Mississippi Administrative Code
Title 6 - Economic Development
Part 1 - Financial Resources
Chapter 14 - Mississippi Small Enterprise Development (SED) Finance Act
Rule 6-1-14.11 - Loan Agreement

Universal Citation: MS Code of Rules 6-1-14.11
Current through September 24, 2024

To evidence each loan, MBFC, a Servicing Trustee, and the Borrower will enter into a loan agreement ("Loan Agreement") under which the Borrower will agree to make payments in such amounts, in the manner and at such times as MBFC shall determine which payment shall be sufficient to pay the principal and interest on the Bonds and the annual fees of MBFC. Before entering into the Loan Agreement, the Borrower will be required to indemnify MBFC and the State in connection with the issuance of the Bonds and the loan ("Indemnity Letter"). The debt service on the Bonds and all expenses related to the issuance of the Bonds shall be paid by Borrowers participating in the program. The Borrower shall have the right under the Loan Agreement to make an advance prepayment of the loan upon such terms and conditions as MBFC may allow.

Miss. Code Ann. § 57-71-1 et. seq. (Rev. 2008)

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