Document:

AUTHORIZED RESELLER AGREEMENT
                                 (NONEXCLUSIVE)

This agreement ("Agreement") is entered into between

ELEVATED CONCEPTS,INC.("Vendor"),a Nevada corporation having offices at 5 Revere
Drive, Suite 200, Northbrook, IL 60062

and

SALOMATKIN & PARTNERS ("Reseller"), having offices at Dom 1/1 Ul.Severny Proezd,
Suite 112, Pos. Leninskie Gorki, Moscow, Russian Federation.

Whereas, Vendor sells a line of eco-friendly, biodegradable, non-toxic household
products  and  building  materials  ("Products");
Whereas,Reseller is in the business of reselling household products and building
materials;
Whereas, Vendor desires to engage the Reseller  for the  purposes  of  marketing
and selling Vendor's Products in Moscow Region,Russian Federation ("Territory");
and

Therefore, in consideration of the mutual covenants contained herein, payment by
Vendor of the initial Reseller's set-up fees of USD $7,000 (paid) and other good
and  valuable  consideration  the  adequacy  and  receipt  of  which  is  hereby
acknowledged the parties agree to the following:

1.     DEFINITIONS

       "Customer" means an end user of a Product.
       "Limited Warranty  Statement" means Vendor's  then-current  warranty from
       Vendor to Customers.
       "Products" means the products in Vendor's then-current reseller Product
       List. Vendor may add to, delete from, or otherwise modify the Products on
       the Product List at any time.
       "Territory" means Moscow City and Moscow Region, Russian Federation.

2.     PRODUCT TERMS

       2.1    APPOINTMENT. Vendor hereby appoints Reseller, and Reseller accepts
              such  appointment,  to act as a nonexclusive  reseller of Products
              only to Customers  located in the  Territory.  Sale of Products to
              other resellers or Reseller's  affiliates is strictly  prohibited.
              Reseller will only sell the Products in face-to-face  transactions
              from physical store outlets located in the Territory, and will not
              market or sell the Products  using any Internet site or mail-order
              catalog without specific written authorization by Vendor.

       2.2    PRICES.  The prices paid by Reseller to Vendor for Products  shall
              initially be set by mutual agreement  between Vendor and Reseller.
              Vendor shall have the right,  at any time,  to change,  alter,  or
              amend Product prices upon written notice.  Reseller is eligible to
              receive price protection in accordance with the guidelines  agreed
              by the  parties to this  Agreement.  Prices are  exclusive  of all
              taxes,  insurance,  and shipping and handling  charges,  which are
              Reseller's sole responsibility.

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3.     ORDERING AND PAYMENT

       3.1    ORDERS. Orders shall be in writing and be subject to acceptance by
              Vendor.  The  terms  and  conditions  of each  order  shall  be as
              provided by this  Agreement,  and the provisions of either party's
              form of purchase  order,  acknowledgment,  or other business forms
              will not apply to any  order  notwithstanding  the  other  party's
              acknowledgment or acceptance of such form.

       3.2    SHIPMENT.  Shipment will be F.O.B.  Vendor's  specified  warehouse
              ("Delivery   Point"),   freight  collect,   at  which  time  title
              (excluding any software  components of Products if such exist) and
              risk of loss will pass to Reseller.  All freight,  insurance,  and
              other  shipping  expenses  from  Delivery  Point,  as  well as any
              expenses related to Reseller's  special packing requests,  will be
              borne by Reseller unless otherwise agreed to in writing by Vendor.

       3.3    PAYMENT.  Subject to compliance with Vendor's credit requirements,
              payments  on orders  will be due and  payable in full  thirty (30)
              days from the  invoice  date.  If  Reseller  is in  default of its
              payment  obligations,  Vendor  shall give  written  notice of such
              default to Reseller. Upon receipt of such default notice, Reseller
              shall have  thirty (30) days to cure.  If  Reseller  fails to cure
              within  the  thirty  (30) day notice  period,  Reseller  shall pay
              service charges of 2 % per month for any past due amounts.  Vendor
              may in its sole discretion  change  Reseller's credit terms and/or
              require C.O.D. payment for any shipments.

4.     DEFECTIVE PRODUCT RETURNS

       Returns of defective Products will be processed through return processing
       centers and  consolidated  for  shipment  weekly or biweekly to Vendor by
       Reseller.  Returns of defective  Products will be paid for by Vendor when
       Vendor-authorized   carriers  are  used.   Return  shipment  charges  via
       unauthorized   carriers  and  all  customs  or  brokers'   fees  are  the
       responsibility  of Reseller.  Vendor reserves the right to charge back to
       Reseller shipping charges incurred on those Products that were not at any
       point resold to Customers but were returned as defective and no fault was
       found.  Incomplete Product returns will be accepted less the value of the
       missing components.

       Reseller  will be in  material  breach of this  Agreement  if it  returns
       Products  as  "defective"  to Vendor when  Reseller  has not at any point
       resold  such  Products to  Customers,  except  that  Reseller  may return
       Products that were not at any point resold to Customers  that are in fact
       "defective."

5.     RESELLER'S OBLIGATIONS

       5.1    MARKETING  DEVELOPMENT.  Reseller  will  aggressively  market  and
              advertise the Products consistent with Reseller's  marketing plans
              and  strategies.  So long as Reseller is in  compliance  with this
              Agreement, Reseller may participate in Vendor's Marketing program.

       5.2    INVENTORY/SALES INFORMATION.  Reseller will be required to provide
              sell-  through  and  inventory   information   for  all  inventory
              locations  via an  electronic  link such as EDI or other  standard
              data transfer and exchange method. The method must be agreed to in
              advance by Reseller and Vendor.

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       5.3    RESELLER COVENANTS. Reseller will:

              (i)   conduct business in a manner that reflects favorably  at all
                    times on Products and the good name, goodwill,and reputation
                    of Vendor;
              (ii)  avoid deceptive, misleading, or unethical practices that are
                    or might be detrimental to Vendor or Vendor's Products;
              (iii) make no false or misleading  representations  with regard to
                    Vendor or  Vendor's Products;
              (iv)  not publish  or employ, or cooperate in  the  publication or
                    employment of, any misleading or deceptive advertising
                    material with regard to Vendor or Vendor's Products; and
              (v)   make no representations, warranties, or guarantees to
                    customers or to the trade with respect to the specifications
                    , features, or capabilities of Vendor's Products   that  are
                    inconsistent with the literature distributed by Vendor.

