Document:

Exhibit 10.77

 

Vornado
Realty, L.P.

888 Seventh Avenue

New York, NY  10019

 

March 17, 2005

 

Global
Toys Acquisition, LLC

c/o Vornado Realty, L.P.

888 Seventh Avenue
New York, NY  10019

 

Re:          Equity Commitment

 

Ladies
and Gentlemen:

 

Reference
is made to the Agreement and Plan of Merger, dated as of the date hereof (the “Agreement”),
among Toys “R” Us, Inc., a Delaware corporation (the “Company”), Global
Toys Acquisition, LLC, a Delaware limited liability company (“Parent”),
and Global Toys Acquisition Merger Sub, Inc., a Delaware corporation (“Acquisition
Sub”).  Capitalized terms used and
not otherwise defined herein have the meanings ascribed to them in the
Agreement.

 

By
signing a counterpart hereof and upon receipt by Parent of an executed
counterpart from the undersigned (the “Investor”), Investor agrees with
Parent that, subject to the satisfaction or waiver by Investor of each of the
conditions set forth in Sections 7.1 and 7.2 of the Agreement (other than any
conditions the failure of which to be satisfied has arisen out of the willful
and material breach by Parent or Acquisition Sub of any of their respective
obligations under the Agreement), at or prior to the Closing, Investor will
contribute, or cause to be contributed, to Parent up to the Contribution Amount
set forth on Annex A opposite Investor’s name for the purpose of funding the
Per Share Merger Consideration pursuant to and in accordance with the Agreement
and to satisfy any liabilities of Parent or Acquisition Sub arising out of the
willful and material breach of any of their respective obligations under the
Agreement.  Investor will not be under
any obligation pursuant to the preceding sentence unless all of the foregoing
conditions precedent to Parent’s obligation to consummate the transactions
contemplated by the Agreement on the Closing Date have been satisfied or waived
by the Investor.  In addition, Investor
will not be under any obligation under any circumstances to contribute or cause
to be contributed to Parent more than the Contribution Amount set forth on
Annex A opposite such Investor’s name and Investor shall not have any liability
arising out of this letter agreement to any Person in excess of such
Contribution Amount.

 

 

Global Toys Acquisition, LLC

March 17, 2005

 

Notwithstanding anything that may be
expressed or implied herein, each of Parent and the Investor, by its acceptance
of the benefits hereof, covenants, agrees and acknowledges that, no Person
other than the undersigned shall have any obligation hereunder and that, notwithstanding
that the Investor is a partnership, no recourse hereunder or under any
documents or instruments delivered in connection herewith shall be had against
any current or future officer, agent or employee of the Investor or against any
current or future general or limited partner of the Investor or any current or
future director, officer, employee, general or limited partner,
member, Affiliate or assignee of any of the foregoing, whether by the
enforcement of any assessment or by any legal or equitable proceeding, or by
virtue of any statute, regulation or other applicable law, it being expressly
agreed and acknowledged that no personal liability whatsoever shall attach to,
be imposed on or otherwise be incurred by any current or future officer, agent
or employee of the Investor or any current or future general or limited partner
of the Investor or any current or future director, officer, employee, general
or limited partner, member, Affiliate or assignee of any of the foregoing, as
such, for any obligations of the Investor hereunder or any documents or
instruments delivered in connection herewith or for any claim based on, in
respect of, or by reason of, such obligations or their creation.

 

Nothing
set forth herein contains or gives, or shall be construed to contain or to
give, any Person other than Parent (including any Person acting in a
representative capacity) any remedies under or by reason of, or any rights to
enforce or cause Parent to enforce, the commitments set forth herein.

 

Investor
shall be entitled to assign all or a portion of its obligations hereunder to
one or more Persons that agree to assume Investor’s obligations hereunder,
provided Investor shall remain obligated to perform its obligations hereunder
to the extent not performed by such Person(s). 
Except as provided above, this letter agreement shall not be assignable
without the consent of each of the parties hereto.

 

If the
Agreement is terminated pursuant to Section 8.1 of the Agreement (other than
pursuant to Section 8.1(d)(i) of the Agreement or otherwise pursuant to a
willful and material breach by Parent or Acquisition Sub of their respective
obligations under the Agreement), all obligations hereunder shall expire
automatically upon such termination without any further obligations of the
Investor hereunder.  Notwithstanding the
foregoing parenthetical, all obligations of the Investor hereunder shall expire
automatically 6 months after the termination of the Agreement for any reason
without any further obligations of the Investor hereunder, except with respect
to claims arising from lawsuits filed by the Company against Parent or
Acquisition Sub prior to such 6th month anniversary alleging damages or harm to
the Company and/or its stockholders as a result of a material and willful breach
by Parent or Acquisition Sub of their respective obligations under the
Agreement.

 

This
letter agreement may be executed in counterparts and shall become effective
only upon (i) execution of the Agreement by all parties thereto, and (ii)
receipt by Parent of executed a counterpart of this letter agreement by the
Investor.  This letter

 

2

 

Global Toys Acquisition, LLC

March 17, 2005

 

agreement constitutes the entire agreement, and
supersedes all prior agreements and understandings, both written and oral,
between Parent and the Investor with respect to the subject matter hereof. This
letter agreement may be amended or modified only with the written consent of
the parties hereto, and with the written consent of the Company if such
amendment or modification is adverse to the Company.  This letter agreement shall be governed by
the laws of the State of Delaware, without giving effect to any choice of law,
provision or rule that would cause the application of the laws of any other
jurisdiction. In addition, each of the parties hereto (i) consents to
submit itself to the personal jurisdiction of the Court of Chancery or other
courts of the State of Delaware in the event any dispute arises out of this letter
agreement or any of the transactions contemplated by the Agreement, (ii) agrees
that it will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from such court, (iii) agrees that it will not
bring any action relating to this letter agreement or any of the transactions
contemplated by the Agreement in any court other than the Court of Chancery or
other courts of the State of Delaware and (iv) to the fullest extent
permitted by Law, consents to service being made through the notice procedures
set forth in Section 9.3 of the Agreement.

