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EXHIBIT 10.4
Santa Xxxxx Valley Regional
Commercial Banking Xxxxxx
000 Xxxx Xxxxxx Xxxxx, 0xx xxxxx
Xxx Xxxx, XX 00000
December 15, 1998
Intevac, Inc.
0000 Xxxxxxx Xxxxxx
Xxxxx Xxxxx, XX 00000
Gentlemen:
This letter is to confirm the changes agreed upon between Xxxxx Fargo Bank,
National Association ("Bank") and Intevac, Inc. ("Borrower") to the terms and
conditions of that certain letter agreement between Bank and Borrower dated as
of April 30, 1997, as amended from time to time (the "Agreement"). For valuable
consideration, the receipt and sufficiency or which are hereby acknowledged,
Bank and Borrower hereby agree that the Agreement shall be amended as follows to
reflect said changes.
1. Paragraph V.8.(d) is hereby deleted in its entirety, and the following
substituted therefor:
"(d) Maintain profitability on an annual basis, determined as of each
fiscal year end."
2. The following is hereby added to the Agreement as Section V.8(e):
"(e) Liquid assets (defined as the aggregate of cash and readily
marketable securities acceptable to Bank) in amounts at all times in excess
of $40,000,000.00.
3. Except as specifically provided herein, all terms and conditions of the
Agreement remain in full force and effect, without waiver or modification. All
terms defined in the Agreement shall have the same meaning when used herein.
This letter and the Agreement shall be read together, as one document.
4. Borrower hereby remakes all representations and warranties contained in the
Agreement and reaffirms all covenants set forth therein. Borrower further
certifies that as of the date of Borrower's acknowledgment set forth below
there exists no default or defined event of default under the Agreement or any
promissory note or other contract, instrument or document executed in
connection therewith, nor any condition, act or event
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Intevac, Inc.
December 15, 1998
Page 2
which with the giving of notice or the passage of time or both would constitute
such a default or defined event of default.
Your acknowledgement of this letter shall constitute acceptance of the
foregoing terms and conditions.
Sincerely,
XXXXX FARGO BANK
NATIONAL ASSOCIATION
By: Xxxxxxx Juni
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Xxxxxxx Juni
Relationship Manager
Acknowledged and accepted 12-13-98
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INTEVAC, INC.
By: Xxxxxxx Xxxx
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Title: CFO
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