NATIONAL VISION INC
FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
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<TYPE>EX-10.23
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<FILENAME>ex1023.htm
<DESCRIPTION>FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
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   <TITLE>Fourth Amendment to Loan and Security Agreement</TITLE>
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<B><FONT face="Times New Roman" size="2">FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT</FONT></B></P>
<P style="text-indent: 60">
<font size="2" face="Times New Roman">THIS FOURTH AMENDMENT TO LOAN AND SECURITY
AGREEMENT (this "Amendment") is made and entered into this 1st day of April, 2004, by and between
</font><font size="2"><B><FONT face="Times New Roman">NATIONAL VISION, INC., </FONT></B>
<FONT face="Times New Roman">a
Georgia corporation (hereinafter referred to as "Borrower") with its chief executive office and principal place of business at 296 Grayson Highway, Lawrenceville, Georgia 30045-5737, and </FONT><B>
<FONT face="Times New Roman">FLEET CAPITAL CORPORATION, </FONT></B></font>
<font size="2" face="Times New Roman">a Rhode Island corporation (hereinafter referred to as "Lender") with an office at 300 Galleria Parkway, N.W., Suite 800, Atlanta, Georgia
30339.</font></P>
<p align="center">
<B><FONT face="Times New Roman" size="2">Recitals:</FONT></B></p>
<P style="text-indent: 60">
<FONT face="Times New Roman" size="2">Lender and Borrower are parties to a certain Loan and Security Agreement dated May 30, 2001, as amended by that certain First Amendment to Loan and Security Agreement
dated as of December 2 1, 2001, but effective as of June 30, 2001, that certain letter agreement dated as of December 28,2002 and that certain Second Amendment to Loan and Security Agreement dated December 19, 2003 (as amended, the "Loan
Agreement"), pursuant to which Lender has made certain revolving credit loans and other financial accommodations to Borrower.</FONT></P>
<P style="text-indent: 60">
<font size="2" face="Times New Roman">The parties desire to amend the Loan Agreement as hereinafter set
forth.</font></P>
<P style="text-indent: 60">
<FONT face="Times New Roman" size="2">NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of which are hereby severally
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: </FONT></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Definitions</u>. 	</FONT></B>
</font><font size="2" face="Times New Roman">All capitalized
terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms in the Loan Agreement.</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Amendments to Loan Agreement.</u> 	</FONT></B>
</font><font size="2" face="Times New Roman">The Loan Agreement is hereby amended as follows:</font></P>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By deleting Section 6.6 of the Loan Agreement and by substituting in lieu thereof the
following:</font></P>
<P align="left" style="text-indent: 60; margin-left: 80">
&nbsp;</P>


