Common use of BIE Substitution Clause in Contracts

BIE Substitution. if such Noteholder is a 100% Noteholder, substitution of the Assets with BIE Proposed New Assets that are BIE Eligible New Assets. A Noteholder who is not a BIE Eligible Noteholder may not exercise the BIE Option. In the case of Rated Notes, the Calculation Agent will, as soon as practicable, notify the relevant Rating Agency of receipt of a BIE Request Notice.

BIE Substitution. if such Noteholder is a 100% Noteholder, substitution of the Assets with BIE Proposed New Assets that are BIE Eligible New Assets. A Noteholder who is not a BIE Eligible Noteholder may not exercise the BIE Option. In the case of Rated Notes, the Calculation Agent will, as soon as practicable, notify the relevant Rating Agency of receipt of the a BIE Request Notice.