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EXHIBIT 10.44
[UNION BANK OF CALIFORNIA LETTERHEAD]
Date
January 26, 1998
Xxxx Xxxxxxx, CFO
SMARTFLEX SYSTEMS INCORPORATED
00000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000-0000
NOTICE OF WAIVER
Re: Loan Agreement
Dated: September 26, 1997
Dear Xx. Xxxxxxx:
You have requested the following waiver(s) in reference to the Loan
Agreement ("Agreement") between Union Bank of California, N.A. ("Bank") and
Smartflex Systems Incorporated ("Borrower") referred to above.
Bank hereby waives Borrower's breach of Section 4.8 Profit From
Operations and Section 4.9 Cash Flow of the Agreement occurring prior to January
1, 1998. Any further breach of these sections is not waived.
Except as waived hereby, the Agreement, as the same may have previously
been waived, shall remain unaltered and in full force and effect. This letter
shall not be a waiver of any existing default or breach of a covenant unless
specified herein.
If you agree with the foregoing, please sign the enclosed
acknowledgement copy and return it on or before February 15, 1998.
UNION BANK OF CALIFORNIA, N.A.
By Xxxxxx Xxxxxx
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Title: Vice President
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By Xxxx Xxxxxxx
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Title: Vice President
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SMARTFLEX SYSTEMS INCORPORATED hereby agree to and
acknowledge this waiver this 30 day of January, 1998.
By //s// Xxxx Xxxxxxx
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Title: VP/CFO
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By
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Title
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