Decide whether the following statements are true or false.

2.Usually the advising bank is the bank resides in the same city as the buyer.

4.A revocable credit cannot be amended.

10.In a red clause credit, the advising bank itself gives a packing loan to the beneficiary.

11.Under a red clause credit, the onus of repayment of the advance lies with the applicant.

12.Banks run greater risks when they open a revolving credit, therefore they usually specify a total amount available in this type of credit.

13.A transferable credit is one that authorizes the beneficiary to transfer part of the right under the credit to third party or parties.

15.Under a straight credit, the issuing bank is under no obligation to the advising bank.