Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
  

 
  

GUARANTY AGREEMENT 
 Dated as of
December 22, 2022 
 of 

MSG ENTERTAINMENT GROUP, LLC 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I GUARANTY
	  	 	1	 
		
	 ARTICLE II OBLIGATIONS ABSOLUTE
	  	 	2	 
		
	 ARTICLE III WAIVER
	  	 	3	 
		
	 ARTICLE IV OBLIGATIONS UNIMPAIRED
	  	 	3	 
		
	 ARTICLE V SUBROGATION AND SUBORDINATION
	  	 	4	 
		
	 ARTICLE VI REINSTATEMENT OF GUARANTY
	  	 	5	 
		
	 ARTICLE VII RANK OF GUARANTY
	  	 	5	 
		
	 ARTICLE VIII ADDITIONAL COVENANTS OF THE GUARANTOR
	  	 	5	 
			
	 Section 8.1
	 	Maintenance of Existence, Etc.	  	 	5	 
			
	 Section 8.2
	 	Financial Information	  	 	5	 
			
	 Section 8.3
	 	Books and Records; Inspection and Audit Rights	  	 	6	 
			
	 Section 8.4
	 	Merger, Consolidation, Sale of Assets, Etc.	  	 	6	 
			
	 Section 8.5
	 	Minimum Liquidity Covenant	  	 	6	 
			
	 Section 8.6
	 	Negative Pledge; Restriction on Indebtedness	  	 	8	 
			
	 Section 8.7
	 	Restricted Payments	  	 	8	 
			
	 Section 8.8
	 	Compliance with Laws and Obligations	  	 	8	 
			
	 Section 8.9
	 	Post-Closing Obligations	  	 	9	 
		
	 ARTICLE IX REPRESENTATIONS AND WARRANTIES
	  	 	9	 
			
	 Section 9.1
	 	Organization; Power and Authority	  	 	9	 
			
	 Section 9.2
	 	Authorization, Etc.	  	 	9	 
			
	 Section 9.3
	 	Disclosure	  	 	9	 
			
	 Section 9.4
	 	Governmental and Other Approvals; Absence of Conflicts	  	 	10	 
			
	 Section 9.5
	 	Compliance with Laws, Other instruments, Etc.	  	 	10	 
			
	 Section 9.6
	 	Information regarding the Borrower	  	 	10	 
			
	 Section 9.7
	 	Solvency	  	 	10	 
			
	 Section 9.8
	 	Investment Company Status	  	 	10	 
			
	 Section 9.9
	 	Anti-Corruption Laws and Securities	  	 	10	 
			
	 Section 9.10
	 	Litigation	  	 	11	 
			
	 Section 9.11
	 	No Material Adverse Effect	  	 	11	 
		
	 ARTICLE X TERM OF GUARANTY AGREEMENT
	  	 	11	 
		
	 ARTICLE XI SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE
AGREEMENT
	  	 	11	 
		
	 ARTICLE XII AMENDMENT AND WAIVER
	  	 	11	 
			
	 Section 12.1
	 	Requirements	  	 	11	 
			
	 Section 12.2
	 	Binding Effect	  	 	11	 
		
	 ARTICLE XIII NOTICES
	  	 	12	 
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	12	 
			
	 Section 14.1
	 	Successors and Assigns	  	 	12	 
			
	 Section 14.2
	 	Severability	  	 	12	 

  
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	 Section 14.3
	 	Construction	  	 	13	 
			
	 Section 14.4
	 	Further Assurances	  	 	13	 
			
	 Section 14.5
	 	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	13	 
			
	 Section 14.6
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	14	 
			
	 Section 14.7
	 	Expenses; Limitation of Liability; Indemnity, Etc.	  	 	15	 
			
	 Section 14.8
	 	Accounting Terms; GAAP	  	 	16	 
		
	 ARTICLE XV WAIVER OF JURY TRIAL.
	  	 	17	 

  

  
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 GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT, dated as of December 22, 2022 (this “Guaranty Agreement”), is made by MSG
ENTERTAINMENT GROUP, LLC, a Delaware limited liability company (the “Guarantor”) in favor of the Administrative Agent (as defined below), as agent for itself and the other Secured Parties. 

PRELIMINARY STATEMENTS: 

I. MSG Las Vegas, LLC, a Delaware limited liability company (the “Borrower”), is entering into that certain Credit
Agreement, of even date herewith (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”) with JPMorgan Chase Bank, National Association, as Administrative Agent (the
“Administrative Agent”) and the Lenders party thereto from time to time. Capitalized terms used herein have the meanings specified in the Credit Agreement unless otherwise defined herein. 

II. The Lenders have agreed to make Loans available to the Borrower on the Closing Date in an aggregate principal amount of $275,000,000. 

III. It is a condition to the making of the Loans under the Credit Agreement that this Guaranty Agreement shall have been executed and
delivered by the Guarantor and shall be in full force and effect. 
 IV. The Guarantor will receive direct and indirect benefits from the
financing arrangements contemplated by the Credit Agreement. The sole member of the Guarantor has determined that the incurrence of such obligations is in the best interests of the Guarantor. 

NOW THEREFORE, in order to induce, and in consideration of, the execution and delivery of the Credit Agreement and the making of the Loans
thereunder by each of the Lenders, the Guarantor hereby covenants and agrees with, and represents and warrants to the Administrative Agent, on behalf of the Secured Parties, as follows: 

ARTICLE I 
 GUARANTY.

 Section 1.1 The Guarantor hereby irrevocably and unconditionally guarantees to each Secured Party and their
respective permitted successors and assigns, the due and punctual payment in full and performance of (a) the principal of and interest on the Loans (including, without limitation, interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due from the Borrower under the Credit
Agreement or any other Loan Document when and as the same shall become due and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise), (b) any other sums which may become due from the Borrower
under the terms and provisions of the Credit Agreement or any other Loan Document and (c) all other obligations of the Borrower under the Credit Agreement or any other Loan Document (all such obligations described in clauses (a), (b) and
(c) above are herein called the “Guaranteed Obligations”). The guaranty in the preceding sentence is an absolute, present and continuing guaranty of payment and not of collectability and is in no way

 
conditional or contingent upon any attempt to collect from the Borrower or any other guarantor of the Guaranteed Obligations or upon any other action, occurrence or circumstance whatsoever. In
the event that the Borrower shall fail so to pay any of such Guaranteed Obligations, the Guarantor agrees to pay the same when due to the Secured Parties entitled thereto, without demand, presentment, protest or notice of any kind, in lawful money
of the United States of America, pursuant to the requirements for payment specified in the Credit Agreement. Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may
be brought hereunder as each cause of action arises. 
 Section 1.2 The Guarantor agrees to pay and to indemnify
and save each Secured Party harmless from and against any damage, loss, cost or expense (including attorneys’ (other than in-house counsel) fees) which such Secured Party may incur or be subject to as a
consequence, direct or indirect, of (x) any breach by the Guarantor or by the Borrower of any warranty, covenant, term or condition in, or the occurrence of any default under, this Guaranty Agreement, the Credit Agreement or any other
instrument referred to therein, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result of any such breach or default, (y) any legal action commenced to challenge the validity or
enforceability of this Guaranty Agreement, the Credit Agreement or any other instrument referred to therein and (z) enforcing or defending (or determining whether or how to enforce or defend) the provisions of this Guaranty Agreement. 

Section 1.3 The Guarantor hereby acknowledges and agrees that its liability hereunder is joint and several with any
other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Credit Agreement. 
 ARTICLE II 

OBLIGATIONS ABSOLUTE. 

Section 2.1 The obligations of the Guarantor hereunder shall be primary, absolute, irrevocable and unconditional,
irrespective of the validity or enforceability of the Credit Agreement or any other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim the Guarantor may have against the
Borrower or any Secured Party or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not the Guarantor shall
have any knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Credit Agreement or any other instrument referred to therein (it being agreed that the obligations
of the Guarantor hereunder shall apply to the Credit Agreement or any such other instrument as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein, or any furnishing, acceptance or
release of any security for the Guaranteed Obligations or the addition, substitution or release of any other Guarantor or any other entity or other Person primarily or secondarily liable in respect of the Guaranteed Obligations; (b) any waiver,
consent, extension, indulgence or other action or inaction under or in respect of the Credit Agreement or any other instrument referred to therein; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment, composition,
liquidation or similar proceeding with respect to the Borrower or its property; (d) any merger, amalgamation or consolidation of the Guarantor or of the Borrower into or with any other Person or any sale, lease or transfer of any or all of the
assets of the Guarantor or of the Borrower to any Person; (e) any failure on the part of the Borrower for any reason to comply with or perform any of the terms of any other agreement with the Guarantor; (f) any failure on the part of any
Secured Party to obtain, maintain, 

  
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register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (whether or not
similar to the foregoing), and in any event however material or prejudicial it may be to the Guarantor or to any subrogation, contribution or reimbursement rights the Guarantor may otherwise have. The Guarantor covenants that its obligations
hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder. 

ARTICLE III 
 WAIVER.

