<PAGE>


                                                                  Exhibit 10.10



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                          CORPORATE GUARANTEE SCHEDULE

          HONG KONG SHANGHAI BANK BANKING CORPORATION LIMITED ("HSBC")
                    CREDIT FACILITY AND FACTORING AGREEMENTS
-------------------------------------------------------------------------------
 N0.     Guarantee Date          Facility Date       GUARANTEE AMOUNT(1)
-------------------------------------------------------------------------------
1.     August 19, 1999          April 30, 1999         USD4,200,000
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2.     September 29, 1999       September 8, 1999      USD18,000,000
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3.     November 11, 1999        September 8, 1999      USD4,000,000
-------------------------------------------------------------------------------
4.     August 28,2000           July 31, 2000          USD5,500,000
-------------------------------------------------------------------------------
5.     December 16, 2003        November 7, 2003       EUR380,000
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6.     January 31, 2004         November 7, 2003       USD10,300,000
-------------------------------------------------------------------------------
7.     June 3, 2004             April 23, 2004         EUR10,000,000
-------------------------------------------------------------------------------









---------------

(1) At July 3, 2004, the aggregate indebtedness outstanding and thus subject to
these guarantees was $9.2 million, consisting of approximately $6.2 million
under the Euro denominated facilities and approximately $3.0 million under the
Hong Kong Dollar denominated facilities.




<PAGE>



                                       1



                  Dated the ___ day of________________________






                              CONCORD CAMERA CORP.
                                 (as Guarantor)





                                   In favor of



                            THE HONGKONG AND SHANGHAI
                           BANKING CORPORATION LIMITED
                                   (as Lender)





                    -----------------------------------------

                                    GUARANTEE


                              of the liabilities of


                            CONCORD CAMERA HK LIMITED

                ------------------------------------------------



<PAGE>

                                       2


THIS GUARANTEE                      is made the ___ day of ____________________
--------------

BETWEEN:

(1)      CONCORD CAMERA CORP. a corporation incorporated under the laws of the
         State of New Jersey, the United States of America and having its
         registered office at 28 West State Street, Trenton, New Jersey 08608,
         the United States of America and a place of business at 4000 Hollywood
         Boulevard, Presidential Circle, Suite 650N, Hollywood, Florida 33021,
         the United States of America ("the Guarantor"); and

(2)      THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED whose registered
         office is at No. 1 Queen's Road, Central, Hong Kong ("the Lender").

WHEREAS:

(1)      By a Facility Letter dated the ____ day of _________ ____ ("the
         Agreement", which expression shall include such Facility Letter as from
         time to time supplemented or amended) from the Lender to CONCORD CAMERA
         HK LIMITED whose registered office is at 26th Floor, Central Plaza, No.
         18 Harbour Road, Hong Kong and a place of business at 14th Floor,
         Concord Technology Centre, No. 98 Texaco Road and No.57A Wang Wo Tsai
         Street, Tsuen Wan, New Territories ("the Borrower", which expression
         shall where the context permits or requires, include its successors and
         assigns) the Lender has agreed to make available to the Borrower
         certain general banking facilities ("the Facilities") subject to and
         upon the terms and conditions as therein mentioned.

(2)      It is (inter alia) a term of the Agreement that the Guarantor shall
         enter into this Guarantee in respect of the Borrower's obligations owed
         to the Lender and this Guarantee is accordingly supplemental to the
         Agreement.

<PAGE>


                                       3


NOW IT IS HEREBY AGREED as follows:
------------------------

1.       (a) Save as otherwise defined or re-defined herein expressions defined
         in the Agreement shall have the same meaning when used herein.

         (b) In this Guarantee, except where the context otherwise requires :

         "Guaranteed Indebtedness" means all moneys due or to become due by the
         Borrower, actually or contingently, to the Lender on any account or
         otherwise in any manner whatsoever whether under the Agreement or
         otherwise.

         "Hong Kong" means the Hong Kong Special Administrative Region of the
         People's Republic of China.

