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JLWT > SEC Filings for JLWT > Form 8-K on 3-Oct-2013All Recent SEC Filings

Show all filings for JANEL WORLD TRADE LTD

Form 8-K for JANEL WORLD TRADE LTD


3-Oct-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial


Item 1.01. Entry into a Material Definitive Agreement.

On September 30, 2013, the Registrant extended the term of its Janel Group of New York subsidiary's $2.5 million (limited to the borrowing base) revolving line of credit agreement (the "Credit Facility") with Community National Bank ("CNB") from September 30, 2013 to January 31, 2014. As part of the extension, CNB (i) reduced the Credit Facility to $1,731,335.54 (the current amount of borrowings outstanding), (ii) requires that 80% of the collections on eligible (under the borrowing base) accounts receivable from the Registrant's former Hillside, New Jersey freight forwarding and logistics operations which, as previously reported, the Registrant sold on August 30, 2013 (the "NJ Collections"), be used to pay down borrowings under the Credit Facility within 10 days of collection, and (iii) will not allow any additional borrowings during the extension period. All other terms of the CNB credit facility remained unchanged.

On September 30, 2013, the company repaid $300,000 to CNB, reducing the amount of borrowings outstanding under the Credit Facility to $1,431,335.54. This repayment was a result of NJ Collections during the month of September.



Item 2.03. Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.

The information required by this Item is described in Item 1.01 above.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed herewith:

Exhibit No.

10.1   Promissory Note dated September 30, 2013 between Registrant's subsidiary,
       The Janel Group of New York, Inc., payable to Community National Bank
10.2   Business Loan Agreement dated September 30, 2013 between Registrant's
       subsidiary, The Janel Group of New York, Inc. and Community National Bank

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