Waiver and Amendment Letter Regarding Fixed Charge Coverage Ratio Covenant – Evolving Systems, Inc. and East West Bank (March 29, 2019)
This letter from East West Bank to Evolving Systems, Inc., addressed to Mark Szynkowski, Sr. VP Finance, confirms that the bank is waiving a breach of the Fixed Charge Coverage Ratio covenant for the quarter ending December 31, 2018. The bank also agrees to adjust the covenant requirements for this ratio for all four quarters of fiscal year 2019. An official amendment to the loan agreement reflecting these changes will be prepared for review and signature.
Exhibit 10.32
Date: 3/29/19
Mark Szynkowski
Sr. VP Finance
Evolving Systems, Inc.
Dear Mark,
I would like to inform you that the Bank has agreed to waive the violation of the Fixed Charge Coverage Ratio covenant for the quarter ended 12/31/18. The Bank has further agreed to adjust the covenant levels for the Fixed Charge Coverage Ratio for the four quarters of FY2019.
An amendment to the loan agreement is being prepared for the above agreements and will be provided for your review and execution.
Sincerely,
| /s/ Piseth Leng |
|
| Piseth Leng |
|
VP-Portfolio Manager
Technology - West
Main: 408 ###-###-#### | Cell: 408 ###-###-####
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