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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
Some businesses use magnetic tape for data backup. These cartridges resemble videotapes and contain reels of magnetic tape for data storage. The sequential nature of the writing process makes retrieving this data a slow process.There are still a variety of removable magnetic media devices available, although few of these see regular use.