 Section 3.1 The Guarantor unconditionally waives to the fullest extent permitted by law (a) notice of
acceptance hereof, of any action taken or omitted in reliance hereon and of any default by the Borrower in the payment of any amounts due under the Credit Agreement or any other instrument referred to therein, and of any of the matters referred to
in Article 2 hereof, (b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any Secured Party against the Guarantor, including, without limitation, presentment to or demand for payment from
the Borrower or the Guarantor with respect to any Guaranteed Obligations, notice to the Borrower or to the Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the
Borrower, (c) any right to require any Secured Party to enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Credit Agreement or the Loan Documents, (d) any
requirement for diligence on the part of any Secured Party and (e) any other act or omission or thing or delay in doing any other act or thing which might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a
discharge of the Guarantor or in any manner lessen the obligations of the Guarantor hereunder. 
 ARTICLE IV 

OBLIGATIONS UNIMPAIRED. 

Section 4.1 The Guarantor authorizes the Secured Parties, without notice or demand to the Guarantor or any other
Person who may guarantee the Guaranteed Obligations and without affecting its obligations hereunder, from time to time, in each case, in accordance with the terms and provisions of the Loan Documents: (a) to renew, compromise, extend,
accelerate or otherwise change the time for payment of, all or any part of the Loans, the Credit Agreement or any other instrument referred to therein; (b) to change any of the representations, covenants, events of default or any other terms or
conditions of or pertaining to the Loans, the Credit Agreement or any other instrument referred to therein, including, without limitation, decreases or increases in amounts of principal, rates of interest; (c) to take and hold security for the
payment of the Loans, the Credit Agreement or any other instrument referred to therein, for the performance of this Guaranty Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any
such security; (d) to apply any such security and to direct the order or manner of sale thereof as the Secured Parties in their sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors or release any
other Guarantor or any other Person or entity primarily or secondarily liable in respect of the Guaranteed Obligations; (f) to exercise or refrain from exercising any rights against the Borrower, the Guarantor or any other Person; and
(g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder. The Secured Parties shall have no obligation to proceed against any additional or substitute
endorsers or guarantors or to pursue or exhaust any security provided by the Borrower, the Guarantor or any other Person or to pursue any other remedy available to the Secured Parties. 

  
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 Section 4.2 If an event permitting the acceleration of the
maturity of the principal amount of any Guaranteed Obligations shall exist and such acceleration shall at such time be prevented or the right of any Secured Party to receive any payment on account of the Guaranteed Obligations shall at such time be
delayed or otherwise affected by reason of the pendency against the Borrower, the Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, the Guarantor agrees that, for purposes of this Guaranty Agreement and
its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the Secured Party thereof had accelerated the same in accordance with the terms of the Credit Agreement, and the
Guarantor shall forthwith pay such accelerated Guaranteed Obligations. 
 ARTICLE V 

SUBROGATION AND SUBORDINATION. 

Section 5.1 The Guarantor will not exercise any rights which it may have acquired by way of subrogation under this
Guaranty Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Guaranteed
Obligations or this Guaranty Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash. 

Section 5.2 The Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Borrower
or any other guarantor of the Guaranteed Obligations owing to the Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in Section 5.1, to the indefeasible payment in full in cash
of all of the Guaranteed Obligations. If the Administrative Agent so requests in writing, any such Indebtedness or other obligations shall be enforced and performance received by the Guarantor as trustee for the Secured Parties and the proceeds
thereof shall be paid over to the Administrative Agent promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Administrative
Agent, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty Agreement. 

Section 5.3 If any amount or other payment is made to or accepted by the Guarantor in violation of any of
Section 5.1 or 5.2, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in trust for the benefit of, the Secured Parties and shall be paid over to the Administrative Agent, for the benefit of the Secured
Parties, promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Administrative Agent, but without reducing or affecting in any
manner the liability of the Guarantor under this Guaranty Agreement. 
 Section 5.4 The Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that its agreements set forth in this Guaranty Agreement (including this Article 5) are knowingly made in contemplation of
such benefits. 

  
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 ARTICLE VI 

REINSTATEMENT OF GUARANTY. 

Section 6.1 This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to
the extent at any time payment, in whole or in part, of any of the sums due to any Secured Party on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a Secured Party upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Guarantor or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Guarantor or any other
guarantors or any part of its or their property, or otherwise, all as though such payments had not been made. 
 ARTICLE VII 

RANK OF GUARANTY. 

Section 7.1 The Guarantor will ensure that its payment obligations under this Guaranty Agreement will at all times
rank at least pari passu, without preference or priority, with all other secured and unsubordinated Indebtedness of the Guarantor now or hereafter existing. 

ARTICLE VIII 

ADDITIONAL COVENANTS OF THE GUARANTOR. 

So long as any Guaranteed Obligations are outstanding or the Credit Agreement shall remain in effect, the Guarantor agrees that: 

Section 8.1 Maintenance of Existence, Etc. The Guarantor will do or cause to be done all things
necessary to preserve, renew and keep in full force and effect (i) its legal existence, (ii) the rights, licenses, permits, privileges, franchises and Intellectual Property material to the conduct of its business; and (iii) all
Governmental Approvals and all consents of Persons, in each case necessary at the applicable time in connection with the transactions contemplated by the Loan Documents and the Related Agreements (except for the loss of any such Governmental
Approval or consent that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect). 

Section 8.2 Financial Information. The Guarantor shall deliver to the Administrative Agent: 

(a) as soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of the Guarantor, its
balance sheet and related statements of income, comprehensive income, members’ equity and cash flows as of the end of and for such fiscal year, setting forth in each case in comparative form the figures for the prior fiscal year, all certified
by a Responsible Officer of the Guarantor, to such Responsible Officer’s knowledge, as presenting fairly, in all material respects, the financial position, results of operations and cash flows of the Guarantor as of the end of and for such
fiscal year; 

  
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 (b) as soon as available and in any event within sixty (60) days after the end of each
of the first three fiscal quarters of each fiscal year of the Guarantor, its balance sheet as of the end of such fiscal quarter, the related statements of income for such fiscal quarter and the then elapsed portion of the fiscal year and the related
statements of cash flows for the then elapsed portion of the fiscal year, in each case setting forth in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the prior fiscal
year, all certified by a Responsible Officer of the Guarantor, to such Responsible Officer’s knowledge, as presenting fairly, in all material respects, the financial position, results of operations and cash flows of the Guarantor as of the end
of and for such fiscal quarter and such portion of the fiscal year in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnote disclosures and audit adjustments; and 

(c) (i) on the date hereof and (ii) within ten (10) Business Days after the last day of each fiscal quarter of the Guarantor,
commencing with the fiscal quarter ending December 31, 2022, a compliance certificate signed by a Financial Officer of the Guarantor, substantially in the form attached hereto as Exhibit A (the “Guaranty Compliance
Certificate”), confirming (A) the Guarantor’s compliance with the Minimum Liquidity Covenant, as of the last day of such fiscal quarter (together with calculations demonstrating compliance therewith), and (B) that all
Class A Shares used to satisfy the Minimum Liquidity Covenant for such fiscal quarter constituted Unencumbered Class A Shares during the entirety of such fiscal quarter and on the date of such certification. 

Section 8.3 Books and Records; Inspection and Audit Rights. The Guarantor will keep proper books of
record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Guarantor will permit any representatives designated by the Administrative Agent or any Lender, upon
at least 3 Business Days’ notice, to visit and inspect its properties, to examine and make extracts from its books and records, to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested. 
 Section 8.4 Merger, Consolidation, Sale of Assets,
Etc. The Guarantor will not: 
 (a) consolidate with or merge with any other Person, 

(b) prior to the consummation of the MSG Spin-off Transaction, convey, transfer or lease any
individual asset having a value in excess of $25,000,000 or multiple assets having an aggregate value in excess of $50,000,000 in a single transaction or series of transactions to any Person, other than (i) transfers to Affiliates of the
Guarantor that are related to the production of entertainment content for presentation at the Project and (ii) transactions that constitute conditions precedent to effecting the MSG Spin-off Transaction,
or 
 (c) except as permitted pursuant to the Pledge Agreement, convey, sell, lease, transfer or otherwise dispose of any Class A
Shares. 
 Section 8.5 Minimum Liquidity Covenant. 

(a) On the Closing Date and as of the last day of each fiscal quarter of the Guarantor thereafter (each, a “Minimum Liquidity Test
Date”), the amount of Unencumbered Liquidity of the Guarantor shall be equal to or greater than the Minimum Liquidity Amount and for each such Minimum Liquidity Test Date, such Unencumbered Liquidity shall consist of cash (including
funds on deposit in the account pledged by the Guarantor to the Administrative Agent pursuant to the Guarantor Account 

  
 6 

 
Pledge Agreement and funds on deposit in any other checking, savings, or brokerage accounts (including, solely with respect to the Closing Date, an amount equal to the Minimum Cash Amount
deposited by the Guarantor into the Debt Service Reserve Account on the Closing Date)) in an amount equal to or in excess of the Minimum Cash Amount (the covenant set out in this Section, the “Minimum Liquidity Covenant”).

 (b) As used herein, the following terms shall have the meanings given to them below: 

(i) “Agreed Value” means, as of any date of determination, 35% of the market value of the Class A
Shares, as certified by a Financial Officer in the Guaranty Compliance Certificate delivered for the relevant Minimum Liquidity Test Date. 

(ii) “Class A Shares” means the Class A shares of Madison Square
Garden Entertainment Corp. owned by the Guarantor. 
 (iii) “Liquidity Covenant Reduction
Date” means the later of (1) the Substantial Completion Date, and (2) the date on which the Borrower provides the Administrative Agent a certificate signed by a Responsible Officer of the Borrower confirming that
the external LEDs, interior LEDs and audio systems of the MSG Sphere are operational and ready to be used in live, immersive events substantially in accordance with the LED Contract. 

