Closing Costs definition
Examples of Closing Costs in a sentence
Amounts in the Closing Costs Fund shall be disbursed by the Fiscal Agent to pay Closing Costs on the Closing Date or as soon as practicable thereafter as follows: moneys on deposit in the Closing Costs Fund shall be applied to pay Closing Costs at the written direction of the Authorized Borrower Representative, countersigned by the Funding Lender in the form attached hereto as Exhibit D.
Any moneys remaining in the Closing Costs Fund (including investment proceeds) after the earlier of (i) the payment of all costs of issuance as certified in writing to the Fiscal Agent by the Governmental Lender or (ii) a period of six (6) months after the Closing Date, shall be paid to or at the direction of the Borrower and the Closing Costs Fund shall be closed.
On the Closing Date, the Borrower shall deposit or cause to be deposited with the Fiscal Agent, for deposit in the Closing Costs Fund, the amount of $0.00.
Any interest earnings on amounts on deposit in the Closing Costs Fund shall remain in the Fund.
Not less than 95% of the moneys representing advances of the Tax-Exempt Portion of the Funding Loan deposited in and credited to the Note Proceeds Account and Remaining Funding Loan Proceeds Account of the Project Fund, and taking into account proceeds of the Funding Loan (if any) deposited in the Closing Costs Fund, representing the proceeds of the Tax-Exempt Portion of the Funding Loan, including investment income thereon, will be expended for Qualified Project Costs (the “95% Requirement”).