<SEC-DOCUMENT>0001193125-24-283134.txt : 20241220
<SEC-HEADER>0001193125-24-283134.hdr.sgml : 20241220
<ACCEPTANCE-DATETIME>20241220161758
ACCESSION NUMBER:		0001193125-24-283134
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20241220
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20241220
DATE AS OF CHANGE:		20241220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sphere Entertainment Co.
		CENTRAL INDEX KEY:			0001795250
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				843755666
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39245
		FILM NUMBER:		241568198

	BUSINESS ADDRESS:	
		STREET 1:		TWO PENNSYLVANIA PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10121
		BUSINESS PHONE:		(212) 465-6000

	MAIL ADDRESS:	
		STREET 1:		TWO PENNSYLVANIA PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Madison Square Garden Entertainment Corp.
		DATE OF NAME CHANGE:	20200417

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MSG ENTERTAINMENT SPINCO, INC.
		DATE OF NAME CHANGE:	20191126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to <span style="white-space:nowrap">Rule&#160;14a-12&#160;under</span> the Exchange Act (17 <span style="white-space:nowrap">CFR&#160;240.14a-12).</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement&#160;communications</span> pursuant to <span style="white-space:nowrap">Rule&#160;14d-2(b)&#160;under</span> the Exchange Act (17 <span style="white-space:nowrap"><span style="white-space:nowrap">CFR&#160;240-14d-2(b)).</span></span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement&#160;communications</span> pursuant to <span style="white-space:nowrap">Rule&#160;13e-4(c)&#160;under</span> the Exchange Act (17 <span style="white-space:nowrap"><span style="white-space:nowrap">CFR&#160;240-13e-4(c)).</span></span></p></td></tr></table> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of each class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Symbol(s)</p></td>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of Each Exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on Which Registered</p></td></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2024-12-20_to_2024-12-20" id="ixv-274">SPHR</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2024-12-20_to_2024-12-20" format="ixt-sec:exchnameen" id="ixv-275">New York Stock Exchange</ix:nonNumeric></td></tr></table> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or <span style="white-space:nowrap">Rule&#160;12b-2&#160;of</span> the Securities Exchange Act of 1934 <span style="white-space:nowrap">(&#167;240.12b-2&#160;of</span> this chapter).</p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&#8194;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2024-12-20_to_2024-12-20" format="ixt-sec:boolballotbox" id="ixv-276">&#9744;</ix:nonNumeric></p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#8194;&#9744;</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p></div></div>

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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#8201;1.01.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry into a Material Definitive Agreement. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As previously reported, on October&#160;11, 2024, MSGN Holdings L.P. (&#8220;MSGN L.P.&#8221;), an indirect wholly owned subsidiary of Sphere Entertainment Co. (the &#8220;Company&#8221;), the guarantors identified therein (the &#8220;Guarantors&#8221;), JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the &#8220;Supporting Lenders&#8221;) entered into a Forbearance Agreement (the &#8220;Forbearance Agreement&#8221;) pursuant to which the Supporting Lenders agreed, subject to the terms of the Forbearance Agreement, to forbear, during the Forbearance Period (as defined in the Forbearance Agreement), from exercising certain of their available remedies under the Amended and Restated Credit Agreement, dated as of October&#160;11, 2019, by and among the Borrower, the Guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto (as amended, the &#8220;MSGN Credit Agreement&#8221;) with respect to or arising out of MSGN L.P.&#8217;s failure to make payment on the outstanding principal amount under the term loan facility on the maturity date of October&#160;11, 2024. The Forbearance Period was initially scheduled to expire on November&#160;8, 2024 and was subsequently extended to December&#160;20, 2024. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&#160;20, 2024, the parties agreed to further amend the Forbearance Agreement (the &#8220;Second Amended and Restated Forbearance Agreement&#8221;) to: (i)&#160;extend the Forbearance Period until the earlier to occur of (a)&#160;January&#160;10, 2024 at 11:59 p.m. E.T., or such later date agreed to by MSGN L.P. and the Supporting Lenders that hold a majority in principal amount of term loans held by all Supporting Lenders and (b)&#160;the date on which any Termination Event (as defined in the Second Amended and Restated Forbearance Agreement) occurs; and (ii)&#160;amend certain Termination Events. The foregoing description of the Second Amended and Restated Forbearance Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such Second Amended and Restated Forbearance Agreement, a copy of which is filed as Exhibit 10.1 and incorporated by reference herein. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#8201;2.03.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Creation of Direct Financial Obligation or an Obligation under an <span style="white-space:nowrap">Off-Balance</span> Sheet Arrangement of a Registrant. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth in Item 1.01 of this Current Report on Form <span style="white-space:nowrap">8-K</span> is incorporated herein by reference. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#8201;9.01.</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(d) Exhibits </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d920495dex101.htm">Second Amended and Restated Forbearance Agreement, dated as of December&#160;20, 2024, by and among MSGN Holdings, L.P., certain subsidiaries of MSGN Holdings, L.P. identified therein, MSGN Eden, LLC, Regional MSGN Holdings LLC, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. </a></td></tr>
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<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURE </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div>
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<td style="vertical-align:top" colspan="3"><span style="font-weight:bold">SPHERE ENTERTAINMENT CO.</span></td></tr>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark C. Cresitello</p></td></tr>
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<td style="vertical-align:top">Name:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Mark C. Cresitello</td></tr>
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<td style="vertical-align:top">Title:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Senior Vice President, Deputy General Counsel and Secretary</td></tr>
</table></div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: December&#160;20, 2024 </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>EXECUTION VERSION </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SECOND AMENDED AND RESTATED FORBEARANCE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This <B>SECOND</B> <B>AMENDED AND RESTATED FORBEARANCE AGREEMENT</B>, dated as of December&nbsp;20, 2024 (this &#147;<U>Agreement</U>&#148;),
is made by and among MSGN HOLDINGS, L.P., a Delaware limited partnership (the &#147;<U>Borrower</U>&#148;), each of the other Loan Parties, the undersigned Lenders or investment managers or advisors for such Lenders (together with any party that
executes a Forbearance Joinder Agreement (as defined below) after the date hereof, the &#147;<U>Supporting Lenders</U>&#148;), and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent (in such capacity, the
&#147;<U>Agent</U>&#148;) solely with respect to Section&nbsp;4.02(b) of this Agreement and otherwise acknowledged by the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, on October&nbsp;11, 2019, the Borrower, the Guarantors party thereto, the Agent, and the Lenders from time to time party
thereto entered into that certain Amended and Restated Credit Agreement (as amended by that certain First Amendment to Credit Agreement, dated as of November&nbsp;5, 2021, by that certain Second Amendment to Credit Agreement, dated as of
