Document:

ex10_4.htm

LETTER OF REAFFIRMATION OF GENERAL SECURITY AGREEMENT

As of March 31, 2010

	
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 NON-REVOLVING LINE OF CREDIT AGREEMENT in the amount of $4,251,921.13 and TERM LOAN NOTE in the amount of $1,000,000.00 evidencing, among other things, (i) the reduction of the Maximum Loan Amount available under the Line of Credit Loan, (ii) the conversion of the outstanding balance under the line of credit to a term loan, and (iii) the revision of certain financial covenants as set forth therein, and of any related documents, each dated of even date herewith, copies of which each of the undersigned acknowledges having received and reviewed and hereby consent to, and (ii) that the Security Documents are in full force and effect.

Emerging Vision, Inc. further covenants and certifies that the attached list of Company Owned Stores (Revised Exhibit A”) represents the current list of Company Owned Stores (updated from prior Exhibit “A” annexed to its Security Agreement dated as of August 7, 2007) and that the attached Franchise Store List ( “Revised Exhibit B”) represents the current Franchise Store List (updated from prior Exhibit “B” annexed to its Security Agreement dated as of August 7, 2007) and both the Revised Exhibit A and revised Exhibit B are hereby incorporated within and added to the terms of the Security Agreement of Emerging Vision, Inc. by the reference thereto herein.

 

  

  

  

Very truly yours,

EMERGING VISION, INC.

By:           /s/ Glenn Spina                                                      

Glenn Spina, Its Chief Executive Officer

OG ACQUISITION, INC.

By:           /s/ Glenn Spina                                                      

Glenn Spina, Its Chief Executive Officer

COMBINE BUYING GROUP, INC.

By:           /s/ Glenn Spina                                                      

Glenn Spina, Its Chief Executive Officer

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

By:           /s/ Glenn Spina                                                      

Glenn Spina, Its Chief Executive Officerex10_5.htm

LETTER OF REAFFIRMATION OF GUARANTY

As of March 31, 2010

	
TO:

	
 

	
Manufacturers and Traders Trust Company 
One M & T Plaza, Buffalo, New York 14240

RE:           REAFFIRMATION of Continuing Guaranty of All Liability (the "Guaranty") executed and delivered by OG ACQUISITION, INC., COMBINE BUYING GROUP, INC. AND 1725758 ONTARIO INC. D/B/A THE OPTICAL GROUP  (collectively, the “Guarantors”) 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:

The undersigned hereby reaffirm and ratify all the terms, conditions, representations, and covenants contained in the Guaranty, certify that there are no defenses, offsets, or counterclaims thereto as of the date hereof and represent, warrant, and covenant that the most recent financial statements heretofore delivered to you are true and correct in all respects, fairly present the financial condition of the undersigned as of the date thereof and that no material adverse change has occurred in the financial condition reflected therein since the date thereof.

Each of the undersigned further covenants and agrees (a) that its liability under the Guaranty is unaffected by the execution of that certain NON-REVOLVING LINE OF CREDIT AGREEMENT in the amount of $4,251,921.13 and TERM LOAN NOTE in the amount of $1,000,000.00 (collectively, the “NOTES”) evidencing, among other things, (i) the reduction of the Maximum Loan Amount available under the Line of Credit Loan, (ii) the conversion of the outstanding balance under the line of credit to a term loan, and (iii) the revision of certain financial covenants as set forth therein, and any related documents dated of even date herewith, copies of which the undersigned acknowledge having received and reviewed, (b) that each of the undersigned hereby acknowledges receipt of a copy of the above referenced Notes and hereby consents to the Notes and (c) that the Guaranty is in full force and effect.   Furthermore, although each of the undersigned has been informed of the matters set forth herein and in the Notes and has acknowledged and agreed to same, each of the undersigned understands that the Bank has no obligation to inform any of the undersigned of such matters in the future or to seek the acknowledgment or agreement of any of the undersigned to future amendments or waivers, and nothing herein shall create such a duty.

Very truly yours,

GUARANTORS:

OG ACQUISITION, INC.

By:           /s/ Glenn Spina                                                      

Name:  Glenn Spina

Title:    Chief Executive Officer

 

COMBINE BUYING GROUP, INC.

