  We calculate the beta-functions for an open string sigma-model in the
presence of a U(1) background. Passing to N=2 boundary superspace, in which the
background is fully characterized by a scalar potential, significantly
facilitates the calculation. Performing the calculation through three loops
yields the equations of motion up to five derivatives on the fieldstrengths,
which upon integration gives the bosonic sector of the effective action for a
single D-brane in trivial bulk background fields through four derivatives and
to all orders in alpha'. Finally, the present calculation shows that demanding
ultra-violet finiteness of the non-linear sigma-model can be reformulated as
the requirement that the background is a deformed stable holomorphic U(1)
bundle.
