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What is a Commercial Letter of Credit?

A Letter:
  • Issued by a Bank to a Beneficiary (Usually the Seller)
  • At the Request of a Buyer (Applicant for Letter of Credit)
That Authorizes the Drawing and Presentation of Drafts:
  • For a Stipulated Amount
  • Under the Specific Terms Outlined in the Letter of Credit
And Promises Payment:
  • When Draft(s) and Documents Meeting the Specified Terms and Conditions of the Letter of Credit are Presented.

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Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank, and First Bank of San Luis Obispo are divisions of Pacific Capital Bank, N.A., member FDIC.

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