By:           /s/ Glenn Spina                                                      

Name:  Glenn Spina

Title:    Chief Executive Officer

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

By:           /s/ Glenn Spina                                                      

Name:  Glenn Spina

Title:    Chief Executive Officerex10_6.htm

LETTER OF REAFFIRMATION OF ABSOLUTE ASSIGNMENT OF FRANCHISEE NOTES AND PROCEEDS DUE, ASSIGNMENT OF RENTS AND SUBLEASES, PLEDGE AGREEMENT, AND UNITED STATES TRADEMARK COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT

       

	
DATED: 

TO:

	

As of March 31, 2010

Manufacturers and Traders Trust Company

One M & T Plaza, Buffalo, New York 14240

	
 

Re:                      ABSOLUTE ASSIGNMENT OF FRANCHISEE NOTES AND PROCEEDS DUE (“Assignment of Franchisee Notes”), ASSIGNMENT OF RENTS AND SUBLEASES (“Assignment of Rents”), PLEDGE AGREEMENT (“Pledge Agreement”), AND UNITED STATES TRADEMARK COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT (“Assignment of Trademarks”) each dated as of August 7, 2007 (collectively, the “Security Documents”), executed and delivered by EMERGING VISION, INC. (“Borrower”) to MANUFACTURERS AND TRADERS TRUST COMPANY (the “Bank") in connection with loans made to EMERGING VISION, INC. 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 Documents and certifies that there are no defenses, offsets, or counterclaims thereto as of the date hereof.

Each of the undersigned further covenants and agrees (i) that the security interests, pledges and assignments granted to Manufacturers and Traders Trust Company by the Security Documents and respectively as appropriate perfected by subsequent UCC-1 filings, remain in full force and effect as set forth therein and that same continue to constitute a binding first security interest in the stated assets of each of the undersigned securing the Borrower’s and each of the undersigned’s debt to Manufacturers and Traders Trust Company and that they are unaffected by the execution of that certain NON-REVOLVING LINE OF CREDIT AGREEMENT in the amount of $4,251,921.13 and TERM LOAN NOTE in the amount of $1,000,000.00 evidencing, among other things, (i) the reduction of the Maximum Loan Amount available under the Line of Credit Loan, (ii) the conversion of the outstanding balance under the line of credit to a term loan, and (iii) the revision of certain financial covenants as set forth therein, and of any related documents, each dated of even date herewith, copies of which each of the undersigned acknowledges having received and reviewed and hereby consent to, and (ii) that the Security Documents are in full force and effect.

Each of the undersigned further covenants and certifies that the attached Exhibit “A” represents the current list of Franchisee Notes assigned and delivered to the Bank by virtue of the Assignment of Fanchisee Notes reaffirmed hereby and such notes are incorporated in the Assignment of Fanchisee Notes by reference herein, and that the attached Exhibit “B” represents the current subsidiaries whose rents and subleases are assigned to the Bank by virtue of the Assignment of Rents as amended of even date herewith by revised Assignment of Rents and reaffirmed hereby and such subleases/rents are incorporated in  the Assignment of Rents by reference herein.

  

  

  

Very truly yours,

EMERGING VISION, INC.

By:           /s/ Glenn Spina                                                      

Glenn Spina, Its Chief Executive Officer

OG ACQUISITION, INC.

By:           /s/ Glenn Spina                                                      

Glenn Spina, Its Chief Executive Officer

ACKNOWLEDGMENT

STATE OF NEW YORK    )

        : SS.

COUNTY OF NASSAU    )

On the 13th day of April, in the year 2010, before me, the undersigned, a Notary Public in and for said State, personally appeared GLEN SPINA, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 /s/ Barbara C. Kegel   

Notary Public

  

  

  

 

EXHIBIT “A” – NOTES RECEIVABLE:

Notes Receivable as of 4/1/2010 :

1)

	
Payor:           

 

	
John Belotti

	
Date of Note:

 

	
6/1/2006

	
Amount:

 

	
$75,000

	
Maturity Date:                                

 

	
5/1/2010

2)

 

	
Payor:           

 

	
Ashraf Hosseini

	
Date of Note:

 

	
8/15/2006

	
Amount:

 

	
$40,000

	
Maturity Date:                                

 

	
1/1/2012

 

3) NEW)

 

	
Payor:           

 

	
 Nicholas Siskos

	
Date of Note:

 

	
 10/1/2009

	
Amount:

 

	
$48,500

	
Maturity Date:                                

 

	
3/1/2014

4) NEW)

 

	
Payor:           

 

	
Renata Nannetti

	
Date of Note:

 

	
 6/1/2010

	
Amount:

 

	
$50,000

	
Maturity Date:                                

