Document:

Consent and Amendment No. 2 to Credit and Security Agreement

 Exhibit 10.3 
 EXECUTION COPY 
 CONSENT AND AMENDMENT NO. 2 

Dated as of June 10, 2011 
 in relation to 
 CREDIT AND SECURITY AGREEMENT 

Dated as of July 15, 2008 
 THIS CONSENT AND AMENDMENT NO. 2 (this “Amendment”) dated as of June 10, 2011, is entered into by and among GWG DLP FUNDING II, LLC, a Delaware limited liability company, as a
Borrower (“GWG DLP”), UNITED LENDING SPV, LLC, a Delaware limited liability company, as a Borrower (“United Lending SPV” and, together with GWG DLP, the “Borrowers”), GWG LIFE SETTLEMENTS, LLC, a
Delaware limited liability company, as a Seller and the Life Settlement Master Servicer (“GWG Life Settlements”), UNITED LENDING, LLC, a Delaware limited liability company, as a Seller and the Premium Finance Master Servicer
(“United Lending” and, together with GWG Life Settlements, the “Master Servicers”), OPPORTUNITY BRIDGE FUNDING, LLC, as a Seller (“OBF”), GWG HOLDINGS, LLC, a Delaware limited liability company, as
the Performance Guarantor (“GWG Holdings”), AUTOBAHN FUNDING COMPANY LLC, a Delaware limited liability company, as the Lender (the “Lender”), and DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, as the Agent (the
“Agent”). 
 PRELIMINARY STATEMENTS 
 A. Reference is made to the Credit and Security Agreement dated as of July 15, 2008 among the Borrowers, the Master Servicers, OBF, GWG Holdings, the Lender and the Agent, as amended by Consent and
Amendment No. 1 thereto (“Amendment No. 1”) dated as of December 14, 2010 (as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 B. GWG Holdings
has informed the Agent and the Lender that it intends to (i) convert from a Delaware limited liability company to a Delaware corporation pursuant to Title 8, Section 265 of the Delaware General Corporation Law (the
“Conversion”), (ii) file a Form S-1 registration statement with the United States Securities and Exchange Commission (the “SEC”) to register the offer and sale of GWG Holdings debt instruments under the
Securities Act of 1933, as amended, and (iii) after the effectiveness of such S-1 registration statement, issue such SEC-registered debt instruments (the “Holdings Debentures”), the proceeds of which will, among other things,
refinance some or all of the Life Notes issued by GWG Life Settlements. 
 C. GWG Holdings has requested that the Agent and
Lender consent to the Conversion and waive the 30 day notice requirement under Section 5.02(a) of the Credit Agreement in connection therewith, and subject to the terms and conditions set forth herein, the Agent and Lender have agreed to give
such consent and waiver. 

  
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 D. In light of the proposed issuance of the Holdings Debentures, GWG Life Settlements no
longer intends to file a registration statement for the Life Notes issued by GWG Life Settlements pursuant to Section 5 of the Securities Act of 1933, as amended. 
 E. The GWG Parties have requested that the Agent and Lender agree to modify the covenants in Section 4 of Amendment No. 1 and certain provisions of the Credit Agreement in order to reflect their
intentions with respect to the Holdings Debentures and Life Notes. 
 F. The Agent and the Lender have agreed to make such
modifications subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises set
forth above, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Consent. 
 1.1 Effective as of the Effective Date
(as defined in Section 3 below), and subject to the Agent’s receipt of each of the documents described in Section 1.2 below in form and substance satisfactory to the Agent, each of the Lender and the Agent hereby
consents to the Conversion and waives the 30-day notice requirement in Section 5.02(a) of the Credit Agreement with respect to the Conversion. 
 1.2 The GWG Parties agree that upon the effectiveness of the Conversion, they shall cause to be delivered to the Agent the following documents, each in form and substance satisfactory to the Agent:

 (1) opinions of counsel to GWG Holdings as so converted to a Delaware corporation (such converted entity being hereinafter
referred to as “GWG Holdings, Inc.”) that are substantially similar to those provided with respect to GWG Holdings (a) in paragraphs 1 through 3 of the opinion letter of Locke Lord Bissell & Liddell LLP dated
July 15, 2008, delivered pursuant to the Credit Agreement and (b) in paragraphs 1 through 4 of the opinion letter of Ryan Kaplan, Chief Compliance Officer and Corporate Counsel to GWG Holdings dated July 15, 2008, delivered pursuant
to the Credit Agreement; 
 (2) a certificate of the secretary of GWG Holdings, Inc. certifying (a) the certificate of
incorporation of GWG Holdings, Inc. certified by the Secretary of State of Delaware, (b) the bylaws of GWG Holdings, Inc., (c) resolutions authorizing the Conversion and GWG Holdings, Inc.’s succession to the obligations of GWG
Holdings under the Related Documents , (d) good standing certificates with respect to GWG Holdings, Inc. issued by the Secretary of the State of Delaware and the Secretary of State of Minnesota, (e) incumbency signatures of GWG Holdings,
Inc. and 

  
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(f) that no action, litigation, arbitration, order, decree or other proceeding or investigation before any court or any other governmental agency or authority against GWG Holdings, Inc. is
pending or overtly threatened by a written communication to GWG Holdings, Inc. which, if adversely determined, would have a Material Adverse Effect; and 
 (3) a reaffirmation of GWG Holdings, Inc.’s obligations under the Performance Guaranty and the other Related Documents to which it is a party in the form attached as Exhibit A hereto.

