Document:

EX-10.16.4

 Exhibit 10.16.4 

Execution Version 
 THIRD
AMENDMENT TO MASTER EXCHANGE AGREEMENT 
 THIS THIRD AMENDMENT is dated as of August 10, 2018 (this “ Third Amendment
”), and amends in part that certain MASTER EXCHANGE AGREEMENT, as amended and restated on January 18, 2018 with effect as of January 12, 2018 (the “ Agreement ”), and further amended by the First Amendment thereto,
dated April 30, 2018 (the “ First Amendment ”), and the Second Amendment thereto, dated June 29, 2018 (the “ Second Amendment ”), by and among GWG HOLDINGS, INC., a Delaware corporation (“ GWG
”), GWG LIFE, LLC, a Delaware limited liability company and wholly owned subsidiary of GWG, THE BENEFICIENT COMPANY GROUP, L.P., a Delaware limited partnership, MHT FINANCIAL SPV, LLC, a Delaware limited liability company and wholly owned
subsidiary of MHT Financial, L.L.C., and each of the EXCHANGE TRUSTS that is a party to the Agreement (the “ Seller Trusts ”), and as agreed to and accepted by Murray T. Holland and Jeffrey S. Hinkle, as trust advisors to the Seller
Trusts. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement. 
 WITNESSETH: 

WHEREAS, the parties have entered into the Agreement, as amended to date; 

WHEREAS, pursuant to and in accordance with Section 11.10 of the Agreement, the parties wish to amend the Agreement
further as set forth in this Third Amendment in order to enable the parties to obtain the benefit of their bargain under the Agreement in an expedited manner in light of certain regulatory delays to the consummation of the Agreement in full. 

NOW, THEREFORE, in consideration of the rights and obligations contained herein, and for other good and valuable consideration, the adequacy
of which is hereby acknowledged, the parties agree as follows: 
 Section 1. Amendments to the
Agreement . 
 1. The fourth WHEREAS clause is deleted in its entirety and replace with the following: 

“WHEREAS, upon the terms and subject to the conditions of this Agreement, (a) GWG desires to acquire the MLP Units owned by the
Seller Trusts at a price of $10.00 per unit in exchange for (i) up to 29.1 million shares of common stock, par value $0.001 of GWG (the “ GWG Common Stock ”) (subject to adjustment as set forth in
Section 8.4 hereof), the resale of which shall be registered with the Securities and Exchange Commission (the “ SEC ”) and, subject to issuance, approved for listing on The NASDAQ Capital Market (“
NASDAQ ”) (the “ Stock Consideration ”), (ii) a new series of L Bonds issued by GWG (the “ GWG L Bonds ”) issued pursuant to a supplemental indenture (the “ Supplemental Indenture ”) in
an aggregate principal amount of up to $403,234,866 (the “ Debt Consideration ”), (b) the Seller Trusts desire to exchange the MLP Units, on a pro rata basis based on their respective ownership of MLP Units, for such GWG Common
Stock and GWG L Bonds (the Stock Consideration and the Debt Consideration, collectively, the “ Consideration ”), (iii) the Company shall issue to GWG an amount of securities or other instruments in an amount calculated in accordance
with Section 2.4(a) hereof (the “ Additional Consideration ”), and (iv) GWG shall issue to the Company the Convertible Preferred Stock (as defined in Section 2.4(b)
hereof);” 

 2. The fifth WHEREAS clause is hereby deleted in its entirety. The Parties agree further
that all references to MHT Financial SPV, LLC contained in the Agreement (other than as set forth in the last sentence of Section 5.6(a) hereto), together with all rights and obligations relating thereto, are hereby deleted
and that such entity shall, as of the effective date of this Third Amendment withdraw and no longer be a party to the Agreement. 
 3. The
definition of “Transaction Agreements” in Section 1.1 is hereby deleted in its entirety and replaced with the following: 

“ Transaction Agreements ” shall mean this Agreement, the Orderly Marketing Agreement, the Shareholders’ Agreement, the
Commercial Loan Agreement, the Exchangeable Note, the Supplemental Indenture, as each such term is defined herein, and the registration rights agreements provided for in Sections 7.6 and 9.2(c)(iv) . 

4. All references to that certain “Private Placement Memorandum, dated September 20, 2017,” shall be amended and replaced with
“Private Placement Memorandum, initially dated September 20, 2017, as amended through March 12, 2018.” 
 5. ARTICLE
II: EXCHANGES; CLOSING is hereby deleted in its entirety and replaced with the following: 
 Section 2.1 “ The Sale and
Exchange . 
 (a) Upon the terms and subject to the conditions of this Agreement, at the Closing, each Seller Trust shall
sell, assign, transfer and deliver to GWG, and GWG shall purchase and acquire from each Seller Trust, (i) those MLP Units set forth next to each Seller Trust’s name on Schedule I or as otherwise identified in writing by the Company
and agreed to by GWG, free and clear of all Liens (other than Liens arising under the Securities Act and applicable state securities laws), at a price of $10.00 per MLP Unit (the “ MLP Unit Exchange Price ”) in exchange for
(A) satisfaction in full of the Exchangeable Note (as defined in Section 2.3 ) and (B) aggregate Consideration to be delivered in the form of (i) the Stock Consideration, free and clear of all Liens (other
than Liens arising under the Securities Act and state securities laws), and (ii) the Debt Consideration containing the terms set forth in Exhibit A hereto or as otherwise agreed by the parties, free and clear of all Liens (other than
Liens arising under the Securities Act and state securities laws), each in such amount as is set forth next to such Seller Trust’s name on Schedule I or, if not set forth therein, as otherwise identified in writing by the Company and
agreed to by GWG. Such consideration shall be delivered to the Seller Trusts in two installments as follows: (i) the delivery of the Debt Consideration at the Initial Transfer (as defined in Section 2.5 below), and
(ii) the delivery of the Stock Consideration and satisfaction of the Exchangeable Note at the Final Closing (as defined in Section 2.5 below). 

	
	

  
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 (b) The Stock Consideration and the Debt Consideration shall be issued in
such amounts and proportions as GWG, the Company and the Trust Advisors on behalf of the Seller Trusts shall determine not less than five (5) Business Days prior to the respective Closing, or such other time as shall be agreed by the parties;
provided, however, that in no event shall the aggregate amount of GWG Common Stock issued as Stock Consideration exceed 29.1 million shares at a price per share of $10.00 and the aggregate principal amount of GWG L Bonds issued as Debt
Consideration exceed $405 million; and provided, further, that in no event shall the aggregate Consideration received by the Seller Trusts be less than $550 million nor greater than $800 million. 

Section 2.2 Commercial Loan . On the Initial Transfer Date, the Company shall enter into the Loan Agreement with
GWG Life in a principal amount of $200 million, containing the principal terms as set forth in Exhibit B hereto, or as such parties shall otherwise mutually agree as set forth in the definitive Loan Agreement. The parties agree that
entry into the Loan Agreement shall be in consideration for GWG and GWG Life entering into this Agreement and consummating transactions contemplated hereby and neither GWG Life or nor any of its Affiliates shall provide any cash proceeds or advances
in connection with the Loan Agreement. 
 Section 2.3 Exchangeable Note . On the Initial Transfer Date, the
Company shall deliver to GWG a promissory note (the “ Exchangeable Note ”) in the principal amount of $162,911,379. The Exchangeable Note shall accrue interest at a rate of 12.40% per annum, calculated on the basis of a 360-day year, and compounded annually on each anniversary of the Initial Transfer Date. At the earlier of the maturity date (as set forth in the Exchangeable Note) or the Final Closing, the outstanding principal
balance of the Exchangeable Note (the “ Exchanged Amount ”), shall be satisfied in full by (a) the transfer by the Company to GWG of Common Units in an amount equal to the Exchanged Amount divided by the MLP Unit Exchange Price
(the “ Exchangeable Note MLP Units ”) and (b) the payment in cash of all accrued interest from the Initial Transfer Date to the date of such payment (the “ Accrued Interest ”). The Company, GWG and GWG Life
agree that, in lieu of payment of the Accrued Interest at the Final Closing Date (or if, earlier, the maturity date of the Exchangeable Note), the Company may, at its option, add an amount equal to such Accrued Interest to the then outstanding
principal balance due under the Loan Agreement. The parties agree that the Exchangeable Note shall be in consideration for GWG entering into this Agreement and consummating transactions contemplated hereby and neither GWG or nor any of its
Affiliates shall provide any cash proceeds or advances in connection with the Exchangeable Note. 

	
	

  
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 Section 2.4 Additional Consideration . 

(a) The Company shall issue to GWG the Additional Consideration on the Final Closing Date, free and clear of all Liens (other
than Liens arising under the Securities Act and applicable state securities laws). The Additional Consideration shall be an amount of securities or other instruments, containing the same rights, preferences and privileges as the NPC-A Unit Accounts, equivalent to seven percent (7%) of the total NPC-A Unit Accounts attributable to the Company Holdings’ founders and to Hicks Holdings Operating,
LLC, based upon the estimated allocation of such Unit Accounts as of the preliminary third party valuation of Company Holdings, and subject to adjustment following the issuance of the Final Valuation (as defined below) or prior to the Final Closing
Date and made on a pro rata basis with the NPC-A Unit Accounts held by Hicks Holdings Operating, LLC. 

(b) The Company agrees to purchase $50 million of GWG’s convertible preferred stock (“ Convertible Preferred
Stock ”), payable in cash, on the Initial Transfer Date. The Convertible Preferred Stock will be non-voting, have no dividend rights, and shall convert into GWG Common Stock (the “ Conversion
Shares ”) at a conversion price of $10.00 per share immediately following the Final Closing. GWG shall take such action as is necessary to obtain the requisite approval from its Board of Directors for the terms as set out herein of the
Convertible Preferred Stock and the issuance to the Company or, at the direction of the Company, to the Seller Trusts, as contemplated hereby. 

Section 2.5 Closings; Deliverables. 

(a) Upon the terms and subject to the conditions of this Agreement, the “ Initial Transfer ” of the
transactions contemplated by this Agreement will take place as soon as practicable after the date hereof at 10:00 a.m., New York time, on such date, place and time as the parties shall mutually agree in writing (the “ Initial Transfer
Date ”), provided that such date shall not be later than August 10, 2018, and the “ Final Closing ” of the transactions contemplated hereunder will take place at 10:00 a.m., New York time, on such date, place and time
subsequent to the Initial Transfer as GWG and the Company shall mutually agree in writing (the “ Final Closing Date ”), provided that such date shall be as soon as practicable following the expiration of the 20-day period provided for in Rule 14c-2(b) under the Securities Exchange Act of 1934, as amended, following the mailing of the Information Statement to be prepared and
delivered to GWG Stockholders in accordance with Section 7.3 hereof, it being understood that a definitive Information Statement shall be filed with the SEC and mailed to GWG Stockholders by GWG as soon as practicable
following the delivery to GWG by the Company of the Company Financial Statements (as defined in Section 6.6(a) hereof). The Initial Transfer and the Final Closing may be referred to herein together as the “
Closings ” and, individually, as a “ Closin g,” as the context requires. References in the Agreement to the Closing Date shall mean the Initial Transfer Date or the Final Closing Date, as the context requires. Without
limiting the generality of the foregoing, (i) for purposes of Articles III , IV and V , the term “Closing” shall mean each of the Initial Transfer and the Final Closing, (ii) for purposes of
Section 6.1 , the term “Closing Date” shall mean the Final Closing Date, (iii) for purposes of Section 6.2(a) , the term “Closing Date” shall mean the Initial Transfer Date
and the term “Closing” shall mean the Initial Transfer, (iv) for purposes of Section 6.2(b) and (c) , the term “Closing” shall mean the Initial Transfer (for the restrictions on any issuance
and redemptions that occur on or prior to the Final Closing Date) and the Final Closing (for redemptions that occur on or after the Final Closing Date), (v) for purposes of Section 6.4(b) , the term “Closing”
shall mean the Final Closing, (vi) for purposes of Section 7.5 , the term “Closing Date” shall mean the Final Closing Date, (vii) for purposes of Section 7.6 , the term
“Closing” shall mean the Final Closing, (viii) for purposes of Section 8.2 , the term “Closing” shall mean the Final Closing, (xi) for purposes of Sections 8.4 and 8.8 , the term
“Closing Date” shall mean each of the Initial Transfer Date and the Final Closing Date and the term “Closing” (for purposes of Section 8.4 ) shall mean each of the Initial Transfer and the Final Closing,
and (x) for purposes of Sections 8.6 and 11.14 , the term “Closing” shall mean the Final Closing. 