	
5/1/2013

 

 

  

  

  

5) NEW)

 

	
Payor:           

 

	
Renata Nannetti

	
Date of Note:

 

	
 6/1/2010

	
Amount:

 

	
$8,000

	
Maturity Date:                                

 

	
9/1/2011

6) NEW)

 

	
Payor:           

 

	
Dr. Joseph Bistricer

	
Date of Note:

 

	
1/1/2009

	
Amount:

 

	
$130,862

	
Maturity Date:                                

	
12/1/2013

 

7) NEW)

 

	
Payor:           

 

	
Sharon Chambry

	
Date of Note:

 

	
12/1/2007

	
Amount:

 

	
$95,791

	
Maturity Date:                                

 

	
11/1/2010

8) NEW)

 

	
Payor:           

 

	
Dr. Joel Kaplan

	
Date of Note:

 

	
7/1/2009

	
Amount:

 

	
$10,000

	
Maturity Date:                                

 

	
6/1/2010

9) NEW)

 

	
Payor:           

 

	
Javier Martinez

	
Date of Note:

 

	
1/1/2008

	
Amount:

 

	
$10,000

	
Maturity Date:                                

 

	
12/1/2017

 

10) NEW)

 

	
Payor:           

 

	
 Sheena Tillman

	
Date of Note:

 

	
7/15/2009

	
Amount:

 

	
$60,000

	
Maturity Date:                                

 

	
6/15/2012

11) NEW)

 

	
Payor:           

 

	
Nicholas Siskos

	
Date of Note:

 

	
3/5/2009

	
Amount:

 

	
$10,000

	
Maturity Date:                                

 

	
3/5/2010

12) NEW)

 

	
Payor:           

 

	
Dr. Kamal Zafar

	
Date of Note:

 

	
2/1/2009

	
Amount:

 

	
$11,500

	
Maturity Date:                                

 

	
1/1/2010

13) NEW)

 

	
Payor:           

 

	
Dr. Martin Liebowitz

	
Date of Note:

 

	
3/22/2009

	
Amount:

 

	
$5,000

	
Maturity Date:                                

 

	
3/22/2010

 

  

14) NEW)

 

	
Payor:           

 

	
Dr. Martin Liebowitz

	
Date of Note:

 

	
3/22/2009

	
Amount:

 

	
$3,600

	
Maturity Date:                                

 

	
8/22/2010

 

 15) NEW)

 

	
Payor:           

 

	
Tonya Maks & Olga Shapiro

	
Date of Note:

 

	
6/1/2009

	
Amount:

 

	
$10,000

	
Maturity Date:                                

 

	
10/1/2009

16) NEW)

 

	
Payor:           

 

	
Tonya Maks & Olga Shapiro

	
Date of Note:

 

	
6/1/2009

	
Amount:

 

	
$3,600

	
Maturity Date:                                

 

	
11/1/2010

17) NEW)

 

	
Payor:           

 

	
Donovan Knight

	
Date of Note:

 

	
2/1/2009

	
Amount:

 

	
$85,000

	
Maturity Date:                                

 

	
1/1/2014

18) NEW)

 

	
Payor:           

 

	
Ashraf Hosseini

	
Date of Note:

 

	
4/1/2009

	
Amount:

 

	
$94,524

	
Maturity Date:                                

 

	
11/1/2011

19) NEW)

 

	
Payor:

 

	
Donovan Knight

	
Date of Note:

 

	
8/1/2009

	
Amount:

 

	
$67,246

	
Maturity Date:                                

 

	
 2/1/2010

                                                           

20) NEW)

 

	
Payor:           

 

	
Don Galle

	
Date of Note:

 

	
5/15/2009

	
Amount:

 

	
$10,000

	
Maturity Date:                                

 

	
4/15/2012

  

 

 

  

  

 

EXHIBIT “B” – RENT/SUBLEASE ASSIGNORS:

 

	
  

	
EMERGING BUSINESS BROKERAGE, INC.

	
  

	
EMERGING VISION KING OF PRUSSIA, INC.

	
  

	
EMERGING VISION USA, INC.

	
  

	
EV ACQUISITION, INC.

	
  

	
EV CONTACTS, INC.

	
  

	
INSIGHT IPA OF NEW YORK, INC.

	
  

	
OPTI-CAPITAL, INC.

	
  

	
SINGER SPECS OF WESTMORELAND, INC.

	
  

	
SINGER SPECS, INC.