 A failure to satisfy any of the provisions of this Section 1.2 will result in an immediate Event of Default under
the Credit Agreement notwithstanding any cure or grace periods contained therein. 
 SECTION 2. Amendments. Effective as
of the Effective Date, the Credit Agreement is hereby amended as follows: 
 2.1 The definitions of “Change
of Control”, “Related Documents” and “Subordinated Indebtedness” set forth in Section 1.01 of the Credit Agreement are amended and restated in their entirety as follows: 

“Change of Control” means the occurrence of any of the following: (i) GWG Life Settlements, LLC
shall cease to own, free and clear of all Adverse Claims, all of the outstanding Capital Stock of, and voting rights with respect to, GWG DLP Funding II, LLC, (ii) United Lending, LLC shall cease to own, free and clear of all Adverse Claims,
all of the outstanding Capital Stock of, and voting rights with respect to, United Lending SPV, LLC, (iii) the Performance Guarantor shall cease to own, free and clear of all Adverse Claims, all of the outstanding Capital Stock of, and voting
rights with respect to, the Sellers, (iv) the Performance Guarantor merges or consolidates with any other Person and after giving effect to such merger or consolidation, the Performance Guarantor is not the surviving entity, or (v) any
event or condition occurs which results in any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a person or group that owns the majority of
the Capital Stock of the Performance Guarantor as of the Closing Date becoming or obtaining rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding Capital Stock of GWG Holdings. 

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

“Subordinated Indebtedness” means (a) the GWG Party Debentures, if and only if the aggregate
outstanding principal balance of all GWG Party Debentures with a maturity date earlier than the Scheduled Program Maturity Date, together with accrued and unpaid interest thereon, does not at any time exceed $100,000,000 (or such higher amount as is
consented to by the Agent in writing), and (b) any other Indebtedness of a GWG Party which (i) matures not earlier than the date that is one year after the Scheduled Program Maturity Date and (ii) has been subordinated to the payment
of the obligations of such GWG Party under the Related Documents, as evidenced by a written subordination agreement in form and substance reasonably satisfactory to the Agent. 

2.2 Section 1.01 of the Credit Agreement is amended to add the following new definitions of “Capital
Stock”, “GWG Party Debenture”, “GWG Party Debt Issuance Agreement”, “GWG Party Debt Prospectus”, “Holdings Debenture” and “SEC” in the appropriate alphabetical order: 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options,
contingent share issuances, economic membership interests, limited liability company interests, participations or other equivalents of or interest in equity (however designated) of such Person. 

“GWG Party Debenture” means any of (i) a Life Note (ii) a Holdings Debenture or (iii) any
other note, debenture or other evidence of indebtedness issued by a GWG Party (other than a Borrower), in each case as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with their terms and the
terms of this Agreement. 
 “GWG Party Debt Issuance Agreement” means any of (i) the Note
Issuance and Security Agreement and (ii) any other indenture or other issuance agreement for the issuance of GWG Party Debentures, in each case as the same may be amended, restated, supplemented or otherwise modified from time to time in
accordance with its terms and the terms of this Agreement. 

  
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 “GWG Party Debt Prospectus” means any of (i) the Life
Notes Prospectus and (ii) any other registration statement, prospectus or offering document with respect to GWG Party Debentures, in each case as the same may be supplemented or otherwise modified or replaced from time to time in accordance
with the terms of this Agreement. 
 “Holdings Debenture” means any SEC-registered debt
instrument issued by the Performance Guarantor from time to time, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms and the terms of this Agreement. 

“SEC” means the United States Securities and Exchange Commission. 

2.3 Subsection (ff) of Section 4.01 of the Credit Agreement is amended and restated in its entirety as follows:

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

  
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Scheduled Program Maturity Date as of such month end, (c) a statement that none of the GWG Parties is an “investment company” within the meaning of the Investment Company Act of
1940, and (d) such other information as may be reasonably requested by the Agent from time to time. The GWG Parties shall promptly notify the Agent of the filing of any registration statement with respect to the GWG Party Debentures, and of the
withdrawal of any such registration statement. In addition, the GWG Parties shall deliver to the Agent promptly (and in any event within one (1) Business Day) after their receiving the same, a copy of each comment letter or other correspondence
received from the SEC or any other Governmental Authority relating to the GWG Party Debentures or the status of the GWG Parties for purposes of the Investment Company Act of 1940. 

2.5 Subsection (h) of Section 5.02 of the Credit Agreement is amended and restated in its entirety as follows:

 (h) Indebtedness. None of the Performance Guarantor, the Sellers or the Borrowers shall create,
incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether direct or contingent, other than (i) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business, (ii) the incurrence of obligations under the Related Documents, (iii) the incurrence of operating expenses in the ordinary course of business (which, in the case of the Borrowers, shall be of the type otherwise
contemplated in Section 5.01(k) of this Agreement) and (iv) solely in the case of a Seller and the Performance Guarantor, Subordinated Indebtedness; provided, however, that upon receipt by the Agent of the “1940 Act
Opinion” pursuant to, and as defined in, Section 4.1 of Consent and Amendment No. 2 to this Agreement dated as of June 10, 2011, this Section 5.02(h) shall no longer apply to Indebtedness or other liabilities of the
Performance Guarantor. 
 2.6 Subsection (o) of Section 5.02 of the Credit Agreement is amended and
restated in its entirety as follows: 
 (o) GWG Party Debt. The GWG Parties will not, without the
prior written consent of the Agent and the Lender (i) make any payments in respect of outstanding GWG Party Debentures or cause the issuance of any additional GWG Party Debentures, if at the time of such proposed payment or issuance an Event of
Default, Potential Event of Default or Termination Event exists or would result therefrom, (ii) issue any GWG Party Debentures other than Life Notes issued by GWG Life Settlements pursuant to the Note Issuance and Security Agreement, unless and
until the Agent and the Lender have had a reasonable opportunity 

