Document:

Third Amendment to Line of Credit Promissory Note

 

Exhibit 10.5

Third Amended and Restated Line of Credit Promissory Note

			
	 
	$4,800,000.00
	 	Date: As of May 8, 2006           

     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 FOUR MILLION EIGHT HUNDRED THOUSAND and
NO/100 U.S. Dollars (U.S. $4,800,000.00) 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 Second Amended
and Restated Loan Agreement of March 15, 2006 between Lender and Borrower, as amended by First
Amendment to Second Amended and Restated Loan Agreement, dated as of even date herewith, between
Lender and Borrower, together with all amendments, modifications and extensions thereof (the “Loan
Agreement”). This Third Amended and Restated Line of Credit Promissory Note (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. This Note amends and restates, but
does not satisfy or repay, or constitute a novation of, the Second Amended and Restated Line of
Credit Promissory Note dated as of March 15, 2006, made by the Borrower and payable to the Lender,
which amended and restated the Amended and Restated Line of Credit Promissory Note dated as of
October 6, 2005, made by the Borrower and payable to the Lender, which amended and restated the
Line of Credit Promissory Note dated as of August 10, 2005, made by the Borrower and payable to the
Lender (the “Original Notes”) or of any Loans evidenced by the Original Notes. The Original Notes
are completely superseded by and replaced with this Note but are attached hereto to evidence the
payment of Florida documentary stamp taxes on this Note.

     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/ Ayman Sabi
 	 
	 	 	Name:  	Ayman Sabi 	 
	 	 	Title:  	President 	 
	 

 2Demand Promissory Note

 

Exhibit 10.6

DEMAND PROMISSORY NOTE

			
	 
	$103,205.48
	 	May 9, 2006

     FOR VALUE RECEIVED, the undersigned (the “Borrower”) promises to pay to the order of AYMAN
SABI (the “Lender”), at the offices of the Borrower, or such other place or places as the holder of
this Note from time to time may designate in writing, the principal sum of $103,205.48 (the
“Loan”). The Loan shall be paid in lawful money of the United States, together with interest in
like lawful money, as set forth below:

1. Payment. The full principal amount of the Loan, together with all unpaid
interest accrued thereon at the rate of interest set forth in Section 2 below, shall be due
upon DEMAND by Lender, which DEMAND may be made at any time by Lender in its sole
discretion. Borrower shall pay all amounts owing under this Note in full when due without
set-off, counterclaim, deduction or withholding for any reason whatsoever.

2. Interest Rate. The interest rate under this Note shall be as 10% per annum.

3. Events of Default. The occurrence of any one or more of the following shall
constitute an “Event of Default” under this Note:

	 	a.	 	Borrower fails to pay this Note after demand is made;
	 
	 	b.	 	Borrower makes an assignment for the benefit of creditors,
files a petition in bankruptcy, applies to or petitions any tribunal for the
appointment of a custodian, receiver, intervenor or trustee for Borrower or a
substantial part of Borrower’s assets; or
	 
	 	c.	 	Borrower commences any proceeding under any bankruptcy,
arrangement or readjustment of debt law or statute of any jurisdiction, whether
now or hereafter in effect, or if any such petition or application shall have
been filed or proceeding commenced against Borrower if any such custodian,
receiver, intervenor or trustee shall have been appointed.

4. Rights and Remedies of Lender. Lender shall be entitled to pursue any and all
rights and remedies provided by applicable law and/or under the terms of this Note, all of
which shall be cumulative and may be exercised successively or concurrently. Lender’s delay
in exercising or failure to exercise any rights or remedies to which Lender may be entitled
if any Event of Default occurs shall not constitute a waiver of any of Lender’s rights or
remedies with respect to that or any subsequent Event of Default, whether of the same or a
different nature, nor shall any single or partial exercise of any right or remedy by Lender
preclude any other or further exercise of that or any other right or remedy. No

 

 

waiver of any right or remedy by Lender shall be effective unless made in writing and signed by
Lender, nor shall any waiver on one occasion apply to any future occasion, but shall be
effective only with respect to the specific occasion addressed in that signed writing.

