of a replacement Independent Director and (b) to contain a written certification of a
Responsible Officer of such Borrower citing which clause of Section 5.02(n) permits the removal of such Independent Director. 
 2.22 Section 5.02 of the Credit Agreement is amended to insert the following new clauses (m), (n) and (o) in proper alphabetical order: 

(m) Transaction Information. No GWG Party shall, nor shall it permit any Affiliate of a GWG Party or any third party with
which a GWG Party or any Affiliate thereof has contracted to, deliver, in writing or orally, to any nationally recognized statistical rating organization providing or proposing to provide a rating to, or monitoring a rating of, the Lender’s
commercial paper, any Transaction Information without providing such Transaction Information to the Agent prior to delivery to such nationally recognized statistical rating organization or participate in any oral communications with respect to
Transaction Information with such nationally recognized statistical rating organizations without the participation of a 17g-5 Representative of the Agent. 
 (n) Removal of Independent Director. No GWG Party shall, nor shall it permit any of its Affiliates to, remove or permit the removal of any Independent Director of any Borrower, except
(1) for Cause, (2) in the event the Independent Director ceases to be employed by the service provider which is his or her employer on the date such Independent Director was first engaged by such Borrower, or (3) with the written
consent of the Agent. 
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 (o) Life
Notes. The GWG Parties will not, without the prior written consent of the Agent and the Lender (i) make any payments in respect of outstanding Life Notes or cause the issuance of any additional Life Notes, if at the time of such proposed
payment or issuance an Event of Default, Potential Event of Default or Termination Event exists or would result therefrom, (ii) issue or permit the transfer of any Life Notes except in accordance with the terms and conditions of the Note
Issuance and Security Agreement and in a manner consistent with the disclosures made in the Life Notes Prospectus including, without limitation, in each case the transfer restrictions therein or (iii) permit the Note Issuance and Security
Agreement, the Life Notes Prospectus or any Life Notes to be amended, supplemented or otherwise modified except for amendments, supplements and other modifications that are necessary to comply with changes in applicable securities laws for which the
Agent is given prior or concurrent written notice. 
 2.23 Section 6.01(i) of the Credit Agreement is
amended and restated in its entirety as follows: 
 (A) any GWG Party or Subsidiary thereof other than GWG DLP
Funding, LLC shall fail to pay any Indebtedness in excess of $100,000 when due; or (B) any GWG Party or Subsidiary thereof other than GWG DLP Funding, LLC shall default in the performance of any term, provision or condition contained in any
agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or 

2.24 Section 6.0l(r) of the Credit Agreement is deleted in its entirety and replaced with the following: 

(r) Any Person shall be appointed as an Independent Director of a Borrower without prior notice and certification thereof
having been given to the Agent in accordance with Section 5.0l(q) or without satisfying all of the criteria set forth in the definition herein of “Independent Director.” 

2.25 Section 9.13 of the Credit Agreement is amended to insert the following new clause (c) in proper
alphabetical order: 
 (c) Notwithstanding anything to the contrary contained herein or in any of the other
Related Documents, each of the parties hereto acknowledges and agrees that the Agent may post to an internet website maintained by the Agent and required by any 
 13 

 

 
  
 nationally
recognized rating agency providing a rating or proposing to provide a rating to the Lender’s commercial paper in connection with Rule 17g-5, the following information: (x)(i) to the extent disclosed to any nationally recognized rating agency
providing or proposing to provide a rating to, or monitoring a credit rating of, the Lender’s commercial paper, any confidential proprietary information with respect to any GWG Party and their respective Affiliates and each of their respective
businesses obtained by the Lender or the Agent in connection with the structuring, negotiation and execution of the transactions contemplated herein and in the other Related Documents and (ii) any other nonpublic information with respect to any
GWG Party received by the Lender or the Agent, in each case to the extent such information was provided to such nationally recognized rating agency in connection with providing or proposing to provide a rating to, or to monitor an existing rating
of, the Lender’s commercial paper, (y) the Related Documents and (z) any other Transaction Information. 
 Schedule I to the Credit Agreement is amended and restated in its entirety to read as set forth in the new Schedule I attached hereto as Annex III hereto. 

Schedule VI to the Credit Agreement is amended and restated in its entirety to read as set forth in the new Schedule VI
attached hereto as Annex IV hereto. 
 Schedule VII to the Credit Agreement is amended and restated in its
entirety to read as set forth in the new Schedule VII attached hereto as Annex V hereto. 
 The Credit Agreement
is amended to add Annex VI hereto as a new Schedule VIII thereto in the appropriate numerical order. 
 Exhibit
B-3 to the Credit Agreement is amended to add the form of Purchased Policy Documents (including the commission disclosure statement) of Magna Life Settlements, Inc. attached as Annex VII hereto. 

SECTION 3. Conditions Precedent. This Amendment shall become effective as of the date first written above (the
“Effective Date”), subject to the condition that the Agent shall have confirmed its receipt of: 
 (i)
a copy of this Amendment duly executed by the Borrowers, the Master Servicers, OBF, GWG Holdings, the Lender and the Agent; 
 (ii) evidence, in the form of a certificate of the Secretary or Assistant Secretary of each Borrower, that such Borrower’s limited liability company agreement (as attached thereto)
has been amended in the form attached hereto as Annex IV in order to comply with the requirements set forth in Section 2.20 of this Amendment; 
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 (iii) an
updated private placement memorandum for the Life Notes and a copy the Note Issuance and Security Agreement, in each case in form and substance (including as to transfer restrictions) satisfactory to the Agent and certified by a Responsible Officer
as being true, correct and complete; 
 (iv) bring-down due diligence responses with respect to Magna Life
Settlements, Inc., which have been reviewed by, and met the satisfaction of, the Agent; 
 (v) a copy of the
memorandum of Locke Lord Bissell & Liddell LLP, counsel to GWG DLP, re: Compliance with State Insurance Law Licensing Requirements for Life Settlement Providers, in form and substance satisfactory to the Agent; and 

