Ordered that the order is reversed insofar as appealed from, on the law and as a matter of discretion, with costs, the cross motion is denied, and the order dated May 14, 2002, and the judgment entered June 21, 2002, are reinstated.
A party seeking to be relieved of its default must establish both a reasonable excuse and a meritorious defense (see CPLR 5015; Eretz Funding v Shalosh Assoc.,
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