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<font size="2" face="Times New Roman">6.6<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>
</font>
<font size="2"><B><FONT face="Times New Roman"><u>Lien Perfection; Further Assurances</u>. </FONT></B>
</font><font size="2" face="Times New Roman">Promptly after Lender's request therefor, Borrower shall execute or cause to be executed and deliver to Lender such instruments (including the Eyecare Professional Notes), assignments, title certificates or other documents as are
necessary under the UCC or other Applicable Law (including any motor vehicle certificate of title act) to perfect (or continue the perfection of) Lender's Lien upon the Collateral and shall take such other action as may be requested by Lender to
give effect to or carry out the intent and purposes of this Agreement. Unless prohibited by Applicable Law, Borrower hereby authorizes Lender to execute and file any such financing statement on Borrower's behalf. The parties agree that a carbon, photographic or other
reproduction of this Agreement shall be sufficient </font><font size="2">
<FONT face="Times New Roman">as a financing statement and may be filed in any appropriate office in lieu
thereof. Unless prohibited by Applicable Law, Borrower hereby irrevocably authorizes Lender to execute and file in any jurisdiction any financing statements or amendments thereto on Borrower's behalf, including, without limitation, financing
statements that indicate the Collateral (i) as all assets or all personal property of Borrower or words of similar effect, or
(ii) as being of an equal or lesser scope, or with greater or lesser detail, than as set forth in this </FONT><B>
<FONT
face="Times New Roman">Section </FONT></B><FONT face="Times New Roman">6. </FONT>
</font><font size="2" face="Times New Roman">Borrower also hereby ratifies its authorization for Lender to have
filed in any jurisdiction any like financing statements or amendments thereto if filed prior to the date hereof.
</font></P>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By deleting clause (ii) of Section 9.2.2 of the Loan Agreement and by substituting in lieu thereof the following:
</font></P>
<P align="left" style="text-indent: 60; margin-left: 80">
<font face="Times New Roman" size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) to independent eyecare professionals located in Host Locations occupied under the Fred Meyer Agreement in the Ordinary Course of Business, which loans or
other advances are in the amount of the services rendered by such professionals to Borrower's customers and are repaid by such professionals to Borrower as the result of the collection by Borrower of such sums from such customers (or Third Party
Payors) on behalf of such professionals; or (b) to independent eyecare professionals located in Host Locations in an aggregate
amount not exceeding $540,000, which loans are made to facilitate such professionals' purchase of Software or hardware for the processing of managed care billings and are evidenced by Eyecare Professional Notes, provided that, no Default or Event of
Default exists at the time of, or immediately after, the making of each such loan or other advance; and
</font></P>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By deleting Section 9.2.14 of the Loan Agreement and by substituting
in lieu thereof the following:</font></P>
<P align="left" style="text-indent: 60; margin-left: 80">
<font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Leases</u>. Become a lessee under any operating lease (other than a lease under which Borrower
or any of the Subsidiaries is lessor or the Host Licensor Agreements) of Property if the aggregate Rentals payable during any current or future period of 12 consecutive months under the lease in question and all other leases under which Borrower or any of the Subsidiaries is then lessee would exceed $800,000. The term "Rentals" means, as of the date of
determination, all payments which the lessee is required to make by the terms of any lease.
</font></P>


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<P style="text-indent: 60">
<font face="Times New Roman" size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding the following definition of "Eyecare Professional Note" to Appendix A to the Loan Agreement in proper alphabetical sequence which reads as follows:
</font></P>
<P align="left" style="text-indent: 60; margin-left: 80">
<font face="Times New Roman" size="2"><u>Eyecare Professional Note</u> -a promissory
note made to the order of Borrower by an independent eyecare professional located in a Host Location, which evidences the amount of any loan or other advance made by Borrower to such professional and which provides that the principal amount of such
loan or advance shall be paid in full within five (5) months after the date such loan or advance is made.
</font></P>
<P style="text-indent: 60">
<font size="2" face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By deleting the definition of &quot;Host
Licensor Agreements&quot; in Appendix A to the Loan Agreement and by substituting in
lieu thereof the following: </font></P>
<P align="left" style="text-indent: 60; margin-left: 80">
<font face="Times New Roman" size="2"><u>Host Licensor Agreements</u> - the Wal-Mart
Agreement, the Fred Meyer Agreement, the Military Agreements, and any other like agreement entered into by Borrower or any Subsidiary, on the one hand, and any Person, on the other hand, pursuant to which Borrower or the Subsidiary is licensed or
otherwise permitted to occupy and operate, within the retail space of such Person, (i) a retail vision center, (ii) an optometric clinic, or (iii) an outlet engaged in the retail sale of home medical equipment and related goods and services.
</font></P>
<P style="text-indent: 60">
<font size="2" face="Times New Roman"><b>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Consents</u></b>.&nbsp; Lender hereby
consents to (a) Borrower's formation of a new Subsidiary, Independent Living Company, LLC, a Georgia limited liability company (the "New Subsidiary") for the purpose of operating not in excess of five home healthcare equipment stores within the
retail stores of Wal-Mart and Lender further consents to Borrower's investment ofnot more than $500,000 in the New Subsidiary; provided that (i) the New Subsidiary is not a Managed Care Subsidiary, (ii) the New Subsidiary is formed no later than
June 30,2004, (iii) no Default or Event of Default exists at the time of, or immediately after, the formation of the New Subsidiary, and (iv) the Equity Interests of Borrower in the New Subsidiary are pledged to Lender as security for the Obligations pursuant to a Pledge Agreement and the certificates evidencing such Equity Interests are delivered to Lender
along with Irrevocable Powers and Assignments; (b) Borrower's payment of an amount, not to exceed $25,000 in the aggregate, to three former officers of Borrower in connection with the termination of such officers' employment with Borrower and
the redemption of such officers' Equity Interests in Borrower; and (c) the dissolution of Midwest and Vista Optical Express, Inc., a Georgia corporation. Borrower agrees to deliver to Lender such information and documents as Lender may request from
time to time relating to the New Subsidiary. </font></P>
<P style="text-indent: 60">
<font size="2" face="Times New Roman"><b>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ratification and Reaffirmation</u>.</b> Borrower hereby ratifies and reaffirms the Obligations, each of the Loan Documents, and all of Borrower's covenants, duties, indebtedness and liabilities under the Loan Documents.
</font></P>
<P style="text-indent: 60">
<font size="2" face="Times New Roman"><b>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Acknowledgments and Stipulations</u>.</b> Borrower acknowledges and stipulates that the Loan Agreement and the other Loan Documents executed by Borrower are legal, valid and binding obligations of Borrower that are enforceable against Borrower in accordance with the terms
thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the</font></P>

