EXHIBIT 4.28
JOINT DEBTOR AGREEMENT
This JOINT DEBTOR AGREEMENT is made and effective as of June 28, 2000, at
Atlanta, Georgia by and among Color Image, Inc., a Georgia Corporation
("Color"), Kings Brothers, LLC, a Georgia limited liability company ("Kings"),
and Xx. Xxx-Xxxx Xxxx, Jui-Chi (Xxxxx) Xxxx, Xxx-Kung (Xxxxx) Xxxx, and Xxx-Xxxx
(Xxxx) Xxxx (collectively, jointly and severally, "Wangs").
RECITALS
A. WHEREAS, Color guaranteed that certain loan to Kings (the "Kings Loan")
in the original principal amount of Four Million Seven Hundred Twenty Thousand
Dollars ($4,720,000) evidenced by (i) a Term Loan Agreement dated as of March
31, 1999, between Kings and SouthTrustBank, N.A. ("Bank"), as amended by that
First Amendment thereto dated as of June 24, 1999, and (ii) that Term Note dated
March 31, 1999, between Kings and Bank in the original principal amount of Four
Million Seven Hundred Twenty Thousand Dollars ($4,720,000), as amended and
restated by that Amended and Restated Term Note between Kings and Bank dated as
of June 24, 1999, in the original principal amount of Three Million Seven
Hundred Forty-five Thousand Eight Hundred Seventy-two Dollars ($3,745,872)
(together with all other instruments, agreements and documents evidencing,
securing or otherwise relating to the Kings Loan, and all amendments, increases,
additions, replacements and modifications thereof and thereto, collectively
referred to herein as the "Kings Loan Documents");
B. WHEREAS, Color and Kings are joint debtors with respect to that certain
bond loan to Color and Kings (the "Bond Loan") in the original principal amount
of Four Million One Hundred Thousand Dollars ($4,100,000) made by the
Development Authority of Gwinnett County, Georgia (all instruments, agreements
and documents evidencing, securing or otherwise relating to the Bond Loan, and
all amendments, increases, additions, replacements and modifications thereof and
thereto, are collectively referred to herein as the "Bond Loan Documents");
C. WHEREAS, Wangs are all of the members of Kings; and,
D. WHEREAS, Color, Kings and Wangs wish to memorialize their agreement
concerning their respective rights, duties and obligations to one another with
respect to the Kings Loan and the Bond Loan (collectively the "Loans"),
NOW, THEREFORE, in consideration of the mutual covenants herein, their
respective performances and benefits pertaining to the Loans, and other good and
valuable consideration, the parties agree as follows:
AGREEMENT
1. Responsibility for Kings Loan. The parties agree that Kings shall be
responsible for 100% of the debts, liabilities, obligations and expenses under
the Kings Loan Documents, and that Color has executed a guarantee in connection
with such documents solely as an accommodation party for the benefit of Kings.
2. Responsibility for Bond Loan. The parties agree that Color shall be
responsible for 75.24% and Kings and the Wangs, jointly and severally shall be
responsible for 24.76% of the debts, liabilities, obligations and expenses of
Color and Kings under the Bond Loan Documents, such proportions being the
proportions in which the proceeds of the Bond Loan were received by Color and
Kings. However,
1
the parties agree that each shall be responsible for 100% of the debts,
liabilities, obligations and expenses of Color and Kings under the Bond Loan
Documents, to the extent any problem, expense or default thereunder is caused
solely by an act, omission or conduct of such party.
3. Payment of Loan Obligations and Expenses. The parties agree that the
payment of all amounts due under the Loans and all expenses related to such
Loans shall be shared and paid by Color and Kings in the proportions specified
in sections 1 and 2, above. To the extent that either party shall make payments
in excess of its prorated share of such amounts, the other party shall
immediately reimburse such party of such amounts. Color shall have the right, at
any time, to perform any and all obligations of Kings pursuant to the Loans
which were not performed by Kings or which Color reasonably believes will not be
performed by Kings, upon which Kings and the Wangs each shall be obligated to
reimburse Color in full for any such performance, including any reasonable
expenses incurred in connection therewith.