2.       (a) In consideration of the Lender agreeing to make the Facilities
         available to the Borrower at the request of the Guarantor, the
         Guarantor hereby guarantees, unconditionally and irrevocably, as
         principal debtor and not merely as surety, until final payment has been
         made, the due and prompt payment by the Borrower of the Guaranteed
         Indebtedness in the manner and at the times fixed or calculated for
         payment of the same under the Agreement or the relevant facility
         letter(s) or other instrument(s) and the Guarantor further guarantees,
         unconditionally and irrevocably, as principal obligor and not merely as
         surety, the due and punctual performance by the Borrower of all its
         obligations and liabilities under the Agreement or the relevant
         facility letter(s) or other instrument(s) so that whenever the Borrower
         fails to make payment of any Guaranteed Indebtedness in the manner
         provided and/or perform and observe any of its obligations and
         liabilities under the Agreement or the relevant facility letter(s) or
         other instrument(s) the Guarantor


<PAGE>

                                       4

         shall upon demand by the Lender cause forthwith to be paid the
         Guaranteed Indebtedness and/or performed and observed the obligations
         and liabilities in respect of which such default has been made in
         accordance with the provisions of the Agreement or the relevant
         facility letter(s) or other instrument(s) provided always that the
         Guarantor's liability under this Guarantee shall not in any event
         exceed United States Dollars ___________________________
         (USD_____________).

         (b) As a separate and independent stipulation, the Guarantor shall be
         liable for every payment to be made by the Borrower in respect of the
         Guaranteed Indebtedness and every obligation and liability to be
         performed and observed by the Borrower under the Agreement or the
         relevant facility letter(s) or other instrument(s) as if the Guarantor
         were the principal debtor and obligor in respect of such amount and
         liability and obligation and not merely surety, and without any
         requirement for the Lender first to have recourse against the Borrower
         or any other person, and the Guarantor's liability shall not be
         discharged, impaired or reduced by any time or indulgence granted to
         the Borrower or any other person by the Lender or by the Borrower or
         the Guarantor losing its separate identity or by any dealings or
         transactions between the Lender, the Borrower and the Guarantor or by
         any amendment or supplement to the Agreement or the relevant facility
         letter(s) or other instrument(s).

         (c) Any statement of account certifying the amount of the Guaranteed
         Indebtedness signed by any duly authorised officer of the Lender shall
         (save for any manifest error) be conclusive evidence as against the
         Guarantor of such amount.

3.       (a) The Guarantor makes the following representations and warranties to



<PAGE>


                                       5

         the Lender that :

         (i)      the Guarantor is a company duly incorporated with limited
                  liability and in good standing under the laws of the State of
                  New Jersey in the United States of America;

         (ii)     the Guarantor has the corporate power, the authority and the
                  legal capacity to give this Guarantee and to perform and
                  observe its obligations hereunder;

         (iii)    the execution, delivery and performance of this Guarantee has
                  been duly authorised by all necessary corporate action of the
                  Guarantor under all applicable laws and regulations of the
                  United States of America and Hong Kong;

         (iv)     this Guarantee, as executed and delivered, constitutes legal,
                  valid and binding obligations of the Guarantor enforceable in
                  accordance with its terms;

         (v)      the execution and delivery of, and the performance of the
                  provisions of, this Guarantee by the Guarantor do not, and
                  will not during the continuance of this Guarantee,

                  (a)      contravene any existing applicable law, ordinance,
                           regulation, decree or permit, or any order,
                           judgement, decree or award of any court or any
                           judicial, administrative or governmental authority,
                           department or agency presently in effect and
                           applicable to the Guarantor or any of its assets; or

<PAGE>

                                       6


                  (b)      contravene any contractual restriction binding on the
                           Guarantor or any of its assets; or

                  (c)      create or result in or (except as may be provided
                           herein) oblige the Guarantor to create any lien,
                           charge, security interest or other encumbrance on the
                           whole or any part of the Guarantor's property, assets
                           or revenues, present or future; or

                  (d)      cause any limit on any of the borrowing,
                           guaranteeing, charging or other powers of the
                           Guarantor, whether imposed by its Certificate of
                           Incorporation or other constitutional documents, or
                           by agreement, instrument or otherwise, or upon any of
                           the powers of its Board of Directors to exercise any
                           of its powers, or any other limit affecting the
                           Guarantor, to be exceeded;

