Environmental Service Professional Inc. (EVSP)

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Looks like the funding has arrived

Creation of a Direct Financial Obligation or an Obligat



Item 2.03. Creation of a Direct Financial Obligation.
On February 18, 2010, Environmental Service Professionals, Inc., a Nevada corporation (the "Company") established an account with Metropolitan Bancorp to arrange for the issuance of a Stand by Letter of Credit ("SBLC") for the purpose of securing a loan for the Company. The Company has pledged a total face amount of $185MM of Senior Life Settlement policies. As a result of the pledge of these policies, Metropolitan Bancorp has caused the issuance of an SBLC in the amount of $104MM in the benefit of the Company. The Company plans to pledge the SBLC to cover a loan and interest for a Twenty-Four month period. The Company is in the process of seeking a loan in the principal sum of Fifty-Eight Million Dollars ($58,000,000) or greater for a term of 24 months to be evidenced by a secured promissory note ("Note"). The Note is to be secured by the Stand by Letter of Credit arranged by Metropolitan Bancorp Ltd. The Company expects the credit facility to be made available to it by March 15, 2010.