Bank of America $50,000,000 Line of Credit

Ferriter Scobbo aided its client in closing on a new $50 million line of credit from Bank of America.  Ferriter Scobbo represented the client in the preparation of the loan documents, including the Loan Agreement, the Note and Security Agreement with Bank of America. Although the client has existing lines of credit with Bank of America, the different purpose to be served by the new line presented an array of challenges.  Ferriter Scobbo worked diligently with our client and the Bank’s counsel to achieve consensus.  The new line of credit will serve as the initial funding for the client loaning funds on a tax-exempt basis to its members as a cost effective means of financing a wide variety of assets and meeting capital needs.