Document:

Credit Agreement, dated  October 27, 2004

 Exhibit 10.23 
  
 EXECUTION COPY 

 $200,000,000 
  
 CREDIT AGREEMENT 
  
 DATED AS OF OCTOBER 27, 2004 
  
 AMONG 
  
 DREAMWORKS ANIMATION SKG, INC., 
  
 THE SEVERAL LENDERS 
 FROM TIME TO TIME PARTIES HERETO, 
  
 HSBC BANK USA, NATIONAL ASSOCIATION, 
 SYNDICATION AGENT, 
  
 SOCIÉTÉ GÉNÉRALE, 
 AS DOCUMENTATION AGENT, 
  
 AND 
  
 JPMORGAN CHASE BANK, 
 AS
ADMINISTRATIVE AGENT 
  

 J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES, LLC,

 AS CO-LEAD ARRANGERS AND JOINT
BOOKRUNNERS 

 TABLE OF CONTENTS 
  

							
	 	  	Page
	 SECTION 1. DEFINITIONS
	  	1
	         1.1  
	  	         Defined Terms
	  	1
	 1.2  
	  	         Other Definitional Provisions
	  	15
		
	 SECTION 2. LOANS
	  	16
	 2.1  
	  	         Revolving Credit Commitments
	  	16
	 2.2  
	  	         Procedure for Revolving Credit Borrowing
	  	16
	 2.3  
	  	         Swingline Commitment
	  	17
	 2.4  
	  	         Procedure for Swingline Borrowing
	  	17
	 2.5  
	  	         Refunding of Swingline Loans
	  	17
	 2.6  
	  	         Commitment Fee
	  	18
	 2.7  
	  	         Termination or Reduction of Commitments; Mandatory Prepayments
	  	18
	 2.8  
	  	         Repayment of Loans; Evidence of Debt
	  	19
	 2.9  
	  	         Optional Prepayments
	  	20
	 2.10
	  	         Conversion and Continuation Options
	  	20
	 2.11
	  	         Minimum Amounts and Maximum Number of Tranches
	  	20
	 2.12
	  	         Interest Rates and Payment Dates
	  	21
	 2.13
	  	         Computation of Interest and Fees
	  	21
	 2.14
	  	         Inability to Determine Interest Rate
	  	21
	 2.15
	  	         Pro Rata Treatment and Payments
	  	22
	 2.16
	  	         Requirements of Law
	  	22
	 2.17
	  	         Taxes
	  	24
	 2.18
	  	         Indemnity
	  	26
	 2.19
	  	         Change of Lending Office
	  	26
	 2.20
	  	         Replacement of Lenders under Certain Circumstances
	  	26
			
	 SECTION 3. L/CS
	  	 	  	27
	 3.1  
	  	         L/C Commitment
	  	27
	 3.2  
	  	         Procedure for Issuance of L/Cs
	  	27
	 3.3  
	  	         L/C Participations
	  	27
	 3.4  
	  	         Fees, Commissions and Other Charges
	  	28
	 3.5  
	  	         Reimbursement Obligation of DW Animation
	  	28
	 3.6  
	  	         Obligations Absolute
	  	29
	 3.7  
	  	         L/C Payments
	  	29
	 3.8  
	  	         Applications; Uniform Customs
	  	29
		
	 SECTION 4. REPRESENTATIONS AND WARRANTIES
	  	29
	 4.1  
	  	         Financial Statements
	  	29
	 4.2  
	  	         No Material Adverse Change
	  	30
	 4.3  
	  	         Existence; Compliance with Law
	  	30
	 4.4  
	  	         Power; Authorization; Enforceable Obligations
	  	30
	 4.5  
	  	         No Legal Bar
	  	30
	 4.6  
	  	         No Material Litigation
	  	30
	 4.7  
	  	         No Default
	  	31
	 4.8  
	  	         Ownership of Property; Liens
	  	31
	 4.9  
	  	         Intellectual Property
	  	31
	 4.10
	  	         Taxes
	  	31

  

 i 

					
	        4.11	  	         Accuracy of Information
	  	31
	 4.12
	  	         Federal Regulations
	  	32
	 4.13
	  	         ERISA
	  	32
	 4.14
	  	         Investment Company Act; Other Regulations
	  	32
	 4.15
	  	         Subsidiaries
	  	32
	 4.16
	  	         Purpose of Loans
	  	32
	 4.17
	  	         Security Documents
	  	32
	
	 SECTION 5. CONDITIONS PRECEDENT

	 5.1  
	  	         Conditions to Initial Extension of Credit
	  	33
	 5.2  
	  	         Conditions to Each Extension of Credit
	  	34
	
	 SECTION 6. AFFIRMATIVE COVENANTS

	 6.1  
	  	         Financial Statements
	  	35
	 6.2  
	  	         Certificates; Other Information
	  	35
	 6.3  
	  	         Payment of Obligations
	  	36
	 6.4  
	  	         Conduct of Business and Maintenance of Existence
	  	36
	 6.5  
	  	         Compliance with Contractual Obligations and Laws
	  	36
	 6.6  
	  	         Maintenance of Property; Insurance
	  	37
	 6.7  
	  	         Inspection of Property; Books and Records; Discussions
	  	37
	 6.8  
	  	         Notices
	  	37
	 6.9  
	  	         Additional Collateral, etc
	  	38
	 6.10
	  	         Further Assurances
	  	39
	
	 SECTION 7. NEGATIVE COVENANTS

	 7.1  
	  	         Financial Condition Covenants
	  	39
	 7.2  
	  	         Limitation on Liens
	  	39
	 7.3  
	  	         Limitation on Fundamental Changes
	  	41
	 7.4  
	  	         Limitation on Distributions
	  	41
	 7.5  
	  	         Limitation on Transactions with Affiliates
	  	42
	 7.6  
	  	         Limitation on Negative Pledge Clauses
	  	42
	 7.7  
	  	         Limitation on Restrictions on Subsidiary Distributions
	  	42
	 7.8  
	  	         Limitation on Modification of Organizational Agreements
	  	42
	 7.9  
	  	         Optional Payments and Modifications of Certain Debt Instruments
	  	42
	
	 SECTION 8. REMEDIAL PROVISIONS

	 8.1  
	  	         Events of Default
	  	43
	
	 SECTION 9. THE AGENTS

	 9.1  
	  	         Appointment
	  	46
	 9.2  
	  	         Delegation of Duties
	  	46
	 9.3  
	  	         Exculpatory Provisions
	  	46
	 9.4  
	  	         Reliance by Administrative Agent
	  	46
	 9.5  
	  	         Notice of Default
	  	47
	 9.6  
	  	         Non-Reliance on Agents and Other Lenders
	  	47
	 9.7  
	  	         Indemnification
	  	47
	 9.8  
	  	         Agent in Its Individual Capacity
	  	47
	 9.9  
	  	         Successor Administrative Agent
	  	48
	 9.10
	  	         The Documentation Agent and Syndication Agent
	  	48

  

 ii 

					
	 SECTION 10. MISCELLANEOUS
	  	48
	         10.1  
	  	         Amendments and Waivers
	  	48
	 10.2  
	  	         Notices
	  	49
	 10.3  
	  	         No Waiver; Cumulative Remedies
	  	49
	 10.4  
	  	         Survival of Representations and Warranties
	  	49
	 10.5  
	  	         Payment of Expenses and Taxes
	  	50
	 10.6  
	  	         Successors and Assigns; Participations and Assignments
	  	50
	 10.7  
	  	         Adjustments; Set-off
	  	53
	 10.8  
	  	         Counterparts
	  	53
	 10.9  
	  	         Severability
	  	53
	 10.10
	  	         Integration
	  	53
	 10.11
	  	         GOVERNING LAW
	  	53
	 10.12
	  	         Submission To Jurisdiction; Waivers
	  	54
	 10.13
	  	         Acknowledgements
	  	54
	 10.14
	  	         Releases of Guarantees and Liens
	  	54
	 10.15
	  	         Confidentiality
	  	55
	 10.16
	  	         WAIVERS OF JURY TRIAL
	  	55
	 10.17
	  	         HBO Subordinated Loan Agreement
	  	55
	 10.18
	  	         Distribution Intercreditor Agreement
	  	55
	 10.19
	  	         Effective Date
	  	55

  
  

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	 SCHEDULES
	  	 
	     Schedule 1.1
	  	Commitments of Lenders
	     Schedule 3.1
	  	Existing L/Cs
	     Schedule 4.1
	  	Certain Asset Dispositions; Guarantee Obligations
	     Schedule 4.6
	  	Litigation
	     Schedule 4.15
	  	Subsidiaries
	     Schedule 4.17
	  	UCC Filing Jurisdictions
	     Schedule 7.2(f)
	  	Existing Liens
	     Schedule 7.5
	  	Transactions with Affiliates
		
	 EXHIBITS
	  	 
	     Exhibit A
	  	Form of Guarantee and Collateral Agreement
	     Exhibit B
	  	Form of Closing Certificate
	     Exhibit C-1
	  	Form of Legal Opinion of Cravath, Swaine & Moore LLP
	     Exhibit C-2
	  	Form of Legal Opinion of Katherine Kendrick, Esq.
	     Exhibit C-3
	  	Form of Legal Opinion of Seyfarth Shaw
	     Exhibit C-4
	  	Form of Legal Opinion of Richards, Layton & Finger
	     Exhibit D
	  	Form of Assignment and Assumption
	     Exhibit E
	  	Form of Revolving Credit Loan Promissory Note
	     Exhibit F
	  	Form of Exemption Certificate
	     Exhibit G
	  	Terms of Specified Subordinated Indebtedness

  
  

 iv 

 CREDIT AGREEMENT, dated as of October 27, 2004, among DREAMWORKS ANIMATION SKG, INC., a Delaware
corporation (“DW Animation”), the several banks and other financial institutions from time to time parties to this Agreement (the “Lenders”), HSBC BANK USA, NATIONAL ASSOCIATION, as syndication agent (in such
capacity, the “Syndication Agent”), SOCIÉTÉ GÉNÉRALE, as documentation agent (in such capacity, the “Documentation Agent”), and JPMORGAN CHASE BANK, as administrative agent for the
Lenders hereunder. 
  
 The parties hereto hereby agree as follows:

  
 SECTION 1. DEFINITIONS 
  
 1.1 Defined Terms. As used in this Agreement, the following terms
shall have the following meanings: 
  
 “ABR”:
for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Base CD Rate in effect on such day plus 1% and (c) the Federal Funds Effective Rate in
effect on such day plus 1⁄2 of 1%. For purposes hereof: “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in New
York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank in connection with extensions of credit to debtors); “Base CD Rate” shall mean the sum of (a) the product of (i) the
Three-Month Secondary CD Rate and (ii) a fraction, the numerator of which is one and the denominator of which is one minus the CD Reserve Percentage and (b) the CD Assessment Rate; and “Three-Month Secondary CD Rate” shall mean, for
any day, the secondary market rate for three-month certificates of deposit reported as being in effect on such day (or, if such day shall not be a Business Day, the next preceding Business Day) by the Board through the public information telephone
line of the Federal Reserve Bank of New York (which rate will, under the current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day), or, if such rate shall not be so reported on
such day or such next preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 A.M., New York City time, on such day
(or, if such day shall not be a Business Day, on the next preceding Business Day) by JPMorgan Chase Bank from three New York City negotiable certificate of deposit dealers of recognized standing selected by it. Any change in the ABR due to a change
in the Prime Rate, the Three-Month Secondary CD Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Three-Month Secondary CD Rate or the Federal Funds
Effective Rate, respectively. 
  
 “ABR Loans”:
Loans the rate of interest applicable to which is based upon the ABR. 
  
 “Administrative Agent”: JPMorgan Chase Bank, as the agent for the Lenders under this Agreement and the other Loan Documents, and any successor agent appointed pursuant to Section 9.9. References in this Agreement or any
other Loan Document to the Administrative Agent that are contained in exculpatory or indemnification provisions (including, without limitation, Sections 9.3, 9.6, 9.7 and 10.5) shall be deemed to include J.P. Morgan Securities Inc. in its capacity
as arranger of the Commitments. 
  
 “Affiliate”:
as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or
indirectly, either to (a) vote 20% or more of the voting interests of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

 “Agents”: the collective reference to the Documentation Agent, the Syndication Agent and
the Administrative Agent. 
  
 “Aggregate First Cycle
Residual Value”: as of any date of determination, an amount equal to the First Cycle Residual Value of all Motion Pictures released on or prior to such date. 
  
 “Aggregate Revolving Extensions of Credit”: as to any Lender at any time, an amount equal to the sum of (a)
the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (b) such Lender’s Commitment Percentage of the aggregate L/C Obligations then outstanding and (c) such Lender’s Commitment Percentage of the
aggregate principal amount of the Swingline Loans then outstanding. 
  
 “Aggregate Second Cycle Residual Value”: as of any date of determination, an amount equal to the Second Cycle Residual Value of all Motions Pictures released prior to such date. 
  
 “Agreement”: this Credit Agreement, as amended, supplemented
or otherwise modified from time to time. 
  
 “Applicable
Margin”: (a) 1.75% in the case of Eurodollar Loans and (b) 0.75% in the case of ABR Loans. 
  
 “Application”: with respect to each L/C, an application, in such form as the L/C Issuer may specify from time to time, requesting the L/C
Issuer to open such L/C. 
  
 “Assignee”: as
defined in Section 10.6(b). 
  
 “Assignment and
Assumption”: an Assignment and Assumption, substantially in the form of Exhibit D. 
  
 “Board”: the Board of Governors of the Federal Reserve System of the United States of America or any successor. 
  

“Borrowing Availability”: as of any date of determination, an amount equal to (a) 67% of the Aggregate First Cycle Residual Value as
of such date, plus (b) 67% of the Aggregate Second Cycle Residual Value as of such date, minus (c) Total Debt of DW Animation and its Subsidiaries outstanding as of such date, whether or not included on a consolidated balance sheet of
DW Animation (including the Universal Advance, but excluding Indebtedness outstanding under this Agreement, the HBO Subordinated Debt and up to $50,000,000 of Specified Subordinated Indebtedness) as of such date, plus (d) 100% of cash on hand
of DW Animation or any Subsidiary Guarantor on such date to the extent constituting Collateral in which the Administrative Agent has a perfected first priority security interest. For the purposes of determining Borrowing Availability at any date,
values and costs will in all cases be determined as of such date on a present value basis using a discount rate equal to the ABR plus the Applicable Margin. 
  
 “Borrowing Availability Certificate”: any certificate delivered pursuant to Section 6.2(g). 
  
 “Borrowing Date”: any Business Day specified in a notice
pursuant to Section 2.2 or 2.4 as a date on which DW Animation requests the relevant Lenders to make Loans hereunder. 
  
 “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City or Los Angeles, California,
are authorized or required by law to close; provided that, 

  

 2 

 
when used in connection with a Eurodollar Loan with respect to which the Eurodollar Rate is determined based upon the Telerate screen (or any successor
service), the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
  
 “Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 
  
 “CD Assessment Rate”: for any day as applied to any ABR
Loan, the annual assessment rate in effect on such day that is payable by a member of the Bank Insurance Fund maintained by the Federal Deposit Insurance Corporation (the “FDIC”) classified as well-capitalized and within supervisory
subgroup “B” (or a comparable successor assessment risk classification) within the meaning of 12 C.F.R. § 327.4 (or any successor provision) to the FDIC (or any successor) for the FDIC’s (or such successor’s) insuring time
deposits at offices of such institution in the United States. 
  
 “CD Reserve Percentage”: for any day as applied to any ABR Loan, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board, for determining the maximum reserve requirement for a
Depositary Institution (as defined in Regulation D of the Board as in effect from time to time) in respect of new non-personal time deposits in Dollars having a maturity of 30 days or more. 
  
 “Closing Date”: the date on which the conditions precedent
set forth in Section 5.1 shall be satisfied. 
  
 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any
Security Document. 
  
 “Commitment Fee”: as
defined in Section 2.6. 
  
 “Commitment Fee
Rate”: (a) on any date on which the Facility Exposure exceeds 50% of the aggregate Commitments, 0.50% per annum and (b) on any other date, 0.75% per annum. 
  
 “Commitment Percentage”: as to any Lender at any time, the percentage which such Lender’s Commitment
at such time constitutes of the aggregate Commitments at such time (or, at any time after the Commitments shall have expired or terminated, the percentage which the Aggregate Revolving Extensions of Credit of such Lender at such time constitutes of
the Facility Exposure at such time). 
  
 “Commitment
Period”: the period from and including the Closing Date to but not including the Scheduled Termination Date or such earlier date on which the aggregate Commitments shall terminate as provided herein. 
  
 “Commitments”: as to any Lender, the obligation of such
Lender to make Revolving Credit Loans to, to participate in Swingline Loans made to, and to participate in L/Cs issued on behalf of, DW Animation in an aggregate principal and/or face amount at any one time outstanding not to exceed (a) in the case
of any Lender that is a Lender on the date hereof, the amount set forth opposite such Lender’s name on Schedule 1.1 under the caption “Commitments”, as such amount may be changed from time to time in accordance with this Agreement and
(b) in the case of any Lender that becomes a Lender after the date hereof, the amount specified as such Lender’s “Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the aggregate
Commitments, as such amount may be changed from time to time in accordance with this Agreement. The aggregate amount of the Commitments as of the Closing Date is $200,000,000. 
  

 3 

 “Commonly Controlled Entity”: an entity, whether or not incorporated, which is under
common control with DW Animation within the meaning of Section 4001 of ERISA or is part of a group which includes DW Animation and which is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of determining
liability under Section 412 of the Code, which is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 
  
 “Conduit Lender”: any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise
required to be made by such Lender and designated by such Lender in a written instrument; provided that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under
this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under
this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.16, 2.17, 2.18 or 10.5 than the designating Lender would have
been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 
  
 “Confidential Information Memorandum”: the Confidential Information Memorandum dated August 2004 and furnished to certain Lenders with
respect to DW Animation. 
  
 “Consolidated Cash Interest
Expense”: for any period, total cash interest expense of DW Animation and its consolidated Subsidiaries with respect to all outstanding Indebtedness of DW Animation and its consolidated Subsidiaries, including, without limitation, all
commissions, discounts and other fees and charges owed with respect to L/Cs and bankers’ acceptance financing and amounts paid in cash (net of amounts received in cash) under interest rate protection agreements. 
  
 “Contractual Obligation”: as to any Person, any provision of
any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Default”: any of the events specified in Section 8.1, whether or not any requirement for the giving of
notice or the lapse of time, or both, has been satisfied. 
  
 “Distribution Agreement”: the Distribution Agreement, between DreamWorks and DW Animation, dated on or prior to the Closing Date. 
  
 “Distribution Intercreditor Agreement”: the Intercreditor Agreement, dated on or prior to the Closing Date, among DreamWorks, DW
Animation and the Administrative Agent relating to the Liens permitted by Section 7.2(l), in form and substance reasonably satisfactory to the Administrative Agent. 
  
 “Dollars” and “$”: dollars in lawful currency of the United States of America. 

 
 “Domestic Free Television Exhibition”: Free Television
Exhibition within the Domestic Territories. 
  
 “Domestic
Territories”: the entire territorial United States and its possessions, territories and commonwealths, including the U.S. Virgin Islands, Puerto Rico, Guam, and the former U.S. Trust Territories of the Pacific Islands, including the
Carolina Islands, the Marshall Islands and the Mariana 

  

 4 

 
Islands, Saipan and American Samoa; the Dominican Republic, the British Virgin Islands, the Bahamas, Bermuda, Saba Island, St. Eustatius Island, St. Kitts
Island, St. Martin Island, St. Maarten Island, and Canada and its possessions and territories. 
  
 “DreamWorks”: DreamWorks L.L.C., a Delaware limited liability company. 
  
 “DWA LLC”: DreamWorks Animation LLC, a Delaware limited liability company. 
  
 “Effective Date”: the date on which the conditions precedent set forth in paragraphs (a), (h) and (i) of
Section 5.1 shall be satisfied. 
  
 “Employee Equity
Plan”: the DW Animation 2004 Omnibus Incentive Compensation Plan dated on or prior to the Closing Date as such plan may be amended from time to time. 
  

“Equity Interest”: any equity, ownership or profit participation interest in a Person. 
  
 “ERISA”: the Employee Retirement Income Security Act of
1974, as amended from time to time. 
  
 “Eurodollar
Loans”: Loans the rate of interest applicable to which is based upon the Eurodollar Rate. 
  
 “Eurodollar Rate”: with respect to each Eurodollar Loan during a specified Interest Period, the rate of interest determined on the basis
of the rate for deposits in Dollars for a period equal to such Interest Period, commencing on the first day of such Interest Period, appearing on Page 3750 of the Telerate screen as of 11:00 A.M., London time, two Business Days prior to the
beginning of such Interest Period. In the event that such rate does not appear on Page 3750 of the Telerate screen (or otherwise on such screen), the “Eurodollar Rate” shall be determined by reference to such other publicly
available service for displaying eurodollar rates as may be agreed upon by the Administrative Agent and DW Animation or, in the absence of such agreement, the “Eurodollar Rate” shall instead be the rate per annum equal to the rate
at which JPMorgan Chase Bank is offered Dollar deposits at or about 11:00 A.M., New York City time, two Business Days prior to the beginning of such Interest Period, in the interbank eurodollar market where the eurodollar and foreign currency and
exchange operations in respect of its Eurodollar Loans are then being conducted for delivery on the first day of such Interest Period, for a period equal to such Interest Period, and in an amount comparable to the amount of its Eurodollar Loan to be
outstanding during such Interest Period. 
  
 “Eurodollar
Tranche”: the collective reference to Eurodollar Loans the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Eurodollar Loans shall originally have been
made on the same day). 
  
 “Event of Default”:
any of the events specified in Section 8.1. 
  
 “Excluded
Asset Sale”: with respect to DW Animation and its Subsidiaries, (a) any sale or other disposition of assets in the ordinary course of business, (b) any sale or other disposition of rights in films (or participations therein) and (c) any
sale or other disposition of accounts receivable. 
  
 “Excluded Lease Debt”: (a) Indebtedness of DW Animation or any Subsidiary Guarantor pursuant to any guarantee of (i) the Indebtedness of any Person (the “Lessor”) incurred to finance the acquisition, design
and construction of the animation division facility constructed by DW Animation in Glendale, California, and leased by the Lessor to Animation, and any refinancing thereof if the terms of 

  

 5 

 
such refinancing (other than monetary terms so long as such monetary terms are comparable to those obtainable in similar transactions) are no less favorable
to the Lessor, the lessee and the Lenders in any material respect than those applicable to the Indebtedness being refinanced and (ii) certain related obligations of the Lessor and (b) Indebtedness pursuant to any refinancing of the Indebtedness
referred to in clause (a) above so long as recourse for payment of such refinancing is expressly limited to such animation division facility. 
  
 “Existing L/C”: each letter of credit identified on Schedule 3.1 hereto that is outstanding on the Closing Date and each renewal of such
letter of credit, each of which shall be deemed, on and after the Closing Date, to have been issued hereunder. 
  
 “Facility Exposure”: at any time, the sum of the Aggregate Revolving Extensions of Credit of all Lenders at such time. 
  
 “FDIC”: the Federal Deposit Insurance Corporation or any
successor to the functions and powers thereof. 
  
 “Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by JPMorgan Chase Bank from three
federal funds brokers of recognized standing selected by it. 
  
 “Financing Lease”: any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee. 
  
 “First Cycle Residual Value”: as of any date of
determination with respect to any Motion Picture released on or prior to such date, an amount equal to (a) DW Animation’s remaining first cycle ultimates commencing with the second weekend after release of such Motion Picture (to be defined in
a manner consistent with calculations of residual ultimates made in connection with any financial statements of DW Animation, whether pursuant to this Agreement or otherwise and including a ten-year limit) as of such date, less (b) all
anticipated cash expenses (including distribution fees) directly associated with such ultimate as of such date. 
  
 “Foreign Free Television Exhibition”: Free Television Exhibition outside of the Domestic Territories. 
  
 “Foreign Pay Television Exhibition”: Pay Television
Exhibition outside of the Domestic Territories. 
  
 “Foreign Subsidiary”: any Subsidiary of DW Animation organized under the laws of any jurisdiction outside the United States of America. 
  
 “Free Television Exhibition”: Television Exhibition, other than Pay Television Exhibition, without any fee
being charged to the viewer for the privilege of unimpaired reception of such exhibition. For purposes of this definition, any government-imposed fees or taxes applicable to the use of television receivers generally or a regular periodic access,
carriage or equipment fee (but not any optional premium subscription charge or fee paid with respect to Pay Television Exhibition) paid by a subscriber to a cable television transmission service or other transmission service or agency for the
privilege of unimpaired reception shall not be deemed a fee charged to the viewer. 
  

 6 

 “Funded Debt”: as to any Person, all Indebtedness of such Person that matures more than
one year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that
obligates the lender or lenders to extend credit during a period of more than one year from such date, including, without limitation, all amounts of Funded Debt required to be paid or prepaid within one year from the date of its creation and, in the
case of DW Animation, Indebtedness in respect of the Loans. 
  
 “GAAP”: generally accepted accounting principles in the United States of America. 
  
 “Governmental Authority”: any nation or government, any state or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, including the National Association of Securities Dealers. 
  
 “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a reimbursement,
counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that
guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of the guaranteeing person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the
purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or
services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (d) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided, however, that the term “Guarantee Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any
Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount
for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or
determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by DW Animation in good faith. 
  
 “Guarantee and Collateral Agreement”: the Guarantee and
Collateral Agreement to be executed by DW Animation and each Subsidiary Guarantor, substantially in the form of Exhibit A. 
  
 “HBO”: Home Box Office, Inc., a Delaware corporation. 
  
 “HBO Attornment Agreement”: the Attornment Agreement, dated on or prior to the Closing Date, between HBO
and DW Animation, confirming certain rights and obligations of DW Animation in respect of the HBO License Agreement. 
  
 “HBO License Agreement”: the License Agreement, dated as of March 7, 1995, between DreamWorks and HBO, as amended, supplemented or
otherwise modified from time to time. 
  

 7 

 “HBO Subordinated Debt”: Indebtedness of DW Animation pursuant to the HBO Subordinated
Loan Agreement in an aggregate principal amount not to exceed $50,000,000 (after giving effect to the prepayment referred to in Section 7.9(a)(ii)). 
  
 “HBO Subordinated Debt Documents”: the collective reference to (a) the HBO Subordinated Loan Agreement, (b) the other “Subordinated
Loan Documents” referred to therein, (c) the HBO Attornment Agreement and (d) any other document or instrument entered into by DW Animation in connection therewith, in each case as amended, supplemented or otherwise modified from time to time.

  
 “HBO Subordinated Loan Agreement”: the
Subordinated Loan Agreement between DW Animation and HBO pursuant to which DW Animation assumed the HBO Subordinated Debt, as amended, supplemented or otherwise modified from time to time. 
  
