Document:

exhibit10d.htm

Exhibit 10.30

LETTER OF REAFFIRMATION OF GUARANTY, 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: As of March 31, 2011

	
  

	
TO:

	
Manufacturers and Traders Trust Company

	
  

	
One M & T Plaza, Buffalo, New York 14240

Re:                      (i) (a) ABSOLUTE ASSIGNMENT OF FRANCHISEE NOTES AND PROCEEDS DUE (“Assignment of Franchisee Notes”), (b) ASSIGNMENT OF RENTS AND SUBLEASES (“Assignment of Rents”), (c) PLEDGE AGREEMENT (“Pledge Agreement”), and (d) UNITED STATES TRADEMARK COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT (“Assignment of Trademarks”), each dated as of August 7, 2007 and thereafter reaffirmed as of March 31, 2010, executed and delivered by EMERGING VISION, INC. (“Borrower”) to MANUFACTURERS AND TRADERS TRUST COMPANY (the “Bank") and (e) the GENERAL SECURITY AGREEMENTS (collectively, the "Security Agreement") executed and delivered to the Bank by each of EMERGING VISION, INC., OG ACQUISITION, INC., 1725758 ONTARIO INC. D/B/A THE OPTICAL GROUP, AND VISIONCARE OF CALIFORNIA, each dated as of August 7, 2007 (except for Visioncare of California whose guaranty is dated as of March 31, 2010) and thereafter reaffirmed as of March 31, 2010 ( and the Assignment of Franchisee Notes, the Assignment of Rents, the Pledge Agreement, the Assignment of Trademarks and the Security Agreement are collectively referred to as the “SECURITY DOCUMENTS”) and

(ii) (a) CONTINUING GUARANTY made by OG ACQUISITION, INC., COMBINE BUYING GROUP, INC., 1725758 ONTARIO INC. D/B/A THE OPTICAL GROUP AND VISIONCARE OF CALIFORNIA ( the “Primary Guarantors”) dated as of August 7, 2007 (except for Visioncare of California whose guaranty is dated as of March 31, 2010) and thereafter reaffirmed as of March 31, 2010 (“Primary Guaranty”) and (b) CONTINUING GUARANTY made by all of the other subsidiaries of Borrower listed in the annexed Exhibit of Subsidiaries (“Subsidiary Guarantors”) dated as of March 31, 2010 (“Subsidiary Guaranty” which together with the Primary Guaranty are collectively, the “GUARANTY”);

All of the above having been made and delivered in connection with a certain loan made to EMERGING VISION, INC. by Manufacturers and Traders Trust Company as of August 7, 2007 as same was thereafter modified by that certain NON-REVOLVING LINE OF CREDIT AGREEMENT and TERM LOAN NOTE each dated as of March 31, 2010, as same is being further modified contemporaneously herewith by that certain NON-REVOLVING LINE OF CREDIT AGREEMENT in the amount of in the amount of $3,351,854.45 and TERM LOAN NOTE in the amount of $500,000.00 (collectively, the “Loan”).

Dear Sirs:

In connection with a certain loan made to EMERGING VISION, INC. by Manufacturers and Traders Trust Company dated as of August 7, 2007 as same was thereafter modified by 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 dated as of March 31, 2010 (collectively, the “Loan”), Borrower and the Guarantors executed and delivered the Security Documents and Guaranty to the Bank.  The Loan is being further modified contemporaneously herewith by that certain NON-REVOLVING LINE OF CREDIT AGREEMENT in the amount of $3,351,854.45  and new TERM LOAN NOTE in the amount of $500,000.00.

In addition, Borrower has requested additional financing from the Bank in the form of a $100,000.00 Line of Credit Loan for the purpose of supporting working capital.  In consideration for the modification of the Loan and the Line of Credit, the Bank has required this reaffirmation of the Guaranty and Security Documents previously executed and delivered to the Bank for the purpose of  reaffirming the guaranties and security interests granted to the Bank with respect to the modification of the Loan and this additional financing being granted to Borrower.

Accordingly, each of the undersigned hereby reaffirms and ratifies all the terms, conditions, representations, and covenants contained in the Security Documents and Guaranty 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 (ii) that the Guaranty granted to Manufacturers and Traders Trust Company by the Primary Guarantors and Subsidiary Guarantors  remains in full force and effect as set forth therein and that same continue to constitute a binding guaranty of all obligations of the Borrower to the Bank by each of the undersigned Guarantors and that same are unaffected by the inactive status of the following Subsidiary Guarantors whether at the time of the execution of the Subsidiary Guaranty by the Subsidiary Guarantor or thereafter, and (ii) that the Security Documents and Guaranty are in full force and effect.

