Common use of Backup Servicing Termination Clause in Contracts

Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) Xxxxx’x shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified the Issuing Entity and the Indenture Trustee that such action will result in a reduction or withdrawal of the then current rating of any Class of the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by Xxxxx’x rises to “Ba2” or higher.

Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) Xxxxx’x shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified has advised the Issuing Entity and that the Indenture Trustee that such action termination of this Agreement will not result in a reduction downgrade or withdrawal of the then current rating of any Class of its ratings on the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by Xxxxx’x rises to “Ba2” or higher.

Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) to the extent Xxxxx’x is hired by CNHCA to rate the Notes and is still rating such Notes, Moody’s shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified the Issuing Entity and the Indenture Trustee that such action will result in a reduction or withdrawal of the then current rating of any Class of the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by Xxxxx’x Moody’s rises to “Ba2” or higher.

Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) Xxxxx’x to the extent [ ] is hired by CNHCA to rate the Notes and is still rating such Notes, [ ] shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified the Issuing Entity and the Indenture Trustee that such action will result in a reduction or withdrawal of the then current rating of any Class of the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by Xxxxx’x [ ] rises to [“Ba2” ”] or higher.

Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) Xxxxx’x to the extent [ ] is hired by CNHICA to rate the Notes and is still rating such Notes, [ ] shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified the Issuing Entity and the Indenture Trustee that such action will result in a reduction or withdrawal of the then current rating of any Class of the Notes or (C) CNH Global Industrial N.V.’s long term unsecured debt credit rating by Xxxxx’x [ ] rises to [“Ba2” ”] or higher.

Backup Servicing Termination. (a) Prior to the time the Backup Servicer receives a Transfer Notice, this Agreement may be terminated upon delivery of thirty (30) days advance written notice to the Backup Servicer of such termination. This Agreement shall be terminated pursuant to the previous sentence if (A) (i) the Servicer notifies the Issuing Entity in writing that the Servicer has engaged a replacement backup servicer or a Successor Servicer, (ii) the agreement with such replacement backup servicer or Successor Servicer, as the case may be, is reasonably satisfactory to the Issuing Entity in form and substance and (iii) the identity of such replacement backup servicer or Successor Servicer, as the case may be, is acceptable to the Issuing Entity in its sole discretion, (B) Xxxxx’x shall have been given at least 10 Business Days’ prior notice thereof and shall have not notified the Issuing Entity and the Indenture Trustee that such action will result in a reduction or withdrawal of the then current rating of any Class of the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by Xxxxx’x rises to [“Ba2” ”] or higher.