diff --git a/bip-0003.md b/bip-0003.md
index ab8293fc..aaf38fd3 100644
--- a/bip-0003.md
+++ b/bip-0003.md
@@ -397,17 +397,17 @@ For example, a preamble might include the following License header:
 
     License: CC0-1.0 OR FSFAP
 
-In this case, the BIP text is made available under the terms of both Creative Commons CC0 1.0 Universal as well as the
-FSF All Permissive License, and anyone may modify and redistribute the text provided they comply with the terms of
-*either* license. In other words, the license list is an "OR choice", not an "AND also" requirement. See the [SPDX
+In this case, the BIP (including all auxiliary files) is made available under the terms of both Creative Commons CC0 1.0 Universal as well as the
+FSF All Permissive License, and anyone may modify and redistribute it provided they comply with the terms of
+*either* license, at their option. In other words, the license list is an "OR choice", not an "AND also" requirement. See the [SPDX
 documentation](https://spdx.dev/ids/) and the [SPDX License List](https://spdx.org/licenses/) for further details.
 
-It is also possible to license source code differently from the BIP text by including the optional License-Code header
+It is also possible to specify that source code is licensed differently by including the optional License-Code header
 after the License header. Again, the licensing terms must be specified using an SPDX License Expression.
 
-Each source code file or source directory should specify the license under which it is made available as is common in
+Each auxiliary source code file or source directory should specify the license under which it is made available as is common in
 software (e.g., with a [`SPDX-License-Identifier: <SPDX License Expression>` comment](https://spdx.dev/ids/),
-with a license header or a LICENSE/COPYING file). It is recommended to make any test vectors available
+a license header, or a LICENSE/COPYING file). It is recommended to make any test vectors available
 under CC0-1.0 or FSFAP in addition to any other licenses to allow anyone to copy test vectors into their
 implementations without introducing license hindrances. Licenses listed in the License-Code header apply to all source directories,
 source code files, and test vectors provided with the BIP except those where a LICENSE file in a directory
@@ -418,20 +418,20 @@ For example, a preamble specifying the optional License-Code header might look l
     License:         CC0-1.0
     License-Code:    MIT
 
-In this case, the code in the BIP is not available under CC0-1.0, but is only available under the terms of the MIT
+In this case, the source code in the BIP is not available under Creative Commons CC0 1.0 Universal, but is only available under the MIT
 License.
 
-It is recommended that BIPs that include literal code be licensed under the same license terms as the project it
-modifies. For example, literal code intended for Bitcoin Core would ideally be licensed (or dual-licensed) under the MIT
-license terms.
+It is recommended that source code included in a BIP (whether within the text or in auxiliary files) be licensed under the same license terms as the project it
+is proposed to modify, if any. For example, changes intended for Bitcoin Core would ideally be licensed (also) under the MIT
+License.
 
 In all cases, details of the licensing terms must be provided in the Copyright section of the BIP.
 
 #### Acceptable Licenses[^licenses]
 
 Each new BIP must be made available under at least one acceptable license as listed below. BIPs are not required to be
-*exclusively* licensed under approved terms, and may also be licensed under unacceptable licenses *in addition to* at
-least one acceptable license.
+*exclusively* licensed under approved terms, and may also be licensed under other licenses *in addition to* at least one
+acceptable license.
 
 In other words, a new BIP must specify an SPDX License Expression that is either "L" or equivalent to "L OR E" for some
 acceptable license L from the following list and another SPDX License Expression E.
@@ -448,7 +448,7 @@ acceptable license L from the following list and another SPDX License Expression
 #### Not Acceptable Licenses
 
 All licenses not explicitly included in the above lists are not acceptable terms for a Bitcoin Improvement Proposal.
-However, BIPs predating this proposal were allowed under other terms, and should use these identifiers:
+However, BIPs predating this proposal were accepted under other terms, and should use one the following identifiers.
 
 * LicenseRef-PD: Placed into the public domain
 * OPUBL-1.0: [Open Publication License, version 1.0](http://opencontent.org/openpub/)