ableenergy_10q-ex1031.htm


    EXHIBIT
10.31

     

    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 March 13, 2007 (as amended from time
to time in accordance with its terms, the "Master Agreement"),
between CREDIT CASH, LLC (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.	The Advance Amount
      is: $600,000.00
	 	 	 
	 	      
              2.

            	
              The Collection
      Amount of this Advance Schedule No. 03 is $640,000.00. The outstanding
      balance of Advance Schedule No. 02 as of November 6, 2007 is in the amount
      of $296,356.56. 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

                1407
      Broadway

                New York, NY 10018

              
	 	Routing/ABA
      Number:	      
                021407912

              
	 	Account Name to
      credit:	Able Oil
      Company
	 	Account Number to
      credit:	2744061470


      

      
         

        
          	 	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 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.

                


        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
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	ABLE OIL
      COMPANY
	 	 
	      
              By:
      /s/ Dean
      Landis

            	      
              By:
      /s/ Christopher
      Westad

            
	Name: Dean
      Landis	Name: Christopher
      Westad
	Title: President	Title: President


    

     

     

    
      	
              STATE
      OF NEW YORK

               

              COUNTY
      OF NEW YORK

            	
                    
                )

              

              )ss.:

              )

            


    

     

    On
this    7  
 day of November 2007 before me personally appeared Dean Landis, 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, and that he/she signed the instrument by order of the
members of said company.

     

    
      	 	 	      
              /s/
      James Ricchiuti

              NOTARY
      PUBLIC

            
	 	 	 
	 	 	
              JAMES
      RICCHIUTI

            
	
              STATE
      OF NJ

            	
              )

            	
              Notary Public - State of
      New
      York

            
	 
      	
              )ss.:

            	
              No.
      02R16123649

            
	
              COUNTY
      OF Morris

            	
              )

            	
              Qualified in Westchester
      County

            
	 
      	 
      	
              Commission
      Expires March 7, 2009

            


    

     

    On
this     7   
 day of November 2007 before me personally appeared Christopher Westad, 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 board of
directors of said corporation.

     

    
    

     

    
      	 	 	
              /s/
      Colleen Harrington

              NOTARY PUBLIC

               

              Colleen
      Harrington

              Notary Public of New
      Jersey

              Commission
      Expires 4/11/08