Commercial Finance Agreement among Allied Mining and Supply, LLC, Sunergy, Inc., and Lender

Summary

Allied Mining and Supply, LLC is borrowing $50,000 from a lender to purchase a commercial dredge for use in Sierra Leone. Sunergy, Inc., Allied's parent company, guarantees the loan and offers 5,000,000 restricted shares and 5,000,000 share purchase warrants as inducement. Allied will repay $62,500 in four equal installments, starting 120 days after receiving the funds, with full repayment due within 210 days. If Allied defaults, Sunergy is responsible for a $500 daily penalty and any outstanding debt. The lender has a security interest in the dredge, and disputes are subject to arbitration in Nevada.

EX-10.1 2 ex10-1.txt FORM OF COMMERCIAL FINANCE AGREEMENT Exhibit 10.1 [LETTERHEAD OF SUNERGY, INC.] Commercial Finance Agreement January __,2011 Between: Allied Mining and Supply, LLC, Borrower 14362 N Frank Lloyd Wright Blvd Suite 1000 Scottsdale, AZ 85260 And: Sunergy, Inc, Guarantor 14362 N Frank Lloyd Wright Blvd Suite 1000 Scottsdale, AZ 85260 And ___________________________________ Lender ___________________________________ ___________________________________ Allied Mining and Supply, LLC, a Sunergy wholly owned subsidiary, is purchasing a commercial dredge custom built for recovering gold, diamonds and rare earth elements (REE's) on its Pampana River Concession in Sierra Leone, West Africa.(Identified in attachment below) Allied is desirous of obtaining financing for the dredge purchase of $50,000 which includes freight and insurance to Sierra Leone. Allied is offering the following terms for financing: Upon receipt of $50,000, Allied will repay $62,500 in 4 equal installments of $15,625 commencing on the 120th day(4th month) from receipt of funds, with the account to be settled in full on or before the 210th day(7th month). As an inducement to lender to enter into this agreement, Sunergy, Inc., the parent company of Allied , will issue 5,000,000 restricted common shares with 5,000,000 share purchase warrants priced at $0.005 valid for 1 year immediately upon receipt of the $50,000. In addition, as additional security, should lender not receive his payment in full on or before the due date, Sunergy, Inc, as guarantor, will be responsible for a $500/ day default penalty and remain fully responsible for any and all outstanding debt owed to lender under this agreement. Lender hereby authorizes Allied Mining and Supply, LLC to transport and operate the dredge in Sierra Leone, West Africa. Lender is hereby granted a first and only security charge against the dredge. Jurisdiction for any disputes pertaining to this agreement is in the State of Nevada and shall be resolved by Arbitration. This is the entire agreement between the parties. Agreed and accepted on the date above referenced by: -------------------------------------------------------------------- Allied Mining and Supply, LLC, Borrower Dale Bourassa, President ###-###-#### ***@*** -------------------------------------------------------------------- Sunergy, Inc, Guarantor Bryan Miller, President ###-###-#### ***@*** -------------------------------------------------------------------- Lender Attached as a part of this agreement: Purchase agreement for Dredge