Document:

EXHIBIT 10.17
                                                                   -------------

                                 PROMISSORY NOTE

$750,000.00                                                          March_,2003

     1. FOR VALUE RECEIVED, Signature Eyewear, Inc., a California corporation
(the "Borrower"), hereby promises to pay to Wells Fargo Equipment Finance, Inc.
and US Bancorp Oliver-Allen Technology Leasing, (collectively the "Lender"), at
733 Marquette Ave., Suite 700, Minneapolis, MN 55402, the principal sum of Seven
Hundred Fifty Thousand and no/l00 Dollars ($750,000.00) which has been advanced
to or for the benefit of the Borrower, in lawful money of the United States in
immediately available funds, together with interest thereon at a per annum rate
as set forth below. In all cases interest on this Note shall be calculated on
the basis of a 360-day year but charged for actual days principal is unpaid.

     2. The outstanding principal indebtedness evidenced by this Note from the
date of the Note through the Maturity Date (as hereinafter defined) shall bear
interest at a fixed annual rate of interest equal to four percent (4%).

     3. Commencing on March 31, 2003 and continuing on the last day of each
month thereafter, Borrow shall remit fifty-nine (59) consecutive monthly
installments of $13,812.39 each. The remaining principal balance of this Note
plus all accrued interest thereon shall be due and payable full on February
28,2008, unless accelerated earlier as set forth below (the "Maturity Date").

     4. The outstanding principal balance of this Note may be prepaid at any
time at the option of the Borrower, in whole or, in part, without premium or
penalty.

     5. If any installment of principal and interest on this Note, including the
payment required on the Maturity Date, is not paid within ten (10) days of the
due date thereof, the Borrower shall pay to the Lender a late charge equal to
five percent (5%) of the amount of such installment.

     6. All payments and prepayments shall, at the option of the Lender, be
applied first to any costs of collection, second to any late charges, third to
accrued interest on this Note, and lastly to principal (and, in the case of any
prepayments, to installments of principal in the inverse order of their
maturity).

     7. Notwithstanding anything to the contrary contained herein, if the rate
of interest, late payment fee, prepayment premium or any other charges or fees
due hereunder are determined by a court of competent jurisdiction to be usurious
or greater than the highest rate or amount allowed by law, then said interest
rate, fees and/or charges shall be reduced to the maximum amount permissible
under applicable California law any payments or amounts held to be in excess
shall be considered payment of principal hereunder, in the indebtedness evidence
hereby shall be reduced by such amounts so that the total liability for payments
in the nature of interest, fees and/or other charges shall not exceed the
applicable limits and imposed by the usury laws or the state laws applicable to
this transaction, in compliance with the desires of the Borrower and the Lender.
This provision shall never be superseded or waived and shall control every other
provision of this Note and any related loan documents and all agreements between
the Borrower and the Lender or their successors and assigns.

     8. This Note is secured by that certain Security Agreement executed in
favor of the Lender, as secured party, by the Borrower, as debtor, of even date
herewith.

     9. It shall be an Event of Default under this Note if any of the following
occurs:

     (a) The Borrower fails to make any payment of principal or interest when
due;

     (b) The Borrower falls to perform or observe any of the agreements set
forth in section 1.02 of the Security Agreement, or if any representations or
warranties made therein proves to be false in any material respect as of the
date this Agreement is executed.

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<PAGE>

     10. Upon the occurrence of an Event of Default or at any time thereafter
during the continuance of an Event of Default, the outstanding principal balance
hereof and accrued interest and all other amounts due hereon shall at the option
of the Lender, become immediately due and payable, without notice or demand.

     11. Upon the occurrence of an Event of Default or anytime thereafter during
the continuance of an Event of Default, the Lender shall have the right to set
off any and all amounts due hereunder by the Borrower to the Lender against any
indebtedness or obligation of the Lender to the Borrower.

     12. The Borrower promises to pay all costs of collection of this Note,
including but not limited to reasonable attorneys' fees, paid or incurred by the
Lender on account of such collection, whether or not suit is filed with respect
thereto and whether such cost or expense is paid or incurred, or to be paid or
incurred, prior to or after the entry of judgment.

     13. Demand, presentment, protest and notice of nonpayment and dishonor of
this Note are hereby waived.

     14. This Note shall be governed by and construed in accordance with the
laws of the State of California.

     15 The Borrower hereby irrevocably submits to the jurisdiction of any
California state court or federal court over any action or proceeding arising
out of or relating to this Note, the Security Agreement and any instrument,
agreement or document related thereto, and the Borrower hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and
determined in such California state or federal court. The Borrower hereby
irrevocably waives, to the fullest extent it may effectively do so, the defense
of an inconvenient forum to the maintenance of such action or proceeding. The
Borrower irrevocably consents to the service of copies of the summons and
complaint and any other process which may be served in any such action or
proceeding by the mailing by United States certified mail, return receipt
requested, of copies of such process to the Borrower's last known address. The
Borrower agrees that judgment final by appeal, or expiration of time to appeal
without an appeal being taken, in any such action or proceeding shall be
conclusive and may be enforced in any other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Paragraph shall
affect the right of the Lender to serve legal process in any other manner
permitted by law or affect the right of the Lender to bring any action or
proceeding against the Borrower or its property in the courts of any other
jurisdiction to the extent permitted by law.

