ADVANCE SCHEDULE No. 01 ONE UP INNOVATIONS, INC. FOAM LABS, INC. Funding Date: November 4, 2010
ADVANCE
SCHEDULE
No.
01
ONE
UP INNOVATIONS, INC.
FOAM
LABS, INC.
Funding
Date: November 4, 2010
This Advance Schedule (the “Schedule”) is issued
pursuant to and is subject to all terms and conditions of the Credit Card
Receivables Advance Agreement, dated on or about November 4, 2010 (as amended
from time to time in accordance with its terms, the “Master Agreement”),
between CC FUNDING a division of CREDIT CASH NJ, LLC (the “Lender”) and ONE UP INNOVATIONS, INC. and FOAM LABS,
INC., (individually and collectively, the “Merchant”). Capitalized
terms used and not defined in this Schedule have the meanings given to them in
the Master Agreement.
The Merchant has requested that the
Lender make an Advance to the Merchant, and the Lender is willing to make such
Advance, in each case subject to the following terms and
conditions:
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1.
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The
Advance Amount is:
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$ | 400,000.00 | ||
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2.
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The
fee is:
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$ | 48,000.00 | ||
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3.
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The
Collection Amount is:
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$ | 448,000.00 | ||
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4.
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The
Fixed Daily payment is:
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$ | 3,446.15 |
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5.
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The
Collection Date is May 4, 2011 [insert date that is 6 months from the
funding date]
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6.
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The
Collection Account Bank and Collection Account are as
follows:
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Bank
name:
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Signature
Bank
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000
Xxxxxxxx
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New
York, NY 10006
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Routing/ABA
Number:
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02XXXXX76
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Account
Name to credit:
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One
Up Innovations
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Account
Number to credit:
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15XXXXXX47
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7.
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The
Merchant agrees to repay the Collection Amount (plus all Reimbursable
Expenses) by remitting (or causing to be remitted) to the Lender, on or
before the Collection Date, the Collection Amount, by authorizing Lender
to retain the Fixed Daily Payment from the Collection Account as provided
in the Master Agreement. If the Collection Amount is remitted
to the Lender before the Collection Date, the Merchant shall not be
entitled to any refund or other compensation. If the Collection
Amount is not remitted to the Lender by the Collection Date, Merchant may
be subject to extension fees as set forth in the Master
Agreement.
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2
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8.
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The
Merchant grants to the Lender a security interest in the Collateral to
secure the Merchant’s obligation to pay the Collection Amount and to
secure all other existing and future obligations of the Merchant to the
Lender.
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9.
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The
Merchant understands and agrees that all Advances by Xxxxxx to Merchant
under the Master Agreement, this Advance Schedule, and under any other
Related Agreements constitute one loan, and all indebtedness and
obligations of Merchant to Lender under the Master Agreement, this Advance
Schedule and the Related Agreements, present and future, constitute one
general obligation secured by the
Collateral.
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10.
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The
Merchant reaffirms all terms, conditions and agreements set forth in the
Master Agreement and any Related Agreements and further represents and
warrants to the Lender that all representations and warranties made by the
Merchant in the Master Agreement and any Related Agreements entered into
on or before the date hereof are true and correct on the date hereof as if
made on the date hereof.
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This
Schedule may be executed in counterparts. Each counterpart shall be
deemed an original but all of which together shall constitute one and the same
instrument. An executed facsimile of this Schedule shall be deemed to
be a valid and binding agreement between the parties hereto.
Agreed
to:
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CC
FUNDING, a division of
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ONE
UP INNOVATIONS, INC.
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CREDIT
CASH NJ, LLC
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for
itself and as Disbursing Agent
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By:
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/s/
Xxxx Xxxxxx
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By:
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/s/
Xxxxx Xxxxxxxx
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Name:
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Xxxx
Xxxxxx
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Name:
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Xxxxx
Xxxxxxxx
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Title:
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President
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Title:
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President
&
CEO
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STATE
OF GEORGIA
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)
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)ss.:
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||
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COUNTY
OF
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)
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On this
3nd day of November, 2010 before me personally appeared Xxxxx X. Xxxxxxxx, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to
me that he/she is the President of ONE UP INNOVATIONS, INC. and FOAM LABS, INC.,
the corporations herein described and that he/she executed the same in his/her
capacity as an officer of said corporations, and that he/she signed the
instrument by order of the board of directors of said respective
corporations.
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/s/ Xxxxxx X. Xxxxxxx
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Notary
Public
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