Exhibit 4.14
REVOLVING NOTE MODIFICATION AGREEMENT
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THIS REVOLVING NOTE MODIFICATION AGREEMENT (hereinafter referred to as
this "Amendment") is made and entered into as of the 5/th/ day of May ______,
2000, by and between COLOR IMAGE, INC. ("Obligor"), a Georgia corporation, and
SOUTHTRUST BANK, N.A ("Bank"), a national banking association.
BACKGROUND STATEMENT
Obligor and Bank are parties to a Revolving Note (the "Note; and the loan
evidenced thereby, the "Loan") dated June 24, 1999 made by Obligor to the order
of Bank in the original principal amount of $1,500,000. Obligor and Bank have
agreed to amend the Note to extend the maturity date thereof and are entering
into this Amendment to evidence their agreement.
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, Obligor and Bank, intending to be
legally bound, do hereby agree as follows:
1. Modification of Note. The Note is hereby amended and modified to
provide that the Obligors promise to pay the principal sum of the Note in full
on September 15, 2000.
2. Ratification. Except as herein expressly modified or amended, all the
terms and conditions of the Note are hereby ratified, affirmed, and approved.
3. Modification of Loan Documents. As of the date hereof, Obligor
hereby reaffirms and restates each and every warranty and representation set
forth in any other instrument evidencing, securing or otherwise relating to the
indebtedness evidenced by the Note (collectively, the "Loan Documents"). 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.
4. No Novation. Obligor and Bank hereby acknowledge and agree that this
Amendment shall not constitute a novation of the indebtedness evidenced by the
Loan Documents, and further that the terms and provisions of the Loan Documents
shall remain valid and in full force and effect except as may be hereinabove
modified and amended.
5. No Waiver or Implication. Obligor hereby agrees that 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. Obligor hereby
further agrees that 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. Obligor hereby acknowledges and agrees that 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.
6. No Release of Collateral. Obliger further acknowledges and agrees that
this Amendment shall in no way occasion a release of any collateral held by
Bank as security to or for the Loan, and that all collateral held by Bank as
security to or for the Loan shall continue to secure the Loan.
7. Successors and Assigns. This Amendment shall be binding upon and inure
to the benefit of Obligor and Bank and their respective heirs, successors and
assigns, whether voluntary by act of the parties or involuntary by operation of
law.
IN WITNESS WHEREOF, this Amendment has been duly executed under seal by
Obligor and Bank, as of the day and year first above written.
OBLIGOR:
COLOR IMAGE, INC., a Georgia corporation
By: /s/ Xxx-Xxxx Xxxx
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Xx. Xxx-Xxxx Xxxx, President
[CORPORATE SEAL]
LENDER:
SOUTHTRUST BANK, N.A., a national banking
association
By: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Vice President
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