Exhibit 10.1

EXECUTION VERSION

LETTER AMENDMENT

Dated as of February 2, 2018

To the banks, financial institutions

        and other institutional lenders

        (collectively, the “Lenders”) party

        to the Term Loan Credit Agreement referred to

        below and to JPMorgan Chase Bank, N.A., as agent

        (the “Agent”) for the Lenders

Ladies and Gentlemen:

We refer to the $10,000,000,000 Term Loan Credit Agreement dated as of
November 15, 2016 (the “Credit Agreement”) among AT&T Inc. (the “Borrower”), the
Lenders and the Agent. Capitalized terms not otherwise defined in this letter
amendment (this “Letter Amendment”) have the same meanings as specified in the
Credit Agreement.

You have indicated your willingness, on the terms and conditions stated below,
to amend the Credit Agreement as herein set forth. Accordingly, it is hereby
agreed by you and us as follows:

1. Amendments.

A. The Credit Agreement is hereby amended by replacing “$10,000,000,000” on the
cover page thereto with “$16,175,000,000”.

B. The Credit Agreement is hereby further amended by amending and restating the
definition of “Commitment Termination Date” in its entirety as follows:

“Commitment Termination Date” means December 31, 2018.

C. The Credit Agreement is hereby further amended by deleting (i) the last
sentence of the definition of “Tranche A Commitment” and (ii) the last sentence
of the definition of “Tranche B Commitment”.

D. The Credit Agreement is hereby further amended by amending and restating
Schedule I thereto in its entirety as set forth in Exhibit A hereto.

2. Effectiveness. This Letter Amendment shall become effective as of the date
first above written (such date, the “Amendment Effective Date”) when, and only
when, the Agent shall have received counterparts of this Amendment executed by
the undersigned and each Lender. This Letter Amendment is subject to the
provisions of Section 8.01 of the Credit Agreement.

3. Representations of the Borrower.    The Borrower represents and warrants that
after giving effect to this Letter Amendment, on and as of the date hereof,
(i) the representations and warranties of the Borrower set forth in Article IV
of the Credit Agreement are true and (ii) no Default has occurred and is
continuing.

 

1

--------------------------------------------------------------------------------

4. Effect of Letter Amendment; Miscellaneous. The Credit Agreement and the
Notes, except to the extent of the amendments specifically provided in Section 1
above, are and shall continue to be in full force and effect and are hereby in
all respects ratified and confirmed. The execution, delivery and effectiveness
of this Letter Amendment shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of any Lender or the Agent under the
Credit Agreement, nor constitute a waiver of any provision of the Credit
Agreement.

If you agree to the terms and provisions hereof, please evidence such agreement
by executing and returning a counterpart of this Letter Amendment.

This Letter Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Letter Amendment by telecopier or electronic
communication shall be effective as delivery of a manually executed counterpart
of this Letter Amendment.

This Letter Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

[Signature Pages Follow]

 

2

--------------------------------------------------------------------------------

Very truly yours, AT&T INC. By   /s/ George B. Goeke   Name:   George B. Goeke  
Title:   Senior Vice President and Treasurer

[Signature Page to Letter Amendment]

--------------------------------------------------------------------------------

Agreed as of the date first above written:

JPMORGAN CHASE BANK, N.A.,

        as Agent and as Lender

By   /s/ Bruce S. Borden   Name:   Bruce S. Borden   Title:   Executive Director

[Signature Page to Letter Amendment]

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A., as a Lender By   /s/ Eric Ridgway   Name:   Eric Ridgway
  Title:   Director THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender By   /s/
Lillian Kim   Name:   Lillian Kim   Title:   Director BARCLAYS BANK PLC, as a
Lender By   /s/ Chris Walton   Name:   Chris Walton   Title:   Director MIZUHO
BANK, LTD., as a Lender By   /s/ Daniel Guevara   Name:   Daniel Guevara  
Title:   Authorized Signatory BNP PARIBAS, as a Lender By   /s/ David L. Berger
  Name:   David L. Berger   Title:   Director By   /s/ Sang W. Han   Name:  
Sang W. Han   Title:   Vice President ROYAL BANK OF CANADA, as a Lender By   /s/
Scott Johnson   Name:   Scott Johnson   Title:   Authorized Signatory

[Signature Page to Letter Amendment]

