Document:

Exhibit 10.1

 

EXECUTION VERSION

 

Certain identified information has been excluded
from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential.
The omitted information is marked with “[*]”.

 

WAIVER AND AMENDMENT TO CREDIT AGREEMENT

 

This Waiver and Amendment
to Credit Agreement, dated and effective as of March 31, 2022 (this “Amendment”), is between GWG DLP Funding VI, LLC,
a Delaware limited liability company (the “Borrower”), and National Founders LP, a Delaware limited partnership (“National
Founders”), in its individual capacity as the sole Lender (as defined below) under the Credit Agreement referenced below and
in its capacity as the administrative agent under the Credit Agreement (in such latter capacity, the “Administrative Agent”).

 

WHEREAS, the Borrower is the
borrower under that certain credit agreement, dated as of August 11, 2021 (such credit agreement, as in effect immediately prior to the
waivers and amendments being effected by this Amendment, the “Credit Agreement”), among the Borrower, the lenders from
time to time party thereto (the “Lenders”) and the Administrative Agent (each capitalized term used but not otherwise
defined in this Amendment has the meaning given to such term in the Credit Agreement); and

 

WHEREAS, Section 10.1 of the
Credit Agreement permits the provisions of the Credit Agreement to be waived and amended from time to time pursuant to the conditions
set forth therein.

 

NOW THEREFORE, in consideration
of the above premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower, the Lender hereto and the Administrative Agent hereby agree as follows:

 

Section 1. Waiver Under
Credit Agreement.

 

(a)   The
Borrower acknowledges and agrees that:

 

(i)   the
Required Reserve Amount as of the Remittance Date that occurred on March 16, 2022 (such Remittance Date, the “March 2022 Remittance
Date”) is $2,512,609.94 (such amount, the “March 2022 Required Reserve Amount”);

 

(ii)   $500,330.64
of funds were in the Reserve Account (such amount of such funds, the “March 2022 Actual Reserve Amount”) after giving
effect to the transfer of funds described in Section 3(c) that occurred on March 25, 2022;

 

(iii)   no
funds have been deposited into the Reserve Account since March 25, 2022; and

 

(iv)   an
Event of Default exists on the date hereof under Section 8.1(b) of the Credit Agreement, as a result of the amount of funds in the Reserve
Account on the March 2022 Remittance Date having failed to equal at least the March 2022 Required Reserve Amount and such failure having
continued for more than five Business Days since the March 2022 Remittance Date and such failure still continuing as of the date hereof
(such Event of Default, the “March 2022 Reserve Account EoD”).

 

     

     

    

 

(b)   At
the Borrower’s request, the sole Lender hereby waives the March 2022 Reserve Account EoD during the Waiver Period (as defined below)
and grants no other waiver hereby; provided, however, such waiver of the March 2022 Reserve Account EoD is subject to the
condition that all of the representations and warranties made by the Borrower in Section 6 are true and correct in all respects
on the date hereof. For purposes of clarification (i) if any representation or warranty made by the Borrower in Section 6 is untrue
in any respect on the date hereof, the waiver described in the immediately preceding sentence shall be ineffective and void, and (ii)
without limiting clause (i), the waiver described in the immediately preceding sentence shall cease to be effective automatically upon
the Waiver Period ending.

 

(c)   As
used herein, the term “Waiver Period” means the period from the date hereof to the earlier to occur of:

 

(i)   April
8, 2022 or such later date that the Administrative Agent (in its sole discretion) may designate in writing from time to time; and

 

(ii)   the
occurrence of any Event of Default on or after the date hereof.

 

(d)   The
parties agree that the March 2022 Reserve Account EoD will be deemed to be cured upon the following sum equaling at least the difference
of the March 2022 Required Reserve Amount minus the March 2022 Actual Reserve Amount (such difference, the “March 2022 Reserve
Account Deficiency Amount”):

 

(i)   the
aggregate amount of funds, if any, that are deposited in the Collection Account during the period from the date hereof through the end
of the Waiver Period; plus

 

(ii)   the
aggregate amount of funds, if any, that the Parent deposits in the Reserve Account, as a capital contribution to the Borrower, during
the period from the date hereof through the end of the Waiver Period (it being understood that to the extent any such deposit of funds
as a capital contribution is subsequently rescinded, the amount of funds so rescinded shall be deemed to have been never deposited in
the Reserve Account for purposes of this clause (ii)).

 

(e)   Without
limiting any other right of the Administrative Agent under any Loan Document, the Administrative Agent shall be permitted to instruct
the Securities Intermediary, from time to time during the Waiver Period, to transfer funds from the Collection Account to the Reserve
Account in an aggregate amount not to exceed the difference of (i) the March 2022 Reserve Account Deficiency Amount minus (ii) the aggregate
amount of funds that the Parent theretofore has deposited in the Reserve Account, as a capital contribution to the Borrower, since the
date hereof (it being understood that to the extent any such deposit of funds is subsequently rescinded, the amount of funds so rescinded
shall be deemed to have been never deposited in the Reserve Account for purposes of this clause (ii)).

 

Section 2. Additional
Advance.

 

(a)   On
the date hereof, the sole Lender shall make an additional loan to the Borrower in the principal amount of $4,000,000.00, by (i) depositing
immediately available funds in the amount of $3,000,000.00 to the Borrower Account, with respect to which the Borrower has provided wire
transfer instructions therefor to the Administrative Agent by email, and (ii) on behalf of the Borrower and at the Borrower’s direction
by its execution of this Amendment, paying the sole Lender the fee due and payable to it under Section 5. Upon such loan being
made, it shall constitute a Loan for all purposes of the Loan Documents, and shall bear interest from the date hereof in accordance with
Section 2.5 of the Credit Agreement, notwithstanding anything to the contrary set forth in any Loan Document.

 

    2

     

    

 

(b)   As
authorized by the board of directors of the Borrower, and by the board of directors of the Parent, (i) the Borrower is making a $3,000,000.00
distribution to its sole member, the Parent, on the date hereof and (ii) the Parent is making a $3,000,000.00 distribution to its sole
member, GWG Life, on the date hereof. The sole Lender hereby consents to each such distribution notwithstanding anything to the contrary
set forth in any Loan Document. To implement such distributions, the Borrower shall transfer $3,000,000.00 from the Borrower Account to
an account of GWG Life promptly following the proceeds of the Loan described in Section 2(a) being deposited in the Borrower Account.

 

Section 3. Amendments
to Credit Agreement.

 

(a)   Solely
with respect to the March 2022 Remittance Date, clause (a) of the definition of Available Funds shall be deemed to read:

 

		“(a)	all Collections received in respect of the Pool Policies during the period from
February 1, 2022 through March 24, 2022;”.

 

(b)   Solely
with respect to the Remittance Date occurring in April 2022, clause (a) of the definition of Available Funds shall be deemed to read:

 

		“(a)	all Collections received in respect of the Pool Policies during the period from
March 25, 2022 through March 31, 2022;”.

 

(c)   The
parties acknowledge and agree that, without modifying the term Remittance Date or Interest Payment Date in any respect, (i) the transfer
of Available Funds contemplated to occur on the March 2022 Remittance Date pursuant to Section 2.4(b) of the Credit Agreement occurred
on March 25, 2022 as if March 25, 2022 was March 16, 2022 and the amendments to the Credit Agreement described in Sections 3(e)
and (f) had been made prior to such transfer and (ii) any installment of interest on any Loan that was due and payable on the March
2022 Remittance Date instead shall have been due and payable on March 25, 2022 and no interest shall have accrued on such installment
of interest from, and including, the March 2022 Remittance Date to, but excluding, March 25, 2022.

 

(d)   Subject
to Section 3(p), Section 1.1 of the Credit Agreement is hereby amended by adding the following defined terms thereto in the applicable
alphabetical order:

 

“Acceleration
Discounted Interest Amount” means, as of any date of determination, (i) if such date of determination is prior to the third
anniversary of the Closing Date, an amount equal to the cumulative sum, with respect to each Remittance Date that would occur (without
regard to any repayment of any Loan occurring, or otherwise required to occur, on or after such date of determination) from such date
of determination to the third (3rd) anniversary of the Closing Date, of the amount of interest on the aggregate amount of the
unpaid principal of all Loans outstanding on such date of determination (prior to any repayment of any such principal on such date of
determination) that would have been payable on such Remittance Date had the unpaid principal amount of all outstanding Loans not become
due and payable on such date of determination (assuming that the entirety of the aggregate amount of the unpaid principal of all Loans
outstanding on such date of determination would be outstanding on such Remittance Date), discounted from such Remittance Date to such
date of determination at the Discount Rate as of the second (2nd) Business Day prior to such date of determination, and (ii)
if such date of determination is on or after the third anniversary of the Closing Date, zero Dollars. For purposes of clause (i) of the
foregoing, interest shall be calculated based upon the Interest Rate as of the date of determination prior to giving effect to any repayment
of any Loan occurring, or otherwise required to occur, on or after such date of determination, except to the extent that any such calculation
involves the Interest Rate as of a day prior to such date of determination, in which case the Interest Rate as of such day shall be used
in such calculation with respect to such day.

 

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“Acceleration
Prepayment Percentage” means, as of any date of determination, (i) if such date of determination is prior to the fourth anniversary
of the Closing Date, [*]%, (ii) if such date of determination is on or after the fourth, but prior to the fifth, anniversary of the Closing
Date, [*]%, (iii) if such date of determination is on or after the fifth, but on or prior to the sixth, anniversary of the Closing Date,
[*]%, and (iv) if such anniversary is after the sixth anniversary of the Closing Date, [*] percent.

