Treatment of Step-in Value Payment Sample Clauses

Treatment of Step-in Value Payment. Upon occurrence of a Step-in Event, the Issuer will immediately open the Step-in Value Payment Account and upon receipt of each Step-in Value Payment will deposit such payment in such account, which shall have the following characteristics: (a) the Issuer may not withdraw or transfer any amounts out of such account until the earlier of (i) the relevant Put Event Redemption Date and (ii) the expiry of the Exercise Period in the event that no Put Notice has been sent and (b) shall ensure that the proceeds of such Step-in Value Payment are utilised to redeem the relevant Notes pursuant to Condition 8.3 (Redemption at the Option of the Noteholders).
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