BEAL SAVINGS BANK v. SOMMER


29 A.D.3d 388 (2006)

815 N.Y.S.2d 63

BEAL SAVINGS BANK, Appellant, v. VIOLA SOMMER et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

May 16, 2006.


Plaintiff alleges that it was the owner of an interest in a $460 million credit facility governed by a credit agreement between a nonparty developer, as borrower, and various financial institutions, including plaintiff, as lenders. Defendants were part of a group of "sponsors" who provided undertakings designed to maintain set financial ratios and other attributes of the borrower. The credit facility was administered by an administrative agent for the lenders. Under the subject...

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