 

“Acceleration
Prepayment Premium Amount” means, as of any day, an amount equal to (i) if such day is prior to the third anniversary of the
Closing Date, the sum of (a) the Acceleration Discounted Interest Amount as of such day and (b) the product of (1) the aggregate amount
of the unpaid principal of all Loans outstanding on such day prior to any repayment thereof on such day and (2) the Acceleration Prepayment
Percentage as of such day, and (ii) if such day is on or after the third anniversary of the Closing Date, the product of (a) the aggregate
amount of the unpaid principal of all Loans outstanding on such day prior to any repayment thereof on such day and (b) the Acceleration
Prepayment Percentage as of such day.

 

(e)   Section
2.4(b)(i)(B) of the Credit Agreement is hereby amended by replacing the reference to “Section 2.4(b)(i)(E) or (F)”
therein with “Section 2.4(b)(i)(D) or (F)”.

 

(f)   Sections
2.4(b)(i)(D) and (E) of the Credit Agreement are hereby amended and restated as follows:

 

“(D) fourth,
to the Administrative Agent for the account of the Lenders, an amount equal to the accrued and unpaid interest on the one or more Loans
then due and payable;

 

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(E)   fifth,
to the Reserve Account, the amount, if any, necessary to cause the amount on deposit therein to at least equal the Required Reserve Amount
with respect to such Remittance Date;”.

 

(g)   Each
of Sections 2.4(b)(ii)(B) and (C) of the Credit Agreement is hereby amended by replacing the reference to “Section 2.4(b)(ii)(F)
or (G)” therein with “Section 2.4(b)(ii)(E) or (G)”.

 

(h)   Sections
2.4(b)(ii)(E) and (F) of the Credit Agreement are hereby amended and restated as follows:

 

“(E) fifth,
to the Administrative Agent for the account of the Lenders, an amount equal to the accrued and unpaid interest on the one or more Loans
then due and payable;

 

(F)   sixth,
to the Reserve Account, the lesser of (1) the amount, if any, necessary to cause the amount on deposit therein to at least equal the Required
Reserve Amount with respect to such Remittance Date and (2) the amount (which may be zero) designated by the Administrative Agent;”.

 

(i)   Subject
to Section 3(p), the last sentence of Section 2.12(c) of the Credit Agreement is hereby amended and restated as follows:

 

“For the avoidance of doubt, but without
limiting Section 8.4 in any respect, no Prepayment Premium shall be payable in connection with any payment of principal made with
any such amount pursuant to such a section.”.

 

(j)   Section
8.3(c) of the Credit Agreement is hereby by amended by replacing the reference to “Section 8.3(d), (e), (h)
or (i)” therein with “Section 8.3(d), (e), (h) or (j)”.

 

(k)   Each
of Sections 8.3(d), (e) and (g) of the Credit Agreement is hereby amended by replacing the reference to “Section 8.3(h) or
(i)” therein with “Section 8.3(h) or (j)”.

 

(l)   Sections
8.3(i) and (j) of the Credit Agreement are hereby amended and restated as follows:

 

“(i) ninth,
to the Reserve Account, the amount (which may be zero) determined by the Administrative Agent in its sole to be necessary or desirable
(i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment
of the one or more Loans and other Obligations or (iii) to pay, or provide for the payment of, any Borrower Expense or any other amount
chargeable to, or required to be paid by, the Borrower pursuant to the terms of any Loan Document (other than any Obligation described
in Section 8.3(j));

 

(j)   tenth,
to the Administrative Agent for the account of the Lenders, an amount equal to aggregate outstanding principal amount of the one or more
Loans; and”.

 

    5

     

    

 

(m)   Section
8.3 of the Credit Agreement is hereby amended by adding the following as a new clause thereof immediately following Section 8.3(j) of
the Credit Agreement:

 

“(k) eleventh,
after all of the Obligations have been indefeasibly paid or otherwise satisfied in full, to the Borrower by deposit into the Borrower
Account, or as otherwise required by Law, any such amount remaining.”.

 

(n)   Subject
to Section 3(p), Article VIII of the Credit Agreement is hereby amended by adding the following as a new section thereof immediately
following Section 8.3 of the Credit Agreement:

 

“Section 8.4 Acceleration
Prepayment Premium Amount. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, including
the last sentence of Section 2.12(c), if the unpaid principal amount of all outstanding Loans shall become due and payable pursuant
to Section 8.2, whether by declaration or automatically, the Borrower shall pay to the Administrative Agent, for the account of
each Lender based on its Applicable Percentage, on the day on which the unpaid principal amount of all outstanding Loans shall have become
so due and payable, an amount equal to the Acceleration Prepayment Premium Amount as of such day.”.

 

(o)   The
form of Remittance Report shall be amended to reflect the applicable amendments to the Credit Agreement effected by the foregoing provisions
of this Section 3.

 

(p)   Without
limiting any other provision of this Amendment:

 

(i)   none
of the amendments to the Credit Agreement described in Sections 3(d), (i) and (n) shall be effective unless and until
National Founders or an Affiliate thereof makes an initial loan to either or both of GWG Holdings and GWG Life of $10,000,000.00 (or such
lesser amount elected by GWG Holdings or GWG Life) under a debtor-in-possession credit agreement with one or both of GWG Holdings and
GWG Life (the “NF DIP Facility”); and

 

(ii)   if,
subsequent to the amendments to the Credit Agreement described in Sections 3(d), (i) and (n) becoming effective pursuant
to Section 3(p)(i), a final order of the bankruptcy court approving the NF DIP Facility is not entered due to an inability or unwillingness
of National Founders or an Affiliate thereof to perform under the NF DIP Facility, the amendments to the Credit Agreement described in
Sections 3(d), (i) and (n) shall cease to be effective automatically and any Acceleration Prepayment Premium Amount
otherwise due and payable pursuant to Section 8.4 of the Credit Agreement (after giving effect to Section 3(n), if such section
was effective) shall not be due and payable.

 

Section 4. Certain Acknowledgments
and Agreements. The Borrower expressly acknowledges and agrees that, without limiting any other right of the Administrative Agent
or any Lender under any Loan Document, the Administrative Agent shall be permitted to make one or more Protective Advances pursuant to
Section 2.13 of the Credit Agreement during the Waiver Period to the same extent that the Administrative Agent would be permitted to do
so if the waiver described in Section 1 had not been granted.

 

    6

     

    

 

Section 5. Amendment
Fee. Simultaneously with this Amendment becoming effective, the Borrower shall pay to the Administrative Agent, for the account of
National Founders as the sole Lender on the date hereof, an amendment fee of $1,000,000.00 in immediately available funds. Such fee shall
be so paid, on the date hereof (automatically upon this Amendment becoming effective), in accordance with Section 2(a). No portion
of such fee shall be refundable under any circumstance or shall be subject to any reduction by way of setoff, counterclaim or otherwise.

 

Section 6. Certain Representations
and Warranties of the Borrower. On and as of the date hereof, the Borrower hereby represents and warrants to the Administrative Agent
and each Lender as follows:

 

(a)   The
representations and warranties set forth in the following sections of the Credit Agreement are true and correct on and as of the date
hereof: 5.1 through 5.6; 5.8 through 5.14; 5.16; 5.18 (other than clause (c) thereof); and 5.19 through 5.29.

 

(b)   No
Loan Party has any Contractual Obligations other than pursuant to the Loan Documents to which it is party. No Default or Event of Default
has occurred and is continuing, other than the March 2022 Reserve Account EoD.

 

(c)   The
true and correct U.S. taxpayer identification numbers of the Loan Parties are set forth on Schedule 5.15 of the Credit Agreement. Each
Loan Party’s exact legal name on the date hereof and any prior legal names, and each Loan Party’s jurisdiction of organization,
organizational identification number and registered office since such Loan Party’s date of organization, are, in each case, as set
forth on Schedule 5.15 of the Credit Agreement. Except as set forth on Schedule 5.15 of the Credit Agreement, no Loan Party has changed
its name nor does it have any trade names, fictitious names, assumed names or “doing business” names.

 

(d)   Each
Pool Policy is an Eligible Policy. Each Pool Policy included in the calculation of the Borrowing Base in any Remittance Report or Borrowing
Base Certificate delivered prior to the date hereof was an Eligible Policy as of the date of calculation of the Borrowing Base set forth
in such Remittance Report or Borrowing Base Certificate, as the case may be.

 

(e)   The
data set forth in the Data Tape that the Borrower delivered in connection with the Monthly Period Determination Date that occurred in
March 2022 was true and correct in all material respects as of the date of such Data Tape.

 

(f)   No
Beal LSA Default/Event of Default or L Bond Default/Event of Default (each as defined in the waiver, dated February 24, 2022, among the
Borrower, National Founders, in its individual capacity as the sole Lender, and the Administrative Agent) has occurred and is continuing
as of the date hereof, other than an L Bond Default/Event of Default existing on the date hereof solely due to there having been a failure
to pay an installment of principal and interest under the L Bond Indenture (as defined in such February 24, 2022 waiver) when due.

 

    7

     

    

 

Section 7. Release.

 

(a) The
Borrower, on its own behalf and on behalf of each subsidiary of the Borrower, each manager, director, officer and employee of the Borrower
or any such subsidiary, each predecessor, successor, assign, heir, executor, administrator, agent and other legal representative of the
Borrower or any such other Person and any Person claiming by or through any or all of the foregoing (collectively, the “Borrower
Releasors”):

 

(i) acknowledges
and confirms that it does not have any ground to challenge, and agrees not to challenge or otherwise allege or pursue any matter, cause
or claim that challenges, in any case based upon any act or omission of any Indemnitee occurring prior to the date hereof or any fact
otherwise known to it as of the date hereof, the effectiveness, the genuineness, validity, collectability or enforceability of or under
any Loan Document; and

 

(ii) unconditionally
and forever waives, remises, releases, discharges and holds harmless each Indemnitee, each Affiliate of any Indemnitee, each member, stockholder,
manager, director, officer, employee, attorney, agent or representative of any Indemnitee or any such Affiliate, each predecessor, successor,
assign, heir, executor, administrator, agent and other legal representative of any Indemnitee, any such Affiliate or any such other Person
and any Person claiming by or through any or all of the foregoing (collectively, the “Released Persons”), from and
against, and agrees not to allege or pursue any or all of, any action, cause of action, suit, debt, liability, loss, expense, claim, counterclaim,
cross-claim, demand, defense, offset, opposition, demand and other right of action whatsoever, whether now known or unknown, past or present,
asserted or unasserted, contingent or liquidated, whether in law, equity or otherwise, which any of any Borrower Releasor ever had, now
has, may have, or claim to have against any of the Released Persons, by reason of any matter, cause or thing whatsoever, with respect
to any event or omission occurring or arising on or prior to the date hereof and relating to any or all of the Loan Documents, any transaction
relating thereto or any action or omission in connection therewith (collectively, the “Claims”).

