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FIRST ACQUISITION FUNDING LLC, plf-ap, v. 1ST ALLIANCE LENDING, LLC, def-res

13074-13075. FIRST ACQUISITION FUNDING LLC, plf-ap, v. 1ST ALLIANCE LENDING, LLC, def-res — Mishcon de Reya New York LLP, New York (Timothy J. McCarthy of counsel), and Kellogg, Huber, Hansen Todd, Evans & Figel, PLLC, Washington, DC (Gregory G. Rapawy of the bar of the District of Columbia and Commonwealth of Massachusetts, admitted pro hac vice, of counsel), for ap — DLA Piper LLP (US), New York (Andrew L. Deutsch of counsel), for res — Judgment, Supreme Court, New York County (Charles E. Ramos, J.), entered September 3, 2013, dismissing the complaint, unanimously affirmed, with costs. Appeal from order, same court and Justice, entered August 26, 2013, unanimously dismissed, without costs, as subsumed in the appeal from the judgment.

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13074-13075. FIRST ACQUISITION FUNDING LLC, plf-ap, v. 1ST ALLIANCE LENDING, LLC, def-res — Mishcon de Reya New York LLP, New York (Timothy J. McCarthy of counsel), and Kellogg, Huber, Hansen Todd, Evans & Figel, PLLC, Washington, DC (Gregory G. Rapawy of the bar of the District of Columbia and Commonwealth of Massachusetts, admitted pro hac vice, of counsel), for ap — DLA Piper LLP (US), New York (Andrew L. Deutsch of counsel), for res — Judgment, Supreme Court, New York County (Charles E. Ramos, J.), entered September 3, 2013, dismissing the complaint, unanimously affirmed, with costs. Appeal from order, same court and Justice, entered August 26, 2013, unanimously dismissed, without costs, as subsumed in the appeal from the judgment.

Plaintiff, a hedge fund, provided funding (or arranged for the provision of funding) in the form of a $20 million warehouse line of credit to defendant, an originator of mortgages, pursuant to a “Second Amended and Restated Fee Side Letter” (the Second Amended FSL) and the “Second Amended and Restated Master Repurchase Agreement” (the Second Amended MRA). Under the Second Amended FSL, the provision of an “Available Commitment” by plaintiff to defendant was the consideration for which plaintiff was to be compensated. The parties’ dispute centers on the meaning of “Available Commitment.”

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