Document:

Document

Exhibit 10-7

Company’s Form of Separation Agreement & Release

SEPARATION AGREEMENT AND RELEASE

To:       «Employee_Name»
Date:   «Actual_Offer_Date»

«Company» (“P&G”) is willing to provide you with certain assistance in connection with your employment separation from the Company.  The following, which is subject to your approval, sets forth our proposed agreement to do so.  Your receipt of the benefits described below is conditioned upon your accepting, and abiding by, the terms of this Agreement.

						
	Last Day of Employment:	Your last day of employment will be «Exit_Date», referred to as your “Last Day of Employment.” You understand and agree that if P&G determines that you engaged in misconduct during your employment, or if you fail to perform your work and responsibilities in a satisfactory manner up to and including your Last Day of Employment, P&G may terminate your employment immediately and will not provide, nor be obligated to provide, the payment(s) and other benefits described in this Agreement. Otherwise, unless noted below, your pay and benefits will cease as of your Last Day of Employment.

	Separation Payment:	As soon as administratively practical after your Last Day of Employment, P&G will provide you with a Separation Payment of «Total_Amount», less legally required withholdings and deductions. In no event will payment be made before expiration of the seven-day revocation period discussed below or later than the March 15th of the year following the year which includes your last day of employment.

Amounts you owe to P&G as of your Last Day of Employment, including, but not limited to, wage and/or benefit overpayments and unpaid loans, will also be deducted from the Separation Payment.

	Payment for Unvested PST:	If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.

						
	STAR Awards:	As of your Last Day of Employment, if you were otherwise eligible for a STAR award and you worked at least 28 days (4 calendar weeks) during that fiscal year, you will receive a pro-rated STAR award for that fiscal year. Your STAR award will be pro-rated by dividing the number of calendar days during the fiscal year from July 1 through your Last Day of Employment by 365. Your STAR award will be paid in cash in the September (but no later than September 15th) immediately following the end of the fiscal year in which you terminate.

	Equity Awards
(including Recognition Shares):	Your separation will be treated as a Special Separation for purposes of any outstanding equity awards granted under the Procter & Gamble 2009 Stock and Incentive Compensation Plan, the Procter & Gamble 2001 Stock and Incentive Compensation Plan, the Procter & Gamble 1992 Stock Plan, or the Gillette Company 2004 Long-Term Incentive Plan and, as a result, you will retain the awards subject to the original terms and conditions of the awards. You will also retain awards granted under the Procter & Gamble 2014 Stock & Incentive Compensation Plan and the Procter & Gamble 2019 Stock & Incentive Compensation Plan subject to the terms and conditions of those Awards.

This agreement does not alter the rights and obligations that you may have under the Procter & Gamble 2019 Stock & Incentive Compensation Plan, the Procter & Gamble 2014 Stock & Incentive Compensation Plan, the Procter & Gamble 2009 Stock and Incentive Compensation Plan, the Procter & Gamble 2001 Stock and Incentive Plan, the Procter & Gamble 1992 Stock Plan, and the Gillette Company 2004 Long-Term Incentive Plan.

	Current Health, Dental, and Life Insurance Benefits:	If you are enrolled in P&G’s active health (including medical, prescription drug, and EAP coverage), active dental, and company-paid life insurance coverage, that coverage will continue under the same terms until «Benefits_End_Date». Note: Any life insurance coverage other than company-paid life insurance coverage will not continue during this time.

When your extended coverage ends, you may be entitled to continue your health and dental coverage under COBRA. If you are entitled to COBRA continuation coverage, you will receive a notice of your right to elect COBRA.

						
	Retiree Medical and Dental Benefits:	If you were eligible for P&G retiree healthcare coverage on your Last Day of Employment, you will be eligible to enroll in P&G’s retiree medical and dental insurance coverage. You are eligible for P&G retiree healthcare coverage if you satisfy the regular retiree eligibility rules (i.e., you are a Regular Retiree) as of your Last Day of Employment. Under the terms of this Agreement, you also are eligible for P&G retiree healthcare coverage as a Special Retiree by satisfying the Rule of 70 as of your Last Day of Employment. You satisfy the Rule of 70 when your full years of age plus your full years of service equal 70.[1] If you are eligible for P&G’s retiree healthcare coverage as either a Regular Retiree or a Special Retiree as of your Last Day of Employment, you should contact P&G Employee Care before your extension of coverage ends to request retiree healthcare enrollment information. For details regarding the terms and conditions of your retiree health coverage, please refer to and review the summary plan descriptions, available at PGOne - Life and Career
 
Important Note: If you become employed by a direct competitor of P&G (as determined by P&G’s Chief Human Resources Officer) in an officer and/or director capacity, you will not be eligible for coverage under P&G’s retiree healthcare coverage as long as you remain employed by such competitor. If you have questions, please contact P&G Employee Care at 1-833-441-4357.

	Outplacement Services:	P&G’s outplacement supplier, Right Management Consultants, will provide services to assist you in managing your transition to a new future, based on your interest. Services include pre-decision counseling, career transition programs, and job development opportunities. Right Management Consultants will also assist you in preparing for your job search, including résumé preparation, cover letters, other written materials and interview and networking training.

After accepting this Agreement, and after obtaining your manager’s approval, you may begin utilizing outplacement services on a limited basis prior to your Last Day of Employment, consistent with the needs of the business and your responsibilities to complete and/or transition your work. Note that you must begin utilizing outplacement services within 45 days of your Last Day of Employment to be eligible for this benefit.

		
	[1] Special rules apply to Gillette Heritage Employees with regard to retiree medical eligibility and the retiree medical cost sharing under the retiree medical plan. If you are a Gillette Heritage Employee, you will receive a separate handout on your retiree medical eligibility.
	

						
	Retraining:	You are eligible for reimbursement (up to $5,000) for the cost of tuition, registration and laboratory fees for courses taken at accredited colleges and universities, or at 2-year colleges, trade schools, or vocational schools approved by appropriate accrediting boards. Correspondence courses which result in credit towards diplomas, degrees, etc. may be acceptable if offered by eligible non-profit institutions.You must have courses approved in advance and submit proof of payment of covered fees and proof (such as a transcript) that the courses were completed successfully. Courses that are recreational in nature, such as golf lessons, will not be approved.

All expenses for retraining must be incurred within twenty-four (24) months of your Last Day of Employment. The retraining reimbursement benefit is administered by Right Management Consultants.
	No Consideration Without Executing this Agreement:	You affirm that you understand and agree that you would not receive the separation payment and/or benefits specified in this Agreement without executing this Agreement and fulfilling the promises contained in it. Except as provided in this Agreement or under the terms and conditions of an applicable benefit plan or policy sponsored by P&G, you shall not be due any payments or benefits from P&G in connection with the termination of your employment.
	Continued Employment Through Your Last Day of Employment:	You agree to perform your work and responsibilities as an employee in a satisfactory manner up to and including your Last Day of Employment, including compliance with all provisions of this “Separation Agreement and Release.” If P&G determines that you have engaged in serious misconduct during your employment, you understand and agree that P&G may terminate your employment immediately and will not provide, nor will it be obligated to provide, you with the Separation payment, medical benefits, outplacement, retraining and other benefits described above. If you have already received any such pay or benefits, you agree to repay them to P&G upon demand.
	Nonadmission of Wrongdoing:	You affirm that you understand and agree that neither this Agreement nor the furnishing of the consideration for this Agreement, including the Separation Payment, shall be deemed or construed at any time for any purpose as an admission by P&G of wrongdoing or evidence of any liability or unlawful conduct of any kind.

						
	Release of Claims – Including Age Discrimination and Employment Claims:	In consideration of the Separation Payment and other benefits provided above to which you would not have been entitled under any existing P&G Policy, you release P&G from any and all claims you have against P&G. The term “P&G” includes «Company» and any of its present, former and future owners, parents, affiliates and subsidiaries, and its and their directors, officers, shareholders, employees, agents, servants, representatives, predecessors, successors and assigns and their employee benefit plans and programs and their administrators and fiduciaries.

This release applies to claims about which you now know or may later discover, and includes but is not limited to: (1) claims arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq.; (2) claims arising out of or relating in any way to your employment with P&G or the conclusion of that employment; (3) claims arising under any federal, state and local employment discrimination laws, regulations or ordinances or other orders that relate to the employment relationship and/or employee benefits; and (4) any other federal, state or local law, rule, regulation or ordinance, public policy, contract, tort or common law.

This release does not apply to claims that may arise after the date you accept this Agreement or that may not be released under applicable law.

You are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the P&G health, welfare, or retirement benefit plans as of the Last Day of Employment; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.  

You agree that the decision that your last day of employment would be on the Last Day of Employment was made prior to your accepting and executing this Agreement, and you agree that you are releasing any claim in connection with the separation of your employment.

If any claim is not subject to release, to the extent permitted by law, you agree that you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which P&G is a party.

Governmental Agencies: Nothing in this Agreement prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent

						
		permitted by law, you agree that if such an administrative claim is made to such an anti-discrimination agency, you shall not be entitled to recover any individual monetary relief or other individual remedies.  Nothing in this Agreement, including but not  limited to the “Release of Claims – Including Age Discrimination and Employment Claims” and the “Confidential, Proprietary, Trade Secret Information & Period of Non-Competition” sections of this Agreement, prohibits you from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational Safety and Health Administration. You 
understand you do not need the prior authorization from the Company to make any such reports or disclosures, and 
you are not required to notify the Company that you have made such reports or disclosures. Moreover, nothing in this Agreement prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programsMoreover, nothing in this Agreement prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programsMoreover, nothing in this Agreement prohibits or prevents you from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.

						
	Confidential, Proprietary, Trade Secret Information & Period of Non-Competition:	Subject to the “Governmental Agencies” portion of the “Release of Claims – Including Age Discrimination and Employment Claims” above, you agree that you will not use or share any confidential, proprietary or trade secret information about any aspect of P&G’s business with any non-P&G employee or business entity at any time in the future. You further agree that you will not obtain, transfer or have in your possession any confidential, proprietary or trade secret information on or after your last day of employment, even information you may have created yourself or to which you may have contributed as a P&G employee. Confidential, proprietary or trade secret information includes, but is not limited to, marketing and advertising plans, pricing information, upstream plans, specific areas of research and development, project work, product formulation, processing methods, assignments of individual employees, testing and evaluation procedures, cost figures, construction plans, and special techniques or methods of any kind.

Notwithstanding the requirements of confidentiality contained in this section, the federal Defend Trade Secrets Act of 2016 immunizes you against criminal and civil liability under federal or state trade secret laws for your disclosure of trade secrets that is made i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or iii) to your attorney for use in a lawsuit alleging retaliation for reporting a suspected violation of law, provided that any document containing the trade secret is filed under seal and you do not otherwise disclose the trade secret, except pursuant to court order.

Additional non-compete obligation for management employees only: You understand and agree that, unless you have prior written consent from P&G, you will not engage in any activity or provide any services for a period of three (3) years following your Last Day of Employment in connection with the manufacture, development, advertising, promotion or sale of any product which is the same as, similar to, or competitive with any products of P&G or its subsidiaries (including both existing products as well as products in development which are known to you, as a consequence of your employment with P&G):
1.With respect to which your work has been directly concerned at any time during the two (2) years preceding your Last Day of Employment; or
2.With respect to which during that period of time you, as a consequence of your job performance and duties, acquired knowledge of trade secrets or other confidential information of P&G.
For the purposes of this section, it shall be conclusively presumed that you have knowledge or information to which you were directly exposed through the actual receipt of memos or documents 

						
		containing such information or through actual attendance at meetings at which such information was discussed or disclosed. The provisions of this section are not in lieu of, but are in addition to, your continuing obligation to not use or disclose P&G’s trade secrets and confidential information known to you until any particular trade secret or confidential information becomes generally known (through no fault of yours). Information regarding products in development, in test market or being marketed or promoted in a discrete geographic region, which information P&G is considering for a broader use, shall not be deemed generally known until such broader use is actually commercially implemented. Also, “generally known” means known throughout the domestic United States industry or, if you have job responsibilities outside of the United States, the appropriate foreign country or countries’ industry.

If any restriction in this section is found by any court of competent jurisdiction or arbitrator to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it will be modified and interpreted to extend only over the maximum period of time, range of activities or geographic area so that it may be enforceable. 

If you are a participant in the 2009 Stock and Incentive Compensation Plan, the 2001 Stock and Incentive Compensation Plan, or the 1992 Stock Plan, you are also bound by the terms of Article F – Restrictions & Covenants of those plans, which are incorporated herein by reference.
  
If you are a participant in the 2014 Stock & Incentive Compensation Plan, you are also bound by the terms of Article 6 – Restrictions and Covenants of this plan which are incorporated herein by referenceIf you are a participant in the 2014 Stock & Incentive Compensation Plan, you are also bound by the terms of Article 6 – Restrictions and Covenants of this plan which are incorporated herein by referenceIf you are a participant in the 2014 Stock & Incentive Compensation Plan, you are also bound by the terms of Article 6 – Restrictions and Covenants of this plan which are incorporated herein by reference
	Acknowledgments and Affirmations:	Subject to the “Governmental Agencies” portion of the “Release of Claims – Including Age Discrimination and Employment Claims” above, you affirm that you have not filed, caused to be filed, or presently are a party to any claim against P&G.

You affirm that you have been paid and/or have received all compensation, wages, bonuses, commissions, and/or benefits which are due and payable as of the date you sign this Agreement. To the extent that you are required to report hours worked, you affirm that you have reported all hours worked as of the date you sign this Agreement.

You affirm that you have been granted any leave to which you were entitled under the Family and Medical Leave Act or related state or local leave or disability accommodation laws.

You further affirm that you have no known workplace injuries or occupational diseases that have not been reported.

						
	Assignment of Intellectual Property:	You will promptly and fully disclose, transfer and assign to P&G all inventions and any other intellectual property (collectively “Intellectual Property”) made or conceived by you during your employment with P&G. You agree to fully cooperate in executing any papers required for establishing or protecting the Intellectual Property and for establishing P&G’s ownership, even if such cooperation is necessary after your Last Day of Employment.

	Return of P&G Property:	You agree that on or before your Last Day of Employment, you will return to P&G in good condition all of its equipment, materials and information that were in your possession, custody or control (including, but not limited to, computers, files, documents, credit cards, keys and identification badges). You further agree that you will provide your manager with all passwords to P&G electronic communication and data systems before your Last Day of Employment. You further agree that on or before your Last Day of Employment, you will return or if directed to do so by your immediate manager, delete (i.e., destroy all copies of) any and all P&G confidential, proprietary or trade secret information you have maintained in your possession, custody, or control in paper, electronic and/or digital formats, including but not limited to, any such confidential, proprietary, or trade secret information (e.g., files, documents, etc.) that you may have electronically or digitally processed or stored on P&G-issued or on personally-owned or maintained digital devices and/or service accounts. Such digital devices and/or service accounts may include, but are not limited to desktop and laptop computers, notebooks, tablets, iPads, mobile phones, smartphones, personal digital assistants (PDAs), USB and flash drives, external hard drives, CDs, DVDs, and/or external file processing or storage provided by cloud service providers such as box.net, dropbox, Google docs, etc.
	Ethics Compliance:	Subject to the “Governmental Agencies” portion of the “Release of Claims – Including Age Discrimination and Employment Claims” above, you agree that you provided P&G all information known to you regarding any violations of the Procter & Gamble Worldwide Business Conduct Manual and/or any other violations of P&G policy or the law.

						
	Agreement to Arbitrate Disputes:	Resolving any future differences we may have in the courts can take a long time and be expensive. You and P&G therefore agree that the only remedy for all disputes that are not released by this Agreement or that arise out of your employment with or separation from P&G, or any aspect of this Agreement, will be to submit any such disputes (with the exception noted at the end of this section) to final and binding arbitration in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association then in effect.

You and P&G agree that the aggrieved party must send written notice of any claim to the other party by certified mail, return receipt requested. Written notice for P&G will be sent to: Secretary, One Procter & Gamble Plaza, Cincinnati, OH 45202, and to you at the most current address shown for you in P&G’s records. The arbitrator will apply Ohio law. At your written request, P&G will reimburse you for all fees and costs charged by the American Arbitration Association and its arbitrator to the extent they exceed the applicable fees and costs that would have been charged by a court of competent jurisdiction had your claim been filed in court.

There is one exception to this section. P&G may seek injunctive relief in any court of competent jurisdiction if it has reason to believe that you have violated or are about to violate (1) the terms of the “Confidential, Proprietary, Trade Secret Information & Period of Non-Competition” section above, or (2) if you are a participant in the 2009 Stock and Incentive Compensation Plan, the 2001 Stock and Incentive Compensation Plan, or the 1992 Stock Plan, the terms of Article F – Restrictions & Covenants of those plans or (3) if you are a participant in the 2014 Stock and Incentive Compensation Plan, the terms of Article 6 – Restrictions & Covenants of that plan.

	Severability:	If any court of competent jurisdiction or arbitrator should later find that any portion of this Agreement is invalid, that invalidity will not affect the enforceability of any other portion of this Agreement.
	Employment References:	You understand that P&G’s historical policy is to not provide employment references to prospective employers. However, P&G is willing to waive that policy in your case on the following basis: You authorize your manager or human resources representative to provide an employment reference upon written or verbal request. In return, you release any claim against P&G and will not bring a lawsuit in court against P&G based upon that employment reference (or lack thereof). You agree that you will refer all reference inquiries to your manager or human resources representative only. You further understand that all disputes regarding employment references or the lack thereof must be resolved through the arbitration process described above.

						
	No Reliance:	This Agreement sets forth the entire agreement between you and P&G and fully supersedes any prior agreements or understanding between the parties except that if you are a participant in the 2009 Stock and Incentive Compensation Plan, the 2001 Stock and Incentive Compensation Plan, or the 1992 Stock Plan, the terms of Article F – Restrictions & Covenants of those plans remain in full force and effect and are incorporated herein by reference and if you are a participant in the 2014 Stock Plan, the terms of Article 6 – Restrictions & Covenants of the plan remain in full force and are in effect and are incorporated herein by reference. In deciding to accept this Agreement, you agree that you have not relied upon any statements or promises by P&G, its managers, agents or employees, other than those set forth in this Agreement. No other promises or agreements concerning the matters described in this Agreement shall be binding unless in a subsequent document signed by these parties.
	Your Attorney:	You acknowledge that you have been and hereby are advised to consult with legal counsel before accepting this Agreement and have either done so or have voluntarily declined to do so.
	Timing for Acceptance or Revocation:	You have forty-five (45) calendar days in which to consider this Agreement in which you waive important rights, including those under the Age Discrimination in Employment Act of 1967. If you choose to sign this Agreement, please do so by indicating your acceptance of this Agreement with your electronic signature in P&G’s electronic system. We advise you to consult with an attorney of your choosing prior to signing this Agreement. Further, you may within seven (7) calendar days following the date you accept this Agreement, cancel and terminate the Agreement by giving written notice of your intention to revoke the Agreement to your immediate manager, and by returning to P&G any remuneration or benefits that have been advanced to you in anticipation of your not revoking your Agreement and to which you are not entitled. If notice of your revocation is mailed, it must be postmarked within seven (7) calendar days after you sign this Agreement.

You agree that any modifications, material or otherwise, made to this Agreement, do not restart or affect in any manner the original up to forty-five (45) calendar day consideration period.

			
	

The benefits described in this Agreement and pursuant to the summary plan description for the Procter & Gamble Basic Separation Program for U.S. Employees (see embedded document below), are the special benefits you will receive by signing this Agreement.  To the extent this Agreement describes benefits under other benefit plans and policies sponsored by P&G, these special benefits are also described in the summary plan descriptions for those plans.  As such, nothing in this Agreement amends or changes the terms of any P&G-sponsored employee benefit plan or policy. 

[Embedded SPD, reproduced below]

After your Last Day of Employment, you will no longer be an active P&G employee, which may affect your coverage under those plans and policies.  For example, plans may require that you enroll in Medicare to be eligible for coverage.  For more information on how not being an active P&G employee may affect your coverage, please refer to and review the summary plan descriptions for each plan.  

To accept this separation package according to the terms of the above Agreement, go back to the e-mail and electronic link you received and click on the “Accept” button.  By clicking “Accept,” you acknowledge that you have read the entire Agreement, that you understand it, and that you voluntarily accept its terms.  You further agree that you understand that it is a legally binding agreement, that you have been advised to consult with an attorney, that you have been given 45 days to consider the Agreement, and that you can revoke your acceptance within seven days of accepting the Agreement by providing written notification to your immediate manager.  If you do not wish to accept the terms of this Agreement, click on the “Decline” button.

Procter & Gamble Basic Separation Program for U.S. Employees

Summary Plan Description

April 1, 2019

BASIC INFORMATION

Plan Name: The Procter & Gamble Basic Separation Program for U.S. Employees (“Basic U.S. Separation Program,” “Basic Separation Program,” “Program,” or “Plan”) is a component of the Procter & Gamble Insured-Unfunded Welfare Plan (“Insured-Unfunded Plan”).        sic Separation Program for U.S. Employees (“Basic U.S. Separation Program,” “Basic Separation Program,” “Program,” or “Plan”) is a component of the Procter & Gamble Insured-Unfunded Welfare Plan (“Insured-Unfunded Plan”).     

Plan Effective Date: July 1, 2014

SPD Effective Date: January 1, 2019

Plan Sponsor: The Procter & Gamble Company, P&G Plaza, Cincinnati, OH 45202

Employer/Sponsor Tax ID: 31-0411980

Plan Number: 556

Plan Year: For purposes of operating the Insured-Unfunded Plan, the plan year is January 1 through December 31. For purposes of financial reporting (i.e., Form 5500 filing), the plan year is July 1 through June 30

Plan Type: The Basic Separation Program provides severance benefits to eligible employees of the Company (and its subsidiaries). The Insured-Unfunded Plan also provides other employee benefits, the terms of which are described in separate summary plan descriptions.

Plan Administrator: The Procter & Gamble U.S. Business Services Company, c/o U.S. Benefits Manager, P&G Plaza, TE-3, Cincinnati, OH 45202, [phone].

Claims Administrator: The Company’s Director of Global Employee Relations (or appropriate delegate) handles initial claims for separation benefits under the Basic Separation Program. The Policy Committee handles appeals.

Plan Administration Type: The Plan Administrator, Employee Relations, and the Policy Committee share responsibility for administering the Basic Separation Program. Other benefits under the Plan (not described in this booklet) are provided through a combination of contract administration, insurer administration, and self-administration.

Plan Funding: The Company provides from its general assets 100% of the funding for the benefits under the Basic Separation Program.

Agent for Legal Service of Process: CT Corporation System, 4400 Easton Commons Way, Suite 125, Columbus, OH 43219. Legal service of process may also be served on the Plan Administrator.

INTRODUCTION

The Procter & Gamble Company (“Company” or “P&G”) sponsors The Procter & Gamble Insured-Unfunded Welfare Plan (“Plan”), which includes the Procter & Gamble Basic Separation Program for U.S. Employees (“Program”). Under the Program, the Company provides certain eligible employees with financial support and other benefits upon termination of employment with the Company.

This summary plan description (“SPD”) provides the specific terms and conditions of the Program’s benefits. You should read this SPD carefully as it gives you a detailed description of the Program, how it works, what benefits it provides, how those benefits may be obtained, and how those benefits may be lost. If this SPD does not answer your questions or if you need further information, contact the Associate Director, NA Employee Relations Manager, The Procter & Gamble Company, P&G Plaza, TN-3, Cincinnati, OH 45202, [email] or [phone].

You may examine the SPD during regular business hours at the Plan Administrator’s office and obtain a copy of the SPD by written request to the Plan Administrator. You may be charged a fee to cover copying costs.

ELIGIBILITY, PARTICIPATION & BENEFITS

Who is Eligible? An individual is eligible for benefits under the Program if the individual is an employee of the Company who is based in the United States. For purposes of the Program, the United States means only the 50 states and the District of Columbia (but not territories of the United States, such as Puerto Rico). An employee is “based” in the United States if the employee’s home country (as designated by the Company) is the United States, including an employee who is on an expatriate assignment outside the United States.

What triggers an employee’s right to Separation Benefits? An employee of the Company who is otherwise eligible for separation benefits under the Program becomes entitled to such benefits if the Company, acting through its Chief Human Resources Officer or appropriate delegate, and the employee enter into a Negotiated Separation Agreement and the employee signs it. Employees may sign a Negotiated Separation Agreement via electronic signature through the Global Separation System.

IMPORTANT NOTE: Only the Company can initiate the process of entering a Negotiated Separation Agreement. If the Company wants to provide an employee with an incentive to leave the Company earlier than the employee planned, the Company may choose to initiate the process by offering the employee a Negotiated Separation Agreement.

What is a Negotiated Separation Agreement? For purposes of the Program, a Negotiated Separation Agreement is an agreement between the Company and an employee that provides the terms of an employee’s termination of employment from the Company and must include (1) a Release of Claims; (2) a Last Day of Employment agreed to by the Company; and (3) all other necessary provisions in accordance with the Program. A Negotiated Separation Agreement may include some of the benefits listed in Appendix A, all of which are in addition to the normal benefits an employee would already be entitled to upon separation from the Company. For more information on how separating from the Company impacts your benefits, refer to the applicable summary plan descriptions and policies for such benefits.

IMPORTANT NOTE: Except for certain limited situations involving extenuating circumstances, the Company will not enter a Negotiated Separation Agreement with an individual who is no longer an employee of the Company.

What if an employee refuses to sign (or signs and later revokes) the Release of Claims? If an employee refuses to sign (or signs and later revokes) the Release of Claims, the employee will be disqualified from receiving any benefits under the Program, to the extent permitted by law and the terms of the Program.

If an employee signs a Negotiated Separation Agreement, when does his or her employment with the Company end? If an employee signs a Negotiated Separation Agreement with the Company, his or her employment with the Company ends at the conclusion of the Last Day of Employment specified in the Negotiated Separation Agreement.

If an employee signs a Negotiated Separation Agreement, when does participation in the Program begin? If an employee signs a Negotiated Separation Agreement with the Company, his or her participation in the Program begins on the day he or she signs the agreement. However, certain Program benefits will not be provided until after an employee’s Last Day of Employment.

If an employee signs a Negotiated Separation Agreement, what impact will it have on his or her Company sponsored employee benefits? Except to the extent otherwise described in this document and/or an applicable Negotiated Separation Agreement, the employee benefits for an employee who separates from the Company under the terms of a Negotiated Separation Agreement are impacted in the same manner as other separations from the Company. For example, if an employee signs a Negotiated Separation Agreement, in addition to the normal benefits he or she would otherwise be entitled to after terminating employment, the employee will also be entitled to the benefits specified in the Negotiated Separation Agreement. For more information on how separating from the Company impacts your benefits, refer to the applicable summary plan descriptions and policies.

IMPORTANT CONSIDERATIONS: Signing a Negotiated Separation Agreement may have a significant impact on your benefits. For example, if you (or your spouse or dependents) are eligible for Medicare, after your Last Day of Employment, P&G medical coverage will be treated as secondary to Medicare, even if you are not enrolled in Medicare. This means that P&G’s medical coverage will cover expenses only after Medicare has covered its share of the expenses. If you (or your spouse or dependents) are not enrolled in Medicare, P&G’s medical coverage will determine what portion of the expense Medicare would have covered when determining the portion that P&G’s medical coverage will pay. This is just one example of how your benefits may be affected by signing a Negotiated Separation Agreement. Therefore, you are encouraged to consult with your family, as well as your legal and financial advisors, before you sign a Negotiated Separation Agreement.

