Common use of Appointment of replacement Auditor Clause in Contracts

Appointment of replacement Auditor. The Trustee shall fill any vacancy in the office of Auditor by appointing: (a) where the Auditor was removed by Extraordinary Resolution of Noteholders, and a person was nominated to be appointed as Auditor in that resolution, that person; or (b) in any other case, a person nominated by the Manager and qualified to be appointed Auditor under this clause, but only where that appointment would not lead to the rating from the relevant Designated Rating Agency on any rated Notes to be withdrawn or downgraded.