- 42 -
did not select the LIBOR-based interest rate, the UB $325,000
loan first renewal was to bear interest at Union Bank's prime
rate plus 1 percent. The promissory note documenting the UB
$325,000 loan first renewal provided that the interest due on
that renewal was payable by Radcliffe on the 10th of each month.
The following percentage interest rates were applicable for the
following periods with respect to the UB $325,000 loan first
renewal:
Percentage
Period Interest Rate
Apr. 15, 1985, until May 20, 1985 11.5
May 20, 1985, until June 18, 1985 11.0
June 18, 1985, until Mar. 7, 1986 10.5
Mar. 7, 1986, until Apr. 10, 1986 10.0
Interest on the UB $325,000 loan first renewal was paid on or
about the following dates:
May 14, 1985
June 12, 1985
July 10, 1985
Aug. 13, 1985
Sept. 13, 1985
Oct. 16, 1985
Nov. 18, 1985
Dec. 11, 1985
Jan. 23, 1986
Feb. 18, 1986
Mar. 12, 1986
Apr. 22, 198629
The interest rate on the UB $325,000 loan final renewal was
set at Union Bank's reference rate plus 1 percent and was payable
29 The Apr. 22, 1986 interest payment also included interest
paid on the UB $325,000 loan final renewal.
Page: Previous 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 NextLast modified: May 25, 2011