Document:

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                                                                   EXHIBIT 10.70

                                                                  EXECUTION COPY

                                     WAIVER

                WAIVER (this "Waiver") dated as of May 9, 2003 to the Amended
and Restated Credit Agreement, dated as of May 23, 2002 (as amended,
supplemented or otherwise modified from time to time the "Credit Agreement among
COLE VISION CORPORATION, a Delaware corporation ("Cole Vision"), THINGS
REMEMBERED, INC., a Delaware corporation ("Things Remembered"), and PEARLE,
INC., a Delaware corporation ("Pearle"; Cole Vision. Things Remembered, and
Pearle each being referred to as a "Borrower" and collectively as the
"Borrowers"), the several banks and other financial institutions from time to
time parties thereto (collectively, the "Lenders"), LEHMAN COMMERCIAL PAPER
INC., as syndication agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
documentation agent and CANADIAN IMPERIAL BANK OF COMMERCE, a Canadian-chartered
bank acting through its New York Agency, as administrative agent for the Lenders
thereunder (in such capacity, the "Administrative Agent").

                                   WITNESSETH:

                WHEREAS, the Borrowers, the Lenders and the Administrative Agent
are parties to the Credit Agreement; and

                WHEREAS, the Borrowers have requested that violations of a
certain covenant in the Credit Agreement be waived in the manner provided for in
this Waiver and the Lenders are willing to waive such violations, but only upon
the terms and subject to the conditions set forth herein;

                NOW, THEREFORE, the parties hereto agree as follows:

                SECTION 1. Defined Terms. Terms defined in the Credit Agreement
and used herein shall have the meanings given to them in the Credit Agreement.

                SECTION 2. Waiver. The Lenders hereby waive any violation of
Section 8.1(a) of the Credit Agreement that has resulted as of the end of the
fiscal quarters ended May 4, 2002, August 3, 2002, November 2, 2002 and February
1, 2003 or that may result as of the end of the fiscal quarter ending May 3,
2003, provided that such waiver shall automatically terminate and have no
further force or effect if (a) it shall be determined that the Leverage Ratio
exceeded 4.45 to 1.00 as of February 1, 2003 or (b) on any date during the
period from February 2, 2003 through the date upon which such waiver shall
expire pursuant to the immediately succeeding sentence, the ratio of (i) Total
Indebtedness on such date to (ii) EBITDA for the twelve-month period most
recently ended prior to such date for which financial statements shall have been
delivered to each Lender pursuant to Section 7.1(c) of the Credit Agreement
shall be determined to have exceeded, or shall exceed, as the case may be, 4.45
to 1.00. The waivers set forth in this Section shall expire and have no further
force or effect on (x) May 17, 2003, if the Borrowers have not then furnished to
each Lender CNG's Form 10-K for the fiscal year ended February 1, 2003 and CNG's
restated Form lO-Q's for the fiscal quarters ended May 4,2002, August 3, 2002

<PAGE>

and November 2, 2002, (y) May 23, 2003, if the Borrowers have not then furnished
to each Lender the revised financial projections of the balance sheet, statement
of income and statement of cash flows on a Consolidated basis of CNG and its
Subsidiaries for fiscal years 2003 through 2006 (which shall be in reasonable
detail and on a quarter-by-quarter basis for fiscal years 2003 and 2004 and on a
year-by-year basis for fiscal years 2005 and 2006 and shall be accompanied by a
certificate of a Responsible Officer with respect thereto of a type described in
Section 7.2(c) of the Credit Agreement) or (z) June 30, 2003, otherwise. The
Lenders acknowledge and agree that the changes in the reported financial
condition of the Borrowers and their Subsidiaries as a result of the change in
accounting treatment that occurred in the fiscal fourth quarter of 2002 for,
among other things, sales of certain optical product warranties as a result of
the re-audit of the financial statements of the Borrowers and the Subsidiaries
for prior fiscal years by Deloitte & Touche, which have replaced Arthur Anderson
as the Borrowers' auditors, do not result in a Material Adverse Effect.

                SECTION 3. Representations and Warranties. After giving effect
to this Waiver, the Borrowers hereby confirm that the representations and
warranties set forth in Section 5 of the Credit Agreement are true and correct
in all material respects on and as of the date hereof as if made on and as of
such date. Each Borrower represents and warrants that, after giving effect to
this Waiver, no Default or Event of Default (other than any which has been
hereby waived) has occurred and is continuing.

                SECTION 4. Effectiveness. This Waiver shall become effective
upon execution and delivery by each of the Borrowers, the other Loan Parties,
the Administrative Agent and the Majority Lenders.