May&nbsp;30, 2023, and as further amended, modified, extended, restated, amended and restated, replaced, or supplemented from time to time prior to the date hereof, the &#147;<U>Credit Agreement</U>&#148;), pursuant to which the Lenders have made
certain credit available to and on behalf of the Borrower. Capitalized terms used herein and not otherwise defined in this Agreement shall have the respective meanings provided in the Credit Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Loan Parties are party to that certain Security Agreement, dated as of September&nbsp;28, 2015, among the Loan Parties,
the other guarantors party thereto and the Collateral Agent (as amended, restated, supplemented, or otherwise modified from time to time, and collectively, the &#147;<U>Security Agreement</U>,&#148; and together with the other Collateral Documents,
Credit Agreement and any other Loan Documents, the &#147;<U>Credit Documents</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the current principal amount
outstanding under the Credit Agreement is $829,125,000.00; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, an Event of Default occurred pursuant to Section&nbsp;8.01(b)
of the Credit Agreement on October&nbsp;11, 2024, due to the failure to make payment on the outstanding principal amount of the Term Loan on the Maturity Date (such Event of Default, the &#147;<U>Specified Default</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, upon the occurrence and during the continuance of the Specified Default, the Agent would have the immediate right to exercise
(or at the direction of the Required Lenders shall exercise) any and all remedies under the Credit Documents, including, without limitation, (a)&nbsp;initiating or continuing any legal action against any of the Loan Parties or against the
Collateral, (b)&nbsp;taking any action permitted under the Credit Documents or applicable law, and (c)&nbsp;preparing for or initiating any legal process for payment or otherwise permitted under the Credit Documents or applicable law (including, but
not limited to, any enforcement action) (collectively, all such rights and remedies, the&nbsp;&#147;<U>Rights and Remedies</U>&#148;); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, on October&nbsp;11, 2024 (the &#147;<U>Original Effective Date</U>&#148;),
the Borrower, each of the other Loan Parties, the Lenders party thereto and the Agent entered into that certain Forbearance Agreement (as amended by email on November&nbsp;8, 2024, and as amended and restated on November&nbsp;26, 2024, the
&#147;<U>Existing Forbearance Agreement</U>&#148;), wherein the Lenders party thereto agreed to, among other things, forbear from exercising the Rights and Remedies under the Credit Agreement with respect to the Specified Default; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, to facilitate discussions in respect of one or more potential transactions involving the Loan Parties and/or certain of the
Loan Parties&#146; indebtedness (a&nbsp;&#147;<U>Potential Transaction</U>&#148;), the Loan Parties requested that each of the Supporting Lenders agree temporarily to further forbear in the exercise of their Rights and Remedies solely to the extent
arising from the occurrence and continuation of the Specified Default, subject to the terms and conditions of this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Borrower, the Supporting Lenders, and the Agent wish to amend and restate the Existing Forbearance Agreement in its
entirety as of the Effective Date (as defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION I ACKNOWLEDGMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.01 Each of the Loan Parties hereby acknowledges and agrees, upon execution and delivery of this Agreement, but subject to the terms of this
Agreement, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The recital of facts set forth in this Agreement is true and correct in all material respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) As of the Effective Date, the amount owed by the Loan Parties under the Credit Agreement is (i)&nbsp;$829,125,000.00 in principal amount
of Term Loans and (ii) $4,802,568.38 in due and unpaid interest in respect of Term Loans. Each Loan Party further acknowledges, confirms and agrees that such Obligations, together with all other outstanding Obligations owed or owing, pursuant to the
terms of the Credit Documents, including interest, fees, expenses, premiums and other charges, are validly and unconditionally owed or owing thereunder, and each Loan Party is jointly and severally obligated with respect thereto. The foregoing
amounts do not include other fees, expenses (including professional fees and expenses), and other Obligations and amounts that are chargeable or otherwise reimbursable under the Credit Agreement and the other Credit Documents or that are payable
pursuant to this Agreement. As of the Effective Date (as defined below), neither the Borrower nor any other Loan Party has any rights of offset, defenses, claims or counterclaims with respect to the Obligations or any payment obligation under this
Agreement, and each Loan Party is jointly and severally obligated with respect thereto, in each case, in accordance with the terms of the applicable Credit Documents and, with respect to payment obligations hereunder, this Agreement; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The Specified Default constitutes an Event of Default under the Credit Agreement
without the need for any notice to the Loan Parties and has not been cured by the Loan Parties. As a consequence thereof, and subject to and but for the terms of this Agreement, the Supporting Lenders and the Agent are free to exercise the Rights
and Remedies without the need for any notice to the Loan Parties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Loan Parties hereby ratify and affirm the Credit Documents and
acknowledge that the Credit Documents are and shall remain unchanged and in full force and effect. The Loan Parties agree that the Credit Documents constitute valid and binding obligations and agreements of Loan Parties enforceable by the Agent and
the Lenders and the Agent against Loan Parties in accordance with their respective terms (except for limitations on enforceability under bankruptcy, reorganization, insolvency, and other similar laws affecting creditors&#146; rights generally and
limitations on the availability of the remedy of specific performance imposed by the application of general equitable principles); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e)
The Loan Parties hereby ratify and affirm that the Agent has a perfected security interest in the Collateral in accordance with the Credit Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) The Supporting Lenders have not waived, released, or compromised, do not hereby waive, release, or compromise, and may never waive,
release, or compromise any events, occurrences, acts, or omissions that may constitute or give rise to any Defaults or Events of Default, including without limitation the Specified Default, that existed or may have existed, exist or may presently
exist, or may arise in the future, nor does any Supporting Lender waive any Rights and Remedies, including without limitation, the right to direct the Agent to commence to exercise the remedy of foreclosure as to any property pledged as collateral
in connection with the Credit Documents. The Loan Parties acknowledge that the Supporting Lenders have made no representations as to what actions, if any, they will take after the Forbearance Period (as defined below), and each Supporting Lender
hereby specifically reserves any and all rights, remedies, and claims it has (after giving effect hereto) with respect to the Specified Default and any other Default and/or Event of Default that may occur; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) The execution, delivery and performance of this Agreement shall not: (i)&nbsp;constitute a novation of the Obligations or an extension,
modification, or waiver of any aspect of any of the Credit Documents; (ii)&nbsp;extend the maturity of the Obligations or the due date of any payment or performance of any Obligations or other obligations under the other Loan Documents or payable in
