Document:

Exhibit
10.1 

 

Certain
identified information has been excluded from this exhibit because it is both not 

material and is the type of information that the registrant treats as private or confidential. 

The omitted information is marked with “[*].”

 

EXECUTION
COPY

 

FIFTH
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

Dated
as of December 14, 2021

 

Among

 

GWG
DLP Funding IV, LLC,

as
Borrower

 

THE
FINANCIAL INSTITUTIONS PARTY HERETO,

as
Lenders

 

And

 

CLMG
CORP.,

 

as
Administrative Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	ARTICLE
    I DEFINITIONS	 	5
	Section
    1.1	Defined
    Terms	 	5
	Section
    1.2	Other
    Definitional Provisions	 	5
	Section
    1.3	Other
    Terms	 	5
	Section
    1.4	Computation
    of Time Periods	 	5
	Section
    1.5	Incorporation
    of Recitals.  The above recitals are hereby incorporated into and made part of this Loan Agreement.	 	5
	ARTICLE
    II THE LENDERS’ COMMITMENTS, BORROWING PROCEDURES, SECURITY INTEREST AND LENDER NOTES	 	6
	Section
    2.1	Lenders’
    Commitments	 	6
	Section
    2.2	Borrowing
    Procedures	 	7
	Section
    2.3	Funding	 	7
	Section
    2.4	Representation
    and Warranty	 	7
	Section
    2.5	Lender
    Notes	 	8
	Section
    2.6	Security
    Interest	 	8
	Section
    2.7	Sale
    or Other Transfer of Collateral	 	10
	Section
    2.8	Permitted
    Purposes	 	11
	Section
    2.9	Fees	 	11
	ARTICLE
    III INTEREST; INTEREST PERIODS; FEES, ETC.	 	12
	Section
    3.1	Interest
    Rates	 	12
	Section
    3.2	Interest
    Payment Dates	 	12
	Section
    3.3	Fees	 	12
	Section
    3.4	Computation
    of Interest and Fees	 	12
	ARTICLE
    IV PAYMENTS; PREPAYMENTS	 	12
	Section
    4.1	Repayments
    and Prepayments	 	12
	Section
    4.2	Yield
    Maintenance Fee	 	14
	Section
    4.3	Making
    of Payments	 	14
	Section
    4.4	Due
    Date Extension	 	14

 

    i

     

    

 

	ARTICLE
    V ACCOUNTS; DISTRIBUTION OF COLLECTIONS	 	14
	Section
    5.1	Accounts	 	14
	Section
    5.2	Application
    of Available Amounts	 	16
	Section
    5.3	Permitted
    Investments	 	20
	ARTICLE
    VI INCREASED COSTS, ETC.	 	20
	Section
    6.1	Increased
    Costs	 	20
	Section
    6.2	Funding
    Losses	 	21
	Section
    6.3	Withholding
    Taxes	 	22
	ARTICLE
    VII CONDITIONS TO BORROWING	 	22
	Section
    7.1	Conditions
    Precedent to each Ongoing Maintenance Advance	 	22
	Section
    7.2	[Reserved]	 	24
	Section
    7.3	Lender
    Valuation	 	24
	Section
    7.4	Conditions
    Precedent to Fifth A&R Advance	 	25
	Section
    7.5	Release	 	27
	Section
    7.6	Additional
    Representations and Warranties (Fifth A&R Advance)	 	27
	ARTICLE
    VIII REPRESENTATIONS AND WARRANTIES	 	28
	Section
    8.1	Representations
    and Warranties of the Borrower	 	28
	ARTICLE
    IX COVENANTS	 	33
	Section
    9.1	Affirmative
    Covenants	 	33
	Section
    9.2	Negative
    Covenants	 	42
	ARTICLE
    X EVENTS OF DEFAULT; REMEDIES	 	45
	Section
    10.1	Events
    of Default	 	45
	Section
    10.2	Remedies	 	48
	ARTICLE
    XI INDEMNIFICATION	 	50
	Section
    11.1	General
    Indemnity	 	50
	ARTICLE
    XII ADMINISTRATIVE AGENT	 	51
	Section
    12.1	Appointment	 	51
	Section
    12.2	Delegation
    of Duties	 	52
	Section
    12.3	Exculpatory
    Provisions	 	52
	Section
    12.4	Reliance
    by the Administrative Agent	 	52
	Section
    12.5	Notice
    of Default	 	52
	Section
    12.6	Non-Reliance
    on the Administrative Agent and Other Lenders	 	53
	Section
    12.7	Indemnification	 	53
	Section
    12.8	The
    Administrative Agent in Its Individual Capacity	 	53
	Section
    12.9	Successor
    Administrative Agent	 	53

 

    ii

     

    

 

	ARTICLE
    XIII MISCELLANEOUS	 	54
	Section
    13.1	Amendments,
    Etc	 	54
	Section
    13.2	Notices,
    Etc	 	54
	Section
    13.3	No
    Waiver; Remedies	 	54
	Section
    13.4	Binding
    Effect; Assignability; Term	 	55
	Section
    13.5	GOVERNING
    LAW; JURY TRIAL	 	55
	Section
    13.6	Execution
    in Counterparts; Electronic Records	 	56
	Section
    13.7	Submission
    to Jurisdiction	 	56
	Section
    13.8	Costs
    and Expenses	 	56
	Section
    13.9	Severability
    of Provisions	 	57
	Section
    13.10	ENTIRE
    AGREEMENT	 	57
	Section
    13.11	Conflicts	 	57
	Section
    13.12	Confidentiality	 	57
	Section
    13.13	Limitation
    on Liability	 	58
	Section
    13.14	Relationship
    of Parties	 	58
	Section
    13.15	Amendment
    and Restatement	 	58

 

	SCHEDULES	 
	 	 
	SCHEDULE
    2.1(a)	Lenders’
    Commitments
	SCHEDULE
    2.8	Payment
    Direction
	SCHEDULE
    8.1(s)	Account
    Information
	SCHEDULE
    8.1(x)	Retained
    Death Benefit Policies
	SCHEDULE
    13.2	Notice
    Addresses
	 	 
	EXHIBITS	 
	 	 
	EXHIBIT
    A	Form
    of Borrowing Request
	EXHIBIT
    B	Form
    of Lender Note
	EXHIBIT
    C	Form
    of Assignment and Assumption Agreement
	EXHIBIT
    D	Form
    of Calculation Date Report
	EXHIBIT
    E	Form
    of Annual Budget
	EXHIBIT
    F	Form
    of Borrowing Base Certificate
	 	 
	ANNEXES	 
	 	 
	ANNEX
    I	List
    of Defined Terms

 

    iii

     

    

 

This
FIFTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Loan Agreement”) is made and entered into as of December
14, 2021, among GWG DLP Funding IV, LLC, a Delaware limited liability company (the “Borrower”), the financial institutions
party hereto as Lenders (the “Lenders”), and CLMG Corp., a Texas corporation, as the administrative agent for the
Lenders (in such capacity, the “Administrative Agent”).

 

W
I T N E S E T H:

 

WHEREAS,
the Borrower is a wholly-owned subsidiary of the Parent and the Parent is a wholly-owned subsidiary of GWG Holdings, Inc.

 

Whereas,
the Borrower, the Lenders and the Administrative Agent entered into a certain Loan and Security Agreement dated as of September 14, 2016
(the ‎‎“Original Loan Agreement”).

 

Whereas,
the Borrower, the Lenders and the Administrative Agent entered into a certain Amended and Restated Loan and Security Agreement dated
as of September 27, 2017 (the ‎‎“Amended and Restated Loan Agreement”), which itself amended and restated
the Original Loan Agreement.

 

WHEREAS,
through a series of transactions between January 18, 2018 and April 26, 2019, GWG Holdings, Inc. and The Beneficent Company Group, L.P
effected a Change in Control of the Borrower (the “2019 Change in Control Event”).

 

WHEREAS,
on multiple occasions during the course of fiscal year 2019, at the request of the Borrower, the Lenders and the Administrative Agent
engaged in discussions with the Borrower regarding(a) extending the deadline under the Amended and Restated Loan Agreement for the delivery
of audited financial statements and (b) resolving the Event of Default triggered under the Amended and Restated Loan Agreement as a result
of the 2019 Change in Control Event, which discussions resulted in limited waivers granted by the Lenders in respect of certain obligations
under that certain Amended and Restated Loan Agreement.

 

WHEREAS,
at the Borrower’s request and as a result of the above referenced discussions, (a) the Lenders and the Administrative Agent entered
into that ‎certain Second Amended and Restated Loan and Security Agreement, dated as of November 1, ‎‎2019 among the Borrower,
the Administrative Agent and the Lenders (the ‎‎“Second Amended and Restated Loan Agreement”), which amended
and restated the Amended and Restated Loan and Security Agreement, (b) the Lenders advanced an Advance to the Borrower under the Second
Amended and Restated Loan Agreement equal to $37,063,056.87 (the “Second A&R Advance”) to purchase additional
insurance policies ‎which became Pledged Policies under the Transaction Documents and (c) the Lenders entered into the Second Amended
and Restated Loan Agreement to, among other things, to authorize such 2019 Change in Control Event.‎

 

WHEREAS,
on multiple occasions between March 2021 and May 2021, at the request of the Borrower, the Lenders agreed to modify and extend the date
on which the Borrower was required to deliver audited financial statements during such time period under the Second Amended and Restated
Loan Agreement.

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

Page 1 of 58

     

    

 

WHEREAS,
in June 2021, after having sought other financing alternatives, the Borrower requested that the Lenders commit to making an additional
advance not otherwise available under the Second Amended and Restated Loan Agreement that would provide financing on more favorable terms
than otherwise available to the Borrower from third-parties.

 

WHEREAS,
at the Borrower’s request, (a) the Lenders and the Administrative Agent entered into that ‎certain Third Amended and Restated
Loan and Security Agreement, dated as of June 28, 2021 among Borrower, Administrative Agent and Lenders (the ‎‎“Third
Amended and Restated Loan Agreement”), which amended and restated the Second Amended and Restated Loan and Security Agreement,
and (b) under such Third Amended and Restated Loan Agreement, the Lenders made an Advance to the Borrower equal to ‎$52,500,000 (the
“Third A&R Advance”) to purchase additional insurance policies which became Pledged Policies under the Transaction
Documents.‎ On August 8, 2021, the Borrower repaid the Third A&R Advance and the Administrative Agent released its liens on the
specific Pledged Policies added in connection with such Third A&R Advance.

 

WHEREAS,
around August 15, 2021, the Borrower asked the Lenders to consider an additional advance‎.‎

 

WHEREAS,
at the Borrower’s request, (a) the Lenders and the Administrative Agent entered into that ‎certain Fourth Amended and Restated
Loan and Security Agreement, dated as of September 7, 2021 among Borrower, Administrative Agent and Lenders (the ‎‎“Existing
Loan Agreement”), which amended and restated the Third Amended and Restated Loan and Security Agreement, and (b) the Lenders
made an Advance to the Borrower equal to ‎$30,331,381.75. The principal amount of the aggregate credit extensions made under the
Existing Agreement is hereinafter referred to as the “Existing Advances”.

 

WHEREAS,
between October 15, 2019 and December 5, 2021, the Lenders waived their right under the Existing Loan Agreement to sweep excess cash
in an amount equal to $138,089,051.98 thereby allowing the Borrower to use such proceeds in its sole discretion in accordance with the
Transaction Documents.

 

WHEREAS,
on November 14, 2021, the Borrower requested the Administrative Agent and Lenders, on less than one day’s notice, agree to waive
(i) the cash flow waterfall provisions under Section 5.2 of the Existing Loan Agreement and prematurely run the cash flow waterfall under
such section (the “Requested Early Waterfall Calculation”) and (ii) the Lenders’ right to sweep cash Collateral
and apply it to repay the outstanding Existing Advances, thus permitting the Borrower access to the Lenders’ cash Collateral, such
cash Collateral amount on such date was equal to $16,958,377.45 (the “Early Calculation Cash Collateral Amount”).

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

Page 2 of 58

     

    

 

WHEREAS,
on November 14, 2021, the Borrower acknowledged that the loan balance outstanding on such date, which loan balance was equal to ‎‎‎‎$234,924,111.54,
was near the highest loan balance due and owing by the Borrower under the Existing Loan Agreement and, on or around such date, the Lenders
‎ indicated a preference to have the Borrower repay the loan balance as required under the Existing Loan Agreement with ‎cash
Collateral.

 

WHEREAS,
on November 15, 2021, in exchange for the Requested Early Waterfall Calculation, the ‎Borrower offered certain compensation to the
Lenders, and in consideration of such compensation, ‎the Borrower, Administrative Agent and Lenders entered into a letter agreement
(the “Letter Agreement”) to accommodate the ‎Requested Early Waterfall Calculation and provide the Borrower access
to the Early Calculation Cash Collateral Amount, which amount would otherwise be cash Collateral for the Lenders.

 

WHEREAS,
the Letter Agreement contained post-closing conditions with delivery dates that if not met would trigger an Event of Default under the
Existing Loan Agreement.

 

WHEREAS,
the Borrower failed to meet the post-closing conditions set forth under the Letter Agreement, which failure triggered an Event of Default
under the Existing Loan Agreement and the right of the Lenders to accelerate the outstanding Advances, together with all interest, fees
and other Obligations, which includes the Yield Maintenance Fee.

 

WHEREAS,
on November 29, 2021, at the request of the Borrower, the Lenders agreed to waive and extend the deadline for satisfaction of each of
the requirements set forth in the Letter Agreement to December 7, 2021. Failure to achieve the deadlines under the Letter Agreement by
December 7, 2021 was an Event of Default under the Existing Loan Agreement.

 

WHEREAS,
between August and December 2021, GWG Holdings, Inc. and The Beneficent Company ‎Group, L.P entered into a series of transactions
to separate from each other (the “Separation Activities”).

 

WHEREAS,
the Separation Activities constitute a Change in Control under the Existing Loan ‎Agreement.

 

WHEREAS,
a Change in Control is an Event of Default under the Existing Loan Agreement and triggers the right of the Lenders to accelerate the
outstanding Advances under the ‎Existing Loan Agreement, together with all other interest, fees, and other Obligations, which includes
the Yield Maintenance Fee due and payable under the Existing Loan Agreement.‎

 

WHEREAS,
the Administrative Agent and the Lenders have determined, as of December 14, 2021, that the Yield Maintenance Fee due upon acceleration
of the Advances is equal to $ 92,573,481.87.

 

WHEREAS,
the Borrower has requested that the Lenders waive and modify certain obligations under ‎the Existing Loan Agreement, including (a)
a waiver of any Change in Control resulting from the Separation ‎Activities and (b) a further extension of the post-closing obligations
delivery date under the Letter ‎Agreement. ‎

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

Page 3 of 58

     

    

 

WHEREAS,
the Borrower has requested that the Lenders not accelerate the Advances, interest, fees and other Obligations and instead ‎waive
and modify certain provisions under the Existing Loan Agreement, including (a) waiving any ‎Change in Control resulting from the
Separation Activities, (b) extending the post-closing obligations ‎delivery date under the Letter Agreement and (c) advancing funds
to the Borrower for the Borrower, among other things, to make a loan to the Parent in the amount of $20,000,000.‎

 

WHEREAS,
the Administrative Agent and Lenders have agreed to provide such accommodations, including to make the Fifth A&R ‎Advance (as
defined below) on the date hereof in amount equal to $60,100,000 (the “Fifth A&R Advance Amount”), in ‎accordance
with and subject to the terms and conditions hereof, of which (x) $20,000,000 shall be paid in cash to the Borrower to lend to the Parent
pursuant to the Second Borrower/Parent Note, (y) $100,000 shall be paid to CSG Investments as the Fifth A&R Structuring Fee and (z)
$40,000,000 shall be paid to the Lenders as a portion of the Yield Maintenance Fee that would otherwise have been due upon acceleration
of the Advances by the Lenders (such amount described in clause (z), the “Settlement Amount”), as consideration for
the Lenders’ agreement to not accelerate the full amount of the Advances as a result of the Events of Default described in the
recitals above and for other financial accommodations set forth herein.

 

WHEREAS,
the parties have agreed to reduce the Applicable Margin by 3.50% (from 7.50% to 4.00%) and reduce the Benchmark Rate floor by 0.50% (from
1.50% to 1.00%).

 

WHEREAS,
the parties hereto also desire to make certain other changes to the Existing Loan Agreement. ‎

 

WHEREAS,
the parties hereto wish to amend and restate the Existing Loan Agreement in its entirety to reflect such changes.‎

 

WHEREAS,
the Borrower desires that the Lenders agree to extend financing to the Borrower on the terms and conditions set forth herein.

 

WHEREAS,
the Lenders are willing to provide such financing on the terms and conditions set forth in this Loan Agreement.

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

Page 4 of 58

     

    

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein ‎contained, the parties hereto agree as follows:‎

ARTICLE
I

DEFINITIONS

 

Section
1.1 Defined Terms. Capitalized terms used and not otherwise defined in this Loan Agreement shall have the meanings given
to them in the List of Defined Terms attached hereto as Annex I.

 

Section
1.2 Other Definitional Provisions.

 

(a) Unless
otherwise specified therein, all terms defined in this Loan Agreement have the meanings as so defined herein when used in the Lender
Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto.

 

(b) Each
term defined in the singular form in Annex I or elsewhere in this Loan Agreement shall mean the plural thereof when the plural form of
such term is used in this Loan Agreement, the Lender Notes or any other Transaction Document, and each term defined in the plural form
in Annex I or elsewhere in this Loan Agreement shall mean the singular thereof when the singular form of such term is used herein or
therein.

 

(c) The
words “hereof,” “herein,” “hereunder” and similar terms when used in this Loan Agreement shall refer
to this Loan Agreement as a whole and not to any particular provision of this Loan Agreement, and article, section, subsection, schedule
and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Loan Agreement unless
otherwise specified.

 

Section
1.3 Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP as of the
Fifth A&R Closing Date. All terms used in Article 9 of the UCC as in effect in the applicable jurisdiction, and not specifically
defined herein, are used herein as defined in such Article 9.

 

Section
1.4 Computation of Time Periods. Unless otherwise stated in this Loan Agreement, in the computation of a period of time from
a specified date to a later specified date, the word “from” means “from and including” and the words “to”
and “until” each means “to but excluding.”

 

Section
1.5 Incorporation of Recitals. The above recitals are hereby incorporated into and made part of this Loan Agreement.

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

Page 5 of 58

     

    

 

ARTICLE
II

THE LENDERS’ COMMITMENTS, BORROWING PROCEDURES,

SECURITY INTEREST AND LENDER NOTES

 

Section
2.1 Lenders’ Commitments. (a) As evidenced by the Existing Agreement, Borrower has previously requested and the Lenders
have previously made the Existing Advances ‎(and the commitments relating to such Advances were terminated upon the making of such
‎Existing Advances). Administrative Agent, Borrower and Lenders hereby acknowledge and agree that as of the Fifth A&R Closing
Date, the aggregate outstanding principal amount of the Existing Advances is $234,160,602.69.

 

(b) On
the Fifth A&R Closing Date, subject to the terms and conditions of this Agreement, Borrower may request and the Lenders shall make
the Fifth A&R Advance in an amount equal to the Fifth A&R Advance Amount, solely for the purposes set forth in Section 2.8(a);
provided, however that (i) subject to Section 2.1(d) of this Loan Agreement, the aggregate principal amount of all
Advances from time to time outstanding under this Loan Agreement (including any Protective Advances) shall not exceed the Borrowing Base
and (ii) no Lender shall be obligated to make any Advance to the Borrower to the extent that the aggregate outstanding amount of such
Advances made by such Lender hereunder exceeds such Lender’s Commitment as set forth in Schedule 2.1(b), as the same is
amended (or deemed amended) from time to time by Assignment and Assumption Agreements executed as provided in Section 13.4 of
this Loan Agreement, nor shall any Lender be obligated to make any Advance required to be made by any other Lender.

 

(c) So
long as the Borrower has requested the same pursuant to a Borrowing Request delivered to the Administrative Agent as set forth below,
and subject to the conditions set forth in this Loan Agreement, on or prior to the Commitment Termination Date, the Lenders shall make
Ongoing Maintenance Advances (solely with respect to Ongoing Maintenance Costs with respect to scheduled premiums on Pledged Policies
payable on or before February 1, 2022) to the Borrower.

 

(d) Without
regard to the Borrowing Base and without any Borrowing Request, the Lenders shall be entitled (but under no circumstances shall be obligated)
to make Advances on behalf of the Borrower as the Lenders determine in their sole and absolute discretion are necessary in order to make
premium payments and to pay other costs and expenses to ensure that one or more Pledged Policies selected by the Lenders in their sole
and absolute discretion, other than Policies that are sold as contemplated by Section 2.7 of this Loan Agreement, remain in full
force and effect, as determined by the Lenders in their sole and absolute discretion (such Advances, together with any Advances made
from time to time by the Lenders hereunder to pay any costs and expenses in defending the Collateral against any lawsuits or in any other
proceedings (including attorneys’ fees) and any Advances made from time to time by the Lenders hereunder after and during the continuance
of an Unmatured Event of Default or an Event of Default shall collectively be referred to herein as “Protective Advances”;
Existing Advances, the Fifth A&R Advance, Ongoing Maintenance Advances and Protective Advances are each, individually, an “Advance”
and, collectively, the “Advances”). Notwithstanding anything herein to the contrary, with respect to any Protective
Advance, such ‎Protective Advance may be made by the Lenders even if such Protective Advance, when taken ‎together with the outstanding
balance of all previous Advances, would cause the aggregate ‎outstanding balance of the Advances to exceed the Borrowing Base as
of the date of such ‎Protective Advance. ‎

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

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Section
2.2 Borrowing Procedures.

 

(a) The
Borrower shall request the Fifth A&R Advance hereunder by giving notice to the Administrative Agent of such proposed borrowing. Such
notice (herein called a “Borrowing Request”) shall be in the form of Exhibit A and shall be prepared and delivered
by the Borrower at least five (5) Business Days before the Fifth A&R Closing Date, or shorter period in the Lenders’ sole and
absolute discretion. Such Borrowing Request shall (i) specify the date and aggregate amount of the proposed Fifth A&R Advance, and
(ii) attach a Borrowing Base Certificate, signed by an officer of the Borrower.

 

(b) The
Borrower may request an Ongoing Maintenance Advance hereunder on each of December 17, 2021 and January 19, 2022 by delivering a fully
executed and completed Borrowing Request to the Administrative Agent at least five (5) Business Days prior to each such date. Each such
Borrowing Request shall (i) specify the date and aggregate amount of the proposed Ongoing Maintenance Advance and (ii) attach a Borrowing
Base Certificate, signed by an officer of the Borrower.

 

Section
2.3 Funding. Following the Administrative Agent’s receipt of a Borrowing Request for any Advance in accordance with
Section 2.2 and subject to the terms and conditions of this Agreement, the Lenders shall distribute the requested funds in the amount
set forth in the Borrowing Request to the Payment Account to be disbursed by the Securities Intermediary in accordance with the terms
of the Account Control Agreement, provided, however, that with respect to the Fifth A&R Advance: (a) $20,000,000 shall be paid in
cash to Borrower and shall be used to fund the Second Borrower/Parent Note, (b) $100,000 shall be paid to the Lenders as the Fifth A&R
Structuring Fee and (c) $40,000,000 shall be paid to the Lenders as a settlement of the Yield Maintenance Fee dispute as set forth in
Section 4.2 of this Loan Agreement.

 

Section
2.4 Representation and Warranty. Each Borrowing Request pursuant to Section 2.2 and each acceptance of an Advance
by the Borrower shall automatically constitute a representation and warranty by the Borrower to the Administrative Agent and each Lender
that on the date such Borrowing Request is delivered to the Administrative Agent and on the related Advance Date (a) the representations
and warranties contained in Article VIII will be true and correct in all material respects (provided that representations and warranties
already qualified by materiality shall be true in correct in all respects) as of such Borrowing Request date and as of such Advance Date
as though made on such dates, except to the extent any such representation or warranty relates to a specific date, in which case, such
representation or warranty will be true and correct in all respects as of such date as though made on such date, (b) all of the conditions
precedent to the making of an Advance contained in Article VII have been satisfied or will have been satisfied as of such Advance
Date and (c) no Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the making of such
Advance.

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

Page 7 of 58

     

    

 

Section
2.5 Lender Notes. With respect to each Lender, the Advances made by such Lender to the Borrower shall be evidenced by a single
promissory note executed by the Borrower (as the same may be amended, modified, extended or replaced from time to time, a “Lender
Note” and collectively, the “Lender Notes”) substantially in the form of Exhibit B hereto, with appropriate
insertions to reflect Advances (or portion thereof) actually funded by such Lender, the related applicable interest rates thereof and
related repayments and appropriate revisions to reflect assignments effected in accordance with Section 13.4 of this Loan Agreement,
payable to such Lender. For the avoidance of doubt, any Protective Advances made by a Lender shall not be required to be evidenced in
its Lender Note and the Administrative Agent’s records shall constitute conclusive evidence that such Protective Advances have
been made. The Borrower hereby irrevocably authorizes each Lender to make (or cause to be made) appropriate notations on the grid attached
to its Lender Note (or on any continuation of such grid) or at such Lender’s option, in the records of such Lender, which notations,
if made, shall evidence, inter alia, the date of, the outstanding principal of, and the interest rates and Interest Periods applicable
to the Advances made by such Lender and related repayments and appropriate revisions to reflect assignments effected in accordance with
Section 13.4 of this Loan Agreement. Such notations and records (absent manifest error) shall be conclusive evidence of the subject
matter thereof; provided, however, that the failure to make any such notations or maintain any such records shall not limit or otherwise
affect any Obligations of the Borrower. The Borrower hereby agrees to promptly execute and deliver a new Lender Note (x) upon any assignment
of such Lender's Lender Note to a new Lender effected in accordance with Section 13.4 of this Loan Agreement or (y) on or after
August 1, 2022, at any time at the reasonable request of an existing Lender, and each Lender making an assignment of all or any portion
of its Lender Note will either (i) if such assignment is an assignment of its entire Lender Note or is in respect of the issuance of
a new Lender Note to such existing Lender pursuant to clause (y), deliver its Lender Note to the Borrower for termination and cancellation
effective upon Borrower’s execution and delivery of such new Lender Note to the assignee thereof or such existing Lender, respectively,
or (ii) if such assignment is an assignment in part of such Lender Note, deliver its Lender Note to the Borrower for termination and
cancellation effective upon Borrower’s execution and delivery of a new Lender Note to the assignee thereof and a new Lender Note
to such Lender.

 

Section
2.6 Security Interest.

 

(a) To
secure the timely repayment of the principal of, and interest on, the Advances, and all other Obligations of the Borrower to any Secured
Party, and the prompt performance when due of all covenants of the Borrower hereunder and under any other Transaction Document, whether
existing or arising as of the Closing Date or thereafter, due or to become due, direct or indirect, the Borrower hereby pledges and grants
to the Administrative Agent, for the benefit of the Secured Parties, a continuing, first priority security interest in, and assignment
of, all of the Borrower’s rights, titles and interests in, to and under all of the following, whether owned, existing or arising
as of the Closing Date or thereafter: all assets of the Borrower, including but not limited to all right, title and interest of the Borrower
in the Pledged Policies and proceeds thereof; all accounts receivable, notes receivable, claims receivable and related proceeds including
but not limited to, cash, loans, securities, and accounts; contract rights; the contracts with and the rights to and against the Securities
Intermediary, in its capacity as owner of record of the Pledged Policies, and the Custodian; the Collection Account, the Reserve Account,
the Payment Account, the Policy Account and any other account of the Borrower (excluding only the Borrower Account); reserve accounts;
escrow agreements and related books and records; the rights under any purchase agreements relating to such Policies; all data, documents
and instruments contained in the Collateral Packages; the Borrower/Parent Note; the Second Borrower/Parent Note; and such other assets,
tangible or intangible, real or personal of the Borrower. All of the rights and assets described in the previous sentence are herein
referred to collectively as “Collateral”; provided, however, that this definition of “Collateral”
does not limit any other collateral that may be pledged to secure the Advances under any other Transaction Document.