 “Indebtedness”: of any Person at any date, without
duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s
business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired
by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person in respect of Financing Leases, (f)
all obligations, contingent or otherwise, of such Person as an account party under acceptance, letter of credit or similar facilities, (g) all obligations of such Person to purchase, redeem, retire or otherwise acquire for value any Equity Interest
in respect of such Person, (h) all Guarantee Obligations of such Person in respect of Indebtedness of any other Person, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the
payment of such obligation and (j) for purposes of Section 8.1(e) only, all obligations of such Person in respect of Swap Agreements. For purposes of Section 8.1(e) only, the “principal amount” of the obligations of any Person in respect
of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Swap Agreement were terminated at such time. It is understood that the Universal
Advance shall not constitute Indebtedness for the purpose of this Agreement. 
  
 “Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 
  
 “Insolvent”: pertaining to a condition of Insolvency.

  
 “Interest Payment Date”: (a) as to any ABR
Loan or Swingline Loan (other than Swingline Loans which do not constitute Unrefunded Swingline Loans), the last day of each March, June, September and December and the Scheduled Termination Date, (b) as to any Swingline Loan which does not
constitute an Unrefunded Swingline Loan, the last day such Loan is outstanding, (c) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period and (d) as to any Eurodollar Loan having an
Interest Period longer than three months, each day which is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period. 
  

 8 

 “Interest Period”: with respect to any Eurodollar Loan: 
  
 (a) initially, the period commencing on the borrowing or
conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter (or, to the extent available from all the Lenders, nine or twelve months thereafter), as selected by DW Animation in its
notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and 
  
 (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending
one, two, three or six months thereafter (or, to the extent available from all the Lenders, nine or twelve months thereafter), as selected by DW Animation by irrevocable notice to the Administrative Agent not less than three Business Days prior to
the last day of the then current Interest Period with respect thereto; 
  
 provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 
  
 (i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day; 
  
 (ii) no Interest Period may be selected with respect to any
Eurodollar Loan that would extend beyond the Scheduled Termination Date; and 
  
 (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end
on the last Business Day of a calendar month. 
  
 “Joint
Venture”: any joint venture, partnership or other minority-owned entity (other than a Subsidiary) in which DW Animation or any of its Subsidiaries owns an interest. 
  
 “L/Cs”: as defined in Section 3.1(a), which shall be deemed to include the Existing L/Cs. 
  
 “L/C Commitment”: $50,000,000. 
  
 “L/C Fee Payment Date”: three Business Days after the last
day of each March, June, September and December and the last day of the Commitment Period. 
  
 “L/C Issuer”: JPMorgan Chase Bank, in its capacity as issuer of any L/C; provided that at the option of JPMorgan Chase Bank, any L/C may instead be issued by JPMorgan Chase Bank Delaware, in
which case JPMorgan Chase Bank Delaware shall be subject to, and entitled to the benefits of, the applicable provisions of this Agreement, as a “L/C Issuer”, with respect to any such L/C. 
  
 “L/C Obligations”: at any time, an amount equal to the sum
of (a) the aggregate then undrawn and unexpired amount of the then outstanding L/Cs and (b) the aggregate amount of drawings under L/Cs which have not then been reimbursed pursuant to Section 3.5. 
  
 “L/C Participants”: the collective reference to all Lenders
other than the L/C Issuer 
  

 9 

 “Lenders”: as defined in the preamble hereto; provided that, unless the context
otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender. 
  
 “Leverage Ratio”: at any date of determination, the ratio of Total Debt at such date to Total Capitalization at such date. 
  
 “Lien”: any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any
conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing). 
  
 “Loan”: any loan made by any Lender pursuant to this Agreement. 
  
 “Loan Documents”: this Agreement, the Security Documents, the Distribution Intercreditor Agreement and the
Applications. 
  
 “Loan Parties”: the collective
reference to DW Animation and each Subsidiary Guarantor. 
  
 “Material Adverse Effect”: a material adverse effect on (a) the business, property, operations or condition (financial or otherwise) of DW Animation and its Subsidiaries taken as a whole or (b) the validity or
enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder and thereunder. 
  
 “Moody’s”: Moody’s Investors Service, Inc. 
  
 “Motion Picture”: pictures produced by and distributed of
every kind and character whatsoever, including all present and future technological developments, whether produced by means of any photographic, electrical, electronic, mechanical or other processes or devices now known or hereafter devised, and
their accompanying devices and processes whether pictures, images, visual and aural representations are recorded or otherwise preserved for projection, reproduction, exhibition, or transmission by any means or media now known or hereafter devised in
such manner as to appear to be in motion or sequence, including computer generated pictures and graphics other than video games. 
  
 “Multiemployer Plan”: a Plan which is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  
 “Net Cash Proceeds”: in connection with any asset sale, the
cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) of such asset sale, net of
attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset which is the subject of such asset sale and other
customary fees actually incurred in connection therewith and net of taxes paid or reasonably estimated to be payable on a current basis, by DW Animation or its members, as a result thereof (after taking into account any available tax credits or
deductions available to DW Animation and any tax sharing arrangements). 
  
 “Non-Excluded Asset Sale”: any asset sale by DW Animation or its Subsidiaries that is not an Excluded Asset Sale. 
  
 “Non-Excluded Taxes”: as defined in Section 2.17(a). 
  

 10 

 “Non-U.S. Lender”: any Lender (or Transferee) that is not (a) a citizen or resident of
the United States of America, (b) a corporation or partnership, or other entity treated as a corporation or partnership for U.S. federal tax purposes, created or organized in and under the laws of the United States of America or a political
subdivision thereof or (c) an estate or trust that is subject to U.S. federal income taxation regardless of the source of its income. 
  
 “Notes”: the collective reference to any promissory note evidencing the Loans. 
  
 “Obligations”: the unpaid principal of and interest on
(including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to DW
Animation, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of DW Animation to the Administrative Agent or to any Lender (or, in the case of Specified
Swap Agreements or Specified Cash Management Arrangements, any Affiliate of any Lender), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection
with, this Agreement, any other Loan Document, the L/Cs, any Specified Swap Agreement, any Specified Cash Management Arrangement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal,
interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by DW Animation pursuant hereto) or
otherwise. 
  
 “Organizational Agreements”: the
collective reference to the Restated Certificate of Incorporation and By-Laws of DW Animation. 
  
 “Participant”: as defined in Section 10.6(c). 
  
 “Pay Television Exhibition”: Television Exhibition that is available on the basis of the payment of a premium subscription charge or fee (as distinguished from an access, carriage or equipment fee) to
any Person for the privilege of unimpaired reception of a transmission for viewing in a private residence or in a hotel, motel, hospital or other living accommodation or other non-public area, whether or not (a) such transmission is on a
pay-per-view, pay-per-show, pay-per-channel or pay-per-time period basis, or (b) such premium subscription charge or fee is charged to the operator of a hotel, motel, hospital or other living accommodation. 
  
 “PBGC”: the Pension Benefit Guaranty Corporation established
pursuant to Subtitle A of Title IV of ERISA. 
  
 “Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

  
 “Plan”: at a particular time, any employee
benefit plan which is covered by ERISA and in respect of which DW Animation or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
  
 “Projected Sources”:
for any Test Period, with respect to DW Animation and its Subsidiaries, the sum of (a) cash held by DW Animation and its Subsidiaries on the relevant Test Date and (b) the aggregate amount, without duplication and to the extent not already deducted
in the definition of “Projected Uses”, of cash projected by DW Animation in good faith to be received during such Test 

  

 11 

 
Period by DW Animation or any of its Subsidiaries from the following sources: (i) Unutilized Commitments to the extent Revolving Credit Loans could be
borrowed thereunder on the relevant Test Date without resulting in a Default or Event of Default; (ii) other available commitments to make advances to DW Animation or any of its Subsidiaries during such Test Period and commitments to make payments
of royalties to DW Animation or any of its Subsidiaries during such Test Period so long as, in each case, such commitments are subject to no conditions other than (x) performance by DW Animation or the relevant Subsidiary of the agreements giving
rise to such commitments or (y) the passage of time; (iii) accounts receivables to be paid to DW Animation or any of its Subsidiaries during such Test Period; (iv) cash collections to be received during such Test Period (determined by reference to
the ultimates used in calculating any component of Borrowing Availability) in respect of any completed and released film or television product; (v) cash collections to be received during such Test Period (determined on a break even basis) in respect
of any uncompleted or completed but unreleased film or television product which is projected to be completed (if then uncompleted) and released during such Test Period; and (vi) distributions DW Animation or any of its Subsidiaries is entitled to
receive during such Test Period from any Joint Ventures so long as (x) such entitlement is subject to no condition other than (1) performance by DW Animation or the relevant Subsidiary of the agreements giving rise to such entitlement, (2) any other
condition the satisfaction of which is solely within the control of DW Animation or the relevant Subsidiary or (3) the passage of time and (y) each condition referred to in clause (x) above is expected by DW Animation in good faith to be satisfied
during such Test Period, in each case determined on a consolidated basis by reference to the Section 6.2 Projections. 
  
 “Projected Uses”: for any Test Period, with respect to DW Animation and its Subsidiaries, the sum, without duplication and to the extent
not already deducted in the definition of “Projected Sources”, of the following amounts as projected by DW Animation in good faith: (a) cash overhead for such Test Period; (b) Consolidated Cash Interest Expense for such Test Period; (c)
tax expense for such Test Period; (d) cash expense for such Test Period attributable to remaining negative costs and prints and advertising expenses for films which have commenced principal photography or are projected to have commenced principal
photography (and are also projected to be released) during such Test Period; (e) cash expenses for such Test Period in respect of television product for which confirmed orders have been received; (f) capital expenditures to be made during such Test
Period; and (g) investments or advances to be made during such Test Period in or to Joint Ventures, in each case determined on a consolidated basis by reference to the Section 6.2 Projections. 
  
 “Refunded Swingline Loans”: as defined in Section 2.5(a).

  
 “Register”: as defined in Section
10.6(b)(iv). 
  
 “Regulation U”: Regulation U of
the Board as in effect from time to time. 
  
 “Reimbursement Obligation”: the obligation of DW Animation to reimburse the L/C Issuer pursuant to Section 3.5 for amounts drawn under L/Cs. 
  
 “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization
within the meaning of Section 4241 of ERISA. 
  
 “Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day notice period is waived. 
  
 “Required Lenders”: at any date, the holders of more than 50% of (a) the aggregate Commitments, or (b) if
the Commitments have been terminated or for the purposes of determining whether to accelerate the Loans and L/C Obligations pursuant to Section 8.1, the Facility Exposure. 
  

 12 

 “Requirement of Law”: as to any Person, (a) the organizational or governing documents of
such Person and (b) any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 
  
 “Responsible Officer”:
any officer of DW Animation holding the title (or performing the functions) of chief executive officer, president, chief financial officer or treasurer. 
  
 “Revolving Credit Loans”: as defined in Section 2.1(a). 
  
 “Scheduled Termination Date”: November 1, 2009. 
  
 “Second Cycle Residual Value”: as of any date of
determination with respect to any Motion Picture released on or prior to such date, an amount equal to (a) DW Animation’s remaining projected second cycle value as of such date, which have been reviewed by Ernst & Young LLP pursuant to
procedures reasonably satisfactory to the Administrative Agent, less (b) all anticipated cash expenses directly associated with such ultimate as of such date. For the purposes of determining Second Cycle Value, (i) only the values associated
with Domestic Free Television Exhibition, Foreign Pay Television Exhibition and Foreign Free Television Exhibition shall be included and (ii) second cycle ultimates (other than those that will derive from binding contracts in effect at the time of
calculation) shall be limited to 50% of the first cycle ultimate. 
  
 “Section 6.2 Projections”: as defined in Section 6.2. 
  
 “Secured Obligations”: as of any date of determination, the aggregate amount as of such date of all Indebtedness and other obligations of DW Animation or any of its Subsidiaries secured by a
consensual Lien on any asset of DW Animation or any of its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
  
 “Security Documents”: the collective reference to the Guarantee and Collateral Agreement and all other security documents hereafter
delivered to the Administrative Agent granting a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 
  
 “Separation Transactions”: the transactions contemplated in Article II of the Separation Agreement, dated
on or prior to the Closing Date, among DreamWorks, DW Animation L.L.C. and DW Animation. 
  
 “Single Employer Plan”: any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 
  

“S&P”: Standard & Poor’s. 
  
 “Specified Cash Management Arrangement”: any cash management arrangement entered into by DW Animation and any Lender or Affiliate
thereof. 
  
 “Specified Subordinated
Indebtedness”: Indebtedness of DW Animation which is evidenced by a promissory note substantially identical to Exhibit E. 
  
 “Specified Swap Agreement”: any Swap Agreement entered into by DW Animation and any Lender or Affiliate thereof in respect of interest
rates or currency exchange rates. 
  

 13 

 “Subsidiary”: as to any Person, a corporation, limited liability company, partnership or
other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board
of directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in
this Agreement shall refer to a Subsidiary or Subsidiaries of DW Animation. 
  
 “Subsidiary Guarantor”: each Subsidiary of DW Animation party to the Guarantee and Collateral Agreement. It is understood that DWA Finance I LLC shall not be a Subsidiary Guarantor. 
  
 “Swap Agreement”: any agreement with respect to any swap,
forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of DW Animation or any of its Subsidiaries or Affiliates shall be deemed a “Swap Agreement”. 
  
 “Swingline Commitment”: the obligation of the Swingline Lender to make Swingline Loans pursuant to Section
2.3 in an aggregate principal amount at any one time outstanding not to exceed $25,000,000. 
  
 “Swingline Lender”: as defined in Section 2.3. 
  
 “Swingline Loans”: as defined in Section 2.3. 
  
 “Swingline Participation Amount”: as defined in Section 2.5(c). 
  
 “Television Exhibition”: with respect to any film, exhibition of such film using any form of motion picture
copy for transmission by any means now known or hereafter devised (including over-the-air, cable, wire, fiber, master antennae, satellite, microwave, closed circuit, laser, multi-point distribution services or direct broadcast systems), which
transmission is received, directly or indirectly by retransmission or otherwise, impaired or unimpaired, for viewing such film on the screen of a television receiver or comparable device now known or hereafter devised (including high definition
television), other than home video exhibition, any exhibition pursuant to the HBO License Agreement or any theatrical exhibition. 
  
 “Test Date”: as defined in Section 7.1(a). 
  
 “Test Period”: as defined in Section 7.1(a). 
  
 “Total Capitalization”: at any date of determination, the sum of Total Debt at such date and book equity of DW Animation at such date,
determined without giving effect to unrealized accounting gains and losses relating to interest rate hedge agreements. For the purpose of determining the Leverage Ratio pursuant to Section 7.1(b) at any time, book equity shall be deemed to include
the Second Cycle Residual Value at such date. 
  
 “Total
Debt”: at any date of determination, all Indebtedness of DW Animation and its Subsidiaries (other than Excluded Lease Debt and the HBO Subordinated Debt) determined on a consolidated basis in accordance with GAAP. 
  

 14 

 “Trademark License Agreement”: the License Agreement, dated on or prior the Closing
Date, between DWA LLC and DreamWorks pursuant to which DW Animation shall grant DreamWorks a license to use certain trademarks. 
  
 “Transferee”: any Assignee or Participant. 
  
 “Uniform Customs”: the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce
Publication No. 500, as the same may be amended from time to time. 
  
 “Universal”: Universal Studios, Inc., a Delaware corporation. 
  
 “Universal Advance”: the Animation Advance (as defined in the Universal Interparty Agreement) in an amount not to exceed $75,000,000. 
  
 “Universal Advance Documents”: the Universal Master Agreement and the Universal Interparty Agreement,
together with all other documents or instruments (or portions thereof) governing the terms of the Universal Advance, as amended, supplemented or otherwise modified from time to time. 
  
 “Universal Interparty Agreement”: the Interparty Agreement, dated on or prior to the Closing Date, among
DreamWorks, DW Animation and Vivendi Universal Entertainment LLP. 
  
 “Universal Master Agreement”: the Master Agreement dated as of June 14, 1995, as amended and restated as of June 20, 2001, as further amended and restated as of October 31, 2003, among DreamWorks, Universal and Vivendi
Universal Entertainment LLP, as further amended, supplemented or otherwise modified from time to time. 
  
 “Unrefunded Swingline Loans”: as defined in Section 2.5(c). 
  
 “Unutilized Commitment”: as to any Lender at any time, an amount equal to the excess, if any, of (a) the
amount of such Lender’s Commitment over (b) such Lender’s Aggregate Revolving Extensions of Credit. 
  
 1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when
used in any other Loan Document or any certificate or other document made or delivered pursuant hereto or thereto. 
  
 (b) Unless otherwise specified herein, all accounting terms used herein (and in any other Loan Document and any certificate or other document made or
delivered pursuant hereto or thereto) shall be interpreted, all accounting determinations shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP as in effect from time to time;
provided, however, that if DW Animation notifies the Administrative Agent that DW Animation wishes to amend any covenant in Section 7 to eliminate the effect of any change in GAAP on the operation of such covenant (or if the
Administrative Agent notifies DW Animation that the Required Lenders wish to amend Section 7 for such purpose), then compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP
became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to DW Animation and the Required Lenders. 
  

 15 

 (c) Unless otherwise stated herein, all calculations of ultimates pursuant to this Agreement shall be
made in a manner consistent with calculations of ultimates made in connection with any financial statements prepared by DW Animation whether pursuant to this Agreement or otherwise. 
  
 (d) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. 
  
 (e) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
  
 SECTION 2. LOANS 
  
 2.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to
make revolving credit loans (“Revolving Credit Loans”) to DW Animation from time to time during the Commitment Period. DW Animation may use the Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and
reborrowing, all in accordance with the terms and conditions hereof. 
  
 (b) The Revolving Credit Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by DW Animation and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10; provided that no Revolving Credit
Loan of a particular Lender shall be made as a Eurodollar Loan after the day that is one month prior to the Scheduled Termination Date. 
  
 2.2 Procedure for Revolving Credit Borrowing. DW Animation may borrow under the Commitments during the Commitment Period on any Business Day;
provided that DW Animation shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 3:00 P.M., New York City time, three Business Days prior to the requested Borrowing
Date, in the case of Eurodollar Loans or (b) 12:00 noon, New York City time on the requested Borrowing Date, in the case of ABR Loans), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether such borrowing shall
consist of Eurodollar Loans or ABR Loans, and (iv) in the case of Eurodollar Loans, the respective amounts thereof and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Commitments shall be in an amount equal
to (x) in the case of ABR Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then Unutilized Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $5,000,000 or a whole
multiple of $500,000 in excess thereof. Upon receipt of any such notice from DW Animation, the Administrative Agent shall promptly notify each relevant Lender thereof. Each relevant Lender will make the amount of its pro rata share of each borrowing
available to the Administrative Agent for the account of DW Animation at the office of the Administrative Agent specified in Section 10.2 prior to 1:00 P.M., New York City time, on the Borrowing Date requested by DW Animation in funds immediately
available to the Administrative Agent. Such borrowing will then be made available to DW Animation by the Administrative Agent crediting the account of DW Animation on the books of such office with the aggregate of the amounts made available to the
Administrative Agent by the relevant Lenders and in like funds as received by the Administrative Agent; provided that if, on the Borrowing Date of any Revolving Credit Loans, any Swingline Loans shall be outstanding, the proceeds of such
Revolving Credit Loans shall first be applied to pay in full such Swingline Loans, with any remaining proceeds to be made available to DW Animation as provided above. 
  

 16 

 2.3 Swingline Commitment. Subject to the terms and conditions hereof, JPMorgan Chase Bank (in such
capacity, the “Swingline Lender”) agrees to make available to DW Animation a portion of the credit otherwise available under the Commitments from time to time during the Commitment Period by making Swingline loans
(“Swingline Loans”) to DW Animation in an aggregate principal amount not to exceed at any one time outstanding the Swingline Commitment (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the
Swingline Lender’s other outstanding Loans hereunder, may exceed such Lender’s Commitment then in effect). During the Commitment Period, DW Animation may use the Swingline Commitment by borrowing, repaying and reborrowing, all in
accordance with the terms and conditions hereof. All Swingline Loans shall at all times be ABR Loans. 
  
 2.4 Procedure for Swingline Borrowing. Whenever DW Animation desires that the Swingline Lender make Swingline Loans under Section 2.3 it shall give
the Swingline Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swingline Lender not later than 3:00 P.M., New York City time, on the proposed Borrowing Date), specifying (a) the
amount to be borrowed and (b) the requested Borrowing Date. Each borrowing under the Swingline Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 5:00 P.M., New York City time, on the
Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Administrative Agent for the account of DW Animation at the office of the Administrative Agent specified in Section 10.2 an amount
in immediately available funds equal to the amount of the Swingline Loan to be made by the Swingline Lender. The proceeds of such Swingline Loan will then be made available to DW Animation on such Borrowing Date by the Administrative Agent crediting
the account of DW Animation on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Swingline Lender and in like funds as received by the Administrative Agent. 
  
 2.5 Refunding of Swingline Loans. (a) The Swingline Lender, at any
time and from time to time in its sole and absolute discretion may, on behalf of DW Animation (which hereby irrevocably directs the Swingline Lender to act on its behalf), upon notice given by the Swingline Lender no later than 10:00 A.M., New York
City time, on the relevant refunding date, request each Lender to make, and each such Lender hereby agrees to make, a Revolving Credit Loan (which shall be an ABR Loan), in an amount equal to such Lender’s Commitment Percentage of the aggregate
amount of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice, to refund such Swingline Loans. Each Lender shall make the amount of such Revolving Credit Loan available to the Administrative
Agent at its office set forth in Section 10.2 in immediately available funds, no later than 1:00 P.M., New York City time, on the date of such notice. The proceeds of such Revolving Credit Loans shall be distributed by the Administrative Agent to
the Swingline Lender and immediately applied by the Swingline Lender to repay the Refunded Swingline Loans. Effective on the day such Revolving Credit Loans are made, the portion of the Swingline Loans so paid shall no longer be outstanding as
Swingline Loans. 
  
 (b) The making of any Swingline Loan
hereunder shall be subject to the satisfaction of the applicable conditions precedent thereto set forth in Section 5.2 (unless otherwise waived in accordance with Section 10.1). The Swingline Lender shall notify DW Animation of its election not to
make Swingline Loans hereunder as a result of the failure to satisfy such conditions precedent, unless an Event of Default of the type specified in Section 8.1(f) shall have occurred and be continuing. 
  
 (c) If, for any reason, Revolving Credit Loans may not be (as determined by
the Administrative Agent in its sole discretion), or are not, made pursuant to Section 2.5(a) to repay Swingline Loans as required by said Section, then, effective on the date such Revolving Credit Loans would otherwise have been made, each Lender
severally, unconditionally and irrevocably agrees that it shall purchase a participating interest in such Swingline Loans (“Unrefunded Swingline Loans”) in an amount equal to the amount of Revolving Credit Loans which would
otherwise have been made by such 

  

 17 

 
Lender pursuant to Section 2.5(a). Each such Lender will immediately transfer to the Administrative Agent, in immediately available funds, the amount of its
participation (the “Swingline Participation Amount”), and the proceeds of such participation shall be distributed by the Administrative Agent to the Swingline Lender in such amount as will reduce the amount of the participating
interest retained by the Swingline Lender in its Swingline Loans to the amount of the Revolving Credit Loans which were to have been made by it pursuant to Section 2.5(a). 
  
 (d) Whenever, at any time after the Swingline Lender has received from any Lender such Lender’s Swingline Participation
Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not
sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Lender will return to the
Swingline Lender any portion thereof previously distributed to it by the Swingline Lender. 
  
 (e) Each Lender’s obligation to make the Loans referred to in Section 2.5(a) and to purchase participating interests pursuant to Section 2.5(c) shall be absolute and unconditional and shall not be affected by any
circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Lender or DW Animation may have against the Swingline Lender, DW Animation or any other Person for any reason whatsoever; (ii)
the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5; (iii) any adverse change in the condition (financial or otherwise) of DW Animation; (iv) any breach of
this Agreement or any other Loan Document by DW Animation or any Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
  
 2.6 Commitment Fee. DW Animation agrees to pay to the Administrative Agent for the account of each Lender a
commitment fee (a “Commitment Fee”), computed at a rate per annum equal to the Commitment Fee Rate on the average daily amount of the unutilized Commitment of such Lender for the period for which such payment is made. The Commitment
Fee shall be payable quarterly in arrears on the last day of each March, June, September and December and on the last day of the Commitment Period, commencing on the first of such dates to occur after the Effective Date. For the purposes of this
Section 2.6, Swingline Loans shall be deemed not to constitute utilization of the Commitments. 
  
 2.7 Termination or Reduction of Commitments; Mandatory Prepayments. (a) DW Animation shall have the right, upon not less than five Business Days’ notice to the Administrative Agent, to terminate the
Commitments or, from time to time, to reduce the amount of the Commitments; provided that no such termination or reduction of the Commitments shall be permitted if, after giving effect thereto and to any repayments of the Loans made on the
effective date thereof, (i) the Facility Exposure would exceed the aggregate Commitments then in effect or (ii) the Aggregate Revolving Extensions of Credit of any Lender would exceed such Lender’s Commitment. Any such reduction shall be in an
amount equal to $10,000,000 or a whole multiple thereof and shall reduce permanently the Commitments then in effect. 
  
 (b) The Commitments shall automatically be permanently reduced on the date of any Non-Excluded Asset Sale (each, a “Specified Non-Excluded Asset
Sale”) occurring on or after the date on which the aggregate fair market value of all assets sold or otherwise disposed of in connection with Non-Excluded Asset Sales since the Closing Date exceeds $50,000,000, such reduction to be in an
amount equal to 100% of the Net Cash Proceeds of such asset sale (or the Specified Percentage of such Net Cash Proceeds, in the case of the first Specified Non-Excluded Asset Sale). As used in this Section 2.7(b), the term “Specified
Percentage” means, with respect to the first Specified Non-Excluded Asset Sale, the 

  

 18 

 
quotient, expressed as a percentage, of (i) the excess of the aggregate fair market value of all assets sold or otherwise disposed of in connection with
Non-Excluded Asset Sales (including such Specified Non-Excluded Asset Sale) since the Closing Date through the date of such Specified Non-Excluded Asset Sale over $50,000,000 and (ii) the aggregate fair market value of the assets sold or
otherwise disposed of in connection with such Specified Non-Excluded Asset Sale. 
  
 (c) If, after giving effect to any reduction in the Commitments pursuant to Section 2.7(b), (i) the Aggregate Revolving Extensions of Credit of any Lender exceeds such Lender’s Commitment or (ii) the Facility
Exposure exceeds the aggregate Commitments, DW Animation shall, on the date of such reduction, prepay the Revolving Credit Loans and/or Swingline Loans to the extent necessary to eliminate any such excess; provided that if any such prepayment
is insufficient to eliminate any such excess (because L/C Obligations constitute a portion thereof), DW Animation shall, on the date of such reduction, to the extent of the balance of such excess, deposit an amount in cash in a cash collateral
account established with the Administrative Agent for the benefit of the relevant Lenders on terms and conditions reasonably satisfactory to the Administrative Agent, which deposit shall be released to DW Animation from time to time in the amount of
each subsequent reduction of such L/C Obligations. 
  
