EXHIBIT 10.88
AMENDMENT
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FORBEARANCE, RESTRUCTURE AND MUTUAL RELEASE AGREEMENT
This Amendment is entered into as of November 5, 1998 by and among
Microelectronic Packaging, Inc. ("MPI"), CTM Electronics, Inc. ("CTM"),
Microelectronic Packaging America ("MPA") and Motorola, Inc. ("Motorola"), the
purpose of which is to amend that certain "Forbearance, Restructure and Mutual
Release Agreement" (the "Agreement") entered into as of July 1, 1998 between
MPI, CTM, MPA and Motorola.
Capitalized terms otherwise defined herein, shall have the same meaning
ascribed to them in the Settlement Agreement.
RECITALS
A. MPI, CTM, MPA and Motorola entered into the Agreement as of July 1, 1998
pursuant to which MPI and Motorola agreed to settle and restructure certain
obligations of MPI whereby, among other things, MPI agreed to pay to Motorola
the amount of US$877,331 within six (6) calendar months of the Execution Date
("Payment Deadline").
B. Pursuant to Section 4.a of the Agreement, the parties now desire to
amend the Agreement to extend the period of time within which MPI is obligated
to pay to Motorola the amounts required under the Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein
and for other good and sufficient consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:
1. Section 4.a below shall amend, replace and supersede section 4.a of the
Agreement:
4.a Discounted Payment. MPI agrees that by no later than May 1, 1999
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("Payment Deadline"), MPI will pay to Motorola the amount of US$
887,331.00 ("Discounted Payment Amount") by wire transfer in
accordance with the wire transfer instructions provided by Motorola.
Upon acceptance of the parties, this Amendment, as of the day and year
specified on page one hereof, shall become a part of the Agreement and all
provisions of the Agreement not specifically inconsistent herewith shall remain
in full force and effect.
MICROELECTRONIC PACKAGING, INC.
By: /s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx
Chief Financial Officer
CTM ELECTRONICS, INC.
By: /s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx
Chief Financial Officer
MICROELECTRONIC PACKAGING AMERICA
By: /s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx
Chief Financial Officer
MOTOROLA, INC.
By: X. Xxxxxxx
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Xxxxxxx Xxxxxxx
SCG Group Controller