 

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(b) The
Borrower shall file such financing statements, and execute and deliver such agreements, certificates and documents, and take such other
actions, as the Administrative Agent requests, in each case, in order to perfect, evidence or protect the security interest granted pursuant
to Section 2.6(a), including without limitation delivering a collateral assignment in respect of each Pledged Policy subject to
this Loan Agreement, naming the Administrative Agent, on behalf of the Lenders, as the collateral assignee, filed with, and acknowledged
to have been filed by, the applicable Issuing Insurance Company; provided that the foregoing collateral assignment shall not apply to
the portion of the face amount that is retained by a third party under any Retained Death Benefit Policy. On or prior to each Advance
Date, the Borrower shall have delivered or caused to be delivered, or shall deliver or cause to be delivered, completed but unsigned
Change Forms for the Subject Policies to the Securities Intermediary. The Borrower shall cause the Securities Intermediary to execute
all such Change Forms in blank to be held by the Securities Intermediary. If an Issuing Insurance Company updates its Change Forms, at
the request of the Administrative Agent, the Borrower shall deliver or cause to be delivered completed but unsigned updated Change Forms
for the related Pledged Policies within five (5) Business Days of such request. The Borrower shall cause the Securities Intermediary
to execute such Change Forms in blank to be held by the Securities Intermediary. The Borrower grants to the Administrative Agent, as
its irrevocable attorney-in-fact and otherwise, the right, in the Administrative Agent’s sole and absolute discretion, following
the occurrence of an Event of Default, to complete or direct the Securities Intermediary to complete and send any and all Change Forms
previously delivered to it by or on behalf of the Borrower or otherwise obtained by the Administrative Agent, to the applicable Issuing
Insurance Companies. The Borrower hereby acknowledges that the foregoing grant has been coupled with an interest and is irrevocable.
The Borrower hereby authorizes the Administrative Agent to file such financing statements and other documentation as the Administrative
Agent determines are necessary or advisable to perfect such security interest without the signature of the Borrower, provided however,
notwithstanding any other provision of any Transaction Document, the Administrative Agent shall have no duty or obligation to file such
financing statements, continuation statements or amendments thereto. The Borrower hereby appoints the Administrative Agent as the Borrower’s
irrevocable attorney-in-fact, with full power and authority to take any other action to sign or endorse the Borrower’s name on
any Collateral, and, upon the occurrence and during the continuance of an Event of Default, to enforce or collect any of the Collateral.
The Borrower hereby acknowledges that the foregoing appointment of the Administrative Agent as the Borrower’s irrevocable attorney-in-fact
has been coupled with an interest and is irrevocable. The Borrower hereby ratifies and approves all acts of such attorney-in-fact, and
agrees that the Administrative Agent will not be liable for any act or omission with respect thereto, except to the extent that such
act or omission constitutes gross negligence, fraud or willful misconduct on the part of the Administrative Agent as determined by a
court of competent jurisdiction by a final non-appealable judgment.

 

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(c) Upon
the receipt of the related Net Proceeds by the Lenders after the sale of a Pledged Policy pursuant to Section 2.7, the security
interest of the Administrative Agent in such Pledged Policy for the benefit of the Secured Parties shall be released. Upon the indefeasible
repayment in full of all of the Advances then outstanding and all other Obligations and termination of all Commitments and this Loan
Agreement, (i) the security interest of the Administrative Agent in the Collateral for the benefit of the Secured Parties shall be released
and (ii) the Administrative Agent shall file, promptly upon written request, such releases or assignments, as applicable, and to take
such other actions as the Borrower shall reasonably request in writing in order to evidence any such release.

 

Section
2.7 Sale or Other Transfer of Collateral.

 

Except
as set forth in the second paragraph of this Section 2.7, the Borrower may not sell or otherwise transfer any Collateral except (i) with
the prior written consent of the Required Lenders (such consent shall not be unreasonably withheld or delayed), and (ii) in a sale that
is on arms-length terms, that is at fair market value for cash (in U.S. dollars), and that is not made to an Affiliate of the Borrower
(a “Permissible Sale”). The Borrower shall apply the Net Proceeds from a Permissible Sale to prepay outstanding Advances
in accordance with Section 4.1(b). The Borrower shall provide written notice of any such sale to the Administrative Agent at least seven
(7) Business Days prior to any such sale and shall certify to the Administrative Agent that such sale constitutes a Permissible Sale.
The Borrower agrees that it would not be unreasonable for the Required Lenders to withhold their consent to any such sale if immediately
prior to such sale there exists, or immediately after such sale there would exist, an Event of Default or an Unmatured Event of Default.

 

Notwithstanding
the immediately preceding paragraph, if the Collateral consists of one-hundred (100) or fewer Pledged Policies insuring the lives of
one-hundred (100) or fewer distinct Insureds, then, without the prior written consent of the Required Lenders, the Borrower may sell
one or more of the Pledged Policies to any Person, including, without limitation, an Affiliate of the Borrower, so long as the Net Proceeds
from any such sale are equal to or greater than the outstanding principal balance of all Advances plus accrued but unpaid interest thereon,
plus the Yield Maintenance Fee applicable thereto, plus all other Obligations owing by the Borrower, and the Commitments and this Loan
Agreement will be terminated after the application of such Net Proceeds. The Borrower shall apply the Net Proceeds from any such sale
in accordance with Section 4.1(b). The Borrower shall provide written notice of any such sale to the Administrative Agent at least seven
(7) Business Days prior to any such sale.

 

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Section
2.8 Permitted Purposes. (a) The Borrower has not used and it shall not use the proceeds of any Advance made hereunder except
for the following purposes:

 

(i) with
respect to any Existing Advance, for the purposes for such Existing Advance set forth in the Existing Loan Agreement;

 

(ii) with
respect to an Ongoing Maintenance Advance, (a) to pay Ongoing Maintenance Costs and/or (b) to make any other payments or distributions,
as approved in writing by the Required Lenders in their sole and absolute discretion; and

 

(iii) with
respect to the Fifth A&R Advance, (A) to make a loan to the Parent, as evidenced by the Second Borrower/Parent Note, (B) to pay the
Fifth A&R Structuring Fee, and (C) to pay the Settlement Amount to the Lenders on the Fifth A&R Closing Date.

 

(b) For
the avoidance of doubt, all proceeds of Advances were, prior to the date hereof, deposited, ‎and after the date hereof, shall be
deposited by the Lenders (i) in accordance with Schedule 2.8, as such Schedule 2.8 may be amended from time to time, and (ii) for any
Ongoing Maintenance Advance, into the Payment Account. The ‎Borrower has caused and shall cause any amounts on deposit in the Payment
Account to be ‎distributed by the Securities Intermediary in accordance with the terms of the Account Control ‎Agreement, which
amounts shall be used for the purposes set forth in Section 2.8(a) and as ‎specified in the related Borrowing Request.‎

 

Section
2.9 Fees. All fees that were due and payable under the Existing Loan Agreement were fully earned on or ‎prior to the
date of payment. With respect to the Fifth A&R Advance to be made hereunder, the ‎Borrower shall pay (x) to CSG Investments,
the Fifth A&R Structuring Fee and (y) to the ‎Lenders, the Settlement Amount. Each of the Fifth A&R Structuring Fee and the
Settlement ‎Amount payable on the Fifth A&R Closing Date shall be fully earned and due and ‎payable by ‎the Borrower
to (x) in the case of the Fifth A&R Structuring Fee, CSG Investments and (y) in ‎the case of the Settlement Amount, the Lenders,
in each case, on the Fifth A&R Closing Date. ‎‎The Settlement Amount shall be paid by the Borrower from the proceeds of the
Fifth A&R ‎Advance in accordance with the Schedule 2.8 agreed between the Lenders and the ‎Borrower dated the Fifth
A&R Closing Date. In the event that the Borrower requests an ‎Advance hereunder such that after giving effect to such Advance,
the principal amount of all ‎Advances outstanding under this Loan Agreement would exceed the Borrowing Base, which ‎request may
be granted or withheld in the Lenders’ sole and absolute discretion, and such ‎Advance is made on the related Advance Date,
the Borrower shall pay to the Administrative ‎Agent a fee in an amount equal to the product of (i) such excess and (ii) [*] percent
([*]%). ‎Each such fee shall be fully earned and due and payable on the related Advance Date and may ‎be paid from the proceeds
of such Advance.‎

 

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ARTICLE
III

INTEREST; INTEREST PERIODS; FEES, ETC.

 

Section
3.1 Interest Rates. The Borrower hereby promises to pay interest on the unpaid principal amount of each Advance with respect
to each Interest Period at a rate per annum equal to the sum of (i) the Benchmark Rate for such Interest Period plus (ii) the
Applicable Margin; provided however that if an Event of Default has occurred and is continuing, each Advance shall bear interest
at a rate per annum equal to the Default Rate for such Interest Period. The Benchmark Rate with respect to each Interest Period
shall be determined as of each Rate Calculation Date. No provision of this Loan Agreement shall require the payment or permit the collection
of interest in excess of the maximum permitted by Applicable Law. In the event that any provision hereof requires payment of interest
in excess of the maximum permitted by Applicable Law for any period, the interest due for such period shall equal the maximum rate permitted
by Applicable Law.

 

Section
3.2 Interest Payment Dates. Interest accrued on each Advance shall be due and payable, without duplication:

 

(a) on
each Interest Payment Date;

 

(b) on
the date of any prepayment, in whole or in part, of principal of outstanding Advances;

 

(c) on
Advances accelerated pursuant to Section 10.2, immediately upon such acceleration; and

 

(d) on
the Maturity Date.

 

Section
3.3 Fees. The Borrower shall pay all Fees to the Persons entitled thereto.

 

Section
3.4 Computation of Interest and Fees. All interest and fees shall be computed on the basis of the actual number of days (including
the first day but excluding the last day) occurring during the period for which such interest or fee is payable over a year comprised
of 360 days.

 

ARTICLE
IV

PAYMENTS; PREPAYMENTS

 

Section
4.1 Repayments and Prepayments. The Borrower shall repay in full the unpaid principal amount of each Advance on the Maturity
Date. Prior thereto, the Borrower:

 

(a) may
voluntarily prepay all or any portion of the aggregate outstanding Advances, either in whole or in part, together with the related Yield
Maintenance Fee, from funds available for distribution to the Borrower pursuant to clause “Eleventh” of Section
5.2(b) and/or from funds available to the Borrower from any capital contribution or other source of funding obtained by the Borrower
that is not expressly prohibited by this Loan Agreement; provided, however, that no such prepayment shall constitute the
payment of a Quarterly Principal Payment;

 

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(b) shall
apply the Net Proceeds of any sales made pursuant to Section 2.7 to repay Advances by depositing such Net Proceeds into the Administrative
Agent’s Account; provided, however, that no such prepayment shall constitute the payment of a Quarterly Principal
Payment; provided, further, that such Net Proceeds shall first be applied to the payment of any applicable Yield Maintenance
Fee, then interest accrued on the Advances, and then the repayment the Advances in the order of priority set forth herein;

 

(c) shall,
immediately upon any acceleration of the Maturity Date pursuant to Section 10.2, repay all Advances and all other Obligations
(including, without limitation, the Yield Maintenance Fee determined as of the date of acceleration);

 

(d) shall,
within thirty 30 days after (i) the number of Pledged Policies is less than or equal to two hundred and twenty-five (225), or (ii) the
cumulative face amount of the Pledged Policies is less than or equal to $400,000,000, repay all the Advances and all other Obligations
(including, without limitation, any Yield Maintenance Fee);

 

(e) shall,
within thirty 30 days after the LTV exceeds 60% at any time on or after May 1, 2022, repay all the Advances and all other Obligations
to the extent of any such excess;

 

(f) shall,
in addition to and not as substitution for any other payment of principal required hereunder, unless waived by the Required Lenders acting
in their sole and absolute discretion, as of the Distribution Date following the last day of each calendar quarter commencing with the
calendar quarter ending March 31, 2022, repay the principal amount of the Advances in an amount equal to the Quarterly Principal Payment;
provided, that no additional Quarterly Principal Payment shall be required in respect of a calendar quarter in which Available Amounts
are applied pursuant to Section 5.2(b) clause "Seventh" and/or "Ninth" and Section 5.2(c) clause "Fifth"
to pay the Quarterly Principal Payment due and payable in respect of such calendar quarter; and

 

(g) shall,
on each Distribution Date, repay the Advances and all other Obligations from Available Amounts in accordance with the Priority of Payments.

 

All
repayments of Advances and Quarterly Principal Payments shall be made in inverse order of maturity.

 

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Section
4.2 Yield Maintenance Fee. If the Borrower prepays or repays an Advance in accordance with Section 4.1 (excluding
any prepayment of a portion of the Advances pursuant to Section 4.1(e) or Section 4.1(f)) or a Reduction Action occurs in respect of
an Advance, whether before or after (i) the occurrence of an Event of Default or (ii) the occurrence of any Event of Bankruptcy, and
notwithstanding any acceleration (for any reason) of the Obligations, the Borrower shall pay the Yield Maintenance Fee with respect to
such prepayment, repayment or Reduction Action, as applicable, and such Yield Maintenance Fee shall be due and payable. The Yield Maintenance
Fee shall also be payable with respect to any prepayments or distributions made by the Borrower pursuant to Section 5.2(c). For
avoidance of doubt, except as set forth in Section 4.1(a), no Yield Maintenance Fee shall be payable with respect to any payments or
distributions made by or on behalf of the Borrower pursuant to Section 5.2(b). Notwithstanding anything herein to the contrary,
(x) the Yield Maintenance Fee shall be payable notwithstanding acceleration of the Obligations or the Maturity Date for any reason, including,
without limitation, acceleration in accordance with Section 10.2 (including, without limitation, as a result of the occurrence
of an Event of Bankruptcy), and (y) the acceleration thereof shall be treated as if the Advances were prepaid or repaid on the date of
such acceleration.

 

Section
4.3 Making of Payments. All payments of principal of, or interest on, the Advances, and all amounts to be deposited by the
Borrower, shall be made by the Borrower no later than 1:00 p.m. (New York City time), on the day when due in Dollars in same day funds
to the account designated in writing by the Administrative Agent to the Borrower (the “Administrative Agent’s Account”)
or, with respect to other amounts payable to any Lender or the Administrative Agent, directly thereto in accordance with the directions
provided by the Lender or the Administrative Agent, as applicable. Funds received by any Person after 1:00 p.m. (New York City time),
on the date when due will be deemed to have been received by such Person on the next following Business Day.

 

Section
4.4 Due Date Extension. If any payment of principal or interest with respect to any Advance falls due on a day which is not
a Business Day, then such due date shall be extended to the next following Business Day, and additional interest shall accrue at the
applicable interest rate and be payable for the period of such extension.

 

ARTICLE
V

ACCOUNTS; DISTRIBUTION OF COLLECTIONS

 

Section
5.1 Accounts.

 

(a) Collection
Account. The Borrower has established, continuously maintained and shall continue to maintain, in the name of the Borrower, an Eligible
Account bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Administrative Agent,
on behalf of the Secured Parties (the “Collection Account”), that at all times shall be subject to the Account Control
Agreement.

 

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(b) Reserve
Account. The Borrower has established, continuously maintained and shall continue to maintain, in the name of the Borrower, an Eligible
Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the Administrative Agent,
on behalf of the Secured Parties (the “Reserve Account”), that at all times shall be subject to the Account Control
Agreement. Subject to the terms of the Account Control Agreement, in the event the Calculation Date Report and the related Payment Instructions
with respect to any Calculation Date occurring prior to the Amended and Restated Closing Date indicated that the then Available Amount
with respect to the related Distribution Date was insufficient to make the payments in clauses “First”, “Third”,
“Fourth”, “Fifth”, “Sixth” and “Seventh” of the Priority
of Payments (such deficiency being “Deficiency Claim Amount”), then on the Business Day immediately prior to such
Distribution Date the Administrative Agent instructed the Securities Intermediary to withdraw from the Reserve Account an amount equal
to the lesser of (i) the Deficiency Claim Amount for such Distribution Date and (ii) the amount on deposit in the Reserve Account, and
deposit such amount in the Collection Account. Within two (2) Business Days after the occurrence of an Event of Default, the Borrower
shall deposit, or cause to be deposited, into the Reserve Account an amount necessary to pay projected Ongoing Maintenance Costs and
Debt Service for the following twelve (12) month period, and the Borrower shall not be entitled to withdraw any such amount unless and
until such Event of Default has been cured (as determined by the Required Lenders in their sole and absolute discretion) or the Administrative
Agent (with the written consent of the Lenders acting in their sole and absolute discretion) has waived such Event of Default in writing.

 

(c) [Reserved.]

 

(d) Borrower
Account. The Borrower has established, continuously maintained and shall continue to maintain a segregated Eligible Account with
an Eligible Institution in the name of the Borrower (the “Borrower Account”). The Borrower shall be entitled to cause
the withdrawal of amounts on deposit in the Borrower Account for any purpose, including, without limitation, the payment of Premiums
or Expenses.

 

(e) Payment
Account. The Borrower has established, continuously maintained and shall continue to maintain, in the name of the Borrower, an Eligible
Account bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Administrative Agent,
on behalf of the Secured Parties (the “Payment Account”), that at all times shall be subject to the Account Control
Agreement. All proceeds of Advances shall be deposited by the Lenders into the Payment Account or another account as set forth on Schedule
2.8. The Borrower has caused and shall cause any amounts on deposit in the Payment Account to be distributed by the Securities Intermediary
in accordance with the terms of the Account Control Agreement, which amounts were used and shall be used for the purposes set forth in
Section 2.8 and as specified in the related Borrowing Request.

 

(f) Administrative
Agent Action. The Administrative Agent may, at any time after an Event of Default has occurred and is continuing, give written notice
to the Securities Intermediary and to the Borrower, of the occurrence of such event and specifying whether the Administrative Agent is
exercising its rights and remedies in relation thereto in accordance with this Loan Agreement and the Account Control Agreement, and
will do any or all of the following: (i) exercise exclusive dominion and control over the funds deposited in the Accounts, (ii) have
amounts that are sent to the Accounts redirected pursuant to its instructions, and (iii) take any or all other actions the Administrative
Agent is permitted to take under this Loan Agreement and the Account Control Agreement for the benefit of the Secured Parties. If at
any time, any Account shall cease to be an Eligible Account, the Borrower shall as promptly as reasonably practicable (but in no event
more than five (5) Business Days) establish a replacement Eligible Account.

 

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(g) Collections
Held In Trust. If at any time the Borrower, the Servicer, the Securities Intermediary or any of their Affiliates, as the case may
be, shall receive any Collections or other proceeds of any Collateral other than through payment into the Collection Account, the Borrower
shall or shall cause the Servicer, the Securities Intermediary or such Affiliate to, promptly (but in any event within two (2) Business
Days of receipt thereof) remit or cause to be remitted all such Collections or other proceeds to the Collection Account, unless such Collections
or other proceeds constitute sale proceeds, in which case, such Collections or other proceeds shall be remitted to the Administrative
Agent’s Account pursuant to Section 4.1(b). All Collections received by the Borrower, the Servicer, the Securities Intermediary
or any of their Affiliates, shall be (and the Borrower shall cause them to be) held by such Person in trust for the exclusive benefit
of the Administrative Agent (on behalf of the Secured Parties). The outstanding principal amount of the Advances shall not be deemed repaid
by any amount of the Collections held in trust by any Person, unless such amount is finally paid to the Administrative Agent in accordance
with Section 5.2.

 

Section 5.2 Application
of Available Amounts.

 

(a) The
Administrative Agent, at any time acting alone or jointly with the Borrower, as determined by the Administrative Agent in its sole and
absolute discretion, shall instruct the Securities Intermediary to distribute Collections deposited in the Collection Account, and all
other amounts deposited in the Collection Account, in accordance with this Section 5.2, provided, that notwithstanding anything
to the contrary in the foregoing, in the event the Borrower has issued a Borrowing Request for an Ongoing Maintenance Request and has
provided notice to the Administrative Agent that Collections in the Collection Account must be distributed in order to satisfy the LTV
condition precedent in Section 7.1(c), the Administrative Agent shall act jointly with the Borrower to instruct the Securities
Intermediary to so distribute Collections deposited in the Collection Account in accordance with this Section 5.2. On or prior
to each Calculation Date, and any other date selected by the Administrative Agent in its sole and absolute discretion, the Borrower (or
upon the failure to provide by Borrower or if the Administrative Agent decides in its sole and absolute discretion to so prepare and deliver
such Calculation Date Report, the Administrative Agent) shall prepare and deliver or cause to be prepared and delivered to the Administrative
Agent a quarterly calculation report substantially in the form attached hereto as Exhibit D (the “Calculation Date Report”)
with respect to the related Distribution Date, and the Borrower (or upon the failure of Borrower or if the Administrative Agent decides
in its sole and absolute discretion to so prepare and deliver such Payment Instructions, the Administrative Agent) shall simultaneously
deliver or cause to be delivered to the Securities Intermediary the payment instructions necessary to make the payments indicated in such
Calculation Date Report (the “Payment Instructions”). In delivering the instructions required under Section 5.2(b)
and Section 5.2(c), the Administrative Agent shall have the right to rely absolutely upon the information in the Calculation Date
Reports, unless the Administrative Agent or the Required Lenders provide alternative information to the Borrower by notice in writing
(such notice an “Alternative Information Notice”) not more than five (5) Business Days after receipt of the related
Calculation Date Report by the Administrative Agent, in which case, the Administrative Agent shall have the absolute right to act in accordance
with such Alternative Information Notice. Notwithstanding the foregoing, if the Borrower fails to deliver the related Calculation Date
Report or the related Payment Instructions on or prior to the related Calculation Date (or such other date designated by Administrative
Agent), or if the Administrative Agent decides in its sole and absolute discretion to so prepare and deliver such Calculation Date Report
and Payment Instructions, then the Administrative Agent acting alone, based on information in the Administrative Agent’s possession,
shall be entitled to prepare such Calculation Date Report and Payment Instructions and thereby instruct the Securities Intermediary to
distribute Collections deposited in the Collection Account, and all other amounts deposited in the Collection Account, to be distributed
in accordance with this Section 5.2, and the Administrative Agent shall have no liability whatsoever in respect of such instructions.
If the Administrative Agent decides to so prepare and deliver the Calculation Date Report and Payment Instructions and instructs the Securities
Intermediary to distribute the Available Amount in accordance with Section 5.2(b) or Section 5.2(c), the Administrative Agent shall use
commercially reasonable efforts to provide the Borrower with reasonably concurrent notice thereof.

 

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(b) If
no Event of Default or Unmatured Event of Default has occurred and is continuing, on each Distribution Date (and any other Business Day
selected by the Administrative Agent in its sole and absolute discretion ‎(each such date selected by the Administrative Agent, an
“Interim Distribution Date”)‎), the Administrative Agent, at any time acting alone or jointly with the Borrower,
as determined by the Administrative Agent in its sole and absolute discretion, shall instruct the Securities Intermediary to distribute
from the Available Amount then on deposit in the Collection Account, in accordance with the Payment Instructions related to the Calculation
Date Report for such Distribution Date (or any other Interim Distribution Date selected by Administrative Agent in its sole and absolute
discretion), subject to the delivery of an Alternative Information Notice, and the Administrative Agent may, at any time, acting alone,
instruct the Securities Intermediary to distribute from the Available Amount then on deposit in the Collection Account, and in either
case, the following amounts in the following order of priority unless otherwise agreed in writing by the parties hereto (and, with respect
to any payment to the Securities Intermediary or the Custodian, as consented to by such Person in writing):

 

		First,	to the Custodian and the Securities Intermediary, as applicable, the fees, and expenses due and payable
thereto in accordance with the Account Control Agreement, including, but not limited to, any Claims of any Indemnified Bank Person due
and payable in accordance with the Account Control Agreement; provided that the aggregate amount of Claims payable under this clause “First”
shall not exceed $25,000 on any Distribution Date; provided further, that any legal fees incurred by the Custodian and the Securities
Intermediary on or prior to the date hereof in connection with the negotiation and drafting of this Loan Agreement and the Account Control
Agreement shall not count against such maximum amounts payable on any Distribution Date;

 

		Second,	if at such time the amount on deposit in the Reserve Account is less than $3,000,000, to the Administrative
Agent, for the benefit of the Secured Parties, in an amount necessary to increase the then balance of the Reserve Account to $3,000,000
(or, if such amount is greater than the then remaining Available Amount, in an amount equal to the then remaining Available Amount);

 

		Third,	to the Servicer, to the extent due and payable, the Servicing Fee;

 

		Fourth,	to the Borrower or the Parent, for the payment or reimbursement of any reasonable administrative expenses
and documented third-party expenses related to (i) the audit of the financial statements of the Borrower and the Parent pursuant to Section
9.1(d)(i) in an amount not to exceed $30,000 during the prior twelve (12) month period, (ii) Collateral Audits pursuant to Section
9.1(i) in an amount not to exceed $2,200 for each Pledged Policy during the prior twelve (12) month period (unless such Pledged Policy
is a Small Face Policy and payments of Premiums in respect of such Pledged Policy are made on an annual basis, in which case, $500 per
such Pledged Policy during the prior twelve (12) month period), and (iii) any other expenses of the Borrower and the Parent in an amount
not to exceed $5,000 per month;

 

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		Fifth,	if the Distribution Date (or if on another date, the Distribution Date following such date) is the last
Distribution Date of the calendar year, to the Administrative Agent for the account of the Lenders, the Loan Administration Fee for the
following calendar year;

 

		Sixth,	to the Administrative Agent for the account of the Lenders, any accrued interest on the Advances as of
such date;

 

		Seventh,	to the Administrative Agent for the account of the Lenders, any Quarterly Principal Payment that is due
and payable;

 

		Eighth,	[Reserved];

 

		Ninth,	one-hundred percent (100.0%) of the remaining Available Amounts to the Administrative Agent, for the account
of the Lenders, to repay the outstanding principal balance of the Advances and all other Obligations (any such amount under this clause
“Ninth”, the “Cash Sweep”), provided, that, if the Cash Sweep is applied on (i) an Interim Distribution
Date, such Cash Sweep will be applied first to the Quarterly Principal Payment that due and payable on the next succeeding Distribution
Date following such Interim Distribution Date, if such payment has not been made on a prior Interim Distribution Date and second to
the Advances in inverse order of maturity or (ii) a Distribution Date, such Cash Sweep shall be applied in inverse order of maturity;

 

		Tenth,	to the Custodian and the Securities Intermediary, as applicable, any fees and expenses due and payable
thereto that remain unpaid (including such fees and expenses not paid pursuant to clause “First” of this Section
5.2(b)); and

 

		Eleventh,	to the Borrower, any remaining Available Amounts by deposit to the Borrower Account.