(iv) “Minimum Cash Amount” means (1) prior to the Liquidity Covenant Reduction Date, $75,000,000
and (2) on and after the Liquidity Covenant Reduction Date, $25,000,000. 
 (v) “Minimum Liquidity
Amount” means (1) prior to the Liquidity Covenant Reduction Date, $100,000,000 and (2) on and after the Liquidity Covenant Reduction Date, $50,000,000. 

(vi) “Unencumbered Class A Shares” means the Class A Shares that
are not subject to any Lien, other than any Lien granted to the Secured Parties pursuant to the Loan Documents. 
 (vii)
“Unencumbered Liquidity” means: 
 (1) Cash, including funds in checking, savings, or brokerage
accounts; 
 (2) Cash Equivalents which (i) are not the subject of any Lien (other than any Permitted Encumbrance
contemplated by clause (m) of the definition thereof) or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of the legal and beneficial owner of such asset
(whether owned jointly or severally) and (ii) may be converted to cash within five (5) Business Days; 
 (3)
registered, unrestricted and marketable equity and debt securities (whether certificated or not) issued by companies with long-term senior unsecured indebtedness ratings of at least BBB+ from S&P or Baa1 from Moody’s at the market value
shown on the applicable brokerage statement (or, if no brokerage statement is available, marked to market on the applicable Minimum Liquidity Test Date, or as soon prior to such Minimum Liquidity Test Date as possible) that are not the subject of
any Lien; 

  
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 (4) the committed, available, unused lines of credit (excluding availability
under the Credit Agreement) of such person at any domestic office of any commercial bank organized and regulated under the laws of the United States of America or any State of the United States of America having net assets of at least $5,000,000,000
and rated A-1, P-1 for investments up to one year; and 

(5) solely after the consummation of the MSG Spin-off Transaction, an amount equal to
the Agreed Value as of the date of determination of the Unencumbered Class A Shares. 
 Section 8.6
Negative Pledge; Restriction on Indebtedness. 
 (a) The Guarantor will not, at any time prior to the Liquidity
Covenant Reduction Date, (i) either directly or indirectly, incur, create, assume, or permit to exist any Lien of any kind upon the real property designated for development by Guarantor or its affiliates as the “London Sphere” (the
“Property”) except for Permitted Encumbrances, and (ii) except as permitted under the Credit Agreement, covenant or agree with any Person to restrict or limit (A) the Guarantor or its successors or assigns from
encumbering the Property with a mortgage, deed of trust or other Lien in favor of the Administrative Agent and (B) the Guarantor from granting a security interest in the Property to the Administrative Agent or its successors or assigns, in each
case, to secure the Guaranteed Obligations.  
 (b) The Guarantor will not, at any time (i) prior to the Liquidity
Covenant Reduction Date, create, incur, assume or permit to exist any Indebtedness other than the Indebtedness in effect on the Closing Date and set forth on Exhibit B hereto (the “Existing Indebtedness”) and
(ii) on or after the Liquidity Covenant Reduction Date, create, incur, assume or permit to exist any Indebtedness other than (A) any Existing Indebtedness that remains outstanding on or after the Liquidity Covenant Reduction Date and
(B) Indebtedness that is non-recourse to the Guarantor and its assets other than any of the Guarantor’s Class A Shares in Madison Square Garden Entertainment Corp. that are not used to satisfy
the Minimum Liquidity Covenant. For the avoidance of doubt, Existing Indebtedness shall include any refinancing or replacement of the items set forth on Exhibit B hereto so long as the amount so refinanced or replaced does not exceed the
amount existing as of the date hereof. 
 Section 8.7 Restricted Payments. During any time that a
Default or Event of Default has occurred and is continuing, the Guarantor will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so. 

Section 8.8 Compliance with Laws and Obligations. The Guarantor will comply with (a) all laws,
including all orders of any Governmental Authority, applicable to it or its property, (b) each Related Agreement to which it is a party and (c) its obligations under each indenture or other agreement or instrument binding upon it or any of
its assets, except, in each case, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. The Guarantor will maintain in effect and enforce policies and procedures
reasonably designed to achieve compliance by the Guarantor and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

  
 8 

 Section 8.9 Post-Closing Obligations. The Guarantor
shall, no later than fifteen (15) Business Days after the Closing Date (or such later date as agreed by the Administrative Agent), (i) open with JPMorgan Chase Bank, National Association, the deposit account to be pledged by the Guarantor to
the Administrative Agent pursuant to the Guarantor Account Pledge Agreement, (ii) deposit or cause to be deposited (including by a withdrawal from the Debt Service Reserve Account) into such deposit account an amount equal to the Minimum Cash
Amount, (iii) execute and deliver to the Administrative Agent the Guarantor Account Pledge Agreement, substantially in the form of Exhibit C attached hereto, and (iv) deliver or cause to be delivered to the Administrative Agent a favorable
written opinion (addressed to the Administrative Agent and the Lenders) of Sullivan & Cromwell LLP, counsel for the Borrower and the Guarantor, as to the Guarantor Account Pledge Agreement and the security interest created thereby. 

ARTICLE IX 

REPRESENTATIONS AND WARRANTIES. 

The Guarantor represents and warrants to the Administrative Agent and each other Secured Party as follows: 

Section 9.1 Organization; Power and Authority. The Guarantor (a) is duly organized or formed,
validly existing and in good standing under the laws of Delaware, (b) has all power and authority and all Governmental Approvals required for the ownership and operation of its properties and the conduct of its business as now conducted and as
proposed to be conducted and (c) is qualified to do business, and is in good standing, in every jurisdiction where such qualification is required, except in the case of clauses (b) and (c) where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 9.2
Authorization, Etc. This Guaranty Agreement is within the Guarantor’s limited liability company powers and has been duly authorized by all necessary limited liability company or other organizational and, if required, membership,
beneficial ownership or other equityholder action of the Guarantor. This Guaranty Agreement has been duly executed and delivered by the Guarantor and constitutes, when executed and delivered by the Guarantor, a legal, valid and binding obligation of
the Guarantor, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of
whether considered in a proceeding in equity or at law. 
 Section 9.3 Disclosure. The Guarantor has
disclosed to the Administrative Agent (i) all agreements, instruments and limited liability company or other restrictions to which the Guarantor is subject, and (ii) all other matters known to the Guarantor, that, in each case of clauses
(i) and (ii), individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. None of the other reports, financial statements, certificates or other information furnished by or on behalf of the Guarantor
to the Administrative Agent or any Lender in connection with the negotiation of this Guaranty Agreement or any other Loan Document, included herein or therein or furnished hereunder or thereunder, when taken as a whole, contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to forecasts or projected financial
information, the Guarantor represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable when made. 

  
 9 

 Section 9.4 Governmental and Other Approvals; Absence of
Conflicts. This Guaranty Agreement (a) does not require any consent or approval of, registration or filing with or any other action by any Governmental Authority, except such as have been obtained or made and are in full force and
effect or will be obtained and will be in full force and effect as and when required, (b) do not require any consent or approval of any Person party to any agreement or instrument binding upon the Guaranty, except such as have been obtained or
made and are in full force and effect, including the NBA under the NBA Consent, or will be obtained and will be in full force and effect as and when required, (c) will not violate any applicable law, including any order of any Governmental
Authority, (d) will not violate the charter, by-laws or other organizational documents of the Guarantor, (e) will not violate or result (alone or with notice or lapse of time, or both) in a default
under any indenture or other agreement or instrument binding upon the Guarantor or any of its assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by the Guarantor, or give rise to a right of, or
result in, any termination, cancellation, acceleration or right of renegotiation of any obligation thereunder (other than violations that, singly or in the aggregate, have not had and are not likely to have a Material Adverse Effect), and
(f) except for Liens created under the Loan Documents, will not result in the creation or imposition of any Lien (other than Permitted Encumbrances) on any asset of the Guarantor. 

Section 9.5 Compliance with Laws, Other instruments, Etc. The Guarantor is in compliance with all
laws, including all orders of Governmental Authorities, applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except, in each case, where the failure to comply, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Event of Default has occurred and is continuing. 

Section 9.6 Information regarding the Borrower. The Guarantor now has and will continue to have
independent means of obtaining information concerning the affairs, financial condition and business of the Borrower. No Secured Party shall have any duty or responsibility to provide the Guarantor with any credit or other information concerning the
affairs, financial condition or business of the Borrower which may come into possession of such Secured Party. The Guarantor has executed and delivered this Guaranty Agreement without reliance upon any representation by any Secured Party including,
without limitation, with respect to (a) the due execution, validity, effectiveness or enforceability of any instrument, document or agreement evidencing or relating to any of the Guaranteed Obligations or any loan or other financial
accommodation made or granted to the Borrower or (b) the validity, genuineness, enforceability, existence, value or sufficiency of any property securing any of the Guaranteed Obligations or the creation, perfection or priority of any lien or
security interest in such property. 
 Section 9.7 Solvency. Upon the execution and delivery hereof,
the Guarantor is Solvent. 
 Section 9.8 Investment Company Status. The Guarantor is not an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

Section 9.9 Anti-Corruption Laws and Sanctions. The Guarantor has implemented and maintains in effect
policies and procedures reasonably designed to achieve compliance by the Guarantor and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Guarantor and, to the knowledge of the Guarantor, its
directors, officers, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Guarantor nor (b) to the knowledge of the Guarantor, any of its directors, officers,
employees or agents, that will act in any capacity in connection with or benefit from the credit facility established pursuant to the Credit Agreement, is a Sanctioned Person. 