     16. The Borrower acknowledges that the right to trial by jury is a
constitutional one, but that it may be waived. The Borrower, after consulting
counsel of its choice, hereby knowingly and voluntarily, without coercion,
waives all tights to a trial by jury of all disputes between it and the Lender
with respect to this Note, the Security Agreement, any related instrument or
agreement or any transactions contemplated hereby or thereby or any course of
conduct, dealing, statements (whether oral or written) or actions by the
Borrower and the Lender. The Borrower shall not seek to consolidate, by
counterclaim or otherwise, any such action in which a jury trial has been waived
with any other action in which a jury trial cannot be or has not been waived.

              [The rest of this page is intentionally left blank.]

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                                           BORROWER:

                                           SIGNATURE EYEWEAR, INC.

                                           By  /s/ M. Prince
                                               ------------------------
                                           Name/Title: M. Prince
                                                       Chief Financial Officer

    [Signature page to $750,000 Promissory Note Payable to ________________]

                                        3
<PAGE>

                               SECURITY AGREEMENT

     AGREEMENT made this 26 day of March 2003, between SIGNATURE EYEWEAR, a
California corporation, as debtor (herein called the "DEBTOR") and Wells Fargo
Equipment Finance, Inc. and US Bancorp Oliver-Allen Technology Leasing (herein,
with their participants, successors and assigns, called the "SECURED PARTY"), as
secured party.

     For good and valuable consideration, Debtor hereby agrees for the benefit
of the Secured Party as follows;

     1.01 Debtor hereby grants the Secured Party a security interest
(collectively referred to as the "Security Interests") in the property of the
debtor described on the attached Exhibit A all products and proceeds thereof,
and all substitutions and replacements therefor, whether now owned or hereafter
acquired (collectively, the "Collateral"), as security for the payment and
performance of each and every debt, liability and obligation of every type and
description which Debtor may now or at any time hereafter owe to the Secured
Party (whether such debt, liability or obligation now exists or is hereafter
created or incurred, whether it arises in a transaction involving the Secured
Party alone or in a transaction involving other creditors of Debtor, and whether
it is direct or indirect, due or to become due, absolute or contingent, primary
or secondary, liquidated or unliquidated, or sole, joint, several or joint and
several, and including specifically, but not limited to, all indebtedness of
Debtor arising under that certain Promissory Note executed by the Debtor, as
borrower, payable to the Secured Party, as lender, in the original principal
amount of Seven Hundred Fifty Thousand and no/l00 Dollars ($750,000.00) (the
"Note"), any loan or credit agreement or guaranty between Debtor and the Secured
Party, whether now in effect or hereafter entered into; all such debts,
liabilities and obligations are herein collectively referred to as the
"Obligations").

     1.02 Debtor represents, warrants and agrees that:

     (a) Each of the representations and warranties included in that certain
Master Lease between Oliver Allen Corporation, a California corporation, as
lessor, and the Debtor, as lessee, dated March 1, 1999 is true and correct as of
the date hereof, with the exception of the payment provisions. Upon receipt of
the signed Agreement Promissory Note, Secured Party shall deliver the attached
documents to Debtor: (i) Bill of Sale (ii) Release.

     (b) Debtor has (or will have at the time it acquires rights in Collateral
hereafter arising) and will maintain so long as the Security Interests may
remain outstanding, absolute title to each item of Collateral and all proceeds
thereof, free and clear of all interests, liens, attachments, encumbrances and
security interests except the Security Interests as provided herein, and except
as the Secured Party may otherwise agree in writing. Debtor will defend the
Collateral against all claims or demands of all persons (other than the Secured
Party) claiming the Collateral or any interest therein, Debtor will not sell or
otherwise dispose of any material portion of the Collateral or any interest
therein without the Secured Party's prior written consent.

     (c) Debtor does business solely under its own name and the trade names (if
any) set forth below (or if none are listed, Debtor warrants that it does not
have any tradenames). The chief executive office of Debtor is located at the
address set forth below and all of Debtor's records relating to its business or
the Collateral are kept at that location. No Collateral will be kept at any
location other than where it is currently located without the prior written
consent of Secured Party, but the parties intend that the Collateral, wherever
located, is covered by this Agreement. Debtor will not permit any tangible
Collateral or any records pertaining to Collateral to be located in any state or
area in which, in the event of such location, a financing statement covering
such Collateral would be required to be, but has not in fact been, filed in
order to perfect the Security Interests. Debtor will not change its name or the
location of its place of business, without prior written notice to the Secured
Party. Debtor shall advise Secured Party in writing at least thirty (30) days
before any change of name, identity, form of organization, state of
organization, corporate structure, or chief executive office.

     (d) None of the Collateral is or will become a fixture on real estate,
unless a sufficient fixture filing is in effect with respect thereto.

                                        1
<PAGE>

     (e) Except for some of the collateral which is obsolete or inoperative,
Debtor will keep all tangible Collateral in good repair, working order and
condition, normal depreciation excepted, and will, from time to time, replace
any worn, broken or defective parts.

     (f) Debtor will promptly pay all taxes and other governmental charges
levied or assessed upon or against any Collateral or upon or against the
creation, perfection or continuance of the Security Interests.

     (g) Debtor will keep all Collateral free and clear of all security
interests, liens and encumbrances except the Security Interests provided herein
and except other security interests approved in writing by the Secured Party.

     (h) Debtor will at all reasonable times permit the Secured Party or its
representatives to examine or inspect any Collateral, or any evidence of
Collateral, wherever located, and Debtor will at any time and from time to time
send requests for verification of accounts or notices of assignment to account
debtors and other obligors.

