Transferable Letter of Credit. This type of credit allows the seller to transfer all or part of the proceeds of the original letter of credit to a second beneficiary, usually the ultimate supplier of the goods. The letter of credit must clearly state that it is transferable for its to be considered as such.
Definition of:magnetic tape. A sequential storage medium used for data collection, backup and archiving. Like videotape, computer tape is made of flexible plastic with one side coated with a ferromagnetic material. Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
Magnetic tape data storage. Magnetic tape data storage is a system for storing digital information on magnetic tape using digital recording. Modern magnetic tape is most commonly packaged in cartridges and cassettes. The device that performs writing or reading of data is a tape drive. Autoloaders and tape libraries automate cartridge handling.