(vi) to the extent invoiced, all fees and expenses due and payable on or prior to the date hereof in connection with this
Amendment. 
 SECTION 4. Additional Covenants Relating to the Life Notes. The consents in Section 1.1 of
this Amendment are being made in reliance upon the Agent’s and the Lender’s expectations that the GWG Parties will comply with the covenants and other agreements set forth in this Section 4. A failure to satisfy any of the provisions
of this Section 4 will result in an immediate Event of Default under the Credit Agreement notwithstanding any cure or grace periods contained therein. 
 On or prior to June 14, 2012, the Borrowers shall deliver to the Agent and the Lender an opinion of Locke Lord Bissell & Liddell LLP (or other counsel acceptable to the Agent
and the Lender), in form and substance satisfactory to the Agent and the Lender, concluding that, when taking into consideration the existence and ongoing issuance of Life Notes under the Note Issuance and Security Agreement, none of the GWG Parties
is an “investment company” within the meaning of the Investment Company Act of 1940 (the “1940 Act Opinion”). 
 Notwithstanding any provision of the Credit Agreement to the contrary, during the period beginning on the date hereof and ending on the earliest to occur of (i) the date on which the
1940 Act Opinion is delivered, (ii) the date on which any Interim Funding Trigger Event (as defined below) occurs or (iii) December 14, 2011, the Borrowers may not borrow, and the Lender shall not be required to make, any Advances
under the Credit Agreement the proceeds of which shall be used to acquire Assets except for Advances in accordance with the terms and conditions of the Credit Agreement that in the aggregate for such period than do not exceed $30,000,000.

 For purposes of the foregoing, “Interim Funding Trigger Event” shall mean any of the following:

 (i) GWG fails to file a registration statement for the Life Notes (the “Life Notes Registration
Statement”) pursuant to Section 5 of the United States Securities Act of 1933, as amended, fails to deliver a courtesy copy of the Life Notes Registration Statement to the Division of Investment Management of the United States Securities
and Exchange 
 15 

 

 
  
 Commission
(the “SEC”), or fails to deliver to the Agent a copy of the Life Notes Registration Statement, together with a copy of written correspondence evidencing delivery of the Life Notes Registration Statement to the Division of Investment
Management of the SEC, in each case on or prior to June 14, 2011; 
 (ii) GWG withdraws its filing of the
Life Notes Registration Statement; or 
 (iii) any change in, or in the interpretation of, any law, rule or
regulation occurs, or any GWG Party receives a comment letter or other correspondence (written or oral) from the SEC or any other Governmental Authority, in each case the result of which is that it reasonably appears that the SEC or such other
Governmental Authority are of the view that one or more GWG Parties would be required to register as an investment company under the Investment Company Act of 1940 when considering the Life Note program as proposed in the Life Notes Registration
Statement. 
 If the 1940 Act Opinion has not been delivered to the Agent and the Lender on or prior to
December 14, 2011, notwithstanding any provision of the Credit Agreement to the contrary, the Borrowers may not borrow, and the Lender shall not be required to make, any Advances under the Credit Agreement the proceeds of which shall be used to
acquire Assets on or after such date, unless and until the 1940 Act Opinion is delivered in accordance with Section 4.1 above. 
 The provisions of Sections 4.2 through 4.4 shall not limit the Borrowers’ ability to borrow Advances the proceeds of which shall be used to either (A) fund payments of premium
due under a Purchased Policy or a Policy securing a Defaulted Asset included in the Collateral or (b) make periodic payments of Interest and Facility Fees due and payable under the Credit Agreement, in each case in accordance with the terms and
conditions of the Credit Agreement. 
 SECTION 5. Representations and Warranties. Each of the GWG Parties party
hereto hereby represents and warrants that (a) this Amendment constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms, (b) before and after giving effect to this Amendment, the
representations and warranties of each such party, respectively, set forth in Credit Agreement and the other Related Documents are true and correct in all material respects with the same effect as if made on the date hereof and (c) no event has
occurred and is continuing that constitutes an Event of Default, Potential Event of Default or Termination Event. 
 SECTION 6. Fees and Expenses. The Borrowers shall jointly and severally pay to the Agent and the Lender on demand all reasonable out-of-pocket costs and expenses in connection with the
preparation, execution and delivery of this Amendment and any of the other 
 16 

 

 
  

instruments, documents and agreements to be executed and/or delivered in connection herewith, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel to the Agent and the Lender with respect thereto. 
 SECTION 7. Reference to and Effect on the Credit Agreement. 
 Upon the effectiveness of this Amendment, (a) each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof, “herein” or words of
like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby, (b) each reference to the Credit Agreement in any other Related Document or any other document, instrument or agreement executed and/or
delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby and (c) this Amendment shall constitute a Related Document for all purposes under the Credit Agreement. 

Except as specifically provided herein, the Credit Agreement, the other Related Documents 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. 
 Except as specifically provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lender
under the Credit Agreement, the other Related Documents or any other document, instrument, or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein. 

SECTION 8. Reaffirmation of Performance Guaranty. The Performance Guarantor hereby (i) reaffirms all of its
obligations under the Performance Guaranty and (ii) acknowledges and agrees that (A) the Performance Guaranty shall remain in full force and effect and (B) the Performance Guaranty is hereby ratified and confirmed, in each case after
giving effect to this Amendment. 
 SECTION 9. Governing Law. THIS CONSENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 

SECTION 10. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of this
Amendment by facsimile or portable document format (PDF) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 11. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

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 [Remainder
of page intentionally left blank] 
 18 

 

 
  
 IN WITNESS
WHEREOF, the parties hereto Have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date first written above. 
 CWG DLP FUNDING II, LLC as a Borrower 
 By /s/ Jon
Sabes 
 Name: Jon Sabes 
 Title: President 
 UNITED LENDING SPV, LLC, as a
Borrower 
 By /s/ Jon Sabes 
 Name: Jon Sabes 
 Title: President 

CWG LIFE SETTLEMENTS, LLC, as a Seller 
 and Life Settlement Master Servicer 
 By /s/ Jon
Sabes 
 Name: Jon Sabes 
 Title: CEO 
 UNITED LENDING, LLC, as a Seller and

 Premium Finance Master Servicer 
 By /s/ Jon Sabes 
 Name: Jon Sabes 

Title: CEO 
 Signature Page to Consent and Amendment No. 1 

 

 
  

OPPORTUNITY BRIDGE FUNDING, LLC. as a 
 Seller 
 By /s/ Jon Sabes 

Name: Jon Sabes 
 Title: CEO 
 CWG HOLDING, LLC, as Performance

 Guarantor 
 By /s/ Jon Sabes 
 Name: Jon Sabes 

Title: CEO 
 Signature Page to Consent and Amendment No. 1 

 

 
  
 DZ BANK AG
DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, as Agent 
 By /s/ Christopher Tucker 

