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EXHIBIT 10.45
[UNION BANK OF CALIFORNIA LETTERHEAD]
COMMERCIAL PORTFOLIO ADMINISTRATION
Union Bank of California
000 X. Xxxx Xxxxxx
Xxxxx 000
Xxxxxx, XX 00000
October 9, 1998
Xx. Xxxx Xxxxxxx, CFO
Smartflex Systems, Inc.
00000 Xxxxxxxx Xxxxxx
X.X. Box 2085
Tustin, CA 92781-2085
NOTICE OF WAIVER
Re: Loan Agreement
Dated: September 26, 1997
Dear Xxxx:
You have requested the following waiver in reference to the Loan
Agreement ("Agreement") in the principal sum of Twenty Seven Million Two
Hundred Thousand Dollars ($27,200,000) between Union Bank of California, N.A.
("Bank") and Smartflex Systems, Inc. ("Borrower") referred to above.
Bank hereby waives Borrower's breach of SECTION 5.5 INVESTMENTS of the
Agreement occurring prior to October 31, 1998. Any further breach of this
section 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 October 31, 1998.
UNION BANK OF CALIFORNIA, N.A.
By //s// Xxxxxx Xxxxxx By //s// Xxx Xxxx
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Title: Vice President Title: Vice President
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SMARTFLEX SYSTEMS, INC. xxxxxx agree to and
acknowledge this waiver this 28 day of Oct.,
1998
By //s// Xxxx Xxxxxxx By
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Title: VP/CFO Title
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