  
 10 

 Section 9.10 Litigation. There are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Guarantor, threatened in writing against the Guarantor (i)(A) as to which there is reasonable possibility of an adverse determination
and (B) that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (ii) that involve any of the Transactions or (iii) that involve the Loan Documents. 

Section 9.11 No Material Adverse Effect. Since June 30, 2022, there has been no
event or condition that has resulted, or would reasonably be expected to result, in a Material Adverse Effect with respect to the Guarantor. 

ARTICLE X 
 TERM OF
GUARANTY AGREEMENT. 
 Section 10.1 This Guaranty Agreement and all guarantees, covenants and agreements of
the Guarantor contained herein shall continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be
subject to reinstatement pursuant to Article 6. 
 ARTICLE XI 

SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

Section 11.1 All representations and warranties contained herein shall survive the execution and delivery of this
Guaranty Agreement. All statements contained in any certificate or other instrument delivered by or on behalf of the Guarantor pursuant to this Guaranty Agreement shall be deemed representations and warranties of the Guarantor under this Guaranty
Agreement. Subject to the preceding sentence, this Guaranty Agreement embodies the entire agreement and understanding between the Administrative Agent, the other Secured Parties and the Guarantor and supersedes all prior agreements and
understandings relating to the subject matter hereof. 
 ARTICLE XII 

AMENDMENT AND WAIVER. 

Section 12.1 Requirements. This Guaranty Agreement may be amended, and the observance of any term
hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of the Guarantor and the Administrative Agent. 

Section 12.2 Binding Effect. No course of dealing between the Guarantor and the Administrative Agent
or any other Secured Party nor any delay in exercising any rights hereunder or under the Credit Agreement shall operate as a waiver of any rights of any Secured Party. As used herein, the term “this Guaranty Agreement” and references
thereto shall mean this Guaranty Agreement as it may be amended, modified, supplemented or restated from time to time. 

  
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 ARTICLE XIII 

NOTICES. 

Section 13.1 All notices and communications provided for hereunder shall be in writing and sent (i) by
facsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (ii) by registered or certified mail with return receipt requested (postage prepaid), or
(iii) by a recognized overnight delivery service (with charges prepaid), or (iv) by electronic mail. Any such notice must be sent: 

(a) if to the Guarantor, to (A) MSG Entertainment Group, LLC, 2 Penn Plaza, New York, New York 10121, Attention of General Counsel
(Phone: (212) 465-6454), Email: Jamal.Haughton@msg.com, (B) Sullivan & Cromwell LLP, 125 Broad Street, New York, New York 10004, Attention: Ralston W. Turbeville (Phone: (212) 558-4000), Email: TurbevilleR@sullcrom.com and (C) Sullivan & Cromwell LLP, 125 Broad Street, New York, New York 10004, Attention: Robert W. Downes (Phone: (212)
558-4000), Email: DownesR@sullcrom.com, or such other address as the Guarantor shall have specified to the Administrative Agent in writing, or 

(b) if to the Administrative Agent, to (A) JPMorgan Chase Bank, National Association, 383 Madison Avenue, 3rd Floor, Mail Code NY1-M165, New York, New York 10179, Attention of James Millard, Executive Director (Phone: (212)
270-2198, Fax: (917) 456-3538, Email: james.g.millard@jpmorgan.com); (B) JPMorgan Chase Bank, National Association, 383 Madison Avenue, 3rd Floor, Mail Code NY1-M165, New York, New York 10179, Attention of Shawn Laljit, Associate (Phone: (212) 270-0504, Fax:
(917) 456-9485, Email: shawn.laljit@jpmorgan.com); (C) JPMorgan Chase Bank, National Association, 383 Madison Avenue, 3rd Floor, Mail Code NY1-M165, New York, New York 10179, Attention of Ashish Patel, Analyst (Phone: (212) 622 8091, Email: ashish.patel@jpmchase.com); (D) JPMorgan Chase Bank, National Association, 383 Madison Avenue, 3rd Floor, Mail Code NY1-M165, New York, New York 10179, Attention of David Campbell, Associate (Phone: (212) 270-0567,
Fax: (917) 456-3212, Email: david.j.campbell@jpmorgan.com); and (E) JPMorgan Chase Bank, National Association, 383 Madison Avenue, 3rd Floor, Mail Code
NY1-M165, New York, New York 10179, Attention of Selina Au Yang, Associate (Phone: (212) 270-0763, Fax: (917) 456-3212, Email:
selina.au.yang@jpmorgan.com), with a copy to Winston & Strawn LLP, 200 Park Avenue, New York, New York 10166, Attention of Alan Hoffman (Phone: (212) 294-2643, Fax: (212) 294-4700, Email: ahoffman@winston.com), or such other address as the Administrative Agent shall have specified to the Guarantor in writing. 

ARTICLE XIV 

MISCELLANEOUS. 

Section 14.1 Successors and Assigns. All covenants and other agreements contained in this Guaranty
Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and permitted assigns whether so expressed or not. 

Section 14.2 Severability. Any provision of this Guaranty Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 Section 14.3 Construction. Each covenant contained
herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse
compliance with any other covenant. Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by
such Person. 
 The article, section and subsection headings in this Guaranty Agreement are for convenience of reference only and shall
neither be deemed to be a part of this Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof. All references herein to numbered sections, unless otherwise indicated, are to sections of this Guaranty Agreement.
Words and definitions in the singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so
requires. 
 Section 14.4 Further Assurances. The Guarantor agrees to execute and deliver all such
instruments and take all such action as the Administrative Agent may from time to time reasonably request in order to effectuate fully the purposes of this Guaranty Agreement. 

Section 14.5 Counterparts; Integration; Effectiveness; Electronic Execution. 

(a) This Guaranty Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Guaranty Agreement constitutes the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. This Guaranty Agreement shall become effective when it shall have been executed by the Guarantor and when the Administrative Agent shall have received a
counterpart hereof signed by the Guarantor, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

(b) Delivery of an executed counterpart of a signature page of this Guaranty Agreement, and/or any document, amendment, approval, consent,
information, notice that is an Electronic Signature transmitted by facsimile, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Guaranty Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Guaranty Agreement shall be deemed to include Electronic Signatures,
deliveries or the keeping of records in any electronic form (including deliveries by facsimile, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to accept
Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any
Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Guarantor without 

  
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further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender,
any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Guarantor hereby (A) agrees that, for all purposes, including without limitation, in connection with
any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Guarantor, Electronic Signatures transmitted by facsimile, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page and/or any electronic images of this Guaranty Agreement shall have the same legal effect, validity and enforceability as any paper original, (B) the Administrative Agent and each of the
Lenders may, at its option, create one or more copies of this Guaranty Agreement in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal
effect, validity or enforceability of this Guaranty Agreement based solely on the lack of paper original copies of this Guaranty Agreement including with respect to any signature pages thereto and (D) waives any claim against any Lender-Related
Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by facsimile, emailed pdf. or any other electronic means that reproduces an
image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Guarantor to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

 Section 14.6 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Guaranty Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty Agreement or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its
Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty Agreement or in any other Loan Document shall (i) affect any right that the Administrative Agent or any Lender may
otherwise have to bring any action or proceeding relating to this Guaranty Agreement against the Guarantor or its properties in the courts of any jurisdiction, or (ii) waive any statutory, regulatory, common law, or other rule, doctrine, legal
restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including Uniform Commercial Code Sections 4-106, 4-A-105(1)(b), and 5-116(b). 

  
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 (c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty Agreement or any other Loan Document in any court
referred to in Section 14.5(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Guaranty Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01
of the Credit Agreement. Nothing in this Guaranty Agreement will affect the right of any party to this Guaranty Agreement to serve process in any other manner permitted by law. 

Section 14.7 Expenses; Limitation of Liability; Indemnity, Etc. 

(a) Expenses. The Guarantor shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and its
Affiliates, including the reasonable fees, charges and disbursements of outside counsel for the Administrative Agent, in connection with the preparation and administration of this Guaranty Agreement or any amendments, modifications or waivers of the
provisions hereof (whether or not the transactions contemplated hereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative
Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Guaranty Agreement, including its
rights under this Section, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loans. 

(b) Limitation of Liability. To the extent permitted by applicable law (i) the Guarantor shall not assert, and the Guarantor
hereby waives, any claim against the Administrative Agent, any Arranger, any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising
from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii) no party
hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Guaranty Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided that, nothing in this
Section 14.7(b) shall relieve the Guarantor of any obligation it may have to indemnify an Indemnitee, as provided in Section 14.7(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a
third party. 
 (c) Indemnity. The Guarantor shall indemnify the Administrative Agent, each Arranger, and each Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Guaranty Agreement, any other Loan Document, or any
agreement or instrument contemplated hereby or thereby, (ii) the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby,
(iii) any Loan or the use of the proceeds therefrom, (iv) any actual or alleged 

  
 15 

 
presence or release of Hazardous Materials on or from any property owned or operated by the Guarantor, or any Environmental Liability related in any way to the Guarantor, or (v) any actual
or prospective Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by the Guarantor or its equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted primarily from the gross negligence, bad faith or willful misconduct of such Indemnitee. This Section 14.7(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims
or damages arising from any non-Tax claim. In no event shall the Guarantor be liable for any special, consequential or punitive damages. 

