Document:

Intercreditor Agreement

 Exhibit 4.5 
 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR
AGREEMENT is dated as of October 19, 2011, and entered into by and among GWG Lifenotes Trust, a Minnesota trust in its capacity as the representative of the holders of Notes (as defined below) (including its successors and assigns
from time to time, the “GWG Trust”), Lord Securities Corporation, a Delaware corporation in its capacity as the trustee of the GWG Trust (including its successors and assigns from time to time, the “GWG Trustee,”
and together with the GWG Trust, collectively referred to herein as the “Notes Representative”), and Bank of Utah, a Utah corporation in its capacity, as applicable, as (i) collateral trustee for the Debentures (as defined
below) and (ii) indenture trustee under the Indenture (as defined below) (in each case including its successors and assigns from time to time, the “Debentures Representative”). Capitalized terms used herein but not otherwise
defined herein have the meanings set forth in Section 1 below. 
 INTRODUCTION 

A. GWG Life Settlements, LLC, a Delaware limited liability company (“GWG Life”), is party to a Second Amended and
Restated NISA dated as of November 15, 2010 (as amended, restated, supplemented, extended or otherwise hereafter modified from time to time, the “NISA”). The other parties to the NISA are the GWG Trust, the GWG Trustee, and the
holders of promissory notes issued from to time (as lenders) pursuant to the NISA. Approximately $55.7 million in principal amount of promissory notes issued under the NISA (the “Notes”) are outstanding as of the date hereof.

 B. Pursuant to the terms of the NISA, GWG Life granted the Notes Representative a security interest in the Note Collateral
(as defined below) to secure repayment of GWG Life’s obligations under the NISA and the Notes. 
 C. GWG Holdings, Inc., a
Delaware corporation (“GWG Holdings”), has entered into that certain Indenture dated as of the date hereof (as amended, restated, supplemented, extended or otherwise hereafter modified from time to time, the
“Indenture”). The other parties to the Indenture are GWG Life, in its capacity as guarantor, and the Debentures Representative. Under the Indenture, GWG Holdings may issue up to $250 million of secured debentures (the
“Debentures”). 
 D. Pursuant to the terms of that certain Pledge and Security Agreement dated as of the date
hereof (as amended, restated, supplemented, extended or otherwise hereafter modified from time to time, the “Debenture Security Agreement”), GWG Holdings and GWG Life have pledged to the Debentures Representative the Debenture
Collateral (as defined below) to secure repayment of GWG Holdings’ obligations under the Indenture and the Debentures. 

E. The parties desire to enter into this Agreement to (i) establish the relative lien priorities, rights and remedies with respect
to the Shared Collateral (as defined below) (ii) establish the relative priorities with respect to payment of the obligations owing under the NISA, and the Indenture and related Debenture Security Agreement, and (iii) appoint the Notes
Representative as Collateral Agent (as defined below) for the Notes Representative (and the holders of Notes it represents) and for the Debentures Representative (in its capacity as collateral agent for the holders of the Debentures), for the
purposes of the holding of the Shared Collateral for the benefit of the holders of the Notes and the Debentures, and enforcing the Liens respecting the Shared Collateral. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

 Section 1. Definitions. 

1.1 Defined Terms. In addition to the terms defined elsewhere in this Agreement, the following capitalized terms shall have the
meanings set forth below: 
 “Affiliate” of any Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common Control with such specified Person. 
 “Bankruptcy
Code” means Title 11 of the U.S. Code. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar
federal, state or foreign law for the relief of debtors. 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power or by contract or otherwise, and the terms “Controlling” and “Controlled”
shall have meanings correlative thereto. 
 “Debenture Collateral” means any collateral subject to a Lien in
favor of the Debentures Representative for the benefit of the Debenture Holders, excluding any Shared Collateral. 

“Debenture Documents” means the Indenture and the other Collateral Documents (as defined in the Indenture) and each of
the other agreements, documents and instruments providing for or evidencing any Debenture Obligation, and any other document or instrument executed or delivered at any time in connection with any Debenture Obligations, including any intercreditor or
joinder agreement among holders of Debenture Obligations, to the extent such are effective at the relevant time, as each may be modified from time to time. 
 “Debenture Holders” means the holders of the Debentures, from time to time. 
 “Debenture Obligations” means all loans, advances, debts, liabilities and monetary obligations owing to any Debenture Holder or any of them or any of their respective successors and
assigns, of any kind or nature, present or future, arising under the Debenture Documents, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification, or in any other manner, whether
direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired. The term includes, without limitation, all interest (whether or not such interest
would be an allowed claim in a bankruptcy or similar proceeding against GWG Life, GWG Holdings or any of their Affiliates), charges, expenses, fees, reasonable attorneys’ fees and disbursements and paralegals’ fees, and any other sums
chargeable to GWG Life, GWG Holdings or any of their Affiliates under any of the Debenture Documents. 
 “Debenture
Secured Parties” means and includes, at any relevant time, the Debentures Representative in its capacity as collateral trustee for the benefit of the Debenture Holders and any successor or other party that constitutes a secured party under
the Debenture Security Agreement. 
 “Debenture Security Agreement” has the meaning set forth in the
Introduction of this Agreement. 
 “Debenture Security Documents” means the Collateral Documents (as defined in
the Indenture) and any other agreement, document or instrument pursuant to which a Lien is granted or purported to be granted securing any Debenture Obligations or under which rights or remedies with respect to such Liens are governed. 

  
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 “Debentures” has the meaning set forth in the Introduction of this
Agreement. 
 “Debtor Parties” means GWG Life, GWG Holdings and each of their Affiliates that have executed and
delivered, or may from time to time hereafter execute and deliver, a NISA Document or a Debenture Document. 

“Indenture” has the meaning set forth in the Introduction of this Agreement. 

“Insolvency or Liquidation Proceeding” means, with respect to any Person, any (a) insolvency, bankruptcy,
receivership, reorganization, readjustment, composition or other similar proceeding relating to such Person or its property or creditors in such capacity, (b) proceeding for any liquidation, dissolution or other winding up of such Person,
voluntary or involuntary, whether or not involving insolvency or proceedings under the Bankruptcy Code, whether partial or complete and whether by operation of law or otherwise, (c) assignment for the benefit of creditors of such Person or
(d) other marshalling of the assets of such Person. 
 “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. 
 “NISA” has the meaning set forth in the preamble hereof. 

“NISA Documents” means the NISA and each of the other agreements, documents and instruments providing for or evidencing
any Note Obligations, and any other document or instrument executed or delivered at any time in connection with any Note Obligations, including any intercreditor or joinder agreement among holders of Note Obligations, to the extent such are
effective at the relevant time, as each may be modified from time to time. 
 “Note Collateral” means any
collateral subject to a Lien in favor of the Note Secured Parties, excluding any Shared Collateral. 
 “Note
Obligations” means all loans, advances, debts, liabilities and monetary obligations owing to any Note Holder or any of them or any of their respective successors and assigns, of any kind or nature, present or future, arising under the NISA
Documents, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification, or in any other manner, whether direct or indirect (including those acquired by assignment), absolute or
contingent, due or to become due, now existing or hereafter arising and however acquired. The term includes, without limitation, all interest (whether or not such interest would be an allowed claim in a bankruptcy or similar proceeding against GWG
Life, GWG Holdings or any of their Affiliates), charges, expenses, fees, reasonable attorneys’ fees and disbursements and paralegals’ fees, and any other sums chargeable to GWG Life, GWG Holdings or any of their Affiliates under any of the
NISA Documents. 
 “Note Secured Parties” means and includes, at any relevant time, the Notes Representative
and the “Secured Parties” as defined in the NISA. 
 “Note Security Documents” means the NISA and any
other agreement, document or instrument pursuant to which a Lien is granted or purported to be granted securing any Note Obligations or under which rights or remedies with respect to such Liens are governed. 

“Notes” has the meaning set forth in the Introduction of this Agreement. 

  
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 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint stock company, trust, unincorporated organization or government. 

“Ratably” or “Ratable” means, with respect to any amount to be allocated between the Notes
Representative (for the benefit of the holders of Notes) and the Debentures Representative (for the benefit of the Debenture Holders), the allocation of a portion of such amount to (a) the Notes Representative such that the ratio that the
amount allocated to the Notes Representative bears to the total amount to be so allocated equals the ratio of the Note Obligations to the Total Obligations and (b) the Debentures Representative such that the ratio that the amount allocated to
the Debentures Representative bears to the total amount to be so allocated equals the ratio of the Debenture Obligations to the Total Obligations. 
 “Representatives” means collectively, the Notes Representative and the Debentures Representative. 
 “Security Documents” means, collectively, the Note Security Documents and the Debenture Security Documents. 
 “Shared Collateral” means all real, personal and mixed property and interests owned or hereafter acquired by GWG Life, GWG Holdings or their Affiliates with respect to which a Lien is
granted or purported to be granted as security for both the Note Obligations and the Debenture Obligations. 
 “Total
Obligations” means, as of the date of determination, an amount equal to the Note Obligations plus the Debenture Obligations. 
 “Triggering Event” shall mean or occur upon either of the following: 
  

	 	(i)	The Collateral Agent’s receipt of written notice from the Notes Representative that (A) an Event of Default (as defined in the NISA Security Documents or the
NISA) has occurred and, (B) the unpaid principal amount of the Note(s) under the NISA have been declared to be then due and payable; or 

  

	 	(ii)	The Collateral Agent’s receipt of written notice from the Debentures Representative that (A) an Event of Default (as defined in the Debenture Security
Documents or Indenture) has occurred and, (B) the unpaid principal amount of the Debenture(s) under the Indenture have been declared to be then due and payable. 

“Uniform Commercial Code” or “UCC” means the Uniform Commercial Code (or any similar or equivalent
legislation) as in effect in any applicable jurisdiction. 
 1.2 Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement, (e) any reference to any law or regulation herein shall refer to
such law or regulation as amended, modified 

  
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or supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights. 
 1.3 Joint Preparation;
Construction of Indemnities and Releases. This Agreement has been reviewed and negotiated by sophisticated parties with access to legal counsel, and no rule of construction shall apply hereto or thereto which would require or allow this
Agreement to be construed against any party because of its role in drafting such document. All indemnification and release-of-liability provisions of this Agreement shall be construed broadly (and not narrowly) in favor of the Persons receiving
indemnification or releases of liability. 
 Section 2. Lien Priorities. 