       5.4    USE OF TRADEMARKS AND PROPRIETARY NOTICES. During the term of this
              Agreement,  Reseller may use the trademarks,  trade names,  logos,
              and  designations  used by Vendor for Vendor's  Products solely in
              connection with Reseller's advertisement and promotion of Vendor's
              Products, in accordance with Vendor's then-current trademark usage
              policies.  Reseller  shall not  remove or  destroy  any  copyright
              notices,   trademarks,   or  other  proprietary  markings  on  the
              Products,   documentation,  or  other  materials  related  to  the
              Products. Upon termination of this Agreement Reseller may continue
              to advertise and promote the Products  using  Vendor's  trademarks
              and trade  names  until  inventory  depletion.  Vendor may not use
              Reseller's trade names, trademarks, or service marks without first
              obtaining Reseller's express approval.

6.     TERM AND TERMINATION

       6.1    TERM. This Agreement shall commence on the Effective Date and
              continue for twelve (12) months thereafter unless terminated
              earlier as provided herein.

       6.2    TERMINATION  WITHOUT CAUSE.  Reseller or Vendor may terminate this
              Agreement  without  cause,  at any time, by written  notice to the
              other party not less than thirty (30) days prior to the  effective
              date of  termination.  All unfilled  orders pending at the time of
              the date of such notice of termination  shall be deemed  canceled,
              and Vendor and Reseller  hereby waive all claims against the other
              in connection with the cancellation of such orders.

       6.3    TERMINATION  FOR  BREACH.  Vendor may  terminate  this  Agreement,
              for cause,  by written  notice to Reseller not less than  ten (10)
              days prior to the effective date of such notice in the event that:

              (i)   Reseller  fails to pay past due invoices within  thirty (30)
                    days after notice that invoices are past due;
              (ii)  Reseller   fails  to   resolve   and  remove   from   Vendor
                    unauthorized  debits  after a remedy  period of fifteen (15)
                    business days from date of debit;
              (iii) Reseller violates any other material provision of this
                    Agreement; or
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              (iv)  control of Reseller is acquired,  directly or indirectly, by
                    a third  party,  or Reseller  is merged with a third  party.
                    Upon giving its notice of termination,  Vendor may alter its
                    terms of sale,  including  credit terms, and take such other
                    action as may be consistent with the termination of Reseller
                    as an authorized Vendor Reseller.

       6.4    TERMINATION  FOR  INSOLVENCY. At the option of Vendor or Reseller,
              this Agreement shall terminate immediately if:

              (i)   a receiver is appointed for the other party or its property;
              (ii)  the other party  becomes  insolvent  or unable to pay its
                    debts as they mature or ceases to pay its debts as they
                    mature in the ordinary  course of business,  or makes an
                    assignment  for the benefit of creditors;
              (iii) any proceedings are commenced by or for the other party
                    under any bankruptcy, insolvency, or debtors' relief law;
              (iv)  any proceedings are commenced  against the other party under
                    any bankruptcy  insolvency or debtor's  relief law, and such
                    proceedings  have not been vacated or set aside within sixty
                    (60) days from the date of commencement thereof; or
              (v)   the other party commences to dissolve under applicable
                    corporate law statutes.

       6.5    TERMINATION/EXPIRATION ACCOUNTING. All amounts payable by Reseller
              to Vendor shall survive termination and become immediately due and
              payable.  In addition,  Vendor shall have the right to  repurchase
              unsold  Products  in  Reseller's  inventory.  Within ten (10) days
              following  termination,  Reseller  shall  furnish  Vendor  with an
              inventory of unsold  Products.  Within ten (10) days after receipt
              of such inventory, Vendor shall notify Reseller in writing whether
              or not Vendor  intends to repurchase  from Reseller all or part of
              such  inventory at the  original  invoice  price (less  discounts,
              price protection,  or other credits  previously  granted).  Vendor
              shall  pay all  transportation  and  other  costs  connected  with
              shipping such Products to Vendor.

7.     WARRANTY

       7.1    CUSTOMER WARRANTY. Vendor provides a Limited Warranty Statement to
              Customers. Reseller will make available to Customers a copy of the
              Limited Warranty  Statement and will not make any  representations
              or statements  inconsistent with such Limited Warranty  Statement.
              Reseller  shall have the right to return at  Vendor's  expense and
              for full  credit  (if there are  sufficient  funds to  offset)  or
              refund of the  purchase  price any  products for which the sale is
              prohibited by applicable local,  state, or federal law, ordinance,
              rule, or regulation.

       7.2    EXPRESS DISCLAIMER.  VENDOR MAKES NO WARRANTIES OR REPRESENTATIONS
              AS TO THE PRODUCTS, EXCEPT AS SET FORTH ABOVE. ALL IMPLIED
              WARRANTIES AND CONDITIONS,  INCLUDING BUT NOT LIMITED TO IMPLIED
              WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
              AND NONINFRINGEMENT, ARE HEREBY DISCLAIMED.

8.     LIMITATION OF LIABILITY
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<page>

       THE LIABILITY OF VENDOR AND ITS  SUPPLIERS  ARISING OUT OF OR RELATING TO
       THIS  AGREEMENT OR THE SUPPLY OF PRODUCTS  HEREUNDER  SHALL BE LIMITED TO
       THE ACTUAL  AMOUNTS  PAID BY RESELLER TO VENDOR FOR THE  PRODUCTS  GIVING
       RISE TO SUCH DAMAGES, AND SHALL IN NO EVENT INCLUDE LOSS OF PROFITS, COST
       OF PROCURING SUBSTITUTE GOODS OR SERVICES,  OR ANY INCIDENTAL,  INDIRECT,
       OR  CONSEQUENTIAL  DAMAGES OF ANY KIND, EVEN IF VENDOR OR ITS SUPPLIER IS
       AWARE OF THE POSSIBILITY OF SUCH DAMAGES.

9.     CONFIDENTIALITY

       The parties agree to maintain the confidentiality of information relating
       to products,  sales data,  and other business  information  shared by the
       parties  and not  generally  known  to the  public,  as set  forth in the
       Nondisclosure  Agreement executed by the parties on April 10, 2009, which
       is incorporated herein by reference.

10.    GENERAL

       10.1   ASSIGNMENT.  Neither party may assign,  delegate,  or transfer the
              Agreement,  or any of its rights or duties hereunder,  without the
              prior written consent of the other party. Any attempted assignment
              or  delegation  in violation of this  section  shall be void.  The
              provisions  of this  Agreement  shall be binding upon and inure to
              the  benefit  of the  parties,  their  successors,  and  permitted
              assigns.  Notwithstanding  the  foregoing,  Vendor  may assign its
              rights  and  duties   hereunder  in  connection   with  a  merger,
              consolidation, spin-off, corporate reorganization, acquisition, or
              sale of all or substantially all the assets of Vendor.