                SECTION 5. Continuing Effect of Credit Agreement. This Waiver
shall not constitute a waiver, amendment or modification of any other provision
of the Credit Agreement not expressly referred to herein and shall not be
construed as a waiver or consent to any further or future action on the part of
the Borrowers that would require a waiver or consent of the Lenders or the
Administrative Agent. The provisions of the Credit Agreement are and shall
remain in full force and effect.

                SECTION 6. Counterparts. This Waiver may be executed by one or
more of the parties hereto on any number of separate counterparts, and all such
counterparts shall be deemed to be one and the same instrument. Each party
hereto confirms that any facsimile copy of such party's executed counterpart of
this Waiver (or its signature page thereof) shall be deemed to be an executed
original thereof.

                SECTION 7. Expenses. The Borrowers agree to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation and execution of this
Waiver, including without limitation, the reasonable fees and disbursements of
counsel to the Administrative Agent.

                SECTION 8. GOVERNING LAW. THIS WAIVER SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

                IN WITNESS WHEREOF, the parties hereto have caused this Waiver
to be duly executed and delivered by their proper and duly authorized officers
as of the day and year first above written.

                             COLE VISION CORPORATION

                             By: /s/ JOSEPH GAGLIOTI
                                 ---------------------------------
                                 Title: Joseph Gaglioti
                                        Treasurer and Assistant Secretary

                             THINGS REMEMBERED, INC.

                             By: /s/ JOSEPH GAGLIOTI
                                 ---------------------------------
                                 Title: Joseph Gaglioti
                                        Treasurer and Assistant Secretary

                             PEARLE, INC.

                             By: /s/ JOSEPH GAGLIOTI
                                 ---------------------------------
                                 Title: Joseph Gaglioti
                                        Vice President, Treasurer and Asst. Sec.

                             CANADIAN IMPERIAL BANK OF
                             COMMERCE, NEW YORK AGENCY,
                             as Administrative Agent

                             By: /s/ GERALD GIRARDI
                                 ---------------------------------
                                 Title:    GERALD GIRARDI
                                         EXECUTIVE DIRECTOR
                                 CIBC WORLD MARKETS CORP., AS AGENT

<PAGE>

CIBC INC.

By: /s/ GERALD GIRARDI
    ---------------------------------
    Name:  GERALD GIRARDI
    Title: EXECUTIVE DIRECTOR
    CIBC WORLD MARKETS CORP., AS AGENT

<PAGE>

LEHMEN COMMERCIAL PAPER INC.

By: /s/ FRANCIS CHANG
    ---------------------------------
    Name:  FRANCIS CHANG
    Title: AUTHORIZED SIGNATORY

<PAGE>

WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ WILLIAM F.FOX
    ---------------------------------
    Name:  William F. Fox
    Title: Vice President

<PAGE>

KEYBANK NATIONAL ASSOCIATION

By: /s/ DAVID J. WECHTER, VP
    ---------------------------------
    Name:  David J. Wechter
    Title: Vice President

<PAGE>

FIFTH THIRD BANK

By: /s/ JAMES P. BYRNES
    ---------------------------------
    Name:  James P. Byrnes
    Title: Vice President

<PAGE>

                                   THINGS REMEMBERED PERSONALIZED
                                   GIFTS, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Treasurer and Asst. Secretary

                                   PEARLE VISION, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Vice President, Treasurer,
                                              Asst. Secretary

                                   AMERICAN VISION CENTERS, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Jossph Gaglioti
                                              Vice President, Treasurer,
                                              Asst. Secretary

                                   NUVISION, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Vice President, Treasurer,
                                              Asst. Secretary

<PAGE>

                                   The undersigned Guarantors do hereby consent
                                   and agree to the foregoing Waiver:

                                   COLE NATIONAL CORPORATION

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Vice President and Treasurer

                                   COLE NATIONAL GROUP, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Vice President and Treasurer

                                   BAY CITIES OPTICAL COMPANY

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Treasurer and Asst. Secretary

                                   WESTERN STATES OPTICAL, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Treasurer and Asst. Secretary

                                   COLE VISION SERVICES, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Treasurer

                                   COLE LENS SUPPLY, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Treasurer and Asst. Secretary<PAGE>
                                                                 Exhibit 10.26

                                 THIRD AMENDMENT

         THIRD AMENDMENT, dated as of December 16, 2002 (this "Amendment"), to
the Amended and Restated Credit Agreement, dated as of May 23, 2002 (as amended,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
among COLE VISION CORPORATION, a Delaware corporation ("Cole Vision"), THINGS
REMEMBERED, INC., a Delaware corporation ("Things Remembered"), and PEARLE,
INC., a Delaware corporation ("Pearle"; Cole Vision, Things Remembered, and
Pearle each being referred to as a "Borrower" and collectively as the
"Borrowers"), the several banks and other financial institutions from time to
time parties thereto (collectively, the "Lenders"), LEHMAN COMMERCIAL PAPER
INC., as syndication agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
documentation agent, and CANADIAN IMPERIAL BANK OF COMMERCE, a
Canadian-chartered bank acting through its New York Agency, as administrative
agent for the Lenders thereunder (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H:

