Common use of During the Initial Term Clause in Contracts

During the Initial Term. MP shall pay to AOL a guaranteed payment of Five Million Dollars (US $5,000,000) as follows: (i) Two Hundred Thousand Dollars (US $200,000) upon execution of this Agreement; (ii) Two Hundred Thousand Dollars (US $200,000) on January 15, 1998; (iii) Four Million Dollars (US $4,000,000) upon the occurrence of the earlier of (i) the receipt of funds by MP in a debt or equity financing (or series of related financings) consummated by MP after the Effective Date yielding aggregate proceeds to MP of at least Six Million Dollars (US $6,000,000) and (ii) March 1, 1998; (iv) Two Hundred Thousand Dollars (US $200,000) on April 1, 1998; (v) Two Hundred Thousand Dollars (US $200,000) on July 1, 1998 and (vi) Two Hundred Thousand Dollars (US $200,000) on October 1, 1998.