4. Security for Performance. Kings hereby agrees to secure its performance
under this Agreement in favor of Color by executing and delivering to Color a
Deed to Secure Debt and Security Agreement in standard form pursuant to which
Kings shall create a lien upon that certain real property which is located at
0000 Xxxxxxxxx Xxxxxxxxxx Xxxx., Xxxxxxxx, Xxxxxxx 00000 (the "Property");
provided, however, that it is understood that there are liens presently existing
on such real property and the consent of the holders of such liens is required
by the instruments creating such liens and the consent of all such lienholders
shall be a condition precedent to Kings' obligation to execute and deliver such
Deed to Secure Debt and Security Agreement to Color. Kings and Wangs, and each
of them jointly and severally, hereby agree to use their best efforts to obtain
the consents of such lienholders to the execution and delivery of such Deed to
Secure Debt and Security Agreement, and to promptly prepare, execute and deliver
such Deed to Secure Debt and Security Agreement to Color within thirty (30) days
after the date hereof. Kings agrees that, in the event of its default under the
Kings Loan Documents or Bond Loan Documents, it will use its best efforts to
seek immediately to sell the Property, or refinance or restructure the Loans, as
necessary to ensure that such default will not, to the extent reasonably
practiceable, result in foreclosure by the Bank.
5. Personal Guarantees by Wangs. Wangs, and each of them jointly and
severally, hereby agree to personally, fully and unconditionally guarantee all
of the obligations of Kings to Color pursuant to this Agreement; provided,
however, that if any or all Jui-Chi (Xxxxx) Xxxx, Xxx-Kung (Xxxxx) Xxxx, and/or
Jui-Hong (Xxxx) Wang should fail to execute, or delay in executing, this
Agreement, this Agreement shall nonetheless be valid and binding upon the other
parties hereto upon execution and delivery thereof by such other parties. Xx.
Xxx-Xxxx Xxxx agrees to use his best efforts to obtain the execution and
delivery of this Agreement within thirty (30) days after the date hereof by
Jui-Chi (Xxxxx) Xxxx, Xxx-Kung (Xxxxx) Xxxx, and Jui-Hong (Xxxx) Wang.
6. Indemnification by Color. Color shall indemnify, defend, and hold harmless
Kings against and in respect of any and all liability, claims, demands, losses,
costs, expenses, obligations, liabilities, damages, recoveries, and
deficiencies, including interest, penalties, and reasonable professional and
attorney's fees, including those arising from settlement negotiations, that
Kings shall incur or suffer, which arise, result from, or relate to any breach
of, or failure by Color to perform, any of Color's
2
representations, warranties, covenants, or agreements in this Agreement or in
connection with the Loans or in any schedule, certificate, exhibit or other
instrument furnished or to be furnished by Color under this Agreement or in
connection with the Loans.
7. Indemnification by Kings. Kings shall indemnify, defend, and hold harmless
Color against and in respect of any and all liability, claims, demands, losses,
costs, expenses, obligations, liabilities, damages, recoveries, and
deficiencies, including interest, penalties, and reasonable professional and
attorney's fees, including those arising from settlement negotiations, that
Color shall incur or suffer, which arise, result from, or relate to any breach
of, or failure by Kings to perform, any of Kings' representations, warranties,
covenants, or agreements in this Agreement or in connection with the Loans or in
any schedule, certificate, exhibit or other instrument furnished or to be
furnished by Kings under this Agreement or in connection with the Loans.
8. Miscellaneous.
8.1. Assignment. The rights and obligations of the parties under this
Agreement may not be assigned or assumed without the written consent of all
parties. Any attempt to so transfer same shall be void ab initio.
---------
8.2. Binding Effect. This Agreement shall be binding on, and shall inure to
the benefit of, the parties to it and their respective heirs, legal
representatives, and successors.
8.3. Parties in Interest. Except as expressly provided in this Agreement,
nothing in this Agreement, whether express or implied, is intended to confer
any rights or remedies under or by reason of this Agreement on any persons
other than the parties to it and their respective successors and assigns, nor
is anything in this agreement intended to relieve or discharge the obligation
or liability of any third persons to any party to this Agreement, nor shall
any provision give any third persons any right to subrogation or action over
against any party to this Agreement.
8.4. Entire Agreement. This Agreement constitutes the entire agreement
between the parties pertaining to the subject matter contained in it and
supersedes all prior and contemporaneous agreements, representations and
understandings of the parties.
8.5. Amendment. No supplement, modification, or amendment of this Agreement
shall be binding unless executed in writing by all the parties.