 

(c) If
an Event of Default or an Unmatured Event of Default has occurred and is continuing, the Administrative Agent acting alone shall instruct
the Securities Intermediary to distribute from the Available Amount then on deposit in the Collection Account, in accordance with the
Payment Instructions related to the Calculation Date Report for such Distribution Date (and any other Interim Distribution Date selected
by the Administrative Agent in its sole and absolute discretion), subject to the delivery of an Alternative Information Notice, and the
Administrative Agent may, at any time, acting alone, instruct the Securities Intermediary to distribute from the Available Amount then
on deposit in the Collection Account, and in either case, the following amounts in the following order of priority unless otherwise agreed
in writing by the parties hereto (and, with respect to any payments to the Securities Intermediary or the Custodian as consented to by
such Person in writing):

 

		First,	to the Custodian and the Securities Intermediary, as applicable, the fees, and expenses due and payable
thereto in accordance with the Account Control Agreement, including, but not limited to, any Claims of any Indemnified Bank Person due
and payable in accordance with the Account Control Agreement;

 

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		Second,	to the applicable Issuing Insurance Company, the payment of scheduled Premiums which are due and payable
prior to the following Distribution Date as set forth in the related Premium Payment Schedule;

 

		Third,	to the Servicer, to the extent due and payable, the Servicing Fee;

 

		Fourth,	if the Distribution Date (or if on another date, the Distribution Date following such date) is the last
Distribution Date of the calendar year, to the Administrative Agent for the account of the Lenders, the Loan Administration Fee for the
following calendar year;

 

		Fifth,	to the Administrative Agent for the account of the Lenders, first, any accrued interest on the Advances
as of such date and, second, any Quarterly Principal Payment that is due and payable;

 

		Sixth,	to the Administrative Agent for the account of the Lenders, all outstanding principal and any other amounts
with respect to the Advances and all other Obligations; provided that any remaining Available Amount under this Clause “Sixth”
used to repay the Advances shall be applied to the Advances in inverse order of maturity until paid in full;

 

		Seventh,	to the Custodian and the Securities Intermediary, as applicable, any fees and expenses due and payable
thereto that remain unpaid (including such fees and expenses not paid pursuant to clause “First” of this Section
5.2(c)); and

 

		Eighth,	to the Borrower, any remaining Available Amount by deposit to the Borrower Account.

 

(d) Notwithstanding
anything herein to the contrary, prior to the applicable Calculation Date (including, for the avoidance of doubt, any additional Calculation
Date designated by the Borrower pursuant to Section 5.2(f)), the Administrative Agent, acting at the direction of the Required
Lenders in their sole and absolute discretion, may provide written notice to the Borrower that the percentage used to calculate the amount
of the Cash Sweep in Clause “Ninth” of Section 5.2(b) shall be lowered to the percentage set forth in such notice
with respect to the related Distribution Date.

 

(e) For
the avoidance of doubt, no payment that is made pursuant to Clause “Ninth” of Section 5.2(b) shall constitute
the payment of the Quarterly Principal Payment.

 

(f) ‎Notwithstanding
anything herein to the contrary, so long as no Event of ‎Default or Unmatured Event of Default has occurred and is continuing, the
Borrower may ‎designate the tenth (10th) day (or if such day is not a Business Day, the next succeeding ‎Business Day) of any
calendar month in which a Calculation Date is not scheduled to occur as an ‎additional Calculation Date by delivering written notice
of such designation to the ‎Administrative Agent no later than five (5) Business Days prior such day. Upon the ‎Administrative
Agent’s receipt of such written designation, such designated day shall constitute ‎a Calculation Date for purposes of this Loan
Agreement and the other Transaction Documents, ‎the fifth day thereafter (or if such day is not a Business Day, the next succeeding
Business Day) ‎shall constitute a Distribution Date for purpose of this Loan Agreement and the other Transaction ‎Documents, the
Borrower shall be obligated to prepare and deliver to the Administrative Agent a ‎Calculation Date Report on such designated Calculation
Date with respect to the related ‎Distribution Date and concurrently deliver or cause to be delivered the related Payment ‎Instructions
in accordance with Section 5.2(a), and the Available Amount on deposit in the ‎Collection Account on such Distribution Date shall
be distributed in accordance with Section ‎‎5.2(b), subject, in each case, to the procedures specified in Section 5.2(a).‎
In such case, Administrative Agent may, at its sole and absolute discretion, cancel the scheduled distributions under this Section 5.2
as of the next scheduled Distribution Date.

 

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(g) The
Borrower may deposit any amounts received as a capital contribution from the Parent into the Borrower Account. At any time the Available
Amount for distribution on the immediately following Distribution Date is insufficient to pay amounts due under Section 5.2(b) or Section
5.2(c) as applicable, the Borrower may transfer an amount equal to such deficiency into the Collection Account. Amounts transferred by
the Borrower from the Borrower Account into the Collection Account shall constitute part of the Available Amount for distribution on the
immediately following Distribution Date (or other Interim Distribution Date designated by Administrative Agent in its sole and absolute
discretion) in accordance with Section 5.2(b) or Section 5.2(c), as applicable. On or prior to the date of the making of any such deposit
into the Collection Account, the Borrower shall notify the Administrative Agent in writing of the amount of such deposit.

 

Section 5.3 Permitted
Investments.

 

(a) Funds
at any time held in the Collection Account and the Reserve Account may be invested and reinvested at the direction of the Borrower (unless
an Event of Default shall have occurred and be continuing, in which case at the written direction of the Administrative Agent) in one
or more Permitted Investments in a manner provided in Section 5.3(c). In the absence of any such direction, funds held in the Collection
Account or the Reserve Account shall not be invested. Funds at any time held in the Payment Account shall not be invested.

 

(b) Each
investment made pursuant to this Section 5.3 on any date with respect to the Collection Account or the Reserve Account shall mature
or be available not later than the Business Day preceding the Distribution Date after the day on which such investment is made, except
that any investment made on the day preceding a Distribution Date shall mature on such Distribution Date.

 

(c) Any
investment of funds in the Reserve Account or the Collection Account shall be made in Permitted Investments in which the Administrative
Agent has (or will have upon acquisition) a first priority, perfected Lien.

 

(d) The
Administrative Agent shall not be liable in any manner by reason of any insufficiency in the Collection Account or the Reserve Account
resulting from any loss on any Permitted Investment included therein.

 

ARTICLE
VI

INCREASED COSTS, ETC.

 

Section 6.1 Increased
Costs. If any change in Regulation D of the Board of Governors of the Federal Reserve System, or any Regulatory Change, in each case
occurring after the Closing Date:

 

(A) shall
subject any Affected Party to any Tax, duty or other charge with respect to any Advance made or funded by it, or shall change the basis
of the imposition of any Tax on payments to such Affected Party of the principal of or interest on any Advance owed to or funded by it
or any other amounts due under this Loan Agreement in respect of any Advance made or funded by it (except for changes in the rate of Tax
on the overall net income of such Affected Party imposed by any applicable jurisdiction in which such Affected Party has an office);

 

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(B) shall
impose, modify or deem applicable any reserve (including, without limitation, any reserve imposed by the Board of Governors of the Federal
Reserve System, but excluding any reserve included in the determination of interest rates pursuant to Section 3.1), special deposit
or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Affected Party;

 

(C) shall
change the amount of capital maintained or required or requested or directed to be maintained by any Affected Party; or

 

(D) shall
impose on any Affected Party any other condition affecting any Advance made or funded by any Affected Party;

 

and the result of any of the foregoing is or would
be to (i) increase the cost to or impose a cost on an Affected Party funding or making or maintaining any Advance (including any commitment
of such Affected Party with respect to any of the foregoing), (ii) to reduce the amount of any sum received or receivable by an Affected
Party under this Loan Agreement or the Lender Notes, or (iii) in the good faith determination of such Affected Party, to reduce the rate
of return on the capital of an Affected Party as a consequence of its obligations hereunder or arising in connection herewith to a level
below that which such Affected Party could otherwise have achieved, and, in each case, unless any of the foregoing was imposed upon such
Affected Party by a regulatory authority, such Affected Party determines that any of the foregoing also has a similar effect on any other
credit facilities or other financing arrangements that are secured by life insurance policies (or interests therein) to which such Affected
Party is a party to as a lender, administrative agent or other similar capacity, then after demand by such Affected Party to the Borrower
(which demand shall be accompanied by a written statement setting forth the basis of such demand), the Borrower shall pay such Affected
Party such additional amount or amounts as will (in the reasonable determination of such Affected Party) compensate such Affected Party
for such increased cost or such reduction. Such written statement (which shall include calculations in reasonable detail) shall, in the
absence of manifest error, be rebuttable presumptive evidence of the subject matter thereof.

 

Section 6.2 Funding Losses.
The Borrower hereby agrees that upon demand by any Affected Party (which demand shall be accompanied by a statement setting forth the
basis for the calculations of the amount being claimed) the Borrower will indemnify such Affected Party against any net loss or actual
expense which such Affected Party actually sustains or incurs (including, without limitation, any net loss or expense actually incurred
by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Party to fund or maintain any Advance
made by any Lender to the Borrower), as reasonably determined by such Affected Party, as a result of (a) any payment or prepayment (including
any mandatory prepayment) of any Advance on a date other than a Distribution Date, or (b) any failure of the Borrower to borrow any Advance
on the date specified therefor in a Borrowing Request. Such written statement shall, in the absence of manifest error, be rebuttable
presumptive evidence of the subject matter thereof.

 

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Section 6.3 Withholding
Taxes.

 

(a) All
payments made by the Borrower hereunder shall be made free and clear of, and without reduction or withholding for or on account of, any
present or future Covered Taxes. If any Covered Taxes are required to be withheld from any amounts payable to the Administrative Agent
or any Lender, the amounts so payable to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to
the Administrative Agent or such Lender (after payment of all Taxes) all such amounts payable hereunder at the rates or in the amounts
specified herein. Whenever any Covered Taxes are payable by the Borrower, as promptly as possible thereafter, the Borrower shall send
to the Administrative Agent for its own account or for the account of the related Lender, as the case may be, a certified copy or an original
official receipt received by the Borrower showing payment thereof. If the Borrower fails to pay any Covered Taxes when due to the appropriate
taxing authority or fails to remit to the Administrative Agent the required documentary evidence, the Borrower shall indemnify the Administrative
Agent and each Lender for such Covered Taxes and any incremental Taxes that may become payable by the Administrative Agent or any Lender
as a result of any such failure.

 

(b) At
least five (5) Business Days prior to the first date on which any payments, including discount or Fees, are payable hereunder for the
account of any Lender, if such Lender is not organized under the laws of the United States, such Lender agrees to deliver to each of the
Borrower, the Securities Intermediary and the Administrative Agent two (2) duly completed copies of (i) United States Internal Revenue
Service Form W-8BEN or W-8ECI (or successor applicable form) certifying that such Lender is entitled to receive payments hereunder without
deduction or withholding, or at a reduced rate of withholding, of any United States federal income taxes, provided such Lender is legally
able to provide such forms or (ii) United States Internal Revenue Service Form W-9 or substitute W-9 (or successor applicable form) to
establish an exemption from United States backup withholding tax. Each Lender shall replace or update such forms as is necessary or appropriate
to maintain any applicable exemption or as is requested by the Administrative Agent, the Securities Intermediary or the Borrower.

 

ARTICLE
VII

CONDITIONS TO BORROWING

 

The making of the Advances
hereunder is subject to the following conditions precedent:

 

Section 7.1 Conditions
Precedent to each Ongoing Maintenance Advance. The Administrative Agent and the Lenders shall have no obligation to make an Ongoing
Maintenance Advance unless:

 

(a) Representations
and Covenants. On and as of the date of such Ongoing Maintenance Advance: (i) the representations of each of the Borrower, the Parent,
the Custodian, the Securities Intermediary and the Servicer set forth in the Transaction Documents shall be true and correct in all material
respects with the same effect as if made on such date (provided that representations already qualified by materiality shall be true in
correct in all respects), and (ii) each of the Borrower, the Parent, the Custodian, the Securities Intermediary and the Servicer shall
be in compliance with the covenants set forth in the Transaction Documents to which it is a party.

 

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(b) Fees.
All Fees due and payable shall have been paid.

 

(c) LTV.
After giving effect to such Ongoing Maintenance Advance, the LTV shall not exceed [*] percent ([*]%) (provided that solely during the
period from the Fifth A&R Closing Date through February 1, 2022 such percentage shall be [*] percent ([*]%)), as determined by the
Required Lenders in their sole and absolute discretion.

 

(d) Borrowing
Base. Such Ongoing Maintenance Advance shall not exceed an amount such that such Ongoing Maintenance Advance, when taken together
with the outstanding balance of all previous Advances (including any Protective Advances), would cause the aggregate outstanding balance
of the Advances to exceed the Borrowing Base as of the date of such Ongoing Maintenance Advance.

 

(e) No
Liens; First Priority Security Interest. There shall be no encumbrance or Lien on any of the Collateral other than Liens or encumbrances
created or expressly permitted under the Transaction Documents.

 

(f) No
Material Change in Laws. Since January 1, 2015, no material adverse change in any Applicable Law or any tax treatment of life insurance
death benefits or proceeds shall have occurred or reasonably could be expected to occur.

 

(g) No
Event of Default or Unmatured Event of Default. No Event of Default or Unmatured Event of Default shall have occurred and be continuing
or will result from the making of such Ongoing Maintenance Advance.

 

(h) Borrowing
Request; etc. The Administrative Agent shall have received a Borrowing Request (including a Borrowing Base Certificate) for such Ongoing
Maintenance Advance (which may be an electronic or facsimile transmission).

 

(i) Transaction
Documents. Each of the Transaction Documents shall be in full force and effect.

 

(j) Commitments.
The Lenders’ Commitments shall have not been terminated.

 

(k) Material
Adverse Effect. No event shall have occurred during the shorter of (i) the three (3) year period preceding the date of such Ongoing
Maintenance Advance and (ii) the period of time commencing on the Closing Date and ending on the date of such Ongoing Maintenance Advance
that could reasonably be expected to have a Material Adverse Effect.

 

(l) Other
Ongoing Maintenance Advances. Ongoing Maintenance Advances after the Fifth A&R Closing Date shall only be made on December 27,
2021 and January 26, 2022 (in each case subject to the terms and conditions of this Agreement).

 

(m) Advance
Date. The proposed Advance Date for such Ongoing Maintenance Advance is on or prior to the Commitment Termination Date.

 

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Section 7.2 [Reserved].

 

Section 7.3 Lender Valuation.
(a) Lender Valuation. With respect to each Distribution Date occurring prior to the Maturity Date, the Administrative Agent shall,
within three (3) Business Days prior to the related Calculation Date, provide the Borrower with the Lender Valuation of the Pledged Policies
(including the amount of the Lender Valuation allocated to each individual Pledged Policy) as of such Calculation Date, along with the
calculation of the Borrowing Base. In addition, prior to the Maturity Date, with respect to each calendar month in which a Distribution
Date does not occur, the Administrative Agent shall, within ten (10) Business Days after the last day of the immediately preceding calendar
month, provide the Borrower with the Lender Valuation of the Pledged Policies (including the amount of the Lender Valuation allocated
to each individual Pledged Policy) as of the last day of the immediately preceding calendar month. The Borrower and Required Lenders
hereby acknowledge that the methodology and metrics utilized by the Required Lenders in determining the Lender Valuation may be different
than the methodology and metrics utilized by the Borrower and its Affiliates in determining the value of the Pledged Policies in connection
with preparing the financial statements of the Borrower and its Affiliates.

 

(b) Lender
Valuation Dispute. Subject to the third to last sentence of this Section 7.3(b), if the Borrower disagrees with a Lender Valuation
relating to a determination of the LTV, it may dispute such Lender Valuation (a “Valuation Dispute”). The Borrower
shall obtain a valuation of the Collateral from a third-party acceptable to the Required Lenders in their commercially reasonable judgment
who is experienced in valuing Policies (a “Borrower Valuation”). In the event the Borrower Valuation (A) is more than
ten percent (10%) higher than the Lender Valuation of the Pledged Policies and (B) results in an LTV of less than [*] percent ([*]%),
then, at the Administrative Agent’s option, (i) on the first Distribution Date occurring after the Borrower obtains such Borrower
Valuation, such Borrower Valuation will be used for the determination of the LTV (and for each subsequent Distribution Date, the Lender
Valuation, as determined by the Administrative Agent from time to time, will be used for all subsequent determinations of the LTV, subject
to the Borrower initiating any future Valuation Disputes in accordance with the terms hereof) or (ii) the Administrative Agent may request
in writing that the Borrower repay all the Advances outstanding plus accrued interest and expenses in respect thereof (a “Payoff
Notice”). If the Borrower does not repay such amount in full within one hundred eighty (180) days of the Payoff Notice, the
Borrower will no longer have the right to initiate a Valuation Dispute and the Lender Valuation, as determined by the Administrative Agent
from time to time, will be used for all subsequent determinations of the LTV. During such one hundred eighty (180) day period, the LTV
and the related Lender Valuation shall equal the amounts as initially calculated by the Required Lenders. No Yield Maintenance Fee shall
be payable in connection with the repayment of Advances by the Borrower pursuant to this Section 7.3(b).

 

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Section 7.4 Conditions
Precedent to Fifth A&R Advance. The making of the Fifth A&R Advance is subject to the following conditions precedent:

 

(a) Representations
and Covenants. On and as of the date of the making of the Fifth A&R Advance: (i) the representations of each of the Borrower,
the Parent, the Custodian, the Securities Intermediary and the Servicer set forth in the Transaction Documents shall be true and correct
with the same effect as if made on such date, and (ii) each of the Borrower, the Parent, the Custodian, the Securities Intermediary and
the Servicer shall be in compliance with the covenants set forth in the Transaction Documents to which it is a party.

 

(b) Closing
Documents. The Administrative Agent shall have received all of the following, each duly executed and dated as of the Fifth A&R
Closing Date, in form and substance satisfactory to the Required Lenders:

 

(i) Transaction
Documents. Duly executed and delivered counterparts of this Loan Agreement and each other Transaction Document, including the Second
Borrower/Parent Note, the Second Allonge, the Letter Agreement Amendment, the Second Amendment to Securities Intermediary Agreement and
the Power of Attorney, which Transaction Documents shall be in full force and effect.

 

(ii) Resolutions;
Organizational Documentation. Certified copies of resolutions for the Borrower and the Parent authorizing or ratifying the execution,
delivery and performance of each Transaction Document to which it is, or will be, a party, together with certified copies of the Borrower
Organizational Documents and in the case of the Parent, a certified copy of its certificate of formation and limited liability company
agreement.

 

(iii) Consents,
etc. Certified copies of all documents evidencing any necessary waivers, consents and approvals required by the Borrower, the Parent
and the Servicer with respect to each Transaction Document to which it is a party (including, without limitation, any and all approvals
required for the Borrower or the Servicer to service the Collateral).

 

(iv) Incumbency
and Signatures. A certificate of each of the Borrower, the Parent and the Servicer, certifying the names of its or its trustee’s
or members, managers, directors or officers authorized to sign each Transaction Document to which it is, or will be, a party.

 

(v) Good
Standing Certificates. Good standing certificates for each of the Borrower, the Parent and the Servicer issued as of a recent date
acceptable to the Administrative Agent by: (i) the Secretary of State (or similar governmental authority) of the jurisdiction of such
Person’s formation, and (ii) the Secretary of State (or similar governmental authority) of the jurisdiction where such Person’s
chief executive office and principal place of business are located.

 

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(vi) [Reserved].

 

(vii) Lien
Search Report. Results of completed UCC and tax and judgment lien searches and court searches for the jurisdictions of formation and
chief executive office of the Borrower dated within two (2) weeks before the Fifth A&R Closing Date that name the Borrower as debtor
(none of which shall show any of the Collateral subject to any Liens other than those created pursuant to the Transaction Documents).

 

(viii) Payment
of Fees. Evidence (which may be in the form of one or more wire instructions and/or confirmations) that all Fees payable hereunder
or under any other Transaction Document and all costs and expenses then due and payable have been paid or will be paid out of the proceeds
of the Fifth A&R Advance.

 

(ix) Opinion
of Counsel. Opinion of counsel to the Borrower in form and substance satisfactory to the Administrative Agent.

 

(x) Solvency
Certificate. A certificate of solvency executed by an officer or director of the Borrower, certifying that the Borrower is and will
be Solvent and able to pay its debts as they come due, and will have adequate capital to conduct its business.

 

(xi) Others.
Such other documents as the Administrative Agent may reasonably request.

 

(c) LTV.
After giving effect to the Fifth A&R Advance, the LTV shall not exceed [*] percent ([*]%), as determined by the Required Lenders in
their sole and absolute discretion.

 

(d) Satisfactory
Tax Review. The Required Lenders shall be satisfied with their review of all tax matters relating to the Borrower.

 

(e) Security
Interest. The Required Lenders shall be satisfied that the Liens and security interests created under and granted by the Transaction
Documents are first priority perfected exclusive Liens and will not be subject to any other senior Liens, pari passu Liens or junior Liens,
security interests or any other Adverse Claims prior to or after the Fifth A&R Closing Date as determined in the Required Lenders’
sole and absolute discretion.

 

(f) No
Material Change in Laws. Since January 1, 2021, no material adverse change in any Applicable Law or any tax treatment of life insurance
death benefits or proceeds shall have occurred or reasonably could be expected to occur.

 

(g) No
Event of Default or Unmatured Event of Default. No Event of Default or Unmatured Event of Default shall occur or be continuing or
shall have resulted from the making of the Fifth A&R Advance.

 

(h) Borrowing
Request; etc. The Administrative Agent shall have received a Borrowing Request (including a Borrowing Base Certificate) for the Fifth
A&R Advance (which may be an electronic or facsimile transmission).

 

(i) Lender
Notes. Each Lender shall have received an executed original of its Lender Note.

 

(j) Advance
Date Related to Fifth A&R Advance. The proposed Advance Date for the Fifth A&R Advance shall be on or prior to the Commitment
Termination Date.

 

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(k) Transaction
Documents. Each of the Transaction Documents shall be in full force and effect.

 

(l) Commitments.
The Lenders’ Commitments have not been terminated.

 

(m) Material
Adverse Effect. No event has occurred that could reasonably be expected to have a Material Adverse Effect.

 

(n) Fifth
A&R Advance Amount. The amount of the Fifth A&R Advance shall be equal to the Fifth A&R Advance Amount.

 

Section 7.5 Release.
AS AN ADDITIONAL MATERIAL INDUCEMENT TO THE ADMINISTRATIVE AGENT AND THE LENDERS TO MAKE THE FIFTH A&R ADVANCE, UPON THE MAKING OF
THE FIFTH A&R Advance, THE BORROWER, ON BEHALF OF ITSELF AND ITS AFFILIATES, SUCCESSORS,
ASSIGNS, LEGAL REPRESENTATIVES AND CONSTITUENTS (WHETHER OR NOT A PARTY HERETO) (BORROWER AND SUCH AFFILIATES, SUCCESSORS, ASSIGNS, LEGAL
REPRESENTATIVES AND CONSTITUENTS BEING REFERRED TO HEREIN COLLECTIVELY AND INDIVIDUALLY, AS “OBLIGORS, ET AL.”), FULLY, FINALLY
AND COMPLETELY RELEASES AND FOREVER DISCHARGES THE LENDERS, THE ADMINISTRATIVE AGENT AND THEIR RESPECTIVE OWNERS, SUCCESSORS, ASSIGNS,
AFFILIATES, SUBSIDIARIES, PARENTS, OFFICERS, SHAREHOLDERS, DIRECTORS, EMPLOYEES, ATTORNEYS AND AGENTS, PAST, PRESENT AND FUTURE, AND
THEIR RESPECTIVE HEIRS, PREDECESSORS, SUCCESSORS AND ASSIGNS (COLLECTIVELY AND INDIVIDUALLY, “LENDER, ET AL.”) OF AND FROM
ANY AND ALL CLAIMS, CONTROVERSIES, DISPUTES, LIABILITIES, OBLIGATIONS, DEMANDS, DAMAGES, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE
ATTORNEYS’ FEES), DEBTS, LIENS, ACTIONS AND CAUSES OF ACTION OF ANY AND EVERY NATURE WHATSOEVER, INCLUDING, WITHOUT LIMITATION,
ANY THEREOF RELATING TO THE ADVANCES, THIS LOAN AGREEMENT AND/OR THE OTHER TRANSACTION DOCUMENTS AND WAIVES AND RELEASES ANY DEFENSE,
RIGHT OF COUNTERCLAIM, RIGHT OF SET-OFF OR DEDUCTION TO THE PAYMENT OF THE INDEBTEDNESS EVIDENCED BY THE LENDER NOTES AND/OR ANY OTHER
TRANSACTION DOCUMENT WHICH OBLIGORS, ET AL. MAY HAVE OR MAY CLAIM TO HAVE AGAINST LENDER, ET AL., OR ANY THEREOF, ARISING OUT OF, CONNECTED
WITH OR RELATING TO ANY AND ALL ACTS, OMISSIONS OR EVENTS OCCURRING ON OR PRIOR TO THE FIFTH A&R CLOSING DATE. THE BORROWER HEREBY
ACKNOWLEDGES, REPRESENTS AND WARRANTS TO THE LENDERS AND THE ADMINISTRATIVE AGENT THAT IT AGREES TO ASSUME THE RISK OF ANY AND ALL UNKNOWN,
UNANTICIPATED OR MISUNDERSTOOD DEFENSES AND CLAIMS WHICH ARE RELEASED BY THE PROVISIONS HEREOF IN FAVOR OF LENDER, ET AL., AND WAIVES
AND RELEASES ALL RIGHTS AND BENEFITS WHICH IT MIGHT OTHERWISE HAVE UNDER ANY FEDERAL, STATE OR LOCAL LAW OR STATUTE WITH REGARD TO THE
RELEASE OF SUCH UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES OR CLAIMS. THE BORROWER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS
EACH OF THE PROVISIONS OF THIS RELEASE. THE BORROWER FULLY UNDERSTANDS THAT THIS RELEASE CONSTITUTES A GENERAL RELEASE, AND THAT IT HAS
IMPORTANT LEGAL CONSEQUENCES. THE BORROWER CONFIRMS THAT IT WILL HEREBY RELEASE ANY AND ALL RELEASED CLAIMS THAT IT MAY INDIVIDUALLY
HAVE AS OF THE DATE OF THE MAKING OF THE FIFTH A&R CLOSING DATE. THE BORROWER HEREBY ACKNOWLEDGES THAT IT HAS HAD A FULL AND FAIR
OPPORTUNITY TO OBTAIN A LAWYER’S ADVICE CONCERNING THE LEGAL CONSEQUENCES OF THIS RELEASE AND WAIVER.

 

Section 7.6 Additional
Representations and Warranties (Fifth A&R Advance). As an additional material inducement to the Administrative Agent and the
Lenders to make the Fifth A&R Advance, Borrower hereby represents and warrants to, and agrees with, the Lenders and the Administrative
Agent that, as of the Fifth A&R Closing Date, the Borrower has no defense, counterclaim or offset to the payment or performance of
any of the Borrower’s obligations in regard to the Advances or any of the Transaction Documents and the Liens created and granted
by the Transaction Documents continue unimpaired and of first priority and secure all existing and future obligations owed to the Lenders
and/or the Administrative Agent in regard to the Advances.

 

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ARTICLE
VIII

REPRESENTATIONS AND WARRANTIES

 

Section 8.1 Representations
and Warranties of the Borrower. The Borrower makes the following representations and warranties to the Administrative Agent and each
Lender:

 

(a) Organization,
etc. The Borrower has been duly organized and is validly existing and in good standing under the laws of the State of Delaware (and
is not organized under the laws of any other jurisdiction or Governmental Authority) with the requisite power and authority to own its
properties and to conduct its business as such properties are presently owned and such business is presently conducted. The Borrower is
duly licensed or qualified to do business as a foreign entity in good standing in each jurisdiction in which the failure to be so licensed
or qualified would be reasonably likely to have a Material Adverse Effect.

 

(b) Power
and Authority; Due Authorization. The Borrower has (a) all necessary power, authority and legal right to (i) execute, deliver and
perform its obligations under this Loan Agreement and each of the other Transaction Documents to which it is a party, and (ii) to borrow
money on the terms and subject to the conditions herein provided, and (b) duly authorized, by all necessary action, the execution, delivery
and performance of this Loan Agreement and the other Transaction Documents to which it is a party, the borrowing hereunder on the terms
and conditions of this Loan Agreement and the granting of security therefor on the terms and conditions provided herein.

