SEC Contract Filing

Filing Date: 2023-04-24

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>10
<FILENAME>d461401dex104.htm
<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit 10.4 </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">AMENDMENT NO. 1
TO CREDIT AGREEMENT AND WAIVER dated as of April&nbsp;18, 2023 (this &#147;<U>Amendment</U>&#148;), among MSG NATIONAL PROPERTIES, LLC, a Delaware limited liability company (the &#147;<U>Company</U>&#148;), the GUARANTORS party hereto, the LENDERS
party hereto and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the &#147;<U>Administrative Agent</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Reference is made to the Credit Agreement dated as of June&nbsp;30, 2022 (as amended, supplemented or otherwise modified from time to time
prior to the date hereof, the &#147;<U>Existing Credit Agreement</U>&#148;, and the Existing Credit Agreement as amended by this Amendment, the &#147;<U>Amended Credit Agreement</U>&#148;), among the Company, the Guarantors party thereto, the
Lenders and L/C Issuers party thereto and the Administrative Agent. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Existing Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s indirect parent company, Madison Square Garden Entertainment Corp. (to be renamed Sphere Entertainment Co.), has determined
to separate its traditional live entertainment business from the Company&#146;s Sphere, MSG Networks and Tao Group Hospitality businesses through a <FONT STYLE="white-space:nowrap">tax-free</FONT> distribution of the live entertainment business (the
&#147;<U><FONT STYLE="white-space:nowrap">Spin-Off</FONT></U>&#148;). The Company and certain of its Subsidiaries and other Affiliates will effectuate certain reorganization transactions in connection with the
<FONT STYLE="white-space:nowrap">Spin-Off</FONT> pursuant to the Contribution Agreement by and among Madison Square Garden Entertainment Corp., MSGE Spinco, Inc. and MSG Entertainment Group, LLC, dated March&nbsp;29, 2023, through a series of
restructuring steps described therein (in the form provided to the Lenders and the Administrative Agent on or prior to the date of this Amendment, the &#147;<U>Contribution Agreement</U>&#148;), pursuant to which, among other transactions, MSG
Entertainment Group, LLC, a Delaware limited liability company (&#147;<U>Old Parent</U>&#148;), will assign 100% of its equity interests in the Company to MSG Entertainment Holdings, LLC, a Delaware limited liability company (&#147;<U>New
Parent</U>&#148;) (such transactions, as described in <U>Annex A</U> attached hereto, the &#147;<U>Restructuring Transactions</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has requested, and the Administrative Agent and the Lenders party hereto (constituting each Lender party to the Existing Credit
Agreement) agree, in accordance with Section&nbsp;10.01 of the Existing Credit Agreement, to (a)&nbsp;amend the Existing Credit Agreement and the other Loan Documents specified herein and (b)&nbsp;waive any Default or Event of Default specified
herein that may result from the Restructuring Transactions, in each case, upon the terms and subject to the conditions set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Subject to the satisfaction of the conditions to effectiveness set forth in Section&nbsp;5 hereof, effective as of the Amendment Effective
Date (as defined below), notwithstanding anything to the contrary in the Existing Credit Agreement and the other Loan Documents, the Lenders party hereto (constituting each Lender party to the Existing Credit Agreement) hereby acknowledge and agree
that the Restructuring Transactions shall be permitted for all purposes under the Loan Documents and, in connection with the Restructuring Transactions, to the extent </P>
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the actions set forth on <U>Annex A</U> or other actions reasonably related thereto occur on or prior to the Amendment Effective Date or within five (5)&nbsp;Business Days thereafter, and such
actions would be considered a Default or an Event of Default, such Lenders hereby waive any such Default or Event of Default, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendment to Credit Agreement</U></B>. Subject to the satisfaction of the
conditions to eff