Document:

Exhibit 10.11.1

Exhibit 10.11.1

FIRST AMENDMENT TO THE INTANGIBLE ASSET LICENSE AGREEMENT

BETWEEN MS REAL ESTATE MANAGEMENT COMPANY AND MARTHA

STEWART LIVING OMNIMEDIA, INC. DATED AS OF JUNE 13, 2008

THIS FIRST AMENDMENT (this “Amendment”), dated as of December, 2008, between MS Real
Estate Management Company (the “Licensor”) and Martha Stewart Living Omnimedia, Inc. (the
“Company”).

WHEREAS, the Licensor and the Company previously entered into the Intangible Asset
License Agreement, dated as of June 13, 2008 (the “License Agreement”); and

WHEREAS, the Licensor and the Company believe it is in the best interests of the parties
to amend the License Agreement to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant
to the terms of the Amendment as set forth herein; and

NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth
below, the parties hereby agree as follows:

1. Termination. The second sentence of Section 10 shall be amended by inserting the
clause “, subject to the application of Section 13(b),” immediately prior to the clause “all
sums otherwise due to Licensor under this Agreement”.

2. Section 409A. A new Section 13 shall be inserted immediately after Section 12 to read
as follows:

“13. Section 409A. (a) The intent of the parties is that payments and benefits under
this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and the guidance issued thereunder (“Section 409A”) and,
accordingly, to the maximum extent permitted, all provisions of this Agreement shall be
construed in a manner consistent with the requirements for avoiding taxes or penalties
under Section 409A. Licensor is hereby advised to seek independent advice from
Licensor’s tax advisor(s) with respect to any payments or benefits under this
Agreement. Notwithstanding the foregoing, the Company does not guarantee the tax
treatment of any payments or benefits provided under this Agreement, whether pursuant
to the Code, federal, state, local or foreign tax laws and regulations.

(b) If Martha Stewart is deemed to have “separation from service” with the Company as a
result of a Termination Trigger and she is deemed to be a “specified employee”, each
within the meaning of Section 409A(a)(2)(B) of the Code, then with regard to any
payment or the providing of any benefit under this Agreement, including without
limitation the Annual License Fee, that is required to be delayed in compliance with
Section 409A(a)(2)(B) of the Code, such payment or benefit shall not be made or
provided prior to the earlier of (i) the expiration of the six-month period measured
from the date of Martha Stewart’s separation from service, or (ii) the date of her
death, if and to the extent such six-month delay is required to comply with Section
409A(a)(2)(B) of the Code. In such event, on or promptly after the first business day
following the six-month-delay period, all payments delayed pursuant to this Section 13 (whether they would
have otherwise been payable in a single sum or in installments in the absence of such delay)
shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and
benefits due under this Agreement shall be paid or provided in accordance with the normal
payment dates specified for them herein.

(c) If under this Agreement, an amount is to be paid in installments, each installment
shall be treated as a separate payment for purposes of Treasury Regulation Section
1.409A-2(b)(2)(iii).”

 

 

 

IN WITNESS WHEREOF, the parties hereto have duly caused this Amendment to be executed in its
name on its behalf, all as of the day and year first written above.

	 	 	 	 	 
	 	MS REAL ESTATE MANAGEMENT COMPANY

 	 
	 	By:  	/s/
Martha Stewart
 	 
	 	 	Name:  	Martha Stewart  	 
	 	 	Title:  	 	 
	 
	 	MARTHA STEWART LIVING OMNIMEDIA, INC.
 	 
	 
	 	By:  	/s/
Wenda Harris Millard
 	 
	 	 	Name:  	Wenda Harris Millard 	 
	 	 	Title:  	Co-Chief Executive Officer 	 
	 	 	 
	 	By:  	/s/  Robin Marino
 	 
	 	 	Name:  	Robin Marino 	 
	 	 	Title:  	Co-Chief Executive Officer 	 

 

2Exhibit 10.11.2

Exhibit 10.11.2

SECOND AMENDMENT TO THE INTANGIBLE ASSET LICENSE AGREEMENT BETWEEN

MS REAL ESTATE MANAGEMENT COMPANY AND MARTHA STEWART LIVING

OMNIMEDIA, INC. DATED AS OF JUNE 13, 2008, AS AMENDED

This SECOND AMENDMENT (the “Second Amendment”) to the agreement between MS Real Estate
Management Company (“Licensor”) and Martha Stewart Living Omnimedia, Inc. (“Company”) dated
June 13, 2008, as such agreement was amended in December, 2008 (as amended, the “Agreement”),
is dated as of February 8, 2010.

