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CIT GROUP/BUSINESS v. GRACO FISHING & RENTAL TOOLS

No. 09 Civ. 9861.

815 F.Supp.2d 673 (2011)

The CIT GROUP/BUSINESS CREDIT, INC., Plaintiff, v. GRACO FISHING AND RENTAL TOOLS, INC. et al., Defendants.

United States District Court, S.D. New York.

September 23, 2011.

Attorney(s) appearing for the Case

John Peter Amato, Sr. , Maria Anna Arnott , Hahn & Hessen LLP, New York, NY, for Plaintiff.

David H. Pikus, Bressler , Amery & Ross, PC, New York, NY, Eric C. Olson , Kirton & McConkie, Salt Lake City, UT, Pro Hac, Vice, for Defendants.

DECISION AND ORDER

VICTOR MARRERO, District Judge.

Plaintiff The CIT Group/Business Credit, Inc. ("CIT") brought this action against defendants Graco Fishing and Rental Tools, Inc. ("Graco"), Dan-Rad Company, LLC and Dan J. Rambo (collectively, "Defendants") alleging breach of an Amended and Restated Loan and Security Agreement dated October 29, 2003 ("Credit Agreement"). Graco seeks an offset against the loan balance otherwise due to

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