First Tranche and Second Tranche Clause Samples
First Tranche and Second Tranche. Subject to Section 4.3, the principal amount of the First Tranche and the Second Tranche and other outstanding Obligations relating to the First Tranche and the Second Tranche shall bear interest at a rate equal to 15% per annum compounded quarterly; provided, however, that upon the occurrence of an Equity Financing interest on the First Tranche only shall thereafter be calculated at a rate equal to 13% per annum compounded quarterly. In each case such interest shall be payable in arrears in accordance with Section 4.2 and calculated in accordance with Section 4.4(a).
First Tranche and Second Tranche. With respect to the First Tranche, interest shall be determined daily and compounded quarterly not in advance, and with respect to the Second Tranche, interest shall be determined daily and compounded monthly not in advance, in each case both before and after demand, default and judgment and shall be computed on the actual number of days elapsed over a year of three hundred and sixty-five (365) days or three hundred and sixty-six (366) days, as the case may be.