 (d) Within
ten Business Days after (i) the date of delivery of any Borrowing Availability Certificate showing that the Facility Exposure exceeds the Borrowing Availability then in effect or (ii) any date on which DW Animation shall otherwise become aware that
the Facility Exposure exceeds the Borrowing Availability then in effect, DW Animation shall prepay the Revolving Credit Loans or Swingline Loans (or, if no such Loans remain outstanding, cash collateralize L/Cs on terms satisfactory to the
Administrative Agent) in an amount sufficient to cause the Facility Exposure to be no greater than the Borrowing Availability then in effect. The application of any prepayment pursuant to this paragraph (d) shall be made first to ABR Loans and
second to Eurodollar Loans. 
  
 2.8 Repayment of Loans;
Evidence of Debt. (a) DW Animation hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender on the Scheduled Termination Date, the then unpaid principal amount of each Revolving Credit Loan and Swingline
Loan made by such Lender. DW Animation hereby further agrees to pay interest in immediately available funds at the office of the Administrative Agent on the unpaid principal amount of the Loans from time to time outstanding from the Closing Date
until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.12. 
  
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of DW Animation to such Lender
resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 
  
 (c) The Administrative Agent shall maintain the Register pursuant to Section 10.6(b), and a subaccount therein for each
Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or Swingline Loan, whether, if applicable, such Loan is an ABR Loan or a Eurodollar
Loan, and any Interest Period applicable to such Loan, (ii) the amount of any principal or interest due and payable or to become due and payable from DW Animation to each Lender hereunder and (iii) both the amount of any sum received by the
Administrative Agent hereunder from DW Animation and each Lender’s share thereof. 
  
 (d) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.8(b) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and
amounts of the obligations of DW Animation therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any 

  

 19 

 
error.therein, shall not in any manner affect the obligation of DW Animation to repay (with applicable interest) the Loans made to DW Animation by such
Lender in accordance with the terms of this Agreement. 
  
 2.9
Optional Prepayments. DW Animation may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon at least one Business Day’s irrevocable notice to the Administrative Agent, specifying the
date and amount of prepayment, whether the prepayment is of Eurodollar Loans, ABR Loans or a combination thereof, and, if of a combination thereof, the amount allocable to each; provided that notice of any prepayment of Swingline Loans may be
delivered to the Administrative Agent as late as, but not later than, 12:00 Noon, New York City time, on the date of such prepayment. Upon receipt of any such notice, the Administrative Agent shall promptly notify each Lender thereof. If any such
notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (in the case of any Eurodollar Loans) any amounts payable pursuant to Section 2.18 and (except in the case of ABR Loans)
accrued interest to such date on the amount prepaid. Partial prepayments of Loans (other than Swingline Loans) pursuant to this Section 2.9 shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof (or, if less, the
remaining outstanding principal amount thereof). Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the remaining outstanding principal amount
thereof). 
  
 2.10 Conversion and Continuation Options. (a)
DW Animation may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day’s prior irrevocable notice of such election; provided that any such conversion of Eurodollar
Loans may only be made on the last day of an Interest Period with respect thereto. DW Animation may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior
irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly
notify each Lender thereof. All or any part of outstanding Eurodollar Loans and ABR Loans may be converted as provided herein; provided that no ABR Loan made by a particular Lender may be converted into a Eurodollar Loan after the date that
is one month prior to the Scheduled Termination Date. 
  
 (b) Any
Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by DW Animation giving notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest
Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Loan may be continued as such after the date that is one month prior to the Scheduled Termination
Date or when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuations, and provided, further, that if
DW Animation shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then
expiring Interest Period. 
  
 2.11 Minimum Amounts and Maximum
Number of Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions, continuations and prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant
to such elections so that, after giving effect thereto, (a) the aggregate principal amount of the Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) there shall be no
more than 10 Eurodollar Tranches outstanding at any time. 
  

 20 

 2.12 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day
during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin. 
  
 (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. 
  
 (c) If all or a portion of (i) the principal amount of any Loan, (ii) any
interest payable thereon or (iii) any Commitment Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is
(x) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.12 plus 2% or (y) in the case of any overdue interest, Commitment Fee or other amount, equal to the rate
then applicable to ABR Loans plus 2%, in each case from the date of such non-payment until such amount is paid in full (whether before or after judgment). 
  
 (d) Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (c) of this Section
shall be payable from time to time on demand. 
  
 2.13
Computation of Interest and Fees. (a) Commitment Fees and interest (other than interest calculated on the basis of the Prime Rate) shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest calculated on the
basis of the Prime Rate shall be calculated on the basis of a 365- or 366- (as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify DW Animation and the Lenders of each determination of
a Eurodollar Rate in respect of any Eurodollar Tranche. Any change in the interest rate on a Loan resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change becomes effective. The
Administrative Agent shall as soon as practicable notify DW Animation and the Lenders of the effective date and the amount of each such change in interest rate. 
  

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on
DW Animation and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of DW Animation, deliver to DW Animation a statement showing the quotations used by the Administrative Agent in determining any interest
rate pursuant to Section 2.12(a). 
  
 2.14 Inability to
Determine Interest Rate. If prior to the first day of any Interest Period: 
  
 (a) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon DW Animation) that, by reason of circumstances affecting the eurodollar market, adequate and reasonable
means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 
  
 (b) the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to
such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Eurodollar Loans during such Interest Period, 
  
 the Administrative Agent shall give telecopy or telephonic notice thereof to DW Animation and the Lenders as soon as practicable thereafter. If such notice is given (x)
any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans and (y) any Loans that, on the first day of such Interest Period, were to be converted to or continued as Eurodollar Loans shall be 

  

 21 

 
converted to or continued as ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or
continued as such, nor shall DW Animation have the right to convert ABR Loans to Eurodollar Loans. 
  
 2.15 Pro Rata Treatment and Payments. (a) Except as contemplated by Section 2.7, (i) each reduction of the Commitments and each payment in respect
of Commitment Fees shall be made pro rata according to the respective Commitment Percentages of the Lenders and (ii) each payment (including each prepayment) by DW Animation on account of principal of and interest on Loans shall be made pro rata
according to the respective outstanding principal amount of such Loans then held by the Lenders. Notwithstanding anything to the contrary in this Agreement, if an Event of Default shall have occurred and be continuing, each payment (including each
prepayment) by DW Animation on account of principal of and interest on Loans shall be made pro rata according to the respective outstanding principal amount of all such Loans then held by all Lenders. All payments (including prepayments) to be made
by DW Animation hereunder, whether on account of principal, interest, fees or otherwise, shall be made without set off or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent,
for the account of the Lenders, at the Administrative Agent’s office specified in Section 10.2, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to the relevant Lenders promptly upon receipt
in like funds as received. If any payment hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to
payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the
next succeeding Business Day (and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension) unless the result of such extension would be to extend such payment into another calendar
month, in which event such payment shall be made on the immediately preceding Business Day. 
  
 (b) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the
Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to DW Animation a
corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate
equal to the daily average Federal Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any
amounts owing under this Section 2.15(b) shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days of such
Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans, on demand, from DW Animation. 
  
 2.16 Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority (other than tax laws), in each case made subsequent to the date hereof:

  
 (i) shall impose, modify or hold applicable
any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office
of such Lender which is not otherwise included in the determination of the Eurodollar Rate; or 
  

 22 

 (ii) shall impose on such Lender any other condition; 
  
 and the result of any of the foregoing is to increase the cost to such Lender (other than an
increase in taxes), by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans or issuing or participating in L/Cs or to reduce any amount receivable hereunder in respect thereof,
then, in any such case, DW Animation shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any
additional amounts pursuant to this Section 2.16(a), it shall promptly notify DW Animation, through the Administrative Agent, of the event by reason of which it has become so entitled. 
  
 (b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital
adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental
Authority, in each case made subsequent to the date hereof, has the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under any L/C to a level below that
which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such
Lender to be material, then from time to time, after submission by such Lender to DW Animation (with a copy to the Administrative Agent) of a written request therefor, DW Animation shall promptly pay to such Lender such additional amount or amounts
as will compensate such Lender for such reduction. 
  
 (c) DW
Animation agrees to pay to each Lender which requests compensation under this Section 2.16(c) (by notice to DW Animation), on the last day of each Interest Period with respect to any Eurodollar Loan made by such Lender, so long as such Lender shall
be required to maintain reserves against “Eurocurrency liability” under Regulation D of the Board (or, so long as such Lender may be required by the Board or by any other Governmental Authority to maintain reserves against any other
“category of liabilities” under Regulation D of the Board (or, so long as such Lender may be required by the Board or by any other Governmental Authority to maintain reserves against any other category of liabilities which includes
deposits by reference to which the interest rate on Eurodollar Loans is determined as provided in this Agreement or against any category of extensions of credit or other assets of such Lender which includes any Eurodollar Loans), an additional
amount (determined by such Lender and notified to DW Animation) representing such Lender’s calculation or, if an accurate calculation is impracticable, reasonable estimate (using such reasonable means of allocation as such Lender shall
determine) of the actual costs, if any, incurred by such Lender during such Interest Period, as a result of the applicability of the foregoing reserves to such Eurodollar Loans, which amount in any event shall not exceed the product of the following
for each day of such Interest Period: 
  
 (i) the
principal amount of the Eurodollar Loans made by such Lender to which such Interest Period relates and outstanding on such day; and 
  
 (ii) the difference between (x) a fraction, the numerator of which is the Eurodollar Rate (expressed as a decimal) applicable to such
Eurodollar Loan and the denominator of which is one minus the maximum rate (expressed as a decimal) at which such reserve requirements are imposed by the Board or other Governmental Authority on such date, minus (y) such numerator; and

  

 23 

 (iii) a fraction the numerator of which is one and the denominator of which is 360.

  
 Any Lender which gives notice under this Section 2.16(c) shall promptly
withdraw such notice (by written notice of withdrawal given to the Administrative Agent and DW Animation) in the event such Lender is no longer required to maintain such reserves or the circumstances giving rise to such notice shall otherwise cease
to exist. 
  
 (d) A certificate as to any additional amounts
payable pursuant to this Section 2.16 submitted by any Lender, through the Administrative Agent, to DW Animation shall specify in reasonable detail the basis for the request for compensation of such additional amounts and the method of computation
thereof and shall be conclusive in the absence of manifest error. DW Animation shall (except as otherwise provided in Section 2.16(c)) pay each Lender the amount shown as due on any such certificate delivered by it within 30 days after receipt
thereof. The obligations of DW Animation pursuant to this Section 2.16 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 (e) Promptly after any Lender has determined that it will make a request for
additional amounts pursuant to this Section 2.16, such Lender will notify DW Animation thereof. Failure on the part of any Lender so to notify DW Animation or to demand additional amounts with respect to any period shall not constitute a waiver of
such Lender’s right to demand additional amounts with respect to such period or any other period; provided that DW Animation shall not be under any obligation to compensate any Lender with respect to increased costs or reductions with
respect to any period prior to the date (the “Cut-Off Date”) that is six months prior to such request if such Lender was aware on the Cut-Off Date of the circumstances giving rise to such increased costs or reductions and of the
fact that such circumstances would in fact result in such increased costs or reduction and provided, further, that the limitation in the preceding proviso shall not apply to any increased costs or reductions arising out of the
retroactive application of any Requirement of Law. 
  
 2.17
Taxes. (a) Except as otherwise required by law, all payments made by DW Animation under this Agreement and the other Loan Documents shall be made free and clear of, and without deduction or withholding for or on account of, any present or
future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income taxes and franchise taxes
(imposed in lieu of net income taxes) and branch profits taxes imposed on the Administrative Agent or any Lender (or Transferee) as a result of a present or former connection between the Administrative Agent or such Lender (or Transferee) and the
jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent or such Lender (or Transferee) having
executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement). If any such non-excluded taxes, levies, imposts, duties, charges, fees deductions or withholdings (“Non-Excluded Taxes”) are
required to be withheld from any amounts payable to the Administrative Agent or any Lender (or Transferee) hereunder, the amounts so payable to the Administrative Agent or such Lender (or Transferee) shall be increased to the extent necessary to
yield to the Administrative Agent or such Lender (or Transferee) (after payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement; provided,
however, that DW Animation shall not be required to increase any such amounts payable to any Non-U.S. Lender if such Non-U.S. Lender fails to comply with the requirements of paragraph (c) of this Section 2.17. Whenever any Non-Excluded Taxes
are payable by DW Animation, as promptly as possible thereafter DW Animation shall send to the Administrative Agent for its own account or for the account of such Lender (or Transferee), as the case may be, a certified copy of an original official
receipt received by DW Animation showing payment thereof. If DW Animation fails to pay any Non-Excluded Taxes when due 

  

 24 

 
to the appropriate taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, DW Animation
shall indemnify the Administrative Agent and the Lenders (and the Transferees) for any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender (or Transferee) as a result of any such failure. The
agreements in this Section 2.17 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 (b) If any Lender (or Transferee) or the Administrative Agent, as applicable, receives a refund of a tax for which a payment has been made by DW Animation
pursuant to this Section 2.17, which refund in the good faith judgment of such Lender (or Transferee) or the Administrative Agent, as the case may be, is attributable to such payment made by DW Animation, then the Lender (or Transferee) or the
Administrative Agent, as the case may be, shall reimburse DW Animation (without interest, other than interest paid by the relevant taxing authority with respect to such refund) for such amount as the Lender (or Transferee) or the Administrative
Agent, as the case may be, determines to be the proportion of the refund as will leave it, after such reimbursement, in no better or worse position than it would have been if the payment had not been required. Each Lender (or Transferee) and the
Administrative Agent, as the case may be, shall claim any refund that it determines is available to it, unless it concludes in its reasonable discretion that it would be adversely affected by making such a claim. Neither any Lender (or Transferee)
nor the Administrative Agent shall be obligated to disclose any information regarding its tax affairs or computations to DW Animation in connection with this paragraph (b) or any other provision of this Section 2.17. 
  
 (c) Each Non-U.S. Lender shall deliver to DW Animation and the Administrative
Agent two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of
“portfolio interest”, a statement substantially in the form of Exhibit F and a Form W-8BEN, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption
from, or a reduced rate of, U.S. federal withholding tax on all payments by DW Animation under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this
Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation) and on or before the date, if any, such Non-U.S. Lender changes its applicable lending office by designating a different
lending office (a “New Lending Office”). In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall
promptly notify DW Animation at any time it determines that it is no longer in a position to provide any previously delivered certificate to DW Animation (or any other form of certification adopted by the U.S. taxing authorities for such purpose).
Notwithstanding any other provision of this Section 2.17(c), a Non-U.S. Lender shall not be required to deliver any form pursuant to this Section 2.17(c) that such Non-U.S. Lender is not legally able to deliver. 
  
 (d) Notwithstanding any other provision of this Section 2.17, DW Animation
shall not be required to indemnify any Non-U.S. Lender, or to pay any additional amounts to any Non-U.S. Lender, in respect of United States federal withholding tax pursuant to paragraph (a) above to the extent that the obligation to withhold
amounts with respect to United States federal withholding tax existed on the date such Non-U.S. Lender became a party to this Agreement (or, in the case of a Transferee that is a Participant, on the date such Participant became a Transferee
hereunder) or, with respect to payments to a New Lending Office, the date such Non-U.S. Lender designated such New Lending Office with respect to a Loan. 
  

 25 

 (e) Any Lender (or Transferee) claiming any indemnity payment or additional amounts payable pursuant to
this Section 2.17 shall use reasonable efforts (consistent with legal and regulatory restrictions) to file any certificate or document reasonably requested in writing by DW Animation if the making of such a filing would avoid the need for or reduce
the amount of any such indemnity payment or additional amounts that may thereafter accrue and would not, in the sole determination of such Lender (or Transferee), be otherwise disadvantageous to such Lender (or Transferee). 
  
 (f) Each Lender (or Transferee) represents that it is not, and agrees that at
all times during the term of this Agreement will not be, a conduit entity participating in a conduit financing arrangement (as defined in Section 7701(l) of the Code and the regulations thereunder) with respect to any Loan. 
  
 2.18 Indemnity. DW Animation agrees to indemnify each Lender and to
hold each Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of (a) default by DW Animation in making a borrowing of Eurodollar Loans or in the conversion into or continuation of Eurodollar Loans after
DW Animation has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by DW Animation in making any prepayment of Eurodollar Loans after DW Animation has given a notice thereof in accordance with the
provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans on a day which is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the
amount of interest which would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest
Period (or the proposed Interest Period), in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the margin included therein) over (ii) the amount of interest (as reasonably determined by such Lender)
which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. The obligations contained in this Section 2.18 shall survive the termination of
this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 2.19 Change of Lending Office. Each Lender (or Transferee) agrees that, upon the occurrence of any event giving rise to the operation of Section 2.16 or 2.17 with respect to such Lender (or Transferee), it
will, if requested by DW Animation, use reasonable efforts (subject to overall policy considerations of such Lender (or Transferee)) to designate another lending office for any Loans affected by such event with the object of avoiding the
consequences of such event; provided that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no material economic, legal or regulatory disadvantage, and
provided, further, that nothing in this Section 2.19 shall affect or postpone any of the obligations of DW Animation or the rights of any Lender (or Transferee) pursuant to Sections 2.16 and 2.17. 
  
 2.20 Replacement of Lenders under Certain Circumstances. DW Animation
shall be permitted to replace any Lender which (a) requests reimbursement for amounts owing pursuant to Section 2.16 or 2.17 or (b) defaults in its obligation to make Revolving Credit Loans or Swingline Loans hereunder, with a replacement bank or
other financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) DW Animation shall repay (or
the replacement bank or institution shall purchase, at par) all Loans and other amounts owing to such replaced Lender prior to the date of replacement, (iv) DW Animation shall be liable to such replaced Lender under Section 2.18 if any Eurodollar
Loan owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms and conditions of such
replacement, shall be reasonably satisfactory to the Administrative Agent, (vi) the 

  

 26 

 
replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that DW Animation shall be
obligated to pay the registration and processing fee referred to therein), (vii) until such time as such replacement shall be consummated, DW Animation shall pay all additional amounts (if any) required pursuant to Section 2.16 or 2.17, as the case
may be, and (viii) any such replacement shall not be deemed to be a waiver of any rights which DW Animation, the Administrative Agent or any other Lender shall have against the replaced Lender or that the replaced Lender shall have under this
Agreement. 
  
 SECTION 3. L/CS 
  
 3.1 L/C Commitment. (a) Subject to the terms and conditions hereof,
the L/C Issuer, in reliance on the agreements of the other Lenders set forth in Section 3.3(a), agrees to issue L/Cs (“L/Cs”) for the account of DW Animation on any Business Day during the Commitment Period in such form as may be
approved from time to time by the L/C Issuer; provided that the L/C Issuer shall have no obligation to issue any L/C if, after giving effect to such issuance, the sum of the L/C Obligations would exceed the L/C Commitment. It is understood
that the Existing L/Cs shall be deemed to constitute L/Cs hereunder. Each L/C (i) shall be denominated in Dollars, (ii) shall expire no later than the earlier of (x) the fifth Business Day prior to the Scheduled Termination Date and (y) the first
anniversary of the date of issuance thereof; provided that any L/C with a one-year tenor may provide for the renewal thereof for additional one-year periods, and provided, further, that in no event shall such L/C extend beyond
the date that is the fifth Business Day prior to the Scheduled Termination Date) and (iii) unless otherwise agreed by the L/C Issuer in its sole discretion, shall be in a face amount of at least $1,000,000. It is understood that the letter of credit
described on Schedule 3.1 hereto shall be a “L/C” for all purposes of this Agreement. 
  
 (b) The L/C Issuer shall not at any time be obligated to issue any L/C hereunder if such issuance would conflict with, or cause the L/C Issuer or any L/C
Participant to exceed any limits imposed by, any applicable Requirement of Law. 
  
 3.2 Procedure for Issuance of L/Cs. DW Animation may from time to time request that the L/C Issuer issue an L/C by delivering to the L/C Issuer at its address for notices specified herein an Application
therefor, completed to the reasonable satisfaction of the L/C Issuer, and such other certificates, documents and other papers and information as the L/C Issuer may reasonably request. Upon receipt of any Application, the L/C Issuer will process such
Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the L/C requested thereby (but in no event shall the L/C Issuer
be required to issue any L/C earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such L/C to the
beneficiary thereof or as otherwise may be agreed by the L/C Issuer and DW Animation. The L/C Issuer shall furnish a copy of such L/C to DW Animation and each Lender promptly following the issuance thereof. 
  
 3.3 L/C Participations. (a) The L/C Issuer irrevocably agrees to grant
and hereby grants to each L/C Participant, and, to induce the L/C Issuer to issue L/Cs hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the L/C Issuer, on the terms and conditions
hereinafter stated, for such L/C Participant’s own account and risk, an undivided interest equal to such L/C Participant’s Commitment Percentage in the L/C Issuer’s obligations and rights under each L/C and the amount of each draft
paid by the L/C Issuer thereunder. Each L/C Participant unconditionally and irrevocably agrees with the L/C Issuer that, if a draft is paid under any L/C for which the L/C Issuer is not reimbursed in full by DW Animation in accordance with the terms
of this Agreement, such L/C Participant shall pay to the L/C Issuer upon demand at the L/C Issuer’s address for notices specified herein an amount equal to such L/C Participant’s Commitment Percentage of the amount of such draft, or any
part thereof, which is not so reimbursed. 
  

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 (b) If any amount required to be paid by any L/C Participant to the L/C Issuer pursuant to Section 3.3(a)
in respect of any unreimbursed portion of any payment made by the L/C Issuer under any L/C is paid to the L/C Issuer within three Business Days after the date such payment is due, such L/C Participant shall pay to the L/C Issuer on demand an amount
equal to the product of (i) such amount, times (ii) the daily average Federal funds rate, as quoted by the L/C Issuer, during the period from and including the date such payment is required to the date on which such payment is immediately available
to the L/C Issuer, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.3(a) is
not in fact made available to the L/C Issuer by such L/C Participant within three Business Days after the date such payment is due, the L/C Issuer shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon
calculated from such due date at the rate per annum applicable to ABR Loans. A certificate of the L/C Issuer submitted to any L/C Participant with respect to any amounts owing under this Section 3.3 shall be conclusive in the absence of manifest
error. 
  
 (c) Whenever, at any time after the L/C Issuer has made
payment under any L/C and has received from any L/C Participant its prorata share of such payment in accordance with Section 3.3(a), the L/C Issuer receives any payment related to such L/C (whether directly from DW Animation or
otherwise), or any payment of interest on account thereof, the L/C Issuer will distribute to such L/C Participant its prorata share thereof; provided, however, that in the event that any such payment received by the L/C
Issuer shall be required to be returned by the L/C Issuer, such L/C Participant shall return to the L/C Issuer the portion thereof previously distributed by the L/C Issuer to it. 
  
 3.4 Fees, Commissions and Other Charges. (a) DW Animation shall pay to the Administrative Agent, for the account of
the Lenders, a letter of credit commission with respect to each L/C at a rate per annum equal to 1.75% on the average daily amount available to be drawn under such L/C during the period for which payment is made. Such commission shall be payable to
the Lenders (including JPMorgan Chase Bank) to be shared ratably among them in accordance with their respective Commitment Percentages. In addition, DW Animation shall pay to the Administrative Agent, for the sole account of the L/C Issuer, a
fronting fee with respect to each L/C at a rate per annum equal to 0.125% on the average daily amount available to be drawn under such L/C during the period for which payment is made. Each such letter of credit commission and fronting fee shall be
payable in arrears on each L/C Fee Payment Date. 
  
 (b) In
addition to the foregoing commissions and fees, DW Animation shall pay or reimburse the L/C Issuer for such reasonable and customary costs and expenses as are incurred or charged by the L/C Issuer in issuing, effecting payment under, amending or
otherwise administering any L/C. 
  
 3.5 Reimbursement
Obligation of DW Animation. DW Animation agrees to reimburse the L/C Issuer on each date on which the L/C Issuer notifies DW Animation of the date and amount of a draft presented under any L/C and paid by the L/C Issuer for the amount of (a)
such draft so paid and (b) any taxes, fees, charges or other reasonable costs or expenses incurred by the L/C Issuer in connection with such payment. Each such payment shall be made to the L/C Issuer at its address for notices specified herein in
Dollars and in immediately available funds. Interest shall be payable on any and all amounts remaining unpaid by DW Animation under this Section 3.5 from and including the date such amounts become payable (whether at stated maturity, by acceleration
or otherwise) to but not including the date of payment in full at the rate which would be payable on any outstanding ABR Loans which were then overdue. Each drawing under any L/C shall constitute a request by DW Animation to the Administrative

  

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Agent for a borrowing of Revolving Credit Loans which are ABR Loans pursuant to Section 2.2 in the amount of such drawing. The Borrowing Date with respect to
such borrowing shall be the date of such drawing, and the proceeds of such Revolving Credit Loans shall be applied by the Administrative Agent to reimburse the L/C Issuer for the amounts drawn under such L/C. 
  
 3.6 Obligations Absolute. DW Animation’s obligations under this
Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which DW Animation may have or have had against the L/C Issuer or any beneficiary of an L/C. DW
Animation also agrees with the L/C Issuer that, except as contemplated by the next succeeding sentence, the L/C Issuer shall not be responsible for, and DW Animation’s Reimbursement Obligations under Section 3.5 shall not be affected by, among
other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among DW Animation and any beneficiary of any L/C or
any other party to which such L/C may be transferred or any claims whatsoever of DW Animation against any beneficiary of such L/C or any such transferee. The L/C Issuer shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any L/C, except to the extent of any errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the L/C Issuer. DW Animation agrees that any action taken or omitted by the L/C Issuer under or in connection with any L/C or the related drafts or documents, if done in the absence of
gross negligence and willful misconduct, shall be binding on DW Animation and shall not result in any liability of the L/C Issuer to DW Animation. 
  
 3.7 L/C Payments. If any draft shall be presented for payment under any L/C, the applicable L/C Issuer shall promptly notify DW Animation of the
date and amount thereof. The responsibility of the L/C Issuer to DW Animation in connection with any draft presented for payment under any L/C shall, in addition to any payment obligation expressly provided for in such L/C, be limited to determining
that the documents (including each draft) delivered under such L/C in connection with such presentment are in conformity with such L/C. 
  
 3.8 Applications; Uniform Customs. To the extent that any provision of any Application related to any L/C is inconsistent with the provisions of
this Section 3, the provisions of this Section 3 shall apply. Each L/C shall be subject to the Uniform Customs and, to the extent not inconsistent therewith, the laws of the State of New York. 
  