	
	

  
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 (b) At the Initial Transfer : 

(i) (A) The Seller Trusts shall deliver, pro rata, to GWG a duly executed Assignment and Assumption of MLP Units,
substantially in the form attached hereto as Exhibit C, evidencing the transfer of an aggregate of 4,032,349 MLP Units by the Seller Trusts, pro rata, to GWG, free and clear of all Liens (other than Liens arising under the Securities Act and
applicable state securities laws); (B) in connection therewith, GWG shall execute and deliver to the Company a joinder to the Amended and Restated Limited Partnership Agreement; and (C) the Company shall record in its books and records the
ownership of such MLP Units in the name of GWG; 
 (ii) GWG Life and the Company shall execute and deliver the Loan
Agreement; 
 (iii) The Company shall execute and deliver the Exchangeable Note to GWG; 

(iv) GWG shall deliver to each Seller Trust, pro rata, a duly executed certificate, registered in such name or names and in
such amounts as shall be designated by the Trust Advisors on behalf of the Seller Trusts not less than two (2) Business Days prior to the Initial Transfer, evidencing the pro rata Debt Consideration issuable thereto; 

(v) GWG shall issue the Convertible Preferred Stock to the Company or, at the Company’s direction, to the Seller Trusts,
and deliver a duly executed certificate, registered in the name or names as directed by the Company; 
 (vi) GWG shall
record in its books and records the ownership of the Debt Consideration in such name or names as specified pursuant to Section 2.5(b)(iv) ; and 

(vii) The appropriate parties shall deliver the items required to be delivered pursuant to Article IX. 

(c) At the Final Closing : 

(i) (A) The Seller Trusts shall deliver, pro rata, to GWG a duly executed Assignment and Assumption of MLP Units,
substantially in the form attached hereto as Exhibit C, evidencing the transfer of an aggregate of 40,485,230 MLP Units by the Seller Trusts, pro rata, to GWG, free and clear of all Liens (other than Liens arising under the Securities Act and
applicable state securities laws); and (B) the Company shall record in its books and records the ownership of such MLP Units in the name of GWG; 

(ii) The Company shall transfer to GWG the Exchangeable Note MLP Units in full satisfaction of the Exchanged Amount, free and
clear of all Liens (other than Liens arising under the Securities Act and applicable state securities laws); (B) the Company shall record in its books and records the ownership of such Exchangeable Note MLP Units in the name of GWG, and shall credit
GWG’s capital account associated therewith in an amount equal to the Exchanged Amount; and (C) the Company shall satisfy its obligation to pay to GWG the Accrued Interest in accordance with the terms set forth in the Exchangeable Note;

 (iii) GWG shall confirm in writing the satisfaction in full by the Company of the Exchangeable Note and the cancellation
thereof by GWG; 
 (iv) GWG shall deliver to each Seller Trust, pro rata, a duly executed stock certificate, registered in
such name or names and in such amounts as shall be designated by the Trust Advisors on behalf of the Seller Trusts not less than two (2) Business Days prior to the Final Closing, and dated the Final Closing Date, evidencing the pro rata Stock
Consideration issuable thereto, free and clear of all Liens (other than Liens arising under the Securities Act and applicable state securities laws); 

(v) GWG shall record in its books and records the ownership of the Stock Consideration in such name or names as specified
pursuant to Section 2.5(c)(iv) ; 

	
	

  
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 (vi) The Company shall issue to GWG the Additional Consideration pursuant
to Section 2.4(a) ; 
 (vii) The appropriate parties shall deliver the items required to be
delivered pursuant to Article IX; and 
 (viii) Immediately following the Final Closing, GWG shall (A) deliver to each
holder of Convertible Preferred Stock a duly executed stock certificate, registered in such holder’s name evidencing the Conversion Shares issuable thereto, free and clear of all Liens (other than Liens arising under the Securities Act and
applicable state securities laws); and (B) cancel the corresponding shares of Convertible Preferred Stock.” 
 4.
Section 3.2 of the Agreement is hereby amended by adding the following: 
 “(c) The
Exchangeable Note has been duly and validly authorized and approved by the general partner of the Company and, when executed and delivered as contemplated therein, will have been duly and validly executed and delivered by it, will constitute a
legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, subject (i) to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting
creditors’ rights generally and (ii) as to enforceability, to general principles of equity.” 
 5.
Section 3.6(a) of the Agreement is hereby deleted in its entirety and replaced with the following: 

“(a) (i) The partnership interests/units authorized for issuance by the Company are an unlimited number of common
units under the Amended & Restated Limited Partnership Agreement, of which 74,670,839 common units are outstanding as of the Initial Transfer Date. All of such outstanding common units have been (A) duly authorized, validly issued,
fully paid and nonassessable, (B) issued in compliance in all material respects with applicable Laws and (C) issued without breach or violation of any preemptive rights or any Contract. (ii) The Company is the general partner of
Company Holdings and all of Company Holdings’ classes of partnership interests/units (A) have been duly authorized and validly issued and are fully paid and non-assessable, (B) were issued in
compliance in all material respects with applicable Law and (C) were not issued in breach or violation of any preemptive rights or any Contract. The NPC-A Unit Accounts to be issued to GWG as Additional
Consideration shall be, as of the date of such issuance, (X) duly authorized, validly issued, fully paid and non-assessable, (Y) issued in compliance with applicable Laws, and (Z) issued without
breach or violation of any preemptive rights or Contract. 

	
	

  
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 6. Section 3.10 of the Agreement is hereby deleted in its entirety and replaced with
the following: 
 “Section 3.10. Financial Information . The certain unaudited financial information,
including models, forecasts and projections as included in the electronic data room under the heading “August 4-5 Financial Information” (the “August 4 Information”), and as furnished to
GWG, (i) fairly present in all material respects the historical, pro forma and projected financial condition and results of operations of the Company and its consolidated Subsidiaries, as the case may be, as of and for the dates thereof and the
periods then ended, (ii) to the extent based on historical financial information, such historical financial information was prepared consistent with GAAP, (iii) with respect to pro forma financial information, have been properly presented
consistent with GAAP and give effect to assumptions used in the preparation thereof on a reasonable basis and in good faith and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein and
(iv) with respect to projected financial information, have been prepared consistent with GAAP and in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time made; provided, however
that the August 4 Information may be subject to adjustment as a result of the Company’s final enterprise valuation to be prepared by a third-party valuation firm (the “ Final Valuation ”). The only material adjustments to
the August 4 Information in the Final Valuation will be to (a) intangible assets and (b) NPC Unit Accounts of Company Holdings.” 

7. Section 3.17 of the Agreement is hereby deleted in its entirety and replaced with the following: 

“Section 3.17. Disclosure Documents; Acknowledgment . All written disclosure documentation furnished by or on
behalf of the Company to GWG in the electronic data room in connection with the transactions contemplated by this Agreement (including documentation which amends or supersedes previously furnished information) is materially accurate as of the
respective date of such documentation and does not, as of such date, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading. Certain of the financial information in the electronic data room, including information included under the heading “August 4-5 Diligence Responses,” includes and
relies upon projections, estimates, pro formas, forecasts and other forward-looking information (collectively, “ Forward-Looking Information ”) and was prepared in good faith as of its respective date in reliance upon such
Forward-Looking Information. The representation and warranty set forth in this Section 3.17 with respect to financial information that includes and relies upon Forward-Looking Information shall be deemed made only as of the
Initial Transfer Date and shall not apply to any such financial information if an updated version of such financial information is placed into the electronic data room prior to the Initial Transfer Date (in which case the representation and warranty
shall be made solely with respect to the updated version of such financial information). The Company acknowledges and agrees that GWG and GWG Life have not made and are not making any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Article V.” 

	
	

  
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 8. A new Section 3.18 of the Agreement is hereby added as follows:

 “Section 3.18. MLP Units . As of the Initial Transfer Date, there have been no material changes in the
terms of the MLP Units or securities of Company Holdings from the terms reflected in the Private Placement Memorandum. 
 9. A new
Section 3.19 of the Agreement is hereby added as follows: 
 “Section 3.19. MLP Unit Tax Basis . The
aggregate MLP Units to be transferred to GWG (i) in exchange for the GWG L Bonds, should have a tax basis determined with reference to the issue price of the GWG L Bonds, (ii) in exchange for GWG Common Stock, should have a tax basis
determined with reference to the tax basis of such MLP Units in the hands of the Seller Trusts, and (iii) upon settlement of the instrument to acquire MLP Units as Additional Consideration, should have a tax basis equal to the sum of the amount
paid by GWG and any amount includible in income with respect to such instrument. There is no built-in unrealized gain attributable to any property underlying the MLP Units being transferred to GWG. ” 

10. Section 5.2(b) of the Agreement is hereby deleted in its entirety and replaced with the following: 

“(b) The affirmative vote or consent of holders of a majority of the outstanding shares of GWG Common Stock to approve the
issuance of the shares (including shares issuable upon conversion of the Convertible Preferred Stock) for purposes of NASDAQ Rules 5635(a) and (b) is the only vote or consent of any of GWG’s capital stock necessary in connection with the
entry into this Agreement by GWG and the consummation of the transactions contemplated hereby, including the Closing (the “ GWG Stockholder Approval ”).” 

11. Section 5.5 of the Agreement is hereby revised to replace the term “Proxy Statement” where it appears
in such section with the term “Information Statement.” 
 12. Section 5.6(a) of the Agreement is hereby
amended to add the following sentence at the end of such section: 
 “Notwithstanding the foregoing, GWG and GWG Life make no
representation or warranty regarding the information regarding the Company, the Seller Trusts or MHT Financial SPV, LLC included or incorporated by reference in the GWG Reports.” 

	
	

  
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 13. Section 5.6(f) of the Agreement is hereby deleted in its
entirety and replaced with the following: 
 “(f) There are no material Liabilities of GWG that would be required to be
reflected on a balance sheet of GWG prepared in accordance with GAAP, except for Liabilities (a) disclosed, reflected or reserved for in GWG’s consolidated balance sheet as of December 31, 2017 (or the notes thereto) included in the
GWG Reports, (b) that have arisen since the date of the most recent balance sheet included in the GWG Reports in the ordinary course of the financing and operation of the business of GWG or (c) arising under any Contract, other than as a
result of a breach thereof by GWG.” 
 14. Sections 5.8(f) and (g) of the Agreement are hereby deleted in their
entirety and replaced with the following: 
 “(f) The shares of GWG Common Stock to be issued to the Seller Trusts, pro
rata in accordance with this Agreement, shall be (i) duly authorized and validly issued and are fully paid and nonassessable, (ii) issued in compliance with applicable Law, (iii) not issued in breach or violation of any preemptive
rights or Contract, (iv) fully vested and not otherwise subject to a substantial risk of forfeiture and (v) free and clear of all Liens (other than Liens arising under the Securities Act and state securities laws). 

(g) The GWG L Bonds to be issued to the Seller Trusts, pro rata in accordance with this Agreement, shall (i) be duly
authorized and validly issued, (ii) be issued in compliance with the GWG Indenture and applicable Law, including the requisite approval of the Supplemental Indenture by the Indenture Trustee, (iii) entitle the registered holders to the
rights and entitlements set forth therein (y) be issued free and clear of all Liens (other than Liens arising under the Securities Act and state securities laws), and (iv) constitute valid and binding obligations of GWG, enforceable in
accordance with their terms subject (A) to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally, (B) as to enforceability, to general principles of
equity.” 
 15. Section 6.1 is hereby amended by (i) replacing the words “Closing Date” the
first time such words appear in such section with the words “Initial Transfer Date,” and (ii) deleting the words “during the Interim Period” at the end of such section and in their place inserting the words “prior to
the Final Closing Date.” 
 16. A new Section 6.6 of the Agreement is hereby added as follows: 

“Section 6.6. The Company Financial Statements . 

