LETTER OF REAFFIRMATION OF ABSOLUTE ASSIGNMENT OF FRANCHISEE NOTES AND PROCEEDS
DUE, ASSIGNMENT OF RENTS AND SUBLEASES, PLEDGE AGREEMENT, AND UNITED STATES
TRADEMARK COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT
       
DATED: 
TO:
As of March 31, 2010
Manufacturers and Traders Trust Company
One M & T Plaza, Buffalo, New York 14240
 

Re:                      ABSOLUTE ASSIGNMENT OF FRANCHISEE NOTES AND PROCEEDS
DUE (“Assignment of Franchisee Notes”), ASSIGNMENT OF RENTS AND SUBLEASES
(“Assignment of Rents”), PLEDGE AGREEMENT (“Pledge Agreement”), AND UNITED
STATES TRADEMARK COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT (“Assignment of
Trademarks”) each dated as of August 7, 2007 (collectively, the “Security
Documents”), executed and delivered by EMERGING VISION, INC. (“Borrower”) to
MANUFACTURERS AND TRADERS TRUST COMPANY (the “Bank") in connection with loans
made to EMERGING VISION, INC. by Manufacturers and Traders Trust Company
(collectively, the “Loan”).

Dear Sirs:

Each of the undersigned hereby reaffirms and ratifies all the terms, conditions,
representations, and covenants contained in the Security Documents and certifies
that there are no defenses, offsets, or counterclaims thereto as of the date
hereof.

Each of the undersigned further covenants and agrees (i) that the security
interests, pledges and assignments granted to Manufacturers and Traders Trust
Company by the Security Documents and respectively as appropriate perfected by
subsequent UCC-1 filings, remain in full force and effect as set forth therein
and that same continue to constitute a binding first security interest in the
stated assets of each of the undersigned securing the Borrower’s and each of the
undersigned’s debt to Manufacturers and Traders Trust Company and that they are
unaffected by the execution of that certain NON-REVOLVING LINE OF CREDIT
AGREEMENT in the amount of $4,251,921.13 and TERM LOAN NOTE in the amount of
$1,000,000.00 evidencing, among other things, (i) the reduction of the Maximum
Loan Amount available under the Line of Credit Loan, (ii) the conversion of the
outstanding balance under the line of credit to a term loan, and (iii) the
revision of certain financial covenants as set forth therein, and of any related
documents, each dated of even date herewith, copies of which each of the
undersigned acknowledges having received and reviewed and hereby consent to, and
(ii) that the Security Documents are in full force and effect.

Each of the undersigned further covenants and certifies that the attached
Exhibit “A” represents the current list of Franchisee Notes assigned and
delivered to the Bank by virtue of the Assignment of Fanchisee Notes reaffirmed
hereby and such notes are incorporated in the Assignment of Fanchisee Notes by
reference herein, and that the attached Exhibit “B” represents the current
subsidiaries whose rents and subleases are assigned to the Bank by virtue of the
Assignment of Rents as amended of even date herewith by revised Assignment of
Rents and reaffirmed hereby and such subleases/rents are incorporated in  the
Assignment of Rents by reference herein.

 
 

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Very truly yours,

EMERGING VISION, INC.

By:           /s/ Glenn
Spina                                                      
Glenn Spina, Its Chief Executive Officer

OG ACQUISITION, INC.

By:           /s/ Glenn
Spina                                                      
Glenn Spina, Its Chief Executive Officer

ACKNOWLEDGMENT

STATE OF NEW YORK    )
        : SS.
COUNTY OF NASSAU    )

On the 13th day of April, in the year 2010, before me, the undersigned, a Notary
Public in and for said State, personally appeared GLEN SPINA, personally known
to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

 /s/ Barbara C. Kegel   
Notary Public

 
 

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EXHIBIT “A” – NOTES RECEIVABLE:

Notes Receivable as of 4/1/2010 :

1)

Payor:           
 
John Belotti
Date of Note:
 
6/1/2006
Amount:
 
$75,000
Maturity Date:                                
 
