When a bank confirms an Irrevocable Transferable Credit, it assumes the credit risk of which party？

as follows:

(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.

d Bank. When a Nominated Bank forwards documents for reimbursement, where are the documents despatched to？

(1)( ) Issuing Bank

(2)( ) Confirming Bank

Documentary L/C Irrevocable L/C Confirmed L/C Transferable L/C Standby L/C

d Export Co. Ltd payable at sight allowing partial shipments and transshipment.

Who makes first presentation of documents to the nominated bank under a transferable credit？

(1)( ) The first beneficiary.

(2)( ) The second beneficiary.

(3)( ) The middle man.

Under an irrevocable credit, who must undertake primary liability for payment？

(1)( ) the applicant

(2)( ) the issuing bank

(3)( ) the nominated bank

cuments for reimbursement to which bank as indicated below:

(1)( ) Issuing Bank

(2)( ) Confirming Bank

and why？