When is "I am pleased with Allah as Lord" said when repeating after the Adhan: Is it after "I bear witness that there is no god but Allah" or after "There is no god but Allah"?

Scholars have differed on the placement of the dhikr (remembrance) mentioned in the Hadith: "I bear witness that there is no god but Allah, alone without partner, and I bear witness that Muhammad is His servant and Messenger. I am pleased with Allah as my Lord, with Muhammad as a Messenger, and with Islam as a religion." Some scholars preferred that it be recited after the muezzin finishes the adhan, while others preferred that it be recited at the muezzin's pronouncement of the Shahada (testimony of faith), due to the presence of the conjunction "wa" (and) in some narrations of the Hadith, "and I bear witness." This is what Al-Nawawi and Al-Uthaymeen preferred, so the listener recites it immediately after the muezzin says, "I bear witness that there is no god but Allah."