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