       10.2   GOVERNING LAW. This Agreement shall be governed by the laws of the
              State of Nevada, excluding the United Nations Convention on
              Contracts for the International Sale of Goods.

       10.3   INDEPENDENT  CONTRACTORS.  In performing their  respective  duties
              under this Agreement,  each of the parties will be operating as an
              independent  contractor.  Nothing contained herein will in any way
              constitute any association,  partnership, or joint venture between
              the parties  hereto,  or be construed to evidence the intention of
              the parties to establish any such relationship. Neither party will
              have the power to bind the other party or incur obligations on the
              other  party's  behalf  without the other  party's  prior  written
              consent.

       10.4   MODIFICATION  AND WAIVER.  No modification to this Agreement,  nor
              any waiver of any rights,  will be effective unless assented to in
              writing by the party to be  charged,  and the waiver of any breach
              or  default  shall not  constitute  a waiver  of any  other  right
              hereunder or any subsequent breach or default.

       10.5   NOTICES. Any required or permitted notices hereunder must be given
              in writing at the  address  of each party set forth  below,  or to
              such  other  address  as either  party may  substitute  by written
              notice to the other in the manner  contemplated  herein, by one of
              the following  methods:  hand delivery;  registered,  express,  or
              certified mail,  return receipt  requested,  postage  prepaid;  or
              nationally  recognized  private express  courier.  Notices will be
              deemed given on the date received.

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       RESELLER:  Suite 112, Dom 1/1 Ul.Severny Proezd,
                  Pos. Leninskie Gorki,
                  Moscow, Russian Federation

       VENDOR:    5 Revere Drive, Suite 200
                  Northbrook, IL 60062

       10.6   SEVERABILITY.  If for any reason any  provision of this  Agreement
              shall be held by a court of competent  jurisdiction  to be invalid
              or unenforceable, the remaining provisions of this Agreement shall
              remain in full force and effect.

       10.7   LIMITATION  OF  ACTION.  Any  legal  action  arising  out of  this
              Agreement shall be barred unless  commenced within one (1) year of
              the act or omission  giving rise to the  action.  Such  limitation
              shall not apply to any actions asserted against Reseller by Vendor
              arising from any delinquencies in payment for Products.

       10.8   ENTIRE AGREEMENT.  This Agreement and the exhibits attached hereto
              constitute the entire and exclusive  Agreement between the parties
              hereto with respect to the subject matter hereof and supersede any
              prior agreements  between the parties with respect to such subject
              matter.

IN WITNESS  WHEREOF,  the parties  have caused this  Agreement to be executed by
their respective authorized representatives as of the Effective Date.

RESELLER:                                  VENDOR:

/s/ Alexander Salomatkin                   /s/ Vasili Borisov
------------------------                   ------------------
Alexander Salomatkin                       Vasili Borisov
Director                                   President

Date: April 16, 2009                       Date: April 16, 2009

                                        6exh10_47.htm

    

      EXHIBIT 10.47

      

      

      THIRD
AMENDMENT TO

      SECOND
AMENDED AND RESTATED CREDIT AGREEMENT

      

      

      This THIRD AMENDMENT TO SECOND AMENDED
AND RESTATED CREDIT AGREEMENT (this “Agreement”) is
entered into and effective on April 14, 2009, and is by and among CPI Corp., a
Delaware corporation (“Company”) and Bank of
America, N.A. (as successor to LaSalle Bank National Association) (“Bank of America”), as
“Administrative
Agent,” and Bank of America and the undersigned Required Lenders, as
“Lenders.”

      

      Recitals:

      

      
        	
                A.

              	
                Company,
      Administrative Agent, Bank of America and the Lenders are party to that
      certain Second Amended and Restated Credit Agreement dated as of June 8,
      2007, as amended by the First Amendment to Second Amended and Restated
      Credit Agreement dated as of June 8, 2007, and as amended by the Second
      Amendment to Second Amended and Restated Credit Agreement dated as of
      December 10, 2008 (as amended, the “Credit
      Agreement”).

              

      

      

      
        	
                B.

              	
                Administrative
      Agent, the undersigned Required Lenders and Company have agreed to the
      provisions set forth herein on the terms and conditions contained
      herein.

              

      

      

      Agreement

      

      Therefore, in consideration of the
mutual agreements herein and other sufficient consideration, the receipt of
which is hereby acknowledged, Company, Administrative Agent and the undersigned
Required Lenders hereby agree as follows:

      

      
        	
                1.  

              	
                Definitions.  

              

      

       

      Capitalized
terms used and not otherwise defined herein have the meanings given them in the
Credit Agreement.

      

      
        	
                2.  

              	
                Effectiveness
      of Agreement.  

              

      

       

      This
Agreement shall become effective as of the date set forth in the introductory
paragraph to this Agreement, but only if on or before 1:00 p.m. Central time on
the date first written above (A) this Agreement has been executed and delivered
by the Company, Administrative Agent and the undersigned Required Lenders (as
evidenced by receipt by the Administrative Agent of executed signature pages to
this Amendment from Lenders constituting the Required Lenders); (B) all of the
documents listed on Exhibit A to this
Agreement have been executed and delivered, each in form and substance
reasonably satisfactory to Administrative Agent and the undersigned Required
Lenders; (C) the Company has paid in same day funds all fees that may be owing
to Administrative Agent pursuant to any agent fee letter or other arrangement;
(D) the Company has paid to Administrative Agent’s counsel, all reasonable fees
and expenses incurred by such counsel prior to the date hereof and as may be
reasonably estimated to be incurred following the date hereof in connection with
this Agreement, in each case as invoiced to the Company in reasonable detail;
and (E) the Company has paid in same day funds the Third Amendment Fees (as
defined below).  If the Required Lenders execute this Agreement, as a
condition to the effectiveness of this Agreement, the Company shall pay to
Administrative Agent, on behalf of each Lender who executes this Agreement and
delivers its signature page to the Administrative Agent on or before 1:00 p.m.
Central time on the date first written above, an amendment fee equal to thirty
seven and one half (37.5) basis points multiplied by each such Lender’s total
Commitment (with respect to any such Lender, the “Third Amendment Fee,”
and with respect to all such Lenders, collectively, the “Third Amendment
Fees”).  The Company hereby irrevocably authorizes, requests
and directs Administrative Agent to debit its operating account at
Administrative Agent to pay the Third Amendment Fees if not otherwise paid
directly by the Company when due.  Upon receipt of the Third Amendment
Fees, the Administrative Agent shall distribute such fees to each Lender who has
earned a Third Amendment Fee pursuant to this Section 2.  Each Third Amendment Fee shall be deemed
to be fully-earned when due and payable, and shall be nonrefundable under any
circumstances once paid.

