Where a credit includes a shipping schedule and an instalment is not shipped within the stipulated period, which of the following statements concerning the credit is correct?

  (1)( ) It continues to be available for that instalment only.

  (2)( ) It continues to be available for that and other instalments.

  (3)( ) It ceases to be available for that instalment only.

  (4)( ) It ceases to be available for that and other instalments.