CLASSIC VACATION GROUP INC
WAIVER
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<TYPE>EX-10.52
<SEQUENCE>7
<FILENAME>w54694ex10-52.htm
<DESCRIPTION>WAIVER
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<P align="right"><FONT size="2"><B>Exhibit&nbsp;10.52</B>
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<P align="center"><FONT size="2"><B>WAIVER</B>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GV Investment LLC (&#147;GVI&#148;), a Delaware limited liability company, as holder
of all the 9% Convertible Subordinated Notes due 2007 (together with any notes
issued as payment of interest on the 9% Convertible Subordinated Notes due
2007, the &#147;9% Notes&#148;) of Classic Vacation Group, Inc. (the &#147;Company&#148;), the name
of which formerly was Global Vacation Group, Inc., agrees as follows:
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until January&nbsp;1, 2003, the ratio of Net Total Indebtedness to Net Worth
required by Paragraph&nbsp;7(a) of the 9% Notes will be 3:1.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of determining the Fixed Charge Coverage Ratio under
Paragraph&nbsp;7(b) of the 9% Notes at any determination date between April&nbsp;1, 2002
and September&nbsp;30, 2002, EBITDA during the four full calendar quarters
immediately preceding the calendar quarter in which the determination date
falls will be calculated without taking account of losses of the Company&#146;s
Allied Tours division.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until March&nbsp;1, 2003, for purposes of the covenant in Paragraph&nbsp;7(d) of
the 9% Notes, Net Total Indebtedness will not include obligations under the
Company&#146;s 7.5% Convertible Senior Subordinated Notes due 2006 or the Company&#146;s
7.5% Exchangeable Senior Subordinated Notes due 2006.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of Paragraph&nbsp;7(f) of the 9% Notes, GVI consents to the
amendment to the Company&#146;s certificate of incorporation contemplated by
Paragraph&nbsp;11(j) of the Company&#146;s 7.5% Convertible Senior Subordinated Notes due
2006 (the &#147;7.5% Notes&#148;).
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Waiver, all uncured
defaults or events of default that existed under Paragraphs 7(a), (b)&nbsp;and (d)
of the 9% Notes prior to the date of this Waiver, to the extent that such
uncured defaults or events of default would not exist under Paragraphs 7(a),
(b)&nbsp;and (d)&nbsp;of the 9% Notes as modified or waived by this Waiver, are waived
and released.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The waivers, releases and modifications above will be vacated and will
cease to have any effect if, at any time prior to March&nbsp;1, 2003, the Company
fails to comply with any of the covenants in the 7.5% Notes.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent covenants are expressly waived or modified in this
document, the 9% Notes continue to be in full force and effect and GVI reserves
all rights and remedies that it possesses under the 9% Notes.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By acknowledging this Waiver, the Company represents that (i)&nbsp;other than
with regard to the covenants in Paragraphs 7(a), (b)&nbsp;and (d)&nbsp;of the 9% Notes,
the Company is in full compliance with the 9% Notes and (ii)&nbsp;no Event of
Default under the 9% Notes, except for Events of Default arising from the
failure to comply with the covenants in Paragraphs 7(a), (b)&nbsp;and (d)&nbsp;of the 9%
Notes, currently exists.
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        <TD valign="top"><FONT size="2">November&nbsp;2, 2001</FONT></TD>
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        <TD colspan="3" valign="top" align="left"><FONT size="2">GV INVESTMENT LLC</FONT></TD>
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By:
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        <TD align="left" valign="top"><FONT size="2">/s/ J. William Uhrig
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Title: President</FONT></TD>
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        <TD valign="top"><FONT size="2">ACKNOWLEDGED:</FONT></TD>
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        <TD valign="top"><FONT size="2">CLASSIC VACATION GROUP, INC</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD valign="top"><FONT size="2">By:</FONT></TD>
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/s/ Ronald M. Letterman</FONT></TD>
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        <TD valign="top"><FONT size="2">Title:</FONT></TD>
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President &#038; CEO</FONT></TD>
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