How can an employee who is otherwise eligible for benefits under the Program lose his or her eligibility for such benefits? An employee who is otherwise eligible for benefits under the Program will lose his or her eligibility for such benefits if he or she:

•Unilaterally and voluntarily resigns from the Company;1

•Is terminated from the Company for cause;2 or

•Fails to comply with the terms of the Negotiated Separation Agreement, including, but not limited to, failing to (a) continue working through the Last Day of Employment without prior written approval from the Company, (b) continue to perform all the required duties of the employee’s position and complete all required reporting and other documentation associated with such position, as determined by the employee’s manager, through the Last Day of Employment, (c) comply with the terms of the non-compete provisions, or (d) return all Company property.

To the extent an employee has received any benefits under this Program and later loses his or eligibility for benefits under this Program, the employee may be required to repay the value of such benefits received.

NON-ASSIGNABILITY OF PLAN BENEFITS

No benefits under this Program may be assigned or transferred by you or any other person entitled to benefits. If any person attempts to assign, sell, or otherwise transfer any benefits under the Program, the Plan Administrator may terminate that person’s interest in the benefit and dispose of that interest for the benefit of such person or such person’s dependents as it sees fit.

CLAIMS PROCEDURES

The Claims Administrator determines the right of any person to benefits under the Program. If you do not receive a benefit to which you believe you are entitled under the Program, you may file a written claim for benefits with the Claims Administrator. Claims should be sent to: Claims Administrator, Basic Separation Program, The Procter & Gamble Company, c/o Global Employee Relations, P&G Plaza, TN-3, Cincinnati, OH 45202.

The Claims Administrator will process your claim and notify you in writing of its decision within a reasonable time, normally within 90 days after you submitted your written claim. When the Claims Administrator requires additional time (up to an additional 90 days) to process your claim because of special circumstances, it may obtain an extension by notifying you within the initial 90-day period that a decision on the claim will be delayed and when a decision can be expected. If your claim is denied, you will receive a written explanation of the specific findings and conclusions on which the denial is based.

			
	

1 If you unilaterally and voluntarily resign from the Company, you will not be eligible for benefits under the Program. For purposes of the Program, if you unilaterally and voluntarily submit an Intent to Retire, the Company will consider such submission to be a unilateral and voluntary resignation.

2 “Cause” means the participant’s (a) conviction or plea of guilty, nolo contendere, or no contest, to a felony; (b) willful misconduct; (c) violation of a material written Company policy; or (d) willful and continued failure or refusal to substantially perform essential job functions.

If you do not agree with the Claims Administrator’s decision, you or your authorized representative may appeal the decision to the Policy Committee. Your appeal must be submitted in writing within 60 days after you receive the initial claim decision. Appeals should be sent to: Policy Committee, Basic Separation Program, The Procter & Gamble Company, c/o Corporate Secretary’s Office, P&G Plaza, C9-159, Cincinnati, OH 45202.

The Policy Committee will review the decision and issue a final written decision, normally within 60 days after the receipt of your appeal, specifying the reasons for its decision. If special circumstances require an extension, the Policy Committee may obtain such an extension by notifying you within the initial 60-day period that the decision on review of the denied claim will be delayed (for up to an additional 60 days), and why and when a decision can be expected.

The claim and appeal procedures are available to any employee or beneficiary who wishes to submit a claim for benefits or request an appeal. To the extent permitted by law, the Policy Committee’s decision on appeal is final, binding, and conclusive as to any fact or interpretation of the Program.

A claim or action to recover benefits, clarify rights under the Program or Plan, or enforce rights under the Program or Plan (collectively, “Action”) may not be filed in any court or other forum3 until these claim procedures have been exhausted with respect to such Action. No Action may be filed in any court or other forum if more than two (2) years has passed since the earlier of (a) the date the first benefit payment was actually made, (b) the date the first benefit payment was allegedly due, (c) for a reimbursement claim, the date on which the expense was incurred, or (d) the date the Plan, the Program, the Company, the Claims Administrator, or the Policy Committee first denied the alleged obligation to provide such benefits. A denial described in (d) above may be made by way of a direct communication with you or a more general oral or written communication related to benefits payable under the Program (such as this summary plan description). If at the end of the two (2) year period described above, the Claims Procedures described above are pending, the deadline for filing an Action will be extended to the date that is 60 calendar days after the final denial (including a deemed denial) by the Policy Committee.

FUTURE OF THE PROGRAM

Consistent with the terms of the Plan, the Company intends to continue the benefits under this Program indefinitely. However, the Company reserves the right to amend, modify, suspend, or terminate the Program to any extent and in any manner that it may deem advisable at any time or times. Any such action shall be taken by the Board of Directors, or its appropriate delegate, through a formal written statement or through formal action at a Board of Directors meeting.

															
					

3 If a Negotiated Separation Agreement includes a provision that requires the employee (or employee) to settle all disputes arising from the Negotiated Separation Agreement through arbitration, then such employee (or former employee) is limited to pursuing such Action in accordance with the terms of such provision (including, but not limited to, whether such arbitration is final and binding).

DEFINITIONS

Last Day of Employment. The Last Day of Employment means the date specified in a Negotiated Separation Agreement as the employee’s last day being employed by the Company. The date must be a date to which the Company has agreed and which will be the last day the employee is employed with the Company. If an employee dies after executing a Negotiated Separation Agreement, but before the Last Day of Employment, such employee’s Last Day of Employment shall be considered the employee’s date of death. All Negotiated Separation Agreements must have a specified Last Day of Employment.

Release of Claims (“Release”). A Release of Claims means a provision in a Negotiated Separation Agreement in which the employee releases legal and other claims against the Company. All Negotiated Separation Agreements must include a Release, which will be in a form approved by the Company. By executing a Negotiated Separation Agreement, an employee also executes and agrees to the terms of the Release therein. Each Release becomes effective in accordance with its terms.

Regular Retiree. A Regular Retiree means a former employee of the Company who was, on his or her Last Day of Employment, (1) at least 55 years old with his or her full years of age plus full Years of Service equal to at least 75, or (2) at least 60 years old with at least 10 full Years of Service.  Regular Retirees are eligible to enroll in retiree medical and dental coverage under   The Procter & Gamble Retiree Welfare Benefits Plan (“Retiree Plan”), subject to the terms and conditions of the Retiree Plan, including any amendments to the Retiree Plan.

Special Retiree. A Special Retiree means a former employee of the Company who executed a Negotiated Separation Agreement and satisfied the Rule of 70 on his or her Last Day of Employment. The Rule of 70 is satisfied if an employee’s full years of age plus full Years of Service equal at least 70. Special Retirees are eligible to enroll in retiree medical and dental coverage under The Procter & Gamble Retiree Welfare Benefits Plan (“Retiree Plan”), subject to the terms and conditions of the Retiree Plan, including any amendments to the Retiree Plan.

Special Separation. Special Separation means a former employee of the Company who executed a Negotiated Separation Agreement and was neither a Regular Retiree nor a Special Retiree on his or her Last Day of Employment.

Years of Service. Years of Service means an employee’s adjusted years of service with the Company, as determined by the Company.

YOUR RIGHTS UNDER ERISA

As a participant in the Plan, you are entitled to certain rights and protection under the Employee Retirement Income Security Act of 1974 (“ERISA”). ERISA provides that all Plan participants shall be entitled to:

•Examine without charge, at the Plan Administrator’s office and at other specified locations, such as work sites, all documents governing the Plan.

•Obtain a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor, which is available at the Public Disclosure Room of the Employee Benefits Security Administration.

•Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including insurance contracts and collective bargaining agreements, copies of the latest annual report (Form 5500 Series) and an updated Summary Plan Description. The Plan Administrator may make a reasonable charge for the copies.

•Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so responsibly and in the interest of you and other Plan participants and beneficiaries. No one, including your employer, your union or any other person, may terminate your employment or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA.

Enforce Your Rights

If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge and to appeal any denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you make a written request for a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.

If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or federal court. In addition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of a medical child support order, you may file suit in federal court. If it should happen that the Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

Assistance with Your Questions

If you have questions about your Plan, you should contact the Plan Administrator. If you have questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor (listed in your local telephone directory), or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW, Washington, DC 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

APPENDIX A*: 
SEPARATION BENEFITS

															
	* If you are an employee who is or was working at either the Kansas City, Kansas or Iowa City, Iowa (Beauty Care) plants during the execution of the North America Supply Chain Redesign (NASCAR) program (i.e., during the period from 2018-2021) and you were determined to be eligible to receive separation package under the NASCAR program as a result of related job reductions at the respective plan, a special Appendix A applies to you.  If you did not receive the special Appendix A, please ask your HR manager or NASCAR program HR AD.				

The benefits described in this Appendix A are the separation benefits available under the Program. Whether and to what extent you are entitled to any of the benefits below is solely within the Company’s discretion, subject to the limitations described below.

						
	SEPARATION PAYMENT	If the Company offers you Separation Payment as part of your Negotiated Separation Agreement, the amount of the Separation Payment will be specified in the terms of your Negotiated Separation Agreement, but shall not exceed the percentage of your Annual Base Pay provided below, based on your full Years of Service.
Years of Service                                                                   % Annual Base Pay
0 years, 0 months – 2 years, 0 months                                    25.00%
2 years, 1 month – 8 years, 0 months                                      50.00%
8 years, 1 month – 14 years, 0 months                                    75.00%
14 years, 1 month – 19 years, 11 months                                 99.65%
20 years, 0 months or more                                                    100.00%
Separation Payments are payable in one lump sum, less tax withholding, and are issued as soon as administratively practical (typically, four to six weeks) after your Last Day of Employment. Separation Payments are not considered “compensation” for purposes of determining any benefits provided under any pension, savings, or other benefit plan sponsored by the Company.

		
	PAYMENT FOR UNVESTED PST	If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.If you are not fully-vested in the Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.
		

						
	EXTENSION OF MEDICAL, DENTAL, AND BASIC LIFE COVERAGE	If you are enrolled in medical, dental, or basic life insurance benefits on your Last Day of Employment, such benefits will be extended through the end of the month in which the Last Day of Employment occurs.

If the Company offers you a further extension of these benefits as part of your Negotiated Separation Agreement, the extension period will begin on the first day of the month following your Last Day of Employment and last for the number of months specified in the terms of your Negotiated Separation Agreement, but such period shall not exceed the number of months provided below, based on your full Years of Service.

Years of Service                                                                   # Months
0 years, 0 months – 2 years, 0 months                                   3
2 years, 1 month – 8 years, 0 months                                     6
8 years, 1 month – 14 years, 0 months                                   9
14 years, 1 month – 18 years, 0 months                                 11
18 years, 1 month or more                                                        12

If the Company offers you a further extension of benefits, you are required to continue paying for those benefits at the same rate you paid while you were employed, but on an after-tax basis.

COBRA: When your medical and dental benefits terminate after your Last Day of Employment (either at the end of that month or, if provided, at the end of your extension of benefits period) you may be eligible for continuation coverage under COBRA, which generally requires a greater premium payment for coverage. If you are a Regular Retiree or Special Retiree, in addition to COBRA, you will be eligible to enroll in retiree medical and dental coverage under The Procter & Gamble Retiree Welfare Benefits Plan. For more information, see definitions of Regular Retiree and Special Retiree.

Surviving Spouse/Domestic Partner & Dependents: If you die during an extension of benefits period and your spouse/domestic partner and other dependents were enrolled in P&G medical or dental coverage at the time of your death, they may continue such coverage for 12 months after your death at the same rate on an after-tax basis. This 12-month continuation period begins on the first of the month following the month in which your death occurs. If you are Regular Retiree or Special Retiree, after the 12-month extension of benefits period, your spouse/domestic partner is eligible to enroll in the National Surviving Spouse Program for medical and dental coverage under The Procter & Gamble Retiree Welfare Benefits Plan.

		
	OUTPLACEMENT SERVICES	If the Company offers you outplacement services as part of you Negotiated Separation Agreement, you must contact the Company’s third-party outplacement services provider, Right Management Consultants (“RMC”), within 45 days of your Last Day of Employment to use those services. RMC provides outplacement assistance through pre-decision counseling, career transition programs, job development services, and reimbursement for tuition and registration/lab fees for courses taken at accredited institutions (up to $5,000). RMC will only reimburse tuition and registration/lab fees for each course if (1) RMC has pre-approved the course, and (2) you complete the course within the 2-year period immediately following your Last Day of Employment. RMC will provide outplacement services for up to two years following your Last Day of Employment.Exhibit 10.1

 

EXECUTION VERSION

 

$3,500,000,000

AMENDED AND RESTATED CREDIT AGREEMENT

among

VIACOMCBS INC.,

THE SUBSIDIARY BORROWERS PARTIES HERETO,

THE LENDERS NAMED HEREIN,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

CITIBANK, N.A.,

BANK OF AMERICA, N.A., and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION, 

as Syndication Agents

and

DEUTSCHE
BANK SECURITIES INC., 

GOLDMAN SACHS BANK USA,

MIZUHO
BANK, LTD., and

MORGAN
STANLEY MUFG LOAN PARTNERS, LLC, 

as Documentation Agents,

Dated as of January 23, 2020

JPMORGAN CHASE BANK, N.A.,

CITIBANK, N.A.,

BOFA SECURITIES, INC., and

WELLS
FARGO SECURITIES, LLC, 

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

    	 	 	 

     

    

 

 

 

TABLE
OF CONTENTS

Page

	ARTICLE I

                                                                                 

                                                                                DEFINITIONS

	Section 1.1.  Defined Terms	2
	Section 1.2.  Terms Generally	24
	Section 1.3.  Currency Equivalents	26
	ARTICLE II

                                                                                 

                                                                                THE CREDITS

	Section 2.1.  Commitments	26
	Section 2.2.  Revolving Credit Loans; Competitive Loans	26
	Section 2.3.  Competitive Bid Procedure	27
	Section 2.4.  Revolving Credit Borrowing Procedure	30
	Section 2.5.  Repayment of Loans	30
	Section 2.6.  Swingline Loans	31
	Section 2.7.  Letters of Credit	34
	Section 2.8.  Conversion and Continuation Options	39
	Section 2.9.  Fees	39
	Section 2.10.  Interest on Loans; Eurocurrency Tranches; Etc	41
	Section 2.11.  Default Interest	42
	Section 2.12.  Alternate Rate of Interest	42
	Section 2.13.  Termination, Reduction and Increase of Commitments	43
	Section 2.14.  Optional Prepayments of Revolving Credit Loans	46
	Section 2.15.  Reserve Requirements; Change in Circumstances	46
	Section 2.16.  Indemnity	48
	Section 2.17.  Pro Rata Treatment; Funding Matters; Evidence of Debt	49
	Section 2.18.  Sharing of Setoffs	51
	Section 2.19.  Payments	51
	Section 2.20.  Taxes	52
	Section 2.21.  Termination or Assignment of Commitments Under Certain Circumstances	55
	Section 2.22.  Currency Equivalents	56
	Section 2.23.  Judgment Currency	57
	Section 2.24.  Defaulting Lenders	57
	Section 2.25.  Designation of Subsidiary Borrowers	59
	Section 2.26.  Extension of Revolving Credit Maturity Date	60

 

 

 

    	 	 	 

     

    

 

	ARTICLE III

                                                                                 

                                                                                REPRESENTATIONS AND WARRANTIES

	Section 3.1.  Corporate Existence	62
	Section 3.2.  Financial Condition	63
	Section 3.3.  Litigation	63
	Section 3.4.  No Breach, Etc	63
	Section 3.5.  Corporate Action	64
	Section 3.6.  Approvals	64
	Section 3.7.  ERISA	64
	Section 3.8.  Taxes	64
	Section 3.9.  Investment Company Act	64
	Section 3.10.  Environmental	64
	Section 3.11.  Material Subsidiaries	65
	Section 3.12.  Anti-Corruption Laws and Sanctions	65
	ARTICLE IV

                                                                                 

                                                                                CONDITIONS OF EFFECTIVENESS AND LENDING

	Section 4.1.  Effectiveness	65
	Section 4.2.  Initial Loans to Subsidiary Borrowers	66
	Section 4.3.  All Credit Events	66
	ARTICLE V

                                                                                 

                                                                                COVENANTS

	Section 5.1.  Financial Statements	67
	Section 5.2.  Corporate Existence, Etc	70
	Section 5.3.  Insurance	70
	Section 5.4.  Prohibition of Fundamental Changes	71
	Section 5.5.  Limitation on Liens	72
	Section 5.6.  Limitation on Subsidiary Indebtedness	72
	Section 5.7.  Consolidated Total Leverage Ratio	73
	Section 5.8.  Use of Proceeds	74
	Section 5.9.  Transactions with Affiliates	74

 

    	 	 ii	 

     

    

 

	ARTICLE VI

                                                                                 

                                                                                EVENTS OF DEFAULT

	ARTICLE VII

                                                                                 

                                                                                THE AGENTS

	ARTICLE VIII

                                                                                 

                                                                                VIACOMCBS GUARANTEE

	Section 8.1.  ViacomCBS Guarantee	79
	ARTICLE IX

                                                                                 

                                                                                MISCELLANEOUS

	Section 9.1.  Notices	82
	Section 9.2.  Survival of Agreement	83
	Section 9.3.  Binding Effect	84
	Section 9.4.  Successors and Assigns	84
	Section 9.5.  Expenses; Indemnity	88
	Section 9.6.  Right of Setoff	89
	Section 9.7.  APPLICABLE LAW	89
	Section 9.8.  Waivers; Amendment	89
	Section 9.9.  Entire Agreement	90
	Section 9.10.  WAIVER OF JURY TRIAL	91
	Section 9.11.  Severability	91
	Section 9.12.  Counterparts	91
	Section 9.13.  Headings	91
	Section 9.14.  Jurisdiction; Consent to Service of Process	91
	Section 9.15.  Confidentiality	92
	Section 9.16.  Waiver of Notice of Termination Period	93
	Section 9.17.  Termination of Subsidiary Borrower Designation	93
	Section 9.18.  Patriot Act Notice	93
	Section 9.19.  No Fiduciary Relationship	93
	Section 9.20.  Material Non-Public Information	94
	Section 9.21.  Acknowledgement and Consent to Bail-In of EEA Financial Institutions	94
	Section 9.22.  Certain ERISA Matters	95

  

ANNEXES

	Annex I	Pricing Grid

 

 

    	 	 iii	 

     

    

 

   EXHIBITS

	Exhibit A	Administrative Questionnaire
	Exhibit B-1	Form of Competitive Bid Request
	Exhibit B-2	Form of Notice of Competitive Bid Request
	Exhibit B-3	Form of Competitive Bid
	Exhibit B-4	Form of Revolving Credit Borrowing Request
	Exhibit B-5	Form of Swingline Borrowing Request
	Exhibit B-6	Form of Notice of Designated Letter of Credit
	Exhibit B-7	Form of Subsidiary Borrower Designation
	Exhibit B-8	Form of Subsidiary Borrower Request
	Exhibit C	Form of Assignment and Acceptance
	Exhibit D	Form of Confidentiality Agreement
	Exhibit E	Form of Closing Certificate
	Exhibit F	Form of Issuing Lender Agreement
	Exhibit G	Form of New Lender Supplement
	Exhibit H	Form of Commitment Increase Letter
	Exhibit I	Form of Certificate of Effectiveness

 

SCHEDULES

	Schedule 1.1	Commitments
	Schedule 1.1(a)	Guarantees
	Schedule 2.7	Designated Letters of Credit
	Schedule 5.6	Subsidiary Indebtedness
	Schedule VI(h)	Judgments

 

    	 	 iv	 

     

    

 

 

AMENDED AND RESTATED CREDIT AGREEMENT entered
into as of January 23, 2020, among VIACOMCBS INC., a Delaware corporation (“ViacomCBS”), as successor to Viacom
Inc., a Delaware corporation (“Viacom”); each Subsidiary Borrower (as herein defined); the lenders whose names
appear on Schedule 1.1 hereto or who subsequently become parties hereto as provided herein (the “Lenders”);
JPMORGAN CHASE BANK, N.A., a national banking association (“JPMorgan Chase”), as administrative agent for the
Lenders; CITIBANK, N.A., a national banking association, BANK OF AMERICA, N.A., a national banking association, and WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking association, as syndication agents for the Lenders (in such capacity, the “Syndication
Agents”); and DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS BANK USA, MIZUHO BANK, LTD., and MORGAN STANLEY MUFG LOAN
PARTNERS, LLC, as documentation agents for the Lenders (in such capacity, the “Documentation Agents”).

W I T N
E S S E T H:

WHEREAS, pursuant to that certain Agreement
and Plan of Merger, dated as of August 13, 2019 (as amended) by and between CBS Corporation, a Delaware corporation (“CBS”),
and Viacom, pursuant to which Viacom merged with and into CBS, with CBS as the surviving company and with the combined company
changing its name to ViacomCBS Inc., and ViacomCBS is the successor to Viacom;

WHEREAS, ViacomCBS has requested that the
Lenders provide extensions of credit to it and to certain Subsidiary Borrowers to be used for general corporate purposes, which
extensions of credit shall enable the Borrowers (as herein defined) to borrow loans and cause the issuance of letters of credit
in an aggregate amount not to exceed $3.50 billion (except as reduced or increased pursuant to Section 2.13) on a revolving
credit basis on and after the Effective Date (as herein defined) and prior to the Revolving Credit Maturity Date (as herein defined);
and

WHEREAS, ViacomCBS has requested that the
Lenders provide a multi-currency borrowing option in an aggregate principal amount not to exceed $1.0 billion (except as reduced
pursuant to Section 2.13), which the Lenders will make available to the Borrowers with sublimits as follows: (i) Euros (as
defined herein), $500 million, (ii) Sterling (as defined herein), $500 million and (iii) Yen (as defined herein), $300 million;
and

WHEREAS, the Lenders are willing to extend
credit to the Borrowers on the terms and subject to the conditions herein set forth;

NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein, the parties hereto hereby agree that, subject to the satisfaction of the conditions
set forth in Section 4.1, the Existing Credit Agreement (as defined herein) shall be and hereby is amended and restated in its
entirety as follows:

    	 	 	 

    2 

    

 

ARTICLE
I

DEFINITIONS

Section 1.1. Defined Terms. As used
in this Agreement, the following terms shall have the meanings specified below:

“ABR Loan” shall mean
(a) any Revolving Credit Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with
the provisions of Article II and (b) any ABR Swingline Loan. All ABR Loans shall be denominated in Dollars.

“ABR Revolving Credit Loan”
shall mean any Revolving Credit Loan which is an ABR Loan.

“ABR Swingline Exposures”
shall mean at any time the aggregate principal amount at such time of the outstanding ABR Swingline Loans. The ABR Swingline Exposure
of any Lender at any time shall mean the sum of (a) its Revolving Credit Percentage of the aggregate ABR Swingline Loans outstanding
at such time (excluding, in the case of any Lender that is a Swingline Lender, ABR Swingline Loans made by it and outstanding at
such time to the extent that the other Lenders shall not have funded their participations in such ABR Swingline Loans), adjusted
to give effect to any reallocation under Section 2.24 of the Swingline Exposure of Defaulting Lenders in effect at such time,
and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all ABR Swingline Loans made by
such Lender and outstanding at such time to the extent that the other Lenders shall not have funded their participations in such
ABR Swingline Loans.

“ABR Swingline Loan”
shall have the meaning assigned to such term in Section 2.6(a).

“Absolute Rate Loan”
shall mean any Competitive Loan bearing interest at a fixed percentage rate per annum (expressed in the form of a decimal rounded
to no more than four decimal places) specified by the Lender making such Loan in its Competitive Bid.

“Administrative Agent”
shall mean JPMorgan Chase in its capacity as the administrative agent for the Lenders under this Agreement, and any successor thereto
pursuant to Article VII.

“Administrative Agent Fee Letter”
shall mean the Fee Letter with respect to this Agreement between ViacomCBS and the Administrative Agent dated as of December 20,
2019 (as amended, supplemented or otherwise modified from time to time).

“Administrative Agent’s
Fees” shall have the meaning assigned to such term in Section 2.9(c).

    	 	 	 

    3 

    

 

“Administrative Questionnaire”
shall mean an Administrative Questionnaire in the form of Exhibit A hereto.

“affiliate” shall mean,
as to any Person, any other Person which directly or indirectly controls, is under common control with or is controlled by such
Person. As used in this definition, “control” (including, with correlative meanings, “controlled by”
and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise).

“Affiliate” shall mean,
as to ViacomCBS, any Person which directly or indirectly controls, is under common control with or is controlled by ViacomCBS.
As used in this definition, “control” (including, with correlative meanings, “controlled by”
and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise); provided that, in any event, any Person which owns directly or indirectly 10% or more of the securities
having ordinary voting power for the election of directors or other governing body of a corporation or 10% or more of the partnership
or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control
such corporation or other Person. Notwithstanding the foregoing, (a) no individual shall be deemed to be an Affiliate of ViacomCBS
solely by reason of his or her being an officer, director or employee of ViacomCBS or any of its Subsidiaries and (b) Viacom International
Inc. (or its successor) and ViacomCBS and their Subsidiaries shall not be deemed to be Affiliates of each other, unless expressly
stated to the contrary.

“Agents” shall mean
the collective reference to the Administrative Agent, the Joint Lead Arrangers, the Joint Bookrunners, the Documentation Agents
and the Syndication Agents.

“Aggregate LC Exposure”
shall mean, at any time, the sum of (a) the aggregate undrawn amount of all Letters of Credit outstanding at such time and (b)
the aggregate amount which has been drawn under Letters of Credit but for which the applicable Issuing Lender or the Lenders, as
the case may be, have not been reimbursed by ViacomCBS or the relevant Subsidiary Borrower at such time.

“Agreement” shall mean
this Amended and Restated Credit Agreement, as further amended, amended and restated, supplemented or otherwise modified from time
to time.

“Alternate Base Rate”
shall mean, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest of (a)
the Prime Rate in effect on such day (or, if such day is not a Business Day, the immediately preceding Business Day), (b) the NYFRB
Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurocurrency Rate as of such day (or, if such day is not a Business
Day, the immediately preceding Business Day) for a deposit in Dollars with a one-month Interest Period commencing two Business
Days thereafter plus 1.00%. For purposes hereof, “Prime

    	 	 	 

    4 

    

 

Rate” shall mean the rate of interest per annum publicly
announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in New York City; each
change in the Prime Rate shall be effective on the date such change is publicly announced as effective. For purposes of clause
(c) above, the Eurocurrency Rate for any day shall be based on the Eurocurrency Screen Rate (or if the Eurocurrency Screen Rate
is not available for such one-month Interest Period, the Interpolated Screen Rate, if available) at approximately 11:00 a.m., London
time, on such day for deposits in Dollars with a one-month Interest Period; provided that if such rate shall be less than
zero, such rate shall be deemed to be zero for all purposes of this Agreement. If the Alternate Base Rate is being used as an alternate
rate of interest pursuant to Section 2.12, the Alternate Base Rate shall be the greater of the rates referred to in clause (a)
and (b) above and shall be determined without reference to clause (c) above. Any change in the Alternate Base Rate due to a change
in the Prime Rate, the NYFRB Rate or the Eurocurrency Rate shall be effective on the effective date of such change in the Prime
Rate, the NYFRB Rate or the Eurocurrency Rate, respectively.

“Anti-Corruption Laws”
shall mean the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act of 2010 and all other similar laws, rules,
and regulations of any jurisdiction applicable to ViacomCBS or any of its Subsidiaries concerning or relating to bribery or corruption.

“Applicable Commitment Fee Rate”
shall mean, with respect to any date, the “Applicable Commitment Fee Rate” on such date as determined in accordance
with the Pricing Grid set forth in Annex I hereto.

“Applicable LC Fee Rate”
shall mean on any day (a) with respect to any Financial Letter of Credit, a rate per annum equal to the Applicable Margin applicable
to Eurocurrency Loans in accordance with the Pricing Grid set forth in Annex I hereto and (b) with respect to any Non-Financial
Letter of Credit, a rate per annum equal to 50% of the rate determined under the preceding clause (a).

“Applicable Margin”
shall mean, as of any date, with respect to any Eurocurrency Loan or ABR Loan, the applicable rate per annum in accordance with
the Pricing Grid set forth in Annex I hereto based upon the ratings by Moody’s, S&P and Fitch, respectively, applicable
on such date to the Index Debt.

