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JLWT > SEC Filings for JLWT > Form 8-K on 2-Apr-2014All Recent SEC Filings

Show all filings for JANEL WORLD TRADE LTD



Entry into a Material Definitive Agreement, Termination of a Material Defin

Item 1.01. Entry into a Material Definitive Agreement.

On March 27, 2014, Janel World Trade, Ltd. (the "Registrant"), and its wholly-owned subsidiaries, The Janel Group Of New York, Inc., The Janel Group of Illinois, Inc., The Janel Group of Georgia, Inc., The Janel Group of Los Angeles, Inc., and Janel Ferrara Logistics, LLC (collectively, the "Janel Borrowers"), entered into a Loan and Security Agreement with Presidential Financial Corporation ("Presidential") with respect to a $3.5 million (limited to the borrowing base and reserves) revolving line of credit. The new credit facility replaces the Registrant's existing $1,275,335 revolving line of credit (limited to the borrowing base) with Community National Bank.

Under the new Presidential credit facility, the Janel Borrowers may borrow up to $3.5 million limited to 70% of the Janel Borrowers' aggregate outstanding eligible accounts receivable, subject to adjustment as set forth in the Loan and Security Agreement. Interest will accrue at an annual rate equal to five percent above the greater of (a) the prime rate of interest quoted in The Wall Street Journal from time to time, or (b) 3.25%. The Janel Borrowers' obligations under the Presidential facility are secured by all of the assets of the Janel Borrowers. The new credit facility will expire on March 26, 2017 (subject to earlier termination as provided in the Loan and Security Agreement) unless renewed.

Item 1.02. Termination of a Material Definitive Agreement.

The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.

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        Loan and Security Agreement dated March 27, 2014 between Janel World
            Trade, Ltd. and its subsidiaries, and Presidential Financial Corporation
10.2        Demand Secured Promissory Note dated March 27, 2014 made by Janel World
            Trade, Ltd. and its subsidiaries, payable to the order of Presidential
            Financial Corporation

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