     (i) Debtor will keep accurate and complete records pertaining to the
Collateral and pertaining to Debtor's business and financial condition, prepared
on the basis of generally accepted accounting principles consistently applied;
will submit to the Secured Party such weekly, monthly and other periodic reports
concerning the Collateral and Debtor's business and financial condition as the
Secured Party may from time to time request; and will permit the Secured Party,
or its employees, accountants, attorneys or agents, to examine and copy any or
all of its records at any time during Debtor's business hours.

     (j) Debtor will promptly notify the Secured Party of any loss of or
material damage to any Collateral or of any substantial adverse change, known to
Debtor, in any Collateral or the prospect of payment thereof.

     (k) Debtor will at all times keep its business all tangible Collateral
insured against risks of fire (including so-called extended coverage), theft,
collision (for Collateral consisting of motor vehicles) and such other risks and
in such amounts as the Secured Party may reasonably request, with a Secured
Party's loss payee endorsement to the Secured Party to the extent of its
interest.

     (l) Debtor will pay or reimburse the Secured Party on demand for all costs
of collection of any of the Obligations and all other out-of-pocket expenses
(including in each case all reasonable attorneys' fees and legal expenses)
incurred by the Secured Party in connection with the creation, perfection,
protection, satisfaction, foreclosure or enforcement of the Security Interests
or the creation, continuance or enforcement of this Agreement or any or all of
the Obligations.

     (m) Debtor will use and keep the Collateral, and will require that others
use and keep the Collateral, only for lawful purposes, without violation of any
federal, state or local law, statute or ordinance.

     (o) Debtor from time to time will execute, endorse, or authorize the
execution and delivery of all documents, conveyances, assignments, security
agreements, financing statements and other agreements and writings which the
Secured Party may reasonably request in order to secure, protect, perfect or
enforce the Security Interests or the rights of the Secured Party under this
Agreement (but any failure to request or assure that Debtor executes, delivers
or endorses any such item shall not affect or impair the validity, sufficiency
or enforceability of this Agreement and the Security Interests, regardless of
whether any such item was or was not executed, delivered or endorsed in a
similar context or on a prior occasion).

     (q) Debtor represents and warrants that the description of each item of the
Collateral covered hereby is accurately set forth on the list attached as
Exhibit A to this Agreement, and that each item of such Collateral is currently
located in the state of California unless another location is noted thereon.
Debtor agrees to provide the Secured Party with an updated list of each item of
Collateral upon request by the Secured Party. Debtor agrees to notify the
Secured Party in writing before it changes the location of its chief executive
office or the place where it keeps its books and records. The Debtor agrees not
to remove any Equipment from the states where it is currently located for more
than sixty (60) days without the Secured Party's prior written consent and until
all necessary filings have been made and other actions taken to continue the
perfection of the Secured Party's Security Interest in such new location. The
Secured Party's Security Interest attaches to all the Collateral wherever
located, and the failure of Debtor to inform the Secured Party of the location
of any item or items of Collateral shall not impair the Secured Party's Security
Interest therein.

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<PAGE>

     If Debtor at any time fails to perform or observe any of the foregoing
agreements, and if such failure shall continue for a period of ten (10) business
days after the Secured Party gives Debtor written notice thereof (or in the case
of the agreements contained in clauses (f) and (k) above, immediately upon the
occurrence of such failure, without notice or lapse of time), the Secured Party
may, but need not, perform or observe such agreement on behalf and in the name,
place and stead of Debtor (or, at the Secured Party's option, in the Secured
Party's name) and may, but need not, take any and all other actions which the
Secured Party may reasonably deem necessary to cure or correct such failure
(including, without limitation, the payment of taxes, the satisfaction of
security interests, liens or encumbrances, the performance of obligations owed
to account debtors or other obligors, the procurement and maintenance of
insurance, the execution of assignments, security agreements and financing
statements, and the endorsement of instruments); and Debtor shall thereupon pay
to the Secured Party on demand the amount of all monies expended and all costs
and expenses (including reasonable attorneys' fees and legal expenses) incurred
by the Secured Party in connection with or as a result of the performance or
observance of such agreements or the taking of such action by the Secured Party,
together with interest thereon from the date expended or incurred at the highest
lawful rate then applicable to any of the Obligations. To facilitate the
performance or observance by the Secured Party of such agreements to Debtor,
Debtor hereby irrevocably appoints the Secured Party, or the delegate of the
Secured Party, acting alone, as the attorney-in-fact of Debtor with the right
(but not the duty) from time to time to create, prepare, complete, execute,
deliver, endorse or file in the name and on behalf of Debtor any and all
instruments, documents, assignments, security agreements, financing statements,
applications for insurance and other agreements and writings required to be
obtained, executed, delivered or endorsed by Debtor under this Section 1.02.

     1.03 As additional security for the payment and performance of the
Obligations, Debtor hereby assigns to the Secured Party any and all monies
(including, without limitation, proceeds of insurance and refunds of unearned
premiums) due or to become due under, and all other rights of Debtor with
respect to, any and all policies of insurance now or at any time hereafter
covering the Collateral or any evidence thereof or any business records or
valuable papers pertaining thereto, and Debtor hereby directs the issuer of any
such policy to pay all such monies directly to the Secured Party, At any time,
whether before or after the occurrence of any Event of Default, the Secured
Party may (but need not), in the Secured Party's name or in Debtor's name,
execute and deliver proof of claim, receive all such monies, endorse cheeks and
other instruments representing payment of such monies, and adjust, litigate,
compromise or release any claim against the issuer of any such policy.

