Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 207

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 207
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 Time after taking into account any repayments thereunder (either with cash, with net proceeds of the SpinCo Financing Arrangements or otherwise (such
amended or extended facility, the “”)) (such amount of indebtedness incurred, amended or extended, the “,” and such financing arrangements and agreements,
together with any additional or alternative financing arrangements or agreements with respect to indebtedness for borrowed money entered into by the Company prior to or at the Distribution Effective Time pursuant to
the “” and, together with any other financing arrangements entered into by the Company (the proceeds of which may be used for any purpose in the
Company’s sole discretion) and the Existing Company Financing Arrangements, collectively, the “”). The net proceeds of the New Company Financing Arrangements shall be used (i) to repay the
portion of the Existing Company Bridge Loan Facility which is not amended or extended pursuant to the foregoing clause (y) of this Section 2.13(a), (ii) as otherwise required to be applied in accordance with
and (iii) to the extent there are any remaining net proceeds after application thereof to the uses set forth in the preceding clauses (i) and (ii), in such manner as determined by the Company in
its sole discretion.

(b) Unless automatically released in accordance with the terms of such indebtedness, the Company and
SpinCo shall take all necessary actions to ensure the full release and discharge of SpinCo and the other members of the SpinCo Group from all obligations pursuant to the Company Financing Arrangements to which they are party (including any Security
Interest granted by SpinCo or such other members of the SpinCo Group to secure any obligations pursuant to the Company Financing Arrangements) as of no later than the Distribution Effective Time.

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(c) Prior to the Distribution Effective Time, the Company and SpinCo shall
cooperate in the preparation of all materials as may be necessary or advisable to execute the New Company Financing Arrangements. Without limiting the foregoing, prior to the Distribution Effective Time, the Company and SpinCo shall participate in
the preparation of all materials and presentations as may be reasonably necessary to obtain funding pursuant to the New Company Financing Arrangements, including rating agency presentations necessary to obtain the requisite ratings needed to obtain
the financing under any of the New Company Financing Arrangements.

(d) The Company shall use commercially reasonable
efforts to consult with Buyer on the proposed terms and conditions of any refinancing, incurrence or modification of any Company Financing Arrang