connection with the Loan Documents; (iii)&nbsp;give rise to any obligation on the part of the Supporting Lenders to extend, modify or waive any term or condition of the Credit Documents; (iv)&nbsp;establish any course of dealing with respect to the
Credit Documents; or (v)&nbsp;give rise to any defenses or counterclaims to the right of the Supporting Lenders to compel payment of the Obligations or otherwise enforce their rights and remedies set forth in the Loan Documents after the Termination
Date (as defined below); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) The Loan Parties have requested the Supporting Lenders&#146; forbearance as set forth in this Agreement,
which provides benefits to the Loan Parties; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Supporting Lenders&#146; agreement to forbear in the exercise of their Rights and
Remedies solely as to the Specified Default shall not, except as expressly provided herein, invalidate, impair, negate, or otherwise affect the Agent&#146;s or Supporting Lenders&#146; ability to exercise their Rights and Remedies under the Credit
Documents or otherwise; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) Each Loan Party further acknowledges, confirms and agrees that the Borrower is liable for all fees and
expenses of the Agent, including the reasonable and documented fees and expenses of Davis Polk&nbsp;&amp; Wardwell LLP (&#147;<U>Davis Polk</U>&#148;) and FTI Consulting, Inc. (&#147;<U>FTI</U>&#148; and collectively with Davis Polk, the
&#147;<U>Advisors</U>&#148;), as counsel and financial advisor, respectively, to JPMorgan Chase Bank, N.A., as Agent and lender under the Credit Agreement, pursuant to, and in accordance with, Section&nbsp;10.04 of the Credit Agreement, that such
amounts are validly and unconditionally owed or owing thereunder, that each Credit Party is jointly and severally obligated with respect thereto, and that the Borrower will pay all such amounts in full not later than ten (10)&nbsp;Business Days
after receipt by the Borrower of an invoice for any such fees and expenses; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(k) For the avoidance of doubt and without limiting the
generality of the Credit Documents or the terms of this Agreement, to the extent that the Credit Agreement or any other Credit Document prohibits, restricts or limits the use of, or reliance on, any &#147;basket&#148;, exception or carveout, or any
other provision, by any of the Loan Parties or any of their respective Subsidiaries at any time when a Default or Event of Default has occurred or is continuing (or requires that no Default or Event of Default shall have occurred or shall be
continuing, or otherwise conditions the availability of, or the ability or right of any Loan Party or any Subsidiary thereof to rely on or take any action pursuant to, any right, basket, carveout, exception or other provision, on no Default or Event
of Default having occurred or continuing), then, notwithstanding the forbearance obligations provided herein or anything else in this Agreement, such prohibition, restriction or limitation (and any such condition, as applicable) shall continue to
apply during the Forbearance Period and thereafter and at all times when such Default or Event of Default exists or is continuing, and nothing herein shall be construed as permitting the Loan Parties or any of their respective Subsidiaries to take
any action that is not permitted to be taken upon the occurrence and during the continuance of a Default or Event of Default pursuant to the terms of the Credit Documents, without the written consent of the Required Supporting Lenders; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(l) As of October&nbsp;11, 2024, all Revolving Credit Commitments were terminated. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION II FORBEARANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.01 <U>Forbearance</U>. In consideration of the Loan Parties&#146; agreement of timely and strict compliance with the terms of this
Agreement, and in reliance upon the representations, warranties, agreements and covenants of Loan Parties set forth herein, subject to the satisfaction of each of the conditions precedent to the effectiveness of this Agreement, from the Original
Effective Date until the Termination Date (as defined below), each Supporting Lender (severally and not jointly) hereby agrees to forbear (the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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&#147;<U>Forbearance</U>&#148;) from exercising any of the Rights and Remedies under the Credit Documents or applicable law solely with respect to the Specified Default. During the Forbearance
Period (defined below) only, each Supporting Lender agrees that it (individually or collectively) will not deliver any notice or instruction to the Agent directing the Agent to exercise any of the Rights and Remedies with respect to the Specified
Default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.02 <U>Forbearance Period</U>. The Forbearance shall commence on the Original Effective Date and continue until the earlier of
(a)&nbsp;January 10, 2025 at 11:59 p.m. E.T. and (b)&nbsp;the date on which any Termination Event (as defined below) shall have occurred (the earlier of (a)&nbsp;and (b), the &#147;<U>Termination Date</U>&#148; and the period commencing on the
Original Effective Date and ending on the Termination Date, the &#147;<U>Forbearance Period</U>&#148;); <I>provided</I>, that the Forbearance Period may be extended by written confirmation (including via email among counsel) from the Supporting
Lenders constituting the Required Lenders (such Supporting Lenders, the &#147;<U>Required Supporting Lenders</U>&#148;) to the Borrower (including counsel to the Borrower). From and after the Termination Date, the Forbearance Period shall
immediately and automatically terminate and have no further force or effect, and each of the Supporting Lenders and the Agent shall be released from any and all obligations and agreements under this Agreement and shall be entitled to immediately
exercise any of the Rights and Remedies as if this Agreement had never existed, and all of the Rights and Remedies under the Credit Documents and in law and in equity shall be available without restriction or modification, as if this Agreement not
been effectuated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.03 <U>Agent Action</U>. If the Agent takes any enforcement action with respect to the Obligations during the
Forbearance Period solely due to the Specified Default, each Supporting Lender agrees to rescind and cancel such action to the fullest extent permitted under the Credit Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.04 <U>Limited Forbearance</U>. The Loan Parties acknowledge and agree that the Forbearance is limited to the extent specifically set forth
herein and nothing contained herein is intended, or shall be deemed or construed (i)&nbsp;to impair the ability of the Supporting Lenders or the Agent to exercise any of the Rights and Remedies during the Forbearance Period for Defaults or Events of
Default (whether now existing, arising in the future or known or unknown) other than the Specified Default, (ii)&nbsp;to constitute a waiver of the Specified Default or any future Defaults or Events of Default or compliance with any term or
provision of the Credit Documents or applicable law, or (iii)&nbsp;to establish a custom or course of dealing between the Loan Parties, on the one hand, and any Supporting Lender or the Agent, on the other hand. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.05 <U>Further Acknowledgments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The Loan Parties understand and accept the temporary nature of the Forbearance provided hereby and that the Supporting Lenders and the
Agent have given no assurances that they will extend such Forbearance or provide further waivers or amendments to any Credit Document, and any decision to grant any future forbearance or any waiver of any Default or Event of Default (whether now
existing, arising in the </P>
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future or known or unknown) shall be in the sole discretion of the Required Supporting Lenders or Lenders, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) Nothing in this Agreement constitutes a legal obligation to participate in any Potential Transaction or to execute any related documents