     1.04 Upon the occurrence of any Event of Default under the Note and at any
time thereafter, the Secured Party may exercise one or more of the following
rights and remedies: (i) declare all unmatured Obligations to be immediately due
and payable, and the same shall thereupon be immediately due and payable,
without presentment or other notice or demand (but the Secured Party expressly
reserves the right to demand payment of any Obligation payable on demand, at any
time, whether or not an Event of Default has occurred or is continuing); (ii)
exercise and enforce any and all rights and remedies available upon default to a
secured party under the Uniform Commercial Code, including, without limitation,
the right to take possession of Collateral, or any evidence thereof, proceeding
without judicial process or by judicial process (without a prior hearing or
notice thereof, which Debtor hereby expressly waives) and the right to sell,
lease or otherwise dispose of any or all of the Collateral, and in connection
therewith Debtor will on demand assemble the collateral and make it available to
the Secured Party at a place to be designated by the Secured Party which is
reasonably convenient to both parties, and the Secured Party shall have the
right to take immediate possession of the Collateral and may enter any of the
premises of Debtor or wherever the Collateral is located with or without process
of law and to keep and store the same on said premises until sold (and if said
premises be the property of Debtor, Debtor agrees not to charge the Secured
Party or a purchaser from the Secured Party for storage thereof for a period of
at least 90 days). If notice to Debtor of any intended disposition of Collateral
or any other intended action is required by law in a particular instance, such
notice shall be deemed commercially reasonable if given (in the manner specified
in Section 1.06) at least ten (10) calendar days prior to the date of intended
disposition or other action; (iii) without notice or demand offset any
indebtedness the Secured Party or any of its participants, successors or assigns
then owes to Debtor, whether or not then due, against any Obligation then owed
to the Secured Party or any of its participants, successors or assigns by
Debtor, whether or not then due; and (iv) exercise or enforce any and all other
rights or remedies available by law or agreement against the Collateral, against
Debtor, or against any other person or property. The proceeds of all sales and
collections will be applied first to all reasonable expenses of retaking,
holding, preparing for sale, selling and the like, including attorneys' fees and
legal expenses (whether or not suit is commenced) including, without limitation,
attorneys' fees and legal expenses incurred in connection with any appeal of a
lower court's order or judgment and second to the payment (in whatever order the
Secured Party elects) of all other Obligations chargeable to Debtor in
connection with the loan transactions with Secured Party. Subject to the
provisions of the Commercial Code, the Secured Party will return any excess to
the Debtor and the Debtor shall remain liable to the Secured Party for any
deficiency.

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<PAGE>

     1.05 This Agreement does not contemplate a sale of accounts, contract
rights or chattel paper, and, as provided by law, Debtor is entitled to any
surplus and shall remain liable for any deficiency. The Secured Party's duty of
care with respect to Collateral in its possession (as imposed by law) shall be
deemed fulfilled in the selection of the bailee or other third person, and the
Secured Party need not otherwise preserve, protect, insure or care for any
Collateral. The Secured Party shall not be obligated to preserve any rights
Debtor may have against prior parties, to realize on the Collateral at all or in
any particular manner in order or to apply any cash proceeds of the Collateral
in any particular order of application.

     1.06 This Agreement can be waived, modified, amended, terminated or
discharged, and the Security Interests can be released, only explicitly in a
writing signed by the Secured Party. A waiver so signed shall be effective only
in the specific instance and for the specific purpose given. Mere delay or
failure to act shall not preclude the exercise or enforcement of any rights or
remedies available to the Secured Party. All rights and remedies of the Secured
Party shall be cumulative and may be exercised singularly in any order or
sequence, or concurrently, at the Secured Party's option, and the exercise or
enforcement of any such right or remedy shall neither be a condition to nor bar
the exercise or enforcement of any other. All notices to be given to Debtor
shall be deemed sufficiently given if delivered or mailed by registered,
certified or ordinary mail, postage prepaid, to Debtor at its address set forth
below or at its most recent address shown on the Secured Party's records.

     1.07 As used herein, the term "Event of Default" shall have the meaning
assigned to such term in the Note.

     1.08 The Secured Party and its participants, if any, are not partners or
joint venturers, and the Secured Party shall not have any liability or
responsibility for any obligation, act or omission of any of its participants.

     1.09 This Agreement, and the Security Interests granted hereby, shall be
binding upon Debtor, its successors and assigns, and shall inure to the benefit
of and be enforceable by the Secured Party and each and all of its participants,
successors and assigns, and shall be effective when executed by Debtor and
delivered to the Secured Party whether or not this Agreement is executed by the
Secured Party. All rights and powers specifically conferred upon the Secured
Party may be transferred or delegated to any of the participants, successors or
assigns of the Secured Party. Except to the extent otherwise required by law,
this Agreement and the transaction evidenced hereby shall be governed by the
substantive laws of the state of California. If any provision or application of
this Agreement is held unlawful or unenforceable in any respect, such illegality
or unenforceability shall not affect other provisions or applications which can
be given effect, and this Agreement shall be construed as if the unlawful or
unenforceable provision or application had never been contained herein or
prescribed hereby. All representations and warranties contained in this
Agreement or in any other agreement between Debtor and the Secured Party shall
survive the execution, delivery and performance of this Agreement and the
creation and payment of the Obligations. Debtor waives notice of the acceptance
of this Agreement by the Secured Party.