Each of the undersigned further covenants and certifies that the attached Exhibit “A” represents the current list of subsidiaries, that each of its Guaranty dated as of March 31, 2010 remains in full force and affect and that each of its rents and subleases are assigned to the Bank by virtue of the Assignment of Rents dated as of August 7, 2007 as amended as of March 31, 2010.

Each of the undersigned further covenants, certifies  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 shall be unaffected by any future change of status of any Subsidiary Guarantor and shall remain in full force and effect as set forth therein and 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 without any further writing, and (ii) that the Guaranty granted to Manufacturers and Traders Trust Company by the Primary Guarantors and Subsidiary Guarantors  shall be unaffected by any future change of status of any Subsidiary Guarantor and shall remain in full force and effect as set forth therein and shall continue to constitute a binding guaranty of all obligations of the Borrower to the Bank by each of the undersigned Guarantors without any further writing.

Very truly yours,

 

BORROWER:

EMERGING VISION, INC.

By:/s/Glenn Spina

Name:           Glen Spina, Its Chief Executive Officer

TIN # 11-3096941

PRIMARY GUARANTORS:

OG ACQUISITION, INC.

By:/s/Glenn Spina

Name:           Glen Spina, Its Chief Executive Officer

TIN # 93-0952526

COMBINE BUYING GROUP, INC.

By:/s/Glenn Spina

Name:           Glen Spina, Its Chief Executive Officer

TIN # 20-5598496

1725758 ONTARIO INC. D/B/A THE OPTICAL GROUP

By:/s/Glenn Spina

Name:           Glen Spina, Its Chief Executive Officer

TIN # 12-0982103

VISIONCARE OF CALIFORNIA

By:/s/Glenn Spina

Name:           Glen Spina, Its Chief Executive Officer

TIN # 93-0952526

SUBSIDIARY GUARANTORS:

	
  

	
EMERGING BUSINESS BROKERAGE, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-5990688

	
  

	
EMERGING VISION KING OF PRUSSIA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3339054

	
  

	
EMERGING VISION USA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 27-1571430

	
  

	
EV ACQUISITION, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3338453

	
  

	
EV CONTACTS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3165978

	
  

	
INSIGHT IPA OF NEW YORK, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3413503

	
  

	
OPTI-CAPITAL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 26-0274312

	
  

	
SINGER SPECS OF WESTMORELAND, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3165292

	
  

	
SINGER SPECS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 51-0291693

	
  

	
STERLING OPTICAL OF BAYSHORE, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2497850

	
  

	
STERLING OPTICAL OF CHAUTAUQUA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2478760

	
  

	
STERLING OPTICAL OF COLLEGE POINT, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 30-0544330

	
  

	
STERLING OPTICAL OF COMMACK, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-1972297

	
  

	
STERLING OPTICAL OF CP, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 26-2821750

	
  

	
STERLING OPTICAL OF CROSSGATES MALL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 73-1699266

	
  

	
STERLING OPTICAL OF GRAND FORKS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 25-352800

	
  

	
STERLING OPTICAL OF HUNTINGTON, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-8693886

	
  

	
STERLING OPTICAL OF IVERSON, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 26-2311182

	
  

	
STERLING OPTICAL OF JEFFERSON VALLEY, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3338968

	
  

	
STERLING OPTICAL OF LAVALE, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2491103

	
  

	
STERLING OPTICAL OF NEWBURGH, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2491557

	
  

	
STERLING OPTICAL OF ROCKAWAY, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 52-2442207

	
  

	
STERLING OPTICAL OF WARMINSTER, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-1532102

	
  

	
STERLING OPTICAL OF WAYNE, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 26-2311094

	
  

	
STERLING OPTICAL OF WEST HEMPSTEAD, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3112920

	
  

	
STERLING OPTICAL OF WESTMORELAND, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-1532127

	
  

	
STERLING OPTICAL OF W.P ROAD, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 26-2596411

	
  

	
STERLING U.S.A, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3201208

	
  

	
STERLING VISION BOS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3292012

	
  

	
STERLING VISION DKM, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3341270

	
  

	
STERLING VISION OF 794 LEXINGTON, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3633114

	
  

	
STERLING VISION OF AVIATION MALL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-8676743

	
  

	
STERLING VISION OF ANNAPOLIS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 80-0061229

	
  

	
STERLING VISION OF ARNOT MALL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3165978

	
  

	
STERLING VISION OF BEAVER DAM, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3479354

	
  

	
STERLING VISION OF BLASDELL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3315915

	
  

	
STERLING VISION OF BROOKFIELD SQUARE, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-5883418

	
  