8.6. Waiver. No waiver of any of the provisions of this Agreement shall be
deemed, or shall constitute, a waiver of any other provision, whether or not
similar, nor shall any waiver constitute a continuing waiver. No waiver shall
be binding unless executed in writing by the party making the waiver.
8.7. Timeliness. Time is of the essence of this Agreement and each and all
of its provisions.
8.8. Notices. Notices given under this Agreement shall be in writing and
shall either be
3
served personally or delivered by first class U.S. Mail, postage prepaid.
Notices may also effectively be given by transmittal over electronic
transmitting means such as facsimile or Internet e-mail if the party to whom
the notice is being sent is equipped to receive such communications, provided
a complete copy of any notice so transmitted shall also be mailed in the same
manner as required for a mailed notice. Notices shall be deemed received at
the earlier of actual receipt or three days following deposit in U.S. Mail,
postage prepaid. Notices shall be directed to the parties at their respective
addresses shown below. A party may change its address for notice by giving
written notice to all other parties in accordance with this Section.
To Color: To Kings:
Xx. Xxx-Xxxx Xxxx, President Xx. Xxx-Xxxx Xxxx, Managing Member
Color Image, Inc. Kings Brothers, LLC
0000 Xxxxxxxxx Xxxxxxxxxx Xxxx., Xxxxx 000 0000 Xxxxxxxxx Xxxxxxxxxx Xxxx.
Xxxxxxxx, Xxxxxxx 00000 Xxxxxxxx, Xxxxxxx 00000
To Wangs:
Xx. Xxx-Xxxx Xxxx, Jui-Chi (Xxxxx) Xxxx,
Xxx-Kung (Xxxxx) Xxxx, & Jui-Hong (Xxxx)
Wang
c/o Xx. Xxx-Xxxx Xxxx, Managing Member
Kings Brothers, LLC
0000 Xxxxxxxxx Xxxxxxxxxx Xxxx.
Xxxxxxxx, Xxxxxxx 00000
8.9 Governing Law and Venue. This Agreement shall be construed in
accordance with, and governed by, the laws of the Sate of Georgia, and any
action or proceeding, including arbitration, brought by any party in which
this Agreement is a subject, shall be brought in Gwinnett County, Georgia.
8.10 Effect of Headings. The headings of the Sections of this Agreement are
included for purposes of convenience only, and shall not affect the
construction or interpretation of any of its provisions.
8.11 Invalidity. Any provision of this Agreement which is invalid, void, or
illegal shall not affect, impair, or invalidate any other provision of this
Agreement, and such other provisions of this Agreement shall remain in full
force and effect.
8.12 Counterparts. This Agreement may be executed simultaneously in one or
more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
8.13 Number and Gender. When required by the context of this Agreement,
each number
4
(singular and plural) shall include all numbers, and each gender shall
include all genders.
8.14. Joint and Several Liability. In the event either party now or
hereafter shall consist of more than one person, firm, or corporation, then
and in such event, all such persons, firms or corporations shall be jointly
and severally liable as parties under this Agreement.
8.15. Further Assurances. Each party to this Agreement agrees to execute
further instruments as may be necessary or desirable to carry out this
Agreement, provided the party requesting such further action shall bear all
related costs and expenses.
8.16. Professional Fees and Costs. If any legal or equitable action,
arbitration, or other proceeding, whether on the merits or on motion, are
brought or undertaken, or an attorney retained, to enforce this Agreement, or
because of an alleged dispute, breach, default, or misrepresentation in
connection with any of the provisions of this Agreement, then the successful
or prevailing party or parties in such undertaking (or the party that would
prevail if an action were brought) shall be entitled to recover reasonable
attorney's fees and other professional fees and other costs incurred in such
action, proceeding, or discussions, in addition to any other relief to which
such party may be entitled. The parties intend this provision to be given the
most liberal construction possible and to apply to any circumstances in which
such party reasonably incurs expenses.
8.17. Effectiveness. Except as set forth in Section 5, this Agreement shall
be dated and effective upon execution of this Agreement (or one or more of
its counterparts) by all of the parties.
8.18. Third-Party Beneficiary. The parties acknowledge and agree that,
following the consummation of the merger between Color and Color Acquisition
Corp., a Delaware Corporation, Advatex Associates, Inc., a Delaware
corporation, will be and become a third-party beneficiary of this Agreement
and shall be entitled to enforce the provisions hereof as if it were a party.