       

       

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

       

      
        	
                3.  

              	
                Amendment
      to Credit Agreement. 

              

      

       

      3.1. Applicable
Margin.

       

      The
definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is
deleted and replaced with the following:

      

      “Applicable Margin
means:

      

      (A) for
any day, the rate per annum set forth below opposite the level (the “Level”) then in
effect, it being understood that the Applicable Margin for (i) LIBOR Loans
that are Revolving Loans shall be the percentage set forth under the column
“LIBOR Margin Revolving Loans”, (ii) Base Rate Loans that are Revolving
Loans shall be the percentage set forth under the column “Base Rate Margin
Revolving Loans”, (iii) the Non-Use Fee Rate shall be the percentage set
forth under the column “Non-Use Fee Rate” and (iv) the L/C Fee shall be the
percentage set forth under the column “L/C Fee Rate”:

      

      
        
          
            
              
                
                  
                    	
                            Level

                          	 	
                            Ratio
      of Total Funded Debt

                            to
      EBITDA Ratio

                          	 	
                            LIBOR

                            Margin
      Revolving Loans

                          	 	 	
                            Base
      Rate

                            Margin
      Revolving Loans

                          	 	 	
                            Non-Use

                            Fee Rate

                          	 	 	
                            L/C
      Fee

                            Rate

                          	 
	 I	 	
                            Greater
      than or equal to 2.00 to 1.00

                          	 	 	4.000	%	 	 	2.500	%	 	 	0.500	%	 	 	4.000	%
	
                            II

                          	 	
                            Greater
      than or equal to 1.50 to 1.00 but less than 2.00 to 1.00

                          	 	 	3.750	%	 	 	2.250	%	 	 	0.500	%	 	 	3.750	%
	
                            III

                          	 	
                            Greater
      than or equal to 1.00 to 1.00 but less than 1.50 to 1.00

                          	 	 	3.500	%	 	 	2.000	%	 	 	0.500	%	 	 	3.500	%
	
                            IV

                          	 	
                            Less
      than 1.00 to 1.00

                          	 	 	3.250	%	 	 	1.750	%	 	 	0.500	%	 	 	3.250	%

                  

                

              

            

          

        

      

      

      The LIBOR
Margin Revolving Loans, the Base Rate Margin Revolving Loans, the Non-Use Fee
Rate and the L/C Fee Rate shall be adjusted, to the extent applicable, on the
fifth (5th) Business Day after the Company provides or is required to provide
the annual and quarterly financial statements and other information pursuant to
Section 10.1.1
or 10.1.2, as
applicable, and the related Compliance Certificate, pursuant to Section 10.1.3.  Notwithstanding
anything contained in this paragraph to the contrary, (a) if the Company
fails to deliver such financial statements and Compliance Certificate in
accordance with the provisions of Section 10.1.1,
10.1.2 and
10.1.3, the
LIBOR Margin Revolving Loans, the Base Rate Margin Revolving Loans, the Non-Use
Fee Rate and the L/C Fee Rate shall be based upon Level I above beginning
on the date such financial statements and Compliance Certificate were required
to be delivered until the fifth (5th) Business Day after such financial
statements and Compliance Certificate are actually delivered, whereupon the
Applicable Margin shall be determined by the then current Level; (b) no
reduction to any Applicable Margin shall become effective at any time when an
Event of Default or Unmatured Event of Default has occurred and is continuing;
and (c) the Applicable Margin shall be based on Level I until the date on which
the financial statements and Compliance Certificate are required to be delivered
for the Fiscal Quarter ending May 2, 2009.

       

       

      
        
          
          

        

        
          2

          
          

        

        
          
          

        

      

      (B) for
any day, the rate per annum set forth below opposite the Level then in effect,
it being understood that the Applicable Margin for LIBOR Loans that are
Term B Loans shall be the percentage set forth under the column “LIBOR
Margin Term B Loans”, and Base Rate Loans that are Term B Loans shall
be the percentage set forth under the column “Base Rate Margin Term B
Loans”.  The LIBOR Rate Margin for Term B Loans and the Base Rate
Margin for Term B Loans shall be at Level I, provided, however, that if the
Company provides annual and quarterly financial statements and other information
pursuant to Section 10.1.1
or 10.1.2, as
applicable, and the related Compliance Certificate, pursuant to Section 10.1.3
showing for two consecutive Computation Periods that the ratio of Total Funded
Debt to EBITDA is less than 1.00 to 1.00, then at all times thereafter, subject
to the terms and conditions of this Agreement, including, without limitation,
the provisions relating to the Default Rate, the LIBOR Rate Margin for Term B
Loans and the Base Rate Margin for Term B Loans shall be at Level
II.  Notwithstanding anything contained in this paragraph to the
contrary, no reduction to LIBOR Rate Margin for Term B Loans and the Base Rate
Margin for Term B Loans shall become effective at any time when an Event of
Default has occurred and is continuing.

      

      
        
          
            
              
                	
                        Level

                      	 	
                        Ratio
      of Total Funded Debt to EBITDA

                      	 	
                        LIBOR
      Rate Margin Term B Loans

                      	 	 	
                        Base
      Rate Margin Term B
    Loans

                      	 
	 I	 	
                        Greater
      than or equal to 1.00 to 1.00

                      	 	 	4.250	%	 	 	2.750	%
	
                        II

                      	 	
                        Less
      than 1.00 to 1.00 for two consecutive Computation Periods

                      	 	 	3.750	%	 	 	2.250	%

              

            

          

        

      

      

      3.2. Base
Rate.

       

      The
definition of “Base Rate” in Section 1.1 of the Credit Agreement is deleted and
replaced with the following:

      

      “Base Rate means for
any day a fluctuating rate per annum equal to the highest of (i) the Federal
Funds Rate plus 1/2 of 1%, (ii) the Prime Rate, or (iii) the sum of 1.00% plus
the LIBOR Rate (without giving effect to any rounding provided for in the
definition of “LIBOR Rate”) that would be applicable for an Interest Period of
one month beginning on such day (or if such day is not a Business Day, the
immediately preceding Business Day).”

