REPLACEMENT MASTER SERVICER Sample Clauses
The Replacement Master Servicer clause defines the process and conditions under which a new master servicer may be appointed to replace the existing one in a servicing agreement. Typically, this clause outlines the circumstances that can trigger a replacement, such as default, failure to perform duties, or insolvency, and specifies the procedures for selecting and installing a successor. Its core practical function is to ensure continuity and reliability in the administration of serviced assets by providing a clear mechanism for replacing the master servicer if necessary.
REPLACEMENT MASTER SERVICER. In the event Master Servicer no longer acts as master servicer with respect to Education Loans held on behalf of the Trust, Subservicer agrees to assume all duties and obligations of the Master Servicer to service such Education Loans under the terms and pursuant to the Master Servicing Agreement.