DEVELOPMENT CREDIT FACILITY Sample Clauses

DEVELOPMENT CREDIT FACILITY. In addition to the Working Capital Line, the Development Facility provides for an additional lending facility, in the aggregate maximum principal amount of $29,165,000, pursuant to which Prime Refractive shall be entitled, subject to the conditions and limitations contained in the Development Facility, to borrow funds, from time to time, in order to finance up to one hundred percent (100%) of the purchase price (or development costs) of a Target Center (as hereinafter defined) being acquired (or developed) by Prime Refractive; provided, however, that in no event shall the Development Facility be used in instances where Prime, PMSI or one of their affiliates independently acquires or develops a Target Center as permitted by Section 8. 1. In connection with the Development Facility, Prime Refractive agrees to execute, and all parties hereto agree to vote their interests in Prime Refractive, if any, and to take such other action as may be necessary, to cause any entity through which Prime Refractive acquires or develops a Target Center to execute, on or before each closing date of a Target Center acquisition or the commencement of development, an Assignment and Security Agreement in substantially the form attached hereto as Exhibit G1 and a Promissory Note in substantially the form attached hereto as Exhibit G2. In addition, if Prime Refractive is to obtain, through development or acquisition, directly or indirectly, a one hundred percent (100%) interest in such Target Center, Prime Refractive and all parties hereto shall cause such Target Center to execute a security agreement, acceptable in form and substance to Prime, granting to Prime Management the highest available priority security interest in all of the assets of such Target Center." c. The Original Parties hereby agree to amend Section 4.3(c) of the Contribution Agreement to read in its entirety as follows:

DEVELOPMENT CREDIT FACILITY. The Loan Agreement also provides for a term loan facility, in the maximum principal amount of $40,000,000 (the "Development Facility"), pursuant to which Newco I shall be entitled, subject to the conditions and limitations contained in the Loan Agreement, to borrow funds, from time to time, in order to finance up to one hundred percent (100%) of the purchase price (or development costs) of a Target Center (as hereinafter defined) being acquired (or developed) by Newco I; provided, however, that in no event shall the Development Facility be used in instances where Prime, PMSI or one of their affiliates independently acquires or develops a Target Center as permitted by Section 8. 1. In connection with the Development Facility, Newco I agrees to execute, and all parties hereto agree to vote their interests in Newco I, if any, and to take such other action as may be necessary, to cause any entity through which Newco I acquires or develops a Target Center to execute, on or before each closing date of a Target Center acquisition or the commencement of development, a Promissory Note in substantially the form attached hereto as Exhibit G5 and an Assignment and Security Agreement in substantially the form attached hereto as Exhibit G3. In addition, if Newco I is to obtain, through development or acquisition, directly or indirectly, a one hundred percent (100%) interest in such Target Center, Newco I and all parties hereto shall cause such Target Center to execute a security agreement, acceptable in form and substance to Prime, granting to Prime the highest available priority security interest in all of the assets of such Target Center.