 SECTION 4. REPRESENTATIONS AND WARRANTIES 
  
 To induce the Administrative Agent and the Lenders to enter into this
Agreement and to make the Loans and issue or participate in the L/Cs, DW Animation hereby represents and warrants to the Administrative Agent and each Lender that: 
  
 4.1 Financial Statements. The audited consolidated balance sheets of DW Animation as at December 31, 2001, December
31, 2002 and December 31, 2003, and the related consolidated statements of income and retained earnings and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Ernst & Young LLP,
present fairly the consolidated financial condition of DW Animation as at each such date, and the consolidated results of its operations and its consolidated retained 
  

 29 

 
earnings and cash flows for the respective fiscal years then ended. The unaudited consolidated balance sheets of DW Animation as at March 31, 2004 and June
30, 2004, and the related unaudited consolidated statements of income and retained earnings and of cash flows for the portion of the fiscal year ended on each such date, present fairly the consolidated financial condition of DW Animation as at such
date, and the consolidated results of its operations and its consolidated retained earnings and cash flows for the portion of the fiscal year then ended (subject to normal year-end audit adjustments). All such financial statements, including the
related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). Except as set forth in
Schedule 4.1, DW Animation and its Subsidiaries do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or
foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the audited financial statements as at December 31, 2003 referred to in this paragraph. Except as set forth on Schedule 4.1,
during the period from December 31, 2003 to and including the date hereof there has been no sale, transfer or other disposition by DW Animation or any of its Subsidiaries of any material part of its business or property. 
  
 4.2 No Material Adverse Change. Since December 31, 2003 there has been
no development or event which has had or could reasonably be expected to have a Material Adverse Effect. 
  
 4.3 Existence; Compliance with Law. Each of DW Animation and each of its Subsidiaries (a) is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged,
(c) is qualified to do business in each jurisdiction where such qualification is required, except to the extent that the failure to qualify therein could not, in the aggregate, reasonably be expected to have a Material Adverse Effect and (d) is in
compliance with all Requirements of Law, except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the power and authority, and the legal right,
to make, deliver and perform each Loan Document to which it is a party and, in the case of DW Animation, to borrow hereunder and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan
Documents to which it is a party and, in the case of DW Animation, the borrowings on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or
any other Person is required in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or the other Loan Documents. This Agreement has been, and each other Loan Document to
which it is a party will be, duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document to which it is a party when executed and delivered will constitute, a legal, valid and
binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
  
 4.5 No Legal Bar. The execution, delivery and performance of the Loan Documents to which any Loan Party is a party,
the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or Contractual Obligation of DW Animation or of any of its Subsidiaries and will not result in, or require, the creation or imposition of any Lien
on any of its or their respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation (other than the Liens created by the Security Documents). 
  
 4.6 No Material Litigation. Except as set forth on Schedule 4.6, no litigation, investigation or proceeding of or
before any arbitrator or Governmental Authority is pending or, to the knowledge of DW Animation, threatened by or against DW Animation or any of its Subsidiaries or against any of its or their respective properties or revenues (a) with respect to
any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) which could reasonably be expected to have a Material Adverse Effect. 
  

 30 

 4.7 No Default. Neither DW Animation nor any of its Subsidiaries is in default under or with
respect to any of its Contractual Obligations in any respect which could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
  
 4.8 Ownership of Property; Liens. Each of DW Animation and its
Subsidiaries has good title to, or a valid leasehold interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material property, and none of such property is subject to any Lien except as
permitted by Section 7.2. 
  
 4.9 Intellectual Property. DW
Animation and each of its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, technology, know-how and processes (the “Intellectual Property”) necessary for the conduct of its business as currently
conducted except for those the failure to own or license which could not reasonably be expected to have a Material Adverse Effect. No material claim has been asserted and is pending by any Person challenging or questioning the use of any such
Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does DW Animation know of any valid basis for any such claim. The use of such Intellectual Property by DW Animation and its Subsidiaries does not infringe
on the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  
 4.10 Taxes. Each of DW Animation and its Subsidiaries has filed or caused to be filed all material tax returns which,
to the knowledge of DW Animation, are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property by any Governmental Authority (other than any the amount or
validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of DW Animation or its Subsidiaries, as the case may be); no tax Lien
has been filed, and, to the knowledge of DW Animation, no claim is being asserted, with respect to any such tax, fee or other charge. 
  
 4.11 Accuracy of Information. Neither the Confidential Information Memorandum (taken as a whole and as supplemented by DW Animation prior to the
date hereof) nor this Agreement, any other Loan Document or any other document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the
transactions contemplated by this Agreement or the other Loan Documents (excluding the projections, financial models and business plans referred to in the next succeeding sentence), contained as of the date such statement, information, document or
certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the Closing Date) any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein
or therein not materially misleading. The projections, financial models and business plans that have been or are hereafter prepared by DW Animation or any of its representatives and made available to the Administrative Agent or the Lenders have been
or will be prepared in good faith based upon assumptions believed by the management of DW Animation to be reasonable, it being recognized that such projections, financial models and business plans, as they relate to future events, are not to be
viewed as fact and that actual results during the period or periods covered thereby may differ materially from the projected results set forth therein. There is no fact known to any Credit Party on the Closing Date that could reasonably be expected
to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in the Confidential Information Memorandum or in such other documents, certificates and statements furnished to the Administrative Agent and
the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 
  

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 4.12 Federal Regulations. No part of the proceeds of any Loans will be used for “buying”
or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board as now and from time to time hereafter in effect. If requested by any Lender or the Administrative Agent,
DW Animation will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in said Regulation U. 
  
 4.13 ERISA. Neither a Reportable Event nor an “accumulated
funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan
has complied in all material respects with the applicable provisions of ERISA and the Code, except in each case to the extent that the liability which could reasonably be expected to result could not reasonably be expected to have a Material Adverse
Effect. No termination of a Single Employer Plan has occurred except where, in connection with any such termination, the liability that could reasonably be expected to result could not reasonably be expected to have a Material Adverse Effect, and no
Lien that remains undischarged in favor of the PBGC or a Plan has arisen, during such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the
last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits, except in each case to the extent that the same could not reasonably be
expected to have a Material Adverse Effect. Neither DW Animation nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan, and neither DW Animation nor any Commonly Controlled Entity would become
subject to any liability under ERISA if DW Animation or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or
deemed made, except in each case to the extent that the same could not reasonably be expected to have a Material Adverse Effect. No such Multiemployer Plan is in Reorganization or Insolvent except where, in any such case, the liability that could
reasonably be expected to result could not reasonably be expected to have a Material Adverse Effect. 
  
 4.14 Investment Company Act; Other Regulations. DW Animation is not an “investment company”, or a company “controlled” by an
“investment company”, within the meaning of the Investment Company Act of 1940, as amended. DW Animation is not subject to regulation under any Federal or State statute or regulation (other than Regulation X of the Board) which limits its
ability to incur Indebtedness. 
  
 4.15 Subsidiaries. Set
forth on Schedule 4.15 are the Subsidiaries of DW Animation as of the date hereof. 
  
 4.16 Purpose of Loans. The proceeds of the Loans shall be used by DW Animation for general purposes including, without limitation, to finance the development, production and distribution costs of entertainment
software and to finance acquisitions and investments. 
  
 4.17
Security Documents. The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and
proceeds thereof. In the case of the Pledged Stock described in the Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral
described in the Guarantee and Collateral Agreement, when financing statements and other filings specified on Schedule 4.17(a) in appropriate form are filed in the offices specified on Schedule 4.17(a), the Guarantee and Collateral Agreement shall
constitute a fully perfected Lien on, and security interest in, all right, title and 

  

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interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral
Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.2). 
  
 SECTION 5. CONDITIONS PRECEDENT 
  
 5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit requested to be made by it is
subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent on or prior to November 15, 2004: 
  
 (a) Credit Agreement; Guarantee and Collateral Agreement. The
Administrative Agent shall have received (i) this Agreement, executed and delivered by a duly authorized officer of DW Animation and each of the Persons listed on Schedule 1.1A, (ii) the Guarantee and Collateral Agreement, executed and delivered by
DW Animation and by a duly authorized officer of each Subsidiary Guarantor (other than any Excluded Foreign Subsidiary), and (iii) an Acknowledgement and Consent in the form attached to the Guarantee and Collateral Agreement, executed and delivered
by each Subsidiary which is an Issuer (as defined in the Guarantee and Collateral Agreement) but not a Loan Party. 
  
 (b) Closing Certificate. The Administrative Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially in
the form of Exhibit B, with appropriate insertions and attachments, in each case reasonably satisfactory in form and substance to the Administrative Agent and, in any event, in the case of DW Animation, certifying that no Default or Event of Default
is then in existence, executed by a Responsible Officer and the Secretary or any Assistant Secretary of such Loan Party. 
  
 (c) DW Animation IPO. (i) The initial public offering of the common stock of DW Animation shall have been consummated and (ii) the amount of cash
retained by DW Animation from such proceeds shall equal at least $150,000,000. 
  
 (d) Employment Agreement. Jeffrey Katzenberg shall have entered into an employment agreement reasonably satisfactory to the Administrative Agent. 
  
 (e) DreamWorks Securitization Documents. The documents relating to DreamWorks’ existing securitization shall
have been amended in a manner reasonably satisfactory to the Administrative Agent to permit the exclusion of the animated film library from DreamWorks’ existing securitization. 
  
 (f) Legal Opinions. The Administrative Agent shall have received the following executed legal opinions, or substitute
opinions, dated the Closing Date, reasonably satisfactory to the Administrative Agent: 
  
 (i) the executed legal opinion of Cravath, Swaine & Moore LLP, special counsel to DW Animation, substantially in the form of Exhibit
C-1; 
  
 (ii) the executed legal opinion of
Katherine Kendrick, General Counsel of DW Animation, substantially in the form of Exhibit C-2; 
  
 (iii) the executed legal opinion of Seyfarth Shaw, special counsel to DW Animation, substantially in the form of Exhibit C-3; and

  

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 (iv) the executed legal opinion of Richards, Layton & Finger, special counsel to DW
Animation, substantially in the form of Exhibit C-4. 
  
 (g)
Fees. The Administrative Agent shall have received, for the benefit of the Lenders, all fees and expenses required to be paid to the Lenders on or prior to the Closing Date. 
  
 (h) Financial Statements. The Lenders shall have received the financial statements referred to in Section 4.1.

  
 (i) Projections. The Administrative Agent shall have
received satisfactory projections through the 2009 fiscal year. 
  
 (j) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received (i) the certificates, if any, representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together
with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Guarantee and Collateral Agreement
endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 
  
 (k) Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Security
Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a perfected Lien on the Collateral described
therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 7.2), shall be in proper form for filing, registration or recordation on the Closing Date. 
  
 (l) HBO Subordinated Debt. DW Animation shall have executed a written
notice to HBO designating this Agreement as the “Senior Credit Agreement” for the purposes of the HBO Subordinated Loan Agreement. 
  
 (m) Distribution Intercreditor Agreement. The Administrative Agent shall have received and be satisfied with the Distribution Intercreditor
Agreement, executed and delivered by DW Animation, DreamWorks and the Administrative Agent. 
  
 5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit (other than the conversion or continuation of ABR Loans or Eurodollar Loans) requested to be made by it
on any date (including, without limitation, its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
  
 (a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be
true and correct in all material respects on and as of such date as if made on and as of such date. 
  
 (b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of
credit requested to be made on such date. 
  

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 (c) Credit Limits. After giving effect to such extension of credit, (i) the Aggregate Revolving
Extensions of Credit of each Lender shall not exceed such Lender’s Commitment then in effect and (ii) the Facility Exposure shall not exceed the aggregate Commitments then in effect. 
  
 (d) Borrowing Availability. Either (i) DW Animation shall have delivered, within 10 calendar days prior to such
extension of credit, an updated calculation of the Borrowing Availability demonstrating that, after giving effect to such extension of credit, the Facility Exposure would not exceed the Borrowing Availability or (ii) to DW Animation’s
knowledge, after giving effect to such extension of credit, the Facility Exposure would not exceed the Facility Exposure if the most recent calculation of the Borrowing Availability were to be updated as of the date of such extension of credit.

  
 Each borrowing by and issuance of an L/C on behalf of DW Animation hereunder
shall constitute a representation and warranty by DW Animation as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 
  
 SECTION 6. AFFIRMATIVE COVENANTS 
  
 DW Animation hereby agrees that, so long as the Commitments remain in effect, any L/C remains outstanding, or any amount is owing to any Lender or the
Administrative Agent hereunder or under any other Loan Document, DW Animation shall and (except in the case of delivery of financial information, reports and notices) shall cause each of its Subsidiaries to: 
  
 6.1 Financial Statements. Furnish to each Lender (through the
Administrative Agent): 
  
 (a) as soon as available, but in any
event within 90 days after the end of each fiscal year of DW Animation, a copy of the consolidated balance sheet of DW Animation and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of income and
retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without qualification, by independent certified public accountants of nationally recognized standing;
and 
  
 (b) as soon as available, but in any event not later than
45 days after the end of each of the first three quarterly periods of each fiscal year of DW Animation (commencing with the fiscal quarter ending September 30, 2004), the unaudited consolidated balance sheet of DW Animation and its consolidated
Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and retained earnings and of cash flows of DW Animation and its consolidated Subsidiaries for such quarter and the portion of the fiscal year
through the end of such quarter, setting forth in each case in comparative form the figures for the previous year. 
  
 All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied
consistently throughout the periods reflected therein (except as may be approved by such Responsible Officer or accountants, as the case may be, and disclosed therein). 
  
 6.2 Certificates; Other Information. Furnish to each Lender (through the Administrative Agent): 
  
 (a) within 15 days after the delivery of the financial statements referred
to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except
as specified in such certificate; 
  

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 (b) concurrently with the delivery of the financial statements referred to in Section 6.1(a) and within
15 days after the delivery of the financial statements referred to in Section 6.1(b), a certificate of a Responsible Officer (i) stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified
in such certificate, (ii) including calculations in reasonable detail with respect to compliance with Sections 7.1 and 7.4 and (iii) certifying that the financial statements delivered for such period are fairly stated in all material respects
(subject to normal year-end audit adjustments); 
  
 (c)
concurrently with the delivery of the financial statements referred to in Sections 6.1(a) and within 15 days after the delivery of the financial statements referred to in Section 6.1(b), projections in form and scope reasonably acceptable to the
Administrative Agent (the “Section 6.2 Projections”), for the Test Period commencing immediately after the fiscal period covered by such financial statements, including an operating budget and cash flow budget of DW Animation and
its Subsidiaries for such period and sufficient information in reasonable detail to support the calculation of Projected Sources and Projected Uses for such Test Period, such projections to be accompanied by a certificate of a Responsible Officer to
the effect that such projections have been prepared on the basis of sound financial planning practice and that such Responsible Officer has no reason to believe they are incorrect or misleading in any material respect; 
  
 (d) no later than five Business Days prior to the effective date thereof, a
copy of any amendment, supplement, waiver or other modification to any Organizational Agreement; 
  
 (e) promptly after the same become publicly available, copies of all periodic reports, proxy statements and other materials filed by DW Animation or any
of its Subsidiaries with the Securities and Exchange Commission (or any successor thereto) or any national securities exchange, or distributed by DW Animation or any of its Subsidiaries to its security holders generally, as the case may be;

  
 (f) promptly, such additional financial and other information
as any Lender may from time to time reasonably request; and 
  
 (g) no later than the 20th calendar day after the last Business Day of each calendar month, a certificate
of a Responsible Officer setting forth an updated calculation of the Borrowing Availability as of such last Business Day of such calendar month; provided that DW Animation (i) shall be entitled to deliver at any time an updating certificate
calculating the Borrowing Availability at such time and (ii) shall not be required to deliver such certificate if the Facility Exposure is zero on the date such certificate would otherwise be required to be delivered hereunder. 
  
 6.3 Payment of Obligations. Pay, discharge or otherwise satisfy, at or
before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where (a) the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP with respect thereto have been provided on the books of DW Animation or its Subsidiaries, as the case may be or (b) the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  
 6.4 Conduct of Business and Maintenance of Existence. Continue to
engage in the entertainment business and preserve, renew and keep in full force and effect its existence and take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of such business.

  
 6.5 Compliance with Contractual Obligations and Laws.
Comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  

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 6.6 Maintenance of Property; Insurance. (a) Keep all material property useful and necessary in its
business in good working order and condition and (b) maintain with financially sound and reputable insurance companies insurance in such form and upon such terms and in such amounts and against such risks as are usually insured against in the same
general area by companies engaged in the same or a similar business, in each case (i) providing that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 10 days after receipt by the
Administrative Agent of written notice thereof and (ii) naming the Administrative Agent as insured party or loss payee. 
  
 6.7 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which complete and correct entries in
conformity with GAAP and all material Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit appropriate representatives of the Administrative Agent or any Lender to (i) visit and
inspect any of its properties and examine and make abstracts from any of its financial records as often as may be reasonably requested, in each case during normal business hours and upon reasonable prior notice specifying the purpose of such visit
and inspection, and (ii) discuss the business, operations, properties and financial and other condition of DW Animation and its Subsidiaries with officers and employees of DW Animation and its Subsidiaries and with DW Animation’s independent
certified public accountants (any such discussion with such accountants to be in the presence of a Responsible Officer of DW Animation unless an Event of Default has occurred and is continuing). In light of the nature of the businesses in which DW
Animation and its Subsidiaries will engage, it is understood and agreed that, unless an Event of Default has occurred and is continuing, DW Animation may limit the access of representatives of the Administrative Agent and any Lender to any property
of DW Animation and its Subsidiaries if DW Animation determines in good faith, after consultation with the Administrative Agent, that such access to such property would significantly disrupt the normal conduct of the business conducted on such
property. 
  
 6.8 Notices. Promptly give written notice to
each Lender (through the Administrative Agent) of: 
  
 (a) the
occurrence of any Default or Event of Default; 
  
 (b) any (i)
default or event of default under any Contractual Obligation of DW Animation or any of its Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time between DW Animation or any of its Subsidiaries and any other Person,
which in the case of clause (i) or (ii) above, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect (including, in any event, notice of any such litigation or proceeding in which
the amount involved is $15,000,000 or more and not covered by insurance); 
  
 (c) the following events, as soon as possible and in any event within 30 days after DW Animation knows thereof: (i) the occurrence or expected occurrence of any Reportable Event with respect to any Plan, a failure to
make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the
taking of any other action by the PBGC or DW Animation or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of, any Plan, to the extent that, in the case of
clause (i) or (ii) above, the amount involved is $15,000,000 or more; and 
  
 (d) any development or event which could reasonably be expected to have a Material Adverse Effect. 
  

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 Each notice pursuant to this Section 6.8 shall be accompanied by a statement of a Responsible Officer setting forth
details of the occurrence referred to therein and stating what action, if any, DW Animation proposes to take with respect thereto. 
  
 6.9 Additional Collateral, etc. (a) With respect to any property acquired after the Closing Date by DW Animation or any Loan Party (other than (x)
any property that would have been excluded from the definition of Collateral as set forth in Section III of the Guarantee and Collateral Agreement if such property had been owned by DW Animation or any Grantor prior to the Closing Date, (y) any
property described in paragraph (b), (c) or (d) below and (z) any property subject to a Lien expressly permitted by Section 7.2(g)) as to which the Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien, promptly (i)
execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems reasonably necessary or advisable to grant to the Administrative Agent, for the
benefit of the Lenders, a security interest in such property and (ii) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in such property,
including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent. 
  
 (b) With respect to any fee interest in any real property having a value
(together with improvements thereof) of at least $500,000 acquired after the Closing Date by any Loan Party (other than any such real property subject to a Lien expressly permitted by Section 7.2(g)), promptly (i) execute and deliver a first
priority mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if reasonably requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance
covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) and (y) any consents or estoppels reasonably deemed necessary or
advisable by the Administrative Agent in connection with such mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and (iii) if reasonably requested by the Administrative Agent, deliver to the
Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
  
 (c) With respect to any new Subsidiary (other than a Foreign Subsidiary)
created or acquired after the Closing Date by DW Animation or its Subsidiaries (which for purposes of this paragraph (c) shall include any existing Subsidiary that ceases to be a Foreign Subsidiary), promptly (i) execute and deliver to the
Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems reasonably necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority
security interest in the Capital Stock of such new Subsidiary that is owned by DW Animation or its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank,
executed and delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the
Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial
Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate of such
Subsidiary, substantially in the form of Exhibit B, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which
opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
  

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 (d) With respect to any new Foreign Subsidiary created or acquired after the Closing Date by any Loan
Party, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems reasonably necessary or advisable to grant to the Administrative Agent, for the benefit
of the Lenders, a perfected first priority security interest in the Capital Stock of such new Foreign Subsidiary that is owned by any such Loan Party (provided that in no event shall more than 66% of the total issued and outstanding voting Capital
Stock of any such new Foreign Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing the Capital Stock, if any, together with undated stock powers, in blank, executed and delivered by a duly
authorized officer of the relevant Loan Party, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if requested by
the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

 
 6.10 Further Assurances. DW Animation, at its expense, will take
such action with respect to the recording, filing, re-recording and refiling of any financing statements or other instruments as are necessary to maintain, so long as this Agreement is in effect, the perfection of the security interests under this
Agreement or the Loan Documents, or will furnish timely notice to the Administrative Agent of the necessity of such action, together with such instruments, in execution form, and such other information as may be required to enable the Administrative
Agent to take such action. DW Animation will notify the Administrative Agent in the event that any Loan Party intends to change its name on the public record of the state of its organization or its “location” (as such term is used in
Article 9 of any applicable Uniform Commercial Code) at least 30 days before such change is made. 
  
 SECTION 7. NEGATIVE COVENANTS 
  
 DW Animation hereby agrees that, so long as the Commitments remain in effect, any L/C remains outstanding, or any amount is owing to any Lender or the Administrative Agent hereunder or under any other Loan Document,
DW Animation shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 
  
 7.1 Financial Condition Covenants 
  
 (a) As of the last day of any fiscal quarter (each such day, a “Test Date”) ending on or after September 30, 2004, permit the ratio of
Projected Sources to Projected Uses for the twelve-month period (each such period, a “Test Period”) commencing on the date immediately succeeding such Test Date to be less than 1.20 to 1.0. 
  
 (b) Permit the Leverage Ratio to exceed at any time 0.35 to 1.0. 

 
 7.2 Limitation on Liens. Create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for: 
  
 (a) Liens for taxes not yet due or which are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect
thereto are maintained on the books of DW Animation or its Subsidiaries, as the case may be, in conformity with GAAP; 
  

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 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings; 
  
 (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security
legislation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; 
  
 (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
  
 (e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business which do not in any case materially
detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of DW Animation or such Subsidiary; 
  
 (f) Liens in existence on the date hereof listed on Schedule 7.2(f); 
  
 (g) Liens securing Indebtedness of DW Animation and its Subsidiaries incurred to finance the acquisition of fixed or capital
assets; provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such
Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 
  
 (h) Liens arising out of any financing or other transaction in which a Person purchases, factors or otherwise finances accounts receivable (or interests therein) of DW Animation or any of its Subsidiaries; 

 
 (i) rights of licensees under access agreements pursuant to which such
licensees have access to duplicating material for the purpose of making prints of films licensed to them, and rights of distributors, exhibitors, licensees and other Persons in films created in connection with the distribution and exploitation of
such films in the ordinary course of business and not securing any Indebtedness; 
  
 (j) Liens securing Indebtedness incurred in connection with acquiring rights to films in the ordinary course of business; provided that (i) the Indebtedness secured by such Liens does not constitute a general
obligation of DW Animation or any of its Subsidiaries and that under the terms of such Indebtedness the lender thereof has recourse only to such films and the rights pertaining thereto and, in each case, to the proceeds thereof, (ii) such Liens
shall be created substantially simultaneously with the acquisition or production of such films and (iii) such Liens do not at any time encumber any property other than the films being produced or acquired; 
  
 (k) Liens securing Indebtedness arising from advances to DW Animation or any
of its Subsidiaries made by licensees of product in order to finance the production thereof; provided that the aggregate principal amount of such Indebtedness shall not exceed (as to DW Animation and all of its Subsidiaries) $50,000,000 at
any time outstanding; 
  
 (l) Liens securing the performance of
(i) DW Animation’s obligations to DreamWorks under the Distribution Agreement; provided that such Liens (x) cover only the “DWA Collateral” under and as defined in the Distribution Agreement as in effect on the Closing Date,
(y) are junior to the Liens created pursuant to the Security Documents and (z) are subject to the Distribution Intercreditor 

  

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Agreement and (ii) DWA LLC’s obligations to DreamWorks under the Trademark License Agreement; provided that such Liens (x) cover only the
“Licensed Marks” (and registrations thereof) under and as defined in the Trademark License Agreement as in effect on the Closing Date, (y) are junior to the Liens created pursuant to the Security Documents and (z) are subject to
intercreditor arrangements acceptable to the Administrative Agent; 
  
 (m) Liens securing the HBO Subordinated Debt and obligations of DW Animation under the Attornment Agreement; provided that such Liens cover only the rights of DW Animation to receive payments of license fees from HBO in respect of
license arrangements, distribution rights of HBO relating to films subject to such license arrangements and related collateral comparable in scope to those contained in the HBO License Agreement as in effect on the Closing Date; 
  
 (n) Liens created pursuant to the Security Documents; and 
  
 (o) Liens (not otherwise permitted hereunder) that secure Indebtedness not
exceeding (as to DW Animation and all of its Subsidiaries) $25,000,000 in aggregate principal amount at any time outstanding. 
  
 7.3 Limitation on Fundamental Changes. In the case of DW Animation or any Subsidiary Guarantor, enter into any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of the property, business or assets of DW Animation and its
Subsidiaries, taken as a whole, except: 
  
 (a) any Subsidiary
Guarantor may be merged or consolidated with or into DW Animation (provided that DW Animation shall be the continuing or surviving entity) or with or into any other Subsidiary Guarantor; and 
  
 (b) any Subsidiary Guarantor may sell, lease, transfer or otherwise dispose
of any or all of its assets (upon voluntary liquidation or otherwise) to DW Animation or any other Subsidiary Guarantor. 
  
 7.4 Limitation on Distributions. Declare or make any distribution or other payment in respect of any Equity Interest in DW Animation (or any
warrant, option or similar right in respect thereof) or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Equity Interest in
DW Animation (or any warrant, option or similar right in respect thereof), whether now or hereafter outstanding, either directly or indirectly, whether in cash or property or in obligations of DW Animation or any Subsidiary, provided that, so
long as no Event of Default shall have occurred and be continuing, DW Animation shall be permitted (a) to repurchase Equity Interests in DW Animation issued under the Employee Equity Plan, by means of cash payments (any such repurchase, an
“Employee Equity Repurchase”), so long as the aggregate cash amount so expended in making such repurchases shall not exceed (i) $10,000,000 in any fiscal year plus (ii) any portion of the $10,000,000 available under clause
(i) above in any previous fiscal year which has not been expended plus (iii) the aggregate cash proceeds received in connection with any sale of Equity Interests in DW Animation to any employee (other than Jeffrey Katzenberg) of DW Animation
or any of its Subsidiaries after the Closing Date and on or prior to the date of such repurchase and (b) remit withholding and employment taxes to Federal, local and state taxing authorities, in an aggregate amount not to exceed $7,500,000, in
connection with the delivery of shares of DW Animation Class A common stock to current or former employees of DreamWorks in connection with the Separation Transactions and the initial public offering of common stock of DW Animation. 
  