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<P>
<FONT face="Times New Roman" size="2">extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by Borrower); the security interests and liens granted by Borrower in favor of Lender are duly perfected, first priority security interests and liens. </FONT></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">6<I>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </I>
<u>Representations and Warranties.</u> 	</FONT></B>
</font><font size="2" face="Times New Roman">Borrower represents and warrants to Lender, to induce Lender to enter into this Amendment, that no Default or Event of Default exists on the date hereof; the execution, delivery and performance of this Amendment have been duly
authorized by all requisite corporate action on the part of Borrower and this Amendment has been duly executed and delivered by Borrower; and all of the representations and warranties made by Borrower in the Loan Agreement are true and correct on
and as of the date hereof. </font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Reference to Loan Agreement</u>. 	</FONT></B>
<FONT face="Times New Roman">Upon the effectiveness of this Amendment, each reference in the Loan Agreement to "this Agreement," "hereunder," or words of like import shall mean and be a reference to the Loan Agreement, </FONT><B>
<FONT face="Times New Roman">as </FONT></B></font>
<font size="2" face="Times New Roman">amended by this Amendment. </font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Breach of Amendment</u>. 	</FONT></B>
</font><font size="2" face="Times New Roman">This
Amendment shall be part of the Loan Agreement and a breach of any representation, warranty or covenant herein shall constitute an Event of Default.
</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Conditions Precedent</u>. 	</FONT></B>
<FONT face="Times New Roman">The
effectiveness of the amendments contained in Section </FONT><B>
<FONT face="Times New Roman">2 </FONT></B></font>
<font size="2" face="Times New Roman">hereof are subject to the satisfaction of each of the following
conditions precedent, in form and substance satisfactory to Lender, unless satisfaction thereof is specifically waived in writing by Lender:
</font></P>
<P style="text-indent: 80">
<font face="Times New Roman" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lender shall have received a duly
executed Secretary's Certificate of Board of Directors Resolutions authorizing
Borrower to enter into this Amendment; and
</font></P>
<P style="text-indent: 80">
<FONT face="Times New Roman" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lender shall have received a duly executed Landlord Waiver from L. Christopher Obenhaus with
respect to Borrower's location at 296 Grayson Highway, Lawrenceville, Georgia 30045. 	</FONT></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Expenses of Lender.</u> </FONT></B>
<FONT face="Times New Roman">Borrower agrees to pay, </FONT><B>
<FONT face="Times New Roman">on demand, </FONT></B></font>
<font size="2" face="Times New Roman">all costs and expenses incurred by Lender in connection with the
preparation, negotiation and execution of this Amendment and any other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the costs and fees of Lender's legal
counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or contemplated hereby.
</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Governing Law</u>. 	</FONT></B>
</font><font size="2" face="Times New Roman">This
Amendment shall be governed by and construed in accordance with the internal laws of the State of Georgia.
</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Successors and Assigns</u>. 	</FONT></B>
</font><font size="2" face="Times New Roman">This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
</font></P>
<P align="left" style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>No Novation, etc.</u>. </FONT></B>
</font><font size="2" face="Times New Roman">Except as
otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Loan Agreement or any of the other Loan Documents, each of which shall remain in full force and effect. This Amendment
is</font></P>