     IN WITNESS WHEREOF, this Security Agreement has been duly executed and
delivered by the proper officers thereunto duly authorized on the day and year
first above written.

                                               SIGNATURE EYEWEAR, INC

                                               By:  /s/ M. Prince
                                                    Name  M. Prince
                                                    Its  Chief Financial Officer
                                                    498 North Oak Street
                                                    Inglewood, CA 90302

Accepted at ______________, ___________

On March 26, 2003

                                        4
<PAGE>

_______________________________
By
  _____________________________
       Name:
            ___________________
       Its
           ____________________

STATE OF CALIFORNIA                     )

                                        )SS.

COUNTY OF Los Angeles                   )
          -----------

            On this 26th day of March 2003, before me personally came Michael
Prince who being duly sworn did depose and say that he is Chief Financial
Officer, the authorized signer described in and that executed the foregoing
instrument.

                                                    /s/ Virginia Kerkochian
                                                    ----------------------------
                                                    NOTARY PUBLIC

           [SIGNATURE PAGE TO SECURITY AGREEMENT DATED MARCH 26, 2003]

                                        5
<PAGE>

                                    EXHIBIT A

     All equipment listed on Equipment Schedule No. 1 dated June 1, 1999 of that
     certain Master Lease dated as of March 1, 1999 between Signature Eyewear,
     inc., as Lessee, and Oliver-Alien Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 2 dated June 1, 1999 of that
     certain Master Lease dated as of March 1,1999 between Signature Eyewear,
     Inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 3 dated September 1, 1999 of
     that certain Master Lease dated as of March 1, 1999 between Signature
     Eyewear, Inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 4 dated September 1, 1999 of
     that certain Master Lease dated as of March 1 1999 between Signature
     Eyewear, Inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 5 dated December 1, 1999 of
     that certain Master Lease dated as of March 1, 1999 between Signature
     Eyewear, inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 6 dated December 1, 1999 of
     that certain Master Lease dated as of March 1, 1999 between Signature
     Eyewear, Inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 7 dated July 1, 2000 of that
     certain Master Lease dated as of March 1, 1999 between Signature Eyewear,
     Inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

     All equipment listed on Equipment Schedule No. 8 dated July 1, 2000 of that
     certain Master Lease dated as of March 1, 1999 between Signature Eyewear,
     Inc., as Lessee, and Oliver-Allen Corporation, as Lessor.

                                        6EXHIBIT 10.18
                                                                   -------------

                                 LOAN AGREEMENT

BORROWER'S ORGANIZATION ID NO. C 1209237

THIS LOAN AGREEMENT (this "AGREEMENT") dated December 11th, 2003, is made by and
between SIGNATURE EYEWEAR, INC., a California corporation ("Borrower"), whose
address is 498 N. Oak Street, Inglewood, California 90302, and PEARLTIME
INVESTMENTS LIMITED ("LENDER"), whose address is P.0. Box 957, Offshore
Incorporations Centre, Road Town, Tortola, British Virgin Islands.

                                    AGREEMENT

            IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS CONTAINED
HEREIN, AND SUBJECT TO THE TERMS OF THIS AGREEMENT AND THE NOTE, Lender and
Borrower hereby agree as follows:

1. Loan. Lender herby agrees to lend to Borrower, and Borrower hereby agrees to
borrow from Lender, the principle amount of THREE HUNDRED AND FIFTY THOUSAND
DOLLARS ($350,000.00) (the "LOAN") on the terms and conditions set forth below.

2. Note. The Loans shall be evidenced by Borrower's execution and delivery to
Lender of a promissory note (such note, as may be amended, renewed or extended
from time to time, with prior written approval of Lender (the "NOTE") in
substantially the form attached hereto as Exhibit A. The Note shall (i) bear
interest at a rate of three percent (3%) net of any tax deduction per annum,
(ii) be due and payable by 7 monthly installments of FIFTY THOUSAND DOLLARS
($50,000.00) each commencing in April, 2004 and ending in October, 2004 and
(iii) provide for the payment of all accrued interest on October 29, 2004.

3. Notices. Any notice required to be given to any party pursuant to any
provision of this Agreement shall be in writing and sufficient if delivered
personally or sent by telecopier, and nationally recognized overnight courier
addressed as follows:

                (a)         If to Borrower: Signature Eyewear, Inc. 498 N. Oak
                            Street Inglewood, California 90302 Attention:
                            Michael Prince Fax No.: 310-330-2770

                (b)         If to Lender: Pearltime Investments Limited Flat C,
                            28/F, Block 3 Harbour View Garden, 21 North Street,
                            Kennedy Town Hong Kong Attention: Ms. Lee Yin Ping,
                            Betty

<PAGE>

Any party may change its address for the giving of notice hereunder by notice so
given.

4. Governing Law. This Agreement and the Note shall be governed by and construed
in accordance with the laws of the State of California (without regard to
conflicts of law principles) and the laws of the United States applicable to
transactions within such state.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as the day and year first set forth above.

LENDER:                                        BORROWER:

PEARLTIME INVESTMENTS LIMITED                  SIGNATURE EYEWEAR, INC.

