6 Miss. Code. R. 3-1.5
Current through December 10, 2024
Eachloan will be secured by a lien of such type that provides adequate security for MDA to recover its investment in case of default on the loan. Liens may be in the form of personal guarantees, liens on the equipment, measures installed or security interest in other assets or a combination of the afore-mentioned. Personal guarantees of all principles owning 20% or more of the business is required. It should be noted MDA will require a one percent (1%) good faith deposit on projects involving real estate pledged as collateral. In the case of projects for local government entities and public schools, MDA will require a pledge and assignment of tax revenues collected by such entity.
6 Miss. Code. R. 3-1.5