“(a) All financial statements of the Company provided by the Company or its Representatives for inclusion in the GWG
Reports, including the definitive Information Statement (the “ Company Financial Statements ”), to the extent the same shall be required under the applicable rules and regulations of the SEC in the absence of any waiver relating
thereto, shall be prepared in accordance with GAAP and comply with the SEC requirements for such SEC Report, shall fairly present (subject, in the case of the unaudited interim financial statements included therein, to normal year-end adjustments the impact of which is not material and the absence of complete footnotes) in all material respects the financial position of the Company as of the respective dates thereof and the results of
its operations and cash flows for the respective periods then ended, and shall be provided to GWG as soon as practicable after the date hereof; provided that, in the event such Company Financial Statements to be included in the definitive
Information Statement or the Opening Balance Sheet (as defined below) are not delivered to GWG on or before October 31, 2018, an amount equal to $50,000 per calendar day shall accrue commencing November 1, 2018 and be payable by the
Company to GWG in cash upon demand by wire transfer of immediately available funds to an account designated in writing by GWG until such Company Financial Statements or Opening Balance Sheet have been delivered. The Company agrees that the actual
damages likely to result from the failure of the Company to provide such Company Financial Statements or Opening Balance Sheet are difficult to estimate as of the date of this Agreement and would be difficult for GWG to prove. Accordingly, such
amounts shall be deemed liquidated damages for any such failure to compensate GWG for such failure and not a penalty and shall be nonrefundable by GWG. 

	
	

  
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 (b) The Company shall deliver to GWG (A) audited annual financial
statements within sixty (60) days of the Company’s fiscal year end of each year (for the prior years’ financial statements) and (B) unaudited quarterly financial statements within twenty-five (25) days of each of the
Company’s quarter end (other than the fourth quarter), until the later of (i) the repayment in full of the Commercial Loan and (ii) the absence of any requirement under Regulation S-X of the
Exchange Act to include Company financial information in GWG Reports. In addition, the Company shall provide GWG with an audited opening balance sheet dated as of May 31, 2018 and prepared in accordance with GAAP (the “Opening Balance
Sheet”) on or before the earlier of the Final Closing Date and October 31, 2018, and shall provide audited annual financial statements for the year ended December 31, 2018 on or before the date that is sixty (60) days following
such year end.” 
 17. A new Section 6.7 of the Agreement is hereby added as follows: 

“Section 6.7. Limitations on Issuances of Equity Securities . Unless consented to by GWG (which consent will
not be unreasonably withheld) and except as otherwise provided in this Agreement, until the earlier of (a) the transfer, sale or conveyance of more than eighty percent (80%) of the MLP Units owned by GWG as of the Initial Transfer or, if the
Final Closing has occurred, as of the Final Closing, and (b) such time as the Company completes at least one Qualified Public Offering which on its own or together with any other public offering results in the Borrower receiving aggregate net
proceeds (after underwriting discounts and commissions and offering expenses) of at least $100 million, the Company will not (and will cause each of its Affiliates not to) (i) issue any securities possessing terms that are materially
different from the terms of the securities proposed to be offered under the Private Placement Memorandum, or (ii) incur bank debt on terms that are other than commercially reasonable.”

18. The last sentence of Section 7.2 of the Agreement is hereby deleted in its entirety and replaced with the
following: 
 “Notwithstanding any provision in this Agreement to the contrary, in no event shall GWG or GWG Life issue
any debt or encumbrance of any nature or kind senior to the GWG L Bonds issued under this Agreement unless and until the earlier of (i) the refinancing in full of the aggregate principal amount outstanding of the GWG L Bonds issued under this
Agreement and (ii) the resale of all such GWG L Bonds by each of the Seller Trusts.” 
 19. Section 7.3
of the Agreement is hereby deleted in its entirety and replaced with the following: 
 “Section 7.3 Preparation of SEC
Documents . 
 (a) GWG shall prepare and file with the SEC an information statement on Schedule 14C under the Exchange
Act (as the same is amended or supplemented in both its preliminary and definitive forms from time to time, the “ Information Statement ”), to be sent in its definitive form to the GWG Stockholders in connection with the GWG
Stockholder Approval. GWG shall use its reasonable best efforts to cause the Information Statement to comply with the rules and regulations promulgated by the SEC. As promptly as practicable after the Information Statement shall have become
finalized and filed in its definitive form, GWG shall use its reasonable best efforts to cause the Information Statement to be mailed to its stockholders. No filing of, or amendment or supplement to, the Information Statement will be made (in each
case including documents incorporated by reference therein) by GWG without providing the Company with a reasonable opportunity to review and comment thereon and each party shall give reasonable and good faith consideration to any comments made by
any other party and their counsel. The Company will be given a reasonable opportunity to provide comment on or for the response to any SEC comments (to which reasonable and good faith consideration shall be given), including by participating with
GWG or their counsel in any discussions or meetings with the SEC. 
 (d) If at any time prior to the Final Closing any
information relating to GWG or any of its respective Affiliates, directors or officers, should be discovered by GWG which should be set forth in an amendment or supplement to the Information Statement, so that the Information Statement would not
include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, GWG shall promptly notify the other parties hereto and
an appropriate amendment or supplement describing such information shall be promptly filed with the SEC and, to the extent required by Law, disseminated to the GWG stockholders. 

	
	

  
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 (e) GWG will advise the other parties hereto promptly after it receives any
oral or written request by the SEC for amendment of the Information Statement, or comments thereon and responses thereto or requests by the SEC for additional information, and GWG will promptly provide the other parties with copies of any written
communication between it or any of its Representatives, on the one hand, and the SEC, on the other hand, with respect to the Information Statement. GWG shall use its reasonable best efforts, after consultation with each of the other parties, to
resolve all such requests or comments with respect to the Information Statement, as applicable, as promptly as reasonably practicable after receipt thereof. GWG shall notify the other parties hereto promptly of the time when the Information
Statement has cleared comments and has been mailed to the GWG stockholders. 
 (f) All of the fees, costs and expenses
incurred or payable to any other Person (other than legal fees and expenses, which shall be subject to Section 11.5 ) in connection with the preparation and filing of the Information Statement, including all of the fees,
costs and expenses of the financial printer and other Persons for the printing and mailing of the Information Statement, as applicable, shall be paid by GWG.” 

20. Section 7.4 of the Agreement is hereby deleted in its entirety and replaced with the following: 

“ Section 7.4 . GWG Stockholder Approval . Prior to the Initial Transfer, GWG shall have
obtained the GWG Stockholder Approval as contemplated by Section 5.2(b) of this Agreement.” 
 21.
Section 7.6 of the Agreement is hereby deleted in its entirety and replaced with the following: 

“Section 7.6. Resale Registration . 

(a) In connection with the Initial Transfer, GWG and the Seller Trusts will enter into a registration rights agreement in
customary and negotiated form but in any event containing (i) demand registration rights affording the assigns of the Seller Trusts rights in respect to the resale registration of all of the L Bonds issued pursuant to this Agreement (subject,
however, to limitations that may be imposed by any regulatory agency), and (ii) piggyback registration rights affording the assigns of the Seller Trusts the right to include (subject to customary cutback provisions) any L Bonds not otherwise
included in the registration contemplated by Section 7.6(a)(i) . The Seller Trusts and their assigns shall be named express third-party beneficiaries of such registration rights agreement. 

(b) In connection with the Final Closing, GWG and the Seller Trusts will enter into a registration rights agreement in
customary and negotiated form but in any event containing (i) demand registration rights affording the assigns of the Seller Trusts rights in respect to the resale registration of all of the shares of GWG Common Shares issued pursuant to this
Agreement (subject, however, to limitations set forth in the Orderly Marketing Agreement entered into pursuant to Section 8.6 , and subject further to limitations that may be imposed by any regulatory agency), and
(ii) piggyback registration rights affording the assigns of the Seller Trusts the right to include (subject to customary cutback provisions) any shares of GWG Common Stock not otherwise included in the registration contemplated by
Section 7.6(b)(i) . The Seller Trusts and their assigns shall be named express third-party beneficiaries of such registration rights agreement.” 

	
	

  
 11 

 22. Section 8.1(a) of the Agreement is hereby deleted in its
entirety and replaced with the following: 
 “Section 8.1 Consents and Approvals . Upon the terms and
subject to the conditions set forth in this Agreement, each of the parties agrees to use commercially reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other
parties in doing, all things necessary, proper or advisable to consummate and make effective, as soon as possible following the date hereof and prior to the Initial Transfer or Final Closing, as the case may be and as provided herein, the
transactions contemplated by this Agreement, including using commercially reasonable best efforts to (i) obtain all necessary actions, nonactions, waivers, consents, approvals and other authorizations from Governmental Authorities prior to the
Initial Transfer for the consummation of the actions contemplated herein to occur at the Initial Transfer, or the Final Closing for the consummation of the actions contemplated herein to occur at the Final Closing, (ii) avoid an Action or
proceeding by any Governmental Authority, (iii) obtain all necessary consents, approvals or waivers from third parties, (iv) execute and deliver any additional instruments necessary to consummate the transactions contemplated by this
Agreement and (v) refrain from taking any action that would reasonably be expected to impede, interfere with, prevent or materially delay the consummation of the transactions contemplated by this Agreement.” 

23. The lead-in portion of the first sentence of Section 8.2 of the
Agreement immediately prior to clause (a) thereto is hereby deleted in its entirety and replaced with the following: 

“Each of the Trust Advisors with respect to the Seller Trusts and GWG agree to enter into a shareholders’ agreement (the “
Stockholders’ Agreement ”), subject to and conditioned upon the Closing of this Agreement, relating to certain matters in connection with such Seller Trusts’ shareholding in GWG. Such agreement shall remain in effect for Trust
Advisors for the benefit of each of the Seller Trusts up until the termination of the Orderly Marketing Agreement, as contemplated by Section 8.6 below, and shall contain provisions pursuant to which the Seller Trusts, and
their respective assignees or transferees will agree as follows:” 
 24. Section 8.9 of the Agreement is
hereby deleted in its entirety. 

	
	

  
 12 

 25. Section 9.1 of the Agreement is hereby deleted in its entirety
and replaced with the following: 
 “Section 9.1 Conditions to the Obligations of Each Party . The
obligations of the Company, the Seller Trusts, GWG and GWG Life to consummate, or cause to be consummated, the transactions contemplated hereby, are subject to the satisfaction of the following conditions, any one or more of which may be waived (if
legally permitted) in writing by all of such parties: 
 (a) Immediately prior to the Initial Transfer : 

(i) There shall not be in force any Governmental Order or Law enjoining or prohibiting the consummation of the other
transactions contemplated hereby. 
 (ii) The HSR waiting period (and any extension thereof) shall have expired or been
terminated. 
 (iii) There shall not have been commenced any Action against any of the parties relating to the transactions
contemplated hereby. 
 (iv) The GWG Stockholder Approval shall have been obtained. 

(b) Immediately prior to the Final Closing : 

(i) The Initial Transfer shall have occurred. 

(ii) There shall not be in force any Governmental Order or Law enjoining or prohibiting the consummation of the other
transactions contemplated hereby. 
 (iii) There shall not have been commenced any Action against any of the parties relating
to the transactions contemplated hereby. 
 (iv) The waiting period under Rule
14c-2(b) for taking action by written consent shall have expired.” 
 26.
Section 9.2 of the Agreement shall be deleted in its entirety and replaced with the following: 

“Section 9.2 Conditions to the Obligation of GWG and GWG Life . The obligation of GWG and GWG Life to
consummate, or cause to be consummated, the transactions contemplated hereby is subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by GWG (on behalf of both GWG and GWG Life) which
conditions for the Initial Transfer shall be subject to satisfaction or waiver of the conditions set forth in Section 9.2(a) , (b) and (c) and, with respect to the Final Closing, shall be subject to the
satisfaction or waiver of the conditions set forth in Section 9.2(a) , (b) and (d) : 

	
	

  
 13 

 (a) Representations and Warranties . 

(i) Each of the representations and warranties of (A) the Company contained in the first sentence of
Section 3.1 (Organization), Section 3.2 (Due Authorization) and Section 3.16 (Brokers’ Fees), and (B) the Seller Trusts and MHT SPV contained in
Section 4.1 (Organization), Section 4.2 (Due Authorization) and Section 4.10 (Brokers’ Fees) (collectively, the “ Company Specified Representations”
) shall be true and correct (without giving any effect to any limitation as to “materiality” or “Material Adverse Effect” or any similar limitation set forth therein) in all material respects as of the respective Closing Date
(which shall mean, as of the Initial Transfer, the Initial Transfer Date and, as of the Final Closing, the Final Closing Date) as though made on such Closing Date (except to the extent such representations and warranties expressly relate to an
earlier date, in which case, they shall be true and correct on and as of such earlier date). 
 (ii) The representations and
warranties of the Company contained in Section 3.6 (Capitalization) shall be true and correct as of the respective Closing Date as though made on such Closing Date. 