2.1 Relative Priorities. Notwithstanding the date, manner or order of grant, attachment or perfection of any Liens securing the
Note Obligations granted on the Shared Collateral or of any Liens securing the Debenture Obligations granted on the Shared Collateral, and notwithstanding any provision of the UCC or any applicable law, or any provisions contained in the NISA
Documents or the Debenture Documents, or any other circumstance whatsoever, the Notes Representative, for itself and on behalf of each of the Note Secured Parties, the Debentures Representative and, by virtue of accepting the Debentures, the holders
of Debenture, hereby agree that: the Liens in and to the Shared Collateral, securing the Note Obligations and the Debenture Obligations, regardless of how acquired, whether by judgment, grant, possession, statute, operation of law, subrogation or
otherwise, shall be pari passu in all respects and no Lien in the Shared Collateral in favor of the Notes Representative shall have priority over any Lien in the Shared Collateral in favor of the Debentures Representative. Similarly, no Lien
in Shared Collateral in favor of the Debentures Representative shall have priority over any Lien in the Shared Collateral in favor of the Notes Representative. The relative priorities of the Liens of the holders and the Representatives in the Note
Collateral and the Debenture Collateral, respectively, that does not constitute Shared Collateral, shall not be affected by this Agreement. The provision of pari passu and equal priority as between the Liens of the Notes Representative and
the Debentures Representative shall not be deemed to subordinate the Liens of the Notes Representative or the Debentures Representative to any other Person. 
 2.2 Prohibition on Contesting Liens. Each of (i) the Debentures Representative and, by virtue of accepting the Debentures, the holders of Debentures, and (ii) the Notes Representative,
for itself and on behalf of each of the Note Secured Parties, agrees that they shall not (and hereby waive any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding),
(A) the priority, validity or enforceability of a Lien held by or on behalf of any of the Note Secured Parties in the Shared Collateral or any of the Debenture Secured Parties in the Shared Collateral, as the case may be, or (B) the
validity or enforceability of this Agreement. 
 2.3 Priorities Not Affected by Amendments. Subject to the terms of this
Agreement, either the holders of Notes or the holders of Debentures may extend, amend, modify, supplement or restate their respective financing arrangements with GWG Life and GWG Holdings without affecting the priorities established by this
Agreement. No part of the Total Obligations may be refinanced unless such new lender or holder expressly agrees to be bound by this Agreement. 

Section 3. Appointment of Collateral Agent. 
 3.1 Appointment of Collateral Agent. Each of the Notes Representative and the Debentures Representative hereby designates the Notes Representative to act as the contractual representative for the
parties hereto (the “Collateral Agent”) with respect to the security provisions contained in the Security 

  
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Documents. The provisions of this Section 3 extend to the Notes Representative only in its capacity as Collateral Agent. Each of the Notes Representative and the Debentures Representative
hereby authorizes the Collateral Agent to take such action on its behalf under the provisions of this Agreement and the Security Documents, and to exercise such powers and perform such duties hereunder and thereunder as are specifically delegated to
it hereunder or under the Security Documents or required of the Collateral Agent by the terms hereof or thereof, together with such other powers as are reasonably incidental thereto. The Notes Representative agrees to act as the Collateral Agent
upon the express terms and conditions contained herein. 
 3.2 Nature of Duties of the Collateral Agent. The Collateral
Agent shall have no duties or responsibilities, except those expressly set forth in this Agreement or the Security Documents. The Collateral Agent shall have and may exercise such powers hereunder and under the Security Documents as are specifically
delegated to the Collateral Agent by the terms hereof, together with such powers as are reasonably incidental thereto. Neither the Collateral Agent, nor any of its directors, officers, employees, legal counsel or agents (each a “Protected
Party”) shall be liable to the Notes Representative, the Debentures Representative or the holders of the Notes or the Debentures, for any damages caused by any action taken or omitted by a Protected Party hereunder or under the Security
Documents (including those damages caused by the sole negligence, comparative negligence or concurrent negligence of any Protected Party), unless caused solely by the gross negligence or willful misconduct of the Protected Party seeking protection
under this Section 3.3. The duties of the Collateral Agent shall be mechanical and administrative in nature; and the Collateral Agent, in its capacity as such, shall not have by reason of this Agreement or the Security Documents a fiduciary
relationship in respect of the Debentures Representative or the Notes Representative. Nothing in this Agreement is intended to or shall be so construed as to impose upon the Collateral Agent any duties or obligations in respect of this Agreement or
the Security Documents, except as expressly set forth herein. 
 3.3 Lack of Reliance on the Collateral Agent. The
Collateral Agent shall not (i) be responsible to the Notes Representative or the Debentures Representative for any recitals, statements, information, representations or warranties herein, in any Security Document, or in any document,
certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, collectability, priority or sufficiency of this Agreement, the Security Documents or the financial
condition of GWG Life, GWG Holdings or their Affiliates; or (ii) be required to make any inquiry concerning (A) the performance or observance by others of any of the terms, provisions or conditions of this Agreement or the Security
Documents, including the content of notices, opinions, certificates and directions given under this Agreement or the Security Documents, (b) the financial condition of GWG Life, GWG Holdings or their Affiliates, or (c) the existence or
possible existence of any “default” or “event of default” under the NISA Documents or Debenture Documents. 

3.4 Certain Rights of the Collateral Agent. If the Collateral Agent shall request instructions from the Representatives with
respect to any act or omission in connection with this Agreement or the Security Documents, then the Collateral Agent shall be entitled to refrain from taking such action unless and until the Collateral Agent shall have received written instructions
from any Representative pursuant to the terms hereof; and the Collateral Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Representative shall have any right of action whatsoever against
the Collateral Agent as a result of the Collateral Agent acting or refraining from acting under this Agreement or the Security Documents in accordance with the written instructions given in accordance with this Agreement, and such instructions and
any action taken or failure to act pursuant thereto shall be binding on all the Representatives. The Collateral Agent shall be fully justified in failing or refusing to take any action hereunder or under the Security Documents unless it shall first
be indemnified to its satisfaction by the Representatives against any and all liability and expense which may be incurred by the 

  
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Collateral Agent by reason of taking or continuing to take any such action. Notwithstanding any other provision of this Section 3 or any indemnity or instructions provided by any or all of
the Representatives, the Collateral Agent shall not be required to take any action which, in the reasonable belief of the Collateral Agent, exposes the Collateral Agent to personal liability or which, in the reasonable belief of the Collateral
Agent, is contrary to this Agreement, the Security Documents, or applicable law. 
 3.5 Reliance by the Collateral Agent.
The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, statement, certificate or facsimile transmission, e-mail, order or telephone message believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person. The Collateral Agent may consult with legal counsel, accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts. 
 3.6 The Collateral Agent in its Individual
Capacity. The Notes Representative shall have the same rights and powers hereunder as the Debentures Representative and may exercise the same as though it were not performing the duties of the Collateral Agent specified herein except as
expressly noted to the contrary; and the term “Representatives” or any similar term shall, unless the context clearly otherwise indicates, include the Notes Representative in its individual capacity as the trustee of the GWG Trust under
the terms of the NISA and not in its capacity as the Collateral Agent. 
 3.7 Representatives as Owners. The Collateral
Agent may deem and treat each Representative as the owner of its portion of the Total Obligations as described herein for all purposes hereof unless and until the Collateral Agent is notified of a change in Representative. 

3.8 Successor Collateral Agent. 
 (a) The Collateral Agent may resign at any time by giving at least 30 days’ prior written notice thereof to the Representatives, which resignation shall be effective upon the appointment of a
successor Collateral Agent by a ratable vote of the Representatives. 
 (b) Upon the acceptance of any
appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the
retiring Collateral Agent shall be discharged from its duties under this Agreement. After any retiring Collateral Agent’s resignation or removal hereunder as Collateral Agent, the provisions of this Agreement shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement. 
 3.9 Employment of
Collateral Agent and Counsel. The Collateral Agent may execute any of its duties as the Collateral Agent hereunder or under the Security Documents by or through employees, agents, and attorneys-in-fact and shall not be answerable to the
Representatives for the default or misconduct of any such employees, agents or attorneys in fact reasonably selected by it in good faith unless such default or misconduct is a direct result of the gross negligence or willful misconduct of the
Collateral Agent in monitoring the activities of such employees, agents or attorneys-in-fact. The Collateral Agent shall be entitled to advice of independent legal counsel concerning all matters pertaining to the collateral agency hereby created and
its duties hereunder or under the Security Documents. 
 3.10 Limitation on Liability of the Representatives and the
Collateral Agent. The Representatives and the Collateral Agent shall not be deemed, as a result of the execution and delivery of this Agreement or the Security Documents, or the consummation of the transactions contemplated by this Agreement and
the Security Documents, to have assumed any obligation of GWG Life, GWG Holdings 

  
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or their Affiliates with respect to the Collateral or any liability under or with respect to any of the contracts, agreements, leases, instruments or documents which are, or which may hereafter
be, assigned to the Collateral Agent for the benefit of the Representatives. 
 Section 4. Enforcement. 

4.1 Exercise of Remedies. 
 (a) Upon the occurrence and during the continuance of any Triggering Event, the Collateral Agent shall, upon a request from any Representative specifying the particular action(s) being requested by such
Representative, and subject to the other provisions of this Agreement, commence to take, or direct the appropriate trustee or agent to take, those requested actions provided for in this Agreement or the Security Documents relating to the pursuit of
remedies which the Collateral Agent deems appropriate in its reasonable judgment to realize the value and benefits of the Shared Collateral. 
 (b) The holders of a majority in principal amount of the then-outstanding Total Obligations may direct the time, method and place of conducting any proceeding for any remedy available to the Collateral
Agent under this Agreement or the Security Documents, on the condition that indemnification for the Collateral Agent’s fees and expenses, in a form reasonably satisfactory to the Collateral Agent, shall have been provided. The Collateral Agent
may refuse to follow any direction that conflicts with the law or this Agreement or that may involve personal liability for the Collateral Agent. 
 (c) The Representatives agree that upon the occurrence of a Triggering Event, all payments made to any Representative on account of the Shared Collateral shall be shared by the Notes Representative and
the Debentures Representative (for the benefit of their respective holders) in accordance with Section 4.2. 