 

(c) No
Violation. The consummation of the transactions contemplated by this Loan Agreement and the other Transaction Documents and the fulfillment
of the terms hereof and thereof will not and do not (a) conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under, (i) the Borrower Organizational Documents, or (ii) any indenture,
loan agreement, pooling and servicing agreement, sale agreement, purchase agreement, mortgage, deed of trust, or other agreement or instrument
to which the Borrower is a party or by which the Borrower or any of its properties is bound, (b) result in or require the creation or
imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, loan agreement, pooling and servicing
agreement, sale agreement, purchase agreement, mortgage, deed of trust, or other agreement or instrument, other than pursuant to the terms
of the Transaction Documents or (c) violate any law or any order, rule, or regulation applicable to the Borrower or of any court or of
any federal, state or foreign regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the
Borrower or any of its properties.

 

(d) Validity
and Binding Nature. This Loan Agreement is, and the other Transaction Documents to which it is a party when duly executed and delivered
by the Borrower and the other parties thereto will be, the legal, valid and binding obligation of the Borrower, enforceable in accordance
with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar law affecting creditors’ rights generally and by general principles of equity.

 

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(e) Government
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory
body required for the due execution, delivery or performance by the Borrower of any Transaction Document to which it is a party, remains
unobtained or unfiled.

 

(f) Solvency.
As of each Advance Date, after giving effect to each Advance made on such Advance Date, the Borrower was, is and will be Solvent and able
to pay its debts as they come due, and had and will have adequate capital to conduct its business.

 

(g) Margin
Regulations. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock,
and no proceeds of any Advances, directly or indirectly, will be used for a purpose that violates, or would be inconsistent with, Regulations
T, U and X promulgated by the Federal Reserve Board from time to time.

 

(h) Quality
of Title. As of each Advance Date, the Collateral, including, without limitation, the Pledged Policies (which, for the avoidance of
doubt, includes any Subject Policies), was and is owned by the Borrower (directly or through the Securities Intermediary) free and clear
of any Adverse Claim.

 

(i) No
Rescission. As of each Advance Date, no prior seller of any Pledged Policy or Subject Policy or any other Person which had an interest
in any Pledged Policy or Subject Policy had or has exercised or, to the knowledge of the Borrower, the Parent or any Affiliate of any
of them, attempted to exercise the right to rescind the sale of any Pledged Policy or Subject Policy.

 

(j) Perfection.
This Loan Agreement, the Account Control Agreement, the collateral assignments filed in respect of the Pledged Policies, the Allonge,
the Second Allonge and the financing statements filed in connection with this Loan Agreement create a valid first priority security interest
in favor of the Administrative Agent (for the benefit of the Secured Parties) in the Collateral, which security interest has been perfected
(free and clear of any Adverse Claim) as security for the Obligations. As of the Fifth A&R Closing Date and the date of any Advance
following the Fifth A&R Closing Date, no effective financing statement or other instrument similar in effect covering any of the Collateral
(including, without limitation, any Pledged Policies) or any interest therein owned by the Borrower (directly or through the Securities
Intermediary) is on file in any recording office except for financing statements in favor of the Administrative Agent (for the benefit
of the Secured Parties) in accordance with this Loan Agreement and the other Transaction Documents.

 

(k) Offices.
The principal place of business and chief executive office of the Parent and of the Borrower is located at the address set forth on Schedule
13.2 (or at such other locations, notified to the Administrative Agent in jurisdictions where all action required hereby has been taken
and completed).

 

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(l) Compliance
with Applicable Laws; Licenses, etc.

 

(i) The
Borrower is in compliance with the requirements of all Applicable Laws, a breach of any of which, individually or in the aggregate, could
reasonably be expected to have an adverse effect on any of the Pledged Policies, the business, assets, financial condition or operations
of the Borrower or any of the rights or interests of the Administrative Agent or any of the Lenders hereunder or under any other Transaction
Document.

 

(ii) The
Borrower has not failed to obtain any licenses, permits, franchises or other governmental authorizations necessary to the ownership of
its properties or to the conduct of its business, which violation or failure to obtain could reasonably be expected to have an adverse
effect on any of the Pledged Policies, any other Collateral, the business, assets, financial condition or operations of the Borrower or
any of the rights or interests of the Administrative Agent or any of the Lenders hereunder or under any other Transaction Document.

 

(iii) The
Borrower has complied with all licensure requirements in each state in which it is required to be specifically registered or licensed
as a purchaser, owner or servicer of life insurance policies.

 

(iv) There
has been no event or circumstance that could reasonably be expected to result in the revocation of any license, permit, franchise or other
governmental authorization of the Borrower necessary to the ownership of its properties or to the conduct of its business.

 

(m) No
Proceedings. There is no order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority to
which the Borrower is subject, and there is no action, suit, arbitration, regulatory proceeding or investigation pending, or, to the actual
knowledge of the Borrower, threatened, before or by any court, regulatory body, administrative agency or other tribunal or governmental
instrumentality, against the Borrower that, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect; and there is no action, suit, proceeding, arbitration, regulatory or governmental investigation, pending or, to the actual knowledge
of the Borrower, threatened, before or by any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality
(A) asserting the invalidity of this Loan Agreement, the Lender Notes or any other Transaction Document, (B) seeking to prevent the issuance
of the Lender Notes or the consummation of any of the other transactions contemplated by this Loan Agreement or any other Transaction
Document, (C) seeking to adversely affect the federal income tax attributes of the Borrower or (D) asserting that any Pledged Policy or
Policy to become a Pledged Policy is invalid, void or otherwise unenforceable for any reason.

 

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(n) Investment
Company Act, Etc. The Borrower is not an “investment company” or a company “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, by virtue of an exemption other than pursuant to
Section 3(c)(1) or Section 3(c)(7) thereof. The Borrower is not a “covered fund” under Section 13 of the Bank Holding Company
Act of 1956, as amended.

 

(o) Eligible
Policies. Each Policy that is a Pledged Policy is an ‎Eligible Policy and no Policy is subject to any ‎Applicable Law that
makes unlawful the sale, transfer or assignment of such Pledged Policy and ‎‎(ii) the Borrower ‎is not aware of any agreements,
documents, assignments or instruments related to such Policy ‎except for those documents, assignments, and instruments that constitute
and were included in ‎the related Collateral Package that was delivered to the Administrative Agent and such ‎Collateral Package
contained, at the very least, the documents set forth in Exhibit M to the ‎Account Control Agreement.

 

(p) Accuracy
of Information. To the best of the Borrower’s knowledge and belief, after due inquiry, and in reliance on information provided
by third parties, all information furnished by, or on behalf of, the Borrower to the Administrative Agent or any other Secured Party in
connection with any Transaction Document, or any transaction contemplated thereby, is or was as of the date it was furnished (if such
information was furnished on an earlier date) true and accurate in every material respect (without omission of any information necessary
to prevent such information from being materially misleading).

 

(q) No
Material Adverse Change. Since the Borrower’s formation, there has been no material adverse change in (A) the Borrower’s
(i) financial condition, business or operations or (ii) ability to perform its obligations under any Transaction Document to which the
Borrower is a party or (B) any of the Collateral.

 

(r) Trade
Names and Subsidiaries. The Borrower has not used any other names, trade names or assumed names for the five year period preceding
the date of this Loan Agreement. The Borrower has no Subsidiaries nor owns or holds, directly or indirectly, any equity interest in any
Person.

 

(s) Accounts.
Set forth in Schedule 8.1(s) is a complete and accurate description, as of the Fifth A&R Closing Date, of the existing Accounts, the
Policy Account and the Borrower Account. The Accounts and the Policy Account have each been validly and effectively assigned to the Administrative
Agent, for the benefit of the Secured Parties, and shall be encumbered by the Lien created pursuant to this Loan Agreement and the Account
Control Agreement. The Account Control Agreement is the legal, valid and binding obligation of the parties thereto, enforceable against
such parties in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar law affecting creditors’ rights generally and by general principles of equity). Neither the Borrower nor the
Servicer has granted any interest in any of the Accounts or the Policy Account to any Person other than the Administrative Agent and the
Administrative Agent has “control” of the Accounts and the Policy Account within the meaning of the applicable UCC.

 

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(t) Financial
Statements. The financial statements required to be delivered pursuant to Section 9.1(d): (i) were, as of the date and for
the periods referred to therein, complete and correct in all material respects, (ii) presented fairly the financial condition and results
of operations of the related Person as at such time and (iii) were prepared in accordance with GAAP, consistently applied, except as noted
therein (subject as to interim statements to normal year-end adjustments).

 

(u) No
Event of Default. Taking into account the waiver by the Administrative Agent and the Lenders as set forth in the proviso of the last
sentence of Section 13.3, no Event of Default or Unmatured Event of Default has occurred or is continuing, or, in relation to any
Borrowing Request, will result from the funding of the Advance and use of funds specified therein.

 

(v) Foreign
Assets Control Regulations, Etc.

 

(i) Neither
the Borrower nor the Servicer nor any Affiliate of any of them is (A) a person whose name appears on the list of Specially Designated
Nationals and Blocked Persons published by the Office of Foreign Assets Control, U.S. Department of Treasury (“OFAC”)
(an “OFAC Listed Person”) or (B) a department, agency or instrumentality of, or is otherwise controlled by or acting
on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any person, entity, organization, foreign country or regime that
is subject to any OFAC Sanctions Program (each OFAC Listed Person and each other person, entity, organization and government of a country
described in clause (B), a “Blocked Person”).

 

(ii) No
part of the proceeds from the Advances issued hereunder, under the Existing Loan Agreement‎, under the Second Amended and Restated
Loan Agreement, under the Amended and Restated Loan Agreement or under the Original Loan Agreement constituted or constitutes or will
constitute funds obtained on behalf of any Blocked Person or was used or will otherwise be used, directly by the Borrower or indirectly
by the Borrower, the Servicer, the Parent or any Affiliate of any of them in connection with any investment in, or, to the Borrower’s
actual knowledge, any transactions or dealings with, any Blocked Person.

 

(iii) To
the Borrower’s actual knowledge, none of the Borrower, the Parent, the Servicer or any Affiliate of any of them (A) is under investigation
by any Governmental Authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities
or other money laundering predicate crimes under any Applicable Law (collectively, “Anti-Money Laundering Laws”), (B)
has been assessed civil penalties under any Anti-Money Laundering Laws or (C) has had any of its funds seized or forfeited in an action
under any Anti-Money Laundering Laws. The Borrower has taken reasonable measures appropriate to the circumstances, to the extent, if any,
required by Applicable Law, to ensure that the Borrower and each Affiliate thereof is and will continue to be in compliance with all applicable
current and future Anti-Money Laundering Laws.

 

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(iv) No
part of the proceeds from Advances funded hereunder will be used, directly or indirectly, for any improper payments to any governmental
official or employee, political party, official of a political party, candidate for political office, official of any public international
organization or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage.
The Borrower has taken reasonable measures appropriate to the circumstances, to the extent, if any, required by Applicable Law, to ensure
that the Borrower and each Affiliate thereof is and will continue to be in compliance with all applicable current and future anti-corruption
laws and regulations.

 

(w) Transaction
Documents. The Borrower has not entered into any agreements or instruments other than the Transaction Documents. Since the date of
its formation, the Borrower has not engaged in any activities except as those expressly permitted by the LLC Agreement and the other Transaction
Documents.

 

(x) Retained
Death Benefit Policies.  As of each Advance Date, all Pledged Policies that constitute Retained Death Benefit Policies are listed
on Schedule 8.1(x) and, except as set forth on Schedule 8.1(x), the portion of the Net Death Benefit payable to any Person
other than the Securities Intermediary does not exceed fifteen percent (15%) of the Net Death Benefit of any such Retained Death Benefit
Policy. 

 

ARTICLE
IX

COVENANTS

 

Section 9.1 Affirmative
Covenants. Until the first day following the date on which all of the Obligations are performed and paid in full and this Loan Agreement
is terminated, the Borrower hereby covenants and agrees as follows:

 

(a) Compliance
with Laws, Etc. The Borrower shall comply in all material respects with all Applicable Laws.

 

(b) Preservation
of Existence. The Borrower shall preserve and maintain its existence, rights, franchises and privileges, and sole jurisdiction of
formation, and qualify and remain qualified in good standing as a foreign entity in each jurisdiction where the failure to preserve and
maintain such existence, rights, franchises, privileges and qualifications could have an adverse effect on any of the Pledged Policies,
any other Collateral, the business, assets, financial condition or operations of the Borrower or any of the rights or interests of the
Administrative Agent or any of the Lenders hereunder or under any other Transaction Document.

 

(c) Performance
and Compliance with the Transaction Documents and Pledged Policies. The Borrower shall timely and fully perform and comply in all
material respects with all provisions, obligations, covenants and other promises required to be observed by it under the Transaction Documents
and otherwise with respect to the Pledged Policies.

 

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(d) Reporting
Requirements. During the term of this Loan Agreement, the Borrower shall furnish or cause to be furnished to the Administrative Agent
and each Lender:

 

(i) 
(x) as soon as available and in any event within forty-five (45) days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, a copy of the unaudited financial statements of the Borrower or the Parent (so long as such unaudited financial
statements are on a consolidated basis and include the Borrower), as of the end of such fiscal quarter, certified by an officer or director
of the Borrower, the Parent or their investment manager (which certification shall state that the related balance sheets and statements
fairly present the financial condition and results of operations for such fiscal quarter), delivery of which financial statements shall
be accompanied by a certificate of such officer or director to the effect that no Event of Default or Unmatured Event of Default has occurred
and is continuing or, if an Event of Default or Unmatured Event of Default has occurred and is continuing, specifying the details thereof
and any action taken or proposed to be taken with respect thereto and (y) as soon as available, and in any event within ninety (90) days
after the end of each fiscal year of the Borrower (commencing with the fiscal year ending in 2016), a copy of the audited annual balance
sheet for such fiscal year of the Borrower or the Parent (so long as such audited annual balance sheet is on a consolidated basis and
includes the Borrower), as at the end of such fiscal year, together with the related audited statements of earnings, stockholders’
equity and cash flows for such fiscal year, certified by an officer or director of the Borrower or the Parent (which certification shall
state that the related balance sheets and statements fairly present the financial condition and results of operations for such fiscal
year, subject to year-end audit adjustments), delivery of which balance sheets and statements shall be accompanied by a certificate of
such officer or Director to the effect that no Event of Default or Unmatured Event of Default has occurred and is continuing;

 

(ii) as
soon as possible and in any event within three (3) Business Days after any officer of the Borrower or the Parent has actual knowledge
of (A) the occurrence of an Event of Default or an Unmatured Event of Default, an officer’s certificate of the Borrower setting
forth details of such event and the action that the Borrower proposes to take with respect thereto and (B) the downgrade, withdrawal or
suspension of the financial strength rating of any Issuing Insurance Company, notice to the Administrative Agent thereof;

 

(iii) a
copy of the Servicer Report on each Servicer Report Date;

 

(iv) promptly,
from time to time, such other information, documents, records or reports respecting the Collateral, the Subject Policies or the condition
or operations, financial or otherwise, of the Borrower as the Administrative Agent may from time to time reasonably request in order to
protect the interests of the Administrative Agent or any Lender under or as contemplated by this Loan Agreement and the other Transaction
Documents, including but not limited to, upon each sale of a Pledged Policy, a report that shall include such information as the Administrative
Agent shall reasonably request, calculated as of before such sale and after such sale, taking into account the application of the proceeds
of such sale;

 

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(v) as
soon as possible upon learning of the death of any Insured, an email notification to the Administrative Agent of (A) the identity of such
Insured, (B) the cost basis of the Pledged Policy relating to such Insured (purchase price paid by the first person that purchased such
Pledged Policy that was an Affiliate of the Borrower or the Parent, or, if such Pledged Policy was acquired by such Affiliate in a foreclosure
process, the amount of indebtedness allocated to such Pledged Policy by such Affiliate plus any additional accrued and unpaid interest
thereon as of the date of foreclosure and, in each case, plus premiums paid thereon after the date of foreclosure or purchase, as applicable,
and until the date of the death of such Insured), (C) the Net Death Benefit of the Pledged Policy relating to such Insured, (D) the two
(2) Life Expectancy Reports delivered with respect to such Insured relating to the applicable Advance and the names of the Pre-Approved
Medical Underwriters which provided such Life Expectancy Reports (unless the related Pledged Policy is a Small Face Policy, in which case,
the Life Expectancy Report delivered with respect to such Insured relating to the applicable Advance and the name of the medical underwriter
which provided such Life Expectancy Report, which medical underwriter shall be AVS, Fasano or another medical underwriter approved by
the Required Lenders in their sole and absolute discretion), (E) the date the Pledged Policy was first acquired by an Affiliate of the
Borrower or the Parent relating to such Insured and (F) the date of birth and date of death of such Insured;

 

(vi) no
later than December 1 of each calendar year (including the current calendar year), an annual budget substantially in form of Exhibit
E (each, an “Annual Budget”). Within five (5) Business Days of delivery of the first such Annual Budget, and thereafter
within twenty (20) Business Days of delivery of each subsequent Annual Budget to the Administrative Agent and each Lender, the Required
Lenders will specify to the Administrative Agent, and the Administrative Agent will advise the Borrower the amount they have approved
in their sole and absolute discretion for funding through Advances and/or Collections in respect of scheduled Premiums on the Pledged
Policies for (a) in the case of the first such Annual Budget, the current calendar year, and (b) in the case of any subsequent Annual
Budget the succeeding calendar year; provided that at any time, in their sole and absolute discretion, the Required Lenders may notify
the Administrative Agent and Borrower that they approve increases in such amounts or direct decreases in such amounts;

 

(vii) to
the extent not prohibited by Applicable Law, within two (2) Business Days after receipt by the Borrower or any Affiliate thereof, all
notices, communications and other information (including medical information) related to a Pledged Policy or a related Insured; and

 

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(viii) immediately
following any change to the information provided in any Beneficial Ownership Certification that would result in a change to the list of
beneficial owners identified in ‎such certification‎.

 

(e) Use
of Advances. The Borrower shall use the proceeds of Advances in accordance with Section 2.8(a).

 

(f) Separate
Legal Entity. The Borrower hereby acknowledges that each Lender and the Administrative Agent are entering into the transactions contemplated
by this Loan Agreement and the other Transaction Documents in reliance upon the Borrower’s identity as a legal entity separate from
the members, shareholders or other equity owners of the Parent or any other Person. Therefore, from and after the Closing Date, the Borrower
shall take all steps to continue the Borrower’s identity as a separate legal entity and to make it apparent to third Persons that
the Borrower is an entity with assets and liabilities distinct from those of any other Person, and is not a division of any other Person.
Without limiting the generality of the foregoing and in addition to and consistent with the covenant set forth in Section 9.1(b),
the Borrower shall take such actions as shall be required in order that:

 

(i) The
Borrower will be a limited liability company whose primary activities are restricted in the Borrower Organizational Documents to acquiring
and owning Pledged Policies and financing the acquisition thereof pursuant to this Loan Agreement;

 

(ii) (x)
At least one director of the Borrower (the “First Independent Director”) shall be an individual who (i) is not a present
or former director, manager, officer, employee, supplier, customer or five percent (5%) beneficial owner of the outstanding common stock
of any Person or entity beneficially owning any outstanding shares of common stock or other equity interest of the Parent or any Affiliate
thereof and (ii) has at least three years of employment experience with one or more entities with a national reputation and presence that
provide, in the ordinary course of its business, advisory, management or placement services to issuers of securitization or structured
finance instruments, agreements or securities, and is currently employed by such an entity; provided, however, that an individual
shall not be deemed to be ineligible to be the First Independent Director solely because such individual serves or has served in the capacity
of an “independent director” or similar capacity for special purpose entities formed by the Borrower or any of its Affiliates
and (y) at least one director of the Borrower (the "Second Independent Director") shall be an individual appointed and/or
elected to the board of directors of the Borrower who is satisfactory to the Administrative Agent, which Second Independent Director shall
have been first duly appointed and/or elected to the board of directors of the Borrower on or prior to January 7, 2022. On or prior to
January 7, 2022, the Borrower Organizational Documents shall be amended to reflect the appointment of the Second Independent Director
and to provide that (i) the board of directors or the equity owners of the Borrower shall not approve, or take any other action to cause
the filing of, a voluntary bankruptcy petition with respect to the Borrower unless each Independent Director shall approve the taking
of such action in writing prior to the taking of such action, and (ii) such provision cannot be amended without the prior written consent
of each Independent Director;

 

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(iii) Any
employee, consultant or agent of the Borrower will be compensated from funds of the Borrower, as appropriate, for services provided to
the Borrower;

 

(iv) The
Borrower will allocate and charge fairly and reasonably overhead expenses shared with any other Person. To the extent, if any, that the
Borrower and any other Person share items of expenses such as legal, auditing and other professional services, such expenses will be allocated
to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the
actual use or the value of services rendered;

 

(v) The
Borrower shall hold itself out as a separate entity;

 

(vi) The
Borrower’s operating expenses will not be paid by any other Person except as permitted under the terms of this Loan Agreement;

 

(vii) The
Borrower’s books and records will be maintained separately from those of any other Person;

 

(viii) The
Borrower shall pay its own liabilities out of its own funds;

 

(ix) The
Borrower shall not acquire any obligations or securities of its members, partners or shareholders, except that the Borrower has previously
made a loan to the Parent as evidenced by the Borrower/Parent Note and will make an additional loan to parent on the Fifth A&R Closing
Date as evidenced by the Second Borrower/Parent Note;

 

(x) All
audited financial statements of any Person that are consolidated to include the Borrower will contain notes clearly stating that (A) all
of the Borrower’s assets are owned by the Borrower, and (B) the Borrower is a separate entity;

 

(xi) The
Borrower’s assets will be maintained in a manner that facilitates their identification and segregation from those of any other Person;

 

(xii) The
Borrower will strictly observe appropriate formalities in its dealings with all other Persons, and funds or other assets of the Borrower
will not be commingled with those of any other Person, other than temporary commingling in connection with servicing the Pledged Policies
to the extent explicitly permitted by the other Transaction Documents;

 

(xiii) The
Borrower shall not, directly or indirectly, be named or enter into an agreement to be named, as a direct or contingent beneficiary or
loss payee, under any insurance policy with respect to any amounts payable due to occurrences or events related to any other Person other
than, for avoidance of doubt, life insurance policies purchased by the Borrower for investment purposes and pledged to the Administrative
Agent and the Lenders hereunder;

 

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(xiv) The
Borrower shall maintain an arm’s length relationship with its Affiliates;

 

(xv) Any
Person that renders or otherwise furnishes services to the Borrower will be compensated thereby at market rates for such services it renders
or otherwise furnishes thereto. The Borrower will not hold itself out to be responsible for the debts of any other Person; and

 

(xvi) The
Borrower will maintain all policies and procedures or take or continue to take all actions necessary or appropriate to ensure that all
factual assumptions set forth in opinions of counsel of the Borrower or its Affiliates delivered in connection herewith or the other Transaction
Documents remain true and accurate at all times.

 

(g) Defense.
The Borrower shall, in consultation with the Administrative Agent and at the Borrower’s own expense, defend the Collateral against
all lawsuits and statutory claims and Liens of all Persons at any time claiming the same or any interest therein through the Borrower
or any Affiliate thereof adverse to the Administrative Agent or the Secured Parties.

 

(h) Perfection.
The Borrower shall, at the Borrower’s expense, perform all acts and execute all documents requested by the Administrative Agent
at any time to evidence, perfect, maintain and enforce the title or the security interest of the Administrative Agent in the Collateral
and the priority thereof. The Borrower will, at the request of the Administrative Agent, deliver financing statements relating to the
Collateral, and, where permitted by law, the Borrower hereby authorizes the Administrative Agent to file one or more financing statements
covering all of the Collateral and other assets of the Borrower. The Borrower shall cause its primary electronic books and records relating
to the Collateral to be marked, with a legend stating that the Pledged Policies and the other Collateral owned by the Borrower have been
pledged to the Administrative Agent, for the benefit of the Secured Parties.

 

(i) Audit.
The Borrower shall, and shall cause the Servicer, the Custodian and the Parent to, permit each Lender, the Administrative Agent or their
duly authorized representatives, attorneys or auditors during ordinary business hours and upon three (3) Business Days written notice,
to visit the offices thereof and to inspect the Collateral and the Collateral Packages, and the related accounts, records and computer
systems, software and programs used or maintained by the Borrower, the Servicer, the Parent or the Custodian, as the case may be at such
times as such Lender or the Administrative Agent may reasonably request, using auditors and/or accountants selected by such Lender or
the Administrative Agent in its sole and absolute discretion (a “Collateral Audit”) and the Borrower shall enable the
Insurance Consultant to seek and receive from the related Issuing Insurance Companies any verifications of coverage related to the Pledged
Policies as often as the Administrative Agent may request the Insurance Consultant to do so (though not more frequently than once per
month unless an Event of Default or Unmatured Event of Default has occurred and is continuing). Unless an Event of Default or an Unmatured
Event of Default has occurred and is continuing, a Collateral Audit under this Section 9.1(i) may be conducted not more frequently
than once per month. The Borrower shall promptly on demand reimburse the Administrative Agent and the Lenders for all costs and expenses
incurred by or on behalf of the Administrative Agent and the Lenders in connection with any Collateral Audit and their ongoing review
and Insurance Consultant’s ongoing review of the documents related to the Pledged Policies, including without limitation the documents
on the FTP Site; provided, however, if no Event of Default or Unmatured Event of Default has occurred and is continuing, no more than
one Collateral Audit per year shall be at the expense of the Borrower (all other Collateral Audits in a year being at the expense of the
Lenders) and the total expenses incurred by or on behalf of the Borrower related to a Collateral Audit (including any reimbursements actually
made by the Borrower to the Lenders and the Administrative Agent in connection with such Collateral Audit), a Servicer Collateral Audit,
enabling the Insurance Consultant to receive any verifications of coverage, information requests described in Section 9.1(cc) and
audits conducted pursuant to Section 13.8(a)(iv), in each case, excluding any internal and third-party costs and expenses incurred
in the ordinary course by or on behalf of the Borrower, shall be limited to no more than $2,200 for each Pledged Policy (or if such Pledged
Policy is a Small Face Policy and payment of Premiums in respect of such Pledged Policy are made on an annual basis, $500 for each such
Pledged Policy) (as adjusted annually for inflation or such higher amount if such higher amount is the Insurance Consultant’s reasonably
determined prevailing market cost in the industry for such Collateral Audits or ongoing reviews of the type in question as adjusted for
changes in audit standards) during the shorter of (i) the prior twelve (12) month period and (ii) the period of time commencing on the
most recent Advance Date and ending on the date of such Collateral Audit, verification of coverage, information request or audit, as applicable.
Upon instructions from the Administrative Agent, the Borrower shall, and shall cause the Servicer (and the Administrative Agent may cause
the Custodian) to release any document related to any Collateral to the Administrative Agent. If an Event of Default or Unmatured Event
of Default has occurred and is continuing, the Administrative Agent, at the Borrower’s expense, shall have the right to conduct
a Collateral Audit at any time and as often the Administrative Agent determines is necessary or desirable.

 

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(j) Additional
Assistance. The Borrower shall provide such cooperation, information and assistance, and prepare and supply the Administrative Agent
with such data regarding the performance by the Issuing Insurance Companies of their obligations under the Pledged Policies and the performance
by the Borrower of its obligations under the Transaction Documents, as may be reasonably requested by the Administrative Agent from time
to time.

 

(k) Accounts.
The Borrower shall not maintain any bank accounts other than the Accounts, the Policy Account and the Borrower Account. The Borrower shall
not close any of the Accounts or the Borrower Account unless the Required Lenders shall have consented thereto in their sole and absolute
discretion.

 

(l) Keeping
of Records and Books of Account. The Borrower shall maintain and implement administrative and operating procedures (including, without
limitation, an ability to recreate the documents relating to the Collateral in the event of the destruction thereof), and keep and maintain
all records and other information, reasonably necessary or reasonably advisable for the collection of proceeds of the Pledged Policies.

