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Shanghai Banking Corp. of San Francisco against Radcliffe under a
standby letter of credit issued by that branch with respect to
Radcliffe. That reimbursement was effected by having the loan
proceeds credited to an account of Bangkok Bank HK branch that
was maintained with Bangkok Bank LA branch.
To document the original BB Loan No. 1, petitioner signed on
behalf of Radcliffe (1) a promissory note that was made payable
to Bangkok Bank LA branch and that was in the same amount as that
loan, (2) a continuing, unlimited, unconditional promise (contin-
uing, unlimited, unconditional promise) by Radcliffe to Bangkok
Bank LA branch that stated that Radcliffe agreed to perform its
obligations under that loan, and (3) an agreement (general secu-
rity agreement) that stated that Bangkok Bank LA branch had a se-
curity interest in all of Radcliffe's personal property and in
all of its real property pledged to or in the possession of that
branch.8
Petitioner also requested on behalf of Radcliffe in the May
16, 1984 letter that Bangkok Bank HK branch issue to Bangkok Bank
LA branch a standby letter of credit for $1,000,000 with respect
to Radcliffe. Bangkok Bank HK branch complied with that request
by issuing on May 17, 1984, the date on or about which the
original BB Loan No. 1 was funded, a $1,000,000 standby letter of
credit with respect to Radcliffe ($1,000,000 standby letter of
8 The continuing, unlimited, unconditional promise and the
general security agreement applied to all other loans and exten-
sions of credit by Bangkok Bank LA branch to Radcliffe.
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