and no such legal obligation shall arise except pursuant to mutually agreeable executed definitive documentation. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION III EVENTS OF
TERMINATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.01 <U>Termination Events</U> Except as otherwise provided in Section&nbsp;3.01(b) below, the Forbearance Period shall
automatically terminate immediately upon prior written notice (including via email among counsel) from the Agent or the Required Supporting Lenders to the Borrower of the occurrence of any of the following events (each, a &#147;<U>Termination
Event</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) the failure of any Loan Party to comply with any term, condition, or covenant set forth in this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) other than the Specified Default, there occurs either any Event of Default or Default under the Credit Agreement that is not cured within
five (5)&nbsp;Business Days after the Borrower&#146;s receipt of written notice from the Agent or the Required Supporting Lenders; provided that the Forbearance Period shall automatically terminate without notice immediately upon the occurrence of
an Event of Default under Section&nbsp;8.01(g) or 8.01(h) of the Credit Agreement; <I>provided</I>, <I>however</I>, it is agreed that the entry into this Agreement and any filings or other statements related thereto shall not be the occurrence of an
event described in Section&nbsp;8.01(g)(ii) of the Credit Agreement and therefore shall not terminate the Forbearance Period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) the
Borrower, in writing (including via email among counsel), notifies any Supporting Lender or its representatives that it is terminating discussions with the Supporting Lenders regarding a Potential Transaction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) any representation or warranty made by any Loan Party contained in this Agreement or in any certificate, document or financial or other
statement furnished by the Borrower or any other Loan Party at any time under or in connection with this Agreement shall be incorrect in any material respect as of the date hereof, except to the extent such representations and warranties expressly
relate to an earlier date, in which case they shall have been untrue or incorrect in any material respect as of such earlier date; <I>provided</I>, that if any such representation or warranty is qualified by or subject to a materiality
qualification, such representation or warranty shall fail to be true and correct (after giving effect to any qualification therein) in all respects; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) the commencement of any action, suit, litigation, investigation or other proceeding against the Agent or any Supporting Lender by any Loan
Party or any of its Affiliates asserting claims relating in any way to the Credit Agreement, the other Credit Documents or this Agreement; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) any transaction or payment by any Loan Party or Restricted Subsidiary that is outside
of the ordinary course of business of such Loan Party or Restricted Subsidiary, <I>provided</I> that any transaction or payment made by any Loan Party or Restricted Subsidiary in connection with or as a result of its financial condition, including
but not limited to payments of advisor fees, legal fees, <FONT STYLE="white-space:nowrap">work-out,</FONT> refinancing restructuring-related costs, or similar payments, shall be deemed to have been made in the ordinary course of business of such
Loan Party or Restricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) the incurrence by any Loan Party or Restricted Subsidiary of any Lien under clauses
(xi)&nbsp;and (xii) of Section&nbsp;7.16 of the Credit Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) the granting of any security interest by any Loan Party or any
Restricted Subsidiary other than pursuant to any Credit Document (including, without limitation, any security interest in any Equity Interests in Gotham Advanced Media and Entertainment, LLC (&#147;<U>GAME</U>&#148;)); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the incurrence by any Loan Party or Restricted Subsidiary of any Indebtedness for funded debt or any Indebtedness under clauses (vii) (in
excess of $2,500,000.00), (x) (in excess of $2,000,000.00), (xii), (xiii) and (xv)&nbsp;of Section&nbsp;7.14 of the Credit Agreement; <I>provided</I> that the Loan Parties and the Restricted Subsidiaries shall be permitted to incur obligations in
respect of corporate overhead or other amounts allocated from Sphere Entertainment or Sphere Entertainment Group to any Loan Party or Restricted Subsidiary so long as such obligations are (i)&nbsp;not paid in cash, (ii)&nbsp;unsecured and
(iii)&nbsp;do not exceed $550,000.00 (x) during each of the forbearance periods covered by the Existing Forbearance Agreement and (y)&nbsp;in the aggregate from and after the Effective Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) the making of any Investment by any Loan Party or Restricted Subsidiary other than (i)&nbsp;any Investment in any Loan Party or
(ii)&nbsp;any Permitted Investment (other than any Permitted Investment under clause (e)&nbsp;or (k) of the definition thereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(k) the
making of any Permitted Parent Payment by any Loan Party or Restricted Subsidiary, except payment in respect of indemnities incurred by the Parent, officers, and/or directors in connection with managing the business or affairs of the Parent, the
Loan Parties or any Subsidiary, <I>provided</I> that such payments are pursuant to agreements or arrangements in effect at the Parent prior to the Original Effective Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(l) the making of any, direct or indirect, Restricted Payment by any Loan Party or Restricted Subsidiary (other than payments to Loan Parties)
(including with respect to reimbursement of legal or other professional fees and expenses, but excluding any customary director fees and expenses (including payments in respect of indemnification obligations) and employee and officer compensation
(including, but not limited to, bonuses) in the ordinary course of business, <I>provided</I>, that the payments of such customary director fees and expenses and employee and officer compensation shall not exceed $200,000.00 (i) during each of the
forbearance periods covered by the Existing Forbearance Agreement and (ii)&nbsp;in the aggregate from and after the Effective Date, <I>provided</I>,<I> further</I>, such aggregate cap shall not apply to payments in respect of indemnities
</P>
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incurred by the Parent, officers, and/or directors in connection with managing the business or affairs of the Parent, the Loan Parties, or any Subsidiary); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(m) the making of any other payment or transfer of value, assets or property by any Loan Party to the Parent or any of its Affiliates (other
than the Loan Parties), except pursuant to (i)&nbsp;agreements or arrangements in effect prior to the Original Effective Date, or (ii)&nbsp;any future agreements or arrangements that are on a basis no less favorable to the Loan Party or such
Restricted Subsidiary than those that could be obtained at the time for a comparable transaction in an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> dealing with an unrelated third party (or for purposes of agreements or arrangements
with GAME, on a basis no less favorable to the Loan Party or such Restricted Subsidiary than those obtained for a substantially comparable transaction between GAME and YES Network); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;(i) any amendment, waiver, supplement or other modification to any employment agreement or employee compensation plan by any Loan
Party other than in the ordinary course of business, (ii)&nbsp;the entry by any Loan Party into any new employment agreement or employee compensation plan other than in the ordinary course of business; (iii)&nbsp;the payment of any amount
contemplated by any employment agreement or employee compensation plan before the date on which such amount becomes due and payable pursuant to the terms of such agreements or plans, as applicable; or (iv)&nbsp;the payment of any bonus, incentive,
