Dinner with SA team vs movie with friend?

I will be having to go to my future SA city for reasons, and while I will be there, I'd planned on spending one night with an old friend I hadn't seen in years and seeing a movie with him. Well my SA bank is close with my school, and my career advisor here told his bank contact I'd be in the city, so the director, who is my primary contact there, said that he'd like me to come to a team dinner they have planned for a deal close so that I could meet more of the team. 

It's a great offer, and I'd love to go, but I really want to see the movie and have dinner with my old friend, and it's the only night he's free while I'm there. Would it look bad to say to the director that I already made a commitment and am unable to go? Obviously I'd thank him for the offer, and I really do want to go, but I want to see my old friend more. 

Edit: You guys are right. I will go to the dinner. 

 

Do the work function. Grab breakfast with the friend. 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

You’ll have the whole summer to chill with your friend. Or at least a weekend or two. This dinner will give you a chance to be more accustomed/build connections with your future colleagues. It will give you a leg up over any other intern. You got invited to dinner by the person who will most likely choose to give you a return offer or not. And, they closed a deal so they’ll be in a good mood. Not to mention, it will look bad on ur advisor if you decline which may strain your relationship. I’d say the benefits of going clearly outweigh the costs.

 

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