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TRANSIT FUNDING ASSOCIATES, LLC v. CAPITAL ONE EQUIPMENT FINANCE CORP.

652346/15, 2992.

149 A.D.3d 23 (2017)

2017 NY Slip Op 01525

48 N.Y.S.3d 110

TRANSIT FUNDING ASSOCIATES, LLC, et al., Respondents-Appellants, v. CAPITAL ONE EQUIPMENT FINANCE CORP., Formerly Known as ALL POINTS CAPITAL CORP., Doing Business as CAPITAL ONE TAXI MEDALLION FINANCE, et al., Appellants-Respondents.

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

Decided February 28, 2017.

Attorney(s) appearing for the Case

Skadden, Arps, Slate, Meagher & Flom LLP, New York City ( Alexander C. Drylewski , George A. Zimmerman and Patrick G. Rideout of counsel), for appellants-respondents.

Molo Lamken LLP, New York City ( Robert Kry , Steven F. Molo and Michelle J. Parthum of counsel), for respondents-appellants.

TOM, J.P., RENWICK, FEINMAN and GESMER, JJ., concur.

OPINION OF THE COURT

This appeal requires us to consider whether a loan agreement that gives the lender broad authority to deny "any" funding requests "in its sole and absolute discretion" and allows the lender to condition its approval "for any ... reason" can be violated, or the covenant of good faith breached, by the lender...

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