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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.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 is a medium for magnetic recording, made of a thin magnetizable coating on a long, narrow strip of plastic film. It was developed in Germany, based on magnetic wire recording. Devices that record and play back audio and video using magnetic tape are tape recorders and video tape recorders. A device that stores computer data on magnetic tape is a tape drive (tape unit, streamer). Magnetic tape revolutionized broadcast and recording. When all radio was live, it allowed programming to be recorded. At a time when gramophone records were recorded in one take, it allowed recordings to be made in multiple parts, which were then mixed and edited with tolerable loss in quality.