4 The first beneficiary may request that payment or negotiation be effected to the second beneficiary at the place to which the credit has been transferred, up to and including the expiry date of the original credit unless that credit expressly states that it may not be made available for payment or negotiation at a place other than that stipulated.

Note: most advising banks insist that the transferred credit must expire at least 7–10 days before the original credit. This is the only way they can hope to have irregular documents corrected within the validity of the original credit.