Exhibit 10.107

 

 

PROMISSORY NOTE

 

$5,000,000.00

As of January 27, 2006

 

FOR VALUE RECEIVED, Smith & Wollensky Restaurant Group, Inc., a Delaware
corporation, having an office at 1114 First Avenue, New York, New York 10021
(the “Borrower”), hereby unconditionally promises to pay to the order of MORGAN
STANLEY DEAN WITTER COMMERCIAL FINANCIAL SERVICES, INC., a Delaware corporation,
as lender, having an address at 2000 Westchester Avenue, Purchase, New York
10577 (the “Lender”), or at such other place as the holder hereof may from time
to time designate in writing, the principal sum of FIVE MILLION AND NO/100
DOLLARS ($5,000,000.00), or, if less than such principal amount, the aggregate
unpaid principal amount of all Advances (as defined in the Line of Credit
Agreement of even date herewith by and among the Borrower, Dallas S&W, L.P. and
the Lender (as the same may be amended, supplemented or otherwise modified, the
“Loan Agreement”), in lawful money of the United States of America with interest
thereon to be computed from the date of this Promissory Note (this "Note") at
the rate determined in accordance with the Basic Loan Terms portion of the Loan
Agreement (as such rate may increase pursuant to the terms of the Loan
Agreement), and to be paid in accordance with the terms of this Note and the
Loan Agreement. All capitalized terms not defined herein shall have the
respective meanings set forth in the Loan Agreement.

ARTICLE 1 - PAYMENT TERMS

This Note is the Note referred to in the Loan Agreement and is subject to the
terms and provisions of the Loan Agreement including, without limitation, the
said Basic Loan Terms and Article II. Any outstanding balance of the principal
sum of this Note and all accrued and unpaid interest thereon shall be due and
payable on the Termination Date. All Advances made by the Lender to the Borrower
under the Loan Agreement shall be recorded by the Lender and endorsed on the
grid schedule attached hereto (or a similar record maintained by the Lender).

 

ARTICLE 2 - DEFAULT AND ACCELERATION

The Advances shall without notice become due and payable at the option of the
Lender (or immediately upon the occurrence of an Event of Default under Section
6.01(e) of the Loan Agreement) in accordance with the provisions of Section 6.01
of the Loan Agreement. The Borrower agrees to pay default interest and late
charges, as provided for in the said Basic Loan Terms.

ARTICLE 3 - OTHER DOCUMENTS

This Note is secured by the Deed of Trust and the other Collateral Documents.
All of the terms, covenants and conditions contained in the Loan Agreement are
hereby made part of this Note to the same extent and with the same force as if
they were fully set forth herein. In the event of a conflict or inconsistency
between the terms of this Note and the Loan Agreement, the terms and provisions
of the Loan Agreement shall govern.

ARTICLE 4 - SAVINGS CLAUSE

Anything herein to the contrary notwithstanding, if at any time the interest
rate under this Note, together with all fees and charges that are treated as
interest under applicable law (collectively, the “Charges”), as provided for in
the Loan Agreement or herein or in any other Loan Document, or otherwise
contracted for, charged, received, taken or reserved by the Lender, shall exceed
the maximum

 

 

--------------------------------------------------------------------------------

 

lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken,
received or reserved by the Lender in accordance with applicable law, the rate
of interest payable on this Note, together with all Charges payable to the
Lender, shall be limited to the Maximum Rate. The Borrower shall never be liable
for unearned interest thereon or shall ever be required to pay interest thereon
in excess of the maximum amount that may be lawfully charged under applicable
law from time to time in effect. If (a) the maturity of the obligations of the
Borrower under this Note is accelerated for any reason, (b) any of such
obligations are prepaid and as a result any amounts held to constitute interest
are determined to be in excess of the legal maximum or (c) the Lender or any
other holder of any or all of the obligations of the Borrower under this Note or
the Loan Agreement shall otherwise collect moneys that are determined to
constitute interest that would otherwise increase the interest on any or all of
such obligations to an amount in excess of that permitted to be charged by
applicable law then in effect, then all such sums determined to constitute
interest in excess of such legal limit shall, without penalty, be promptly
applied to reduce the then outstanding principal of such obligations or, at the
Lender’s or such holder’s option, promptly returned to the Borrower or the other
payor thereof upon such determination.

 

ARTICLE 5- NO ORAL CHANGE

No amendment or waiver of any provision of this Note nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Lender and the Borrower, and then
such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given.

ARTICLE 6 - WAIVERS

The Borrower and all others who may become liable for the payment of all or any
part of the Advances do hereby severally waive presentment and demand for
payment, notice of dishonor, notice of intention to accelerate, notice of
acceleration, protest and notice of protest and non-payment and all other
notices of any kind except as expressly provided in the Loan Agreement. No
release of any security for the Advances or extension of time for payment of
this Note or any installment hereof, and no alteration, amendment or waiver of
any provision of this Note, the Loan Agreement or any of the other Loan
Documents made by agreement between the Lender or any other Person shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of the Borrower, and any other Person who may become liable for
the payment of all or any part of the Advances, under this Note, the Loan
Agreement or the other Loan Documents (except as otherwise specifically provided
in writing by any such alterations, amendments or waivers of this Note, the Loan
Agreement or the other Loan Documents). No notice to or demand on the Borrower
shall be deemed to be a waiver of the obligation of the Borrower or of the right
of the Lender to take further action without further notice or demand as
provided for in this Note, the Loan Agreement or the other Loan Documents.

ARTICLE 7- GOVERNING LAW

This Note shall be governed, construed, applied and enforced in accordance with
the laws of the State of New York and applicable laws of the United States of
America without regard to conflicts of laws principles of New York State law
other than § 5-1401 of the New York General Obligations Law.

ARTICLE 8 - NOTICES

All notices or other written communications hereunder shall be delivered in
accordance with Section 7.02 (and the said Basic Loan Terms) of the Loan
Agreement.

 

 

-2-

 

 

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year
first above written.

BORROWER:

THE SMITH & WOLLENSKY

RESTAURANT GROUP, INC.,

a Delaware corporation

 

By:/s/ Samuel Goldfinger

 

Name: Samuel Goldfinger

 

Title: Secretary

 

 

 

STATE OF NEW YORK

)

 

 

ss.:

COUNTY OF NEW YORK

)

 

 

On the 20th day of January in the year 2006 before me, the undersigned, a Notary
Public in and for said State, personally appeared Samuel Goldfinger, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to
me that he executed the same in his capacity, and that by his signature on the
instrument, the individual, or the person upon behalf of which the individual
acted, executed the instrument.

 

 

Maria Chang

 

Notary Public, State of NY
NO.  01CH6093157

 

 

 

-3-

 

 

--------------------------------------------------------------------------------

 

NOTE

 

Grid Schedule of Advances/Payments

 

 

 

Unpaid

Name of

 

 

Interest

Principal

Person

 

 

Date

Advances

Rate

Payments

Balance

Making Notation  

 

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

______

_________

________

________

_______

______________

 

-4-