Waiver Agreement to Loan and Security Agreement between Comerica Bank and Asyst Technologies, Inc. (December 24, 2003)

Contract Categories: Business Finance › Waiver Agreements
Summary

Comerica Bank and Asyst Technologies, Inc. have agreed that the bank will temporarily waive a specific financial requirement (maximum net loss) in their existing Loan and Security Agreement for the period ending December 31, 2003. In return, Asyst Technologies agrees that Comerica Bank is not required to provide any further loans or credit until both parties negotiate and sign an amendment to the agreement. This waiver is limited to the specified period and does not change other terms of the original agreement.

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EX-10.36 5 f99456exv10w36.txt EXHIBIT 10.36 EXHIBIT 10.36 COMERICA BANK 226 Airport Parkway San Jose, California 95110 December 24, 2003 Asyst Technologies, Inc. 48761 Kato Road Fremont, CA 94538 Attn. Mr. David White Chief Financial Officer Re: Loan and Security Agreement Dear Mr. White: Reference is made to that certain Loan and Security Agreement, dated as of October 1, 2002, as amended (the "Agreement") between Asyst Technologies, Inc. ("Borrower") and Comerica Bank, as successor by merger to Comerica Bank-California ("Bank"). Borrower has requested that Bank waive Section 6.7(a) (Maximum Net Loss) of the Agreement for the period ending December 31, 2003. Subject to Borrower's execution and delivery to Bank of this letter, Bank hereby waives Section 6.7(a) of the Agreement but only as to the period ending December 31, 2003. In consideration of the foregoing waiver, Borrower hereby agrees that Bank shall have no obligation to make any further Advances or other extensions of credit under the Agreement until such time as Borrower and Bank shall have entered into an amendment agreement amending the Agreement on mutually satisfactory terms, including an agreement by Bank to make further advances under the Agreement. Comerica Bank /s/ Robert R. Shutt -------------------------------------- Name: Robert R. Shutt Title: First Vice President & Manager Accepted and Agreed: Asyst Technologies, Inc. /s/ DAVID L. WHITE - ------------------------------- Name: David White Title: Chief Financial Officer