Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 165

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 165
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 to or assumed by the Target Business or for which the Target Business becomes an obligor or guarantor thereof or otherwise liable, in each case in connection with the
separation of the SpinCo Business. Without limiting your obligations to assist with syndication efforts as set forth in this paragraph, we agree that we will not be released, relieved or novated from our commitment hereunder in connection with any
syndication or assignment to any Lender unless (A) (i) you have consented to such syndication or assignment in writing (such consent not to be unreasonably withheld, delayed or conditioned (it being understood that notwithstanding anything to
the contrary contained herein, the Borrower may reasonably withhold its consent to any assignment to any Lender (x) that is not a commercial or investment bank or (y) if, prior to the funding of the Bridge Facility, at the time of such
syndication or assignment, such Lender (and, for the avoidance of doubt, not its parent) does not have a long term issuer or corporate rating (however denominated) or a senior unsecured, non-credit enhanced
long-term indebtedness rating that is at least A3 from Moody’s or A- from S&P)) and (ii) any such Lender has entered into customary amendment, restatement or joinder documentation (in form and
substance reasonably satisfactory to the Commitment Parties and you, any such documentation, a “”) with respect to this Commitment Letter as an additional “Commitment Party” committing to provide a
portion of the Bridge Facility (in which case our commitments hereunder shall be reduced at such time by an amount equal to the commitment assumed by such Lender (which reduction shall be applied ratably to the commitments of each Commitment Party
in accordance with our respective commitments set forth above (it being understood that, notwithstanding the foregoing, (x) Wells Fargo may apply any such commitment reduction allocable to the Wells Fargo Lenders as between the Wells Fargo
Lenders in its discretion and (y) HSBC may apply any such commitment reduction allocable to the HSBC Lenders among the HSBC Lenders in its discretion))) or (B) such Lender shall have entered into the applicable Bridge Credit Documentation
(as defined herein) and funded the portion of the Bridge Facility required to be funded by it on the Closing Date. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letters or any other letter agreement or
undertaking concerning