Item 1.01 Entry Into a Material Definitive Agreement.
On July 1, 2021, Radio City Productions LLC ("Radio City Productions"), a wholly
owned subsidiary of Madison Square Garden Entertainment Corp. (the "Company"),
and RCPI Landmark Properties, L.L.C. ("RCPI") entered into the sixth amendment
(the "Lease Amendment") to a lease agreement dated December 4, 1997, as amended,
pursuant to which Radio City Productions leases Radio City Music Hall and
ancillary spaces (the "Lease"). The Lease Amendment extends the term of the
Lease, which was previously set to expire in February 2023, until August 31,
2038 for all spaces covered by the prior Lease other than the Retail Space, with
an option to renew for an additional 10 years at Fair Market Value (as defined
under the Lease Amendment) by providing notice to RCPI. The Lease Amendment also
modifies the fixed rent payable, commencing on March 1, 2023, with a six-month
rent abatement period as long as Radio City Productions is not in default under
the Lease. The Lease Amendment also provides for certain building improvements
to be carried out by the parties and funded by RCPI up to certain amounts
specified in the Lease Amendment. The term of the Lease with respect to the
Retail Space will expire as of February 28, 2023.
The foregoing description of the Lease Amendment does not purport to be complete
and is subject to, and qualified in its entirety by, the full text of the Lease
Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated
into this Item 1.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Sixth Amendment to Lease Agreement dated December 4, 1997, between RCPI
Landmark Properties, L.L.C. and Radio City Productions LLC, dated July 1,
2021.+
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
+ Certain confidential information - identified by bracketed asterisks "[*****]"
- has been omitted from this exhibit pursuant to Item 601(b)(10) of Regulation
S-K because it is both (i) not material and (ii) would be competitively harmful
to the Registrant if publicly disclosed.
1
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses