Waiver Agreement dated November 13, 2019, by and between Zions Bancorporation, N.A. dba Amegy Bank and Fuse Medical, Inc. and CPM Medical Consultants, LLC
November 13, 2018
Mr. Bill McLaughlin
Fuse Medical, Inc.
1565 N Central Expy Ste. 200
Fuse Medical, Inc. Loan Agreement amended and restated as-of 12/3 I/20I 7, associated with note in the original principal amount of$5,000,000 (the "Note") due and unpaid to ZB, NA. dba Amegy Bank (the "Bank")
Dear Mr. McLaughlin,
Fuse Medical, Inc. is in default of the above-referenced indebtedness pursuant to the terms of the Note and other documents evidencing, securing or pertaining to the indebtedness. The default arose from non-compliance of the minimum quarterly EBITDA covenant, and the no consecutive quarterly net losses covenant.
These violations constitute an Event of Default (as defined in the Loan Agreement) under the Loan Agreement (the ••Default").
This letter constitutes notice by the Bank to Fuse Medical. Inc. that the Bank has waived the aforementioned defaults for 9/30/19. This letter does not constitute a waiver of any default or Event of Default under the Loan Agreement except for the Default(s) described in the preceding paragraphs, or an agreement to waive any future defaults or Events of Default under the Loan Agreement, and no such inference, assumption, or course of dealing shall be created hereby. The Bank expressly reserves any and all rights and remedies under the Notes. the Loan Agreement. and all other documents executed in connection therewith, at law and in equity.
/s/ Alex Daniel
Alex Daniel - Vice President