Land of Lincoln Goodwill Industries, Inc. v. PNC Financial Services Group, Inc.

ROVNER, Circuit Judge.

When Land of Lincoln Goodwill Industries, Inc. (“Goodwill”) informed its lender, PNC Financial Services Group, Inc. (“PNC”), that it intended to pay off the balance of its twenty-year loan early, PNC notified Goodwill that it would owe a prepayment charge in excess of $300,000. Goodwill filed suit seeking a declaratory judgment that it owes no such fee under the terms of its agreement with PNC. The district court concluded otherwise. It reasoned that because the contract terms impose a charge when prepayment is made “during a period when the unpaid principal balance…