 

(b) The
foregoing release shall be construed in the broadest sense possible.

 

(c) The
Borrower, on its own behalf and on behalf of each other Borrower Releasor, represents and warrants, hereby absolutely, unconditionally
and irrevocably agrees never to commence, prosecute, cause to be commenced or prosecuted, voluntarily aid in any way or foment any suit,
action or other proceeding (at law, in equity, in any regulatory proceeding or otherwise), or otherwise seek any recovery, or to attack
the amount, validity or priority of any payment or performance obligation (including any right to any security therefor), contingent or
otherwise, under any of the Loan Documents, against any Released Person based on any of the Claims being released hereby.

 

(d) The
Borrower, on its own behalf and on behalf of each other Borrower Releasor, hereby specifically represents, warrants, acknowledges and
agrees that (i) none of the provisions of this Section 7 shall be construed as or constitute an admission of any liability on the
part of any Released Person and (ii) the provisions of this Section 7 shall constitute an absolute bar to any Claim of any kind,
whether any such Claim is based on contract, tort, warranty, mistake or any other theory, whether legal, statutory, equitable or other.

 

    8

     

    

 

Section 8. Miscellaneous.

 

(a) Nothing
contained herein shall, by implication or otherwise, be deemed to constitute a waiver or amendment of, or a consent to the departure from,
any term, provision or condition of the Credit Agreement or any other Loan Document, except as expressly set forth in Section 1,
2, 3 or 4(a), or limit, impair or prejudice any right, power or remedy that any party to, or third party beneficiary
of, a Loan Document may now or in the future have under such Loan Document or otherwise under any Law or at equity, which shall remain
in full force and effect, and the Administrative Agent and each Lender hereby reserve all such rights and remedies. The execution, delivery
and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender
under any of the Loan Documents, nor constitute a waiver or amendment of any provision of any of the Loan Documents, for any purpose,
except as expressly set forth in Section 1, 2, 3 or 4(a). This Amendment does not constitute a waiver of any
now or hereafter existing Default or Event of Default (including any Default or Event of Default that may exist from a circumstance described
in National Founders’ December 1, 2021 letter to the Borrower), except as expressly set forth in Section 1 with respect to
the March 2022 Reserve Account EoD, or any right, power, privilege, remedy, recourse or defense available to any Lender or the Administrative
Agent now or in the future under any Loan Document (including under Section 8.2 of the Credit Agreement), or under any Law or in equity,
with respect to any such Default or Event of Default.

 

(b) The
waiver by any party of a breach of any provision of any Loan Document, or otherwise of any Default or Event of Default, shall not operate
or be construed as a waiver of any subsequent or other breach, Default or Event of Default, whether or not similar, and no such waiver
shall operate or be construed as a continuing waiver unless so provided. No delay on the part of any party in exercising any right, power,
privilege, remedy, recourse or defense under any Loan Document (including under Section 8.2 of the Credit Agreement), or under any Law
or in equity, shall operate as a waiver thereof, and no single or partial exercise of any such right, power, privilege, remedy, recourse
or defense shall preclude any other or further exercise thereof or the exercise of any other right, power, privilege, remedy, recourse
or defense under any Loan Document or under any Law or in equity. All rights, powers, privileges, remedies, recourse or defenses existing
under the Loan Documents, or any single Loan Document, or at law or in equity, are cumulative to, and not exclusive of, any right, power,
privilege, remedy, recourse or defense otherwise available.

 

(c) This
Amendment is a Loan Document.

 

(d) This
Amendment and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of
or relating to this Amendment shall be governed by, and construed in accordance with, the law of the State of New York.

 

(e) This
Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the entire contract among
the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Upon each of the Borrower, National Founders and the Administrative Agent delivering an executed
counterpart of this Amendment to each such other party, this Amendment shall become effective with deemed effect as of 12:00 a.m., EDT,
on the date hereof. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging
means (e.g. “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart of this Amendment.

 

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

 

(g) For
all purposes of this Amendment, except as otherwise expressly provided for in this Amendment or unless the context of this Amendment otherwise
requires: (i) whenever the words “include,” “includes” or “including” are used in this Amendment they
shall be deemed to be followed by the words “without limitation”; (ii) the words “hereof,” “herein”
and “hereunder” and words of similar import when used in this Amendment shall refer to this Amendment as a whole and not to
any particular provision of this Amendment, and article, section, schedule and exhibit references shall refer to this Amendment unless
otherwise specified; (iii) the meanings given to terms defined herein shall be equally applicable to both singular and plural forms of
such terms; (iv) words herein of any gender are deemed to include the other gender and the neuter, and vice-versa; (v) a reference herein
to any party to this Amendment or any other agreement or document shall be deemed to refer to any Person that becomes (or became, if applicable)
a successor or permitted assign of such party, upon the occurrence thereof; (vi) a reference herein to any agreement or other document
shall be to such agreement or other document (together with the schedules, exhibits and other attachments thereto) as it may have been
or may hereafter be amended, modified, supplemented, waived or restated from time to time in accordance with its terms and the terms hereof
(if applicable thereto); (vii) a reference herein to any treaty or other legislation or to any provision of any treaty or other legislation
shall include any modification or re-enactment thereof, any legislative provision substituted therefor and all regulations and rules issued
thereunder or pursuant thereto, in each case whether prior to, on or after the date hereof; (viii) all references herein to “$,”
“funds” and “dollars” refer to United States currency; and (ix) the word “will” shall be construed
to have the same meaning and effect as the word “shall”.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, this Amendment
has been duly executed and delivered as of the date first above written.

 

	 	GWG DLP FUNDING VI, LLC  
	 	 	 	 
	 	By:	                         
	 	 	Name: 	                                            
	 	 	Title:	 
	 	 	 	 
	 	NATIONAL FOUNDERS LP,  
	 	as the Administrative Agent  
	 	 	 	 
	 	By:	 
	 	 	Name:	                      
	 	 	Title:	 
	 	 	 	 
	 	NATIONAL FOUNDERS LP,  
	 	as a Lender  
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

[Waiver and Amendment]

 

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ACKNOWLEDGMENT AND RELEASE

 

The Parent acknowledges the foregoing and agrees
to effect the distribution described in clause (ii) of the first sentence of Section 2(b) above and furthermore agrees that the foregoing
does not in any respect amend, modify, reduce, release or discharge (i) any of the Parent’s obligations under the Parent Security
Agreement or any other Loan Document to which the Parent is a party or (ii) any Lien or other security interest that the Parent has granted,
or hereafter grants, under the Parent Security Agreement. The Parent furthermore acknowledges and agrees that the terms and provisions
of the Limited Guarantee and the other Loan Documents, as amended by this Amendment in the case of the Credit Agreement, are and shall
remain in full force and effect and shall continue to constitute the legal, valid, binding and enforceable obligations of each Loan Party
party thereto.

 

The Parent, on its own behalf and on behalf of
each subsidiary of the Parent, each manager, director, officer and employee of the Parent or any such subsidiary, each predecessor, successor,
assign, heir, executor, administrator, agent and other legal representative of the Parent or any such other Person and any Person claiming
by or through any or all of the foregoing (collectively, the “Parent Releasors”):

 

(i) acknowledges
and confirms that it does not have any ground to challenge, and agrees not to challenge or otherwise allege or pursue any matter, cause
or claim that challenges, in any case based upon any act or omission of any Indemnitee occurring prior to the date hereof or any fact
otherwise known to it as of the date hereof, the effectiveness, the genuineness, validity, collectability or enforceability of or under
any Loan Document; and

 

(ii) unconditionally
and forever waives, remises, releases, discharges and holds harmless each Released Person, from and against, and agrees not to allege
or pursue any or all of, any Claim.

 

The foregoing release shall be construed in the
broadest sense possible.

 

The Parent, on its own behalf and on behalf of
each other Parent Releasor, represents and warrants, hereby absolutely, unconditionally and irrevocably agrees never to commence, prosecute,
cause to be commenced or prosecuted, voluntarily aid in any way or foment any suit, action or other proceeding (at law, in equity, in
any regulatory proceeding or otherwise), or otherwise seek any recovery, or to attack the amount, validity or priority of any payment
or performance obligation (including any right to any security therefor), contingent or otherwise, under any of the Loan Documents, against
any Released Person based on any of the Claims being released hereby.

 

The Parent, on its own behalf and on behalf of
each other Parent Releasor, hereby specifically represents, warrants, acknowledges and agrees that (i) none of the provisions of the foregoing
general release shall be construed as or constitute an admission of any liability on the part of any Released Person and (ii) the provisions
of the foregoing general release shall constitute an absolute bar to any Claim of any kind, whether any such Claim is based on contract,
tort, warranty, mistake or any other theory, whether legal, statutory, equitable or other.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    12

     

    

 

	 	GWG DLP FUNDING HOLDINGS VI, LLC
	 	 	 	 
	 	By: 	 
	 	 	Name: 	                          
	 	 	Title:	 

 

    13

     

    

 

ACKNOWLEDGMENT AND RELEASE

 

GWG Holdings acknowledges the foregoing and agrees
that it and/or GWG Life will apply the proceeds of the distribution described in clause (ii) of the first sentence of Section 2(b) above
in accordance with the use of proceeds schedule provided by GWG Holdings to National Founders on March 30, 2022 (it being understood that
the amount therein designated as “GWG” may be used by GWG Holdings for general corporate purposes, including for payment to
any one or more of the Persons listed separately on such schedule) and furthermore agrees that the foregoing does not in any respect amend,
modify, reduce, release or discharge any of GWG Holdings’ obligations under the Limited Guarantee or any other Loan Document to
which GWG Holdings is a party. GWG Holdings furthermore acknowledges and agrees that the terms and provisions of the Limited Guarantee
and the other Loan Documents, as amended by this Amendment in the case of the Credit Agreement, are and shall remain in full force and
effect and are hereby ratified and confirmed and shall continue to constitute the legal, valid, binding and enforceable obligations of
each Loan Party party thereto.