IN WITNESS WHEREOF, this Agreement has been duly executed under seal by
Color, Kings and Wangs as of the day and year first written above.
5
Color Image, Inc., Kings Brothers, LLC,
a Georgia corporation a Georgia limited liability company
By: /s/ Xxx-Xxxx Xxxx By: /s/ Xxx-Xxxx Xxxx
-------------------------------- ----------------------------------
Xx. Xxx-Xxxx Xxxx, President Xx. Xxx-Xxxx Xxxx, Managing Member
By: /s/ Xxxx Xxxxx By: /s/ Xxxx Xxxxx
-------------------------------- ----------------------------------
Xxxx Xxxxx, Secretary Xxxx Xxxxx, Secretary
By: /s/ Xxx-Xxxx Xxxx By: /s/ Xxxxx Xxxx
-------------------------------- ----------------------------------
Dr. Xxx-Xxxx Xxxx Xxx-Xxx (Xxxxx) Xxxx
By: /s/ Jui-Xxxx Xxxx By: /s/ Xxxxx Xxxx
-------------------------------- ----------------------------------
Jui-Hung (Xxxx) Xxxx Xxx-Kung (Xxxxx) Xxxx
Color Image / Kings Brothers LLC
Amortization Schedule for Bond Issue
Letter of Remarketing & Total
Date Principal Interest Credit Fee Trustee Fee Debt Service
---- --------- -------- ---------- ----------- ------------
08/01/1999 0.00 3.50% 14,748.61 14,748.61
09/01/1999 0.00 3.50% 11,958.33 11,958.33
10/01/1999 0.00 3.50% 11,958.33 14,154.20 883.78 26,996.31
11/01/1999 0.00 3.50% 11,958.33 11,958.33
12/01/1999 0.00 3.50% 11,958.33 11,958.33
01/01/2000 0.00 3.50% 11,958.33 10,557.35 820.00 23,335.68
02/01/2000 0.00 3.50% 11,958.33 11,958.33
03/01/2000 0.00 3.50% 11,958.33 11,958.33
04/01/2000 0.00 3.50% 11,958.33 10,557.35 820.00 23,335.68
05/01/2000 0.00 3.50% 11,958.33 11,958.33
06/01/2000 0.00 3.50% 11,958.33 3,200.00 15,158.33
07/01/2000 90,000.00 3.50% 11,958.33 10,439.07 820.00 113,217.40
08/01/2000 0.00 3.50% 11,695.83 11,695.83
09/01/2000 0.00 3.50% 11,695.83 11,695.93
10/01/2000 0.00 3.50% 11,695.83 10,439.07 802.00 22,936.90
11/01/2000 0.00 3.50% 11,695.83 11,695.83
12/01/2000 0.00 3.50% 11,695.83 11,695.83
01/01/2001 0.00 3.50% 11,695.83 10,212.14 802.00 22,709.97
02/01/2001 0.00 3.50% 11,695.83 11,695.83
03/01/2001 0.00 3.50% 11,695.83 11,695.83
04/01/2001 0.00 3.50% 11,695.83 10,325.61 802.00 22,823.44
05/01/2001 0.00 3.50% 11,695.83 11,695.83
06/01/2001 0.00 3.50% 11,695.83 3,200.00 14,895.83
07/01/2001 320,000.00 3.50% 11,695.83 9,606.03 802.00 342,103.86
08/01/2001 0.00 3.50% 10,762.50 10,762.50
09/01/2001 0.00 3.50% 10,762.50 10,762.50
10/01/2001 0.00 3.50% 10,762.50 9,606.03 738.00 21,106.53
11/01/2001 0.00 3.50% 10,762.50 10,762.50
12/01/2001 0.00 3.50% 10,762.50 10,762.50
01/01/2002 0.00 3.50% 10,762.50 9,397.20 738.00 20,897.70
02/01/2002 0.00 3.50% 10,762.50 10,762.50
03/01/2002 0.00 3.50% 10,762.50 10,762.50
