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 Issuer 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 Issuer 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 Issuer in its sole discretion, (B) Xxxxx’x has advised the Issuer that the termination of this Agreement will not result in a downgrade or withdrawal 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 Issuer 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 Issuer 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 Issuer in its sole discretion, (B) Xxxxx’x Mxxxx’x has advised the Issuer that the termination of this Agreement will not result in a downgrade or withdrawal of its ratings on the Notes or (C) CNH Global N.V.’s long term unsecured debt credit rating by Xxxxx’x Mxxxx’x rises to “Ba2” or higher.