	
  

	
STERLING OPTICAL OF BAYSHORE, INC.

	
  

	
STERLING OPTICAL OF CHAUTAUQUA, INC.

	
  

	
STERLING OPTICAL OF COLLEGE POINT, INC.

	
  

	
STERLING OPTICAL OF COMMACK, INC.

	
  

	
STERLING OPTICAL OF CP, INC.

	
  

	
STERLING OPTICAL OF CROSSGATES MALL, INC.

	
  

	
STERLING OPTICAL OF GRAND FORKS, INC.

	
  

	
STERLING OPTICAL OF HUNTINGTON, INC.

	
  

	
STERLING OPTICAL OF IVERSON, INC.

	
  

	
STERLING OPTICAL OF JEFFERSON VALLEY, INC.

	
  

	
STERLING OPTICAL OF LAVALE, INC.

	
  

	
STERLING OPTICAL OF NEWBURGH, INC.

	
  

	
STERLING OPTICAL OF ROCKAWAY, INC.

	
  

	
STERLING OPTICAL OF WARMINSTER, INC.

	
  

	
STERLING OPTICAL OF WAYNE, INC.

	
  

	
STERLING OPTICAL OF WEST HEMPSTEAD, INC.

	
  

	
STERLING OPTICAL OF WESTMORELAND, INC.

	
  

	
STERLING OPTICAL OF W.P ROAD, INC.

	
  

	
STERLING U.S.A, INC.

	
  

	
STERLING VISION BOS, INC.

	
  

	
STERLING VISION DKM, INC.

	
  

	
STERLING VISION OF 794 LEXINGTON, INC.

	
  

	
STERLING VISION OF AVIATION MALL, INC.

	
  

	
STERLING VISION OF ANNAPOLIS, INC.

	
  

	
STERLING VISION OF ARNOT MALL, INC.

	
  

	
STERLING VISION OF BEAVER DAM, INC.

	
  

	
STERLING VISION OF BLASDELL, INC.

	
  

	
STERLING VISION OF BROOKFIELD SQUARE, INC.

	
  

	
STERLING VISION OF CALIFORNIA, INC.

	
  

	
STERLING VISION OF CAMBRIDGE SQUARE, INC.

	
  

	
STERLING VISION OF CAMP HILL, INC.

	
  

	
STERLING VISION OF CLIFTON PARK, INC.

	
  

	
STERLING VISION OF COLUMBIA MALL, INC.

	
  

	
STERLING VISION OF DELAFIELD, INC.

	
  

	
STERLING VISION OF DULLES, INC.

	
  

	
STERLING VISION OF EAST ROCKAWAY, INC.

	
  

	
STERLING VISION OF FAIR OAKS, INC.

	
  

	
STERLING VISION OF FULTON ST., INC.

	
  

	
STERLING VISION OF GREEN ACRES, INC.

	
  

	
STERLING VISION OF HAGERSTOWN, INC.

	
  

	
STERLING VISION OF HEMPSTEAD, INC.

	
  

	
STERLING VISION OF IRONDEQUOIT, INC.

	
  

	
STERLING VISION OF ISLANDIA, INC.

	
  

	
STERLING VISION OF JOHNSON CITY, INC.

	
  

	
STERLING VISION OF KENOSHA, INC.

	
  

	
STERLING VISION OF M STREET, INC.

	
  

	
STERLING VISION OF MENLO PARK, INC.

	
  

	
STERLING VISION OF MONTGOMERY MALL, INC.

	
  

	
STERLING VISION OF MYRTLE AVE., INC.

	
  

	
STERLING VISION OF NANUET, INC.

	
  

	
STERLING VISION OF NEWPARK, INC.

	
  

	
STERLING VISION OF OLEAN, INC.

	
  

	
STERLING VISION OF ONTARIO MILLS, INC.

	
  

	
STERLING VISION OF OWINGS MILLS, INC.

	
  

	
STERLING VISION OF PARAMUS PARK, INC.

	
  

	
STERLING VISION OF POTOMAC MILLS, INC.

	
  

	
STERLING VISION OF SOUTHTOWNE PLAZA, INC.

	
  

	
STERLING VISION OF SPOTSYLVANIA, INC.

	
  

	
STERLING VISION OF STATEN ISLAND, INC.

	
  

	
STERLING VISION OF WESTMINSTER, INC.

	
  

	
VISIONCARE OF CALIFORNIA.

	
  

	
VISION OPTICAL CO.

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