EXHIBIT 10.86
AMENDMENT
---------
RESTRUCTURING, SETTLEMENT AND MUTUAL RELEASE AGREEMENT
This Amendment No. 1 is entered into as of September 1, 1998 by and among
Microelectronic Packaging, Inc. ("MPI"), and Transpac Capital Pte. Ltd.
("Transpac"), Transpac Industrial Holdings Ltd., Regional Investment Company
Ltd., and Natsteel Equity III Pte. Ltd., (collectively with Transpac, the
"Investors"), the purpose of which is to amend that certain Restructuring,
Settlement and Mutual Release Agreement" (the "Settlement Agreement") entered
into as of April 22, 1998 between MPI and the Investors.
Capitalized terms otherwise defined herein, shall have the same meaning
ascribed to them in the Settlement Agreement.
RECITALS
A. MPI and the Investors entered into the Settlement Agreement as of April
22, 1998 pursuant to which MPI and the Investors agreed to settle and
restructure certain obligations of MPI whereby, among other things, MPI agreed
to pay to the Investors the amount of US$3,112,462.50 within six (6) calendar
months of the Execution Date.
B. Pursuant to Section 9.i of the Settlement Agreement, the parties now
desire to amend subsection 2.b of the Settlement Agreement to extend the period
of time within which MPI is obligated to pay to the Investors certain amounts
required under the Settlement Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein
and for other good and sufficient consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:
1. Section 2.b. below shall amend, replace and supersede section 2 of the
Settlement Agreement:
2. Settlement. In order to settle the defaults, amounts owed,
-----------
debts, liabilities and other obligations pursuant to, in connection
with, or arising out of the Agreement, the Guarantee, the Subscription
Agreement and each of their respective related agreements, letters,
documents and instruments (collectively, the "Loan Documents"), MPI
agrees to undertake the following obligations:
b. By no later than May 1, 1999, MPI will pay to the Investors the
amount of US $3,112,462.50, by wire transfer to Transpac, as agent
for the Investors, in accordance with the wire transfer
instructions contained in Exhibit 1 attached hereto or such other
written wire transfer instruction provided by Transpac to MPI.
Upon acceptance of the parties, this Amendment No. 1, as of the day and year
first set forth above, shall become a part of the Settlement Agreement and all
provisions of the Settlement Agreement not specifically inconsistent herewith
shall remain in full force and effect, including but not limited to Section 2.a.
of the Settlement Agreement.
MICROELECTRONIC PACKAGING, INC.
By: /s/ Xxxxx X. Xxxxxxxxxx
----------------------------------
Chief Financial Officer
TRANSPAC CAPITAL PTE LTD
By: /s/ Xxxxxxxx Xxxx
----------------------------------
Senior Vice President
TRANSPAC INDUSTRIAL HOLDINGS LTD.
By: /s/ Xxxxxxxx Xxxx
----------------------------------
Company Secretary
REGIONAL INVESTMENT COMPANY LTD
By: /s/ Xxxxxxxx Xxxx
----------------------------------
Authorized Signatory
NATSTEEL EQUITY III PTE LTD
By: /s/ Dr. Xxxxxxxxx Kwa Xxx Xxxx
----------------------------------
Senior Vice President
TRANSPAC CAPITAL PTE LTD, as agent
By: /s/ Xxxxxxxx Xxxx
----------------------------------
Senior Vice President