  
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to review the related GWG Party Debt Issuance Agreement and related GWG Party Debt Prospectus and have consented to such issuance, such consent not to be unreasonably withheld, (iii) issue
or permit the transfer of any GWG Party Debenture except in accordance with the terms and conditions of the applicable GWG Party Debt Issuance Agreement and in a manner consistent with the disclosures made in the applicable GWG Party Debt Prospectus
including, without limitation, in each case the transfer restrictions therein or (iv) permit any GWG Party Debt Issuance Agreement, GWG Party Debt Prospectus or GWG Party Debentures to be amended, supplemented or otherwise modified except for
amendments, supplements and other modifications that (I) are necessary to comply with changes in applicable securities laws for which the Agent is given prior or concurrent written notice or (II) after receipt by the Agent of the “1940 Act
Opinion” pursuant to, and as defined in, Section 4.1 of Consent and Amendment No. 2 to this Agreement dated as of June 10, 2011, with respect to Holdings Debentures, do not have a Material Adverse Effect. 

SECTION 3. Conditions Precedent. This Amendment shall become effective as of the date first written above (the “Effective
Date”), subject to the condition that the Agent shall have confirmed its receipt of: 
 (i) a copy of
this Amendment duly executed by the Borrowers, the Master Servicers, OBF, GWG Holdings, the Lender and the Agent; and 
 (ii) to the extent invoiced, all fees and expenses due and payable on or prior to the date hereof in connection with this Amendment. 

SECTION 4. Additional Covenants Relating to the GWG Party Debt. The GWG Parties are hereby released from the covenants set forth
in Section 4 of Amendment No. 1, and such covenants are replaced with those set forth in this Section 4. A failure to satisfy any of the provisions of this Section 4 will result in an immediate Event of Default
under the Credit Agreement notwithstanding any cure or grace periods contained therein. 
 4.1 On or prior to
June 14, 2012, the Borrowers shall deliver to the Agent and the Lender an opinion of counsel acceptable to the Agent and the Lender, in form and substance satisfactory to the Agent and the Lender, concluding that, when taking into consideration
the registration of GWG Holdings as an SEC reporting company and the securities issued by GWG Holdings and its Affiliates (including the Holdings Debentures and Life Notes), none of the GWG Parties is an “investment company” within the
meaning of the Investment Company Act of 1940 (the “1940 Act Opinion”). 
 4.2 Notwithstanding
any provision of the Credit Agreement to the contrary, during the period beginning on the First Amendment Effective Date and ending on the earliest to occur of (i) the date on which the 1940 Act Opinion is delivered, (ii) the date on which
any Interim Funding Trigger Event (as defined below) occurs or (iii) December 

  
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14, 2011, the Borrowers may not borrow, and the Lender shall not be required to make, any Advances under the Credit Agreement the proceeds of which shall be used to acquire Assets except for
Advances in accordance with the terms and conditions of the Credit Agreement that in the aggregate for such period than do not exceed $30,000,000. 
 4.3 For purposes of the foregoing, “Interim Funding Trigger Event” shall mean any of the following: 
  

	 	(i)	GWG Holdings fails to file a registration statement for the Holdings Debentures (the “Holdings Debentures Registration Statement”) pursuant to
Section 5 of the United States Securities Act of 1933, as amended, fails to deliver a courtesy copy of the Holdings Debentures Registration Statement to the Division of Investment Management of the United States Securities and Exchange
Commission (the “SEC”), or fails to deliver to the Agent a copy of the Holdings Debentures Registration Statement, together with a copy of written correspondence evidencing delivery of the Holdings Debentures Registration Statement
to the Division of Investment Management of the SEC, in each case on or prior to June 14, 2011; 

  

	 	(ii)	GWG Holdings withdraws its filing of the Holdings Debentures Registration Statement; or 

 

	 	(iii)	any change in, or in the interpretation of, any law, rule or regulation occurs, or any GWG Party receives a comment letter or other correspondence (written or oral)
from the SEC or any other Governmental Authority, in each case the result of which is that it reasonably appears that the SEC or such other Governmental Authority are of the view that one or more GWG Parties would be required to register as an
investment company under the Investment Company Act of 1940 when considering the existence of the Life Notes or GWG Holdings’ note issuance program as proposed in the Holdings Debentures Registration Statement. 

4.4 If the 1940 Act Opinion has not been delivered to the Agent and the Lender on or prior to December 14, 2011,
notwithstanding any provision of the Credit Agreement to the contrary, the Borrowers may not borrow, and the Lender shall not be required to make, any Advances under the Credit Agreement the proceeds of which shall be used to acquire Assets on or
after such date, unless and until the 1940 Act Opinion is delivered in accordance with Section 4.1 above. 
 4.5 The provisions of Sections 4.2 through 4.4 shall not limit the Borrowers’ ability to borrow Advances the proceeds of which shall be used to either (A) fund payments of premium
due under a Purchased Policy or a Policy securing a Defaulted Asset included in the Collateral or (b) make periodic payments of Interest and Facility Fees due and payable under the Credit Agreement, in each case in accordance with the terms and
conditions of the Credit Agreement. 

  
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 SECTION 5. Representations and Warranties. Each of the GWG Parties party hereto
hereby represents and warrants that (a) this Amendment constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms, (b) before and after giving effect to this Amendment, the
representations and warranties of each such party, respectively, set forth in Credit Agreement and the other Related Documents are true and correct in all material respects with the same effect as if made on the date hereof and (c) no event has
occurred and is continuing that constitutes an Event of Default, Potential Event of Default or Termination Event. 
 SECTION 6.
Fees and Expenses. The Borrowers shall jointly and severally pay to the Agent and the Lender on demand all reasonable out-of-pocket costs and expenses in connection with the preparation, execution and delivery of this Amendment and any of the
other instruments, documents and agreements to be executed and/or delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Agent and the Lender with respect thereto.