(d) Each Representative agrees: (i) to deliver to each other Representative and the Collateral Agent, as applicable,
at the same time it makes delivery to GWG Life and/or GWG Holdings, a copy of any (A) notice declaring the occurrence of an event of default under its respective loan documents, (B) notice of intent to accelerate or notice of acceleration
of its portion of the Total Obligations, and (ii) to deliver to each other Representative and the Collateral Agent, at the same time it makes delivery to any other Person, a copy of any notice of the commencement of any judicial proceeding and
a copy of any other notice with respect to the exercise of remedies with respect to any portion of the Total Obligations. Any failure by a party hereto to furnish a copy under this clause (c) shall not limit or affect the rights and obligations
hereunder. 
 (e) Nothing in this Section 4.1 shall impair the right of any Representative to exercise its
rights of set-off, offset or netting, if any (except, with respect to any item of Shared Collateral or the proceeds therefrom), with no obligation to any other Representative. 
 4.2 Proceeds. 
 (a) The Representatives hereby agree between
themselves that (i) prior to the occurrence of a Triggering Event, each Representative shall be entitled to receive and retain for its holders’ accounts, and shall never be required to disgorge to the Collateral Agent or any other
Representative (or their respective holders), scheduled payments or voluntary prepayments, payments for the redemption or purchase of principal, interest, fees and premium, if any, 

  
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settlement payments and any other payments due under the respective loan documents, all in compliance with the terms thereof, and (ii) upon the occurrence and during the continuance of a
Triggering Event, all such amounts received on account of any Shared Collateral by any Representative or the Collateral Agent shall constitute proceeds of such Shared Collateral (the “Proceeds”), shall be turned over to the
Collateral Agent, and shall be shared by the Representatives (for the benefit of their holders), Ratably, and in accordance with Section 4.2(b) below. 
 (b) All Proceeds received by the Collateral Agent after the occurrence of a Triggering Event shall be applied in accordance with this Section 4.2. To the extent any Representative ever receives any
portion of such Proceeds in excess of its Ratable share (or to the extent the Collateral Agent receives reimbursement in excess of expenses actually incurred), the party receiving those excess Proceeds agrees to promptly make all necessary transfers
so as to give full effect to this Section 4.2. All Proceeds received by the Collateral Agent after the occurrence of a Triggering Event shall be applied in the following order: 

First, to reimburse the Collateral Agent for expenses incurred in the exercise of rights and remedies under this Agreement;

 Second, Ratably to the Notes Representative and Debentures Representative until the Total Obligations are fully
satisfied; and 
 Third, to the extent that any Proceeds remain, to GWG Life and/or GWG Holdings. 

4.3 Notice of Amount of Indebtedness. Upon receipt of any Proceeds to be distributed pursuant to Section 4.2, the Collateral
Agent shall give the Representatives notice thereof, and each Representative shall, within three Business Days, notify the Collateral Agent of the amount of the Total Obligations owing to it. Such notification shall state the amount of the Total
Obligations owing to it and how much is then due and owing. If requested by the Collateral Agent, each Representative shall demonstrate that the amounts set forth in its notice are actually owing to such Representative (for the benefit of its
holders) to the reasonable satisfaction of the Collateral Agent. Notwithstanding the foregoing, the Collateral Agent may conclusively rely on information in such notices without any investigation. In the event that any Representative fails to timely
notify the Collateral Agent of the amount of the Total Obligations owed to it, the Collateral Agent shall distribute such Proceeds on any basis deemed reasonable by it and not in bad faith. 

4.4 Cooperation. The Representatives agree that, so long as any Note Obligations and Debenture Obligations are outstanding, they
shall not be entitled to commence, or join with any Person in commencing, any enforcement, collection, involuntary petition, execution, levy or foreclosure action or proceeding (including, without limitation, any Insolvency or Liquidation
Proceeding), except in conjunction with the Collateral Agent in the exercise of remedies under this Agreement. 
 4.5
Permitted Actions. The Notes Representative, for itself and on behalf of each of the Notes Secured Parties, the Debentures Representative, and, by virtue of accepting the Debentures, the Debenture holders agree that the Notes Representative
and the Debentures Representative may make such demands or file such claims in respect of the Notes Obligations or the Debentures Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of
limitations or other statutes, court orders, or rules of procedure at any time. 
 4.6 Sharing of Information and Access.
In the event that the Notes Representative or Debentures Representative shall, in the exercise of its rights under the NISA Documents or the Debenture 

  
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Documents, as applicable, or otherwise, receive possession or control of any books and records related to the Shared Collateral, such Representative shall, upon request of the other
Representative or the Collateral Agent, either make such books and records available to the requesting party for inspection and duplication or provide to such requesting party copies thereof. 

4.7 Insurance. Proceeds of shared Collateral include insurance proceeds and, therefore, this Agreement shall govern the ultimate
disposition of casualty insurance proceeds (whether or not a Triggering Event has occurred). The Collateral Agent shall be named as additional insured or loss payee, as applicable, with respect to all insurance policies relating to the Shared
Collateral. The Collateral Agent shall have the sole and exclusive right, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Shared Collateral. All proceeds of such insurance shall be remitted to the
Collateral Agent, and each Representative shall cooperate in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.2. 
 Section 5. Insolvency or Liquidation Proceedings. 
 5.1 Relief From
Stay. Until the discharge of the Notes Obligations has occurred, the Debentures Representative, and, by virtue of accepting the Debentures, the Debenture holders, agree not to seek relief from the automatic stay or any other stay in any
Insolvency or Liquidation Proceedings in respect of any portion of the Shared Collateral without the Notes Representative’s (for itself and on behalf of each of the Notes Secured Parties) express written consent. Until the discharge of the
Debentures Obligations has occurred, the Notes Representative and the holders of Notes agree not to seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceedings in respect of any portion of the Shared Collateral
without the Debentures Representative’s (for itself and on behalf of each of the Debenture Secured Parties) express written consent. 
 5.2 No Contest. 
 (a) The Debentures Representative, on
behalf of itself and the Debenture Secured Parties, agrees that prior to the discharge of the Note Obligations, none of them shall contest (or support any other Person contesting) any (i) request by the Notes Representative or any Notes Secured
Party for adequate protection of its interest in the Shared Collateral, or (ii) objection by the Notes Representative or any Notes Secured Party to any motion, relief, action or proceeding based on a claim by the Notes Representative or any
Notes Secured Party that its interest in the Shared Collateral is not adequately protected (or any other similar request under any law applicable to an Insolvency or Liquidation Proceeding), so long as any Liens granted to the Notes Representative
as adequate protection of its interests are subject to this Agreement. 
 (b) The Notes Representative, on behalf
of itself and the Notes Secured Parties, agrees that prior to the discharge of the Debenture Obligations, none of them shall contest (or support any other Person contesting), any (i) request by the Debentures Representative or any Debenture
Secured Party, for adequate protection of its interest in the Shared Collateral, or (ii) objection by the Debentures Representative or any Debenture Secured Party to any motion, relief, action or proceeding based on a claim by the Debentures
Representative or any Debenture Secured Party that its interest in the Shared Collateral is not adequately protected (or any other similar request under any law applicable to an Insolvency or Liquidation Proceeding), so long as any Liens granted to
the Debentures Representative as adequate protection of its interests are subject to this Agreement. 
 5.3 Asset Sales.
The Representatives agree, for themselves and on behalf of their respective secured parties, that neither will oppose any sale of Shared Collateral consented to by the Collateral 

  
 10 

 
Agent pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency or Liquidation Proceeding) so long as the proceeds of such sale
are applied in accordance with this Agreement. If the sale of such collateral consists of Shared Collateral, and/or Note Collateral or Debenture Collateral, and the Representatives are unable to agree with the Collateral Agent as to the allocation
of the purchase price between the Shared Collateral, the Note Collateral and/or the Debenture Collateral, then any of the parties may apply to the court in such Insolvency or Liquidation Proceeding to make a determination of the allocation of such
purchase price, and the court’s determination shall be binding upon the parties. 
 Section 6. Reliance; Waivers; Etc.

 6.1 Reliance. Other than any reliance on the terms of this Agreement, the Notes Representative hereby acknowledges,
on behalf of itself and the holders of Notes and Notes Secured Parties, that it and such holders of Notes and Notes Secured Parties have, independently and without reliance on the Debentures Representative or any holder of Debentures or Debenture
Secured Party, and based on documents and information deemed by them appropriate, made their own credit analyses and decisions to enter into and be bound by the terms of this Agreement; and they will continue to make their own credit decision in
taking or not taking any action under the NISA or this Agreement. On their part, by virtue of accepting the Debentures, the holders of Debentures and the Debentures Representative hereby agree that they have, independently and without reliance on
the Notes Representative, the holders of Notes or any Notes Secured Party, and based on documents and information deemed by them appropriate, made their own credit analyses and decision to enter into and be bound by the terms of this Agreement; and
they will continue to make their own credit decision in taking or not taking any action under the Debenture Documents or this Agreement. 
 6.2 No Warranties or Liability. The Notes Representative hereby acknowledges and agrees, on behalf of itself and the Notes Secured Parties, that each of the Debentures Representative and the
Debenture Secured Parties have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Debenture Documents, the ownership of any
Debenture or Shared Collateral, the perfection or priority of any Liens thereon or the enforceability of any waivers granted herein. The Debentures Representative and the holders of Debentures will be entitled to manage and supervise their
respective securities under the Debenture Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Debentures Representative and, by virtue of accepting the Debentures, the holders of Debentures,
hereby acknowledge and agree that the Notes Representative and the Notes Secured Parties have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or
enforceability of any of the NISA Documents, the ownership of any Notes or Shared Collateral or the perfection or priority of any Liens thereon. The Notes Secured Parties will be entitled to manage and supervise their respective securities under
their respective NISA Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Debentures Representative and the Debenture Secured Parties shall have no duty to the Notes Representative or any of
the Notes Secured Parties, and the Notes Representative and the Notes Secured Parties shall have no duty to the Debentures Representative or any of the Debenture Secured Parties, to act or refrain from acting in a manner which allows, or results in,
the occurrence or continuance of an event of default or default under any agreements with GWG Life, GWG Holdings or their Affiliates (including the NISA Documents and the Debenture Documents), regardless of any knowledge thereof which they may have
or be charged with. 
 6.3 No Waiver of Lien Priorities. No right of the Collateral Agent to enforce any provision of
this Agreement or any Security Agreement shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Debtor Party or by any act or failure to act by the Collateral Agent,

