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JLWT > SEC Filings for JLWT > Form 8-K on 29-Oct-2012All Recent SEC Filings

Show all filings for JANEL WORLD TRADE LTD



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

Item 1.01. Entry into a Material Definitive Agreement.

On October 29, 2012, the Registrant extended the term of its $2.5 million business loan agreement with Community National Bank ("CNB") from October 29, 2012 to September 30, 2013. As part of the extension, CNB eliminated the unused line fee of one-half of one percent which had been put into place as of November 1, 2011. 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 October 29, 2012 made by Registrant's subsidiary, The Janel Group of New York, Inc., payable to Community National Bank
10.2 Business Loan Agreement dated October 29, 2012 between Registrant's subsidiary, The Janel Group of New York, Inc., and Community National Bank
10.3 Commercial Guaranty dated September 18, 2012 made by James N. Jannello for the benefit of Community National Bank, guaranteeing the obligations of Registrant's subsidiary, The Janel Group of New York, Inc., to Community National Bank

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