The Convertible Term Loans Sample Clauses

The Convertible Term Loans. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make a term loan (each a "Convertible Term Loan" and collectively the "Convertible Term Loans") to MMI in the principal amount set forth opposite the name of such Lender on Schedule I or the Joinder Agreement, as the case may be. (b) Each Convertible Term Loan shall bear interest at the rate of 12% per annum, calculated on the basis of a 360-day year for the actual number of days elapsed, which interest shall accrue commencing as of the date of the Convertible Term Note issued to such Lender. (c) The outstanding principal amount of the Convertible Term Loans and accrued interest shall be repaid as follows: (i) payments of interest shall be due and payable quarterly with the first payment due on December 8, 1997 and subsequent payments due on each of March 8, 1998, June 8, 1998 and September 8, 1998; (ii) interest shall be payable either in cash or, at the option of the Company, in-kind, as follows: payments in-kind shall be made by the issuance of a Convertible Term Note in an original principal amount equal to the amount of such interest then due, and which Convertible Term Note shall otherwise contain terms identical to those set forth in this Convertible Term Loan Agreement and the other Convertible Term Notes issued hereunder (each an "Additional Convertible Term Note"); and (iii) all remaining unpaid principal and accrued interest shall be repaid on the earlier to occur of (1) September 8, 1998, or (2) the date when declared due and payable by a Lender upon the occurrence of an Event of Default (as defined in Article V below) (the "Maturity Date"), either in cash or, at the option of each Lender, in shares of the Company's common stock, $.01 par value per share ("Common Stock") pursuant to Section 1.7 hereof.