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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
[â²kÄ tÉ â²disk âsisÂ·tÉm] (computer science) A data-entry system in which information entered on several keyboards is collected on different sections of a magnetic disk, and the data are extracted from the disk when complete, and are copied onto a magnetic tape or another disk for further processing on the main computer. Want to thank TFD for its existence?