WAIVER OF CREDIT AGREEMENT


         WAIVER  dated as of March 29, 1998 to the Amended and  Restated  Credit
Agreement  dated as of January  23,  1998 (the Credit  Agreement)  among  IOMEGA
CORPORATION (the Borrower), the BANKS party thereto (the Banks), CITIBANK, N.A.,
as  Administrative  Agent and MORGAN  GUARANTY  TRUST  COMPANY  OF NEW YORK,  as
Documentation Agent (the Documentation Agent).

                              W I T N E S S E T H :

         The parties hereto agree as follows:

         SECTION 1. Defined Terms;  References.  Unless  otherwise  specifically
defined herein,  each term used herein which is defined in the Credit  Agreement
has the meaning assigned to such term in the Credit Agreement. Each reference to
hereof,  hereunder,  herein and hereby and each other similar reference and each
reference to this Agreement,  and each other similar reference  contained in the
Credit Agreement shall,  after this Amendment  becomes  effective,  refer to the
Credit Agreement as amended hereby.

         SECTION 2. Waiver of Maximum Cash Conversion  Days Covenant.  The Banks
waive  compliance  with  Section  5.14 of the  Credit  Agreement  for the Fiscal
Quarter ended March 29, 1998, provided that Cash Conversion Days for such Fiscal
Quarter do not exceed 100.

     SECTION 3. Governing Law. This Waiver shall be governed by and construed in
accordance with the laws of the State of New York.

         SECTION  4.  Counterparts.  This  Waiver may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

         SECTION 5. Effectiveness.  This Waiver shall become effective as of the
date hereof on the date when the  Documentation  Agent shall have  received  (i)
from each of the Borrower and the Required Banks a counterpart  hereof signed by
such party or facsimile or other written  confirmation (in form  satisfactory to
the  Documentation  Agent) that such party has signed a  counterpart  hereof and
(ii) from the Borrower for the account of each Bank which has signed this Waiver
a waiver fee of .05% of such Bank=s Commitment on such date.



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         IN WITNESS  WHEREOF,  the parties  hereto have caused this Waiver to be
duly executed as of the date first above written.

                                     IOMEGA CORPORATION



                                     By:   /s/ Robert J. Simmons
                                           Name:    Robert J. Simmons
                                           Title:   Vice President and Treasurer

                                     CITIBANK, N.A.


                                     By:   /s/ Carolyn A. Kee
                                           Name:    Carolyn A. Kee
                                           Title:   Attorney-in-Fact


                                     MORGAN GUARANTY TRUST
                                           COMPANY OF NEW YORK


                                     By:   /s/ John M. Mikolay
                                           Name:    John M. Mikolay
                                           Title:   Vice President


                                     FLEET NATIONAL BANK


                                     By:   /s/ William E. Rurode, Jr.
                                           Name:    William E. Rurode, Jr.
                                           Title:   Senior Vice President


                                     BANK OF AMERICA NATIONAL
                                           TRUST AND SAVINGS
                                           ASSOCIATION


                                     By:   /s/ Kevin Mc Mahon
                                           Name:    Kevin Mc Mahon
                                           Title:   Managing Director


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                                     FIRST SECURITY BANK, N.A.


                                     By:   /s/ Taft G. Meyer
                                           Name:    Taft G. Meyer
                                           Title:   Vice President


                                     KEYBANK NATIONAL ASSOCIATION


                                     By:   /s/ Richard J. Ameny, Jr.
                                           Name:    Richard J. Ameny, Jr.
                                           Title:   Assistant Vice President


                                     ABN AMRO BANK N.V.


                                     By:   /s/ Janice Dillon
                                           Name:    Janice Dillon
                                           Title:   Vice President


                                     By:   /s/ Richard R. DaCosta
                                           Name:    Richard R. DaCosta
                                           Title:   Vice President



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                                     THE SUMITOMO TRUST & BANKING
                                           CO., LTD., LOS ANGELES AGENCY


                                     By:   /s/ Tsukasa Tanigawa
                                           Name:    Tsukasa Tanigawa
                                           Title:   Vice President & Manager


                                   THE NORTHERN TRUST COMPANY


                                     By:   /s/ Jaron Grimm
                                           Name:    Jaron Grimm
                                           Title:   Vice President


                                     ISTITUTO BANCARIO SAN PAOLO DI
                                           TORINO S.P.A


                                     By:   /s/ Robert Wurster
                                           Name:    Robert Wurster
                                           Title:   First Vice President


                                     By:   /s/ Carlo Persico
                                           Name:    Carlo Persico
                                           Title:   DGM


                                     THE SANWA BANK, LIMITED, LOS
                                           ANGELES BRANCH


                                           By:
                                           Name:
                                           Title:




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                                     UNION BANK OF CALIFORNIA, N.A.


                                     By:   /s/ Tai M. Pham
                                           Name:    Tai M. Pham
                                           Title:   Vice President