- 39 -
of the period during which that renewal was outstanding.
Except for August 1984, September and November 1985, and May
1986, interest on the UB $570,000 renewed loan first through
final renewals was paid monthly.26
On July 10, 1986, the UB $570,000 renewed loan final renewal
was repaid with funds wired to Union Bank from Standard Chartered
Bank HK, and Union Bank released its lien on the Forward $570,000
deposit. (Hereinafter, the original UB $570,000 renewed loan and
the renewals of that loan will be referred to collectively as the
UB $570,000 renewed loan.)
B. UB $325,000 Loan
In April 1984, Union Bank funded a loan of $325,000 to
Radcliffe (original UB $325,000 loan) that was due on April 15,
1985. The original UB $325,000 loan was used to reduce to
$1,125,000 a loan in the amount of $1,450,000 that had been made
to NMSC by Union Bank or one of its branches or predecessors in
San Francisco and that was secured by a second deed of trust on
NMSC's buildings. To document the original UB $325,000 loan,
petitioner signed on behalf of Radcliffe a promissory note that
was made payable to Union Bank and that was in the same amount as
that loan.
26 After Dec. 31, 1985, interest on the UB $570,000 renewed loan
third renewal was paid on or about Jan. 24, 1986, Feb. 21, 1986,
Mar. 10, 1986, and Apr. 10, 1986. Interest on the UB $570,000
renewed loan final renewal was paid on or about Apr. 22, 1986,
June 30, 1986, and July 10, 1986.
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