Deemed Redemption. If any outstanding principal on any of the Secured Notes are repaid or redeemed from any source (including, without limitation, the Secured Notes Policy), other than from proceeds of this Note, the principal balance of this Note shall be deemed to be repaid in amount equal to such payment and the outstanding principal balance of this Note shall be correspondingly reduced.
Appears in 5 contracts
Samples: Note and Security Agreement (Ambac Financial Group Inc), Promissory Note and Security Agreement (Ambac Financial Group Inc), Promissory Note and Security Agreement (Ambac Financial Group Inc)
