Equity Certificate. Prior to or with the first Advance, Borrower shall purchase a SCC in an amount equal to 5% percent of the Commitment. If the SCC is purchased with Borrower's general funds, it shall cost N/A. If the SCC is purchased with the first Advance hereunder, it shall cost $52,632.00. The SCC will amortize annually (after the earlier of the loan being fully advanced or the Termination Date) so that the SCC shall be equal to 5% of the outstanding principal loan balance.
Appears in 2 contracts
Sources: Secured Intermediate Term Equipment Financing Loan Substitute Agreement (Illuminet Holdings Inc), Secured Intermediate Term Equipment Financing Loan Substitute Agreement (Illuminet Holdings Inc)