ADVANCE SCHEDULE
Exhibit
10.32
ADVANCE SCHEDULE
No.
03
Date:
November 7, 2007
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 November 7, 2007 (as amended from
time to time in accordance with its terms, the "Master Agreement")
between CREDIT CASH, LLC (the "Lender") and
XXXXXXXXXXX.XXX, INC. (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.
|
The
Advance Amount is
$500,000.00.
|
2.
|
The
Collection Amount of this Advance Schedule No. 03 is $535,000. The
outstanding balance of Advance Schedule No. 02 as of November 6, 2007 is
in the amount of $290,325.67. The proceeds of the Advance Amount are to be
used to 1) payoff in full the outstanding balance of Advance Schedule No.
2 and 2) remit the remaining balance of the Advance Amount to
Merchant.
|
3.
|
The
Collection Date for all Loans is June 7,
2008.
|
4.
|
The
Collection Account Bank and Collection Account are as
follows:
|
Bank name: | North Fork Bank |
0000 Xxxxxxxx | |
New
York, NY 10018
|
|
Routing/ABA Number: | 000000000 |
Account Name to credit: | XxxxxXxxxxx.xxx, Inc. |
Account Number to credit: | 2744061595 |
5.
|
The
Merchant agrees to repay the Advance Amount by remitting (or causing to be
remitted) to the Lender, on or before the Collection Date, the Collection
Amount. 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.
|
6.
|
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.
|
7.
|
The
Merchant reaffirms all terms, conditions and agreements set forth in the
Master Agreement and any Related Agreements and farther 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.
|
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:
CREDIT CASH, LLC | XXXXXXXXXXX.XXX. INC. |
By: /s/ Xxxx Xxxxxx | By: /s/ Xxxxxxxxxxx Xxxxxx |
Name: Xxxx Xxxxxx | Name: Xxxxxxxxxxx Xxxxxx |
Title: President | Title: President |
STATE
OF NEW YORK )
)ss.:
COUNTY
OF NEW YORK )
On
this 7th
day of
November 2007 before me personally appeared Xxxx
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
Managing Member and president of CREDIT CASH, LLC, the company herein described
and that he/she executed the same in his/her capacity as an officer of said
company,
/s/ Xxxxx Xxxxxxxxx | |
NOTARY PUBLIC | |
XXXXX
XXXXXXXXX
|
|
Notary
Public - State of New York
|
|
No.
02R16123649
|
|
Qualified in
Westchester County
|
|
Commission
Expires March 7, 2009
|
STATE
OF
NJ
)
)ss.:
COUNTY
OF XXXXXX
)
On this 7th
day
of November 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
XXXXXXXXXXX.XXX,. INC., 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 board of directors of said
corporation.
/s/ Xxxxxxx Xxxxxxxxxx | |
NOTARY PUBLIC | |
Xxxxxxx
Xxxxxxxxxx
Notary Public of New Jersey
Commission Expires: 4/11/13
|