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&nbsp;</P>

<P>
<FONT face="Times New Roman" size="2">not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Loan Agreement as herein modified shall continue in full force and effect. </FONT></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B>
</font><font size="2" face="Times New Roman"><u><b>Counterparts: Telecopied Signatures</b></u>. This Amendment may be executed in any number of
counterparts and by different parties to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party
by facsimile transmission shall be deemed to be an original signature hereto.
</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT></B>
</font><font size="2" face="Times New Roman"><u><b>Further Assurances</b></u>. Borrower agrees to take such further actions as Lender shall reasonably request from time to time in connection herewith to evidence or give effect to the amendments set forth herein or
any of the transactions contemplated hereby. </font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B>
</font><font size="2" face="Times New Roman"><u><b>Section Titles</b></u>. Section titles and references used in this Amendment shall be without
substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto.
</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT></B>
</font><font size="2" face="Times New Roman"><u><b>Release of Claims</b></u>. To induce Lender to enter into this Amendment, Borrower hereby releases,
acquits and forever discharges Lender, and all officers, directors, agents, employees, successors and assigns of Lender, from any and all liabilities, claims, demands, actions or causes of action of any kind or nature (if there be any), whether
absolute or contingent, disputed or undisputed, at law or in equity, or known or unknown, that Borrower now has or ever had against Lender arising under or in connection with any of the Loan Documents or otherwise. Borrower represents and warrants
to Lender that Borrower has not transferred or assigned to any Person any claim that Borrower ever had or claimed to have against Lender.
</font></P>
<P style="text-indent: 60">
<font size="2"><B><FONT face="Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT></B>
</font><font size="2" face="Times New Roman"><u><b>Waiver of Jurv Trial.</b></u> To the fullest extent permitted by applicable law, the parties hereto
each hereby waives the right to trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Amendment.
</font></P>

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<P style="text-indent: 60">
<font face="Times New Roman" size="2">IN WITNESS </font>
<FONT face="Times New Roman" size="2">WHEREOF, the parties hereto have caused this </FONT>
<FONT face="Times New Roman" size="2">Amendment to be duly executed under seal in and delivered by their respective duly authorized officers on the date first written above.
</FONT></P>
<P style="text-indent: 60">
&nbsp;</P>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%">
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<B><FONT size=2 face="Times New Roman">ATTEST:<br>
&nbsp;</FONT></B><p><font size="2"><u>/s/ Mitchell Goodman<br>
    </u>Secretary</font></td>
    <td width="50%" style="border-style: none; border-width: medium"><B><font size="2" face="Times New Roman">NATIONAL VISION, INC.</font></B><font size="2" face="Times New Roman">&nbsp;
    <br>
 </font>
	<font size="2"><B><FONT face="Times New Roman">("Borrower")</FONT></B></font><font size="2" face="Times New Roman">&nbsp;
 </font>
	<p><font size="2">By:&nbsp;&nbsp;&nbsp; <u>/s/ Paul A.Criscillis, Jr.<br>
    </u>Title:&nbsp; Sr. V.P. &amp; CFO</font></td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">
<FONT face="Times New Roman" size="2">[CORPORATE SEAL]</FONT></td>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium">
<B><FONT size=2 face="Times New Roman">FLEET CAPITAL CORPORATION </FONT>
    </B>
<font size="2" face="Times New Roman"><BR>
("Lender ")
</font>
    <p><font face="Times New Roman" size="2">By:&nbsp; /s/ <br>
    Title:&nbsp; SVP</font></td>
  </tr>
</table>
&nbsp;<p align="center">
<font size="2" face="Times New Roman">[Consent </font>
<FONT face="Times New Roman" size="2">and Reaffirmation on following page] </FONT>
</p>