         WHEREAS, the Borrowers, the Lenders and the Administrative Agent are
parties to the Credit Agreement;

         WHEREAS, the Borrowers and the other Loan Parties have requested that
the Administrative Agent and the Lenders amend the Credit Agreement as set forth
herein; and

         WHEREAS, the Administrative Agent and the Lenders are willing to effect
such amendment, but only upon the terms and subject to the conditions set forth
herein;

         NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other good and valuable consideration, the sufficiency
of which is hereby acknowledged, the Borrowers, the other Loan Parties, the
Lenders and the Administrative Agent hereby agree as follows:

     1. Defined Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement shall have such meanings when used herein.

     2. Amendments to Subsection 1.1.

         (a) The definition of "EBITDA" is hereby amended by deleting the phrase
"CNG and its Subsidiaries" and replacing it with the phrase "CNG, its
Subsidiaries and Newco".

         (b) The definition of "EBITDA" is hereby further amended by inserting
the following proviso at the end thereof:

                  ", provided that, in computing EBITDA for any period of four
         consecutive fiscal quarters which includes the fourth quarter of 2002
         but which does not in any event include any fiscal quarter after the
         third quarter of 2003, the Company shall be entitled to add back up to
         an amount not to exceed (x) $5,000,000 to reflect the effects of the
         change in accounting treatment that occurred in the fourth quarter of
         2002 for sales of certain optical product warranties and to reflect any
         other one-time non-recurring effects of the changes in accounting
         methods that occurred in the fourth quarter of 2002 as a result of the
         re-audit of the financial statements of the Borrowers and the
         Subsidiaries for prior fiscal years by Deloitte & Touche, which have
         replaced Arthur Anderson as the

<PAGE>

         Borrowers' auditors and (y) $2,000,000 to reflect the audit fees
         incurred in the fourth quarter of 2002 and the first quarter of 2003
         associated with the re-audit of prior period results".

         (c) The following definition of "Newco" is hereby inserted in
appropriate alphabetical order to read as follows:

         "Newco: Pearle Franchise Corporation, a Delaware corporation."

         (d) The definition of "Subsidiary" is hereby amended by inserting the
following proviso at the end of the second sentence thereof:

         ", provided that, with respect to the Borrowers, Newco shall not be
    considered a Subsidiary".

    3. Amendments to Subsection 8.5.

         (a) Subsection 8.5(b) is hereby amended by deleting the word "and" at
the end thereof.

         (b) Subsection 8.5(c) is hereby amended by deleting the period at the
end thereof and replacing it with a semicolon and the word "and".

         (c) A new Subsection 8.5(d) is hereby inserted to read as follows:

         "(d) Newco may be merged with or consolidated into Pearle Vision Inc.
     (provided that (i) Pearle Vision Inc. shall be the continuing or surviving
     corporation and (ii) after giving effect to such merger or consolidation,
     no Default or Event of Default shall be in existence)."

     4. Amendments to Subsection 8.9.

         (a) Subsection 8.9(h) is hereby amended by deleting the word "and" at
the end thereof.

         (b) Subsection 8.9(i) is hereby amended by relabelling it as Subsection
8.9(j).

         (c) A new Subsection 8.9(i) is hereby inserted to read as follows:

         "(i) a one-time cash capital contribution to Newco (and no other
     investments in or loans or advances to Newco) in an amount not to exceed
     $2,000,000, provided that prior to or contemporaneously with the making of
     such capital contribution all the requirements of subsection 7.10(a) with
     respect to Newco shall have been complied with and provided, further, that
     (i) the Borrowers shall not permit Newco to create, incur, assume or suffer
     to exist any Indebtedness, (ii) the Borrowers shall cause Newco to
     distribute to a Subsidiary by means of dividends any retained earnings in
     excess of $2,000,000 and (iii) the Borrowers shall not permit Newco to
     engage in any business other than the marketing and sale of franchises;
     and".

     5. Amendment to Subsection 8.10(x). Subsection 8.10(x) is hereby amended
by inserting the words "or Newco" after the words "or a Foreign Subsidiary".

<PAGE>

     6. Representations and Warranties. Each Borrower hereby confirms, reaffirms
and restates the representations and warranties made by it in Section 5 of the
Credit Agreement, provided that each reference to the Credit Agreement therein
shall be deemed to be a reference to the Credit Agreement after giving effect to
this Amendment. Each Borrower represents and warrants that, after giving effect
to this Amendment, no Default or Event of Default has occurred and is
continuing.

