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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
In early computers, magnetic storage was also used as: 1  Primary storage in a form of magnetic memory, or core memory, core rope memory, thin-film memory and/or twistor memory. 2  Tertiary (e.g. NCR CRAM) or off line storage in the form of magnetic cards.  Magnetic tape was then often used for secondary storage.