Name: Christopher Tucker 
 Title: Senior Vice President 
 By /s/ Patrick F.
Preece 
 Name: Patrick F. Preece 
 Title: Managing Director 
 AUTOBAHIN FUNDING
COMPANY LLC, as Lender 
 By: DZ BANK AG DEUTSCHE ZENTRAL –GENOSSENSCHAFTSBANK, its Attorney-in-Fact

 By /s/ Christopher Tucker 
 Name: Christopher Tucker 
 Title: Senior Vice
President 
 By /s/ Patrick F. Preece 
 Name: Patrick F. Preece 
 Title: Managing Director

 Signature Page to Consent and Amendment No. 1 

 

 
  
 ANNEX III
TO 
 CONSENT AND AMENDMENT NO. 1 
 SCHEDULE 1 TO 
 CREDIT AND SECURITY 

AGREEMENT 
 ELIGIBILITY CRITERIA; PERFECTION REPRESENTATIONS A. Eligibility Criteria 
 “Eligible Asset” means, at any time, an Eligible Loan or an Eligible Policy that satisfies each of the following criteria: 

(i) such Asset was originated or purchased by the applicable Seller in the ordinary course of such Seller’s business
in accordance with and through the application of the Operating Policies and Practices and such Seller’s standard credit underwriting procedures (in effect at the time of such origination or purchase) within 90 days prior to the date such Asset
was first included in the Collateral hereunder; 
 (ii) neither such Asset nor any related Policy or Asset
Document contravenes any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, licensing, fair debt
collection practices, privacy, insurance, life settlement transactions, premium finance lending, anti-rebating or usury) and neither such Asset nor any related Policy or any related Asset Document was created, solicited or entered into in violation
of any law, rule or regulation; 
 (iii) each GWG Party, the Initial Lender (if applicable), the Bridge Loan
Lender (if applicable), the related Life Settlement Provider (if applicable), each Master Servicer, the Life Settlement Servicer (if applicable) and each other Person at any time owning an interest in, or servicing, such Asset and the related
Collateral had all licenses and permits necessary to originate, own and/or service, as applicable, such Asset and the related Collateral, and all consents, licenses, approvals and authorizations of, or registrations, declarations for filings with,
any Governmental Authority required to be obtained, effected or given by any party in connection with the origination, purchase and servicing of such Asset and the related Collateral as contemplated by the related Asset Documents and the Related
Documents and the security interest granted hereunder have been duly obtained, effected or given and are in full force and effect; 
 (iv) no selection procedures having an adverse effect on the Borrowers, the Lender or the Agent have been utilized by the applicable Seller in selecting the Asset from those loans and
policies owned by the applicable Seller and its Affiliates which meet the eligibility criteria specified herein, it being hereby acknowledged by the Agent that the neither shall have the exclusive right to acquire each Asset acquired by any Seller
or any of its Affiliates; 
 (v) such Asset, and each related Asset Document, constitutes the legal, valid and
binding obligation of each party thereto, enforceable against each such party in accordance with its terms, except as such enforcement may be limited by (a) bankruptcy, 
 Signature Page to Consent and Amendment No. 1 

 

 
  

insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (vi) such Asset and the related Asset Documents are not subject to, nor has there been asserted, any litigation or any right of rescission, set off, counterclaim or other defense of any
related Obligor or any related Insured; and the related Initial Lender (if applicable), the related Bridge Loan Lender (if applicable) or the related Life Settlement Provider (if applicable), the applicable Seller and the applicable Borrower have
performed all of their respective obligations under such Asset Documents in accordance with the terms thereof; 

(vii) such Asset is not (and has never been) a Defaulted Asset; 

(viii) the related Obligor (a) is not a Governmental Authority, (b) is not an Affiliate of any GWG Party and
(c) is not the subject of any Insolvency Event; 
 (ix) all of the representations and warranties set forth
in Sections 4.01 (p) and 4.01 (q) of this Agreement and in Part B of this Schedule I with respect to such Asset and the Other Conveyed Property with respect thereto are true and correct; 

(x) none of the Asset Documents related to such Asset or any applicable law, rule or regulation applicable to such Asset
or such Asset Documents or the related Policy (a) requires the consent of any party to, or otherwise prohibits or restricts, the transfer, sale or assignment of such Asset or any Other Conveyed Property or the rights or obligations of the
Initial Lender (if applicable), Bridge Loan Lender (if applicable) or Life Settlement Provider (if applicable) or the applicable Seller (or their respective assignees) under any Asset Document in the manner contemplated by the Related Documents,
(b) except as required by applicable law, contains a confidentiality provision that purports to restrict the ability of the Borrowers, the Agent or the Lender to exercise its rights under any Related Document, including, without limitation, its
right to review all Asset Documents or (c) requires any assignee of such Asset to obtain a license or other authorization in connection with the acquisition of such Assets or any interest therein; provided that any such assignee (other than the
relevant Borrower or the Agent, as assignee or secured party pursuant to the Related Documents) may be required to be licensed under the terms of any applicable premium finance law or life settlement law; in furtherance of the foregoing, in the case
of Loan, the related Loan Agreement expressly permits the Initial Lender or Bridge Loan Lender, as applicable, to sell or assign all or any portion of its rights or obligations thereunder to any other Person without the consent of the related
Obligor, the related Insured or any other Person; 
 (xi) a Custodian File for such Asset has been delivered to
the Custodian pursuant to the terms of the Custodian Agreement and the Agent has received (i) a Custodian Receipt certifying receipt of all Specified Documents (as defined in the Custodian Agreement) with respect to such Asset and
(ii) within thirty (30) days following the date such Asset is first included in the Collateral, a Post-Closing Collateral Receipt (as defined in the Custodian Agreement) certifying receipt of all Post-Closing 

 

 
  