By:   /s/ Lee Yin Ping, Betty                  By:   /s/ M. Prince
      -------------------------------                --------------------------
Name:   Lee Yin Ping, Betty                    Name:   Michael Prince
Title:  Director                               Title:  Chief Executive Officer

                                        2
<PAGE>

                                 PROMISSORY NOTE

US$350,000.00                                                  December __, 2003

FOR VALUE RECEIVED, SIGNATURE EYEWEAR INC., a California corporation
("BORROWER") hereby promises to pay to the order of PERALTIME INVESTMENTS
LIMITED, a British Virgin Islands corporation (together with any and all of its
successors and assigns and/or any other holder of this Note, "Lender"), without
offset, in immediately available funds in lawful money of the United States of
America, at P.0. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands, the principal sum of Three Hundred and Fifty Thousand
DOLLARS ($350,000.00), together with interest on the unpaid principal balance of
this Note from day to day outstanding as hereinafter provided.

5. Definitions. In addition to other terms defined herein, as used herein the
following terms shall have the meanings indicated, unless the context otherwise
requires:

     "Indebtedness" means any and all of the indebtedness to Lender evidenced,
     governed or secured by or arising under the Loan Document.

     "Laws" means all constitutions, treaties, statutes, laws, ordinances,
     regulations, rules, orders, writs, injunctions, or decrees of the United
     States of America, any state or commonwealth, any municipality, any foreign
     country, any territory or possession, or any Tribunal.

     "Loan Agreement" means the loan agreement entered into between the Borrower
     and the Lender on December 11th, 2003.

     "Loan Document" means the Note and/or the Loan Agreement.

     "Note" means this promissory note.

     "Principal Debt" means the aggregate unpaid principal balance of this Note
     at the time in question.

     "Rights" means rights, remedies, powers and privileges.

     "Taxes" means all taxes, assessments, fees, levies, imposts, duties,
     deductions, withholdings, or other charges of any nature whatsoever from
     time to time or at any time imposed by any Laws or Tribunal.

     "Tax Deduction" means a deduction or withholding for or on account of Taxes
     from a payment under the Loan Document.

     "Tribunal" means any state, commonwealth, federal, foreign, territorial or
     other court or governmental department, commission, board, bureau,
     district, authority, agency, central bank, or instrumentality, or any
     arbitration authority.

6. Payment Schedule. The principal balance of this Note shall be due and payable
according to the following payment schedule:

<PAGE>

            Payment Due Date                      Principal Payment
            ----------------                      -----------------
            April 30, 2004                        $50,000.00
            May 31, 2004                          $50,000.00
            June 30, 2004                         $50,000.00
            July 30, 2004                         $50,000.00
            August 30, 2004                       $50,000.00
            September 30, 2004                    $50,000.00
            October 29, 2004                      $50,000.00

     The accrued interest owing on this Note shall be due and fully payable on
     October 29, 2004.

     Payment of principal balance and interest shall be made by the Borrower to
     the Lender by wire transfer in United States Dollars to the bank account
     designated by the Lender from time to time.

7. Interest Rate.

The Principal Debt shall bear interest at the rate of three percent (3%) per
annum.

Computations and Determinations. All interest shall be computed on the basis of
a year of 360 days and paid for the actual number of days elapsed (including the
first day but excluding the last day). The books and records of Lender shall be
prima facie evidence of all sums owing to Lender from time to time under this
Note, but the failure to record any such information shall not limit or affect
the obligations of Borrower under the Loan Document.

Default Rate. Any principal of, and to the extent permitted by allocable law,
any Interest on this Note, and any other sum payable hereunder, which is not
paid when due shall bear interest, from the date due and payable until paid,
payable on demand, at a rate per annum equal to fourteen percent (14%).

8. Tax gross-up.

The Borrower must make all payments to be made by it under the Loan Document
without any Tax Deduction, unless a Tax Deduction is required by law.

If Borrower is aware that the Borrower it must make a Tax Deduction (or that
there is a change in the rate or the basis of a Tax Deduction), it must notify
the Lender promptly.

If a Tax Deduction is required by law to be made by the Borrower, the amount of
the interest payment due from the Borrower will be increased to an amount which
(after making the Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

If the Borrower is required to make a Tax Deduction, it must make the minimum
Tax Deduction allowed by law and must make any payment required in connection
with that Tax Deduction within the time allowed by law.

                                        2
<PAGE>

Within 30 days of making either a Tax Deduction or a payment required in
connection with a Tax Deduction, the Borrower must deliver to the Lender
evidence satisfactory to the Lender (acting reasonably) that the Tax Deduction
has been made or (as applicable) the appropriate payment has been paid to the
relevant taxing authority.

The Borrower must indemnify the Lender against any loss or liability which the
Lender (in its absolute discretion) determines will or has been suffered
(directly or indirectly) by it for or on account of Taxes in relation to a
payment received or receivable (or any payment deemed to be received or
receivable) under the Loan Document.

9. Prepayment. Borrower may prepay the principal balance of this Note, in full
at any time or in part from time to time, without penalty.

10. Late Charges. If Borrower shall fail to make any payment under the terms of
this Note within ten (10) days after the date such payment is due, Borrower
shall pay to Lender on demand a late charge equal to four percent (4%) of such
payment. Such ten (10) day period shall not be construed as in any way extending
the due date of any payment. The "late charge" is not be construed as in any way
extending the due date of any payment. The "late charge" is imposed for the
purpose of defraying the expenses of Lender incident to handling such delinquent
payment. This charge shall be in addition to, and not in lieu of, any other
remedy Lender may have and is in addition to any fees and charges of any agents
or attorneys which Lender may employ upon the occurrence of a Default
(hereinafter defined) hereunder, whether authorized herein or by law.