(d) Lender Reimbursement. Each Lender severally agrees to pay any amount required to be paid by the Guarantor under paragraphs (a), (b)
or (c) of this Section 14.7 to the Administrative Agent and each Related Party of any of the foregoing Persons (each, an “Agent-Related Person”) (to the extent not reimbursed by the Guarantor and without limiting
the obligation of the Guarantor to do so), ratably according to their respective Applicable Percentage in effect on the date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments
shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), and agrees to indemnify and hold each Agent-Related Person harmless from and against any and all
Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person
in any way relating to or arising out of the Commitments, this Guaranty Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; provided that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related
Person in its capacity as such; provided further that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted primarily from such Agent-Related Person’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Guaranty Agreement and the payment of the Loans and all
other Guaranteed Obligations. 
 (e) Payments. All amounts due under this Section 14.7 shall be payable promptly after written
demand therefor (and, in any event, not later than thirty (30) days after such demand). 
 Section 14.8
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Guarantor
notifies the Administrative Agent that the Guarantor requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if
the Administrative Agent notifies the Guarantor that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such 

  
 16 

 
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be
made, without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Guarantor “fair value”, as defined therein and (ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal
amount thereof. 
 ARTICLE XV 

WAIVER OF JURY TRIAL. 

Section 15.1 EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

[remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty Agreement to be duly executed and
delivered as of the date and year first above written. 
  

			
	MSG ENTERTAINMENT GROUP, LLC
		
	By:	 	 /s/ Philip D’Ambrosio

		 	Name: Philip D’Ambrosio
		 	Title: Senior Vice President and Treasurer

 [Signature Page Guaranty Agreement] 

 Exhibits 
  

			
	Exhibit A	  	Form of Guarantor Compliance Certificate
	Exhibit B	  	Existing Indebtedness
	Exhibit C	  	Form of Guarantor Account Pledge AgreementEX-10.4

 Exhibit 10.4 

Execution Version 
 PLEDGE
AGREEMENT 
 PLEDGE AGREEMENT dated as of December 22, 2022 (this “Pledge Agreement”), made by MSG ENTERTAINMENT
GROUP, LLC, a Delaware limited liability company (the “Pledgor”), in favor of JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Secured Parties (as defined in the Credit Agreement, as defined below) (the
“Pledgee”). 
 W I T N E S S E T H: 

WHEREAS, MSG Las Vegas, LLC, a Delaware limited liability company (the “Borrower”), is entering into a Credit Agreement of
even date herewith (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) with the lenders from time to time party thereto and the Pledgee, which
provides for the making of term loans (the “Loans”) to the Borrower, which Loans (and other Secured Obligations (as defined below)) shall be secured pursuant to the terms of the Security Documents; 

WHEREAS, the Pledgor is the sole owner of the Borrower; 

WHEREAS, the Pledgor will acquire, upon consummation of the MSG Spin-off Transaction, certain
Class A Shares of MSGE Spinco, Inc., a Delaware corporation, which, in connection with the MSG Spin-off Transaction is expected to be renamed Madison Square Garden Entertainment Corp.
(“MSGEC”); and 
 WHEREAS, in consideration of the extensions of credit and other accommodations of the Pledgee and the
Lenders as set forth in the Credit Agreement, the Pledgor has agreed to pledge and grant the Security Interest (as defined below) in favor of the Pledgee (for the benefit of the Secured Parties) in the rights of the Pledgor in and to the Collateral
(as defined below) to secure the Secured Obligations (as defined in the Credit Agreement) (the “Secured Obligations”) to the extent specifically provided in this Pledge Agreement; 

NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Pledgor hereby agrees with the Pledgee as follows: 
 Section 1. Definitions. 

(a) General Definitions. In this Pledge Agreement, the following terms shall have the following meanings: 

“Borrower Interests” means all of the limited liability company interests issued by the Borrower, including, without
limitation, all limited liability company interests listed on Exhibit A. 
 “Collateral” has the meaning assigned to such
term in Section 2(a). 
 “Contract” means any contract, lease, agreement, covenant, indenture, note, security,
instrument, arrangement, commitment or any other binding understanding, whether written or oral. 
 “Equity Rights” has the
meaning assigned to such term in Section 2(a). 

 “Equity Security” has the meaning ascribed to such term in Rule 405
promulgated under the Securities Act of 1933, as amended (the “Securities Act”) and, in any event, shall also include (i) any capital stock of a corporation, any partnership interest, any limited liability company interest and
any other equity interest; (ii) any security or Indebtedness having the attendant right to vote for directors or similar representatives; (iii) any security or right convertible into, exchangeable for, or evidencing the right to subscribe
for any such stock, equity interest, security or Indebtedness referred to in clause (i) or (ii); (iv) any stock appreciation right, contingent value right or similar security or right that is derivative of any such stock, equity interest,
security or Indebtedness referred to in clause (i), (ii) or (iii); and (v) any Contract to grant, issue, award, convey or sell any of the foregoing. 

“First Priority” means with respect to any Lien purported to be created in any Collateral, that such Lien is the only Lien to
which such Collateral is subject, other than any Permitted Encumbrances. 
 “Marketable Securities” means securities
(y) listed on a national securities exchange or traded on the NASDAQ Global Market and (z) beneficially owned by the Pledgor that are not then subject to, or otherwise encumbered by, any underwriter’s
“lock-up” or similar agreement, or, except for the Lien granted hereunder, any other type of Lien. 

“MSGEC Interests” means all of the Pledgor’s Equity Securities issued by MSGEC, including, without limitation, all
limited liability company interests listed on Exhibit A (as updated from time to time). 
 “Options” means, with respect to
any Equity Security, any other Equity Security or obligation which is by its terms, directly or indirectly, convertible into or exchangeable or exercisable for such Equity Security. 

“Liquidity Covenant Reduction Date” means the later of (1) the Substantial Completion Date, and (2) the date on
which the Borrower provides the Administrative Agent a certificate signed by a Responsible Officer of the Borrower confirming that the external LEDs, internal LEDs and audio systems of the MSG Sphere are operational and ready to be used in live,
immersive events substantially in accordance with the LED Contract. 
 “Pledged Interests” has the meaning assigned to such
term in Section 2(a)(iv). 
 “Security Interest” has the meaning assigned to such term in Section 2(a). 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or, when the context implies,
the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction. 
 (b) Definitions;
Interpretation. All capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement or, if not defined therein, in the UCC. The rules of
construction specified in Section 1.03 of the Credit Agreement also apply to this Pledge Agreement, mutatis mutandis. 

  
 2 

 Section 2. Pledge and Grant of Security. 

(a) The Pledgor hereby grants to the Pledgee, for the benefit of the Secured Parties, a perfected and First Priority security
interest in and continuing Lien on (the “Security Interest”) all of the Pledgor’s right, title and interest in the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of
which being hereinafter collectively referred to as the “Collateral”): 
 (i) the Borrower Interests (and any
certificates representing the Borrower Interests); 
 (ii) the MSGEC Interests (and any certificates representing the MSGEC
Interests); 
 (iii) all direct and indirect rights (including, without limitation, general intangibles) and benefits of the
Pledgor, as a member of the Borrower and owner of Equity Securities issued by MSGEC, including, but not limited to, all rights of the Pledgor under any limited liability company agreement, operating agreement,
by-laws, shareholder agreement or similar agreement related to the Borrower Interests or the MSGEC Interests (collectively, the “Equity Rights”); 

(iv) all rights to receive profits, capital distributions, surplus, income, commissions, fees, dividends, distributions or
other income and all splits, Options, warrants, issues, collections or distributions, whether in the form of cash or other assets of any kind whatsoever (including, without limitation, Equity Securities, property, interests, Options or rights in
substitution of, or in exchange for, any Borrower Interests, MSGEC Interests or Equity Rights), in respect of the Borrower Interests, MSGEC Interests or the Equity Rights, by means of distribution, payment, exchange or other method of any kind
whatsoever (including, without limitation, upon the liquidation, dissolution or distribution of capital of the issuer thereof, the recapitalization or reclassification of the capital of the issuer or the reorganization of the issuer); 

(v) all additional Borrower Interests and MSGEC Interests (and any certificates representing the Borrower Interests and the
MSGEC Interests) from time to time acquired by, or issued to, the Pledgor after the date hereof, including, without limitation, any such Borrower Interests and MSGEC Interests received by the Pledgor in connection with any dividends or distributions
made in respect of the Borrower Interests or the MSGEC Interests (clauses (i), (ii), (iii), (iv) and (v), the “Pledged Interests”); and 

(vi) any and all proceeds of any of the Pledged Interests. 

(b) If any Equity Security or other property (in each case, that would constitute Collateral) that is required to be delivered
to the Pledgee pursuant to Section 4 is received by the Pledgor, then, without limiting any of the Pledgee’s other rights and remedies, such Equity Security or other property shall be received in trust for the benefit of the Pledgee, be
segregated from the other property or funds of the Pledgor, and be promptly delivered to the Pledgee as Collateral in the same form as so received (with any necessary endorsements). 