04/01/2002 0.00 3.50% 10,762.50 9,501.62 738.00 21,002.12
05/01/2002 0.00 3.50% 10,762.50 10,762.50
06/01/2002 0.00 3.50% 10,762.50 3,200.00 13,962.50
07/01/2002 335,000.00 3.50% 10,762.50 8,733.94 738.00 355,234.44
08/01/2002 0.00 3.50% 9,785.42 9,785.42
09/01/2002 0.00 3.50% 9,785.42 9,785.42
10/01/2002 0.00 3.50% 9,785.42 8,733.94 671.00 19,190.36
11/01/2002 0.00 3.50% 9,785.42 9,785.42
12/01/2002 0.00 3.50% 9,785.42 9,785.42
01/01/2003 0.00 3.50% 9,785.42 8,544.07 671.00 19,000.49
02/01/2003 0.00 3.50% 9,785.42 9,785.42
03/01/2003 0.00 3.50% 9,785.42 9,785.42
04/01/2003 0.00 3.50% 9,785.42 8,639.01 671.00 19,095.43
05/01/2003 0.00 3.50% 9,785.42 9,785.42
06/01/2003 0.00 3.50% 9,785.42 3,200.00 12,985.42
07/01/2003 350,000.00 3.50% 9,785.42 7,822.80 671.00 368,279.22
08/01/2003 0.00 3.50% 8,764.58 8,764.58
09/01/2003 0.00 3.50% 8,764.58 8,764.58
Color Image / Kings Brothers LLC
Amortization Schedule for Bond Issue
Letter of Remarketing & Total
Date Principal Interest Credit Fee Trustee Fee Debt Service
---- --------- -------- ---------- ------------- ------------
10/01/2003 0.00 3.50% 8,764.58 7,822.80 601.00 17,188.38
11/01/2003 0.00 3.50% 8,764.58 8,764.58
12/01/2003 0.00 3.50% 8,764.58 8,764.58
01/01/2004 0.00 3.50% 8,764.58 7,737.77 601.00 17,103.35
02/01/2004 0.00 3.50% 8,764.58 8,764.58
03/01/2004 0.00 3.50% 8,764.58 8,764.58
04/01/2004 0.00 3.50% 8,764.58 7,737.77 601.00 17,103.35
05/01/2004 0.00 3.50% 8,764.58 8,764.58
06/01/2004 0.00 3.50% 8,764.58 3,200.00 11,964.58
07/01/2004 370,000.00 3.50% 8,764.58 6,859.59 601.00 386,225.17
08/01/2004 0.00 3.50% 7,685.42 7,685.42
09/01/2004 0.00 3.50% 7,685.42 7,685.42
10/01/2004 0.00 3.50% 7,685.42 6,859.59 527.00 15,072.01
11/01/2004 0.00 3.50% 7,685.42 7,685.42
12/01/2004 0.00 3.50% 7,685.42 7,685.42
01/01/2005 0.00 3.50% 7,685.42 6,710.47 527.00 14,922.89
02/01/2005 0.00 3.50% 7,685.42 7,685.42
03/01/2005 0.00 3.50% 7,685.42 7,685.42
04/01/2005 0.00 3.50% 7,685.42 6,785.03 527.00 14,997.45
05/01/2005 0.00 3.50% 7,685.42 7,685.42
06/01/2005 0.00 3.50% 7,685.42 3,200.00 10,885.42
07/01/2005 390,000.00 3.50% 7,685.42 5,844.32 527.00 404,056.74
08/01/2005 0.00 3.50% 6,547.92 6,547.92
09/01/2005 0.00 3.50% 6,547.92 6,547.92
10/01/2005 0.00 3.50% 6,547.92 5,844.32 449.00 12,841.24
11/01/2005 0.00 3.50% 6,547.92 6,547.92
12/01/2005 0.00 3.50% 6,547.92 6,547.92
01/01/2006 0.00 3.50% 6,547.92 5,717.27 449.00 12,714.19
02/01/2006 0.00 3.50% 6,547.92 6,547.92
03/01/2006 0.00 3.50% 6,547.92 6,547.92
04/01/2006 0.00 3.50% 6,547.92 5,780.80 449.00 12,777.72
05/01/2006 0.00 3.50% 6,547.92 6,547.92
06/01/2006 0.00 3.50% 6,547.92 3,200.00 9,747.92
