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Mar. 10, 1986
Apr. 4, 1986
May 7, 1986
June 16, 198611
On May 16, 1986, Radcliffe reduced the principal amount of
the BB Loan No. 1 first renewal to $600,000 by paying $400,000 to
Bangkok Bank LA branch. By letter dated May 15, 1986, petitioner
requested on behalf of Radcliffe that Bangkok Bank HK branch
reduce its $1,000,000 standby letter of credit to $600,000 and
renew it for another year. Bangkok Bank HK branch complied with
that request by amending the $1,000,000 standby letter of credit
to reduce it to $600,000 and renewing the amended $600,000 letter
of credit to May 17, 1987.
On June 30, 1986, pursuant to instructions from Intercon-
tinental, the Hong Kong branch of Bangkok Bank Ltd. telexed the
following instructions to the Los Angeles branch of that bank:
The Los Angeles branch was to debit the account it maintained for
the Hong Kong branch by $450,000, and that money was to be
applied in partial repayment of the then outstanding $600,000
loan balance. On June 30, 1986, that balance was reduced to
$150,000 by the payment of $450,000.12
11 The June 16, 1986 interest payment also included interest
paid for the period following the due date of the BB Loan No. 1
first renewal.
12 Petitioner admits on brief, and respondent does not dispute,
that on June 30, 1986, the Intercontinental $450,000 deposit was
applied to reduce the $600,000 outstanding balance of that loan
(continued...)
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