      

      3.3. Fixed
Charges.

       

      A
definition of “Fixed Charges” is added to Section 1.1 of the Credit Agreement in
alphabetical order as follows:

      

      “Fixed Charges means,
with respect to any period of computation, the sum of (without duplication), (i)
cash Interest Expense of the Loan Parties during such period, plus (ii) scheduled
repayments of principal of all long-term Debt of any of the Loan Parties or any
of their Subsidiaries (including the Term B Loan, the Subordinated Debt, and
other interest-bearing Debt (other than the Revolving Loan)) made during such
period, plus (iii)
income taxes paid in cash by the Loan Parties and their Subsidiaries during such
period, plus (iv)
distributions and dividends paid or made by the Company in cash with respect to
the Company’s Capital Securities during such period, and plus (v) redemptions and
purchases by the Company of the Company’s Capital Securities made during such
period.”

       

       

      
        
          
          

        

        
          3

          
          

        

        
          
          

        

      

       

      3.4. Prime
Rate.

       

      The
definition of “Prime Rate” in Section 1.1 of the Credit Agreement is deleted and
replaced with the following:

      

      “Prime Rate means, for
any day, the rate of interest in effect for such day as publicly announced from
time to time by the Administrative Agent as its prime rate (whether or not such
rate is actually charged by the Administrative Agent), which is not intended to
be the Administrative Agent’s lowest or most favorable rate of interest at any
one time, and is a rate set by Administrative Agent based upon various factors,
including Administrative Agent’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some
loans, which may be priced at, above, or below such announced
rate.  Any change in the Prime Rate announced by the Administrative
Agent shall take effect at the opening of business on the day specified in the
public announcement of such change; provided that the Administrative Agent shall
not be obligated to give notice of any change in the Prime Rate.”

      

      3.5. Repayment
of Term B Loans.

       

      For all
periods after the date of this Agreement, Section 6.4.2 of the Credit Agreement
is deleted and replaced with the following:

      

      “6.4.2  Term  B
Loans.  The Term  B Loan of each Lender with a Term B
Loan Commitment shall be paid in installments equal to such Lender’s Applicable
Percentage of the aggregate principal amount of the installments of the
Term  B Loan as follows:

      

      
        
          
            
              
                	
                        Payment Date

                      	 	
                        Amount

                      	 
	
                        on
      each March 31, June 30, and September 30

                      	 	$	1,000,000.00	 
	
                        on
      each December 31

                      	 	$	7,000,000.00	 

              

            

          

        

      

      

      Unless
sooner paid in full, the outstanding principal balance of the Term B Loan shall
be paid in full on the Term B Loan Maturity Date.”

      

      3.6. Total
Funded Debt to EBITDA Ratio.

       

      For all
reporting periods after the date of this Agreement, Section 11.16.1 of the
Credit Agreement is deleted and replaced with the following:

      

      “11.16.1  Total Funded Debt to EBITDA
Ratio.  Not permit, as of the last day of any Fiscal Quarter,
the ratio of Total Funded Debt to EBITDA for the Computation Period ended on the
last day of such Fiscal Quarter, to exceed the applicable ratio set forth
below:

      

      
        
          
            
              
                	
                        Computation
      Period Ending

                      	
                        Ratio
      of Total Funded Debt to EBITDA

                      
	
                        May
      2, 2009, and July 25, 2009

                      	
                        3.00
      to 1.00

                      
	
                        November
      14, 2009

                      	
                        3.50
      to 1.00

                      
	
                        February
      6, 2010

                      	
                        3.00
      to 1.00

                      
	
                        May
      1, 2010, July 24, 2010, and November 13, 2010

                      	
                        2.75
      to 1.00

                      
	
                        February
      5, 2011, April 30, 2011, July 23, 2011, and November 12,
    2011

                      	
                        2.25
      to 1.00

                      
	
                        February
      4, 2012, and April 28, 2012

                      	
                        2.00
      to 1.00

                      

              

            

          

        

      

       

       

      
        
          
          

        

        
          4

          
          

        

        
          
          

        

      

      3.7. Elimination
of Minimum EBITDA Covenant; Addition of Fixed Charge Covenant.

       

      For all
reporting periods after the date of this Agreement, Section 11.16.2 of the
Credit Agreement is deleted and replaced with the following:

      

      “11.16.1  Minimum EBITDA minus Capital
Expenditures to Fixed Charges Ratio.  Not permit, as of the
last day of any Fiscal Quarter, the ratio of (I) the result of (a) EBITDA minus (b) Capital
Expenditures to (II) Fixed Charges, for the Computation Period ended on the last
day of such Fiscal Quarter, to be less than 1.50 to 1.00, provided, however, the
foregoing ratio shall be 1.40 to 1.00 for the Fiscal Quarter ending February 2,
2010, and provided further, however, for each the first three Fiscal Quarters of
Fiscal Year 2009, the amount of Capital Expenditures shall be deemed to be an
amount equal to $5,000,000, and thereafter the amount of Capital Expenditures
shall be the actual amount thereof for such Computation Period.”

      

      3.8. Elimination
of Interest Coverage Ratio Covenant.

       

      For all
reporting periods after the date of this Agreement, Section 11.16.3 of the
Credit Agreement is deleted and replaced with the following:

      

      “11.16.3.  Intentionally
Omitted.”

      

      
        	
                4.  

              	
                Representations
      and Warranties of
Company.  

              

      

       

      Company
hereby represents and warrants to Administrative Agent and the Lenders as of the
date hereof that (i) Company’s execution of this Agreement has been duly
authorized by all requisite action of Company, (ii) no consents are necessary
from any third parties for Company’s execution, delivery or performance of this
Agreement, (iii) this Agreement, the Credit Agreement, and each of the other
Loan Documents, constitute the legal, valid and binding obligations of Company
enforceable against Company in accordance with their terms, except to the extent
that the enforceability thereof against Company may be limited by bankruptcy,
insolvency or other laws affecting the enforceability of creditors rights
generally or by equity principles of general application, (iv) except as
set forth on Exhibit
B to this Agreement, all of the representations and warranties contained
in Section 9 of the Credit Agreement are true and correct with the same force
and effect as if made on and as of the date of this Agreement except to the
extent such representations and warranties expressly by their terms relate only
to an earlier date, (v) after giving effect to this Agreement, there is no
Unmatured Event of Default or Event of Default, and (vi)
since  February 2, 2008, there has been no event or occurrence that
would reasonably be likely to give rise to a Material Adverse
Effect.  Company hereby further represents and warrants that it has
disclosed to Administrative Agent and the Lenders all material facts and
circumstances relating to the Loan Parties’ business, assets, liabilities,
properties, condition (financial or otherwise), results of operations or
prospects of the Loan Parties and their customers. 

