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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
First came magnetic recording wire, before tape. The first use of magnetic tape with computers with computers was on UNIVAC I, so computer magnetic tape was probably invented by J. Presper Eckert. This tape had a thin nickel plating on one side of a bronze tape.