Secured Notes Policy definition

Secured Notes Policy means the financial guaranty insurance policy number [•] issued by AAC on the Issue Date to the Trustee for the benefit of the Noteholders, irrevocably guaranteeing all principal and interest payments in respect of the Notes as and when such payments become due and owing, on the terms set forth herein.
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Secured Notes Policy. AAC will issue a financial guaranty insurance policy (the “Policy”) to the [Trustee]/[Fiscal Agent] for the benefit of Secured Noteholders irrevocably guarantying all principal and interest payments (including mandatory prepayments) in respect of the Secured Notes as and when such payments become due and owing.
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Secured Notes Policy means the financial guaranty insurance policy number SF0958BE issued by AAC on the Issue Date to the Trustee for the benefit of the Noteholders, irrevocably guaranteeing all principal and interest payments in respect of the Notes as and when such payments become due and owing, on the terms set forth herein.
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Examples of Secured Notes Policy in a sentence

  • 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.

  • All proceeds of claims upon the Secured Notes Policy shall be deposited with the Paying Agent and shall be used solely to pay the amount of such insufficiency (which, for the avoidance of doubt shall cure the related Event of Default), in accordance with the terms hereof.

  • The Trustee shall surrender the Secured Notes Policy to AAC upon expiration of the term of the Secured Notes Policy in accordance with the terms of the Secured Notes Policy.

  • The Secured Notes Policy Premium is not refundable for any reason.

  • Claims under the Senior Secured Notes Policy will rank pari passu with other Policy Claims.

  • Ambac Assurance Corporation (“Ambac”), a Wisconsin stock insurance corporation, in consideration of the payment of the Secured Notes Policy Premium and subject to the terms of this Policy (including the endorsement hereto), hereby agrees unconditionally and irrevocably to pay to or on behalf of the Insured Party that portion of the Insured Obligations which shall become Due for Payment but shall be unpaid by reason of Nonpayment during the term of this Policy.

  • This Policy is not cancelable by Ambac for any reason, including the failure of Ambac to receive payment of any Secured Notes Policy Premium due in respect of this Policy.

  • The summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all the provisions of the Senior Notes Indenture, the Secured Notes Policy, the Ambac Note and the Note Security Documents (as defined in the Senior Notes Indenture) (collectively, the “Senior Secured Note Documents”), including the definitions therein of certain terms.