Akintola Vegetable Supplies Ltd., ("The company") is a wholesale merchandiser of fresh tropical and non-tropical vegetables. It buys vegetables locally and imports from a variety of sources including South Africa, Israel and California, USA.

The company contracted to buy fresh California vegetables from Can Vegetables Inc., a vegetable exporting company based in Sacramento. The trade is to be done under a Letter of Credit arrangement.

The company applied to XYZ Bank Ltd. for issuance of a Letter of Credit in favour of Can Vegetables Inc. to facilitate the importation of a consignment of vegetables. The application was made on September 20 and a reimbursement agreement was signed by the company same day.

On September 21, a copy of the Letter of Credit was sent by XYZ Bank to the company and received the same day. On September 22, and before forwarding the credit, XYZ Bank learnt of a devastating earthquake in California followed by a devastating flooding of the entire vegetable belt, including Sacramento. This destroyed Can Vegetables Inc. facilities and crops. XYZ Bank decided to cancel the credit over the company's protests.

Required

1. What is the company's right against the Bank

2. What is the beneficiary's right against the Bank