         (vi)     all necessary governmental and other consents, authorities and
                  approvals (if any) for the Guarantor to execute this Guarantee
                  have been obtained and are in full force, validity and effect,
                  and as of the date of this Guarantee, no further governmental
                  or other consents, authorities or approvals are necessary for
                  the performance by the Guarantor of its obligations hereunder;

         (vii)    (save and except disclosed in writing by the Guarantor to the
                  Lender prior to the date hereof) there are no proceedings
                  pending before any court, tribunal, arbitrator, government
                  agency or administrative body against or threatened against
                  the Guarantor or any of its assets which if adversely
                  determined could or might result in any material adverse
                  change in the business or condition (financial or otherwise)
                  of the Guarantor or the ability of the


<PAGE>

                                       7


                  Guarantor to pay, if due, any sums and/or to perform any
                  obligations required by the teens and conditions of this
                  Guarantee;

         (viii)   the obligations of the Guarantor under this Guarantee are
                  direct, general and unconditional obligations of the Guarantor
                  and rank at least pari passu with all the Guarantor's other
                  present and future unsecured and unsubordinated indebtedness
                  and other obligations (including contingent obligations) with
                  the exception of indebtedness and other such obligations
                  mandatorily preferred by law and not by contract;

         (ix)     the Guarantor is not in material default under any statutory
                  or other requirements applicable to the Guarantor or in
                  default in the payment of any principal of or interest on any
                  indebtedness for borrowed money and is not in breach of or in
                  default under any other provision of any indenture, deed of
                  trust, agreement or other instrument to which it is a party
                  and under or subject to which any such indebtedness for
                  borrowed money has been issued and is outstanding and (to the
                  best of its knowledge and belief) no event, condition or act
                  which with the giving of notice or lapse of time, or both,
                  would constitute an event of default under any such indenture,
                  deed of trust, agreement or other instrument has occurred or
                  is continuing which has not been properly waived or remedied
                  thereunder; and

         (x)      the information contained in all accounts, certificates,
                  schedules or other documents supplied to the Lender relating
                  to the Guarantor is true and accurate in all respects, and the
                  opinions and forecasts expressed therein (if any) are honestly
                  held and have been made on a reasonable basis, and there are
                  no material facts relating to the Guarantor, which could or
                  might affect the willingness of a

<PAGE>

                                       8

                  reasonable party to rely on a guarantee from the Guarantor in
                  terms similar to the terms of this Guarantee, which have not
                  been disclosed to the Lender.

         (xi) the Borrower is a wholly owned subsidiary of the Guarantor.


(b)      The Guarantor further undertakes and/or covenants with the Lender:

         (i)      that each of the representations and warranties contained in
                  Clause 3(a) will be true and accurate in all respects until
                  the Guaranteed Indebtedness is fully repaid and settled by the
                  Borrower and/or the Guarantor;

         (ii)     that the Guarantor will promptly inform the Lender of the
                  occurrence of any event of which the Guarantor becomes aware
                  which, in the Guarantor's reasonable opinion, might adversely
                  affect the ability of the Borrower or the Guarantor fully to
                  perform their respective obligations under the Agreement
                  and/or any facility letter(s) or instrument(s) made with the
                  Lender and this Guarantee;

         (iii)    that the Guarantor will endeavour to obtain or cause to be
                  obtained every consent and approval and do, or cause to be
                  done, all other acts and things which may from time to time be
                  necessary or desirable for the continued due performance of
                  all the Guarantor's obligations hereunder;



<PAGE>

                                       9

         (iv)     that for so long as the Guaranteed Indebtedness remains
                  outstanding, this Guarantee will continue to rank at least
                  pari passu with the Guarantor's existing and future unsecured
                  and unsubordinated obligations with the exception of
                  indebtedness and other such obligations mandatorily preferred
                  by law and not by contract; and

         (v)      that for so long as the Guaranteed Indebtedness remains
                  outstanding, the Guarantor will not effect or allow any change
                  in its registered or beneficial ownership or shareholding
                  (whether immediate or ultimate) in the Borrower without the
                  prior written consent of the Lender.

4.       The Guarantor hereby further covenants and undertakes with the Lender
         that for so long as the Guaranteed Indebtedness remains outstanding,
         the Guarantor will provide the Lender promptly with all financial
         information relating to the Guarantor and the Borrower as the Lender
         may from time to time reasonably require, but no more frequently than
         quarterly.

