Common use of Funding Commitments Clause in Contracts

Funding Commitments. On or prior to the Closing Date, Pangea shall have received firm commitments (the "Commitments"), from financially sophisticated investors in an aggregate amount equal to not less than $40,000,000, and such investors shall have become parties to this Agreement as "Purchasers" hereunder on or prior to the Closing Date; provided, that if such Commitments are less than $40,000,000 but equal to at least $30,000,000, (i) the condition set forth in this Section 3.13 shall be deemed to have been satisfied, and (ii) the term "Shares" shall be deemed to mean that number of shares of Preferred Stock equal to (x) such Commitments divided by (y) the Shares Purchase Price (the "Reduced Share Number").