  
 11 

 
or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the NISA Documents or any of the Debenture Documents, regardless of any knowledge thereof
with which the Collateral Agent may have or be otherwise charged. 
 6.4 Obligations Unconditional. All rights,
interests, agreements and obligations of the Notes Representative and the Notes Secured Parties, and the Debentures Representative and the Debenture Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of:

 (a) any lack of validity or enforceability of any NISA Documents or any Debenture Documents or the perfection
of any liens thereunder; 
 (b) except as otherwise set forth in this Agreement, any change in the time, manner
or place of payment of, or in any other terms of, all or any of the Note Obligations or Debenture Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise,
of the terms of any NISA Document or any Debenture Document; 
 (c) any exchange of any security interest in any
Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Note Obligations or Debenture Obligations or any guarantee thereof; 

(d) the commencement of any Insolvency or Liquidation Proceeding in respect of any Debtor Party; or 

(e) any other circumstances which otherwise might constitute a defense (other than payment in full of the relevant
obligation) available to, or a discharge of, any Debtor Party in respect of the Note Obligations or Debenture Obligations. 
 Section 7.
Right to Payment. 
 GWG Holdings and GWG Life shall be entitled to use proceeds from life insurance policies and other
property of such entities, including but not limited proceeds from “Conveyed Property,” “Collections” and “Collateral” as such terms are defined in the NISA, to satisfy obligations under the Debentures or otherwise as
set forth in the “Use of Proceeds” section of the prospectus relating to the Debentures (either directly or indirectly through distribution or dividend by GWG Life to GWG Holdings for such ultimate purpose). This right shall apply to, and
permit GWG Holdings to make (and permit GWG Life to make corresponding distributions or dividends to GWG Holdings so that GWG Holdings may make) payments from, proceeds from life insurance policies and all other property, including proceeds from
“Conveyed Property,” “Collections” and “Collateral” regardless of whether or not such proceeds are initially placed in the “LifeNotes Account” as that term is defined in the NISA. To the extent necessary, this
covenant shall be deemed an amendment to any applicable provisions of Article V of the NISA. 
 Section 8. General Provisions.

 8.1 Conflicts. In the event of any direct conflict between the provisions of this Agreement and the provisions of
the NISA Documents or the Debenture Documents, the provisions of this Agreement shall govern and control. 

  
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 8.2 Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement
shall become effective when executed and delivered by the parties hereto. This is a continuing agreement and the Representatives may continue to extend credit and other financial accommodations and lend monies to or for the benefit of any Debtor
Party in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to any Debtor Party shall
include any such Debtor Party as debtor and debtor in possession, and any receiver or trustee for any Debtor Party (as the case may be) in any Insolvency or Liquidation Proceeding. 

8.3 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Notes
Representative or the Debentures Representative shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific
instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, no Debtor Party shall have any
right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent such Debtor Party’s property or rights are directly and adversely affected. 

8.4 Financial Information Concerning GWG Holdings, GWG Life and Subsidiaries. Each of the Representatives (on behalf of their
holders and secured parties) acknowledge that they shall be responsible for keeping themselves informed of (a) the financial condition of GWG Life, GWG Holdings and their Affiliates and all endorsers and/or guarantors of their respective
outstanding portion of the Total Obligations, and (b) all other circumstances bearing upon the risk of nonpayment of their respective portion of the Total Obligations. Neither Representative, nor their respective secured parties have any duty
to advise the other Representative (or its secured parties) of information known to it or them regarding such condition or any such circumstances or otherwise. 
 8.5 SUBMISSION TO JURISDICTION; WAIVERS. 
 (a) ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF MINNEAPOLIS, MINNESOTA. BY EXECUTING AND DELIVERING THIS
AGREEMENT, EACH PARTY HERETO IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY
SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.7; AND (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE
(C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 

(b) EACH OF THE PARTIES HERETO AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY 

  
 13 

 
BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE
DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.5(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 8.6 Notices. All notices to the holders of Notes, Note Secured Parties, the holders of Debentures or the Debenture Secured Parties permitted or required under this Agreement shall also be sent to
the Notes Representative and the Debentures Representative, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served,
faxed, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service and upon receipt of electronic mail, facsimile or U.S. mail (registered or certified, with
postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other address as may be designated
by such party in a written notice to all of the other parties. 
 8.7 Further Assurances. The Notes Representative, on
behalf of itself and the Notes Secured Parties, and the Debentures Representative, agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as
the Collateral Agent, Notes Representative or the Debentures Representative may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. 

8.8 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REGARD TO CONFLICTS-OF-LAW PRINCIPLES. 
 8.9 Binding on Successors and Assigns. This
Agreement shall be binding upon the Notes Representative, the Notes Secured Parties, the holders of Notes the Debentures Representative, the Debenture Secured Parties, the holders of Debentures, and their respective successors and assigns. If either
of the Notes Representative or the Debentures Representative resigns or is replaced pursuant to the NISA or the Indenture, as applicable, its successor shall be deemed to be a party to this Agreement and shall have all of the rights of and be
subject to all of the obligations of this Agreement. 
 8.10 Specific Performance. The Representatives may demand
specific performance of this Agreement and each representative irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be
brought by any Representative. 

  
 14 

 8.11 Headings. Section headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 8.12 Counterparts; Delivery. This Agreement may be executed in 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 or any document or instrument delivered in connection herewith by facsimile or .pdf shall be effective as delivery of a manually executed counterpart of this Agreement or such
other document or instrument, as applicable. 
 8.13 Authorization. By its signature, each Person executing this
Agreement on behalf of a party represents and warrants to the other parties that it is duly authorized to execute this Agreement. 
 8.14 No Third-Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and their respective successors and assigns, and shall
inure to the benefit of each of the Notes Secured Parties, the holders of Notes, the Debenture Secured Parties, and the holders of Debentures. No other Person shall have or be entitled to assert rights or benefits hereunder. 

8.15 Provisions Solely to Define Relative Rights. The provisions of this Agreement are, and are intended solely, for the purpose
of defining the relative rights of the Notes Secured Parties and holders of Notes on the one hand and the Debenture Secured Parties and holders of Debentures on the other hand. No Debtor Party or any creditor thereof shall have any rights hereunder.
Nothing in this Agreement is intended to or shall impair the obligations of any Debtor Party, which are absolute and unconditional, to pay the Note Obligations and the Debenture Obligations as and when the same shall become due and payable in
accordance with their terms. 
 8.16 Termination. This Agreement shall terminate and be of no further force and effect
upon the payment in full of either the Note Obligations or the Debenture Obligations (in a manner which is not in contravention of the terms of this Agreement). 
 *        *        *        *        *

  
 15 

 IN WITNESS WHEREOF, the parties hereto have
executed this Intercreditor Agreement as of the date first written above. 
  

									
	NOTES REPRESENTATIVE:	 		 	 GWG LIFENOTES TRUST,

as Notes Representative

					
		 		 		 	By:	 	Lord Securities Corporation
		 		 		 	Its:	 	Trustee
					
		 		 		 	By:	 	/s/ Michael R. Newell
		 		 		 	Name: 	 	Michael R. Newell
		 		 		 	Title:	 	Vice President
		 		 		 	48 Wall Street, 27th Floor
		 		 		 	New York, NY 10005
		 		 		 	 Attention: GWG Lifenotes Trust Program Manager
 Fax: (212) 346-9012
 Telephone: (212) 346-9000

			
	DEBENTURES REPRESENTATIVE:	 		 	 BANK OF UTAH,
 as
Debentures Representative,

					
		 		 		 	By:	 	/s/ Michael Hoggan
		 		 		 	Name:	 	Michael Hoggan
		 		 		 	Title:	 	Vice President
		 		 		 	200 E. South Temple
		 		 		 	Suite 210
		 		 		 	 Attention: Corporate Trust Services
 Fax: (801) 746-3519
 Telephone: (801) 924-3690

			
	COLLATERAL AGENT:	 		 	 GWG LIFENOTES TRUST,

as Collateral Agent

					
		 		 		 	By:	 	Lord Securities Corporation
		 		 		 	Its:	 	Trustee
					
		 		 		 	By:	 	/s/ Michael R. Newell
		 		 		 	Name:	 	Michael R. Newell
		 		 		 	Title:	 	Vice President
		 		 		 	48 Wall Street, 27th Floor
		 		 		 	New York, NY 10005
		 		 		 	 Attention: GWG Lifenotes Trust Program Manager
 Fax: (212) 346-9012
 Telephone: (212) 346-9000Managing Broker-Dealer Agreement with Arque Capital

 Exhibit 10.8 
 GWG HOLDINGS, INC. 
 220 South Sixth Street 

Suite 1200 

Minneapolis, Minnesota 55402 

August 19, 2011 (original) 
 October 14, 2011
(amended) 
 ARQUE CAPITAL, LTD. 
 7501
East McCormick Parkway 
 Suite 111 North Court 
 Scottsdale, Arizona 85258 
 RE: Managing Broker-Dealer Agreement

 Ladies and Gentlemen: 
 This letter confirms and comprises the agreement (the “Agreement”) between GWG Holdings, Inc., a Delaware corporation (the “Company”), and Arque Capital, Ltd., a California corporation
(the “Managing Broker-Dealer”), regarding (i) the offering and sale (the “Offering”) of up to $250,000,000 of secured debentures (the “Debentures”) of the Company to be sold pursuant to that certain Registration
Statement on Form S-1 of the Company, initially filed with the United States Securities and Exchange Commission (the “SEC”) on June 14, 2011 (File No. 333-174887), as the same is later declared effective by the SEC and as it may
be amended and supplemented from time to time after its initial effectiveness (the “Registration Statement”). The prospectus that forms a part of the Registration Statement is hereinafter referred to as the “Prospectus.”
References to the Registration Statement include all exhibits to the Registration Statements and any documents incorporated into the Registration Statement by reference. 
 Capitalized terms used herein and not otherwise defined herein shall have the same meaning as described in the Registration Statement. 

