1. Transcript and report card - courses transferable credit , and report card for records of past performance.

2. Should this be a transferable credit and should we be authorized to effect such transfer , please note that we are under no obligation to do so.

3. Unless otherwise stated in the Credit, a transferable Credit can be transferred once only.

4. Transferable credit means a credit that specifically states it is "transferable".

5. The transferable credit is designed to meet the requirements of international trade.

6. A transferable credit may be made available in whole or in part to another beneficiary ("second beneficiary") at the request of the beneficiary ("first beneficiary").

7. SHOULD THIS BE A TRANSFERABLE CREDIT AND SHOULD WE BE AUTHORISED TO EFFECT SUCH TRANSGER, PLEASE NOTE THAT WE ARE UNDER NO OBLIGATION TO DO SO.

8. It therefore follows that it will, in most cases, be inappropriate for an issuing bank to modify or exclude sub-article 38 (k) in its transferable credit.