Common use of FHA Reserve Fund Clause in Contracts

FHA Reserve Fund. The Indenture Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated a FHA Reserve Fund, in the name of the Indenture Trustee and shall be designated "First Trust of New York, National Association, as Indenture Trustee of the Mego Mortgage Trusts, FHA Reserve Fund." The Indenture Trustee shall deposit all amounts required to be deposited therein pursuant to Section 5.01(c)(ix). Amounts on deposit therein shall be withdrawn by the Indenture Trustee at the direction of the Securities Insurer and paid or deposited to either the Note Distribution Account, the distribution account of a Related Series or the holders of the Residual Certificates. Amounts on deposit in the FHA Reserve Fund shall be invested in accordance with Section 5.04.

FHA Reserve Fund. The Indenture Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account denominated a FHA Reserve Fund, in the name of the Indenture Trustee and shall be designated "First Trust of New York, National Association, as Indenture Trustee of the Mego Mortgage Trusts, FHA Reserve Fund." The Indenture Trustee shall deposit all amounts required to be deposited therein pursuant to Section 5.01(c)(ix5.01(c)(x). Amounts on deposit therein shall be withdrawn by the Indenture Trustee at the direction of the Securities Insurer and paid or deposited to either the Note Distribution Account, the distribution account of a Related Series or the holders of the Residual CertificatesInterest Instrument. Amounts on deposit in the FHA Reserve Fund shall be invested in accordance with Section 5.04.