 

	1.	Appointment of Managing Broker-Dealer. 

 1.1 On the basis of the representations and warranties and covenants herein contained, and subject to the terms and conditions set forth herein and in the Prospectus, the Company hereby appoints the
Managing Broker-Dealer as its agent for purposes of offering and selling the Debentures upon the terms and conditions set forth herein, including without limitation compliance and conformity with Accepted Debenture Practices; and the Managing
Broker-Dealer hereby accepts such appointment and agrees to use its best efforts as such agent to offer and sell the Debentures to Investors until the later of the termination of the Offering or the sale of all of the Debentures, or until the
termination of this Agreement, if earlier. In connection with the offer and sale of Debentures under this Agreement, the Managing Broker-Dealer will carry out the duties provided for herein and as described in the Prospectus as being carried out by
the Managing Broker-Dealer. The Managing Broker-Dealer is exclusively authorized to enlist other members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and other authorized agents appointed by the Managing Broker-Dealer
(collectively, the “Selling Group Members”) to offer and sell Debentures, subject to Section 4.1. 
 1.2 It is
understood that no sale of a Debenture shall be regarded as effective unless and until the Company shall have accepted a subscription for such Debenture in the manner prescribed under the Indenture. The Company reserves the right in its sole
discretion to accept or reject any subscription for Debentures as described in the Indenture. Debentures will be offered during a period commencing on the effectiveness of the Registration Statement, and continuing thereafter until the earlier of
(i) the date that $250,000,000 in Debentures shall have been sold or (ii) the date on which the Company, in its sole and absolute discretion, terminates the Offering (the “Offering Termination Date”). 

 1.3 During the term of this Agreement, neither the Managing Broker-Dealer nor any of its
affiliates, officers, directors or owners shall directly or indirectly act as a managing broker-dealer with respect to any securities whose primary business are secured by structured life insurance settlements anywhere in the United States without
the prior and express written consent of the Company. 
 1.4 The following capitalized terms shall have the meanings set forth
below: 
 (a) “Accepted Debenture Practices” means, as applicable to the context in which this term is
used, those procedures and practices with respect to the offering, marketing and selling the Debentures that: (i) meet at least the same demonstrable standards that the Managing Broker-Dealer or any Selling Group Member would follow in
exercising reasonable care in offering, marketing and selling similar programs for publicly offered securities; (ii) comply with all Governmental Rules; and (iii) comply with the provisions of this Agreement. 

(b) “Governmental Rules” means any law, rule, regulation, ordinance, order, code, interpretation, judgment,
decree, policy, decision or guideline of any governmental agency, court or authority. 
 (c)
“Indenture” means that certain Indenture by and between the Company and the Bank of Utah, as trustee, with respect to the Debentures. 
  

	2.	Representations and Warranties of the Company. The Company hereby represents and warrants to the Managing Broker-Dealer that: 

2.1 The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of
Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as described in the Registration Statement. The Company is duly qualified to do business and is in good standing in each jurisdiction in
which the ownership or lease of its properties or the conduct of its business requires such qualification and in which the failure to be qualified or in good standing would be expected to have a material adverse effect on the condition (financial or
otherwise), earnings, operations or business of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”), and has all requisite authority to enter into this Agreement. 

2.2 The Debentures will have been registered with the SEC upon the effectiveness of the Registration Statement. So far as is under the
control of the Company, the Debentures will be offered and sold consistent with the description contained in the Prospectus. 

2.3 The Company shall provide to the Managing Broker-Dealer and to Selling Group Members for delivery to offerees and purchasers and
their representatives the information and documents that Company deems appropriate to comply with all laws, rules, regulations and judicial and administrative interpretations in all jurisdictions in which the Debentures are offered and sold.

 2.4 Except as disclosed in the Prospectus no defaults exist in the due performance and observance of any material obligation,
term, covenant or condition of any agreement or instrument to which the Company is a party or by which it is bound. 
 2.5
Subject to the performance of the Company’s obligations hereunder, the holders of the Debentures (the “Holders”) will have the rights set forth in the Debentures. 

2.6 This Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement on the part of
the Company, enforceable against the Company in accordance with its terms subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights
and to general principles of equity. The performance of this Agreement and the consummation of the transactions herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under:
(i) any material agreement to which the Company or any subsidiary is a party or by which the Company or any subsidiary or 

  
 2 

 
their respective properties may be bound; (ii) the certificate of incorporation or bylaws of the Company; or (iii) any applicable law, order or Governmental Rule, except in any case for
any breach, violation or default that would not have a Material Adverse Effect. 
 2.7 The Registration Statement, in the form
in which it becomes effective and also in such form as it may be when any post-effective amendment thereto shall become effective, and the Prospectus, and any supplement or amendment thereto when filed with the SEC under Rule 424 under the
Securities Act of 1933 (the “Securities Act”), complied or will comply with the provisions of the Securities Act and the Trust Indenture Act of 1939, and did not or will not at any such times contain an untrue statement of material fact or
omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading, except that this representation and warranty does not apply to any
statements in, or omissions from the Managing Broker-Dealer Disclosure Statements (as defined in Section 5.6 below) in the Registration Statement or the Prospectus, or any amendment thereof or supplement thereto. 

2.8 The Debentures have been duly authorized for issuance and sale pursuant to the Indenture and this Agreement and, when issued and
delivered against payment therefor in accordance with the terms of the Indenture and this Agreement, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. 

 

	3.	Covenants of the Company. The Company hereby agrees that: 

 3.1 The Company will notify the Managing Broker-Dealer promptly of the time when the Registration Statement or any post-effective amendment to the Registration Statement has become effective or any
supplement to the Prospectus has been filed, and of any request by the SEC for any post-effective amendment or supplement to the Registration Statement or Prospectus. In addition, the Company will prepare and file with the SEC, promptly upon the
Managing Broker-Dealer’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in the Managing Broker-Dealer’s opinion may be reasonably necessary or advisable in connection with the Offering
of the Debentures. 
 3.2 The Company will advise the Managing Broker-Dealer, promptly after it shall receive notice or obtain
knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Debentures for offering or sale in any jurisdiction, or of the initiation or
receipt of any specific threat of any proceeding for any such purpose. 
 3.3 Within the time during which a Prospectus relating
to the Debentures is required to be delivered under the Securities Act, the Company will use commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, so far as necessary to permit the continuance of
sales of or dealings in the Debentures as contemplated by the provisions hereof and the Prospectus. If, during the longer of such period or the term of this Agreement, any event or change occurs that is material to the Offering or that causes any of
the representations and warranties of the Company contained herein to be untrue in any material respect, or as a result of which the Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances then existing, not misleading, or if, during such period, it is necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities Act, then the Company
will promptly notify the Managing Broker-Dealer, and, if necessary, will amend the Registration Statement or supplement the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 

3.4 The Company will furnish to the Managing Broker-Dealer copies of the Registration Statement, the Prospectus, and all amendments and
supplements to such documents, in each case as soon as available and in such quantities as the Managing Broker-Dealer may from time to time reasonably request. 

  
 3 

 3.5 If at any time any event occurs as a result of which the Registration Statement would
include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly in writing notify Managing
Broker-Dealer thereof, promptly prepare an amendment to the Registration Statement correcting such statement or omission, and promptly deliver to Managing Broker-Dealer as many copies of such amended Registration Statement as Managing Broker-Dealer
may reasonably request. 
 3.6 The Company will deliver to the Managing Broker-Dealer one copy of each report furnished to the
Holders at the time that such reports are furnished to the Holders, and such other information concerning Debentures as may reasonably be requested. 
 3.7 The Company shall use reasonable efforts in taking all necessary action and filing all necessary forms and documents deemed reasonable by it in order to qualify or register Debentures for offer and
sale under the securities laws of the jurisdictions in which the Managing Broker-Dealer is intending to offer. Notwithstanding the foregoing, the Company may in its sole discretion elect not to qualify or register Debentures in any jurisdiction in
which it deems the qualification or registration unwarranted for any reason. The Company or its counsel shall inform the Managing Broker-Dealer as to the jurisdictions in which the Debentures have been qualified for sale or are exempt under the
respective laws of those jurisdictions. 
  

	4.	Covenants of the Managing Broker-Dealer. The Managing Broker-Dealer hereby agrees that: 

4.1 The Managing Broker-Dealer will use “best efforts” in the offering, sale and distribution of Debentures. The Managing
Broker-Dealer may offer Debentures as an agent, but all sales shall be made by the Company acting through the Managing Broker-Dealer as an agent, and not by Managing Broker-Dealer as a principal. The Managing Broker-Dealer shall have no authority to
appoint any person or other entity as an agent or sub-agent of the Managing Broker-Dealer or the Company, except to appoint Selling Group Members not objectionable to the Company in its sole and absolute discretion. 

4.2 Within the shorter of the time during which a Prospectus relating to the Debentures is required to be delivered under the Securities
Act or during the term of this Agreement, the Managing Broker-Dealer will comply with all requirements imposed upon it by the Securities Act, so far as necessary to permit the continuance of sales of or dealings in the Debentures as contemplated by
the provisions hereof and the Prospectus. If, during the shorter of such period or the term of this Agreement, to the Managing Broker-Dealer’s knowledge, any event or change occurs that could reasonably be considered material to the Offering or
that causes any of the representations and warranties of the Managing Broker-Dealer contained herein to be untrue in any material respect, or as a result of which the Prospectus would include an untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the circumstances then existing, not misleading, or if, during such period, to the Managing Broker-Dealer’s knowledge, it is necessary to amend the Registration Statement or
supplement the Prospectus to comply with the Securities Act, then the Managing Broker-Dealer will promptly notify the Company, and, if necessary, use reasonable efforts to assist the Company in amending the Registration Statement or supplementing
the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 
 4.3 The
Managing Broker-Dealer shall make no representations to any prospective investor or purchaser other than those contained in the Registration Statement, and will not allow any other written materials to be used to describe the potential investment to
prospective purchasers or investors other than the Registration Statement. 
 4.4 The Managing Broker-Dealer will limit the
Offering to persons whom the Managing Broker-Dealer has reasonable grounds to believe meet the financial suitability and other investor or purchaser requirements set forth in the Prospectus. 

4.5 The Managing Broker-Dealer, in coordination with the Company, will request and arrange for the Company to send to Selling Group
Members all necessary due diligence materials as well as 

  
 4 

 
Registration Statements and Prospectuses, supplements thereto, marketing materials, and support Selling Group Members regarding the Company and the Offering. 

