Common use of POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE TRANSACTION CREDITORS Clause in Contracts

POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE TRANSACTION CREDITORS. 3.1 The Security Trustee carries out the duties specified in this Agreement as a security trustee for the benefit of the Transaction Creditors. The Security Trustee shall exercise its respective duties hereunder with particular regard to the interests of the Transaction Creditors, giving priority to the interests of each Transaction Creditor in accordance with the Order of Priority, especially to the interests of the Noteholders. If there is a conflict between the interest of the Class A Noteholders and any other Transaction Creditor, the interests of the Class A Noteholders shall prevail. 3.2 This Agreement grants all Transaction Creditors the right to demand that the Security Trustee performs its duties under clause 2 (Duties of the Security Trustee) and all its other duties hereunder in accordance with this Agreement, and therefore this Agreement constitutes, in favour of the Transaction Creditors that are not directly parties to this Agreement (in particular the Noteholders of Notes of Series initially issued later than 20 November 2013) a contract for the benefit of a third party (echter Vertrag zugunsten Dritter) pursuant to section 328 of the German Civil Code (Bürgerliches Gesetzbuch). The rights of the Issuer pursuant to clause 4.2 (Position of the Security Trustee in Relation to the Issuer) shall not be affected. For the avoidance of doubt, in case trust arrangements are not regarded as valid in a jurisdiction other than Germany, the relation between the Security Trustee and the Transaction Creditors created hereunder shall be regarded as an agency (Auftrag).

POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE TRANSACTION CREDITORS. 3.1 The Security Trustee carries out the duties specified in this Agreement as a security trustee for the benefit of the Transaction Creditors. The Security Trustee shall exercise its respective duties hereunder with particular regard to the interests of the Transaction Creditors, giving priority to the interests of each Transaction Creditor in accordance with the Order of Priority, especially to the interests of the Noteholders. If there is a conflict between the interest of the Class A Noteholders and any other Transaction Creditor, the interests of the Class A Noteholders shall prevail. 3.2 This Agreement grants all Transaction Creditors the right to demand that the Security Trustee performs its duties under clause 2 (Duties of the Security Trustee) and all its other duties hereunder in accordance with this Agreement, and therefore this Agreement constitutes, in favour of the Transaction Creditors that are not directly parties to this Agreement (in particular the Noteholders of Notes of Series initially issued later than 20 November 2013) a contract for the benefit of a third party (echter Vertrag zugunsten Dritter) pursuant to section 328 of the German Civil Code (Bürgerliches Gesetzbuch). The rights of the Issuer pursuant to clause 4.2 (Position of the Security Trustee in Relation to the Issuer) shall not be affected. For the avoidance of doubt, in case trust arrangements are not regarded as valid in a jurisdiction other than Germany, the relation between the Security Trustee and the Transaction Creditors created hereunder shall be regarded as an agency (Auftrag).