PC Disposal Proceeds Sample Clauses

PC Disposal Proceeds. (a) The Issuer shall (unless the Subscribers agree otherwise) redeem Notes, and cancel Available Commitments, in amounts equal to any PC Disposal Proceeds: (i) if no Event of Default is continuing, and unless the Issuer makes an election under paragraph (c) below, at the end of the applicable PC Disposal Proceeds Spend Period to the extent not withdrawn during that period in accordance with clause 11.2.3 (Holding Account) of the Intercreditor Agreement; or (ii) if an Event of Default is continuing, upon the earlier of: (A) the end of the applicable PC Disposal Proceeds Spend Period, to the extent not withdrawn during that period in accordance with clause 11.2.3 (Holding Account) of the Intercreditor Agreement; and (B) the occurrence of an Acceleration Event, in each case, in the order of application contemplated in paragraphs (b) to (d) inclusive below. (b) An early redemption under this Clause 11.4 shall redeem the Notes in amounts which reduce: (i) firstly, the Series B Notes by the same proportion; and (ii) secondly, once all outstanding Series B Notes have been redeemed in full, the Series A Notes, the Series C Notes and any Incremental Notes Series Notes by the same proportion, and to the extent the relevant PC Disposal Proceeds exceed the above amounts: (A) firstly, the Available Commitments under Series B shall be cancelled and permanently reduced by the same proportion; and (B) secondly, the Available Commitments under Series A, Series C and any Incremental Notes Series shall be cancelled and permanently reduced by the same proportion. (c) Subject to paragraph (d) below, the Issuer: (i) may elect that any early redemption under this Clause 11.4 be applied in redemption of Notes on the last day of the Interest Period relating to such Notes; and (ii) if the Issuer makes that election in respect of Notes then Notes in an amount equal to the amount of the relevant redemption will be due and payable on the last day of their Interest Period. (d) If the Issuer has made an election under paragraph (c) above but an Event of Default is continuing, that election shall no longer apply and the Notes in respect of which the election was made shall be due and payable in accordance with sub-paragraph (a)(ii) above.