Waiver to Fixed Charge Coverage Ratio Covenant in Amended Loan and Security Agreement between Innotrac Corporation and SouthTrust Bank
Contract Categories:
Business Finance
›
Waiver Agreements
Summary
SouthTrust Bank has agreed to waive a specific financial covenant in its Amended Loan and Security Agreement with Innotrac Corporation. Specifically, the bank is waiving the requirement that Innotrac maintain a Fixed Charge Coverage Ratio of at least 1.75 times as of December 31, 2003. This waiver applies only to the covenant for that date and was granted in response to Innotrac's request.
EX-10.4.(I) 3 g87947exv10w4wxiy.txt WAIVER TO 2ND AMENDED LOAN SECURITY AGREEMENT EXHIBIT 10.4(i) [SOUTHTRUST BANK LOGO] One Georgia Center 600 West Peachtree Street Atlanta, Georgia 30308 February 6, 2004 Mr. David L. Gamsey Chief Financial Officer Innotrac Corporation 6655 Sugarloaf Parkway Duluth, Georgia 30097 RE: Fixed Charge Coverage Waiver Dear David: In response to your request, SouthTrust Bank grants a modification/waiver and consent of the outlined covenants contained in the Amended Loan and Security Agreement between Innotrac Corporation and SouthTrust Bank: 12.3 Fixed Charge Coverage Ratio As of December 31, 2003, this covenant requires that the Fixed Charge Coverage Ratio be least 1.75 times at the end of each fiscal quarter, on a rolling four quarters basis. The waiver of this covenant is for December 31, 2003. Sincerely, /s/ Noble Jones -------------------- Noble Jones Vice President
