EX-4.12 14 dex412.txt SECOND REVOLVING NOTE MODIFICATION Exhibit 4.12 SECOND REVOLVING NOTE MODIFICATION AGREEMENT -------------------------------------------- THIS SECOND REVOLVING NOTE MODIFICATION AGREEMENT (hereinafter referred to as this "Amendment") is made and entered into as of July 5, 2001, to be ------- effective as of June 30, 2001, by and among the following parties (collectively, the "Parties"): 1. SOUTHTRUST BANK ("Bank"); 2. COLOR IMAGING, INC. ("Delaware Color"); 3. LOGICAL IMAGING SOLUTIONS, INC. ("Logical"), a California corporation; 4. COLOR IMAGE, INC. ("Georgia Color"), a Georgia corporation; and 5. ALOREX CORP. ("Alorex"), a New York corporation. Delaware Color, Logical, Georgia Color and Alorex are hereinafter collectively referred to as "Obligors". BACKGROUND STATEMENT 1. Obligors are indebted to Bank under a Revolving Loan (the "Loan") in the maximum principal amount of Five Hundred Thousand Dollars ($500,000) evidenced by Line of Credit Promissory Note (as amended, modified and restated prior to the date hereof, the "Note") dated as of May 5, 2000, as amended and restated by Amended and Restated Line of Credit Promissory Note dated as of August 30, 2000, and as further amended by Revolving Note Modification Agreement dated as of November 30, 2000, and subject to Loan and Security Agreement (as amended and modified, the "Loan Agreement") dated as of May 5, 2000, between Georgia Color and Bank, as amended by Amendment of Loan Documents between Bank and Obligors dated as of August 30, 2000, and as further amended by the Second Amendment of Loan Documents dated as of November 30, 2000 and by the Third Amendment of Loan Documents dated as of the date hereof. 2. The Parties desire to amend the Note to extend the maturity date to December 31, 200l. AGREEMENT FOR AND IN CONSIDERATION of the sum of Ten and No/100 Dollars ($10.00), the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 1. Recitals; Definitions. The foregoing recitals are true and correct and --------------------- are hereby incorporated herein by this reference. All capitalized terms utilized herein, not defined herein but defined in the Loan Agreement shall have the definitions ascribed thereto in the Loan Agreement. 2. Maturity Date. The Note is hereby amended and modified to provide that ------------- the Obligors promise to pay the principal sum of the Note in full on December 31, 2001, subject to the terms of the Loan Agreement. 3. Ratification. All the terms and conditions of the Note, as amended ------------ hereby, are hereby ratified, affirmed, and approved. 4. Modification of Loan Documents. Obligors hereby reaffirm and restate ------------------------------ each and every warranty and representation set forth in all Loan Documents, as amended hereby. The terms of the Loan Documents are hereby modified and amended, effective as of the date hereof, so that any reference in any of the Loan Documents to the Note shall refer to the Note as herein amended. 5. No Novation. This Amendment shall not constitute a novation of the ----------- indebtedness evidenced by the Loan Documents. The terms and provisions of the Loan Documents shall remain valid and in full force and effect as hereinabove modified and amended. 6. No Waiver or Implication. Nothing herein shall constitute a waiver by ------------------------ Bank of any default, whether known or unknown, which may exist under the Note or any other Loan Document. No action, inaction or agreement by Bank, including, without limitation, any extension, indulgence, waiver, consent or agreement of modification which may have occurred or have been granted or entered into (or which may be occurring or be granted or entered into hereunder or otherwise) with respect to nonpayment of the Loan or any portion thereof, or with respect to matters involving security for the Loan, or with respect to any other matter relating to the Loan, shall require or imply any future extension, indulgence, waiver, consent or agreement by Bank. Bank has made no agreement, and is in no way obligated, to grant any future extension, indulgence, waiver or consent with respect to the Loan or any matter relating to the Loan. 7. No Release of Collateral. This Amendment shall in no way occasion a ------------------------ release of any collateral held by Bank as security to or for the Loan or any other Loan from Bank to the Obligors or any thereof, and all collateral held by Bank as security to or for the Loan shall continue to secure the Loan. 8. Successors and Assigns. This Amendment shall be binding upon and inure ---------------------- to the benefit of the parties and their respective heirs, successors and assigns, whether voluntary by act of the parties or involuntary by operation of law. 9. Representation and Warranty. Obligors, and the individuals executing --------------------------- this Amendment on behalf of Obligors, represent and warrant to Bank that (a) each of the Obligors is in existence and in good standing under the laws of the State of Georgia and their respective jurisdictions or organization, (b) the Articles of Incorporation and Bylaws of Obligors have not been amended since November 30, 2000 and (c) the execution and delivery of this Amendment has been authorized by all requisite corporate action by and on behalf of Obligors. [SIGNATURES COMMENCE ON NEXT PAGE] 2 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed under seal as of the date first above written. COLOR IMAGING, INC., a Delaware corporation By: /s/ Sueling Wang ------------------------------------------- Sueling Wang, President Attest: /s/ Chia-an Shieh --------------------------------------- Chia-an Shieh, Assistant Secretary [CORPORATE SEAL] LOGICAL IMAGING SOLUTIONS, INC., a California Corporation By: /s/ Sueling Wang ------------------------------------------- Sueling Wang, President Attest: /s/ Chia-an Shieh --------------------------------------- Chia-an Shieh, Assistant Secretary [CORPORATE SEAL] COLOR IMAGING, INC., a Georgia corporation By: /s/ Sueling Wang ------------------------------------------- Sueling Wang Attest: /s/ Chia-an Shieh --------------------------------------- Chia-an Shieh, Assistant Secretary [CORPORATE SEAL] ALOREX CORP., a New York corpration By: /s/ Sueling Wang ------------------------------------------- Sueling Wang, President Attest: /s/ Chia-an Shieh --------------------------------------- Chia-an Shieh, Assistant Secretary [CORPORATE SEAL] SOUTHTRUST BANK By: /s/ [ILLEGIBLE] ------------------------------------------- Its: COMMERCIAL LOAN OFFICER ------------------------------------------ [BANK SEAL] 3