Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 197

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 197
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 Assets and Delayed Company Liabilities.
Any member of the SpinCo Group retaining a Delayed Company Asset or Delayed Company Liability as a result of the deferral of the contribution, assignment, transfer, conveyance or delivery of or succession to such Delayed Company Asset or the
deferral of the acceptance or assumption of, performance, discharge and fulfillment of or succession to such Delayed Company Liability, as the case may be, shall not be obligated, in connection with the foregoing, to expend any money unless the
necessary funds are advanced (or otherwise made available) by the Company or the member of the Company Group entitled to the Delayed Company Asset or Delayed Company Liability, other than reasonable out-of-pocket expenses, attorneys’ fees and recording or similar fees for the contribution, assignment, transfer, conveyance or delivery of or succession to such Delayed Company Asset or the acceptance
or assumption of, performance, discharge and fulfillment of or succession to such Delayed Company Liability, all of which shall be borne by SpinCo or the member of the SpinCo Group incurring such expenses or fees.

2.5 .

(a) Novation of SpinCo Liabilities.

(i) Each of the Company and SpinCo, at the request of the other, shall use commercially reasonable efforts to obtain, or to
cause to be obtained, as soon as reasonably practicable, any consent, substitution, approval or amendment required to novate or assign all SpinCo Liabilities and obtain in writing the unconditional release of each member of the Company Group that is
a party to or otherwise bound by any such arrangements, so that, in any such case, the members of the SpinCo Group shall be solely responsible for such SpinCo Liabilities; , , that, except as otherwise expressly provided
in this Agreement or any of the Ancillary Agreements, neither the Company nor SpinCo shall be obligated to contribute any capital or pay any consideration in any form (including providing any letter of credit, guaranty or other financial
accommodation) to any Third Party from whom any such consent, substitution, approval, amendment or release is requested.

(ii) If the Company or SpinCo is unable to obtain, or to cause to be obtained, any consent, substitution, approval, amendment
or release referred to in clause (i) of this , and the applicable member of the Company Group continues to be bound by such agreement, lease, license or other obligation or Liability (each, an
“”), SpinCo shall, to the extent not prohibited by Law