- 18 -
percent per year and a term of 5 years ending April 15, 1995.
The Second Loan Agreement calls for quarterly payments of
interest in the amount of $4,375, plus concurrent quarterly
payments of principal in the amount of $3,500, for a total of
$7,875 each quarter. The first such payment was due July 15,
1990.
Neither Attieh Bros. nor the Attiehs made this payment or
any other payment due under the Second Loan Agreement, with the
exception of $1,500 paid to petitioner in July 1991. Beginning
July 31, 1990, and continuing periodically for the next several
years, petitioner sent telefax correspondence to Thair, Nidal, or
Raouf Attieh inquiring about the lack of payment and requesting
payment.11 The Attiehs replied sometimes with explanations for
their failure to pay (such as the Gulf War, which, according to
the correspondence, reduced business and limited the ability to
transfer money out of Jordan) and sometimes with promises to
begin paying after money became available from a new source, such
as the sale of property.12 The correspondence reflects
petitioner’s mounting frustration at receiving virtually no
payments on the loan.
11 The record contains seven faxes from petitioner in 1990,
two in 1991, seven in 1992, and one in 1993. The record contains
no faxes sent in 1994 or later.
12 The record contains four faxes from the Attieh family in
1990, five in 1991, two in 1992, and two in 1993. The record
contains no faxes sent in 1994 or later.
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