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JLWT > SEC Filings for JLWT > Form 8-K on 3-Feb-2014All Recent SEC Filings

Show all filings for JANEL WORLD TRADE LTD

Form 8-K for JANEL WORLD TRADE LTD


3-Feb-2014

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


Item 1.01. Entry into a Material Definitive Agreement.

On January 31, 2014, the Registrant extended the term of its Janel Group of New York subsidiary's $1,731,335 (limited to the borrowing base) revolving line of credit agreement (the "Credit Facility") with Community National Bank ("CNB") from January 31, 2014 to June 30, 2014. As part of the extension, CNB (i) reduced the Credit Facility to $1,275,335 (the current amount of borrowings outstanding), and (ii) will not allow any additional borrowings during the extension period. All other terms of the CNB credit facility remained unchanged.



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 January 31, 2014 between Registrant's subsidiary,
         The Janel Group of New York, Inc., payable to Community National Bank
10.2     Business Loan Agreement dated January 31, 2014 between Registrant's
         subsidiary, The Janel Group of New York, Inc. and Community National
         Bank

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