  
 3 

 (c) Subject to Section 7(b), all funds and property received by the
Pledgee that constitute Collateral shall be held by the Pledgee in accordance with the following: 
 (i) all such funds and
property shall be segregated from the other property of the Pledgee; 
 (ii) all such funds shall be invested only in
standard money market funds or U.S. Treasury bills (with all income thereon being held as additional Collateral); and 

(iii) all such funds and property shall, at the written request of the Pledgor, be used to satisfy any or all of the Secured
Obligations. 
 Section 3. Security for Secured Obligations. 

(a) This Pledge Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or
performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including, without limitation, the payment of amounts that would become due but for the operation of the automatic stay
under Section 362(a) of the Bankruptcy Code, 11 U.S.C. (and any successor provision thereof)), of the Secured Obligations. 

(b) Notwithstanding anything herein to the contrary, until such time as the Pledgee forecloses on the Collateral (i) the
Pledgor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Pledgee, (ii) the Pledgor shall remain liable under each of the agreements included in the
Collateral to which it is a party, including, without limitation, any agreements relating to its Pledged Interests, to perform all of the obligations undertaken by the Pledgor thereunder all in accordance with and pursuant to the terms and
provisions thereof and the Pledgee shall not have any obligation or liability under any of such agreements by reason of or arising out of this Pledge Agreement or any other document related thereto nor shall the Pledgee have any obligation to make
any inquiry as to the nature or sufficiency of any payment received by the Pledgee or have any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any
agreements relating to the Pledged Interests, and (iii) the exercise by the Pledgee of any of its rights hereunder (other than the foreclosure upon the Collateral) shall not release the Pledgor from any of its duties or obligations under the
contracts and agreements included in the Collateral it owns. 
 Section 4. Delivery of Certificates and
Instruments. 
 (a) The Pledgor agrees to deliver or cause to be delivered to the Pledgee certificates, if any, or other
instruments evidencing any and all Pledged Interests (other than Pledged Interests issued by limited liability companies that are not certificated pursuant to the last sentence of this Section 4(a)) (i) on the date hereof, in the case of any
such Pledged Interests owned by the Pledgor on the date hereof, and (ii) promptly after the acquisition thereof, in the case of any such Pledged Interests acquired by the Pledgor after the
date of this Pledge Agreement. The Pledgor acknowledges and agrees that (i) to the extent any interest in any limited liability company controlled now or in the future by the Pledgor and pledged

  
 4 

 
hereunder is a “security” within the meaning of Article 8 of the UCC and is governed by Article 8 of the UCC, such interest shall be certificated; and such certificate shall be
delivered to the Pledgee in accordance with this Section 4(a) and (ii) each such interest shall at all times hereafter continue to be such a security and represented by such certificate. The Pledgor further acknowledges and agrees that
with respect to any interest in any limited liability company controlled now or in the future by the Pledgor and pledged hereunder that is not a “security” within the meaning of Article 8 of the UCC, the terms of such interest shall at no
time provide that such interest is a “security” within the meaning of Article 8 of the UCC, nor shall such interest be represented by a certificate, unless the Pledgor provides prior written notification to the Pledgee that the terms of
such interest so provide that such interest is a “security” within the meaning of Article 8 of the UCC and such interest is thereafter represented by a certificate; and such certificate shall be delivered to the Pledgee in accordance with
this Section 4(a). 
 (b) Upon delivery to the Pledgee, any Pledged Interests evidenced by certificates shall be
accompanied by undated powers duly executed by the Pledgor in blank or other undated instruments of transfer reasonably satisfactory to the Pledgee and such other instruments and documents as the Pledgee may reasonably request. Each delivery of
Pledged Interests after the date hereof shall be accompanied by a schedule providing the information required by Exhibit A with respect to such Pledged Interest; provided that failure to attach any such schedule hereto shall not affect the
validity of such pledge of such Pledged Interest. Each schedule so delivered after the date hereof shall be deemed attached hereto and made a part hereof as a supplement to Exhibit A and any prior schedules so delivered. 

Section 5. Representations and Warranties. The Pledgor represents and warrants that: 

(a) Organization; Power and Authority. The Pledgor (a) is duly organized or formed, validly existing and in good
standing under the laws of Delaware, (b) has all power and authority and all Governmental Approvals required for the ownership and operation of its properties and the conduct of its business as now conducted and as proposed to be conducted and
(c) is qualified to do business, and is in good standing, in every jurisdiction where such qualification is required, except in the case of clauses (b) and (c) where the failure to do so, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect. 
 (b) Authorization, Etc. This Pledge Agreement is
within the Pledgor’s limited liability company powers and has been duly authorized by all necessary limited liability company or other organizational and, if required, membership, beneficial ownership or other equityholder action of the
Pledgor. This Pledge Agreement has been duly executed and delivered by the Pledgor and constitutes, when executed and delivered by the Pledgor, a legal, valid and binding obligation of the Pledgor, enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
 5 

 (c) Governmental and Other Approvals; Absence of Conflicts. This
Pledge Agreement (a) does not require any consent or approval of, registration or filing with or any other action by any Governmental Authority, except such as have been obtained or made and are in full force and effect or will be obtained and
will be in full force and effect as and when required, (b) do not require any consent or approval of any Person party to any agreement or instrument binding upon the Pledgor, except such as have been obtained or made and are in full force and
effect, or will be obtained and will be in full force and effect as and when required, (c) will not violate any applicable law, including any order of any Governmental Authority, (d) will not violate the charter, by-laws or other organizational documents of the Pledgor, (e) will not violate or result (alone or with notice or lapse of time, or both) in a default under any indenture or other agreement or instrument
binding upon the Pledgor or any of its assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by the Pledgors, or give rise to a right of, or result in, any termination, cancellation, acceleration or
right of renegotiation of any obligation thereunder (other than violations that, singly or in the aggregate, have not had and are not likely to have a Material Adverse Effect), and (f) except for Liens created under the Loan Documents, will not
result in the creation or imposition of any Lien on any asset of the Pledgor. 
 (d) Perfected Security Interest. This
Pledge Agreement, upon execution and delivery thereof by the parties hereto, will create in favor of the Pledgee, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral and (i) when the Collateral
constituting certificated securities (as defined in the UCC) is delivered to the Pledgee, together with instruments of transfer duly endorsed in blank, the Security Interest will constitute a fully perfected security interest in all right, title and
interest of the Pledgor in the Collateral, prior and superior in right to any other Person other than any Permitted Encumbrances, and (ii) when financing statements in appropriate form are filed in the applicable filing office, the Security
Interest will constitute a fully perfected security interest in all right, title and interest of the Pledgor in the Collateral to the extent perfection can be obtained by filing UCC financing statements, prior and superior to the rights of any other
Person, other than any Permitted Encumbrances. 
 Section 6. Further Assurances, Etc. 

(a) At any time and from time to time, at the cost and expense of the Pledgor, the Pledgor shall promptly execute and deliver
all further instruments and documents, and take all further action, that may be reasonably necessary in order to perfect and protect the First Priority Security Interest granted hereby or to enable the Pledgee to exercise and enforce its rights and
remedies hereunder with respect to any of the Collateral. Without limiting the foregoing, the Pledgor hereby authorizes the Pledgee to, and agrees promptly to execute and deliver all documents necessary to enable the Pledgee to, make all filings in
respect of the Collateral that may, from time to time, be necessary or appropriate, or that the Pledgee may reasonably request, including, without limitation, all necessary UCC financing statements. In furtherance of the foregoing, the Pledgor
hereby irrevocably appoints the Pledgee as the Pledgor’s attorney-in-fact and proxy, with full authority in the place and stead of the Pledgor and in the name of
the Pledgor or otherwise, from time to time, so long as an Event of Default has occurred and is continuing, in the Pledgee’s discretion exercised reasonably, to take any action and to execute any instrument which the Pledgee may deem necessary
or advisable to perform any obligations of the Pledgor under this Pledge Agreement, including, without limitation, to receive, indorse and collect all instruments made payable to the Pledgor representing any dividend, interest payment or other
distribution in respect of any of the Collateral and to give full discharge for the same; provided, however, that so long as no Event of Default has occurred and is continuing, nothing contained in this Section 6(a) shall impair,
restrict or preclude the Pledgor from exercising its rights in and to the Collateral in accordance with the terms and conditions contained herein. 

  
 6 

 (b) The Pledgor agrees to defend the title to the Collateral and the
Security Interest of the Pledgee against the claims of any other Person and to maintain and preserve the Security Interest of the Pledgee. 

(c) Unless an Event of Default has occurred and is continuing, and so long as the exercise of the rights referred to in this
Section 6(c) by the Pledgor does not create an Event of Default, the Pledgee, at the cost and expense of the Pledgor, shall promptly execute or authenticate and deliver all instruments and documents, and take all further action, that may be
necessary or required, or that the Pledgor may reasonably request, in order to enable the Pledgor to exercise and enforce its rights hereunder with respect to any of the Collateral. If the Pledgee receives any cash or other property in which the
Pledgor has any right, title or interest that is not Collateral, the Pledgee shall promptly deliver such cash or other property to the Pledgor in the same form received and, if necessary for effective transfer, accompanied by duly executed
instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Pledgor. 
 Section 7.
Voting and Other Consensual Rights; Cash Distributions; Event of Default. 
 (a) Unless and until an Event of Default shall have
occurred and be continuing: 
 (i) The Pledgor shall be entitled to exercise or refrain from exercising any and all voting
and/or other consensual rights and powers inuring to an owner of Collateral or any part thereof for any purpose consistent with the terms of this Pledge Agreement and the other Loan Documents. 

