[LOGO]
NORWEST BANK MINNESOTA, N.A.
XXXXXXX XXXXXX
XXXXX XXX XXXXXXXXX
XXXXXXXXXXX, XXXXXXXXX 00000-0000
612/000-0000
FAX: 612/000-0000
December 12, 1995
Ultra Pac, Inc.
00000 Xxxxxxxxxx Xxxxxxxxx
Xxxxxx, Xxxxxxxxx 00000-0000
Attention: Xxxx X. Xxxx, CFO
RE: Credit And Security Agreement dated June 13, 1994 and amended on June 30,
1995 and October 18, 1995 made by and among Ultra Pac, Inc. (the
"Borrower"), West One Bank, Idaho ("West One"), Norwest Bank Minnesota,
National Association, in its capacity as lender ("Norwesta"), and Norwest
Bank Minnesota, National Association, in its capacity as agent.
Dear Xx. Xxxx:
This letter responds to your letter dated December 6, 1995 addressed to Xx.
Xxxxx Xxxxxx of Norwest. Your letter cited two anticipated covenant breaches by
the Borrower relative to Sections 6.12(d) and 6.12(c) of the above-referenced
Credit And Security Agreement (the "Agreement"). Your letter requested waivers
by West One and Norwest of such covenant breaches for the period ending October
31, 1995.
Please be advised that the undersigned hereby grant the Borrower's request for a
waiver of the covenant breaches relative to Section 6.12(d) and 6.12(e) of the
Agreement, but only as such breaches relate to Borrower's fiscal quarter which
ended on October 31, 1995. The waivers contained in the immediately preceding
sentence shall not be deemed a waiver of any other covenants or conditions set
forth in the Agreement, nor should they be deemed a waiver of future breaches of
Sections 6.12(d) and 6.12(c) of the Agreement.
This letter may be executed in any number of counterparts.
Very truly yours,
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, Agent
By: /s/ Xxxxx Xxxxxx
Xxxxx Xxxxxx,
Vice President
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, Lender
By: /s/ Xxxxx Xxxxxx
Xxxxx Xxxxxx,
Vice President
WEST ONE BANK, IDAHO, Lender
By: _________________________
Its: ________________________
