Document:

ex10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
10.1

    

    As of
November 11, 2009

    

    Emerging
Vision, Inc.

    100
Quentin Roosevelt Boulevard

    Garden
City, New York  11530

    

    Attn:  Christopher
G. Payan, CEO

    

    
      	
               
      

            	
              Re:

            	
              M&T
      Bank with Emerging Vision, Inc. (the
"Borrower")

            

    

    Limited Waiver and Amendment to
Revolving Line of Credit made available by M&TBank to the Borrower (the
"Line of Credit” or the “Loan")

    

    Dear Mr.
Payan:

    

    Manufacturers
and Traders Trust Company (the "Bank") agreed to make available to the Borrower
the Line of Credit pursuant to which the Borrower and the Bank entered into that
certain Revolving Line of Credit Note and Credit Agreement dated as of August 7,
2007 (the “Note”) as same was amended by a Waiver and Amendment Letter dated as
of November 14, 2008 and a Limited Waiver, Extension and Amendment dated as of
April 1, 2009 (collectively, the "Amendment").

    

    You have
requested that the Bank waive the requirements under
Paragraph (h) (3) of the “AFFIRMATIVE COVENANTS” Section of the Note for the 3rd quarter of
2009.

    

    The Bank
has agreed to the above request provided, in conjunction therewith, (i) the
Principal Amount of the Note
shall be amended as set forth herein and (ii) Borrower shall pay a Waiver
Fee, as hereinafter defined.

    

    LIMITED
WAIVER:

    

    Paragraph
(h) (3) of the “AFFIRMATIVE COVENANTS” Section of the Note reads as
follows:

    

    (3)           Maximum
Funded Debt to EBITDA* as follows:

    4.0 as of 9/30/07 and
12/31/07;

    3.75 as of 3/31/08, 6/30/08 and
9/30/08;

    3.5 as of 12/31/08 and all
quarters thereafter, to be tested quarterly on a trailing 12 month
basis.

    

    *Note:  EBITDA
shall add back any non-cash expense associated

    with
compensation and/or stock awards.  Funded Debt shall
include

    outstanding
balances under the M&T Revolving Line of Credit plus

    related party debt including the
Combine seller note.

    

    

    Pursuant
to your request, the Bank hereby agrees to waive the Maximum Funded Debt to
EBITDA requirement under Paragraph (h) (3) of the
“AFFIRMATIVE COVENANTS” Section of the Note but only
for the 3rd quarter of 2009.  In
consideration for the Bank’s agreeing to grant this waiver to Borrower, Borrower
shall remit a waiver fee of $5,000.00 (the “Waiver Fee”) to the Bank
contemporaneously with its execution and delivery hereof.

    

    AMENDMENT:

    

    Pursuant
to your request, the Principal Amount/Maximum Loan Amount of the Note is hereby
amended and shall hereafter be $5,750,000.00.

    

    Contemporaneously
with Borrower’s execution and delivery hereof, the Borrower shall execute the
accompanying “Allonge to
Note” and deliver same to the Bank contemporaneously
herewith.

    

    ADDITIONAL
TERMS/CLARIFICATION:

    

    All other
terms, conditions, definitions and provisions of the Note remain unchanged and
in full force and effect.

    

    Contemporaneous
with the execution of this Limited Waiver and Amendment Borrower shall remit the
Waiver Fee to the Bank.

    

    Please be
aware that this Limited Waiver
and Amendment pertains only to the matters and fiscal periods
specifically set forth herein and it pertains only to the specific terms of the
Note set forth herein.  All other terms,  conditions,
definitions and provisions of the Note not specifically and expressly amended
hereby and all terms, conditions, definitions and provisions of all other loan
documents executed and delivered in connection with the Loan remain in full
force and effect during the term of this waiver and thereafter.

    

    

    

    MANUFACTURERS AND TRADERS TRUST
COMPANY, a New York banking institution

    

    

    By: /s/ Tamra
Postiglione

    Tamra
Postiglione, Vice President

     

    

    ACKNOWLEDGED
AND AGREED TO BY:

    “BORROWER”

    

    EMERGING
VISION, INC.

    

    

    By: /s/ Christopher G.
Payan

    Christopher
G. Payan, CEO

     

    

    AGREED,
CONSENTED TO AND RATIFIED BY:

    "GUARANTORS"

    

    OG
ACQUISITION, INC.

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

     

    

    COMBINE
BUYING GROUP, INC.

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

    

    

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

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officerex10_2.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              EXHIBIT
      10.2

            

    

    

    
      	
              Obligor:

            	
              EMERGING
      VISION, INC.

            

    

    

    
      	
               
      

            	
              Original
      Loan
Amount:   $6,000,000.00

            

    

    
      	
               
      

            	
              REVISED
      LOAN
AMOUNT:   $5,750,000.00

            

    

    

    
      	
               
      

            	
              Manufacturers
      and Traders Trust Company

              
                One
      M & T Plaza, Buffalo, New York
14240

              

            

    

    
      	
                 

            	
               

            

    

    

    

    ALLONGE

    (Revision
Agreement of Note)

    

    This
Agreement refers to the loan (the “Loan”) evidenced by a Revolving Line of
Credit Note and Credit Agreement dated as of August 7, 2007 as same was amended
by letter dated as of November 14, 2008 and further amended by Limited Waiver
and Amendment dated as of April 1, 2009, in the original principal amount of SIX
MILLION and 00/100 ($6,000,000) DOLLARS (the "Note"), executed by EMERGING
VISION, INC. (the “Borrower”) in favor of MANUFACTURERS AND TRADERS TRUST
COMPANY (the “Bank”).