 Specified
Documents (as defined in the Custodian Agreement) with respect to such Asset, which Custodian Receipt and Post-Closing Collateral Receipt do not identify any deficiencies in respect of such Custodian File, unless the Agent has waived such
deficiencies; 
 (xii) the information with respect to such Asset set forth in the Schedule of Assets has been
produced from the Electronic Ledger and is true and correct as of the close of business on the date such Asset is first included in the Collateral; 
 (xiii) such Asset was originated without fraud or material misrepresentation on the part of the Insured, the Obligor, the Originator, the Initial Lender (if applicable), the Bridge Loan
Lender (if applicable), the Life Settlement Provider (if applicable), the GWG Parties or any of their respective Affiliates; 
 (xiv) neither the Initial Lender, Bridge Loan Lender or Life Settlement Provider, as applicable, nor any GWG Party nor any of their respective Affiliates has done anything to convey any
right to any Person (other than the applicable Borrower, the Lender or the Agent) that would result in such Person having a right to payments due under such Asset or otherwise to impair the rights of the applicable Borrower, the Agent or the Lender
in such Asset or the proceeds thereof, and prior to the sale by the applicable Seller of its interest in the Asset and the Other Conveyed Property with respect thereto to the applicable Borrower, neither such Seller nor such Borrower had any
constructive or actual knowledge that its interest in such Asset or Other Conveyed Property were subject to the actual or claimed interest of any Person other than (A) in the case of a Premium Finance Loan, the ownership interest of the related
Obligor in the Policy securing such Asset and (B) Permitted Liens; 
 (xv) the applicable Seller has caused
the portions of its Electronic Ledger relating to such Asset to be clearly and unambiguously marked to show that such Asset has been sold to the applicable Borrower in accordance with the terms of the Sale and Servicing Agreement and a security
interest therein has been granted by such Borrower to the Agent for the benefit of the Secured Parties in accordance with the terms of this Agreement; and 
 (xvi) such Asset was not purchased pursuant to the Magna Purchase and Sale Agreement by means of a Funder ELIP Notice (as such term is defined in the Magna Purchase and Sale Agreement).

 “Eligible Loan” means, at any time, a Loan that satisfies each of the following criteria (in
addition to the criteria set forth under the definition of “Eligible Asset”): 

	 (i)
	  
	 such Loan was made to, and is owing by, an Eligible Obligor; 

(ii) if such Loan is a Premium Finance Loan, such Loan is secured by a valid and perfected first priority security
interest in a single Eligible Policy, and the proceeds of such Loan were used solely to fund payments of premiums due under such Eligible Policy and any reasonable and customary closing expenses with respect to such Loan; 

 

 
  
 (iii) if
such Loan is a Bridge Loan, (1) such Loan is secured by a valid security interest in a single Eligible Policy, (2) the proceeds of such Loan were used solely to pay off outstanding amounts due and payable under a premium finance loan and
any reasonable and customary closing expenses with respect to such Loan and (3) the Obligor thereunder has entered into a binding agreement (a “Bridge Loan Take-Out Agreement”) with a third party purchaser to sell the Policy securing
such Bridge Loan to such purchaser in a manner that satisfies all applicable requirements of the Operating Policies and Practices for a sale price (payable solely in cash) equal to or greater than the principal amount of such Bridge Loan and accrued
interest therein and all other amounts payable by the Obligor thereunder; 
 (iv) the Asset Documents relating to
such Loan include all of the Specified Documents (as defined in the Custodian Agreement), in each case substantially the form attached as part of Exhibit B-l or Exhibit B-2, as applicable, or in such other form as the Agent may approve in writing,
such approval not to be unreasonably withheld, together with all other documentation required by the Operating Policies and Practices, all of which Asset Documents have been duly executed and completed in accordance with the Operating Policies and
Practices; 
 (v) such Asset was initially funded by the related Initial Lender or Bridge Loan Lender, as
applicable, out of its own funds, and such Initial Lender or Bridge Loan Lender, as applicable, held such Asset for its own account and for its own risk (without there being during such holding period any right or obligation on the part of any GWG
Party or any other Person to purchase or acquire such Loan or any interest therein or otherwise cover any losses incurred by such Initial Lender or Bridge Loan Lender, as applicable, with respect thereto) for a period of not less than three
(3) Business Days; 
 (vi) neither the Initial Lender nor any GWG Party has an equity interest in the
related Policy; 
 (vii) such Loan is denominated and payable only in United States dollars in the United States
by an Obligor located in the State of Minnesota and is governed by the laws of the State of Minnesota; 
 (viii)
the related Insured has executed and delivered a personal guaranty in such form as the Agent may approve in writing (such approval not to be unreasonably withheld) covering (i) in the case of a Premium Finance Loan, not less than 10% of the
maximum principal balance of such Loan (or such other percentage as may be approved in writing by the Agent in its sole discretion) and (ii) in the case of a Bridge Loan (to the extent such Loan is non-recourse to the related Obligor), 100% of
the original principal amount owing under such Bridge Loan in the event such Bridge Loan is not paid or satisfied in full on its maturity date (it being understood that, pursuant to the terms of the related Asset Documents, the Bridge Loan may be
satisfied by delivery of the related Policy); 
 (ix) such Loan (a) has not had any of its terms, conditions
or provisions amended, modified, waived or rescinded other than in compliance with the Operating 

 

 
  
 Policies
and Practices and the Related Documents, (b) has not been restructured for credit reasons at any time, (c) has not been satisfied, subordinated or rescinded and (d) has not had any material collateral securing such Loan released from
the lien granted by the related Asset Documents; 

	 (x)
	  
	 such Loan does not provide for substitution, exchange or addition of collateral; 

(xi) as of the date such Loan is first included in the Collateral, no payment under such Loan is past due; 

(xii) such Loan has an original term to maturity of (A) in the case of a Premium Finance Loan, not less than 24
months and not more than 120 months and (B) in the case of a Bridge Loan, not less than 30 days and not more than 90 days, with the entire outstanding principal balance of such Loan and all accrued and unpaid interest thereon being due and
payable in full on or before the date of such maturity; 
 (xiii) the Initial Lender relating to such Loan in the
case of a Premium Finance Loan is an Approved Initial Lender, and the Bridge Loan Lender relating to such Loan in the case of a Bridge Loan is Opportunity Bridge Funding; 
 (xiv) none of the Initial Lender or the Bridge Loan Lender, as applicable, the applicable Seller, the Premium Finance Borrower or any other Person is obligated to make any additional loans
or other extensions of credit to the related Obligor pursuant to the terms of the related Asset Documents; 

