Line of Credit Extension Agreement between Community National Bank and The Janel Group of New York, Inc.
Community National Bank has agreed to extend the maturity date of its line of credit to The Janel Group of New York, Inc. from September 30, 2012, to October 29, 2012. The credit limit is reduced from $3,500,000 to $2,500,000, and borrowings remain subject to the borrowing base. James N. Jannello agrees to reinstate his personal guaranty under the original terms. All other terms of the agreement remain unchanged.
EXHIBIT 10.1
September 20, 2012
Mr. James N. Jannello
Chief Executive Officer
The Janel Group of New York, Inc.
Dear Jim,
This is to confirm that Community National Bank (CNB) Is willing to extend the maturity of Its Line of Credit (LOC) to The Janel Group of New York, Inc. (Janel) from September 30, 2012 to October 29, 2012 pursuant to the Terms outlined in your letter of August 3, 2012, which Terms are summarized as follows:
1) The LOC Is reduced from $3,500,000 to $2,500,000 with Borrowings continuing to be limited to the Borrowing Base.
2) You have agreed to reinstate your Personal Guaranty on the Terms contained In the original Personal Guaranty you provided dated July 29, 2010, a copy of which was attached to your letter of August 3, 2012.
All other Terms to remain unchanged from the Terms In effect at July 31, 2012.
If you are In agreement please so indicate by signing below and returning a copy to the undersigned.
Sincerely,
| /s/ | /s/ | |
| JoAnn Bello | James N. Jannello | |
| First Vice President | Personally and on behalf of The Janel Group of New York, Inc. |