retention, severance, change of control, or termination payment, except for payments when due in accordance with the terms of any employment agreement or employee compensation plan that any Loan Party has entered into prior to the Original Effective
Date, as applicable, <I>provided</I> that in no event during the Forbearance Period shall any change of control or similar payments be paid as a result of this Agreement or any contemplated restructuring of the Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(o) the effecting of any transaction under Section&nbsp;7.22 or Section&nbsp;7.23 of the Credit Agreement by any Loan Party or Restricted
Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(p) the incurrence of any Guarantee in excess of $2,000,000.00 by any Loan Party or Restricted Subsidiary under clause
(v)&nbsp;of Section&nbsp;7.15 of the Credit Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(q) the effecting of any transaction with any Affiliate by any Loan Party or
Restricted Subsidiary, except as permitted under Section&nbsp;7.20 of the Credit Agreement (other than clauses (d)&nbsp;and (h) thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(r) the making of any Disposition by any Loan Party or any Restricted Subsidiary under clause (iv)&nbsp;of Section&nbsp;7.24 of the Credit
Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(s) the formation, establishment, or acquisition of any Subsidiary by any Loan Party or by any Restricted Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(t) the taking of any action by any Loan Party or Restricted Subsidiary that results in a Guarantor becoming an Excluded Subsidiary; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(u) the failure by the Borrower to provide written notice to Davis Polk within three
(3)&nbsp;Business Days of receipt of any written notice of any proceeding commenced, or, to the actual knowledge of the Borrower (with such actual knowledge to be the actual knowledge of the Chief Executive Officer, the Executive Vice President of
Business Affairs and Distribution, the Borrower&#146;s <FONT STYLE="white-space:nowrap">in-house</FONT> legal counsel, or the Borrower&#146;s outside advisors at PJT Partners LP and/or Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP so long as
such notice is received by persons at such firms who are advising the Borrower in connection with this Agreement), threatened against any Loan Parties; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) subject to applicable confidentiality restrictions, the failure of the Loan Parties to promptly provide any information regarding the Loan
Parties and their subsidiaries reasonably requested from time to time by Davis Polk or FTI, <I>provided</I> that the Loan Parties shall have two (2)&nbsp;Business Days to cure such failure from the date that the Agent or Supporting Lenders provide
written notice of termination of this Agreement pursuant to this Section&nbsp;3.01(v); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(w) (i)&nbsp;the failure by the Borrowers to
pay any of the reasonable and documented fees and expenses of Advisors within five (5)&nbsp;Business Days after the receipt of an invoice therefor or (ii)&nbsp;the termination by the Borrower of the engagement letter between the Borrower and FTI,
unless there shall have been a breach by FTI of the terms thereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION IV OTHER AGREEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.01 <U>Compliance with Credit Agreement</U>. During the Forbearance Period, each of the Loan Parties, except as explicitly provided for
herein, shall comply with all obligations, limitations, restrictions or prohibitions that would otherwise be effective or applicable under the Credit Agreement or any other Credit Document, including any obligations, limitations, restrictions or
prohibitions that would otherwise be effective or applicable during the continuance of any default or Event of Default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.02 <U>Default
Interest and Fees</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The Loan Parties agree that during the Forbearance Period, interest on all outstanding Obligations, including
the unpaid principal amount of the Term Loans, shall accrue at the Default Rate (<I>provided</I> that the Borrower shall be permitted to continue the Term Loans as Term Benchmark Loans with a <FONT STYLE="white-space:nowrap">one-month</FONT>
Interest Period) and interest payments shall be made in cash on the earlier of (i)&nbsp;the applicable Interest Payment Date and (ii)&nbsp;the Termination Date; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) On the Effective Date, the Loan Parties shall pay the Agent the <FONT STYLE="white-space:nowrap">pro-rated</FONT> amount of the annual
administrative agency fee for the period from December&nbsp;20, 2024 through January&nbsp;10, 2025. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.03 <U>Information</U>. The Loan
Parties shall provide to the Agent (for further distribution to Lenders) and/or the Advisors upon written request of the Agent or the Advisors, subject to applicable confidentiality restrictions, any information that is reasonably necessary to
evaluate the Borrower, the Potential Transaction, and to verify the </P>
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Loan Parties&#146; compliance with the terms of this Agreement and the Credit Agreement (other than with respect to the Specified Default), and such information shall be provided to the Agent
and/or the Advisors as promptly as practicable following the written request for such information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.04 <U>Cash Balance Report</U>. No
later than two (2)&nbsp;Business Days after a written request from the Agent or the Advisors, the Company shall deliver to the Agent a report in form reasonably satisfactory to the Agent setting forth the aggregate amount of unrestricted cash of the
Loan Parties as of the close of business on the prior Business Day; <I>provided</I> that such report shall include the balances of each applicable account individually and indicate whether or not such deposit account is currently subject to a
Deposit Account Control Agreement in favor of the Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.05 <U>Weekly Conference Calls</U>. During the Forbearance Period, the Borrower
shall hold conference calls for the Agent (at a time mutually agreed upon between the Borrower and the Agent and/or the Advisors) with members of the Borrower&#146;s management team and PJT Partners not less frequently than once a week (or as
otherwise requested by the Agent and/or the Advisors, including reasonable requests to hold conference calls for the Agent and the Lenders) to discuss the Potential Transactions and any other matters related to the financial condition or results of
operations of the Borrower. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.06 <U>Release</U>. Each Loan Party (for itself and its Subsidiaries and the successors, assigns, heirs, and
representatives of each of the foregoing) (collectively, the&nbsp;&#147;<U>Releasors</U>&#148;) does hereby fully, finally, unconditionally, and irrevocably release, acquit, waive, and forever discharge the Agent and each of the Supporting Lenders,
together with each of the Agent&#146;s and such Supporting Lenders&#146; respective Affiliates (including, without limitation, its parent and its subsidiaries), and each of the respective directors, officers, members, shareholders, employees,
agents, attorneys, advisors, consultants, successors, and assigns, both present and former, of each of the foregoing (collectively, the &#147;<U>Released Parties</U>&#148;), from any and all debts, claims, allegations, defenses, obligations,
damages, costs, expenses, attorneys&#146; fees, suits, demands, liabilities, actions, proceedings, deficiencies, controversies, judgments, executions and causes of action, in each case, asserted or unasserted, whether known or unknown, foreseen or
unforeseen,<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute, or otherwise (any of the foregoing,