(xv) the Asset Documents relating to such Loan incorporate customary and enforceable provisions permitting the holder of
such Loan to accelerate the maturity date thereof and to enforce its security interest in the collateral securing such Loan upon the occurrence of an event of default thereunder (after giving effect to any applicable grace period), and the
applicable Borrower, and its respective successors and assigns, shall be entitled to enforce all such rights under the related Asset Documents; 
 (xvi) the promissory note relating to such Loan constitutes an “instrument” or a “payment intangible” within the meaning of Article 9 of the UCC of all applicable
jurisdictions, there is only one original of any instrument and such original is in the possession of the Custodian; 
 (xvii) such Loan is not assumable by another Person in a manner which would release the Obligor thereof or the related Insured from such Obligor’s or Insured’s obligations with
respect to such Loan or any related Loan Document; 
 (xviii) as of the date such Loan is first included in the
Collateral, no material default, breach, violation or event permitting acceleration under the terms of such Loan has occurred; no continuing condition that with notice or the lapse of time would constitute a material default, breach, violation, or
event permitting acceleration under the terms of such Loan has arisen and all representations and warranties contained in the applicable Asset Documents are true and correct in all material respects; neither the 

 

 
  
 Initial
Lender or the Bridge Loan Lender, as applicable, nor the applicable Seller nor any of their respective Affiliates shall waive or has waived any of the foregoing; and no collateral securing such Loan shall have been repossessed as of such date;

 (xix) neither the applicable Seller nor the Initial Lender or the Bridge Loan Lender, as applicable, has made
any other loans to the related Obligor, other than Loans made under the same Loan Agreement, which additional Loans have been (or within seven (7) Business Days of the date such Loans are made, shall be) sold to the Premium Finance Borrower
pursuant to the Sale and Servicing Agreement; 
 (xx) pursuant to the related Asset Documents, each of the
related Obligor and the related Insured expressly agrees to make all payments thereunder stated to be due by it thereunder without condition or deduction for any counterclaim, defense, recoupment or setoff; 

(xxi) the related Obligor has been instructed to make all payments under such Loan directly to the Collection Account or a
Deposit Account; 
 (xxii) no transfer by an Initial Lender or the Bridge Loan Lender, as applicable, to the
applicable Seller, or by the applicable Seller to the applicable Borrower, of such Loan is or may be voidable under any section of the Bankruptcy Code; 
 (xxiii) such Loan has not been outstanding for more than 60 months; 
 (xxiv) in the case of a Premium Finance Loan for which the related purchase price has been escrowed with the Initial Lender, such escrow is in compliance with the terms of
Section 2.04, the Initial Lender is not in default in respect of any of its obligations in respect of the related escrow arrangement and no bankruptcy, insolvency, receivership or similar proceeding has been instituted by or against such
Initial Lender; and 
 (xxv) such Loan has been approved in writing by the Agent, in its sole discretion, as an
“Eligible Loan” hereunder (it being expressly understood and agreed that the Borrower does not intend to ever request any such approval and the Agent does not intend to ever grant such approval). 

“Eligible Obligor” means, at any time, an Obligor under a Loan that satisfies each of the following criteria:

 (i) as of the date of purchase of the related Loan by the Premium Finance Borrower, such Obligor is a Life
Insurance Trust settled by the related Insured, which Life Insurance Trust is organized under the laws of the State of Minnesota and the trustee of such Life Insurance Trust will either be an individual resident of the State of Minnesota or a
corporation or limited liability company duly incorporated or organized, validly existing and in good standing under the laws of the State of Minnesota; and 
 (ii) the beneficiaries of such Obligor are individuals that are immediate family members or direct lineal descendants of the Insured with an insurable interest in the life 

 

 
  
 of the
Insured or an estate planning vehicle or trust all of the owners or beneficiaries of which have an insurable interest in the life of the Insured, and all of such owners or beneficiaries are direct lineal descendants of the Insured. 

“Eligible Insured” means, at any time, an Insured that satisfies each of the following criteria: 

	 (i)
	  
	 the age of such Insured is greater than or equal to 65 years and less than or equal to 85 years;

 (ii) the Life Expectancy of such Insured as of the date the related Asset is first included
in the Collateral (or, in the case of a Loan, as of the date such Loan was first made) is less than or equal to 18 years; 
 (iii) each Servicer has continued access to such Insured’s medical records pursuant to a written authorization of such Insured; 

(iv) such Insured qualifies for a standard (including “flat extras”) or preferred universal life insurance
policy from the related Qualified Life Insurance Carrier; 

	 (v)
	  
	 such Insured is not a Prohibited Person; 

(vi) such Insured and the related beneficiary are not related to or affiliated with the Initial Lender (if applicable),
the related Life Settlement Provider (if applicable) or any GWG Party; and 
 (vii) at the time the Policy was
acquired by the Life Settlement Borrower, the Insured was not known by the Life Settlement Borrower or any of its Affiliates to have a terminal, catastrophic, life threatening or chronic illness or medical condition; and 

“Eligible Policy” means, at any time, a Policy that satisfies each of the following criteria: 

	 (i)
	  
	 the Insured under such Policy is an Eligible Insured; 

(ii) no payment of premiums thereon remains unpaid after the due date therefor, and all premiums due during the next
succeeding 30-day period (if any) have been paid in full in accordance with the terms of the related Policy Documents; 
 (iii) such Policy is an in-force, general account (i.e., non-variable), universal life insurance policy and is not (A) part of a group policy, (B) a term policy that is not
convertible into a universal life insurance policy or (C) a fractional interest in a universal life insurance policy; 
 (iv) such Policy was issued by a Qualified Life Insurance Carrier and is governed by the laws of a Qualified State; 

 

 
  
 (v) in the
case of a Policy securing a Loan, a Collateral Assignment in respect of such Policy in favor of the Premium Finance Borrower has been executed by the related Obligor and, in the case of a Premium Finance Loan that has been held by the Premium
Finance Borrower for more than 60 days, has been acknowledged by the applicable Qualified Life Insurance Carrier, which Collateral Assignment is in the possession of the Custodian; 