“ASC” shall mean
the Financial Accounting Standards Board Accounting Standards Codification.

“Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the Administrative Agent, in
the form of Exhibit C.

“Assuming Lender” shall
have the meaning assigned to such term in Section 2.26(f).

“Bail-In Action” shall
mean, with respect to any applicable EEA Financial Institution, the exercise of any Write-Down and Conversion Powers by the applicable 

    	 	 	 

    5 

    

 

EEA Resolution Authority in respect of any liability of
such applicable EEA Financial Institution.

“Bail-In Legislation”
shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law for such EEA Member Country from time to time that is described in the
EU Bail-In Legislation Schedule.

“Bankruptcy Event” means,
with respect to any Person, that such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided
that a Bankruptcy Event shall not result solely by virtue of any control of or ownership interest, or the acquisition of any ownership
interest, in such Person by a Governmental Authority or instrumentality thereof so long as such control of or ownership interest
does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Person (or such governmental authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

“Beneficial Ownership Regulation”
shall mean 31 C.F.R. § 1010.230.

“Benefit Plan” means
any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

“Board” shall mean the
Board of Governors of the Federal Reserve System of the United States.

“Borrower” shall mean, as applicable,
ViacomCBS or the relevant Subsidiary Borrower.

 

“Business Day” shall
mean any day (other than a day which is a Saturday, Sunday or legal holiday in the State of New York) on which banks are open for
business in New York City; provided, however, that, when used in connection with a Eurocurrency Loan (including a
Eurocurrency Loan denominated in Sterling), the term “Business Day” shall also exclude any day on which banks
are not open for international business (including dealings in Dollar deposits) in the London interbank market.

“Capital Lease Obligations”
of any Person shall mean, subject to Section 1.2(b), the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property (other than satellite transponders), or a combination
thereof, which obligations are required to be

    	 	 	 

    6 

    

 

classified and accounted for as capital leases on a balance sheet of such Person
under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount
thereof at such time determined in accordance with GAAP.

“Capital Stock” shall
mean 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 or options to purchase
any of the foregoing.

“CBS Credit Agreement”
shall mean the Amended and Restated Credit Agreement dated as of June 9, 2016 among CBS (now known as ViacomCBS Inc.), CBS Operations
Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase, as administrative agent.

“Closing Certificate”
shall mean a certificate, substantially in the form of Exhibit E.

“Code” shall mean the
Internal Revenue Code of 1986, as the same may be amended from time to time.

“Commitment” shall mean,
with respect to each Lender, the commitment of such Lender to make Revolving Credit Loans pursuant to Section 2.1, to make,
refund or acquire participations in ABR Swingline Loans pursuant to Section 2.6 and to issue or participate in Letters of
Credit pursuant to Section 2.7, as set forth on Schedule 1.1, as such Lender’s Commitment may be permanently terminated,
reduced or increased from time to time pursuant to Section 2.13, changed pursuant to Section 9.4 or extended pursuant
to Section 2.26.

“Commitment Fees” shall
mean all fees payable pursuant to Section 2.9(a).

“Commitment Increase Date”
shall mean the date of any increase in the Total Commitment pursuant to Section 2.13.

“Commitment Increase Letter”
shall have the meaning assigned to such term in Section 2.13(f) and shall be substantially in the form of Exhibit H.

“Commitment Utilization Percentage”
shall mean on any day the percentage equivalent to a fraction (a) the numerator of which is the aggregate outstanding principal
amount of Revolving Credit Loans, Letters of Credit, Swingline Loans and Competitive Loans, and (b) the denominator of which is
the Total Commitment (or, on any day after termination of the Commitments, the Total Commitment in effect immediately preceding
such termination).

“Competitive Bid” shall
mean an offer to make a Competitive Loan pursuant to Section 2.3.

    	 	 	 

    7 

    

 

“Competitive Bid Rate”
shall mean, as to any Competitive Bid made pursuant to Section 2.3(b), (a) in the case of a Eurocurrency Competitive Loan,
the Margin, and (b) in the case of an Absolute Rate Loan, the fixed rate of interest offered by the Lender making such Competitive
Bid.

“Competitive Bid Request”
shall mean a request made pursuant to Section 2.3 in the form of Exhibit B-1.

“Competitive Loan” shall
mean a Loan from a Lender to a Borrower pursuant to the bidding procedure described in Section 2.3. Each Competitive Loan
shall be a Eurocurrency Competitive Loan or an Absolute Rate Loan and, subject to Section 2.3(a), may be denominated in Dollars
or a Foreign Currency.

“Compliance Certificate”
shall have the meaning assigned to such term in Section 5.1.

“Confidential Information”
shall have the meaning assigned to such term in Section 9.15(a).

“Confidentiality Agreement”
shall mean a confidentiality agreement substantially in the form of Exhibit D, with such changes as ViacomCBS may approve.

“Consolidated EBITDA”
shall mean, with respect to ViacomCBS and its Consolidated Subsidiaries (excluding Discontinued Operations) for any period, operating
profit (loss), plus other income (loss), plus interest income, plus depreciation and amortization (excluding amortization related
to programming rights, prepublication costs, videocassettes and DVDs), excluding (a) gains (losses) on sales of assets (except
(I) gains (losses) on sales of inventory sold in the ordinary course of business and (II) gains (losses) on sales of other assets
if such gains (losses) are less than $10,000,000 individually and less than $50,000,000 in the aggregate during such period), (b)
other non-cash items (including (i) provisions for losses and additions to valuation allowances, (ii) provisions for restructuring,
litigation and environmental reserves and losses on the Disposition of businesses, (iii) pension settlement charges, (iv) non-cash
charges associated with grants of stock options, employee stock purchase plans and other equity-based compensation awards to employees
and directors, in each case under this clause (iv) that are expensed in accordance with ASC 718, and (v) impairment charges) and
(c) expenses incurred in connection with acquisitions, Dispositions or merger transactions in accordance with ASC 805.

“Consolidated Indebtedness”
shall mean, as at any date of determination, the Indebtedness of ViacomCBS and its Consolidated Subsidiaries determined on a consolidated
basis that would be reflected on a consolidated balance sheet as at such date prepared in accordance with GAAP.

“Consolidated Subsidiary”
shall mean, as to any Person, each Subsidiary of such Person (whether now existing or hereafter created or acquired) the financial
statements of which shall be consolidated with the financial statements of such Person in accordance with GAAP.

    	 	 	 

    8 

    

 

“Consolidated Tangible Assets”
shall mean at any date the assets of ViacomCBS and its Subsidiaries determined on such date on a consolidated basis, less goodwill
and other intangible assets.

“Consolidated Total Leverage Ratio”
shall mean, as of the last day of each fiscal quarter, the ratio of (a) Consolidated Indebtedness on such date to (b) Consolidated
EBITDA for the twelve month period ending on such date.

“Credit Event” shall
mean the making of any Loan or the issuance of any Letter of Credit hereunder (including the designation of a Designated Letter
of Credit as a “Letter of Credit” hereunder). It is understood that conversions and continuations pursuant to
Section 2.8 do not constitute “Credit Events”.

“Debt Rating” shall
mean the rating applicable to ViacomCBS’s Index Debt, as assigned by any Rating Agency.

“Default” shall mean
any event or condition which upon notice, lapse of time or both would constitute an Event of Default.

“Defaulting Lender”
shall mean any Lender that (a) has failed, within three Business Days of the date required to be funded or paid, to (i) fund any
portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or ABR Swingline Loans or (iii) pay over
to the Administrative Agent or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i)
above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith
determination that a condition precedent to funding (specifically identified and including the particular default, if any) has
not been satisfied or, in the case of clause (iii), such payment is the subject of a good faith dispute, (b) has notified any Borrower,
the Administrative Agent or any Lender in writing, or has made a public statement to the effect, that it does not intend or expect
to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such
position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including
the particular default, if any) to funding a Loan cannot be satisfied) or under other agreements generally in which it commits
to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent or a Lender acting in good
faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations
to fund prospective Loans and participations in then outstanding Letters of Credit and ABR Swingline Loans; provided that
such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the receipt by the Administrative Agent or the
requesting Lender, as applicable, of such certification in form and substance satisfactory to it and the Administrative Agent,
or (d) has, or the parent company or bank of such Lender has, become the subject of a Bankruptcy Event or a Bail-In Action.

“Designated Letters of Credit”
shall mean each letter of credit issued by an Issuing Lender that (a) is not a Letter of Credit hereunder at the time of its issuance
and is designated on or after the Effective Date by ViacomCBS or any Subsidiary

    	 	 	 

    9 

    

 

Borrower, with the consent of such Issuing Lender,
as a “Letter of Credit” hereunder by written notice to the Administrative Agent in the form of Exhibit B-6
or (b) is a letter of credit issued under the CBS Credit Agreement, the Existing Credit Agreement or listed on Schedule 2.7.

“Discontinued Operations”
shall mean the assets/liabilities and operations classified as “discontinued operations” pursuant to ASC 205-20 or
Accounting Principles Board Opinion No. 30.

“Disposition” shall
mean, with respect to any Property, any sale, lease, assignment, conveyance, transfer or other disposition thereof; and the terms
“Dispose” and “Disposed of” shall have correlative meanings.

“Documentation Agents”
shall have the meaning assigned to such term in the preamble hereto.

“Dollars” or “$”
shall mean lawful money of the United States of America.

“EEA Financial Institution”
shall mean (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described
in clause (a) above or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution
described in clause (a) or (b) above and is subject to consolidated supervision with its parent.

“EEA Member Country”
shall mean any member state of the European Union, Iceland, Liechtenstein and Norway.

“EEA Resolution Authority”
shall mean any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“Effective Date” shall
mean the date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with Section 9.8(b)).

“Environmental Laws”
shall mean any and all Federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the environment or
to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous
substances or wastes into the environment, including, without limitation, ambient air, surface water, ground water or land, or
otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances or wastes.

    	 	 	 

    10 

    

 

“ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

“ERISA Affiliate” shall
mean, with respect to ViacomCBS, any trade or business (whether or not incorporated) that is a member of a group of which ViacomCBS
is a member and which is treated as a single employer under Section 414 of the Code.

“EU Bail-In Legislation Schedule”
shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect
from time to time.

“Eurocurrency Borrowing Minimum”
means (a) in the case of a borrowing denominated in Dollars, $10,000,000, (b) in the case of a borrowing denominated in Euros,
€5,000,000, (c) in the case of a borrowing denominated in Sterling, £5,000,000, and (d) in the case of a borrowing
denominated in Yen, ¥500,000,000.

“Eurocurrency Borrowing Multiple”
means (a) in the case of a borrowing denominated in Dollars, $1,000,000, (b) in the case of a borrowing denominated in Euros,
€1,000,000, (c) in the case of a borrowing denominated in Sterling, £1,000,000, and (d) in the case of a
borrowing denominated in Yen, ¥100,000,000.

“Eurocurrency Competitive Loan”
shall mean any Competitive Loan which is a Eurocurrency Loan.

“Eurocurrency Loan”
shall mean any Loan bearing interest at a rate determined by reference to the Eurocurrency Rate.

“Eurocurrency Rate”
shall mean, for any Eurocurrency Loan for any Interest Period, the Eurocurrency Screen Rate at approximately 11:00 a.m., London
time, on the Quotation Day; provided that (a) if no Eurocurrency Screen Rate shall be available at such time for such Interest
Period but Eurocurrency Screen Rates shall be available for maturities both longer and shorter than such Interest Period, then
the “Eurocurrency Rate” for such Interest Period shall be the Interpolated Screen Rate and (b) if the Eurocurrency
Rate, determined as set forth above, shall be less than zero, such rate shall be deemed to be zero.

“Eurocurrency Screen Rate”
shall mean, for any date and time, with respect to any Eurocurrency Loan for any Interest Period, or with respect to any determination
of the Alternate Base Rate pursuant to clause (c) of the definition thereof, the London interbank offered rate as administered
by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in the applicable
currency (for delivery on the first day of such Interest Period) for a period equal in length to the applicable period as displayed
on the Reuters screen page that displays such rate (currently page LIBOR01 or LIBOR02) or, in the event such rate does not appear
on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate from time to
time as selected by the Administrative Agent from time to time in its reasonable discretion.

    	 	 	 

    11 

    

 

“Eurocurrency Revolving Credit
Loan” shall mean any Revolving Credit Loan which is a Eurocurrency Loan. Subject to the limitations contained herein,
a Eurocurrency Revolving Credit Loan may be a Multi-Currency Revolving Loan.

“Eurocurrency Tranche”
shall mean the collective reference to Eurocurrency Loans denominated in the same currency made by the Lenders, 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 Eurocurrency
Loans shall originally have been made on the same day).

“Euros” or “€”
shall mean the single currency of participating member states of the European Monetary Union.

“Event of Default” shall
have the meaning assigned to such term in Article VI; provided that any requirement for the giving of notice, the lapse
of time, or both, has been satisfied.

“Exchange Act Report”
shall have the meaning assigned to such term in Section 3.3.

“Existing Credit Agreement”
shall mean the Amended and Restated Credit Agreement dated as of February 11, 2019 among ViacomCBS, as successor to Viacom,
the subsidiary borrowers party thereto, the lenders party thereto, JPMorgan Chase, Citibank, N.A., and Bank of America, N.A., as
syndication agents and Deutsche Bank Securities Inc., Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo
Bank, N.A. as documentation agents.

“Extending Lender” shall
have the meaning assigned to such term in Section 2.26(a).

“Extension Deadline”
shall have the meaning assigned to such term in Section 2.26(a).

“Extension Effective Date”
shall have the meaning assigned to such term in Section 2.26(b).

“Extension Request”
shall have the meaning assigned to such term in Section 2.26(a).

“Facility Exposure”
shall mean, with respect to any Lender, the sum of (a) the aggregate principal amount of all Revolving Credit Loans made by such
Lender then outstanding, (b) such Lender’s LC Exposure at such time, (c) such Lender’s Revolving Credit Percentage
of the aggregate ABR Swingline Loans outstanding at such time, (d) the aggregate outstanding principal amount of any Competitive
Loans made by such Lender and (e) in the case of a Swingline Lender, the aggregate outstanding principal amount of any Quoted Swingline
Loans made by such Swingline Lender.

    	 	 	 

    12 

    

 

“FATCA” means Sections
1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof , any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.

“Federal Funds Effective Rate”
shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depository institutions
(as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding
Business Day by the NYFRB as the federal funds effective rate; provided that if such rate shall be less than zero, such
rate shall be deemed to be zero for all purposes of this Agreement.

“Fees” shall mean the
Commitment Fees, the Administrative Agent’s Fees, the Issuing Lender Fees and the LC Fees.

“Financial Covenant”
shall mean the financial covenant contained in Section 5.7.

“Financial Letter of Credit”
shall mean any Letter of Credit that, as determined by the Administrative Agent acting in good faith, (a) supports a financial
obligation and (b) qualifies for the 100% credit conversion factor under the applicable Bank for International Settlements guidelines.

“Financial Officer”
of any corporation shall mean its Chief Financial Officer, its Treasurer, or its Chief Accounting Officer or, in each case, any
comparable officer or any Person designated by any such officer.

“Fitch” shall mean Fitch
Ratings Inc. or any successor thereto.

“Foreign Currency” shall
mean any currency (including, without limitation, any Multi-Currency, but excluding Dollars) which is readily transferable and
readily convertible by the relevant Lender or Issuing Lender, as the case may be, into Dollars in the London interbank market.

“Foreign Exchange Rate”
shall mean, with respect to any Foreign Currency on a particular date, the rate at which such Foreign Currency may be exchanged
into Dollars last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Thomas Reuters
Corp. (“Reuters”) source on the Business Day (New York City time) immediately preceding the date of determination
or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with the Foreign
Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in
place of Reuters as may be agreed upon by the Administrative Agent and ViacomCBS, or in the absence of such agreement, such “Foreign
Exchange Rate” with respect to such

    	 	 	 

    13 

    

 

Foreign Currency shall be determined by reference to an established third party source
reasonably selected by the Administrative Agent.

“GAAP” shall mean generally
accepted accounting principles.

“Governmental Authority”
shall mean any Federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory body.

“Granting Bank” shall
have the meaning specified in Section 9.4(i).

“Guarantee” of or by
any Person shall mean any obligation, contingent or otherwise, of such Person guaranteeing or entered into with the purpose of
guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security
for the payment of such Indebtedness, (b) to purchase Property, securities or services for the purpose of assuring the owner of
such Indebtedness of the payment of such Indebtedness or (c) to maintain working capital, equity capital or other financial statement
condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness; provided, however,
that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary
course of business.

“Indebtedness” of any
Person shall mean at any date, without duplication, (i) all obligations of such Person for borrowed money (including, without
limitation, in the case of any Borrower, the obligations of such Borrower for borrowed money under this Agreement), (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such
Person to pay the deferred purchase price of Property or services, except as provided below, (iv) all obligations of such
Person as lessee under Capital Lease Obligations, (v) all Indebtedness of others secured by a Lien on any Property of such
Person, whether or not such Indebtedness is assumed by such Person, (vi) all Indebtedness of others directly or indirectly
guaranteed or otherwise assumed by such Person, including any obligations of others endorsed (otherwise than for collection or
deposit in the ordinary course of business) or discounted or sold with recourse by such Person, or in respect of which such Person
is otherwise directly or indirectly liable, including, without limitation, any Indebtedness in effect guaranteed by such Person
through any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire such obligation or any security therefor,
or to provide funds for the payment or discharge of such obligation, or to maintain the solvency or any balance sheet or other
financial condition of the obligor of such obligation; provided that Indebtedness of ViacomCBS and its Subsidiaries shall
not include obligations in existence on the date hereof in respect of Indebtedness of Discontinued Operations or guarantees of
Indebtedness that are identified on Schedule 1.1(a) hereto, and (vii) all obligations of such Person as issuer, customer or
account party under letters of credit or bankers’ acceptances that are either drawn or that back financial obligations that
would otherwise be Indebtedness; provided, however, that in each of the foregoing clauses (i) through (vii), Indebtedness
shall not include (i) obligations (other than under this

    	 	 	 

    14 

    

 

Agreement) specifically with respect to the production, distribution
and acquisition of motion pictures or other programming rights, talent or publishing rights, (ii) the net change in the carrying
value of Indebtedness relating to fair value hedges in accordance with ASC 815 or (iii) financings by way of sales or transfers
of receivables or inventory, which will be accounted for as indebtedness in accordance with ASC 860 and ASC 810.

“Indemnified Person”
shall have the meaning assigned to such term in Section 9.5(b).

“Index Debt” shall mean
senior, unsecured, non-credit enhanced long-term indebtedness for borrowed money issued by ViacomCBS.

“Interest Payment Date”
shall mean (a) with respect to any Eurocurrency Loan or Absolute Rate Loan, the last day of the Interest Period applicable thereto
and, in the case of a Eurocurrency Loan with an Interest Period of more than three months’ duration or an Absolute Rate Loan
with an Interest Period of more than 90 days’ duration, each day that would have been an Interest Payment Date for such Loan
had successive Interest Periods of three months’ duration or 90 days’ duration, as the case may be, been applicable
to such Loan and, in addition, the date of any conversion of any Eurocurrency Revolving Credit Loan to an ABR Loan, the date of
repayment or prepayment of any Eurocurrency Loan and the applicable Maturity Date, (b) with respect to any ABR Loan (other than
an ABR Swingline Loan which is not an Unrefunded Swingline Loan), the last day of each March, June, September and December and
the applicable Maturity Date, (c) with respect to any ABR Swingline Loan (other than an Unrefunded Swingline Loan), the earlier
of (i) the day that is five Business Days after such Loan is made and (ii) the Revolving Credit Maturity Date and (d) with respect
to any Quoted Swingline Loan, the date established as such by the relevant Swingline Borrower and the relevant Swingline Lender
prior to the making thereof (but in any event no later than the Revolving Credit Maturity Date).

“Interest Period” shall
mean (a) as to any Eurocurrency Loan, the period commencing on the borrowing date or conversion date of such Loan, or on the last
day of the immediately preceding Interest Period applicable to such Loan, as the case may be, and ending on the numerically corresponding
day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 7 days (subject to the prior
consent of each Lender) or 1, 2, 3 or 6 months or (subject to the prior consent of each Lender) 12 months thereafter, as the relevant
Borrower may elect, and (b) as to any Absolute Rate Loan, the period commencing on the date of such Loan and ending on the date
specified in the Competitive Bids in which the offer to make such Absolute Rate Loan was extended; provided, however,
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of Eurocurrency Loans only, such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) notwithstanding anything
to the contrary herein, no Borrower may select an Interest Period which would end after the Maturity Date applicable to the relevant
Loan. Interest shall accrue from and including that first day of an Interest Period to but excluding the last day of such Interest
Period.

    	 	 	 

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“Interpolated Screen Rate”
shall mean, with respect to any Eurocurrency Loan denominated in any currency for any Interest Period or the definition of the
term “Alternate Base Rate”, a rate per annum which results from interpolating on a linear basis between (a) the
applicable Eurocurrency Screen Rate for the longest maturity for which a Eurocurrency Screen Rate is available that is shorter
than the applicable period and (b) the applicable Eurocurrency Screen Rate for the shortest maturity for which a Eurocurrency
Screen Rate is available that is longer than the applicable period, in each case as of the time the Interpolated Screen Rate is
required to be determined in accordance with the other provisions hereof; provided that the Interpolated Screen Rate shall
in no event be less than zero.

“Issuing Lender” shall
mean any Lender designated as an Issuing Lender in an Issuing Lender Agreement executed by such Lender, ViacomCBS and the Administrative
Agent; provided, that the Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued
by any of its Lender Affiliates (in which case the term “Issuing Lender” shall include such Lender Affiliate
with respect to Letters of Credit issued by such Lender Affiliate); provided further, with respect to any Designated Letter
of Credit, the term “Issuing Lender” shall include the Lender or Lender Affiliate of such Lender which issued
such Designated Letter of Credit.

“Issuing Lender Agreement”
shall mean an agreement, substantially in the form of Exhibit F, executed by a Lender, ViacomCBS and the Administrative Agent
pursuant to which such Lender agrees to become an Issuing Lender hereunder.

“Issuing Lender Fees”
shall mean, as to any Issuing Lender, the fees set forth in the applicable Issuing Lender Agreement.

“Joint Bookrunners”
shall mean JPMorgan Chase, Citibank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC.

“Joint Lead Arrangers”
shall mean JPMorgan Chase, Citibank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC.

“JPMorgan Chase” shall
have the meaning assigned to such term in the preamble to this Agreement.

“LC Disbursement” shall
mean any payment or disbursement made by an Issuing Lender under or pursuant to a Letter of Credit.

“LC Exposure” shall
mean, as to each Lender, such Lender’s Revolving Credit Percentage of the Aggregate LC Exposure.

“LC Fee” shall have
the meaning assigned to such term in Section 2.9(b).

“Lender Affiliate” shall
mean, (a) with respect to any Lender, (i) an affiliate of such Lender or (ii) any entity (whether a corporation, partnership, trust
or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit
in the ordinary course of its business and is

    	 	 	 

    16 

    

 

administered or managed by a Lender or an affiliate of such Lender and (b) with respect
to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank
loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an affiliate of such
investment advisor.

“Lenders” shall have
the meaning assigned to such term in the preamble to this Agreement.

“Letters of Credit”
shall mean letters of credit or bank guarantees issued by an Issuing Lender for the account of ViacomCBS or any Subsidiary Borrower
pursuant to Section 2.7 (including any Designated Letters of Credit).

“Lien” shall mean any
mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), security
interest or 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.

“LLC” shall mean any
limited liability company organized or formed under the laws of any state of the United States.

“LLC Division” shall
mean the statutory division of any LLC into two or more LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company
Act or any comparable provision of the limited liability company law of any other state of the United States.

“Loan” shall mean any
loan made by a Lender hereunder.

“Loan Documents” shall
mean this Agreement and the Administrative Agent Fee Letter.

“Losses” shall have
the meaning assigned to such term in Section 9.5(b).

“Margin” shall mean,
as to any Eurocurrency Competitive Loan, the margin (expressed as a percentage rate per annum in the form of a decimal rounded
to no more than four places) to be added to or subtracted from the Eurocurrency Rate in order to determine the interest rate applicable
to such Loan, as specified in the Competitive Bid relating to such Loan.

“Material Acquisition”
shall mean any acquisition of Property or series of related acquisitions of Property (including by way of merger) which (a) constitutes
assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common
stock of a Person and (b) involves the payment of consideration by ViacomCBS and its Subsidiaries (valued at the initial principal
amount thereof in the case of non-cash consideration consisting of notes or other debt securities and valued at fair market value
in the case of other non-cash consideration) in excess of $100,000,000.

    	 	 	 

    17 

    

 

“Material Adverse Effect”
shall mean (a) a material adverse effect on the Property, business, results of operations or financial condition of ViacomCBS and
its Subsidiaries taken as a whole or (b) a material impairment of the ability of ViacomCBS to perform any of its obligations under
this Agreement, excluding any effects which may result from non-cash charges arising from ASC 350, ASC 360 and/or ASC 718, as applicable,
issued by the Financial Accounting Standards Board.

“Material Disposition”
shall mean any Disposition of Property or series of related Dispositions of Property which yields gross proceeds to ViacomCBS or
any of its Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or
other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $100,000,000.

“Material Subsidiary”
shall mean any “significant subsidiary” of ViacomCBS as defined in Regulation S-X of the SEC; provided, that
each Subsidiary Borrower shall in any event constitute a Material Subsidiary.

“Maturity
Date” shall mean (a) in the case of the Revolving Credit Loans and the ABR Swingline Loans, the Revolving Credit Maturity
Date, (b) in the case of the Quoted Swingline Loans, the date established as such by the relevant Swingline Borrower and the relevant
Swingline Lender prior to the making thereof (but in any event no later than the Revolving Credit Maturity Date) and (c) in the
case of Competitive Loans, the last day of the Interest Period applicable thereto, as specified in the related Competitive Bid
Request.

“MNPI” means material
information concerning ViacomCBS and its Subsidiaries and their securities that has not been disseminated in a manner making it
available to investors generally, within the meaning of Regulation FD under the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended.

“Moody’s” shall
mean Moody’s Investors Service, Inc. or any successor thereto.

“Multi-Currency” shall
mean Euros, Sterling and Yen.

“Multi-Currency Revolving Loans”
shall mean each Eurocurrency Revolving Credit Loan denominated in any Multi-Currency.

“Multi-Currency Sublimit”
shall mean with respect to (i) Euros, $500,000,000, (ii) Sterling, $500,000,000, and (iii) Yen, $300,000,000, as the sublimit may
be decreased from time to time in accordance with Section 2.13.

“Multiemployer Plan”
shall mean a multiemployer plan as defined in Section 3(37) of ERISA to which contributions have been made by ViacomCBS or
any ERISA Affiliate of ViacomCBS and which is covered by Title IV of ERISA.

    	 	 	 

    18 

    

 

“New Lender” shall have
the meaning assigned to such term in Section 2.13(e).

“New Lender Supplement”
shall have the meaning assigned to such term in Section 2.13(e).

“Non-Consenting Lender”
shall have the meaning assigned to such term in Section 2.21(b).

“Non-Extending Lender”
shall have the meaning assigned to such term in Section 2.26(a).

“Non-Financial Letter of Credit”
shall mean any Letter of Credit that is not a Financial Letter of Credit.

“Non-U.S. Person” shall
have the meaning assigned to such term in Section 2.20(f).

“NYFRB” shall mean the
Federal Reserve Bank of New York.

“NYFRB Rate” shall mean,
for any day, the greater of (a) the Federal Funds Effective Rate in effect on such date and (b) the Overnight Bank Funding Rate
in effect on such date (or, if such day is not a Business Day, the immediately preceding Business Day); provided that if
none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” shall mean the rate
for a federal funds transaction at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal
funds broker of recognized standing reasonably selected by it; provided further that if the NYFRB Rate, determined as set
forth above, shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement.