07/01/2006 405,000.00 3.50% 6,547.92 4,790.00 449.00 416,786.92
08/01/2006 0.00 3.50% 5,366.67 5,366.67
09/01/2006 0.00 3.50% 5,366.67 5,366.67
10/01/2006 0.00 3.50% 5,366.67 4,790.00 368.00 10,524.67
11/01/2006 0.00 3.50% 5,366.67 5,366.67
12/01/2006 0.00 3.50% 5,366.67 5,366.67
01/01/2007 0.00 3.50% 5,366.67 4,685.87 368.00 10,420.54
02/01/2007 0.00 3.50% 5,366.67 5,366.67
03/01/2007 0.00 3.50% 5,366.67 5,366.67
04/01/2007 0.00 3.50% 5,366.67 4,737.94 368.00 10,472.61
05/01/2007 0.00 3.50% 5,366.67 5,366.67
06/01/2007 0.00 3.50% 5,366.67 3,200.00 8,566.67
07/01/2007 595,000.00 3.50% 5,366.67 3,241.06 368.00 603,975.73
08/01/2007 0.00 3.50% 3,631.25 3,631.25
09/01/2007 0.00 3.50% 3,631.25 3,631.25
10/01/2007 0.00 3.50% 3,631.25 3,241.06 249.00 7,121.31
11/01/2007 0.00 3.50% 3,631.25 3,631.25
Color Image / Kings Brothers LLC
Amortization Schedule for Bond Issue
Letter of Remarketing & Total
Date Principal Interest Credit Fee Trustee Fee Debt Service
---- --------- -------- ---------- ----------- ------------
12/01/2007 0.00 3.50% 3,631.25 3,631.25
01/01/2008 0.00 3.50% 3,631.25 3,205.83 249.00 7,086.08
02/01/2008 0.00 3.50% 3,631.25 3,631.25
03/01/2008 0.00 3.50% 3,631.25 3,631.25
04/01/2008 0.00 3.50% 3,631.25 3,205.83 249.00 7,086.08
05/01/2008 0.00 3.50% 3,631.25 3,631.25
06/01/2008 0.00 3.50% 3,631.25 3,200.00 6,831.25
07/01/2008 80,000.00 3.50% 3,631.25 3,032.80 249.00 86,913.05
08/01/2008 0.00 3.50% 3,397.92 3,397.92
09/01/2008 0.00 3.50% 3,397.92 3,397.92
10/01/2008 0.00 3.50% 3,397.92 3,032.80 233.00 6,663.72
11/01/2008 0.00 3.50% 3,397.92 3,397.92
12/01/2008 0.00 3.50% 3,397.92 3,397.92
01/01/2009 0.00 3.50% 3,397.92 2,966.87 233.00 6,597.79
02/01/2009 0.00 3.50% 3,397.92 3,397.92
03/01/2009 0.00 3.50% 3,397.92 3,397.92
04/01/2009 0.00 3.50% 3,397.92 2,999.84 233.00 6,630.76
05/01/2009 0.00 3.50% 3,397.92 3,397.92
06/01/2009 0.00 3.50% 3,397.92 3,200.00 6,597.92
07/01/2009 85,000.00 3.50% 3,397.92 2,811.52 233.00 91,442.44
08/01/2009 0.00 3.50% 3,150.00 3,150.00
09/01/2009 0.00 3.50% 3,150.00 3,150.00
10/01/2009 0.00 3.50% 3,150.00 2,811.52 216.00 6,177.52
11/01/2009 0.00 3.50% 3,150.00 3,150.00
12/01/2009 0.00 3.50% 3,150.00 3,150.00
01/01/2010 0.00 3.50% 3,150.00 2,750.40 216.00 6,116.40
02/01/2010 0.00 3.50% 3,150.00 3,150.00
03/01/2010 0.00 3.50% 3,150.00 3,150.00
04/01/2010 0.00 3.50% 3,150.00 2,780.96 216.00 6,146.90
05/01/2010 0.00 3.50% 3,150.00 3,150.00
06/01/2010 0.00 3.50% 3,150.00 3,200.00 6,350.00
07/01/2010 90,000.00 3.50% 3,150.00 2,577.23 216.00 95,943.23
08/01/2010 0.00 3.50% 2,887.50 2,887.50
09/01/2010 0.00 3.50% 2,887.50 2,887.50
10/01/2010 0.00 3.50% 2,887.50 2,577.23 198.00 5,662.73
