REVOLVING LINE OF CREDIT NOTERevolving Line of Credit Note • November 10th, 2011 • Communications Systems Inc • Telephone & telegraph apparatus • Minnesota
FOR VALUE RECEIVED, the undersigned COMMUNICATIONS Systems, Inc., a Minnesota corporation (“Communications Systems”), JDL TECHNOLOGIES, INCORPORATED, a Minnesota corporation (“JDL”), TRANSITION NETWORKS, INC., a Minnesota corporation (“Transition Networks”; together with Communications Systems and JDL, “Borrowers” and each a “Borrower”), promises to pay on November 1, 2013 (the “Maturity Date”) to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at 7900 Xerxes Avenue S., Suite 2300, Bloomington, MN 55431, Minnesota, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of TEN MILLION Dollars ($10,000,000), or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.
CREDIT AGREEMENT among COMMUNICATIONS Systems, Inc., JDL TECHNOLOGIES, INCORPORATED and TRANSITION NETWORKS, INC., as Borrowers, and WELLS FARGO BANK, NATIONAL ASSOCIATION as Bank Closing Date: October 28, 2011Credit Agreement • November 10th, 2011 • Communications Systems Inc • Telephone & telegraph apparatus • Minnesota
THIS CREDIT AGREEMENT (this “Agreement”) is entered into as of October 28, 2011 by and among COMMUNICATIONS Systems, Inc., a Minnesota corporation (“Communications Systems”), JDL TECHNOLOGIES, INCORPORATED, a Minnesota corporation (“JDL”), TRANSITION NETWORKS, INC., a Minnesota corporation (“Transition Networks”; together with Communications Systems and JDL, “Borrowers” and each a “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Bank”).
