Common use of Pari Passu Notes Clause in Contracts

Pari Passu Notes. Maker and Holder acknowledge and agree that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to that certain Unsecured Promissory Note, dated as of March 21, 2016 (the "Second Holder Note"), in the original principal amount of $7,000,000 issued by Maker to Holder, that certain Unsecured Promissory Note, dated as of January 28, 2016 (the "First Great Harbor Note"), in the original principal amount of $2,500,000 issued by Maker to Great Harbor and that certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to Great Harbor (the "Second Great Harbor Note" and collectively with the First Great Harbor Note, the "Great Harbor Notes"). All payments of principal and interest on the Notes shall be made pro rata based on the unpaid principal balance under this Note, the Second Holder Note and the Great Harbor Notes. If Holder receives any payment or other amount in excess of that which it is entitled to under this Section 3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Great Harbor to the extent it is entitled thereto and shall pay such excess amount over to Great Harbor as promptly as practicable. Maker and Holder hereby agree that Great Harbor is an express third party beneficiary of this Section 3.11 and it shall not be amended or modified without the express written consent of Great Harbor.

Pari Passu Notes. Maker and Holder acknowledge and agree that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to that certain Unsecured Promissory Note, dated as of March 21January 28, 2016 (the "Second Holder First Golisano Note"), in the original principal amount of $2,500,000 issued by Maker to Golisano Holdings, that certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to HolderGolisano Holdings (the “Second Golisano Note” and collectively with the First Golisano Note, the “Golisano Notes”), that certain Unsecured Promissory Note, dated as of January 28, 2016 (the "First Great Harbor Note"), in the original principal amount of $2,500,000 issued by Maker to Great Harbor and that certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to Great Harbor (the "“Second Great Harbor Note" ” and collectively with the First Great Harbor Note, the "“Great Harbor Notes"”). All payments of principal and interest on the Notes shall be made pro rata based on the unpaid principal balance under this Note, the Second Holder Note Golisano Notes and the Great Harbor Notes. If Holder receives any payment or other amount in excess of that which it is entitled to under this Section 3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Golisano Holdings and Great Harbor to the extent it each is entitled thereto and shall pay such excess amount over to Golisano Holdings and/or Great Harbor as promptly as practicable. Maker and Holder hereby agree that Golisano Holdings and Great Harbor is are each an express third party beneficiary of this Section 3.11 and it shall not be amended or modified without the express written consent of both Golisano Holings and Great Harbor.

Pari Passu Notes. Maker and Holder acknowledge and agree that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to that certain Unsecured Promissory Note, dated as of March 21, 2016 (the "Second Holder Note"), in the original principal amount of $7,000,000 issued by Maker to Holder, that certain Unsecured Promissory Note, dated as of January 28, 2016 (the "First Great Harbor Golisano Holdings Note"), in the original principal amount of $2,500,000 issued by Maker to Great Harbor Golisano Holdings and that certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to Great Harbor Golisano Holdings (the "Second Great Harbor Golisano Holdings Note" and collectively with the First Great Harbor Golisano Holdings Note, the "Great Harbor Golisano Holdings Notes"). All payments of principal and interest on the Notes shall be made pro rata based on the unpaid principal balance under this Note, the Second Holder Note and the Great Harbor Golisano Holdings Notes. If Holder receives any payment or other amount in excess of that which it is entitled to under this Section 3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Great Harbor Golisano Holdings to the extent it is entitled thereto and shall pay such excess amount over to Great Harbor Golisano Holdings as promptly as practicable. Maker and Holder hereby agree that Great Harbor Golisano Holdings is an express third party beneficiary of this Section 3.11 and it shall not be amended or modified without the express written consent of Great HarborGolisano Holdings.

Pari Passu Notes. Maker and Holder acknowledge and agree that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to that certain Unsecured Promissory Note, dated as of March 21January 28, 2016 (the "Second First Holder Note"), in the original principal amount of $7,000,000 2,500,000 issued by Maker to Holder, that certain Unsecured Promissory Note, dated as of January 28, 2016 (the "First Great Harbor Note"), in the original principal amount of $2,500,000 issued by Maker to Great Harbor and that certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to Great Harbor (the "“Second Great Harbor Note" ” and collectively with the First Great Harbor Note, the "“Great Harbor Notes"”). All payments of principal and interest on the Notes shall be made pro rata based on the unpaid principal balance under this Note, the Second First Holder Note and the Great Harbor Notes. If Holder receives any payment or other amount in excess of that which it is entitled to under this Section 3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Great Harbor to the extent it is entitled thereto and shall pay such excess amount over to Great Harbor as promptly as practicable. Maker and Holder hereby agree that Great Harbor is an express third party beneficiary of this Section 3.11 and it shall not be amended or modified without the express written consent of Great Harbor.

Pari Passu Notes. Maker and Holder acknowledge and agree that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to that certain Unsecured Promissory Note, dated as of March 21January 28, 2016 (the "Second First Holder Note"), in the original principal amount of $7,000,000 2,500,000 issued by Maker to Holder, that certain Unsecured Promissory Note, dated as of January 28, 2016 (the "First Great Harbor Golisano Holdings Note"), in the original principal amount of $2,500,000 issued by Maker to Great Harbor Golisano Holdings and that certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to Great Harbor Golisano Holdings (the "“Second Great Harbor Golisano Holdings Note" ” and collectively with the First Great Harbor Golisano Holdings Note, the "Great Harbor “Golisano Holdings Notes"”). All payments of principal and interest on the Notes shall be made pro rata based on the unpaid principal balance under this Note, the Second First Holder Note and the Great Harbor Golisano Holdings Notes. If Holder receives any payment or other amount in excess of that which it is entitled to under this Section 3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Great Harbor Golisano Holdings to the extent it is entitled thereto and shall pay such excess amount over to Great Harbor Golisano Holdings as promptly as practicable. Maker and Holder hereby agree that Great Harbor Golisano Holdings is an express third party beneficiary of this Section 3.11 and it shall not be amended or modified without the express written consent of Great HarborGolisano Holdings.