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dia fal. te 7 . 4 en Gs ed Pa ar. ‘ : . - > af r dele. Boe 5s emia nis s ee bod amass fr a Tere ea Pe TMK * 7 . NY 46-2507 ence to promissory notes held by Ariona, totaling $2,130,000.00 consisting of a note in the amount of $1,875,000.00 dated March 29, 1948, a note in the amount of $165, 000.00 dated July 15, 194 and a note in the amount of $90, 000.00 dated July 30, 1940. This letter sets forth the method of payment in connection . with these notes ana states that tne interest rate shall continues at two percent from the original gates thereof. Mr. BECKER also produced phetostatic copies of the notes mentioned in this letter, namely the 165, 000.00 note dated July 15, 1948 and the $90,000.00 note dated July 30, 198. Photostatic copies of tnese notes are being submitted with this report as enclosure numbers 3 and h, BECKER also produced a photostatic copy of a letter datea April 29, 1949 aaaresseo to ARIONA anu signed by ROBERT L. BERENSOK, President of USPC. A photostatic copy of this letter is being submitted with this report as enclosure number 5. This letter sets forth that the previous three notes mentioned in the letter agreement of January 26, 1948 is hereby cancelled, and.in liew thereof USPC agrees to pay Ariona the sum of . $2,130,000.00 by the maturity cate of January 1, 1958. The interest rate is sct forth as two percent per annun, and the method of payment is set forth. From an examination of the books and records of USPC, {it was ascertained that the talance in the loan account with Ariona remained at $2,130,000.00 until September 10, 1951, at which time check number 3796 dated Centember 10, 1951 in the amount of $1,400,000.00 was issuea to Ariona. The present balance in the loan account with Ariona is $730,000.00. The records further reflected that interest was paid by USPC to Ariona on the foregoing notes. re -