5. Waiver and Consent. To the fullest extent permitted by law, Borrower hereby:
(a) waives demand, presentment, protest, notice of dishonor, suit against or joinder of any
other person, and all other requirements necessary to charge or hold Borrower liable with
respect to the Loan; (b) waives any right to immunity or exemption of any property, wherever
located, from garnishment, levy, execution, seizure or attachment prior to or in execution
of judgment, or sale under execution or other process for the collection of debts; (c)
submits to the jurisdiction of the state and federal courts in the State of Florida for
purposes of any action or proceeding under this Note; (d) agrees that the venue of any such
action or proceeding may be laid in Broward County and waives any claim that the same is an
inconvenient forum. Until Lender receives all sums due under this Note in immediately
available funds, Borrower shall not be released from liability with respect to the Loan
unless Lender expressly releases Borrower in a writing signed by Lender.

6. Costs, Indemnities and Expenses. Borrower agrees to pay all filing fees and
similar charges and all costs incurred by Lender in collecting or securing or attempting to
collect or secure the Loan, including reasonable attorneys’ fees, whether or not involving
litigation and/or appellate, administrative or bankruptcy proceedings. Borrower agrees to
pay any documentary stamp taxes, intangible taxes or other taxes (except for federal or
income or franchise taxes based on Lender’s net income) which may now or hereafter apply to
this Note or any payment made in respect of the Loan, and Borrower agrees to indemnify and
hold Lender harmless from and against any liability, costs, attorneys’ fees, penalties,
interest or expenses relating to any such taxes, as and when the same may be incurred.

7. Maximum Interest Rate. In no event shall any agreed to or actual exaction
charge, reserved or taken as an advance or forbearance by Lender as consideration, exceed
the maximum interest rate permitted by law applicable from time to time to the Loan for the
use or detention of money or for forbearance in seeking its collection; Lender hereby waives
any right to demand such excess. In the event that the interest provisions of this Note or
any exactions provided for in this Note shall result at any time or for any reason in an
effective rate of interest that transcends the maximum interest rate permitted by applicable
law (if any), then without further agreement or notice the obligation to be fulfilled shall
be automatically reduced to such limit and all sums received by Lender excess of those
lawfully collectible as interest shall be applied against the principal of the Loan
immediately upon Lender’s receipt thereof, with the same force and effect as though the
payor had specifically designated such extra sums to be so applied to principal and Lender
had agreed to accept such extra payment(s) as a premium-free prepayment or prepayments.

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8. Governing Law. This Note shall be governed by, and construed and enforced in
accordance with, the laws of the State of Florida.

9. Miscellaneous. Time shall be of the essence with respect to the terms of this
Note. This Note may be prepaid in whole or in part at any time without penalty. Except as
otherwise required by law, payments received by Lender hereunder shall be applied first
against expenses and indemnities, next against interest accrued on the Loan, and next in
reduction of the outstanding principal balance of the Loan, except that during the
continuance of any Event of Default, Lender may apply such payments in any order of
priority determined by Lender in its exclusive judgment. Except as otherwise required by
the provisions of this Note, any notice required to be given to Borrower shall deemed
sufficient if made personally or if mailed, postage prepaid, to Borrower’s address as it
appears on the signature page of this Note (or, if none appears, to any address for Borrower
then registered in Lender’s records). All of terms of this Notice shall inure to the
benefit of Lender and its successors and assigns and shall be binding upon Borrower and its
heirs, executors, administrators, personal representatives, successors and assigns.

This Note is signed, sealed and delivered as of the date first above written.

	 	 	 	 	 
	 	ROADHOUSE GRILL, INC.

 	 
	 	By:  	/s/ Michael C. Brant
 	 
	 	 	Michael C. Brant, Executive Vice President 	 
	 	 	 	 
	 
	 	Address of Borrower for Notices:

2703-A Gateway Drive

Pompano Beach, Florida 33069

Facsimile: (954) 969-5422

Attention: Michael C. Brant

          Chief Financial Officer

With copy to:

Philip B. Schwartz, Esq.

Akerman Senterfitt

One Southeast Third Avenue, 28th Floor

Miami, Florida 33131

Facsimile: (305) 374-5095

 	 
	 	 	 
	 	 	 
	 	 	 
	 

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