	
STERLING VISION OF CALIFORNIA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3165980

	
  

	
STERLING VISION OF CAMBRIDGE SQUARE, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3303951

	
  

	
STERLING VISION OF CAMP HILL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3425991

	
  

	
STERLING VISION OF CLIFTON PARK, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2498733

	
  

	
STERLING VISION OF COLUMBIA MALL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3633070

	
  

	
STERLING VISION OF DELAFIELD, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3212991

	
  

	
STERLING VISION OF DULLES, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3398019

	
  

	
STERLING VISION OF EAST ROCKAWAY, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3211287

	
  

	
STERLING VISION OF FAIR OAKS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3366560

	
  

	
STERLING VISION OF FULTON ST., INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3341234

	
  

	
STERLING VISION OF GREEN ACRES, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3303949

 

	
  

	
STERLING VISION OF HAGERSTOWN, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3306773

	
  

	
STERLING VISION OF HEMPSTEAD, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3117062

	
  

	
STERLING VISION OF IRONDEQUOIT, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 30-0310502

	
  

	
STERLING VISION OF ISLANDIA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3238993

	
  

	
STERLING VISION OF JOHNSON CITY, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-5840899

	
  

	
STERLING VISION OF KENOSHA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3345481

	
  

	
STERLING VISION OF M STREET, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-4478224

	
  

	
STERLING VISION OF MENLO PARK, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3686612

	
  

	
STERLING VISION OF MONTGOMERY MALL, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2491778

	
  

	
STERLING VISION OF MYRTLE AVE., INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-4478140

	
  

	
STERLING VISION OF NANUET, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3212990

	
  

	
STERLING VISION OF NEWPARK, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3212995

	
  

	
STERLING VISION OF OLEAN, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 01-0601482

	
  

	
STERLING VISION OF ONTARIO MILLS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3306793

 

	
  

	
STERLING VISION OF OWINGS MILLS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3461857

	
  

	
STERLING VISION OF PARAMUS PARK, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-5990867

	
  

	
STERLING VISION OF POTOMAC MILLS, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3201204

	
  

	
STERLING VISION OF SOUTH TOWN PLAZA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3338861

	
  

	
STERLING VISION OF SPOTSYLVANIA, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-3304129

 

	
  

	
STERLING VISION OF STATEN ISLAND, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 20-2491427

 

	
  

	
STERLING VISION OF WESTMINSTER, INC.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 11-3341257

 

	
  

	
VISION OPTICAL CO.

By:/s/Glenn Spina

	
  

	
Name:  Glenn Spina, Its President and Chief Executive Officer

	
  

	
TIN # 23-1605202

  

  

 

  

EXHIBIT “A” – ACTIVE SUBSIDIARY GUARANTORS:

	
  

	
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.ex1036.htm

Exhibit 10.36

 

PROMISSORY NOTE

 

 

	$269,881.00 	 	 	 New Yekk, New York
	 	 	 	 April 1, 2010
	 	 	 	 

 

 

 

FOR VALUE RECEIVED, Marine Growth Ventures, Inc., a Delaware corporation (the "Maker"), hereby promises to pay Sichenzia Ross Friedman Ference LLP (the "Payee"), the principal sum of Two Hundred Sixty Nine Thousand Eight Hundred Eighty One Dollars ($269,881.00) ("Outstanding Balance") in lawful money of the United States, on April 1, 2013 (the "Maturity Date").

 

Maker further promises to pay interest on the unpaid principal balance hereof at the rate of five percent (5%) per annum, payable upon the Maturity Date. Interest shall be calculated on the basis of actual days elapsed. In no event shall the interest charged hereunder exceed the maximum permitted under the laws of the State of New York.

 

The Outstanding Balance includes all sums owed by Maker to Payee through April 1, 2010.

 

This Note can be prepaid in whole or in part at any time without the consent of the Payee provided that Maker shall pay all accrued interest on the principal so prepaid to date of such prepayment. Further, Maker and Payee may jointly agree to exchange this Note for a new note convertible into shares of common stock ofthe Maker.

