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Bkcap, LLC, Graycap, LLC, and Swcap, LLC v. Captec Franchise Trust 2000-1

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ARGUED MAY 31, 2012

Before BAUER, SYKES, and TINDER, Circuit Judges.

Quality Dining, Inc. owns dozens of restaurants in several states, including Michigan, Indiana, and Pennsylvania. To refinance its debt, Quality Dining created subsidiaries (the plaintiffs-appel- lants or “Borrowers”) and made a deal with Captec Financial and GE Capital for 34 separate loans totaling $49 million, with each loan secured by a restaurant. Captec Financial assigned 13 of its loans to Captec Franchise Trust 2000-1 (the defendant-appellee or “Lender”). The parties disagree about the prepayment requirements for 12 of those loans. This is the second time we have seen this dispute, but the basic issue in this appeal is the same as it was in the first: According to the loan agree- ments, what is the prepayment penalty? In the first appeal, the ambiguity of the prepayment provision made answering that question impossible. In this appeal, we have the benefit of a full trial on the merits.

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