WHEREAS, the Agreement provided for payment by Company to Licensor of an annual
licensing fee each year during the Agreement term; and

WHEREAS, the parties desire to amend the payment terms of the annual licensing fee
otherwise due to Licensor on or about September 15, 2010, as more fully set forth below.

NOW THEREFORE, in consideration of the promises and the mutual covenants set forth
below, the parties hereby agree as follows:

	 	1.	 	Section 3 of the Agreement is amended to provide that the Annual License
Fee payment of $2 million that would otherwise be due Licensor on September 15,
2010 will now be $1.95 million and will be paid as follows:

	 	a.	 	$950,000 will be paid to Licensor on February 8, 2010; and

	 	b.	 	$1 million will be paid to Licensor on or about September 15, 2010.

	 	2.	 	Capitalized terms used herein and not otherwise defined will have the
meanings assigned those terms in the Agreement.

	 	3.	 	Except as otherwise set forth herein, the terms and conditions of the
Agreement will remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have duly caused this Second Amendment to be
executed in its names on its behalf, all as of the day and year first written above.

	 	 	 	 	 	 	 
	 	 	MS REAL ESTATE MANAGEMENT COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Martha Stewart
 

MARTHA STEWART
	 	 
	 
	 	 	 	 	 	 
	 	 	MARTHA STEWART LIVING OMNIMEDIA, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kelli Turner
 

Kelli Turner 

EVP & CFOExhibit 10.22

Exhibit 10.22

WAIVER AND OMNIBUS AMENDMENT TO LOAN DOCUMENTS

WAIVER AND OMNIBUS AMENDMENT, dated as of December 18, 2009 (this “Waiver and
Amendment”), relating to the AMENDED AND RESTATED LOAN AGREEMENT, dated as of August 7, 2009
(the “Loan Agreement”), among MSLO EMERIL ACQUISITION SUB LLC, a Delaware limited liability
company (the “Borrower”), MARTHA STEWART LIVING OMNIMEDIA, INC., a Delaware corporation
(the “Parent Guarantor”), and BANK OF AMERICA, N.A., in its individual capacity (the
“Bank”) and as collateral agent (in such capacity, together with any successor collateral
agent, the “Collateral Agent”) for the Secured Parties (as defined in the Security
Agreement referred to below).

WHEREAS, pursuant to Section 3.04 of the Security Agreement, dated as of July 31, 2008, among
the Borrower, the Parent Guarantor and the Collateral Agent (as amended and modified by that
certain Waiver and Omnibus Amendment No. 1 to Loan Agreement, dated as of June 18, 2009, and
Amendment No. 2 to Security Agreement, dated as of August 7, 2009, the “Security
Agreement”), the Borrower deposited $17,500,000 of Cash Collateral (as defined in the Security
Agreement) in the Cash Collateral Account, to serve as Collateral for the Secured Obligations (as
defined in the Security Agreement);

WHEREAS, Section 3.04(d) of the Security Agreement provides that the Collateral Agent will
release its Lien on the Cash Collateral on the Cash Collateral Termination Date (as defined in the
Security Agreement) if certain conditions precedent set forth in Section 3.04(d) of the Security
Agreement are satisfied, including delivery by the Borrower to the Collateral Agent and Bank a
certificate of a Financial Officer of Parent Guarantor certifying, among other things, that as of
the last day of the most recently ended fiscal quarter of Parent Guarantor with respect to which
Parent Guarantor shall have delivered financial statements in accordance with Section 7.2(a) or (b)
of the Loan Agreement, if the covenants set forth in Section 8 of the Loan Agreement had been
effective, Parent Guarantor would have been in compliance with such covenants;

WHEREAS, upon the occurrence of the Cash Collateral Termination Date, the financial covenants
set forth in Section 8 of the Loan Agreement become effective;