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 7.5 Limitation on Transactions with Affiliates. Enter into any transaction, including, without
limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any of its Affiliate other than any such transaction (a) between a Subsidiary Guarantor and DW Animation or any other Subsidiary Guarantor which is
otherwise permitted by this Agreement or (b) entered into by DW Animation or any of its Subsidiaries which is (i) otherwise permitted under this Agreement and (ii) upon terms no less favorable to DW Animation or such Subsidiary, as the case may be,
than it would obtain in a comparable arm’s length transaction with a Person not an Affiliate; provided that the provisions of this Section 7.5 shall not apply to (y) transactions expressly permitted by the Distribution Agreement or the
Services Agreement, dated on or prior to the Closing Date, between DreamWorks and DW Animation and (z) the agreements listed on Schedule 7.5 entered into in connection with the Separation Transactions. 
  
 7.6 Limitation on Negative Pledge Clauses. Enter into or suffer to
exist any agreement, other than in connection with Indebtedness secured by any Lien permitted by Section 7.2 (in which case, any restriction shall only be effective against the assets subject to such Lien), which restricts the ability of DW
Animation or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, to exclusively secure with such property, assets or revenues the
obligations of DW Animation hereunder or Guarantee Obligations in respect thereof. 
  
 7.7 Limitation on Restrictions on Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of DW Animation to (a)
pay dividends or make any other distributions in respect of any Equity Interest in such Subsidiary held by, or pay any Indebtedness owed to, DW Animation or any Subsidiary of DW Animation, (b) make loans or advances to DW Animation or any Subsidiary
of DW Animation or (c) transfer any of its assets to DW Animation or any other Subsidiary of DW Animation, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents or any
other agreements in effect on the Closing Date, (ii) any restrictions, with respect to a Subsidiary that is not a Subsidiary on the Effective Date, under any agreement in existence at the time such Subsidiary becomes a Subsidiary, (iii) any
restrictions with respect to a Subsidiary imposed pursuant to an agreement which has been entered into for the sale or disposition of all or substantially all of the capital stock or assets of such Subsidiary, or (iv) any restrictions existing under
any agreement that amends, refinances or replaces any agreement containing the restrictions referred to in clause (i), (ii) or (iii) above; provided that the terms and conditions of any such agreement are no less favorable to the Lenders than
those under the agreement so amended, refinanced or replaced. 
  
 7.8 Limitation on Modification of Organizational Agreements. Amend, supplement, waive, terminate or otherwise modify, or consent or agree to any amendment, supplement, waiver, termination or other modification of or to, any of the
terms of any Organizational Agreement in any manner which is adverse to the interests of the Lenders. 
  
 7.9 Optional Payments and Modifications of Certain Debt Instruments. (a) Make or offer to make any payment, prepayment, repurchase or redemption or
otherwise defease or segregate funds (in each case whether in the form of cash, property or securities) with respect to principal, interest or other amounts in respect of the HBO Subordinated Debt, other than (i) scheduled payments of principal and
payments of interest required by the terms of the HBO Subordinated Loan Agreement, in each case made at any time when no Remedies Bar Period (as defined in the HBO Subordinated Loan Agreement) and no Default or Event of Default under Section 8.1(a)
hereof is in existence, (ii) the prepayment of up to $30,000,000 of HBO Subordinated Debt on the Closing Date, together with accrued and unpaid interest thereon to the date of prepayment and (iii) the repayment of up to $50,000,000 of HBO
Subordinated Debt at maturity on November 1, 2007, together with accrued and unpaid interest to such date, so long as no Default or Event of Default shall be in existence or result therefrom. 
  

 42 

 (b) Amend, supplement, waive or otherwise modify, or consent or agree to any amendment, supplement,
waiver or other modification to, any of the HBO Subordinated Debt Documents or the Universal Advance Documents in any manner which is materially adverse to the interests of the Lenders. A draft of any proposed amendment, supplement, waiver or other
modification to any of the HBO Subordinated Debt Documents or Universal Advance Documents shall be furnished to the Administrative Agent no later than five Business Days prior to the proposed effective date thereof. 
  
 (c) Make or offer to make any payment, prepayment, repurchase or redemption
in respect of, or otherwise optionally or voluntarily defease or segregate funds with respect to, the principal or interest in respect of any Specified Subordinated Indebtedness unless, on the date of such payment, after giving pro
forma effect thereto and any financing thereof, (i) no Default or Event of Default shall be in existence (including pursuant to Section 7.1) and (ii) DW Animation would be able to borrow at least $50,000,000 of Loans in compliance with
Section 5.2. 
  
 Amend, modify, waive or otherwise change, or
consent or agree to any amendment, modification, waiver or other change to, any of the terms of any Specified Subordinated Indebtedness (other than any such amendment, modification, waiver or other change that would extend the maturity or reduce the
amount of any payment of principal thereof or reduce the rate or extend any date for payment of interest thereon). 
  
 SECTION 8. REMEDIAL PROVISIONS 
  
 8.1 Events of Default. If any of the following events shall occur and be continuing: 
  
 (a) DW Animation shall fail to pay any principal of any Loan or any Reimbursement Obligation when due in accordance with the terms hereof; or DW Animation
shall fail to pay any interest on any Loan, or any other amount payable hereunder, within five days after any such interest or other amount becomes due in accordance with the terms hereof; or 
  
 (b) Any representation or warranty made or deemed made by DW Animation or any
other Loan Party herein or in any other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall
prove to have been incorrect in any material respect on or as of the date made or deemed made; or 
  
 (c) DW Animation shall default in the observance or performance of any agreement contained in Section 7; or 
  
 (d) DW Animation or any other Loan Party shall default in the observance or
performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after notice to DW
Animation from the Administrative Agent or the Required Lenders; or 
  
 (e) DW Animation or any of its Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee Obligation, but excluding the Loans) on the due date with respect
thereto; or (ii) default in making any payment of any interest on 

  

 43 

 
any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default
in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect
of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness
to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph
(e) shall not constitute an Event of Default under this Agreement unless, at the time of such default, event or condition, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall
have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $15,000,000; provided further that a default, event or condition described in clause (i), (ii) or (iii) of
this paragraph (e) with respect to Excluded Lease Debt shall not constitute an Event of Default under this Agreement unless, at the time of such default, event or condition, the amount of the Excluded Lease Debt exceeds (i) the aggregate Commitments
then in effect and available minus (ii) the Facility Exposure then outstanding; or 
  
 (f) (i) DW Animation or any of its Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or DW Animation or any of its
Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against DW Animation or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which
(A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against DW Animation or any of its Subsidiaries
any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not
have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) DW Animation or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) DW Animation or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due;
or 
  
 (g) (i) Any Person shall engage in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any
Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of DW Animation or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a
trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the
termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) DW Animation or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required
Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each case in
clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or 
  

 44 

 (h) One or more judgments or decrees shall be entered against DW Animation or any of its Subsidiaries
involving in the aggregate a liability (not paid or fully covered by insurance) of $15,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof;
or 
  
 (i) Any of the Security Documents shall cease, for any
reason, to be in full force and effect or any Loan Party or any Affiliate thereof shall so assert, or any material Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be
created thereby; or 
  
 (j) An amount of the Universal Advance in
excess of $15,000,000 shall remain outstanding for more than five Business Days after the Universal Advance has become due and payable pursuant to the Universal Advance Documents; or 
  
 (k) The guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be in
full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; 
  
 then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) of this Section 8.1 with respect to DW Animation, automatically the Commitments shall immediately
terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the
then outstanding L/Cs shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent
of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to DW Animation declare the Commitments to be terminated forthwith, whereupon the Commitments shall
immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to DW Animation, declare the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding L/Cs shall have presented the
documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. 
  
 With respect to all L/Cs with respect to which presentment for a drawing shall not have occurred at the time of an acceleration pursuant to the preceding
paragraph, DW Animation shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such L/Cs. Amounts held in such cash collateral account shall be
applied by the Administrative Agent to the payment of drafts drawn under such L/Cs, and the unused portion thereof after all such L/Cs shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of DW Animation
hereunder and under the other Loan Documents. After all such L/Cs shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of DW Animation hereunder and under the other Loan
Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to DW Animation. 
  

 45 

 Except as expressly provided above in this Section 8.1, presentment, demand, protest and all other
notices of any kind are hereby expressly waived. 
  
 SECTION 9. THE
AGENTS 
  
 9.1 Appointment. Each Lender hereby irrevocably
designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf
under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with
such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or
any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent.

  
 9.2 Delegation of Duties. The Administrative Agent may
execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be
responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 
  
 9.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a)
liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except for its or such Person’s own gross negligence or willful misconduct) or (b)
responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by DW Animation or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement
or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or for any failure of DW Animation to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of DW Animation. 
  

9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any
writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to DW Animation), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to
its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all
future holders of the obligations owing by DW Animation hereunder. 
  

 46 

 9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of
the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or DW Animation referring to this Agreement, describing such Default or Event of Default and stating that such notice is a
“notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or
Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
  
 9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their officers, directors,
employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of DW Animation, shall be deemed to constitute any representation
or warranty by such Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon the Agents or any other Lender, and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of DW Animation and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also
represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of
DW Animation. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of DW Animation which may come into the possession of the Administrative Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or Affiliates. 
  
 9.7 Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by DW Animation and without limiting the obligation of DW Animation to do so), ratably according to their respective
Commitment Percentages in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with
their Commitment Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time
(including, without limitation, at any time following the payment of the amounts owing hereunder) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other
Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the such Agent under or in connection with any of the foregoing; provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the such Agent’s gross negligence or
willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 
  
 9.8 Agent in Its Individual Capacity. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of
business with DW Animation as though the Agent 

  

 47 

 
were not an Agent. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents
as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 
  
 9.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 30 days’
notice to the Lenders. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall be approved by DW Animation (such approval not to be unreasonably withheld), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative
Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on
the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. 
  
 9.10 The Documentation Agent and Syndication Agent. None of the Documentation Agent or the Syndication Agent in its capacity as such shall have any
rights, duties or responsibilities hereunder, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any
of the Documentation Agent or the Syndication Agent in its capacity as such. 
  
 SECTION 10. MISCELLANEOUS 
  
 10.1
Amendments and Waivers. Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders may, or,
with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with DW Animation and, in the case of the Subsidiary Guaranty, the Subsidiary Guarantors, written amendments, supplements or
modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b)
waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and
its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) eliminate or reduce the voting rights of any Lender under this Section 10.1, reduce the amount or extend the scheduled
date of maturity of any Loan, reduce the amount of any Reimbursement Obligation, or reduce the stated rate of any interest, fee or commission payable to any Lender hereunder or extend the scheduled date of any payment thereof or increase the amount
or extend the scheduled expiration date of any Lender’s Commitment, in each case without the consent of each Lender directly affected thereby; or (ii) reduce the percentage specified in the definition of the term “Required Lenders”,
consent to the assignment or transfer by DW Animation of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral, or release all or substantially all of the Subsidiary
Guarantors from their obligations under the Guarantee and Collateral Agreement, in each case without the written consent of all the Lenders; or (iii) amend, modify or waive any provision of Section 9 without the written consent of the then
Administrative Agent. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon DW Animation, the other Loan Parties, the Lenders, the Administrative Agent and all future
holders 

  

 48 

 
of the obligations owing hereunder. In the case of any waiver (unless otherwise specified in such waiver), DW Animation, the other Loan Parties, the Lenders
and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereon. 
  
 10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile transmission), and, unless otherwise expressly provided
herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as follows in the case of DW Animation
and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto:

  

			
	 DW Animation:
	  	 DreamWorks Animation SKG, Inc.

	 	  	 1000 Flower Street

	 	  	 Glendale, California 91201

	 	  	 Attention: Kristine M. Leslie

	 	  	 Telecopy: 818-695-6234

		
	 The Administrative
	  	 
	 Agent:
	  	 JPMorgan Chase Bank Loan and

	 	  	 Agency Services Group

	 	  	 1111 Fannin

	 	  	 Houston, Texas 77002

	 	  	 Attention: Maryann Bui

	 	  	 Telecopy: 713-750-2878

		
	 with a copy to:
	  	 JPMorgan Chase Bank

	 	  	 1999 Avenue of the Stars, 27th Floor

	 	  	 Los Angeles, California 90067

	 	  	 Attention: Clark Hallren

	 	  	 Telecopy: 310-860-7260

  
 provided that any notice,
request or demand to or upon the Administrative Agent or the Lenders pursuant to Section 2.2, 2.4, 2.7, 2.9, 2.10 or 3.2 shall not be effective until received. 
  

10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender,
any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 10.4 Survival of Representations and Warranties. All representations
and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans
hereunder. 
  

 49 

 10.5 Payment of Expenses and Taxes. DW Animation agrees (a) except as otherwise expressly agreed
by the Administrative Agent in writing, to pay or reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of this Agreement, the other Loan
Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and disbursements of
Simpson Thacher & Bartlett LLP, counsel to the Administrative Agent, (b) to pay or reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the any amendment, supplement or
modification to this Agreement, the other Loan Documents and any such other documents, including, without limitation, the reasonable fees and disbursements of Simpson Thacher & Bartlett, counsel to the Administrative Agent, (c) to pay or
reimburse each Lender and the Administrative Agent for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including,
without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent, (d) to pay, indemnify, and hold harmless each Lender and the
Administrative Agent from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in
connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other
Loan Documents and any such other documents, and (e) to pay, indemnify, and hold harmless each Lender, the L/C Issuer and the Administrative Agent and their respective officers, directors, employees, affiliates, agents and controlling persons (each,
an “indemnitee”) from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation,
fees, charges and disbursements of counsel to such indemnitee) with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents or any actual or proposed use of proceeds of any Loan
(all the foregoing in this clause (e), collectively, the “indemnified liabilities”); provided that DW Animation shall have no obligation hereunder to any indemnitee with respect to indemnified liabilities to the extent
arising from the gross negligence or willful misconduct of such indemnitee. The agreements in this Section 10.5 shall survive repayment of the Loans and all other amounts payable hereunder. 
  
 10.6 Successors and Assigns; Participations and Assignments. (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any affiliate of the L/C Issuer that issues any LC), except that (i) DW
Animation may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by DW Animation without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (each, an
“Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent of: 
  
 (A) DW Animation (such consent not to be unreasonably
withheld); provided that no consent of DW Animation shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under Section 8(a) or (f) has occurred and is
continuing, any other Person; and 
  

 50 

 (B) the Administrative Agent. 
  
 (ii) Assignments shall be subject to the following
additional conditions: 
  
 (A) except in the case
of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of DW Animation and the
Administrative Agent otherwise consent; provided that (1) no such consent of DW Animation shall be required if an Event of Default under Section 8(a) or (f) has occurred and is continuing and (2) such amounts shall be aggregated in respect of
each Lender and its affiliates or Approved Funds, if any; 
  
 (B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 
  
 (C) the Assignee, if it shall not be a Lender, shall deliver
to the Administrative Agent an administrative questionnaire. 
  
 For the purposes of this Section 10.6, “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by (a) a Lender, (b) an affiliate of a Lender or (c) an entity or an affiliate of an entity that administers or manages a Lender. 
  
 (iii) Subject to acceptance and recording thereof pursuant to paragraph
(b)(iv) below, from and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.16, 2.17, 2.18 and 10.5).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (c) of this Section. 
  
 (iv) The Administrative Agent, acting for this purpose as an agent of DW Animation, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amount of the Loans and LC Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and
DW Animation, the Administrative Agent, the L/C Issuer and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. 
  
 (v) Upon its receipt of a duly completed Assignment
and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of
this 

  

 51 

 
Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  
 (c) (i) Any Lender may, without the consent of DW Animation or the
Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(C) DW Animation, the Administrative Agent, the L/C Issuer and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the second
sentence of Section 10.1 and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section, DW Animation agrees that each Participant shall be entitled to the benefits of Sections 2.16, 2.17 and 2.18 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, provided such
Participant shall be subject to Section 10.7(a) as though it were a Lender. 
  
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.16 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with DW Animation’s prior written consent. Any Participant that is a Non-U.S. Lender shall not be entitled to the benefits of Section 2.17 unless such Participant
complies with Section 2.17(c). 
  
 (d) Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply
to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender
as a party hereto. 
  
 (e) DW Animation, upon receipt of written
notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
  
 (f) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without
the consent of DW Animation or the Administrative Agent and without regard to the limitations set forth in Section 10.6(b). Each of DW Animation, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit
Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full
of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or
expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 
  

 52 

 10.7 Adjustments; Set-off. (a) If any Lender (a “benefitted Lender”) shall at any
time receive any payment of all or part of its Loans or the Reimbursement Obligations, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the
nature referred to in Section 8.1(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, such benefitted Lender shall
purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loan and/or of the Reimbursement Obligations owing to such other Lender, or shall provide such other Lenders with the benefits of any
such collateral, or the proceeds thereof, as shall be necessary to cause such benefitted Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or
any portion of such excess payment or benefits is thereafter recovered from such benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
  
 (b) In addition to any rights and remedies of the Lenders provided by law,
each Lender shall have the right following the occurrence and during the continuance of any Event of Default, without prior notice to DW Animation, any such notice being expressly waived by DW Animation to the extent permitted by applicable law,
upon any amount becoming due and payable by DW Animation hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or
agency thereof to or for the credit or the account of DW Animation. Each Lender agrees promptly to notify DW Animation and the Administrative Agent after any such set-off and application made by such Lender; provided that the failure to give
such notice shall not affect the validity of such set-off and application. 
  
 10.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile transmission), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with DW Animation and the Administrative Agent. 
  
 10.9 Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 10.10 Integration. This Agreement and the other Loan Documents represent the agreement of DW Animation, the Administrative Agent and the Lenders
with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the
other Loan Documents. 
  
 10.11 GOVERNING LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

 53 

 10.12 Submission To Jurisdiction; Waivers. DW Animation hereby irrevocably and unconditionally:

  
 (a) submits for itself and its property in any legal action
or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York,
the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
  
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of
any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to DW Animation at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

  
 (d) agrees that nothing herein shall affect the right to
effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this
Section any special, exemplary, punitive or consequential damages. 
  
 10.13 Acknowledgements. DW Animation hereby acknowledges that: 
  
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 
  
 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to DW Animation arising out of or in connection with this
Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and DW Animation, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

 
 (c) no joint venture is created hereby or by the other Loan Documents or
otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among DW Animation and the Lenders. 
  
 10.14 Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take any action, including all such actions set forth in the Security
Documents, requested by DW Animation having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in
accordance with Section 10.1 or (ii) under the circumstances described in paragraph (b) below. 
  

 54 

 (b) At such time as the Loans, the Reimbursement Obligations and the other obligations under the Loan
Documents shall have been paid in full, the Commitments have been terminated and no L/Cs shall be outstanding, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents, the guarantee contained
therein (subject to any provisions relating to reinstatement), the security interests granted therein and all other obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the
Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person, and all rights to the Collateral shall revert to the Grantors. 
  
 10.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to keep confidential all non-public
information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such
information (a) to the Administrative Agent, any other Lender or any affiliate of any Lender, (b) to any Transferee or prospective Transferee which agrees to comply with the provisions of this Section 10.15, (c) to the employees, directors,
officers, agents, attorneys, accountants, auditors and other professional advisors of such Lender or its affiliates, (d) upon the request or demand of any Governmental Authority having jurisdiction over the Administrative Agent or such Lender, (e)
in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to applicable law or regulation, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) which
has been publicly disclosed other than in breach of this Section 10.15, or (h) in connection with the exercise of any remedy hereunder or under any other Loan Document. 
  
 10.16 WAIVERS OF JURY TRIAL. DREAMWORKS, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
  
 10.17 HBO Subordinated Loan Agreement. DW Animation hereby designates this Agreement as the “Senior Credit
Agreement” for the purposes of the HBO Subordinated Loan Agreement. The Lenders hereby designate the Administrative Agent as the “Designated Senior Agent” for the purposes of the HBO Subordinated Loan Agreement. 
  
 10.18 Distribution Intercreditor Agreement. Each Lender acknowledges
and agrees to the terms and conditions contained in the Distribution Intercreditor Agreement. Each Lender agrees to comply with the terms contained in the Distribution Intercreditor Agreement as if it were a party thereto. 
  
 10.19 Effective Date. The Agreement shall be effective as of the
Effective Date; provided that the making of the representations and warranties contained in Section 4.17 and compliance with Section 7.2 shall not be required until the Closing Date. 
  

 55 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by
their proper and duly authorized officers as of the day and year first above written. 
  

			
	DREAMWORKS ANIMATION SKG, INC.
		
	By:	 	 /s/ Katherine Kendrick

	Name:	 	 Katherine Kendrick

	Title:	 	General Counsel/Secretary

  
 Signature Page

 Dream Works SKG, Inc. Credit Agreement 

			
	JPMORGAN CHASE BANK,
	      as Administrative Agent and a Lender
		
	By:	 	 /s/ Garrett J. Verdone

	Name:	 	Garrett J. Verdone
	Title:	 	Senior Vice President

  
 Signature Page

 DreamWorks SKG, Inc. Credit Agreement 
  

 2Limited Liability Limited Partnership Agreement

 Exhibit 10.24 
  
 EXECUTION COPY 
  
 LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT 
  
 of 
  
 DWA ESCROW LLLP 
  
 dated as of October 27, 2004 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I
	
	Definitions and Usage
			
	SECTION 1.01.	  	Definitions	  	4
	SECTION 1.02.	  	Terms and Usage Generally	  	11
	
	ARTICLE II
	
	The Partnership
			
	SECTION 2.01.	  	Effectiveness of this Agreement	  	12
	SECTION 2.02.	  	Formation	  	12
	SECTION 2.03.	  	Name	  	12
	SECTION 2.04.	  	Term	  	12
	SECTION 2.05.	  	Registered Agent and Registered Office	  	12
	SECTION 2.06.	  	Limited Purpose	  	12
	SECTION 2.07.	  	Treatment as Partnership	  	13
	
	ARTICLE III
	
	Capital Contributions; Partners
			
	SECTION 3.01.	  	Initial Capital Contributions	  	13
	SECTION 3.02.	  	Admission of Partners	  	13
	
	ARTICLE IV
	
	Reports
			
	SECTION 4.01.	  	Reports to Partners	  	13
	SECTION 4.02.	  	Tax Returns	  	14
	SECTION 4.03.	  	Other Tax Information	  	14
	SECTION 4.04.	  	Fiscal Year	  	15
	
	ARTICLE V
	
	Adjusted DreamWorks Participation Percentages
			
	SECTION 5.01.	  	General	  	15

  

 i 

					
	ARTICLE VI
	
	Tax Matters
			
	SECTION 6.01.	  	Identification, Sale and Distribution of Shares of Common Stock	  	15
	SECTION 6.02.	  	Allocation of Tax Items; Tax Treatment of Certain Distributions	  	16
	SECTION 6.03.	  	Amounts Withheld	  	16
	SECTION 6.04.	  	Tax Matters Partner	  	17
	
	ARTICLE VII
	
	Calculations; Distributions
			
	SECTION 7.01.	  	Calculations	  	17
	SECTION 7.02.	  	Transactions In the Event of a Follow-on Offering	  	21
	SECTION 7.03.	  	Transactions in the Event of a Universal Triggered Offering	  	22
	SECTION 7.04.	  	Mandatory Share Distributions	  	22
	SECTION 7.05.	  	Vulcan GP Date	  	23
	SECTION 7.06.	  	General Provisions	  	24
	SECTION 7.07.	  	No Set-Off	  	26
	SECTION 7.08.	  	Sample Calculations	  	26
	
	ARTICLE VIII
	
	Management of the Partnership
			
	SECTION 8.01.	  	General Partners	  	26
	SECTION 8.02.	  	Voting of Contributed Stock	  	27
	SECTION 8.03.	  	Substitute General Partner	  	27
	SECTION 8.04.	  	Restrictions on Activities	  	28
	
	ARTICLE IX
	
	Transfers of Interests
			
	SECTION 9.01.	  	Restrictions on Transfers	  	29
	SECTION 9.02.	  	Admission of Transferees	  	29
	SECTION 9.03.	  	Further Restrictions	  	29
	
	ARTICLE X
	
	Limitation on Liability, Exculpation
			
	SECTION 10.01.	  	Limitation on Liability	  	30
	SECTION 10.02.	  	Exculpation of Covered Persons	  	30
	SECTION 10.03.	  	Indemnification	  	30

  

 ii 

					
	
	ARTICLE XI
	
	Dissolution and Termination
			
	SECTION 11.01.	  	Dissolution	  	31
	SECTION 11.02.	  	Winding Up of the Partnership	  	32
	SECTION 11.03.	  	Claims of Partners	  	33
	SECTION 11.04.	  	Termination	  	33
	
	ARTICLE XII
	
	Miscellaneous
			
	SECTION 12.01.	  	Notices	  	33
	SECTION 12.02.	  	No Third Party Beneficiaries	  	34
	SECTION 12.03.	  	Waiver	  	34
	SECTION 12.04.	  	Assignment; Amendments	  	34
	SECTION 12.05.	  	Integration	  	34
	SECTION 12.06.	  	Headings	  	35
	SECTION 12.07.	  	Counterparts	  	35
	SECTION 12.08.	  	Severability	  	35
	SECTION 12.09.	  	Applicable Law	  	35
	SECTION 12.10.	  	Jurisdiction; Waivers	  	35
	SECTION 12.11.	  	Enforcement	  	35

  
 Schedules 
  
 Schedule A - Contributed Stock 
 Schedule B - Initial DreamWorks Capital 
 Schedule C - Partners 
 Schedule D - Initial Capital Contributions 
 Schedule E - Sample Calculations 
  

 iii 

 LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT of DWA ESCROW LLLP (the
“Partnership”) dated as of October 27, 2004, by and among M&J K B LIMITED PARTNERSHIP, a Delaware limited partnership (“M&J K B”), as general partner, DG-DW, L.P. a Delaware limited partnership
(“DG-DW”), as general partner, and M&J K DREAM LIMITED PARTNERSHIP, a Delaware limited partnership (“M&J K”), DW LIPS, L.P., a California limited partnership (“DW Lips”), DW INVESTMENT II,
INC., a Washington corporation (“DWI II”), and the other Partners (as defined below) party hereto, as limited partners. 
  
 Preliminary Statement 
  
 WHEREAS, the parties hereto are parties to the Formation Agreement (the “Formation Agreement”), dated as of October 27, 2004; 

 
 WHEREAS, the parties hereto will contribute their shares of common stock
in DreamWorks Animation SKG, Inc., a Delaware corporation (the “Company”), other than shares that will be sold in a secondary component of the IPO (as defined herein) or retained in lieu of such sale and additional shares that will
be retained for later sale (or retained in lieu of such later sale), to the Partnership in exchange for Interests (as defined below) pursuant to the Formation Agreement; 
  
 WHEREAS, in accordance with the Formation Agreement and the Registration Rights Agreement, dated as of October 27, 2004 (the
“Registration Rights Agreement”), among the Company, the Partnership, the parties hereto and the other parties thereto, a portion of the Contributed Stock (as defined herein) will be sold in a secondary offering; 
  
 WHEREAS, the parties hereto are party to the Seventh Amended and Restated
Limited Liability Company Agreement of DreamWorks L.L.C., dated as of October 27, 2004; and 
  
 WHEREAS, M&J K B and DG-DW, as general partners of the Partnership, have duly executed and filed with the Secretary of State of the State of Delaware (i) a statement of qualification as a limited liability limited
partnership and (ii) a certificate of limited partnership. 
  
