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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
A floppy disk, like a cassette tape, is made from a thin piece of plastic coated with a magnetic material on both sides. However, it is shaped like a disk rather than a long thin ribbon. The tracks are arranged in concentric rings so that the software can jump from file 1 to file 19 without having to fast forward through files 2-18.