 

(m) Deposit
of the Collections. The Borrower shall deposit or cause to be deposited all Collections into the Collection Account or the Administrative
Agent’s Account, as applicable, in each case, in accordance with Section 5.1.

 

(n) Investment
Company Act. The Borrower shall ensure that none of the Borrower or the Parent shall become an “investment company” or
a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as
amended, by virtue of an exemption other than pursuant to Section 3(c)(1) or Section 3(c)(7) thereof. The Borrower shall take any and
all actions to ensure that it is not a “covered fund” under Section 13 of the Bank Holding Company Act of 1956, as amended.

 

(o) Borrower
Residence. The Borrower shall at all times maintain its registered office in Delaware and its head office and principal place of business
in Minnesota or Texas unless with respect to any proposed change in the location of its head office or principal place of business (i)
the Borrower shall have given to the Administrative Agent not less than thirty (30) days’ prior written notice thereof, clearly
describing the new location, and (ii) the Borrower shall have taken such action, satisfactory to the Administrative Agent, to maintain
the title or ownership of the Borrower and any security interest of the Administrative Agent, in the Collateral at all times fully perfected
and first priority (subject to no Adverse Claims) and in full force and effect (including, without limitation, delivering one or more
opinions of counsel providing that all such actions have been so taken, in form and substance satisfactory to the Administrative Agent).

 

(p) Payment
of Taxes. The Borrower shall pay and discharge, as they become due, all Taxes lawfully imposed upon it or incurred by it or its properties
and assets, including, without limitation, lawful claims for labor, materials and supplies which, if unpaid might become a Lien or a charge
upon any of the assets of the Borrower, including, without limitation, the Collateral, provided, however, that the Borrower shall have
the right to contest any such taxes, assessments, debts, claims and other charges in good faith so long as adequate reserves are maintained
in accordance with GAAP.

 

(q) Errors
and Omissions. The Borrower shall maintain, at its own expense, an errors and omissions policy, each with insurance companies rated
A-, VII or higher by A.M. Best on all officers, employees or other Persons where the Borrower has the right to direct and control
such individuals in any capacity with regard to the Pledged Policies to handle documents and papers related thereto. Each such policy
shall insure against losses resulting from the errors, omissions and negligent acts of such officers, employees and other persons and
shall be maintained in an amount of at least $2,000,000 or such lower amount as the Administrative Agent may designate in writing to the
Borrower from time to time, and in a form reasonably acceptable to the Administrative Agent and naming the Administrative Agent on behalf
of the Lenders as an additional loss payee. No provision of this Section 9.1(q) requiring such errors and omissions policy shall diminish
or relieve the Borrower from its duties and obligations as set forth in this Loan Agreement. Upon the request of the Administrative Agent
at any time subsequent to the Closing Date, the Borrower shall cause to be delivered to the Administrative Agent a certification evidencing
the Borrower’s coverage under such errors and omissions policy. Any such insurance policy shall contain a provision or endorsement
providing that such policy may not be canceled or modified in a materially adverse manner without ten (10) days’ prior written notice
to the Administrative Agent.

 

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(r) Pledged
Policies. The Borrower shall maintain the Pledged Policies in full force and effect and if any Pledged Policy enters a “grace
period”, the Borrower shall pay within ten (10) Business Days all Premiums due and payable with respect to such Pledged Policy and
shall restore such Pledged Policy to good standing.

 

(s) Further
Assurances. The Borrower shall procure and deliver to the Administrative Agent and/or execute any security agreement, financing statement
or other writing requested by the Administrative Agent to evidence, preserve, protect or enforce the Secured Parties’ rights and
interests to or in the Collateral or in any other collateral agreed to by the parties.

 

(t) Litigation.
The Borrower shall promptly notify the Administrative Agent of:

 

(i) any
litigation, administrative proceedings, audits, actions, proceedings, claims or investigations pending or threatened in writing, conducted
or to be conducted by any Person or Governmental Authority, actions, proceedings, claims or investigations pending or threatened in writing
against the Borrower or the entry of any judgment against the Borrower, which in each case could reasonably be expected to involve or
create a liability of the Borrower which exceeds $25,000 per incident or $100,000 in the aggregate, whether or not insured against;

 

(ii) the
entry of any judgment against the Borrower or the creation of any Lien against any of the Collateral;

 

(iii) any
actual or alleged violation by the Borrower of any Applicable Law which could reasonably be expected to have an adverse effect on any
of the Pledged Policies, the business, assets, financial condition or operations of the Borrower or any of the rights or interests of
the Administrative Agent or any of the Lenders hereunder or under any other Transaction Document; and

 

(iv) any
pending or threatened litigation dispute or similar matter relating to any Pledged Policy or any other Policy owned by an Affiliate of
the Borrower that was originated in a similar manner or under a similar origination or financing program as a Pledged Policy.

 

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(u) Loan
Administration Fee. The Borrower shall pay the Loan Administration Fee for the following calendar year on the last Distribution Date
of each calendar year.

 

(v) Insured
Consent. The Borrower shall use, or shall cause the Servicer to use, commercially reasonable efforts to cause each Insured with respect
to a Pledged Policy to consent to the release and delivery of its current and historical medical information and death certificate.

 

(w) Servicer
Documents. The Borrower shall cause the Servicer, at the request of the Administrative Agent, to provide to the Administrative Agent
all information and documentation in the possession of the Servicer with respect to the Pledged Policies and the related Insureds.

 

(x) Schedule
of Premiums. The Borrower shall cause the Servicer to provide a schedule of Premiums due during the following twelve (12) month period
on or prior to the Calculation Date with respect to each Distribution Date.

 

(y) In-Force
Policy Illustrations. With respect to each Pledged Policy, for each calendar year, the Borrower shall use commercially reasonable
efforts to cause the applicable Issuing Insurance Company to deliver to the Administrative Agent an in-force Policy Illustration in respect
of such Pledged Policy no later than sixty (60) calendar days after the anniversary date of such Pledged Policy.

 

(z) Cooperation.
The Borrower shall assist the Administrative Agent with, and take all actions reasonably requested by the Administrative Agent in connection
with, the engagement of servicers, medical underwriters and tracking agents and the enabling of such parties to perform the services for
which they have been retained by the Administrative Agent relating to the Pledged Policies.

 

(aa) [Reserved].

 

(bb) Other
Information. The Borrower shall obtain any other information requested by the Administrative Agent with respect to the Pledged Policies
and the Insureds.

 

(cc) Transaction
Documents. The Borrower shall duly and timely perform all of its covenants and obligations under all Transaction Documents, except
with the prior written consent of the Administrative Agent.

 

(dd) Purchase
Agreements. The Borrower shall enforce each of the Parent Obligations promptly, but in any event, within three (3) Business Days of
(a) if the applicable provisions of the Purchase Agreement provide for a specified cure period for such Parent Obligations, the date of
the expiration of such specified cure period and (b) if the applicable provisions of the Purchase Agreement do not provide for a specified
cure period for such Parent Obligations, the earlier of (i) the date on which such Parent Obligations which have not been performed have
first become due and (ii) the date on which the Administrative Agent provides instruction to the Borrower to enforce such Parent Obligations.

 

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(ee) Servicing
Agreement. The Borrower shall enforce each of the Servicing Agreement Obligations and the Servicing Agreement Rights promptly, but
in any event, within three (3) Business Days of (a) in the case of any Servicing Agreement Obligations, (i) if the applicable provisions
of the Servicing Agreement provide for a specified cure period for such Servicing Agreement Obligations, the date of the expiration of
such specified cure period and (ii) if the applicable provisions of the Servicing Agreement do not provide for a specified cure period
for such Servicing Agreement Obligations, the earlier of (x) the date on which such Servicing Agreement Obligations which have not been
performed have first become due and (y) the date on which the Administrative Agent provides instruction to the Borrower to enforce such
Servicing Agreement Obligations and (b) in the case of such Servicing Agreement Rights, the date on which the Borrower becomes aware that
such Servicing Agreement Rights are enforceable.

 

(ff) Life
Expectancy Reports. The Borrower shall, at its sole cost and expense, request and obtain further updated Life Expectancy Reports from
each of 21st and AVS for each Insured related to the Pledged Policies (or one of 21st or AVS if any such Pledged Policy constitutes a
Small Face Policy) no less frequently than once every five (5) calendar years (or as more frequently as may be directed in writing by
the Administrative Agent to the Borrower from time to time, at the Administrative Agent's sole cost and expense (unless an Event of Default
has occurred and is continuing, in which case, such updated Life Expectancy Reports shall be at the Borrower’s sole cost and expense)).

 

(gg) [Reserved].

 

(hh) Beneficial
Ownership Certification / Know Your Customer. ‎If requested by Administrative Agent or any Lender, a Beneficial Ownership Certification
in relation to Borrower.

 

Section 9.2 Negative Covenants.
Until the first day following the date on which all of the Obligations are performed and paid in full and this Loan Agreement is terminated,
the Borrower hereby covenants and agrees that it shall not:

 

(a) Assignment
of Pledged Policies, Etc. Except for a Permissible Sale, sell, assign (by operation of law or otherwise) or otherwise dispose of ‎(including
by way of Division)‎, or create or suffer to exist, any Adverse Claim upon or with respect to, any of the Pledged Policies or any
other Collateral, including, without limitation, any Adverse Claim arising out of a Policy Loan.

 

(b) Amendments
to Transaction Documents, etc. Amend, otherwise modify or waive any term or condition of (i) any Transaction Document or any Pledged
Policy, except in each case with the prior written consent of the Required Lenders in their sole and absolute discretion or (ii) the Borrower
Organizational Documents or any other material contract other than any Transaction Document or any Pledged Policy, except in each case
with the prior written consent of the Required Lenders acting in their sole and absolute discretion.

 

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(c) Deposit
of Non-Collections. Deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collection Account any
cash proceeds or other assets other than Collections and other amounts allowed or required to be credited to the Collection Account in
accordance with Section 5.2.

 

(d) Indebtedness.
Contract, create, incur or assume any indebtedness other than indebtedness incurred pursuant to this Loan Agreement and the other Transaction
Documents.

 

(e) Change
of Accounts. Change or cause to be changed any of the Accounts, the Policy Account, the Borrower Account or amend the Account Control
Agreement without prior written consent of the Required Lenders in their sole and absolute discretion.

 

(f) Mergers,
Acquisitions, Sales, Subsidiaries, etc.

 

(i) Be
acquired directly or indirectly or be a party to any merger, division or consolidation (including, without limitation, any Division),
or directly or indirectly purchase or otherwise acquire all or substantially all of the assets or any stock of any class of, or any partnership
or joint venture interest in, any other Person, except for Permitted Investments or sell, transfer, assign, convey or lease any of its
property and assets (or any interest therein) other than in a Permissible Sale;

 

(ii) make,
incur or suffer to exist an Investment in, equity contribution to, loan or advance to, or payment obligation in respect of the deferred
purchase price of, or payment for, property from, any other Person, except for Permitted Investments and except for the loans to the Parent
evidenced by the Borrower/Parent Note and Second Borrower/Parent Note, pursuant to the Transaction Documents;

 

(iii) create
any direct or indirect Subsidiary or otherwise acquire direct or indirect ownership of any equity interests in any other Person; or

 

(iv) enter
into any transaction with any Affiliate of the Borrower, the Servicer or any Affiliate of any of them except for the transactions contemplated
or permitted by the Transaction Documents.

 

(g) Change
in Business Policy. Make any change in the character of its business.

 

(h) Chief
Executive Office. Move its chief executive office or jurisdiction of formation or its situs or permit the documents and books evidencing
the Collateral to be moved unless (i) the Borrower shall have given to the Administrative Agent not less than thirty (30) days’
prior written notice thereof, clearly describing the new location, and (ii) the Borrower shall have taken such action, satisfactory to
the Administrative Agent, to maintain the title or ownership of the Borrower and any security interest of the Administrative Agent, in
the Collateral at all times fully perfected and first priority (subject to no Adverse Claims) and in full force and effect. The Borrower
shall not in any event become or seek to become organized under the laws of more than one jurisdiction.

 

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(i) Business
Restrictions. Engage in any business or transactions, or be a party to any documents, agreements or instruments, other than the Transaction
Documents or those incidental to the purposes thereof, or make any expenditure for the purchase of any assets if such expenditure is made
by the Borrower through a withdrawal of funds from an Account.

 

(j) Sale
of Assets. Sell, transfer or convey any assets, except in a Permissible Sale.

 

(k) Independent
Directors. Remove, replace or seek to replace any Independent Director absent due cause and the express written consent of the Administrative
Agent and the Required Lenders, provided, however, that no such consent shall be required for the replacement of the First Independent
Director in the event that the First Independent Director ceases to meet the qualifications set forth in Section 9.1(f)(ii), and
the First Independent Director is replaced by another employee of the Corporate Services Provider meeting all of the qualifications set
forth in Section 9.1(f)(ii).

 

(l) Further
Policy Acquisitions. Acquire at any time any additional Policies without the prior written consent of the Administrative Agent.

 

(m) Use
of Funds/Proceeds. Without the prior written consent of the Administrative Agent, use the funds in the Reserve Account or any proceeds
arising from a sale under Section 2.7 other than pursuant to this Loan Agreement.

 

(n) Accounting
Changes. Change any accounting practices, policies or treatment without the prior written consent of the Administrative Agent.

 

(o) Foreign
Assets Control Regulations, Etc. (i) Become or permit any of its Affiliated Entities to become a Blocked Person, (ii) have or permit
any of its Affiliated Entities to have any investments in or engage in any dealings or transactions with any Blocked Person or (iii) violate
or permit any of its Affiliated Entities to violate any Anti-Money Laundering Law.

 

(p) [Reserved].

 

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ARTICLE
X

EVENTS OF DEFAULT; REMEDIES

 

Section 10.1 Events of
Default. Each of the following shall constitute an “Event of Default” under
this Loan Agreement, unless the Required Lenders in their sole and absolute discretion shall deliver a Cure Notice to the Borrower,
in which case each of the following shall constitute an Event of Default only upon (i) the expiration of the time period set forth in
such Cure Notice or (ii) the earlier revocation of such Cure Notice by the Required Lenders in their sole and absolute discretion:

 

(a) Non-Payment.
(A) The Borrower shall (i) fail to make when due any payment to any Lender or the Administrative Agent or deposit to any of the Accounts
to be made by it under this Loan Agreement or any other Transaction Document when due, or (ii) fail to make when due, any payment to any
Person under this Loan Agreement or any other Transaction Document, including, without limitation, the failure to pay any Premium, which
failure shall have continued for ten (10) Business Days, or (B) any Advance is not paid in full on the Maturity Date. For the avoidance
of doubt, the Lenders making one or more Protective Advances to pay any Premiums due during such ten (10) Business Day period shall not
constitute a cure of the related Event of Default.

 

(b) Breach
of Representations and Warranties. Any representation or warranty made or deemed made by the Borrower or the Parent under or in connection
with any Transaction Document to which it is a party or any information or report delivered by or on behalf of any such Person to the
Administrative Agent or any Lender hereunder or under any other Transaction Document shall prove to have been incorrect or untrue in any
material respect when made or delivered (or when such representation, warranty, information or report is deemed to have been made or delivered),
and such failure remains unremedied for ten (10) days.

 

(c) Non-Compliance
with Other Provisions. Except as otherwise provided in this Section 10.1, (i) the Borrower shall fail to perform or observe
any covenant or agreement set forth in Section 9.1(n), Section 9.1(p), Section 9.1(r), Section 9.1(v), , Section
9.1(hh), or Section 9.2 (other than Section 9.2(c)), (ii) the Borrower shall fail to perform or observe any covenant
or agreement in Section 9.1(cc), Section 9.1(d)(vii), Section 9.1(dd) or Section 9.1(ee) and any such failure
described in this clause (ii) shall remain unremedied for three (3) Business Days, (iii) the Borrower shall fail to perform any covenant
or agreement set forth in Section 9.1(ff) and such failure shall remain unremedied for ten (10) days, or (iv) the Borrower or the Parent
shall fail to perform or observe any other term, covenant or agreement contained in any Transaction Document to which it is party on its
part to be performed or observed and any such failure described in this clause (iv) shall remain unremedied for ten (10) days (or, in
the case of a failure to comply with the covenant set forth in Section 9.1(aa) (or, with respect to a failure to deliver the Calculation
Date Report or a failure to comply with any of Section 2.7, Section 9.1(b), Section 9.1(e), Section 9.1(f),
Section 9.1(h), Section 9.1(i), Section 9.1(m) or Section 9.2(c), such failure shall remain unremedied for
two (2) Business Days).

 

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(d) Non-Compliance
by Other Parties. Any party to any Transaction Document other than the Borrower, the Parent, the Lenders or the Administrative Agent
shall fail to perform or observe any term, covenant or agreement contained in this Loan Agreement or in any other Transaction Document
on its part to be performed or observed and any such failure shall remain unremedied for ten (10) days (or, with respect to a failure
by such party to make a payment or cause a payment to be made, such failure shall be unremedied for (i) if such failure relates to the
payment of amounts to any Lender or the Administrative Agent or to the deposit of any amounts to the Accounts pursuant to this Loan Agreement
or any other Transaction Document, one (1) Business Day or (ii) if such failure relates to the payment of amounts to any other Person,
five (5) Business Days) from the earlier of the (i) the date such Person receives notice of such failure and (ii) the date such Person
has actual knowledge thereof; provided that the Borrower and/or the Parent may remedy such failure by performing or causing to be performed
such action in place of such party prior to the expiration of the applicable cure period.

 

(e) Validity
of Transaction Documents. (i) This Loan Agreement or any other Transaction Document shall (except in accordance with its terms), in
whole or in part, cease to be the legally valid, binding and enforceable obligation of the Borrower or the Parent, or cease to be in full
force and effect, (ii) the Borrower or the Parent, shall directly or indirectly contest in any manner such effectiveness, validity, binding
nature or enforceability of such document, (iii) any other party (other than any of the Lenders, the Administrative Agent or any other
Affected Party) shall directly or indirectly contest such effectiveness, validity, binding nature or enforceability of such document or
(iv) this Loan Agreement together with the Account Control Agreement shall cease to create a valid Lien in favor of the Administrative
Agent in the Collateral, or the Lien of the Administrative Agent in the Collateral shall cease to be a valid and enforceable first priority
perfected Lien, free and clear of any Adverse Claim.

 

(f) Bankruptcy.
An Event of Bankruptcy shall have occurred with respect to the Borrower.

 

(g) Change
in Control. A Change in Control shall have occurred with respect to the Borrower or the Parent.

 

(h) Tax
Liens; ERISA Liens. The Internal Revenue Service shall file notice of a Lien pursuant to the Code with regard to any assets of the
Borrower or the Parent, or the PBGC shall, or shall indicate its intention to, file notice of a Lien pursuant to Section 4068 of ERISA
with regard to any of the assets of the Borrower or the Parent in excess of $100,000; provided, however, that in each case the filing
of such a notice of Lien shall not be an Event of Default for so long as such filing is being contested in good faith by appropriate proceedings
and with respect to which adequate reserves have been set aside. Notwithstanding anything provided in the preceding sentence, no Adverse
Claim shall be permitted with respect to any Collateral.

 

(i) Defaults.
A default by the Borrower (after giving effect to the applicable grace period) shall have occurred and be continuing under any instrument,
agreement or legal commitment evidencing, securing or providing for indebtedness, following which the provider or holder of such indebtedness
has the right to accelerate the maturity thereof.

 

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(j) Monetary
Judgment. One or more judgments for the payment of money in an aggregate amount in excess of $50,000 shall be rendered against the
Borrower, and shall remain unpaid or undischarged, or a stay of execution thereof shall not be obtained, within ten (10) days from the
date of entry thereof.

 

(k) Material
Adverse Effect. An event has occurred that has had or could reasonably be expected to have a Material Adverse Effect.

 

(l) Servicer
Termination Events. (i) A Servicer Termination Event shall have occurred and be continuing, but only if the Servicer has not been
replaced by a Successor Servicer in accordance with the terms and conditions of the Servicing Agreement or if such Servicer Termination
Event causes a Material Adverse Effect or (ii) regardless of whether a Servicer Termination Event shall have occurred or be continuing,
the Servicer shall fail to perform or observe any term, covenant or agreement contained in any Transaction Document to which it is party
on its part to be performed or observed or any representation or warranty made or deemed made by the Servicer under or in connection with
any Transaction Document to which it is a party or any information or report delivered by or on behalf of the Servicer to the Administrative
Agent or any Lender under the Servicing Agreement or under any other Transaction Document shall prove to have been incorrect or untrue
in any material respect when made or delivered (or when such representation, warranty, information or report is deemed to have been made
or delivered) and, in each case, such failure or incorrect or untrue representation, warranty, information or report has a material adverse
effect on the validity, enforceability, collectability, Lender Valuation or Net Death Benefit of one or more Pledged Policies.

 

(m) Investment
Company Act. (i) The Borrower or the Parent shall become an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or any of the foregoing is
at any time not an “investment company” or a company “controlled” by an “investment company” within
the meaning of the Investment Company Act of 1940, as amended, solely by virtue of an exception pursuant to Section 3(c)(1) or 3(c)(7)
thereof or (ii) the Issuer shall become a “covered fund” under Section 13 of the Bank Holding Company Act of 1956, as
amended.

 

(n) Organizational
Document Amendments. The Borrower shall make any material amendment to any of the Borrower Organizational Documents without the prior
written consent of the Required Lenders, such consent not to be unreasonably withheld.

 

(o) Subject
Policy Grace Period. Any Pledged Policy enters a “grace period” and is not restored to good standing within five (5) Business
Days after the start of such “grace period”; provided, however, that any Pledged Policy may be permitted to lapse with the
prior written consent of the Required Lenders, in their sole and absolute discretion.

 

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(p) ‎Letter
Agreement. The occurrence of any Event of Default set forth in ‎the Letter Agreement.‎

 

Section 10.2 Remedies.

 

(a) Optional
Termination. Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in Section
10.1(f)), the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, declare the Advances
and other Obligations to be due and payable and the Lenders’ Commitments (if not theretofore terminated) to be terminated, whereupon
the full unpaid amount of all the Advances and other Obligations (including, without limitation, any Yield Maintenance Fees payable pursuant
to Section 4.2) shall be and become immediately due and payable (and the Maturity Date shall be deemed to have occurred), without
further notice, demand or presentment, and the Lenders’ Commitments shall terminate.

 

(b) Automatic
Termination. Upon the occurrence of an Event of Default described in Section 10.1(f), the Lenders’ Commitments shall
be deemed to have been terminated automatically and the Commitment Termination Date shall be deemed to have occurred automatically and
all outstanding Advances and other Obligations (including, without limitation, any Yield Maintenance Fees payable pursuant to Section
4.2) shall become immediately and automatically due and payable (and the Maturity Date shall be deemed to have occurred for all of
the Advances), all without presentment, demand, protest, or notice of any kind.

 

(c) [Reserved].

 

(d) Additional
Rights and Remedies. In addition to all rights and remedies under this Loan Agreement or otherwise, the Lenders and the Administrative
Agent shall have all other rights and remedies provided under the relevant UCC and under other Applicable Laws, which rights and remedies
shall be cumulative (including, without limitation, the right to exercise all rights and remedies with respect to the Borrower/Parent
Note and the related Allonge and the Second Borrower/Parent Note and the related Second Allonge). Without limiting the generality of the
foregoing, on and after the occurrence of an Event of Default, the Administrative Agent (on behalf of the Secured Parties and at the direction
of the Required Lenders) may without being required to give any notice (except as herein provided or as may be required by mandatory provisions
of law), sell the Collateral or any part thereof (including, without limitation, the Borrower/Parent Note or the Second Borrower/Parent
Note) in any commercially reasonable manner at public or private sale, for cash, upon credit or for future delivery, as directed by the
Required Lenders, and at such price or prices as the Required Lenders, may deem satisfactory. Any Lender or the Administrative Agent may
participate as a bidder in any such sale and the Administrative Agent may credit bid in such sale. The Borrower will execute and deliver
such documents and take such other action as the Administrative Agent reasonably deems necessary or advisable in order that any such sale
may be made in compliance with Applicable Law. Upon any such sale, the Administrative Agent shall have the right to deliver, assign and
transfer to the purchaser thereof the Collateral so sold. Each purchaser at any such sale shall hold the Collateral so sold to it absolutely
and free from any claim or right of whatsoever kind, including any equity or right of redemption of the Borrower which may be waived,
and the Borrower, to the extent permitted by Applicable Law, hereby specifically waives all rights of redemption, stay or appraisal which
it has or may have under any law now existing or hereafter adopted. The Administrative Agent at the direction of the Required Lenders,
instead of exercising the power of sale herein conferred upon it, may proceed by a suit or suits at law or in equity to foreclose the
security interests in the Collateral and sell the Collateral, or any portion thereof, under a judgment or decree of a court or courts
of competent jurisdiction.

 

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(e) Power
of Attorney. In furtherance of the rights, powers and remedies of the Administrative Agent and the Lenders, from and after December
14, 2021, the Borrower hereby irrevocably appoints the Administrative Agent, its true and lawful attorney, which appointment is coupled
with an interest and is irrevocable, with full power of substitution, in the name of the Borrower, or otherwise, for the sole use and
benefit of the Administrative Agent (for the further benefit of the Secured Parties), but at the Borrower’s expense, to the extent
permitted by law, in the form set forth on Exhibit A to the Letter Agreement Amendment, to exercise, at any time and from time to time,
on or after December 14, 2021, all or any of the following powers with respect to all or any of the Collateral:

 

(i) to
demand, sue for, collect, receive and give acquittance for any and all monies due or to become due thereon or by virtue thereof,

 

(ii) to
settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto,

 

(iii) to
sell, transfer, assign, seize or otherwise deal in or with the Collateral or the proceeds or avails thereof, as fully and effectually
as if the Administrative Agent was the absolute owner thereof, and

 

(iv) to
extend the time of payment of any or all thereof and to make any allowance and other adjustments with reference thereto;

 

provided that the Administrative Agent shall give
the Borrower at least ten (10) days’ prior written notice of the time and place of any public sale or the time after which any private
sale or other intended disposition of any of the Collateral is to be made. The Borrower agrees that such notice constitutes “reasonable
notification” within the meaning of Section 9-611 (or other section of similar content) of the relevant UCC.

 

(f) Conflict
of Rights. Notwithstanding anything to the contrary contained in this Loan Agreement, if at any time the rights, powers and privileges
of the Required Lenders, or the Administrative Agent following the occurrence of an Event of Default conflict (or are inconsistent) with
the rights and obligations of the Servicer, the rights, powers and privileges of the Required Lenders, or the Administrative Agent shall
supersede the rights and obligations of the Servicer to the extent of such conflict (or inconsistency), with the express intent of maximizing
the rights, powers and privileges of the Required Lenders and the Administrative Agent following the occurrence of an Event of Default.

 

(g) Contract
to Extend Financial Accommodations. The parties hereto acknowledge that this Loan Agreement is, and is intended to be, a contract
to extend financial accommodations to the Borrower within the meaning of Section 365(e)(2)(B) of the Federal Bankruptcy Code (11 U.S.C.
§ 365(e)(2)(B)) (or any amended or successor provision thereof or any amended or successor code).

 

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(h) Cumulative
Rights. For the avoidance of doubt, the rights and remedies granted to the Lenders or the Administrative Agent under this Loan Agreement,
any other Transaction Document, the relevant UCC or any other Applicable Law are cumulative and not exclusive, and the exercise of any
such rights and remedies will not be waived or deemed waived by any such Person merely by the receipt of or acceptance by such Person
of amounts on deposit in the Collection Account that are distributed pursuant to Section 5.2(c) of this Loan Agreement.

