Plaintiff Atria Builders, L.L.C. (Atria) and defendant owner Morgan 32 Holdings, L.L.C. (Morgan) entered a construction contract requiring the former to provide letters of credit in the total amount of $1,000,000, which were to be drawable solely by the owner's lender, defendant Petra Mortgage Capital Corp. (Petra), in the event of default.
Pursuant to a loan and security agreement (loan agreement), entered into by Morgan, as borrower, and Petra, Morgan was to provide...
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