5/1/2010

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2)
 
Payor:           
 
Ashraf Hosseini
Date of Note:
 
8/15/2006
Amount:
 
$40,000
Maturity Date:                                
 
1/1/2012

 

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3) NEW)
 
Payor:           
 
 Nicholas Siskos
Date of Note:
 
 10/1/2009
Amount:
 
$48,500
Maturity Date:                                
 
3/1/2014

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4) NEW)
 
Payor:           
 
Renata Nannetti
Date of Note:
 
 6/1/2010
Amount:
 
$50,000
Maturity Date:                                
5/1/2013
 

 
 
 

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5) NEW)
 
Payor:           
 
Renata Nannetti
Date of Note:
 
 6/1/2010
Amount:
 
$8,000
Maturity Date:                                
 
9/1/2011

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6) NEW)
 
Payor:           
 
Dr. Joseph Bistricer
Date of Note:
 
1/1/2009
Amount:
 
$130,862
Maturity Date:                                
12/1/2013

 

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7) NEW)
 
Payor:           
 
Sharon Chambry
Date of Note:
 
12/1/2007
Amount:
 
$95,791
Maturity Date:                                
 
11/1/2010

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8) NEW)
 
Payor:           
 
Dr. Joel Kaplan
Date of Note:
 
7/1/2009
Amount:
 
$10,000
Maturity Date:                                
 
6/1/2010

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9) NEW)
 
Payor:           
 
Javier Martinez
Date of Note:
 
1/1/2008
Amount:
 
$10,000
Maturity Date:                                
 
12/1/2017

 

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10) NEW)
 
Payor:           
 
 Sheena Tillman
Date of Note:
 
7/15/2009
Amount:
 
$60,000
Maturity Date:                                
 
6/15/2012

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11) NEW)
 
Payor:           
 
Nicholas Siskos
Date of Note:
 
3/5/2009
Amount:
 
$10,000
Maturity Date:                                
 
3/5/2010

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12) NEW)
 
Payor:           
 
Dr. Kamal Zafar
Date of Note:
 
2/1/2009
Amount:
 
$11,500
Maturity Date:                                
 
1/1/2010

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13) NEW)
 
Payor:           
 
Dr. Martin Liebowitz
Date of Note:
 
3/22/2009
Amount:
 
$5,000
Maturity Date:                                
 
3/22/2010

 
 

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14) NEW)
 
Payor:           
 
Dr. Martin Liebowitz
Date of Note:
 
3/22/2009
Amount:
 
$3,600
Maturity Date:                                
 
8/22/2010

 

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 15) NEW)
 
Payor:           
 
Tonya Maks & Olga Shapiro
Date of Note:
 
6/1/2009
Amount:
 
$10,000
Maturity Date:                                
 
10/1/2009

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16) NEW)
 
Payor:           
 
Tonya Maks & Olga Shapiro
Date of Note:
 
6/1/2009
Amount:
 
$3,600
Maturity Date:                                
 
11/1/2010

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17) NEW)
 
Payor:           
 
Donovan Knight
Date of Note:
 
2/1/2009
Amount:
 
$85,000
Maturity Date:                                
 
1/1/2014

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18) NEW)
 
Payor:           
 
Ashraf Hosseini
Date of Note:
 
4/1/2009
Amount:
 
$94,524
Maturity Date:                                
 
11/1/2011

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19) NEW)
 
Payor:
 
Donovan Knight
Date of Note:
 
8/1/2009
Amount:
 
$67,246
Maturity Date:                                
 
 2/1/2010

                                                           

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20) NEW)
 
Payor:           
 
Don Galle
Date of Note:
 
5/15/2009
Amount:
 
$10,000
Maturity Date:                                
 
4/15/2012

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EXHIBIT “B” – RENT/SUBLEASE ASSIGNORS:
 

 
EMERGING BUSINESS BROKERAGE, INC.

 
EMERGING VISION KING OF PRUSSIA, INC.

 
EMERGING VISION USA, INC.

 
EV ACQUISITION, INC.

 
EV CONTACTS, INC.

