I read the first sentence to indicate that travel agents, NW, and KL can issue tickets: NW, KLM and travel agents may make reservations or issue tickets on NW 012 or KL 074 ticket stock against a paper TCV redeemed as Dollar Amount TCV.
The problem I'm having could be that the TCV in the second sentence should be ECV: TCV may only be redeemed on nwa.com or by a Northwest reservations or ticketing location.
I could be wrong (it certainly wouldn't be the first time), but the more I look at it, the more I think it's a typo.
Exactly, the key word being "paper'