4.6 The Managing Broker-Dealer, directly or indirectly through participating Selling Group Members, will provide each prospective
investor or purchaser with a copy of the Prospectus and supplements thereto during the course of the Offering, and before a related sale, advise each such prospective purchaser at the time of the initial offering to him or her that the Company
and/or its agents and consultants will, during the course of the Offering and prior to any sale, afford said purchaser and his or her purchaser representative, if any, the opportunity to ask questions of and to receive answers from the Company
and/or its agents and consultants concerning the terms and conditions of the Offering and to obtain any additional information, which information is possessed by the Company or may be obtained by it without unreasonable effort or expense and which
is necessary to verify the accuracy of the information contained in the Prospectus. 
 4.7 The Managing Broker-Dealer and
indirectly through participating Selling Group Members, shall maintain in its files, for a period of six years following the Offering Termination Date, documents disclosing the basis upon which the above determination of suitability was reached as
to each purchaser. 
 4.8 The Managing Broker-Dealer and indirectly through participating Selling Group Members, will comply in
all respects with the subscription procedures and plan of distribution set forth in the Prospectus. 
 4.9 In the event the
Managing Broker-Dealer receives any customer funds for the purchase of Debentures, the Managing Broker-Dealer will transmit such customer funds, not later than noon of the next business day following receipt of such funds, to such account as
determined by the Company pursuant to the Subscription Agreement of each potential purchaser of a Debenture. 
 4.10 The
Managing Broker-Dealer will furnish to the Company upon request a complete list of all persons who have been offered Debentures, whether directly or through any other Selling Group Members, and such persons’ places of residence upon the
Company’s request. 
 4.11 When any Selling Group Members are utilized in the Offering, the Managing Broker-Dealer agrees
to cause such Selling Group Members to comply with all of the obligations of the Managing Broker-Dealer set forth in this Agreement (including the obligations set forth in this Article 4), as if such Selling Group Members were a party to this
Agreement. In this regard, the Managing Broker-Dealer will provide each Selling Group Member with a true, correct and complete copy of this Agreement and will obtain the written acknowledgment and agreement of each participating Selling Group Member
to abide by the obligations contained herein. 
 4.12 In the event the Company has paid the Managing Broker-Dealer any
compensation or expense reimbursements under this Agreement, the Managing Broker-Dealer shall be obligated to pay all Selling Group Members from such funds on the next business day following the receipt of such funds from the Company. 

4.13 The Managing Broker-Dealer agrees to allow Company wholesalers to maintain necessary licensing with the Managing Broker-Dealer and
to receive sales compensation related to the Offering. Notwithstanding the foregoing, the Managing Broker-Dealer shall have the right to refuse any wholesaler in its sole discretion. 

 

	5.	Representations and Warranties of the Managing Broker-Dealer. The Managing Broker-Dealer hereby represents and warrants to the Company as follows:

 5.1 The Managing Broker-Dealer (i) has been duly organized, is validly existing and in good standing in
the State of California, (ii) has qualified to do business as a foreign corporation and is in good standing in each jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary, and
(iii) has full power, authority and legal right to own its property, to carry on its 

  
 5 

 
business as presently conducted, and to enter into and perform its obligations under this Agreement. The Managing Broker-Dealer is a member in good standing of FINRA. 

5.2 The Managing Broker-Dealer has full power and authority to enter into this Agreement and perform the transactions contemplated
hereby. This Agreement has been duly authorized, executed and delivered by the Managing Broker-Dealer and is a valid and binding agreement on the part of the Managing Broker-Dealer, enforceable against it in accordance with its terms subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. The performance of this Agreement and the
consummation of the transactions herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) any material agreement to which the Managing Broker-Dealer is a party or by
which it or its properties may be bound; (ii) the articles or certificate of incorporation or bylaws of the Managing Broker-Dealer; or (iii) any applicable law, order or Governmental Rules. 

5.3 The Managing Broker-Dealer has obtained all governmental consents, licenses, approvals and authorizations, registrations and
declarations which are necessary for the execution, delivery, performance, validity and enforceability of the Managing Broker-Dealer’s obligations under this Agreement. The Managing Broker-Dealer is a registered broker-dealer in good standing
under the appropriate laws and regulations of each of the states in which offers or solicitations of offers to subscribe for the Debentures will be made by the Managing Broker-Dealer (or is exempt from such registration). 

5.4 There are no actions, suits or proceedings pending or, to the knowledge of the Managing Broker-Dealer, threatened against or
affecting the Managing Broker-Dealer, before or by any court, administrative agency, arbitrator or governmental body with respect to any of the transactions contemplated by this Agreement, or which will, if determined adversely to the Managing
Broker-Dealer, materially and adversely affect it or its business, assets, operations or condition, financial or otherwise, or adversely affect the Managing Broker-Dealer’s ability to perform its obligations under this Agreement. The Managing
Broker-Dealer is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement. 

5.5 The Managing Broker-Dealer has obtained all necessary consents, approvals, waivers and notifications of creditors, lessors and other
nongovernmental persons in connection with the execution and delivery of this Agreement, and the consummation of all the transactions herein contemplated. 
 5.6 The Managing Broker-Dealer Disclosure Statements in the Prospectus (as amended or supplemented, if the Company shall have filed with the SEC any amendment thereof or supplement thereto) will not or
did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they were made, not misleading. For
purposes of this Agreement, the “Managing Broker-Dealer Disclosure Statements” means any statements or disclosures included within or the subject of the Registration Statement or the Prospectus, which, when the Prospectus supplement is or
was filed with the SEC and at all times subsequent thereto, are either (i) included within the disclosure under the heading “Plan of Distribution” in the Prospectus, or (ii) based upon and conform to written information relating
to the Managing Broker-Dealer furnished in writing to the Company by the Managing Broker-Dealer specifically for use in the preparation of the Prospectus, or any supplement to the Prospectus. 

5.7 The Managing Broker-Dealer has operated and is operating in material compliance with all authorizations, licenses, certificates,
consents, permits, approvals and orders of and from all state, federal and other governmental regulatory officials and bodies necessary to conduct its business as contemplated by and described in this Agreement, all of which are, to the Managing
Broker-Dealer’s knowledge, valid and in full force and effect. The Managing Broker-Dealer is conducting its business in substantial compliance with all applicable laws and Governmental Rules of the jurisdictions in which it is conducting
business, and the Managing Broker-Dealer is not in material violation of any applicable laws or Governmental Rules. 

  
 6 

 5.8 The Managing Broker-Dealer has not distributed, and will not distribute prior to the
completion of the Offering, any offering material in connection with the Offering, other than the Prospectus, the Registration Statement, the incorporated documents, and other materials, if any, permitted by and in compliance with the Securities
Act. 
  

	6.	Conditions. 

 6.1 The
obligation of the Managing Broker-Dealer to sell the Debentures on a best-efforts basis as provided herein shall be subject to the accuracy of the representations and warranties of the Company, to the performance by the Company of its obligations
hereunder, and to the satisfaction of the following additional conditions: 
 (a) The Registration Statement
shall be effective, and no stop order suspending the effectiveness thereof shall have been issued and no proceedings for that purpose shall have been initiated or, to the knowledge of the Company or the Managing Broker-Dealer, threatened by the SEC
or any state securities commission or similar regulatory body. Any request by the SEC for additional information (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the satisfaction of the
Managing Broker-Dealer. 
 (b) The Indenture shall have been duly authorized, executed and delivered by the
Company and the trustee, and duly qualified under the Trust Indenture Act of 1939. 
 (c) The Managing
Broker-Dealer shall have received from the Company a certificate, dated as of the Initial Closing Date, of an executive officer of the Company, as to (i) the accuracy of the representations and warranties of the Company in this Agreement,
compliance by the Company with all the agreements and satisfaction of all the conditions to be performed or satisfied by the Company under this Agreement; (ii) the absence of any stop order or similar order or related proceedings; and
(iii) the absence of any material adverse change in the condition (financial or otherwise), earnings, operations or business of the Company and its subsidiaries taken as a whole or might materially and adversely affect its properties, assets or
rights, except as contemplated in the Prospectus or related documents. 
 (d) The Managing Broker-Dealer shall
have received a certificate of Secretary of the Company, dated as of the Initial Closing Date, certifying as to (i) the certificate of incorporation and bylaws of the Company, and (ii) resolutions of the Board of Directors of the Company
relating to the preparation and signing of the Registration Statement and this Agreement, the issuance and sale of the Debentures and other related matters. 
 The Managing Broker-Dealer may waive in writing the performance of any one or more of the conditions specified in this Section or extend the time for their performance. If any of the conditions specified
in this Section shall not have been fulfilled when and as required by this Agreement to be fulfilled, and if the fulfillment of said condition has not been waived by the Managing Broker-Dealer, then this Agreement and all obligations of the Managing
Broker-Dealer hereunder may be canceled at, or at any time prior to, the Initial Closing Date by the Managing Broker-Dealer. 
  