    

    By this
Agreement, the parties hereto have agreed to reduce the loan and the principal
amount of the Note to FIVE
MILLION SEVEN HUNDRED FIFTY THOUSAND and 00/100
($5,750,000.00).

    

    ACCORDINGLY, THE NOTE IS HEREAFTER
AMENDED AS FOLLOWS:

    

    PRINCIPAL;
PRINCIPAL AMOUNT; MAXIMUM LOAN AMOUNT; COMMITMENT.  Any
references in the Note or in any loan document executed in connection therewith
to Principal, Principal Amount, Maximum Loan Amount and Commitment (whether as a
defined term or not) shall hereafter mean FIVE MILLION SEVEN HUNDRED FIFTY
THOUSAND and 00/100 ($5,750,000.00)DOLLARS.   Accordingly,
the Maximum Loan Amount of the Note as of the date hereof is FIVE MILLION SEVEN HUNDRED FIFTY
THOUSAND and 00/100 ($5,750,000.00) DOLLARS, and advances under the Note
shall be available to Borrower in an aggregate principal amount up to, but not
exceeding at any time (and inclusive of any sums currently outstanding) the
outstanding principal sum of FIVE MILLION SEVEN HUNDRED FIFTY
THOUSAND and 00/100 ($5,750,000.00)DOLLARS (the
"Commitment").

    

    BY GRANTING THIS REVISION the
Bank does not waive any of the rights remedies it may have under the Note or any
of the loan documents executed in connection with the Loan (the “Loan
Documents”) and the Bank hereby expressly reserves all such rights and remedies
granted to it under the Note and the Loan Documents. This Agreement is a
revision only, and is not a novation; and except as herein provided, all other
terms and conditions of said Note and of any security agreements, guaranties or
other documents of lien or encumbrance shall remain in full force and
effect.

    

    

    
      	
               
      

            	
              Dated:
      As of November 11, 2009

            

    

    

    

    
      	
               
      

            	
              BORROWER:

            

    

    EMERGING
VISION, INC.

    

    By:           /s/ Christopher G.
Payan

    Christopher G. Payan, CEO

    

    

    

    AGREED,
CONSENTED TO AND RATIFIED BY:

    "GUARANTORS"

    

    OG
ACQUISITION, INC.

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

    

     COMBINE
BUYING GROUP, INC.

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

    

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

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

    

    

    

    
      	
               
      

            	
              ACCEPTED
      BY:

            

    

    

    
      	
               
      

            	
              MANUFACTURERS
      AND TRADERS TRUST COMPANY

            

    

    

    

    
      	
               
      

            	
              By:
      /s/ Tamra
      Postiglione

            

    

    Name:
Tamra Postiglione

    Title:  Vice
Presidentex10_3.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT 10.3

    

    LETTER
OF REAFFIRMATION OF GENERAL SECURITY AGREEMENT

    

    As of
November 11, 2009

    

    
      	
               
      

            	
              TO:

            	
              Manufacturers
      and Traders Trust Company

            

    

    
      	
               
      

            	
              One
      M & T Plaza, Buffalo, New York
14240

            

    

    

    Re: REAFFIRMATION
of General Security Agreements (collectively, the "Security Agreement") made by
EMERGING VISION, INC., OG ACQUISITION, INC., COMBINE BUYING GROUP, INC. AND
1725758 ONTARIO INC. D/B/A THE OPTICAL GROUP

    
      	
              to MANUFACTURERS AND TRADERS
      TRUST COMPANY (the “Bank") dated as of August 7, 2007 in connection
      with loans made to EMERGING VISION, INC.
      (“Borrower”) by Manufacturers and Traders Trust Company (collectively, the
      “Loan”).

            

    

    

    Dear
Sirs:

    

    Each of
the undersigned hereby reaffirms and ratifies all the terms, conditions,
representations, and covenants contained in the Security Agreement 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
granted to Manufacturers and Traders Trust Company by the Security Agreement and
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 that they are unaffected by the execution of that certain ALLONGE TO NOTE
and that certain LIMITED WAIVER AND AMENDMENT AGREEMENT evidencing, among other
things, (i) the reduction of the Principal amount of the Loan as set forth
therein and (ii) the waiver of certain financial covenants for fiscal period
ended 9/30/09, and any related documents, dated of even date herewith, copies of
which each of the undersigned acknowledges having received and reviewed and (ii)
that the Security Agreement is in full force and effect.

    

    Very
truly yours,

    

    EMERGING
VISION, INC.

    

    By:           /s/ Christopher G.
Payan

    Christopher G. Payan, CEO

    

    

    OG
ACQUISITION, INC.

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

     

    

    COMBINE
BUYING GROUP, INC.

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

     

    

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

    

    By:           /s/ Brian P.
Alessi

    Name: Brian P. Alessi

    Title: Chief Financial
Officer

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