 

GWG Holdings, on its own behalf and on behalf
of each Affiliate of GWG Holdings other than the Parent or any subsidiary of the Parent (including the Borrower or any subsidiary of the
Borrower), each manager, director, officer and employee of GWG Holdings or any such Affiliate, each predecessor, successor, assign, heir,
executor, administrator, agent and other legal representative of GWG Holdings or any such other Person and any Person claiming by or through
any or all of the foregoing (collectively, the “GWG Holdings Releasors”):

 

(i) acknowledges
and confirms that it does not have any ground to challenge, and agrees not to challenge or otherwise allege or pursue any matter, cause
or claim that challenges, in any case based upon any act or omission of any Indemnitee occurring prior to the date hereof or any fact
otherwise known to it as of the date hereof, the effectiveness, the genuineness, validity, collectability or enforceability of or under
any Loan Document; and

 

(ii) unconditionally
and forever waives, remises, releases, discharges and holds harmless each Released Person, from and against, and agrees not to allege
or pursue any or all of, any Claim.

 

The foregoing release shall be construed in the
broadest sense possible.

 

GWG Holdings, on its own behalf and on behalf
of each other GWG Holdings Releasor, represents and warrants, hereby absolutely, unconditionally and irrevocably agrees never to commence,
prosecute, cause to be commenced or prosecuted, voluntarily aid in any way or foment any suit, action or other proceeding (at law, in
equity, in any regulatory proceeding or otherwise), or otherwise seek any recovery, or to attack the amount, validity or priority of any
payment or performance obligation (including any right to any security therefor), contingent or otherwise, under any of the Loan Documents,
against any Released Person based on any of the Claims being released hereby.

 

GWG Holdings, on its own behalf and on behalf
of each other GWG Holdings Releasor, hereby specifically represents, warrants, acknowledges and agrees that (i) none of the provisions
of the foregoing general release shall be construed as or constitute an admission of any liability on the part of any Released Person
and (ii) the provisions of the foregoing general release shall constitute an absolute bar to any Claim of any kind, whether any such Claim
is based on contract, tort, warranty, mistake or any other theory, whether legal, statutory, equitable or other.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    14

     

    

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:	    
	 	 	Title:	 

 

 

15Exhibit
10.(i)(c)

  

AMENDED
AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT

 

by
and between

 

MEMBERS
Life Insurance Company

(referred
to as the “Company”)

 

and

 

CMFG
Life Insurance Company 

(referred
to as the “Reinsurer”)

 

Effective
as of February 4, 2021

 

    1

     

    

 

AMENDED
AND RESTATED

COINSURANCE
AND MODIFIED COINSURANCE AGREEMENT

 

THIS
AMENDED AND RESTATED COINSURANCE AND MODIFIED COINSURANCE AGREEMENT (this “Agreement”) is effective as of February
4, 2021, by and between MEMBERS Life Insurance Company, an Iowa domiciled stock insurance company (together with its successors
and permitted assigns, the “Company”), and CMFG Life Insurance Company, an Iowa domiciled stock insurance company
(together with its successors and permitted assigns, the “Reinsurer”).

 

WHEREAS,
the Company and the Reinsurer have previously entered into three separate reinsurance agreements covering registered index annuity
products being issued by the Company and expect that additional reinsurance agreements will be needed as other new products are
developed and introduced by the Company; and,

 

WHEREAS,
the Company and Reinsurer believe it will benefit both parties if all the registered index annuity products are covered by a single
reinsurance agreement that clarifies what covered policies are and have been reinsured and provides a consistent set of duties
and obligations for all of the covered policies ; and,

 

WHEREAS,
the Company desires to reinsure, and the Reinsurer desires to assume, 100% of the Company’s Policies (as defined herein)
using a combination of modified coinsurance and coinsurance in accordance with the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual and several promises and undertakings herein contained, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Reinsurer agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. The following terms shall have the respective meanings set forth below throughout this Agreement:

 

“AAA”
shall have the meaning set forth in Section 9.1 hereof.

 

“Agreement”
shall have the meaning set forth in the preamble hereof.

 

“Applicable
Law” means any domestic or foreign federal, state or local statute, law, ordinance or code, or any written rules, regulations
or administrative interpretations issued by any Government Entity pursuant to any of the foregoing, and any order, writ, injunction,
directive, judgment or decree of a court of competent jurisdiction applicable to the parties hereto.

 

“Business
Day” means any day other than a Saturday, Sunday, a day on which banking institutions in the State of Iowa are permitted
or obligated by Applicable Law to be closed or a day on which the New York Stock Exchange is closed for trading.

 

“Company”
shall have the meaning set forth in the preamble hereof.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder.

 

“Declared
Rate Separate Account” means the insulated, non-unitized separate account(s) established and maintained by the Company
pertaining to the Policies which account is linked to an interest rate declared by the Company and is not registered as a unit
investment trust under the Investment Company Act of 1940.

 

    2

     

    

 

“Declared
Rate Separate Account Assets” means the assets held in the Declared Rate Separate Account(s).

 

“Declared
Rate Separate Account Liabilities” means for the Declared Rate Separate Account(s), all liabilities, reserves, obligations,
costs and expenses relating to, based upon or arising out of the Policies, and relating to the Declared Rate Separate Account
Assets, provided, however, that the Declared Rate Separate Account Liabilities shall not include the General Account Liabilities,
Risk Control Account Separate Account Liabilities or Variable Separate Account Liabilities

 

“Effective
Date” means 12:01 a.m., Central Standard Time, on February 4, 2021.

 

“Extra
Contractual Obligations” means all liabilities, expenses or other obligations arising out of or relating to the Policies,
exclusive of liabilities, expenses or other obligations arising under the express terms and conditions of the Policies, the General
Account Liabilities, the Risk Control Separate Account Liabilities Declared Rate Separate Account Liabilities and the Variable
Separate Account Liabilities, but including any liability for fines, penalties, forfeitures, punitive, special, exemplary or other
form of extra-contractual damages, which liabilities or obligations arise from any act, error or omission, whether or not intentional,
negligent, in bad faith or otherwise relating to: (a) the marketing, sale, underwriting, issuance or administration of the Policies;
(b) the investigation, defense, trial, settlement or handling of claims, benefits or payments under the Policies; or (c) the failure
to pay, the delay in payment, or errors in calculating or administering the payment of benefits, claims or any other amounts due
or alleged to be due under or in connection with the Policies.

 

“Fund
Participation Agreements” shall mean any and all agreements by and between the Company and investment management companies
which provide funding vehicles for the Variable Separate Account.

 

“General
Account” means the general investment account of the Company.

 

“General
Account Liabilities” means all liabilities, reserves, obligations, costs and expenses relating to, based upon or arising
out of the Policies, whether incurred prior to, on or after the Effective Date, including amounts held in the Holding Account,
after applying the effect of any Hedging Arrangements maintained by or for the benefit of the Company with respect to the General
Account Liabilities; provided, however, that the General Account Liabilities shall not include the Variable Separate Account
Liabilities, Declared Rate Separate Account or the Risk Control Separate Account Liabilities.

 

“Government
Entity” shall mean any federal, state, local, municipal, county, foreign or other governmental, quasi- governmental,
administrative or regulatory authority, body, agency, court, tribunal, commission or other similar governmental entity (including
any branch, department, agency or political subdivision thereof) or any self-regulating body of similar standing.

 

“Hedging
Arrangement” means any contract, agreement, financial instrument or other arrangement entered into by or for the benefit
of the Company for purposes of offsetting potential losses or gains attributable to the Reinsured Liabilities, including, without
limitation, exchange-traded funds, forward contracts, swaps, options or futures contracts.

 

“Holding
Account” refers to the account that holds funds eligible and awaiting investment into a Risk Control Account in accordance
with the terms of the Policies, which account shall be part of the Company’s General Account. The assets in the account
accrue interest at a rate declared by the Company subject to a guaranteed minimum rate.

 

“Income
Tax Regulations” means the temporary and final regulations issued under the Code. Any citation to a section of the Income
Tax Regulations includes a citation to any successor regulatory provision.

 

    3

     

    

 

“Insurance
Taxes and Charges” means all premium taxes and other insurance taxes (not including any federal, state or local tax
measured by income) and guaranty fund assessments, if any, payable by the Company on account of the Policies.

 

“Investment
Guidelines” shall have the meaning set forth in Section 4.3 hereof.

 

“Iowa
SAP” means the statutory accounting principles and practices prescribed or permitted by the Iowa Insurance Division.

 

“Non-Guaranteed
Elements” means the index cap rates, expense charges, and administrative expense risk charges, as applicable, under
the Policies.

 

“Person”
means any individual, corporation, partnership, limited liability company, limited liability partnership, firm, joint venture,
association, joint-stock company, trust, unincorporated organization, governmental, judicial or regulatory body, business unit,
division or other entity of any kind or nature.

 

“Policies”
means all of the Company’s individual registered index annuity contracts identified on Schedule A (Covered Policies)
, together with all supplementary contracts (including applications therefore and all endorsements, riders and agreements issued
in connection therewith).