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
  
 Definitions and Usage 
  
 Definitions. The terms
shall have the following meanings for purposes of this Agreement: 
  
 “Adjusted DreamWorks Participation Percentage” means, with respect to any Partner, the percentage set forth opposite such Partner’s name in Section 5.01. 
  

 4 

 “Affiliate” of any specified Person means any other Person directly or indirectly
Controlling, Controlled By or under direct or indirect common Control with such specified Person. 
  
 “Agreement” means this Limited Liability Limited Partnership Agreement, as it may be amended, supplemented, restated or modified from
time to time. 
  
 “Applicable Law” is defined in
Section 7.10. 
  
 “Bankruptcy” of a Person means
(i) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code (or corresponding provisions of future laws) or any other
bankruptcy or insolvency law, whether foreign or domestic, or such Person’s filing an answer consenting to or acquiescing in any such petition, (ii) the making by such Person of any assignment for the benefit of its creditors or the admission
by such Person in writing of its inability to pay its debts as they mature or (iii) the expiration of 60 days after the filing of an involuntary petition under Title 11 of the United States Code (or corresponding provisions of future laws), an
application for the appointment of a receiver for the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangements, composition, dissolution or readjustment of its debts or similar relief under any bankruptcy
or insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 60-day period. This definition of “Bankruptcy” is intended to replace the bankruptcy related events set forth in Sections 17-402(a)(4)
and (a)(5) of the Delaware Act. 
  
 “Business
Day” means any day other than a Saturday, a Sunday or a U.S. Federal holiday. 
  
 “Change in Control Transaction” is defined in Section 7.04(a). 
  
 “Charter” means the Restated Certificate of Incorporation of the Company, as amended or restated from time to time. 
  
 “Class A Stock” means the Company’s Class A Common
Stock, par value $0.01 per share. 
  
 “Class B
Stock” means the Company’s Class B Common Stock, par value $0.01 per share. 
  
 “Class B Stockholder Agreement” means the Stockholder Agreement, dated as of October 27, 2004, among the Partnership, M&J K B, M&J K, The JK Annuity Trust, The MK Annuity Trust, Katzenberg
1994 Irrevocable Trust, DG-DW, Jeffrey Katzenberg and David Geffen, as it may be amended, supplemented, restated or modified from time to time. 
  

 5 

 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commencement Date” is defined in Section 7.05. 

 
 “Common Stock” means Class A Stock and Class B Stock.

  
 “Company” is defined in the Preliminary
Statement to this Agreement. 
  
 “Continuing
Partner” means each of (i) DWI II and (ii) Lee Entertainment, L.L.C. 
  
 “Continuing Partner Minimum Ownership Shares” means, with respect to any Continuing Partner, the shares of Common Stock (including Pledged Common Stock), if any, allocated to such Continuing Partner
in the schedule prepared pursuant to Section 7.01(a)(z), 7.01(b)(z) or 7.01(c)(z), as applicable, but not associated with such Continuing Partner as set forth in Article VI. 
  
 “Contributed Stock” means, with respect to each Partner, the number of shares of Common Stock (including
Pledged Common Stock) set forth opposite such Partner’s name on Schedule A. 
  
 “Control” (including the term “Controlled By”) is defined in the Charter as in effect at consummation of the IPO. 
  
 “Covered Person” means (i) each Partner, (ii) each Affiliate of a Partner and (iii) each officer, director,
shareholder, partner, employee, member, manager, representative, agent or trustee of a Partner or of an Affiliate of a Partner; provided that the Company, DreamWorks L.L.C. and their respective subsidiaries shall not be Covered Persons.

  
 “Delaware Act” means the Delaware Revised
Uniform Limited Partnership Act, 6 Del. C. §§17-101 et seq., as amended from time to time or any successor statute. 
  
 “DG-DW” is defined in the preamble to this Agreement. 
  
 “Dissolution Additional Shares” is defined in Section 11.02(b). 
  
 “DRUPA” is defined in Section 2.02. 
  
 “DW Lips” is defined in the preamble to this Agreement.

  
 “DWI II” is defined in the preamble to this
Agreement. 
  
 “Effective Time” is defined in
Section 2.04. 
  
 “Equity Security” is defined in
Rule 405 under the Securities Act, and in any event includes any security having the attendant right to vote for directors or similar representatives and any general or limited partner interest in a General Partner or in a Parent. 
  

 6 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

 
 “Fair Market Value” of a share of Common Stock as of any
date of determination means the Volume Weighted Average Price of the Class A Stock over a 20 consecutive trading day period ended one trading day prior to the date of determination. 
  
 “Fifty Percent Return” means, (A) with respect to each Partner other than Universal, at any time, the
amount necessary to reduce such Partner’s Unreturned DreamWorks Capital at such time to 50% of such Partner’s Initial DreamWorks Capital and (B) with respect to Universal, at any time, the amount necessary to reduce Universal’s
Unreturned DreamWorks Capital at such time to zero. 
  
 “Final Allocation” means (A) the allocation by the Partnership of shares of Common Stock in accordance with Article VII (which, for the avoidance of doubt, shall be (a) in the case of a JK/DG Triggered Follow-on Offering or
a Subsequent Follow-on Offering, pursuant to Section 7.01(a) on the date of pricing of such offering, (b) in the case of a Vulcan Triggered Follow-on Offering, pursuant to Section 7.01(b) or Section 7.01(c), as applicable, on the date of the
conclusion of the Pricing Period relating to such offering, except to the extent the last sentence of Section 7.02(b) shall be applicable to such offering in which case such allocation shall occur on the date of pricing of such offering, (c) in the
event that a Follow-on Offering has not been consummated prior to January 1, 2008 (July 1, 2008 in the event that a Universal Triggered Offering has been consummated), pursuant to Section 7.04 on the date of determination of the Mandatory
Distribution Price or (d) in the event of a Change in Control Transaction, pursuant to Section 7.04 on the date of determination of the Mandatory Distribution Price) or (B) any allocation pursuant to Section 11.02(b). 
  
 “Fiscal Year” is defined in Section 4.04. 
  
 “Follow-on Offering” is defined in the Formation Agreement.

  
 “Formation Agreement” is defined in the
Preliminary Statement to this Agreement. 
  
 “General
Partner” means (a) subject to Section 8.03, prior to the Vulcan GP Date, M&J K B and DG-DW and (b) on and after the Vulcan GP Date, DWI II, in each case, for so long as such Person continues to be a general partner of the Partnership.

  
 “Gross Offering Price” means, with respect to
a Follow-on Offering, the gross public offering price per share (calculated before deduction of any underwriting discounts or commissions) in such offering. 
  
 “Initial DreamWorks Capital” means, with respect to each Partner, the amount set forth opposite such Partner’s name on Schedule B.

  

 7 

 “Initial Follow-on Offering” is defined in the Formation Agreement. 
  
 “Interest” means the partnership interest of a Partner in
the Partnership. 
  
 “IPO” means the initial
public offering by the Company of Class A Stock. 
  
 “JK/DG Triggered Follow-on Offering” is defined in the Formation Agreement. 
  
 “Limited Partner” means DW Lips, DWI II, Lee Entertainment, L.L.C., Universal and, on and after the Vulcan GP Date, M&J K B and
DG-DW, in each case for so long as such Person continues to be a limited partner of the Partnership. 
  
 “Mandatory Distribution Price” means the Volume Weighted Average Price of the Class A Stock over the 20 consecutive trading days on The
New York Stock Exchange beginning on the trading date specified in the applicable sentence of Section 7.04(a). 
  
 “M&J K” is defined in the preamble to this Agreement. 
  
 “M&J K B” is defined in the preamble to this Agreement. 
  
 “Net Offering Price” means, with respect to a Follow-on
Offering or the Universal Triggered Offering, the net public offering price per share (calculated after deduction of any underwriting discounts or commissions) in such offering. 
  
 “Non-Participating Partner” means (i) if a Follow-on Offering is consummated prior to the first anniversary
of the Effective Time, (a) each of DW Lips, M&J K B, M&J K, DG-DW and (b) in the case of a Vulcan Triggered Follow-on Offering, any Partner other than DWI II, except in the case of clause (b), and subject to clause (a), to the extent such
Partner delivers written notice to the General Partners electing to participate in such Vulcan Triggered Follow-on Offering within 10 Business Days after the date the Partnership delivers to each such Partner written notice of the Partnership’s
exercise of the demand request relating to such Follow-on Offering, (ii) if a Follow-on Offering is consummated after the first anniversary of the Effective Time, (x) each of M&J K B, and DG-DW, except to the extent they deliver written notice
to the other Partners electing to participate in such Follow-on Offering and (y) in the case of a Vulcan Triggered Follow-on Offering, any Partner other than DWI II, except to the extent such Partner delivers written notice to the General Partners
electing to participate in such Vulcan Triggered Follow-on Offering, in the case of each of clauses (x) and (y) within 10 Business Days after the date the Partnership delivers to each such Partner written notice of the Partnership’s exercise of
the demand request relating to such Follow-on Offering and (iii) in the case of a Universal Triggered Offering, all Partners other than Universal. 
  
 “Parent” means any Person that directly or indirectly owns any equity or voting interest in a Partner. 
  

 8 

 “Participating Partner” means any Partner other than a Non-Participating Partner.

  
 “Partner” means a General Partner or a
Limited Partner. 
  
 “Partnership” is defined in
the preamble to this Agreement. 
  
 “Person” is
defined in the Charter (as modified in Section 2(f) of Article IV thereof) as in effect at consummation of the IPO. 
  
 “Pledge Agreement” means the Pledge Agreement, dated as of October 27, 2004, among the Partnership, JPMorgan Chase Bank, as collateral
agent, and the other lenders party thereto, as it may be amended, supplemented, restated or modified from time to time. 
  
 “Pledged Common Stock” means, at any time, the shares of Common Stock then pledged as collateral for the Revolving Credit Facility. The
number of shares of Pledged Common Stock (if any) contributed to the Partnership by each Partner pursuant to Section 3.01(a) is set forth opposite such Partner’s name on Schedule A. 
  
 “Pricing Period” is defined in the Formation Agreement. 
  
 “Pricing Period Price” is defined in the Formation
Agreement. 
  
 “Principal” means (i) Jeffrey
Katzenberg (with respect to M&J K B and any successor General Partner admitted pursuant to this Agreement that is Controlled By Jeffrey Katzenberg) and (ii) David Geffen (with respect to DG-DW and any successor General Partner admitted pursuant
to this Agreement that is Controlled By David Geffen). 
  
 “Proceeding” is defined in Section 12.10. 
  
 “Registration Rights Agreement” is defined in the Preliminary Statement to this Agreement. 
  
 “Retained Shares” of any Partner means the number of shares of Common Stock retained by such Partner pursuant to Section 2.04(b)(x) of
the Formation Agreement, less the number of shares sold by (or credited to) such Partner in the IPO or in any IPO “overallotment option” exercise. In the case of any Partner that does not sell shares of Common Stock in the IPO or in any
IPO “overallotment option” exercise, as applicable, the number of shares of Common Stock credited in the IPO or such IPO “overallotment option” exercise, as applicable, shall be the number of shares of Common Stock (valued at the
Net Offering Price in the IPO) that would result in such Partner having a Returned Capital Ratio equal to the Returned Capital Ratio of each of the Partners (other than Universal) that actually sold shares of Common Stock in the IPO or such IPO
“overalloment option” exercise, as applicable, after giving effect to such sales. The number of Retained Shares of each Partner (if any) as of the Effective Time is set forth opposite such Partner’s name on Schedule A. 
  

 9 

 “Returned Capital Ratio” of any Partner at any time means the ratio (not to exceed 100%)
of the Returned DreamWorks Capital of such Partner at such time to the Initial DreamWorks Capital of such Partner. 
  
 “Returned DreamWorks Capital” of any Partner at any time means the Initial DreamWorks Capital of such Partner minus the Unreturned
DreamWorks Capital of such Partner at such time. 
  
 “Revolving Credit Facility” means the revolving credit facility, dated as of October 27, 2004, among DreamWorks L.L.C. and the lenders party thereto (or any refinancing thereof that does not extend the term thereof).

  
 “Satisfaction Event” means, with respect to
each Partner, the event as a result of which the Fifty Percent Return of such Partner would be equal to zero (or such greater amount as results from the restriction set forth in the last sentence of Section 7.02(b)). 
  
 “Securities Act” means the United States Securities Act of
1933, as amended, and the rules and regulations thereunder. 
  
 “7.01(a) Additional Shares” is defined in Section 7.01(a). 
  
 “7.01(b) Additional Shares” is defined in Section 7.01(b). 
  
 “7.01(c) Additional Shares” is defined in Section 7.01(c). 
  
 “SKG Minimum Ownership Shares” means with respect to each of DW Lips, M&J K B, M&J K and DG-DW, the
shares of Common Stock (including Pledged Common Stock), if any, allocated to such Partner in the schedule prepared pursuant to Section 7.01(a)(z), 7.01(b)(z) and 7.01(c)(z), as applicable, but not associated with such Partner as set forth in
Section 6.01. 
  
 “Subsequent Follow-on Offering”
is defined in the Formation Agreement. 
  
 “Tax Matters
Partner” is defined in Section 6.04(a). 
  
 “Transaction Documents” means, collectively, this Agreement, the Formation Agreement, the Pledge Agreement, the Class B Stockholder Agreement and the Vulcan Stockholder Agreement. 
  
 “Transfer” is defined in the Class B Stockholder Agreement
as in effect at consummation of the IPO. 
  
 “Trigger
Event” means, in respect of a General Partner, (i) the death, incapacity, retirement, Bankruptcy, commencement of liquidation proceedings, resignation, insolvency or dissolution of a General Partner or the Principal that Controls such
General Partner or (ii) the failure by the applicable Principal to Control such General Partner. 
  

 10 

 “Ultimate Parent” of any Partner means the Parent that Controls, directly or indirectly,
both such Partner and each other Parent of such Partner. 
  
 “Universal” means Vivendi Universal Entertainment LLLP. 
  
 “Universal Triggered Offering” is defined in the Formation Agreement. 
  
 “Unreturned DreamWorks Capital” means, with respect to any Partner as of any time, such Partner’s Initial DreamWorks Capital less:
(a) the value of any shares of Common Stock sold (or credited, as determined in accordance with the definition of “Retained Shares”) by such Partner in the IPO or in any IPO “overallotment option” exercise prior to such time (in
each case, valued at the Net Offering Price in the IPO) and (b) the value of such Partner’s Retained Shares plus the value of any other shares sold by the Partnership on behalf of such Partner, if any, pursuant to Section 7.02(b), in each case,
as such value is determined in accordance with the applicable provision of Section 7.01, Section 7.04 or Section 11.02, as applicable (except that any such valuation done in accordance with Section 7.01(a) shall be undone prior to performing any
calculation under Section 7.01(b) or Section 7.01(c) and shall be recalculated in accordance with such other applicable provision). 
  
 “Volume Weighted Average Price” over any period means, with respect to the Class A Stock, the volume weighted average price per share for
the entire applicable period on the principal national securities market or exchange on which the Class A Stock is listed or quoted. 
  
 “Vulcan Discount” means the ratio of (x) the Net Offering Price in the Vulcan Triggered Follow-on Offering to (y) the Gross Offering
Price in the Vulcan Triggered Follow-on Offering. 
  
 “Vulcan GP Date” is defined in Section 7.05. 
  
 “Vulcan Stockholder Agreement” means the Stockholder Agreement, dated as of October 27, 2004, among the Company, the Partnership, M&J K B, M&J K, The JK Annuity Trust, The MK Annuity Trust, Katzenberg 1994
Irrevocable Trust, DG-DW, DWI II, Jeffrey Katzenberg, David Geffen and Paul Allen, as it may be amended, supplemented, restated or modified from time to time. 
  

“Vulcan Triggered Follow-on Offering” is defined in the Formation Agreement. 
  
 Terms and Usage Generally. i)The words “hereof”,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article and Section references are to this
Agreement unless otherwise specified. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. 
  

 11 

 The meanings given to terms defined herein shall be equally applicable to both the singular and plural
forms of such terms. 
  
 The Partnership 
  
 Effectiveness of this Agreement. This Agreement constitutes the
partnership agreement (as defined in the Delaware Act) of the parties hereto. This Agreement shall become effective at the Effective Time. 
  
 Formation. The parties hereto agree to form the Partnership as a limited partnership and unanimously agree that the Partnership shall be qualified
as a limited liability limited partnership under and pursuant to Section 17-214 of the Delaware Act and Section 15-1001 of the Delaware Revised Uniform Partnership Act (6 Del. C. §§ 15-101 et seq.) (“DRUPA”)
by filing with the Secretary of State of the State of Delaware a certificate of limited partnership of the Partnership and a statement of qualification as a limited liability limited partnership. The General Partners shall execute, file and record
the certificate of limited partnership of the Partnership, such statement of qualification and such other documents as may be required or appropriate under the laws of the State of Delaware and of any other jurisdiction in which the Partnership may
conduct business. The General Partners shall, on request, provide any Partner with copies of each such document as filed and recorded. 
  
 Name. The name of the Partnership is DWA Escrow LLLP. The General Partners may change the name of the Partnership or adopt such trade or fictitious
names as they may determine, in each case consistent with the requirements of the Delaware Act, including Sections 17-102 and 17-214 thereof, and all other applicable law (e.g., fictitious name statutes). The General Partners will give all
Partners prompt written notice of any such name change (or adoption of any such trade or fictitious name). 
  
 Term. The term of the Partnership shall begin on the date the certificate of limited partnership of the Partnership becomes effective (the
“Effective Time”) and shall continue until the Partnership is dissolved in accordance with Section 11.01. 
  
 Registered Agent and Registered Office. The name of the registered agent for service of process is Capitol Services, Inc., and the address of the
registered agent and the address of the registered office in the State of Delaware is 615 South Dupont Highway, Dover, Kent County, Delaware. Such office and such agent may be changed from time to time by the General Partners consistent with the
requirements of the Delaware Act, including Sections 17-104 and 17-202 thereof. 
  
 Limited Purpose. The Partnership is formed for the sole object and purpose of, and the nature of the business to be conducted and promoted by the Partnership is limited to, holding and voting shares of Common
Stock in accordance with the Transaction Documents, effecting the transactions and fulfilling the obligations contemplated in the Transaction Documents to be effected and fulfilled by the 
  

 12 

 Partnership and making the distributions contemplated in this Agreement. Without the prior written consent of each
Partner, the Partnership will not engage in any business or activities (including those activities described in Section 8.04) other than those described above. Notwithstanding anything in this Agreement to the contrary, without the need for any
additional act or consent of any Person, the Partnership, and either General Partner acting on behalf of the Partnership, may execute, deliver and perform the Transaction Documents on behalf of the Partnership. The foregoing authorization shall not
be construed as a limitation on the powers of Partnership or the General Partners to enter into other agreements expressly permitted by this Agreement. 
  
 Treatment as Partnership. The Partnership shall not elect to be treated as a corporation for U.S. federal income tax purposes. The parties shall
treat the Partnership as a partnership for U.S. federal income tax purposes and agree not to take any position inconsistent with such treatment. 
  
 Capital Contributions; Partners 
  
 Initial Capital Contributions. ii)At the Effective Time, the Partners shall contribute to the Partnership such number of shares of Common Stock set
forth opposite such Partner’s name on Schedule A, in accordance with Section 2.04 of the Formation Agreement. 
  
 In return for such capital contributions, Interests shall be issued to the Partners. Schedule D indicates the amount of capital contributions attributable
to Interests for each Partner. 
  
 No Partner shall be entitled to
make additional capital contributions, withdraw capital or receive distributions except as specifically provided herein. No Partner shall have any obligation to the Partnership, to any other Partner or to any creditor of the Partnership to make any
capital contribution, except as specifically contemplated in Section 3.01(a). 
  
 Admission of Partners. At the Effective Time, without the need for any further action of any Person, the Persons set forth on Schedule C attached hereto who have executed this Agreement shall be admitted as
Partners, and each such Person shall be shown as such in the books and records of the Partnership. Following the Effective Time, no Person shall be admitted as a Partner (except in accordance with Section 9.02) and no additional Interests shall be
issued. 
  
 Reports 
  
 Reports to Partners. iii)The General Partners shall deliver a
statement to each Partner of the balance of each Partner’s Unreturned DreamWorks Capital (i) as soon as practicable after consummation of a Follow-on Offering (subject to revision in 
  

 13 

 accordance with the first sentence of each of Section 7.01(a), Section 7.01(b) and Section 7.01(c)), (ii) within 80 days
after the end of each Fiscal Year and (iii) within 30 days after the end of each of the first three quarters of each Fiscal Year. 
  
 The General Partners shall deliver a draft of the schedule required to be prepared pursuant to Section 7.01(a), Section 7.01(b) or Section 7.01(c), as
applicable, to each Limited Partner for its review five Business Days prior to the pricing of the Follow-on Offering or conclusion of the Pricing Period, as applicable, and a draft of the schedule required to be prepared pursuant to Section 7.04 to
each Limited Partner for its review five Business Days prior to the end of the 20-trading day period used to determine the Mandatory Distribution Price. Such draft schedule shall be prepared based on, as applicable, the mid-point of the price range
for the applicable offering (or, if such mid-point price shall not exist, then a good faith estimate by the underwriters for such offering of the price per share for the applicable offering) or the Pricing Period Price as calculated from the
beginning of the Pricing Period to such day. If any of the Limited Partners have any objection to any such calculations, they shall give the General Partners notice thereof and the parties shall use reasonable efforts to resolve any such disputes
prior to the pricing date for such offering or the end of the applicable Pricing Period. 
  
 As soon as practicable after the end of each Fiscal Year but in any event within 80 days after the end of each Fiscal Year, the Tax Matters Partner shall deliver to each Partner an Internal Revenue Service Schedule
K-1 and all similar state, local or foreign forms, schedules or returns required by law to be provided to each Partner. For purposes of Sections 4.01(a), (c), (d) and (e), Section 4.02 and Section 4.03, (i) a “Partner” shall be deemed to
include any Person that was a Partner at any time during the relevant taxable period or at the time of the relevant event, even if such Person is no longer a Partner at the time the relevant information is to be provided and (ii) the “Tax
Matters Partner” means the Tax Matters Partner for the relevant taxable period or at the time of the relevant event, even if such Person is no longer the Tax Matters Partner at the time the relevant information is to be prepared. 
  
 As soon as practicable after consummation of a Follow-on Offering but in any
event within 80 days after such consummation, the Tax Matters Partner shall deliver to each Participating Partner a statement of the Partnership taxable income or tax loss allocable to such Partner in connection with the Follow-on Offering.

  
 As soon as practicable but within 80 days after the
distribution of shares of Common Stock to a Partner, the Tax Matters Partner shall deliver to each Partner that was distributed shares of Common Stock a statement of the tax basis (in the hands of the Partnership) of the shares of Common Stock
distributed to such Partner. 
  
 Tax Returns. The Tax
Matters Partner shall timely cause to be prepared all tax returns (including information returns) required to be filed by the Partnership. 
  
 Other Tax Information. The Partners shall cooperate with one another and the Tax Matters Partner (on behalf of the Partnership), and the Tax
Matters Partner (on behalf of the Partnership) shall cooperate with each Partner, to provide all reasonable necessary financial and tax information and related analysis with respect to Partnership tax matters. 
  

 14 

 Fiscal Year. The fiscal year of the Partnership (the “Fiscal Year”) shall be the
12-month (or shorter) period ending on December 31 of each year, unless otherwise determined by the General Partners. 
  
 Adjusted DreamWorks Participation Percentages 
  
 General. As of the Effective Time, the Adjusted DreamWorks Participation Percentage of each Partner shall be as set forth below: 
  

				
	 Partner

	  	 Adjusted
 Dream Works
 Participation
Percentage

	 
	 M&J K B
	  	0.0723	%
	 M&J K
	  	21.6963	%
	 DG-DW
	  	21.7686	%
	 DW Lips
	  	21.7686	%
	 DWI II
	  	29.4173	%
	 Lee Entertainment, L.L.C.
	  	5.2769	%
	 Universal
	  	0	%

  
 Tax Matters 

 
 Identification, Sale and Distribution of Shares of Common Stock.
iv)Each share of Common Stock held by the Partnership shall, for as long as such share is held by the Partnership, be associated with the Partner that contributed that share to the Partnership. The Partners acknowledge that shares contributed by
different Partners may have different tax bases to the Partnership for U.S. federal income tax purposes. 
  
 If Common Stock is to be sold by the Partnership and the cash proceeds are to be distributed to one or more Partners, then, (i) to the extent possible and
on a Partner by Partner basis, the particular shares of Common Stock that are sold shall be the shares associated with the Partner receiving such cash proceeds and (ii) to the extent that clause (i) applies, the Partnership shall identify the
proceeds of the sale of each such share as being specifically distributed to the Partner with which such share is associated. To the extent that any Partner is to receive more cash proceeds than the total proceeds from the sale of all shares
associated with such Partner, (x) the necessary additional shares that must be sold in order to pay such additional cash distribution to such Partner shall be taken pro rata from the shares (not then needed for sale or distribution to
the Partners associated with such shares) that are associated with each of the other Partners and (y) the Partnership shall use the same method to identify the proceeds of any such stock sales as being distributed to the applicable Partner.

  

 15 

 If shares of Common Stock are to be distributed by the Partnership to a Partner, then, to the extent
possible, the particular shares distributed to any particular Partner shall be shares associated with such Partner. To the extent that any Partner is to receive more shares than the total number of shares associated with such Partner, the necessary
additional shares that must be distributed to such Partner shall be taken, in the case of Universal, first from the shares associated with DWI II (to the extent not then needed for sale or distribution to DWI II) and then, in the case of any
additional distribution to Universal or a distribution to any other Partner pro rata from the shares (not then needed for sale or distribution to the Partners associated with such shares) that are associated with each of the other
Partners. For the avoidance of doubt, this paragraph (c) is not intended to affect the number of shares of Common Stock or cash to be distributed or allocated to any Partner in accordance with Article VII hereof. 
  
 Allocation of Tax Items; Tax Treatment of Certain Distributions. v)Any
gain or loss on any sale of Common Stock by the Partnership, and any selling expense associated with any such sale, shall be allocated to the Partner that is treated as receiving the cash proceeds of such sale in accordance with clauses (b)(ii) and
(b)(y) of Section 6.01. The Partners acknowledge that such gain or loss may be allocable to a Partner other than the Partner associated with the shares that are sold. 
  
 Any other item of income, gain or loss of the Partnership shall be allocated in the discretion of the Tax Matters Partner in
a manner consistent with which a Partner or Partners receive the economic benefit or detriment of such item. 
  
 A distribution of shares of Common Stock by the Partnership to Universal pursuant to this Agreement (other than a distribution of shares pursuant to
Section 7.08) shall be treated by the Partnership as a distribution in liquidation of Universal’s Interest and shall be reported by the Partnership as such under Section 732(b) of the Code. 
  
