Required Servicer Rating means, with respect to the Servicer, that the then short-term unsecured debt obligations of the Servicer are rated at least equal to P-1 by Moody's, and A-1 by Standard & Poor's.

Required Servicer Rating means, with respect to the Servicer, that (a) either (i) the then short-term unsecured debt obligations of the Servicer are rated at least equal to “A-1” by S&P or (ii) the long-term unsecured debt obligations of the Servicer are rated at least equal to “BBB” by S&P and (b) the then short-term unsecured debt obligations of the Servicer are rated at least equal to “F-2” by Fitch.

Required Servicer Rating means, with respect to the Servicer, that the then short-term unsecured debt obligations of the Servicer are rated at least equal to “P-1” by Moody's and “A-1” by S&P.

Required Servicer Rating means that the short-term unsecured debt obligations shall be rated at least equal to the foregoing ratings from Moody's and Standard & Poor's.

Required Servicer Rating means a rating on short-term obligations of the Servicer of Prime-1 by Moody's and A-1 by Standard & Poor's; and any requirement that the Servicer have the "Required Servicer Rating" shall mean that the short-term unsecured debt obligations shall be rated at least equal to the foregoing ratings from Moody's and Standard & Poor's.

Required Servicer Rating means, with respect to CNH Industrial or any of its Affiliates acceptable to the applicable Rating Agency, that (a) if Fitch has been hired by the Sponsor to rate the Notes (and is still rating such Notes), the then long-term unsecured debt obligations of CNH Industrial or such Affiliate, as applicable, are rated at least equal to “BBB” by Fitch, (b) if S&P has been hired by the Sponsor to rate the Notes (and is still rating such Notes), the then long-term unsecured debt obligations of CNH Industrial or such Affiliate, as applicable, are rated at least equal to “BBB” by S&P, and (c) if Moody’s has been hired by the Sponsor to rate the Notes (and is still rating such Notes), the then long-term unsecured debt obligations of CNH Industrial or such Affiliate, as applicable, are rated at least equal to “Baa2” by Moody’s.

Required Servicer Rating means the rating or ratings specified in the Agreement.

Required Servicer Rating means, with respect to the Servicer, that the then short-term unsecured debt obligations of the Servicer are rated at least equal to [__] by [__] and [__] by [__].

Required Servicer Rating means, with respect to the Servicer, that the then short-term unsecured debt obligations of the Servicer are rated at least equal to [ ] by [ ] and [ ] by [ ].

Required Servicer Rating means a rating of X-0, Xxxxx-0 or its equivalent by each applicable Rating Agency.