(iii) Each of the representations and warranties of the Company and the Seller Trusts contained in this Agreement (other than
the Company Specified Representations, and the representations and warranties of the Company contained in Section 3.6 (Capitalization)) shall be true and correct (without giving any effect to any limitation as to
“materiality” or “Material Adverse Effect” or any similar limitation set forth therein) as of the respective Closing Date as though made on such Closing Date (except to the extent such representations and warranties expressly
relate to an earlier date, in which case, they shall be true and correct on and as of such earlier date, or as otherwise expressly provided in Section 3.17 ), except, in either case, where the failure of such
representations and warranties to be so true and correct would not have a Material Adverse Effect on the Company or its Subsidiaries, as a whole. 

(b) The Company and the Seller Trusts shall have complied, in all material respects, with all covenants required to be
performed by them as of or prior to such Closing. 
 (c) On the Initial Transfer Date : 

(i) GWG shall have obtained the following written consents or approvals for the transactions contemplated hereby: (A) a
consent from the senior lender to GWG DLP Funding IV, LLC; (B) a consent from the holders of a majority in principal amount of outstanding GWG L Bonds to effect an amendment to the GWG Indenture for the purpose of amending the manner in which
the debt-coverage ratio contained therein is calculated; (C) an approval from Bank of Utah, as trustee under the GWG Indenture, for a supplemental indenture relating to the GWG L Bonds to be issued under this Agreement, and
(D) confirmation from the GWG Board, not to be unreasonably withheld or delayed, that all conditions to Closing have been reasonably satisfied. 

	
	

  
 14 

 (ii) GWG Life and the Company shall have entered into and delivered the Loan
Agreement as contemplated by Section 2.2 and the Company shall have executed and delivered to GWG Life the Note (as such term is defined in the Loan Agreement). 

(iii) The Company shall have executed and delivered to GWG the Exchangeable Note. 

(iv) GWG and the Company shall have entered into a registration rights agreement in customary and negotiated form reasonably
acceptable to the parties, but in any event containing (a) piggyback registration rights affording GWG the right to include the MLP Units (including those acquired at the Initial Transfer and those to be acquired at the Final Closing) for
resale on any initial registration statement that the Company files with the SEC under the Securities Act for an initial offering, if any, of Company partnership interests/units (subject to customary cutback provisions) (the “ Initial
Registration ”), and (b) demand registration rights with respect to any MLP Units the resale registration of which is not obtained through the Initial Registration. 

(v) The GWG Board shall have received a fairness opinion from a nationally recognized valuation firm chosen by GWG to the
effect that the transactions contemplated by this Agreement are fair, from a financial point of view, to GWG and its stockholders. 

(vi) GWG shall have received a reasoned legal opinion of Willkie Farr & Gallagher LLP, special counsel to the Company,
dated as of the Initial Transfer Date and in form and substance reasonably satisfactory to GWG, to the effect that the Company is not, and as a result of the consummation of the Initial Transfer will not be, required to register as an investment
company under the Investment Company Act. 
 (vii) GWG shall have received the written opinion of Mayer Brown LLP, special
tax counsel to the Company, dated as of the Initial Transfer Date and in form and substance reasonably satisfactory to GWG, to the effect that the Company will be taxed as a partnership for federal income-tax
purposes after giving effect to the transactions effected at the Initial Transfer. 
 (viii) The Company shall have delivered
to GWG a true copy of the resolutions of its respective governing board or authority, as the case may be, authorizing the execution of this Agreement and the consummation of the transactions contemplated herein, certified by the respective secretary
or similar officer thereof. 

	
	

  
 15 

 (ix) Each of the Company and the Trust Advisors with respect to the Seller
Trusts shall have delivered to GWG a certificate signed by a respective officer of such entity (or trustee, as the case may be), dated as of the Initial Transfer Date, certifying that the conditions applicable to it specified in
Section 9.2(a) and Section 9.2(b) have been fulfilled. 
 (x) The Company
shall have delivered to GWG a USB drive containing a copy of the contents of the electronic data room made available to GWG in connection with the transactions contemplated by this Agreement (the “Data Room”) as of the Initial Transfer
Date. 
 (d) On the Final Closing Date: 

(i) GWG and the Trust Advisors for the benefit of the Seller Trusts (together with one or more investment banks selected by and
reasonably acceptable to the parties thereto) shall have entered into the Orderly Marketing Agreement respecting the resale of GWG Common Stock in final negotiated form reasonably acceptable to the parties. 

(ii) GWG and the Seller Trusts shall have entered into a Stockholders’ Agreement containing, among others, the terms set
forth in Section 8.2 . 
 (iii) GWG shall have received a bring-down of the legal opinion of
Willkie Farr & Gallagher LLP delivered at the Initial Transfer pursuant to Section 9.2(c)(vi) , dated as of the Final Closing Date, and in form and substance reasonably satisfactory to GWG. 

(iv) GWG shall have received a bring-down of the written opinion of Mayer Brown LLP delivered at the Initial Transfer pursuant
to Section 9.2(c)(vii) , dated as of the Final Closing Date, and in form and substance reasonably satisfactory to GWG. 

(v) The Company shall have delivered to GWG an officer’s certificate confirming that there has been no change, amendment
or repeal of the authorizing resolutions certified pursuant to Section 9.2(c)(viii) . 
 (vi) Each
of the Company and the Trust Advisors with respect to the Seller Trusts shall have delivered to GWG a certificate signed by a respective officer of such entity (or trustee, as the case may be), dated as of the Final Closing Date, certifying that the
conditions applicable to it specified in Section 9.2(a) and Section 9.2(b) have been fulfilled. 

(vii) The Company shall have delivered to GWG a USB drive containing a copy of the contents of the Data Room as of the Final
Closing Date.” 

	
	

  
 16 

 27. Section 9.3 of the Agreement is hereby deleted in its entirety
and replaced with the following: 
 “Section 9.3 Conditions to the Obligations of Company and the Seller
Trusts . The obligations of the Company and the Seller Trusts to consummate the transactions contemplated hereby are subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by the
Company and the Seller Trusts which conditions for the Initial Transfer shall be subject to satisfaction or waiver of the conditions set forth in Section 9.3(a) , (b) and (c) and, with respect to the
Final Closing, shall be subject to the satisfaction or waiver of the conditions set forth in Section 9.3(a) , (b) and (d) : 

(a) Representations and Warranties . 

(i) Each of the representations and warranties of GWG and GWG Life contained in the first and third sentences of
Section 5.1 (Corporate Organization), Section 5.2 (Due Authorization) and Section 5.19 (Brokers’ Fees) (the “ GWG Specified Representations”) shall
be true and correct (without giving any effect to any limitation as to “materiality” or “ Material Adverse Effect ” or any similar limitation set forth therein) in all material respects as of the respective Closing Date as
though made on such Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case, they shall be true and correct on and as of such earlier date). 

(ii) Each of the representations and warranties of GWG and GWG Life contained in Section 5.8
(Capitalization) shall be true and correct as of the respective Closing Date as though made on such Closing Date. 
 (iii)
Each of the representations and warranties of GWG and GWG Life contained in this Agreement (other than the GWG Specified Representations, the representations and warranties of GWG contained in Section 5.8 (Capitalization))
shall be true and correct (without giving any effect to any limitation as to “materiality” or “Material Adverse Effect” or any similar limitation set forth therein) as of the respective Closing Date (which shall mean, as of the
Initial Transfer, the Initial Transfer Date and, as of the Final Closing, the Final Closing Date) as though made on such Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case, they
shall be true and correct on and as of such earlier date), except, in either case, where the failure of such representations and warranties to be so true and correct would not a Material Adverse Effect on GWG and its Subsidiaries, as a whole. 

(b) GWG and GWG Life shall have complied, in all material respects, with all covenants required to be performed by them as of
or prior to such Closing. 

	
	

  
 17 

 (c) On the Initial Transfer Date : 

(i) Each of GWG and GWG Life shall have delivered to each of the Company and the Seller Trusts a certificate signed by an
officer of GWG and GWG Life, respectively, dated as of the Initial Transfer Date, certifying that the conditions specified in Section 9.3(a), Section 9.3(b) and Section 9.2(c)(i)(B)
and (C) have been fulfilled and Section 9.2(c)(i)(A) is not applicable. 
 (ii) GWG shall
have delivered to each of the Company and the Seller Trusts a true copy of the resolutions of the GWG Board authorizing the execution of this Agreement, the designation and issuance of the Convertible Preferred Stock, and the consummation of the
transactions contemplated herein, certified by the secretary or similar officer of GWG. 
 (iii) GWG Life shall have
delivered to each of the Company and the Seller Trusts a true copy of the resolutions of the board of managers of GWG Life authorizing the execution of this Agreement and the consummation of the transactions contemplated herein, certified by the
secretary or similar officer of GWG Life. 
 (iv) GWG Life and the Company shall have entered into the Loan Agreement as
contemplated by Section 2.2. 
 (v) GWG shall have executed and delivered to the Company a joinder
to the Amended & Restated Limited Partnership Agreement. 
 (vi) GWG and the Seller Trusts shall have entered into a
registration rights agreement in customary and negotiated form reasonably acceptable to the parties, but in any event containing demand and piggyback registration rights affording the Seller Trusts the right to have the GWG L Bonds registered for
resale with the SEC under the Securities Act. 
 (vii) GWG Life shall remain a wholly owned subsidiary of GWG as of such
Closing Date. 
 (viii) The Company shall have received a reasoned legal opinion of Mayer Brown LLP, counsel to GWG, dated as
of the Initial Transfer Date and in form and substance reasonably satisfactory to the Company, to the effect that, GWG is not, and as a result of the consummation of the transaction contemplated by this Agreement will not be, required to register as
an investment company under the Investment Company Act. 
 (ix) The GWG Stockholder Approval granted June 14, 2018,
shall be in full force and effect and shall not have been rescinded, repealed or voided in any respect. 

	
	

  
 18 

 (d) On the Final Closing Date : 

(i) GWG and the Trust Advisors with respect to the Seller Trusts (together with one or more investment banks selected by and
reasonably acceptable to the parties thereto) shall have entered into the Orderly Marketing Agreement respecting the resale of GWG Common Stock in final negotiated form reasonably acceptable to the parties. 

(ii) GWG and the Trust Advisors with respect to the Seller Trusts shall have entered into a Stockholders’ Agreement
containing, among others, the terms set forth in Section 8.2 . 
 (iii) GWG and the Seller Trusts
shall have entered into a registration rights agreement in customary and negotiated form reasonably acceptable to the parties, but in any event containing demand and piggyback registration rights affording the Seller Trusts the right to have the
Stock Consideration registered for resale with the SEC under the Securities Act. 
 (iv) GWG shall have delivered to the
Company the cancelled Exchangeable Note. 
 (v) Each of GWG and GWG Life shall have delivered to each of the Company and the
Seller Trusts a certificate signed by an officer of GWG and GWG Life, respectively, dated as of the Final Closing Date, certifying that the conditions specified in Section 9.3(a) and Section 9.3(b)
have been fulfilled. 
 (vi) GWG shall have delivered to each of the Company and the Seller Trusts an officer’s
certificate confirming that there has been no change, amendment or repeal of the authorizing resolutions certified pursuant to Section 9.3(c)(ii) and confirming that all actions have been taken for the conversion of the
Convertible Preferred Stock in accordance with its terms immediately subsequent to the Final Closing. 
 (vii) GWG Life shall
have delivered to each of the Company and the Seller Trusts an officer’s certificate confirming that there has been no change, amendment or repeal of the authorizing resolutions certified pursuant to
Section 9.3(c)(iii) . 
 (viii) The GWG Common Stock issuable as Stock Consideration to the Seller
Trusts and the Conversion Shares shall have been approved for listing on NASDAQ, subject to official notice of issuance. 

(ix) GWG Life shall remain a wholly owned subsidiary of GWG as of such Closing Date. 

	
	

  
 19 

 (x) The Company shall have received a bring-down of the legal opinion of
Mayer Brown LLP delivered pursuant to Section 9.3(c)(viii) , counsel to GWG, dated as of the Final Closing Date and in form and substance reasonably satisfactory to the Company. 

(xi) The GWG Stockholder Approval granted June 14, 2018, shall be in full force and effect and shall not have been
rescinded, repealed or voided in any respect.” 
 28. Section 10.1(b) of the Agreement is hereby deleted in
its entirety and replaced with the following: 
 “(b) by either the Company, the Trust Advisors on behalf of the Seller
Trusts, or by GWG if this Agreement shall have failed to receive the GWG Stockholder Approval, or such has been rescinded, repealed or withdrawn prior to the Initial Transfer;” 

Section 2. No Further Changes; Ratification . All other terms and provisions of the Agreement are hereby
ratified in full and incorporated by reference herein, except to the extent that defined terms used throughout the Agreement shall be modified or replaced consistent with the provisions and intent of this Third Amendment. 

