Defendant Wise engaged the services of plaintiff Merrill Lynch, Pierce, Fenner & Smith to attempt to obtain some $150 million in debt financing. Under the terms of the engagement letter, Merrill Lynch was to act as "financial advisor and exclusive lead and book-running initial purchaser, placement agent or underwriter" in connection with the debt offering. Wise agreed to reimburse Merrill Lynch for expenses incurred, including counsel fees, "whether or not the transactions...
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