“Other Taxes” shall
mean any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies
arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement
or any other Loan Document.

“Outstanding Revolving Extensions
of Credit” shall mean, 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 LC Exposure at such time and (c) such
Lender’s ABR Swingline Exposure at such time.

“Overnight Bank Funding Rate”
shall mean, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed
banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public
website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from
and after such date as the NYFRB shall commence to publish such composite rate); provided that if the Overnight Bank Funding
Rate, determined as set

    	 	 	 

    19 

    

 

forth above, shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement.

“Participant Register”
shall have the meaning assigned to such term in Section 9.4(f).

“Patriot Act” shall
have the meaning assigned to such term in Section 9.18.

“PBGC” shall mean the
Pension Benefit Guaranty Corporation referred to and defined in ERISA, or any successor thereto.

“Person” shall mean
any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company or
other entity, or any government or any agency or political subdivision thereof.

“Plan” shall mean any
employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the provisions
of Title IV of ERISA or Section 412 of the Code and which is maintained for employees of ViacomCBS or any ERISA Affiliate.

“Platform” shall have
the meaning assigned to such term in Section 9.20(b).

“Prime Rate” shall have
the meaning assigned to such term in the definition of “Alternate Base Rate”.

“Property” shall mean
any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Capital Stock.

“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

“Qualifying Acquisition”
shall mean any Material Acquisition or any other acquisition permitted hereunder that, on a pro forma basis, would result in an
increase in the Consolidated Total Leverage Ratio.

“Quotation Day” shall
mean (a) with respect to any currency (other than Sterling) for any Interest Period, the day two Business Days prior to the first
day of such Interest Period and (b) with respect to Sterling for any Interest Period, the first day of such Interest Period, in
each case unless market practice differs for loans such as the applicable Loans priced by reference to rates quoted in the London
interbank market, in which case the Quotation Day for such currency shall be determined by the Administrative Agent in accordance
with market practice for such loans priced by reference to rates quoted in the London interbank market (and if quotations would
normally be given by leading banks for such loans priced by reference to rates quoted in

    	 	 	 

    20 

    

 

the London interbank market on more than
one day, the Quotation Day shall be the last of those days).

“Quoted Swingline Loans”
shall have the meaning assigned to such term in Section 2.6(a).

“Quoted Swingline Rate”
shall have the meaning assigned to such term in Section 2.6(a).

“Rating Agencies” shall
mean S&P, Moody’s and Fitch.

“Register” shall have
the meaning assigned to such term in Section 9.4(d).

“Regulation D” shall
mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

“Regulation U” shall
mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

“Required Lenders” shall
mean, at any time, Lenders whose respective Total Facility Percentages aggregate more than 50%, subject to the provisions of Section
2.24 with respect to any Defaulting Lender.

“Responsible Officer”
of any corporation shall mean any executive officer or Financial Officer of such corporation and any other officer or similar official
thereof responsible for the administration of the obligations of such corporation in respect of this Agreement (or, in the case
of matters relating to ERISA, any officer responsible for the administration of the pension funds of such corporation).

“Revolving Credit Borrowing Request”
shall mean a request made pursuant to Section 2.4 in the form of Exhibit B-4.

“Revolving Credit Loans”
shall mean the revolving loans made by the Lenders to any Borrower pursuant to Section 2.4. Each Revolving Credit Loan shall
be a Eurocurrency Loan or an ABR Loan.

“Revolving Credit Maturity Date”
shall mean January 23, 2025, as such date may be extended pursuant to Section 2.26.

“Revolving Credit Percentage”
of any Lender at any time shall mean the percentage of the aggregate Commitments (or, following any termination of all the Commitments,
the Commitments most recently in effect) represented by such Lender’s Commitment (or, following any such termination, the
Commitment of such Lender most recently in effect); provided that, for the purposes of calculating the Revolving Credit
Percentages only, the term “Commitment” shall not include any commitment of a Lender to make ABR Swingline Loans or
to issue Letters of Credit.

    	 	 	 

    21 

    

 

“S&P” shall mean
Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, or any successor thereto.

“Sanctioned Person”
shall mean for any period during the term of this Agreement, any Person named and existing during such period on (a) OFAC’s
List of Specially Designated Nationals and Blocked Persons or any entity that is 50% or more owned by such Person or Persons, (b)
the Sanctioned Entities List maintained by the U.S. Department of State, or (c) any similar list maintained by any applicable European
Union, United Nations or United Kingdom sanctions authority.

“Sanctions” shall mean
economic sanctions imposed, administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”) or similar economic sanctions imposed, administered or enforced by (i) the U.S. Department of State
pursuant to the International Emergency Economic Powers Act, Trading with the Enemy Act, United Nations Participation Act, Foreign
Narcotics Kingpin Designation Act, Comprehensive Iran Sanctions, Accountability, and Divestment Act, Iran Threat Reduction and
Syria Human Rights Act and related executive orders and regulations, (ii) the United Nations Security Council, (iii) the European
Union or (iv) Her Majesty’s Treasury of the United Kingdom.

“SEC” shall mean the
Securities and Exchange Commission.

“SPC” shall have the
meaning specified in Section 9.4(i).

“Specified Currency Availability”
shall mean the Multi-Currency Sublimit with respect to the relevant Multi-Currency less the Dollar equivalent of the aggregate
principal amount of all Multi-Currency Revolving Loans denominated in such Multi-Currency outstanding on the date of borrowing.

“Spot Rate” shall mean,
at any date, the Administrative Agent’s or applicable Lender’s, as the case may be (or, for purposes of determinations
in respect of the Aggregate LC Exposure related to Letters of Credit issued in a Foreign Currency, the Issuing Lender’s or
Issuing Lenders’, as the case may be), spot buying rate for the relevant Foreign Currency against Dollars as of approximately
11:00 a.m. (London time) on such date for settlement on the second Business Day.

“Sterling” or “£”
shall mean British Pounds Sterling, the lawful currency of the United Kingdom on the Effective Date.

“Subsidiary” shall mean,
for any Person (the “Parent”), any corporation, partnership or other entity of which shares of Voting Capital
Stock sufficient to elect a majority of the board of directors or other Persons performing similar functions of such corporation,
partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class
or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of
any contingency) are at the time directly or indirectly owned or controlled by the Parent or one or more of its Subsidiaries or
by the Parent and one or more of its Subsidiaries. Unless otherwise qualified, all references to a “Subsidiary” or
to

    	 	 	 

    22 

    

 

“Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of ViacomCBS.

“Subsidiary Borrower”
shall mean any Subsidiary of ViacomCBS (a) which is designated as a Subsidiary Borrower by ViacomCBS in accordance with Section
2.25, (b) which has delivered to the Administrative Agent a Subsidiary Borrower Request and (c) whose designation as a Subsidiary
Borrower has not been terminated pursuant to Section 9.17.

“Subsidiary Borrower Designation”
shall mean a designation, substantially in the form of Exhibit B-7, which may be delivered by ViacomCBS and approved by ViacomCBS
and shall be accompanied by a Subsidiary Borrower Request.

“Subsidiary Borrower Obligations”
shall mean, with respect to each Subsidiary Borrower, the unpaid principal of and interest on the Loans made to such Subsidiary
Borrower (including, without limitation, interest accruing after the maturity of the Loans made to such Subsidiary Borrower and
interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to such Subsidiary Borrower, whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding) and all other obligations and liabilities of such Subsidiary Borrower to the Administrative Agent or to 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.

“Subsidiary Borrower Request”
shall mean a request, substantially in the form of Exhibit B-8, which is received by the Administrative Agent in connection
with a Subsidiary Borrower Designation.

“Swingline Borrower”
shall mean ViacomCBS and any Subsidiary Borrower designated as a “Swingline Borrower” by ViacomCBS in a written notice
to the Administrative Agent; provided, that, unless otherwise agreed by the Administrative Agent, no more than one Subsidiary
Borrower may be a Swingline Borrower at any one time. Only a Subsidiary Borrower which is a U.S. Person may be a Swingline Borrower.

“Swingline Commitment”
shall mean, (i) with respect to any Swingline Lender, the Commitment of such Lender to make ABR Swingline Loans pursuant to Section 2.6,
as designated in accordance with Section 2.6(g) and as set forth on Schedule 1.1 or in the agreement pursuant to which such
Lender is designated as, and agrees to become, a Swingline Lender, and (ii) in the aggregate, $300,000,000.

“Swingline Lender” shall
mean (i) JPMorgan Chase and (ii) any other Lender designated from time to time by ViacomCBS, and approved by such Lender, as a
“Swingline Lender” pursuant to Section 2.6(g).

“Swingline Loans” shall
mean the collective reference to the ABR Swingline Loans and the Quoted Swingline Loans.

    	 	 	 

    23 

    

 

“Swingline Percentage”
of any Swingline Lender at any time shall mean the percentage of the aggregate Swingline Commitments represented by such Swingline
Lender’s Swingline Commitment.

“Syndication Agents”
shall have the meaning assigned to such term in the preamble hereto.

“Taxes” shall have the
meaning assigned to such term in Section 2.20(a).

“Test Period” shall
have the meaning assigned to such term in Section 1.2(c).

“Total Commitment” shall
mean at any time the aggregate amount of the Commitments in effect at such time.

“Total Facility Exposure”
shall mean at any time the aggregate amount of the Facility Exposures at such time.

“Total Facility Percentage”
shall mean, as to any Lender at any time, the quotient (expressed as a percentage) of (a) such Lender’s Commitment (or (x)
for the purposes of acceleration of the Loans pursuant to clause (II) of Article VI or (y) if the Commitments have terminated,
such Lender’s Facility Exposure) and (b) the aggregate of all Lenders’ Commitments (or (x) for the purposes of acceleration
of the Loans pursuant to clause (II) of Article VI or (y) if the Commitments have terminated, the Total Facility Exposure).

“Total Multi-Currency Sublimit”
shall mean $1,000,000,000, as such sublimit may be decreased from time to time in accordance with Section 2.13.

“Total Specified Currency Availability”
shall mean with respect to Multi-Currency Revolving Loans, $1,000,000,000 (as decreased from time to time pursuant to Section 2.13)
less the Dollar equivalent of the aggregate principal amount of all Multi-Currency Revolving Loans then outstanding.

“Transferee” shall mean
any assignee or participant described in Section 9.4(b) or (f).

“Type” when used in
respect of any Loan, shall refer to the Rate by reference to which interest on such Loan is determined. For purposes hereof, “Rate”
shall mean the Eurocurrency Rate, the Alternate Base Rate, the Quoted Swingline Rate and the rate paid on Absolute Rate Loans.

“Unrefunded Swingline Loans”
shall have the meaning assigned to such term in Section 2.6(d).

“U.S.” or “United
States” means the United States of America, its fifty states and the District of Columbia.

    	 	 	 

    24 

    

 

“U.S. Person” shall
mean a citizen, national or resident of the United States of America, or an entity organized in or under the laws of the United
States of America.

“Viacom” shall have
the meaning assigned to such term in the preamble to this Agreement.

“ViacomCBS” shall have
the meaning assigned to such term in the preamble to this Agreement.

“Voting Capital Stock”
shall mean securities or other ownership interests of a corporation, partnership or other entity having by the terms thereof ordinary
voting power to vote in the election of the board of directors or other Persons performing similar functions of such corporation,
partnership or other entity (without regard to the occurrence of any contingency).

“Wholly Owned Subsidiary”
shall mean any Subsidiary of which all shares of Voting Capital Stock (other than, in the case of a corporation, directors’
qualifying shares) are owned directly or indirectly by the Parent (as defined in the definition of “Subsidiary”).

“Write-Down and Conversion Powers”
shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
described in the EU Bail-In Legislation Schedule.

“Yen” or “¥”
shall mean the lawful currency of Japan.

Section 1.2. Terms Generally. (a)
The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall, except where the context otherwise requires, be deemed
to be followed by the phrase “without limitation”. All references herein to Articles, Sections, Exhibits and
Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context
shall otherwise require.

(b) Except as otherwise expressly provided
herein, all terms of an accounting nature shall be construed in accordance with GAAP in effect from time to time. The parties hereto
agree, however, that in the event that any change in accounting principles from those used in the preparation of ViacomCBS’s
financial statements referred to in Section 3.2 is, after the Effective Date, occasioned by the promulgation of rules, regulations,
pronouncements, opinions and statements by or required by the Financial Accounting Standards Board or Accounting Principles Board
or the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) and such change
materially affects the calculation of any component of the Financial Covenant or any standard or term contained in this Agreement,
the

    	 	 	 

    25 

    

 

Administrative Agent and ViacomCBS shall negotiate in good faith to amend such Financial Covenant, standards or terms found
in this Agreement (other than in respect of financial statements to be delivered hereunder) so that, upon adoption of such changes,
the criteria for evaluation of ViacomCBS’s and its Subsidiaries’ financial condition shall be the same after such change
as if such change had not been made; provided, however, that (i) any such amendments shall not become effective for
purposes of this Agreement unless approved by the Required Lenders and (ii) if ViacomCBS and the Required Lenders cannot agree
on such an amendment, then the calculations under such Financial Covenant, standards or terms shall continue to be computed without
giving effect to such change in accounting principles. Notwithstanding any other provision contained herein, all terms of an accounting
or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
without giving effect to (i) any election under ASC 825, The Fair Value Option for Financial Assets and Financial Liabilities,
or any successor thereto (including pursuant to the Accounting Standards Codification) to value any Indebtedness or other liabilities
of the Borrower or any Subsidiary at “fair value”, as defined therein, (ii) any net change in the carrying value of
Indebtedness relating to fair value hedges in accordance with ASC 815 and (iii) any change in accounting for leases pursuant to
GAAP resulting from the adoption of Financial Accountings Standards Board Accounting Standards Update No. 2016-02, Leases (Topic
842).

(c) For the purposes of calculating Consolidated
EBITDA for any period (a “Test Period”), (i) if during such Test Period ViacomCBS or any Subsidiary shall have
made any Material Disposition, the Consolidated EBITDA for such Test Period shall be reduced by an amount equal to the Consolidated
EBITDA (if positive) attributable to the Property which is the subject of such Material Disposition for such Test Period or increased
by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Test Period; (ii) if during such Test
Period ViacomCBS or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Test Period shall be calculated
after giving pro forma effect thereto (including to give effect to any adjustments to Consolidated EBITDA as set forth in
the definition thereto as a result of the incurrence or assumption of any Indebtedness in connection therewith) as if such Material
Acquisition (and the incurrence or assumption of any such Indebtedness) occurred on the first day of such Test Period; and (iii)
if during such Test Period any Person that subsequently became a Subsidiary or was merged with or into ViacomCBS or any Subsidiary
since the beginning of such Test Period shall have entered into any disposition or acquisition transaction that would have required
an adjustment pursuant to clause (i) or (ii) above if made by ViacomCBS or a Subsidiary during such Test Period, Consolidated EBITDA
for such Test Period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first
day of such Test Period. For the purposes of this paragraph, whenever pro forma effect is to be given to a Material Disposition
or Material Acquisition, the amount of income or earnings relating thereto, the pro forma calculations shall be determined
in good faith by a Financial Officer of ViacomCBS. If any Indebtedness bears a floating rate of interest and the incurrence or
assumption thereof is being given pro forma effect, the interest expense on such Indebtedness shall be calculated as if
the rate in effect on the last day of the relevant Test Period had been the applicable rate for the entire relevant Test Period
(taking into account

    	 	 	 

    26 

    

 

any interest rate protection agreement applicable to such Indebtedness if such interest rate protection agreement
has a remaining term in excess of 12 months).

(d) For the purposes of the Financial Covenant,
(i) the Discontinued Operations shall be disregarded and (ii) the businesses classified as Discontinued Operations shall be limited
to those businesses treated as such in the financial statements of ViacomCBS referred to in the definition of “Discontinued
Operations” and the accounting treatment of Discontinued Operations shall be consistent with the accounting treatment thereof
in such financial statements.

Section 1.3. Currency Equivalents.
For purposes of determining the Facility Exposures and the Outstanding Revolving Extensions of Credit, amounts of Loans and Letters
of Credit denominated in currencies other than Dollars will be converted to Dollar amounts as provided in Section 2.22.

ARTICLE
II

THE CREDITS

Section 2.1. Commitments. Subject
to the terms and conditions hereof and relying upon the representations and warranties herein set forth, each Lender agrees, severally
and not jointly, to make Revolving Credit Loans to ViacomCBS or any Subsidiary Borrower, at any time and from time to time on and
after the Effective Date and until the earlier of (a) the Business Day immediately preceding the Revolving Credit Maturity Date
and (b) the termination of the Commitment of such Lender, in an aggregate principal amount at any time outstanding not to exceed
such Lender’s Commitment. Each Borrower may borrow, prepay and reborrow Revolving Credit Loans on and after the Effective
Date and prior to the Revolving Credit Maturity Date, subject to the terms, conditions and limitations set forth herein. Notwithstanding
any other provision contained in this Agreement, no extension of credit shall be required to be made by any Lender hereunder to
any Subsidiary Borrower organized in a non-US jurisdiction if it would be unlawful for any such Lender to extend such credit to
such Subsidiary Borrower. Each Lender agrees to promptly notify the Administrative Agent and ViacomCBS upon becoming aware that
the making of an extension of credit to any such Subsidiary Borrower would be unlawful.

Section 2.2. Revolving Credit Loans;
Competitive Loans. (a) Each Revolving Credit Loan shall be made to the relevant Borrower by the Lenders ratably in accordance
with their respective Commitments, in accordance with the procedures set forth in Section 2.4. Each Competitive Loan shall
be made to the relevant Borrower by the Lender whose Competitive Bid therefor is accepted, and in the amount so accepted, in accordance
with the procedures set forth in Section 2.3. The Revolving Credit Loans or Competitive Loans shall be made in amounts equal
to (i) in the case of Competitive Loans, $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (ii) in the case
of Eurocurrency Revolving Credit Loans, the applicable Eurocurrency Borrowing Minimum or an integral multiple of the applicable
Eurocurrency Borrowing Multiple in excess thereof and (iii) in the case of ABR Revolving Credit Loans, $5,000,000 or an

    	 	 	 

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integral
multiple of $1,000,000 in excess thereof (or (A) in the case of Revolving Credit Loans, an aggregate principal amount equal to
the remaining balance of the available Total Commitment or, if less, (B) with respect to Multi-Currency Revolving Loans, the lesser
of (1) the Specified Currency Availability with respect to such currency and (2) the Total Specified Currency Availability).

(b) Each Lender shall make each Loan (other
than a Swingline Loan, as to which this Section 2.2 shall not apply, and a Multi-Currency Revolving Loan) to be made by it
on the proposed date thereof by wire transfer of immediately available funds to the Administrative Agent in New York, New York,
not later than 12:00 noon, New York City time (or, in connection with an ABR Loan to be made on the same day on which a notice
is submitted, 12:30 p.m., New York City time) and the Administrative Agent shall by 3:00 p.m., New York City time, credit the amounts
so received to the general deposit account of the relevant Borrower with the Administrative Agent. Each Lender shall make each
Multi-Currency Revolving Loan to be made by it on the proposed date thereof by wire transfer of immediately available funds to
the Administrative Agent at its offices at JPMorgan Chase Bank, N.A., 500 Stanton Christiana Rd, NCC5, Newark, DE, 19713-2107,
Floor 01, not later than in the case of any Multi-Currency Revolving Loan denominated in Euros, Sterling or Yen, 12:00 noon, New
York City time, and the Administrative Agent shall by 3:00 p.m., New York City time, credit the amounts so received to the general
deposit account of the relevant Borrower with the Administrative Agent.

Section 2.3. Competitive Bid Procedure.
(a) In order to request Competitive Bids, the relevant Borrower shall hand deliver, facsimile or electronically mail to the Administrative
Agent a duly completed Competitive Bid Request in the form of Exhibit B-1, to be received by the Administrative Agent (i)
in the case of a Eurocurrency Competitive Loan in Dollars, not later than 10:00 a.m., New York City time, four Business Days before
a proposed Competitive Loan, (ii) in the case of a Eurocurrency Competitive Loan in a Foreign Currency, not later than 10:00 a.m.,
New York City time, five Business Days before a proposed Competitive Loan, (iii) in the case of an Absolute Rate Loan in Dollars,
not later than 10:00 a.m., New York City time, one Business Day before a proposed Competitive Loan and (iv) in the case of an Absolute
Rate Loan in a Foreign Currency, not later than 10:00 a.m., New York City time, three Business Day before a proposed Competitive
Loan. A Competitive Bid Request (A) that does not conform substantially to the format of Exhibit B-1 may be rejected in the
Administrative Agent’s discretion (exercised in good faith), and (B) for a Competitive Loan denominated in a Foreign Currency
will be rejected by the Administrative Agent if, after giving effect thereto, the Dollar equivalent of the aggregate face amount
of all Competitive Loans denominated in Foreign Currencies then outstanding would exceed $150,000,000, as determined by the Administrative
Agent, and, in each case, the Administrative Agent shall promptly notify the relevant Borrower of such rejection by telephone,
confirmed by facsimile or electronic mail. Such request shall in each case refer to this Agreement and specify (w) whether the
Competitive Loan then being requested is to be a Eurocurrency Competitive Loan or an Absolute Rate Loan, (x) the currency, (y)
the date of such Loan (which shall be a Business Day) and the aggregate principal amount thereof which shall be in an aggregate
amount that is (i) in the case of

    	 	 	 

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Competitive Loan denominated in Dollars, not less than $5,000,000, (ii) in the case of Competitive
Loan denominated in Multi-Currency, not less than the applicable Eurocurrency Borrowing Minimum and (iii) in the case of any Competitive
Loan, an integral multiple of the applicable Eurocurrency Borrowing Multiple and (z) the Interest Period with respect thereto (which
may not end after the Revolving Credit Maturity Date). Promptly after its receipt of a Competitive Bid Request that is not rejected
as aforesaid (and in any event by 5:00 p.m., New York City time, on the date of such receipt if such receipt occurs by the time
specified in the first sentence of this paragraph), the Administrative Agent shall invite by facsimile or electronic mail (in the
form set forth in Exhibit B-2) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Loans
pursuant to such Competitive Bid Request.

(b) Each Lender may, in its sole discretion,
make one or more Competitive Bids to the relevant Borrower responsive to a Competitive Bid Request. Each Competitive Bid must be
received by the Administrative Agent by facsimile or electronic mail, in the form of Exhibit B-3, (i) in the case of a Eurocurrency
Competitive Loan in Dollars, not later than 9:30 a.m., New York City time, three Business Days before a proposed Competitive Loan,
(ii) in the case of a Eurocurrency Competitive Loan in a Foreign Currency, not later than 9:30 a.m., New York City time, four Business
Days before a proposed Competitive Loan, (iii) in the case of an Absolute Rate Loan in Dollars, not later than 9:30 a.m., New York
City time, on the day of a proposed Competitive Loan, and (iv) in the case of an Absolute Rate Loan in a Foreign Currency, not
later than 9:30 a.m., New York City time, two Business Days before a proposed Competitive Loan. Multiple Competitive Bids will
be accepted by the Administrative Agent. Competitive Bids that do not conform substantially to the format of Exhibit B-3 may
be rejected by the Administrative Agent after conferring with, and upon the instruction of, the relevant Borrower, and the Administrative
Agent shall notify the Lender making such nonconforming Competitive Bid of such rejection as soon as practicable. Each Competitive
Bid shall refer to this Agreement and specify (x) the principal amount in the relevant currency (which shall be in a minimum principal
amount of the equivalent of $5,000,000 and, in the case of a Competitive Bid for a Competitive Loan in Dollars, in an integral
multiple of $1,000,000 and which may equal the entire principal amount of the Competitive Loan requested by the relevant Borrower)
of the Competitive Loan or Loans that the applicable Lender is willing to make to the relevant Borrower, (y) the Competitive Bid
Rate or Rates at which such Lender is prepared to make the Competitive Loan or Loans and (z) the Interest Period and the last day
thereof. A Competitive Bid submitted pursuant to this paragraph (b) shall be irrevocable (subject to the satisfaction of the conditions
to borrowing set forth in Article IV).

(c) The Administrative Agent shall promptly
(and in any event by 10:15 a.m., New York City time, on the date on which such Competitive Bids shall have been made) notify the
relevant Borrower by facsimile or electronic mail of all the Competitive Bids made, the Competitive Bid Rate and the principal
amount in the relevant currency of each Competitive Loan in respect of which a Competitive Bid was made and the identity of the
Lender that made each Competitive Bid. The Administrative Agent shall send a copy of all Competitive Bids to the relevant Borrower
for its records as soon as practicable after completion of the bidding process set forth in this Section 2.3.

    	 	 	 

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(d) The relevant Borrower may in its sole
and absolute discretion, subject only to the provisions of this paragraph (d), accept or reject any Competitive Bid referred to
in paragraph (c) above. The relevant Borrower shall notify the Administrative Agent by telephone, confirmed by facsimile or electronic
mail in such form as may be agreed upon by such Borrower and the Administrative Agent, whether and to what extent it has decided
to accept or reject any of or all the Competitive Bids referred to in paragraph (c) above, (i) in the case of a Eurocurrency Competitive
Loan in Dollars, not later than 11:00 a.m., New York City time, three Business Days before a proposed Competitive Loan, (ii) in
the case of a Eurocurrency Competitive Loan in a Foreign Currency, not later than 11:00 a.m., New York City time, four Business
Days before a proposed Competitive Loan, (iii) in the case of an Absolute Rate Loan in Dollars, not later than 11:00 a.m., New
York City time, on the day of a proposed Competitive Loan, and (iv) in the case of an Absolute Rate Loan in a Foreign Currency,
not later than 11:00 a.m., New York City time, on the Business Day before a proposed Competitive Loan; provided, however,
that (A) the failure by such Borrower to give such notice shall be deemed to be a rejection of all the Competitive Bids referred
to in paragraph (c) above, (B) such Borrower shall not accept a Competitive Bid made at a particular Competitive Bid Rate if it
has decided to reject a Competitive Bid made at a lower Competitive Bid Rate, (C) the aggregate amount of the Competitive Bids
accepted by such Borrower shall not exceed the principal amount specified in the Competitive Bid Request (but may be less than
that requested), (D) if such Borrower shall accept a Competitive Bid or Competitive Bids made at a particular Competitive Bid Rate
but the amount of such Competitive Bid or Competitive Bids shall cause the total amount of Competitive Bids to be accepted by it
to exceed the amount specified in the Competitive Bid Request, then such Borrower shall accept a portion of such Competitive Bid
or Competitive Bids in an amount equal to the amount specified in the Competitive Bid Request less the amount of all other Competitive
Bids accepted with respect to such Competitive Bid Request, which acceptance, in the case of multiple Competitive Bids at such
Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid at such Competitive
Bid Rate, and (E) except pursuant to clause (D) above no Competitive Bid shall be accepted for a Competitive Loan unless such Competitive
Loan is in a minimum principal amount of the equivalent of $5,000,000 and, in the case of a Competitive Bid for a Competitive Loan
in Dollars, an integral multiple of $1,000,000; provided further, however, that if a Competitive Loan must be in
an amount less than the equivalent of $5,000,000 because of the provisions of clause (D) above, such Competitive Loan may be for
a minimum of, in the case of a Competitive Bid for a Competitive Loan in Dollars, $1,000,000 or any integral multiple thereof,
and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive
Bid Rate pursuant to clause (D) above the amounts shall be rounded to integral multiples of the equivalent of $1,000,000 (or, in
the case of a Competitive Bid for a Competitive Loan in a Foreign Currency, a multiple selected by the Administrative Agent) in
a manner which shall be in the discretion of such Borrower. A notice given by any Borrower pursuant to this paragraph (d) shall
be irrevocable.