 SECTION 7. Reference to and Effect on the Credit Agreement. 

7.1 Upon the effectiveness of this Amendment, (a) each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby, (b) each reference to the Credit Agreement in
any other Related Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby and (c) this Amendment
shall constitute a Related Document for all purposes under the Credit Agreement. 
 7.2 Except as specifically
provided herein, the Credit Agreement, the other Related Documents and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 7.3 Except as specifically provided herein, the execution, delivery and effectiveness of this Amendment shall
not operate as a waiver of any right, power or remedy of the Agent or the Lender under the Credit Agreement, the other Related Documents or any other document, instrument, or agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein. 
 SECTION 8. Reaffirmation by Performance Guarantor. The Performance Guarantor hereby
(i) reaffirms all of its obligations under the Performance Guaranty and (ii) acknowledges and agrees that (A) the Performance Guaranty shall remain in full force and effect and (B) the Performance Guaranty is hereby ratified and
confirmed, in each case after giving effect to this Amendment. 

  
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 SECTION 9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 

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

[Remainder of page intentionally left blank] 

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

			
	

 Signature Page to Consent and Amendment No. 2 to GWG DLP Funding II Credit Agreement

 
			
	

 Signature Page to Consent and Amendment No. 2 to GWG DLP Funding II Credit Agreement

 
			
	

 Signature Page to Consent and Amendment No. 2 to GWG DLP Funding II Credit Agreement

 EXHIBIT A 
 REAFFIRMATION OF GUARANTY 
 [DATE] 

DZ Bank AG Deutsche Zentral-Genossenschaftsbank 

609 Fifth Avenue 
 New York, New York 10017-1021

 Autobahn Funding Company LLC 
 c/o
DZ Bank AG Deutsche Zentral-Genossenschaftsbank 
 609 Fifth Avenue 
 New York, New York 10017-1021 
 We refer to that certain (i) Credit and
Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of July 15, 2008, by and among by and among GWG DLP Funding II, LLC, as a Borrower (“GWG
DLP”), United Lending SPV, LLC, a Delaware limited liability company, as a Borrower (“United Lending SPV” and, together with GWG DLP, the “Borrowers”), GWG Life Settlements, LLC, a Delaware limited
liability company, as a Seller and the Life Settlement Master Servicer (“GWG Life Settlements”), United Lending, LLC, a Delaware limited liability company, as a Seller and the Premium Finance Master Servicer (“United
Lending” and, together with GWG Life Settlements, the “Master Servicers”), Opportunity Bridge Funding, LLC, as a Seller (“OBF”), GWG Holdings, Inc. (successor-in-interest to GWG Holdings, LLC), a Delaware
corporation, as the Performance Guarantor (“GWG Holdings”), Autobahn Funding Company LLC, as lender (the “Lender”), and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, as agent (the “Agent”),
(ii) the Performance Guaranty dated as of July 15, 2008 (as amended or otherwise modified from time to time, the “Performance Guaranty”) by the Performance Guarantor in favor of the Borrowers, the Lender and the Agent.
Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement. 
 On the date hereof, the Performance Guarantor converted from a Delaware limited liability company to a Delaware corporation pursuant to Title 8, Section 265 of the Delaware General Corporation Law on
the date hereof (the “Conversion”). The Performance Guarantor, as so converted to a Delaware corporation, hereby (i) reaffirms all of its obligations under the Performance Guaranty and the other Related Documents to which it is
a party and (ii) acknowledges and agrees that (A) the Performance Guaranty and such other Related Documents remain in full force and effect and are binding upon it after giving effect to the Conversion and (B) the Performance Guaranty
and such other Related Documents are hereby ratified and confirmed. 

 [Signature page to follow] 

 
			
	GWG HOLDINGS, INC.
		
	By:	 	 
	 Name:
 Title:
	 	

 Signature Page to Reaffirmation of Performance GuarantyPerformance Guaranty

 Exhibit 10.4 
 EXECUTION COPY 
 PERFORMANCE GUARANTY 

This PERFORMANCE GUARANTY (this “Guaranty”) is made as of the 15th day of July, by GWG Holdings, LLC, a Delaware limited
liability company (the “Guarantor”), in favor of GWG DLP Funding II, LLC, a Delaware limited liability company (the “Life Settlement Buyer” or a “Buyer”), United Lending SPV, LLC, a Delaware limited
liability company (the “Premium Finance Buyer” or a “Buyer” and, together with the Life Settlement Buyer, the “Buyers”), Autobahn Funding Company LLC, as lender (the “Lender”), and
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, as agent (the “Agent”), in connection with (i) that certain General Sale and Servicing Agreement, dated as of July 15, 2008 (as amended, restated, supplemented or otherwise
modified from time to time, the “General Sale and Servicing Agreement”), by and among the Life Settlement Buyer, as a purchaser, the Premium Finance Buyer, as a purchaser, GWG Life Settlements, LLC, a Delaware limited liability
company, as a seller and the life settlement master servicer (the “Life Settlement Seller” or a “Seller”), and United Lending, LLC, a Delaware limited liability company, as a seller and the premium finance master
servicer (the “Premium Finance Seller” or a “Seller” and, together with the Life Settlement Seller, the “Sellers”), and (ii) that certain Life Settlement Servicing Agreement, dated as of
July 15, 2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Life Settlement Servicing Agreement”), by and among the Life Settlement Seller, as master servicer, Wells Fargo Bank, N.A., as
servicer, the Agent, the Life Settlement Buyer, as purchaser, and GWG DLP Trust II, as titling trust. 
 1. Definitions.
Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the General Sale and Servicing Agreement or, if not defined therein, in the Life Settlement Servicing Agreement or, if not defined therein, in
the Credit Agreement referred to in the General Sale and Servicing Agreement. In addition, the following terms have the following meanings (such meanings to be equally applicable to both the singular and the plural forms of the terms defined):

 “Guaranteed Obligations” means all present and future liabilities and obligations (howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of each Seller, arising under or in connection with the General Sale and Servicing Agreement, the Life Settlement Servicing Agreement or any other
Related Document to which either Seller is or becomes a party or the transactions contemplated hereby or thereby and shall include, without limitation, all liability for costs, expenses, indemnifications and all other amounts due or to become due
from either Seller under the Related Documents, including, without limitation any such amounts that accrue after the commencement of a bankruptcy, insolvency or similar proceeding (in each case whether or not allowed as a claim in such proceeding).