Section 3. No Third-Party Beneficiary . This Third Amendment shall be binding upon and inure solely to the
benefit of the parties hereto and their permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person, any legal or equitable right, benefit or remedy of any nature whatsoever, including, without
limitation, any rights of employment for any specified period, under or by reason of the Agreement or this Third Amendment. 

Section 4. Entire Agreement . This Third Amendment constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with respect to the subject matter hereof. Except as amended by this Third Amendment, the Agreement shall
continue in full force and effect. 
 Section 5. Counterparts . This Third Amendment may be executed in
counterparts (and delivered by facsimile or electronic transmission), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 6. Governing Law . This Third Amendment, and all claims or causes of action based upon, arising out
of, or related to this Third Amendment or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent
such principles or rules would require or permit the application of Laws of another jurisdiction. 
 Section 7.
Seller Trusts and Trust Advisors . It is expressly understood and agreed that (a) this document is executed and delivered by Delaware Trust Company, not individually or personally, but solely as Trustee, pursuant to direction from the
Trust Advisors and in the exercise of the powers and authority conferred and vested in Delaware Trust Company as Trustee pursuant to the Trust Agreements of the Seller Trusts (the “ Trust Agreements ”) and the Trustee is governed by
and subject to the Trust Agreements and entitled to the protections, rights and benefits contained therein, (b) each of the representations, undertakings and agreements herein made on the part of the Seller Trusts and Trust Advisors is made and
intended not as personal representations, undertakings and agreements by Delaware Trust Company but is made and intended for the purpose for binding only the Seller Trusts and respective trust estates (the “ Seller Trust Assets ”),
(c) nothing herein contained shall be construed as creating any liability on Delaware Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived
by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall Delaware Trust Company be personally liable for the payment of any indebtedness or expenses of the Seller Trusts or
Trust Advisors or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Seller Trusts or Trust Advisors under this Agreement or any other related documents, and (e) under no
circumstances shall the Trust Advisors be personally liable for the payment of any indebtedness or expenses or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken under this Agreement, all
such recourse being strictly to the Seller Trust Assets. 
 [Signature Page Follows] 

	
	

  
 20 

 IN WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed
as of the date first set forth above. 
  

			
	GWG HOLDINGS, INC.
		
	By:	 	JON SABES 
		 	Name: Jon Sabes
		 	Title: Chief Executive Officer

  

			
	GWG LIFE, LLC
		
	By:	 	JON SABES 
		 	Name: Jon Sabes
		 	Title: Chief Executive Officer

  
 [Signature Page to
Third Amendment to Master Exchange Agreement] 

 IN WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed
as of the date first set forth above. 
  

			
	THE BENEFICIENT COMPANY GROUP, L.P.
		
	By:	 	BRAD K. HEPPNER 
		 	Name: Brad K. Heppner
		 	Title: Chief Executive Officer
	
	MHT FINANCIAL SPV, LLC
		
	By:	 	MURRAY T. HOLLAND 
		 	Name: Murray T. Holland
		 	Title: Manager
	
	THE LT-1 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  

			
	
	THE LT-2 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  
 [Signature Page to
Third Amendment to Master Exchange Agreement] 

 IN WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed
as of the date first set forth above. 
  

			
	THE LT-3 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  

			
	THE LT-4 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President
	
	THE LT-5 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  

			
	THE LT-6 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  
 [Signature Page to
Third Amendment to Master Exchange Agreement] 

 IN WITNESS WHEREOF the parties have hereunto caused this Third Amendment to be duly executed
as of the date first set forth above. 
  

			
	THE LT-7 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  

			
	THE LT-8 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President
	
	THE LT-9 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President
	
	THE LT-12 EXCHANGE TRUST,
		
	By:	 	DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	ALAN R. HALPERN 
		 	Name: Alan R. Halpern
		 	Title: Vice President

  
 [Signature Page to
Third Amendment to Master Exchange Agreement] 

 
	
	MURRAY T. HOLLAND, as Trust Advisor
	
	MURRAY T. HOLLAND 

  

	
	JEFFREY S. HINKLE, as Trust Advisor
	
	JEFFREY S. HINKLEEX-10.17.1

 Exhibit 10.17.1 

EXECUTION COPY 

COMMERCIAL LOAN AGREEMENT 

THIS COMMERCIAL LOAN AGREEMENT (the “Commercial Loan Agreement” or this “Agreement”) is entered into as of
August 10, 2018 (the “Effective Date”), by and between The Beneficient Company Group, L.P., a limited partnership organized under the laws of the State of Delaware, as Borrower, and GWG Life, LLC, a limited liability company organized
under the laws of the State of Delaware, as Lender. The Borrower and the Lender are sometimes referred to herein as the “Parties” and each, a “Party.” 

WHEREAS , the Lender will hold (through an affiliate), and is expected to continue to hold, a meaningful economic interest in the
Borrower, and for value received, wishes to extend financing to the Borrower in connection with the Transaction (as defined below) on the terms set out herein; 

WHEREAS , the Borrower wishes to receive the financing for commercial purposes in connection with the Transaction, on the terms set out
herein; and 
 WHEREAS , the financing described herein is the product of significant arms’ length negotiation, is structured to
address the unique commercial needs of the Parties, and is not intended to be assignable to third parties without consent of the other Party or offered to the general public; 

NOW, THEREFORE, FOR AND IN CONSIDERATION , the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 ARTICLE I. 
 INTERPRETATION

 Section 1.01 Defined Terms. 

For the purposes of this Agreement: 

“ Affiliate ” means, with respect to a Person, any other Person that, at the time of determination, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person; unless otherwise specified, “Affiliate” means an Affiliate of the Borrower. 

 “ Alternative Asset Financing Portfolio ” means the portfolio of illiquid
financial and alternative assets, including investments in private equity funds, mezzanine funds, venture capital funds, private real estate, gated hedge funds, life settlements and other similar financial and alternative assets, to be acquired by
the Borrower or its subsidiaries in the ordinary course of the Borrower’s trust products and services. 
 “ Applicable Law
” means, anything in Section 7.05 to the contrary notwithstanding, (a) all applicable common law and principles of equity and (b) all applicable provisions of all (i) constitutions, statutes, rules, regulations and orders of
Governmental Authorities, (ii) Governmental Approval and Governmental Registration and (iii) orders, decisions, judgments and decrees, including any Governmental Order. 

“ Bank Debt ” means Indebtedness for borrowed money advanced to the Borrower by any commercial bank pursuant to one or more
commercial term loan and/or revolving credit facilities (including any letter of credit subfacility). 
 “ Business Day ”
means any day other than a Saturday, Sunday or other day on which commercial banks in Minneapolis, Minnesota, Dallas, Texas or New York City, New York are authorized or required by law to close. 

“ Common Trusts ” means The Collective Collateral Trust I, The Collective Collateral Trust II, The Collective Collateral
Trust III, The Collective Collateral Trust IV, The Collective Collateral Trust V, The Collective Collateral Trust VI, The Collective Collateral Trust VII, and The Collective Collateral Trust VIII. 

“ Default ” means any condition or event that constitutes an Event of Default or that with the giving of notice or lapse of
time or both would, unless cured or waived, become an Event of Default. 
 “ Dollars ” and the sign “$” means the
lawful currency of the United States of America. 
 “ EOD Material Adverse Effect ” means any event or circumstance that,
individually or in the aggregate, has or would reasonably be expected to: 
 (A) have a material and adverse effect on the business, assets,
financial condition or operations of the Borrower; or 
 (B) have a material and adverse effect on the ability of the Borrower to perform its
obligations under this Agreement or any material contract to which it is a party, including the Master Exchange Agreement; or 
 (C) have a
material and adverse effect on (i) the rights of, or benefits available to, the Lender under this Agreement and any other Loan Document, or (ii) the status, existence or ranking of the obligations of the Borrower hereunder resulting in or
from a breach of Section 5.04 or 5.05 of this Agreement; or 
 (D) have an effect on the status of the Borrower which would require it
to register as an investment company under the Investment Company Act. 

  
 2 

 “ Event of Default ” means any of the events specified in
Section 6.01. 
 “ Final Closing Date ” shall have the meaning given such term in the Master Exchange Agreement. 

“ Final Maturity Date ” means the Initial Final Maturity Date; provided that, at any time prior to the Initial Final
Maturity Date (as such date may have been extended in accordance herewith), (a) in the event that the Borrower completes at least one Qualified Public Offering which on its own or together with any other public offering results in the Borrower
receiving aggregate net proceeds (after underwriting discounts and commissions and offering expenses) of at least $100 million, then the Final Maturity Date shall be extended by five (5) years from the Initial Final Maturity Date to
August 9, 2028; and (b) in the event that the Borrower (i) completes at least one Qualified Public Offering which on its own or together with any other public offering results in the Borrower receiving aggregate net proceeds (after
underwriting discounts and commissions and offering expenses) of at least $100 million and (ii) at least 75% (as of the date of determination) of the total outstanding NPC-B Unit Accounts (as of such
date of determination) have been converted to shares of the Borrower’s common stock, then the Final Maturity Date shall be extended by ten (10) years from the Initial Final Maturity Date to August 9, 2033. For the avoidance of doubt,
in no event shall the Final Maturity Date exceed the date that is fifteen (15) years from the Effective Date. 
 “ GAAP
” means United States generally accepted accounting principles as in effect from time to time, consistently applied. 
 “
Governmental Approval ” means any authority, consent, approval, license (or the like) or exemption (or the like) of any governmental unit. 

“ Governmental Authority ” means any federal, state, provincial, municipal, local or foreign government, governmental
authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal, or any arbitral tribunal. 

“ Governmental Order ” means any order, judgment, injunction, decree, writ, stipulation, compliance agreement, settlement
agreement, decision, determination or award, in each case, entered by or with any Governmental Authority or arbitrator. 
 “
Governmental Registration ” means any registration or filing (or the like) with, or report or notice (or the like) to, any governmental unit. 

  
 3 

 “ Indebtedness ” of any Person means (a) any obligation of such Person
for borrowed money; (b) any obligation of such Person evidenced by a bond, debenture, note or other similar instrument; (c) any obligations of such Person upon which interest charges are customarily paid; (d) all obligations of such
Person under conditional sale or other title retention agreements relating to property acquired by such Person; (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable
incurred in the ordinary course of business that are not more than sixty days past due); (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by)
any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; (g) any guarantees (contingent or otherwise) of the Indebtedness of others or obligations having the economic effect of
guaranteeing Indebtedness of others; (h) all capital lease obligations of such Person; (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty; (j) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances; and (k) all obligations, contingent or otherwise, of such Person under hedging agreements, swap or other derivatives of any nature. 

“ Initial Transfer Date ” shall have the meaning given such term in the Master Exchange Agreement. 

“ Initial Final Maturity Date ” means August 9, 2023. 

“ Insolvency Proceeding ” means any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other
similar proceeding under any federal or state bankruptcy or similar law. 
 “ Investment Company Act ” means the Investment
Company Act of 1940, as amended. 
 “ Laws ” means any statute, law, ordinance, rule, regulation or Governmental Order, in
each case, of any Governmental Authority. 
 “ Lender ” means (a) GWG Life, LLC, and (b) any Person (other than
the Borrower or any of its Affiliates) that has been assigned any or all of the rights or obligations of the Lender pursuant to Section 7.04. 

“ Liability ” of any Person means (in each case, whether with full or limited recourse) any indebtedness, liability,
obligation, covenant or duty of or binding upon, or any term or condition to be observed by or binding upon, such Person or any of its assets, of any kind, nature or description, direct or indirect, absolute or contingent, due or not due,
contractual or tortious, liquidated or unliquidated, whether arising under contract, Applicable Law, or otherwise, whether now existing or hereafter arising, and whether for the payment of money or the performance or
non-performance of any act. 
 “ Lien ” means, with respect to any property or
asset (or any income or profits therefrom) of any Person (in each case whether the same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise) (a) any mortgage, lien, pledge, attachment, levy or
other security interest of any kind thereupon or in respect thereof or (b) any other arrangement, express or implied, under which the same is subordinated, transferred, sequestered or otherwise identified so as to subject the same to, or make
the same available for, the payment or performance of any Liability in priority to the payment of the ordinary, unsecured Liabilities of such Person. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset
that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

  
 4 

 “ Loan ” means the obligations of the Borrower evidenced by the Note and
this Commercial Loan Agreement. 
 “ Loan Document Related Claim ” means any claim or dispute (whether arising under
Applicable Law under contract or otherwise and, in the case of any proceeding relating to any such claim or dispute, whether civil, criminal, administrative or otherwise) in any way arising out of, related to, or connected with, the Loan Documents,
the relationships established thereunder or any actions or conduct thereunder or with respect thereto, whether such claim or dispute arises or is asserted before or after the Agreement Date or before or after the Maturity Date. 

