Question 1

Recordkeeping: what does Michigan Strategic Fund Direct Loan require?

Accepted Answer

Borrower must permit the Michigan Auditor General, MSF, MEDC, and Chief Compliance Officer to inspect all books, records, financial records, and data relevant to the loan at any time. Deadline: Upon request; no specific deadline provided in template. Disallowed-cost risk: Refusal to permit inspection may constitute material breach and trigger default.

Question 2

Financial & Cost Eligibility: what does Michigan Strategic Fund Direct Loan require?

Accepted Answer

Borrower must maintain compliance with all terms and conditions of the loan documents and MSF loan agreement on an ongoing basis. Deadline: Continuous compliance required. Disallowed-cost risk: Material breach may trigger default, loan acceleration, and clawback of funds.

Question 3

Reporting: what does Michigan Strategic Fund Direct Loan require?

Accepted Answer

Borrower must promptly notify MSF in writing with reasonable detail of any events of default or material changes to loan status. Deadline: Promptly upon occurrence. Disallowed-cost risk: Failure to notify may constitute event of default, triggering MSF purchase/enforcement rights.

Question 4

Other Obligations: what does Michigan Strategic Fund Direct Loan require?

Accepted Answer

Borrower must not assign, pledge, or transfer loan rights without express prior written approval from MSF Fund Manager or Board Chairperson. Deadline: Prior approval required before any transfer. Disallowed-cost risk: Unauthorized transfer may be void; MSF may take enforcement action.

Michigan Strategic Fund Direct Loan: Compliance Requirements

⚠ Common Disallowed-Cost Pitfalls

Reporting

Financial & Cost Eligibility

Recordkeeping

Other Obligations

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