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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
White Paper, Virtual Tape System Comparative Analysis. WP111808 Author, Dave Kearns. Virtual Tape concepts for IBM Mainframes. Mainframe Virtual Tape is typically defined as magnetic tape file images stored on disk. In reality it is a little more subtle than that. Most discussions of Virtual Tape focus on. the advantages of Virtual Tape versus Real Tape. That begs the question, if it is better.