ADVANCE SCHEDULE
Exhibit 10.42
ADVANCE
SCHEDULE
No.
05
Date:
April 11, 2008
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 as of March
13, 2007 (as amended from time to time in accordance with its
terms, the "Master
Agreement") ,between
CREDIT CASH, LLCM (the "Lender")
and ABLE OIL COMPANY (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:
1.
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The
Advance Amount
is: $400,000.00.
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2.
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The
Collection Amount of this Advance Schedule No. 05 is $428,000.00. The outstanding balance of
Advance Schedule No. 04 as of April 11, 2008 is in the amount of
$87,959.16. The proceeds of the Advance Amount are to be used to (a)
payoff in full the outstanding balance of Advance Schedule No. 4 and (b)
remit the remaining balance of the Advance Amount to
Merchant.
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3.
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The
Collection Date for this Advance Schedule No. 5 is November 11, 2008
(insert date that is 7 months from the funding
date]
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4.
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The
Collection Account Bank and Collection Account are as
follows:
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Bank name: | North Fork Bank |
0000 Xxxxxxxx | |
New
York, NY 10018
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Routing/ABA Number: | 000000000 |
Account Name to credit: | Able Oil Company |
Account Number to credit: | 2744061470 |
5.
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The
Merchant agrees
to repay the Collection Amount (plus
all Costs and 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 Payment Percentage 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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6.
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The
Merchant grants to the Lender a security interest in the Collection
Account (including, without limitation, all
Credit Card Receivables and/or proceeds thereof at any time
deposited therein) 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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7.
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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. Xxxxxxxx further
understands that they shall be jointly and severally liable for payment of
all of the obligations owing to Lender under all Advance Schedules, the
Master Agreement and the Related Agreements and under any other agreement
between Lender and any
Merchant.
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8.
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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.
CREDIT CASH, LLC | ABLE OIL COMPANY |
By: /s/ Xxxx Xxxxxx | By: /s/ Xxxxxxxxxxx Xxxxxx |
Name: Xxxx Xxxxxx | Name: Xxxxxxxxxxx Xxxxxx |
Title: President | Title: President |
STATE
OF
NJ
)
)ss.:
COUNTY
OF XXXXXX
)
On
this ___ day of April 2008 before me personally appeared Xxxxxxxxxxx
Xxxxxx, 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
ABLE OIL COMPANY,
the corporation
herein described and
that he/she executed the same in his/her capacity as an officer
of said corporation, and that he/she signed the
instrument by order of the xxxxx of directors of said
corporation.
/s/ Xxxxxxx Xxxxxxxxxx | |
NOTARY PUBLIC | |
Xxxxxxx
Xxxxxxxxxx
Notary Public of New Jersey
Commission Expires:
4/11/13
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