Amendment No. 1 to Contract of Sale and Security Agreement between Easylink Services and Greater Bay Business Funding
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Summary
This amendment updates a contract between Easylink Services Corporation, Easylink Services USA, Inc., and Greater Bay Business Funding, a division of Greater Bay Bank, N.A. It reduces the funds reserved by Greater Bay Business Funding for purchasing Easylink's accounts from $6 million to $5 million and extends the contract term until October 20, 2007, unless either party gives 30 days' written notice to terminate. All other terms of the original agreement remain unchanged. The amendment applies to invoices purchased after July 20, 2007.
EX-10.1 2 y37919exv10w1.txt EX-10.1: AMENDMENT NO.1 TO CONTRACT OF SALE EXHIBIT 10.1 AMENDMENT #1 CONTRACT OF SALE SECURITY AGREEMENT DATED JULY 20, 2006 CAPCO FINANCIAL COMPANY - A DIVISION OF GREATER BAY BANK, N.A., has amended its name to GREATER BAY BUSINESS FUNDING, A DIVISION OF GREATER BAY BANK N.A., hereinafter referred to as "GBBF": GBBF COVENANTS: PARAGRAPH 25 GBBF reserves the sum of ($6,000,000.00) SIX MILLION AND 00/100 for the purchase of ALL of CLIENT's Accounts. These funds are available daily at CLIENT's option, subject to restriction as governed by the Advance Formula. Daily availability will be communicated to CLIENT via GBBF's Availability / Advance Request. IS HEREBY REPLACED WITH: GBBF reserves the sum of ($5,000,000.00) FIVE MILLION AND 00/100 for the purchase of ALL of CLIENT's Accounts. These funds are available daily at CLIENT's option, subject to restriction as governed by the Advance Formula. Daily availability will be communicated to CLIENT via GBBF's Availability / Advance Request. PARAGRAPH 26 This Agreements initial term of Twenty Four (24) months, is hereby EXTENDED UNTIL OCTOBER 20, 2007 and unless terminated by either party giving not less than thirty (30) days prior written notice. This amendment is effective and applicable to invoices purchased after July 20, 2007. All other terms, covenants and conditions will remain in effect and unchanged. EASYLINK SERVICES CORPORATION By: /s/ Peter S. Macaluso --------------------------------- Title: Vice President, Finance EASYLINK SERVICES USA, INC. By: /s/ Peter S. Macaluso --------------------------------- Title: Vice President, Finance GREATER BAY BUSINESS FUNDING, A DIVISION OF GREATER BAY BANK N.A. By: /s/ Heather Simon --------------------------------- Title: Vice President
