EXHIBIT 10.11
ADVANCESCHEDULENo.04
ONE UP INNOVATIONS, INC.FOAM LABS, INC.
FundingDate:May 14,2013
ThisAdvanceSchedule(the“Schedule”)isissuedpursuanttoandissubjecttoalltermsandconditionsoftheCreditCardReceivablesAdvanceAgreement,datedonoraboutNovember2,2010(asamendedfrom timetotimeinaccordancewithitsterms,the“MasterAgreement”),betweenCC FUNDING a division ofCREDIT CASH NJ, LLC (the“Lender”) andONEUPINNOVATIONS, INC. and FOAM LABS, INC., (individually and collectively, the“Merchant”). Capitalized terms used and not defined inthis Schedule have the meanings given to themin the MasterAgreement.
TheMerchanthasrequestedthattheLendermakean AdvancetotheMerchant,andtheLenderis willingtomake such Advance, in each casesubject to the following terms andconditions:
1. | The Advance Amount is: | $400,000.00 |
2. | The fee is:: | $48,000.00 |
3. | The Collection Amount of this Advance Schedule No. 04 is $448,000.00. The outstanding balance of Advance Schedule No. 03 as of May 14, 2013 is in the amount of $119,172.07. The proceeds of the Advance Amount are to be used to (a) to payoff in full the outstanding balance of Advance Schedule No. 03 (which may be lower due to ongoing collections) and (b) remit the remaining balance of the Advance Amount to Merchant. |
4. | The Fixed Daily payment is: | $2,074.08 |
5. | The CollectionDate is10monthsfromthefundingdate, estimatedtobe onor about February 14,2014. |
6. | The Collection Account Bank and Collection Account are as follows: |
7. |
Bank name: | SignatureBank |
111Broadway | |
NewYork,NY10006 | |
Routing/ABANumber: | 026------ |
AccountNametocredit: | OneUpInnovations |
AccountNumbertocredit: | 1500------- |
8. | 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 plus all Reimbursable Expenses, 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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9. | The Merchant hereby reaffirms and further grants to the Lender a security interest in the Collection Account and Collateral (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 (plus all Reimbursable Expenses) and to secure all other existing and future obligations of the Merchant to the Lende: |
10. | The Merchant understands and agrees that all Advances by Lender 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. Merchant 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.: |
11. | 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.: |
ThisSchedulemay beexecuted incounterparts. Each counterpart shall be deemed anoriginal but allof which together shall constitute one and the sameinstrument. An executed facsimile of this Schedule shall bedeemed to be a valid andbindingagreement between the parties hereto.
Agreed to:
CCFUNDING,adivisionof | ONE UP INNOVATIONS, INC. | |||
CREDITCASHNJ, LLC | foritself andasDisbursing Agent | |||
BY: | /s/ Dean Landis | BY: | /s/ Louis S. Friedman | |
Dean Landis | Louis S. Friedman | |||
Its: | President | Its: | President & CEO |
STATEOFGEORGIA | ) | |
)ss.: | ||
COUNTYOF | ) |
On this 14thday of May, 2013beforeme personallyappearedLouis S. Friedman,personallyknowntome orproved to me on thebasis of satisfactoryevidence to be theindividualwhosename is subscribed to thewithin instrument andacknowledged to methat he/she isthe PresidentofONE UP INNOVATIONS, INC. and FOAM LABS, INC., the corporations herein described and that he/sheexecuted the same in his/her capacity as an officer of said corporations,and that he/she signed the instrumentbyorder oftheboardofdirectorsof saidrespectivecorporations.
_____________________________
NotaryPublic
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