 
INSIGHT IPA OF NEW YORK, INC.

 
OPTI-CAPITAL, INC.

 
SINGER SPECS OF WESTMORELAND, INC.

 
SINGER SPECS, INC.

 
STERLING OPTICAL OF BAYSHORE, INC.

 
STERLING OPTICAL OF CHAUTAUQUA, INC.

 
STERLING OPTICAL OF COLLEGE POINT, INC.

 
STERLING OPTICAL OF COMMACK, INC.

 
STERLING OPTICAL OF CP, INC.

 
STERLING OPTICAL OF CROSSGATES MALL, INC.

 
STERLING OPTICAL OF GRAND FORKS, INC.

 
STERLING OPTICAL OF HUNTINGTON, INC.

 
STERLING OPTICAL OF IVERSON, INC.

 
STERLING OPTICAL OF JEFFERSON VALLEY, INC.

 
STERLING OPTICAL OF LAVALE, INC.

 
STERLING OPTICAL OF NEWBURGH, INC.

 
STERLING OPTICAL OF ROCKAWAY, INC.

 
STERLING OPTICAL OF WARMINSTER, INC.

 
STERLING OPTICAL OF WAYNE, INC.

 
STERLING OPTICAL OF WEST HEMPSTEAD, INC.

 
STERLING OPTICAL OF WESTMORELAND, INC.

 
STERLING OPTICAL OF W.P ROAD, INC.

 
STERLING U.S.A, INC.

 
STERLING VISION BOS, INC.

 
STERLING VISION DKM, INC.

 
STERLING VISION OF 794 LEXINGTON, INC.

 
STERLING VISION OF AVIATION MALL, INC.

 
STERLING VISION OF ANNAPOLIS, INC.

 
STERLING VISION OF ARNOT MALL, INC.

 
STERLING VISION OF BEAVER DAM, INC.

 
STERLING VISION OF BLASDELL, INC.

 
STERLING VISION OF BROOKFIELD SQUARE, INC.

 
STERLING VISION OF CALIFORNIA, INC.

 
STERLING VISION OF CAMBRIDGE SQUARE, INC.

 
STERLING VISION OF CAMP HILL, INC.

 
STERLING VISION OF CLIFTON PARK, INC.

 
STERLING VISION OF COLUMBIA MALL, INC.

 
STERLING VISION OF DELAFIELD, INC.

 
STERLING VISION OF DULLES, INC.

 
STERLING VISION OF EAST ROCKAWAY, INC.

 
STERLING VISION OF FAIR OAKS, INC.

 
STERLING VISION OF FULTON ST., INC.

 
STERLING VISION OF GREEN ACRES, INC.

 
STERLING VISION OF HAGERSTOWN, INC.

 
STERLING VISION OF HEMPSTEAD, INC.

 
STERLING VISION OF IRONDEQUOIT, INC.

 
STERLING VISION OF ISLANDIA, INC.

 
STERLING VISION OF JOHNSON CITY, INC.

 
STERLING VISION OF KENOSHA, INC.

 
STERLING VISION OF M STREET, INC.

 
STERLING VISION OF MENLO PARK, INC.

 
STERLING VISION OF MONTGOMERY MALL, INC.

 
STERLING VISION OF MYRTLE AVE., INC.

 
STERLING VISION OF NANUET, INC.

 
STERLING VISION OF NEWPARK, INC.

 
STERLING VISION OF OLEAN, INC.

 
STERLING VISION OF ONTARIO MILLS, INC.

 
STERLING VISION OF OWINGS MILLS, INC.

 
STERLING VISION OF PARAMUS PARK, INC.

 
STERLING VISION OF POTOMAC MILLS, INC.

 
STERLING VISION OF SOUTHTOWNE PLAZA, INC.

 
STERLING VISION OF SPOTSYLVANIA, INC.

 
STERLING VISION OF STATEN ISLAND, INC.

 
STERLING VISION OF WESTMINSTER, INC.

 
VISIONCARE OF CALIFORNIA.

 
VISION OPTICAL CO.