(e) The Administrative Agent shall promptly
notify each bidding Lender whether or not its Competitive Bid has been accepted (and if so, in what amount and at what Competitive
Bid Rate) by facsimile or electronic mail sent by the Administrative

    	 	 	 

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Agent, and each successful bidder will thereupon become bound,
subject to the other applicable conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been
accepted.

(f) On the date the Competitive Loan is
to be made, each Lender participating therein shall (i) if such Competitive Loan is to be made in Dollars, make available its share
of such Competitive Loan in Dollars not later than 2:00 p.m. New York City time, in immediately available funds, in New York to
the Administrative Agent as notified by the Administrative Agent by two Business Days’ notice and (ii) if such Competitive
Loan is to be made in a Foreign Currency, make available its share of such Competitive Loan in such Foreign Currency not later
than 2:00 p.m. New York City time, in immediately available funds, in New York to the Administrative Agent as notified by the Administrative
Agent by one Business Day’s notice.

(g) If the Lender which is the Administrative
Agent shall elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to the
relevant Borrower at least one quarter of an hour earlier than the latest time at which the other Lenders are required to submit
their Competitive Bids to the Administrative Agent pursuant to paragraph (b) above.

(h) All notices required by this Section 2.3
shall be given in accordance with Section 9.1.

(i) No Borrower shall have the right to
prepay any Competitive Loan without the consent of the Lender or Lenders making such Competitive Loan.

Section 2.4. Revolving Credit Borrowing
Procedure. In order to request a Revolving Credit Loan, the relevant Borrower shall hand deliver, facsimile or electronically
mail to the Administrative Agent a Revolving Credit Borrowing Request in the form of Exhibit B-4 (a) in the case of a Eurocurrency
Revolving Credit Loan denominated in Dollars, not later than 11:00 a.m., New York City time, three Business Days before a proposed
borrowing, (b) in the case of a Multi-Currency Revolving Loan, 8:00 a.m., New York City time, three Business Days before a proposed
borrowing and (c) in the case of an ABR Revolving Credit Loan, not later than 11:00 a.m., New York City time, on the day of a proposed
borrowing. Such notice shall be irrevocable and shall in each case specify (i) whether the Revolving Credit Loan then being requested
is to be a Eurocurrency Revolving Credit Loan or an ABR Revolving Credit Loan, (ii) the date of such Revolving Credit Loan (which
shall be a Business Day) and the amount thereof; (iii) in the case of a Eurocurrency Revolving Credit Loan, the Interest Period
with respect thereto; and (iv) in the case of a Multi-Currency Revolving Loan, the currency in which such Loan shall be denominated.
The Administrative Agent shall promptly advise the Lenders of any notice given pursuant to this Section 2.4 and of each Lender’s
portion of the requested Loan.

Section 2.5. Repayment of Loans.
Each Borrower shall repay all outstanding Revolving Credit Loans and ABR Swingline Loans made to it, in each case on the Revolving
Credit Maturity Date (or such earlier date on which the Commitments

    	 	 	 

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shall terminate in accordance herewith). Each Borrower shall
repay Quoted Swingline Loans and Competitive Loans made to it, in each case on the Maturity Date applicable thereto. Each Loan
shall bear interest from and including the date thereof on the outstanding principal balance thereof as set forth in Section 2.10.
For the avoidance of doubt, subject to Article VIII, each Borrower’s obligations hereunder are and shall be the several obligations
of such Borrower, and shall not be the joint and several obligations of the Borrowers.

Section 2.6. Swingline Loans. (a)
Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, each Swingline
Lender agrees, severally and not jointly, at any time and from time to time on and after the Effective Date and until the earlier
of the Business Day immediately preceding the Revolving Credit Maturity Date and the termination of the Swingline Commitment of
such Swingline Lender, (i) to make available to any Swingline Borrower Swingline Loans (“Quoted Swingline Loans”)
in Dollars on the basis of quoted interest rates (each, a “Quoted Swingline Rate”) furnished by such Swingline
Lender from time to time in its discretion to such Swingline Borrower (through the Administrative Agent) and accepted by such Swingline
Borrower in its discretion and (ii) to make Swingline Loans (“ABR Swingline Loans”) in Dollars to any Swingline
Borrower bearing interest at a rate equal to the Alternate Base Rate plus the Applicable Margin in an aggregate principal amount
(in the case of this clause (ii)) not to exceed such Swingline Lender’s Swingline Commitment; provided, that after
giving effect to each Swingline Loan, (A) the Total Facility Exposure shall not exceed the Total Commitment then in effect and
(B) the Outstanding Revolving Extensions of Credit of any Lender shall not exceed such Lender’s Commitment unless, in the
case of a Swingline Lender, such Swingline Lender shall otherwise consent. The aggregate outstanding principal amount of the Quoted
Swingline Loans of any Swingline Lender, when added to the aggregate outstanding principal amount of the ABR Swingline Loans of
such Swingline Lender, may exceed such Swingline Lender’s Swingline Commitment; provided, that in no event shall the
aggregate outstanding principal amount of the Swingline Loans exceed the aggregate Swingline Commitments then in effect. Each Quoted
Swingline Loan shall be made only by the Swingline Lender furnishing the relevant Quoted Swingline Rate. Each ABR Swingline Loan
shall be made by the Swingline Lenders ratably in accordance with their respective Swingline Percentages. The Swingline Loans shall
be made in a minimum aggregate principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (or an aggregate
principal amount equal to the remaining balance of the available Swingline Commitments). Each Swingline Lender shall make the portion
of each Swingline Loan to be made by it available to any Swingline Borrower by means of a credit to the general deposit account
of such Swingline Borrower with the Administrative Agent or a wire transfer, at the expense of such Swingline Borrower, to an account
designated in writing by such Swingline Borrower, in each case by 3:30 p.m., New York City time, on the date such Swingline Loan
is requested to be made pursuant to paragraph (b) below, in immediately available funds. Each Swingline Borrower may borrow, prepay
and reborrow Swingline Loans on or after the Effective Date and prior to the Revolving Credit Maturity Date (or such earlier date
on which the Commitments shall terminate in accordance herewith) on the terms and subject to the conditions and limitations set
forth herein.

    	 	 	 

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(b) The relevant Swingline Borrower shall
give the Administrative Agent telephonic, written, facsimile or electronic mail notice substantially in the form of Exhibit B-5
(in the case of telephonic notice, such notice shall be promptly confirmed in writing or by facsimile or electronic mail) no later
than 2:30 p.m., New York City time (or, in the case of a proposed Quoted Swingline Loan, 12:00 noon, New York City time), on the
day of a proposed Swingline Loan. Such notice shall be delivered on a Business Day, shall be irrevocable (subject, in the case
of Quoted Swingline Loans, to receipt by the relevant Swingline Borrower of Quoted Swingline Rates acceptable to it) and shall
refer to this Agreement and shall specify the requested date (which shall be a Business Day) and amount of such Swingline Loan.
The Administrative Agent shall promptly advise the Swingline Lenders of any notice received from any Swingline Borrower pursuant
to this paragraph (b). In the event that a Swingline Borrower accepts a Quoted Swingline Rate in respect of a proposed Quoted Swingline
Loan, it shall notify the Administrative Agent (which shall in turn notify the relevant Swingline Lender) of such acceptance no
later than 2:30 p.m., New York City time, on the relevant borrowing date.

(c) In the event that any ABR Swingline
Loan shall be outstanding for more than five Business Days, the Administrative Agent shall, on behalf of the relevant Swingline
Borrower (which hereby irrevocably directs and authorizes the Administrative Agent to act on its behalf), request each Lender,
including the Swingline Lenders, to make an ABR Revolving Credit Loan in an amount equal to such Lender’s Revolving Credit
Percentage of the principal amount of such ABR Swingline Loan. Unless an event described in Article VI, paragraph (f) or (g),
has occurred and is continuing, each Lender will make the proceeds of its Revolving Credit Loan available to the Administrative
Agent for the account of the Swingline Lenders at the office of the Administrative Agent prior to 12:00 noon, New York City time,
in funds immediately available on the Business Day next succeeding the date such notice is given. The proceeds of such Revolving
Credit Loans shall be immediately applied to repay the ABR Swingline Loans.

(d) A Swingline Lender that has made an
ABR Swingline Loan to a Borrower may at any time and for any reason, so long as Revolving Credit Loans have not been made pursuant
to Section 2.6(c) to repay such ABR Swingline Loan as required by said Section, by written notice given to the Administrative
Agent not later than 12:00 noon New York City time on any Business Day, require the Lenders to acquire participations on such Business
Day in all or a portion of such unrefunded ABR Swingline Loans (the “Unrefunded Swingline Loans”), and each
Lender severally, unconditionally and irrevocably agrees that it shall purchase an undivided participating interest in such ABR
Swingline Loan in an amount equal to the amount of the Revolving Credit Loan which otherwise would have been made by such Lender
pursuant to Section 2.6(c), which purchase shall be funded by the time such Revolving Credit Loan would have been required
to be made pursuant to Section 2.6(c). In the event that the Lenders purchase undivided participating interests pursuant to
the first sentence of this paragraph (d), each Lender shall immediately transfer to the Administrative Agent, for the account of
such Swingline Lender, in immediately available funds, the amount of its participation. Any Lender holding a participation in an
Unrefunded Swingline Loan may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and
all moneys owing by the relevant Swingline Borrower to such Lender by reason thereof

    	 	 	 

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as fully as if such Lender had made a Loan
directly to such Swingline Borrower in the amount of such participation.

(e) Whenever, at any time after any Swingline
Lender has received from any Lender such Lender’s participating interest in an ABR Swingline Loan, such Swingline Lender
receives any payment on account thereof, such Swingline Lender will promptly distribute to such Lender its participating interest
in such 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); provided, however, that in the event that such payment received
by such Swingline Lender is required to be returned, such Lender will return to such Swingline Lender any portion thereof previously
distributed by such Swingline Lender to it.

(f) Notwithstanding anything to the contrary
in this Agreement, each Lender’s obligation to make the Revolving Credit Loans referred to in Section 2.6(c) and to
purchase and fund participating interests pursuant to Section 2.6(d) 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 any Swingline Borrower may have against any Swingline Lender, any Swingline Borrower or any other Person for any
reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default (other than an Event of Default described
in Article VI, paragraph (f) or (g), in the case of each Lender’s obligation to make Revolving Credit Loans pursuant
to Section 2.6(c)) or the failure to satisfy any of the conditions specified in Article IV; (iii) any adverse change
in the condition (financial or otherwise) of ViacomCBS or any of its Subsidiaries; (iv) any breach of this Agreement by any Borrower
or any Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

(g) Upon written, facsimile or electronic
mail notice to the Swingline Lenders and to the Administrative Agent, ViacomCBS may at any time terminate, from time to time in
part reduce, or from time to time (with the approval of the relevant Swingline Lender) increase, the Swingline Commitment of any
Swingline Lender. At any time when there shall be fewer than ten Swingline Lenders, ViacomCBS may appoint from among the Lenders
a new Swingline Lender, subject to the prior consent of such new Swingline Lender and prior notice to the Administrative Agent,
so long as at no time shall there be more than ten Swingline Lenders. Notwithstanding anything to the contrary in this Agreement,
(i) if any ABR Swingline Loans shall be outstanding at the time of any termination, reduction, increase or appointment pursuant
to the preceding two sentences, the Swingline Borrowers shall on the date thereof prepay or borrow ABR Swingline Loans to the extent
necessary to ensure that at all times the outstanding ABR Swingline Loans held by the Swingline Lenders shall be pro rata
according to the respective Swingline Commitments of the Swingline Lenders and (ii) in no event may the aggregate Swingline Commitments
exceed $300,000,000. On the date of any termination or reduction of the Swingline Commitments pursuant to this paragraph (g), the
Swingline Borrowers shall pay or prepay so much of the Swingline Loans as shall be necessary in order that, after giving effect
to such termination or reduction, (i) the aggregate outstanding principal amount of the ABR Swingline Loans of any Swingline Lender
will

    	 	 	 

    34 

    

 

not exceed the Swingline Commitment of such Swingline Lender and (ii) the aggregate outstanding principal amount of all Swingline
Loans will not exceed the aggregate Swingline Commitments.

(h) Each Swingline Borrower may prepay
any Swingline Loan in whole or in part at any time without premium or penalty; provided, that such Swingline Borrower shall
have given the Administrative Agent written, facsimile or electronic mail notice (or telephone notice promptly confirmed in writing
or by facsimile or electronic mail) of such prepayment not later than 10:30 a.m., New York City time, on the Business Day designated
by such Swingline Borrower for such prepayment; and provided further, that each partial payment shall be in an amount that
is an integral multiple of $1,000,000. Each notice of prepayment under this paragraph (h) shall specify the prepayment date and
the principal amount of each Swingline Loan (or portion thereof) to be prepaid, shall be irrevocable and shall commit such Swingline
Borrower to prepay such Swingline Loan (or portion thereof) in the amount stated therein on the date stated therein. All prepayments
under this paragraph (h) shall be accompanied by accrued interest on the principal amount being prepaid to the date of payment.
Each payment of principal of or interest on ABR Swingline Loans shall be allocated, as between the Swingline Lenders, pro rata
in accordance with their respective Swingline Percentages.

Section 2.7. Letters of Credit.
(a) Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, each Issuing
Lender agrees, at any time and from time to time on or after the Effective Date until the earlier of (i) the fifth Business Day
preceding the Revolving Credit Maturity Date and (ii) the termination of the Commitments in accordance with the terms hereof, to
issue and deliver or to extend the expiry of Letters of Credit for the account of any Borrower in an aggregate outstanding undrawn
amount which does not exceed the maximum amount specified in the applicable Issuing Lender Agreement; provided, that (A)
in no event shall the Aggregate LC Exposure exceed $750,000,000 at any time and (B) after giving effect to each issuance of a Letter
of Credit, (1) the Total Facility Exposure shall not exceed the Total Commitment then in effect and (2) the Outstanding Revolving
Extensions of Credit of any Lender shall not exceed such Lender’s Commitment unless, in the case of a Swingline Lender, such
Swingline Lender shall otherwise consent. Each Letter of Credit (i) shall be in a form approved in writing by the applicable Borrower
and the applicable Issuing Lender and (ii) shall permit drawings upon the presentation of such documents as shall be specified
by such Borrower in the applicable notice delivered pursuant to paragraph (c) below. The Lenders agree that, subject to compliance
with the conditions precedent set forth in Section 4.3, any letter of credit issued by an Issuing Lender may be designated
as a Letter of Credit hereunder from time to time on or after the Effective Date pursuant to the procedures specified in the definition
of “Designated Letters of Credit”. The letters of credit outstanding under the CBS Credit Agreement on the Effective
Date shall be deemed to be Letters of Credit issued and outstanding under this Agreement for the account of the Borrower as of
the Effective Date.

(b) Each Letter of Credit shall by its
terms expire not later than the fifth Business Day preceding the Revolving Credit Maturity Date. Any Letter of Credit may provide
for the renewal thereof for additional periods (which shall in no event extend

    	 	 	 

    35 

    

 

beyond the date referred to in the preceding sentence).
Each Letter of Credit shall by its terms provide for payment of drawings in Dollars or in a Foreign Currency; provided,
that a Letter of Credit denominated in a Foreign Currency may not be issued if, after giving effect thereto, the Dollar equivalent
(calculated on the basis of the applicable Foreign Exchange Rate) of the aggregate face amount of all Letters of Credit denominated
in Foreign Currencies then outstanding would exceed $150,000,000, as determined by the Administrative Agent acting in good faith.

(c) The applicable Borrower may submit
requests for the issuance of Letters of Credit in a form reasonably acceptable to the applicable Issuing Lender and shall give
the applicable Issuing Lender and the Administrative Agent written, facsimile or electronic mail notice not later than 10:00 a.m.,
New York City time, three Business Days (or such shorter period as shall be acceptable to such Issuing Lender) prior to any proposed
issuance of a Letter of Credit. Each such notice shall refer to this Agreement and shall specify (i) the date on which such Letter
of Credit is to be issued (which shall be a Business Day) and the face amount of such Letter of Credit, (ii) the name and address
of the beneficiary, (iii) whether such Letter of Credit is a Financial Letter of Credit or a Non-Financial Letter of Credit (subject
to confirmation of such status by the Administrative Agent), (iv) whether such Letter of Credit shall permit a single drawing or
multiple drawings, (v) the form of the documents required to be presented at the time of any drawing (together with the exact wording
of such documents or copies thereof), (vi) the expiry date of such Letter of Credit (which shall conform to the provisions of paragraph
(b) above) and (vii) if such Letter of Credit is to be in a Foreign Currency, the relevant Foreign Currency. The Administrative
Agent shall give to each Lender prompt written, facsimile or electronic mail advice of the issuance of any Letter of Credit. Each
determination by the Administrative Agent as to whether or not a Letter of Credit constitutes a Financial Letter of Credit shall
be conclusive and binding upon the applicable Borrower and the Lenders. In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted
by the applicable Borrower to, or entered into by the applicable Borrower with, the applicable Issuing Lender relating to any Letter
of Credit, the terms and conditions of this Agreement shall control.

(d) By the issuance of a Letter of Credit
and without any further action on the part of the applicable Issuing Lender or the Lenders in respect thereof, the applicable Issuing
Lender hereby grants to each Lender, and each Lender hereby acquires from such Issuing Lender, a participation in such Letter of
Credit equal to such Lender’s Revolving Credit Percentage at the time of any drawing thereunder of the stated amount of such
Letter of Credit, effective upon the issuance of such Letter of Credit. In addition, the applicable Issuing Lender hereby grants
to each Lender, and each Lender hereby acquires from such Issuing Lender, a participation in each Designated Letter of Credit equal
to such Lender’s Revolving Credit Percentage at the time of any drawing thereunder of the stated amount of such Designated
Letter of Credit, effective on the date such Designated Letter of Credit is designated as a Letter of Credit hereunder. In consideration
and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent,
for the account of each Issuing Lender, in accordance

    	 	 	 

    36 

    

 

with paragraph (f) below, such Lender’s Revolving Credit Percentage
of each unreimbursed LC Disbursement made by such Issuing Lender.

(e) Each Lender acknowledges and agrees
that its acquisition of participations pursuant to paragraph (d) above in respect of Letters of Credit 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 the applicable Borrower may have against any Issuing Lender, any Borrower 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 conditions specified in Article IV; (iii) any adverse change in the condition (financial or otherwise) of the applicable
Borrower; (iv) any breach of this Agreement by any Borrower or any Lender; or (v) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing.

(f) On the date on which it shall have
ascertained that any documents presented under a Letter of Credit appear to be in conformity with the terms and conditions of such
Letter of Credit, the applicable Issuing Lender shall give written, facsimile or electronic mail notice to the applicable Borrower
and the Administrative Agent of the amount of the drawing and the date on which payment thereon has been or will be made. If the
applicable Issuing Lender shall not have received from the applicable Borrower the payment required pursuant to paragraph (g) below
by 12:00 noon, New York City time, two Business Days after the date on which payment of a draft presented under any Letter of Credit
has been made, such Issuing Lender shall so notify the Administrative Agent, which shall in turn promptly notify each Lender, specifying
in the notice to each Lender such Lender’s Revolving Credit Percentage of such LC Disbursement. Each Lender shall pay to
the Administrative Agent, not later than 2:00 p.m., New York City time, on such second Business Day, such Lender’s Revolving
Credit Percentage of such LC Disbursement (which obligation shall be expressed in Dollars only), which the Administrative Agent
shall promptly pay to the applicable Issuing Lender. The Administrative Agent will promptly remit to each Lender such Lender’s
Revolving Credit Percentage of any amounts subsequently received by the Administrative Agent from the applicable Borrower in respect
of such LC Disbursement; provided, that (i) amounts so received for the account of any Lender prior to payment by such Lender
of amounts required to be paid by it hereunder in respect of any LC Disbursement and (ii) amounts representing interest at the
rate provided in paragraph (g) below on any LC Disbursement for the period prior to the payment by such Lender of such amounts
shall in each case be remitted to the applicable Issuing Lender.

(g) If an Issuing Lender shall pay any
draft presented under a Letter of Credit, the applicable Borrower shall pay to such Issuing Lender an amount equal to the amount
of such draft before 12:00 noon, New York City time, on the second Business Day immediately following the date of payment of such
draft, together with interest (if any) on such amount at a rate per annum equal to the interest rate in effect for ABR Loans (or,
in the case of Foreign Currency denominated Letters of Credit, the rate which would reasonably and customarily be charged by such
Issuing Lender on outstanding loans denominated in the relevant Foreign Currency) from (and including) the date of

    	 	 	 

    37 

    

 

payment of such
draft to (but excluding) the date on which such Borrower shall have repaid, or the Lenders shall have refunded, such draft in full
(which interest shall be payable on such second Business Day and from time to time thereafter on demand until such Borrower shall
have repaid, or the Lenders shall have refunded, such draft in full). In the event that such drawing shall be refunded by the Lenders
as provided in Section 2.7(f), the applicable Borrower shall pay to the Administrative Agent, for the account of the Lenders,
quarterly on the last day of each March, June, September and December, interest on the amount so refunded at a rate per annum equal
to the interest rate in effect for ABR Loans from (and including) the date of such refunding to (but excluding) the date on which
the amount so refunded by the Lenders shall have been paid in full in Dollars by such Borrower. Each payment made to an Issuing
Lender by the applicable Borrower pursuant to this paragraph shall be made at such Issuing Lender’s address for notices specified
herein in lawful money of (x) the United States of America (in the case of payments made on Dollar-denominated Letters of Credit)
or (y) the applicable foreign jurisdiction (in the case of payments on Foreign Currency-denominated Letters of Credit) and in immediately
available funds. The obligation of the applicable Borrower to pay the amounts referred to above in this paragraph (g) (and the
obligations of the Lenders under paragraphs (d) and (f) above) shall be absolute, unconditional and irrevocable and shall be satisfied
strictly in accordance with their terms irrespective of:

(i) any lack of validity or enforceability
of any Letter of Credit or any Issuing Lender Agreement or of the obligations of any Borrower under this Agreement or any Issuing
Lender Agreement;

(ii) the existence of any claim,
setoff, defense or other right which any Borrower or any other Person may at any time have against the beneficiary under any Letter
of Credit, the Agents, any Issuing Lender or any Lender (other than the defense of payment in accordance with the terms of this
Agreement or, as it pertains to the Borrower only, a defense based on the gross negligence or willful misconduct of the applicable
Issuing Lender) or any other Person in connection with this Agreement or any other transaction;

(iii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue
or inaccurate in any respect; provided, as it pertains to the Borrower only, that payment by the applicable Issuing Lender
under such Letter of Credit against presentation of such draft or document shall not have constituted gross negligence or willful
misconduct by the applicable Issuing Lender;

(iv) payment by the applicable
Issuing Lender under a Letter of Credit against presentation of a draft or other document which does not comply in any immaterial
respect with the terms of such Letter of Credit; provided, as it pertains to the Borrower only, that such payment shall
not have constituted gross negligence or willful misconduct by the applicable Issuing Lender; or

    	 	 	 

    38 

    

 

(v) any other circumstance or
event whatsoever, whether or not similar to any of the foregoing; provided, as it pertains to the Borrower only, that such
other circumstance or event shall not have been the result of gross negligence or willful misconduct of the applicable Issuing
Lender.

It is understood that in making any payment
under a Letter of Credit (x) such Issuing Lender’s exclusive reliance on the documents presented to it under such Letter
of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such Letter
of Credit, whether or not the amount due to the beneficiary thereof equals the amount of such draft and whether or not any document
presented pursuant to such Letter of Credit proves to be forged, fraudulent or invalid in any respect, if such document on its
face appears to be in order, and whether or not any other statement or any other document presented pursuant to such Letter of
Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever, and
(y) any noncompliance in any immaterial respect of the documents presented under a Letter of Credit with the terms thereof shall,
in either case, not, in and of itself, be deemed willful misconduct or gross negligence of such Issuing Lender.

(h) (i) Notwithstanding anything to the
contrary contained in this Agreement, for purposes of calculating any LC Fee payable in respect of any Business Day, the Administrative
Agent shall convert the amount available to be drawn under any Letter of Credit denominated in a Foreign Currency into an amount
of Dollars based upon the relevant Foreign Exchange Rate in effect for such day. If on any date the Administrative Agent shall
notify the applicable Borrower that, by virtue of any change in the Foreign Exchange Rate of any Foreign Currency in which a Letter
of Credit is denominated, the Total Facility Exposure shall exceed the Total Commitment then in effect, then, within three Business
Days after the date of such notice, such Borrower shall prepay the Revolving Credit Loans and/or the Swingline Loans to the extent
necessary to eliminate such excess. Each Issuing Lender which has issued a Letter of Credit denominated in a Foreign Currency agrees
to notify the Administrative Agent of the average daily outstanding amount thereof for any period in respect of which LC Fees are
payable and, upon request by the Administrative Agent, for any other date or period. For all purposes of this Agreement (except
as otherwise set forth in Section 2.22), determinations by the Administrative Agent of the Dollar equivalent of any amount
expressed in a Foreign Currency shall be made on the basis of Foreign Exchange Rates reset monthly (or on such other periodic basis
as shall be selected by the Administrative Agent in its sole discretion) and shall in each case be conclusive absent manifest error.

(ii) Notwithstanding anything to the contrary
contained in this Section 2.7, prior to demanding any reimbursement from the Lenders pursuant to Section 2.7(f) in respect
of any Letter of Credit denominated in a Foreign Currency, the relevant Issuing Lender shall convert the obligation of the applicable
Borrower under Section 2.7(g) to reimburse such Issuing Lender in such Foreign Currency into an obligation to reimburse such
Issuing Lender (and, in turn, the Lenders) in Dollars. The amount of any such converted obligation shall be computed based upon
the relevant Foreign Exchange Rate

    	 	 	 

    39 

    

 

(as quoted by the Administrative Agent to such Issuing Lender) in effect for the day on which
such conversion occurs.

(iii) From and after the Effective Date,
each Letter of Credit issued under the Existing Credit Agreement or the CBS Credit Agreement shall be deemed to have been issued
under this Agreement.

Section 2.8. Conversion and Continuation
Options. (a) The relevant Borrower may elect from time to time to convert Eurocurrency Revolving Credit Loans denominated in
Dollars (or, subject to Section 2.10(f), a portion thereof) to ABR Revolving Credit Loans on the last day of an Interest Period
with respect thereto by giving the Administrative Agent prior irrevocable notice of such election. The relevant Borrower may elect
from time to time to convert ABR Revolving Credit Loans (subject to Section 2.10(f)) to Eurocurrency Revolving Credit Loans
denominated in Dollars by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such
election. Any such notice of conversion to Eurocurrency Revolving Credit Loans shall specify the length of the initial Interest
Period therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any
part of outstanding Eurocurrency Revolving Credit Loans and ABR Revolving Credit Loans may be converted as provided herein; provided,
that no Revolving Credit Loan may be converted into a Eurocurrency Revolving Credit Loan 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 a conversion.

(b) Any Eurocurrency Revolving Credit Loans
(or, subject to Section 2.10(f), a portion thereof) may be continued as such upon the expiration of the then current Interest
Period with respect thereto by the relevant Borrower giving 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, of the length of the next Interest
Period to be applicable to such Revolving Credit Loans; provided, that no Eurocurrency Revolving Credit Loan may be continued
as such 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 a continuation; and provided further, that if the relevant
Borrower 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 Eurocurrency Revolving Credit Loans shall be automatically converted to ABR Revolving Credit Loans
on the last day of such then expiring Interest Period (in the case of Multi-Currency Revolving Loans, such Loans shall be converted
to Dollars at the Foreign Exchange Rate on such date before being converted to ABR Revolving Credit Loans). Upon receipt of any
notice from a Borrower pursuant to this Section 2.8(b), the Administrative Agent shall promptly notify each Lender thereof.
The Administrative Agent shall promptly notify the applicable Borrower upon the determination in accordance with this Section 2.8(b),
by it or the Required Lenders, not to permit such a continuation.

