SECURITIES AND EXCHANGE COMMISSION
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Item 1.01 Entry into a Material Definitive Agreement
On February 25, 2022, GWG DLP Funding IV, LLC (“DLP IV”), an indirect subsidiary of GWG Holdings, Inc. (“GWG” or the “Company”), entered into First Amendment (the “Amendment”) to the Fifth Amended and Restated Loan and Security Agreement, dated as of December 14, 2021, with LNV Corporation, as lender, and CLMG Corp., as the administrative agent on behalf of the lenders under the agreement (as amended, the “Fifth Amended Facility”). The principal amount outstanding under the Fifth Amended Facility as of the date of this report is $289.8 million.
The Amendment provides that, subject to the conditions set forth in the Fifth Amended Facility, on or prior to the commitment termination date under the Fifth Amended Facility, (i) the lenders shall make ongoing maintenance advances under the Fifth Amended Facility (solely with respect to ongoing maintenance costs with respect to scheduled premiums on pledged life insurance policies under the Fifth Amended Facility payable on or before April 1, 2022) to DLP IV, and (ii) the lenders may, in their sole and absolute discretion, make ongoing maintenance advances under the Fifth Amended Facility (solely with respect to ongoing maintenance costs with respect to scheduled premiums on pledged life insurance policies payable on May 1, 2022) to DLP IV.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set for in Item 1.01 is incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|GWG HOLDINGS, INC.|
|Date: March 3, 2022||By:||/s/ Timothy L. Evans|
|Name:||Timothy L. Evans|
|Title:||Chief Financial Officer|