--------------------------------------------------------------------------------

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH, as a Lender By   /s/
Mauricio Benitez   Name:   Mauricio Benitez   Title:   Executive Director By  
/s/ Veronica Incera   Name:   Veronica Incera   Title:   Managing Director BANCO
SANTANDER, S.A., New York Branch, as a Lender By   /s/ Rita Walz-Cuccioli  
Name:   Rita Walz-Cuccioli   Title:   Executive Director By   /s/ Terence
Corcoran   Name:   Terence Corcoran   Title:   Senior Vice President BANK OF
CHINA, NEW YORK BRANCH, as a Lender By   /s/ Raymond Qiao   Name:   Raymond Qiao
  Title:   Executive Vice President COMMERZBANK AG, NEW YORK BRANCH, as a Lender
By   /s/ Paolo de Alessandrini   Name:   Paolo de Alessandrini   Title:  
Managing Director By   /s/ Jonas Ryan   Name:   Jonas Ryan   Title:   Associate

[Signature Page to Letter Amendment]

--------------------------------------------------------------------------------

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender By   /s/ Judith Smith  
Name:   Judith Smith   Title:   Authorized Signatory By   /s/ Karim Rahimtoola  
Name:   Karim Rahimtoola   Title:   Authorized Signatory DEUTSCHE BANK AG, NEW
YORK BRANCH, as a Lender By   /s/ Ming K. Chu   Name:   Ming K. Chu   Title:  
Director By   /s/ Virginia Cosenza   Name:   Virginia Cosenza   Title:   Vice
President GOLDMAN SACHS BANK USA, as a Lender By   /s/ Rebecca Kratz   Name:  
Rebecca Kratz   Title:   Authorized Signatory SOCIETE GENERALE, as a Lender By  
/s/ Jonathan Logan   Name:   Jonathan Logan   Title:   Director THE
TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender By   /s/ Annie Dorval  
Name:   Annie Dorval   Title:   Authorized Signatory

[Signature Page to Letter Amendment]

--------------------------------------------------------------------------------

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By   /s/ Lindsey McGraw  
Name:   Lindsey McGraw   Title:   Director THE BANK OF NEW YORK MELLON, as a
Lender By   /s/ William M. Feathers   Name:   William M. Feathers   Title:  
Director INTESA SANPAOLO S.P.A., as a Lender By   /s/ Glen Binder   Name:   Glen
Binder   Title:   Global Relationship Manager By   /s/ Christophe Hamonet  
Name:   Christophe Hamonet   Title:   Regional Business Manager U.S. BANK
NATIONAL ASSOCIATION, as a Lender By   /s/ Eugene Butera   Name:   Eugene Butera
  Title:   Vice President

[Signature Page to Letter Amendment]

--------------------------------------------------------------------------------

EXHIBIT A TO THE

LETTER AMENDMENT

SCHEDULE I

COMMITMENTS

 

Name of Initial Lender

   Tranche A Commitments    Tranche B Commitments

JPMorgan Chase Bank, N.A.

   $582,500,000    $582,500,000

Bank of America, N.A.

   $582,500,000    $582,500,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

   $532,500,000    $532,500,000

Barclays Bank PLC

   $532,500,000    $532,500,000

Mizuho Bank, Ltd.

   $532,500,000    $532,500,000

BNP Paribas

   $512,500,000    $512,500,000

Royal Bank of Canada

   $462,500,000    $462,500,000

Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

   $412,500,000    $412,500,000

Banco Santander, S.A., New York Branch

   $412,500,000    $412,500,000

Bank of China, New York Branch

   $412,500,000    $412,500,000

Commerzbank AG New York Branch

   $412,500,000    $412,500,000

Credit Suisse AG, Cayman Islands Branch

   $412,500,000    $412,500,000

Deutsche Bank AG New York Branch

   $412,500,000    $412,500,000

Goldman Sachs Bank USA

   $412,500,000    $412,500,000

Societe Generale

   $412,500,000    $412,500,000

The Toronto-Dominion Bank, New York Branch

   $412,500,000    $412,500,000

Wells Fargo Bank, National Association

   $412,500,000    $412,500,000

The Bank of New York Mellon

   $100,000,000    $100,000,000

Intesa Sanpaolo S.p.A. New York Branch

   $62,500,000    $62,500,000

U.S. Bank National Association

   $62,500,000    $62,500,000

Total Commitments

   $8,087,500,000    $8,087,500,000

 

A-1