 

[Signature page follows]

 

3

 

Global Toys Acquisition, LLC

March 17, 2005

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  VORNADO
  REALTY, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  VORNADO REALTY TRUST

  
	
   

  	
   

  	
  its General Partner

  
	
   

  
	
   

  	
  By:

  	
  /s/Michael D. Fascitelli

  	
   

  
	
   

  	
  Name: Michael D. Fascitelli

  
	
   

  	
  Title: President

  
						

 

4

 

ANNEX A

 

	
  Investor

  	
   

  	
  Contribution Amount

  
	
   

  	
   

  	
   

  
	
  Vornado Realty, L.P.

  	
   

  	
   

  	
  $400.0 millionExhibit 10.18

 

SEVENTH
AMENDMENT TO RESTAURANT MANAGEMENT AGREEMENT

 

made as of the 24th of November, 2004 by and
between Post House Investors L.P. having an office at 11 East 44th Street, New York, New York (“Post
House Investors”) and the New York Restaurant Group, Inc., a domestic corporation
with offices at 1114 First Avenue, New York, New York 10021 (“Restaurant Group”).

 

WITNESSETH

 

WHEREAS, pursuant to
an agreement made as of the 26th
day of February, 1991, between NABIL CHARTOUNI and FOUAD CHARTOUNI, on the one
hand, and the Restaurant Group on the other hand, the CHARTOUNIS retained the
Restaurant Group as an independent contactor to provide administrative managerial
and operating services in connection with the operation of the restaurant known
as the POST HOUSE; and

 

WHEREAS, POST HOUSE
INVESTORS are the designees of NABIL CHARTOUNI and FOUAD CHARTOUNI under a certain
asset purchase agreement dated November 20, 1991 concerning the purchase
of the POST HOUSE RESTAURANT from POST HOUSE ASSOCIATES; and

 

WHEREAS, on the
closing of such sale POST HOUSE INVESTORS agreed to be bound under the terms of
the February 26, 1991 management agreement; and

 

WHEREAS, the closing
of such asset purchase agreement took place on January 24, 1992; and

 

WHEREAS, the term of
the restaurant management agreement commenced on such closing date, that is January 24,
1992; and

 

 

WHEREAS, by its
terms, the restaurant management agreement commenced on such date for the term
of three years, expiring on January 23, 1995; and

 

WHEREAS, by
agreement dated December 12, 1994, the parties extended the term of such
agreement for a period of two years, through January 23, 1997, and amended
the agreement in certain respects; and

 

WHEREAS, by
agreement dated October 29, 1996, the parties further extended the term of
such agreement for an additional period of two years, through January 23,
1999; and

 

WHEREAS, by
agreement dated November 11, 1998, the parties further extended the term
of such agreement for an additional period of two years, through January 23,
2001; and

 

WHEREAS, by
agreement dated December 25, 2000, the parties further extended the term
of such agreement for an additional two years, through January 23, 2003
and

 

WHEREAS, by
agreement dated April 20, 2001, the parties acknowledged Smith &
Wollensky Restaurant Group, Inc. as the same entity as New York Restaurant
Group, Inc. and substituted a new paragraph 7(f) of the original agreement.

 

WHEREAS, by amendment
dated November 18, 2002, the parties further extended the term of such
agreement for an additional period of two years, through January 23, 2005,
and

 

WHEREAS, the parties
wish to further extend the term of such restaurant management agreement; and

 

NOW, THEREFORE, in
consideration of the mutual covenants herein contained and other good and
valuable consideration, it is agreed as follows:

 

1.                                       The
term of the February 26, 1991 management agreement shall be extended for
an additional two years commencing on January 24, 2005 and terminating on January 23,
2007.

 

 

2.                                       As compensation
for the Restaurant Group’s services, during the term of this renewal, Post
House Investors shall pay to the Restaurant Group an amount equal to 6% of all
Restaurant sales, as defined in the December 6, 1994, first amendment to
Restaurant Management Agreement.

 

3.                                       Except as herein
specifically amended herein, and as amended in the December 6, 1994 first
amendment, and the October 29, 1996 second amendment, and the November 11,
1998 third amendment, and the December 20, 2000 fourth amendment and the April 20,
2001 fifth amendment, and the November 18, 2002 sixth amendment, the February 26,
1991 agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto have
executed this agreement on the year and day first above written.

 

 

	
   

  	
   

  	
  POST HOUSE INVESTORS, L.P.

  
	
   

  	
  By:

  	
  KENSICO PROPERTIES, NY., INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Fouad Chartouni

  
	
   

  	
   

  	
  FOUAD CHARTOUNI, PRES.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE SMITH & WOLLENSKY

  
	
   

  	
   

  	
  RESTAURANT GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan M. Mandel

  
	
   

  	
   

  	
  ALAN M. MANDEL, CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]