Replacement of the Security Trustee. The Issuer shall be authorised and obliged to replace the Security Trustee with a reputable bank or a reputable German auditing company and/or law firm and/or a fiduciary company who needs to be experienced in the business of security trusteeship in Germany if the Issuer has been so instructed in writing by a Noteholder or Noteholders and the Subordinated Lender owning at least 50 per cent of the aggregate outstanding principal amount of the Notes and the Subordinated Loan. The Issuer shall be obliged to notify VWFS and the Rating Agencies within thirty (30) calendar days upon receipt of such request to replace the Security Trustee.
Replacement of the Security Trustee. The Issuer shall be authorised and obliged to replace the Security Trustee with a reputable firm who needs to be experienced in the business of security trusteeship in the United Kingdom, if the Issuer has been so instructed in writing by a Noteholder or Noteholders and the Subordinated Lender together owning at least 66 2/3 per cent. of the aggregate outstanding nominal amount of the Notes and the Subordinated Loan. The Issuer shall be obliged to notify VWFS and the Rating Agencies within thirty (30) days upon receipt of such request to replace the Security Trustee on the request to replace the Security Trustee.
Replacement of the Security Trustee. Upon the resignation or removal of the Security Trustee pursuant to (and in accordance with) the Senior Finance Documents:
(a) the resigning or, as the case may be, removed Security Trustee shall be automatically discharged from any further obligations under this Agreement;
(b) its successors and the other parties shall have the same rights and obligations among themselves as they would have had if the successor had been an original party to this Agreement; and
(c) this Agreement shall be construed as if all references to the former Security Trustee were replaced by references to the successor Security Trustee.