11/01/2010 0.00 3.50% 2,887.50 2,887.50
12/01/2010 0.00 3.50% 2,887.50 2,887.50
01/01/2011 0.00 3.50% 2,887.50 2,521.20 198.00 5,606.70
02/01/2011 0.00 3.50% 2,887.50 2,887.50
03/01/2011 0.00 3.50% 2,887.50 2,887.50
04/01/2011 0.00 3.50% 2,887.50 2,549.22 198.00 5,634.72
05/01/2011 0.00 3.50% 2,887.50 2,887.50
06/01/2011 0.00 3.50% 2,887.50 3,200.00 6,087.50
07/01/2011 90,000.00 3.50% 2,887.50 2,342.94 198.00 95,428.44
08/01/2011 0.00 3.50% 2,625.00 2,625.00
09/01/2011 0.00 3.50% 2,625.00 2,625.00
10/01/2011 0.00 3.50% 2,625.00 2,342.94 180.00 5,147.94
11/01/2011 0.00 3.50% 2,625.00 2,625.00
12/01/2011 0.00 3.50% 2,625.00 2,625.00
01/01/2012 0.00 3.50% 2,625.00 2,317.47 180.00 5,122.47
Color Image / Kings Brothers LLC
Amortization Schedule for Bond Issue
Letter of Remarketing & Total
Date Principal Interest Credit Fee Trustee Fee Debt Service
---- --------- -------- ---------- ------------- ------------
02/01/2012 0.00 3.50% 2,625.00 2,625.00
03/01/2012 0.00 3.50% 2,625.00 2,625.00
04/01/2012 0.00 3.50% 2,625.00 2,317.47 180.00 5,122.47
05/01/2012 0.00 3.50% 2,625.00 2,625.00
06/01/2012 0.00 3.50% 2,625.00 3,200.00 5,825.00
07/01/2012 95,000.00 3.50% 2,625.00 2,095.63 180.00 99,900.63
08/01/2012 0.00 3.50% 2,347.92 2,347.92
09/01/2012 0.00 3.50% 2,347.92 2,347.92
10/01/2012 0.00 3.50% 2,347.92 2,095.63 161.00 4,604.55
11/01/2012 0.00 3.50% 2,347.92 2,347.92
12/01/2012 0.00 3.50% 2,347.92 2,347.92
01/01/2013 0.00 3.50% 2,347.92 2,050.07 161.00 4,558.99
02/01/2013 0.00 3.50% 2,347.92 2,347.92
03/01/2013 0.00 3.50% 2,347.92 2,347.92
04/01/2013 0.00 3.50% 2,347.92 2,072.85 161.00 4,581.77
05/01/2013 0.00 3.50% 2,347.92 2,347.92
06/01/2013 0.00 3.50% 2,347.92 3,200.00 5,547.92
07/01/2013 100,000.00 3.50% 2,347.92 1,835.30 161.00 104,344.22
08/01/2013 0.00 3.50% 2,056.25 2,056.25
09/01/2013 0.00 3.50% 2,056.25 2,056.25
10/01/2013 0.00 3.50% 2,056.25 1,835.30 141.00 4,032.55
11/01/2013 0.00 3.50% 2,056.25 2,056.25
12/01/2013 0.00 3.50% 2,056.25 2,056.25
01/01/2014 0.00 3.50% 2,056.25 1,795.40 141.00 3,992.65
02/01/2014 0.00 3.50% 2,056.25 2,056.25
03/01/2014 0.00 3.50% 2,056.25 2,056.25
04/01/2014 0.00 3.50% 2,056.25 1,815.35 141.00 4,012.60
05/01/2014 0.00 3.50% 2,056.25 2,056.25
06/01/2014 0.00 3.50% 2,056.25 3,200.00 5,256.25
07/01/2014 105,000.00 3.50% 2,056.25 1,561.96 141.00 108,759.21
08/01/2014 0.00 3.50% 1,750.00 1,750.00
09/01/2014 0.00 3.50% 1,750.00 1,750.00
10/01/2014 0.00 3.50% 1,750.00 1,561.96 120.00 3,431.96
11/01/2014 0.00 3.50% 1,750.00 1,750.00
12/01/2014 0.00 3.50% 1,750.00 1,750.00
01/01/2015 0.00 3.50% 1,750.00 1,528.00 120.00 3,398.00
02/01/2015 0.00 3.50% 1,750.00 1.750.00
