EX-25.1 3 fs12017a2ex25-1_gwgholdings.htm STATEMENT OF ELIGIBILITY OF TRUSTEE

Exhibit 25.1

 

 

 

FORM T-1

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

 

☐   CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

  

 

BANK OF UTAH

(Exact name of trustee as specified in its charter)

 

Utah   87-0218467
(Jurisdiction of incorporation
if not a U.S. national bank)		   (I.R.S. employer
identification no.)
     

2605 Washington Boulevard

Ogden, UT 

   84401
(Address of principal executive offices)   (Zip code)

  

 

GWG HOLDINGS, INC.
(Exact name of obligor as specified in its charter)

 

Delaware   26-2222607
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. employer
identification no.)
     
220 South Sixth Street, Suite 1200
Minneapolis, Minnesota		   55402
(Address of principal executive offices)   (Zip code)

 

 

L Bonds
(Title of the indenture securities)

 

 

 

 

 

 

1. General information. Furnish the following information as to the trustee:

 

  (a) Name and address of each examining or supervising authority to which it is subject.

 

  Name   Address
  Federal Reserve Bank of San Francisco  

120 South State Street

Salt Lake City, UT 84111

       
  Utah Department of Financial Institutions  

324 South State Street

Salt Lake City, UT 84114

 

  (b) Whether it is authorized to exercise corporate trust powers.

 

Yes..

 

2. Affiliations with Obligor.

 

If the obligor is an affiliate of the trustee, describe each such affiliation.

 

None.

 

3-15. Items 3-15 are not applicable.

 

 

16. List of Exhibits.

 

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the “Act”) and 17 C.F.R. 229.10(d).

 

  1. A copy of the articles of incorporation of the Trustee, incorporated by reference to Exhibit 1 of Form T-1 filed by the Bank of Utah on September 30, 2011.

 

  2. A copy of certificate of authority of the Trustee to commence business, incorporated by reference to Exhibit 2 of Form T-1 filed by the Bank of Utah on September 30, 2011.

 

  3. Authorization of the Trustee to exercise corporate trust powers was granted under the articles of incorporation of the Trustee, incorporated by reference to Exhibit 1 of Form T-1 filed by the Bank of Utah on September 30, 2011.

 

  4. A copy of the existing bylaws of the Trustee. Not applicable.

 

  5. A copy of each Indenture referred to in Item 4. Not applicable.

 

  6. The consent of the Trustee required by Section 321(b) of the Act, incorporated by reference to Exhibit 6 of Form T-1 filed by the Bank of Utah on September 30, 2011.

 

  7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority, incorporated by reference to Exhibit 7 of this Form T-1.

 

  8. A copy of any order pursuant to which the foreign trustee is authorized to act as sole trustee under indentures qualified or to be qualified under the Act. Not applicable.

 

  9. Consent to service of process on Form F-X. Not applicable.

 

 2 
 

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1931, the trustee, Bank of Utah, a corporation organized and existing under the laws of Utah, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of Salt Lake City, and State of Utah, on the 30th day of October, 2017.

 

  BANK OF UTAH
     
  By: /s/ John Thomas
  Name: John Thomas
  Title: Vice President

 

 3 
 

 

Exhibit 7

 

Report of Condition of Trustee as of the Quarter Ended September 30, 2017

 

Schedule RC - Balance Sheet

 

BANK OF UTAH FFIEC 051
RSSD-ID 933975 Quarter End Date September 30, 2017
Last Updated on October 27, 2017 13

 

Dollar amounts in thousands

  1.
1. Cash and balances due from depository institutions (from Schedule RC-A):    
a. Noninterest-bearing balances and currency and coin RCON0081 21,737 1.a.
b. Interest-bearing balances RCON0071 153,539 1.b.
2. Securities:     2.
a. Held-to-maturity securities (from Schedule RC-B, column A) RCON1754 12,528 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D) RCON1773 130,490 2.b.
3. Federal funds sold and securities purchased under agreements to resell:     3.
a. Federal funds sold RCONB987 3,609 3.a.
b. Securities purchased under agreements to resell RCONB989 0 3.b.
4. Loans and lease financing receivables (from Schedule RC-C):     4.
a. Loans and leases held for sale RCON5369 18,613 4.a.
b. Loans and leases, net of unearned income RCONB528 853,966 4.b.
c. LESS: Allowance for loan and lease losses RCON3123 11,608 4.c.
d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c) RCONB529 843,358 4.d.
5. Trading assets (from Schedule RC-D) RCON3545 0 5.
6. Premises and fixed assets (including capitalized leases) RCON2145 14,305 6.
7. Other real estate owned (from Schedule RC-M) RCON2150 0 7.
8. Investments in unconsolidated subsidiaries and associated companies RCON2130 0 8.
9. Direct and indirect investments in real estate ventures RCON3656 0 9.
10. Intangible assets:     10.
a. Goodwill RCON3163 5,894 10.a.
b. Other intangible assets (from Schedule RC-M) RCON0426 203 10.b.
11. Other assets (from Schedule RC-F) RCON2160 38,958 11.
12. Total assets (sum of items 1 through 11) RCON2170 1,243,234 12.
13. Deposits:     13.
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) RCON2200 1,032,099 13.a.
1. Noninterest-bearing RCON6631 404,112 13.a.1.
2. Interest-bearing RCON6636 627,987 13.a.2.
b. Not applicable     13.b.
14. Federal funds purchased and securities sold under agreements to repurchase:     14.
a. Federal funds purchased RCONB993 0 14.a.
b. Securities sold under agreements to repurchase RCONB995 50,860 14.b.
15. Trading liabilities (from Schedule RC-D) RCON3548 0 15.
16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M) RCON3190 0 16.
17. Not applicable     17.
18. Not applicable     18.
19. Subordinated notes and debentures RCON3200 0 19.
20. Other liabilities (from Schedule RC-G) RCON2930 9,222 20.
21. Total liabilities (sum of items 13 through 20) RCON2948 1,092,181 21.
22. Not applicable     22.
23. Perpetual preferred stock and related surplus RCON3838 0 23.
24. Common stock RCON3230 3,656 24.
25. Surplus (exclude all surplus related to preferred stock) RCON3839 8,534 25.
26. Not available     26.
a. Retained earnings RCON3632 139,096 26.a.
b. Accumulated other comprehensive income RCONB530 -233 26.b.
c. Other equity capital components RCONA130 0 26.c.
27. Not available     27.
a. Total bank equity capital (sum of items 23 through 26.c) RCON3210 151,053 27.a.
b. Noncontrolling (minority) interests in consolidated subsidiaries RCON3000 0 27.b.
28. Total equity capital (sum of items 27.a and 27.b) RCONG105 151,053 28.
29. Total liabilities and equity capital (sum of items 21 and 28) RCON3300 1,243,234 29.
1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2013 RCON6724 NR M.1.
2. Bank's fiscal year-end date RCON8678 NR M.2