Document:

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                                                                   EXHIBIT 10.29

                                                                  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

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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.
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                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

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CIBC INC.

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

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LEHMEN COMMERCIAL PAPER INC.

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

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WACHOVIA BANK, NATIONAL ASSOCIATION

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

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KEYBANK NATIONAL ASSOCIATION

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

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FIFTH THIRD BANK

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

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                                   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

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                                   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: Joseph Gaglioti
                                              Vice President, Treasurer,
                                              Asst. Secretary

                                   NUVISION, INC.

                                   By: /s/ JOSEPH GAGLIOTI
                                       ---------------------------------
                                       Title: Joseph Gaglioti
                                              Vice President, Treasurer,
                                              Asst. SecretaryExecuted in 6 Parts
                                             Counterpart No. (   )

                              NATIONAL EQUITY TRUST
             SHORT-TERM LOW FIVE COVERED WRITE OPTION TRUST SERIES 8
                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated  ________,  2003 among  Prudential
Investment  Management  Services  LLC, as  Depositor,  The Bank of New York,  as
Trustee and Prudential  Securities  Incorporated,  as Portfolio  Supervisor sets
forth certain  provisions in full and incorporates other provisions by reference
to the document entitled  "National Equity Trust, Trust Indenture and Agreement"
(the "Basic  Agreement")  dated August 8, 2001. Such provisions as are set forth
in full herein and such provisions as are incorporated by reference constitute a
single instrument (the "Indenture").

                                WITNESSETH THAT:

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows: Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

A.   Article IX,  entitled  "Additional  Covenants;  Miscellaneous  Provisions,"
     shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities  Incorporated at One Seaport Plaza,
New  York,  New  York  10292"  and  replacing  it  with  "Prudential  Investment
Management LLC at 100 Mulberry Street,  Gateway Center Three, Newark, New Jersey
07102".

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                                      -2-

                                    Part II.

                     SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

A.   The Trust is denominated National Equity Trust, Short-Term Low Five Covered
     Write Option Trust Series 8.

B.   The  publicly  traded  stocks  listed in Schedule A hereto are those which,
     subject to the terms of this Indenture, have been or are to be deposited in
     Trust under this  Indenture  as of the date hereof  subject to the Purchase
     Rights listed in Schedule A hereto.

C.   The term "Depositor" shall mean Prudential  Investment  Management Services
     LLC.

D.   The  term  "Portfolio   Supervisor"   shall  mean   Prudential   Securities
     Incorporated.

E.   The aggregate number of Units referred to in Sections 2.03 and 9.01 of the
      Basic Agreement is          as of the date hereof.

F.   A Unit of the Trust is hereby declared initially equal to 1/     th of the
     Trust.

G.   The term "First Settlement Date" shall mean                        , 2003.

H.   The  term  "Distribution  Date"  shall  be as soon as  possible  after  the
     Termination Date to Unit Holders of record on the Termination Date.

I.   The term "Termination Date" shall mean          , 2003.

J.   The Trustee's Annual Fee shall be $    (per 1,000 Units).

K.   The Portfolio  Supervisor's portfolio supervisory service fee shall be $.25
     per 1,000 Units.

               [Signatures and acknowledgments on separate pages]

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