Exhibit 4.9
Wachovia Bank, N.A.
Business Banking
NJ1927
00 Xxxxx 00 Xxxxx
0xx Xxxxx
Xxxxxxx, XX 00000
Fax 000 000-0000
January 25, 2006
[WACHOVIA LOGO OMITTED] [WACHOVIA LOGO OMITTED]
Xx. Xxx Xxxxxxxxxxx, CFO
I D Systems Inc
Xxx Xxxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Re: Loan Agreement dated January 2, 2003
Dear Xx. Xxxxxxxxxxx:
Reference is made to that certain LOAN AGREEMENT dated as of January
2, 2003 (the "Agreement") between I D Systems Inc (the "Borrower") and
Wachovia Bank, National Association (the "Bank"). The Agreement and all
other documents executed and delivered in connection therewith are
collectively referred to herein as the "Loan Documents". All capitalized
terms used but not defined herein shall have the meanings assigned in the
Loan Documents.
The Agreement provides for:
Financial Covenant: Borrower shall, at all times, maintain Liquid
Assets of not less than $3,000,000.00.
The Borrower has requested the Bank's waiver, and the Bank does hereby
permanently waive this provision, subject to Borrower's execution of and
return of this letter. This waiver is limited to the covenant recited above
and shall not be construed to be a waiver of any subsequent covenants, or
of any existing or future covenants under any other provision of any Loan
Document.
The Borrower, by signature below, represents and warrants that there
exist no defaults or event of default under the Loan Documents, that the
Loan Documents are in full force and effect, and that Borrower does not
have any defenses to its obligations under the Loan Documents nor any
claims against Bank.
Please evidence your acceptance of the terms of this waiver by signing
and returning to the Bank a copy of this letter bearing original authorized
signature of each of the parties indicated.
Very Truly Yours,
Wachovia Bank, National Association
BY: /s/ Xxxxxxxxxxx Xxxxxxxx-Xxxxx
--------------------------------
Name: Xxxxxxxxxxx Xxxxxxxx-Xxxxx
Title: Vice President
ACCEPTED AND AGREED TO:
I.D. Systems, Inc.
By: /s/ Xxx Xxxxxxxxxxx
------------------------------
Name: Xxx Xxxxxxxxxxx
Title: Chief Financial Officer
Date: 1/26/06
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544377
