Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 162

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 162
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 by us in consultation with you (including any relationship lenders designated by you in consultation with the Bridge Lead Arrangers) and subject to your prior approval (such approval not to be
unreasonably withheld, conditioned or delayed) (such banks, financial institutions and other institutional lenders, together with the Commitment Parties, the “”); that we will not syndicate or offer the
opportunity to acquire a commitment or provide any portion of the Bridge Facility to Disqualified Lenders (as defined below); , that notwithstanding the Bridge Lead Arrangers’ right to syndicate the Bridge
Facility and receive commitments with respect thereto, (i) except as set forth in the penultimate sentence of this paragraph, no Commitment Party shall be relieved, released or novated from its obligations hereunder (including its obligation to
fund the Bridge Facility on the Closing Date (as defined herein)) in connection with any syndication, assignment or participation of the Bridge Facility,

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including its commitments in respect thereof, until after the funding of the Bridge Facility on the Closing Date, (ii) except as set forth in the penultimate sentence of this paragraph, no
assignment or novation by a Commitment Party shall become effective as between you and such Commitment Party with respect to all or any portion of such Commitment Party’s commitments in respect of the Bridge Facility until the funding of the
Bridge Facility on the Closing Date and (iii) unless you otherwise agree in writing, each Commitment Party shall retain exclusive control over all rights and obligations with respect to its commitment in respect of the Bridge Facility,
including all rights with respect to consents, modifications, supplements, waivers and amendments, until the funding of the Bridge Facility on the Closing Date. The Bridge Lead Arrangers reserve the right to commence syndication efforts promptly
(but not before the public announcement by you of your intention to consummate the Acquisition), and, until the date that is the earlier of (x) the date upon which a Successful Syndication (as defined in the Arranger Fee Letter (as defined
below)) is achieved and (y) the date that occurs 60 days following the Closing Date (such earlier date, the “”), you agree to use commercially reasonable efforts to assist (and, prior to the Closing Date, to
the extent practical and appropriate and in all instances subject to the limitations on your rights set forth in the Merger Agreement (as defined herein), to use your commercially reasonable efforts to cause the Target Business (as defined in
Exhibit A