WHEREAS, the Borrower and the Parent Guarantor have requested that the Bank and the Collateral
Agent agree to release the Cash Collateral based on draft projected financial information for the
Parent Guarantor’s fiscal year ending December 31, 2009;

WHEREAS, subject to the terms and conditions set forth herein, the Bank and the Collateral
Agent have agreed to such request;

 

 

 

NOW THEREFORE, in consideration of the premises and the agreements herein, each of the
Borrower and the Parent Guarantor hereby agrees with the Bank and the Collateral Agent as follows:

1. Definitions. All terms used herein which are defined in the Loan Agreement and not
otherwise defined herein are used herein as defined therein.

2. Amendments to Loan Agreement. The following amendments shall become effective on
the Effective Date.

(a) The definition of “Cash Collateral Termination Date” set forth in Section 1 of the Loan
Agreement is hereby amended and restated in its entirety as follows:

“‘Cash Collateral Termination Date’ means December 31,
2009.”

(b) The following definition is hereby added to Section 1 of the Loan Agreement in proper
alphabetical order:

“‘Waiver and Amendment’ means the Waiver and Omnibus
Amendment to Loan Documents dated as of December 18, 2009 among
the Borrower, Parent Guarantor, the Bank and the Collateral
Agent.”

(c) The first clause of Section 8 of the Loan Agreement prior to Section 8.1 is hereby amended
and restated in its entirety as follows:

“Commencing with the last day of Parent Guarantor’s fiscal quarter
ending on the Cash Collateral Termination Date until the earlier
to occur of (i) the Deposit Date (as defined in Exhibit A to the
Waiver and Amendment) and (ii) full payment and performance of all
Obligations:”

(d) Clause (iii) of Section 10.3 of the Loan Agreement is hereby amended and restated in its
entirety as follows:

“(iii) commencing with the last day of Parent Guarantor’s fiscal
quarter ending on the Cash Collateral Termination Date, Section 8
of this Agreement, provided, that if Parent Guarantor
timely delivers the Compliance Certificate with respect to any
fiscal quarter ending on or after December 31, 2009 pursuant to
Section 7.2(c), and Parent Guarantor shall have failed to comply
with any one or more of the covenants set forth in Section 8 of
this Agreement as of the last day of such fiscal quarter, no
Default or Event of Default shall occur with respect to such
failure if the Borrower complies with Section 4 of the Waiver and
Amendment within one (1) Business Day after Parent Guarantor
delivers such Compliance Certificate.”

 

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3. Waiver to Section 3.04(d) of the Security Agreement.

(a) Effective as of the Effective Date, each of the Bank and the Collateral Agent hereby (i)
waives the conditions to the occurrence of the Cash Collateral Termination Date set forth in
Section 3.04(d) of the Security Agreement, (ii) agrees that the Cash Collateral Termination Date
shall be December 31, 2009 for all purposes of the Security Agreement and the other Loan Documents
and that the effectiveness of Section 3.04 of the Security Agreement shall terminate on such date
and the Borrower shall no longer be required to comply with the provisions of such Section, and
(iii) agrees that the Collateral Agent’s Lien on any Collateral in the Cash Collateral Account
shall be released without any further action of any party.

(b) The foregoing waiver shall not constitute (i) except as expressly set forth herein, a
modification or alteration of the terms, conditions or covenants of the Security Agreement or any
other Loan Document, (ii) a waiver of, or consent to, any other breach of, any other provision of
the Security Agreement or any other Loan Document or (iii) except as expressly set forth herein, a
waiver, release or limitation upon the exercise by the Bank or the Collateral Agent of any of its
rights, legal or equitable, under the Security Agreement, the other Loan Documents and applicable
law, all of which are hereby reserved.

