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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
  D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Current Report</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 of 15(d)&nbsp;of<br>
  The Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
  of Report (Date of earliest event reported):<br>
  <b>May&nbsp;6, 2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">NMS
  Communications Corporation</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact
  Name of Registrant as Specified in its Charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b><br> &#160;(State of Incorporation or Organization)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
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    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-23282</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-2814586</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer Identification No.)</font></p>
    </td>
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  </table>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100 Crossing Boulevard, Framingham, Massachusetts 01702<br>
  </font></b>(Address of Principal
  Executive Offices) (Zip Code)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(508) 271-1000<br>
  </font></b>(Registrant&#146;s
  telephone number, including area code)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions (see
  General Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Written communications pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR
  230.425)</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR
  240.14a-12)</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-13936-1\task2929722\13936-1-ba.htm',USER='rmoralec',CD='May  9 16:17 2008' -->
  
  
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  <div>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
  May&nbsp;6, 2008, NMS Communications Corporation, a Delaware corporation (&#147;NMS&#148;),
  entered into a Loan and Security Agreement (the &#147;Credit Facility&#148;) with Silicon
  Valley Bank (&#147;SVB&#148;), which permits NMS to borrow up to $6 million in the form
  of revolving loan advances, including up to $6 million in the form of letters
  of credit, foreign exchange contracts, or cash management services.&nbsp;
  Principal borrowings under the Credit Facility accrue interest at a floating
  per annum rate equal to SVB&#146;s prime rate.&nbsp;&nbsp;The Credit Facility
  matures on May&nbsp;5,<b>  </b>2010.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Credit Facility includes customary lending and reporting covenants including
  that certain financial covenants applicable to liquidity and earnings are to be
  maintained by NMS and tested as of the last day of each quarter (in some cases
  monthly, if borrowing).&nbsp; The Credit Facility also includes several
  potential events of default, which upon occurrence could cause interest to be
  charged at prime plus four percentage points. These events of default include,
  without limitation payment defaults, defaults in the performance of affirmative
  and negative covenants, the inaccuracy of representations or warranties,
  material adverse change conditions, attachment of assets, insolvency
  conditions, defaults relating to uninsured judgments or defaults under other
  agreements, guarantees or indebtedness. Any uncured events of default may
  result in SVB&#146;s right to declare all outstanding obligations immediately due
  and payable.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Credit Facility contains negative covenants applicable to NMS and its
  subsidiaries, including, without limitation prohibitions on certain transfers
  of its business or property, the payment of certain dividends, changes in
  business, management or business locations, certain mergers or acquisitions,
  incurrence or assumption of indebtedness, encumbrance of assets, certain
  distributions or investments, certain transactions with affiliates, improper
  debt payments and certain actions related to the Investment Company Act of 1940
  and ERISA.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans
  under the Credit Facility are (i)&nbsp;secured by a security interest in
  substantially all assets of NMS (other than certain intellectual property
  assets), and (ii)&nbsp;guaranteed by certain domestic subsidiaries of NMS, each
  of which has entered into an unconditional guaranty agreement and a security
  agreement effective as of May&nbsp;6, 2008 in favor of SVB.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NMS
  intends to utilize the Credit Facility as a source of capital for ongoing
  operations and working capital needs.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  foregoing description of the Credit Facility does not purport to be a complete
  statement of the parties&#146; rights under the Credit Facility and is qualified in
  its entirety by reference to the full text of the Credit Facility which is
  filed with this report as Exhibit&nbsp;10.38.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.03 CREATION OF A DIRECT
  FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF
  A REGISTRANT</font></b></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth in
  Item 1.01 above is hereby incorporated by reference in this Item 2.03.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 3.03 MATERIAL MODIFICATION
  OF RIGHTS OF SECURITY HOLDERS</font></b></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Credit Facility
  contains certain restrictions related to acquisitions and the payment of
  dividends. The information set forth in Item 1.01 above is hereby incorporated
  by reference in this Item 3.03.</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
  9.01 &#150; FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS</font></b></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
    applicable.</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
    applicable.</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
    applicable.</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits.</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.38</font></p>
    </td>
    <td width="93%" valign="bottom" style="padding:0in 0in 0in 0in;width:93.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan
    and Security Agreement by and between Silicon Valley Bank and NMS
    Communications Corporation, dated as of May&nbsp;6, 2008</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\rmoralec\08-13936-1\task2929722\13936-1-ba.htm',USER='rmoralec',CD='May  9 16:17 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this
  report to be signed on its behalf by the undersigned, thereunto duly
  authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.58%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NMS
    COMMUNICATIONS CORPORATION</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.58%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;12, 2008 </font></p>
    </td>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="55%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.58%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Herbert
    Shumway</font></p>
    </td>
   </tr>
   <tr>
    <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.58%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&nbsp;Herbert Shumway</font></p>
    </td>
   </tr>
   <tr>
    <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Senior Vice
    President of Finance and Operations, Chief Financial</font></p>
    </td>
   </tr>
   <tr>
    <td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Officer and
    Treasurer</font></p>
    </td>
   </tr>
   <tr height="0">
    <td width="123" style="border:none;"></td>
    <td width="172" style="border:none;"></td>
    <td width="37" style="border:none;"></td>
    <td width="36" style="border:none;"></td>
    <td width="380" style="border:none;"></td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\rmoralec\08-13936-1\task2929722\13936-1-ba.htm',USER='rmoralec',CD='May  9 16:17 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.06%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:89.72%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.06%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.72%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.38</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.72%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan and Security
    Agreement by and between Silicon Valley Bank and NMS Communications
    Corporation, dated as of May&nbsp;6, 2008</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-13936_18k.htm", "description": "8-K", "secsgml_size_bytes": 29190}]
metadata_filer: {"company-data": {"conformed-name": "NMS COMMUNICATIONS CORP", "cik": "0000915866", "assigned-sic": "3661", "irs-number": "042814586", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23282", "film-number": "08823782"}, "business-address": {"street1": "100 CROSSING BLVD", "city": "FRAMINGHAM", "state": "MA", "zip": "01702", "phone": "5086501300"}, "mail-address": {"street1": "100 CROSSING BLVD.", "city": "FRAMINGHAM", "state": "MA", "zip": "01702"}, "former-company": {"former-conformed-name": "NATURAL MICROSYSTEMS CORP", "date-changed": "19931207"}}
text: SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM 8-K
  Current Report
  Pursuant to Section 13 of 15(d) of
  The Securities Exchange Act of 1934
  Date
  of Report (Date of earliest event reported):
  May 6, 2008
  NMS
  Communications Corporation
  (Exact
  Name of Registrant as Specified in its Charter)
  Delaware
  (State of Incorporation or Organization)
  0-23282
  04-2814586
  (Commission File Number)
  (I.R.S. Employer Identification No.)