a&nbsp;&#147;<U>Claim</U>,&#148; and collectively, the &#147;<U>Claims</U>&#148;), which any Releasor has heretofore had or now or hereafter can, shall, or may have against any Released Party by reason of any act, omission, event, statement,
accusation, assertion, matter, or thing whatsoever done or omitted to be done, in each case, on or prior to the date hereof arising out of, connected with, or related to this Agreement, the Credit Agreement, or any other Credit Document, or any act,
event, or transaction related or attendant thereto, or the agreements of any Supporting Lender contained therein, or the possession, use, operation, or control of any of the assets of any Loan Party. Each of the Releasors hereby unconditionally and
irrevocably agrees that it will not sue the Agent, the Supporting Lenders, or the Released Parties on the basis of any Claim released, remised, and discharged by such Releasor pursuant to this paragraph. Each Loan Party represents and warrants that
it has no knowledge of any claim by any Releasor against any Released Party or of any facts or acts </P>
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or omissions of any Released Party which on the date hereof would be the basis of a claim by any Releasor against any Released Party which would not be released hereby. If any Releasor violates
the foregoing covenant, each Releasor agrees to pay damages directly incurred by such Supporting Lender or Released Parties as a result of such violation. Notwithstanding anything to the contrary, the provisions of this paragraph, including the
foregoing release, covenant and waivers, shall survive and remain in full force and effect regardless of the termination or expiration of the Forbearance Period, the consummation or <FONT STYLE="white-space:nowrap">non-consummation</FONT> of
transactions contemplated hereby, the repayment or prepayment of any of the Loans or Obligations, or the termination of the Credit Agreement, this Agreement, any other Credit Document, or any provision hereof or thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.07 <U>Tolling</U>. During the Forbearance Period, the Loan Parties hereby agree to toll and suspend the running of the applicable statutes
of limitations, laches, or other doctrines relating to the passage of time with respect to any and all debts, claims, allegations, obligations, damages, costs, attorneys&#146; fees, suits, demands, liabilities, actions, proceedings, and causes of
action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute, or otherwise, which any Supporting Lender (or group
thereof) has heretofore had or now or hereafter can, shall, or may have against any of the Loan Parties arising out of, connected with, or related to this Agreement, the Credit Agreement, or any other Credit Document, or any act, event, or
transaction related or attendant thereto, or the agreements of any Supporting Lender contained therein, or the possession, use, operation, or control of any of the assets of any Loan Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4.08 <U>Notices</U>. The Loan Parties hereby agree to notify the Agent and Supporting Lenders reasonably promptly (and in any case within one
(1)&nbsp;Business Day) in writing (which may be done by email to counsel to the Agent) of (a)&nbsp;any failure by any of the Loan Parties to comply with their obligations set forth in this Agreement, (b)&nbsp;the occurrence of (i)&nbsp;any
Termination Event or (ii)&nbsp;any other event which could reasonably be expected to have a Material Adverse Effect, or (c)&nbsp;the receipt by any of the Loan Parties of any material complaint or demand by any person against any of the Loan
Parties. All notices, requests, and demands to or upon the respective parties hereto to be effective shall be in writing (including by <FONT STYLE="white-space:nowrap">e-mail),</FONT> and, unless otherwise expressly provided herein, shall be deemed
to have been duly given when delivered by hand, or when sent by <FONT STYLE="white-space:nowrap">e-mail</FONT> or facsimile transmission, or on the first Business Day after delivery to any overnight delivery service, freight prepaid, or three
(3)&nbsp;Business Days after being sent by certified or registered mail, return receipt requested, postage prepaid, and addressed as follows, or to such other address as may be hereafter notified by the respective parties hereto: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If to any Supporting Lender, then to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The address of such Supporting Lender </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">as set forth on the signature page of this Agreement </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Davis
Polk&nbsp;&amp; Wardwell LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">450 Lexington Ave. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">New York, New York 10017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Kenneth Steinberg </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">&#8195;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Angela Libby </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Email:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">kenneth.steinberg@davispolk.com </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">&#8195;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">angela.libby@davispolk.com </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION V REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the foregoing agreements, the Loan Parties jointly and severally hereby represent and warrant to each Supporting Lender as
of the date hereof, as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.01 <U>Existence, Qualification, and Power</U>. Each of the Loan Parties and each Restricted Subsidiary
is a limited or general partnership, limited liability company, or corporation duly organized, validly existing, and in good standing under the Laws of its jurisdiction of organization and is duly qualified to transact business and is in good
standing in all jurisdictions in which such qualification is necessary in view of the properties and assets owned and presently intended to be owned and the business transacted and presently intended to be transacted by it except for qualifications
the lack of which, singly or in the aggregate, have not had and are not likely to have a Material Adverse Effect, and each of the Loan Parties and Restricted Subsidiaries has full power, authority, and legal right to perform its obligations under
this Agreement and the other Loan Documents to which it is a party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.02 <U>Authority; No Conflict</U>. The execution, delivery, and
performance by each Loan Party of each Loan Document to which it is a party or by which it is bound, and each Credit Extension hereunder, have been duly authorized by all necessary corporate or other organizational action and do not and will not:
(a)&nbsp;violate any Law or League Rule currently in effect (other than violations that, singly or in the aggregate, have not had and are not likely to have a Material Adverse Effect), or any provision of any of the Loan Parties&#146; respective
partnership agreements, charters or <FONT STYLE="white-space:nowrap">by-laws,</FONT> certificate of limited partnership, limited liability company agreement, <FONT STYLE="white-space:nowrap">by-laws,</FONT> or other organizational documents
presently in effect; (b)&nbsp;conflict with or result in the breach of, or constitute a default or require any consent under, or require any payment to be made under (i)&nbsp;any Contractual Obligation or League Rule to which any Loan Party is a
party or by which their respective properties may be bound or affected, or (ii)&nbsp;any order, injunction, writ, or decree of any Governmental Authority or any arbitral award to which the Loan Parties or their respective properties are subject (in
each case under subclause (i)&nbsp;and/or (ii)&nbsp;above, other than any conflict, breach, default, or required consent that, singly or in the aggregate, have not had and are not likely to have a Material Adverse Effect); or (c)&nbsp;except as
provided under any Loan Document, result in, or require, the creation or imposition of any Lien upon or with respect to any of the properties or assets now owned or hereafter acquired by the Loan Parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.03 <U>Approval of Government, Regulatory Authorities, and Third Parties</U>. No approval
