(navigation) An imaginary line between two objects whose positions are known. When the navigator sees one object directly in front of the other, the navigator knows that his position is on the transit.
(Britain) A Ford Transit van. (Can we add an example for this sense?)
(Internet) To carry communicationstraffic to and from a customer or another network on a compensation basis as opposed to peerage in which the traffic to and from another network is carried on an equivalency basis or without charge.