       

      
        	
                5.  

              	
                Effect
      of Amendment.  

              

      

       

      The
execution, delivery and effectiveness of this Agreement shall not operate as a
waiver of any right, power or remedy of Administrative Agent or any Lender under
the Credit Agreement or any of the other Loan Documents, nor constitute a waiver
of any provision of the Credit Agreement, any of the other Loan Documents or any
existing Unmatured Event of Default or Event of Default.  Each
reference in the Credit Agreement to “the Agreement”, “hereunder”, “hereof”,
“herein”, or words of like import, shall be read as referring to the Credit
Agreement as amended by this Agreement.

       

       

      
        
          
          

        

        
          5

          
          

        

        
          
          

        

      

       

      
        	
                6.  

              	
                Reaffirmation;
      Waiver of Claims.  

              

      

       

      Company
hereby acknowledges and confirms that as of the date hereof, (i) the Credit
Agreement and the other Loan Documents remain in full force and effect, and (ii)
Company has no defenses to its obligations under the Credit Agreement and the
other Loan Documents.  As of the date
hereof, the Company has no claim against Administrative Agent or any Lender
arising from or in connection with the Credit Agreement, this Agreement, or the
other Loan Documents and any and all such claims are waived, released and
discharged (the foregoing is not intended to waive any manifest errors in the
Administrative Agent’s or any Lender’s records with respect to the
Obligations).

      

      
        	
                7.  

              	
                Governing
      Law.  

              

      

       

      This
Agreement has been executed and delivered in Chicago, Illinois, and shall be
governed by and construed under the laws of the State of Illinois without giving
effect to choice or conflicts of law principles thereunder.

      

      
        	
                8.  

              	
                Section
      Titles.  

              

      

       

      The
section titles in this Agreement are for convenience of reference only and
shall not be construed so as to modify any provisions of this
Agreement.

      

      
        	
                9.  

              	
                Counterparts;
      Facsimile
Transmissions.  

              

      

       

      This
Agreement may be executed in one or more counterparts and on separate
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  Signatures to
this Agreement may be given by facsimile or other electronic transmission, and
such signatures shall be fully binding on the party sending the
same.

      

      
        	
                10.  

              	
                Patriot
      Act Notice.   

              

      

       

      Administrative
Agent, each Lender and Bank of America (for itself and not on behalf of any
other party) hereby notifies each Company, each Guarantor, each other Loan Party
and each of their Subsidiaries that, pursuant to the requirements of the USA
Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the
“Act”), it is
required to obtain, verify and record information that identifies each Company,
each Guarantor, each other Loan Party and each of their Subsidiaries, which
information includes the name and address of the Company, each Guarantor, each
other Loan Party and each of their Subsidiaries and other information that will
allow Administrative Agent, such Lender or Bank of America, as applicable, to
identify the Company, each Guarantor, each other Loan Party and each of their
Subsidiaries in accordance with the Act.

      

      
        	
                11.  

              	
                Fees
      and Expenses.  

              

      

       

      Company
shall promptly pay to Administrative Agent executing this Agreement all fees,
expenses and other amounts owing to Administrative Agent under the Credit
Agreement and the other Loan Documents upon demand, including, without
limitation, all reasonable fees, costs and expenses incurred by Administrative
Agent in connection with the preparation, negotiation, execution, and delivery
of this Agreement.

      

      
        	
                12.  

              	
                Incorporation
      By Reference.  

              

      

       

      Administrative
Agent, Lenders and Company hereby agree that all of the terms of the Loan
Documents are incorporated in and made a part of this Agreement by this
reference.  Administrative Agent, Lenders and Company hereby agree
that this Agreement is a “Loan Document.”

      

      
        	
                13.  

              	
                Statutory
      Notice - Insurance.  

              

      

       

       

      
        
          
          

        

        
          6

          
          

        

        
          
          

        

      

       

      The
following notice is given pursuant to Section 10 of the Collateral Protection
Act set forth in Chapter 815 Section 180/1 of the Illinois Compiled Statutes
(1996); nothing contained in such notice shall be deemed to limit or modify the
terms of the Loan Documents:

      

      UNLESS
YOU PROVIDE EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY YOUR AGREEMENT WITH
US, WE MAY PURCHASE INSURANCE AT YOUR EXPENSE TO PROTECT OUR INTERESTS IN YOUR
COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT YOUR INTERESTS. THE
COVERAGE THAT WE PURCHASE MAY NOT PAY ANY CLAIM THAT YOU MAKE OR ANY CLAIM THAT
IS MADE AGAINST YOU IN CONNECTION WITH THE COLLATERAL. YOU MAY LATER CANCEL ANY
INSURANCE PURCHASED BY US, BUT ONLY AFTER PROVIDING EVIDENCE THAT YOU HAVE
OBTAINED INSURANCE AS REQUIRED BY OUR AGREEMENT. IF WE PURCHASE INSURANCE FOR
THE COLLATERAL, YOU WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE,
INCLUDING THE INSURANCE PREMIUM, INTEREST AND ANY OTHER CHARGES WE MAY IMPOSE IN
CONNECTION WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE
CANCELLATION OR EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE
ADDED TO YOUR TOTAL OUTSTANDING BALANCE OR OBLIGATION. THE COSTS OF THE
INSURANCE MAY BE MORE THAN THE COST OF INSURANCE YOU MAY BE ABLE TO OBTAIN ON
YOUR OWN.

      

      
        	
                14.  

              	
                Statutory
      Notice - Oral
Commitments.  

              

      

       

      Nothing
contained in the following notice shall be deemed to limit or modify the terms
of the Loan Documents:

      

      ORAL
AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
ARE NOT ENFORCEABLE. TO PROTECT YOU (BORROWER) AND US (CREDITOR) FROM
MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE
STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING
TO MODIFY IT.

      

      Company
acknowledges that there are no other agreements between Administrative Agent,
Lenders, and Company, oral or written, concerning the subject matter of the Loan
Documents, and that all prior agreements concerning the same subject matter,
including any proposal or commitment letter, are merged into the Loan Documents
and thereby extinguished.

      

      {remainder
of page intentionally left blank; signature pages follow}

      

      
        
           

        

        
          7

          
          

        

        
           

        

      

      

      IN WITNESS WHEREOF, this Agreement has
been duly executed as of the date first above written.