4. Cure for Failure to Comply with Section 8 of the Loan Agreement. If Parent
Guarantor timely delivers the Compliance Certificate with respect to any fiscal quarter ending on
or after December 31, 2009 pursuant to Section 7.2(c) of the Loan Agreement, and Parent Guarantor
shall have failed to comply with any one or more of the covenants set forth in Section 8 of the
Loan Agreement as of the last day of the fiscal quarter ending on December 31, 2009 (collectively,
a “Financial Covenant Default”), Section 3.04 of the Security Agreement shall be amended
and restated as set forth on Exhibit A to this Waiver and Amendment and become effective as
of the date Parent Guarantor delivers such Compliance Certificate, and such Financial Covenant
Default shall not be a Default or an Event of Default if the Borrower complies with the
requirements of the first sentence of Section 3.04 of the Security Agreement as so amended and
restated within one (1) Business Day after Parent Guarantor delivers such Compliance Certificate.

5. Conditions to Effectiveness. This Waiver and Amendment shall become effective on
December 31, 2009 if, and only if, all of the following conditions precedent shall have been
satisfied as of such date (such date, upon the satisfaction of such conditions precedent, the
“Effective Date”):

(a) the Bank shall have received counterparts of this Waiver and Amendment duly executed by
the Borrower and the Parent Guarantor;

 

3

 

(b) the Borrower shall have paid all accrued and unpaid fees and expenses of Paul, Weiss,
Rifkind, Wharton & Garrison LLP that are reimbursable under the Loan Documents for which an invoice
has been presented on or before the Effective Date;

(c) the Borrower shall have delivered to the Collateral Agent and Bank a certificate of a
Financial Officer of Parent Guarantor dated as of December 31, 2009 (the “Certificate”)
certifying (i) that as of the date of the Certificate, no Event of Default or Default exists (which
certification excludes any reference to Section 8 of the Loan Agreement, which Section is addressed
in clause (iii) below), (ii) that attached to such certificate is updated projected consolidated
financial information for Parent Guarantor (A) for the fiscal year ending December 31, 2009 and (B)
each fiscal quarter of 2010 (together with computations demonstrating projected compliance with the
covenants set forth in Section 8 of the Loan Agreement as the last day of each such fiscal
quarter), in each case, prepared as of December 31, 2009 (which financial information shall be
presented in substantially the same format as the preliminary draft projected consolidated
financial information for Parent Guarantor for such periods dated as of December 7, 2009 delivered
to the Collateral Agent and the Bank prior to the date hereof) (the “Projected Summary
Financial Information”), and that such Projected Summary Financial Information has been
prepared by Parent Guarantor in good faith based upon information available to Parent Guarantor as
of the draft date of such Projected Summary Financial Information and assumptions believed by
Parent Guarantor to be reasonable as of the date of the Certificate, (iii) that as of the date of
the Certificate, if the covenants set forth in Section 8 of the Loan Agreement were effective on
such date and based on information set forth in the Projected Summary Financial Information, Parent
Guarantor would be in compliance with such covenants (according to the computations set forth in
the Projected Summary Financial Information) as of the last day of the fiscal quarter ending
December 31, 2009 and (iv) that, as of the date of the Certificate, the Loan Parties, on a
consolidated basis, are Solvent;

(d) the representations and warranties contained in Section 5 hereof shall be true and correct
on and as of the Effective Date (after giving effect to this Waiver and Amendment); and

(e) after giving effect to this Waiver and Amendment, no event shall have occurred and be
continuing which constitutes an Event of Default or Default.

6. Representations and Warranties. The Borrower hereby represents and warrants to the
Bank as follows:

(a) After giving effect to this Waiver and Amendment, the representations and warranties made
by the Borrower and the Parent Guarantor in the Loan Agreement and in each other Loan Document to
which it is a party are true and correct in all material respects on and as of the Effective Date
as though made on and as of the Effective Date (except (i) to the extent such representations and
warranties expressly relate to an earlier date, (ii) the representation and warranty set forth in
Section 4.01(b) of the Security Agreement, as to which the Borrower makes no representation and
(iii) that the representation and warranty set forth in Section 6.4 of the Loan Agreement is
further qualified by any matter set forth in the Parent Guarantor’s most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q prior to the date hereof).

 

4

 

(b) Each of the Borrower and the Parent Guarantor has all limited liability company or
corporate power and authority to execute and deliver this Waiver and Amendment and to perform the
obligations provided for herein and in the Loan Agreement and Security Agreement, each as modified
hereby.