(ii) The Pledgee shall promptly execute and deliver to the Pledgor, or cause to be executed and delivered to the Pledgor, at
the cost and expense of the Pledgor, all such proxies, powers of attorney and other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise or refrain from exercising the voting and/or consensual rights
and powers that it is entitled to exercise pursuant to Section 7(a)(i) and to receive the dividends, distributions and other amounts in respect of the Collateral it is entitled to receive pursuant to
Section 7(a)(iii). 
 (iii) The Pledgor shall be entitled to receive and retain any and all
dividends, distributions and other amounts paid in respect of the Collateral. 
 (b) Upon the occurrence and during the continuance of an
Event of Default, and upon prior written notice from the Pledgee to the Pledgor of Pledgee’s intention to exercise its right pursuant to this Section 7(b) (unless an Event of Default under Section 7.01(a), (h) or (i) of the
Credit Agreement has occurred and is then continuing, in which case no such notice shall be required), all rights of the Pledgor to dividends, distributions and other amounts payable in respect of the Collateral that the Pledgor is entitled to
receive pursuant to Section 7(a)(iii) shall cease, and all such rights shall thereupon become vested in the Pledgee (for the benefit of the Secured Parties), which shall have the sole and exclusive right and authority (for the benefit of the
Secured Parties) to receive and retain such dividends, distributions and other amounts. All dividends, distributions and other 

  
 7 

 
amounts received by the Pledgor contrary to the provisions of this Section 7 shall be held in trust for the benefit of the Pledgee (for the benefit of the Secured Parties), shall be
segregated from other property or funds of the Pledgor, and shall be forthwith delivered to the Pledgee in the same form as so received (with any necessary or requested endorsement). Any and all money and other property paid over to or received by
the Pledgee pursuant to the provisions of this Section 7(b) shall be retained by the Pledgee in an account to be established by the Pledgee upon receipt of such money or other property and shall be applied in accordance with the provisions of
Section 11. Promptly, and in all events within ten (10) Business Days, after all Events of Default have been cured or waived in accordance with the terms of the Loan Documents, the Pledgee shall repay to the Pledgor (without interest) all
dividends, distributions or other amounts that the Pledgor would otherwise be permitted to retain pursuant to the terms of Section 7(a)(iii) in the absence of any Event of Default and that remain in such account, and the Pledgor’s right to
receive and retain any and all such dividends, distributions and other amounts paid on or distributed in respect of the Collateral pursuant to Section 7(a)(ii) hereof shall be automatically reinstated. 

(c) Upon the occurrence and during the continuance of an Event of Default, and upon prior written notice from the Pledgee to the Pledgor of
the Pledgee’s intention to exercise its right pursuant to this Section 7(c) (unless an Event of Default under Section 7.01(a), (h) or (i) of the Credit Agreement has occurred and is then continuing, in which case no such notice
shall be required), all rights of the Pledgor to exercise the voting and/or other consensual rights and powers that the Pledgor is entitled to exercise pursuant to Section 7(a)(i), and the obligations of the Pledgee under Section 7(a)(ii),
shall cease, and all such rights shall thereupon become vested in the Pledgee (for the benefit of the Secured Parties), which shall have the sole and exclusive right and authority (for the benefit of the Secured Parties) to exercise such voting and
consensual rights and powers. After all Events of Default are no longer continuing, the Pledgee shall no longer have such right and authority to exercise such voting and consensual rights and powers (unless and until a subsequent Event of Default
shall have occurred and be continuing) and the Pledgor shall be entitled to exercise the voting and/or other consensual rights and powers described in paragraph (a) above. 

Section 8. Transfers and Other Liens. Prior to the Liquidity Covenant Reduction Date, the Pledgor shall not, without the prior
written consent of the Pledgee, (i) sell, transfer, assign, exclusively license or otherwise dispose of, or grant any option with respect to, any of the Collateral (unless, concurrently with the consummation of any such transaction, the Secured
Obligations are satisfied in full (other than inchoate indemnification obligations that expressly survive termination of the Loan Documents)) or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral, except for
the Security Interest of the Pledgee and Permitted Encumbrances; provided that the Pledgor may dispose of all or any portion of the MSGEC Interests so long as 100% of the Net Proceeds of such disposition are deposited into the deposit account that
has been pledged to the Pledgee pursuant to the Guarantor Account Pledge Agreement; provided further, that at any time when the balance in such pledged account is equal to or in excess of $275,000,000 (or, in the event of any prior partial
prepayment of the Loan, such lesser amount that equals the then outstanding principal balance of the Loan), the Pledgor shall be permitted to dispose of all or any portion of the MSGEC Interests without so depositing the proceeds thereof into such
account. Unless an Event of Default has occurred and is continuing, and so long as the exercise of the rights by the Pledgor referred to in this Section 8 does not create an Event of Default, the Pledgee, at the cost and expense of the Pledgor,
shall promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Pledgor may reasonably request, in order to permit the Pledgor to exercise its rights under this
Section 8. 

  
 8 

 Section 9. Pledgee May Perform. If the Pledgor fails to perform any agreement
contained herein, the Pledgee may itself perform, or cause performance of, such agreement, and the documented out-of-pocket expenses of the Pledgee incurred in
connection therewith shall be payable by the Pledgor and shall be included in the Secured Obligations secured hereby. 
 Section 10.
Reasonable Care. The Pledgee shall exercise reasonable care in the custody and preservation of the Collateral. The Pledgee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if the Collateral is accorded treatment substantially equal to that which the Pledgee accords its own property. Other than the exercise of reasonable care to assure the safe custody of the Collateral while held hereunder, and except for the
Pledgee’s gross negligence, bad faith or willful misconduct with respect to all matters hereunder (the absence of which shall be presumed unless otherwise determined in a final nonappealable judgment of a court of competent jurisdiction), the
Pledgee shall have no duty or liability to preserve rights pertaining thereto and shall be relieved of all responsibility for the Collateral upon surrendering it or tendering it to the Pledgor. 

Section 11. Remedies upon Default. If an Event of Default shall have occurred and be continuing: 

(a) The Pledgee may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, all the rights and
remedies of a secured party after default under the UCC in effect at that time, and the Pledgee may, subject to the final paragraph of this Section 11, also proceed by a suit at law or in equity to foreclose this Pledge Agreement and, subject
to the terms of the organizational documents of the Borrower, to sell the Collateral or any portion thereof whether, pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed
receiver at a public or private sale, at any exchange, broker’s board or otherwise or at any office of the Pledgee or elsewhere, for cash, on credit or for future delivery and upon such other terms as the Pledgee may deem commercially
reasonable. The parties hereby agree that nothing herein shall prohibit the Pledgee from purchasing any of the Collateral pursuant to such sale. 

(b) The Pledgor recognizes that, during the period the Pledged Interests are not Marketable Securities, it may be impracticable to effect a
public sale of all or any part of the Pledged Interests and that the Pledgee may, therefore, determine to make one or more private sales of any such securities to a restricted group of purchasers who will be obligated to agree, among other things,
to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges that any such private sale may be at prices and on terms less favorable to the seller than the
prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sales shall be deemed to have been made in a commercially reasonable manner and that the Pledgee shall have no
obligation to delay sale of any such securities for the period of time necessary to permit the issuer of such securities to register such securities for public sale under the Securities Act. The Pledgor further acknowledges and agrees that any offer
to sell such securities which has been (i) publicly advertised on a bona fide basis in a newspaper or other publication of general circulation in the financial community of New York, New York (to the extent that such an offer may be so
advertised without prior registration under the Securities Act) or (ii) made privately in the manner described above to not less than ten (10) bona fide offerees shall, in each case be deemed to involve a “public sale” for
the purposes of the UCC (or any successor or similar, applicable statutory provision) as then in effect, notwithstanding that such sale may not constitute a “public offering” under the Securities

