INCREASE IN MAXIMUM REVOLVING PRINCIPAL AMOUNT Clause Samples

INCREASE IN MAXIMUM REVOLVING PRINCIPAL AMOUNT. (i) At any time and from time to time, Borrower may request a further increase in the Maximum Revolving Principal Amount of $5,000,000, to $15,000,000. If Borrower desires an increase in the Maximum Revolving Principal Amount, it shall first deliver a written request ("Request for Increase") to Lender specifying the proposed effective date of such increase. Upon Borrower's delivery of any Request for Increase, Lender will have the right, but not the obligation, to increase the Maximum Revolving Principal Amount. Lender shall notify Borrower of its determination within 10 days after receipt of the Request for Increase. Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment on the part of Lender to increase the Maximum Revolving Principal Amount at any time, and Lender shall not be obligated to agree to any increase in the Maximum Revolving Principal Amount. (ii) Any increase in the Maximum Revolving Principal Amount following a Request for Increase shall be subject to the satisfaction of the following conditions precedent at or as of the effective date of such increase: (i) no Event of Default Period shall exist; (ii) all representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects as though made on such date; (iii) Lender shall have agreed to provide an increase Maximum Revolving Principal Amount and shall have confirmed such increase to Borrower in writing; (iv) if requested by Lender, a secretary or assistant secretary (or equivalent officer) of Borrower shall have provided to Lender a certified copy of resolutions authorizing such increase in the Maximum Revolving Principal Amount; (v) Borrower shall have made, executed and delivered to Lender a replacement Promissory Note (Revolving Loan) payable to Lender in the principal amount of $15,000,000, in form and substance satisfactory to Lender, and (vi) all legal matters incident to such increase shall be satisfactory to Lender and its counsel. No increase in the Maximum Revolving Principal Amount shall become effective unless and until each of the foregoing conditions precedent has been satisfied. Borrower acknowledges and agrees notwithstanding any increase, if the Termination Date has occurred (and has not been extended by Lender in writing in its sole discretion), the Maximum Revolving Principal Amount shall be reduced to $0.