Document:

exhibit10_2.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              Obligor:

            	
              EMERGING
      VISION, INC.

            

    

    

    
      	
               
      

            	
              Loan
      Amount:   $6,000,000.00

            

    

    

    
      	
               
      

            	
              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 in the 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 (i) extend the Revolving Line
Maturity Date (which is defined in the Note as August 1, 2009, and on which date
the Credit Period shall end, no further advances shall be available and the
outstanding principal balance, interest and/or related charges due to the Bank
under the Note and the Loan shall be fully due and payable), to April 1, 2010; and (ii)
increase the Interest Rate from a floating rate equal to two hundred seventy
five (275) basis points in excess of the AEffective
LIBOR Rate@ to
a floating rate equal to three
hundred (300) basis points in excess of the AEffective LIBOR Rate@.

    

    Accordingly,
the Note is hereby amended and extended as follows:

    

    (i)           MATURITY DATE: The
Revolving Line Maturity Date and the term of the Credit Period of the Note is
hereby amended and extended to April 1, 2010, on which date
the Credit Period shall end, no further advances shall be available and the
outstanding principal balance, interest and/or related charges due to the Bank
under the Note and the Loan shall be fully due and payable.

    

    (ii)           INTEREST RATE: The
Interest Rate set forth in the Note is hereby amended and shall hereafter be a
floating rate equal to three
hundred (300) basis points in excess of the AEffective LIBOR Rate”
(hereinafter defined).

    

    (iii)           RATE AND PAYMENT ON ADVANCES
UNDER THE REVOLVING CREDIT LOAN: The Borrower promises to pay interest
(computed on the basis of a 360 day year for actual days elapsed) at said office
on the unpaid principal amount hereof from time to time outstanding from the
date hereof until the Revolving Line Maturity Date at a floating rate equal to
three hundred (300) basis points in excess of the AEffective
LIBOR Rate@.  Each
change in the Effective LIBOR Rate shall effect a simultaneous and corresponding
change in the interest rate hereunder without notice to the
Borrower.  Interest shall be payable monthly on the first day of each
month, commencing on the first such day to occur after the date hereof, and upon
payment in full of the unpaid principal amount hereof.

    

    The
Effective LIBOR Rate, as utilized herein, shall mean the rate per annum (rounded
upward, if necessary, to the nearest 1/16th of 1%)
obtained by dividing (i) one-month (“Interest Period”) period London Interbank
Offered Rate fixed by the British Bankers Association for United States dollar
deposits in the London interbank market at approximately 11:00 a.m. London,
England time (or as soon thereafter as practicable) as determined by the Bank
from any broker, quoting service or commonly available source utilized by the
Bank by (ii) a percentage equal to 100% minus the stated maximum rate of all
reserves required to be maintained against “Eurocurrency Liabilities” as
specified in Regulation D (or against any other category of liabilities which
includes deposits by reference to which the interest rate on LIBOR Rate loans is
determined or any category of extensions of credit or other assets which
includes loans by a non-United States’ office of a bank to United States
residents) on such date to any member bank of the Federal Reserve
System.  Notwithstanding any provision above, the practice of rounding
to determine LIBOR may be discontinued at any time in the Bank’s sole
discretion.

    

    
      	
               
      

            	
              BY GRANTING THIS EXTENSION AND
      REVISION the Bank does not
waive

            

    

    
      	
               
      

            	
               any
      of the rights or 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 April 1, 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/Christopher G.
Payan

    Christopher G. Payan, CEO

    

    

     COMBINE
BUYING GROUP, INC.

    

    By:           /s/Brian
Alessi

    Brian Alessi, CFO

    

    

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

    

    By:           /s/Christopher G.
Payan

    Christopher G. Payan, CEO

    

    

    

    
      	
               
      

            	
              ACCEPTED
      BY:

            

    

    

    
      	
               
      

            	
              MANUFACTURERS
      AND TRADERS TRUST COMPANY

            

    

    

    

    
      	
              By:

            	
              /s/Tamra
      Postiglione

            

    

    
      	
              Name:

            	
              Tamra
      Postiglione

            

    

    
      	
              Title:

            	
              Vice
      Presidentexhibit10_3.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    LETTER
OF REAFFIRMATION OF GENERAL SECURITY AGREEMENT

    

    As of
April 1, 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 WAIVER, EXTENSION AND AMENDMENT AGREEMENT evidencing (i) the
extension of the Maturity Date of Borrower’s Line of Credit and (ii) the
amendment of the interest rate therefor as set forth therein 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/Christopher G.
Payan

    Christopher G. Payan, CEO

    

    

    

    COMBINE
BUYING GROUP, INC.

    

    By:           /s/Brian
Alessi

    Brian Alessi, CFO

    

    

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

    

    By:           /s/Christopher G.
Payan

    Christopher G. Payan, CEO

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