“ Loan Documents ” means (a) this Agreement and the Note and (b) all other agreements, documents and instruments
relating to, arising out of, or in any way connected with (i) any agreement, document or instrument referred to in clause (a), (ii) any other agreement, document or instrument referred to in this clause (b) or (iii) any of the transactions
contemplated by any agreement, document or instrument referred to in clause (a) or in this clause (b). 
 “ Master Exchange
Agreement ” means that certain Master Exchange Agreement, dated as of January 12, 2018, by and among the Borrower, the Lender, GWG Holdings, Inc., an Affiliate of the Lender, MHT Financial SPV, LLC and each of the Exchange Trusts set
forth on Schedule I thereto, as amended by the First Amendment to Master Exchange Agreement, dated as of April 30, 2018, the Second Amendment to Master Exchange Agreement, dated as of June 29, 2018, and the Third Amendment to Master
Exchange Agreement, dated as of August 10, 2018, and as may be further amended or restated from time to time on or after the date hereof. 

“ Materially Adverse Effect ” means, (a) with respect to any Person, any materially adverse effect on such Person’s
business, assets, Liabilities, financial condition, results of operations or business prospects, (b) with respect to a group of Persons “taken as a whole”, any materially adverse effect on such Persons’ business, assets,
Liabilities, financial conditions, results of operations or business prospects taken as a whole on, where appropriate, a consolidated basis in accordance with GAAP, and (c) with respect to any Loan Document, any materially adverse effect on
(i) the binding nature, validity or enforceability thereof as an obligation of any Party thereto or (ii) the rights or remedies available to the Lender thereunder. 

“ Maturity Date ” means the earlier of (i) the Final Maturity Date, and (ii) the date the Loan shall be due and
payable (whether by reason of prepayment or acceleration or otherwise). 
 “ NAV ” means the net asset value (calculated by
the Borrower in accordance with its customary procedures) of the Borrower’s Alternative Asset Financing Portfolio (inclusive of securities of GWG held by the Common Trusts) plus, without duplication, all cash held by the Borrower (as of the
date of determination) except for any cash held for distribution. 

  
 5 

 “ Note ” means the Note in the form of Exhibit A . 

“ NPC-B Unit Accounts ” means that certain class of limited partnership interests in Beneficient Company Holdings, L.P., a
Delaware limited partnership and a Subsidiary of the Borrower. 
 “ Person ” means any individual, sole proprietorship,
corporation, partnership, trust, unincorporated organization, mutual company, joint stock company, estate, union, employee organization, government or any agency or political subdivision thereof. 

“ Qualified Public Offering ” means a firm commitment underwritten public sale of the Borrower’s common stock pursuant
to a registration statement declared effective under the Securities Act of 1933, as amended, in which the Borrower receives aggregate net cash proceeds (after underwriting discounts and commissions and offering expenses) of at least $50 million
and upon the completion of which the Borrower’s common stock is listed on the New York Stock Exchange or the Nasdaq Stock Market. 

“ Qualified Valuation Expert ” means an accounting, appraisal or investment banking firm of nationally recognized standing,
such as Duff & Phelps, that is, in the reasonable judgment of the Borrower, qualified to perform the task for which it has been engaged. 

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

“ Responsible Officer ” means the chief executive officer, chief operating officer, or chief financial officer of the
Borrower. 
 “ Sanctions ” means sanctions administered or enforced by the U.S. Treasury Department Office of Foreign
Assets Control, the U.S. Department of State or any other relevant sanctions authority. 
 “ Senior Obligations ” means
obligations of the Borrower under Bank Debt and obligations which may arise in connection with NPC-B Unit Accounts, which in each case are incurred in compliance with Section 5.05 of this Agreement. 

“ Subsidiary ” means, with respect to a Person, any corporation or other organization (including a limited liability company
or a partnership), whether incorporated or unincorporated, of which such Person directly or indirectly owns or controls a majority of the securities or other interests having by their terms’ ordinary voting power to elect a majority of the
board of directors or others performing similar functions with respect to such corporation or other organization, or any organization of which such Person or any of its Subsidiaries is, directly or indirectly, a general partner or managing member.

  
 6 

 “ Tax ” means any federal, state or foreign tax, assessment or other
governmental charge (including any withholding tax) upon a Person or upon its assets, revenues, income or profits. 
 “
Transaction ” means, collectively, the series of transactions undertaken pursuant to the Master Exchange Agreement, including, but not limited to, the issuance of that certain Exchangeable Promissory Note in the principal amount of
$162,911,379, issued by the Borrower in favor of GWG Holdings, Inc. (the “Exchangeable Note”). 
 Section 1.02 Other
Interpretive Provisions 
 For the purposes hereof and as used herein, except as otherwise specified, (a) references to any Person
include its successors and assigns and, in the case of any Governmental Authority, any Person succeeding to its functions and capacities; (b) references to any Applicable Law include amendments, supplements and successors thereto;
(c) references to any Loan Document or contract include amendments, supplements and waivers thereto (and, in the case of instruments, instruments issued in substitution therefor); (d) references to specific sections, articles, annexes,
schedules and exhibits are to this Agreement; (e) words importing gender include the other gender; (f) the singular includes the plural and the plural includes the singular; (g) the words “including,” “include” and
“includes” shall be deemed followed by the words “without limitation”; (h) each authorization herein shall be deemed irrevocable and coupled with an interest; (i) all accounting terms shall be interpreted, and all
determinations relating thereto shall be made, in accordance with GAAP; (j) captions and headings are for ease of reference only and shall not affect the construction hereof; and (k) unless otherwise noted, references to any time of day
shall be to New York time. 
 ARTICLE II. 

TERM LOAN 

Section 2.01 The Loan 

Subject to satisfaction of the conditions set forth in Section 3.01 and the other terms and conditions hereof, (a) the Lender
accepts as of the Effective Date the Note and the Loan evidenced hereby in the amount of $200,000,000, in connection with the Transaction, and (b) the Borrower issues the Note, enters into this Commercial Loan Agreement and undertakes the Loan
obligations in connection with the Transaction for value received effective as of the Effective Date. 

  
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 Section 2.02 [Reserved.] 

Section 2.03 Interest 

(a) Rate . The principal amount of the Loan shall bear interest on the outstanding principal amount thereof commencing
on the Effective Date at a rate per annum equal to 5.00%. 
 (b) Payment . For value received, interest shall be due
and payable by the Borrower in accordance with the following terms: 
 (i) interest shall accrue at the rate of 5.00% per
annum from and including the Effective Date; provided, however, that the accrued interest from the Initial Transfer Date to the Final Closing Date shall be added to the principal balance of the Loan and Borrower shall deliver a new Note in exchange
for the then-existing Note reflecting such increased principal balance. 
 (ii) interest shall accrue from and after the
Final Closing Date as follows: (x) one-half, or 2.50% per annum, will be due and payable monthly in cash, and (ii) one-half, or 2.50% per annum, will accrue
and compound annually on each anniversary date of the Final Closing Date and become due and payable in full in cash on the Maturity Date. In the event the Borrower elects to prepay the Loan in whole or in part pursuant to Section 2.05, any
accrued and unpaid interest on the amount to be prepaid shall be due and payable by the Borrower on the date of the prepayment, including any interest accrued to the date of prepayment pursuant to Section 2.03(b)(i) or 2.03(b)(ii). 

(iii) The Lender agrees that the Borrower may, at Borrower’s option, add to the outstanding principal balance of the Loan
an amount equal to such amount of accrued interest due and payable on the then outstanding balance under the Exchangeable Note in lieu of payment in cash of such accrued interest thereon at the Final Closing Date (or, if earlier, the maturity date
of the Exchangeable Note). 
 Section 2.04 Principal Payment 

For value received, all outstanding principal and accrued but unpaid interest on the Loan shall mature and become due and payable, and shall
be paid by the Borrower in full, on the Maturity Date. 
 Section 2.05 Prepayments 

The Borrower may, at any time and from time to time, prepay the Loan in whole or in part, without premium or penalty, subject only to payment
of interest accrued to the date of repayment in accordance with Section 2.03. The Borrower shall give the Lender notice of each prepayment pursuant to this Section 2.05 no later than 10:00 a.m., Central time, on the third Business Day
before the date of such prepayment. Each such notice of prepayment shall be in the form of Schedule 2.05 and shall specify (i) the date such prepayment is to be made, (ii) the amount of principal of the Loan to be prepaid, such amount to
be in minimum increments of $1,000,000 and a minimum amount of $5,000,000, and (iii) the amount of accrued interest to be paid. 

  
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 Section 2.06 Computation of Interest 

Interest shall be computed on the basis of a year of 360 calendar days and paid for the actual number of calendar days elapsed. Interest for
any period shall be calculated from and including the first day thereof to but excluding the last day thereof. 
 Section 2.07
Evidence of Indebtedness 
 The Loan and the Borrower’s obligation to repay the Loan with interest in accordance with the terms
of this Agreement shall be evidenced by this Agreement, the records of the Lender and a single Note. The records of the Lender shall be prima facie evidence of the balance of the Loan, all accrued interest on the Loan and of all payments made in
respect of the Loan. 
 Section 2.08 Payments by the Borrower 

(a) Manner . All payments due to the Lender under the Loan Documents shall be made in cash in immediately available
funds to an account or accounts specified in writing by the Lender to the Borrower from time to time. 
 (b) No
Reductions . All payments due to the Lender under the Loan Documents shall be made by the Borrower without any reduction or deduction whatsoever, including any reduction or deduction for any set-off,
recoupment, counterclaim or Tax, except for any withholding or deduction for Taxes required to be withheld or deducted under Applicable Law. 

(c) Extension of Payment Dates . If a payment to be made hereunder shall fall due on a day that is not a Business Day,
the date for payment shall be extended to the next succeeding Business Day without additional interest thereon. 

  
 9 

 ARTICLE III. 

CONDITIONS TO EFFECTIVENESS 

Section 3.01 Conditions to Effectiveness 

Unless waived in writing by the Lender, this Commercial Loan Agreement, the Note and the Loan shall not become effective until the date on
which each of the following conditions are satisfied: 
 (a) the Lender shall have received the following, each in form and
substance satisfactory to the Lender: 
 (i) the duly executed version of this Agreement; 

(ii) the duly executed Note from the Borrower; 

(iii) such documents and certificates as the Lender or its counsel may reasonably request relating to the organization,
existence and good standing of the Borrower, the authorization of the transactions contemplated hereby and any other legal matters relating to the Borrower, this Agreement or the transactions contemplated hereby; 

(iv) evidence satisfactory to the Lender of the receipt of all consents required to effect the transactions contemplated
hereby, including all regulatory approvals and licenses, if applicable; 
 (v) a certificate, dated the Effective Date and
signed by a Responsible Officer, confirming compliance with the conditions set forth in clauses (b) and (c) of this Section 3.01; 

(vi) a solvency certificate as to the Borrower, executed by the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower; 
 (b) each of the representations and warranties made by the Borrower in or
pursuant to this Agreement shall be true and correct on and as of the Effective Date; and 
 (c) at the time of and
immediately after giving effect to the Transaction and the transactions contemplated hereby, including the issuance of the Note, no Default shall have occurred and be continuing. 

ARTICLE IV. 
 CERTAIN
REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lender to enter into this Agreement and to accept the Note in connection with
the Transaction, the Borrower represents and warrants as follows, which representations and warranties shall be deemed to be made on the Effective Date (both with and without giving effect to the Loan): 

Section 4.01 Organization; Power; Qualification 

The Borrower is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware, has the
power and authority to own its properties and to carry on its business as now being and hereafter proposed to be conducted and is duly qualified and in good standing as a foreign entity. The Borrower is duly licensed or authorized to do business as
a foreign entity in good standing, in all jurisdictions in which the character of its properties or the nature of its business requires such qualification, licensure or authorization, except for qualifications and authorizations the lack of which,
singly or in the aggregate, has not had and will not have a Materially Adverse Effect on the Borrower. 

