Common use of Terminating Entity Clause in Contracts

Terminating Entity. (i) SPS, or its successor Servicer, or (ii) if SPS or such successor Servicer does not exercise its right to terminate the Trust Fund pursuant to Section 9.01 on the Optional Termination Date, WFBNA, or its successor Servicer, or if neither SPS nor WFBNA (nor their respective successor Servicers) exercises such right on such Optional Termination Date, thereafter, the first of SPS, or its successor Servicer, or WFBNA, or its successor Servicer, that notifies the Trustee of its intention to exercise such right.

Terminating Entity. (i) SPS, or its successor Servicer, or (ii) if SPS or such successor Servicer does not exercise its right to terminate the Trust Fund pursuant to Section 9.01 on the Optional Termination Date, WFBNA, or its successor Servicer, or if neither SPS nor or WFBNA (nor their respective successor Servicers) exercises such right on such Optional Termination Date, thereafter, the first of SPS, or its successor Servicer, or WFBNA, or its successor Servicer, that notifies the Trustee of its intention to exercise such right.