 

“Quarterly
Accounting” shall mean a quarterly accounting, or more frequently as mutually agreed to by the parties, prepared in
accordance with Iowa SAP and prepared by the Company in accordance with the provisions of Section 5.1 hereof.

 

“Reinsured
Liabilities” means the General Account Liabilities, the Risk Control Separate Account Liabilities, the Declared Rate
Separate Account liabilities and the Variable Separate Account Liabilities.

 

“Reinsurer”
shall have the meaning set forth in the preamble hereof.

 

“Reinsurer’s
Separate Account” means the insulated, non-unitized separate account(s) established and maintained by the Reinsurer
for the purposes of holding assets and reserves ceded directly from the Company’s Risk Control Separate Account(s) and Declared
Rate Separate Account pursuant hereto.

 

“Risk
Control Separate Account” means the insulated, non-unitized separate account(s) established and maintained by the Company
pertaining to the Policies which account is linked to the performance of one or more equity indices and is not registered as a
unit investment trust under the Investment Company Act of 1940.

 

“Risk
Control Separate Account Assets” means the assets held in the Risk Control Separate Account(s).

 

“Risk
Control Separate Account Liabilities” means for the Risk Control Separate Account(s), all liabilities, reserves, obligations,
costs and expenses relating to, based upon or arising out of the Policies, and relating to the Risk Control Separate Account Assets,
provided, however, that the Risk Control Separate Account Liabilities shall not include the General Account Liabilities Declared
Rate Separate Account Liabilities or Variable Separate Account Liabilities.

 

“Statutory
Reserves” means, as of any given date, the gross reserves established and maintained as a liability on the Company’s
statutory financial statements for the Policies, prior to giving effect to the reinsurance provided hereunder, calculated in accordance
with Iowa SAP and in accordance with sound actuarial principles.

 

“SSAP
70” means Statement of Statutory Accounting Principles No. 70, Allocation of Expenses.

 

“Tax”
(or “Taxes” as the context may require) shall mean any federal, state, local or foreign net income, gross
income, gross receipts, severance, property, production, sales, use, license, excise, franchise, employment, payroll, withholding,
premium, alternative or add-on minimum, ad valorem, value-added, transfer, stamp, or environmental (including taxes under Section
59A of the Code) tax, or any other similar tax, customs duty, withholding, charge, fee, levy or other assessment, including any
interest, penalty or addition imposed on such taxes by any Taxing Authority.

 

    4

     

    

 

“Taxing
Authority” shall mean any agency or political subdivision of any foreign, federal, state, local or municipal Government
Entity with the authority to impose any Tax.

 

“Variable
Separate Account” or “VSA” means the insulated, unitized separate account(s) established and maintained
by the Company pertaining to the Policies which accounts are registered as a unit investment trust under the Investment Company
Act of 1940.

 

“Variable
Separate Account Assets” means the assets held in the Variable Separate Account.

 

“Variable
Separate Account Liabilities” means for the Variable Separate Account(s), all liabilities, reserves, obligations, costs
and expenses relating to, based upon or arising out of the Policies, and relating to the Variable Separate Account Assets, provided,
however, that the Variable Separate Account Liabilities shall not include the General Account Liabilities, Declared Rate Separate
Account or the Risk Control Separate Account Liabilities.

 

“VSA
Accumulated Value” shall have the meaning set forth in Section 3.1(b) hereof.

 

“VSA
Earnings Credit” shall have the meaning set forth in Section 3.3 hereof.

 

“VSA
Payable Liability” shall have the meaning set forth in Section 3.4 hereof.

 

“VSA
Valuation Adjustment” shall have the meaning set forth in Section 3.2 hereof.

 

Section
1.2 Interpretation. When a reference is made in this Agreement to a Section, Article or Schedule, such reference shall
be to a Section, Article or Schedule of this Agreement unless otherwise indicated or unless the context shall otherwise require.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. The definitions of terms in this Agreement shall be applicable to both the plural and the singular forms of
the terms defined when either such form is used in this Agreement. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
The words “hereof, “herein” and “hereunder” and other words of similar import, refer to this Agreement
as a whole and not to any particular Article, Section, subsection, paragraph or clause. Whenever the last day for the exercise
of any right or the discharge of any duty under this Agreement falls on other than a Business Day, the party having such right
or duty shall have until the next Business Day to exercise such right or discharge such duty. Unless otherwise indicated, the
word “day” shall be interpreted as a calendar day. References to a Person are also to its permitted successors and assigns.

 

ARTICLE
II

BASIS
OF REINSURANCE

 

Section
2.1 Coinsurance and Modified Coinsurance. Subject to the terms and conditions of this Agreement, the Company hereby cedes
to the Reinsurer with effect as of the Effective Date, and the Reinsurer hereby accepts and agrees to reinsure on an indemnity
basis one hundred percent (100%) of the Reinsured Liabilities, with (i) all General Account Liabilities, Risk Control Separate
Account Liabilities and Declared Rate Separate Account liabilities included in the Reinsured Liabilities being reinsured on a
coinsurance basis; and (ii) all Variable Separate Account Liabilities included in the Reinsured Liabilities being reinsured on
a modified coinsurance basis. The reinsurance effected under this Agreement shall be maintained in force, without reduction, as
long as the Company has any liabilities or obligations under the Policies, unless such reinsurance is terminated or reduced as
provided herein. The Parties have agreed that this Amended and Restated Coinsurance and Modified Coinsurance Agreement shall supersede
and replace the Coinsurance Agreement dated January 1, 2013, as amended, (covering the MEMBERS Zone Annuity Contract), The MEMBERS
Horizon Coinsurance and Modified Coinsurance Agreement dated November 1, 2015 , as amended,(covering the MEMBERS Horizon and MEMBERS
Horizon II Annuity Contracts) and the Coinsurance Agreement dated August 19, 2019, 2019 (covering The CUNA Mutual Group Zone Income
Annuity Contract)

 

    5

     

    

 

Section
2.2 Follow the Fortunes. The Reinsurer’s liability under this Agreement shall attach simultaneously with that of the Company
on and after the Effective Date, and all reinsurance with respect to which the Reinsurer shall be liable by virtue of this Agreement
shall be subject in all respects to the same risks, terms, rates, conditions, interpretations, assessments, waivers, and premium
adjustments, and to the same modifications, alterations and cancellations, as the respective Policies and Reinsured Liabilities,
the true intent of this Agreement being that the Reinsurer shall follow the fortunes of the Company, and the Reinsurer shall be
bound, without limitation, by all payments and settlements entered into by or on behalf of the Company.

 

Section
2.3 Territory The reinsurance provided under this Agreement shall be coextensive with the territory of the Policies reinsured
hereunder.

 

Section
2.4 Information The Company will use its commercially reasonable efforts to provide to the Reinsurer after the Effective
Date all information available to the Company relating to the Reinsured Liabilities and not otherwise available to or accessible
by the Reinsurer.

 

ARTICLE
III

VARIABLE
SEPARATE ACCOUNTS

 

Section
3.1 Variable Separate Account s (VSA).

 

(a)           The
Company shall establish and maintain in its books and records one or more Variable Separate Accounts into which shall be allocated
all Variable Separate Account Assets and Variable Separate Account Liabilities. The Company shall own and control all Variable
Separate Account Assets in a VSA and all reserves related thereto shall remain in a VSA. Investment income, capital gains and
losses earned or accrued on the assets held in a VSA shall be credited to the VSA.

 

(b)
         The Company shall calculate the accumulated value of the Variable Separate
Account Assets relating to a VSA as provided herein. The accumulated value of the Variable Separate Account Assets as calculated
by the Company from time to time shall be known as the “VSA Accumulated Value.”

 

Section
3.2 VSA Valuation Adjustment. A valuation adjustment of a VSA will be computed by the Company in accordance with the provisions
of Schedule 3.2 as of the beginning of each calendar quarter to the end of such calendar quarter, or more frequently as
mutually agreed by the parties, commencing with the calendar quarter following the Effective Date (”VSA Valuation Adjustment”). The VSA Valuation Adjustment, whether positive or negative, shall be included as part of the calculation of the periodic
payment as provided for in Section 5.2.

 

Section
3.3 VSA Earnings Credit. On a quarterly basis, or more frequently as mutually agreed by the parties, the Company will compute
the investment earnings credit on a VSA (the “VSA Earnings Credit”), as determined in accordance with Schedule
3.3. The VSA Earnings Credit, whether positive or negative, reflects the change in value of the Variable Separate Account
Assets, net of cash flows between a VSA and the General Account, and shall be included as part of the calculation of the periodic
payment as provided for in Section 5.2.

 

Section
3.4 VSA Payable Liability. The Company will establish one or more accounts payable (the “VSA Payable Liability”)
on its statutory books equal to the difference between the aggregate VSA Accumulated Value and the aggregate Statutory Reserves
related to a VSA. The quarterly change (or monthly change as applicable) in a VSA Payable Liability shall be calculated in accordance
with the provisions of Schedule 3.4. The Reinsurer will set up a corresponding account receivable on its statutory books
equal to the VSA Payable Liabilities.

 

    6

     

    

ARTICLE
IV

RISK
CONTROL SEPARATE ACCOUNTS AND DECLARED RATE SEPARATE ACCOUNTS

 

Section
4.1 Risk Control Separate Accounts and Declared Rate Separate Accounts..

 

(a)
         The Company shall establish and maintain in its books and records one or
more Risk Control Separate Accounts and Declared Rate Separate Accounts to which shall be allocated all Risk Control and Declared
Rate Separate Account Assets and Risk Control and Declared Rate Separate Account Liabilities. The Company shall own and control
all assets in a Risk Control Separate Account or a Declared Rate Separate Account.

 

(b)         
The Company shall calculate the accumulated value of the Risk Control Separate Accounts and Declared Rate Separate Accounts as
provided herein.

