<PAGE>

                                                                   EXHIBIT 10.62

                             READ-RITE CORPORATION

                          WAIVER AND SIXTH AMENDMENT
                              TO CREDIT AGREEMENT

     This WAIVER AND SIXTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is
dated as of May 25, 2000 and entered into among Read-Rite Corporation, a
Delaware corporation (the "Borrower"), the financial institutions named on the
signature pages hereof (each a "Bank" and collectively the "Banks"), Canadian
                                ----
Imperial Bank of Commerce, New York Agency, as agent for the Banks (the "Agent")
and issuer of Letters of Credit (the "Designated Issuer") and is made with
                                      ----------
reference to that certain Credit Agreement dated as of October 2, 1997 (as
amended by the First Amendment to Credit Agreement dated February 5, 1998, the
Second Amendment to Credit Agreement dated as of August 10, 1998, the Waiver and
Third Amendment to Credit Agreement dated as of September 27, 1999, the Waiver
and Fourth Amendment to Credit Agreement dated as of December 29, 1999, and the
Waiver, Forebearance and Fifth Amendment to Credit Agreement (the "Waiver and
                                                                   ----------
Fifth Amendment") dated as of January 28, 2000, the "Credit Agreement" and the
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Credit Agreement, as amended by this Amendment, the "Amended Agreement") among
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the Borrower, the Banks, the Designated Issuer and the Agent. Capitalized terms
used herein without definition shall have the same meanings herein as set forth
in the Amended Agreement.

                                   RECITALS

     WHEREAS, the Borrower has requested that the Banks waive certain provisions
and amend certain other provisions set forth in Credit Agreement.

     NOW, THEREFORE, in consideration of the promises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT

     A.    The definition of the term "Revolving Facility" in Section 1.01 of
the Credit Agreement shall be amended by deleting the figure "$35,000,000" and
substituting therefore "$10,000,000".

     B.    There shall be added to Section 1.01 of the Credit Agreement, in
appropriate alphabetical sequence, the following definition:

          "Waiver and Sixth Amendment Termination Date": July 26, 2000;
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     provided, however, that if by June 10, 2000 the Borrower shall not have
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     received and accepted in writing a commitment from Foothill Financial
     Corporation (or an Affiliate thereof) in an amount sufficient to repay in
     full all of its obligations under the Credit Agreement and provided a copy
     of such commitment to the Agent and the Banks, then on and after such
<PAGE>

     date, and without action of any party, the Waiver and Sixth Amendment
     Termination Date shall be June 10, 2000.

     C.    The final sentence of Section 2.04 of the Credit Agreement is hereby
amended and restated to read in its entirety as follows:

          "Notwithstanding the foregoing, from and after December 29, 1999 the
     Borrower may not continue any Eurodollar Rate Loan as a Eurodollar Rate
     Loan or convert any Base Rate Loan into a Eurodollar Rate Loan."

     D. Subsection (u) of Section 6.02 of the Credit Agreement is hereby amended
to read in its entirety as follows:

          (u)    Payment of Fee. If the Borrower shall have not repaid all
                 ---------------
     obligations under this Agreement in full and terminated all Commitments
     hereunder on or before Waiver and Sixth Amendment Termination Date, on such
     date the Borrower shall pay a fee equal to 50 basis points to each Bank,
     based on such Bank's aggregate Revolving Commitment and Term Commitments on
     such date, that has consented to the Waiver and Sixth Amendment dated as of
     May 25, 2000 not later than 3:00 p.m., Pacific time, on May 25, 2000.

     E.    By their execution hereof, notwithstanding the definition of the term
"Financial Institution" the parties hereto consent to the assignment by Fleet
National Bank and Chase Securities, Inc. to Cerberus Partners, L.P. of their
entire Commitments. From and after the effective date of this Amendment,
Cerberus Partners, L.P. shall be deemed to be a Bank for all purposes of the
Credit Agreement.