 

ARTICLE
XI

INDEMNIFICATION

 

Section 11.1 General Indemnity.
Without limiting any other rights which any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify
each Lender and the Administrative Agent (on their own behalf and on behalf of each of the Lenders’ and the Administrative Agent’s
Affiliates and each of such entities’ respective successors, transferees, participants and assigns and all officers, directors,
shareholders, controlling persons, employees and agents of any of the foregoing) (each of the foregoing Persons being individually called
an “Indemnified Party”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and
related and reasonable costs and expenses actually incurred, including reasonable attorneys’ fees and disbursements actually incurred
(all of the foregoing being collectively called “Indemnified Amounts”) awarded against or incurred by any of them
arising out of or relating to any Transaction Document or the transactions contemplated thereby, the acceptance and administration of
this Loan Agreement by such Person, any commingling of funds related to the transactions contemplated hereby (whether or not permitted
hereunder), or the use of proceeds therefrom by the Borrower, including (without limitation) in respect of the funding of any Advance
or in respect of any Policy; excluding, however, (i) Indemnified Amounts to the extent determined by a court of competent jurisdiction
to have resulted from gross negligence, fraud or willful misconduct on the part of any Indemnified Party as determined by a court of
competent jurisdiction in a final non-appealable judgment (BUT EXPRESSLY EXCLUDING FROM THIS CLAUSE (i), AND EXPRESSLY INCLUDING IN THE
INDEMNITY SET FORTH IN THIS SECTION 11.1, INDEMNIFIED AMOUNTS ATTRIBUTABLE TO THE ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE OF
SUCH INDEMNIFIED PARTY, IT BEING THE INTENT OF THE PARTIES THAT, TO THE EXTENT PROVIDED IN THIS SECTION 11.1, INDEMNIFIED PARTIES
SHALL BE INDEMNIFIED FOR THEIR OWN ORDINARY, SOLE OR CONTRIBUTORY NEGLIGENCE NOT CONSTITUTING GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT),
and (ii) any Tax upon or measured by net income (except those described in Section 6.1(a)) on any Indemnified Party; including
(without limitation), however, Indemnified Amounts resulting from or relating to:

 

(i) any
representation or warranty made by or on behalf of the Borrower or the Parent in any Transaction Document to which it is a party, which
was incorrect in any respect when made;

 

(ii) failure
by the Borrower or the Parent to comply with any covenant made by it, or perform any obligation to be performed by it, in any Transaction
Document to which it is a party;

 

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(iii) except
as expressly set forth in this Loan Agreement, the failure by the Borrower or the Parent to create and maintain in favor of the Administrative
Agent, for the benefit of the Secured Parties a valid perfected first priority security interest in the Collateral, free and clear of
any Adverse Claim;

 

(iv) the
Borrower’s use of the proceeds of the Advances;

 

(v) the
failure by the Borrower to pay when due any Taxes (including sales, excise or personal property taxes) payable in connection with the
purchase and sale of the Collateral;

 

(vi) the
commingling of the Collections with other funds of the Borrower;

 

(vii) any
legal action, judgment or garnishment affecting, or with respect to, distributions on any Pledged Policy or the Transaction Documents;
and

 

(viii) any
failure to comply with any Applicable Law with respect to any Pledged Policy or any other part of the Collateral.

 

If and to the extent that the foregoing undertaking
may be unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment of the amounts indemnified
against in this Section 11.1 that is permissible under Applicable Law.

 

ARTICLE
XII

ADMINISTRATIVE AGENT

 

Section 12.1 Appointment.
Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Loan Agreement
and the other Transaction Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take
such action on its behalf under the provisions of this Loan Agreement and the other Transaction Documents and to exercise such powers
and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Loan Agreement and the other Transaction
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere
in this Loan Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein,
or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Loan Agreement or any other Transaction Document or otherwise exist against the Administrative Agent.

 

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Section 12.2 Delegation
of Duties. The Administrative Agent may execute any of its duties under this Loan Agreement
and the other Transaction Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

 

Section 12.3 Exculpatory
Provisions. Neither the Administrative Agent nor any of its officers, directors, employees,
agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person
under or in connection with this Loan Agreement or any other Transaction Document (except for its or such Person’s own gross negligence,
fraud or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or
warranties made by the Borrower, the Parent, the Custodian, the Securities Intermediary or the Servicer or any officer thereof contained
in this Loan Agreement or any other Transaction Document or in any certificate, report, statement or other document referred to or provided
for in, or received by the Administrative Agent under or in connection with, this Loan Agreement or any other Transaction Document or
for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Loan Agreement or any other Transaction Document
or for any failure of the Borrower, the Parent, the Custodian, the Securities Intermediary or the Servicer to perform its obligations
hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Loan Agreement or any other Transaction Document,
or to inspect the properties, books or records of the Borrower, the Parent, the Custodian, the Securities Intermediary or the Servicer.
The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to this Loan Agreement, any other Transaction Document or Applicable Law, including
for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may affect a
forfeiture, modification or termination of property of any Lender.

 

Section 12.4 Reliance
by the Administrative Agent. The Administrative Agent shall be entitled to rely, and shall
be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex,
e-mail or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation,
counsel to the Borrower or the Servicer), independent accountants and other experts selected by the Administrative Agent. The Administrative
Agent may deem and treat each Lender as the owner of its pro rata share of the Advances for all purposes unless a written notice of assignment,
negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified
in failing or refusing to take any action under this Loan Agreement or any other Transaction Document unless it shall first receive such
advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Subject
to the Transaction Documents, the Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Loan Agreement and the other Transaction Documents in accordance with a request of the Required Lenders, and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of an interest in
any of the Lender Notes.

 

Section 12.5 Notice
of Default. The Administrative Agent shall not be deemed to have knowledge or notice of
the occurrence of any Unmatured Event of Default or Event of Default hereunder unless the Administrative Agent has received written notice
from a Lender referring to this Loan Agreement, describing such Unmatured Event of Default or Event of Default and stating that such
notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent
shall give notice thereof to the Lenders. The Administrative Agent shall take such action, subject to the Transaction Documents with
respect to such Unmatured Event of Default or Event of Default as shall be directed by the Required Lenders.

 

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Section 12.6 Non-Reliance
on the Administrative Agent and Other Lenders. Each Lender expressly acknowledges that
neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any
representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs
of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender.
Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any
other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation
into, the business, operations, property, financial and other condition and creditworthiness of the Borrower and the Servicer and made
its own decision to make its Advances hereunder and enter into this Loan Agreement. Each Lender also represents that it will, independently
and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this
Loan Agreement and the other Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business,
operations, property, financial and other condition and creditworthiness of the Borrower and the Servicer. Except for notices, reports
and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent
shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations,
property, condition (financial or otherwise), prospects or creditworthiness of the Borrower or the Servicer which may come into the possession
of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

 

Section 12.7 Indemnification.
The Lenders agree to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so), ratably according to their outstanding Advances, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may
at any time (including, without limitation, at any time following the payment of all of the Lender Notes) be imposed on, incurred by
or asserted against the Administrative Agent in any way relating to or arising out of, the Commitments, this Loan Agreement, any of the
other Transaction Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby
or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that
no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting solely from the Administrative Agent’s gross negligence, fraud or willful misconduct.
The agreements in this Section 12.7 shall survive the payment of all of the Lender Notes and all other amounts payable hereunder
and the termination of this Loan Agreement.

 

Section 12.8 The Administrative
Agent in Its Individual Capacity. The Administrative Agent and its Affiliates may make
loans to, accept deposits from and generally engage in any kind of business with the Borrower or the Servicer or any of their Affiliates
as though the Administrative Agent were not the Administrative Agent hereunder and under the other Transaction Documents. With respect
to Advances made or renewed by it, the Administrative Agent shall have the same rights and powers under this Loan Agreement and the other
Transaction Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender”
and “Lenders” shall include the Administrative Agent in its individual capacity.

 

Section 12.9 Successor
Administrative Agent. The Administrative Agent may resign as the Administrative Agent
upon twenty (20) days’ notice to the Lenders effective upon the appointment of a successor agent. If the Administrative Agent shall
resign as the Administrative Agent under this Loan Agreement and the other Transaction Documents, then the Required Lenders shall appoint
a successor agent for the Lenders, which successor agent shall be the initial Administrative Agent, an Affiliate of either the outgoing
Administrative Agent or the initial Administrative Agent or a commercial bank organized under the laws of the United States of America
or any State thereof or under the laws of another country which is doing business in the United States of America and, if such successor
agent is not the initial Administrative Agent, an Affiliate of either the outgoing Administrative Agent or the initial Administrative
Agent, together with its Affiliates, having a combined capital, surplus and undivided profits of at least $100,000,000, whereupon such
successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent”
shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers
and duties as the Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative
Agent or any of the parties to this Loan Agreement or any holders of an interest in any of the Lender Notes. After any retiring Administrative
Agent’s resignation as the Administrative Agent, all of the provisions of this Article XII shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was the Administrative Agent under this Loan Agreement and the other Transaction
Documents.

 

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ARTICLE
XIII

MISCELLANEOUS

 

Section 13.1 Amendments,
Etc. No amendment or waiver of, or consent to the Borrower’s departure from, any provision of this Loan Agreement shall be effective
unless it is in writing and signed by the Borrower and the Administrative Agent, with the written consent of the Required Lenders (or,
in the case of any amendment, waiver or consent that would result in a decrease in the interest rate on any Advance, the extension of
the Commitment Termination Date, a reduction in the principal amount of any Advance, an extension of time to make any payment of principal
or interest on any Advance, or a release of all or any of the Collateral (other than as expressly contemplated hereunder), by each Affected
Party), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which
it was given.

 

Section 13.2 Notices,
Etc. All notices, directions, instructions, demands and other communications provided for hereunder shall, unless otherwise stated
herein, be in writing (including electronic mail communication) and sent to each party entitled thereto, at its address set forth on Schedule
13.2, or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices,
directions, instructions, demands and communications shall be effective: (a) if sent by overnight courier, on the Business Day after the
day sent, (b) if by U.S. mail, three (3) Business Days after being deposited in the mail, (c) if delivered personally, when delivered,
and (d) if sent by electronic mail, when the sender thereof shall have received electronic confirmation of the transmission thereof (provided
that should such day not be a Business Day, on the next Business Day), except any such notice, direction, demands or other communications
to the Administrative Agent shall only be effective upon actual receipt.

 

Section 13.3 No Waiver;
Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in exercising, any right hereunder
or under any Transaction Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude
any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive
of any remedies provided by law. For the avoidance of doubt, the execution by the Lenders and the Administrative Agent of this Loan Agreement
shall not operate as a waiver of any breach by the Borrower of any of its representations, warranties or obligations under the Amended
and Restated Loan Agreement or the other Transaction Documents. The Lenders and the Administrative Agent hereby agree (i) that no Change
in Control of the Borrower or the Parent occurred with respect to the series of transactions consummated by the Master Exchange Agreement
and the Purchase and Contribution Agreement and (ii) that to the extent the Borrower previously deposited any amounts received as capital
contributions from the Parent into the Collection Account and/or the Borrower Account, such deposits shall not constitute an Event of
Default hereunder (it being understood that the foregoing agreements shall not extend to any other event or circumstance).

 

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Section 13.4 Binding
Effect; Assignability; Term. This Loan Agreement shall be binding upon and inure to the benefit of the Borrower, each Lender and the
Administrative Agent, and their respective successors and assigns, except that no party shall have the right to assign any of their respective
rights, or to delegate any of their respective duties and obligations, hereunder without the prior written consent of the other parties
except as set forth below. Any Lender may assign all or any portion of its Lender Note, Commitment and Advances hereunder pursuant to
an assignment and assumption agreement in substantially the form attached hereto as Exhibit C (each, an “Assignment and Assumption
Agreement”) or sell participation interests in its Advances and Obligations hereunder. This Loan Agreement shall create and
constitute the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until
such time as the Commitments have terminated and all the principal of and interest on the Advances and all other Obligations are paid
in full; provided that rights and remedies of the Lenders and the Administrative Agent, as applicable, under Article XI and Section
3.1, Section 3.3 and Section 13.8 shall survive any termination of this Loan Agreement. Each Indemnified Bank Person
shall be an express third-party beneficiary of Section 5.2 of this Loan Agreement and shall be entitled to bring any action necessary
to enforce its rights thereunder.

 

Section 13.5 GOVERNING
LAW; JURY TRIAL. (a) THIS LOAN AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, EXCLUDING CHOICE OF LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

 

(b) EACH
OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED BY THIS LOAN AGREEMENT OR THE
OTHER TRANSACTION DOCUMENTS.

 

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Section 13.6 Execution
in Counterparts; Electronic Records. This Loan Agreement may be executed in any number of counterparts and by different parties hereto
in separate counterparts (including both paper and electronic counterparts), each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same agreement. Any Transaction Document, including any required to
be in writing, may (if agreed by Administrative Agent) be in the ‎form of an Electronic Record and may be executed using Electronic
Signatures. An Electronic ‎Signature on or associated with any Transaction Document shall be valid and binding on Borrower thereto
to the same extent as a manual, original signature, and any Transaction Document ‎entered into by Electronic Signature shall constitute
the legal, valid and binding obligation of each ‎party, enforceable to the same extent as if a manually executed original signature
were delivered. The parties may use or accept manually signed paper communications converted ‎into electronic form (such as scanned
into pdf), or electronically signed communications converted ‎into other formats, for transmission, delivery and/or retention. Administrative
Agent and Lenders may, at their ‎option, create one or more copies of a communication in the form of an imaged Electronic Record ‎‎(“Electronic
Copy”), which shall be deemed created in the ordinary course of the Person’s business, ‎and may destroy the original paper
document. Any communication or Transaction Document in the form or format of an ‎Electronic Record, including an Electronic Copy,
shall be considered an original for all purposes, ‎and shall have the same legal effect, validity and enforceability as a paper record.
Notwithstanding ‎anything herein, (a) Administrative Agent is under no obligation to accept an Electronic Signature in any form ‎unless
expressly agreed by it pursuant to procedures approved by it; (b) Administrative Agent and each Lender shall be ‎entitled to rely
on any Electronic Signature purportedly given by or on behalf of Borrower without ‎further verification and regardless of the appearance
or form of such Electronic Signature; and (c) ‎upon request by Administrative Agent, any Transaction Document using an Electronic
Signature shall be promptly ‎followed by a manually executed, original counterpart.‎

 

Section 13.7 Submission
to Jurisdiction. Each party hereto hereby submits to the exclusive mandatory jurisdiction of the courts of the State of New York and
of any Federal court located in the State of New York (or any appellate court from any thereof) in any action or proceeding arising out
of or relating to this Loan Agreement or the transactions contemplated hereby. Each party hereto hereby irrevocably waives any objection
that it may have to the laying of venue of any such proceeding and any claim that any such proceeding has been brought in an inconvenient
forum.

 

Section 13.8 Costs and
Expenses. In addition to its obligations under Section 3.3 and Article XI, the Borrower agrees to pay on demand:

 

(a) all
reasonable and actual costs and expenses incurred by the Administrative Agent and each Lender in connection with (i) the preparation,
execution, delivery, administration and enforcement of, or any actual or claimed breach of or any amendments, waivers or consents under
or with respect to, this Loan Agreement, the Lender Notes and the other Transaction Documents (whether or not such amendment, waiver or
consent becomes effective), including, without limitation, the reasonable fees and expenses of counsel to any of such Persons actually
incurred in connection therewith, (ii) the perfection of Administrative Agent’s security interest in the Collateral, (iii) the maintenance
of the Accounts, the Policy Account and the Borrower Account, and (iv) subject to Section 9.1(i), the audit of the books, records
and procedures of the Servicer or the Borrower by the Administrative Agent’s auditors (which may be employees of the Administrative
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(b) all
stamp and other Taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of
this Loan Agreement, the Lender Notes or the other Transaction Documents, and agrees to indemnify each Indemnified Party against any liabilities
with respect to or resulting from any delay in paying or omission to pay such Taxes and fees.

 

Section 13.9 Severability
of Provisions. If any one or more provisions of this Loan Agreement shall for any reason be held invalid, then such provisions shall
be deemed severable from the remaining provisions of this Loan Agreement and shall in no way affect the validity or enforceability of
other provisions of this Loan Agreement.

 

Section 13.10 ENTIRE
AGREEMENT. THIS LOAN AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

Section 13.11 Conflicts.
With respect to the matters set forth herein, in the event of any conflict between the provisions of this Loan Agreement and the provisions
of any collateral assignment related to a Pledged Policy, the provisions of this Loan Agreement shall govern and control.

 

Section 13.12 Confidentiality.
No party to this Loan Agreement that receives any Confidential Information (the “Receiving Party”) from any other party
(the “Disclosing Party”) under this Loan Agreement or any other Transaction Document shall disclose any Confidential
Information of the Disclosing Party to any Person without the consent of the Disclosing Party, other than (a) to the Servicer, the Securities
Intermediary, the Custodian and the Receiving Party’s Affiliates and its and their respective officers, directors, employees, trustees,
agents and advisors (collectively, its “Representatives”) and to actual or prospective assignees under Section 13.4,
and then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, including any requirements
to make disclosures thereof pursuant to applicable securities laws, (c) as requested or required by any state, Federal or foreign authority
or examiner (including the National Association of Insurance Commissioners or any similar organization or quasi-regulatory authority)
regulating the Receiving Party, the Servicer, the Securities Intermediary, the Custodian and/or their respective Affiliates, (d) to any
rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality
of any Confidential Information relating to the Disclosing Party received by it from the Receiving Party, (e) in connection with any litigation
or proceeding to which the Receiving Party, the Servicer, the Securities Intermediary, the Custodian and/or their respective Affiliates
may be a party, (f) in connection with the exercise of any right or remedy under this Loan Agreement or any other Transaction Document,
and any related or subsequent sale or other transaction involving any of the Collateral or other collateral or assets pledged pursuant
to any Transaction Document to secure the repayment of the Advances or (g) if any such Confidential Information becomes publicly available
so long as such availability is not caused by the Receiving Party or any of its Affiliates or any of their respective officers, directors,
employees, trustee, agents and advisors. Notwithstanding the foregoing, it is expressly agreed that following the Closing Date and the
date hereof, the Lenders may make or cause to be made a press release, public announcement or publicity statement (including placing a
“tombstone” advertisement) relating to this Loan Agreement; provided that the parties hereto will consult with each other
regarding the content and timing of any such press release, public announcement or publicity statement.

 

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Section 13.13 Limitation
on Liability. TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND NOTWITHSTANDING ANY OTHER PROVISION OF THIS LOAN AGREEMENT OR THE OTHER
TRANSACTION DOCUMENTS, THE ADMINISTRATIVE AGENT, THE LENDERS OR ANY INDEMNIFIED PARTY SHALL NOT BE LIABLE TO ANY PARTY FOR ANY INDIRECT,
SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH THEIR RESPECTIVE ACTIVITIES RELATED TO THIS LOAN AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS, THE TRANSACTIONS CONTEMPLATED THEREBY, THE LENDER NOTES, THE ADVANCES OR OTHERWISE IN CONNECTION WITH THE FOREGOING. WITHOUT
LIMITING THE FOREGOING, THE PARTIES AGREE THAT THE ADMINISTRATIVE AGENT, THE LENDERS OR ANY INDEMNIFIED PARTY SHALL NOT BE SUBJECT TO
ANY EQUITABLE REMEDY OR RELIEF, INCLUDING SPECIFIC PERFORMANCE OR INJUNCTION ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT, THE OTHER
TRANSACTION DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED THEREBY. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IN NO EVENT SHALL LENDERS’
LIABILITY FOR FAILURE TO FUND ANY ADVANCE EXCEED THE AMOUNT OF SUCH ADVANCE AND ONE MILLION DOLLARS ($1,000,000) IN AGGREGATE FOR ALL
ADVANCES, AND IN FURTHER LIMITATION OF THE LENDERS’ LIABILITY ARISING OUT OF THIS LOAN AGREEMENT, IN NO EVENT SHALL LENDERS’
LIABILITY ARISING OUT OF THIS LOAN AGREEMENT FOR ANY REASON WHATSOEVER EXCEED ONE MILLION DOLLARS ($1,000,000) IN AGGREGATE FOR ALL SUCH
LIABILITIES.

 

Section 13.14 Relationship
of Parties. Notwithstanding that Advances made from time to time hereunder may be used to pay Ongoing Maintenance Costs, the relationship
of each Secured Party and the Borrower is solely one of lender and borrower and this Loan Agreement does not constitute a partnership,
tenancy-in-common, joint tenancy or joint venture between any of the Secured Parties and the Borrower, nor does this Loan Agreement create
an agency or fiduciary relationship between any of the Secured Parties and the Borrower. The Borrower is not the representative or agent
of any of the Secured Parties and no Secured Party is a representative or agent of the Borrower. The parties hereto intend that the relationship
among them shall be solely that of creditor and debtor. No Secured Party shall in any way be responsible or liable for the debts, losses,
obligations or duties of the Borrower.

 

Section 13.15 Amendment
and Restatement. This Loan Agreement is an amendment and restatement, and replacement of the Existing Loan Agreement‎, the terms
and conditions of which are superseded in their entirety ‎by the terms and conditions hereof. It is intended that the amendment and
restatement ‎contained herein shall not, in any manner, be construed or constitute payment of, or impair, limit, ‎cancel or extinguish
the obligations, liabilities or indebtedness evidenced by or arising under the Existing Loan Agreement‎, in each case, as amended
and restated and in effect on the date ‎hereof, or constitute a novation with respect thereto and the Liens and security interests
securing ‎such indebtedness and other obligations and liabilities, in each case, as amended and restated and ‎in effect on the
date hereof, shall not in any manner be impaired, limited, terminated, waived or ‎released.

 

    GWG DLP Funding IV, LLC Fifth Amended and Restated Loan and Security Agreement

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IN WITNESS WHEREOF, the parties
have caused this Fourth Amended and Restated Loan and Security Agreement to be executed by their respective officers thereunto duly authorized
as of the day and year first above written.

 

	 	GWG DLP FUNDING IV, LLC,
	 	as Borrower
	 	 
	 	By:	   
	 	Name:	 
	 	Title:	 

 

	 	CLMG CORP., as Administrative Agent
	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

	 	LNV CORPORATION, as Lender
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

	Solely for Proposes Section 7.15 of the	 
	Account Control Agreement, Consented to by:	 
	 	 
	Wells Fargo Bank, N.A., solely as	 
	Securities Intermediary under the	 
	Account Control Agreement, and not in its	 
	individual capacity	 
	 	 
	By:	 
	Name:	 
	Title:	 

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

ANNEX
I

LIST OF DEFINED TERMS

 

‎“2019 Change
in Control Event‎” has the meaning set forth in the recitals to the Loan Agreement.

 

“21st”
means ITM TwentyFirst, LLC and its Affiliates and their respective successors.

 

“Account Control
Agreement” means the Securities Intermediary Agreement, dated as of September 14, 2016, among the Borrower, the Administrative
Agent, the Securities Intermediary, the Custodian and the Servicer, specifying the rights of the parties in the Accounts, the Policy Account
and the Borrower Account, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the Transaction
Documents.

 

“Accounts”
means the Collection Account, the Reserve Account and the Payment Account, collectively.

 

“Acknowledgement”
means, with respect to any Policy, a written acknowledgement from the related Issuing Insurance Company confirming that the records of
the Issuing Insurance Company name the Securities Intermediary as the owner and beneficiary of the applicable Policy.

 

“Administrative Agent”
means CLMG Corp., as Administrative Agent under the Loan Agreement.

 

“Administrative Agent’s
Account” has the meaning set forth in Section 4.3 of the Loan Agreement.

 

“Advance”
and “Advances” each has the meaning set forth in Section 2.1(d) of the Loan Agreement.

 

“Advance Date”
means any date on which an Advance is funded by the Lenders pursuant to the terms of the Loan Agreement.

 

“Adverse Claim”
means a Lien, security interest, pledge, charge or encumbrance, or similar right or claim of any Person, other than Liens in favor of
(i) the Administrative Agent pursuant to the Transaction Documents or (ii) in the case of a Retained Death Benefit Policy, an original
owner, insured or seller or any family member of any of the foregoing of a Pledged Policy or Subject Policy, but only to the extent of
the portion of the death benefit retained by or in favor of such Person.

 

“Affected Party”
means each Lender, any permitted assignee of any Lender, and any holder of a participation interest in the rights and obligations of any
Lender, the Administrative Agent and any Affiliate of any of the foregoing.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Affiliate”
means, with respect to any Person, any other Person that (i) directly or indirectly controls, is controlled by or is under common control
with such Person or (ii) is an officer or director of such Person. A Person shall be deemed to be “controlled by” another
Person if such other Person possesses, directly or indirectly, power (a) to vote five percent (5%) or more of the securities (on a fully
diluted basis) having ordinary voting power for the election of directors or managing partners of such Person, or (b) to direct or cause
the direction of the management and policies of such Person whether by contract or otherwise. The word “Affiliated” has a
correlative meaning.

 

“Affiliated Entity”
means any Subsidiary of the Borrower and any of its or the Borrower’s Affiliates.

 

“Allonge”
means an allonge executed in blank in favor of the Administrative Agent with respect to the ‎Borrower/Parent Note.

 

“Alternative Information
Notice” has the meaning set forth in Section 5.2(a) of the Loan Agreement.

 

“A.M. Best”
means A.M. Best Company, Inc. and any successor or successors thereto.

 

‎“Amended and
Restated Loan Agreement”‎ has the meaning given such term in the recitals to the Loan Agreement.

 

“Annual Budget”
has the meaning specified in Section 9.1(d)(vi) of the Loan Agreement.

 

“Anti-Money Laundering
Laws” has the meaning set forth in Section 8.1(v)(iii) of the Loan Agreement.

 

“Applicable Law”
means, as to any Person or any matter, any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or
of any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority)
thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government,
and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing, in
each case applicable to or binding upon such Person (or any of its property) or such matter, or to which such Person (or any of its property)
or such matter is subject, including, without limitation, any laws relating to assignments of contracts, life settlements, viatical settlements,
insurance, consumers and consumer protection, usury, truth-in-lending, fair credit reporting, equal credit opportunity, federal and state
securities or “blue sky” laws, the Federal Trade Commission Act and ERISA and in the case of Section 6.3 of the Loan
Agreement, FATCA.

 

“Applicable Margin”
means four percent (4.0%).

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Assignment and Assumption
Agreement” has the meaning set forth in Section 13.4 of the Loan Agreement.

 

“Available Amount”
means, with respect to any Distribution Date, the amount on deposit in the Collection Account.

 

“AVS” means
AVS Underwriting, LLC and its successors.

 

“Benchmark Rate”
means, for any date of determination, the greater of (a) the sum of (i) the Federal Funds Rate on such date plus (ii) one-half of one
percent (0.50%) and (b) one percent (1.0%).

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Blocked Person”
has the meaning set forth in Section 8.1(v)(i) of the Loan Agreement.

 

“Borrower”
has the meaning set forth in the recitals to the Loan Agreement.

 

“Borrower Account”
has the meaning set forth in Section 5.1(d) of the Loan Agreement.

 

“Borrower Failure
Procedures” has the meaning set forth in Section 5.2(a) of the Loan Agreement.

 

“Borrower Organizational
Documents” means the certificate of formation filed on May 18, 2016 with the office of the Delaware Secretary of State, and
the LLC Agreement, each as the same may be amended, supplemented or otherwise modified from time to time in accordance with the Transaction
Documents.

 

“Borrower/Parent
Note” means a promissory note evidencing a thirty million dollar ($30,000,000) loan made by the Borrower to the Parent on September
7, 2021 with the proceeds of Existing Advances.

