Document:

Exhibit 4.7

 

THIS L BOND
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

 

UNLESS THIS
GLOBAL L BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

CUSIP No.
36192A AN9

ISIN No.
US36192AAN90

 

GWG
HOLDINGS, INC.

GWG
LIFE, LLC

 

7.500%
L BOND DUE June __, 2018

 

	$20,000,000	No.:
    ___

 

GWG
Holdings, Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWENTY MILLION DOLLARS or such other Principal Amount as shall be set forth on Schedule
I hereto on June __, 2018 and to pay interest thereon at the rate of 7.500% per annum from the Issue Date on a monthly basis,
payable on the 15th day immediately following the last day of the month (each a “Payment Date”), until the principal
hereof is paid or made available for payment.

 

The
interest so payable, and punctually paid or duly provided for, on any Payment Date will, except as provided in the Indenture hereinafter
referred to, be paid to the Person in whose name this L Bond is registered at the close of business on the Regular Record Date
for such interest, which means, with respect to each Payment Date, as of 11:59 p.m. of the date 15 days prior to such Payment
Date. Any such interest not so punctually paid or duly provided for shall be paid to the Holder on a subsequent special Payment
Date, which date shall be at the earliest practicable date, but in all events within 21 days following the scheduled Payment Date
for the defaulted interest, notice of which shall be given prior to any such special Payment Date, all as more fully provided
in the Indenture.

 

    	1

    	 

    

 

Payment
of the principal of and interest on this L Bond will be made by the office or agency of the Company maintained for that purpose
in Minneapolis, Minnesota, or in such other office or agency as may be established by the Company pursuant to the Indenture (initially
Corporate Stock Transfer, Inc. of Denver, Colorado (“Corporate Stock Transfer”) shall serve as the “Paying Agent”
under the Indenture for the payment of amounts due and owing under this L Bond), in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal and interest
at maturity will be made against presentment of this L Bond at Corporate Stock Transfer (or such other office as may be established
pursuant to the Indenture), by check or wire transfer.

 

Reference
is hereby made to the further provisions of this L Bond set forth on the reverse side hereof, which further provisions shall for
all purposes have the same effect as though fully set forth at this place.

 

Unless
the Certificate of Authentication hereon has been executed by the Trustee or an Authenticating Agent under the Indenture referred
to on the reverse hereof by the manual signature of one of its authorized officers, this L Bond shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this L Bond to be signed in its name by the signature of its Chief Executive Officer,
its President or one of its Vice Presidents and attested by the manual or facsimile signature of its Secretary or one of its Assistant
Secretaries.

 

Date: June
__, 2015

 

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

	ATTEST:	 
	 	 
	 	 
	Secretary	 

 

    	3

    	 

    

 

Trustee’s
Certificate of Authentication

 

This
is one of the L Bonds described in the Indenture.

 

Dated:

 

	 	Bank
of Utah, as Trustee

	 	 
	 	By:	 
	 		Name:	 
	 		Title:	 

 

    	4

    	 

    

 

(Reverse
of L Bond)

 

GWG
HOLDINGS, INC.

GWG
LIFE, LLC

 

7.500%
L BOND DUE _______, 2018

 

1.          This
L Bond is one of a duly authorized issue of securities of the Company designated as its 7.500% L Bonds due __________, 2018 (the
“L Bonds”), issued under an Indenture dated as of October 19, 2011, by and among the Company, as obligor, GWG Life,
LLC, as guarantor, and Bank of Utah, as trustee (“Trustee”), as first amended on December 15, 2011, second amended
on January 9, 2015, and third amended on __________, 2015 (as amended, the “Indenture”), to which reference is hereby
made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the L Bonds, and the terms
upon which the L Bonds are, and are to be, authenticated and delivered.

 

2.          This
L Bond is limited to an aggregate principal amount not to exceed $20,000,000.

 

3.          The
entire outstanding principal balance and accrued but unpaid interest of any or all of the L Bonds is subject to redemption, at
the Company’s option, at a Redemption Price equal to the principal amount of such Security plus the interest accrued but
unpaid during the Interest Accrual Period up to but not including the Redemption Date for such Security.