 

Upon the occurrence of any of the following events (each, an "Event of Default" and collectively, the "Events of Default"):

 

(a) failure by Maker to pay the principal or interest of the Note when due, whether on the date fixed for payment or by acceleration or otherwise; e; or

 

(b) a final judgment for the payment of money in excess of $100,000 shall be rendered against Maker, and such judgment shall remain undischarged for a period of sixty days from the date of entry thereof unless within such sixty day period such judgment shall be stayed, and appeal taken therefrom and the execution thereon stayed during such appeal; or

 

(c) if Maker shall default in respect of any evidence of indebtedness or under any agreement under which any notes or other evidence of indebtedness of Maker are issued, if the effect thereof is to cause, or permit the holder or holders thereof to cause, such obligation or obligations in an amount in excess of $100,000 in the aggregate to become due prior to its or their stated maturity or to permit the acceleration thereof; or

 

 

  

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(d) if Maker or any other authorized person or entity shall take any action to effect a dissolution, liquidation or winding up of Maker; or

 

(e) if Maker shall make a general assignment for the benefit of creditors or consent to the appointment of a receiver, liquidator, custodian, or similar official of all or substantially all of its properties, or any such official is placed in control of such properties, or Maker admits in writing its inability to pay its debts as they mature, or Maker shall commence any action or proceeding or take advantage of or file under any federal or state insolvency statute, including, without limitation, the United States Bankruptcy Code or any political subdivision thereof, seeking to have an order for relief entered with respect to it or seeking adjudication as a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, administration, a voluntary arrangement, or other relief with respect to it or its debts; or

 

(f) there shall be commenced against Maker any action or proceeding of the nature referred to in paragraph (e) above or seeking issuance of a warrant of attachment, execution, distraint, or similar process against all or any substantial part of the property of Maker, which results in the entry of an order for relief which remains undismissed, undischarged or unbonded for a period of sixty days; or then, in addition to all rights and remedies of Payee under applicable law or otherwise, all such rights and remedies being cumulative, not exclusive and enforceable alternatively, successively and concurrently, at its option, Payee may declare all amounts owing under this Note, to be due and payable, whereupon the then unpaid balance hereof together with all interest accrued thereon, shall forthwith become due and payable, together with interest accruing thereafter at a rate equal to twelve percent (12%) per annum until the indebtedness evidenced by this Note is paid in full, plus all costs and expenses of collection or enforcement hereof, including, but not limited to, attorney& fees and expenses.

 

Maker (i) waives diligence, demand, presentment, protest and notice of any kind, (ii) agrees that it will not be necessary for any holder hereof to first institute suit in order to enforce payment of this Note and (iii) consents to any one or more extensions or postponements of time of payment, release, surrender or substitution of collateral security or forbearance or other indulgence, without notice or consent. The pleading of any statute of limitations as a defense to any demand against Maker is expressly hereby waived.

 

This Note may not be changed, modified or terminated orally, but only by an agreement in writing, signed by the party to be charged. The Maker hereby authorizes the Payee to complete this Note and any particulars relating thereto according to the terms of the indebtedness evidenced hereby.

 

Upon payment in full of all amounts due under this Note, Payee, intending to be legally bound, and for and in consideration of the payments made and obligations undertaken pursuant to this Note, does for itself, its affiliates, heirs, executors, administrators, successors and assigns hereby remise, release and forever discharge Maker and its subsidiaries, officers, directors, shareholders, affiliates, consultants, assigns, and all persons, corporations or other entities who might be claimed to be jointly and severally liable with them (collectively, "Released Parties"), from any and all actions and causes of action, judgments, liabilities, claims, demands, suits, damages, expenses of whatsoever kind or nature (collectively, "Released Matters"), whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the date of execution hereof, in any way directly or indirectly arising out of or in any way connected to this Note which it or anyone claiming by, through or under it in any way might have or could claim against any Released Party. Payee acknowledges that the agreements in this paragraph are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters. Payee represents and warrants to the Released Parties that it has not transferred, assigned or otherwise conveyed any such right, title or interest in any Released Matter to any other person or entity and that the foregoing constitutes a full and complete release of all Released Matters.

 

 

 

 

  

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This Note shall be governed by and construed in accordance with the laws of the State of New York and shall be binding upon the successors, assigns, heirs, administrators and executors of the Maker and inure to the benefit of the Payee, his successors, endorsees, assigns, heirs, administrators and executors. The Maker hereby irrevocably consents to the jurisdiction of the Supreme Court of the State ofNew York and the United States District Court for the Southern District of New York in connection with any action or proceeding arising out of or relating to this Note. If any term or provision of this Note shall be held invalid, illegal or unenforceable, the validity of all other terms and provisions hereof shall in no way be affected thereby.

 

	 	
MARINE GROWTH VENTURES, INC

	 
	 	 	 	 
	
 

	
By: 

	/s/ David M. Marks	 
	 	 	Name: David M Marks	 
	 	 	Title: Chairman	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
SICHENZIA ROSS FRIEDMAN FERENCE LLP

	 
	 	 	 	 
	 	
By: 

	/s/ Thomas A. Rose	 
	 	 	Name: Thomas A. Rose	 
	 	 	Title: Partner	 

 

 

 

 

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