5.       (a) The obligations of the Guarantor hereunder shall be a continuing
         security and shall be irrevocable and shall cover and secure the
         ultimate balance of the Guaranteed Indebtedness from time to time and
         any obligation and liability to be performed by the Borrower under the
         Agreement or any facility letter(s) or instrument(s) made with the
         Lender notwithstanding the liquidation, receivership, dissolution,
         winding-up, incapacity or any change in the Memorandum of Association,
         Articles of Association, By-laws or similar constitutional documents of
         the Borrower or of the Guarantor or the Lender's receipt of notice of
         any such occurrence or- any settlement of account or other matter
         whatsoever which but for this provision might operate to release or
         otherwise exonerate the Guarantor from its obligations hereunder.



<PAGE>

                                       10


         (b) The obligations of the Guarantor hereunder are in addition to and
         not in substitution for any other guarantee, indemnity, pledge,
         assurance, lien, bill, note, mortgage, charge, debenture, or other
         security now or hereafter held by the Lender in respect of the
         Guaranteed Indebtedness.

         (c) The Lender may at any time or times and notwithstanding the
         determination of this Guarantee continue any account of the Borrower or
         open one or more new accounts and no liability actual or contingent of
         the Guarantor shall in any manner be reduced or affected by any payment
         subsequent to such determination into or out of any such account or by
         any transactions subsequent to such determination on any account.

6.       Should any purported obligation of the Borrower or the Guarantor, which
         if valid or enforceable would be the subject of this Guarantee, be or
         become wholly or in part invalid or unenforceable against the Borrower
         or the Guarantor by reason of any defect in or insufficiency or want of
         powers of the Borrower or the Guarantor or irregular or improper
         purported exercise thereof or breach or want of authority by any person
         purporting to act on behalf of the Borrower or the Guarantor or because
         any rights of the Lender have become barred by reason of any legal
         limitation, disability, incapacity or any other fact or circumstance
         whether or not always known to the Lender or if for any other reason
         whatsoever the Borrower is not or ceases to be legally liable to
         discharge any money, obligation or liability, the Guarantor shall
         nevertheless be liable to the Lender (notwithstanding the avoidance or
         invalidity of any assurance, security or payment on any ground
         whatsoever including (without limitation) avoidance under any



<PAGE>

                                       11

         enactment relating to liquidation) in respect of that purported
         obligation or liability as if the same were wholly valid and
         enforceable and the Guarantor was the principal debtor and obligor in
         respect thereof. The Lender is not to be concerned to see or enquire
         into the powers of the Borrower and the Guarantor or any of their
         officers, employees or agents purporting to act on their respective
         behalf. The Guarantor hereby agrees to keep the Lender fully
         indemnified against all damages, losses, costs and expenses arising
         from any failure of the Borrower or the Guarantor to carry out any such
         purported obligation.

7.       The Guarantor agrees that the Lender may from time to time without
         discharging or in any way affecting the liability of the Guarantor
         hereunder and without the assent or knowledge of the Guarantor grant to
         the Borrower any time or indulgence or renew any bills, promissory
         notes or other negotiable or non-negotiable instruments or securities,
         give up, deal with, exchange, vary, realise, release or abstain from
         perfecting or enforcing any guarantees, liens, bills, notes, mortgages,
         securities or other rights which the Lender may now or hereafter have
         from or against the Borrower whether hereunder or otherwise, and may or
         procure to renew, determine, vary or increase the maximum amount of the
         Facilities or any terms and conditions hereof or thereof or any credit
         or facilities to or the terms or conditions in respect of any
         transaction with the Borrower or compound with, discharge, release or
         vary the liability of the Borrower or concur in accepting or varying
         any compromise, arrangement or settlement or omit to claim or enforce
         payment of any dividend or composition or to agree to any amendment of
         or supplement to the Agreement or any facility letter(s) or similar
         instrument(s), when and in such manner as the Lender may think
         expedient and no such act or omission on the part of the Lender shall
         in any way discharge or diminish the validity hereof or affect the
         liability of the Guarantor hereunder. The Lender may enforce this
         Guarantee


<PAGE>

                                       12


         notwithstanding that the Lender may hold any other guarantee, lien or
         security or have any outstanding remedy against the Borrower or the
         Guarantor.