  
 10 

 Section 4.02 Authorization; Enforceability; Required Consents; Absence of
Conflicts 
 The Borrower has the power, legal right, and authority to (i) execute, deliver and perform its obligations in
accordance with their respective terms under the Loan Documents, and (ii) borrow money on the terms and subject to the conditions herein provided. This Agreement has been, and each of the other Loan Documents when delivered to the Lender will
have been, duly executed and delivered by the Borrower and is, or when so delivered will be, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally. The execution, delivery and performance in accordance with their respective terms by the Borrower of the Loan
Documents, and the borrowing hereunder, do not and (absent any change in any Applicable Law or applicable contract) will not violate, conflict with, result in a breach of, constitute a default under, or result in or require the creation of any Lien
upon any assets of the Borrower under, (A) the organizational documents of the Borrower, (B) any contract or other instrument to which the Borrower is a party or by which the Borrower or any of its properties may be bound or (C) any
Applicable Law, except in the case of clauses (B) and (C) above for such violations, conflicts, breaches or defaults which would not individually or in the aggregate have a Materially Adverse Effect. 

Section 4.03 Governmental Approvals 

The execution, delivery and performance in accordance with their respective terms by the Borrower of the Loan Documents, and the borrowing
hereunder do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except such as have been obtained or made and are in full force and effect or the absence of
which would not have a Materially Adverse Effect. 
 Section 4.04 Compliance with Laws and Agreements 

The Borrower is in compliance in all material respects with all Applicable Law. The Borrower is in compliance with all indentures, agreements
and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Materially Adverse Effect. 

Section 4.05 Investment Company Status; Other Laws 

The Borrower is not, and is not required to be registered as, an “investment company” as defined in the Investment Company Act or
subject to any other law restricting its ability to incur Indebtedness. 

  
 11 

 Section 4.06 Taxes 

Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Materially Adverse Effect,
the Borrower has timely filed or caused to be filed all necessary Tax returns and has paid or caused to be paid all Taxes shown as due thereon, except Taxes that are being contested in good faith by appropriate proceedings and for which the
Borrower has set aside on its books adequate reserves. 
 Section 4.07 Litigation 

There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the
Borrower, threatened against or affecting the Borrower (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in
a Materially Adverse Effect or (ii) that involve this Agreement, any other Loan Document or the transactions contemplated hereby. 

Section 4.08 Solvency 

On the Effective Date, and immediately prior to and after giving effect to the Transaction, the issuance of the Note and the effectiveness of
the Loan hereunder, (a) the fair value of the Borrower’s assets is greater than the amount of its liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated,
(b) the present fair saleable value of the Borrower’s assets is not less than the amount that will be required to pay the probable liability on the Borrower’s debts as they become absolute and matured, (c) the Borrower is able to
realize upon its assets and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business, (d) the Borrower does not intend to, and does not believe that it
will, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature and (e) the Borrower is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which its property
would constitute unreasonably small capital. 
 Section 4.09 Anti-Money Laundering and Anti-Terrorism Finance Laws 

To the extent applicable, the Borrower is in compliance, in all material respects, with anti-money laundering laws and anti-terrorism finance
laws. 
 Section 4.10 Anti-Corruption Laws 

The Loan shall not be used, directly or indirectly: (a) to offer or give anything of value to any official or employee of any foreign
government department or agency or instrumentality or government-owned entity, to any foreign political party or party official or political candidate or to any official or employee of a public international organization, or to anyone else acting in
an official capacity (collectively, “ Foreign Official ”), in order to obtain, retain or direct business by (i) influencing any act or decision of such Foreign Official in his official capacity, (ii) inducing such Foreign
Official to do or omit to do any act in violation of the lawful duty of such Foreign Official, (iii) securing any improper advantage or (iv) inducing such Foreign Official to use his influence with a foreign government or instrumentality
to affect or influence any act or decision of such government or instrumentality; (b) to cause the Lender to violate the U.S. Foreign Corrupt Practices Act of 1977; or (c) to cause the Lender to violate any other anti-corruption law
applicable to the Lender. 

  
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 Section 4.11 Sanctions Laws 

The Borrower is not any of the following (a “ Restricted Person ”): (a) a Person that is listed in the annex to, or is
otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “ Executive Order ”); (b) a Person that is named as a “specially designated national and
blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control (“ OFAC ”) at its official website or any replacement website or other replacement official publication of such
list or similarly named by any similar foreign governmental authority; (c) a Person that is owned 50% or more by any Person described in Section 4.12(b); (d) any other Person with which the Lender is prohibited from dealing under any
Sanctions laws applicable to the Lender; or (e) a Person that derives more than 10% of its annual revenue from investments in or transactions with any Person described in Section 4.11 (a), (b), (c) or (d). Further, the Loan shall not be
used to finance or facilitate, directly or indirectly, any transaction with, investment in, or any dealing for the benefit of, any Restricted Person or any transaction, investment or dealing in which the benefit is received in a country for which
such benefit is prohibited by any Sanctions laws applicable to any Lender. 
 Section 4.12 No Default 

No Default exists hereunder or would result from the issuance of the Note or the effectiveness of the Loan. 

ARTICLE V. 
 CERTAIN COVENANTS

 Section 5.01 Preservation of Existence and Properties, Compliance with Law, Payment of Taxes and Claims 

The Borrower shall: (a) preserve and maintain its limited partnership existence, (b) comply with Applicable Law, (c) pay or
discharge when due all Taxes and all Liabilities that are or might become Liens on any of its properties, (d) obtain and maintain, or cause to be done, obtained and maintained, all Governmental Approvals and other things necessary to preserve,
renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises necessary or desirable in the conduct of its business, except that this Section 5.01 (other than clause (a)) shall not
apply in any circumstance where noncompliance, together with all other noncompliance with this Section 5.01, will not have a Materially Adverse Effect on the Borrower. 

  
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 Section 5.02 Use of Proceeds 

The Loan shall not be used, whether directly or indirectly, for any purpose that entails a violation of any Regulation of the Board of
Governors of the Federal Reserve System of the United States of America, including Regulations T, U and X. 
 Section 5.03
Notice of Material Events 
 The Borrower shall furnish to the Lender prompt written notice of the following: 

(a) as soon as possible, and in any event within three (3) Business Days after a Responsible Officer of the Borrower
obtains knowledge thereof, the occurrence of any Default; 
 (b) so long as it is lawful to do so, as soon as possible, and
in any event within three (3) calendar days after a Responsible Officer of the Borrower obtains knowledge thereof, the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or
affecting the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Materially Adverse Effect; 

(c) promptly after a Responsible Officer of the Borrower obtains knowledge thereof, any other development that results in, or
could reasonably be expected to result in, a Materially Adverse Effect. 
 Each notice delivered under this Section 5.03 shall be
accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 5.04 Ranking 

The Lender hereby acknowledges and agrees that the Loan and any right of repayment, including any enforcement of remedies, is and shall be
subordinate to all Senior Obligations, including Senior Obligations incurred, created, issued, assumed or guaranteed in accordance with Section 5.05 hereof after the date hereof. The Parties agree that, in the event of (a) any proceeding
against the Borrower for enforcement of creditors’ rights; (b) any liquidation or dissolution of the Borrower; (c) any bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Borrower or its
property; (d) any assignment by the Borrower for the benefit of its creditors; or (e) any marshalling of the Borrower’s assets and liabilities, the holders of any Senior Obligations shall first be entitled to receive payment of
amounts then due and payable on such Senior Obligations before the Lender shall be entitled to receive payment. The Borrower shall ensure that at all times while any principal amount of the Loan remains outstanding, the claims of the Lender in
respect of the Loan shall in all respects rank prior to or at least pari passu with the claims of every unsecured creditor of the Borrower (other than with respect to the Senior Obligations permitted hereby). For the avoidance of doubt, the
Exchangeable Note shall rank pari passu with the Loan. 
 Section 5.05 Additional Indebtedness 

Until the Loan and all amounts outstanding under this Agreement shall have been paid in full in cash, the Borrower shall not directly or
indirectly incur, create, assume or suffer to exist any Indebtedness that is senior in right of payment to the payment obligations under the Loan; provided that the Borrower may incur, create or assume Senior Obligations if, after giving
effect to the incurrence thereof on a pro forma basis, the aggregate dollar equivalent amount of all outstanding Senior Obligations would not exceed (when taken together with the Borrower’s then-existing Senior Obligations) 55% of the
Borrower’s NAV; provided further that any Bank Debt of the Borrower shall not exceed at the time of incurrence, and after giving effect to the incurrence thereof on a pro forma basis, the lesser of (i) 40% of the Borrower’s NAV and
(ii) $200,000,000 (provided that the limitation of this clause (ii) shall not apply if either a Qualified Public Offering has occurred or no NPC-B Unit Accounts are outstanding). 

  
 14 

 Section 5.06 Financial Reporting 

(a) The Borrower shall deliver to the Lender no later than the 15 th
calendar day of each month, monthly month-end calculations, including supporting data, setting forth a calculation of the percentage the Borrower’s outstanding Senior Obligations bears to its NAV, which
shall be certified by a Responsible Officer. 
 (b) The Borrower will deliver to the Lender (i) audited annual financial
statements within sixty (60) days of its fiscal year-end and (ii) unaudited quarterly financial statements within twenty-five (25) days of each quarter end (other than the fourth quarter). 

Section 5.07 Books and Records; Inspection Rights 

The Borrower shall keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions
in relation to its business and activities. The Borrower shall permit any representatives designated by the Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to
discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided , that when a Default exists the Lender (or any of its representatives) may
do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. All such inspections or audits by the Lender shall be at the Borrower’s expense. The Borrower hereby authorizes and
instructs its independent accountants to discuss the Borrower’s affairs, finances and condition with the Lender, at the Lender’s request. 

Section 5.08 Maintenance of Properties 

The Borrower shall (a) keep and maintain all property material to the conduct of its business in good working order and condition,
ordinary wear and tear excepted and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Materially Adverse Effect. 

Section 5.09 Compliance with Laws 

The Borrower shall comply in all material respects with Applicable Law. 

  
 15 

 Section 5.10 Liens 

The Borrower shall not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or
assign or sell any income or revenues (including accounts receivable rights to distributions) or rights in respect of any thereof, except: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 4.06; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by
law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days; 
 (c)
pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 

(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) judgment
liens in respect of judgments that do not constitute an Event of Default under Section 6.01(i); 
 (f) easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary
obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower; 

(g) any interest or title of a lessor under any operating lease entered into by the Borrower in the ordinary course of its
business and covering only the assets so leased; and 
 (h) Liens and rights of setoff of banks and securities intermediaries
in respect of deposit accounts and securities accounts maintained in the ordinary course of business; 
 (i) any Lien on any
property or asset of the Borrower existing on the date hereof and set forth in Schedule 5.10(i) hereto; provided that (i) such Lien shall not apply to any other property or asset of the Borrower and (ii) such Lien shall secure only
those obligations which it secures on the date hereof; and 
 (j) Liens securing Bank Debt permitted to be incurred pursuant
to the terms hereof. 
 Section 5.11 Fundamental Changes 

The Borrower shall not merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or
sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all/any substantial part of its assets, or liquidate or dissolve, or purchase or otherwise acquire all or substantially all of the
assets or any equity interests of any class of, or any partnership or joint venture interest in, any other Person, or change its jurisdiction of incorporation or organization or the form or type of its organization if such action would reasonably be
expected to adversely affect the Borrower’s obligation or ability to repay the Loan. 

  
 16 

 Section 5.12 Transactions with Affiliates 

The Borrower shall not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or
assets from, or otherwise engage in any other transactions with, any of its Affiliates, except transactions carried out in the ordinary course of business and on terms and conditions no less favorable to the Borrower than could be obtained in an
arms’ length transaction with an unrelated third party. 
 Section 5.13 Changes in Nature of Business 

The Borrower shall not engage in any business other than businesses of the type conducted by the Borrower on the date of execution of this
Agreement and businesses reasonably related thereto. 
 Section 5.14 Anti-Money Laundering and Anti-Terrorism Finance Laws; Foreign
Corrupt Practices Act; Sanctions Laws; Restricted Person 
 The Borrower shall not (a) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or otherwise violates any anti-terrorism laws, anti-corruption laws or Sanctions law, (b) cause or permit any of the funds that are used to repay the Loan to be
derived from any unlawful activity with the result that the Lender would be in violation of any Applicable Law or (c) use the Loan, directly or indirectly, for any conduct that would cause the representations and warranties in Sections 4.9,
4.10 or 4.11 to be untrue as if made on the date any such conduct occurs. 
 ARTICLE VI. 