	7.	Compensation. Subject to Section 11, as compensation for services rendered by the Managing Broker-Dealer hereunder, the Managing Broker-Dealer will be
entitled to receive from the Company the following: 

 7.1 A “Dealer Manager Fee” and “Selling
Commission” based upon the principal amount of a sold Debenture, in accordance with the following table: 
  

									
	 Term of Debenture
	  	Dealer Manager Fee (%)	 	 	Selling Commission (%)	 
	 Six-Month Debenture
	  	 	0.50	% 	 	 	0.50	% 
	 One-Year Debenture
	  	 	1.00	% 	 	 	1.00	% 
	 Two-Year Debenture
	  	 	1.00	% 	 	 	3.25	% 

  
 7 

									
	 Three-Year Debenture
	  	 	1.00	% 	 	 	5.00	% 
	 Four-Year Debenture
	  	 	1.00	% 	 	 	5.75	% 
	 Five-Year Debenture
	  	 	1.00	% 	 	 	6.50	% 
	 Seven-Year Debenture
	  	 	1.00	% 	 	 	7.00	% 

 7.2 A “Wholesale Commission” that the Company may agree to pay certain specified wholesalers,
in its sole and absolute discretion, in amounts not to exceed the following table based upon the principal amount of a sold Debenture: 
  

					
	 Term of Debenture
	  	Wholesale Commission (%)	 
	 Six-Month Debenture
	  	 	0.25	% 
	 One-Year Debenture
	  	 	0.50	% 
	 Two-Year Debenture
	  	 	0.55	% 
	 Three-Year Debenture
	  	 	0.70	% 
	 Four-Year Debenture
	  	 	0.75	% 
	 Five-Year Debenture
	  	 	0.80	% 
	 Seven-Year Debenture
	  	 	0.90	% 

 7.3 Any and all Dealer-Manager Fees, Selling Commissions and Wholesale Commissions (collectively, the
“Fees”), together with any expenses reimbursable pursuant to Sections 8 and 9 below, shall be payable regularly once every two weeks. Under no circumstance will the aggregate fees paid to the Managing Broker-Dealer and Selling Group
Members exceed an average of Eight Percent (8%) over the life of the Offering. The Company shall prepare comprehensive sales data and e-mail such data to the Managing Broker-Dealer every two weeks, five days before each payment date for any Fees.
The Managing Broker-Dealer shall use such data to constantly calculate and insure that the aggregate fees paid to the Managing Broker-Dealer and Selling Group Members do not exceed an average of Eight Percent (8%) over the life of the Offering and
to calculate and create an invoice for Fees and Non-Accountable Expenses, which shall be presented to the Company at least two days before each payment date for Fees. The Company and the Managing Broker-Dealer will, in good faith and in a timely
manner, negotiate any dispute relating to any Fees. Disputes that cannot be resolved by discussion will be resolved through FINRA binding arbitration. 
 7.4 The Company shall pay all Fees as directed on any invoice provided by the Managing Broker-Dealer, and the Managing Broker-Dealer shall hold the Company harmless for any Fees or Expenses (as defined in
Section 8 below) disputes arising among or between the Managing Broker-Dealer and any Selling Group Members or any wholesalers. Managing Broker Dealer shall have the right to actively advise Company as to how to remedy the Offering variables if
the aggregate fees paid at any given time averages over Eight Percent (8%) and Company agrees to work in cooperation with Managing Broker Dealer until such time the remedy begins to work. 

 

	8.	Non-Accountable Expense Allowance. 

 8.1 Subject to Section 11, and in addition to the Fees described in Section 7, the Company will reimburse the Managing Broker-Dealer and Selling Group Members for their expenses, on a
non-accountable basis, based upon the principal amount of a sold Debenture, in amounts not to exceed the following table: 
  

					
	 Term of Sold Debenture
	  	Non-Accountable Expense Reimbursement (%)	 
	 Six-Month Debenture
	  	 	0.50	% 
	 One-Year Debenture
	  	 	1.00	% 
	 Two-Year Debenture
	  	 	1.00	% 
	 Three-Year Debenture
	  	 	1.00	% 
	 Four-Year Debenture
	  	 	1.00	% 
	 Five-Year Debenture
	  	 	1.00	% 
	 Seven-Year Debenture
	  	 	1.00	% 

 8.2 The expenses reimbursable under this Section 8 are referred to as “Non-Accountable
Expenses.” Non-Accountable Expenses shall be payable in the same manner and on the same terms as Fees are payable under Section 7. 
  

	9.	Accountable Due Diligence Expense Allowance. 

 Subject to Section 11, and in addition to the Non-Accountable Expenses described in Section 8, the Company will reimburse the Managing Broker-Dealer and Selling Group Members for their actual
due diligence expenses up to 0.30%. 

  
 8 

 9.1 The expenses reimbursable under this Section 9 are referred to as “Accountable
Due Diligence Expenses.” Accountable Due Diligence Expenses shall be payable in the same manner and on the same terms as Fees and Non-Accountable Expenses are payable under Section 7 upon the Company’s receipt of proper accounting
back-up for such Accountable Due Diligence Expenses. Company and Managing Broker-Dealer shall work proactively with each other to insure that each are timely informed of all Accountable Due Diligence Expenses and commitments to pay such expenses as
they are made. 
  

	10.	Offering. The Offering of Debentures shall be at and upon the terms and conditions set forth in the Registration Statement and the exhibits and appendices
thereto and any amendments or supplements thereto. 

  

	11.	Conditions to Payment of Fees, Non-Accountable Expenses and Accountable Due Diligence Expense. 

11.1 No selling commissions, allowances or other compensation (or expenses) will be payable with respect to any subscriptions for
Debentures that are rejected by the Company, or if the Company terminates the Offering for any reason whatsoever or for no reason. No selling commissions, allowances or other compensation will be payable by the Company with respect to any sale of
Debentures unless and until such time as the Company has received the total proceeds of any such sale. 
 11.2 With the
exception of the Non-Accountable Expenses” and “Accountable Due Diligence Expenses” described in Section 8 and Section 9, all attorneys’ fees and all other costs and expenses incurred by the Managing Broker-Dealer in
the performance of any obligations hereunder, including but not limited to expenses otherwise related to the Offering, shall be the sole and exclusive responsibility of the Managing Broker-Dealer unless otherwise approved by the Company as an
Accountable Due Diligence Expense, and the foregoing shall apply notwithstanding the fact that the Offering is not consummated for any reason. 
 11.3 No Fees or Non-Accountable Expenses will be payable with respect to any subscriptions for Debentures that are sold to non-U.S. investors unless otherwise agreed in writing by the Company. 

11.4 Dealer Manager Fees (but no other Fees) will be payable during the term of this Agreement with respect to Debentures that are
renewed as follows: 
 11.4.1 50% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures total
$40,000,000; 
 11.4.2 60% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures exceed $40,000,000 and
through $90,000,000 
 11.4.3 70% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures exceed
$90,000,000 and through $140,000,000. 
 11.4.4 80% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures
exceed $140,000,000 and through $190,000,000. 
 11.4.5 90% of original Dealer Manager Fee as stated in 7.1 until outstanding
Debentures exceed $190,000,000 and through $240,000,000; and 
 11.4.6 100% of original Dealer Manager Fee as stated in 7.1
after the total outstanding Debentures exceed $240,000,000. 
  

	12.	Indemnification of the Managing Broker-Dealer. 

  
 9 

 12.1 Subject to the conditions set forth below, the Company agrees to indemnify and hold
harmless (i) the Managing Broker-Dealer and Selling Group Member, and (ii) each person, if any, who controls the Managing Broker-Dealer and Selling Group Member and its officers, directors, owners, employees, agents, and each of their
respective attorneys and accountants (all of the foregoing persons described in clauses (i) and (ii) being collectively referred to as the “Selling Parties”), against any and all loss, liability, claim, damage and expense
whatsoever (“loss”) arising out of or based upon: 
 (a) Any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, or in any application or other document filed in any jurisdiction in order to qualify or register the Debentures in connection with the Offering; 

(b) The omission or alleged omission from the Registration Statement of a material fact required to be stated therein or
necessary to make the statements therein not misleading; 
 (c) Any unauthorized verbal or written
representations in connection with the Offering made by the Company or its agents (other than by the Managing Broker-Dealer, the Selling Group Members, or any of their respective employees or affiliates), employees or affiliates in violation of the
Securities Act, or any other applicable federal or state securities laws and regulations; or 
 (d) The material
breach by the Company of any term, condition, representation, warranty or covenant of this Agreement. 
 12.2 If any action
(including any third party action) is brought against the Managing Broker-Dealer or Selling Group Member in respect of which indemnity may be sought hereunder, the Managing Broker-Dealer shall promptly notify the Company in writing of the
institution of such action. 
 12.3 Upon proper notice from an indemnified Selling Party, the Company will be entitled to
participate therein and, to the extent that it may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party. After notice from the Company of its election to assume the defense thereof, the
Company will not be liable to the Selling Party under Section 11.1 for any legal or other expenses subsequently incurred by such Selling Party in connection with the defense thereof; provided, however, that if the defendants in any such action
include both a Selling Party and the Company, and the Selling Party shall have reasonably concluded that there may be legal defenses available to it or other indemnified parties which are different from or additional to those available to the
Company, then the Selling Party or Parties shall have the right to select one separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on their behalf, in which event the fees and expenses of such
separate counsel shall be borne by the Company. In no event shall the Company be liable for fees and expenses of more than one counsel for each Selling Party separate from the Company’s own legal counsel. The Company shall not be liable to any
Selling Party on account of any settlement of any claim or action effected without the consent of such Selling Party. 
 12.4
The Company agrees to promptly notify the Managing Broker-Dealer of the commencement of any litigation or proceedings against the Company, or any of its officers, directors, employees or agents in connection with the issuance and sale of Debentures,
or in connection with the Registration Statement. 
 12.5 The indemnity provided to the Selling Parties pursuant to this
Section 11 shall not apply to any such person or entity to the extent that any loss arises out of or is based upon any untrue statement or alleged untrue statement of material fact made by the Selling Parities or any of their respective agents.

  

	13.	Indemnification of the Company. 

 13.1 Subject to the conditions set forth below, the Managing Broker-Dealer agrees to indemnify and hold harmless (i) the Company, (ii) its directors, officers, employees and agents, and its
attorneys and accountants, and (iii) each person, if any, who controls the Company and its own directors, officers, owners, employees, agents, and each of their respective attorneys and accountants (all of the foregoing persons

  
 10 

 
described in clauses (i) through (iii) being collectively referred to as the “Company Parties”), against any and all loss, liability, claim, damage and expense whatsoever
(“loss”) arising out of or based upon: 
 (a) Any unauthorized verbal or written representations in
connection with the Offering made by the Managing Broker-Dealer (other than by the Company or its employees or agents), or its employees or agents (including any Selling Group Members) in violation of the Securities Act, or any other applicable
federal or state securities laws and regulations; 
 (b) The breach by the Managing Broker-Dealer of any term,
condition, representation, warranty, or covenant of this Agreement; or 
 (d) Any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement and comprising a Managing Broker-Dealer Disclosure Statement. 
 13.2 If any action (including any third-party action) is brought against a Company Party in respect of which indemnity may be sought hereunder, the Company shall promptly notify the Managing Broker-Dealer
in writing of the institution of such action. 
 13.3 Upon proper notice from an indemnified Company Party, the Managing
Broker-Dealer will be entitled to participate therein and, to the extent that it may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party. After notice from the Managing Broker-Dealer of its
election to assume the defense thereof, the Managing Broker-Dealer will not be liable to the Company Party under Section 12.1 for any legal or other expenses subsequently incurred by such Company Party in connection with the defense thereof;
provided, however, that if the defendants in any such action include both a Company Party and the Managing Broker-Dealer, and the Company Party shall have reasonably concluded that there may be legal defenses available to it or other indemnified
parties which are different from or additional to those available to the Managing Broker-Dealer, then the Company Party or Parties shall have the right to select one separate counsel to assume such legal defenses and to otherwise participate in the
defense of such action on their behalf, in which event the fees and expenses of such separate counsel shall be borne by the Managing Broker-Dealer. In no event shall the Managing Broker-Dealer be liable for fees and expenses of more than one counsel
for each Company Party separate from the Managing Broker-Dealer’s own legal counsel. The Managing Broker-Dealer shall not be liable to any Company Party on account of any settlement of any claim or action effected without the consent of such
Company Party. 
 13.4 The Managing Broker-Dealer agrees to promptly notify the Company of the commencement of any litigation or
proceedings against the Managing Broker-Dealer or any of the Managing Broker-Dealer’s officers, directors, partners, affiliates, or agents in connection with the issuance and sale of Debentures or in connection with the Registration Statement.