or consent of, or filing or registration with, (x)&nbsp;any Governmental Authority, (y)&nbsp;any League, or (z)&nbsp;any other third party, in the case of this clause (z)&nbsp;pursuant to any Contractual Obligation governing Indebtedness for
borrowed money or any other Contractual Obligation that is material to the Business of the Borrower or any of its Restricted Subsidiaries, is required in connection with the execution, delivery, and performance by, or enforcement against, any Loan
Party of this Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.04 <U>Binding Agreement</U>. This Agreement constitutes a legal, valid, and binding obligation of each of the
Loan Parties which is a party thereto, enforceable in accordance with its terms (except for limitations on enforceability under bankruptcy, reorganization, insolvency, and other similar laws affecting creditors&#146; rights generally and limitations
on the availability of the remedy of specific performance imposed by the application of general equitable principles). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.05 <U>No
Defaults</U>. No Default or Event of Default (other than the Specified Default) under the Credit Agreement has occurred and is continuing. None of the Loan Parties and the Restricted Subsidiaries is in default in the payment or performance or
observance of any Contractual Obligation which default, either alone or in conjunction with all other such defaults, has had or is likely to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5.06 <U>Subsidiaries</U>. Schedules 5.06(i), 5.06(ii) and 5.06(iii) contain a complete and correct list, as at the Effective Date, of all
Restricted Subsidiaries, Unrestricted Subsidiaries and Excluded Subsidiaries of the Borrower, respectively, and a description of the legal nature of such Subsidiaries (including, with respect to each Subsidiary, the jurisdiction of its organization,
the address of its principal place of business and its U.S. taxpayer identification number, the nature of the ownership interests (shares of stock or general or limited partnership or other interests) in such Subsidiaries and the holders of such
interests and the Borrower and each of its Subsidiaries owns all of the ownership interests of its Subsidiaries indicated in such Schedules as being owned by the Borrower or such Subsidiary, as the case may be, free and clear of all Liens except
those created under the Collateral Documents, and all such ownership interests are validly issued and, in the case of shares of stock, fully paid and <FONT STYLE="white-space:nowrap">non-assessable).</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION VI RATIFICATION OF EXISTING AGREEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.01 The Loan Parties and the Supporting Lenders hereby acknowledge and agree that, (a)&nbsp;the relationships between the Loan Parties and
the Supporting Lenders are governed by the Credit Documents, this Agreement, and other agreements that may be executed by the Loan Parties and the Supporting Lenders from time to time, (b)&nbsp;no fiduciary duty or special relationship is or will be
created by any discussions regarding any possible amendment, waiver, or forbearance, (c)&nbsp;the rights and obligations of the Supporting Lenders under this Agreement are several and not joint and no Supporting Lender shall be liable or responsible
for obligations of any other Supporting Lender, (d)&nbsp;no Supporting Lender has made to any Loan Parties, and no Loan Party has made to any Supporting Lender, any promise, commitment, or representation of any kind or character with respect to any
forbearance or other matter as of the date of this Agreement other than as set forth </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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in this Agreement, (e)&nbsp;this Agreement has no effect or bearing on any rights or remedies the Supporting Lenders may have available under the Credit Documents other than as explicitly
provided for herein, (f)&nbsp;no person has any obligation to engage in discussions with any other person after the date hereof regarding any further forbearance, and (g)&nbsp;no Supporting Lender and no Loan Party has any obligation under any
circumstances to amend, waive, supplement, or otherwise modify the terms of the Credit Documents, offer any discounted payoff of the Term Loans, refinance or exchange the Term Loans, vote or refrain from voting or otherwise acting with respect to
its Loans, extend the forbearance period (other than as the Forbearance Period may be extended by agreement of the Required Supporting Lenders in accordance with the terms of this Agreement), grant any other forbearance, agree to any amendment,
supplement, waiver, or other modification or any Potential Transaction, enter into any definitive documentation in connection with a Potential Transaction, or extend any other accommodation, financial or otherwise, to any Loan Party or any of its
Affiliates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6.02 Each Guarantor hereby ratifies and reaffirms: (i)&nbsp;the validity, legality, and enforceability of the Guaranty;
(ii)&nbsp;that its reaffirmation of the Guaranty is a material inducement to the Supporting Lenders entering into this Agreement; and (iii)&nbsp;that its obligations under the Guaranty shall remain in full force and effect until all the Obligations
have been paid in full. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION VII MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.01 <U>Conditions Precedent to the Effectiveness of this Agreement</U>. This Agreement and the Forbearance shall become effective only upon
satisfaction in full of the following conditions precedent, unless waived in writing by each of the Supporting Lenders (the date on which such conditions are satisfied or waived, the &#147;<U>Effective Date</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The parties to this Agreement shall have received counterparts of this Agreement duly executed by the Loan Parties and Supporting Lenders
holding at least majority of the outstanding principal amount of the Term Loans and constituting Required Lenders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Borrower shall
have paid in cash all accrued and unpaid interest on all outstanding Obligations and any other accrued and unpaid fees under the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The Borrower shall have paid the unpaid, invoiced, reasonable, and documented fees and expenses of the Advisors incurred up to (and
including) the Effective Date, provided that such fees and expenses have been invoiced at least two (2)&nbsp;Business Days before the Effective Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.02 <U>Counterparts</U>. This Agreement may be executed and delivered in any number of counterparts, with the same effect as if the signatures
on each counterpart were upon the same instrument. Any counterpart delivered by facsimile or by other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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electronic method of transmission (including, but not limited to, PDF signature pages or via DocuSign) shall be deemed an original signature thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.03 <U>Interpretive Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular
include the plural, and the term &#147;including&#148; is not limiting. The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereby,&#148; &#147;hereunder,&#148; and similar terms in this Agreement refer to this Agreement as a whole and not to
any particular provision of this Agreement. Section, subsection, and clause references herein are to this Agreement unless otherwise specified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The term &#147;person&#148; as used in this Agreement shall be broadly interpreted to include, without limitation, any individual,
corporation, company, partnership, or other entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.04 <U>Governing Law</U>. Section&nbsp;10.13 of the Credit Agreement (<I>Governing
Law; Jurisdiction; Etc.</I>) is hereby incorporated by this reference, <I>mutatis mutandis</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.05 <U>Successors and Assigns</U>. This
