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  5. 791 F.Supp. 401 (1991)
 

TEACHERS INS. & ANNUITY v. ORMESA GEOTHERMAL

No. 87 CV 1259 (KMW).

791 F.Supp. 401 (1991)

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, Plaintiff, v. ORMESA GEOTHERMAL, A general partnership; Ormat Engineering, Inc.; Ormat Geothermal, Inc.; and LFC No. 25 Corp., Defendants.

United States District Court, S.D. New York.

October 16, 1991.

Attorney(s) appearing for the Case

Fried, Frank, Harris, Shriver & Jacobson (Robert E. Gerber, Heidi E. Schallenberg, of counsel), New York City, for plaintiff.

Milgrim, Thomajan & Lee P.C. (Robert A. Meister, Lucy Prashker, Carol M. Fischer, of counsel), New York City, for defendants.

AMENDED OPINION AND ORDER

KIMBA M. WOOD, District Judge.

Teachers Insurance and Annuity Association of America ("TIAA" or "Teachers"), a New York corporation that is an institutional lender, brought this action against a prospective borrower alleging breach of a commitment letter agreement that "circled" a "blended" interest rate of 10.64% for a twenty-year loan of $25,000,000. After a sharp decline in interest rates rendered the agreement less advantageous...

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