(1)( ) The former original credit is in the name of original Irrevocable credit and the latter original credit is in the name of original Transferable Irrevocable Credit.
(2)( ) In Back-to-Back credit operation, the original Irrevocable credit and the Back-to-Back credit are two wholly independent credits with wholly independent issuing bank undertakings.
The Transferred credit derives not only its existence from the original Transferable credit, but also its utilization.