 The Partners agree that the allocations in clauses (a) and (b) best reflect
their respective economic interests in the Partnership and agree that they shall not take any position inconsistent with such allocations, or with the treatment described in Section 6.02(c), except as otherwise required pursuant to a determination
within the meaning of Section 1313(a) of the Code. 
  
 Amounts
Withheld. The Partnership, as directed by the Tax Matters Partner, is authorized to withhold from distributions, including any deemed distributions, or with respect to allocations, to the Partners and to pay over to any taxing authority any
amounts that it reasonably determines may be required to be so withheld pursuant to any provisions of applicable law. All amounts so withheld with respect to any Partner shall be treated as amounts distributed to such Partner pursuant to this
Agreement for all purposes and shall reduce on a dollar-for-dollar basis any amounts otherwise distributable to such Partner. The Partners will cooperate to minimize the amount of any withholding that would otherwise be required pursuant to this
Section 6.03. 
  

 16 

 Tax Matters Partner. vi)DG-DW shall act as the “tax matters partner” of the Partnership
within the meaning of Section 6231(a)(7) of the Code (the “Tax Matters Partner”) and in any similar capacity under applicable state, local or foreign tax law. In the event of a Trigger Event with respect to DG-DW, M&J K B shall
be the Tax Matters Partner. 
  
 The Tax Matters Partner shall
serve as such with all powers granted to a tax matters partner under the Code, except as expressly provided in this Agreement. The Tax Matters Partner shall be entitled to make all decisions with respect to all tax matters of the Partnership
consistent with this Agreement, including with respect to tax elections of the Partnership and the calculation and allocation of the taxable income or loss of the Partnership. All matters relating to all tax returns (including information returns)
filed by the Partnership, including tax audits and related matters and controversies, shall be conducted by the Tax Matters Partner. For the avoidance of doubt, the Tax Matters Partner shall be bound by Section 6.01 and Section 6.02 and agrees that
it will not take a position inconsistent with such provisions, except as otherwise required pursuant to a determination within the meaning of Section 1313(a) of the Code. 
  
 Calculations; Distributions 
  
 Calculations. i)On the date of the pricing of a Follow-on Offering, the General Partners on behalf of the Partnership shall prepare and deliver to
each of the Partners a written schedule setting forth as of such date and prior to giving effect to such Follow-on Offering (x) the value of each Partner’s Retained Shares (valued at the Net Offering Price in such Follow-on Offering in the case
of shares representing the return of such Partner’s Fifty Percent Return as of such time and valued at the Gross Offering Price in such Follow-on Offering in the case of all other shares), (y) each Partner’s Unreturned DreamWorks Capital
(if any) after crediting the value of such Partner’s Retained Shares as set forth in Section 7.01(a)(x) above (in accordance with clause (b) of the definition of Unreturned DreamWorks Capital and without duplication) and, if the amount of such
credit exceeds such Partner’s Unreturned DreamWorks Capital at such time, then the number of shares representing such excess (valued at the Gross Offering Price in such Follow-on Offering) shall be set forth in such schedule and shall be
referred to as such Partner’s “7.01(a) Additional Shares”, and (z) the number of shares of Common Stock each Partner would receive after giving effect to Section 7.01(a)(y) if the Partnership were allocating all shares of
Common Stock then held by the Partnership (prior to giving effect to such Follow-on Offering) pursuant to the following subparagraphs (excluding, for purposes of the calculations set forth in clauses (ii) and (iii) below, Universal as a Partner):

  
 first, to each Partner a number of
shares of Common Stock (valued at the Net Offering Price in such Follow-on Offering) having a value equal to such Partner’s Fifty Percent Return as of such time (or if insufficient shares remain, then pro rata among all Partners
in proportion to, and to the extent of, their Fifty Percent Return as of such time (in relation to the aggregate Fifty Percent Returns as of such time of all Partners)); 
  

 17 

 second, after giving effect to Section 7.01(a)(i), to each Partner a number of
shares of Common Stock (valued at the Gross Offering Price in such Follow-on Offering) having a value equal to such Partner’s Unreturned DreamWorks Capital (or if insufficient shares remain, then pro rata among all Partners in
proportion to, and to the extent of, their Unreturned DreamWorks Capital as of such time (in relation to the aggregate Unreturned DreamWorks Capital as of such time of all Partners)); and 
  
 third, any remaining shares of Common Stock to each
Partner, pro rata in accordance with their Adjusted DreamWorks Participation Percentages; provided, that if any Partner has a positive number of 7.01(a) Additional Shares then the aggregate positive amount of 7.01(a) Additional
Shares of all Partners shall be added to the total shares to be allocated under this Section 7.01(a)(iii), and such pro rata calculation under this Section 7.01(a)(iii) shall be made on such aggregate total amount and then each such
Partner’s positive number of 7.01(a) Additional Shares shall reduce (but not below zero) the number of shares that otherwise would have been allocated to such Partner under this Section 7.01(a)(iii). 
  
 On the date of the conclusion of a Pricing Period occurring after
consummation of a Vulcan Triggered Follow-on Offering, if the Pricing Period Price is less than or equal to the Gross Offering Price realized in the Vulcan Triggered Follow-on Offering, the General Partners on behalf of the Partnership shall prepare
and deliver to each of the Partners a written schedule as of such date setting forth (w) the value of each Participating Partner’s Retained Shares that were sold in the Vulcan Triggered Follow-on Offering and any additional shares sold by the
Partnership on behalf of such Partner, if any, pursuant to Section 7.02(b) (in each case valued at the Net Offering Price in such Follow-on Offering in the case of shares representing the return of such Participating Partner’s Fifty Percent
Return at the time of such Follow-on Offering and valued at the Gross Offering Price in such Follow-on Offering in the case of all other shares) and the value of any additional Retained Shares of such Partner that were not so sold (valued at the
Pricing Period Price), (x) the value of each Non-Participating Partner’s Retained Shares (valued at the Net Offering Price in the Follow-on Offering in the case of shares representing the return of such Non-Participating Partner’s Fifty
Percent Return as of such time and valued at the Pricing Period Price in the case of all other shares), (y) each Partner’s Unreturned DreamWorks Capital (if any) after crediting the value of such Partner’s Retained Shares and other shares
sold by the Partnership on behalf of such Partner as set forth in Section 7.01(b)(w) or Section 7.01(b)(x) above (as the case may be) (in accordance with clause (b) of the definition of Unreturned DreamWorks Capital and without duplication) and, if
the amount of such credit exceeds such Partner’s Unreturned DreamWorks Capital at such time, then the number of shares representing such excess (valued at the Pricing Period Price) shall be set forth in such schedule and shall be referred to as
such Partner’s “7.01(b) Additional Shares”, and (z) the number of shares of Common Stock each Partner would receive after giving effect to Section 
  

 18 

 7.01(b)(y) if the Partnership were allocating all shares of Common Stock then held by the Partnership pursuant to the
following subparagraphs (excluding, for purposes of the calculations set forth in clauses (i), (ii) and (iii) below, Universal as a Partner or a Non-Participating Partner, as the case may be): 
  
 first, to each Non-Participating Partner, a number of
shares of Common Stock (valued at the Pricing Period Price (except, in the case of shares representing the return of such Non-Participating Partner’s Fifty Percent Return as of such time, the valuation price shall be the Net Offering Price in
the Follow-on Offering) until each such Non-Participating Partner has a Returned Capital Ratio equal to the ratio of (x) the aggregate Returned DreamWorks Capital of all Participating Partners (other than Universal) to (y) the aggregate Initial
DreamWorks Capital of all Participating Partners (other than Universal) (or if insufficient shares remain, then pro rata among all Non-Participating Partners in proportion to, and to the extent of, their Unreturned DreamWorks Capital
as of such time (in relation to the aggregate Unreturned DreamWorks Capital as of such time of all Non-Participating Partners)); 
  
 second, after giving effect to Section 7.01(b)(i), to each Partner, a number of shares of Common Stock (valued at the Pricing
Period Price) having a value equal to such Partner’s Unreturned DreamWorks Capital (or if insufficient shares remain, then pro rata among all Partners in proportion to, and to the extent of, their Unreturned DreamWorks Capital as
of such time); and 
  
 third, any
remaining shares of Common Stock to each Partner, pro rata in accordance with their Adjusted DreamWorks Participation Percentages; provided, that if any Partner has a positive number of 7.01(b) Additional Shares then the
aggregate positive amount of 7.01(b) Additional Shares of all Partners shall be added to the total shares to be allocated under this Section 7.01(b)(iii), and such pro rata calculation under this Section 7.01(b)(iii) shall be made on
such aggregate total amount and then each such Partner’s positive number of 7.01(b) Additional Shares shall reduce (but not below zero) the number of shares that otherwise would have been allocated to such Partner under this Section
7.01(b)(iii). 
  
 On the date of the conclusion of a Pricing
Period occurring after consummation of a Vulcan Triggered Follow-on Offering, if the Pricing Period Price exceeds the Gross Offering Price realized in the Vulcan Triggered Follow-on Offering, the General Partners on behalf of the Partnership shall
prepare and deliver to each of the Partners a written schedule as of such date setting forth (w) the value of each Participating Partner’s Retained Shares that were sold in such Follow-on Offering and any additional shares sold by the
Partnership on behalf of such Partner, if any, pursuant to Section 7.02(b) (in each case valued at the Pricing Period Price multiplied by the Vulcan Discount in the case of shares representing the return of such Participating Partner’s Fifty
Percent Return at the time of such Follow-on Offering and valued at the Pricing Period Price in the case of all other shares) and the value of any additional Retained Shares of such Partner that were not so sold (valued at the Pricing Period Price),
(x) the value of 
  

 19 

 each Non-Participating Partner’s (in the Vulcan Triggered Offering) Retained Shares (valued at the Pricing Period
Price multiplied by the Vulcan Discount in the case of shares representing the return of such Non-Participating Partner’s Fifty Percent Return as of such time and valued at the Pricing Period Price in the case of all other shares), (y) each
Partner’s Unreturned DreamWorks Capital (if any) after crediting the value of such Partner’s Retained Shares and other shares sold by the Partnership on behalf of such Partner as set forth in Section 7.01(c)(w) or Section 7.01(c)(x) above
(as the case may be) (in accordance with clause (b) of the definition of Unreturned DreamWorks Capital and without duplication) and, if the amount of such credit exceeds such Partner’s Unreturned DreamWorks Capital at such time, then the number
of shares representing such excess (valued at the Pricing Period Price) shall be set forth in such schedule and shall be referred to as such Partner’s “7.01(c) Additional Shares”, and (z) the number of shares of Common Stock
each Partner would receive after giving effect to Section 7.01(c)(y) if the Partnership were allocating all shares of Common Stock then held by the Partnership pursuant to the following subparagraphs (excluding, for purposes of the calculations set
forth in clauses (i), (ii) and (iii) below, Universal as a Partner or a Non-Participating Partner, as the case may be): 
  
 first, to each Non-Participating Partner, a number of shares of Common Stock (valued at the Pricing Period Price (reduced, in the
case of shares representing the return of such Non-Participating Partner’s Fifty Percent Return as of such time, by multiplying the Pricing Period Price by the Vulcan Discount)) until each such Non-Participating Partner has a Returned Capital
Ratio equal to the ratio of (x) the aggregate Returned DreamWorks Capital of all Participating Partners (other than Universal) to (y) the aggregate Initial DreamWorks Capital of all Participating Partners (other than Universal) (or if insufficient
shares remain, then pro rata among all Non-Participating Partners in proportion to, and to the extent of, their Unreturned DreamWorks Capital as of such time (in relation to the aggregate Unreturned DreamWorks Capital as of such time
of all Non-Participating Partners)); 
  
 second, to each Partner, after giving effect to Section 7.01(c)(i), a number of shares of Common Stock (valued at the Pricing Period Price) having a value equal to such Partner’s Unreturned DreamWorks Capital (or if insufficient
shares remain, then pro rata among all Partners in proportion to, and to the extent of, their Unreturned DreamWorks Capital as of such time); and 
  

third, any remaining shares of Common Stock to each Partner, pro rata in accordance with their Adjusted DreamWorks
Participation Percentages; provided, that if any Partner has a positive number of 7.01(c) Additional Shares then the aggregate positive amount of 7.01(c) Additional Shares of all Partners shall be added to the total shares to be allocated
under this Section 7.01(c)(iii), and such pro rata calculation under this Section 7.01(c)(iii) shall be made on such aggregate total amount and then each such Partner’s positive number of 7.01(c) Additional Shares shall reduce
(but not below zero) the number of shares that otherwise would have been allocated to such Partner under this Section 7.01(c)(iii). 
  

 20 

 Transactions In the Event of a Follow-on Offering. In the event of a Follow-on Offering, after
preparing the schedule required by Section 7.01(a): 
  
 Immediately prior to consummation of such offering, the Partnership shall distribute to Universal in complete liquidation of its Interests the number of shares of Common Stock allocated to Universal under clause (i) of such schedule.

  
 Each Participating Partner in such Follow-on Offering shall
sell in such Follow-on Offering a sufficient number of such Partner’s Retained Shares (valued at the Net Offering Price) (or, in the case of Universal, shares received pursuant to Section 7.02(a) and its Retained Shares) to cause a Satisfaction
Event (with respect to such Participating Partner) plus any additional Retained Shares permitted to be sold in such offering; provided, that in the event the sale by such Participating Partner (other than Universal) of all of its Retained
Shares in such Follow-on Offering would not cause a Satisfaction Event (with respect to such Participating Partner), then the Partnership shall also sell an additional number of shares of Common Stock (not to exceed the total number of shares
allocated to such Participating Partner under clause (i) of such schedule) in such Follow-on Offering on behalf of such Participating Partner as necessary to cause a Satisfaction Event (with respect to such Participating Partner). Notwithstanding
the foregoing, in no event shall the Partnership sell, on behalf of any such Participating Partner, any shares that were not associated with such Participating Partner (or with Universal) as set forth in Section 6.01 at the Effective Time, and if,
as a result of the foregoing (or as a result of the Partnership not being permitted to sell any shares of such Partner’s Pledged Common Stock as a result of the Pledge Agreement), there are insufficient shares available for sale by the
Partnership on behalf of such Participating Partner to generate such Participating Partner’s Fifty Percent Return, then, for purposes of determining whether a Follow-on Offering was of a sufficient size to be consummated by the Partnership, a
Satisfaction Event shall be deemed to occur with respect to such Participating Partner at the point the maximum number of shares associated with such Participating Partner as set forth in Section 6.01 (and not constituting Pledged Common Stock) have
been sold by the Partnership (and, in the case of a Vulcan Triggered Follow-on Offering, in such event, to the extent that the total number of shares allocated to all Partners under clause (i) of such schedule equals the total number of shares held
by the Partnership, then all shares held by the Partnership and not sold in the Vulcan Triggered Follow-on Offering shall be permanently allocated as set forth on such schedule and there shall be no further Pricing Period or reallocation pursuant to
Section 7.01(b) or Section 7.01(c)). 
  
 In the case of a JK/DG
Triggered Follow-on Offering or a Subsequent Follow-on Offering, (x) on the date of consummation of such Follow-on Offering (and the date of the closing of the exercise of any overallotment option relating to such offering, if any), the Partnership
shall distribute to each Partner the net cash proceeds, if any, generated on behalf of such Partner pursuant to the proviso to the first sentence of Section 7.02(b) and (y) except as otherwise provided in Section 7.06(f) with respect to DWI II, upon
the written request of any Partner from time to time, the Partnership shall distribute to such Partner a number of shares of Common Stock equal to the aggregate amount of shares of Common Stock allocated to such Partner pursuant to Section

  

 21 

 7.01(a)(z) less any such shares sold on behalf of such Partner in accordance with the proviso to the first sentence of
Section 7.02(b) (other than, in the case of the Continuing Partners, the Continuing Partner Minimum Ownership Shares and, in the case of DW Lips, M&J K B, M&J K and DG-DW, the SKG Minimum Ownership Shares) in exchange for a proportionate
amount of Interests of such Partner. 
  
 In the case of a Vulcan
Triggered Follow-on Offering, (x) on the date of consummation of such Vulcan Triggered Follow-on Offering (and the date of the closing of the exercise of any overallotment option relating to such offering, if any), the Partnership shall distribute
to each Partner the net cash proceeds, if any, generated on behalf of such Partner pursuant to the proviso to the first sentence of Section 7.02(b) and (y) upon the conclusion of a Pricing Period, immediately after preparing the applicable schedule
required by Section 7.01(b) or Section 7.01(c), except as otherwise provided in Section 7.06(e) with respect to DWI II, upon the written request of any Partner from time to time, the Partnership shall distribute to such Partner a number of shares of
Common Stock equal to the aggregate amount of shares of Common Stock allocated to such Partner pursuant to Section 7.01(b)(z) or Section 7.01(c)(z) less any such shares sold on behalf of such Partner in accordance with the proviso to the first
sentence of Section 7.02(b) (other than, in the case of the Continuing Partners, the Continuing Partner Minimum Ownership Shares and, in the case of DW Lips, M&J K B, M&J K and DG-DW, the SKG Minimum Ownership Shares) in exchange for a
proportionate amount of Interests of such Partner. 
  
 Transactions in the Event of a Universal Triggered Offering. In the event of a Universal Triggered Offering, immediately prior to consummation of such offering, the Partnership shall distribute to Universal the number of shares of
Common Stock allocated to Universal in the schedule prepared pursuant to Section 7.01(a)(z)(i) as if such schedule were prepared for Universal on the date of the pricing of the Universal Triggered Offering (using the Net Offering Price in the
Universal Triggered Offering where applicable). 
  
 Mandatory
Share Distributions. ii)In the event that a Follow-on Offering has not been consummated prior to January 1, 2008 (July 1, 2008 in the event that a Universal Triggered Offering has been consummated), then at any time thereafter and prior to March
31, 2008 (September 30, 2008 in the event that a Universal Triggered Offering has been consummated), the General Partners and DWI II, acting together, shall cause the Mandatory Distribution Price to be determined (with the applicable 20-trading day
period commencing on the date of notice from the General Partners to the other Partners that such price is to be calculated). In addition, subject to the prior written consent of DWI II (which consent shall not be unreasonably withheld or delayed),
on the second trading day (or such other date as agreed in writing by the General Partners and DWI II) prior to consummation of a merger, consolidation, share exchange, tender offer, sale of all or substantially all of the assets of the Company or
reclassification or other reorganization involving the Company and, in each case, not constituting a Control Transaction (as defined in the Charter as in effect at consummation of the IPO) (a “Change in Control Transaction”), the
General Partners shall cause the Mandatory Distribution Price to be determined (with the applicable 20-trading day period 
  

 22 

 commencing on the 20th trading day immediately prior to such second trading day). In either case, upon the determination
of the applicable Mandatory Distribution Price, the General Partners on behalf of the Partnership shall prepare and deliver to each of the Partners a written schedule as of such date of determination setting forth (x) the value of each
Partner’s Retained Shares (valued at the Mandatory Distribution Price), (y) each Partner’s Unreturned DreamWorks Capital (if any) after crediting the value of such Partner’s Retained Shares as set forth in Section 7.04(a)(x) above (in
accordance with clause (b) of the definition of Unreturned DreamWorks Capital and without duplication) and, if the amount of such credit exceeds such Partner’s Unreturned DreamWorks Capital, then the number of shares representing such excess
(valued at the Mandatory Redemption Price) shall be set forth in such schedule and shall be referred to as such Partner’s “Mandatory Additional Shares”, and (z) the number of shares of Common Stock each Partner would receive
after giving effect to Section 7.04(a)(y) if the Partnership were allocating all shares of Common Stock then held by the Partnership pursuant to Section 7.01(a) (valuing such shares at the Mandatory Distribution Price and treating Mandatory
Additional Shares as if they were 7.01(a) Additional Shares). 
  
 Subject to the prior written consent of DWI II (which consent shall not be unreasonably withheld or delayed), in the event of a Change in Control Transaction, immediately prior to consummation of a Change in Control Transaction, and in the
event that a Follow-on Offering has not been consummated prior thereto, then on March 31, 2008 (September 30, 2008 in the event that a Universal Triggered Offering has been consummated), each Partner shall have the right to exchange its Interests
for a number of shares of Common Stock equal to the aggregate amount allocated to such Partner in the schedule prepared in accordance with Section 7.04(a)(z) (provided, that in the case of the Continuing Partners, the Continuing Partner
Minimum Ownership Shares shall be distributed in accordance with Section 7.05(b) rather than this Section 7.04(b) and, in the case of DW Lips, M&J K B, M&J K and DG-DW, the SKG Minimum Ownership Shares shall be distributed in accordance with
Section 7.05(c) rather than this Section 7.04(b)). 
  
 Vulcan
GP Date. i)At any time after the date (the “Commencement Date”) that is six months after consummation of a Follow-on Offering or the date a Partner may exercise its exchange rights pursuant to Section 7.04(b), DWI II may deliver
written notice to each of the other Partners that it intends to assume the role of General Partner on the date specified in such notice (the “Vulcan GP Date”). Under no circumstances, however, shall the Vulcan GP Date be earlier
than the fifth Business Day after the date of such notice or later than the date that is one month after the Commencement Date, and if no such written notice shall have been delivered prior to the date that is one month after the Commencement Date,
then the Vulcan GP Date shall be deemed to occur on the date that is one month after the Commencement Date. 
  
 (i) Upon exercise of DWI II’s exchange rights under Section 7.06(e)(ii) or Section 7.06(f)(ii) (which become exercisable on the date that is six
months after the Vulcan GP Date), (ii) in the case of DWI II’s Continuing Partner Minimum Ownership Shares under Section 7.04(b), any time on or after the date that is six months after the Vulcan GP Date or (iii) upon the written request of any
other Continuing Partner at any time on or after the date that is six months after the Vulcan GP Date, the Partnership shall 
  

 23 

 distribute to such Partner its Continuing Partner Minimum Ownership Shares and any other shares to which such Partner is
entitled in exchange for such Partner’s equity interests in the Partnership, and such Continuing Partner shall have the right to withdraw from the Partnership at any time thereafter. 
  
 Immediately prior to the Vulcan GP Date, each of DW Lips, M&J K B, M&J K and DG-DW shall receive their respective
SKG Minimum Ownership Shares and any other shares to which they are entitled in full redemption of their Interests, except to the extent such Partner delivers written notice to the General Partners electing not to be redeemed. Effective as of the
Vulcan GP Date, DWI II shall become the General Partner. From and after the Vulcan GP Date, DWI II may admit, without the need for any further action or consent of any Person, one or more additional limited partners to the Partnership;
provided, that such admission does not adversely affect in any way the rights or economic interests of any other Continuing Partner. 
  
 General Provisions. i)For the avoidance of doubt, any distribution or exchange under this Agreement of shares of Common Stock to any Partner shall
be made solely (x) in the form of Class B Stock to any of M&J K B, M&J K or DG-DW and (y) in the form of Class A Stock to each other Partner. References in this Article VII to M&J K B, M&J K, DG-DW and DWI II shall be deemed to
include their permitted transferees. Immediately upon the Final Allocation, the Partnership shall convert all remaining shares of Common Stock held by the Partnership, other than shares allocated to M&J K B, M&J K or DG-DW, to Class A Stock.

  
 To the extent practicable and in all cases consistent with
this Article VII and Article XI, and subject to Section 6.01(c), for purposes of any allocation of shares of Common Stock of the Partnership to the Partners under this Agreement (including for purposes of the calculations set forth in Sections
7.01(a)(z), 7.01(b)(z) and 7.01(c)(z)), the Partnership shall allocate shares of Common Stock in the following order of priority: first, shares of Common Stock that do not constitute Pledged Common Stock and, second, shares of Common
Stock that constitute Pledged Common Stock (with the intent that the Pledged Common Stock shall be the final shares allocated and distributed under the applicable distribution provisions). In addition, if there are any Continuing Partner Minimum
Ownership Shares with respect to any Partner, such shares shall be first, shares of Pledged Common Stock allocable to such Partner and, second, shares of Common Stock that do not constitute shares of Pledged Common Stock (not to exceed
in the aggregate the number of Continuing Partner Minimum Ownership Shares). 
  
 No fractional share shall be issued upon the distribution of any share or shares of Common Stock under this Agreement. All shares of Common Stock (including fractions thereof) to be distributed hereunder at any time
shall be aggregated for purposes of determining whether the distribution would result in the allocation or distribution of any fractional share. If, after such aggregation, the applicable calculations in Section 7.01 would result in the allocation
or distribution of a fraction of a share of Common Stock, the Partnership shall, in lieu of distributing or causing the Company to issue any fractional share, round that fraction of a share up or down as reasonably determined by the General
Partners. 
  

 24 

 Except as expressly provided in this Article VII or Article XI, the General Partners shall not cause the
Partnership to make any distributions. 
  
 From and after the date
on which a Vulcan Triggered Follow-on Offering shall be consummated, DWI II shall have the right to exchange its equity interest in the Partnership for a number of shares of Common Stock (including Pledged Common Stock) allocable to DWI II under
Section 7.01(b) or Section 7.01(c) (as applicable); provided, that the exercisability of such exchange right shall vest in two parts, (i) first, with respect to the number of shares of Common Stock equal to (A) the number of shares of Common
Stock (including Pledged Common Stock) allocable to DWI II under Section 7.01(b) or Section 7.01(c) (as applicable) minus (B) the number of shares of Common Stock represented by DWI II’s Continuing Partner Minimum Ownership Shares, upon
the conclusion of the Pricing Period in connection with such Vulcan Triggered Follow-on Offering and (ii) second, with respect to the number of shares of Common Stock represented by DWI II’s Continuing Partner Minimum Ownership Shares, upon the
date that is six months after the Vulcan GP Date. DWI II shall tender to the Partnership (x) upon the exercise described in clause (i) above, a fraction of DWI II’s equity interest in the Partnership equal to the quotient of (A) the number of
shares of Common Stock issuable upon such exercise divided by (B) the number of shares of Common Stock equal to the number in clause (i)(A) above; and (y) upon the exercise described in clause (ii) above, DWI II’s remaining equity interest in
the Partnership. DWI II shall have no rights, and the Partnership shall have no obligations to DWI II, to make distributions of shares of Common Stock to DWI II pursuant to Section 7.02(d) in respect of a given Pricing Period other than pursuant to
the exchange rights set forth in this Section 7.06(e). For the avoidance of doubt, this Section 7.06(e) shall not give DWI II any priority over other Partners with respect to the timing or amount of distributions of shares of Common Stock pursuant
to the other provisions of this Article VII and shall not relieve DWI II of its obligations under Section 7.05. 
  
