REALLOCATION OF SERVICING FEE AND ESTABLISHMENT OF ESCROW ACCOUNT Sample Clauses

REALLOCATION OF SERVICING FEE AND ESTABLISHMENT OF ESCROW ACCOUNT. Upon the occurrence of a Servicer Termination Event, then, until the servicing of the Home Loans hereunder is transferred to a successor servicer, the Master Servicer or the Grantor Trustee, as applicable, the Servicing Fee otherwise payable to the Servicer hereunder shall be paid as follows: (1) first, to the Servicer (A) if Empire Subservicer is acting as Subservicer hereunder, an amount equal to the portion of the Servicing Fee otherwise payable to the Servicer based on a fee rate of 0.25% (25 basis points) or (B) if Empire Subservicer is not acting as Subservicer hereunder, an amount equal to the portion of the Servicing Fee as calculated based on a fee rate of 0.4825% (48.25 basis points); (2) second, to the Indenture Trustee any remaining amount for the deposit into an escrow or reserve account for the transfer of servicing for the Home Loans, until the balance of such account equals $350,000; and (3) third, to the Servicer any remaining amount. Such escrow or reserve account shall be an Eligible Account and a Trust Account, and, except as otherwise provided herein, such account shall be established and maintained by the Indenture Trustee in a manner that is consistent with the Collection Account hereunder. In connection with the transfer of servicing to a successor servicer, amounts on deposit in such escrow account shall be remitted pursuant to Section 10.02 hereof; provided, that any amounts remaining in such escrow account after all payments have been made pursuant to Section 10.02 hereof shall be paid to the terminated Servicer. The Servicer hereby grants to the Indenture Trustee a security interest in all of the Servicer's right, title and interest in, to and under any escrow account established pursuant to this SECTION 10.01(B) and all monies deposited therein from time to time, as security for its obligations under this Agreement; and this Agreement constitutes a security agreement under applicable law.

REALLOCATION OF SERVICING FEE AND ESTABLISHMENT OF ESCROW ACCOUNT. If an Event of Default occurs and has not been remedied, then, until the servicing of the Home Loans hereunder is transferred to a successor servicer, the Master Servicer or the Grantor Trustee, as applicable, the Servicing Fee otherwise payable to the Servicer hereunder shall be paid as follows: (1) first, to the Servicer an amount equal to the portion of the Servicing Fee as calculated based on 0.50% (50 basis points); (2) second, to the Indenture Trustee any remaining amount for the deposit into an escrow or reserve account for the transfer of servicing for this Series, until the balance of such account equals $75,000; and (3) third, to the Servicer any remaining amount. Such escrow or reserve account shall be an Eligible Account and a Trust Account, and, except as otherwise provided herein, such account shall be established and maintained by the Indenture Trustee in a manner that is consistent with Collection Account hereunder. In connection with the transfer of servicing to a successor servicer, amounts on deposit in such escrow account shall be remitted pursuant to Section 10.02 hereof; provided, that any amounts remaining in such escrow account after all payments have been made pursuant to Section 10.02 hereof shall be paid to the terminated Servicer.