 

‎“Borrower Valuation”
has the meaning set forth in Section 7.3(b) of the Loan Agreement.‎

 

“Borrowing Base”
means, on any date of determination, the lesser of: (A) the sum of all of the following amounts that have been funded or are to be funded
through the succeeding Distribution Date, without duplication (i) the Advances (other than Ongoing Maintenance Advances)‎, plus (ii)
one-hundred percent (100%) of the sum of the Ongoing Maintenance Costs, plus (iii) one-hundred percent (100%) of any other Fees and Expense
Deposits and other fees and expenses funded and to be funded as approved by the Required Lenders in their sole and absolute discretion,
less (iv) the aggregate of all amounts previously paid by the Borrower to the Administrative Agent, for the account of the Lenders, in
respect of principal on the Advances and any repayment of principal on the Advances to be paid pursuant to the Priority of Payments on
the immediately succeeding Distribution Date; (B) sixty percent (60%) of the Lender Valuation of the Pledged Policies (provided that solely
during the period from the Fifth A&R Closing Date through February 1, 2022 such percentage shall be seventy-eight percent (78%));
(C) forty-five percent (45%) of the aggregate face amount of the Pledged Policies (other than the Excluded Policies); and (D) the Facility
Limit.

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Borrowing Base Certificate”
means a certificate in the form of Exhibit F to the Loan Agreement.

 

“Borrowing Request”
has the meaning set forth in Section 2.2(a) of the Loan Agreement.

 

‎“Business Day”
means any day on which commercial banks in any of New York, New ‎York, Wilmington, Delaware Salt Lake City, Utah, Dallas, Texas or
Minneapolis, Minnesota ‎, are ‎not authorized or are not required to be closed. Notwithstanding the immediately preceding ‎sentence,
with respect to any funding obligations of the Lenders under the Loan Agreement, ‎Business Day means any day on which the Federal
Reserve Bank of New York is open for ‎business.‎

 

“Calculation Date”
means the tenth (10th) day following March 31, June 30, September 30 or December 31 of each year, as applicable, beginning on September
30, 2016, or if such day is not a Business Day, the next succeeding Business Day, and any other days that may be designated as Calculation
Dates in accordance with Section 5.2(f) of the Loan Agreement.

 

“Calculation Date
Report” has the meaning set forth in Section 5.2(a) of the Loan Agreement.

 

“Cash Sweep”
has the meaning set forth in Section 5.2(b) of the Loan Agreement.

 

“Change in Control”
means a change or series of changes resulting when (i) the Borrower or the Parent, as applicable, merges or consolidates with any other
Person or permits any other Person to become the successor to its business, and the Borrower or the Parent, as applicable, is not the
surviving entity after such merger, consolidation or succession, other than as expressly permitted by the Transaction Documents, (ii) the
Borrower or the Parent, as applicable, conveys, transfers or leases substantially all of its assets as an entirety to another Person,
other than as expressly permitted by the Transaction Documents or (iii) any Person shall become the owner, directly or indirectly, beneficially
or of record, of equity representing more than fifty percent (50%) of the aggregate ordinary voting power represented by the issued and
outstanding equity of the Borrower or the Parent. Notwithstanding the foregoing, the Separation Activities, in and of themselves, shall
not constitute a Change of Control.

 

“Change Forms”
means, with respect to any Policy, all documents required by the applicable Issuing Insurance Company to be executed by the Borrower (or
the Securities Intermediary, as owner thereof for the benefit of the Borrower or the Administrative Agent as secured party pursuant to
the Account Control Agreement) to effect change of ownership of and designation of a new owner and beneficiary under such Policy.

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Claims”
has the meaning set forth in the Account Control Agreement.

 

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

 

“Collateral”
has the meaning set forth in Section 2.6(a) of the Loan Agreement.

 

“Collateral Audit”
has the meaning set forth in Section 9.1(i) in the Loan Agreement.

 

“Collateral Package”
means all files related to the Policies, including but not limited to, the Sale Documents and all Policy files related to the purchase
or acquisition of each Policy (which shall include the most recent Policy Illustrations, Life Expectancy estimates, the Physicians Competency
Statement and medical records available to the Borrower), all documents set forth on Exhibit M to the Account Control Agreement and any
other documents or data as requested by the Administrative Agent.

 

“Collection Account”
has the meaning set forth in Section 5.1(a) of the Loan Agreement.

 

“Collections”
means, collectively, all payments made by or on behalf of the Issuing Insurance Companies or any other Person in respect of the Policies,
including without limitation, all Liquidation Proceeds, all proceeds of Policy Loans or withdrawals of cash surrender value and any proceeds
of any other Collateral (including any proceeds of a sale pursuant to Section 2.7 of the Loan Agreement, which proceeds shall be
deposited in the Administrative Agent’s Account pursuant to Section 4.1(b) of the Loan Agreement), whether in the form of cash,
checks, wire transfers, electronic transfers or any other form of cash payment.

 

“Commitment”
means, with respect to any Lender, the maximum amount that may be advanced by such Lender under the Loan Agreement as specified in Schedule 2.1(a)
to the Loan Agreement as the same is amended pursuant to any Assignment and Assumption Agreement.

 

“Commitment Termination
Date” means the earliest to occur of: (i) the Scheduled Commitment Termination Date, and (ii) the effective date on which the
Lenders’ Commitment is terminated following the occurrence of an Event of Default not cured within any applicable cure period, as
described in Section 10.2 of the Loan Agreement.

 

“Confidential Information”
means the terms and conditions of the Loan Agreement and the other Transaction Documents and the transactions contemplated hereby and
thereby, including (i) any term sheets, loan applications or other documents related to the Loan Agreement or the Transaction Documents
and (ii) any copies of such documents or any portions thereof.

 

“Corporate Services
Provider” means Lord Securities Corporation.

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Covered Taxes”
means Taxes, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority or other taxing authority
excluding, in the case of the Administrative Agent and each Lender, net income taxes imposed on the Administrative Agent or such Lender
by the jurisdiction under the laws of which the Administrative Agent or such Lender is organized or any political subdivision or taxing
authority thereof or therein.

 

“Cure Notice”
means a written notice from the Required Lenders to the Borrower indicating that the Required Lenders are granting the Borrower a cure
period not exceeding ninety (90) days in order to cure an occurrence that would otherwise constitute an Event of Default.

 

“Custodial Package”
means with respect to a Policy, collectively, the documents set forth on Exhibit M to the Account Control Agreement.

 

“Custodian”
means Wells Fargo, together with its successors and assigns, solely in its capacity as Custodian under the Account Control Agreement.

 

“Debt Service”
means, for any period, the sum of (i) the Required Amortization and (ii) the interest accrued and that will accrue on the Advances during
such period.

 

“Default Rate”
means, in the event that an Event of Default has occurred and is continuing, the interest rate per annum at which each Loan shall bear
interest, equal to the Benchmark Rate plus nine and one half percent (9.50%).

 

“Deficiency Claim
Amount” has the meaning set forth in Section 5.1(b) of the Loan Agreement.

 

“Disclosing Party”
has the meaning set forth in Section 13.12 of the Loan Agreement.

 

“Distribution Date”
means the fifth day after each Calculation Date, beginning in October 2016, or if such day is not a Business Day, the next succeeding
Business Day.

 

‎“Division”
means the division of a limited liability company into two (2) or more limited ‎liability companies pursuant to a “plan of division”
or similar method within the meaning of the ‎Delaware Limited Liability Company Act or similar statute in any other state.‎

 

“Dollar”
and the sign “$” means lawful money of the United States of America.

 

“Early Calculation
Cash Collateral Amount”‎ has the meaning given such term in the recitals to the Loan Agreement.

 

“Electronic Copy”
shall have the meaning given such term in Section 13.6 of the Loan Agreement.

 

“Electronic Record”
and “Electronic Signature” shall each have the meaning given such term in 15 U.S.C. §7006.

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Eligibility Criteria”
with respect to any Policy, means the following criteria, which are to be satisfied as of the Advance Date as of which such Policy becomes
a Pledged Policy:

 

1. The
Securities Intermediary is designated as the “owner” and “beneficiary” under the Policy by the Issuing Insurance
Company.

 

2. The
Policy is (i) a single life or survivorship policy, (ii) a fixed or variable universal life, whole life, or convertible term (provided
such Policy is converted to a “permanent” life insurance policy prior to becoming a Pledged Policy), (iii) denominated and
payable in U.S. Dollars and (iv) issued by a U.S. domiciled insurance company.

 

3. Each
Insured is a United States citizen or permanent resident alien currently residing in the United States as of the date the Policy was acquired
by the Borrower, and has documented social security information and photographic identification.

 

4. Each
Insured shall be an individual seventy (70) years old or older.

 

5. The
Policy shall be in full force.

 

6. The
Issuing Insurance Company shall have (i) a financial strength rating of “A-” or better from A.M. Best or (ii) a financial
strength rating of less than “A-” from A.M. Best that is approved by the Required Lenders in their sole and absolute discretion.

 

7. Medical
underwriting as to Life Expectancy shall be conducted with respect to each Insured under the Policy by at least two Pre-Approved Medical
Underwriters; in addition:

 

8.
an average Life Expectancy for each Insured under the Policy shall be calculated, which shall equal the average (arithmetic mean) of
the two (2) Life Expectancies provided by the Pre-Approved Medical Underwriters with respect to such Insured;

 

9.
(x) LE Reports must not be dated more than six (6) months prior to the related Advance Date and (y) must be based on medical records
obtained from the Insured that are not older than twelve (12) months as of the related Advance Date; and

 

10.
for each Insured, the results reported in the two LE Reports used to calculate the average Life Expectancy in (g)(i) above must not differ
by more than thirty percent (30%) of the longer Life Expectancy or twelve (12) months, whichever is greater.

 

11. Each
Insured under the Policy must have an average Life Expectancy (determined in accordance with clause (g)(i) above) of no more than one-hundred
eighty (180) months.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

12. The
Policy covering the life of an individual Insured shall not have a face amount of less than $70,000 or greater than $10.0 million, except
as otherwise approved in writing by the Required Lenders.

 

13. The
Policy is beyond all relevant policy or statutory contestability and suicide periods, including from the date of any conversion of such
Policy, if applicable.

 

14. There
must not be any outstanding Policy Loans or Liens outstanding in respect of the Policy, except for outstanding internal Policy Loans for
the payment of premiums on the Policy, if any, or, if such Policy is a Retained Death Benefit Policy, any Liens identified in clause (ii)
of the definition of “Adverse Claim,” and, in each case, that will be fully reflected in the pricing analysis and calculation,
nor any other pledge or assignment outstanding on the Policy.

 

15. The
life expectancy reflected in the LE Report used to determine the Lender Valuation with respect to the related Advance is not less than
twenty-four (24) months from the date of such Advance.

 

16. The
Policy and the legal and beneficial interests in the death benefit (taking into account the portion of the death benefit payable to a
Person other than the Securities Intermediary who is designated as the “beneficiary” under a Retained Death Benefit Policy
and previously disclosed in writing to, and approved in writing by, the Administrative Agent) shall be capable of being sold, transferred
and conveyed to the Borrower and its successors, assigns and designees, and the seller thereof to the Borrower shall have the right to
do so, and, all related settlement contract documents and any tracking/servicing/custodial rights shall be fully assignable and transferable
to the Borrower and its successors, assigns and designees or as otherwise directed by the Borrower.

 

17. Each
Insured’s primary diagnosis leading to the Life Expectancy evaluation(s) must not be HIV or AIDS.

 

18. The
Policy shall not be purchased from a seller to which applicable state laws prohibiting the purchase or the transfer of ownership from
such seller apply at the time of such purchase or transfer of ownership.

 

19. The
original owner/beneficiary under the Policy shall have had an insurable interest at the time of the initial issuance of the Policy.

 

20. The
Policy shall not have a death benefit that, by the terms of the Policy, will decrease over time or from time to time, unless such decrease
is scheduled and can be incorporated and fully reflected in the pricing of the Policy, and where the Policy shall contain no provisions
limiting the future realization of the net death benefit, other than non-payment of premiums or the Insured reaching a certain age.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

21. The
sale of the Policy from the Original Owner thereof and all subsequent transfers of the Policy complied with all Applicable Law.

 

22. The
transfer of the Policy is not subject to the payment of United States state sales taxes or any other taxes payable by the Borrower.

 

23. The
Lender Valuation in respect of such Policy does not exceed twelve and a half percent (12.5%) of the value of the Collateral as determined
by the Required Lenders in their sole and absolute discretion.

 

24. The
face amount of the Policy does not exceed five percent (5%) of the aggregate face amount of all Eligible Policies included in the Collateral.

 

25. The
Policy was approved at the time of such Advance Date by the Required Lenders.

 

26. The
Rescission Period with respect to such Policy shall have expired.

 

27. The
Policy is not subject to any Applicable Law that makes unlawful the sale, transfer or assignment of such Policy.

 

28. The
documents and agreements contained in the related Collateral Package and listed on Exhibit M to the Account Control Agreement do not contain
language purporting to limit their assignability, and none of the Borrower, the Parent or any Affiliate of any of them is a party to any
agreement that limits their assignability, and all such documents are fully assignable and transferable to the Borrower and its successors,
assigns and designees or as otherwise directed by the Borrower.

 

29. With
respect to such Policy, the Borrower is not aware of any agreements, documents, assignments or instruments related to such Policy except
for those agreements, documents, assignments and instruments that constitute and were included in the related Collateral Package that
was delivered to the Administrative Agent.

 

30. The
related Collateral Package delivered to the Administrative Agent by or on behalf of the Borrower contain, at the very least, the documents
set forth in Exhibit M to the Account Control Agreement.

 

31. Unless
such Policy is a Retained Death Benefit Policy that has been previously disclosed in writing to and approved in writing by the Administrative
Agent, such Policy is not a retained death benefit policy or similar policy in which any Person other than the Borrower has any direct
or indirect interest of any kind in the death benefit payable under such Policy.

 

32. With
respect to such Policy, no collateral assignments are on file with the related Issuing Insurance Company (other than the collateral assignment
that has been or will be filed naming the Administrative Agent, on behalf of the Lenders, as the collateral assignee).

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

Notwithstanding any of the foregoing, if such
Policy is a Small Face Policy, the Life Expectancy with respect to each Insured under such Policy may be based on estimates as determined
by the Required Lenders in their sole and absolute discretion.

 

“Eligible Account”
means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department
of a depository institution organized under the laws of the United States or any of the states thereof, including the District of Columbia
(or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as the senior securities
of such depository institution shall have a credit rating from each of Moody’s and S&P in one of its generic credit rating categories
no lower than “A-” or “A3”, as the case may be.

 

“Eligible Institution”
means a depositary institution organized under the laws of the United States of America or any one of the states thereof or the District
of Columbia (or any domestic branch of a foreign bank), (a) which has both (x) a long-term unsecured senior debt rating of not less than
“A” by S&P and “A2” by Moody’s, and (y) a short-term unsecured senior debt rating rated in the highest
rating category by S&P and Moody’s and (b) whose deposits are insured by the Federal Deposit Insurance Corporation.

 

“Eligible Policy”
means a Policy that, as of the Advance Date as of which such Policy first becomes a Pledged Policy, satisfies all of the Eligibility Criteria
(unless with respect to any particular criteria set forth in the Eligibility Criteria, such Policy is identified in the applicable section
of the Eligibility Criteria Exception Schedule attached to the Agreement as not satisfying such particular criteria).

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq., as amended from time to time and
the regulations promulgated thereunder.

 

“Event of Bankruptcy”
shall be deemed to have occurred with respect to a Person if either:

 

(a) a
case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, examinership or composition or readjustment of debts of such Person, the appointment
of a trustee, receiver, custodian, liquidator, examiner, assignee, sequestrator or the like for such Person or all or substantially all
of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding
up, examinership or composition or adjustment of debts and such case or proceeding shall remain undismissed or unstayed for a period of
thirty (30) days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy
laws or other similar laws now or hereafter in effect; or

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

33. such
Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement,
dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its
property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay
its debts generally as they become due, or, if a corporation or similar entity, its board of directors shall vote to implement any of
the foregoing.

 

“Event of Default”
has the meaning set forth in Section 10.1 of the Loan Agreement.

 

“Excluded Policy”
means (i) any Policy pledged under the Loan Agreement for which no written acknowledgement of a collateral assignment was received by
the Administrative Agent or the Securities Intermediary from the related Issuing Insurance Company within ninety (90) calendar days of
the Advance Date as of which such Policy became a Pledged Policy, and (ii) any Policy pledged under the Loan Agreement in respect of which
the Insurance Consultant is not authorized to, or is not accepted by the related Issuing Insurance Company to, communicate and receive
verifications of coverage and obtain other information from such Issuing Insurance Company. With respect to any Policy described in clause
(ii) of the first sentence of this definition, if the Insurance Consultant becomes authorized to, or becomes accepted by the related Issuing
Insurance Company to, communicate and receive verifications of coverage and obtain other information from such Issuing Insurance Company,
such Policy shall cease to be an Excluded Policy on the date of such authorization or acceptance.

 

“Existing Advances”
has the meaning set forth in the recitals to the Loan Agreement.

 

“Existing Loan Agreement”
has the meaning set forth in the recitals to the Loan Agreement.

 

“Expenses”
means the sum of (i) the Servicing Fee, (ii) payments to the Custodian or Securities Intermediary, as applicable, related to the Pledged
Policies or accounts of the Borrower and (iii) reasonable administrative expenses and documented third-party expenses payable pursuant
to clause “Fourth” in Section 5.2(b) of the Loan Agreement. The schedules of such Expenses through the Closing Date were approved
by the Required Lenders as of the Closing Date. The Expenses to be funded during any succeeding calendar year shall be approved by the
Required Lenders in their sole and absolute discretion upon review of the Annual Budget for such succeeding calendar year as contemplated
by Section 9.1(d)(vi) of the Loan Agreement (it being understood that no Expenses will be funded on or after the Second A&R Closing
Date).

 

“Facility Limit”
means $325,000,000.

 

“Fasano”
means Fasano Associates, Inc. and its successors.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

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

 

“Fee Letter”
means that certain schedule of fees setting forth the fees of the Securities Intermediary and the Custodian, dated August 1, 2016 and
executed by the Borrower in favor of Wells Fargo on August 3, 2016.

 

“Fees”
means, collectively, all fees that were or may be due and payable under the Existing Loan Agreement, the Fifth A&R Structuring Fee,
the Loan Administration Fee and the Yield Maintenance Fee.

 

‎“Federal Funds
Rate” means for any day of determination, the rate per annum ‎‎(expressed, as a decimal, rounded upwards, if necessary,
to the next higher one hundredth of ‎one percent (1/100 of 1%)) equal to the weighted average of the rates on overnight federal funds
‎transactions by depositary institutions, as such rate is displayed on the FEDL01 Index Page of ‎Bloomberg L.P. (or such other
commercially available source providing such quotations as may ‎be designated by the Administrative Agent from time to time in its
reasonable discretion) at ‎approximately 11:00 a.m. New York City time on such day; provided that (i) if such day is not a ‎Business
Day, the Federal Funds Rate for such day shall be such rate on such transactions on the ‎next preceding Business Day as so published
on the next succeeding Business Day, (ii) if no ‎such rate is so published for any day that is a Business Day, the Federal Funds Rate
for such day ‎shall be the average of the quotations for such day for such transactions received by the ‎Administrative Agent
from three federal funds brokers of recognized standing selected by it. ‎

 

“Fifth A&R Advance”
means a loan to made to the Borrower on the Fifth A&R Closing Date subject to the terms and conditions of this Agreement.

 

“Fifth A&R Advance
Amount” has the meaning specified in the recitals to the Loan Agreement.

 

“Fifth A&R Closing
Date” means December 14, 2021.

 

‎“Fifth A&R
Structuring Fee” means with respect to the Fifth A&R Advance, a fee in an amount ‎equal to one hundred thousand dollars
($100,000).‎

 

“First Independent
Director” has the meaning set forth in Section 9.1(f)(ii)(x) of the Loan Agreement.

 

“FTP Site”
means the File Transfer Protocol Site maintained by or on behalf of the Administrative Agent.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“GAAP”
means United States generally accepted accounting principles.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“GWG Holdings Indenture”
means the Indenture, dated as of October 19, 2011, among the Parent, GWG Holdings, Inc. and Bank of Utah, as trustee, as amended, supplemented,
amended and restated, or otherwise modified from time to time in accordance with the Loan Agreement.

 

“GWG Note Issuance
and Security Agreement” means the Third Amended and Restated Note Issuance and Security Agreement, dated as of October 19, 2011,
among the Parent, the noteholders party thereto, Lord Securities Corporation, as trustee, and GWG Lifenotes Trust, as secured party, as
amended, supplemented, amended and restated, or otherwise modified from time to time in accordance with the Loan Agreement.

 

“Indemnified Amounts”
has the meaning set forth in Section 11.1 of the Loan Agreement.

 

“Indemnified Bank
Person” has the meaning set forth in the Account Control Agreement.

 

“Indemnified Party”
has the meaning set forth in Section 11.1 of the Loan Agreement.

 

“Initial Lender”
means LNV Corporation, a Nevada corporation.

 

“Initial Policy Purchaser”
means, with respect to any Policy, any Person who purchased the Policy from the Original Owner.

 

“Insurance Consultant”
means D3G Asset Management, LLC, a Texas limited liability company.

 

“Insured”
means a natural person who is named as the insured on a Policy.

 

“Interest Payment
Date” with respect to any Advance, means the first Distribution Date occurring after the initial funding of such Advance, and
each subsequent Distribution Date occurring thereafter.

 

“Interest Period”
means with respect to any Advance:

 

(a) the
period commencing on the date of the initial funding of such Advance and ending on, but not including, the last business day of the calendar
quarter in which such initial funding occurs; and

 

34. thereafter,
each subsequent calendar quarter;

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

provided,
however, that if any Interest Period for any Advance that commences before the Maturity Date for such Advance that would otherwise
end on a date occurring after the Maturity Date, such Interest Period shall end on and include the Maturity Date.

 

‎“Interim Distribution
Date”‎ has the meaning given such term in Section 5.2 of the Loan Agreement.

 

“Investment”
means any investment in any Person, whether by means of share purchase, capital contribution, loan, time deposit or otherwise.

 

“Issuing Insurance
Company” means with respect to any Policy, the insurance company that is obligated to pay the related benefit upon the death
of the related Insured (or if such Policy is a Joint Policy, upon the death of the last Insured to die under such Policy) by the terms
of such Policy (or the successor to such obligation).

 

“Joint Policy”
means a Policy with more than one Insured that pays upon the death of the last Insured to die. Unless the context otherwise requires,
joint Insureds of a Joint Policy shall collectively count, as applicable, as a “separate individual,” as a “single insured”
or as an “insured person”.

 

“Lender”
means each of the financial institutions party to the Loan Agreement as lender thereunder.

 

“Lender’s Commitment”
means, with respect to a Lender, the Commitment for such Lender as set forth on Schedule 2.1(a) of the Loan Agreement or in
the Assignment and Assumption Agreement pursuant to which such Lender becomes a party to the Loan Agreement.

 

“Lender Note”
and “Lender Notes” each has the meaning set forth in Section 2.5 of the Loan Agreement.

 

“Lender Valuation”
means, with respect to an Advance, the value of the Subject Policies as determined by the Required Lenders in their sole and absolute
discretion, and with respect to the Collateral, the value of the Pledged Policies (other than the Excluded Policies) as determined by
the Required Lenders in their sole and absolute discretion and giving pro-forma effect to pending sales of one or more Pledged Policies
pursuant to Section 2.7 of the Loan Agreement. The Borrower and Required Lenders hereby acknowledge that the methodology and metrics
utilized by the Required Lenders in determining the Lender Valuation may be different than the methodology and metrics utilized by the
Borrower and its Affiliates in determining the value of the Pledged Policies in connection with preparing the financial statements of
the Borrower and its Affiliates and that such methodology and metrics utilized by the Required Lenders may change over time.

 

“Letter Agreement”
has the meaning set forth in the recitals to the Loan Agreement.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Letter Agreement
Amendment” means that certain amendment to the Letter Agreement to be dated as of December 14, 2021 by and among the Lenders,
the Administrative Agent and the Borrower.

 

“Lien”
means any mortgage, pledge, assignment, lien, security interest or other charge or encumbrance of any kind, including the retained security
title of a conditional vendor or a lessor.

 

“Life Expectancy”
means with respect to an Insured, the life expectancy, expressed in months, of such Insured as stated in the related LE Report; provided,
that if an LE Report provides the life expectancy under multiple methodologies, the “Life Expectancy” of the Insured shall
be the life expectancy designated as the median (or 50th percentile) life expectancy in such LE Report.

 

“Life Expectancy
Report” or “LE Report” means, with respect to an Insured, an assessment by a Pre-Approved Medical Underwriter
in a written statement as reviewed and approved by the Administrative Agent in its sole and absolute discretion and dated within one-hundred
eighty (180) days prior to the Advance Date on which the Policy related to such Insured became or is proposed to become a Pledged Policy,
with respect to the life expectancy of such Insured.

 

“Liquidated Policy”
means any Pledged Policy that has been liquidated by the death of the related Insured.

 

“Liquidation Proceeds”
means any and all proceeds realized from Liquidated Policies.

 

“LLC Agreement”
means the limited liability company agreement of the Borrower, dated effective as of May 18, 2016, by and between the Parent, as member,
and Albert Fioravanti, as independent director, as amended, supplemented, amended and restated, or otherwise modified from time to time
in accordance with the Loan Agreement.

 

“Loan Administration
Fee” means, so long as any Advance is outstanding $75,000 per annum.

 

“Loan Agreement”
means the Fifth Amended and Restated Loan and Security Agreement, dated as of the Fifth A&R Closing Date, among the Borrower, the
Lenders party thereto and the Administrative Agent, as may be amended, restated, supplemented or otherwise modified from time to time.

 

“LTV” means,
on any date of determination, the fraction, expressed as a percentage, the numerator of which is the aggregate outstanding principal balance
of all outstanding Advances, and the denominator of which is the Lender Valuation of the Pledged Policies (other than the Excluded Policies),
as determined by the Required Lenders in their sole and absolute discretion.

 

“Master Exchange
Agreement” means that certain Master Exchange Agreement dated as of January 12, 2018 by and among GWG Holdings Inc., GWG Life,
LLC, GWG Life, LLC, The Beneficient Company Group, L.P., MHT Financial SPV, LLC and each Seller Exchange Trust listed in Schedule I thereto,
as amended and restated on January 18, 2018 with effect from January 12, 2018, and as further amended by the First Amendment dated April
30, 2018, the Second Amendment dated June 29, 2018 and the Third Amendment dated August 10, 2018.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Material Adverse
Effect” means, with respect to any event or circumstance, a material adverse effect on:

 

(a) any
of the Collateral or the business, assets, financial condition or operations of the Borrower or the Parent;

 

35. the
ability of the Borrower or the Parent to perform its respective obligations under any Transaction Document to which such Person is a party;

 

36. the
validity or enforceability against the Borrower or the Parent of any Transaction Document to which such Person is a party;

 

37. the
status, existence, perfection or priority of the Administrative Agent’s (for the benefit of the Secured Parties) security interest
in any of the Collateral;

 

38. the
Lender Valuation, the Net Death Benefit or the number of Pledged Policies, including without limitation, the validity, enforceability
or collectability of Pledged Policies; or

 

39. any
of the rights or interests of the Administrative Agent or any of the Lenders under the Loan Agreement or under any other Transaction Document.

 

“Maturity Date”
means February 1, 2027.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Net Death Benefit”
means, with respect to a Policy, the amount projected to be paid by the Issuing Insurance Company to the Borrower or the Securities Intermediary
on its behalf as a result of the death of the related Insured.

 

“Net Proceeds”
means, with respect to a sale pursuant to Section 2.7 of the Loan Agreement, all proceeds of such sale net of the lesser of (x) the
reasonable third-party out-of-pocket expenses incurred by the Borrower which have been approved by the Administrative Agent in its sole
and absolute discretion and (y) the greater of (i) $20,000 and (ii) one percent (1.00%) of the face amount of the Pledged Policies related
to such sale.

