Common use of Funding Commitment Clause in Contracts

Funding Commitment. Pangea shall provide funding to the Mass operating budget in an amount sufficient to pay the Mass accounts payable in a timely manner, including, without limitation, legal and accounting fees incurred by Mass in connection with the transaction described herein. Pangea shall also use its best efforts to provide Mass with at least $5,000,000, in addition to Mass's operating cash flow, for each consecutive twelve month period hereafter to be used for oil and gas exploration and production projects. If Pangea fails to meet its funding goal for exploration and production, the Mass Shareholders shall have the right to purchase from Pangea all of the then issued and outstanding capital stock of Mass on the terms set forth in Paragraph 4(c) of the Employment Agreement of even date herewith between Pangea and R▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇.

Funding Commitment. Pangea shall provide funding to the Mass operating budget in an amount sufficient to pay the Mass accounts payable in a timely manner, including, without limitation, legal and accounting fees incurred by Mass in connection with the transaction described herein. Pangea shall also use its best efforts to provide Mass with at least $5,000,000, in addition to Mass's operating cash flow, for each consecutive twelve month period hereafter to be used for oil and gas exploration and production projects. If Pangea fails to meet its funding goal for exploration and production, the Mass Shareholders shall have the right to purchase from Pangea all of the then issued and outstanding capital stock of Mass on the terms set forth in Paragraph 4(c) of the Employment Agreement of even date herewith between Pangea and R▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇.