Modification Addendum to BusinessManager Agreement between Vast Bank N.A. and Fulton Technologies Inc.

Contract Categories: Business Finance › Modification Agreements
Summary

This addendum modifies the existing BusinessManager Agreement between Vast Bank N.A. and Fulton Technologies Inc., effective August 9, 2023. It sets a maximum limit of $6,000,000 on the total outstanding purchased accounts, unless the bank decides otherwise. The bank may also reduce the available credit line if it is underused, with a review 60 days after this modification. Any changes will be communicated in writing. All other terms of the original agreement remain unchanged.

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EX-10.42 5 ex-1042fultontechnologiesn.htm EX-10.42 Document


MODIFICATION ADDENDUM TO THE BUSINESSMANAGER®AGREEMENT
WITH BUSINESSES AND PROFESSIONALS

Upon signature by both parties, the BusinessManager Agreement with Businesses and Professionals entered into as of the 1st day of March, 2019, by and between Vast Bank N.A. (the “Financial Institution”) and Fulton Technologies Inc (the “Business”) shall hereby be modified to provide the following:
Section 2.1.4 Assignment and Sale shall be modified as follows:    

    The total outstanding Face Amount of Purchased Accounts by Financial Institution will never exceed $6,000,000.00, unless agreed to by Financial Institution which decision will be in Financial Institution’s Business Judgment.


This Modification Addendum shall be effective as of the 9th day of August, 2023.
All other terms and provisions of the BusinessManager Agreement with Businesses and Professionals shall remain in full force and effect.
Special Stipulations:

The bank has the authority to reduce the availability of the line if, at the bank’s discretion, the line is determined to be under-utilized. The utilization will be reviewed 60 days from the date of this modification, and a reduction in the line availability may be made. The business will be notified of any change changes in writing.


Financial Institution    Business


_______________________________    ______________________________
Name: Lauren Smith    Name: Joseph E Hart    


_Senior Vice President_____________    __President_____________________
Title    Title


_______________________________    ______________________________
Date    Date