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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
The need for a convenient, easy-to-use format for magnetic tape was recognized early on. A number of attempts were made, including RCA Victorâs RCA Tape Cartridge in 1958 and the Muntz Stereo-Pak in 1952.RCAâs cassette was similar to the cassette tape we know, but in a larger package and with a 0.25-inch tape, like reel-to-reel. This made for a cassette that was 5 x 7.50 inches, and 0.50-inches thick.Unfortunately for RCA, the lack of prerecorded music available on the market made their product a failure.he need for a convenient, easy-to-use format for magnetic tape was recognized early on. A number of attempts were made, including RCA Victorâs RCA Tape Cartridge in 1958 and the Muntz Stereo-Pak in 1952.