(vi) in the case of a Purchased Policy, (A) the Titling Trust owns (or, in the case of an Escrow Policy, will own
upon release of the Purchase Price pursuant to the related Eligible Escrow Agreement) 100% of the legal and beneficial interest in such Policy and the related Qualified Life insurance Carrier has confirmed (or, in the case of an Escrow Policy, will
confirm within 30 days of the date such Policy is first included in the Eligible Policies hereunder) such ownership in writing in accordance with its standard documentation for effecting a change of ownership, (B) the Life Settlement Borrower
owns 100% of the interests in such Titling Trust and the Titling Trust has issued a Trust Certificate to the Life Settlement Borrower evidencing such ownership in form and substance satisfactory to the Agent, which certificate has been duly endorsed
by the Life Settlement Borrower in blank and is in the possession of the Custodian, (C) the Titling Trust has duly executed and delivered a Titling Trust Security Agreement in favor of the Agent, pursuant to which the Titling Trust has granted
to the Agent a first priority perfected security interest in such Policy to secure the Obligations and (D) if such Purchased Policy has been held by the Life Settlement Borrower for more than 60 days, a Collateral Assignment in respect of such
Policy executed by the Titling Trust in favor of the Agent has been acknowledged and consented to by the applicable Qualified Life Insurance Carrier, which Collateral Assignment is in the possession of the Custodian, such that the Agent has a first
priority perfected security interest in such Policy; 
 (vii) such Policy is in full force and effect; the
related Qualified Life Insurance Carrier confirmed such effectiveness to the applicable Seller on or about the time the related Asset was acquired by such Seller; and such Policy is not being contested by the Qualified Life Insurance Carrier and is
not the subject of any action, suit, investigation, proceeding, dispute (pending or threatened), and is not subject to a right of rescission, setoff, counterclaim, subordination, recoupment, defense, abatement, suspension, deferment, deductible,
reduction or termination which has been asserted or threatened with respect to such Policy; 
 (viii) such Policy
is not subject to any Adverse Claims (other than Adverse Claims in favor of the applicable Borrower and Permitted Liens) and no Policy Loans are outstanding thereunder; 
 (ix) in the case of a Purchased Policy other than a Contestable Policy, the payment of the death benefit cannot be denied for any reason except for non-payment of premium; 

(x) in the case of a Policy securing a Loan, in the event the payment of the death benefit is denied for any reason, the
related Qualified Life Insurance Carrier will be 

 

 
  
 obligated
to refund all payments of premium received by it under such Policy and neither such Policy nor any applicable law, rule or regulation prohibits or restricts such payment; 
 (xi) such Policy provides for a lump-sum payment of the death benefit, and the death benefit under such Policy is payable only upon the death of the related Insured; 

(xii) the death benefit for such Policy is less than $ 15,000,000; 

(xiii) such Policy constitutes the legal, valid and binding obligation of the applicable Qualified Life Insurance Carrier,
enforceable against such party in accordance with its terms, except as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
 (xiv) the related premiums and death benefit under such Policy are denominated and payable solely in U.S. dollars; 
 (xv) unless otherwise approved in writing by the Agent in its good faith discretion, such Policy has not been previously settled, pledged or otherwise transferred in whole or in part to
any other Person other than (A) in the case of a Purchased Policy, by the Insured (or a related Life Insurance Trust established for the sole benefit of the immediate family members or estate of the Insured) to an Approved Lender (as defined
below) as collateral for a premium finance loan made by such Approved Lender pursuant to an Approved Premium Finance Program (as defined below) at the time such Policy was initially issued; provided that such loan shall have been repaid in full, and
any related Adverse Claim held by such Approved Lender shall have been fully released in writing, on or prior to the date such Policy is first included in the Collateral hereunder pursuant to a written release in a form that has been approved in
writing by the Agent, (B) in the case of a Purchased Policy, by the Insured to the applicable Seller or another Life Settlement Provider that has been approved in writing by the Agent and (if applicable) by such Life Settlement Provider to the
applicable Seller, in each case in accordance with the Operating Policies and Practices and the related Asset Documents, (C) as collateral for an Eligible Loan included in the Collateral hereunder in accordance with the related Asset Documents
and (D) by the applicable Seller to the applicable Borrower or the Titling Trust, and by the applicable Borrower or the Titling Trust to the Agent, in each case pursuant to the Related Documents; 

(xvi) the premiums of which have not been funded, directly or indirectly, with the proceeds of any loan (other than an
Eligible Loan or a premium finance loan made by an Approved Lender pursuant to an Approved Premium Finance Program); 
 (xvii) in which no Person has, or has had from the date of issue of such Policy, a direct or indirect interest in the proceeds of the Policy, other than (i) individuals that are
immediate family members or direct lineal descendants of the Insured with an insurable interest in the life of the Insured, (ii) an estate planning vehicle or trust all of the owners or beneficiaries of which have an insurable interest in the
life of the Insured, and all of 

 

 
  
 such
owners or beneficiaries are immediate family members or direct lineal descendants of the Insured, (iii) the applicable Seller pursuant to the related Asset Documents and the Related Documents, (iv) the applicable Borrower pursuant to the
related Asset Documents and the Related Documents, (v) the Agent for the benefit of the Secured Parties and (vi) in the case of a Purchased Policy, the related Approved Lender pursuant to an Approved Premium Finance Program and any
applicable Life Settlement Provider; 
 (xviii) the annual premiums due under such Policy from the time of its
issuance through the related Insured’s Life Expectancy does not exceed 10% of the related Net Death Benefit, and such Policy does not permit any decrease in the Net Death Benefit; 

(xix) upon or immediately after acquisition of such Policy by the applicable Borrower, the related Qualified Life
Insurance Carrier has been directed under a Collateral Assignment to make all payments under such Policy directly to the Collection Account or a Deposit Account; 
 (xx) the Asset Documents relating to such Policy include the related Policy File, the related Purchase and Sale Agreement, the related Origination Agreement (if applicable) and the other
Specified Documents (as defined in the Custodian Agreement), in each case in substantially the form attached as part of Exhibit B-l, B-2 or B-3, as applicable or in such other form as the Agent may approve in writing, such approval not to be
unreasonably withheld (provided, however, that any variation from any such form resulting from a change in applicable law shall not require the consent of the Agent), together with all other documentation required by the Operating Policies and
Practices, all of which Asset Documents have been duly executed and completed in accordance with the Operating Policies and Practices; 
 (xxi) in the case of a Purchased Policy, unless otherwise approved in writing by the Agent in its good faith discretion, such Policy was purchased by the applicable Seller directly from
(A) the Insured (or a related Life Insurance Trust established for the sole benefit of the immediate family members or estate of the Insured) or (B) a Life Settlement Provider pursuant to an Origination Agreement and a Purchase and Sale
Agreement, which Life Settlement Provider (x) purchased such Policy directly from the Insured (or a related Life Insurance Trust established for the sole benefit of the immediate family members or estate of the Insured), (y) has been
approved in writing by the Agent and (z) is duly licensed under the laws of the State where the Insured is located; 
 (xxii) all representations and warranties contained in the applicable Asset Documents are true and correct in all material respects; 

(xxiii) in the event a death certificate is submitted in respect of such Policy, the death benefit under such Policy is
required to be paid within 60 days after such submission, and such Policy shall be no longer constitute an “Eligible Policy” hereunder if such death benefit is not received in the Collection Account within 60 days after such submission;

