Color Palette for Modern Text Editor:

1. Color Name: Frost White
   Hex Code: 
                            
                            #F7F7FF
                        
   Description: A soft and clean white color that creates a modern and minimalist feel. Perfect for background elements and highlighting important text.

2. Color Name: Shadow Gray
   Hex Code: 
                            
                            #BEBEBE
                        
   Description: A subtle gray shade that adds depth and sophistication to the design. Ideal for borders, dividers, and subtle shadows.

3. Color Name: Ocean Blue
   Hex Code: 
                            
                            #0077B6
                        
   Description: A vibrant and refreshing blue hue that brings a touch of energy and professionalism. Ideal for highlighting active buttons or links.

4. Color Name: Mint Green
   Hex Code: 
                            
                            #98DDCA
                        
   Description: A fresh and invigorating green shade that adds a modern and lively touch. Suitable for accents, icons, or call-to-action buttons.

5. Color Name: Charcoal Black
   Hex Code: 
                            
                            #333333
                        
   Description: A deep and rich black color that adds contrast and elegance to the design. Perfect for text, headings, or important elements.

6. Color Name: Coral Pink
   Hex Code: 
                            
                            #FF6B6B
                        
   Description: A warm and energetic pink shade that brings a modern and playful vibe. Ideal for highlighting errors or important notifications.

This color palette combines contemporary shades of white, gray, blue, green, black, and pink to create a modern and engaging visual experience for a text editor.