 

In
addition, in the event of Total Permanent Disability, Bankruptcy or death, a Holder or Beneficial Holder who is a natural person
(or his or her estate or legal representative) may require the Company to repurchase, in whole but not in part, without penalty,
the L Bonds held by such Holder or interest in this L Bond held by a Beneficial Holder. In addition, a Holder or Beneficial Holder
may request (but not require) the Company to repurchase, in whole but not in part, the L Bonds (or interest therein) held by such
Holder or Beneficial Holder by delivering a Repurchase Request to the Company, which repurchase, if made, would be subject to
an early Repurchase Penalty of 6.00% of the amount of the principal amount of the L Bonds repurchased.

 

The
procedures for any redemption are set forth in the Indenture.

 

4.          If
an Event of Default (other than an Event of Default relating to bankruptcy or insolvency as more specifically described in the
Indenture) with respect to the L Bonds shall occur and be continuing, the Trustee or the Holders of not less than 25% in principal
amount of the then-outstanding L Bonds may declare unpaid principal and any accrued but unpaid interest of all L Bonds due and
payable in the manner and with the effect provided in the Indenture. If an Event of Default relating to bankruptcy or insolvency
of the Company occurs, then all unpaid principal of and accrued interest on all Securities shall become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holder.

 

    	5

    	 

    

 

5.          The
Indenture permits, with certain exceptions as therein provided, the amendment thereof by the Company and the Trustee without the
consent of the Holders. The Company and the Trustee may amend the Indenture or the Securities with the consent of the Holders
of at least a majority in principal amount of the then-outstanding L Bonds. The Indenture also contains provisions permitting
the Holders of a majority in principal of the then-outstanding L Bonds, on behalf of the Holders of all L Bonds, to waive compliance
by the Company with certain provisions of the Indenture and any existing Default or Event of Default. Any such consent or waiver
by the Holder of this L Bond shall be conclusive and binding upon such Holder and upon all future Holders of this L Bond and of
any L Bond issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this L Bond.

 

6.          No
reference herein to the Indenture and no provisions of this L Bond or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and interest on this L Bond at the times, places and
rate, and in the coin or currency, herein prescribed.

 

7.          This
L Bond may not be transferred except as a whole by the Depositary with respect to this L Bond to a nominee of such Depositary,
by a nominee of such Depositary to such Depositary or another nominee of such Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary, or in the event the Depositary becomes unwilling, unable
or ceases to serve as the Depositary and the Company does not appoint a successor Depositary within 90 days of such event, or
the Company delivers an officers’ certificate to the Trustee to the effect that this L Bond shall be so exchangeable.

 

8.          The
L Bonds are issuable in denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000. As provided
in the Indenture, and subject to certain limitations therein set forth, book-entry accounts evidencing ownership of the Securities
shall be exchangeable for definitive or certificated forms of Securities only (i) at the end of each Fiscal Quarter at the request
of a Holder, (ii) if Company at its option advises the Trustee and the Registrar in writing of its election to terminate the book-entry
system, or (iii) after the occurrence of an Event of Default, as more fully described in the Indenture.

 

9.          The
Company may assess reasonable service charges to a Holder for any registration of transfer or exchange, and the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

10.        Prior
to the due presentment of this L Bond for registration of transfer or exchange, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this L Bond is registered as the owner hereof for all purposes, whether
or not this L Bond be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

11.        Interest
on the L Bond shall be computed on the basis of a 360-day year of twelve 30-day months.

 

    	6

    	 

    

 

12.        The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company
or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

13.        This
L Bond shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

 

14.        Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

15.        Each
Holder of this L Bond covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing
provisions.

 

16.        All
terms used in this L Bond which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	7

    	 

    

 

Schedule
I

SCHEDULE
OF TRANSFERS AND EXCHANGES

 

The
following increases or decreases in Principal Amount of this Global Security have been made:

 

	Date
    of Exchange	 	Amount
    of Decrease in Principal Amount of this Global Security	 	Amount
    of Increase in Principal Amount of this Global Security	 	Principal
    Amount of this Global Security following such

Decrease or Increase	 	Signature
    of Authorized Signatory of Trustee or Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

 

8Exhibit 4.11

 

AMENDMENT
NO. 3 TO INDENTURE

 