 

 
  
 (xxiv) if
the Insured was married at the time the Policy was issued or at any time thereafter that the Insured or any related trust owned such Policy, the consent of the Insured’s spouse was obtained to the transfer of such Policy in the manner
contemplated by the related Asset Documents; 
 (xxv) the Qualified Life Insurance Carrier has not withheld taxes
from any amounts owing to the applicable Borrower with respect to such Policy or any other Policy included in the Collateral; 
 (xxvi) the related seller of the Policy under the applicable Purchase and Sale Agreement is domiciled in a Qualified State; 

(xxvii) the Custodian has received the Policy File relating to such Policy and is holding such Policy File in accordance
with the terms of the Custodian Agreement; 
 (xxviii)in the case of a Policy securing a Loan, (A) the
Policy will be delivered to the Life Insurance Trust that is the Obligor on such Loan at an office of the trustee for such Life Insurance Trust in Minnesota, and such trustee will execute and deliver in Minnesota the trust agreement pursuant to
which such Life Insurance Trust is created and the other Loan Documents to which the Life Insurance Trust is a party, (B) the insurer issuing the Policy will be licensed to transact insurance in Minnesota, (C) the Policy will be one or
more individual (not group) policies of life insurance that comply with and are issued pursuant to Minnesota law, (D) the Policy will be solicited, negotiated and sold by a producer duly licensed as a resident or non-resident agent under, and
acting in compliance with, Minnesota law, (E) neither the Initial Lender nor any of the GWG Parties nor any of their respective Affiliates will be involved in any manner in the solicitation, negotiation or sale of, or transacting, the Policy,
(F) neither the Initial Lender nor any of the GWG Parties nor any of their respective Affiliates will be compensated in any manner by the related insurer and (G) the Insured will be free to select an insurance company of his or her choice
for purposes of providing the Policy; and 
 (xxix) a credit event giving rise to a cash settlement payment has
not occurred under a CDS Transaction referencing debt obligations of the Qualified Life Insurance Carrier with respect to such Policy. 
 “Qualified State” means: 
 (i) in the
case of Premium Finance Loans, any state in the United States (other than Alaska and Virginia) so long as (A) the Initial Lender is MidCountry Bank and MidCountry Bank continues to be a federal savings bank, (B) no licenses or other
authorizations are required to be obtained by any GWG Party in order to purchase Premium Finance Loans originated in such state in the manner contemplated by the related Asset Documents and the Related Documents and (C) with respect to any
state, if the aggregate Collateral Balance of the Premium Finance Loans for which the related Insured is a resident in such state is equal to or greater than 5% of the Eligible Asset Balance, the Agent has received an opinion in form and substance
satisfactory to it regarding the compliance of the related Loan Documents with the laws of such state; 

 

 
  
 (ii) in
the case of Bridge Loans, any state approved in writing by the Agent in its sole discretion (it being understood that, unless and until the Agent otherwise agrees in writing in its sole discretion, there shall be no Qualified States with respect to
the Bridge Loans and accordingly none of the Bridge Loans shall be Eligible Assets hereunder); and 
 (iii) in
the case of Purchased Policies, each state (A) that has been approved in writing by the Agent in its sole discretion as a Qualified State hereunder with respect to Purchased Policies, as set forth on Schedule VI hereto (as amended from time to
time by the Agent as provided below), (B) where the applicable Life Settlement Provider has all licenses and other authorizations required to be obtained by it (if any) in order to purchase Policies in such state in the manner contemplated by
the relevant Asset Documents, and the Agent has received evidence reasonably satisfactory to it of the same, (C) where neither the Borrower nor the Titling Trust is required to obtain any license or other authorization in order to acquire such
Purchased Policies originated in such state in the manner contemplated by the Related Documents and (D) with respect to any state, if the aggregate Collateral Balance of the Purchased Policies for which the related seller under the applicable
Purchase and Sale Agreement is domiciled in such state, is equal to or greater than 5% of the Eligible Asset Balance, the Agent has received an opinion in form and substance satisfactory to it regarding the compliance of the related Policy Documents
with the laws of such state; provided that, in the case of a Purchased Policy that is a Contestable Policy, each Qualified State must be an Unregulated State; and provided further that the Agent may, at any time in its discretion, deliver an updated
Schedule VI to the Borrowers, in which case Schedule VI shall automatically be deemed to have been amended and restated to read as set forth in such new Schedule VI effective upon the date of such delivery. 

“Unregulated State” any state set forth in Schedule VII hereto, as amended from time to time by the Agent, so
long as such state has not adopted a law, rule or regulation relating to life settlements; provided that the Agent may, at any time in its discretion, deliver an updated Schedule VII to the Borrowers, in which case Schedule VII shall automatically
be deemed to have been amended and restated to read as set forth in such new Schedule VII effective upon the date of such delivery. 
 “Approved Lender” means any lender that has been approved in writing by the Agent in its sole discretion as an “Approved Lender” hereunder. 

“Approved Premium Finance Program” means a program for the origination of premium finance loans by an Approved
Lender pursuant to loan documents the forms of which have been furnished to, and have been approved in writing by, the Agent in its sole discretion. 
 B. Additional UCC Representations 
 1. Lawful
Assignment. No Asset has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, and assignment of such Asset to the applicable Borrower under the Sale and Servicing Agreement or the grant of a security
interest in such Asset under this Agreement shall be unlawful, void, or voidable. None of the GWG Parties nor 

 

 
  