 

“Obligations”
means all obligations (monetary or otherwise) of the Borrower to the Lenders or the Administrative Agent and their respective successors,
permitted transferees and assigns arising under or in connection with the Loan Agreement, the Lender Notes and each other Transaction
Document, in each case however created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing,
or due or to become due.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“OFAC”
has the meaning set forth in Section 8.1(v)(i) of the Loan Agreement.

 

“OFAC Listed Person”
has the meaning set forth in Section 8.1(v)(i) of the Loan Agreement.

 

“OFAC Sanctions Program”
means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs may be
found at http://www.ustreas.gov/offices/enforcement/ofac/programs/.

 

“Ongoing Maintenance
Advance” means an Advance, the proceeds of which are used solely to pay amounts permitted pursuant to Section 2.8(a)(ii) of
the Loan Agreement.

 

“Ongoing Maintenance
Costs” means the scheduled Premiums on the Pledged Policies (other than Excluded Policies) as set forth on the related Premium
Payment Schedule and set forth in the related Annual Budget which has been approved by the Required Lenders pursuant to Section 9.1(d)(vi)
of the Loan Agreement, as adjusted by the Administrative Agent to reflect any maturities or sales of Pledged Policies and any Advances.

 

“Operational Plan”
means a cash flow-projection for the Pledged Policies which constitute the Collateral, through the date on which no further Premiums will
be required to keep the Pledged Policies in full force and effect, assuming that none of such Policies shall mature in such period, acceptable
to the Administrative Agent and the Insurance Consultant in the sole and absolute discretion of each.

 

“Original Loan Agreement”‎
has the meaning given such term in the recitals to the Loan Agreement.

 

“Original Owner”
means, with respect to a Policy, the Person to which the Policy was initially issued and who was listed as owner on the initial declarations
page of such Policy or the policy application, as applicable.

 

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

 

“Parent Obligations”
means, collectively, the Parent’s obligations under the Purchase Agreement, including, without limitation, the obligation of the
Parent to repurchase Pledged Policies in accordance with the terms thereof, including, without limitation, obtaining the Administrative
Agent’s direction with respect to any such repurchase.

 

“Payment Account”
has the meaning set forth in Section 5.1(e) of the Loan Agreement.

 

“Payment Instructions”
has the meaning set forth in Section 5.2(a) of the Loan Agreement.

 

“Payoff Notice”
has the meaning set forth in Section 7.3(b) of the Loan Agreement.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 

“Permissible Sale”
has the meaning set forth in Section 2.7 of the Loan Agreement.

 

“Permitted Investment”
means, at any time:

 

(a) marketable
obligations issued by or the full and timely payment of which is directly and fully guaranteed or insured by the United States government
or any other government with an equivalent rating, or any agency or instrumentality thereof when such marketable obligations are backed
by the full faith and credit of the United States government or such other equivalently rated government, as the case may be, but excluding
any securities which are derivatives of such obligations;

 

40. demand
deposits, time deposits, bankers’ acceptances and certificates of deposit of any domestic commercial bank or any United States branch
or agency of a foreign commercial bank which (i) has capital, surplus and undivided profits in excess of $100,000,000 and which has a
commercial paper or certificate of deposit rating in the highest rating category by Moody’s and in one of the two highest rating
categories by S&P or (ii) is set forth in a list (which may be updated from time to time) approved in writing by the Administrative
Agent on behalf of the Required Lenders; and

 

41. the
Securities Intermediary Funds (as defined in the Account Control Agreement) and any other investment approved in writing by the Administrative
Agent on behalf of the Required Lenders in its sole and absolute discretion.

 

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

 

“Physician’s
Competency Statement” means, with respect to an Insured, a letter issued by such Insured’s attending physician confirming
that such Insured is mentally competent as of the date of such letter.

 

“Pledged Policy”
means each Policy pledged to secure Advances under the Loan Agreement.

 

“Policy”
means any life insurance policy.

 

“Policy Account”
has the meaning set forth in the Account Control Agreement.

 

“Policy Illustration”
means, with respect to any Policy, a level premium, policy values and Net Death Benefit projection produced by the Issuing Insurance Company
or an agent of the Issuing Insurance Company, using the Issuing Insurance Company’s current/non-guaranteed values (with a non-guaranteed
interest crediting rate not to exceed two-hundred (200) basis points over the guaranteed rate) sufficient to carry such Policy to its
Policy Maturity Date, which Policy Illustration is not dated more than one-hundred eighty (180) days prior to the applicable Advance Date.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Policy Loan”
means with respect to a Policy, an outstanding loan secured thereby or that has setoff rights with respect thereto.

 

“Policy Maturity
Date” means, with respect to a Policy, the date specified in the Policy, including any extensions thereto available and exercised
under the terms of the Policy, on which coverage offered under the Policy terminates.

 

“Power of Attorney”
means the Power of Attorney (as defined in the Letter Agreement Amendment), in the form set forth in the Letter Agreement Amendment.

 

“Pre-Approved Medical
Underwriters” means any two (2) of Fasano, AVS or 21st.

 

“Premium”
means, with respect to any Pledged Policy, as indicated by the context, any past due premium with respect thereto, or any scheduled premium.

 

“Premium Payment
Schedule” has the meaning set forth in the Servicing Agreement.

 

“Priority of Payments”
means the priority of payments set forth in Section 5.2 of the Loan Agreement.

 

“Protective Advances”
has the meaning set forth in Section 2.1(d) of the Loan Agreement.

 

“Purchase Agreement”
means the Portfolio Purchase and Sale Agreement, dated as of September 14, 2016, by and between the Parent and the Borrower, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with the Transaction Documents.

 

“Purchase and Contribution
Agreement” means that certain Purchase and Contribution Agreement dated as of April 15, 2019 by and among The Beneficient Company
Group, L.P., Beneficient Company Holdings, L.P., AltiVerse Capital Markets, L.L.C., Sabes AV Holdings, LLC, Jon R. Sabes, Steven F. Sabes,
Insurance Strategies Fund, LLC and SFS Holdings, LLC.

 

“Quarterly Principal
Payment” is an amount equal to $5,000,000‎.

 

“Rate Calculation
Date” means for any Interest Period, the last Business Day of the previous calendar quarter.

 

“Receiving Party”
has the meaning set forth in Section 13.12 of the Loan Agreement.

 

“Reduction Action” means any
action, inaction, transaction, event and/or circumstance, in each case, the result of which reduces the amount payable by the Borrower
under the Loan Agreement (including, without limitation, the replacement or exchange of one or more Lender Notes), that would otherwise
have been payable if no such action, inaction, transaction, event and/or circumstance had occurred (including, without limitation, amounts
on account of actual damages and lost profits).

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Regulatory Change”
means, relative to any Affected Party:

 

(a) any
change in (or the adoption, implementation, change in the phase-in or commencement of effectiveness of) any: (i) United States Federal
or state law or foreign law applicable to such Affected Party, (ii) regulation, interpretation, directive, requirement or request (whether
or not having the force of law) applicable to such Affected Party of (A) any court or government authority charged with the interpretation
or administration of any law referred to in clause (a)(i), or of (B) any fiscal, monetary or other authority having jurisdiction
over such Affected Party, or (iii) GAAP or regulatory accounting principles applicable to such Affected Party and affecting the application
to such Affected Party of any law, regulation, interpretation, directive, requirement or request referred to in clause (a)(i) or
(a)(ii) above;

 

42. any
change in the application to such Affected Party of any existing law, regulation, interpretation, directive, requirement, request or accounting
principles referred to in clause (a)(i), (a)(ii) or (a)(iii) above; or

 

43. the
issuance, publication or release of any regulation, interpretation, directive, requirement or request of a type described in clause
(a)(ii) above to the effect that the obligations of any Lender hereunder are not entitled to be included in the zero percent category
of off-balance sheet assets for purposes of any risk-weighted capital guidelines applicable to such Lender or any related Affected Party.

 

For the avoidance
of doubt, any interpretation of Accounting Research Bulletin No. 51 by the Financial Accounting Standards Board (including, without
limitation, Interpretation No. 46: Consolidation of Variable Interest Entities) shall constitute a Regulatory Change, regardless
of whether it occurred before or after the date hereof.

 

“Representatives”
has the meaning set forth in Section 13.12 of the Loan Agreement.

 

“Requested Early
Waterfall Calculation” has the meaning set forth in the recitals to the Loan Agreement.

 

“Required Lenders”
means Lenders holding more than fifty percent (50%) of the aggregate Commitments.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Rescission Period”
means, with respect to any Policy, the contractual or statutory period during which the related Original Owner or any other Person can
rescind the sale of such Policy to the Initial Policy Purchaser.

 

“Reserve Account”
has the meaning set forth in Section 5.1(b) of the Loan Agreement.

 

“Reserve Account
Required Amount” means, as of each Distribution Date occurring prior to the Amended and Restated Closing Date, the amount necessary
to pay projected Expenses and Debt Service for the following twelve (12) month period, as determined by the Administrative Agent in its
reasonable discretion.

 

“Retained Death Benefit
Policy” means a Policy in which a Person in addition to the Securities Intermediary is designated as the “beneficiary”
under such Policy by the related Issuing Insurance Company.

 

“S&P”
means S&P Global Ratings and its successors.

 

“Sale Documents”
mean, with respect to each Policy, all agreements, documents, assignments and instruments executed and/or delivered by the Insured(s)
or any other party in connection with the purchase of the related Policy, or the financing of such Policy and the foreclosure or surrender
of such Policy, including for each Policy: (i) the Policy and application for the Policy, (ii) the life settlement contract between the
Original Owner of the Policy and the Initial Policy Purchaser relating to the sale of a Policy by the Original Owner to such Initial Policy
Purchaser (if applicable) and the surrender, relinquishment or similar documentation (if applicable), (iii) the life settlement application,
(iv) a Policy Illustration obtained no earlier than one-hundred eighty (180) calendar days prior to the Advance Date on which such Policy
became or is proposed to be a Pledged Policy, (v) a HIPAA Authorization for Disclosure of Protected Health Information (and any similar
document) and power of attorney related to health information, (vi) the consent of the related Insured(s), including the agreement of
continued contact, (vii) list of designated contacts, (viii) the life settlement disclosure and (ix) a copy of a document identifying
the related Insured(s) issued by a Governmental Authority which verifies the age (including date of birth) of such Insured(s) as set forth
in the application for the Policy, or their respective equivalents.

 

“Scheduled Commitment
Termination Date” means (i) with respect to any Ongoing Maintenance Advances, February 1, 2022 and (ii) with respect to any
other Advances, the Fifth A&R Closing Date.

 

“Second A&R Advance”‎
has the meaning given such term in the recitals to the Loan Agreement.

 

“Second Amendment
to Securities Intermediary Agreement” means the Second Amendment to Securities Intermediary Agreement to be dated as of December
14, 2021 by and among the parties thereto.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Second Independent
Director” has the meaning set forth in Section 9.1(f)(ii)(y) of the Loan Agreement.

 

“Second Allonge”
means an allonge executed in blank in favor of the Administrative Agent with respect to the ‎Second Borrower/Parent Note.

 

“Second Amended and
Restated Loan Agreement”‎ has the meaning given such term in the recitals to the Loan Agreement.

 

“Second Borrower/Parent
Note” means a promissory note evidencing a twenty million dollar ($20,000,000) loan made by the Borrower to the Parent on the
Fifth A&R Closing Date with proceeds of the Fifth A&R Advance.

 

“Secured Parties”
means each Lender, the Administrative Agent and the Affected Parties.

 

“Securities Intermediary”
means Wells Fargo, together with its successors and assigns, solely in its capacity as securities intermediary under the Account Control
Agreement.

 

“Seperation Activities”
has the meaning set forth in the recitals to the Loan Agreement.

 

“Servicer”
means GWG Life, LLC, a Delaware limited liability company, acting as Servicer, or any Successor Servicer.

 

“Servicer Collateral
Audit” means an inspection by a Lender or the Administrative Agent of the Servicer pursuant to Section 5.2 of the Servicing
Agreement.

 

“Servicer Report”
means collectively, the reports required to be delivered by the Servicer under the Servicing Agreement pursuant to Section 3.4 thereof.

 

“Servicer Report
Date” means the date the Servicer Report is to be delivered pursuant to the terms of the Servicing Agreement.

 

“Servicer Termination
Event” means an event or circumstance with respect to the Servicer which could cause the termination of the Servicing Agreement
in accordance with Article IX thereof.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of September 14, 2016, by and between the Servicer and the Borrower, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the Transaction Documents.

 

“Servicing Agreement
Obligations” means, collectively, the Servicer’s obligations under the Servicing Agreement.

 

“Servicing Agreement
Rights” means, collectively, the Borrower’s rights under the Servicing Agreement, including, without limitation, upon
the Administrative Agent’s instruction after the occurrence of a Servicer Termination Event, terminating the Servicing Agreement
in accordance with the terms thereof.

 

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GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Servicing Fee”
has the meaning set forth in the Servicing Agreement.

 

“Settlement Amount”
has the meaning set forth in the recitals to the Loan Agreement.

 

“Small Face Policy”
means a Policy with a face amount of $750,000 or less.

 

“Solvent”
means with respect to any Person that as of the date of determination that both (A)(i) the then fair saleable value of the property of
such Person is (y) greater than the total amount of liabilities (including contingent liabilities) of such Person and (z) not less than
the amount that will be required to pay the probable liabilities on such Person’s then existing debts as they become absolute and
matured considering all financing alternatives and potential asset sales reasonably available to such Person; (ii) such Person’s
capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (iii) such Person does
not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they
become due; and (B) such Person is “solvent” within the meaning given that term and similar terms under Applicable Laws relating
to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be
computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

 

“Subject Policy”
means, with respect to an Advance, an Eligible Policy proposed to be pledged by the Borrower in connection with such Advance.

 

“Subsidiary”
means, with respect to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting
power (other than securities or other ownership interests having such power only by reason of the happening of a contingency which has
not occurred) to elect a majority of the Board of Directors or other Persons performing similar functions are at the time directly or
indirectly owned by such Person.

 

“Successor Servicer”
means a successor servicer appointed pursuant to and in accordance with the terms of the Servicing Agreement.

 

“Tax” or
“Taxes” means any and all fees (including documentation, recording, license and registration fees), taxes (including
net income, gross income, franchise, value added, ad valorem, sales, use, property (personal and real, tangible and intangible) and stamp
taxes), levies, imposts, duties, charges, assessments or withholdings of any nature whatsoever, general or special, ordinary or extraordinary,
together with any and all penalties, fines, additions to tax and interest thereon, imposed on a Person or for which a Person is liable
either directly or by way of an obligation to reimburse or indemnify. For the avoidance of doubt, any reference to “Tax” or
“Taxes” imposed on the Borrower shall include any tax withholdings on income allocated to or amounts payable to the Borrower
and any tax required to be paid by the Borrower to any taxing authority or required to be withheld from any payment made by or on behalf
of the Borrower, but such reference shall not include any Taxes imposed upon anyone else unless such Taxes are in whole or in part the
legal responsibility or legal obligation of the Borrower or can otherwise be collected from the assets or income of the Borrower.

 

    Signature Page
GWG DLP Funding IV, LLC Fourth Amended and Restated Loan and Security Agreement

     

    

 

“Third A&R Advance”‎
has the meaning given such term in the recitals to the Loan Agreement.

 

“Third Amended and
Restated Loan Agreement”‎ has the meaning given such term in the recitals to the Loan Agreement.

 

“Transaction Documents”
as of the Fifth A&R Closing Date, means the Loan Agreement, the Servicing Agreement, the Purchase Agreement, the Fee Letter, the Account
Control Agreement, the Lender Notes, that certain Service Agreement, dated as of September 14, 2016, by and between the Borrower and the
Corporate Services Provider, the Borrower/Parent Note, the Second Borrower/Parent Note, the Letter Agreement, the Letter Agreement Amendment,
the Second Amendment to Securities Intermediary Agreement and the UCC financing statements filed in connection with any of the foregoing,
and in each case any other agreements, instruments, certificates or documents delivered or contemplated to be delivered in connection
therewith, as any of the foregoing may be amended, supplemented, amended and restated, or otherwise modified from time to time in accordance
with the Loan Agreement.

 

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

 

“Unmatured Event
of Default” means any event that, if it continues uncured, will, with lapse of time or notice or both, constitute an Event of
Default.

 

“Valuation Dispute”
has the meaning set forth in Section 7.3(b) of the Loan Agreement.

 

“Wells Fargo”
means Wells Fargo Bank, N.A.

 

“Yield Maintenance
Fee” means, with respect to the prepayment or repayment of an Advance that is made within thirty-six (36) months after the Fifth
A&R Closing Date or a Reduction Action in respect of the Advances that occurs within thirty-six (36) months after the Fifth A&R
Closing Date, an amount equal to the Applicable Margin on the amount of such prepayment or repayment or the amount of the reduction of
the Fifth A&R Advance as a result of such Reduction Action, as applicable, that would have accrued from the date of such repayment,
prepayment or Reduction Action, as applicable, through the thirty-six (36) month anniversary of the Fifth A&R Closing Date, discounted
at the equivalent weighted-average life U.S. Treasury yield as of the date of such repayment, prepayment on Reduction Action, as applicable.

 

Signature Page

GWG DLP Funding IV, LLC Fourth Amended and Restated
Loan and Security AgreementExhibit 10.1

 

First Amendment
TO AmenDed and Restated LOAN AGREEMENT and FIRST Amendment to promissory note

 

This First
Amendment TO Amended and Restated LOAN AGREEMENT AND FIRST Amendment TO PROMISSORY NOTE (this “Agreement”) is
made as of December 17, 2021, by and among RANOR, INC., a Delaware corporation (“Ranor”), Stadco
New Acquisition, LLC, a Delaware limited liability company (the “Initial Stadco Borrower”), STADCO,
a California corporation (“Stadco”), Westminster Credit Holdings, LLC,
a Delaware limited liability company (“Westminster”; together with Ranor, Initial Stadco Borrower and Stadco, jointly
and severally, each a “Borrower” and collectively, the “Borrowers”), and BERKSHIRE BANK, a savings
bank organized and existing under the laws of the Commonwealth of Massachusetts (“Lender”), successor by merger to
Commerce Bank & Trust Company, in the following circumstances:

 

A.               
Lender has made (i) a term loan to Ranor in the original principal amount of $2,850,000.00 (the “Ranor Term Loan”),
which Ranor Term Loan is evidenced by that certain Promissory Note dated December 20, 2016, made by Ranor in favor of Lender in the stated
principal amount of $2,850,000.00 (the “Ranor Term Note”), which Ranor Term Loan matures on December 20, 2021, (ii)
a revolving line of credit loan to the Borrowers in the maximum principal amount of $5,000,000.00 (the “Line of Credit”),
which Line of Credit is evidenced by that certain Second Amended and Restated Promissory Note dated August 25, 2021, made by the Borrowers
in favor of Lender in the stated principal amount of $5,000,000.00 (the “Line of Credit Note”) and (iii) a term loan
to the Initial Stadco Borrower, Stadco and Westminster in the original principal amount of $4,000,000.00 (the “Stadco Term Loan”
and together with the Ranor Term Loan and the Line of Credit, collectively, the “Loans”), which Stadco Term Loan is
evidenced by that certain Promissory Note dated August 25, 2021, made by the Initial Stadco Borrower, Stadco and Westminster in the stated
principal amount of $4,000,000.00 (the “Stadco Term Note” and together with the Ranor Term Note and the Line of Credit
Note, collectively, the “Notes”). The Notes are governed by the Amended and Restated Loan Agreement by and between
Borrowers and Lender dated August 25, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”). Any capitalized terms used but not expressly defined herein shall be given the same meaning given
to such term in the Loan Agreement.

 

B.                
Borrowers have requested that Lender extend the maturity of the Ranor Term Loan and Lender has agreed to such modification on the
terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereby agree as follows:

 

1.                 
Amendments to Loan Agreement. The Loan Agreement is hereby amended as follows:

 

1.1              
Appendix I of the Loan Agreement is hereby amended by deleting the definition of “Ranor Term Loan Maturity Date”
and inserting the following definition in place thereof and substituted therefor:

 

     

     

    

 

“Ranor
Term Loan Maturity Date. March 18, 2022.”

 

2.                 
Amendments to Promissory Note. The Ranor Term Note is hereby amended as follows:

 

2.1                The
second sentence of the second paragraph on page 1 of the Ranor Term Note is hereby deleted in its entirety and the following is inserted
in place thereof and substituted therefor:

 

“Commencing
on January 20, 2017 and on the 20th day of each month thereafter, the Borrower shall make monthly payments of principal and
interest in the amount of $19,260.46 each, with all outstanding principal and accrued interest due and payable on March 18, 2022.”

 

3.                 
Conditions Precedent. The effectiveness of this Agreement is conditioned upon the occurrence of the following events, or
the Lender’s receipt of the following items, as applicable, in each case in form and content acceptable to the Lender:

 

3.1             
a fully-executed counterpart of this Agreement from the Borrowers and the Tech Guarantor, in form satisfactory to the Lender; and

 

3.2             
receipt by Lender of payment of all reasonable and documented fees and expenses incurred in connection with this Agreement for
which invoices have been presented to the Borrowers, including, without limitation, all reasonable legal fees and expenses.

 

4.                 
All security for the Loans and Notes now existing or hereafter granted to Lender, including without limitation all security evidenced,
granted or governed by the Loan Agreement as amended hereby, the Security Agreements, the Mortgage, and any guaranty given in connection
with the Loans or Notes, shall be security for the Loans, as amended hereby, and the Notes and for all obligations of Borrower under this
Agreement, under the Notes and under the Loan Agreement, as amended by this Agreement.

 

5.                 
All references to the Loan Agreement and the Ranor Term Note, respectively, wherever, whenever or however made or contained, are
hereby deemed to be references to the Loan Agreement and the Ranor Term Note, respectively, as modified by this Agreement. By signing
this Agreement in the space indicated below, each Borrower hereby affirms and restates all of the covenants and agreements made and set
forth in the Loan Agreement and does hereby warrant, represent and covenant that the representations and warranties in the Loan Agreement
are true, accurate and complete in all material respects on and as of the date hereof (provided, however, that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof,
and provided, further, that those representations and warranties expressly referring to a specific date shall be true, accurate and complete
in all material respects as of such date). ALL OF THE PROVISIONS OF THE LOAN AGREEMENT, AS AMENDED HEREBY, REMAIN IN FULL FORCE AND EFFECT.

 

    2

     

    

 

6.                 
 By signing this Agreement on behalf of the Borrowers in the space designated below, the individual so signing represents and warrants
to Lender that he or she has full power and authority to execute this Agreement and to bind such Borrower, and that all corporate actions
necessary to authorize and approve execution of this Agreement, and by such individual, have been taken prior to the execution hereof.

 

7.                 
This Agreement shall be binding upon and shall inure to the benefit of Borrowers and Lender, and their respective successors and
assigns. This Agreement has been made in the Commonwealth of Massachusetts and shall be governed, construed, applied and enforced in accordance
with the laws of said Commonwealth without resort to its conflict of laws rules. Wherever possible, each provision of this Agreement shall
be interpreted in such a manner as to be effective and valid under applicable law; should any portion of this Agreement be declared invalid
for any reason in any jurisdiction, such declaration shall have no effect upon the remaining portions of this Agreement; furthermore,
the entirety of this Agreement shall continue in full force and effect in all jurisdictions and said remaining portions of this Agreement
shall continue in full force and effect in the subject jurisdiction as if this Agreement had been executed with the invalid portions thereof
deleted.

 

8.                 
IN THE EVENT THAT LENDER BRINGS ANY ACTION OR PROCEEDING IN CONNECTION HEREWITH IN ANY COURT OF RECORD OF MASSACHUSETTS OR THE
UNITED STATES IN MASSACHUSETTS, EACH BORROWER HEREBY IRREVOCABLY CONSENTS TO AND CONFERS PERSONAL JURISDICTION OF SUCH COURT OVER SUCH
BORROWER BY SUCH COURT. IN ANY SUCH ACTION OR PROCEEDING, EACH BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER
PROCESS AND AGREES THAT SERVICE THEREOF MAY BE MADE UPON SUCH BORROWER BY MAILING A COPY OF SUCH SUMMONS, COMPLAINT OR OTHER PROCESS BY
CERTIFIED MAIL TO SUCH BORROWER AT ITS ADDRESS REFERENCED IN THE LOAN AGREEMENT. EACH BORROWER AND LENDER HEREBY WAIVE TRIAL BY JURY IN
ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED
IN CONNECTION HEREWITH, OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF, OR ANY OTHER CLAIM OR DISPUTE
HOWSOEVER ARISING BETWEEN BORROWERS AND LENDER.

 

9.                 
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of
a signature page of this Agreement by facsimile, email or other electronic format (.pdf or .tif) shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

(Signatures appear on the
following page)

 

    3

     

    

 

IN WITNESS WHEREOF, the parties
hereto, by their duly authorized representatives, have executed this Agreement on the date first above written.

 

	 	RANOR,
    INC.
	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Vice President – Finance
	 	 
	 	Stadco
    New Acquisition, LLC
	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Chief Financial Officer
	 	 
	 	Westminster
    Credit Holdings, LLC
	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Chief Financial Officer
	 	 
	 	Stadco
	 	  
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Assistant Secretary
	 	 
	 	BERKSHIRE
    BANK
	 	 
	 	By:	/s/ Thomas McCarthy
	 	Name:	Thomas McCarthy
	 	Title:	Vice President – Commercial Lending

 

[Signature Page to First Amendment]

 

     

     

    

 

CONSENT OF GUARANTOR

 

The undersigned Guarantor
of the Obligations of the Borrowers as further described in the Loan Agreement and that certain Amended and Restated Unlimited Guaranty
dated as of August 25, 2021 by such Guarantor in favor of the Lender (the “Guaranty”) hereby consents to the execution
of the foregoing Agreement, hereby waives any claims, offsets or defenses which might otherwise arise by reason of the execution of the
foregoing, and hereby ratifies and affirms the Guaranty, and all agreements securing such Guaranty, all of which shall remain in full
force and effect until Borrowers’ Obligations have been paid and performed in full to Lender’s satisfaction. The undersigned
Guarantor hereby agrees that, as of the date hereof, it has no claim or defense of any kind by way of offset or otherwise to the payment
and satisfaction in full of Borrowers’ or the undersigned Guarantor’s obligations under said documents or to the extent that
such a claim or defense may exist, the undersigned hereby waives it in consideration of the execution of the Agreement. The undersigned
Guarantor further waives any and all defenses arising by reason of (a) any and all amendments or modifications of any documents or instrument,
(b) any and all alterations, accelerations, extensions or other changes in the time or manner of payment or performance of Obligations,
(c) the release, substitution or addition of any collateral or any guarantees, (d) any failure of the Lender to give notice of default
to Borrowers or the undersigned Guarantor, (e) any failure of the Lender to pursue any Borrower or any of its property with due diligence,
(f) any failure of the Lender to resort to collateral or to remedies which may be available to it, (g) any and all defenses arising out
of the relationship of the undersigned to Borrowers, and none of the defenses shall operate to release the undersigned as guarantor, (h)
all rights of Borrowers, and (i) the benefit of all other principles or provisions of law, statutory or otherwise, which are or might
be in conflict with the terms hereof.

 

The failure or refusal
of the undersigned Guarantor to execute this Consent of Guarantor shall not void such Guarantor’s Obligations, nor shall such failure
or refusal be grounds for any relief of the undersigned Guarantor from its Obligations.

 

	Guarantor:	 
	 	 
	TechPrecision
    Corporation	 
	 	 
	By:	/s/ Thomas Sammons	 
	Name:	Thomas Sammons	 
	Title:	Chief Financial Officer

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