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6. UB $800,000 Radcliffe Loan Transaction
The record establishes that, in form, Radcliffe assumed an
$800,000 loan that Union Bank or one of its branches or predeces-
sors in San Francisco had made to NMSC and initially Union Bank's
affiliate Standard Chartered Bank HK and thereafter Union Bank's
affiliate Standard Chartered Bank, Singapore, held a deposit in
the name of Multi-Credit that secured that assumed loan.118 The
record also shows that, in form, Union Bank received interest
from Radcliffe with respect to the UB $800,000 Radcliffe loan and
initially Standard Chartered Bank HK and thereafter Standard
Chartered Bank, Singapore, paid interest to Multi-Credit on its
$800,000 deposit.
Petitioner asserts, and respondent does not dispute, that
Union Bank or one of its branches or predecessors in San Francis-
co had sufficient funds to make the UB $800,000 NMSC loan that
was assumed by Radcliffe and to continue that loan after
Radcliffe assumed it without its affiliate Standard Chartered
Bank HK and thereafter its affiliate Standard Chartered Bank,
Singapore, having had the Multi-Credit $800,000 deposit. Pre-
sumably Standard Chartered Bank HK and thereafter Standard Char-
tered Bank, Singapore, also had sufficient funds to pay interest
118 The parties agree on brief that the Multi-Credit $800,000
deposit served as security for not only the UB $800,000 Radcliffe
loan but also the UB $800,000 NMSC loan that Radcliffe assumed.
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