      

      

      CPI CORP., a Delaware
corporation

      

      By:
/s/Dale E. Heins

      ____________________________________________________________________                                                               

      Name:
Dale E. Heins

      Title:
Senior Vice President, Finance, Chief
Financial Officer

       

      BANK
OF AMERICA, N.A. (as successor to LaSalle Bank National
Association),

      as
Administrative Agent

      

      By:
/s/Margaret C. Dierkes

      _____________________________________________________________________                                               

      Name: Margaret
C.
Dierkes                                                                          

      Title:  Vice
President                                                             

       

      BANK
OF AMERICA, N.A.

      (as
successor to LaSalle Bank National Association), as a Lender and as Issuing
Lender

      

      By:
/s/Magaret C. Dierkes

      _____________________________________________________________________                                                               

      Name:
Margaret C. Dierkes

      Title:
Vice President

       

      First
Bank, as a Lender

      

      By:
/s/Trevor D. Gibson

      _____________________________________________________________________                                                            

      Name: Trevor
D.
Gibson                                                                      

      Title: Assistant
Vice
President                              

       

      
        Fifth
Third Bank, as a Lender

        

        By:
/s/Evan J. Chu

        _____________________________________________________________________                                                            

        Name: Evan
J.
Chu                                                                   

        Title: Officer

         

        Associated Bank,
N.A., as a Lender

         

        
          By:
/s/Mark Weitekamp

          _____________________________________________________________________                                                           

          Name: Mark
Weitekamp                                                                 

          Title: Vice
President                              

        

      

       

      
        
          The
CIT Group/Equipment Financing, Inc.,  as a Lender

           

          
            By:
/s/Andrew Giangrave

            _____________________________________________________________________                                                           

            Name: Andrew
Giangrave                                                                 

            Title: Managing Director   

          

        

         

        
          CIFC
Funding 2007-IV, Ltd., as a Lender

           

          
            By:
/s/Steve Vaclaro

            _____________________________________________________________________                                                           

            Name: Steve
Vaclaro                                                             

            Title: Co-Chief
Investment Officer

          

        

      

       

      
 

      Signature page
to Third Amendment to Second Amended and Restated Credit Agreement

      
        
           

        

        
          
          

          
          

        

        
           

        

      

       

      
        Landmark
VII CDO Ltd., By: Aladdin Capital Management, LLC, as Manager, as a
Lender

         

        
          By:
/s/John J. D'Angelo

          _____________________________________________________________________                                                           

          Name: John J.
D'Angelo                                                            

          Title: Authorized
Signatory

           

          Landmark
VIII CDO Ltd., By: Aladdin Capital Management, LLC, as Manager, as a
Lender

        

      

      
         

        
          By:
/s/John J. D'Angelo

          _____________________________________________________________________                                                           

          Name: John .
D'Angelo                                                            

          Title: Authorized
Signatory

           

        

      

      
        
          Landmark
IX CLO Ltd., By: Aladdin Capital Management, LLC, as Manager, as a
Lender

           

          
            By:
/s/John J. D'Angelo

            _____________________________________________________________________                                                           

            Name: John
J.
D'Angelo                                                        

            Title: Authorized
Signatory

          

        

      

       

      
        Greycock
CDO Ltd., By: Aladdin Capital Management, LLC, as Manager, as a
Lender

         

        
          By:
/s/John J. D'Angelo

          _____________________________________________________________________                                                           

          Name: John
J.
D'Angelo                                                        

          Title: Authorized
Signatory

        

      

       

      
        Banc
of America Capital Solutions LLC, as a Lender

         

        
          By:
/s/Kenneth M. Zoeller

          _____________________________________________________________________                                                           

          Name: Kenneth
M.
Zoeller                                                      

          Title: Managing
Director

           

          Pangaea
CLO 2007-1 LTD, By: Pangaea Asset Management, LLC, its Collateral

          Manager,
as a Lender

           

          By:
/s/Matthew Nels

          _____________________________________________________________________                                                           

          Name: Matthew
Nels                                                      

          Title: Assistant
Secretary

           

          Sargas
CLO I Ltd., By: Sargas Asset Management, LLC, its Portfolio Manager,

          as
a Lender

           

          By:
/s/Matthew Nels

          _____________________________________________________________________                                                           

          Name: Matthew
Nels                                                     

          Title: Assistant
Secretary

        

      

       

      
        
          TELOS
CLO 2006-1, LTD, By: Tricadia Loan Management, LLC, as a Lender

           

          
            By:
/s/John J. McCormick III

            _____________________________________________________________________                                                           

            Name: John
J. McCormick,
III                                                              

            Title: Managing Director

          

        

         

        
          TELOS
CLO 2007-2, LTD, By: Tricadia Loan Management, LLC, as a Lender

           

          
            By:
/s/John J. McCormick, III

            _____________________________________________________________________                                                           

            Name: John
J. McCormick,
III                                                     

            Title: Managing
Director

             

          

        

      

      

        Signature page
to Third Amendment to Second Amended and Restated Credit
Agreement

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

      EXHIBIT
A

      

      DOCUMENTS
AND REQUIREMENTS

      

       

      
        	
                1.  

              	
                Third
      Amendment to Second Amended and Restated Credit
  Agreement.

              

      

       

       

      
        	
                2.  

              	
                Unconditional
      Reaffirmation of Guaranty and Amendment of
  Guarantors.

              

      

       

       

      
        	
                3.  

              	
                Resolutions
      of the Company, certified by the corporate secretary or an assistant
      secretary of the Company, authorizing the Third Amendment to Second
      Amended and Restated Credit
Agreement.

              

      

       

       

      

       

      
        
           

        

        
          1

          
          

        

        
           

        

      

      

      EXHIBIT
B

      

       

      UPDATES
TO DISCLOSURE SCHEDULE

       

       

      NONE

       

       

      

       

      
        
           

        

        
          1

          
          

        

        
           

        

      

      UNCONDITIONAL REAFFIRMATION
OF GUARANTY

       

              Each of the
undersigned has reviewed the Third Amendment to Second Amended and Restated
Credit Agreement, by and among CPI Corp., a Delaware corporation (Company) and Bank of America,
N.A. (as successor to LaSalle Bank National Association) (Bank of America), as Administrative Agent, and
Bank of America and the other lenders, as Lenders (the Third Amendment), and all
other documents and financial statements the undersigned deems necessary
relating to the Borrower.  Capitalized terms used herein, but not
defined herein, unless otherwise noted, shall have the meanings set forth in the
Third Amendment or, if not defined therein, as defined in that certain Guaranty
and Collateral Agreement dated as of November 30, 2005, to which the
undersigned, the Company and the Administrative Agent are a party (the Guaranty and Collateral
Agreement).