Section 2.9. Fees. (a) ViacomCBS
agrees to pay to the Administrative Agent for the account of each Lender (subject to the provisions of Section 2.24 with

    	 	 	 

    40 

    

 

respect
to any Defaulting Lender) a Commitment Fee for the period from and including the Effective Date to the Revolving Credit Maturity
Date (or such earlier date on which the Commitments shall terminate in accordance herewith), computed at a per annum rate equal
to the Applicable Commitment Fee Rate on the average daily unused amount of such Lender’s Commitment during the applicable
period. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days and shall
be payable quarterly in arrears on the last day of each March, June, September and December (commencing on the first of such dates
to occur after the Effective Date) and on the Revolving Credit Maturity Date or such earlier date on which the Commitments shall
be terminated. For purposes of computing Commitment Fees, the Commitment of a Lender shall be deemed to be used to the extent of
the outstanding Revolving Credit Loans and LC Exposure of such Lender (and any Competitive Loan, Swingline Loan and Swingline Exposure
of such Lender shall not be considered usage of such Lender’s Commitment for purposes of this Section 2.9(a)).

(b) Except as otherwise provided in Section
2.24 hereof with respect to any Defaulting Lender, ViacomCBS agrees to pay each Lender, through the Administrative Agent, on the
15th day of each April, July, October and January and on the Revolving Credit Maturity Date or the date on which the Commitment
of such Lender shall be terminated as provided herein and all Letters of Credit issued hereunder shall have expired, a letter of
credit fee (an “LC Fee”) computed at a per annum rate equal to the Applicable LC Fee Rate on such Lender’s
Revolving Credit Percentage of the average daily undrawn amount of the Financial Letters of Credit or Non-Financial Letters of
Credit, as the case may be, outstanding during the preceding fiscal quarter (or shorter period commencing with the Effective Date
or ending with the Revolving Credit Maturity Date or the date on which the Commitment of such Lender shall have been terminated
and all Letters of Credit issued hereunder shall have expired). All LC Fees shall be computed on the basis of the actual number
of days elapsed in a year of 360 days.

(c) ViacomCBS agrees to pay to the Administrative
Agent, for its own account, the administrative agent’s fees (“Administrative Agent’s Fees”) provided
for in the Administrative Agent Fee Letter at the times provided therein.

(d) Except as otherwise provided in Section
2.24 hereof with respect to any Defaulting Lender, each Borrower agrees to pay to each Issuing Lender, through the Administrative
Agent, for its own account, the applicable Issuing Lender Fees, including, without limitation, a fronting fee at a rate to be determined
by the relevant Borrower and the relevant Issuing Lender with respect to each Letter of Credit issued by such Issuing Lender payable
on the 15th day of each April, July, October and January to such Issuing Lender for the period from and including the
date of issuance of such Letter of Credit to, but not including, the termination date of such Letter of Credit.

(e) All Fees shall be paid on the dates
due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the relevant Lenders
or to the Issuing Lenders. Once paid, none of the Fees shall be refundable under any circumstances (other than to correct errors
in payment).

 

    	 	 	 

    41 

    

Section 2.10. Interest on Loans; Eurocurrency
Tranches; Etc. (a) Subject to the provisions of Section 2.11, Eurocurrency Loans shall bear interest (computed on the
basis of the actual number of days elapsed over a year of 360 days or, in the case of Eurocurrency Loans denominated in Sterling,
a year of 365 days) at a rate per annum equal to (i) in the case of each Eurocurrency Revolving Credit Loan, the Eurocurrency Rate
for the Interest Period in effect for such Loan plus the Applicable Margin and (ii) in the case of each Eurocurrency Competitive
Loan, the Eurocurrency Rate for the Interest Period in effect for such Loan plus or minus (as the case may be) the Margin offered
by the Lender making such Loan and accepted by the relevant Borrower pursuant to Section 2.3. The Eurocurrency Rate for each
Interest Period shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
The Administrative Agent shall promptly advise the relevant Borrower and each Lender of such determination.

(b) Subject to the provisions of Section 2.11,
ABR Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the
case may be, when determined by reference to the Prime Rate and over a year of 360 days at all other times) at a rate per annum
equal to the Alternate Base Rate plus the Applicable Margin. The Alternate Base Rate shall be determined by the Administrative
Agent, and such determination shall be conclusive absent manifest error.

(c) Subject to the provisions of Section 2.11,
Quoted Swingline Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days)
at a rate per annum equal to the relevant Quoted Swingline Rate.

(d) Subject to the provisions of Section 2.11,
each Absolute Rate Loan shall bear interest at a rate per annum (computed on the basis of the actual number of days elapsed over
a year of 360 days) equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the relevant Borrower
pursuant to Section 2.3.

(e) Interest on each Loan shall be payable
on each applicable Interest Payment Date.

(f) Notwithstanding anything to the contrary
in this Agreement, each borrowing, conversion, continuation, repayment and prepayment of Eurocurrency Revolving Credit Loans hereunder
and each selection of an Interest Period hereunder in respect of Eurocurrency Revolving Credit Loans shall be in an aggregate amount
that is an integral multiple of the applicable Eurocurrency Borrowing Multiple and not less than the applicable Eurocurrency Borrowing
Minimum. Unless otherwise agreed by the Administrative Agent, in no event shall there be more than 25 Eurocurrency Tranches outstanding
at any time.

(g) If no election as to the Type of Revolving
Credit Loan is specified in any notice of borrowing with respect thereto, then the requested Loan shall be an ABR Loan, unless
such request is for a Revolving Credit Loan denominated in a Multi-Currency. If no Interest Period with respect to a Eurocurrency
Revolving Credit Loan is specified in any notice of borrowing, conversion or continuation, then the relevant

    	 	 	 

    42 

    

 

Borrower shall be
deemed to have selected an Interest Period of one month’s duration. The Interest Period with respect to a Eurocurrency Competitive
Loan shall in no case be less than one month’s duration.

Section 2.11. Default Interest.
(a) If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration
or otherwise), all outstanding Loans (whether or not overdue) shall bear interest at a rate per annum which is equal to the rate
that would otherwise be applicable thereto pursuant to the provisions of Section 2.10 plus 2% and (b) if all or a portion
of any LC Disbursement, any interest payable on any Loan or LC Disbursement or any 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 equal to the rate otherwise applicable to ABR Loans pursuant to Section 2.10(b) plus 2%, in each case, with
respect to clauses (a) and (b) above, from the date of such non-payment until such amount is paid in full (as well after as before
judgment).

Section 2.12. Alternate Rate of Interest.

(a) In the event, and on each occasion,
that on the day that is two Business Days prior to the commencement of any Interest Period for a Eurocurrency Loan (i) the Administrative
Agent shall have determined (which determination shall be conclusive absent manifest error) that, by reason of circumstances affecting
the relevant market, adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Interest Period
(including because the Eurocurrency Screen Rate is not available or published on a current basis), or (ii) the Required Lenders
shall have determined and shall have notified the Administrative Agent that the Eurocurrency 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 Eurocurrency Loans during such Interest Period, the Administrative Agent shall, as soon as practicable
thereafter, give written, facsimile or electronic mail notice of such determination to the Borrowers and the Lenders. In the event
of any such determination, until the Administrative Agent or the Required Lenders, as applicable, shall have advised other relevant
parties hereto that the circumstances giving rise to such notice no longer exist, (i) any request by a Borrower for a Eurocurrency
Competitive Loan pursuant to Section 2.3 to be made after such determination shall be of no force and effect and shall be
denied by the Administrative Agent, (ii) any request by a Borrower for a Eurocurrency Revolving Credit Loan denominated in Dollars
pursuant to Section 2.4 to be made after such determination shall be deemed to be a request for an ABR Loan, (iii) any request
by a Borrower for a Multi-Currency Revolving Loan to be made after such determination shall be deemed to be a request for an ABR
Loan in an aggregate principal amount equal to the Dollar equivalent (as determined by the Foreign Exchange Rate on such date)
of the relevant Multi-Currency and (iv) any request by a Borrower for conversion into or a continuation of a Eurocurrency Revolving
Credit Loan pursuant to Section 2.8 to be made after such determination shall have no force and effect (in the case of a requested
conversion) or shall be deemed to be a request for a conversion into an ABR Loan (in the case of a requested continuation); provided,
that any request for a conversion of a Multi-

    	 	 	 

    43 

    

 

Currency Revolving Loan shall be deemed to be a request for a conversion into an ABR
Loan in an aggregate principal amount equal to the Dollar equivalent (as determined by the Foreign Exchange Rate on such date)
of the relevant Multi-Currency. Also, in the event of any such determination, the relevant Borrower shall be entitled, in its sole
discretion, if the requested Competitive Loan has not been made, to cancel its acceptance of the Competitive Bids or to cancel
its Competitive Bid Request relating thereto. Each determination by the Administrative Agent or the Required Lenders hereunder
shall be conclusive absent manifest error.

(b) If at any time the Administrative Agent
shall have determined (which determination shall be conclusive absent manifest error), or the Borrower or the Required Lenders
notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or the Required
Lenders (as applicable) have determined that (i) the circumstances set forth in paragraph (a) of this Section 2.12 have
arisen and such circumstances are unlikely to be temporary, (ii) the circumstances set forth in paragraph (a) of this Section
2.12 have not arisen but the supervisor for the administrator of the Eurocurrency Rate or a Governmental Authority having jurisdiction
over the Administrative Agent has made a public statement identifying a specific date after which the Eurocurrency Rate shall no
longer be used for determining interest rates for loans or (iii) syndicated loans currently being executed, or that include language
similar to that contained in this Section 2.12, are being executed or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace the Eurocurrency Rate, then the Administrative Agent and ViacomCBS shall endeavor to establish an alternate
rate of interest to the Eurocurrency Rate that gives due consideration to the then prevailing market convention for determining
a rate of interest for syndicated loans denominated in Dollars in the United States at such time, and shall enter into an amendment
to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable
(but, for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Commitment Fee Rate or Applicable
Margin); provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero
for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.8, such amendment shall become effective
without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received,
within 10 Business Days of the date a copy of such amendment is provided to the Lenders, a written notice from the Required Lenders
stating that the Required Lenders object to such amendment.

Section 2.13. Termination, Reduction
and Increase of Commitments. (a) Upon at least three Business Days’ prior irrevocable written, facsimile or electronic
mail notice to the Administrative Agent, ViacomCBS may at any time in whole permanently terminate, or from time to time in part
permanently reduce, the Commitments; provided, however, that (i) each partial reduction of the Commitments shall
be in a minimum principal amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof and (ii) no such termination
or reduction shall be made if, after giving effect thereto and to any prepayments of the Loans made on the effective date thereof,
(x) the Outstanding Revolving Extensions of Credit of any Lender would exceed such Lender’s Commitment

    	 	 	 

    44 

    

 

then in effect unless,
in the case of a Swingline Lender, such Swingline Lender shall otherwise consent or (y) the Total Facility Exposure would exceed
the Total Commitment then in effect. The Administrative Agent shall promptly advise the Lenders of any notice given pursuant to
this Section 2.13(a).

(b) Except as otherwise provided in Section 2.21,
each reduction in the Commitments hereunder shall be made ratably among the Lenders in accordance with their respective Commitments.
ViacomCBS agrees to pay to the Administrative Agent for the account of the Lenders, on the date of termination or reduction of
the Commitments, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued through the date of such
termination or reduction.

(c) Upon a decrease, pursuant to Section 2.13(a)
or (b), in the Commitments, ViacomCBS may decrease the Total Multi-Currency Sublimit and/or the Multi-Currency Sublimit with respect
to any or all Multi-Currencies, in each case in a minimum principal amount of $5,000,000 and in integral multiples of $1,000,000
in excess thereof. No such termination or reduction shall be made if, after giving effect thereto and to any prepayments of the
Loans made on the effective date thereof, (i) the Multi-Currency Sublimit with respect to each applicable Multi-Currency would
be less than the Multi-Currency Revolving Loans outstanding in such Multi-Currency at such time or (ii) the Total Multi-Currency
Sublimit would be less than the outstanding principal amount of Multi-Currency Revolving Loans at such time.

(d) ViacomCBS shall have the right at any
time and from time to time to increase the Total Commitment to an aggregate amount not to exceed $4,500,000,000 (i) by requesting
that one or more banks or other financial institutions not a party to this Agreement become a Lender hereunder or (ii) by requesting
that any Lender already party to this Agreement increase the amount of such Lender’s Commitment; provided, that the
addition of any bank or financial institution pursuant to clause (i) above shall be subject to the consent of the Administrative
Agent and each Issuing Lender (which consent shall not be unreasonably withheld); provided further, that the Commitment
of any bank or other financial institution pursuant to clause (i) above shall be in an aggregate principal amount at least equal
to $10,000,000; provided further, that the amount of the increase of any Lender’s Commitment pursuant to clause (ii)
above shall be in an aggregate principal amount at least equal to $10,000,000.

(e) Any additional bank, financial institution
or other entity which elects to become a party to this Agreement and obtain a Commitment pursuant to subsection (d) of this Section
2.13 shall execute a new lender supplement in substantially the form of Exhibit G hereto (a “New Lender Supplement”)
with ViacomCBS and the Administrative Agent, whereupon such bank, financial institution or other entity (herein called a “New
Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound
by and entitled to the benefits of this Agreement, and Schedule 1.1 shall be deemed to be amended to add the name and Commitment
of such New Lender.

    	 	 	 

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(f) Any increase in the Total Commitment
pursuant to subsection (d)(ii) of this Section 2.13 shall be effective only upon the execution by the applicable Lender and ViacomCBS
of a commitment increase letter in substantially the form of Exhibit H hereto (a “Commitment Increase Letter”),
which Commitment Increase Letter shall be delivered by ViacomCBS or such Lender to the Administrative Agent not less than five
(5) Business Days prior to the applicable Commitment Increase Date and shall specify (i) the amount of the increase in the Commitment
of such Lender and (ii) the date such increase is to become effective. Upon its receipt of such Commitment Increase Letter executed
by such Lender and ViacomCBS, the Administrative Agent shall accept such Commitment Increase Letter and record the information
contained therein in the Register.

(g) Any increase in the Total Commitment
pursuant to this Section 2.13 shall not be effective unless:

(i) no Default or Event of Default
shall have occurred and be continuing on the applicable Commitment Increase Date;

(ii) each of the representations
and warranties made by ViacomCBS and the Subsidiary Borrowers in Sections 3.1, 3.2, 3.4, 3.5 and 3.6 shall be true and correct
in all material respects on such Commitment Increase Date with the same effect as though made on and as of such date, except to
the extent such representations and warranties expressly relate to an earlier date in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date; and

(iii) the Administrative Agent
shall have received each of (A) a certificate of the corporate secretary or assistant secretary of the Borrowers as to the taking
of any corporate action necessary in connection with such increase and (B) an opinion or opinions of general counsel to the Borrowers
as to their corporate power and authority to borrow hereunder after giving effect to such increase and such other matters relating
thereto as the Administrative Agent and its counsel may reasonably request.

Each notice requesting an increase in the Total Commitment
pursuant to this Section 2.13 shall constitute a certification to the effect set forth in clauses (i) and (ii) of this Section 2.13(g).

(h) On each Commitment Increase Date, each
New Lender and each Lender that has delivered a Commitment Increase Letter, in each case whose new Commitment or increased Commitment
becomes effective on such date, shall purchase by assignment from the other Lenders such portion of the Loans (if any) owing to
them as shall be designated by the Administrative Agent such that, after giving effect to all such purchases and assignments, the
outstanding Loans owing to each Lender shall equal such Lender’s Revolving Credit Percentage (calculated after giving effect
to such increase in the Total Commitment) of the aggregate amount of Loans owing to all Lenders. The purchases and assignments
pursuant to this subsection (h) shall be deemed to have been accomplished in accordance with Section 9.4(b).

    	 	 	 

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(i) No Lender shall at any time be required
to agree to a request of ViacomCBS to increase its Commitment or obligations hereunder.

Section 2.14. Optional Prepayments of
Revolving Credit Loans. The relevant Borrower may at any time and from time to time prepay the Revolving Credit Loans, in whole
or in part, without premium or penalty, upon giving irrevocable written, facsimile or electronic mail notice (or telephone notice
promptly confirmed by written, facsimile or electronic mail notice) to the Administrative Agent: (i) before 10:00 a.m., New York
City time, three Business Days prior to prepayment, in the case of Eurocurrency Revolving Credit Loans, and (ii) before 10:00 a.m.,
New York City time, one Business Day prior to prepayment, in the case of ABR Revolving Credit Loans. Such notice shall specify
the date and amount of prepayment and whether the prepayment is of Eurocurrency Revolving Credit Loans, ABR Revolving Credit Loans
or a combination thereof, and, if of a combination thereof, the amount allocable to each. If a Eurocurrency Revolving Credit Loan
is prepaid on any day other than the last day of the Interest Period applicable thereto, the relevant Borrower shall also pay any
amounts owing pursuant to Section 2.16. 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 (except in the case of ABR Revolving Credit Loans) accrued interest to such date on the amount prepaid.
Each partial prepayment of Revolving Credit Loans shall be in an aggregate principal amount equal to a whole multiple of the Eurocurrency
Borrowing Multiple applicable to the currency in which such Revolving Credit Loans are denominated.

Section 2.15. Reserve Requirements;
Change in Circumstances. (a) Notwithstanding any other provision herein, if after the Effective Date any change in applicable
law or regulation (including any change in the reserve percentages provided for in Regulation D) or in the interpretation or administration
thereof by any Governmental Authority charged with the interpretation or administration thereof shall change the basis of taxation
of payments to any Lender of the principal of or interest on any Eurocurrency Loan or Absolute Rate Loan made by such Lender (other
than changes in respect of taxes imposed on the overall net income of such Lender by the jurisdiction in which such Lender has
its principal office (or in which it holds any Eurocurrency Loan or Absolute Rate Loan) or by any political subdivision or taxing
authority therein and other than taxes that would not have been imposed but for the failure of such Lender to comply with applicable
certification, information, documentation or other reporting requirements), or shall impose, modify or deem applicable any reserve,
special deposit or similar requirement against assets of, deposits with or for the account of or credit extended by such Lender,
or shall impose on such Lender or the London interbank market any other condition affecting this Agreement or any Eurocurrency
Loan or Absolute Rate Loan made by such Lender (including any assessment or charge on or with respect to the Commitments, Loans,
deposits or liabilities incurred to fund Loans, assets consisting of Loans (but not unrelated assets) or capital attributable to
the foregoing), and the result of any of the foregoing shall be to increase the cost to such Lender of maintaining its Commitment
or making or maintaining any Eurocurrency Loan or Absolute Rate Loan or Letter of Credit or to reduce the amount of any sum received
or

    	 	 	 

    47 

    

 

receivable by such Lender hereunder (whether of principal, interest or otherwise) in respect of any Eurocurrency Loan or Absolute
Rate Loan or Letter of Credit by an amount deemed by such Lender to be material, then the relevant Borrower agrees to pay to such
Lender as provided in paragraph (c) below such additional amount or amounts as will compensate such Lender for such additional
costs incurred or reduction suffered. Notwithstanding the foregoing, no Lender shall be entitled to request compensation under
this paragraph with respect to any Competitive Loan if the change giving rise to such request shall, or in good faith should, have
been taken into account in formulating the Competitive Bid pursuant to which such Competitive Loan shall have been made.

(b) If any Lender or any Issuing Lender
shall have determined that the adoption after the Effective Date of any law, rule, regulation or guideline regarding capital adequacy
or liquidity, or any change in any law, rule, regulation or guideline regarding capital adequacy or liquidity, or in the interpretation
or administration of any of the foregoing by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any Lender (or any lending office of such Lender) or Issuing Lender or any Lender’s
or Issuing Lender’s holding company with any request or directive regarding capital adequacy or liquidity (whether or not
having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the
rate of return on such Lender’s or Issuing Lender’s capital or on the capital of such Lender’s or Issuing Lender’s
holding company, if any, as a consequence of this Agreement or the Loans made by such Lender or the LC Exposure of such Lender
or Letters of Credit issued by such Issuing Lender pursuant hereto to a level below that which such Lender or Issuing Lender or
such Lender’s or Issuing Lender’s holding company could have achieved but for such applicability, adoption, change
or compliance (taking into consideration such Lender’s or Issuing Lender’s policies and the policies of such Lender’s
or Issuing Lender’s holding company with respect to capital adequacy and liquidity) by an amount deemed by such Lender or
Issuing Lender to be material, then from time to time the relevant Borrower agrees to pay to such Lender or Issuing Lender as provided
in paragraph (c) below such additional amount or amounts as will compensate such Lender or Issuing Lender or such Lender’s
or Issuing Lender’s holding company for any such reduction suffered.

(c) A certificate of each Lender or Issuing
Lender setting forth such amount or amounts as shall be necessary to compensate such Lender or Issuing Lender as specified in paragraph
(a) or (b) above, as the case may be, and the basis therefor in reasonable detail shall be delivered to the relevant Borrower and
shall be conclusive absent manifest error. The relevant Borrower shall pay each Lender or Issuing Lender the amount shown as due
on any such certificate within 30 days after its receipt of the same. Upon the receipt of any such certificate, the relevant Borrower
shall be entitled, in its sole discretion, if any requested Loan has not been made, to cancel its acceptance of the relevant Competitive
Bids or to cancel the Competitive Bid Request relating thereto, subject to Section 2.16.

(d) Except as provided in this paragraph,
failure on the part of any Lender or Issuing Lender to demand compensation for any increased costs or reduction in

    	 	 	 

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amounts received
or receivable or reduction in return on capital with respect to any period shall not constitute a waiver of such Lender’s
or Issuing Lender’s right to demand compensation with respect to any other period. The protection of this Section 2.15 shall
be available to each Lender and Issuing Lender regardless of any possible contention of the invalidity or inapplicability of the
law, rule, regulation, guideline or other change or condition which shall have occurred or been imposed so long as it shall be
customary for Lenders or Issuing Lenders affected thereby to comply therewith. No Lender or Issuing Lender shall be entitled to
compensation under this Section 2.15 for any costs incurred or reductions suffered with respect to any date unless it shall have
notified the relevant Borrower that it will demand compensation for such costs or reductions under paragraph (c) above not more
than 90 days after the later of (i) such date and (ii) the date on which it shall have become aware of such costs or reductions.
Notwithstanding any other provision of this Section 2.15, no Lender or Issuing Lender shall demand compensation for any increased
cost or reduction referred to above if it shall not at the time be the general policy or practice of such Lender or Issuing Lender
(as the case may be) to demand such compensation in similar circumstances under comparable provisions of other credit agreements,
if any. In the event any Borrower shall reimburse any Lender or Issuing Lender pursuant to this Section 2.15 for any cost and such
Lender or Issuing Lender (as the case may be) shall subsequently receive a refund in respect thereof, such Lender or Issuing Lender
(as the case may be) shall so notify such Borrower and, upon its request, will pay to such Borrower the portion of such refund
which such Lender or Issuing Lender (as the case may be) shall determine in good faith to be allocable to the cost so reimbursed.
The covenants contained in this Section 2.15 shall survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder.

(e) For purposes hereof, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy or liquidity promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or United States
or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be changes in law or regulation
referred to in paragraphs (a) and (b) of this Section after the Effective Date, regardless of the date enacted, adopted, promulgated
or issued.

Section 2.16. Indemnity. Each Borrower
agrees to indemnify each Lender against any loss or expense described below which such Lender may sustain or incur as a consequence
of (a) any failure by such Borrower to fulfill on the date of any borrowing hereunder the applicable conditions set forth in Article IV,
(b) any failure by such Borrower to borrow, continue or convert any Loan hereunder after irrevocable notice of such borrowing,
continuation or conversion has been given or deemed given or Competitive Bids have been accepted pursuant to Article II, (c)
any payment, prepayment or conversion of a Eurocurrency Loan or Absolute Rate Loan made to such Borrower required by any other
provision of this Agreement or otherwise made or deemed made, whatever the circumstances may be that give rise to such payment,
prepayment or conversion, or any transfer of any such Loan pursuant to Section 2.21 or 9.4(b), on a date

    	 	 	 

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other than the last
day of the Interest Period applicable thereto, or (d) if any breakage is incurred, any failure by a Borrower to prepay a Eurocurrency
Loan on the date specified in a notice of prepayment; provided, that any request for indemnification made by any Lender
to any Borrower pursuant hereto shall be accompanied by such Lender’s calculation of such amount to be indemnified. The loss
or expense for which such Lender shall be indemnified under this Section 2.16 shall be equal to the excess, if any, as reasonably
determined by such Lender, of (i) its cost of obtaining the funds for the Loan being paid, prepaid, converted or not borrowed,
continued, prepaid or converted (assumed to be the Eurocurrency Rate in the case of Eurocurrency Loans) for the period from the
date of such payment, prepayment, conversion or failure to borrow, continue, prepay or convert to the last day of the Interest
Period for such Loan (or, in the case of a failure to borrow, continue, prepay or convert, the Interest Period for such Loan which
would have commenced on the date of such failure) over (ii) the amount of interest (as reasonably determined by such Lender) that
would be realized by such Lender in reemploying the funds so paid, prepaid, converted or not borrowed, continued, prepaid or converted
for such period or Interest Period, as the case may be; provided, however, that such amount shall not include any
loss of a Lender’s margin or spread over its cost of obtaining funds as described above. A certificate of any Lender setting
forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 (with calculations in reasonable
detail) shall be delivered to the relevant Borrower and shall be conclusive absent manifest error. This covenant shall survive
the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

Section 2.17. Pro Rata Treatment; Funding
Matters; Evidence of Debt. (a) Except as required under Section 2.21, each payment or prepayment of principal of any Revolving
Credit Loan, each payment of interest on the Revolving Credit Loans, each payment of LC Fees, each payment of the Facility Fees,
and each reduction of the Commitments, shall be allocated pro rata among the Lenders in accordance with their respective
Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts
of their outstanding Revolving Credit Loans). Each Lender agrees that in computing such Lender’s portion of any Loan to be
made hereunder, the Administrative Agent may, in its discretion, round such Lender’s percentage of such Loan to the next
higher or lower whole Dollar amount.

(b) Unless the Administrative Agent shall
have received notice from a Lender prior to the relevant borrowing date that such Lender will not make available to the Administrative
Agent such Lender’s portion of a borrowing, the Administrative Agent may assume that such Lender has made such portion available
to the Administrative Agent on the date of such borrowing in accordance with this Agreement and the Administrative Agent may, in
reliance upon such assumption, make available to the relevant Borrower on such date a corresponding amount. If and to the extent
that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender and the relevant Borrower
agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each
day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent
at (i) in the case of such Borrower, the interest rate applicable at the time to the relevant Loan and (ii) in the case of such
Lender,

    	 	 	 

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the Federal Funds Effective Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such
amount shall constitute such Lender’s Loan as part of such borrowing for the purposes of this Agreement; provided,
that such repayment shall not release such Lender from any liability it may have to such Borrower for the failure to make such
Loan at the time required herein.

(c) The failure of any Lender to make any
Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender
shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender).

(d) Each Lender may at its option make
any Eurocurrency Loan by causing any domestic or foreign branch or Lender Affiliate of such Lender to make such Loan; provided,
that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with
the terms of this Agreement.

(e) Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the indebtedness to such Lender resulting from each Loan made by it from
time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.
The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Borrower
with respect to each Loan, the Type of each Loan and each Interest Period, if any, applicable thereto, (ii) the amount of any principal
or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any
sum received by the Administrative Agent hereunder from any Borrower and each Lender’s share thereof. The entries made in
the accounts maintained pursuant to this paragraph (e) shall, to the extent permitted by applicable law, be prima facie
evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of
any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations
of any Borrower to repay the Loans in accordance with their terms.

