Covenant Waiver Letter, dated February 21, 2019, from Tradition Capital Bank
Exhibit 4.35
TRADITION CAPITAL BANK
www.tradition.bank
952 ###-###-####
February 21, 2019
| RE: | Titan El Toro, LLC |
Tradition Capital Bank Loan Agreement
To Whom It May Concern:
According to Section 4.10 of the Loan Agreement, Titan El Toro, LLC is required to maintain a Debt Service Coverage Ratio of 1.25 to 1.0. Lender hereby waives the violation of the Debt Service Coverage Ratio for 2018, and eliminates the requirement for 2019 and thereafter.
According to Section 4.19 of the Loan Agreement, Titan El Toro, LLC is required to maintain a Minimum Tangible Equity position of at least $225,000. Lender hereby waives the violations of the Equity Covenant for 2018, and eliminates the requirement for 2019 and thereafter.
According to Section 4.20 of the Loan Agreement, Titan El Toro, LLC shall maintain a Debt to Equity ratio of 4.0 or less. Lender hereby waives the violations of the Debt to Equity ratio for 2018 and eliminates the requirement for 2019 and thereafter.
Please let me know if you need any additional information.
Sincerely,
Tradition Capital Bank
Vonda Wurzburger
Senior Vice President
Member FDIC ● Equal Housing Lender
