Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 191

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 191
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7 of this Exhibit C), (ii) a customary secretary’s certificate of the Borrower, (iii) customary corporate and organizational documents of the Borrower, (iv) a customary good standing certificate of the Borrower,      
 (v) customary legal opinions, and (vi) a customary notice of borrowing (which shall not contain any representations or warranties and which shall be required to be delivered no later than one Business Day (for any ABR Loan) before the 
 Closing Date or no later than 8 a.m. Eastern Time two Business Days (for any SOFR loan) before the Closing Date); and                                                                                                                      |

| b. | a certificate from the chief financial officer (or an authorized representative with equivalent responsibility)                                                                                                                           
 of the Borrower, in the form attached as Annex I to this Exhibit C, certifying that the Borrower and its subsidiaries, on a consolidated basis upon giving effect to the Transactions and the other transactions contemplated hereby, are 
 solvent.                                                                                                                                                                                                                                  |

2. The Acquisition shall, substantially concurrently with the initial funding of the Bridge Facility, be consummated in all material respects pursuant to the Merger Agreement, and no provision thereof shall have been amended or waived, and no consent shall have been granted under the Merger Agreement, without the prior written consent of the Bridge Lead Arrangers (not to be unreasonably withheld, conditioned or delayed; it being understoodthat each Bridge Lead Arranger shall be deemed to have consented to such amendment, waiver or consent unless it shall object in writing thereto within two Business Days of being notified of such amendment, waiver or consent) if such amendment, waiver or consent is materially adverse to the Lenders in their capacities as such (it being understood and agreed that (a) amendments, waivers and other changes to the definition of “Company Material Adverse Effect” in the Merger Agreement, and consents given pursuant to such definition, shall in each case be deemed to be materially adverse to the Lenders, (b) any modification, amendment or express waiver or consent by you that results in (x) an increase to the purchase price shall be deemed to not be materially adverse to the Lenders so long as such increase is not funded with the proceeds of indebtedness or is not in excess of 10% of the purchase price and (y) a decrease to the purchase price shall be deemed to not be materially adverse to the Lenders so long as such reduction is less than 10% of the purchase price or, if equal to or