MANUFACTURERS AND TRADERS TRUST COMPANY NON-REVOLVING LINE OF CREDIT NOTE AND CREDIT AGREEMENTManufacturers and Traders Trust Company • April 20th, 2010 • Emerging Vision Inc • Retail-retail stores, nec • New York
This Note extends, reduces, modifies, converts to non-revolving and restates a note originally dated as of August 7, 2007 executed by EMERGING VISION, INC. in favor of MANUFACTURERS AND TRADERS TRUST COMPANY (the “Original Note”) in the amount of $6,000,000.00 (the “Original Loan”), which note was thereafter amended by amendments dated November 14, 2008, April 1, 2009 and October , 2009 which, among other things, reduced the Line of Credit to $5,750,000.00, and which Line of Credit amount is hereby further reduced to $4,251,921.13 (the “Line of Credit”). The Line of Credit amount represents the aggregate sum of the current principal balance outstanding of $3,506,854.45 (“Principal Balance” or “Maximum Loan Amount”) and, in addition to the Principal Balance, a Letter of Credit Sublimit of $745,066.68 in existing Letters of Credit (the “L/C Sublimit”). The aggregate amount of the Line of Credit (Principal Balance plus L/C Sublimit) outstanding is $4,251,921.13.