(f) In order to expedite the transactions
contemplated by this Agreement, each Subsidiary Borrower shall be deemed, by its execution and delivery of a Subsidiary Borrower
Request, to have appointed ViacomCBS to act as agent on behalf of such Subsidiary Borrower for the purpose of (i) giving any notices
contemplated to be given by such Subsidiary Borrower pursuant to this Agreement, including, without limitation, borrowing notices,
prepayment notices, continuation notices, conversion notices, competitive bid requests and competitive bid acceptances or rejections
and (ii) paying on behalf of such Subsidiary Borrower any Subsidiary Borrower Obligations owing by such Subsidiary Borrower; provided,
that each Subsidiary Borrower shall retain the right, in its discretion, to directly give any or all of such notices or make any
or all of such payments.

(g) The Administrative Agent shall promptly
notify the Lenders upon receipt of any Subsidiary Borrower Designation and Subsidiary Borrower Request. The Administrative Agent
shall promptly notify the Swingline Lenders upon receipt of any designation of a Subsidiary Borrower as a Swingline Borrower.

    	 	 	 

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Section 2.18. Sharing of Setoffs.
Except to the extent that this Agreement provides for payments to be allocated to Revolving Credit Loans, Swingline Loans or Competitive
Loans, as the case may be, each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff
or counterclaim against any Borrower, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code
or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy,
insolvency or other similar law or otherwise, or by any other means (other than pursuant to any provision of this Agreement), obtain
payment (voluntary or involuntary) in respect of any category of its Loans or such Lender’s Revolving Credit Percentage of
any LC Disbursement as a result of which the unpaid principal portion of such Loans or the unpaid portion of such Lender’s
Revolving Credit Percentage of the LC Disbursements shall be proportionately less than the unpaid principal portion of such Loans
or the unpaid portion of the Revolving Credit Percentage of the LC Disbursements of any other Lender, it shall be deemed simultaneously
to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation
in such Loans or the Revolving Credit Percentage of the LC Disbursements of such other Lender, so that the aggregate unpaid principal
amount of such Loans and participations in such Loans held by each Lender or the Revolving Credit Percentage of LC Disbursements
and participations in LC Disbursements held by each Lender shall be in the same proportion to the aggregate unpaid principal amount
of all such Loans or LC Disbursements then outstanding as the principal amount of such Loans or the Revolving Credit Percentage
of LC Disbursements of each Lender prior to such exercise of banker’s lien, setoff or counterclaim or other event was to
the principal amount of all such Loans or LC Disbursements outstanding prior to such exercise of banker’s lien, setoff or
counterclaim or other event; provided, however, that, if any such purchase or purchases or adjustments shall be made
pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases
or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored without
interest, unless the Lender from which such payment is recovered is required to pay interest thereon, in which case each Lender
returning funds to such Lender shall pay its pro rata share of such interest. Any Lender holding a participation in a Loan
or LC Disbursement deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim
with respect to any and all moneys owing by any Borrower to such Lender by reason thereof as fully as if such Lender had made a
Loan directly to such Borrower or issued a Letter of Credit for the account of such Borrower in the amount of such participation.

Section 2.19. Payments. (a) Except
as otherwise expressly provided herein, each Borrower shall make each payment (including principal of or interest on any Loan or
any Fees or other amounts) hereunder without setoff or counterclaim and shall make each such payment not later than 12:00 noon,
New York City time, on the date when due in Dollars to the Administrative Agent at its offices at JPMorgan Chase Bank, N.A., 270
Park Avenue, New York, New York 10017, in immediately available funds. Notwithstanding the foregoing, each Borrower shall make
each payment with respect to any Loan denominated in any Foreign Currency (including principal of or interest on any such Loan
or other amounts) hereunder without setoff or counterclaim and shall make each such payment not later than 12:00 noon, New York
City time, on the date when due

    	 	 	 

    52 

    

 

in the relevant Foreign Currency to the Administrative Agent at its offices at JPMorgan Chase Bank,
N.A., 500 Stanton Christiana Rd, NCC5, Newark, DE, 19713-2107, Floor 01, in immediately available funds.

(b) Whenever any payment (including principal
of or interest on any Loan or any Fees or other amounts) hereunder shall become due, or otherwise would occur, on a day that is
not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case
be included in the computation of interest or Fees, if applicable.

Section 2.20. Taxes. (a) Any and
all payments by each Borrower hereunder shall be made, in accordance with Section 2.19, free and clear of and without deduction
for any and all present or future taxes, levies, imposts, duties, charges, fees, deductions or withholdings, and all liabilities
with respect thereto, in each case in the nature of a tax, imposed by or on behalf of any Governmental Authority, including any
interest, additions to tax or penalties applicable thereto, excluding (i) net income taxes, branch profits taxes and
franchise taxes imposed on the Administrative Agent or any Lender (or Transferee) as a result of such Administrative Agent or any
Lender (or Transferee) being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable
lending office located in, or having a present or former connection between the Administrative Agent or such Lender (or Transferee)
with 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 or any other Loan Document), (ii) in
the case of a Lender, U.S. federal withholding taxes imposed on amounts payable to or for the account of such Lender with respect
to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender acquires such
interest in such Loan or Commitment (other than pursuant to an assignment request by any Borrower under Section 2.21(b)) or (b)
such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.20, amounts with respect
to such taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office and (iii) any withholding taxes that are imposed by reason of FATCA (all such
nonexcluded taxes, levies, imposts, duties, charges, fees, deductions, withholdings and liabilities being hereinafter referred
to as “Taxes”). If any Borrower or the Administrative Agent shall be required by law to deduct any Taxes or
Other Taxes from or in respect of any sum payable to any Agent or any Lender (or Transferee) hereunder, (i) the sum payable shall
be increased by the amount necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section 2.20) such Agent or such Lender (or Transferee) shall receive an amount equal to the sum it
would have received had no such deductions been made, (ii) such Borrower or the Administrative Agent shall make such deductions
and (iii) such Borrower or the Administrative Agent shall pay the full amount deducted to the relevant taxing authority or other
Governmental Authority in accordance with applicable law.

    	 	 	 

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(b) The relevant Borrower agrees to pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

(c) The relevant Borrower will indemnify
each Lender (or Transferee) and the Administrative Agent for the full amount of Taxes and Other Taxes (including any Taxes or Other
Taxes imposed by the applicable jurisdiction on amounts payable under this Section 2.20) paid by such Lender (or Transferee)
or the Administrative Agent, as the case may be, and any liability (including penalties, interest and expenses) arising therefrom
or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted by the relevant taxing authority
or other Governmental Authority. Such indemnification shall be made within 30 days after the date such Lender (or Transferee) or
the Administrative Agent, as the case may be, makes written demand therefor.

(d) Whenever any Taxes or Other Taxes are
payable by any Borrower, within 30 days thereafter such Borrower shall send to the Administrative Agent for its own account or
for the account of the relevant Lender, as the case may be, a certified copy of an official receipt received by such Borrower showing
payment thereof (or other evidence of such payment reasonably satisfactory to the Administrative Agent).

(e) Without prejudice to the survival of
any other agreement contained herein, the agreements and obligations contained in this Section 2.20 shall survive the payment
in full of the principal of and interest on all Loans made hereunder and of all other amounts payable hereunder.

(f) In the event that the Borrower is a
U.S. Person:

(i) Each Lender (or Transferee)
that is not a “United States Person” as defined in Section 7701(a)(30) of the Code (such Lender (or Transferee),
a “Non-U.S. Person”) shall deliver to ViacomCBS and the Administrative Agent (or, in the case of a participant,
to the Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service
Form W-8BEN, W-8BEN-E or Form W-8ECI, or, in the case of a Non-U.S. Person 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 Form W-8BEN
or Form W-8BEN-E, or any subsequent versions thereof or successors thereto (and, if such Non-U.S. Person, claiming an exemption
with respect to payments of “portfolio interest”, delivers a Form W-8BEN or Form W-8BEN-E, an annual certificate
representing that such Non-U.S. Person is not a “bank” for purposes of Section 881(c)(3)(A) of the Code, is not
a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of ViacomCBS and is not a controlled foreign
corporation related to ViacomCBS (within the meaning of Section 881(c)(3)(C) of the Code)), properly completed and duly executed
by such Non-U.S. Person claiming complete exemption from U.S. federal withholding tax on all payments by any Borrower under this
Agreement. Such forms shall be delivered by each Non-U.S. Person promptly after it becomes a party to this Agreement (or, in the
case of any participant,

    	 	 	 

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promptly after the date such participant purchases the related participation). In addition, each Non-U.S.
Person shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S.
Person. Each Non-U.S. Person shall promptly notify ViacomCBS and the Administrative Agent at any time it determines that it is
no longer in a position to provide any previously delivered certificate to ViacomCBS and the Administrative Agent (or any other
form of certification adopted by the U.S. taxing authorities for such purpose). Unless ViacomCBS and the Administrative Agent (or,
in the case of a participant, the Lender from which the related participation shall have been purchased) have received forms or
other documents satisfactory to them indicating that payments to any Lender (or Transferee) hereunder are not subject to United
States withholding tax, the relevant Borrower or the Administrative Agent shall withhold taxes from such payments at the applicable
statutory rate in the case of payments to or for any such Lender (or Transferee) that is a Non-U.S. Person. Notwithstanding any
other provision of this Section 2.20(f), a Non-U.S. Person shall not be required to deliver any form pursuant to this Section 2.20(f)
that such Non-U.S. Person is not legally able to deliver by reason of the adoption of any law, rule or regulation, or any change
in any law, rule or regulation or in the interpretation thereof, in each case occurring after the date such Non-U.S. Person becomes
a Lender (or Transferee). For purposes of the previous sentence, any regulations or official interpretations of FATCA issued after
the date such Non-U.S. Person becomes a Lender (or Transferee) shall be treated as having been issued before such date.

(ii)       If
a payment made to a Lender (or Transferee) under any Loan Document would be subject to U.S. federal withholding tax imposed
by FATCA if such Lender (or Transferee) were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender (or Transferee) shall deliver to ViacomCBS
and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by ViacomCBS
and the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by ViacomCBS and the Administrative Agent as may be necessary
for ViacomCBS and the Administrative Agent to comply with their obligations under FATCA, to determine that such Lender (or Transferee)
has complied with such Lender’s (or Transferee's) obligations under FATCA or to determine the amount to deduct and withhold
from such payment.

(g) A Lender that is entitled to an exemption
from or reduction of any non-U.S. withholding tax under the law of the jurisdiction in which a Borrower is located, or under any
treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to such Borrower (with
a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by such Borrower,
such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate, provided that such Lender is legally entitled to complete, execute and deliver such

    	 	 	 

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documentation
and in such Lender’s reasonable judgment such completion, execution or submission would not materially prejudice the legal
position of such Lender.

(h) No Borrower shall be required to pay
any additional amounts pursuant to paragraph (a) above (i) if the obligation to pay such additional amounts would not have arisen
but for a failure by the applicable Lender (or Transferee) to comply with the provisions of paragraph (f) or (g) above or (ii)
in the case of a Transferee, to the extent such additional amounts exceed the additional amounts that would have been payable had
no transfer or assignment to such Transferee occurred; provided, however, that each Borrower shall be required to
pay those amounts to any Agent or Lender (or Transferee) that it was required to pay hereunder prior to the failure of such Agent
or Lender (or Transferee) to comply with the provisions of such paragraph (f) or (g).

Section 2.21. Termination or Assignment
of Commitments Under Certain Circumstances. (a) Any Lender (or Transferee) claiming any additional amounts payable pursuant
to Section 2.15 or Section 2.20 shall use reasonable efforts (consistent with legal and regulatory restrictions) to file
any certificate or document requested by any Borrower or to change the jurisdiction of its applicable lending office if the making
of such a filing or change would avoid the need for or reduce the amount of any such additional amounts which may thereafter accrue
and would not, in the sole good faith determination of such Lender (or Transferee), be otherwise disadvantageous to such Lender
(or Transferee).

(b) In the event that (i) any Lender shall
have delivered a notice or certificate pursuant to Section 2.15, (ii) any Borrower shall be required to make additional payments
to any Lender under Section 2.20, (iii) any Lender (a “Non-Consenting Lender”) shall withhold its consent
to any amendment described in clause (i) or (ii) of Section 9.8(b) as to which consents have been obtained from the Required
Lenders, (iv) any Lender shall be or become a Defaulting Lender or (v) any Lender delivers a Notice of Objection pursuant to Section
2.25, ViacomCBS shall have the right, at its own expense, upon notice to such Lender (or Lenders) and the Administrative Agent,
(i) to terminate the Commitments of such Lender (except in the case of clause (iii) above) or (ii) to require such Lender (or,
in the case of clause (iii) above, each Non-Consenting Lender) to transfer and assign without recourse (in accordance with and
subject to the restrictions contained in Section 9.4) all its interests, rights and obligations under this Agreement to one
or more other financial institutions acceptable to ViacomCBS (unless an Event of Default has occurred and is continuing) and the
Administrative Agent, which approval in each case shall not be unreasonably withheld, which shall assume such obligations; provided,
that (A) in the case of any replacement of Non-Consenting Lenders, each assignee shall have consented to the relevant amendment,
(B) no such termination or assignment shall conflict with any law, rule or regulation or order of any Governmental Authority, (C)
the Borrowers or the assignee (or assignees), as the case may be, shall pay to each affected Lender in immediately available funds
on the date of such termination or assignment the principal of and interest accrued to the date of payment on the Loans made by
it hereunder and all other amounts accrued for its account or owed to it hereunder and (D) ViacomCBS may not terminate Commitments

    	 	 	 

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representing more than 10% of the original aggregate Commitments pursuant to this paragraph (b).

Section 2.22. Currency Equivalents.
(a) The Administrative Agent shall determine the Dollar equivalent of each Competitive Bid Loan in a Foreign Currency and each
Multi-Currency Revolving Loan as of the first day of each Interest Period applicable thereto and, in the case of any such Interest
Period of more than three months, at three-month intervals after the first day thereof. The Administrative Agent shall promptly
notify the applicable Borrowers and the Lenders of the Dollar equivalent so determined by it. Each such determination shall be
based on the Spot Rate (i) (A) on the date of the related Competitive Bid Request, for purposes of the initial determination of
such Competitive Bid Loan, and (B) on the date of the related Revolving Credit Borrowing Request, for purposes of the initial determination
of such Multi-Currency Revolving Loan, and (ii) on the fourth Business Day prior to the date on which such Dollar equivalent is
to be determined, for purposes of subsequent determinations.

(b) The Administrative Agent shall determine
the Dollar equivalent of the Aggregate LC Exposure related to each Letter of Credit issued in a Foreign Currency as of the date
of the issuance thereof, at three-month intervals after the date of issuance thereof and as of the date of each drawing thereunder.
Each such determination shall be based on the Spot Rate (i) on the date of the related notice of any proposed issuance of a Letter
of Credit pursuant to Section 2.7(c), in the case of the initial determination of such Letter of Credit, (ii) on the second
Business Day prior to the date as of which such Dollar equivalent is to be determined, in the case of any subsequent determination
with respect to an outstanding Letter of Credit and (iii) on the second Business Day prior to the related drawing thereunder, in
the case of any determination as to a drawing thereunder.

(c) If after giving effect to any such
determination of a Dollar equivalent with respect to Competitive Bid Loans or Letters of Credit, the Dollar equivalent thereof
exceeds $150,000,000, ViacomCBS shall, or shall cause the applicable Subsidiary Borrowers to, within five Business Days, (i) in
the case of an excess with respect to Competitive Bid Loans, prepay outstanding Competitive Bid Loans in Foreign Currencies to
eliminate such excess, (ii) in the case of an excess with respect to Letters of Credit, cause to be reduced (or, at the relevant
Borrower’s option, cash collateralize) outstanding Letters of Credit in Foreign Currencies to eliminate such excess, or (iii) in
each case, take such other action to the extent necessary to eliminate any such excess. If after giving effect to any such determination
of a Dollar equivalent with respect to Multi-Currency Revolving Loans, the Dollar equivalent thereof exceeds (A) the Multi-Currency
Sublimit for any currency or (B) the Total Multi-Currency Sublimit, ViacomCBS shall, or shall cause the relevant Subsidiary Borrowers
to, within five Business Days, prepay outstanding Multi-Currency Revolving Loans so that the Specified Currency Availability for
each currency is greater than or equal to zero and so that the Total Specified Currency Availability is greater than or equal to
zero or take such other action to the extent necessary to eliminate any such excess.

(d) Notwithstanding the foregoing, if at
any time (i) the Commitment Utilization Percentage is greater than 110%, ViacomCBS shall, or shall cause the relevant

    	 	 	 

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Subsidiary
Borrowers to, within five Business Days prepay outstanding Competitive Bid Loans in Foreign Currencies, prepay outstanding Multi-Currency
Revolving Loans, cause to be reduced (or, at the relevant Borrower’s option, cash collateralize) outstanding Letters of Credit
in Foreign Currencies or take such other action to the extent necessary to eliminate any such excess, or (ii) the Dollar equivalent
of the outstanding Multi-Currency Revolving Loans is greater than 110% of (A) the Multi-Currency Sublimit for any currency or (B)
the Total Multi-Currency Sublimit, ViacomCBS shall, or shall cause the relevant Subsidiary Borrowers to, within five Business Days,
prepay outstanding Multi-Currency Revolving Loans so that the Specified Currency Availability for each currency is greater than
or equal to zero and so that the Total Specified Currency Availability is greater than or equal to zero or take such other action
to the extent necessary to eliminate any such excess.

(e) If any prepayment of a Competitive
Bid Loan or a Multi-Currency Revolving Loan occurs pursuant to this Section 2.22 on a day which is not the last day of the
then current Interest Period with respect thereto, ViacomCBS shall, or shall cause the applicable Subsidiary Borrowers to, pay
to the Lenders such amounts, if any, as may be required pursuant to Section 2.16.

Section 2.23. Judgment Currency.
If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due from any Borrower hereunder in the
currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative
Agent’s London office on any Business Day preceding that on which the final judgment is given. The obligations of each Borrower
in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency
other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or
the Administrative Agent, as the case may be, of any sum adjudged to be so due in such other currency such Lender or the Administrative
Agent, as the case may be, may in accordance with normal banking procedures purchase the specified currency with such other currency.
If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the Administrative Agent,
as the case may be, in the specified currency, the applicable Borrower agrees, to the fullest extent that it may effectively do
so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the
case may be, against such loss, and if the amount of the specified currency so purchased exceeds (i) the sum originally due to
any Lender or the Administrative Agent, as the case may be, in the specified currency and (ii) any amounts shared with other Lenders
as a result of allocations of such excess as a disproportionate payment to such Lender as compared to such Lender’s Total
Facility Percentage, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to the applicable
Borrower.

Section 2.24. Defaulting Lenders.
If any Lender becomes a Defaulting Lender then, upon notice to such effect by the Administrative Agent (which notice shall

    	 	 	 

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be given
promptly after the Administrative Agent determines that any Lender shall have become a Defaulting Lender, including as a result
of being advised thereof by ViacomCBS), the following provisions shall apply:

(i) Commitment Fees shall cease
to accrue, and shall cease to be payable, on the unused portion of such Defaulting Lender’s Commitment while such Defaulting
Lender remains a Defaulting Lender.

(ii) The Commitment and outstanding
extensions of credit of such Defaulting Lender shall not be included in determining whether the Required Lenders or other requisite
Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver); provided that any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender shall require the consent of such
Defaulting Lender (in such case, to the extent such Defaulting Lender is an affected Lender).

(iii) All or any part of such
Defaulting Lender’s ABR Swingline Exposure at such time (other than the portion thereof attributable to ABR Swingline Loans
made by such Defaulting Lender in its capacity as a Swingline Lender) and LC Exposure shall be reallocated among the non-Defaulting
Lenders in accordance with their pro rata shares of the Total Commitment, but only to the extent such reallocation would not result
in the Outstanding Revolving Extensions of Credit of any non-Defaulting Lender (including the portion of the ABR Swingline Exposure
of such Defaulting Lender to be reallocated to such non-Defaulting Lender) exceeding such non-Defaulting Lender’s Commitment
(unless, in the case of a non-Defaulting Lender that is a Swingline Lender, such non-Defaulting Lender shall otherwise consent).

(iv) If the LC Exposure of such
Defaulting Lender is reallocated pursuant to subparagraph (iii) above, then the LC Fee payable to the Lenders shall be adjusted
in accordance with such reallocation.

(v) If the reallocation described
in clause (iii) above cannot, or can only partially, be effected, then one or more Borrowers shall within one Business Day following
notice by the Administrative Agent, do one or both (at such Borrower’s election) of the following in an amount necessary
to allow the reallocation described in clause (iii) above to be fully effected within the limit of the non-Defaulting Lenders’
Commitments: (x) prepay the portion of the aggregate principal amount of outstanding ABR Swingline Loans allocated to such Defaulting
Lender at such time and/or (y) cash collateralize for the benefit of the Issuing Lenders one or more Borrower’s obligations
corresponding to the portion of such Defaulting Lender’s LC Exposure (in each case, as determined after giving effect to
any partial reallocation pursuant to clause (iii) above) for so long as such LC Exposure is outstanding or such Defaulting Lender
remains a Defaulting Lender.

    	 	 	 

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(vi) If a Borrower cash collateralizes
any portion of such Defaulting Lender’s LC Exposure pursuant to clause (v) above, such Borrower shall not be required to
pay any fees to such Defaulting Lender with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting
Lender’s LC Exposure is cash collateralized.

(vii) The Administrative Agent
may adjust the allocation of payments hereunder to ensure that a Defaulting Lender does not receive payment in respect of any Loan
or LC Disbursement that it did not fund or to reflect any of the actions or adjustments referred to herein.

In the event that the Administrative Agent, each Borrower, the Swingline
Lender and each Issuing Lender agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be
a Defaulting Lender, then (A) the aggregate principal amount of all ABR Swingline Loans outstanding at such time and LC Exposure
of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall
purchase at par such of the Loans (other than Competitive Loans and Swingline Loans) and participations in unreimbursed Letter
of Credit disbursements of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender
to hold such Loans in accordance with its pro rata share and (B) any cash collateral provided by any Borrowers under clause (v)
above with respect to such Lender’s LC Exposure shall be released by the Issuing Lenders and returned to such Borrowers.
The rights and remedies against a Defaulting Lender set forth in this Section 2.24 are in addition to other rights and remedies
that each Borrower, the Administrative Agent or any Lender that is not a Defaulting Lender may have against such Defaulting Lender.

 

Section 2.25. Designation of Subsidiary
Borrowers. ViacomCBS may at any time and from time to time designate any Subsidiary as a Subsidiary Borrower by delivery to
the Administrative Agent of a Subsidiary Borrower Designation executed by such Subsidiary and ViacomCBS. As soon as practicable
upon receipt thereof, the Administrative Agent will post a copy of such Subsidiary Borrower Designation to the Lenders on IntraLinks
or another website accessible to all Lenders. Each Subsidiary Borrower Designation shall become effective on the date ten Business
Days after it has been posted by the Administrative Agent (subject to the receipt by any Lender of any information under the Patriot
Act, the Beneficial Ownership Regulation (in the case of a non-U.S. Subsidiary Borrower only) and other “know-your-customer”
laws reasonably requested by it not later than the third Business Day after the posting date of such Subsidiary Borrower Designation),
unless prior thereto, in the case of a Subsidiary that is organized in a non-U.S. jurisdiction, the Administrative Agent shall
have received written notice from any Lender that it is unlawful under Federal or applicable state or foreign law for such Lender
to make Loans or otherwise extend credit to or do business with such Subsidiary, directly or through a Lender Affiliate, as provided
herein (a “Notice of Objection”), in which case such Subsidiary Borrower Designation shall not become effective
until such time as such Lender withdraws such Notice of Objection or ceases to be a Lender hereunder. Upon the effectiveness of
a Subsidiary Borrower Designation as

    	 	 	 

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provided in the preceding sentence, the applicable Subsidiary shall for all purposes of this
Agreement be a Subsidiary Borrower and a party to this Agreement.

Section 2.26. Extension of Revolving
Credit Maturity Date.

(a) At least 30 days but not more than
60 days prior to any anniversary of the Effective Date (provided that ViacomCBS may not exercise such right more than twice),
ViacomCBS may, upon notice to the Administrative Agent (which shall promptly notify the Lenders), request a one-year extension
of the Revolving Credit Maturity Date then in effect (an “Extension Request”); provided that the Revolving
Credit Maturity Date may not be extended pursuant to an Extension Request more than once in any 12-month period. Within 10 Business
Days after the delivery of such Extension Request (or such later date as ViacomCBS and the Administrative Agent shall agree) (the
“Extension Deadline”), each Lender shall notify the Administrative Agent and ViacomCBS promptly (but in any
event no later than the Extension Deadline) in writing whether or not it consents to such Extension Request (which consent may
be given or withheld in such Lender’s sole and absolute discretion) (each Lender agreeing to an Extension Request, an “Extending
Lender” and each Lender declining to agree to an Extension Request, a “Non-Extending Lender”). Any
Lender with a then-effective Commitment may consent to an Extension Request irrespective of whether such Lender previously had
not been an Extending Lender with respect to a previous Extension Request. Any Lender not responding within the above specified
time period shall be deemed not to have consented to such Extension Request. The Administrative Agent shall promptly notify ViacomCBS
and the Lenders of the Lenders’ responses.

(b) The Revolving Credit Maturity Date
shall be extended only if the Required Lenders have consented to the Extension Request. For each such Extension Request, if so
consented to, (i) the Revolving Credit Maturity Date, as to Extending Lenders (irrespective of whether such Lender previously had
been a Non-Extending Lender), shall be extended to the same date in the following year after giving effect to any prior extensions
(such existing Revolving Credit Maturity Date being the “Extension Effective Date”) and (ii) the Revolving Credit
Maturity Date, as to any Non-Extending Lender (provided that the Commitment of such Non-Extending Lender is not assumed
in accordance with Section 2.26(f) on or prior to the applicable Extension Effective Date), shall remain the Revolving Credit Maturity
Date in effect for such Non-Extending Lender prior to the Extension Effective Date. With respect to any previously Non-Extending
Lender who is an Extending Lender with respect to a current Extension Request, by giving its consent, such Extending Lender shall
be approving an extension of more than one year.

(c) In the event of any such extension,
the Commitment of each Non-Extending Lender that has not been replaced as provided in Section 2.26(f) shall terminate on the Revolving
Credit Maturity Date in effect prior to any such extension, and the outstanding principal balance of all Loans, accrued and unpaid
interest and other fees payable hereunder to such Non-Extending Lender shall become due and payable on such Revolving Credit Maturity
Date. Thereafter, the aggregate Commitments effective

    	 	 	 

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as of such Revolving Credit Maturity Date shall be deemed equal to the Commitments
of the Extending Lenders and the Assuming Lenders in respect of such extension.

(d) Notwithstanding the foregoing, the
extension of the Revolving Credit Maturity Date pursuant to this Section 2.26 shall not be effective with respect to any Lender
unless (i) no Default or Event of Default has occurred and is continuing on the Extension Effective Date and immediately after
giving effect to such extension and (ii) the representations and warranties set forth in Article III are true and correct in all
material respects on and as of the Extension Effective Date, except to the extent such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects
as of such earlier date, and except that for purposes of this Section 2.26(d), the representations and warranties contained in
Sections 3.2, 3.3 and 3.11 shall be deemed to refer to the most recent statements furnished pursuant to Section 5.1. As a condition
precedent to each such extension, ViacomCBS shall deliver to the Administrative Agent a certificate of ViacomCBS dated as of the
Extension Effective Date signed by a Responsible Officer of ViacomCBS certifying as to compliance with this Section 2.26(d).