 

Section
4.2 Risk Control Separate Account and Declared Rate Separate Account Premiums. All premiums remitted from the Company’s
Risk Control Separate Accounts or Declared Rate Separate Accounts on account of the Policies shall be ultimately deposited into
the Reinsurer’s Separate Accounts. The Reinsurer shall be permitted to invest premiums deposited into the Reinsurer’s
Separate Accounts in accordance with the investment guidelines attached hereto as Schedule 4.2 (the “Investment
Guidelines”). The Reinsurer shall have the authority to manage, substitute and re-invest assets held in the Reinsurer’s
Separate Accounts at its discretion, provided that (a) all assets held in, allocated to or transferred to the Reinsurer’s
Separate Accounts shall comply at all times with the Investment Guidelines, and (b) the aggregate value of assets held in the
Reinsurer’s Separate Accounts shall at all times be no less than the Risk Control Separate Account and the Declared Rate
Separate Account Liabilities. All assets held in the Reinsurer’s Separate Accounts shall be used solely to satisfy liabilities
attributable to the Company’s Risk Control Separate Accounts and Declared Rate Separate Accounts shall not be chargeable
with liabilities arising out of any other business of the Company or the Reinsurer. The Reinsurer shall provide the Company with
a semi-annual report (or more frequently if requested by the Company), with a copy provided to the Iowa Insurance Division, summarizing
the investment holdings in the Reinsurer’s Separate Accounts with respect to the six-month period at issue.

 

ARTICLE
V

PAYMENTS

 

Section
5.1 Payments. The Company agrees to transfer to the Reinsurer one hundred percent (100%) of any of the following amounts
actually received by the Company after the Effective Date:

 

(a)
         premiums , fees and other amounts received with regard to the Policies or
the Reinsured Liabilities, less any refunds or return of premium;

 

(b)          litigation
recoveries pursuant to litigation to the extent liability for such litigation constitutes a Reinsured Liability;

 

(c)          net
gains attributable to any Hedging Arrangements;

 

(d)          an
amount equal to any Tax savings or benefits actually realized by the Company on account of, or attributable to, the Policies to
the extent such saving or benefit actually offsets or reduces taxable income of the Company for any applicable Tax year covered
under this Agreement;

 

(e)
         any administrative services fees, expense reimbursement, indemnification
or revenue-sharing payments made to the Company under any Fund Participation Agreements; and

 

(f)           any
and all other collections and recoveries relating to the Policies or the Reinsured Liabilities.

 

    7

     

    

 

In
addition, the Company hereby transfers, conveys and assigns to the Reinsurer all of its right, title and interest in any future
payments of the amounts indicated above and not yet actually received, and the parties agree that upon receipt all such amounts
shall be transferred directly to the Reinsurer.

 

Section
5.2 Reinsurer’s Payment Obligation. The Reinsurer agrees to pay to the Company one hundred percent (100%) of any of the
following amounts actually paid by the Company::

(a)
         annuity benefits, surrender values, withdrawal benefits, death benefits
and any other amounts paid under the Policies. Any such benefit payable by the Reinsurer attributable to Risk Control Separate
Accounts or Declared Rate Separate Accounts shall be satisfied solely through assets of the Reinsurer’s Separate Accounts.
Any such benefit payable on account of Variable Separate Accounts shall be satisfied using assets from the Variable Separate Accounts.
Any such benefit payable by the Reinsurer hereunder attributable to the General Account shall be satisfied using assets from the
Reinsurer’s general account.

 

(b)          an
amount equal to any Tax cost or detriment actually incurred by the Company on account of, or attributable to, the Policies to
the extent such cost or detriment actually increases the taxable income of the Company for any applicable Tax year covered under
this Agreement.

 

(c)          any
and all Extra Contractual Obligations;

 

(d)
         net losses attributable to any Hedging Arrangements, including any costs,
expenses or lost investment income incurred by the Company related thereto; and

 

(e)
         any and all other directly charged and allocated expenses paid or payable
by the Company relating to the Policies, including but not limited to (i) commissions, (ii) product development and acquisition
expenses (iii) expenses incurred in the provision of policyholder and benefit payment services, and (iv) Insurance Taxes and Charges.
Such expenses and costs shall be allocated between Risk Control Separate Accounts, Declared Rate Separate Accounts, Variable Separate
Accounts and the General Account in accordance with SSAP 70.

 

Section
5.3 Payments. All payments pursuant to this Agreement shall be made in U.S. dollars and immediately available funds.

 

ARTICLE
VI

ACCOUNTINGS

 

Section
6.1 Quarterly Accountings. On a quarterly basis, or more frequently as mutually agreed by the Parties, commencing with
the first calendar quarter following the Effective Date, the Company shall prepare a Quarterly Accounting as of the end of each
calendar quarter, no later than thirty (30) days after the end of such quarter; provided, however, that in the event that
subsequent data or calculations require revision of the final Quarterly Accounting, the required revision and any appropriate
payments shall be made in cash by the parties within five (5) Business Days after they mutually agree as to the appropriate revision.
All Quarterly Accountings shall be prepared in the format set forth on Schedule 6.1 hereto. The Quarterly Accounting shall
separately identify payment obligations attributable to a Variable Separate Account, a Risk Control Separate Account, a Declared
Rate Separate Account and the General Account. In addition to the Quarterly Accounting, the Company shall provide the Reinsurer
with any additional information related to this Agreement or the Policies as is reasonably necessary for the Reinsurer to satisfy
any financial reporting or disclosure requirements or to comply with Applicable Law.

 

Section
6.2 Quarterly Payments. If a Quarterly Accounting reflects a balance due to the Company, the amount(s) shown as due shall
be paid within ten (10) Business Days of the preparation of the Quarterly Accounting. If a Quarterly Accounting reflects a balance
due to the Reinsurer, the amount(s) shown as due shall be paid within ten (10) Business Days after the date on which the Quarterly
Accounting was prepared. Any such balance payable by the Reinsurer from the Reinsurer’s Risk Control Separate Accounts or
the Declared Rate Separate Accounts shall be satisfied solely from assets of the Reinsurer’s Risk Control Separate Accounts
or Declared Rate Separate Accounts . Any such balance payable on account of a Variable Separate Account shall be satisfied solely
from assets held in a Variable Separate Account. Any such balance payable by the Reinsurer from the Reinsurer’s General
Account shall be satisfied solely from assets held in the Reinsurer’s General Account.

 

    8

     

    

 

Section
6.3 Offset Rights. Subject to Section 562, each party hereto shall have, and may exercise at any time and from time to
time, the right to offset any balance or balances, whether on account of premiums or on account of losses or otherwise, due from
such party to the other party hereto under this Agreement and may offset the same against any balance or balances due to the former
from the latter under this Agreement; and the party asserting the right of offset shall have and may exercise such right whether
the balance or balances due to such party from the other are on account of premiums or on account of losses or otherwise, which
shall be deemed mutual debts or credits, as the case may be.

 

ARTICLE
VII

POLICY
ADMINISTRATION

 

Section
7.1 Policy Administration. The Company shall provide all required, necessary and appropriate claims, administrative and
other services with respect to the Policies. The Company shall use reasonable care in its administration and claims practices
with respect to the Policies and in administering and performing its duties under this Agreement and such practices, administration
and performance shall (a) conform with Applicable Law; (b) not be fraudulent; and (c) be no less favorable than those used by
the Company with respect to other policies of the Company not reinsured by the Reinsurer.

 

Section
7.2 Record Keeping. The Company shall maintain appropriate books and records relating to the Policies in accordance with
Applicable Law and industry standards of insurance record keeping. In the event of the termination of this Agreement and upon
the request of the Company, any records in the possession of the Reinsurer related to the Policies shall be duplicated and forwarded
to the Company. The Company shall establish and maintain an adequate system of internal controls and procedures for financial
reporting relating to the Policies and shall make such documentation available for examination and inspection by the Reinsurer
upon request. Either party or its designated representative may, upon reasonable advance notice and during normal business hours
at the offices of the Company or the Reinsurer, as the case may be, conduct reasonable inspections of the books and records of
the other party reasonably relating to the Policies or this Agreement for such period as this Agreement remains in effect and
as long thereafter as the Company or the Reinsurer, as the case may be, has any outstanding obligation under this Agreement.

 

Section
7.3 Certain Changes. From and after the Effective Date, the Company shall set and may make changes to:

 

(a)
         the Non-Guaranteed Elements of the Policies, provided any material changes
to such Non-Guaranteed Elements shall be mutually agreed upon by the Parties;

 

(b)         
the reserving methodology related to the Policies including changes required by Applicable Law or Iowa SAP; and

 

(c)
         with respect to those Policies that are issued in connection with a Variable
Separate Account, the addition or substitution of investment options to the extent permitted under the terms of such Policies.

 

Section
7.4 Changes to Policies. The Company reserves the right to change the terms and conditions of the Policies. The Reinsurer
shall share proportionally, on a 100% coinsurance basis or modified coinsurance basis, as applicable, in any such changes in the
terms or conditions of the Policies.

 

    9

     

    

 

ARTICLE
VIII

OVERSIGHTS

 

Section
8.1 Oversights. Inadvertent delays, errors or omissions made in connection with this Agreement or any transaction
hereunder shall not relieve either party from any liability which would have attached had such delay, error or omission not
occurred, provided that such error or omission is rectified as soon as possible after discovery.

 

ARTICLE
IX

REGULATORY
APPROVAL

 

Section
9.1 Regulatory Approval. This Agreement shall not become effective with respect to Policies issued in any jurisdiction
in which the approval of a Government Entity is required unless and until all such approvals shall have been obtained under Applicable
Law.

 

Section
9.2 Savings Clause. If any law or regulation of any federal, state or local government of the United States of America,
or the ruling of officials having supervision over insurance companies, or a ruling of a court having jurisdiction over the parties
to this Agreement should prohibit or render illegal this Agreement, or any portion thereof, as to risks or properties located
in the jurisdiction of such authority, either the Company or the Reinsurer may upon written notice to the other party terminate,
suspend or abrogate this Agreement insofar as it relates to risks or properties located within such jurisdiction to such extent
as may be necessary to comply with such law, regulations or ruling.