 any of
their respective Affiliates has entered into any agreement with any account debtor that prohibits, restricts or conditions the assignment of any portion of the Assets. 
 2. All Filings Made. All filings or other action (including, without limitation, UCC filings and notices required to be delivered under the common law) necessary in any jurisdiction to
give the applicable Borrower a first priority perfected ownership interest in the Assets and the Other Conveyed Property and to give the Agent a first priority perfected security interest in the Collateral, to the extent required under this
Agreement, have been made. 
 3. Tax Liens. As of the date on which any Asset is first included in the
Collateral, there is no lien against any collateral, if any, securing such Asset for delinquent taxes. 
 4.
Creation. The Sale and Servicing Agreement creates a valid and continuing security interest in the Assets in favor of the Borrowers which security interest is prior to all other Adverse Claims, and is enforceable as such as against creditors of and
purchasers from either Seller; and this Agreement creates a valid and continuing security interest in the Assets in favor of the Agent (for the benefit of the Secured Parties), which security interest is prior to all other Adverse Claims, and is
enforceable as such as against creditors of and purchasers from the Borrower. 
 5. Good Title. No Asset has been
sold, transferred, assigned, or pledged by either Seller or any Affiliate thereof to any Person other than directly to the Borrowers pursuant to the Sale and Servicing Agreement. Immediately prior to the transfer and assignment contemplated by the
Sale and Servicing Agreement, the applicable Seller had (or, in the case of an Escrow Policy, will acquire upon release of the Purchase Price pursuant to the related Eligible Escrow Agreement) good and marketable title to each Asset, and was (or, in
the case of an Escrow Policy, will be upon release of the Purchase Price pursuant to the related Eligible Escrow Agreement) the sole owner thereof, free and clear of all Adverse Claims (except for those released on or before the date on which such
Asset first became a Asset and Permitted Liens) and, immediately upon the transfer thereof to the Borrowers under the Sale and Servicing Agreement, the Borrowers shall have acquired (or, in the case of an Escrow Policy, will acquire upon release of
the Purchase Price pursuant to the related Eligible Escrow Agreement) good and marketable title to each such Asset, and will be the sole owner thereof, free and clear of all Adverse Claims (other than Permitted Liens), and the transfer has been
perfected under the UCC or common law, as applicable. No Person has a participation in, or other right to receive, proceeds of any Asset except as provided in this Agreement. None of the GWG Parties nor any Affiliate thereof has taken any action to
convey any right to any Person, other than the Borrowers or the Agent, that would result in such Person having a right to payments due under such Asset. 
 6. Perfection, Each of the applicable Seller and the applicable Borrower has caused or will have caused, on or prior to the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions and the giving of all notices under applicable law in order to perfect such Borrower’s interest in the Assets relating to their sale from such Seller to such Borrower and the security
interest in the Assets granted by such Borrower to the Agent (for the benefit of the Secured Parties) under this Agreement. 

 

 
  
 7. No
Other Interest. Other than the transfer of the Assets to Borrowers under the Sale and Servicing Agreement and Permitted Liens, none of the Borrowers, the Sellers or any of their respective Affiliates has pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Assets (unless such interest has been released). None of the Borrowers, the Sellers or their Affiliates has authorized the filing of, or is aware of any financing statements that include a description of
collateral covering the Assets other than any financing statement relating to the sale to the Borrowers under the Sale and Servicing Agreement or the security interest granted to the Agent (for the benefit of the Secured Parties) under this
Agreement or that has been released or terminated or is a Permitted Lien. 
 8. No Notations. None of the
tangible chattel paper or instruments that constitute or evidence the Assets has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Borrowers and the Agent (for the benefit of
the Secured Parties). 

 

 
  
 ANNEX IV
TO 
 CONSENT AND AMENDMENT NO. 1 
 SCHEDULE VI TO 
 CREDIT AND SECURITY 

AGREEMENT 
 LIST OF APPROVED QUALIFIED STATES FOR PURCHASED POLICIES 
 Each Unregulated State 
 Arkansas 

California* 
 Colorado 
 Connecticut 

Florida 
 Georgia 
 Illinois** 

Indiana 
 Iowa 
 Kansas 

Kentucky 
 Louisiana 
 Maine 

Maryland 
 Minnesota 
 Mississippi 

Montana 
 Nebraska 
 Nevada 

New Jersey 
 New York*** 
 North Carolina 

Ohio 
 Oklahoma 
 Pennsylvania 

Tennessee 
 Texas 
 Utah 

Virginia 
 Wisconsin 
 * California shall satisfy clause
(iii)(A) of the definition of “Qualified State” with respect to a Life Settlement Provider that is not licensed as a life settlement provider in California if and only if the Life Settlement Provider (i) was lawfully transacting life
settlement business in California prior to July 1, 2010, (ii) has filed its life settlement provider license application with the California Department of Insurance on or prior to September 1, 2010, (iii) is in compliance with
all procedures in order for it to continue conducting life settlement business in California pending review and approval of its life settlement provider license application, (iv) is listed on the California Department of Insurance’s

 

 
  
 ANNEX IV
TO 
 CONSENT AND AMENDMENT NO. 1 
 official website list of entities that are currently authorized to operate as life settlement providers in California and (v) has not withdrawn its life settlement provider license
application or had such application denied. 
 ** Illinois shall satisfy clause (iii)(A) of the definition of
“Qualified State” with respect to a Life Settlement Provider that is not licensed as a life settlement provider in Illinois if and only if the Life Settlement Provider (i) was a licensed viatical settlement provider under Illinois law
prior to July 1, 2010, (ii) continues to satisfy all requirements to hold such license and such license has not been non-renewed, suspended or revoked by the Illinois Department of Insurance, and (iii) complied, on or before
July 1, 2010, with the various procedures and requirements and paid the fees listed in Section 10 of the Illinois Viatical Settlements Act and in the Illinois Department of Insurance Bulletin 2010-03. 

*** New York shall satisfy clause (iii)(A) of the definition of “Qualified State” with respect to a Life
Settlement Provider that is not licensed as a life settlement provider in New York if and only if the Life Settlement Provider (i) was lawfully transacting life settlement business in New York prior to the effective date of the New York Life
Settlement Act, (ii) has filed its life settlement provider license application with the New York State Insurance Department, (iii) has complied, and continues to comply, with the various requirements and procedures outlined in
Section 21 of the New York Life Settlement Act, pending review and approval of its life settlement provider license application, (iv) is listed on the New York State Insurance Department’s official website list of entities that may
lawfully operate as life settlement providers in New York and (v) has not withdrawn its life settlement provider license application or had such application denied. 

 

 
  
 ANNEX V TO

 CONSENT AND AMENDMENT NO. 1 
 SCHEDULE VII TO 
 CREDIT AND SECURITY 

AGREEMENT 
 LIST OF UNREGULATED STATES 
 Alabama 

Arizona 
 Delaware 
 District of Columbia 

Hawaii 
 Massachusetts 
 Michigan 

Missouri 
 New Mexico 
 South Carolina 

South Dakota 
 Wyoming 

 

 
  
 ANNEX VI
TO 
 CONSENT AND AMENDMENT NO. 1 
 SCHEDULE VIII TO 
 CREDIT AND SECURITY 

AGREEMENT 
 LIFE SETTLEMENT PROVIDERS 
 GWG Life Settlements,
LLC 
 Magna Life Settlements, Inc.

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