 2. Guaranty. For value received and in consideration of the transactions contemplated by the Related Documents, the
Guarantor unconditionally guarantees for the benefit of the Buyers and the Secured Parties the full and prompt payment when due of all the Guaranteed Obligations. In addition, the Guarantor shall pay to the each Buyer, the Agent and

 
the Lender on demand and in immediately available funds an amount equal to all reasonable fees, costs and expenses (including, without limitation, all court costs and all reasonable
attorneys’ and paralegals’ fees, costs and expenses) paid or incurred by the applicable Buyer, the Agent or the Lender in: (1) endeavoring to collect all or any part of the Guaranteed Obligations from, or in prosecuting any action
against, the Guarantor relating to this Guaranty or any other Related Document or the transactions contemplated hereby or thereby; (2) taking any action with respect to any security or collateral securing the Guaranteed Obligations or the
Guarantor’s obligations hereunder; or (3) preserving, protecting or defending the enforceability of, or enforcing, this Guaranty or its rights hereunder. In addition, the Guarantor further agrees to pay to each Buyer, the Agent and the
Lender, on demand and in immediately available funds, interest on any amount due hereunder, from the date of demand under this Guaranty until paid in full at the Default Funding Rate. The Guarantor hereby agrees that this Guaranty is an absolute
guaranty of payment and is not a guaranty of collection. 
 3. Obligations Unconditional. The Guarantor hereby agrees
that its obligations under this Guaranty shall be unconditional, irrespective of: 
 (i) the validity,
enforceability, avoidance or subordination of any of the Guaranteed Obligations or any of the other Related Documents; 
 (ii) the absence of any attempt by, or on behalf of, either Buyer, the Lender or the Agent to collect, or to take any other action to enforce, all or any part of the Guaranteed Obligations whether from or
against either Seller, any other guarantor of the Guaranteed Obligations or any other party; 
 (iii) the
election of any remedy by, or on behalf of, either Buyer, the Lender or the Agent with respect to all or any part of the Guaranteed Obligations; 
 (iv) the waiver, amendment, consent, extension, forbearance or granting of any indulgence by, or on behalf of, either Buyer, the Lender or the Agent with respect to any provision of any of the other
Related Documents; 
 (v) the failure of either Buyer, the Lender or the Agent to take any steps to perfect and
maintain its security interest in, or to preserve its rights to, any security or collateral for the Guaranteed Obligations or any rights as against any other guarantor of the Guaranteed Obligations or any release of any collateral security for or
release of any other guarantor in respect of the Guaranteed Obligations; 
 (vi) the election by, or on behalf
of, either Buyer, the Lender or the Agent, in any proceeding instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”), of the application of Section 1111(b)(2) of the
Bankruptcy Code; 
 (vii) any borrowing or grant of a security interest by either Seller, as a
debtor-in-possession, under Section 364 of the Bankruptcy Code; 

  
 2 

 (viii) the disallowance, under Section 502 of the Bankruptcy Code, of
all or any portion of the claims of either Buyer, the Lender or the Agent for repayment of all or any part of the Guaranteed Obligations, including any amount due hereunder; 

(ix) any actual or alleged fraud by any party (other than the Lender or the Agent); or 

(x) any other circumstance which might otherwise constitute a legal or equitable discharge or defense of either Seller or
a guarantor (other than the defense of payment or performance). 
 4. Enforcement; Application of Payments. Upon the
occurrence of a Termination Event (as defined in the Credit Agreement), the Agent may proceed directly and at once, without notice, against the Guarantor to obtain performance of and to collect and recover the full amount, or any portion, of the
Guaranteed Obligations, without first proceeding against either Seller, any other guarantor or any other party, or against any security or collateral for the Guaranteed Obligations. Subject only to the terms and provisions of the Credit Agreement,
the Agent shall have the exclusive right to determine the application of payments and credits, if any, from the Guarantor, the Sellers, any other guarantor or from any other party on account of the Guaranteed Obligations or any other liability of
the Guarantor to the Secured Parties. 
 5. Waivers. Except as otherwise expressly set forth in the Credit Agreement,
(i) the Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of receivership or bankruptcy of either Seller, protest or notice with respect to the Guaranteed Obligations, all setoffs and
counterclaims and all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor and notices of acceptance of this Guaranty, the benefits of all statutes of limitation, and all other demands
whatsoever (and shall not require that the same be made on the applicable Seller as a condition precedent to the Guarantor’s obligations hereunder), and covenants that this Guaranty will not be discharged, except by complete payment (in cash)
of the Guaranteed Obligations. Except as otherwise expressly set forth in the Credit Agreement, the Guarantor further waives all notices of the existence, creation or incurring of new or additional Guaranteed Obligations arising from the
transactions contemplated by the Related Documents, and also waives all notices that the principal amount, or any portion thereof, and/or any interest on any instrument or document evidencing all or any part of the Guaranteed Obligations is due,
notices of any and all proceedings to collect from the maker, any endorser or any other guarantor of all or any part of the Guaranteed Obligations, or from any other party, and, to the extent permitted by law, notices of exchange, sale, surrender or
other handling of any security or collateral given to the Agent to secure payment of all or any part of the Guaranteed Obligations. 
 (ii) Each of the Agent and each Buyer is hereby authorized, without notice or demand and without affecting the liability of the Guarantor hereunder, from time to time, (a) with the agreement of each
Seller (if each Buyer and the Agent do not otherwise have the unilateral right to renew, extend, accelerate or otherwise change), to renew, extend, accelerate or otherwise change the time for payment of, or other terms relating to, all or any part
of the Guaranteed Obligations, or to otherwise modify, amend or change the terms of any of the Related Documents; (b) to accept partial payments on all or any part of the Guaranteed 