       

              Each of the
undersigned acknowledges and consents to all changes set forth in the Third
Amendment, and agrees that all such changes are in the best interests of Company
and each of the undersigned.  In consideration of financial
accommodations granted and which may hereafter be granted to Company by
Administrative Agent and the Lenders, in consideration of Administrative Agent’s
and the Lenders’ reliance on the Guaranty and Collateral Agreement and in
reliance on the Guaranty Agreement dated April 15, 2005 (the April Guaranty), and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, each of the undersigned irrevocably and unconditionally
reaffirms pursuant to the terms of the Guaranty and Collateral Agreement and
pursuant to the terms of the April Guaranty, each of which it is a party to, its
unconditional continuing guarantee of the payment and performance of all Company
Obligations, and the undersigned further agrees that the validity and
enforceability of the Guaranty and Collateral Agreement and the April Guaranty
to which it is a party is not and shall not be affected in any way or manner by
the Third Amendment.

       

              Each Guarantor hereby
unconditionally reaffirms, covenants, represents, warrants, acknowledges and
confirms to Administrative Agent, the Issuing Lender and each Lender that (i)
the Guaranty and Collateral Agreement, the April Guaranty, and each other Loan
Document to which it is a party is in full force and effect, (ii) this
Reaffirmation has been duly authorized by such Guarantor’s governing body,
members or shareholders, as the case may be, (iii) no consents are necessary
from any third Person for such Guarantor’s execution, delivery or performance of
this Reaffirmation which have not been obtained, (iv) this Reaffirmation, the
Guaranty and Collateral Agreement, the April Guaranty, and each other Loan
Documents to which it is a party constitutes the legal, valid and binding
obligation of such Guarantor enforceable against such Guarantor in accordance
with its terms except as the enforcement thereof may be limited by bankruptcy,
insolvency or other laws related to creditors rights generally or by the
application of equity principles, (v) the Guaranty and Collateral Agreement, the
April Guaranty, and each other Loan Documents to which it is a party are each
hereby reaffirmed and ratified without qualification and are and remain in full
force and effect, except that on and after the date hereof all references in the
Guaranty and Collateral Agreement, and the April Guaranty to which it is a party
to “the Loan Agreement” or “the Credit Agreement,” or words of like import
referring to the Credit Agreement shall mean the Credit Agreement as amended by
the Third Amendment, (vi) the Liens granted by such Guarantor and each other
Guarantor in favor of the Administrative Agent under the Guaranty and Collateral
Agreement, the Collateral Documents, and the other Loan Documents secure all the
Obligations and all the Guarantor Obligations, are perfected, continue in full
force and effect, and are hereby reaffirmed, and such Guarantor reaffirms and
grants a Lien in favor of Administrative Agent on all of its Collateral, and
each Guarantor and confirms and agrees that to the extent that any such Loan
Document purports to grant, assign or pledge to the Administrative Agent a
security interest in or Lien on, any Collateral as security for the Obligations
and the Guarantor Obligations and that such pledge, assignment and/or grant of
the security interest or Lien is hereby ratified and confirmed in all respects,
and (vii) each of the representations and warranties made by the Guarantors
under the Guaranty and Collateral Agreement, the April Guaranty, each Existing
Loan Document, and the other Loan Documents to which it is a party are true and
correct as of the date hereof (except to the extent modified herein by updates
to the disclosure schedules or in the Credit Agreement).

       

       

      
 

      
        
          
          

        

        
          1

          
          

        

        
          
          

        

      

      Each Guarantor hereby unconditionally
reaffirms, covenants, represents, warrants, acknowledges and confirms to
Administrative Agent, the Issuing Lender and each Lender that (i) such Guarantor
has no defenses to its obligations under the Credit Agreement, the Guaranty and
Collateral Agreement, the April Guaranty, and each other Loan Documents to which
it is a party arising out of or relating to any facts or circumstances existing
on or before the date hereof, known or unknown, to the Guarantor, the Company or
any Loan Party, and (ii) as of the date hereof, the Guarantor has no claim
against Administrative Agent, any Existing Lender, the Issuing Lender or any
Lender arising from or in connection with the Credit Agreement, the Guaranty and
Collateral Agreement, the April Guaranty, and each other Loan Documents to which
it is a party and any and all such claims are waived, released and discharged
(the foregoing is not intended to waive any manifest errors in the
Administrative Agent’s or any Lender’s records with respect to the
Obligations).

      

      {remainder
of page intentionally left blank; signature page follows

      
        
           

        

        
          2

          
          

        

        
           

        

      

      Each Guarantor has caused this
Unconditional Reaffirmation to be duly executed and delivered by their duly
authorized officers as of the date first set forth above.

      

      Dated and
effective as of April 14, 2009.

      

      

      CONSUMER PROGRAMS
INCORPORATED, a Missouri corporation, as a Guarantor

      

      By: /s/Dale
Heins

      _________________________________________________________________

      Name:
Dale Heins

      Title: SVP
Finance/CFO/Treasurer

       

      CPI CANADIAN HOLDINGS, INC., a
Delaware corporation, as a Guarantor

      

      
        By: /s/Dale
Heins

        _________________________________________________________________

        Name:
Dale Heins

        Title: SVP
Finance/CFO/Treasurer

      

      CPI IMAGES, L.L.C., a Missouri
limited liability company, as a Guarantor

      

      By:  Consumer
Programs Incorporated, a Missouri corporation, as its Manager

       

      By: /s/Dale
Heins

      ________________________________________________________________

      Name:
Dale Heins

      Title: SVP
Finance/CFO/Treasurer

      
 

      CPI INTERNATIONAL HOLDINGS,
INC., a Delaware corporation, as a Guarantor

      

      By: /s/Dale
Heins

      ________________________________________________________________

      Name:
Dale Heins

      Title: SVP
Finance/CFO/Treasurer

      

      

      TEXAS PORTRAITS, L.P., a
Delaware limited partnership

      

      By:  Consumer
Programs Incorporated, a Missouri corporation

      

      By: /s/Dale
Heins

      _______________________________________________________________

      Name:
Dale Heins

      Title: SVP
Finance/CFO/Treasurer

      

      

      
        
          
          

        

        
          3

          
          

        

        
          
          

        

      

      

      Agreed
and accepted as of April 14, 2009:

      

      BANK
OF AMERICA, N.A.

      (as
successor to LaSalle Bank National Association),

      as
Administrative Agent

      

      

      By: /s/Margaret
C. Dierkes

      _________________________________________          

      Name: Margaret
C. Direkes

      Title: Vice
President                         

      

      

      {end
of signatures}

      

      
        
           

        

        
          4

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