GWG HOLDINGS, INC. : Entering a Material Definitive Agreement, Financial Statements and Supporting Documentation (Form 8-K)

Section 1.01 Entering into a Material Definitive Agreement

On June 27, 2022, Funding GWG DLP IV, LLC (“DLP IV”), an indirect subsidiary wholly owned by GWG Holdings, Inc. (the “Company”) and a direct subsidiary wholly owned by GWG Life, LLC (“GWG Life”), the lenders parties thereto (the “Lenders”) and CLMG Corp. (“CLMG”), as administrative agent, has entered into a Second Amendment, dated June 27, 2022to the Fifth Amended and Restated Credit Agreement (the “DLP IV Amendment”) to the existing Fifth Amended and Restated Credit Agreement of DLP IV, dated December 14, 2021, between DLP IV, as borrower, the Lenders parties thereto and CLMG, as administrative agent (as amended before the date of this amendment, the “DLP IV Credit Agreement”). The DLP IV Amendment provides that in the event that DLP IV does not have sufficient liquidity to make insurance premium payments, the Lenders will fund additional advances to DLP IV to make such payments, until that November 1, 2022, under certain conditions. The DLP VI amendment also provides that a management fee be paid by DLP IV to GWG Life on a monthly basis up to
November 1, 2022subject to certain conditions, and makes corresponding changes to the payment cascade set forth in the DLP IV Credit Agreement in connection with the foregoing.

In addition, the DLP IV Amendment gives DLP IV (or another person designated by DLP IV) the ability, subject to full repayment of the DLP IV Credit Agreement, to purchase the Administrative Agent and Lenders irrevocable and perpetual three percent (3%) interest granted to them under a November 15, 2021 letter of agreement at a price equal to or greater than $20,000,000.

On June 28, 2022, GWG DLP Funding VI, LLC (“DLP VI”), an indirect wholly-owned subsidiary of the Company and GWG Life, and National LP Founders (“National Founders”), entered into a Second Waiver and Amendment, dated June 28, 2022 (the “DLP VI Amendment”, and together with the DLP IV Amendment, the “Amendments”) to the existing DLP VI Credit Agreement, dated August 11, 2021, between DLP VI, as borrower, and National Founders, as sole lender and administrative agent (as amended before the date of this amendment, the “DLP VI Credit Agreement”). The DLP VI Amendment waives any event of default under the DLP VI Credit Agreement that had arisen or may arise before September 16, 2022 due to insufficient funds in a reserve account established under the DLP VI Credit Agreement. The DLP VI amendment also provides that management fees be paid by DLP VI to GWG Life on a monthly basis up to November 1, 2022subject to certain conditions, and makes the corresponding modifications to the payment cascade set out in the DLP VI credit agreement in order to allow the payment of these management fees.

The above descriptions of the Amendments are qualified in their entirety by the terms of the Amendments, copies of which are filed as Exhibits 10.1 and 10.2 to this current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial statements and supporting documents


(d) Exhibits



Exhibit No.                                 Description
10.1            Second Amendment, dated as of June 27, 2022, to Fifth Amended and
              Restated Credit Agreement, dated as of December 14, 2021, between GWG
              DLP Funding IV, LLC, as borrower, the lenders party thereto and CLMG
              Corp., as administrative agent
10.2            Second Waiver and Amendment, dated as of June 28, 2022, to Credit
              Agreement, dated as of August 11, 2021, between GWG DLP Funding VI,
              LLC, as borrower, and National Founders, as sole lender and
              administrative agent
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)




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