Common use of BIE Determination Clause in Contracts

BIE Determination. Within 5 London Business Days of receiving a BIE Request Notice the Calculation Agent will, on the Issuer’s behalf, determine (i) whether the BIE Proposed New Assets are BIE Eligible New Assets and, if so (ii) the BIE Transaction Cost applicable upon such substitution or exchange. If the Calculation Agent determines that: (i) Not BIE Eligible New Assets: the BIE Proposed New Assets are not BIE Eligible New Assets, it will notify the Principal Agent who will deliver a BIE Refusal Notice to the Noteholder and the BIE Request Notice will be deemed void and of no further effect; or

BIE Determination. Within 5 five London Business Days of receiving a BIE Request Notice the Calculation Agent will, on the Issuer’s behalf, determine (i) whether the BIE Proposed New Assets are BIE Eligible New Assets and, if so (ii) the BIE Transaction Cost applicable upon such substitution or exchange. If the Calculation Agent determines that: (ia) Not BIE Eligible New Assets: the BIE Proposed New Assets are not BIE Eligible New Assets, it will notify the Principal Agent who will deliver a BIE Refusal Notice to the Noteholder and the BIE Request Notice will be deemed void and of no further effect; or;