Common use of Replacement of the Security Trustee Clause in Contracts

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 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 Lender, the Lenders, a Noteholder, the Noteholders or Noteholders and the Subordinated Lender owning at least 50 per cent of the aggregate outstanding principal amount of the Notes Instruments 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 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 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 Lenders, the Lenders, a Noteholder, the Noteholders or Noteholders and the Subordinated Lender owning at least 50 per cent of the aggregate outstanding principal amount of the Notes Instruments 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.