03/01/2015 0.00 3.50% 1,750.00 1,750.00
04/01/2015 0.00 3.50% 1,750.00 1,544.98 120.00 3,414.98
05/01/2015 0.00 3.50% 1,750.00 1,750.00
06/01/2015 0.00 3.50% 1,750.00 3,200.00 4,950.00
07/01/2015 110,000.00 3.50% 1,750.00 1,275.60 120.00 113,145.60
08/01/2015 0.00 3.50% 1,429.17 1,429.17
09/01/2015 0.00 3.50% 1,429.17 1,429.17
10/01/2015 0.00 3.50% 1,429.17 1.275.60 98.00 2,802.77
11/01/2015 0.00 3.50% 1,429.17 1,429.17
12/01/2015 0.00 3.50% 1,429.17 1,429.17
01/01/2016 0.00 3.50% 1,429.17 1,261.74 98.00 2,788.91
02/01/2016 0.00 3.50% 1,429.17 1,429.17
03/01/2016 0.00 3.50% 1,429.17 1,429.17
Color Image / Kings Brothers LLC
Amortization Schedule for Bond Issue
Letter of Remarketing & Total
Date Principal Interest Credit Fee Trustee Fee Debt Service
---- --------- -------- ---------- ------------- ------------
04/01/2016 0.00 3.50% 1,429.17 1,261.74 98.00 2,788.91
05/01/2016 0.00 3.50% 1,429.17 1,429.17
06/01/2016 0.00 3.50% 1,429.17 3,200.00 4,629.17
07/01/2016 115,000.00 3.50% 1,429.17 976.23 98.00 117,503.40
08/01/2016 0.00 3.50% 1,093.75 1,093.75
09/01/2016 0.00 3.50% 1,093.75 1.093.75
10/01/2016 0.00 3.50% 1,093.75 976.23 75.00 2,144.98
11/01/2016 0.00 3.50% 1,093.75 1,093.75
12/01/2016 0.00 3.50% 1,093.75 1,093.75
01/01/2017 0.00 3.50% 1,093.75 955 75.00 2,123.75
02/01/2017 0.00 3.50% 1,093.75 1,093.75
03/01/2017 0.00 3.50% 1,093.75 1,093.75
04/01/2017 0.00 3.50% 1,093.75 965.62 75.00 2,134.37
05/01/2017 0.00 3.50% 1,093.75 1,093.75
06/01/2017 0.00 3.50% 1,093.75 3,200.00 4,293.75
07/01/2017 120,000.00 3.50% 1,093.75 663.84 75.00 121,832.59
08/01/2017 0.00 3.50% 743.75 743.75
09/01/2017 0.00 3.50% 743.75 743.75
10/01/2017 0.00 3.50% 743.75 663.84 51.00 1,458.59
11/01/2017 0.00 3.50% 743.75 743.75
12/01/2017 0.00 3.50% 743.75 743.75
01/01/2018 0.00 3.50% 743.75 649.4 51.00 1,444.15
02/01/2018 0.00 3.50% 743.75 743.75
03/01/2018 0.00 3.50% 743.75 743.75
04/01/2018 0.00 3.50% 743.75 656.62 51.00 1,451.37
05/01/2018 0.00 3.50% 743.75 743.75
06/01/2018 0.00 3.50% 743.75 3,200.00 3,943.75
07/01/2018 125,000.00 3.50% 743.75 338.43 51.00 126,133.18
08/01/2018 0.00 3.50% 379.17 379.17
09/01/2018 0.00 3.50% 379.17 379.17
10/01/2018 0.00 3.50% 379.17 338.43 26.00 743.60
11/01/2018 0.00 3.50% 379.17 379.17
12/01/2018 0.00 3.50% 379.17 379.17
01/01/2019 0.00 3.50% 379.17 331.07 26.00 736.24
02/01/2019 0.00 3.50% 379.17 379.17
03/01/2019 0.00 3.50% 379.17 379.17
04/01/2019 0.00 3.50% 379.17 334.75 26.00 739.92
05/01/2019 0.00 3.50% 379.17 379.17
06/01/2019 0.00 3.50% 379.17 379.17
07/01/2019 130,000.00 3.50% 379.17 26.00 130,405.17
08/01/2019
09/01/2019
Total $4,100,000.00 - $1,075,131.83 $305,145.35 $85,897.96 $5,707,565.99
