The issuing bank wants to cancel a letter of credit before it has been advised to the beneficiary by the advising bank. What is the option available to the issuing bank?

  (1)( ) The issuing bank may cancel the L/C anytime.

  (2)( ) The issuing bank should seek permission from the advising bank.

  (3)( ) The issuing bank must recall the L/C from the advising bank.

  (4)( ) The issuing bank must obtain the consent of the beneficiary.