Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 161

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 161
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 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)), and you agree to give each
Commitment Party prompt written notice of the occurrence of any such event, together with a reasonably detailed calculation of the amount of any such reduction.

2.

It is agreed that
(i) Wells Fargo Securities, BNPPSC and HSI will act as exclusive joint lead arrangers and bookrunners for the Bridge Facility (acting in such capacities, the “”) and (ii) WFBNA will act as sole and
exclusive administrative agent (in such capacity, the “”) for the Bridge Facility subject to satisfaction of the conditions expressly set forth in below and . Wells Fargo will have “lead left placement” in the Lender Presentation referred to below and in all other marketing materials, legal documentation and advertisements related to the Bridge Facility and will have the
responsibilities customarily associated with lead left placement. BNP will appear immediately to the right of Wells Fargo in all such materials, documentation and advertisements, and HSBC will appear immediately to the right of BNP in all such
materials, documentation and advertisements. BNP and HSBC USA shall be named as exclusive syndication agents for the Bridge Facility. The Borrower may name additional Lenders with top tier commitments to the Bridge Facility as documentation agents
for the Bridge Facility upon consultation with the Bridge Lead Arrangers. Notwithstanding anything to the contrary herein, the Borrower agrees that the Commitment Parties, Initial Lenders and Bridge Lead Arrangers may perform their respective
responsibilities hereunder through their respective affiliates.

You agree that no other agents,
co-agents, arrangers, co-arrangers, bookrunners, co-bookrunners, managers or co-managers
will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by the Term Sheet and in the Fee Letters referred to below) will be paid in connection with the Bridge Facility unless you and we shall so
reasonably agree.

3.

The Bridge Lead Arrangers reserve the right to syndicate (but not before the public announcement by you of your intention to consummate the
Acquisition (as defined herein)) the Bridge Facility, and, following the public announcement by you of your intention to consummate the Acquisition, will promptly commence the syndication of the Bridge Facility, to a group of banks, financial
institutions and other institutional lenders identified