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The interest rate on the original UB $1,300,000 loan was set
at 1.15 percent above the interest rate on the Pioneer $1,300,000
CD. The interest rate on the original UB $1,300,000 loan was
11.5 percent, and the interest payable on the Pioneer $1,300,000
CD was 10.35 percent. The promissory note documenting that loan
provided that the interest on it was payable by Radcliffe month-
ly.
Union Bank renewed the original UB $1,300,000 loan on three
occasions for periods that ended on the following dates: April
15, 1985, April 10, 1986, and July 10, 1986. To document each of
the first two renewals of the original UB $1,300,000 loan, peti-
tioner and Ms. Gaw signed on behalf of Radcliffe a promissory
note that was payable to Union Bank and that was in the same
amount as that loan.
The interest rates on all three renewals of the original UB
$1,300,000 loan were set at 1.15 percent above the interest rate
on the original Mandalay $1,300,000 CD and the renewals of that
certificate of deposit (which ranged between 6.6 and 11.45 per-
cent). Interest on all three renewals of the original UB
$1,300,000 loan was payable by Radcliffe monthly.
When the original Mandalay $1,300,000 CD matured on October
16, 1984,35 it was renewed 19 times for successive periods con-
sisting of one three-month renewal and 18 one-month renewals.
35 Interest on the original Mandalay $1,300,000 CD was paid on
Aug. 16, 1984, and Sept. 17, 1984.
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