While admitting that there were discrepancies in the letters of credit, Sereti contends that, inasmuch as it had waived any discrepancies in the letters of credit, and had agreed to indemnify the Bank, the Bank was required to honor the letters of credit. Defendants admit that they have not made payment on the Note, and have not claimed lack of proper notification of the demand. Defendants contend that the theory of promissory estoppel is applicable in this situation. Here, defendants have not established the reasonableness of their view that the letters of credit would be absolutely irrevocable, in the face of their own failure to provide the requisite documentation on which the financial arrangement was predicated. Accordingly, defendants' affirmative defense of promissory estoppel is stricken.
Defendants also allege bad faith on the part of plaintiff.
This claim is stricken, as defendants have failed to offer evidence to substantiate this allegation. Defendants, in conclusory fashion, contend that plaintiff is incorrect in the amount owed.