  
 3 

 
Obligations; (c) to take and hold security or collateral for the payment of all or any part of the Guaranteed Obligations, this Guaranty, or any other guaranties of all or any part of the
Guaranteed Obligations or other liabilities of either Seller, (d) to exchange, enforce, waive and release any such security or collateral; (e) to apply such security or collateral and direct the order or manner of sale thereof as in its
discretion it may determine; and (f) to settle, release, exchange, enforce, waive, compromise or collect or otherwise liquidate all or any part of the Guaranteed Obligations, this Guaranty, any other guaranty of all or any part of the
Guaranteed Obligations, and any security or collateral for the Guaranteed Obligations or for any such guaranty. Any of the foregoing may be done in any manner, without affecting or impairing the obligations of the Guarantor hereunder. 

6. Setoff. At any time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or
otherwise), the Agent may setoff and apply toward the payment of all or any part of the Guaranteed Obligations any moneys, credits or other property belonging to the Guarantor, at any time held by or coming into the possession of the Agent or its
affiliates. 
 7. Financial Information. The Guarantor hereby assumes responsibility for keeping itself informed of the
financial condition of each Seller and any and all endorsers and/or other guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations, or any part
thereof, that diligent inquiry would reveal, and the Guarantor hereby agrees that none of the Lender, the Agent nor either Buyer shall have any duty to advise the Guarantor of information known to it regarding such condition or any such
circumstances. In the event any of the Lender, the Agent or either Buyer, in its sole discretion, undertakes at any time or from time to time to provide any such information to the Guarantor, none of the Lender, the Agent nor either Buyer shall be
under any obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which either Buyer, the Lender or the Agent, pursuant to accepted or reasonable commercial finance or
banking practices, wishes to maintain confidential or (iii) to make any other or future disclosures of such information or any other information to the Guarantor. 
 8. No Marshalling; Reinstatement. The Guarantor consents and agrees that none of the Lender, the Agent, either Buyer nor any party acting for or on behalf of the Lender, the Agent or either Buyer
shall be under any obligation to marshall any assets in favor of the Guarantor or against or in payment of any or all of the Guaranteed Obligations. The Guarantor further agrees that, to the extent that either Seller or any other guarantor of all or
any part of the Guaranteed Obligations makes a payment or payments to either Buyer, the Lender, the Agent or any other Secured Party, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or required to be repaid to the applicable Seller, such other guarantor or any other party, or their respective estates, trustees, receivers or any other party, including, without limitation, the Guarantor, under any
bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, the part of the Guaranteed Obligations which has been paid, reduced or satisfied by such amount shall be reinstated and continued
in full force and effect as of the time immediately preceding such initial payment, reduction or satisfaction. 

  
 4 

 9. Subrogation. Until the Guaranteed Obligations have been paid in full, the
Guarantor (i) shall have no right of subrogation with respect to such Guaranteed Obligations and (ii) waives any right to enforce any remedy which either Buyer, the Lender or the Agent now has or may hereafter have against the Sellers, any
endorser or any guarantor of all or any part of the Guaranteed Obligations or any other party, and the Guarantor waives any benefit of, and any right to participate in, any security or collateral given to either Buyer or the Agent to secure the
payment or performance of all or any part of the Guaranteed Obligations or any other liability of either Seller to either Buyer, the Lender or the Agent. 
 10. Subordination. (i) The Guarantor agrees that any and all claims of the Guarantor against either Seller, any endorser and any other guarantor of all or any part of the Guaranteed
Obligations, or against any of their respective properties (collectively, the “Subordinated Indebtedness”), shall be subordinate and subject in right of payment to the prior payment, in full and in cash (or as otherwise agreed by
the Agent), of all Guaranteed Obligations; provided, however, that prior to the occurrence of any Event of Default, the Guarantor shall have the right to ask, demand, sue for, take or receive any payment or distribution in respect of
the Subordinated Indebtedness from either Seller. Notwithstanding any right of the Guarantor to ask, demand, sue for, take or receive any payment in respect of the Subordinated Indebtedness from either Seller, all rights, liens and security
interests of the Guarantor, whether now or hereafter arising and howsoever existing, in any asset of a Seller (whether constituting part of the security or collateral given to the Agent to secure payment of all or any part of the Guaranteed
Obligations or otherwise) shall be and hereby are subordinated to the rights of each Buyer, the Lender and the Agent in such asset. 
 (ii) From and after the occurrence of any Event of Default: 
 (a)
The Guarantor shall have no right to possession of any asset of either Seller or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Guaranteed Obligations shall have been fully paid and satisfied
and all financing arrangements between each Buyer, the Agent and the Lender have been terminated. 
 (b) If all
or any part of the assets of either Seller, or the proceeds thereof, are subject to any distribution, division or application to the creditors of the applicable Seller, whether partial or complete, voluntary or involuntary, and whether by reason of
liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of either Seller is dissolved or if substantially all of the assets of either Seller are sold, then,
and in any such event, any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any of the Subordinated Indebtedness shall be paid or delivered
directly to the Agent for application to payments due hereunder. 
 (c) The Guarantor hereby irrevocably
authorizes and empowers the Agent (as a present grant, effective the date hereof and subject only to the condition that an Event of Default exists) in respect of the Subordinated Indebtedness to demand, sue for, collect and receive every payment or
distribution thereon and give acquittance 