Section 2. WAIVERS AND CONSENTS

     A.    By their execution hereof, the Banks hereby waive (i) compliance by
the Borrower with the covenant relating to the funding of Read-Rite SMI set
forth in Section 6.02(j)(viii) of the Credit Agreement to permit the funding of
up to an additional $15,000,000 during the period from September 30, 1999
through the Waiver and Sixth Amendment Termination Date; (ii) Section 6.02(g)(v)
and 6.02(0) to permit the Borrower to make the offer and consummate the
transactions contemplated by the Exchange Offer and the Exchange Note Purchase
Offer and (iii) compliance by the Borrower with Sections 6.02(b) to (e)
inclusive of the Credit Agreement for the period from September 30, 1999 through
and including the Waiver and Sixth Amendment Termination Date. Unless extended
by the Majority Banks, the waivers described in clauses (i) and (iii) of the
preceding sentence shall terminate on the Waiver and Sixth Amendment Termination
Date, and on the Waiver and Sixth Amendment Termination Date an Event of Default
will exist if the Borrower is not (and has not been) in compliance with Sections
6.02(j)(viii) and Sections 6.02(b) to (e) of the Credit Agreement for all
periods from and after September 30, 1999. The waivers granted herein shall be
limited precisely as provided for herein and shall not be deemed to be a waiver
or modification of any other term or provision

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<PAGE>

of the Credit Agreement or to be a consent to any other transaction or further
action on the part of the Borrower or any of its Subsidiaries which would
require the consent of the Banks under the Credit Agreement.

     B.    Upon the effectiveness of this Amendment, the waivers granted
pursuant to the Waiver and Fifth Amendment shall terminate.

Section 3. CONDITIONS TO EFFECTIVENESS

     This Amendment shall become effective as of the first date (the "Sixth
                                                                      -----
Amendment Date") on or before May 25, 2000 upon which the following conditions
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have been satisfied:

     A.    The Agent shall have received for each Bank counterparts hereof duly
executed on behalf of the Borrower, the Agent, and the Majority Banks (or, in
lieu of execution by the Majority Banks, notice of the approval of this
Amendment by the Majority Banks satisfactory to the Agent); and

     B.    An acknowledgment and amendment in the form of Exhibit A hereto duly
executed by each party to the Guaranty.

     C.    The Borrower shall have reduced the aggregate outstanding principal
amount of Revolving Loans to an amount not in excess of $10,000,000.

     D.    The Agent shall have received a copy of a board resolution of the
Borrower, in form and substance satisfactory, to the Agent authorizing the
execution, delivery and performance of this Amendment certified by the Secretary
of the Borrower as being in full force and effect on the date hereof.

     E.     The Amendment Fee referred to in Section 6.C of the Waiver and Fifth
Amendment shall have been paid and all other fees and expenses payable by the
Borrower pursuant to the Loan Documents shall have been paid or provided for.

     F.     All the representations and warranties in Section 4 shall be true
and correct as of the date of this Amendment.

     G.   No Potential Event of Default or Event of Default shall have occurred
and be
continuing on the date of this Amendment or will result from the consummation of
this Amendment (after giving effect to this Amendment).

     H.    The Agent shall have received, in form and substance satisfactory to
it, a certificate dated on or before the date of this Amendment certifying that
the conditions in clauses (F) and (G) have been met.
<PAGE>

Section 4. BORROWER'S REPRESENTATIONS AND WARRANTIES

     In order to induce the Agent and the Banks to enter into this Amendment and
to amend the Credit Agreement in the manner provided herein, the Borrower
represents and warrants to the Agent and each Bank that the following statements
are true, correct and complete:

     A.    Corporate Power and Authority. The Borrower has all requisite
corporate power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, this Amendment
and the Amended Agreement.

     B.    Authorization of Agreements. The execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all necessary corporate action on the part of the Borrower.

     C.    No Conflict. The execution and delivery by the Borrower of this
Amendment does not and will not contravene (i) any law or any governmental rule
or regulation applicable to the Borrower or any of its Subsidiaries, (ii) the
Certificate of Incorporation or Bylaws of the Borrower, (iii) any order,
judgment or decree of any court or other agency of government binding on the
Borrower or any of its Subsidiaries or (iv) any material agreen/ent or
instrument binding on the Borrower or any of its Subsidiaries.

     D.    Governmental Consents. The execution and delivery by the Borrower of
this Amendment and the performance by the Borrower of the Amended Agreement do
not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by, any federal, state or other
governmental authority or regulatory body.

     E.    Binding Obligation. This Amendment has been duly executed and
delivered by the Borrower and is the binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors' rights.

     F.    Incorporation of Representations and Warranties From Credit
Agreement. The representations and warranties contained in Article V of the
Amended Agreement are and will be true, correct and complete in all material
respects on and as of the date of this Amendment to the same extent as though
made on and as of such date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true,
correct and complete in all material respects on and as of such earlier date.

     G.    Absence of Default. No event has occurred and is continuing as of the
date of this Amendment or will result from the consummation of the transactions
contemplated by this Amendment that would constitute an Event of Default or a
Potential Event of Default (as determined after giving effect to the amendments
made by this Amendment).

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     H.    Financial Condition. The unaudited consolidated balance sheet of the
Borrower for the Borrower's fiscal quarter ended December 31, 1999 and the
related consolidated statements of operations and cash flow of the Borrower for
the fiscal quarter then ended, which have been previously circulated to the
Banks, fairly present in all material respects the consolidated financial
condition of the Borrower as at such date and the consolidated results of the
operations of the Borrower for the period ended on such date, all in accordance
with GAAP, consistently applied, subject to year-end adjustments and the absence
of footnotes.

Section 5.  MISCELLANEOUS

     A.   Reference to and Effect on the Credit Agreement and the Other Loan
Agreements.

     (i)    On and after the Sixth Amendment Date, each reference in the Credit
Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like
import referring to the Credit Agreement, and each reference in the other Loan
Agreements to the "Credit Agreement", "thereunder", "thereof" or words of like
import referring to the Credit Agreement shall mean and be a reference to the
Amended Agreement.

     (ii)    Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Agreements shall remain in full force and effect
and are hereby ratified and confirmed.

     (iii)   The execution, delivery and performance of this Amendment shall
not, except as expressly provided herein, constitute a waiver of any provision
of, or operate as a waiver of any fight, power or remedy of the Agent or any
Bank under, the Credit Agreement or any of the other Loan Agreements nor to
create any course of dealing or otherwise obligate the Agent or the Banks to
forebear or execute similar amendments or any waiver in similar circumstances in
the future.

     B.    Costs and Expenses. The Borrower covenants to pay to or reimburse the
Agent, upon demand, for all costs and expenses (including allocated costs of in-
house counsel) incurred in connection with the development, preparation,
negotiation, execution and delivery of this Amendment, the Collateral Documents
and the documents and transactions contemplated hereby.

     C.    Amendment Fee. The Borrower hereby agrees to pay to the Agent on or
before the Waiver and Sixth Amendment Termination Date, for the ratable benefit
of the Banks that have consented to the Amendment not later than 3:00 p.m.,
Pacific time, on May 25, 2000, an amendment fee (the "Amendment Fee") of 0.50%
of the aggregate Revolving Commitments and Term Commitments of such Banks on
such date. The Amendment Fee shall be paid to the Agent in immediately available
funds and shall be non-refundable. The Amendment Fee is in addition to any fees,
costs, expenses or other amounts otherwise payable pursuant to this Amendment or
the Amended Agreement.
<PAGE>

     D.    Headings. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

     E.    APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
CALIFORNIA, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

     F.    Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. Each of
the parties hereto understands and agrees that this document (and any other
document required herein) may be delivered by any party thereto either in the
form of an executed original or an executed original sent by facsimile
transmission to be followed promptly by mailing of a hard copy original, and
that receipt by the Agent of a facsimile transmitted document purportedly
bearing the signature of a Bank or the Borrower shall bind such Bank or the
Borrower, respectively, with the same force and effect as the delivery of a hard
copy original. Any failure by the Agent to receive the hard copy executed
original of such document shall not diminish the binding effect of receipt of
the facsimile transmitted executed original of such document of the party whose
hard copy page was not received by the Agent.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