8.       The Guarantor declares that it has not received any security for giving
         this Guarantee and agrees that should any such security be created
         while the Guaranteed Indebtedness remains undischarged any such
         security shall be forthwith pledged or sub-pledged to the Lender to
         secure the obligations of the Guarantor hereunder and shall forthwith
         be deposited with the Lender accordingly. The Guarantor agrees that if
         default is made in observing the preceding provisions of this Clause 8,
         any security taken in contravention and all moneys at any time received
         in respect thereof shall be held in trust for the Lender as security
         for the liability of the Guarantor to the Lender hereunder.

9.       Where applicable, the Guarantor agrees that the Lender shall be
         entitled at any time after the Guarantor fails to perform its
         obligations hereunder when due without notice to set off or transfer
         any moneys standing to the credit of the Guarantor in any account with
         the Lender (whether current, deposit or of any other nature whatsoever
         wheresoever located and whether subject to notice or not) in any
         currency against the liability of the Guarantor hereunder and that the
         Lender shall have a lien on and be entitled to retain as security for
         the liabilities of the Guarantor hereunder any cheques, drafts, bills,
         notes or negotiable or non-negotiable instruments and any stocks,
         shares or marketable securities and goods and chattels of all kinds of
         the Guarantor from time to time deposited with the Lender whether held
         for safe custody or otherwise.

10.      This Guarantee shall apply to the ultimate balance of the Guaranteed
         Indebtedness and until all moneys, obligations and liabilities due



<PAGE>


                                       13



         hereunder have been paid, discharged and satisfied in full (which
         expression shall not embrace payment of a dividend in liquidation
         winding-up of less than one hundred per cent (100%)), the Guarantor
         waives all rights of subrogation (whether statutory, arising at common
         law or equity, or howsoever) and agrees not to demand or accept
         repayment in whole or in part of any loans or advances then or
         thereafter due to the Guarantor from the Borrower or to demand or
         accept any security in respect thereof or to assign the same or charge
         the same as security or to take any step to enforce any right against
         the Borrower or to claim any set-off or counterclaim against the
         Borrower or to claim or prove in competition with the Lender in the
         liquidation winding-up, or have the benefit of any share in any payment
         or composition from, the Borrower or any other person or in any
         guarantee or security now or hereafter held by the Lender.

11.      (a) Any release, discharge or settlement between the Lender and the
         Guarantor shall be conditional upon no security, disposition or payment
         to the Lender by the Borrower, the Guarantor or any other person in
         respect of the moneys hereby guaranteed being avoided or reduced or
         repaid pursuant to any provisions or enactments relating to
         liquidation, receivership, dissolution, winding-up, or circumstances
         analogous thereto and, in the event that the Lender becomes liable to
         repay any moneys paid to the Lender hereunder or under the Agreement or
         any facility letter(s) or similar instrument(s) or any other documents
         executed as security for the obligations of the Borrower on the grounds
         of fraudulent preference or otherwise, the liability of the Guarantor
         hereunder shall be computed as if such moneys had never been paid to
         the Lender and the Lender shall be entitled to enforce this Guarantee
         against the Guarantor as if such release, discharge or settlement had
         not occurred.



<PAGE>

                                       14


         (b) The Lender shall be entitled to retain any security held by it in
         respect of the liabilities of the Guarantor hereunder for a period of
         seven (7) months after the payment, discharge or satisfaction of all
         moneys payable to the Lender and all obligations to be performed under
         the Agreement or the relevant facility letter(s) or instrument(s) or,
         in the event of the commencement of liquidating, receivership,
         dissolution or winding-up of the Borrower or the Guarantor prior to the
         termination of such period of seven (7) months for such further period
         as the Lender may determine and to enforce such security subsequently
         as if such release, discharge or settlement had not occurred.

         (c) The Lender is hereby authorised to exercise at any time after the
         occurrence of an event of default under the Agreement or any relevant
         facility letter(s) or instrument(s) a lien over all the property of the
         Guarantor coming into its possession or control for any reason
         whatsoever, and whether or not in the ordinary course of business, with
         power for the Lender to sell such property, if necessary, to satisfy
         any liabilities whatsoever of the Guarantor to the Lender.

12.      (a) No waiver of any of the rights or powers of the Lender or any
         consent by the Lender shall be valid unless signed by the Lender in
         writing.