11. Certain Provisions Regarding Payments. All payments made as scheduled on
this Note shall be applied, to the extent thereof, to late charges, to accrued
but unpaid interest, unpaid principal, and any other sums due and unpaid to
Lender under the Loan Document. All permitted prepayments on this Note shall be
applied, to the extent thereof, to accrued but unpaid interest on the amount
prepaid, to the remaining principal installments, and any other sums due and
unpaid to Lender under the Loan Document. Acceptance by the Lender of any
payment in an amount less than the amount then due on any Indebtedness shall be
deemed an acceptance on account only, notwithstanding any notation on or
accompanying such partial payment to the contrary, and shall not in any way
excuse the existence of an Default.

12. Defaults

It shall be a default ("Default") under the Loan Document if (i) any principal,
interest or other amount of money due under this Note is not paid in full when
due, in accordance with the terms and conditions of the Loan Agreement,
regardless of how such amount may have become due; (ii) any covenant, agreement,
condition, representation or warranty herein is not fully and timely performed,
observed or kept; or (iii) there shall occur any default or event of default
under the Loan Document, which is not cured pursuant to the terms and provisions
therein. Upon the occurrence of a Default, Lender shall have any and all rights
and remedies set forth in the Loan Agreement, including without limitation the
right (A) to declare in accordance with the Loan Agreement the unpaid principal
balance and accrued but unpaid interest on this Note, and all other amounts due
hereunder and under the Loan Document, at once due and payable (upon such
declaration, the same shall be at once due and payable), (B) to foreclose any
liens and security interests securing payment thereof and (C) to exercise any of
its other rights, powers and remedies under the Loan Document, or at law or in
equity.

All of Rights of Lender provided for in the Loan Document are cumulative of each
other and of any and all other Rights at law or in equity. The resort to any
Right shall not prevent the concurrent or subsequent employment of any other
appropriate Right. No single or partial exercise of any Right shall exhaust it,
or preclude any other or further exercise thereof, and every Right may be
exercised, subject to the terms of the

                                        3
<PAGE>

Subordination Agreement, at any time and from time to time. No failure by Lender
to exercise, nor delay in exercising any Right, including but not limited to the
right to accelerate the maturity of this Note, shall be construed as a waiver of
any Default or as a waiver of any Right. Without limiting the generality of the
foregoing provisions, the acceptance by Lender from time to time of any payment
under this Note which is past due or which is less than the payment in full of
all amounts due and payable at the time of such payment, shall not (i)
constitute a waiver of or impair or extinguish the right of Lender to accelerate
the maturity of this Note or, to exercise any other Right at the time or at any
subsequent time, or nullify any prior exercise of any such Right, or (ii)
constitute a waiver of the requirement of punctual payment and performance or a
novation in any respect.

If any holder of this Note retains an attorney in connection with any Default or
at maturity of this Note or to collect, enforce or defend the Loan Document in
any lawsuit or in any probate, reorganization, bankruptcy, arbitration or other
proceeding, or if Borrower sues any holder in connection with the Loan Document
and does not prevail, then Borrower agrees to pay to each such holder, in
addition to principal, interest and any other sums owing to Lender hereunder and
under the Loan Document, all costs and expenses incurred by such holder in
trying to collect this Note or in any such suit or proceeding, including,
without limitation, attorneys' fees and expenses, investigation cost and all
court costs, whether or not suit is filed hereon, whether before or after the
payment due dates as provided in Section 1, or whether in connection with
bankruptcy, insolvency or appeal, or whether collection is made against Borrower
or any guarantor or endorser or any other person primarily or secondarily liable
hereunder.

13. Commercial Purpose. Borrower warrants that the Loan is being made solely to
acquire or carry on a business or commercial enterprise, and/or Borrower is a
business or commercial organization. Borrower further warrants that all of the
proceeds of this Note shall be used for commercial purposes and stipulates that
the Loan shall be construed for all purposes as a commercial loan, and is made
for other than personal, family, household or agricultural purposes.

14. WAIVER OF JURY TRIAL. BORROWER WAIVES TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO WHICH BORROWER AND LENDER MAY BE PARTIES, ARISING OUT OF, IN
CONNECTION WITH OR IN ANY WAY PERTAINING TO LOAN DOCUMENT. IT IS AGREED AND
UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS
AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS AGAINST
PARTIES WHO ARE NOT PARTIES TO THIS NOTE. THIS WAIVER IS KNOWINGLY, WILLINGLY
AND VOLUNTARILY MADE BY BORROWER, AND BORROWER HEREBY REPRESENTS THAT NO
REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE
THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.
BORROWER FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE
SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL
COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO
DISCUSS THIS WAIVER WITH COUNSEL.

15. Reservations of Rights. Nothing in this Note shall be deemed to (a) limit
the applicability of any otherwise applicable statutes of limitation or repose
and any waivers contained in this Note, or (b) be a waiver by Lender of the
protection afforded to it by 12 U.S.C. Sec. 91 or any substantially equivalent
state law, or (c) limit the right of Lender, (i) to exercise self help remedies
such as (but not limited to) setoff, or (ii) to foreclose against any real or
personal property collateral, or (iii) to obtain from a court provisional or
ancillary remedies such as (but not limited to) injunctive relief or the
appointment of a receiver, Neither the exercise of self help remedies nor the
institution or maintenance of an action for foreclosure or provisional or
ancillary remedies shall constitute a waiver of the right of any party,
including the claimant in any such action, to arbitrate the merits of the
controversy or claim occasioning resort to such remedies.

