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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
n (computer science) a memory device consisting of a flat disk covered with a magnetic coating on which information is stored. a small plastic magnetic disk enclosed in a stiff envelope with a radial slit; used to store data or programs for a microcomputer. a rigid magnetic disk mounted permanently in a drive unit.