     7. Effectiveness. This Amendment shall be effective on the date upon which
(a) the Administrative Agent shall have received executed counterparts from each
of the Borrowers, the other Loan Parties, itself and the Majority Lenders and
(b) the Administrative Agent shall have received, on behalf of each Lender who
has executed this Amendment on or before December 20, 2002, an amendment fee
from the Parent Borrower in an amount equal to 0.10% of such Lender's Revolving
Credit Commitment.

     8. Continuing Effect of Credit Agreement. This Amendment shall not
constitute a waiver, amendment or modification of any other provision of the
Credit Agreement not expressly referred to herein and shall not be construed as
a waiver or consent to any further or future action on the part of the Borrowers
that would require a waiver or consent of the Lenders or the Administrative
Agent. Except as expressly amended or modified herein, the provisions of the
Credit Agreement are and shall remain in full force and effect.

     9. Counterparts. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts (including by
facsimile transmission), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. A set of the copies of this
Amendment signed by all the parties shall be lodged with the Borrowers and the
Administrative Agent.

     10. Payment of Expenses. The Borrowers agree, jointly and severally, to pay
or reimburse the Administrative Agent for all of its out-of-pocket costs and
expenses incurred in connection with the development, preparation and execution
of this Amendment and any other documents prepared in connection herewith, and
the consummation and administration of the transactions contemplated hereby,
including, without limitation, the reasonable fees and disbursements of counsel
to the Administrative Agent.

     11. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.

                                   COLE VISION CORPORATION

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer & Asst. Secretary

                                   THINGS REMEMBERED, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer & Asst. Secretary

                                   PEARL, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                              Vice President, Treasurer &
                                               Asst. Secretary

                                   CANADIAN IMPERIAL BANK OF
                                    COMMERCE, NEW YORK AGENCY,
                                    as Administrative Agent

                                   By:
                                      -----------------------------------
                                      Title

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

                           COLE VISION CORPORATION

                           By:
                              ------------------------------
                              Title:

                           THINGS REMEMBERED, INC.

                           By:
                              ------------------------------
                              Title:

                           PEARLE, INC.

                           By:
                              ------------------------------
                              Title:

                           CANADIAN IMPERIAL BANK OF
                            COMMERCE, NEW YORK AGENCY,
                            as Administrative Agent

                           By: /s/ GERALD GIRARDI
                              ------------------------------
                              Title: GERALD GIRARDI
                                    EXECUTIVE DIRECTOR
                            CIBC WORLD MARKETS CORP., AS AGENT

<PAGE>

CIBC INC.

By: /s/ GERALD GIRARDI
   ------------------------------
   Title: GERALD GIRARDI
         EXECUTIVE DIRECTOR
 CIBC WORLD MARKETS CORP., AS AGENT

<PAGE>

LEHMAN COMMERCIAL PAPER INC.

By: /s/ Francis Charg
   ------------------------------
   Title: Francis Charg
        Authorized Signatory

<PAGE>

WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ Thomas M. Harper
   ------------------------------
   Name: Thomas M. Harper
   Title:  Senior Vice President

<PAGE>

KEYBANK NATIONAL ASSOCIATION

By: /s/ Lawrence A. Mack
   ------------------------------
   Name: Lawrence A. Mack
   Title: Senior Vice President

<PAGE>

FIFTH THIRD BANK

By: /s/ James P. Byrnes
   ------------------------------
   Name: James P. Byrnes
   Title: Vice President

<PAGE>

                                   The undersigned Guarantors do hereby consent
                                   and agree to the foregoing Amendment:

                                   COLE NATIONAL CORPORATION

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Vice President & Treasurer

                                   COLE NATIONAL GROUP, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Vice President & Treasurer

                                   BAY CITIES OPTICAL COMPANY

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer & Asst. Secretary

                                   WESTERN STATES OPTICAL, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer & Asst. Secretary

                                   COLE VISION SERVICES, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer

                                   COLE LENS SUPPLY, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer & Asst. Secretary

<PAGE>

                                   THINGS REMEMBERED PERSONALIZED
                                   GIFTS, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer & Asst. Secretary

                                   PEARLE VISION, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Vice President, Treasurer &
                                                            Asst. Secretary

                                   AMERICAN VISION CENTERS, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Vice President, Treasurer &
                                                            Asst. Secretary

                                   NUVISION, INC.

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Vice President, Treasurer &
                                                            Asst. Secretary

                                   COLE VISION LPA, LLC

                                   By: /s/ Joseph Gaglioti
                                      -----------------------------------
                                      Title: Joseph Gaglioti
                                             Treasurer

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