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EXHIBIT 10
[XXXXX FARGO LETTERHEAD]
April 24, 2000
Xxx Xxxxxxx
Xxxxx America Corporation
000 Xxxxx Xxxx
Xxxxx Xxxxxxx, XX 00000
RE: Waiver of Default
Dear Xxx,
Norwest Bank Minnesota, National Association (the "Bank") and Young America
Corporation (the "Borrower") are parties to a certain Credit Agreement dated
April 7, 1998 (the "Agreement") as amended.
Section 5.10 of the Agreement states that the Borrower will maintain a Current
Ratio at not less than 1.10 to 1.00 for the Covenant Computation Date of March
31, 2000. For the Covenant Computation Date of March 31, 2000, the Borrower's
Current Ratio was 1.08 to 1.00, thereby creating an Event of Default under the
Agreement.
We hereby waive the violation of Section 5.10 for the period ending March 31,
2000 as noted in the paragraph above. This waiver is unique and specific. The
Bank does not waive any other portions of the Agreement, nor do they give up any
of the rights and remedies granted to them thereunder.
Very truly yours,
/s/ XXXXXXX X. XXXXXXX
Xxxxxxx X. Xxxxxxx
Corporate Banking Officer