  
 9 

 
Act, and that the Pledgee may, in such event, bid for the purchase of such securities. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten
(10) calendar days’ notice to the Pledgor of the time and place of any public sale or the time after which a private sale is to be made shall constitute reasonable notification. The Pledgee shall not be obligated to make any sale of
Collateral regardless of notice of sale having been given. The Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefore, and such sale may, without further notice, be made at the time and
place to which it was so adjourned. 
 (c) Any cash held by the Pledgee as Collateral and all cash proceeds received by the Pledgee in
respect of any sale of, collection from, or other realization upon all or any part of the Collateral (including, without limitation, any investment income thereon) shall be applied by the Pledgee pursuant to the terms of Section 5.02 of the
Security Agreement. 
 (d) Pledgee shall have the right to request the NBA provide its written approval of a Foreclosure (as defined in the
NBA Consent) of the MSGEC Collateral (as defined in the NBA Consent). In the event the NBA shall fail to approve such Foreclosure within thirty (30) days of such request, the Pledgor shall, until such time as the Pledgee has notified the
Pledgor that no further sales of the MSGEC Interests are required, (i) sell that portion of the MSGEC Interests in an amount equal to the lesser of (x) the Release Price (as defined in the NBA Consent) and (y) the amount of the
Guaranteed Obligations (as defined in the Guaranty Agreement) then owed to the Secured Parties under the Loan Documents in equal 1/6th installments over the next six (6) consecutive calendar months and (ii) apply the proceeds of such sales
of the MSGEC Interests to repay the Guaranteed Obligations in full. 
 (e) Notwithstanding anything to the contrary in this Section 11
or any of the other provisions hereof, it is acknowledged and agreed, in each case solely with respect to the MSGEC Interests, that (A) the exercise by the Administrative Agent or any Secured Party (whether through the Administrative Agent or
otherwise) of any rights or remedies hereunder will be made in accordance with, and subject to, the terms of the NBA Consent, the terms, conditions and provisions of which each of the Pledgor, the Administrative Agent and each Secured Party has
accepted as reasonable and appropriate, (B) each of the provisions of this Agreement shall be subject to the terms of the NBA Consent and (C) in the event of any conflict between the terms of the NBA Consent, on the one hand, and the terms
of this Agreement, on the other hand, the terms of the NBA Consent will control. Each Secured Party shall be deemed irrevocably to authorize the Administrative Agent to execute, deliver and perform on its behalf the (i) NBA Consent and
(ii) all amendments, modifications, extensions, waivers, other acts in connection with the NBA Consent if the Administrative Agent determines, in its reasonable discretion, that any such amendment, modification, extension, waiver or other act
in connection with the NBA Consent is not material and will not adversely affect the rights of the Secured Parties. 
 Notwithstanding the
foregoing provisions of this Section 11 or any other provision contained in this Pledge Agreement relating to the Pledgee’s rights and remedies in connection with an Event of Default, upon the occurrence and during the continuance of an
Event of Default, the Borrower may pay in cash to the Pledgee the then full outstanding amount of the Secured Obligations, which upon receipt of such cash the Security Interest shall be released pursuant to Section 14. 

Section 12. Survival of Representations and Warranties. All agreements, representations and warranties made herein shall survive
the execution and delivery of this Pledge Agreement. 

  
 10 

 Section 13. Notices. All notices and other communications provided for hereunder
shall be in writing, delivered to the address set forth below, and delivered as set forth in, the Credit Agreement: 
 Pledgor: 

MSG ENTERTAINMENT GROUP, LLC 
 2
Penn Plaza 
 New York, New York 10121 

Attention of General Counsel (Phone: (212) 465-6454) 

Email: Jamal.Haughton@msg.com) 

with copies to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 Attention: Ralston W. Turbeville (Phone (212) 558-4000) 

Email: TurbevilleR@sullcrom.com 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 Attention: Robert W. Downes (Phone (212) 558-4000) 

Email: DownesR@sullcrom.com 

Pledgee: 
 JPMorgan Chase
Bank, National Association, as Administrative Agent 
 383 Madison Avenue, 3rd Floor

 Mail Code NY1-M165 

New York, New York 10179 
 Attn:
James Millard / Shawn Laljit / Ashish Patel 
 Email: james.g.millard@jpmorgan.com, shawn.laljit@jpmorgan.com, 

ashish.patel@jpmchase.com 

with a copy to: 

Winston & Strawn LLP 

200 Park Avenue 
 New York, NY
10166-4193 
 Attn: Alan S. Hoffman, Esq. 

Email: ahoffman@winston.com 
 Any
party hereto may change its address or email address for notices and other communications hereunder by notice to the other parties hereto. 

  
 11 

 Section 14. Continuing Security Interest in Collateral; Release of Collateral.

 (a) This Pledge Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect
until the all the Secured Obligations have been paid in cash in full and the Lender’s Commitments under the Credit Agreement have been terminated or expired; (ii) be binding upon the Pledgor and the Pledgee and their respective permitted
successors, transferees and assigns; and (iii) inure, together with the rights and remedies hereunder, to the benefit of and be enforceable by the Pledgee and the Pledgor and their respective permitted successors, transferees and assigns. The
Pledgor shall not have any right to assign or otherwise transfer its rights or obligations under this Pledge Agreement without the prior written consent of the other party hereto. 

(b) When all the Secured Obligations have been paid in cash in full and the Lender’s Commitments under the Credit Agreement have been
terminated or expired, all security interests granted by this Pledge Agreement shall be automatically terminated and released without any further action by any Secured Party or any other Person. Upon such termination and release, the Pledgee shall
(i) release and return to the Pledgor the Collateral free and clear of the Security Interest; (ii) release and return to the Pledgor any certificates or instruments representing or evidencing such released Collateral (including any
instruments of transfer or assignments in blank delivered by the Pledgor); and (iii) terminate or amend, or authorize the Pledgor or its designee to terminate or amend, any filings (including financing statements) made pursuant to the UCC with
respect to such released Collateral. The MSGEC Interests shall be automatically released from the security interest granted hereunder upon the earliest of (x) a disposition thereof in accordance with Section 8 hereof, (y) the
Liquidity Covenant Reduction Date and (z) all the Secured Obligations having been paid in cash in full and, upon or following such automatic release, the Pledgee agrees at the request and cost of the Pledgor to take the actions described in the
immediately preceding sentence with respect to the MSGEC Interests to effectuate such release. 
 Section 15. Covenants of the
Pledgor. 
 (a) The Pledgor will furnish to the Pledgee prompt written notice (i) of any change in the legal name of the Pledgor,
as set forth in its organizational documents, (ii) of any change in the jurisdiction of organization or the form of organization of the Pledgor (including, without limitation, as a result of any merger, amalgamation or consolidation), (iii) of
any change in the organizational identification number, if any, or, with respect to the Pledgor organized under the laws of a jurisdiction that requires such information to be set forth on the face of a UCC financing statement, the Federal Taxpayer
Identification Number of the Pledgor, or (iv) of the consummation of the MSG Spin-off Transaction. The Pledgor agrees not to effect or permit any change referred to in the preceding sentence unless all
filings have been made under the UCC or otherwise that are required in order for the Pledgee to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral and, in the case of the MSG Spin-off Transaction, the Pledgor has delivered to the Pledgee a duly executed Pledge Supplement in the form attached hereto as Exhibit B with respect to the shares in MSGEC acquired by the Pledgor in connection
with the MSG Spin-off Transaction. The Pledgor will furnish to Pledgee written notice of a change of the location of the chief executive office of the Pledgor within 30 days of such change. 

(b) The Pledgor will maintain in effect and enforce policies and procedures designed to ensure compliance by the Pledgor and its directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

  
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 Section 16. Governing Law; Consent to Jurisdiction. 

(a) This Pledge Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 

(b) The Pledgor hereby irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of the Supreme Court of the
State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Pledge Agreement or
any other Loan Document, or for recognition or enforcement of any judgment, and the Pledgor hereby irrevocably and unconditionally agrees that all claims arising out of or relating to this Pledge Agreement or any other Loan Document brought by it
shall be brought, and shall be heard and determined, exclusively in such New York State or, to the extent permitted by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Pledge Agreement shall affect any right that the Pledgee may otherwise have to bring any action or proceeding
relating to this Pledge Agreement or any other Loan Document against the Pledgor or any of its properties in the courts of any jurisdiction. 

(c) The Pledgor hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Pledge Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. The Pledgor hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) The Pledgor irrevocably consents to service of process in the manner provided for notices in Section 13. Nothing in this Pledge
Agreement or any other Loan Document will affect the right of any party to this Pledge Agreement to serve process in any other manner permitted by law. 

Section 17. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS PLEDGE AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 18. Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies.
This Pledge Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the Pledgor and the Pledgee or, in the case of a waiver, by the party against whom the waiver
is to be enforced. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege, nor any single or
partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or
remedies that any party may otherwise have at law or in equity. 

  
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 Section 19. Counterparts. This Pledge Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original, but both such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this
Pledge Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Pledge Agreement. 

Section 20. Headings. The headings in this Pledge Agreement are for reference only, and shall not affect the interpretation of
this Pledge Agreement 
 Section 21. Severability of Provisions. Any provision of this Pledge Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 22. No Fiduciary Relationship. The Pledgor, on behalf of itself and its Affiliates, agrees that in connection with all
aspects of the transactions contemplated hereby and any communications in connection therewith, the Pledgor and the Borrower, on the one hand, and the Pledgee, the Lenders and their Affiliates, on the other hand, will have a business relationship
that does not create, by implication or otherwise, any fiduciary duty on the part of the Pledgee, the Lenders or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. The
Pledgee, the Lenders and their Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Pledgor, the Borrower, and their Affiliates, and
none of the Pledgee, the Lenders or their Affiliates has any obligation to disclose any of such interests to the Pledgor, the Borrower, or any of their Affiliates. To the fullest extent permitted by law, the Pledgor hereby agrees not to assert, and
hereby irrevocably waives and releases, any claims that it may have against the Pledgee, the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby. 
 [Remainder of page intentionally left blank; signature page to follow] 

  
 14 

 IN WITNESS WHEREOF, the undersigned, as the Pledgor hereunder, have duly caused the
execution and delivery of this Pledge Agreement on the date first above written. 
  

					
	MSG ENTERTAINMENT GROUP, LLC,
	as Pledgor
		
	By:	 	 /s/ Philip D’Ambrosio

		 	Name: Philip D’Ambrosio
		 	Title: Senior Vice President and Treasurer

 Accepted and Agreed: 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent, 

as Pledgee 
  

			
	By:	 	 /s/ James G. Millard

		 	Name: James G. Millard
		 	Title: Executive Director

  
 16 

 Exhibits 

Exhibit A     Collateral Identification 

Exhibit B     Pledge Supplement 

  
 17

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