DEFAULT 
 Section 6.01
Events of Default 
 The occurrence and continuance of any of the following shall constitute an Event of Default hereunder: 

(a) the Borrower fails to pay any principal or interest when due and such failure continues for five (5) calendar days
after written notice to the Borrower; 
 (b) the Borrower fails to observe any of the covenants contained in Sections 5.04,
5.05 or 5.10 through 5.12; 

  
 17 

 (c) the Borrower fails to observe any other covenant contained in this
agreement and such failure continues for twenty (20) calendar days after written notice to the Borrower; 
 (d) any
representation or warranty made or deemed made by or on behalf of the Borrower in or in connection with this Agreement or any other Loan Document, or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with any Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect or misleading in any material respect when made or deemed made; 

(e) the Borrower shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of
any Indebtedness in an aggregate amount in excess of $12,500,000, when and as the same shall become due and payable, which failure shall continue beyond any cure period provided under the terms of such Indebtedness; 

(f) any event or condition occurs that results in any Indebtedness in an aggregate amount in excess of $12,500,000 becoming due
prior to its scheduled maturity or that enables or permits the holder or holders of any such Indebtedness or any trustee or agent on its or their behalf to cause any such Indebtedness to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity or (in the case of any such Indebtedness constituting a guarantee) to become payable; 

(g) an event has occurred that has had or could reasonably be expected to have an EOD Material Adverse Effect and such EOD
Material Adverse Effect continues and remains uncured for a period of thirty (30) calendar days after written notice to the Borrower; 

(h) (i) the Borrower commences any case, proceeding or other action (A) under any law relating to bankruptcy,
insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or
for all or any substantial part of its assets, or the Borrower makes a general assignment for the benefit of its creditors; 

(ii) there is commenced against the Borrower any case, proceeding or other action of a nature referred to in
Section 6.01(h)(i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) calendar days; 

  
 18 

 (iii) there is commenced against the Borrower any case, proceeding or other
action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded
pending appeal within sixty (60) calendar days from the entry thereof; 
 (iv) the Borrower takes any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in Section 6.01(h)(i), Section 6.01(h)(ii) or Section 6.01(h)(iii) above; or 

(i) one or more judgments (not covered by a financially solvent insurance company that has not denied coverage) for the payment
of money in an aggregate amount in excess of $12,500,000 (treating any deductible, self-insurance, denied claim, uninsured liability or retention as not so covered) shall be rendered against the Borrower, any Subsidiary or any combination thereof
and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or
any Subsidiary to enforce any such judgment. 
 Section 6.02 Remedies upon Event of Default 

Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Lender may at its
option, by written notice to the Borrower declare the entire outstanding principal amount of the Loan, together with all accrued interest thereon, immediately due and payable; provided, however, that, if an Event of Default described in
Section 6.01(h) shall occur, the outstanding principal of and accrued interest on the Loan shall become immediately due and payable without any notice, declaration or other act on the part of the Lender. Lender may, upon five (5) Business
Days’ prior written notice to holders of Bank Debt, commence a judicial action to liquidate and reduce to judgment its claim for the payment of obligations hereunder, and, if an Insolvency Proceeding has been commenced by or against Borrower,
file and vote any claim in any such proceeding; provided that (i) the Lender shall only be entitled to payment of amounts due it, whether reduced to judgment or otherwise, from the proceeds of the Borrower’s sale of its assets or equity
interests, including the proceeds of the Borrower’s liquidation of its assets, or from any distributions in any Insolvency Proceeding; (ii) any proceeds or recoveries shall be subject to the subordination provision of Section 5.04 in
all respects until the payment in full of amounts then due and payable on the Senior Obligations (or such other payments or provision satisfactory to the holders of Senior Obligations); and (iii) Lender shall not, directly or indirectly,
institute against (or solicit or encourage any Person to institute against), or join any other Person in instituting against, the Borrower any Insolvency Proceeding. 

  
 19 

 ARTICLE VII. 

MISCELLANEOUS 

Section 7.01 Notices and Deliveries 

Except as otherwise expressly provided, all notices, communications and materials to be given or delivered pursuant to the Loan Documents
shall be given or delivered in writing at the following respective addresses and to the attention of the following individuals or departments or at such other address or to the attention of such other individual or department as the Party to which
such information pertains may hereafter specify in writing: 
 (a) if to the Borrower, to it at: 

The Beneficient Company Group, L.P. 

325 N. Saint Paul Street, Suite 4850 

Dallas, TX 75205 

Attn: Chief Administrative Officer 

Telephone:
+1-214-445-4700 

Facsimile:
+1-214-445-4701 

E-mail: jhinkle@beneficient.com 

(b) if to the Lender, to it at: 

GWG Life, LLC 

220 South Sixth Street, Suite 1200 

Minneapolis, MN 55402 

Attn: Chief Financial Officer 

Telephone:
+1-612-746-1932 

Facsimile:
+1-612-746-0445 

E-mail: bacheson@gwglife.com 

Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given
when received; (ii) sent by facsimile during the recipient’s normal business hours shall be deemed to have been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the
recipient’s business on the next Business Day); and (iii) sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgment or confirmation from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other electronic confirmation of delivery). 

  
 20 

 Section 7.02 Rights Cumulative 

Each of the rights and remedies of the Lender under the Loan Documents shall be in addition to all of its other rights and remedies under the
Loan Documents and Applicable Law, and nothing in the Loan Documents shall be construed as limiting any such rights or remedies. 

Section 7.03 Amendments; Waivers 

Any term, covenant, agreement or condition of the Loan Documents may be amended, and any right under the Loan Documents may be waived, if, but
only if, such amendment or waiver is in writing and is signed by the Lender and, in the case of an amendment, by the Borrower. Unless otherwise specified in such waiver, a waiver of any right under the Loan Documents shall be effective only in the
specific instance and for the specific purpose for which given. No election not to exercise, failure to exercise or delay in exercising any right, nor any course of dealing or performance, shall operate as a waiver of any right of the Lender under
the Loan Documents or Applicable Law, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right of the Lender under the Loan Documents or Applicable Law. 

Section 7.04 Assignments 

Neither Party may assign any of its rights or obligations under the Loan Documents without the prior written consent of the other Party;
provided, that the Lender may, without the consent of the Borrower and pursuant to the terms of the Supplemental Indenture (as defined below), assign its rights, in whole or from time to time in part, to holders of the Seller Trust L Bonds issued by
GWG Holdings, Inc., a Delaware corporation and parent company of the Lender (“ GWG ”), pursuant to that certain Supplemental Indenture, dated as of August 10, 2018 to the Amended and Restated Indenture, dated as of
October 23, 2017 (the “ Supplemental Indenture ”), between GWG and Bank of Utah, as trustee, in each case as such instruments may be amended or restated from time to time. Upon any assignment by the Lender in accordance with
this Section 7.04, the Borrower shall promptly (i) cancel the Lender’s existing Note, (ii) issue to each assignee a Note in the principal amount so assigned, (iii) issue to the Lender a new Note in the principal amount that
was not assigned by the Lender, and (iv) take such further actions and execute such further instruments and documents as the Lender may reasonably request to effect such assignment. 

Section 7.05 Governing Law 

This Agreement and any claim, controversy, dispute or cause of action in contract based upon, arising out of or relating to this Agreement and
the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 21 

 Section 7.06 Judicial Proceedings; Waiver of Jury Trial 

The parties hereto agree that any judicial proceeding with respect to any Loan Document Related Claim may be brought in any court of competent
jurisdiction in the State of New York and irrevocably waive any objection they may now or hereafter have as to the venue of any such proceeding brought in such a court or that such a court is an inconvenient forum. The parties hereto waive personal
service of process and consent that service of process may be made by certified or registered mail, return receipt requested, at the relevant address specified or determined in accordance with the provisions of Section 7.01, and service so made
shall be deemed completed on the third Business Day after such service is deposited in the mail. THE BORROWER AND THE LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE PARTIES INVOLVING ANY LOAN DOCUMENT RELATED CLAIM.

 Section 7.07 Severability of Provisions 

Any provision of the Loan Documents that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

Section 7.08 Counterparts 

This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto were upon the same instrument. 
 Section 7.09 Entire Agreement 

This Agreement and the Note embody the entire agreement between the Borrower and the Lender relating to the subject matter hereof and
supersede all prior agreements, representations and understandings, if any, relating to the subject matter hereof. 
 Section 7.10
Successors and Assigns 
 All of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. 

  
 22 

 Section 7.11 Indemnity; Damage Waiver 

(a) Indemnification by the Borrower . The Borrower shall indemnify the Lender and each Related Party of each of the
foregoing Persons (each such Person being called an “ Indemnitee ”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the legal fees and reasonable and
documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole, and, if reasonably necessary, one local counsel for
all Indemnitees taken as a whole in each relevant jurisdiction that is material to the interests of the Lender, and solely in the case of a conflict of interest, one additional counsel in each relevant jurisdiction to each group of similarly
affected Indemnitees), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the
transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (b) Waiver of Consequential
Damages, etc. To the fullest extent permitted by Applicable Law, neither Party shall assert, and hereby waives, any claim against the other Party and each of their respective Related Parties, on any theory of liability, for indirect, special,
punitive, consequential or exemplary damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
transactions contemplated hereby or thereby, any Loan, or the use of the proceeds thereof. 
 (c) Payments. All
amounts due under this Section 7.11 shall be payable promptly/not later than 30 calendar days after demand therefor. 

(d) Survival . Each party’s obligations under this Section 7.11 shall survive the termination of the Loan
Documents. 
 [Remainder of page intentionally left blank] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized officers all as of the Effective Date. 
  

			
	BORROWER:
	
	THE BENEFICIENT COMPANY GROUP, L.P.
		
	By:	 	BRAD K. HEPPNER 
	Name:	 	Brad K. Heppner
	Title:	 	Chief Executive Officer
	
	LENDER:
	
	GWG LIFE, LLC
		
	By:	 	JON SABES 
	Name:	 	Jon Sabes
	Title:	 	Chief Executive Officer

 Signature Page to Commercial Loan Agreement 

 SCHEDULE 2.05 

NOTICE OF PREPAYMENT 
 Date: [
                ] 
 GWG Life, LLC 

220 South Sixth Street, Suite 1200 
 Minneapolis, MN 55402 

Attn: Chief Financial Officer 
 Ladies and Gentlemen: 

Reference is made to the Commercial Loan Agreement, dated as of August 10, 2018, between The Beneficient Company Group, L.P., as
Borrower, and GWG Life, LLC, as Lender (the “Loan Agreement”). The undersigned hereby gives notice pursuant to Section 2.05 of the Loan Agreement that it will prepay [a portion of the Loan in the amount of $_____________] of principal
and $[_____________] of interest on [ insert date of prepayment ]: 
 The undersigned represents and warrants that the prepayment
requested hereby complies with the requirements of the Loan Agreement. 
  

			
	The Beneficient Company Group, L.P.
		
	By:	 	 
		 	Name:
		 	Title:

 SCHEDULE 5.10(i) 

EXISTING LIENS ON BORROWER’S PROPERTY OR ASSETS 

None. 

 EXHIBIT A 

PROMISSORY NOTE 
 August 10,
2018 
 FOR VALUE RECEIVED, The Beneficient Company Group, L.P., a Delaware limited partnership (the “Borrower”) hereby promises
to pay to GWG Life, LLC (the “Lender”), $200,000,000 or, if less due to prepayment in accordance with Section 2.05 of the Commercial Loan Agreement (as defined below), the unpaid principal amount of the Loan due to the Lender under
the Commercial Loan Agreement, on the date specified in Section 2.04 of such Commercial Loan Agreement, and to pay interest on the principal amount of the Loan on the dates and at the rate specified in Section 2.03 of such Commercial Loan
Agreement. All payments due the Lender hereunder shall be made to the Lender in the manner specified in such Commercial Loan Agreement. 

Presentment, demand, protest, notice of dishonor and notice of intent to accelerate are hereby waived by the undersigned. 

This Promissory Note evidences a Loan under, and is entitled to the benefits of, the Commercial Loan Agreement, dated as of August 10,
2018, between the Borrower and the Lender, as the same may be amended from time to time (the “Commercial Loan Agreement”). Reference is made to such Commercial Loan Agreement, as so amended, for provisions relating to the payment of
interest, the prepayment and the acceleration of the maturity hereof. 
 This Promissory Note shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts of law principles. 
  

			
	THE BENEFICIENT COMPANY GROUP, L.P.
		
	By:	 	 
	Name:	 	Brad K. Heppner
	Title:	 	Chief Executive Officer

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