Definition of GDB Letter of Credit


GDB Letter of Credit means the irrevocable transferable stand-by letter of credit issued by Government Development Bank in favor of the Trustee solely for the benefit of the Bondholders on the date of issue of the Corporation's 2001 Series C Bonds and 2001 Series D Bonds.

Examples of GDB Letter of Credit in a sentence

The GDB Letter of Credit irrevocably authorizes draws in accordance with its terms.
APPENDIX C - "Forms of GDB Letter of Credit, " and APPENDIX D - "Summary of Certain Provisions of the Reimbursement Agreement." Copies of the documents in definitive form will be available for inspection at the Principal Office of the Trustee.
In addition, the Trustee shall draw upon the GDB Letter of Credit for the payment of the principal and Purchase Price of and interest on the Bonds as the same shall become due whether at maturity, redemption or acceleration or upon mandatory tender.
Supplements and Amendments to the GDB Letter of Credit Not Requiring Consent.
The Bonds will be limited obligations of the Financing Authority payable solely from and secured by the Revenues received under the Loan and Trust Agreement, including draws under the GDB Letter of Credit.