Line of Credit Promissory Note between Roadhouse Grill, Inc. and Berjaya Group (Cayman) Limited dated August 10, 2005
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Summary
Roadhouse Grill, Inc. has agreed to borrow up to $1,250,000 from Berjaya Group (Cayman) Limited under a line of credit. The company promises to repay the borrowed amount plus interest, as outlined in a related loan agreement. If Roadhouse Grill defaults, the lender can pursue legal remedies. The agreement requires Roadhouse Grill to cover any taxes or liabilities related to the note. The note is governed by Florida law and ensures that interest charges will not exceed legal limits.
EX-10.31 11 g96418kexv10w31.htm LINE OF CREDIT PROMISSORY NOTE exv10w31
Exhibit 10.31
Line of Credit Promissory Note
$1,250,000.00 Date: | As of August 10, 2005 |
1. FOR VALUE RECEIVED the undersigned (Borrower) unconditionally promises to pay to the order of BERJAYA GROUP (CAYMAN) LIMITED, a Cayman Islands corporation (Lender), without setoff and in immediately available funds, the principal amount of ONE MILLION TWO HUNDRED FIFTY THOUSAND and NO/100 U.S. Dollars (U.S. $1,250,000.00) or, if less, the total unpaid principal amount advanced by Lender from time to time to or for the benefit of or at the request of Borrower, together with interest thereon according to the terms and conditions as set forth in that certain Loan Agreement of even date herewith between Lender and Borrower, together with all amendments, modifications and extensions thereof (the Loan Agreement). This Note is subject to the terms and conditions of the Loan Agreement; provided, however, that the Loan Agreement is expressly NOT incorporated herein pursuant to Section 201.08(6), Florida Statutes and Rules 12B-4.052(6)(b) and (12)(h) , Florida Administrative Code.
2. Upon default under this Note or the Loan Agreement, Lender shall have the right to pursue all rights and remedies available to Lender at law or in equity including, but not limited to, those set forth in this Note, the Loan Agreement and each security agreement executed by the Borrower in connection therewith.
3. Borrower agrees to promptly pay, indemnify and hold harmless Lender from all state and federal taxes of any kind and other liabilities with respect to or resulting from the execution or delivery of this Note or advances made pursuant to this Note and/or the Loan Agreement.
4. This Note shall be governed by, and construed under, the laws of the State of Florida.
5. Notwithstanding any other provision contained in this Note, Lender does not intend to charge and Borrower shall not be required to pay any amount of interest or other fees or charges that is in excess of the maximum permitted by applicable law. Any payment in excess of such maximum shall be refunded to Borrower or credited against principal, at the option of Lender. It is the express intent hereof that Borrower not pay and Lender not receive, directly or indirectly, interest in excess of that which may be lawfully paid under applicable law including the usury laws in force in the State of Florida.
ROADHOUSE GRILL, INC. | ||||
By: | /s/ Michael C. Brant | |||
Name: | Michael C. Brant | |||
Title: | Executive Vice President and Chief Financial Officer | |||