6 MAC Pt. 1, R. 14.13
Limits
Cite as 6 Miss. Admin. Code Pt. 1, R. 14.13
Limits. The annual cost of the letter of credit shall not exceed two percent (2%) of the
outstanding principal balance of the loan plus two hundred ten (210) days interest. If a letter of
credit is not renewed upon expiration, MBFC shall draw upon the letter of credit for full payment
of the outstanding principal and accrued interest of the loan, including any penalties or other
costs.