(c) The execution, delivery and performance by each of the Borrower and the Parent Guarantor
of this Waiver and Amendment and the performance by each of the Borrower and the Parent Guarantor
of its obligations under the Loan Agreement and the Security Agreement, each as modified hereby, do
not contravene the certificate of formation or limited liability company agreement of the Borrower
or the certificate of incorporation or bylaws of the Parent Guarantor or any law applicable to
either of them, or any judgment or order applicable to or binding on either of them, and do not
constitute a default under any existing agreement, mortgage, indenture or contract binding on
either of them or affecting either of their property.

(d) This Waiver and Amendment has been duly executed and delivered by each of the Borrower and
the Parent Guarantor, and each of this Waiver and Amendment, and the Loan Agreement and the
Security Agreement, each as modified hereby, constitutes the legal, valid and binding obligation of
each of them, enforceable in accordance with its terms.

7. Release. In consideration of the agreements of the Bank and the Collateral Agent
contained herein and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, each of the Borrower and the Parent Guarantor, on behalf of itself
and its successors, assigns and other legal representatives, hereby absolutely, unconditionally and
irrevocably releases, remises and forever discharges the Bank and the Collateral Agent and their
successors and assigns, and their present and former shareholders, affiliates, subsidiaries,
divisions, predecessors, directors, officers, attorneys, employees, agents and other
representatives (the Bank, the Collateral Agent and all such other Persons being hereinafter
referred to collectively as the “Releasees” and individually as a “Releasee”), of
and from all demands, actions, causes of action, suits, damages and any and all other claims,
counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a
“Claim” and collectively, “Claims”) of every name and nature, known or unknown,
both at law and in equity, the Borrower or the Parent Guarantor, or any of their successors,
assigns or other legal representatives may now or hereafter own, hold, have or claim to have
against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or
thing whatsoever which arises at any time on or prior to the day and date of this Waiver and
Amendment for or on account of, or in relation to, or in any way in connection with any of the Loan
Agreement, any of the other Loan Documents or any transactions thereunder or related thereto.

 

5

 

8. Continued Effectiveness of the Loan Documents. Except as otherwise expressly
provided herein, the Loan Agreement and the other Loan Documents to which the Borrower or the
Parent Guarantor is a party are, and shall continue to be, in full force and effect and are hereby
ratified and confirmed in all respects except that on and after the date hereof (i) all references
in the Loan Agreement to “this Agreement”,
“hereto”, “hereof”, “hereunder” or words of like import referring to the Loan Agreement shall
mean the Loan Agreement as modified by this Waiver and Amendment, (ii) all references in the
Security Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import
referring to the Security Agreement shall mean the Security Agreement as modified by this Waiver
and Amendment, (iii) all references in the other Loan Documents to the “Loan Agreement”, “thereto”,
“thereof”, “thereunder” or words of like import referring to the Loan Agreement shall mean the Loan
Agreement as modified by this Waiver and Amendment and (iv) all references in the other Loan
Documents to the “Security Agreement”, “thereto”, “thereof”, “thereunder” or words of like import
referring to the Security Agreement shall mean the Security Agreement as modified by this Waiver
and Amendment.

9. Counterparts. This Waiver and Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one and the same
agreement.

10. Headings. Section headings herein are included for convenience of reference only
and shall not constitute a part of this Waiver and Amendment for any other purpose.

11. Governing Law. This Waiver and Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

12. Waiver and Amendment as Loan Document. Each of the Borrower and the Parent
Guarantor hereby acknowledges and agrees that this Waiver and Amendment constitutes a “Loan
Document.”

[The remainder of this page is left intentionally blank]

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Amendment to be executed
and delivered as of the date first above written.