 

ARTICLE
X

DISPUTE
RESOLUTION

 

Section
10.1 Arbitration. If a dispute, controversy, or claim arises out of or relates to this Agreement, or an alleged breach
thereof, and if said dispute cannot be settled through direct discussions, the parties agree to first endeavor to settle the dispute
in an amicable manner by mediation administered by the American Arbitration Association (“AAA”) under its Commercial
Mediation Rules, before resorting to arbitration. If the matter has not been resolved pursuant to mediation within thirty (30)
calendar days of the commencement of such mediation (which period may be extended by mutual agreement in writing), then any unresolved
dispute, controversy, or claim arising out of or relating to this Agreement, its termination or non-renewal, or any breach thereof,
shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the AAA, and judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. The arbitration shall be conducted by a sole arbitrator
or, at the election of either party, before a panel of three arbitrators. Selection of the arbitrator(s) shall be in accordance
with the Commercial Arbitration Rules of the AAA. The arbitrator(s) shall allow each party to conduct limited relevant discovery.
The arbitrator(s) shall have no authority to award punitive damages or any damages not measured by the prevailing party’s actual
damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this
Agreement and Applicable Laws. All fees and expenses of arbitration shall be borne by the parties equally. However, each party
shall bear the expense of its own counsel, experts, witnesses, and preparation and presentation of the arbitration matter. Any
such arbitration shall be conducted in Madison, Wisconsin.

 

ARTICLE
XI 

INSOLVENCY

 

Section
11.1 Insolvency of Company. In the event of insolvency and the appointment of a conservator, liquidator, or statutory successor
of the Company, the reinsurance hereunder shall be payable directly to the conservator, rehabilitator, liquidator, receiver or
statutory successor of the Company on the basis of claims allowed against the Company by any court of competent jurisdiction or
by any conservator, rehabilitator, liquidator, receiver or statutory successor of the Company having authority to allow such claims,
without diminution because of that insolvency, or because the conservator, rehabilitator, liquidator, receiver or statutory successor
of the Company has failed to pay all or a portion of any claims. Payments by the Reinsurer, as set forth herein, shall be made
directly to the Company or to its conservator, rehabilitator, liquidator, receiver or statutory successor, except where this Agreement
specifically provides another payee of such reinsurance in the event of the insolvency of the Company. The conservator, rehabilitator,
liquidator, receiver or statutory successor of the Company shall give written notice to the Reinsurer of the pendency of a claim
against the Company indicating the Policy reinsured, within a reasonable time after such claim is filed and the Reinsurer may
investigate and interpose, at its own expense, in any proceeding where such claim is to be adjudicated, any defense or defenses
that the Reinsurer may deem available to the Company or to its conservator, rehabilitator, liquidator, receiver or statutory successor.

 

    10

     

    

 

ARTICLE
XII

DURATION

 

Section
12.1 Term. The reinsurance provided under this Agreement shall remain continuously in force for so long as the Company
shall remain liable on the Policies or until terminated by either Party by written notice given to the other Party at least twelve
(12) months in advance of the termination date, a copy of which shall be provided to the Iowa Insurance Division.

 

Section
12.2 Runoff Coverage. If this Agreement is terminated, the reinsurance hereunder shall continue to apply to benefits and/or
claims under all Policies (including any lapsed, surrendered, reinstated, renewed or matured Policy) until the Company’s
obligations under the Policies cease. The Parties hereto expressly covenant and agree that, in the event of termination of this
Agreement, they will cooperate with each other in the handling of all such run-off insurance business until the Company’s
obligations under the Policies cease. All costs and expenses associated with the handling of such run-off business shall be borne
solely by the Reinsurer. For the avoidance of doubt, in the event this Agreement is terminated, the reinsurance hereunder shall
not apply to any insurance policies or annuity contracts, or binders, contracts, certificates, riders, endorsements, supplemental
benefits, or other agreements related or attaching to such insurance policies or contracts, that were first issued or assumed
by the Company on or after the effective date of any termination of this Agreement.

 

Section
12.3 Recapture. The Policies are not eligible for recapture by the Company except upon the mutual agreement of the Company
and the Reinsurer.

 

ARTICLE
XIII 

CREDIT
FOR REINSURANCE

 

Section
13.1 Credit for Reinsurance.

 

(a)         
The Reinsurer shall, at its own expense, take all steps necessary (including the posting of letters of credit or other acceptable
security) to enable the Company to receive and maintain full credit for the reinsurance provided by this Agreement in any jurisdiction
applicable throughout the entire term of this Agreement.

 

(b)         
It is understood and agreed that any term or condition required by Applicable Law to be included in this Agreement for the Company
to receive statutory credit for the reinsurance provided by this Agreement shall be deemed to be incorporated in this Agreement
by reference. Furthermore, the Reinsurer and the Company agree to amend this Agreement, or enter into other agreements or execute
additional documents as needed to comply with the credit for reinsurance laws and regulations and/or the requirements of Iowa
Insurance Division.

 

ARTICLE
XIV

DAC
Tax

 

Section
14.1 Party. The term “party” will refer to either contracting company as appropriate.

 

    11

     

    

 

Section
14.2 Other Terms. The terms “Net Positive Consideration”, “Specified Policy Acquisition Expenses” and
“General Deductions Limitation” used in this Article are defined by reference to Regulation Section 1.848-2 and Code
Section 848.

 

Section
14.3 DAC Tax Election. The parties to this Agreement agree to make the election set forth below pursuant to Section 1.848-2(g)
(8) of the Income Tax Regulations issued under Section 848 of the Code. This election shall be effective for taxable year 2016
and for all subsequent taxable years for which this Agreement remains in effect.

 

(a)
         The party with the Net Positive Consideration for this Agreement for each
taxable year will capitalize Specified Policy Acquisition Expenses with respect to this Agreement without regard to the General
Deductions Limitation of Code Section 848(c)(1).

 

(b)
          Both parties agree to exchange information pertaining to the amount of net
consideration under this Agreement each year, or as otherwise required by the Internal Revenue Service, to ensure consistency.

 

(c)
          The Company will submit a schedule to the Reinsurer by May 1 of each year
with its calculation of the net consideration for the preceding calendar year. The Reinsurer may contest such calculation by providing
an alternative calculation to the Company in writing within thirty (30) calendar days of the Reinsurer’s receipt of the Company’s
calculation.

 

(d)            If
the Reinsurer contests the Company’s calculation, the parties will act in good faith to reach an agreement as to the correct amount
within thirty (30) calendar days of the date that the Company receives the Reinsurer’s alternative calculation. If the parties
reach an agreement on the net consideration calculation, each party will report the agreed upon amount in its income tax return
for the preceding calendar year. If the parties are unable to reach an agreement on the amount of net consideration, then the
dispute shall be resolved pursuant to Article IX of this Agreement. If Reinsurer does not contest the Company’s calculation the
parties will utilize the calculation provided by the Company for reporting purposes in their respective income tax returns for
the preceding year.

 

(e)
          Each party will attach a schedule to its federal income tax return for its
first taxable year ending after the election becomes effective that identifies this Agreement as a reinsurance agreement for which
joint elections have been made under Treasury Regulation Section 1.848-2(g)(8).

 

ARTICLE
XV

SERVICE
OF SUIT

 

Section
15.1. In the event of the failure of the Reinsurer to perform its obligations hereunder, the Reinsurer, at the request of the
Company, shall submit to the jurisdiction of a court of competent jurisdiction. Nothing in this Article constitutes or should
be understood to constitute a waiver of the Reinsurer’s right to commence an action in any court of competent jurisdiction,
to remove an action or to seek a transfer of a case to another court as permitted by law. The Reinsurer, once the appropriate
court is selected, whether such court is the one originally chosen by the Company and accepted by the Reinsurer or is determined
by removal, transfer or otherwise, as provided for above, shall comply with all requirements necessary to give said court jurisdiction
and, in any suit instituted against the Reinsurer upon this Agreement, shall abide by the final decision of such court or of any
appellate court in the event of appeal. This Article shall not be read to conflict with or override the obligations of the parties
to arbitrate their disputes as provided in Article IX.

 

    12

     

    

ARTICLE
XVI

GENERAL
PROVISIONS

 

Section
16.1 Notices. All notices and communications hereunder shall be in writing and shall become effective when received.
Any written notice shall be sent by either certified or registered mail, return receipt requested, overnight delivery service
(providing for delivery receipt), electronic facsimile transmission, or delivered by hand. All notices or communications
under this Agreement shall be addressed as follows:

 

If
to the Company:

 

MEMBERS
Life Insurance Company

5910
Mineral Point Rd.

Madison,
WI 53705

Attention:
Treasurer

 

If
to the Reinsurer:

 

CMFG
Life Insurance Company

5910
Mineral Point Rd.

Madison,
WI 53705

Attention:
Treasurer

 

Section
16.2 Successors and Assigns. This Agreement and related documents cannot be assigned by either party without the prior
written consent of the other and the prior approval of the Iowa Insurance Division. The provisions of this Agreement and related
documents shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors
and assigns as permitted herein.

 

Section
16.3 Execution in Counterparts. This Agreement may be executed by the parties hereto in any number of counterparts, and
by each of the parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section
16.4 Entire Agreement. This Agreement, together with the schedules and exhibits attached hereto, constitutes the entire
agreement between the parties hereto with respect to the business being reinsured hereunder and there are no understandings between
the parties other than those expressed in this Agreement. Any change or modification to this Agreement shall be null and void
unless made by amendment to this Agreement and signed by both parties hereto.

 

Section
16.5 Regulatory Approval of Amendments. No amendment to this Agreement until prior approval of the Iowa Insurance Department
has been received by the Company. Similarly, if the approval of other Governmental Entities is required no amendment to this Agreement
shall take effect until all such necessary approvals have been received by the Company.

