MIDFA INSURANCE AGREEMENT Clause Samples

MIDFA INSURANCE AGREEMENT. The Bank shall have received a fully-executed deficiency insurance agreement under the Conventional Program of MIDFA, Department of Business and Economic Development which provides to the Bank insurance of 40% of the outstanding principal balance of the Equipment Line plus 40% of the accrued and unpaid pre-default interest of the Equipment Line but in no event more than Two Million Two Hundred Thousand and No/100 Dollars ($2,200,000.00) at any time for the first forty-two (42) months of the Equipment Line.