 From and after the date on which a JK/DG Triggered Follow-on Offering or a Subsequent Follow-on Offering shall be consummated, DWI II shall have the right
to exchange its equity interest in the Partnership for a number of shares of Common Stock (including Pledged Common Stock) allocable to DWI II under Section 7.01(a)(z); provided, that the exercisability of such exchange right shall vest in
two parts, (i) first, with respect to the number of shares of Common Stock equal to (A) the number of shares of Common Stock (including Pledged Common Stock) allocable to DWI II under Section 7.01(a) minus (B) the number of shares of Common
Stock represented by DWI II’s Continuing Partner Minimum Ownership Shares, upon the closing of a JK/DG Triggered Follow-on Offering or a Subsequent Follow-on Offering, as applicable (unless an over-allotment option shall have been granted to
the underwriters of such Follow-on Offering, in which case DWI II may not exercise such portion of the foregoing exchange right under this clause (i) before the earlier of the closing or expiration of such over-allotment option) and (ii) second,
with respect to the number of shares of Common Stock represented by DWI II’s Continuing Partner Minimum Ownership Shares, upon the date that is six months after the Vulcan GP Date. If no JK/DG Triggered Follow-on Offering or Subsequent
Follow-on Offering shall have occurred before January 1, 2008 (July 1, 2008, in the event that a Universal Triggered Offering shall have been consummated), 
  

 25 

 then the Vulcan Subsequent Exchange Right shall expire immediately upon such date. DWI II shall tender to the Partnership
(x) upon the exercise described in clause (i) above, a fraction of DWI II’s equity interest in the Partnership equal to the quotient of (A) the number of shares of Common Stock issuable upon such exercise divided by (B) such number of shares of
Common Stock allocable to DWI II under Section 7.01(a); and (y) upon the exercise described in clause (ii) above, DWI II’s remaining equity interest in the Partnership. From and after the date on which a JK/DG Triggered Follow-on Offering or a
Subsequent Follow-on Offering shall be consummated, DWI II shall have no rights, and the Partnership shall have no obligations to DWI II to distribute Common Stock, in each case pursuant to Section 7.02(d), unless such exchange right set forth in
this Section 7.06(f) shall have expired without first having become exercisable. For the avoidance of doubt, this Section 7.06(f) shall not give DWI II any priority over other Partners with respect to the timing or amount of distributions of shares
of Common Stock pursuant to the other provisions of this Article VII and shall not relieve DWI II of its obligations under Section 7.05. 
  
 (g) At or prior to the time of the distribution of any shares of Pledged Common Stock to any Partner pursuant to this Article VII, and as a condition to
such distribution, to the extent not previously executed and delivered, such Partner shall execute a pledge agreement in substantially the form of the Pledge Agreement relating to the number of such shares of Pledged Common Stock so distributed, and
the identical number of shares of Pledged Common Stock secured by the Pledge Agreement shall simultaneously be decreased by the number of shares of Pledged Common Stock distributed to such Partner. 
  
 No Set-Off. The General Partners shall not have any right to off-set
or set-off any payment due to any Partner pursuant to this Agreement against any other payment to be made by such Partner pursuant to this Agreement, any of the Transaction Documents or otherwise. 
  
 Sample Calculations. Attached hereto as Schedule E are illustrative
calculations of the amounts allocable to the Partners under this Article VII under various assumptions set forth therein. The Partnership shall calculate the amounts allocable to the Partners under this Article VII in a manner consistent with the
provisions hereof as illustrated by such illustrative calculations. All schedules delivered to the Partners under this Article VII shall be no less detailed than the schedules attached hereto as Schedule E. 
  
 Management of the Partnership 
  
 General Partners. ii)Subject to the terms of this Agreement, the
business and affairs of the Partnership shall be managed exclusively by the General Partners and the tax matters of the Partnership shall be managed exclusively by the Tax Matters Partner, in each case, in a manner consistent with this Agreement,
without the need for, except as set forth in Section 2.06 and Section 8.04 and except in the case of a Vulcan Triggered Follow-on Offering, a Subsequent Follow-on Offering, a Universal Triggered 
  

 26 

 Offering or as provided in Section 7.04, any consent or approval of any other Partner. Subject to Section 8.02 and the
terms of this Agreement, the General Partners shall have the exclusive power and authority, on behalf of the Partnership, to effect allocations and distributions in accordance with Article VII and to take any action of any kind not inconsistent with
this Agreement and to do anything and everything they deem necessary or appropriate to carry on the business and purposes of the Partnership in a manner consistent with this Agreement, including taking all actions permitted or required under the
Formation Agreement. Except as expressly provided herein, the General Partners shall act jointly in all matters. No other Partner shall participate in the management and control of the business of the Partnership, and in no event shall any Partner
other than the General Partners have any authority to bind the Partnership for any purpose. No other Partner or Partners shall have any right to remove or replace one or more of the General Partners, except in the case of any act or omission that
constitutes fraud, bad faith or willful misconduct of a General Partner, as finally determined by a judgment of a court of competent jurisdiction which judgment is final and nonappealable, in which case such General Partner may be removed by
Partners owning a majority-in-interest of the Interests then outstanding (based upon their Adjusted DreamWorks Participation Percentages). Persons dealing with the Partnership are entitled to rely conclusively upon the power and authority of the
General Partners. 
  
 The General Partners are, to the extent of
their rights and powers set forth in this Agreement, agents of the Partnership for the purpose of the Partnership’s business, and the actions of the General Partners taken in accordance with such rights and powers shall bind the Partnership.

  
 Voting of Contributed Stock. (a) The General Partners
shall exercise voting control over all shares of Contributed Stock (and all shares with respect to which Universal has given the Partnership a voting proxy under Section 8.02(b)) and shall vote (or act by written consent) with respect to all such
shares as they deem appropriate in their sole discretion; provided, that any such vote relating to a matter addressed in the Class B Stockholder Agreement or the Vulcan Stockholder Agreement shall be in accordance with the Class B Stockholder
Agreement or the Vulcan Stockholder Agreement, as applicable. 
  
 (b) Universal hereby grants to the Partnership a proxy to vote the Retained Shares of Universal, which proxy shall survive until such time as Universal transfers such shares (consistent with Section 3.06 of the Formation Agreement) or until
such time as Universal receives any distribution of Class A Stock from the Partnership. 
  
 Substitute General Partner. Upon the occurrence of a Trigger Event with respect to a General Partner at any time prior to the Vulcan GP Date, then such General Partner shall immediately cease to be a General
Partner and shall no longer have any right or authority to act on behalf of the Partnership as a General Partner. In such event, such General Partner shall be treated for all purposes as a Limited Partner and the remaining General Partner shall be
the sole General Partner. In the event of Trigger Events with respect both of the initial General Partners, then DWI II shall, without any further action on the part of the Partners or the Partnership, become the sole General Partner and
concurrently therewith, the Partnership shall convert all shares of Common Stock held by the Partnership to Class A Stock and shall continue without dissolution. 
  

 27 

 Restrictions on Activities. Notwithstanding any other provision of this Agreement (except the
third sentence of Section 2.06), the General Partners shall not, without the prior written consent of each of the other Partners, cause or permit the Partnership to do any of the following: (i) engage in any business or activity other than those
expressly set forth in Section 2.06; (ii) incur any indebtedness or assume or guarantee, or otherwise provide credit support directly or indirectly for, any indebtedness or obligation of any other Person; (iii) make a general assignment for the
benefit of creditors; (iv) file a petition commencing a voluntary Bankruptcy case; (v) file a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or
regulation; (vi) file an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution (to
the fullest extent permitted by law) or similar relief under any statute, law or regulation, or the entry of any order appointing a trustee, liquidator or receiver of it or of its assets or any substantial portion thereof; (vii) seek, consent to or
acquiesce in the appointment of a trustee, receiver or liquidator of it or of all or any substantial part of its assets; (viii) consolidate or merge with or into any other Person or convey or transfer any shares of Common Stock, cash or other
property of the Partnership to any Person except in accordance with the terms of the Transaction Documents; (ix) amend the certificate of limited partnership, or take action in furtherance of any such action; (x) except as expressly contemplated in
the Transaction Documents, purchase or otherwise acquire any equity interest of any class in any Person; (xi) take any act that would subject any Partner to personal liability for the debts, liabilities or obligations of the Partnership; (xii) take
any act in contravention of any of the Transaction Documents; (xiii) enter into any contract or arrangement whereby any General Partner, Principal or any of their respective Affiliates would receive any fee or other compensation from the Partnership
or its assets in connection with the management of the Partnership or otherwise (it being understood that the General Partners and any successor General Partners are providing services to the Partnership pursuant to this Agreement on a no-fee
basis); (xiv) exercise any demand or piggy-back registration rights under the Registration Rights Agreement that would not result in a Satisfaction Event with respect to the applicable Participating Partners (or, if such offering would not result in
a Satisfaction Event, fail to request that the Company withdraw any registration statement of the Company in which the Partnership was the Requesting Holder (as defined in the Registration Rights Agreement) or otherwise remove all securities of the
Partnership and the Partners requested to be included in any registration statement of the Company); (xv) request that the Company withdraw any registration statement of the Company in which the Partnership was the Requesting Holder or otherwise
remove any securities of the Partnership and the Partners requested to be included in any registration statement of the Company, in each case unless such offering would not result in a Satisfaction Event; (xvi) settle or compromise any material
litigation involving the Partnership or any of its property; (xvii) dissolve the Partnership, other than as provided in Section 11.01; or (xviii) except as expressly contemplated in the Transaction Documents, directly or indirectly Transfer, pledge
or otherwise encumber any shares of Common Stock held by the Partnership. In addition, no General Partner shall withdraw as a General Partner except as expressly permitted herein. 
  

 28 

 Transfers of Interests 
  
 Restrictions on Transfers. Without the prior written consent of the General Partners and DWI II, (a) no Partner shall
directly or indirectly Transfer all or any part of its Interests, or any rights to receive capital, profits or distributions of the Partnership pursuant thereto, (b) except in the case of any Parent of Lee Entertainment, L.L.C. and any Parent of
Universal, no Parent of any Partner shall Transfer any Equity Security or other interest in such Partner or any other Parent of such Partner, or the right to receive capital or profits of such Partner or such other Parent pursuant thereto and (c)
except in the case of Universal and any Parent of Universal, no Partner or any Parent of such Partner (other than the Ultimate Parent) shall issue any Equity Security or other interest, and, in each case, any such Transfer or issuance by a Partner
or its Parents shall be deemed a Transfer by such Partner of Interests in violation of this Agreement and a breach of this Agreement by such Partner. To the fullest extent permitted by law, any such Transfer in violation of this Agreement shall be
null and void. 
  
 Admission of Transferees. A transferee
of an Interest permitted under Section 9.01 shall be admitted to the Partnership as a partner of the Partnership upon (i) the prior written consent of the General Partners and DWI II (which consent of the General Partners and DWI II shall not be
unreasonably withheld or delayed) and (ii) its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If a Partner
Transfers all of its Interest pursuant to Section 9.01, such admission shall be deemed effective immediately prior to such transfer and, immediately following such admission, the transferor Partner shall cease to be a partner of the
Partnership. 
  
 Further Restrictions.
Notwithstanding anything to the contrary in this Agreement, to the fullest extent permitted by law, any Transfer that would otherwise be permitted by this Agreement shall be null and void if (a) such Transfer requires the registration of such
Transferred Interest pursuant to any applicable Federal or state securities laws; (b) such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisers Act of 1940 or the Employee Retirement
Income Security Act of 1974, each as amended; (c) such Transfer results in a violation of applicable laws to which the Partnership is subject; (d) such Transfer is made to any Person that lacks the legal right, power or capacity to own such
Interest; (e) such Transfer would cause the assets of the Partnership to constitute “plan assets” under 29 C.F.R. §2510.3-101; or (f) such Transfer would cause the Partnership to be taxable as a corporation for U.S. federal income tax
purposes. 
  

 29 

 Limitation on Liability, Exculpation 
  
 Limitation on Liability. An obligation of the Partnership incurred while the Partnership is a Delaware limited
liability limited partnership, whether arising in contract, tort or otherwise, is solely the obligation of the Partnership. A General Partner is not personally liable, directly or indirectly, by way of indemnification, contribution, assessment or
otherwise, for such obligation solely by reason of being or so acting as a general partner of the Partnership. No Partner shall have any liability in any manner whatsoever for any debt, liability or other obligation of the Partnership, whether such
debt, liability or other obligation arises in contract, tort or otherwise, under Section 17-303(a) of the Delaware Act. No Covered Person shall be obligated personally for any debt, obligation or liability of the Partnership. The foregoing Section
10.01 shall not alter each Partner’s obligation to return funds wrongfully distributed to it if required to do so under the Delaware Act. 
  
 Exculpation of Covered Persons. iii)Except as expressly provided herein, and to the fullest extent permitted by law, no Covered Person shall be
liable, including under any legal or equitable theory of fiduciary duty or other theory of liability, to the Partnership or to any other Covered Person for any losses, claims, damages or liabilities incurred by reason of any act or omission
performed or omitted by such Covered Person except for any losses, claims, damages or liabilities arising from such Covered Person’s fraud, bad faith or willful misconduct. Whenever in this Agreement a Covered Person is permitted or required to
make decisions, such Covered Person shall make such decisions in good faith and shall not be subject to any other or different standard (including any legal or equitable standard of fiduciary or other duty) imposed by this Agreement or any relevant
provisions of law or in equity or otherwise. 
  
 A Covered Person
shall be fully protected in relying in good faith upon the records of the Partnership and upon such information, opinions, reports or statements presented to the Partnership or management by any Person as to matters the Covered Person reasonably
believes are within such Person’s professional or expert competence. 
  
 Indemnification. The Partnership shall, to the fullest extent permitted under the Delaware Act as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that
such amendment permits the Partnership to provide broader indemnification rights than said law permitted the Partnership to provide prior to such amendment), indemnify and hold harmless any Covered Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit, investigation or proceeding, whether civil, criminal or administrative and whether by or in the right of the Partnership, by reason of the fact that he or a Covered Person of whom he
is the legal representative is or was an officer of the Partnership against all expenses, liability and loss (including reasonable attorneys’ fees and judgments, fines or penalties and amounts paid or to be paid in settlement) incurred or
suffered by him in connection therewith, except in a case where such expenses, liabilities or losses resulted from the fraud, bad faith or willful misconduct of such 
  

 30 

 indemnified Person. The right to indemnification conferred in this Agreement shall be a contract right and shall include
the right to be paid by the Partnership the expenses incurred in defending any such proceeding in advance of its final disposition upon receipt by the Partnership of an unsecured written promise by or on behalf of such Covered Person to repay such
advances if a court of competent jurisdiction shall determine in a final, non-appealable judgment that such Covered Person is not entitled to be indemnified by the Partnership for such expenses, such advances to be paid by the Partnership within 20
days after the receipt by the Partnership of a statement or statements from the claimant requesting such advance or advances from time to time. 
  
 Dissolution and Termination 
  
 Dissolution. iv)Except as otherwise provided herein, no Partner shall withdraw from the Partnership and, to the fullest extent permitted by
applicable law, no Partner shall take any action to dissolve, terminate or liquidate the Partnership or to require apportionment, appraisal or partition of the Partnership or any of its assets, or to file a bill for an accounting, except as
specifically provided in this Agreement, and each Partner, to the fullest extent permitted by applicable law, hereby waives any rights to take any such actions (or have such actions taken on its behalf) under applicable law, including any right to
petition a court for judicial dissolution under Section 17-802 of the Delaware Act. Notwithstanding any other provision of this Agreement, the Bankruptcy of a Partner shall not cause such Partner to cease to be a partner of the Partnership, and,
upon the occurrence of such an event, the Partnership shall continue without dissolution. 
  
 The Partnership shall be dissolved and its business wound up upon the earliest to occur of any one of the following events: 
  
 the final distribution of all cash and all shares of Common Stock allocated in accordance with Article VII; 
  
 the written agreement of all the Partners to dissolve the
Partnership; 
  
 the entry of a decree of
judicial dissolution under Section 17-802 of the Delaware Act, in contravention of this Agreement; 
  
 an event of withdrawal of a General Partner, unless at the time there is at least one other General Partner, including a successor General
Partner selected in accordance with Article VII or 8.03 (such General Partner being hereby authorized to and shall continue the business of the Partnership without dissolution); and 
  
 the first time there are no Limited Partners, unless the Partnership is continued without dissolution in
accordance with the Delaware Act. 
  
 Except as provided herein,
the resignation, insolvency or dissolution of a Partner or the occurrence of any other event that terminates the continued membership of a Partner in the Partnership shall not in and of itself cause a dissolution of the Partnership. 
  

 31 

 Winding Up of the Partnership. v)Upon dissolution, the Partnership’s business shall be
liquidated in an orderly manner. The General Partners shall be the liquidating trustees to wind up the affairs of the Partnership pursuant to this Agreement. If there shall be no General Partner, the remaining Partners owning at least a
majority-in-interest of the Interests (based on Adjusted DreamWorks Participation Percentages) then outstanding may approve one or more liquidating trustees to act as the liquidating trustee in carrying out such liquidation. In performing their
duties, the liquidating trustees are authorized to sell, distribute, exchange or otherwise dispose of the assets of the Partnership in accordance with the Delaware Act and in any reasonable manner that they shall determine to be in the best interest
of the Partners. 
  
 In the event of any dissolution other than a
dissolution under Section 11.01(b)(i), the General Partners on behalf of the Partnership shall prepare and deliver to each of the Partners a written schedule as of the date of the applicable written agreement (in the case of a dissolution under
Section 11.01(b)(ii)) or the date of entry of the applicable decree (in the case of a dissolution under Section 11.01(b)(iii)) or the date of the event of withdrawal of a General Partner (in the case of a dissolution under Section 11.01(b)(iv)) or
the first date on which there are no Limited Partners (in the case of a dissolution under Section 11.01(b)(v)) setting forth (x) the value of each Partner’s Retained Shares (valued at their Fair Market Value as of such applicable date) and (y)
each Partner’s Unreturned DreamWorks Capital (if any) after crediting the value of such Partner’s Retained Shares as set forth in Section 11.02(b)(x) above (in accordance with clause (b) of the definition of Unreturned DreamWorks Capital
and without duplication) and, if the amount of such credit exceeds such Partner’s Unreturned DreamWorks Capital, then the number of shares representing such excess (valued at such Fair Market Value) shall be set forth in such schedule and shall
be referred to as such Partner’s “Dissolution Additional Shares”. In the event of any dissolution (other than a dissolution under Section 11.01(b)(i)), the proceeds of the liquidation of the Partnership shall be distributed in
the following order and priority, after giving effect to Section 11.02(b)(y): 
  
 first, to the creditors (including any Partners or their respective Affiliates that are creditors) of the Partnership, to the extent otherwise permitted by law, in satisfaction of all of the Partnership’s
liabilities (whether by payment or by making reasonable provision for payment thereof, including the setting up of any reserves which are, in the judgment of the liquidating trustee, reasonably necessary therefor); 
  
 second, to the extent such dissolution is not a
dissolution under Section 11.01(b)(i), to the Partners pro rata and in proportion to and to the extent of their respective Fifty Percent Return as of such time (with shares of Common Stock being distributed in kind and valued at their
Fair Market Value as of the date of the applicable written agreement (in the case of a dissolution under Section 11.01(b)(ii)) or the date of entry of the applicable decree (in the case of a dissolution under Section 11.01(b)(iii)) or the date of
the event of withdrawal of a 
  

 32 

 General Partner (in the case of a dissolution under Section 11.01(b)(iv)) or the first date on which
there are no Limited Partners (in the case of a dissolution under Section 11.01(b)(v))); 
  
 third, to the extent such dissolution is not a dissolution under Section 11.01(b)(i), to the Partners pro rata in
proportion to and to the extent of their respective Unreturned DreamWorks Capital (with shares of Common Stock being distributed in kind and valued at their Fair Market Value as of the date of the applicable written agreement (in the case of a
dissolution under Section 11.01(b)(ii)) or the date of entry of the applicable decree (in the case of a dissolution under Section 11.01(b)(iii)) or the date of the event of withdrawal of a General Partner (in the case of a dissolution under Section
11.01(b)(iv)) or the first date on which there are no Limited Partners (in the case of a dissolution under Section 11.01(b)(v))); and 
  
 fourth, to the extent such dissolution is not a dissolution under Section 11.01(b)(i), a distribution in kind of shares of Common
Stock to the Partners pro rata in accordance with their Adjusted DreamWorks Participation Percentages; provided, that if any Partner has a positive number of Dissolution Additional Shares then the aggregate positive number of
Dissolution Additional Shares shall be added to the total number of shares to be allocated under this Section 11.02(b)(iv), and such pro rata distribution under this Section 11.02(b)(iv) shall be made as if such aggregate total number
of shares were available for distribution and as if each Partner had received a distribution of such Partner’s Dissolution Additional Shares. 
  
 Claims of Partners. The Partners shall look solely to the Partnership’s assets for the return of their capital contributions, and if the
assets of the Partnership remaining after payment of or reasonable provision for the payment of all liabilities of the Partnership are insufficient to return such capital contributions, the Partners shall have no recourse against the Partnership or
any Partner. 
  
 Termination. The Partnership shall
terminate when all of the assets of the Partnership, after payment of or reasonable provision for the payment of all debts and liabilities of the Partnership, shall have been distributed to the Partners in the manner provided for in this Article XI
and when permitted by this Agreement, and the certificate of limited partnership of the Partnership and the statement of qualification of the Partnership as a limited liability limited partnership shall be canceled in the manner required by the
Delaware Act. 
  
 Miscellaneous 
  
 Notices. All notices and other communications hereunder shall be in
writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s 
  

 33 

 fax machine if sent on a Business Day (or otherwise on the next Business Day), (b) on the first Business Day following
the date of dispatch if delivered by a recognized next-day courier service or (c) on the second Business Day following the date of dispatch if delivered by a recognized international courier service. All notices hereunder shall be delivered as set
forth on Schedule C, or pursuant to such other instructions as may be designated in writing by the party to receive such notice 
  
 No Third Party Beneficiaries. Except as provided in Article X, this Agreement is not intended to confer any rights or remedies hereunder upon, and
shall not be enforceable by, any Person other than the parties hereto. 
  
 Waiver. No failure by any party to insist upon the strict performance of any covenant, agreement, term or condition of this Agreement or to exercise any right or remedy consequent upon a breach of such or any other covenant,
agreement, term or condition shall operate as a waiver of such or any other covenant, agreement, term or condition of this Agreement. Any Partner by notice given in accordance with Section 12.01 may, but shall not be under any obligation to, waive
any of its rights or conditions to its obligations hereunder, or any duty, obligation or covenant of any other Partner. No waiver shall affect or alter the remainder of this Agreement but each and every covenant, agreement, term and condition hereof
shall continue in full force and effect with respect to any other then existing or subsequent breach. The rights and remedies provided by this Agreement are cumulative and the exercise of any one right or remedy by any party shall not preclude or
waive its right to exercise any or all other rights or remedies. 
  
 Assignment; Amendments. i)Except as otherwise provided herein, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by any of the Partners, in whole or in part
(whether by operation of law or otherwise), directly or indirectly, without the prior written consent of the General Partners and DWI II, and, to the fullest extent permitted by law, any attempt to make any such assignment without such consent shall
be null and void. Notwithstanding any provision of this Agreement to the contrary and without the need for any action or consent of any Person, any such transferee shall be deemed to be a Partner effective immediately upon notice thereof from the
then General Partners to the Partnership. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Partners and their respective successors and assigns. 
  
 No amendment to this Agreement shall be effective unless it shall be signed
in writing by each of the General Partners and Partners (including the General Partners) owning at least a majority-in-interest of the Interests then outstanding (based upon their Adjusted DreamWorks Participation Percentages); provided, that
no amendment to the second sentence of Section 2.06 shall be effective unless it shall be signed in writing by each Partner; provided further, that no amendment shall affect the rights or obligations of a Partner without the consent of
such Partner. 
  
 Integration. This Agreement
constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements 
  

 34 

 and understandings of the parties in connection herewith, and no covenant, representation or condition not expressed in
this Agreement shall affect, or be effective to interpret, change or restrict, the express provisions of this Agreement. 
  
 Headings. The titles of Articles and Sections of this Agreement are for convenience only and shall not be interpreted to limit or amplify the
provisions of this Agreement. 
  
 Counterparts. This
Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. 
  
 Severability. Each provision of this Agreement shall be considered separable and if for any reason any provision or
provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement which are valid. 
  
 Applicable Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the conflicts of law principles thereof. 
  
 Jurisdiction; Waivers. With respect to any suit, action or proceeding relating to this Agreement (collectively, a “Proceeding”),
each Partner irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the States of New York and the Court of Chancery of the State of Delaware and any court of the United States located in the Borough of Manhattan in New
York City; (b) waives, to the fullest extent permitted by law, any objection which such Partner may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an
inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party; (c) consents, to the fullest extent permitted by law, to the service of process at the address
set forth for notices in Section 12.01 herein; provided, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law; and (d) WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN CONNECTION WITH ANY PROCEEDING. 
  
 Enforcement. i)Each party hereto acknowledges that the other parties would not have an adequate remedy at law for money damages in the event that any of the covenants or agreements of any of the other parties
to this Agreement were not performed in accordance with its terms, and it is therefore agreed that each party hereto, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable
relief in any court of competent jurisdiction, enjoining any such breach and enforcing specifically the terms and provisions hereof, and each party hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or
competence of the court to grant such an injunction or other equitable relief. 
  

 35 

 All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at
law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party.

  

 36 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties as of the day and year first
above written. 
  

					
	M&J K DREAM LIMITED PARTNERSHIP,
		
	 By
	 	 M&J K DREAM CORP.,

	 	 	 General Partner

			
	 	 	 By
	 	 /s/ Jeffrey Katzenberg

	 	 	 Name:
	 	Jeffrey Katzenberg
	 	 	 Title:
	 	President

  

					
	M&J K B PARTNERSHIP,
		
	 By
	 	 M&J K DREAM CORP.,

	 	 	 General Partner

			
	 	 	 By
	 	 /s/ Jeffrey Katzenberg

	 	 	 Name:
	 	Jeffrey Katzenberg
	 	 	 Title:
	 	President

  

					
	 DG-DW, L.P.,

		
	 By
	 	DG-DW, INC.,
	 	 	General Partner
			
	 	 	 By
	 	 /s/ Richard Sherman

	 	 	 Name:
	 	Richard Sherman
	 	 	 Title:
	 	Chief Financial Officer

  

					
	 DW LIPS, L.P.,

		
	 By
	 	DW SUBS, INC.,
	 	 	General Partner
			
	 	 	 By
	 	 /s/ Michael Rutman

	 	 	 Name:
	 	Michael Rutman
	 	 	 Title:
	 	Treasurer

  

 37 

					
	 DW INVESTMENT II, INC.,

			
	 	 	 By
	 	 /s/ W. Lance Conn

	 	 	 Name:
	 	W. Lance Conn
	 	 	 Title:
	 	Vice President

  

					
	 LEE ENTERTAINMENT, L.L.C.,

			
	 	 	 By
	 	 /s/ Gyeong C. Park

	 	 	 Name:
	 	Gyeong C. Park
	 	 	 Title:
	 	Authorized Person

  

					
	VIVENDI UNIVERSAL ENTERTAINMENT LLLP,
			
	 	 	 By
	 	 /s/ Karen Randall

	 	 	 Name:
	 	Karen Randall
	 	 	 Title:
	 	 Executive Vice President and
 General
Counsel

  

 38

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