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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
Cassette Tapes. A Phillips Carry-Corder cassette recorder from the mid-1960s. In the 1950s, magnetic tape looked like the obvious replacement for the disc, but it fizzled. It came roaring back in the early 1960s in the form of the Phillips âCompact Cassette,â today simply called the cassette.he success of the cassette as both a format for making home recordings and for listening to purchased albums came together in the 1980s. LP sales went into decline, and by about 1990 few phonograph discs were being released.