Definitions for "Reimbursing Bank"
Keywords:  negotiating, redit, letter, payor, bank
The bank designated in the Letter of Credit to reimburse the "available with" Bank which submits payment claims under the Letter of Credit.
In a letter of credit transaction, the bank with which the issuing bank maintains an account and which is authorized by the issuing bank to charge that account to pay claims received from the negotiating bank for documents that have been presented.
The bank that the DC-issuing bank has named to pay the value of the DC to the negotiating/paying bank.