- 43 -
by Radcliffe on the 10th of each month. The percentage interest
rate applicable to the UB $325,000 loan final renewal was ini-
tially 10 percent, and, as of April 21, 1986, it was 9.5 percent
where it remained for the balance of the period during which that
renewal was outstanding. Interest on the UB $325,000 loan final
renewal was paid on or about the following dates: April 22,
1986, June 30, 1986, and July 10, 1986.
The UB $325,000 loan final renewal was repaid on July 10,
1986, using funds wired to Union Bank from Standard Chartered
Bank HK, and Union Bank released its lien on the Forward $325,000
deposit. (Hereinafter, the original UB $325,000 loan and the re-
newals of that loan will be referred to collectively as the UB
$325,000 loan.)
C. UB $800,000 Radcliffe Loan
On or about June 27, 1985, at the request of petitioner,
Radcliffe assumed a loan of $800,000 (original UB $800,000
Radcliffe loan). The loan assumed by Radcliffe had been made to
NMSC by Union Bank or one of its branches or predecessors in San
Francisco (UB $800,000 NMSC loan) sometime prior to the years at
issue and had been secured by a fixed deposit in the same amount
as that loan that was maintained in Standard Chartered Bank HK in
the name of Multi-Credit.30 The original UB $800,000 Radcliffe
30 In 1983, pursuant to a request made on behalf of the Gaw
family, Union Bank released its lien on the Multi-Credit fixed
(continued...)
Page: Previous 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 NextLast modified: May 25, 2011