  
 5 

 
therefor and to make and present for and on behalf of the Guarantor such proofs of claim and take such other action, in the Agent’s own name or in the name of the Guarantor or otherwise, as
the Agent may deem necessary or advisable for the enforcement of this Guaranty. The Agent may vote such proofs of claim in any such proceeding, receive and collect any and all dividends or other payments or disbursements made thereon in whatever
form the same may be paid or issued and apply the same on account of any unpaid Guaranteed Obligation. 
 (d)
Should any payment, distribution, security or instrument or proceeds of any of the foregoing be received by the Guarantor upon or with respect to the Subordinated Indebtedness following the occurrence of an Event of Default and prior to the
satisfaction of all of the Guaranteed Obligations and the termination of all financing arrangements between each Buyer and the Lender, the Guarantor shall (to the extent of unpaid Guaranteed Obligations) receive and hold the same in trust, as
trustee, for the benefit of the Agent and shall forthwith deliver the same to the Agent, in precisely the form received (except for the endorsement or assignment of the Guarantor where necessary), for application to any of the Guaranteed
Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Guarantor as the property of the Agent. If the Guarantor fails to make any such endorsement or assignment to the Agent, the Agent or any of its officers or
employees are hereby irrevocably authorized to make the same. 
 (iii) The Guarantor agrees that until the Guaranteed
Obligations have been paid in full (either in cash or by way of setoff under Section 6) and satisfied (except for contingent indemnification obligations) and all financing arrangements between each Buyer and the Lender have been terminated, the
Guarantor will not assign or transfer to any other party any claim the Guarantor has or may have against either Seller, without the prior written consent of the Agent. 
 11. Enforcement; Amendments; Waivers. No delay on the part of either Buyer, the Lender or the Agent in the exercise of any right or remedy arising under this Guaranty, the Credit Agreement, any of
the other Related Documents or otherwise with respect to all or any part of the Guaranteed Obligations, the Collateral or any other guaranty of or security for all or any part of the Guaranteed Obligations shall operate as a waiver thereof, and no
single or partial exercise by either Buyer, the Lender or the Agent of any such right or remedy shall preclude any further exercise thereof. No modification or waiver of any of the provisions of this Guaranty shall be binding upon either Buyer, the
Lender or the Agent, except as expressly set forth in a writing duly signed and delivered by the applicable Buyer, the Lender or the Agent (as applicable). Failure by either Buyer, the Lender or the Agent at any time or times hereafter to require
strict performance by a Seller, any other guarantor of all or any part of the Guaranteed Obligations or any other party of any of the provisions, warranties, terms and conditions contained in any of the Related Documents now or at any time or times
hereafter executed by such parties and delivered to either Buyer, the Lender or the Agent shall not waive, affect or diminish any right of the Buyer, the Lender or the Agent at any time or times hereafter to demand strict performance thereof, and
such right shall not be deemed to have been waived by any act or knowledge of either Buyer, the Lender, the Agent, or their respective agents, officers or employees, unless such waiver is contained in an instrument in writing, directed and delivered
to the applicable Seller, specifying such waiver, and is signed by the Lender or the Agent (as 

  
 6 

 
applicable). No waiver of any Event of Default by either Buyer, the Lender or the Agent shall operate as a waiver of any other Event of Default or the same Event of Default on a future occasion,
and no action by either Buyer, the Lender or the Agent permitted hereunder shall in any way affect or impair either Buyer’s, the Lender’s or the Agent’s rights and remedies or the obligations of the Guarantor under this Guaranty. Any
determination by a court of competent jurisdiction of the amount of any principal and/or interest owing by either Seller to the Lender or the Agent shall be conclusive and binding on the Guarantor irrespective of whether the Guarantor was a party to
the suit or action in which such determination was made. 
 12. Effectiveness; Termination. This Guaranty shall become
effective upon its execution by the Guarantor and shall continue in full force and effect and may not be terminated or otherwise revoked until the Final Payout Date. If, notwithstanding the foregoing, the Guarantor shall have any right under
applicable law to terminate or revoke this Guaranty, the Guarantor agrees that such termination or revocation shall not be effective until a written notice of such revocation or termination, specifically referring hereto, signed by the Guarantor, is
actually received by the Agent. Such notice shall not affect the right and power of the Lender or the Agent to enforce rights arising prior to receipt thereof by the Agent. If the Lender grants loans or takes other action after the Guarantor
terminates or revokes this Guaranty but before the Agent receives such written notice, the rights of the Agent with respect thereto shall be the same as if such termination or revocation had not occurred. 

13. Successors and Assigns. This Guaranty shall be binding upon the Guarantor and upon its successors and assigns and shall inure
to the benefit of each Buyer, the Lender and the Agent and their respective successors and assigns; all references herein to either Buyer, either Seller, to the Lender, to the Agent and to the Guarantor shall be deemed to include their respective
successors and assigns; provided that the Guarantor may not assign any of its rights or obligations hereunder without the prior written consent of each Buyer, the Lender and the Agent. The successors of each Seller shall include, without
limitation, its respective receivers, trustees, debtors-in-possession or successor trustees. 
 14. GOVERNING LAW. THIS
GUARANTY WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 15. CONSENT TO JURISDICTION; COUNTERCLAIMS; FORUM NON CONVENIENS. (a) EXCLUSIVE JURISDICTION. EXCEPT AS
PROVIDED IN SUBSECTION (b) OF THIS SECTION 15, EACH BUYER, THE AGENT, THE LENDER AND THE GUARANTOR AGREE THAT ALL DISPUTES BETWEEN THEM ARISING OUT OF OR RELATED TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS GUARANTY,
WHETHER ARISING IN CONTRACT, TORT, EQUITY, OR OTHERWISE, SHALL BE RESOLVED ONLY BY FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK OR, TO THE EXTENT SUCH COURTS LACK JURISDICTION, STATE COURTS LOCATED IN NEW YORK, NEW YORK, BUT THE PARTIES ACKNOWLEDGE
THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK, NEW YORK. 

