Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 190

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 190
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 Loans and the Ticking Fee Rate (the “ Pricing”), (ii) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Pricing shall be based upon the Category in which the higher rating falls unless such rating is two or more Categories above the lower rating, in which case the Pricing will be based on the Category next below that in which the higher rating falls and (iii) if any rating established or deemed to have been established by Moody’s or S&P shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the third Business Day following the date on which such change is first announced by the rating agency making such change. Each such change in the Pricing shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend the references to specific ratings in this Annex to reflect such changed rating system and, pending the effectiveness of any such amendment, the Category for any Index Debt shall be determined by reference to the rating of such rating agency most recently in effect prior to such change or cessation. “ Index Debt” means senior, unsecured, non-creditenhanced long-term indebtedness of the Borrower. “ Moody’s” means Moody’s Investors Service, Inc. “ S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. Annex I-A-1

Exhibit C PROJECT NOBLE Conditions The availability and funding of the Bridge Facility on the Closing Date shall be subject solely to the satisfaction (or waiver by the Commitment Parties) of the following conditions (subject, in each case, to the Limited Conditionality Provision). Capitalized terms used but not defined herein have the meanings set forth in the Commitment Letter to which this Exhibit Cis attached and in Exhibits Aand B. 1. The Borrower shall have executed and delivered the Bridge Credit Documentation on terms consistent with the Commitment Letter, and the Bridge Administrative Agent shall have received:

| a. | (i) a customary closing certificate (as to the satisfaction of the closing conditions set forth in                                                                                                                                         
 Sections 2, 4 and