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<p align="left">&nbsp;</p>


<p align="center">
<B><font size="2" face="Times New Roman">CONSENT AND REAFFIRMATION</font></B></p>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">Each of the undersigned guarantors of the Obligations of Borrower at any time owing to Lender hereby: (i) acknowledges receipt of a copy of the foregoing Fourth
Amendment to Loan and Security Agreement; (ii) consents to Borrower's execution and delivery thereof and of the other documents, instruments or agreements Borrower agrees to execute and deliver pursuant thereto; (iii) agrees to be bound thereby; and
(iv) affirms that nothing contained therein shall modify in any respect whatsoever its respective guaranty of the Obligations and reaffirms that such guaranty is and shall remain in full force and effect.
</font></P>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">IN WITNESS WHEREOF, the undersigned have
executed this Consent and Reaffirmation, as of the date of such Fourth Amendment
to Loan and Security Agreement.
</font></P>
<TABLE width="651"><TR><TD width=345>&nbsp;</TD><TD nowrap width="296">
<B><font size="2" face="Times New Roman">INTERNATIONAL VISION ASSOCIATES,<br>
&nbsp;</font></B><p><font face="Times New Roman" size="2">By:&nbsp; /s/ Mitchell
Goodman<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; VP</font></TD></TR><TR>
    <TD width=345>&nbsp; </TD>
    <TD nowrap width="296">
<font face="Times New Roman" size="2">&nbsp;</font></TD></TR><TR><TD width=345>&nbsp;</TD>
    <TD nowrap width="296">
<b><font face="Times New Roman" size="2">NVAL HEALTHCARE SYSTEMS, INC.<br>
&nbsp;</font></b><p><font face="Times New Roman" size="2">By:&nbsp; /s/ Mitchell
Goodman<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; VP</font></TD></TR><TR>
    <TD width=345>&nbsp;</TD>
    <TD nowrap width="296">
<font face="Times New Roman" size="2">&nbsp;</font></TD></TR><TR><TD width=345>&nbsp;</TD>
    <TD nowrap width="296">
<b><font face="Times New Roman" size="2">VISION ADMINISTRATORS, INC.<br>
&nbsp;</font></b><p><font face="Times New Roman" size="2">By:&nbsp; /s/ Mitchell
Goodman<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; VP</font></TD></TR></TABLE>
<p>&nbsp;</p>
<p align="center">
<FONT face="Times New Roman" size="2">[Signatures continued on next page]</FONT></p>


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&nbsp;</p>


<TABLE width="652"><TR><TD width=346>&nbsp;</TD><TD nowrap width="296">
<b><font face="Times New Roman" size="2">ALEXIS HOLDING COMPANY<br>
&nbsp;</font></b><p><font face="Times New Roman" size="2">By:&nbsp; /s/ Mitchell
Goodman<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; VP</font></TD></TR><TR>
    <TD width=346>&nbsp;</TD>
    <TD nowrap width="296">
<font face="Times New Roman" size="2">&nbsp;</font></TD></TR><TR><TD width=346>&nbsp;</TD>
    <TD nowrap width="296">
<b><font face="Times New Roman" size="2">VISTA EYECARE NETWORK, LLC<br>
&nbsp;</font></b><p><font face="Times New Roman" size="2">By:&nbsp; /s/ Mitchell
Goodman<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; VP</font></TD></TR></TABLE>

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<P>
<font face="Times New Roman" size="2">
&nbsp;</font></P>


<p align="center">
<B><font size="2" face="Times New Roman">NATIONAL VISION, INC. </font></B>
<font size="2">
<font face="Times New Roman"><BR>
</font>
<B><FONT face="Times New Roman">SECRETARY'S CERTIFICATE </FONT></B>
<font face="Times New Roman"><BR>
</font>
<B><FONT face="Times New Roman">OF </FONT></B><font face="Times New Roman"><BR>
</font>
<B><FONT face="Times New Roman">BOARD OF DIRECTORS RESOLUTIONS</FONT></B></font></p>
<P style="text-indent: 60">
<font size="2" face="Times New Roman">I, Mitchell Goodman, DO HEREBY CERTIFY,
that I am the Senior Vice President, General Counsel and Secretary of
</font><font size="2"><B><FONT face="Times New Roman">NATIONAL VISION, INC. </FONT></B>
</font><font size="2" face="Times New Roman">(the "Corporation"), a corporation duly organized and existing under and by virtue of the laws of the State of Georgia and am keeper of the
records and seal thereof; that the following is a true, correct and compared copy of the resolutions duly adopted by the unanimous consent of all members of the Board of Directors of said Corporation effective as of March
26,2004; and that said resolutions are still in full force and effect:
</font></P>
<P style="text-indent: 60; margin-left: 60">
<font size="2" face="Times New Roman">RESOLVED, that the Chairman of the Board, President, any Vice President, or any other officer or board member of this Corporation (or the designee of any of them),
each be, and each hereby is, authorized and empowered (either alone or in conjunction with any one or more of the other officers of the Corporation) to take, from time to time, all or any part of the following actions on or in behalf of the
Corporation: (i) to make, execute and deliver to </font><font size="2"><B>
<FONT face="Times New Roman">FLEET CAPITAL CORPORATION </FONT></B>
<FONT face="Times New Roman">("Lender") (1)<B>

</B> </FONT><FONT face="Times New Roman">a Fourth Amendment to Loan and Security Agreement (the "Amendment") providing for the amendment of certain terms of that certain Loan
and Security Agreement dated May 30,2001, between the Corporation and Lender (as at any time amended, the "Loan Agreement"), and (2) </FONT></font>
<font size="2" face="Times New Roman">all other agreements, documents and instruments contemplated by or referred to in the Amendment or executed by the Corporation in connection therewith; said Amendment and other agreements, documents and instruments to be
substantially in the form presented by Lender with such additional, modified or revised terms as may be acceptable to any officer or director of the Corporation, as conclusively evidenced by his or her execution thereof; and (ii) to carry out,
modify, amend or terminate any arrangements or agreements at any time existing between the Corporation and Lender.
</font></P>
<P style="text-indent: 60; margin-left: 60">
<font face="Times New Roman" size="2">RESOLVED, that any arrangements,
agreements, security agreements, or other instruments or documents referred to
or executed pursuant to the Amendment by the Senior Vice President, Chief
Financial Officer, any other officer or director of the Corporation, or by an
employee of the Corporation acting pursuant to delegation of authority, may be
attested by such person and may contain such terms and provisions as such person
shall, in his or her sole discretion, determine.</font></P>
<P style="text-indent: 60; margin-left: 60">
<font face="Times New Roman" size="2">RESOLVED, that the Loan Agreement and each
amendment to the Loan Agreement heretofore executed by any officer or director
of the Corporation and any actions taken under the Loan Agreement as thereby
amended are hereby ratified and approved.
</font></P>

<p align="center"><font face="Times New Roman" size="2">&nbsp;<hr size="1" color="#C0C0C0" STYLE="page-break-after: always">
</font>


<P style="text-indent: 60">
<font size="2" face="Times New Roman">&nbsp;I DO FURTHER CERTIFY that Paul A. Criscillis, Jr. is the Senior Vice President and Chief Financial Officer
of the Corporation and is duly elected, qualified and acting as such. </font>
</P>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the Corporation, this 1 st day of
April, 2004. </font></P>
<TABLE width="515"><TR><TD width=252>&nbsp;</TD><TD nowrap width="253">
<B><font size="2" face="Times New Roman">/s/ Mitchell Goodman<br>
Mitchell Goodman, </font></B>
<font size="2" face="Times New Roman"><BR>
Senior Vice President, General Counsel and<BR>
Secretary
</font>
</TD></TR></TABLE>
<TABLE><TR><TD width=253>&nbsp;</TD><TD nowrap>
<FONT face="Times New Roman" size="2">[CORPORATE SEAL]<BR>
</FONT>
</TD></TR></TABLE>
<P style="text-indent: 60">
<font face="Times New Roman" size="2">I, Paul A. Criscillis, Jr., Senior Vice President and Chief Financial Officer of said Corporation, do hereby certify that the foregoing is a correct copy of the
resolutions passed by the Board of Directors of the Corporation and that Mitchell Goodman is Senior Vice President, General Counsel and Secretary of the Corporation and is duly authorized to attest to the passage of said resolutions.
</font></P>
<TABLE width="510"><TR><TD width=252>&nbsp;</TD><TD nowrap width="248">
<B><FONT face="Times New Roman" size="2">/s/ Paul A. Criscillis, Jr.<br>
Paul A. Criscillis, Jr., </FONT></B>
<FONT size=2 face="Times New Roman"><BR>
Senior Vice President and Chief Financial<br>
Officer</FONT></TD></TR></TABLE>

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