  
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 (b) OTHER JURISDICTIONS. EACH OF THE LENDER, AGENT AND EACH BUYER SHALL HAVE THE
RIGHT TO PROCEED AGAINST THE GUARANTOR OR ITS REAL OR PERSONAL PROPERTY IN A COURT IN ANY LOCATION TO ENABLE THE AGENT TO OBTAIN PERSONAL JURISDICTION OVER THE GUARANTOR OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF THE AGENT.
THE GUARANTOR SHALL NOT ASSERT ANY PERMISSIVE COUNTERCLAIMS IN ANY PROCEEDING BROUGHT BY THE AGENT, EITHER BUYER OR THE LENDER ARISING OUT OF OR RELATING TO THIS GUARANTY. 
 (c) VENUE; FORUM NON CONVENIENS. EACH OF THE GUARANTOR, EACH BUYER, THE AGENT AND THE LENDER WAIVES ANY OBJECTION THAT IT MAY HAVE (INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF
VENUE OR BASED ON FORUM NON CONVENIENS) TO THE LOCATION OF THE COURT IN WHICH ANY PROCEEDING IS COMMENCED IN ACCORDANCE WITH THIS SECTION 15. 
 16. SERVICE OF PROCESS. THE GUARANTOR IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE GUARANTOR’S NOTICE ADDRESS SPECIFIED BELOW, SUCH SERVICE TO BECOME EFFECTIVE FIVE (5) DAYS AFTER SUCH MAILING. 

17. WAIVER OF JURY TRIAL. EACH OF THE GUARANTOR, EACH BUYER, THE AGENT AND THE LENDER WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG EITHER BUYER, THE LENDER, THE AGENT OR THE GUARANTOR ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED
OR DELIVERED IN CONNECTION HEREWITH. ANY OF THE AGENT, THE GUARANTOR, EITHER BUYER OR THE LENDER MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS GUARANTY WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY. 
 18. Further Assurances. If the Guarantor fails to perform any of its obligations
hereunder, the Agent may (but shall not be required to) perform, or cause performance of, such obligation; and the Agent’s reasonable costs and expenses incurred in connection therewith shall be payable by the Guarantor. 

19. Waiver of Bond. The Guarantor waives the posting of any bond otherwise required of the Agent or the Lender in connection with
any judicial process or proceeding to enforce any judgment or other court order entered in favor of either Buyer, the Agent or the Lender, or to enforce by specific performance, temporary restraining order, or preliminary or permanent injunction,
this Guaranty or any other agreement or document among any of the Agent, the Lender, the Guarantor or either Buyer. 

  
 8 

 20. Advice of Counsel. The Guarantor represents and warrants to each Buyer, the Agent
and the Lender that he has discussed this Guaranty and, specifically, the provisions of Sections 14 through 19 hereof, with its lawyers. 
 21. Notices. All notices and other communications required or desired to be served, given or delivered hereunder shall be in writing or by a telecommunications device capable of creating a printed
record and shall be addressed to the party to be notified as follows: 
 if to the Guarantor, at: 

GWG Holdings, LLC 
 60 South Sixth Street, Suite 950 
 Minneapolis, MN 55402

 Attention: Ryan Kaplan 

Telecopy: 612-746-0445 
 if to the Buyers, at: 
 GWG DLP Funding II, LLC 

60 South Sixth Street, Suite 950 
 Minneapolis, MN 55402 
 Attention: Ryan Kaplan 

Telecopy: 612-746-0445 
 United Lending SPV, LLC 
 60 South Sixth Street, Suite 950

 Minneapolis, MN 55402 
 Attention: Ryan Kaplan 
 Telecopy: 612-746-0445 

if to the Lender, at: 
 Autobahn Funding Company LLC 
 c/o DZ BANK AG Deutsche 

Zentral-Genossenschaftsbank 
 New York Branch 
 609 5th Avenue 

New York, New York 10017-1021 
 Attention: Asset Securitization Group 
 Telecopy:
(212) 745-1651 
 if to the Agent, at: 

DZ BANK AG Deutsche 
 Zentral-Genossenschaftsbank 
 New York Branch 

609 5th Avenue 
 New York, New York 10017-1021 
 Attention: Asset Securitization
Group 
 Telecopy: (212) 745-1651 

  
 9 

 or, as to each party, at such other address as designated by such party in a written notice to the other
party. All such notices and communications shall be deemed to be validly served, given or delivered (i) five (5) days following deposit in the United States mails, with proper postage prepaid; (ii) upon delivery thereof if delivered
by hand to the party to be notified; (iii) upon delivery thereof to a reputable overnight courier service, with delivery charges prepaid; or (iv) upon confirmation of receipt thereof if transmitted by a telecommunications device.

 22. Severability. Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Guaranty. 
 23. Merger. This Guaranty represents the final
agreement of the Guarantor with respect to the matters contained herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, among any of the Agent, the Guarantor and the Lender. 

24. Execution in Counterparts. This Guaranty may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Guaranty by facsimile shall be effective
as delivery of a manually executed counterpart of this Guaranty. 
 [Remainder of this page intentionally left blank] 

  
 10 

 IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantor as of the day and
year first set forth above. 
  

			
	

 Signature Page to Performance Guaranty 

 

 
 Signature Page to Performance Guaranty 

			
	

 Signature Page to Performance Guaranty

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