Agreement shall be binding upon each of the Loan Parties, the Supporting Lenders, and their respective successors and assigns, and shall inure to the benefit of each such person and their permitted successors and assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.06 <U>Additional Parties</U>. Without in any way limiting the provisions hereof, additional Lenders may elect to become parties to this
Agreement by executing and delivering to the Borrower a joinder to this agreement (a &#147;<U>Forbearance Joinder Agreement</U>&#148;) substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;A</U> hereto. Such additional Lenders shall become a
Supporting Lender under this Agreement in accordance with the terms of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.07 <U>Headings</U>. Section headings in this
Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.08 <U>Integration</U>. This Agreement contains the entire understanding of the parties hereto with regard to the subject matter contained
herein. This Agreement supersedes all prior or contemporaneous negotiations, promises, covenants, agreements and representations of every nature whatsoever with respect to the matters referred to in this Agreement, all of which have become merged
and finally integrated into this Agreement. Each of the parties hereto understands that in the event of any subsequent litigation, controversy, or dispute concerning any of the terms, conditions, or provisions of this Agreement, no party shall be
entitled to offer or introduce into evidence any oral promises or oral agreements between the parties relating to the subject matter of this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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Agreement not included or referred to herein and not reflected by a writing included or referred to herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.09 <U>Jury Trial Waiver</U>. Section&nbsp;10.14 of the Credit Agreement (<I>Waiver of Jury Trial</I>) is hereby incorporated by this
reference, <I>mutatis mutandis</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.10 <U>Amendment</U>. This Agreement may only be amended or modified in writing by the Borrower and
the Required Supporting Lenders; <I>provided</I>, that any such amendment (including, without limitation, any extension of the Forbearance Period) may be effectuated through <FONT STYLE="white-space:nowrap">e-mail</FONT> confirmation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.13 <U>Entire Agreement.</U> This Agreement embodies the entire agreement and understanding among the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings, written and oral, relating to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7.14 <U>Credit Document.</U> This Agreement shall constitute a Loan Document for all purposes under the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of page intentionally left blank; signature pages follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">MSGN HOLDINGS, L.P.</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">By: MSGN EDEN, LLC, as its General Partner</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrea Greenberg</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Andrea Greenberg</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">MSGN EDEN, LLC, as a Guarantor</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrea Greenberg</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Andrea Greenberg</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President and Chief Executive Officer</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">REGIONAL MSGN HOLDINGS LLC, as a Guarantor</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrea Greenberg</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Andrea Greenberg</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MSGN INTERACTIVE, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MSGN PUBLISHING, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MSGN SONGS, LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SPORTSCHANNEL ASSOCIATES,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE 31st STREET COMPANY, L.L.C., as</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Guarantors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">MSGN EDEN, LLC, as the General Partner of MSGN Holdings, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrea Greenberg</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Andrea Greenberg</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to Second Amended and Restated Forbearance Agreement</I>] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Agent has duly executed this Agreement solely with respect to
Section&nbsp;4.02(b) and acknowledges and agrees to the remaining terms of this Agreement as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JPMORGAN CHASE BANK, N.A., as Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sandeep Parihar</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Sandeep Parihar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Executive Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to Second Amended and Restated Forbearance Agreement</I>] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPORTING LENDER SIGNATURES ON FILE WITH AGENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to Second Amended and Restated Forbearance Agreement</I>] </P>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>sphr-20241220.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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<!-- CTU Version: Release master Build:20241122.1 -->
<!-- Creation date: 12/21/2024 12:31:43 AM Eastern Time -->
<!-- Copyright (c) 2024 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<xsd:schema
  xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric"
  xmlns:num="http://www.xbrl.org/dtr/type/numeric"
  xmlns:us-types="http://fasb.org/us-types/2024"
  xmlns:sphr="http://www.sphereentertainmentco.com/20241220"
  xmlns:dei="http://xbrl.sec.gov/dei/2024"
  xmlns:xbrli="http://www.xbrl.org/2003/instance"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
  attributeFormDefault="unqualified"
  elementFormDefault="qualified"
  targetNamespace="http://www.sphereentertainmentco.com/20241220"
  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2024/dei-2024.xsd" namespace="http://xbrl.sec.gov/dei/2024" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
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    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
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    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="sphr-20241220_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="sphr-20241220_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://www.sphereentertainmentco.com//20241220/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>sphr-20241220_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20241122.1 -->
<!-- Creation date: 12/21/2024 12:31:43 AM Eastern Time -->
<!-- Copyright (c) 2024 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
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  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
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    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>sphr-20241220_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<XBRL>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
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<TYPE>XML
<SEQUENCE>7
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.24.4</span><table class="report" border="0" cellspacing="2" id="idm45857422300608">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 20, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001795250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 20,  2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">SPHERE ENTERTAINMENT CO.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-39245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">84-3755666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Two Pennsylvania Plaza<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(725)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">258-0001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Class A Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SPHR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>na</td>
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