         (b) Time is of the essence of this Guarantee, but no failure or delay
         by the Lender in exercising any right, power or privilege hereunder
         shall operate as a waiver thereof, nor shall any single or partial
         exercise preclude any other or further exercise thereof or the exercise
         or enforcement of any other right, power or privilege. The rights and
         remedies herein provided are cumulative and not exclusive of any rights
         and remedies provided by law.

13. Any money received by virtue of or in connection with this Guarantee



<PAGE>


                                       15


         may be placed to the credit of a suspense account for so long as the
         Lender may determine with a view to reserving the rights of the Lender
         to prove for the whole of its claim against the Borrower in the event
         of any proceedings in or analogous to liquidation, winding-up,
         composition or arrangement or for any other purpose whatsoever.

14.      All payments by the Guarantor hereunder shall be made in full without
         set-off or counterclaim and without deduction or withholding whatsoever
         in respect of any present or future taxes or other charges (including
         but not limited to any withholding taxes) unless the Guarantor is
         compelled by law to make any such deduction or withholding in which
         case he will promptly pay to the Lender such additional amounts as may
         be necessary to ensure that the net amount received by the Lender will
         be equal to the full amount which would have been received had no such
         deduction or withholding been made.

15.      (a) This Guarantee shall be binding upon and enure to the benefit of
         the parties hereto and their respective successors and assigns except
         the Guarantor may not assign or transfer any of its rights, benefits,
         duties or obligations hereunder.

         (b) If the Lender shall assign the whole or any part of its rights
         under the Agreement or the relevant facility letter(s) or
         instrument(s), the Lender may also assign the whole or the appropriate
         portion of its rights hereunder, in which event references herein to
         the Lender shall thenceforth be deemed to include a reference to each
         assignee to the extent of its interest. The assignees shall not exceed
         five (5) in number.

         (c) Any representations, warranties, undertakings and arrangements on
         the part of the Guarantor hereunder shall survive the making of any
         assignment by the Lender hereunder or under any other security


<PAGE>

                                       16


         documents held by the Lender in respect of the Guaranteed Indebtedness
         and/or the obligations and liabilities of the Borrower under the
         Agreement or any other facility letter(s) or similar instrument(s) to
         which it is a party, the change in the name of the Lender or the
         Lender's amalgamation with, or absorption by any other corporation.

16. (a) Every notice or communication under this Guarantee must be in writing
and may, without prejudice to any other form of delivery, be delivered
personally or sent by post or transmitted by fax or telex.

         (b)      (i) In the case of posting, the envelope containing the notice
                  or communication must be addressed to the intended recipient
                  at the authorised address of that party and must be properly
                  stamped or have the proper postage prepaid for delivery by
                  the, most expeditious service available (which will be airmail
                  for an overseas address if that service is available) and, in
                  the case of a fax, the transmission must be sent to the
                  intended recipient at the authorised number of that party.

                  (ii) Subject to Clause 16(c), the authorised address and fax
                  numbers of each party, for the purpose of this Clause 16, are
                  as follows :

                        The Hongkong and Shanghai Banking Corporation Limited
                        -----------------------------------------------------
                        Address : One Queen's Road Central, Hong Kong
                        Fax : (852) 2899-8846
                        For the attention of: The Relationship Manager,
                            Division E
                            Commercial Banking


<PAGE>

                                       17


                        Concord Camera Corp:
                        Address: 4000 Hollywood Boulevard - Suite 650-N,
                                 Hollywood, Florida 33021, the United States of
                                 America
                        Fax :    1 (954) 981-3119
                        For the attention of : __________________

         (c) No change in any of the particulars set out in Clause 16(b)(ii)
         will be effective against a party until it has been notified to that
         party in writing.

         (d) A notice or communication will be deemed to have been duly given by
         the Lender and received by the Guarantor :

                  (i) on personal delivery to any director or the secretary of
                  the Guarantor or on business day to a place for the receipt of
                  letters at the Guarantor's authorised address;

                  (ii) in the case of posting, where the Guarantor's authorised
                  address is in the same country as the country of posting, at
                  10:00 a.m. (local time at the place where the address is
                  located) on the second business day after the day of posting.