	 	 	 	 	 	 	 
	BANK:	 	BORROWER:
	 
	 	 	 	 	 	 
	BANK OF AMERICA, N.A.	 	MSLO EMERIL ACQUISITION SUB LLC
	 
	 	 	 	 	 	 
	By:

	 	/s/ Jane R. Heller
	 	By:
	 	/s/ Kelli Turner
	 

	 	 
	 	 	 	 
	 

	 	Name: Jane R. Heller
	 	 	 	Name: Kelli Turner
	 

	 	Title: Managing Director
	 	 	 	Title: Vice President
	 
	 	 	 	 	 	 
	COLLATERAL AGENT:	 	PARENT GUARANTOR:
	 
	 	 	 	 	 	 
	BANK OF AMERICA, N.A., as	 	MARTHA STEWART LIVING OMNIMEDIA,
	Collateral Agent	 	INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Jane R. Heller
	 	By:
	 	/s/ Kelli Turner
	 

	 	 
	 	 	 	 
	 

	 	Name: Jane R. Heller
	 	 	 	Name: Kelli Turner
	 

	 	Title: Managing Director
	 	 	 	Title: Vice President

 

 

 

EXHIBIT A

Section 3.04 of the Security Agreement

3.04 Cash Collateral Maintenance.

(a) Within one (1) Business Day after the date on which this Section 3.04 becomes effective
pursuant to the Waiver and Amendment, Borrower shall (i) deposit in the Cash Collateral Account an
amount in cash equal to the aggregate principal amount of the Loan then outstanding (the date such
deposit is made, the “Deposit Date”) and (ii) deliver to the Bank a certificate of the
Secretary or Assistant Secretary of Borrower, dated the Deposit Date and certifying (i) that
attached thereto is a true and complete copy of resolutions adopted by the directors or other
appropriate persons of such Person authorizing such deposit of cash collateral in the Cash
Collateral Account in accordance with this Section 3.04 and that such resolutions have not been
modified, rescinded or amended and are in full force and effect. If requested by Borrower, the
Collateral Agent may direct the Bank to invest amounts on deposit in the Cash Collateral Account in
one or more money market funds that the Collateral Agent may approve in its sole discretion;
provided, however, that any such money market fund investments are permitted
pursuant to Parent Guarantor’s board approved investment policy as previously provided by Parent
Guarantor to the Collateral Agent. At all times from and after the Deposit Date, the Borrower
agrees to maintain in the Cash Collateral Account, as security for the Secured Obligations,
Collateral of a type described on the table set forth below this paragraph (collectively, the
“Collateral Table”) and otherwise acceptable to the Collateral Agent (“Eligible
Collateral”) with an Aggregate Cash Collateral Value at least equal to the Outstanding Balance.
“Aggregate Cash Collateral Value” means, as of any date of determination, an amount equal
to the product obtained by multiplying (i) the Collateral Value as of such date by (ii) the Margin
Call Percentage shown on the following table (the “Collateral Table”) for the applicable
type of Eligible Collateral:

	 	 	 	 	 
	Eligible Collateral Type	 	Margin Call Percentage	 
	Money Market
	 	 	100	%
	Cash
	 	 	100	%

The Collateral Agent shall have no obligation to give any Collateral Value to any Collateral of a
type not shown on the Collateral Table.

 

 

 

(b) If, at any time from and after the Deposit Date, the Outstanding Balance exceeds at any
time the Aggregate Collateral Value, then the Borrower shall have two (2) Business Days from the
date notification (whether oral or written) of such noncompliance is delivered to the Borrower, to
either deposit cash into the Cash Collateral Account, or prepay the principal of the Loan such
that, after giving effect thereto, the Outstanding Balance is less than or equal to the Aggregate
Cash Collateral Value as of the date on which such action is taken. Any such prepayment of the
Loan
shall be applied to the principal installments due under Section 2.2(b) of the Loan Agreement
in the inverse order of their maturity.

(c) Subject to the other provisions of this Section 3.04 and any written agreement to the
contrary with the Collateral Agent, if no Default or Event of Default has occurred and is
continuing or would result from such action, upon any repayment or prepayment of the outstanding
principal amount of the Loan, upon the request of the Borrower, the Collateral Agent shall release
Cash Collateral from the Cash Collateral Account having Collateral Value up to the lesser of (i)
the principal amount of the Loan so repaid or prepaid and (ii) the amount by which the Aggregate
Cash Collateral Value exceeds the Outstanding Balance at the date of request (and direct the sale
or trade of investments in the Cash Collateral Account to the extent necessary to do so);
provided that, after giving effect to any such release of Cash Collateral, the Outstanding
Balance is less than or equal to the Aggregate Cash Collateral Value.

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