  100 Crossing Boulevard, Framingham, Massachusetts 01702
  (Address of Principal
  Executive Offices) (Zip Code)
  (508) 271-1000
  (Registrant's
  telephone number, including area code)
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions (see
  General Instruction A.2. below):
  o
  Written communications pursuant to Rule 425
  under the Securities Act (17 CFR
  230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR
  240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT
  On
  May 6, 2008, NMS Communications Corporation, a Delaware corporation ("NMS"),
  entered into a Loan and Security Agreement (the "Credit Facility") with Silicon
  Valley Bank ("SVB"), which permits NMS to borrow up to $6 million in the form
  of revolving loan advances, including up to $6 million in the form of letters
  of credit, foreign exchange contracts, or cash management services. 
  Principal borrowings under the Credit Facility accrue interest at a floating
  per annum rate equal to SVB's prime rate.  The Credit Facility
  matures on May 5,
  2010.
  The
  Credit Facility includes customary lending and reporting covenants including
  that certain financial covenants applicable to liquidity and earnings are to be
  maintained by NMS and tested as of the last day of each quarter (in some cases
  monthly, if borrowing).  The Credit Facility also includes several
  potential events of default, which upon occurrence could cause interest to be
  charged at prime plus four percentage points. These events of default include,
  without limitation payment defaults, defaults in the performance of affirmative
  and negative covenants, the inaccuracy of representations or warranties,
  material adverse change conditions, attachment of assets, insolvency
  conditions, defaults relating to uninsured judgments or defaults under other
  agreements, guarantees or indebtedness. Any uncured events of default may
  result in SVB's right to declare all outstanding obligations immediately due
  and payable.
  The
  Credit Facility contains negative covenants applicable to NMS and its
  subsidiaries, including, without limitation prohibitions on certain transfers
  of its business or property, the payment of certain dividends, changes in
  business, management or business locations, certain mergers or acquisitions,
  incurrence or assumption of indebtedness, encumbrance of assets, certain
  distributions or investments, certain transactions with affiliates, improper
  debt payments and certain actions related to the Investment Company Act of 1940
  and ERISA.
  Loans
  under the Credit Facility are (i) secured by a security interest in
  substantially all assets of NMS (other than certain intellectual property
  assets), and (ii) guaranteed by certain domestic subsidiaries of NMS, each
  of which has entered into an unconditional guaranty agreement and a security
  agreement effective as of May 6, 2008 in favor of SVB.
  NMS
  intends to utilize the Credit Facility as a source of capital for ongoing
  operations and working capital needs.
  The
  foregoing description of the Credit Facility does not purport to be a complete
  statement of the parties' rights under the Credit Facility and is qualified in
  its entirety by reference to the full text of the Credit Facility which is
  filed with this report as Exhibit 10.38.
  ITEM 2.03 CREATION OF A DIRECT
  FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF
  A REGISTRANT
  The information set forth in
  Item 1.01 above is hereby incorporated by reference in this Item 2.03.
  ITEM 3.03 MATERIAL MODIFICATION
  OF RIGHTS OF SECURITY HOLDERS
  The Credit Facility
  contains certain restrictions related to acquisitions and the payment of
  dividends. The information set forth in Item 1.01 above is hereby incorporated
  by reference in this Item 3.03.
  ITEM
  9.01 – FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS
  (a)
  Not
    applicable.
  (b)
  Not
    applicable.
  (c)
  Not
    applicable.
  (d)
  Exhibits.
  10.38
  Loan
    and Security Agreement by and between Silicon Valley Bank and NMS
    Communications Corporation, dated as of May 6, 2008
  2
  SIGNATURE
  Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this
  report to be signed on its behalf by the undersigned, thereunto duly
  authorized.
  NMS
    COMMUNICATIONS CORPORATION
  May 12, 2008
  By:
  /s/ Herbert
    Shumway
  Name: Herbert Shumway
  Title:
  Senior Vice
    President of Finance and Operations, Chief Financial
  Officer and
    Treasurer
  3
  EXHIBIT INDEX
  Exhibit No.
  Description
  10.38
  Loan and Security
    Agreement by and between Silicon Valley Bank and NMS Communications
    Corporation, dated as of May 6, 2008
  4