; or (C) the date on which the candidate becomes an agent of a foreign principal that would require registration under section 2 of the Foreign Agents Registration Act of 1938, as amended ( 22 U.S.C. 612 ). (2) Exception for candidates in next election Paragraph (1) does not apply to the committee or PAC of a candidate who, prior to the first day of the applicable disbursement period, provides the appropriate State election official with the information and fees (if any) required under State law for the individual to qualify as a candidate for the next election for the office sought by the candidate or the next election for another Federal office. (3) Applicable disbursement period In this subsection, the applicable disbursement period is, with respect to a candidate seeking election for an office, the 2-year period which begins on the day after the latest date on which an individual may provide the appropriate State election official with the information and fees (if any) required under State law for the individual to qualify as a candidate for the next election for such office. (b) Rules for disbursement of funds (1) Payment of obligations In carrying out subsection (a), an authorized committee or leadership PAC shall first disburse funds to pay obligations incurred in connection with the operation of the committee. (2) Other permitted disbursements If, after disbursing all of the funds necessary to pay obligations under paragraph (1), funds of a committee or PAC remain unexpended, the committee or PAC may only disburse the funds for any of the following purposes, in such manner and combination as the committee or PAC considers appropriate: (A) To return to any person a contribution the person made to the committee or PAC. (B) To make a contribution to an organization described in section 170(c) of the Internal Revenue Code of 1986. (C) To make a transfer without limitation to a national, State, or local committee of a political party. (c) Restrictions on disbursement to relatives (1) Restriction In disbursing