Eternal Image Inc (fka ETNLQ)

[lawrenzo]

you will find in the LOC agreement with waterloo...signed and entered into on the 30th day of April, 2011...that EI mgmt had received the entire $525,000 by July 29, 2011 at the latest...as is spelled out in the LOC agreement...

for those that care to take the time and read the entire LOC agreement EI mgmt's performance requirements are quite clear...

after reading the latest 8k it will be interesting to see how EI mgmt wriggles out this predicament...another fine mess they seem to have gotten themselves into...

AGREEMENT
1. Loan Amount. Lender promises to loan to Borrower an amount up to the principal sum of Five Hundred Twenty Five Thousand Dollars ($525,000) the "Maximum Credit Limit". Borrower may obtain cash advances by giving Lender a written request stating the amount of the advance requested and the proposed use of such advance. If the proposed use is approved by the Lender to be consistent with the permitted uses described in Section 7 of this Agreement, Lender shall, within ninety (90) days, fund Borrower's request for a cash advance; provided, however, the total unpaid principal balance of Borrower's cash advances the ("Principal Balance") may not exceed the Maximum Credit Limit which Maximum Credit Limit shall include the One Hundred Four Thousand Three Dollars ($104,300) already disbursed under the First Cash Advance, Second Cash Advance and Third Cash Advance. Notwithstanding herein anything to the contrary Lender shall loan to Borrower cash advances in an aggregate amount equal to the Maximum Credit Limit within ninety (90) days of the Signing Date.

http://msnmoney.brand.edgar-online.com/DisplayFilingInfo.aspx?TabIndex=2&FilingID=7923313&companyid=250474&ppu=%252fDefault.aspx%253fticker%253dETNL