 

Section
16.6 Governing Law. This Agreement and related documents shall be governed by and construed in accordance with the laws
of the State of Iowa.

 

Section
16.7 Severability. In the event any section or provision of this Agreement or related documents is found to be void and
unenforceable by a court of competent jurisdiction, the remaining sections and provisions of this Agreement or related documents
shall nevertheless be binding upon the parties with the same force and effect as though the void or unenforceable part had not
been severed or deleted.

 

Section
16.8 No Third Party Beneficiaries. This Agreement constitutes an indemnity reinsurance agreement solely between the Company
and the Reinsurer. Nothing expressed or implied in this Agreement is intended to confer any rights, benefits, remedies, obligations
or liabilities upon any Person other than the parties hereto and their respective successors and permitted assigns.

 

Section
16.9 Compliance with Applicable Laws. The Company and the Reinsurer shall maintain all licenses, obtain all regulatory
approvals and comply with all applicable laws and regulatory requirements necessary to perform their respective obligations under
this Agreement.

 

[Remainder
of page left intentionally blank]

 

    13

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representative.

 

	 	MEMBERS
    LIFE INSURANCE COMPANY	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	Brian
    Borakove	 
	 	 	 	 
	 	Title:	Senior
    Vice President	 
	 	 	 	 
	 	Date:	03/09/2021	 

 

 

	 	CMFG
    LIFE INSURANCE COMPANY	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	Laureen A. Winger	 
	 	 	 	 
	 	Title:	Executive Vice
    President and Chief Financial Officer	 
	 	 	 	 
	 	Date:	03/09/2021	 

 

    14

     

    

 

SCHEDULE
A

(Covered
Policies)

 

MEMBERS
Zone Annuity

 

MEMBERS
Horizon Variable Annuity

 

MEMBERS
Horizon II Variable Annuity

 

CUNA
Mutual Group Zone Income Annuity

 

CUNA
Mutual Group ZoneChoice Annuity

 

    15

     

    

 

SCHEDULE
3.2

VARIABLE
SEPARATE ACCOUNT (VSA) VALUATION ADJUSTMENT CALCULATION

 

The
VSA Valuation Adjustment shall be calculated as of the end of each calendar quarter, or more frequently as mutually agreed by
the parties, as follows:

 

(A-B)
Where:

 

A
= VSA Accumulated Value with respect to the VSA as of the end of such calendar quarter (or month if calculated on a monthly basis)

 

B
= VSA Accumulated Value with respect to the VSA as of the beginning of such calendar quarter (or month if calculated on a monthly
basis)

 

    16

     

    

 

SCHEDULE
3.3 

VARIABLE
SEPARATE ACCOUNT (VSA) EARNINGS CREDIT CALCULATION

 

The
VSA Earnings Credit shall be calculated as of the end of each calendar quarter (or month if calculated on a monthly basis) as
follows:

 

A-B-C+D

 

Where:

A
= VSA Accumulated Value with respect to the VSA as of the end of such calendar quarter (or month if calculated on a monthly basis)

 

B
= VSA Accumulated Value with respect to the VSA as of the beginning of such calendar quarter (or month if calculated on a monthly
basis)

 

C
= Increases in VSA Accumulated Value during such calendar quarter (or month if calculated on a monthly basis) which shall be calculated
as the premiums allocated to the VSA

 

D
= Decreases in VSA Accumulated Value during such calendar quarter (or month if calculated on a monthly basis) which shall be calculated
as follows:

1.       
Death benefits, surrenders, withdrawals and annuitizations paid from the VSA

 

2.       
Contract, administration and transfer fee deductions

 

3.       
Deductions for contingent deferred sales charges or surrender charges

 

4.       
D(1) + D(2) + D(3)

 

    17

     

    

 

SCHEDULE
3.4

VARIABLE
SEPARATE (VSA) PAYABLE LIABILITY CALCULATION

 

The
VSA Payable Liability shall be calculated as of the end of each calendar quarter (or month if calculated on a monthly basis) as
follows:

 

(A-B)

 

Where:

 

A
= VSA Accumulated Value with respect to the VSA as of the end of such calendar quarter (or month if calculated on a monthly basis)

 

B
= Statutory Reserves with respect to the VSA as of the end of such calendar quarter (or month if calculated on a monthly basis)

 

    18

     

    

.

SCHEDULE
5 4.2 

INVESTMENT
GUIDELINES

 

Investment
Guidelines for CMFG Life Insurance Company Risk Control Separate Accounts and Declared Rate Separate Accounts

 

	Broad
    Asset Class	 	Asset
    Class	 	Minimum	 	Maximum
	Near
    Risk-Free	 	 	 	4%	 	100%
	 	 	Cash	 	0%	 	100%
	 	 	Government	 	1%	 	100%
	 	 	Agency MBS*	 	3%	 	40%
	 	 	 	 	 	 	 
	Corporate	 	 	 	20%	 	80%
	 	 	Public – Investment
    Grade	 	20%	 	80%
	 	 	Private – Investment
    Grade	 	0%	 	20%
	 	 	High Yield	 	0%	 	10%
	 	 	 	 	 	 	 
	Other
    Credit	 	 	 	0%	 	30%
	 	 	Municipal	 	0%	 	5%
	 	 	Mortgage Loan	 	0%	 	25%
	 	 	 	 	 	 	 
	Structured
    Credit	 	 	 	3%	 	25%
	 	 	ABS	 	0%	 	20%
	 	 	CMBS	 	0%	 	20%
	 	 	CLO	 	0%	 	20%
	 	 	RMBS	 	0%	 	5%
	 	 	 	 	 	 	 
	Equity
    or Near-Equity	 	 	 	0%	 	5%
	 	 	Real Estate	 	0%	 	0%
	 	 	Alternative –
    Mezzanine	 	0%	 	5%
	 	 	Alternative –
    Private Equity	 	0%	 	5%
	 	 	Public Equity	 	0%	 	5%

 

*A
pass-through security or unleveraged CMO class

 

Derivatives

 

Derivatives
will primarily be limited to those hedging liability risks. Risks hedged would primarily be the equity market related guarantees
of the Members Life Annuity Contracts but can also include rate and credit oriented exposures generally related to liability reserves.
Derivative usage and limits on notional amounts will be set by the Board of Directors of CMFG Life Insurance Company from time
to time and must comply with the CMFG Life Insurance Company Derivative Use Plan and Derivative Policy.

 

    19

     

    

Transfer
restrictions

 

Assets
may be transferred into and out of the separate accounts as long as asset values exceed liability values after such transfers.
Impaired securities, securities in default or assets encumbered by other agreements (modified coinsurance “segregated”
assets, collateral for trusts, etc.) may not be transferred into the separate accounts.

 

Borrowing
to Support the Separate Accounts

 

Assets
of the Separate Accounts may be used to collateralize borrowing in order to meet short-term liquidity needs of the Separate Accounts.

 

Use
of Funding Agreements

 

Assets
of the Separate Accounts may be used to collateralize funding agreements with the Federal Home Loan Bank (“FHLB”).
Funding agreement proceeds will be invested within the Separate Accounts in assets that are consistent with these investment guidelines
and that match funding agreement liabilities. The funding agreement liabilities are recorded in each separate account so we are
using separate account assets to satisfy liabilities attributable to the separate accounts. We track these assets that back the
funding agreements in a separate portfolio so they can be identified separately.

 

Securities
Lending

 

The
Separate Accounts may participate in a securities lending program consistent with the terms of the general account securities
lending program in which collateral is received for loaned securities, provided investments made with such collateral are invested
within the Separate Accounts in assets consistent with these Investment guidelines and that match securities lending program liabilities.

 

Effective:
January 1, 2019

 

    20

     

    

 

SCHEDULE
6.1 

FORM
OF QUARTERLY STATEMENT

 

1.     
Payments due to the Reinsurer shall be calculated as follows:

 

a.     
Premium ceded, less any return or refunds of premium

 

b.     
VSA Earnings Credit (if positive), excluding the change in VSA Payable Liability

 

c.     
Payments under Fund Participation Agreements

 

d.     
VSA Valuation Adjustment (if negative)

 

e.     
Any other items payable to the Reinsurer under Section 4.1 of this Agreement

 

f.      
Any amounts remitted to the Reinsurer after the date of the last quarterly settlement

 

g.     
1 (a) + 1 (b) + 1 (c) + 1 (d) + 1 (e) – 1 (f)

 

2.     
Payments due to the Company shall be calculated as follows:

 

a.     
Benefits ceded - surrenders, withdrawals, death and annuity benefits

 

b.     
VSA Earnings Credit (if negative), excluding the change in VSA Payable Liability

 

c.     
VSA Valuation Adjustment (if positive)

 

d.     
Any other items payable to the Company under Section 4.2 of this Agreement

 

e.     
Any payments to the Company after the date of the last quarterly settlement

 

f.      
2(a) + 2(b) + 2(c) + 2(d) – 2(e)

 

3.
     Balance during the period shall be calculated as follows:

 

 1 (g) - 2 (f)

 

 With
the amount of a positive balance paid by the Company to the Reinsurer, and the amount of a negative balance paid by the Reinsurer
to the Company.

 

    21

     

    

 

Agreement
on Accounting Periods

 

The
Parties to the Amended and Restated Coinsurance and Modified Coinsurance Agreement dated January 1, 2019 have agreed that the
Accountings described in Section V - Accountings of the Agreement shall be performed on a monthly basis. Accordingly, the Parties
agree that the Quarterly Accountings described in Section 5.1, the Quarterly Accountings in Section 5.2 and the Schedule 5.1 Quarterly
Statement shall be prepared on a monthly basis until such time as the Parties agree in writing to change the timing for these
reports.

 

MEMBERS
Life Insurance Company

 

CMFG
Life Insurance Company

 

    22

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