This
Amendment No. 3 to Indenture (this “Amendment”)
is entered into as of June ___, 2015, by and among GWG Holdings, Inc., a Delaware corporation, as obligor (the “Company”),
GWG Life, LLC, a Delaware limited liability company (formerly known as GWG Life Settlements, LLC), as guarantor (the “Guarantor”),
and Bank of Utah, a Utah corporation, as trustee (the “Trustee”), for the purpose of amending that certain
Indenture by and among the Company, the Guarantor and the Trustee dated as of October 19, 2011, as first amended on December 15,
2011, and as second amended on January 9, 2015 (as amended, the “Indenture”). This Amendment is being entered
into solely to address certain typographical errors contained within Amendment No. 2 to Indenture dated effective as of January
9, 2015, and to reflect certain amendments to the “Intercreditor Agreement” and “Pledge and Security Agreement.”

 

Now,
Therefore, the Indenture is hereby amended as follows:

 

1.          The
following defined terms are amended to read, in their entireties, as follows:

 

“Intercreditor
Agreement” means that certain Intercreditor Agreement, dated as of October 19, 2011, by and among the Trustee, Lord
Securities Corporation (as trustee under that certain Third Amended and Restated Note Issuance Agreement dated as of November
1, 2011, by and among the Guarantor, Lord Securities Corporation and the GWG LifeNotes Trust, with respect to the Guarantor Secured
Notes and the L Bonds), and Bank of Utah (as trustee under that certain Indenture dated as of October 19, 2011, as first amended
on December 15, 2011, and as second amended on January 9, 2015), as such agreement may be amended, modified or supplemented from
time to time in accordance with its terms and with this Indenture (specifically including but not limited to (i) as first amended
on January 9, 2015,(ii) as second amended on June ___, 2015, and (iii) as the same may be amended, modified or supplemented from
time to time in the future in accordance with its terms and with this Indenture), which agreement comprises one of the Collateral
Documents. The form of Intercreditor Agreement (including the above-referenced amendments) is attached hereto as Exhibit
E, and any future amendments, modifications or supplements thereto will be added as exhibits successively numbered in
cardinal fashion.

 

“Pledge
and Security Agreement” means that certain Pledge and Security Agreement, dated as of October 19, 2011, by and
among the Company, the Guarantor, the Company Majority Stockholders, affiliates of the Company Majority Stockholders through
which such Company Majority Stockholders beneficially own shares of common stock of the Company, and the Trustee (in its
capacity as trustee under this Indenture), specifically including but not limited to (i) as first amended on December 11,
2011, (ii) as second amended on January 9, 2015, (iii) as third amended on June ___, 2015, and (iv) as the same may be
amended, modified or supplemented from time to time in the future in accordance with its terms and with this Indenture, which
agreement comprises one of the Collateral Documents. The form of Pledge and Security Agreement (including the
above-referenced amendments) is attached hereto as Exhibit D. Any amendments, modifications or supplements to
such agreement thereto will be added as exhibits successively numbered in cardinal fashion.

 

“SPV
Collateral” means all assets and property in which either any SPV Entity or Master Trust has acquired, or purports to
have acquired, an interest (including without limitation all assets and property which the Company or the Guarantor has transferred,
or purports to have transferred, to any such Person) pursuant to either (i) the “Transaction Documents,” as defined
in that certain Third Amended and Restated Note Issuance and Security Agreement dated as of November 1, 2011, by and among the
Guarantor, the holders of Guarantor Secured Notes, Lord Securities Corporation (as trustee), and GWG LifeNotes Trust, as the same
may be amended from time to time, or (ii) any documentation relating to any Senior Debt and intended by the parties thereto to
have the same primary purpose as the Transaction Documents.”

 

2.          Other
than as set forth herein, the Indenture shall remain unaffected by this Amendment.

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Amendment No.
3 to Indenture.

 

	 	GWG
    HOLDINGS, INC.
	 	(as
    obligor)
	 	 
	 	By:	 
	 	 	Jon
    R. Sabes
	 	 	Chief
    Executive Officer
	 	 	 
	 	GWG
    LIFE, LLC
	 	(as
    Guarantor)
	 	 
	 	By:	 
	 	 	Jon
    R. Sabes
	 	 	Chief
    Executive Officer
	 	 	 
	 	BANK
    OF UTAH
	 	(not
    in its individual capacity, but as Trustee)
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

Signature
Page to Amendment No. 3 to Indenture

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