Eternal Image Inc (fka ETNLQ)

[Basser1]

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...

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

The language states that the cash advances can be UP TO the priciple amount. The way that I read this is that EI was not required to borrow the entire amount of the LOC.

JMHO

Basser