                  (iii) in the case of posting, where the Guarantor's authorised
                  address is not in the same country as the country of posting,
                  at 10:00 a.m. (local time at the place where that address is
                  located) on the fifth business day after the day of posting;
                  and

                  (iv) in the case of a fax, on issue to the Lender of an O.K.
                  result



<PAGE>

                                       18


                  confirmation report or, if the day of issue is not a business
                  day, at 10:00 a.m. (local time where the authorised fax number
                  of the Guarantor is located) on the next business day.

         (e) A notice of communication served on the Lender will only be deemed
         to be duly given by the Guarantor and received by the Lender upon
         actual receipt by the Lender.

         (f) For the purpose of Clause 16(d), a "BUSINESS DAY" means a day which
         is not a Saturday or a Sunday or a public holiday in the country of
         posting or transmission or in the country where the authorised address
         or fax number of the intended recipient is located and, where a notice
         is posted, which is not a day when there is a disruption of postal
         services in either country which prevents collection or delivery.

17.      If any one or more of the provisions of this Guarantee, or any part
         hereof, shall be declared or adjudged to be illegal, invalid or
         unenforceable under any applicable law, such provision shall, to the
         extent required by such law, be severed from this Guarantee and
         rendered ineffective so far as is possible, without vitiating any of
         the other provisions of this Guarantee, which shall remain in full
         force, validity and effect. Where, however, the provisions of any such
         applicable law may be waived, they are hereby waived by the parties
         hereto to the full extent permitted by such law to the end that this
         Guarantee shall be valid, binding and enforceable in accordance with
         its terms.

18.      (a) This Guarantee and the rights and obligations of the parties
         hereunder shall be governed by and construed and interpreted in all
         respects in accordance with the laws of Hong Kong, and the parties
         hereto hereby submit to the non-exclusive jurisdiction of the Hong Kong
         Courts. The



<PAGE>

                                       19


         submission of the Guarantor to the jurisdiction of the Hong Kong Courts
         shall not restrict the right of the Lender to take proceedings against
         the Guarantor in any other courts having, claiming or accepting
         jurisdiction over the Guarantor or any of its assets, nor shall the
         taking or proceedings in any one or more jurisdictions preclude the
         taking of proceedings in any other jurisdiction whether concurrently or
         not.

         (b) The Guarantor agrees that in any legal action or proceedings
         against it or its assets in connection with this Guarantee no immunity
         from such legal action or proceedings shall be claimed by or on behalf
         of the Guarantor or with respect to its assets, and the Guarantor
         irrevocably waives any such right of immunity which it or its assets
         now have or may hereafter acquire or which may be attributed to it or
         its assets and consents generally in respect of any such legal action
         or proceedings to the giving of any relief or the issue of any proceed
         in connection with such action or proceedings including, without
         limitation, the making, enforcement or execution against any property
         whatsoever, of any order or judgment which may be made or given in such
         action or proceedings.

         (c) The Guarantor hereby irrevocably appoints the Borrower to be its
         agent for the purpose of accepting service of any legal process
         hereunder (at its registered office or its last known place of business
         in Hong Kong), but the Lender reserves the right to serve process on
         the Guarantor in any other manner permitted by law.

19.      The Guarantor shall be liable for all costs, charges and expenses
         (including legal fees) incurred by the Lender in connection with the
         preparation, execution, variation, release and enforcement of this
         Guarantee.


<PAGE>

                                       20

20.      (a) This Guarantee may only be varied or modified by supplemental
         agreement or other document executed by both the Guarantor and the
         Lender.

         (b) No provision hereof may be amended, waived, discharged or
         terminated orally, except only by an instrument in writing signed by
         the party against whom enforcement of the amendment, waiver, discharge
         or termination is sought.

21.      This Guarantee may be executed in any number of counterparts and by the
         different parties hereto on separate counterparts, each of which when
         so executed and delivered shall be an original but all of which shall
         together constitute one and the same instrument.

                  IN WITNESS whereof the Guarantor has duly executed this
Guarantee the day and year first above written.


The Guarantor

SEALED with the COMMON SEAL         )
of CONCORD CAMERA CORP.             )
and SIGNED by                       )
                                    )
-------------------------           )
                                    )
in the presence of:                 )
                                    )
-------------------------           )
                                    )