Loans to Management. Notwithstanding the provisions of Sections 7.1.10 or 7.1.17 of the Loan Agreement to the contrary, upon the consummation of the Subject Transactions, Lender consents to the extension of credit by US Vision to Xxxxxxx X. Xxxxxxxx, Xx., Xxxxx Xxxxxxx, Xxxxxx Xxxxxx and Xxxxxx Xxxx in an aggregate principal amount not to exceed One Hundred Thousand ($100,000) Dollars, with each such extension of credit to be evidenced repaid and secured pursuant to the provisions a Secured Promissory Note substantially in the form of Exhibit "A" hereto (collectively, the "Management Loans"; and all documents, instruments and agreements evidencing or securing the management Loans, collectively, the "Management Debt Instruments"), provided that the Management Debt Instruments are assigned to the Lender as additional Collateral for the Obligations pursuant to the provisions of the Assignment of Debt Instruments.
Loans to Management. Since July 30, 2002, the Company has not, directly or indirectly, including through any subsidiary: (i) extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company, or to or for any family member or affiliate of any director or executive officer of the Company; or (ii) made any material modification, including any renewal thereof, to any term of any personal loan to any director or executive officer of the Company, or any family member or affiliate of any director or executive officer, which loan, if any, was outstanding on July 30, 2002.
