EXHIBIT 10.17
ADVANCESCHEDULE No.03
ONE UP INNOVATIONS, INC.
FOAM LABS, INC.
FundingDate:October_,2012
ThisAdvanceSchedule(the“Schedule”)isissuedpursuanttoandissubject toalltermsand conditionsof the CreditCard ReceivablesAdvance Agreement, datedon oraboutNovember2, 2010 (asamended from time to time in accordancewith its terms, the“Master Agreement”), betweenCC FUNDINGa divisionof CREDITCASHNJ, LLC (the“Lender”)andONE UP INNOVATIONS, INC. and FOAM LABS, INC., (individually and collectively,the “Merchant”).Capitalized terms used andnot defined inthisSchedule have themeanings given tothem intheMasterAgreement.
TheMerchant hasrequested thattheLendermakean Advance totheMerchant, andtheLenderis willingto make such Advance, ineach casesubjectto thefollowing terms andconditions:
1. | TheAdvance Amount is: | $400,000.00 |
2. | Thefeeis: | $48,000.00 |
3. | TheCollection Amount is: | $448,000.00 |
4. | TheFixed Daily payment is: | $2,074.08 |
5. | The Collection Date is August ____, 2013[insert date that is 10months from the fundingdate] | |
6. | TheCollection Account Bank andCollection Account areasfollows: |
Bank name: Signature Bank
111Broadway
NewYork, NY10006
Routing/ABANumber: 026013576
Account Name tocredit: One UpInnovations
Account Number tocredit: 1500949747
7. | The Merchant agrees to repaythe Collection Amount (plus all ReimbursableExpenses) by remitting(or causingto be remitted)to the Lender,on or before the Collection Date, the Collection Amountplus all Reimbursable Expenses, by authorizingLender to retain the Fixed Daily Paymentfrom the Collection Accountas providedin the Master Agreement.IftheCollection AmountisremittedtotheLender before theCollection Date, the Merchant shall not be entitledto any refund orothercompensation.If the Collection Amount is not remitted to the Lender bythe Collection Date, Merchant may besubjecttoextension fees assetforth intheMasterAgreement. |
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8. | The Merchant hereby reaffirms and furthergrants to the Lendera security interestin the Collection Accountand Collateral(including, without limitation, all Credit Card Receivables and/orproceeds thereofat any time depositedtherein) to securethe Merchant’s obligation topay theCollectionAmount (plus all Reimbursable Expenses) andtosecureallother existing andfuture obligationsoftheMerchant totheLender |
9. | TheMerchant understands andagreesthatallAdvances by LendertoMerchant underthe Master Agreement, this Advance Schedule,andunderanyother Related Agreements constituteone loan,and allindebtedness andobligations ofMerchant toLenderunderthe Master Agreement,this Advance Schedule and the RelatedAgreements,presentand future, constitute one general obligation secured by the Collateral.Merchantfurtherunderstandsthattheyshallbejointlyandseverallyliableforpaymentofallofthe obligationsowingtoLenderunderallAdvanceSchedules,theMasterAgreementandtheRelatedAgreementsandunderanyotheragreementbetweenLenderandanyMerchant. |
10. | The Merchant reaffirms all terms, conditions and agreementsset forth in the Master Agreement andanyRelated Agreementsandfurther represents andwarrants tothe Lender that all representations and warranties made by the Merchantin the Master Agreement and anyRelated Agreements enteredinto onorbeforethe datehereofare true andcorrectonthedate hereof asifmade onthedate hereof. |
This Schedulemay be executed in counterparts. Each counterpart shall be deemedan originalbut all of whichtogether shallconstitute oneandthesameinstrument. Anexecuted facsimile ofthisSchedule shall bedeemed tobeavalid andbinding agreement between thepartieshereto.
Agreedto:
CCFUNDING, adivision of ONE UPINNOVATIONS, INC. CREDIT CASHNJ,LLC foritself andasDisbursing Agent
By: By: /s/ Louis S. Friedman Name: Dean Landis Name: Louis Friedman
Title: Title: President & CEO
STATE OFGEORGIA )
)ss.: COUNTYOF GWINNETT )
On this day of 4 October, 2012 beforeme personally appearedLouis S. Friedman, personallyknown tome or provedto me on the basisof satisfactory evidenceto be the individualwhose nameis subscribedto thewithininstrumentandacknowledged tome thathe/sheis thePresident of ONE UP INNOVATIONS, INC. and FOAM LABS, INC., the corporationsherein described and that he/she executed the same in his/her capacity as an officer of said corporations, and that he/she signed the instrumentbyorder ofthe board ofdirectors ofsaid respective corporations.
/s/ Heather Rice
Notary Public
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