Penn Mutual Life Insurance v. Bank of New England Corp.

OPINION

DITTER, District Judge.

Pursuant to Federal Civil Procedure Rule 56, plaintiff seeks summary judgment on Count I of its complaint alleging breach of a note agreement. Having considered the parties’ memoranda, supplemental memo-randa, replies, surreplies, counter-replies, and oral argument, I will grant plaintiff’s motion.

I. FACTS

A. The Note Agreement

On July 12, 1984, Penn Mutual (“PM”) loaned The Conifer/Essex Group (“Conifer”) $10,000,000.00. The parties signed a note agreement setting forth a repayment schedule and both affirmative and negative covenants and Conifer signed a separate…