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 Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.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 magnetic field can be formed by passing electric current through a wire, and electromagnets work on this basic principal. Electromagnets are used for creating plenty of appliances ranging from motors, speakers, heads for tape drives, and hard disks; here's a brief insight to electromagnets.