There is a fundamental distinction between a Back-to-Back credit and a Transferable Credit which is 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.