                              BORROWER:
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                              READ-RITE CORPORATION

                              By:
                              Title:
<PAGE>

                              AGENT:
                              ------

                              CANADIAN IMPERIAL BANK OF
                              COMMERCE, NEW YORK AGENCY, as Agent

                              By:
                              Title:  Managing Director, CIBC World Markets
                              Corp., AS AGENT
<PAGE>

                              BANKS:
                              ------

                              CIBC INC.

                              By:
                              Title:  Managing Director, C[BC World Markets
                              Corp., AS AGENT

                              ABN AMRO BANK N.V.

                              By:
                              Title:

                              By:
                              Title:

                              FLEET NATIONAL BANK

                              By:
                              Title:

                              KEYBANK, N.A.

                              By:
                              Title:

                              GENERAL ELECTRIC CAPITAL CORPORATION

                              By:
                              Title:
<PAGE>

                              MELLON BANK

                              By:
                              Title:

                              THE MITSUBISHI TRUST AND BANKING CORPORATION

                              By:
                              Title:

                              THE SUMITOMO BANK LIMITED,
                              SAN FRANCISCO BRANCH

                              By:
                              Title:

                              BANQUE NATIONALE DE PARIS

                              By:
                              Title:

                              By:
                              Title:

                              FOOTHILL PARTNERS 12I, L.P.

                              By:
                              Title:
<PAGE>

                              CERBERUS PARTNERS, L.P.

                              By:
                              Title:

                              WELLS FARGO BANK, N.A.

                              By:
                              Title:

                              WILLIAM E. SIMON & SONS SPECIAL SITUATION
                              PARTNERS, L.P.

                              By:
                              Title:

                              CHASE SECURITIES, INC.

                              By:
                              Title:

                              THE DESIGNATED ISSUER:
                              ----------------------

                              CANADIAN IMPERIAL BANK OF
                              COMMERCE, NEW YORK AGENCY

                              By:
                              Title:  Managing Director, CIBC World Markets
                              Corp., AS AGENT
<PAGE>

                                                                       EXHIBIT A
                                                   TO WAIVER AND SIXTH AMENDMENT
                                                             TO CREDIT AGREEMENT

                                 May 25, 2000

The parties listed on the acknowledgment page hereof:

     Re: Credit Agreement dated as of October 2, 1997

Ladies and Gentlemen:

     Please refer to (i) the Credit Agreement dated as of October 2, 1997 (the
"Credit Agreement") by and among Read-Rite Corporation (the "Borrower"), the
financial institutions party thereto (the "Banks") and Canadian Imperial Bank of
Commerce, New York Agency, as agent (in such capacity, the "Agent") and (ii) the
Continuing Guaranty dated as of August 10, 1998 (the "Guaranty", which was
executed by you on such date. Pursuant to a waiver and amendment of even date
herewith, certain terms of the Credit Agreement were amended and modified. We
hereby request that you (i) consent to the terms of the amendment, (ii)
acknowledge and reaffirm all of your obligations and undertakings under the
Guaranty and (iii) acknowledge and agree that the Guaranty is and shall remain
in full force and effect in accordance with the terms thereof.
<PAGE>

     We and you acknowledge and agree that the Guaranty is ratified and
confirmed in all respects.

                               Very truly yours,

                         CANADIAN IMPERIAL BANK OF COMMERCE,
                         NEW YORK AGENCY, as Agent

                         By:
                         Title: Managing Director, CIBC World Markets Corp., AS
                                AGENT

ACKNOWLEDGED AND AGREED AS
OF THE DATE FIRST ABOVE WRITTEN:

GUARANTORS
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SUNWARD TECHNOLOGIES, INC.

By:
Title:

SUNWARD TECHNOLOGIES, CALIFORNIA

By:
Title:

                                      A-2