 13.5 The indemnity provided to the Company Parties shall not apply to any such person or entity to the extent that any loss
arises out of or is based upon any untrue statement or alleged untrue statement of material fact made by the Company or any of its agents (or a Company Party). 
 13.6 The Managing Broker-Dealer agrees to require that each Selling Group Member enter into an agreement providing indemnity to the Company Parties consistent with the indemnity provided by the Managing
Broker-Dealer pursuant to the provisions of this Section 13. 
  

	14.	 Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided pursuant to
Sections 12 and 13 is for any reason held to be unavailable from the Company, the Managing Broker-Dealer or a Selling Group Member, as the case may be, the Company, the Managing Broker-Dealer and the Selling Group Member, shall contribute to the
aggregate losses, liabilities, claims, damages and expenses (including any amount paid in settlement of any action, suit, or proceeding or any claims asserted) in such amounts as a court of competent jurisdiction may determine (or in the case of
settlement, in such amounts as may be agreed upon by the parties) in such proportion to reflect the relative fault of the Company, the Managing Broker-Dealer or such Selling Group Member,,

  
 11 

	 	
in connection with the events described in Sections 12 and 13, as the case may be, which resulted in such losses, liabilities, claims damages or expenses, as well as any other equitable
considerations. The relative fault of the parties shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company, the Managing Broker-Dealer or a Selling Group Member, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such omission or statement. Any persons entitled
to indemnification hereunder shall be entitled to receive, from a party obligated to indemnify under Section 12 or 13, contribution hereunder. 

  

	15.	Compliance. The Managing Broker-Dealer covenants to the Company that the actions, direct or indirect, by the Managing Broker-Dealer shall conform to the
requirements applicable to broker-dealers under federal and applicable state securities laws, rules and regulations, and (ii) that the Selling Group Members shall be in good standing under applicable requirements and rules of FINRA to offer the
Debentures. 

  

	16.	Representations and Agreements to Survive Sale and Payment. Except as the context otherwise requires, all representations, warranties and agreements contained in
this Agreement shall be deemed to be representations, warranties and agreements at and as of the Offering Termination Date, and such representations, warranties and agreements by the Managing Broker-Dealer or the Company, including the
indemnification and contribution covenants contained herein, shall remain operative and in full force and effect regardless of any investigation made by the Managing Broker-Dealer or the Company and/or any controlling person, and shall survive the
sale of and payment for Debentures. 

  

	17.	Costs of Offering. Except for the compensation payable to the Managing Broker-Dealer described in Section 7 and the expense reimbursements described in
Section 8, which are the sole obligations of the Company, the Managing Broker-Dealer will pay all of its own costs and expenses, including but not limited to all expenses necessary for the Managing Broker-Dealer to remain in compliance with any
applicable federal, state or FINRA laws, rules or regulations in order to participate in the Offering as a broker-dealer, and the fees and costs of the Managing Broker-Dealer’s legal counsel. The Company agrees to pay all other expenses
incident to the performance of its respective obligations hereunder, including all expenses incident to filings with federal and state regulatory authorities and to the exemption of Debentures under federal and applicable state securities laws,
including fees and disbursements of the Company’s counsel, all costs of reproduction and distribution of the Prospectus and any amendment or supplement thereto, and all costs of attorneys’ fees and other expenses. 

 

	18.	Termination. This Agreement is terminable by any party for any reason whatsoever or for no reason at any time upon written notice to the other party after the
end of the fifteenth month following effective date. The Company may terminate the Managing Broker-Dealer only “for cause” before the end of the fifteenth month following effective date . Cause shall be defined as:

 (a) The failure of the Managing Broker-Dealer to provide the services set forth in this
Agreement, or any breach by the Managing Broker-Dealer of any of its representations or warranties set forth in this Agreement; 
 (b) The failure to meet the following sales minimums, regardless of the underlying reasons for any such failure: 
  

									
	 Period
	  	Principal Amount Sold
through Arque Capital	 	  	Aggregate Principal Amount
Sold through Selling Group	 
	 Three Months following effective date 
	  	$	2,500,000	  	  	$	10,000,000	  
	 Nine Months following effective date 
	  	$	7,000,000	  	  	$	50,000,000	  
	 Fifteen Months following effective date
	  	$	7,000,000	  	  	$	100,000,000	  

 (c) The receipt by the Managing Broker-Dealer or the Company of a regulatory notice from
FINRA or the SEC that makes either party incapable of fulfilling their respective duties hereunder 

  
 12 

 
without harming the reputation of the other party. For any quarter that includes one or both of November and December, an additional three weeks shall be added to such quarter to reflect the down
time during the third week in November and the last two weeks in December. 
 (d) The sale by the Company of all
or substantially all of its assets, or the sale of capital stock of the Company comprising at least 51% of the outstanding capital stock in the Company, or the consummation of a merger involving the Company and after which Jon R. Sabes and Steve
Sabes or their affiliates no longer own at least 51% of the outstanding capital stock in the Company. 
 Any termination under
this Section shall not affect the indemnification agreements set forth in Sections 11 and 12, or the contribution obligations under Section 13. In the event that the Company terminates the Managing Broker-Dealer pursuant to paragraph
(d) above, the Company shall pay the Managing Broker-Dealer additional compensation of $200,000 for any and all work performed previous to the termination. 
  

	19.	Confidentiality. The Managing Broker-Dealer agrees that all non-public information pertaining to the Company, including but not limited to the Selling Group
Members, compensation, wholesalers, business plans, employee lists, financial statements of the Company and its subsidiaries and affiliates (collectively, the “Confidential Information”) will be held by the Managing Broker-Dealer in
confidence and solely for use of the Managing Broker-Dealer’s personnel, clients and advisors of clients, in the course of performing the obligations of the Manager Broker-Dealer hereunder, and will not be provided to any other persons or
entities without the prior written approval of the Company. Any parties receiving Confidential Information from the Managing Broker-Dealer, including any Selling Group Members, must expressly agree to be bound by the restrictions set forth in this
Section; provided, however, that Confidential Information shall not include information that (i) is or becomes publicly available other than as a result of acts by the Managing Broker-Dealer in breach of this Agreement, (ii) is in the
Managing Broker-Dealer’s possession prior to disclosure by the Company or is independently derived by the Managing Broker-Dealer without the aid, application or use of the Confidential Information, (iii) is disclosed to the Managing
Broker-Dealer by a third party on a non-confidential basis (provided that the third party did not receive such information in violation of or is bound by a confidentiality agreement), or (iv) the Managing Broker-Dealer determines or may be
required to be disclosed by Governmental Rules. 

  

	20.	Governing Law. This Agreement shall be governed by, subject to and construed in accordance with, the laws of the State of Delaware without regard to
conflicts-of-law provisions. 

  

	21.	Severability. If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible (a) the remainder of this
Agreement shall be considered valid and operative and (b) effect shall be given to the intent manifested by the portion held invalid or inoperative. 

  

	22.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and which together shall constitute one and the
same instrument. 

  

	23.	Modifications or Amendment. This Agreement may not be modified or amended except by written agreement executed by the parties hereto. 

 

	24.	Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if sent to the Managing Broker-Dealer, shall be
mailed or delivered to Arque Capital, Ltd., 7501 East McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258; and if sent to the Company shall be mailed or delivered to 220 South Sixth Street, Suite 1200, Minneapolis, MN 55402. The notice
shall be deemed to be received on the date of its actual receipt by the party entitled thereto or, if mailed, on the third day after mailing by both first-class U.S. mail and certified U.S. mail with return receipt requested.

  

	25.	 Parties. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, and their respective successors, legal
representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under, in respect of, or by virtue of, this

  
 13 

	 	
Agreement or any provision herein contained; provided, however, that the provisions of Section 11, 12 and 13 are also intended for the benefit of the Selling Parties and Company Parties, as
applicable, although the provisions of any such Section may be amended without the consent of any such Persons. Neither party may assign any of its hereunder, or delegate any of its duties hereunder, without the prior and express written consent of
the other party. 

  

	26.	Delay. Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall
operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

  

	27.	Attorneys Fees. If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with any of the provisions of this Agreement, each party shall be responsible for paying its own attorneys fees. 

  

	28.	Entire Agreement. This Agreement contains the entire understanding between the parties hereto and supersedes any prior understandings or written or oral
agreements between them respecting the subject matter hereof. 

 (Signature Page Follows) 

  
 14 

 If the foregoing correctly sets forth the understanding between the Company and the Managing
Broker-Dealer, please so indicate in the space provided below for that purpose, and return one of the signed copies of this letter agreement to the Company in the envelope provided for this purposes, whereupon this letter agreement shall constitute
a binding agreement between us. 
  

			
	 Very truly yours,
  

GWG HOLDINGS, INC.
 a Delaware
corporation

		
	By:	 	/s/ Jon R. Sabes
		 	Jon R. Sabes, CEO

  

			
	 AGREED AND ACCEPTED:
  

ARQUE CAPITAL, LTD.
 a California
Corporation

		
	By:	 	/s/ Michael C. Ning
		 	Michael C. Ning, President & CEO

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