                                        4
<PAGE>

16. Heirs, Successors and Assigns. The terms of the Loan Document shall bind and
inure to the benefit of the heirs, devisees, representatives, successors and
assigns of the parties. The foregoing sentence shall not be construed to permit
Borrower to assign the Loan. As further provided in the Loan Agreement, Lender
may, at any time, sell, transfer, or assign the Loan Document, and any or all
servicing rights with respect thereto, or grant participations therein.

17. General Provisions. Time is of the essence with respect to Borrower's
obligations under this Note. If more than one person or entity executes this
Note as Borrower, all of said parties shall be jointly and severally liable for
payment of the indebtedness evidenced hereby. Borrower, its successors, assigns
and any other party now or hereafter liable for the payment of this Note in
whole or in part, hereby severally (a) waive demand, presentment for payment,
notice of dishonor and of nonpayment, protest, notice of protest, notice of
intent to accelerate, notice of acceleration and all other notices (except any
notices which are specifically required by the Loan Document), filling of suit
and diligence in collecting this Note or enforcing any of the security herefor;
(b) agree to any substitution, subordination, exchange or release of any such
security or the release of any party primarily or secondarily liable hereon; (c)
agree that Lender shall not be required first to institute suit or exhaust its
remedies hereon against Borrower or others liable or to become liable hereon or
to perfect or enforce its rights against them or any security herefor; (d)
consent to any extensions or postponements of time of payment of this Note for
any period or periods of time and to any partial payments, before or after
maturity, and to any other indulgences with respect hereto, without notice
thereof to any of them; and (e) submit (and waive all rights to object) to
non-exclusive personal jurisdiction of any state or federal court sitting in the
State of California, and venue in the city or county in which payment is to be
made as specified in Section 1 of' this Note, for the enforcement of any and all
obligations under this Note and the Loan Documents; (f) waive the benefit of all
homestead and similar exemptions as to this Note; (g) agree that their liability
under this Note shall not be affected or impaired by any determination that any
security interest or lien taken by Lender to secure this Note is invalid or
unperfected; and (h) hereby subordinate any and all rights against Borrower and
any of the security for the payment of this Note, whether by subrogation,
agreement or otherwise, until this Note is paid in full. A determination that
any provision of this Note is unenforceable or invalid shall not affect the
enforceability or validity of any other provision and the determination that the
application of any provision of this Note to any person or circumstance is
illegal or unenforceable shall not affect the enforceability or validity of such
provision as it may apply to other persons or circumstances. This Note may not
be amended except in a writing specifically intended for such purpose and
executed by the Lender and, if other than Lender, the party against whom
enforcement of the amendment is sought. The Lender is hereby authorized to
disseminate any information it now has or hereafter obtains pertaining to the
Loan Document, including, without limitation, any security for this Note and
credit or other information on Borrower, any of its principals and any guarantor
of this Note, to any actual or prospective assignee or participant with respect
to the Loan. Captions and headings in this Note are for convenience only and
shall be disregarded in construing it. THIS NOTE, AND ITS VALIDITY, ENFORCEMENT
AND INTERPRETATION, SHALL BE GOVERNED BY CALIFORNIA LAW (WITHOUT REGARD TO ANY
CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

18. Notice. Any notice, request, or demand to or upon Borrower or Lender shall
be deemed to have been properly given or made when delivered in accordance with
Section 3 of the Loan Agreement.

19. No Usury. It is expressly stipulated and agreed to be the intent of Borrower
and Lender at all times to comply with applicable state law or applicable United
States federal law (to the extent that it permits Lender to contract for,
charge, take, reserve, or receive a greater amount of interest than under state
law) and that this Section shall control every other covenant and agreement in
the Loan Document. If applicable state or federal law should at any time be
judicially interpreted so as to render usurious any amount called for under this
Note or under the Loan Document, or contracted for, charged, taken, reserved, or
received with respect to the Loan, or if Lender's exercise of the option to
accelerate the payment due dates provided in Section 1, or if any prepayment by
Borrower results in Borrower having paid any interesting in excess of that
permitted by

                                        5
<PAGE>

applicable law, then it is Lender's express intent that all excess amounts
theretofore collected by Lender shall be credited on the principal balance of
this Note and all other indebtedness and the provisions of the Loan Document
shall immediately be deemed reformed and the amounts thereafter collectible
hereunder and thereunder reduced, without the necessity of the execution of any
new documents, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder or thereunder. All
sums paid or agreed to be paid to Lender for the use, forbearance, or detention
of the Loan shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Loan
until payment in full so that the rate or amount of interest on account of the
Loan does not exceed the maximum lawful rate from time to time in effect and
applicable to the Loan for so long as the Loan is outstanding.

IN WITNESS WHEREOF, Borrower has executed this Note or has caused the same to be
executed by its duly authorized representatives as of the date set first forth
above.

                                           BORROWER

                                           SIGNATURE EYEWEAR, INC.
                                           a California corporation

The address of the Borrower is:            By:    /s/ M. Prince
                                                  -------------------------
498 N. Oak Street                          Name:    Michael Prince
Inglewood, California 90302                Title:   Chief Executive Officer

                                        6

(0252e.doc)

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