(e) Notwithstanding anything to the contrary
in this Section 2.26, the Revolving Credit Maturity Date may not be extended with respect to any Issuing Lender without the prior
written consent of such Issuing Lender (it being understood and agreed that, in the event any Issuing Lender shall not have consented
to any such extension, (i) such Issuing Lender shall continue to have all the rights and obligations of an Issuing Lender hereunder
through the applicable existing Revolving Credit Maturity Date and thereafter shall have no obligation to issue, amend, extend
or renew any Letter of Credit (but shall continue to be entitled to the benefits hereunder as to Letters of Credit issued prior
to such time) and (ii) ViacomCBS shall cause the Aggregate LC Exposure attributable to Letters of Credit issued by such Issuing
Lender to be zero no later than the day on which such Aggregate LC Exposure would have been required to have been reduced to zero
in accordance with the terms hereof without giving effect to the effectiveness of the extension of the applicable existing Revolving
Credit Maturity Date pursuant to this Section 2.26 (and, in any event, no later than such existing Revolving Credit Maturity Date)
together with any accrued interest thereon, on the existing Revolving Credit Maturity Date).

(f) If there are any Non-Extending Lenders,
ViacomCBS shall have the right to arrange for one or more Extending Lenders or new Lenders that will agree to an extension of the
Revolving Credit Maturity Date (each new Lender an “Assuming Lender”) to assume, effective as of the Extension
Effective Date, any Non-Extending Lender’s entire Commitment and all of the obligations of such Non-Extending Lender under
this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Non-Extending Lender; provided however
that:

(i)           all
additional cost reimbursements, expense reimbursements and indemnities payable to such Non-Extending Lender, and all other accrued
and unpaid amounts owing to such Non-Extending Lender hereunder, as of the

    	 	 	 

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effective date of such assignment
shall have been paid to such Non-Extending Lender; and

(ii)          with respect to any such Assuming Lender, any applicable processing and recordation fee required under Section 9.4(b)
for such assignment shall have been paid,

provided further
that such Non-Extending Lender’s rights under Sections 2.15, 2.16, 2.20 and 9.5, and its indemnification obligations under
Article VII, shall survive such assignment as to matters occurring prior to the date of assignment. At least one Business Day prior
to the applicable Extension Effective Date, (x) each such Assuming Lender, if any, shall have delivered to ViacomCBS and the Administrative
Agent an Assignment and Acceptance, duly executed by such Assuming Lender, such Non-Extending Lender, ViacomCBS and the Administrative
Agent and (y) each such Extending Lender shall have delivered confirmation in writing satisfactory to ViacomCBS and the Administrative
Agent as to the increase in the amount of its Commitment. Upon the payment or prepayment of all amounts referred to in clauses
(i) and (ii) above, each such Assuming Lender, as of the Extension Effective Date, will be substituted for such Non-Extending Lender
under this Agreement and shall become a Lender for all purposes of this Agreement with the rights and obligations of a Lender hereunder,
without any further acknowledgment by or the consent of the other Lenders, and the obligations of each such Non-Extending Lender
hereunder shall, by the provisions hereof, be released and discharged.

(g) In connection with any extension of
the Revolving Credit Maturity Date under this Section 2.26, the Administrative Agent and ViacomCBS may, without the consent of
any Lender or Issuing Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate,
in the opinion of the Administrative Agent and ViacomCBS, to give effect to the provisions of this Section 2.26.

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

ViacomCBS hereby represents and warrants,
and each Subsidiary Borrower by its execution and delivery of a Subsidiary Borrower Request represents and warrants (to the extent
specifically applicable to such Subsidiary Borrower), to each of the Lenders that:

Section 3.1. Corporate Existence.
Each of ViacomCBS and each Material Subsidiary: (a) is a corporation, partnership or other entity duly organized and validly existing
under the laws of the jurisdiction of its organization; (b) has all requisite corporate or other power, and has all material governmental
licenses, authorizations, consents and approvals, necessary to own its assets and carry on its business as now being conducted,
except where the failure to have any of the foregoing would not result in a Material Adverse Effect; and (c) is qualified to do
business in all jurisdictions in

    	 	 	 

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which the nature of the business conducted by it makes such qualification necessary and where
failure so to qualify would result in a Material Adverse Effect.

Section 3.2. Financial Condition.
The consolidated balance sheet of ViacomCBS and its Consolidated Subsidiaries as at December 31, 2018, and the related consolidated
statements of operations and cash flows of ViacomCBS and its Consolidated Subsidiaries for the fiscal year ended on such date,
with the opinion thereon of PricewaterhouseCoopers LLP, heretofore furnished to each of the Lenders (or made available to the Lenders
through access to a web site, including, without limitation, www.sec.gov), fairly present the consolidated financial condition
of ViacomCBS and its Consolidated Subsidiaries as at such date and the consolidated results of their operations for the fiscal
year ended on such date in accordance with GAAP. Neither ViacomCBS nor any of its Material Subsidiaries had on December 31, 2018
any known material contingent liability, except as referred to or reflected or provided for in any Exchange Act Report or in such
balance sheets (or the notes thereto) as at such date.

Section 3.3. Litigation. Except
as disclosed to the Lenders in any Exchange Act Report filed prior to the Effective Date or otherwise disclosed in writing to the
Lenders prior to the Effective Date, there are no legal or arbitral proceedings, or any proceedings by or before any Governmental
Authority, pending or (to the knowledge of ViacomCBS) threatened against ViacomCBS or any of its Material Subsidiaries which have
resulted in a Material Adverse Effect (it being agreed that any legal or arbitral proceedings which have been disclosed in any
Exchange Act Report, whether threatened, pending, resulting in a judgment or otherwise, prior to the time a final judgment for
the payment of money shall have been recorded against ViacomCBS or any Material Subsidiary by any Governmental Authority having
jurisdiction, and the judgment is non-appealable (or the time for appeal has expired) and all stays of execution have expired or
been lifted shall not, in and of itself, be deemed to result in a Material Adverse Effect). “Exchange Act Report”
shall mean, collectively, (a) the Annual Report of ViacomCBS on Form 10-K for the year ended December 31, 2018, Quarterly
Reports on Form 10-Q and Reports on Form 8-K of ViacomCBS filed with or furnished to the SEC and available on the SEC’s website
subsequent to December 31, 2018, and prior to the Effective Date, in each case, as amended or supplemented before the Effective
Date and (b) the Annual Report of Viacom on Form 10-K for the year ended September 30, 2019 and Reports on Form 8-K of Viacom filed
with or furnished to the SEC and available on the SEC’s website subsequent to September 30, 2019, and prior to the Effective
Date, in each case, as amended or supplemented before the Effective Date.

Section 3.4. No Breach, Etc. None
of the execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the
terms and provisions hereof will conflict with or result in a breach of, or require any consent under, the charter or By-laws (or
other equivalent organizational documents) of any Borrower, or any applicable law or regulation, or any order, writ, injunction
or decree of any Governmental Authority, or any material agreement or instrument to which ViacomCBS or any of its Material Subsidiaries
is a party or by which any of them is bound or to which any of them is subject, or constitute a default under any such agreement
or instrument, or result in the creation or imposition of any Lien upon any of

    	 	 	 

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the revenues or assets of ViacomCBS or any of its
Material Subsidiaries pursuant to the terms of any such agreement or instrument. Neither ViacomCBS nor any of its Material Subsidiaries
is in default under or with respect to any of its material contractual obligations in any respect which would have a Material Adverse
Effect.

Section 3.5. Corporate Action. Each
Borrower has all necessary corporate power and authority to execute, deliver and perform its obligations under this Agreement;
the execution and delivery by each Borrower of this Agreement (or, in the case of each Subsidiary Borrower, the relevant Subsidiary
Borrower Request), and the performance by each Borrower of this Agreement, have been duly authorized by all necessary corporate
action on such Borrower’s part; this Agreement (or, in the case of each Subsidiary Borrower, the relevant Subsidiary Borrower
Request) has been duly and validly executed and delivered by each Borrower; and this Agreement constitutes a legal, valid and binding
obligation of each Borrower, enforceable in accordance with its terms except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general applicability affecting the enforcement
of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

Section 3.6. Approvals. No authorizations,
approvals or consents of, and no filings or registrations with, any Governmental Authority are necessary for the execution, delivery
or performance by each Borrower of this Agreement or for the validity or enforceability hereof.

Section 3.7. ERISA. ViacomCBS and,
to the best of its knowledge, its ERISA Affiliates have fulfilled their respective obligations under the minimum funding standards
of ERISA and the Code with respect to each Plan and are in compliance in all material respects with the currently applicable provisions
of ERISA and the Code except where any failure or non-compliance would not result in a Material Adverse Effect.

Section 3.8. Taxes. ViacomCBS and
its Material Subsidiaries, to the knowledge of ViacomCBS, have filed all United States Federal income tax returns and all other
material tax returns which are required to be filed by or in respect of them and have paid or caused to be paid all taxes shown
as due on such returns or pursuant to any assessment received by ViacomCBS or any of its Material Subsidiaries, except those being
contested and reserved against in accordance with Section 5.2.

Section 3.9. Investment Company Act.
No Borrower is an “investment company”, or a company “controlled” by an “investment
company”, subject to regulation under the Investment Company Act of 1940, as amended.

Section 3.10. Environmental. Except
as in the aggregate would not have a Material Adverse Effect, neither ViacomCBS nor any of its Subsidiaries has received any notice
of violation, alleged violation, non-compliance or liability regarding environmental matters or compliance with Environmental Laws
with regard to any of its

    	 	 	 

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or its Subsidiaries’ Properties or business, nor does ViacomCBS have any knowledge that any notice
will be received or is being threatened.

Section 3.11. Material Subsidiaries.
The list of Subsidiaries set forth in the Annual Report of ViacomCBS on Form 10-K for the year ended December 31, 2018, is
complete and correct in all material respects with respect to Material Subsidiaries as of the date such Form 10-K was filed.

Section 3.12. Anti-Corruption Laws and
Sanctions. ViacomCBS has implemented and maintains in effect policies and procedures designed to ensure compliance by ViacomCBS,
its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and
to the knowledge of ViacomCBS’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Controller, Treasurer
and General Counsel, is in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of ViacomCBS,
any Subsidiary or, to the knowledge of ViacomCBS’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
Controller, Treasurer and General Counsel, any director, officer or employee of ViacomCBS or any Subsidiary that will act in connection
with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing will be made or Letter of Credit
issued (A) for the purpose of an offer, payment, promise to pay or authorization of the payment or giving of money, or anything
else of value, to any Person in violation of applicable Anti-Corruption Laws, or (B) for the purpose of funding, financing or facilitating
unauthorized transactions with any Sanctioned Person. No transactions undertaken by ViacomCBS and its Subsidiaries hereunder will
be undertaken in violation of Anti-Corruption Laws or applicable Sanctions.

ARTICLE
IV

CONDITIONS OF EFFECTIVENESS AND LENDING

Section 4.1. Effectiveness. The
effectiveness of this Agreement is subject to the satisfaction of the following conditions:

(a) Credit Agreement. The Administrative
Agent shall have received this Agreement, executed and delivered by a duly authorized officer of ViacomCBS.

(b) Closing Certificate. The Administrative
Agent shall have received a Closing Certificate, substantially in the form of Exhibit E, of ViacomCBS, dated the Effective
Date, with appropriate insertions and attachments.

(c) Fees, Expenses and Interest. The
Administrative Agent shall have received, in immediately available funds, payment of all outstanding loans and interest and fees
accrued to the Effective Date under the Existing Credit Agreement, as well as costs, fees, out-of-pocket expenses, compensation
and other amounts then due and payable in connection with the Existing Credit Agreement.

(d) Opinion of Counsel. The Administrative
Agent shall have received an opinion of the general counsel of ViacomCBS, dated the Effective Date, in form and

    	 	 	 

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substance satisfactory
to the Administrative Agent and customary for transactions of this type.

(e) Termination of CBS Credit Agreement.
On or prior to the Effective Date, all principal, accrued and unpaid interest, fees, premium, if any, and other amounts outstanding
under and with respect to the CBS Credit Agreement (other than any applicable Designated Letters of Credit) shall have been repaid
in full, all commitments to extend credit thereunder shall have been terminated and any security interests and guarantees in connection
therewith shall have been terminated and/or released. Each Lender party hereto that is a lender under the CBS Credit Agreement
on the Effective Date hereby waives the requirement for a notice of such termination pursuant to Section 2.13 of the CBS Credit
Agreement to be delivered three Business Days prior to the effectiveness of such termination.

Upon satisfaction of each of the conditions set forth in
this Section 4.1, ViacomCBS and the Administrative Agent shall execute a certificate of effectiveness in the form attached
hereto as Exhibit I confirming such satisfaction and confirming the Effective Date and, thereafter, the Administrative Agent
shall promptly notify the Lenders in writing of the Effective Date, and such notice shall be conclusive and binding.

Section 4.2. Initial Loans to Subsidiary
Borrowers. The obligations of the Lenders or Issuing Lenders, as the case may be, to make the initial extension of credit hereunder
(whether in the form of a Loan or the issuance of a Letter of Credit) to a particular Subsidiary Borrower, if designated as such
on or after the Effective Date, is subject to the satisfaction of the condition that ViacomCBS shall have delivered to the Administrative
Agent a Closing Certificate of such Subsidiary Borrower, with appropriate insertions and attachments, one or more executed legal
opinions with respect to such Subsidiary Borrower, and, to the extent not previously provided in connection with Section 2.25 hereto,
all documentation and other information reasonably requested by any Lender through the Administrative Agent at least five Business
Days prior to such initial extension of credit to satisfy the requirements of bank regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation
(in the case of a non-U.S. Subsidiary Borrower only), in each case, in form and substance reasonably satisfactory to the Administrative
Agent.

Section 4.3. All Credit Events.
The obligation of each Lender to make each Loan, and the obligation of each Issuing Lender to issue each Letter of Credit, are
subject to the satisfaction of the following conditions:

(a) The Administrative Agent shall have
received a request for, or notice of, such Credit Event if and as required by Section 2.3, 2.4, 2.6 or 2.7, as applicable;

(b) Each of the representations and warranties
made by ViacomCBS and, in the case of a borrowing by a Subsidiary Borrower, by such Subsidiary Borrower, in Sections 3.1, 3.2,
3.4, 3.5 and 3.6 shall be true and correct in all material respects on and as of the date of such Credit Event with the same effect
as though made on and as of such

    	 	 	 

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date, except to the extent such representations and warranties expressly relate to an earlier
date in which case such representations and warranties shall be true and correct in all material respects as of such earlier date;

(c) At the time of and immediately after
giving effect to such Credit Event no Default or Event of Default shall have occurred and be continuing; and

(d) After giving effect to such Credit
Event, (i) with respect to Revolving Credit Loans, (A) the Outstanding Revolving Extensions of Credit of each Lender shall not
exceed such Lender’s Commitment then in effect unless, in the case of a Swingline Lender, such Swingline Lender shall otherwise
consent and (B) the Total Facility Exposure shall not exceed the Total Commitment then in effect, and (ii) with respect to Multi-Currency
Revolving Loans, (A) the outstanding Multi-Currency Revolving Loans in a particular Multi-Currency shall not exceed the Multi-Currency
Sublimit for such currency and (B) the aggregate outstanding Multi-Currency Revolving Loans shall not exceed the Total Multi-Currency
Sublimit.

Each Credit Event shall be deemed to constitute a representation
and warranty by ViacomCBS on the date of such Credit Event as to the matters specified in paragraphs (b) and (c) of this Section 4.3.

ARTICLE
V

COVENANTS

ViacomCBS covenants and agrees with each
Lender that, as long as the Commitments shall be in effect or the principal of or interest on any Loan shall be unpaid, or there
shall be any Aggregate LC Exposure, unless the Required Lenders shall otherwise consent in writing:

Section 5.1. Financial Statements.
ViacomCBS shall deliver to each of the Lenders:

(a) within 60 days after the end
of each of the first three quarterly fiscal periods of each fiscal year of ViacomCBS, consolidated statements of operations and
cash flows of ViacomCBS and its Consolidated Subsidiaries for such period and for the period from the beginning of the respective
fiscal year to the end of such period, and the related consolidated balance sheet as at the end of such period, setting forth in
each case in comparative form the corresponding consolidated figures for the corresponding period in the preceding fiscal year,
accompanied by a certificate of a Financial Officer of ViacomCBS which certificate shall state that such financial statements fairly
present the consolidated financial condition and results of operations of ViacomCBS and its Consolidated Subsidiaries in accordance
with GAAP as at the end of, and for, such period, subject to normal year-end audit adjustments; provided, that the requirement
herein for the furnishing of such quarterly financial statements may be fulfilled by providing to the Lenders the report of ViacomCBS
to the SEC on Form 10-Q for

    	 	 	 

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the applicable quarterly period, accompanied by the officer’s certificate described in the
last paragraph of this Section 5.1;

(b) within 120 days after the end
of each fiscal year of ViacomCBS, consolidated statements of operations and cash flows of ViacomCBS and its Consolidated Subsidiaries
for such year and the related consolidated balance sheet as at the end of such year, setting forth in comparative form the corresponding
consolidated figures for the preceding fiscal year, and accompanied by an opinion thereon (unqualified as to the scope of the audit)
of independent certified public accountants of recognized national standing, which opinion shall state that such consolidated financial
statements fairly present the consolidated financial condition and results of operations of ViacomCBS and its Consolidated Subsidiaries
as at the end of, and for, such fiscal year; provided, that the requirement herein for the furnishing of annual financial
statements may be fulfilled by providing to the Lenders the report of ViacomCBS to the SEC on Form 10-K for the applicable
fiscal year;

(c) promptly upon their becoming
publicly available, copies of all registration statements and regular periodic reports (including without limitation any and all
reports on Form 8-K), if any, which ViacomCBS or any of its Subsidiaries shall have filed with the SEC or any national securities
exchange;

(d) promptly upon the mailing thereof
to the shareholders of ViacomCBS generally, copies of all financial statements, reports and proxy statements so mailed;

(e) within 30 days after a Responsible
Officer of ViacomCBS knows or has reason to believe that any of the events or conditions specified below with respect to any Plan
or Multiemployer Plan have occurred or exist which would reasonably be expected to result in a Material Adverse Effect, a statement
signed by a senior financial officer of ViacomCBS setting forth details respecting such event or condition and the action, if any,
which ViacomCBS or its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice required to be
filed with or given to the PBGC by ViacomCBS or an ERISA Affiliate with respect to such event or condition):

(i) any reportable event, as defined
in Section 4043(c) of ERISA and the regulations issued thereunder, with respect to a Plan, as to which the PBGC has not by
regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such
event; provided, that a failure to meet the minimum funding standards of Section 412 or 430 of the Code or Section 302
of ERISA shall be a reportable event regardless of the issuance of any waiver in accordance with Section 412(c) of the Code
or Section 302(c) of ERISA;

(ii) the filing under Section 4041
of ERISA of a notice of intent to terminate any Plan or the termination of any Plan;

    	 	 	 

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(iii) the institution by the PBGC
of proceedings under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee under Section 4042(b)
of ERISA to administer, any Plan, or the receipt by ViacomCBS or any ERISA Affiliate of a notice from a Multiemployer Plan that
such action has been taken by the PBGC with respect to such Multiemployer Plan;

(iv) the complete or partial withdrawal
by ViacomCBS or any ERISA Affiliate under Section 4201 or 4204 of ERISA from a Multiemployer Plan, or the receipt by ViacomCBS
or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241
or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;

(v) the institution of a proceeding
by a fiduciary of any Multiemployer Plan against ViacomCBS or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding
is not dismissed within 30 days; and

(vi) a failure to make a required
installment or other payment with respect to a Plan (within the meaning of Section 430(k) of the Code), in which case the
notice required hereunder shall be provided within 10 days after the due date for filing notice of such failure with the PBGC;

(f) promptly after a Responsible
Officer of ViacomCBS knows or has reason to believe that any Default or Event of Default has occurred, a notice of such Default
or Event of Default describing it in reasonable detail and, together with such notice or as soon thereafter as possible, a description
of the action that ViacomCBS has taken and proposes to take with respect thereto;

(g) promptly after a Responsible
Officer of ViacomCBS knows that any change has occurred in ViacomCBS’s Debt Rating by any Rating Agency, a notice describing
such change; and

(h) promptly from time to time
such other information regarding the financial condition, operations or business of ViacomCBS or any of its Subsidiaries (including,
without limitation, any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA) as any
Lender through the Administrative Agent may reasonably request.

ViacomCBS will furnish to the Administrative Agent and each
Lender, at the time it furnishes each set of financial statements pursuant to paragraph (a) or (b) above, a certificate (which
may be a copy in the case of each Lender) of a Financial Officer of ViacomCBS (a “Compliance Certificate”) (i)
to the effect that no Default or Event of Default has occurred and is continuing (or, if any Default or Event of Default has occurred
and is continuing, describing it in reasonable detail and describing the action that ViacomCBS has taken and proposes to take with
respect thereto), and (ii) setting forth in reasonable detail the computations (including any pro forma calculations as
described in Section 1.2(c)) necessary to determine whether ViacomCBS is in

    	 	 	 

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compliance with the Financial Covenant as of the
end of the respective quarterly fiscal period or fiscal year. Each Lender hereby agrees that ViacomCBS may, in its discretion,
provide any notice, report or other information to be provided pursuant to this Section 5.1 to such Lender (i) by electronic
mail to the electronic mail address provided by such Lender and/or (ii) through access to a web site, including, without limitation,
www.sec.gov.

Section 5.2. Corporate Existence, Etc.
ViacomCBS will, and will cause each of its Material Subsidiaries to, preserve and maintain its legal existence and all of its material
rights, privileges and franchises (provided that (a) nothing in this Section 5.2 shall prohibit any transaction expressly
permitted under Section 5.4, (b) the corporate existence of any Subsidiary (other than a Subsidiary Borrower) may be terminated
if, in the good faith judgment of the board of directors or the Chief Financial Officer of ViacomCBS, such termination is in the
best interests of ViacomCBS and such termination would not have a Material Adverse Effect, and (c) ViacomCBS or such Material Subsidiary
shall not be required to preserve or maintain any such right, privilege or franchise if the board of directors of ViacomCBS or
such Material Subsidiary, as the case may be, shall determine that the preservation or maintenance thereof is no longer desirable
in the conduct of the business of ViacomCBS or such Material Subsidiary, as the case may be); comply with the requirements of all
applicable laws, rules, regulations and orders of Governmental Authorities (including, without limitation, all Environmental Laws)
and with all contractual obligations if failure to comply with such requirements or obligations would reasonably be expected to
result in a Material Adverse Effect; pay and discharge all material taxes, assessments, governmental charges, levies or other obligations
of whatever nature imposed on it or on its income or profits or on any of its Property prior to the date on which penalties attach
thereto, except for any such tax, assessment, charge, levy or other obligation the payment of which is being contested in good
faith and by proper proceedings and against which adequate reserves are being maintained; maintain all its Property used or useful
in its business in good working order and condition, ordinary wear and tear excepted, all as in the judgment of ViacomCBS or such
Material Subsidiary may be necessary so that the business carried on in connection therewith may be properly and advantageously
conducted at all times (provided that ViacomCBS or such Material Subsidiary shall not be required to maintain any such Property
if the failure to maintain any such Property is, in the judgment of ViacomCBS or such Material Subsidiary, desirable in the conduct
of the business of ViacomCBS or such Material Subsidiary); keep proper books of records and accounts in which entries that are
full, true and correct in all material respects shall be made in conformity with GAAP; and permit representatives of any Lender,
during normal business hours upon reasonable advance notice, to inspect any of its books and records and to discuss its business
and affairs with its Financial Officers or their designees, all to the extent reasonably requested by such Lender.

Section 5.3. Insurance. ViacomCBS
will, and will cause each of its Material Subsidiaries to, keep insured by financially sound and reputable insurers all Property
of a character usually insured by corporations engaged in the same or similar business and similarly situated against loss or damage
of the kinds and in the amounts consistent with prudent business practice and carry such other insurance as is consistent

    	 	 	 

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with
prudent business practice (it being understood that self-insurance shall be permitted to the extent consistent with prudent business
practice).

Section 5.4. Prohibition of Fundamental
Changes. ViacomCBS will not, and will not permit any of its Material Subsidiaries to, (i) enter into any transaction of merger,
consolidation, liquidation or dissolution (including, without limitation, pursuant to an LLC Division) or (ii) Dispose of, in one
transaction or a series of related transactions, all or a substantial part of the consolidated assets of ViacomCBS and its Subsidiaries
taken as a whole, whether now owned or hereafter acquired (excluding (x) financings by way of sales of receivables or inventory,
(y) inventory or other Property Disposed of in the ordinary course of business and (z) obsolete or worn-out Property, tools or
equipments no longer used or useful in its business). Notwithstanding the foregoing provisions of this Section 5.4:

(a) any Subsidiary of ViacomCBS
may be merged or consolidated with or into: (i) ViacomCBS if ViacomCBS shall be the continuing or surviving corporation or (ii)
any other such Subsidiary; provided, that (x) if any such transaction shall be between a Subsidiary and a Wholly Owned Subsidiary,
such Wholly Owned Subsidiary shall be the continuing or surviving corporation and (y) if any such transaction shall be between
a Subsidiary and a Subsidiary Borrower, the continuing or surviving corporation shall be a Subsidiary Borrower;

(b) any Subsidiary of ViacomCBS
may distribute, dividend or Dispose of any of or all its Property (upon voluntary liquidation or otherwise) to ViacomCBS or a Wholly
Owned Subsidiary of ViacomCBS;

(c) ViacomCBS may merge or consolidate
with or into any other Person if (i) either (x) ViacomCBS is the continuing or surviving corporation or (y) the corporation formed
by such consolidation or into which ViacomCBS is merged shall be a corporation organized under the laws of the United States of
America, any State thereof or the District of Columbia and shall expressly assume the obligations of ViacomCBS hereunder pursuant
to a written agreement and shall have delivered to the Administrative Agent such agreement and a certificate of a Responsible Officer
and an opinion of counsel to the effect that such merger or consolidation complies with this Section 5.4(c), and (ii) after
giving effect thereto and to any repayment of Loans to be made upon consummation thereof (it being expressly understood that no
repayment of Loans is required solely by virtue thereof), no Default or Event of Default shall have occurred and be continuing;

(d) any Subsidiary of ViacomCBS
may merge or consolidate with or into any other Person if, after giving effect thereto and to any repayment of Loans to be made
upon the consummation thereof (it being expressly understood that, except as otherwise expressly provided in Section 4.2 with
respect to Subsidiary Borrowers, no repayment of Loans is required solely by virtue thereof), no Default or Event of Default shall
have occurred and be continuing;

    	 	 	 

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(e) ViacomCBS or any Subsidiary
of ViacomCBS may Dispose of its Property if, after giving effect thereto and to any repayment of Loans to be made upon the consummation
thereof (it being expressly understood that, except as otherwise expressly provided in Section 4.2 with respect to Subsidiary
Borrowers, no repayment of Loans is required solely by virtue thereof), no Default or Event of Default shall have occurred and
be continuing; and

(f) any Subsidiary of ViacomCBS
may consummate an LLC Division; provided that if any such LLC Division is of a Subsidiary Borrower either (i) the Loans
made to such Subsidiary Borrower shall be repaid or (ii) a resulting LLC of such LLC Division shall comply with Section 4.2 with
respect to becoming a Subsidiary Borrower.

Section 5.5. Limitation on Liens.
ViacomCBS shall not, directly or indirectly, create or suffer to exist, or permit any of its Subsidiaries to create or suffer to
exist, any Lien upon or with respect to any of its Properties, whether now owned or hereafter acquired, or assign, or permit any
of its Subsidiaries to assign, any right to receive income, in each case to secure or provide for the payment of any Indebtedness
of any Person, except:

(a) purchase money Liens or purchase
money security interests upon or in any Property acquired or held by ViacomCBS or any Subsidiary of ViacomCBS in the ordinary course
of business to secure the purchase price of such Property or to secure Indebtedness incurred solely for the purpose of financing
the acquisition of such Property;

(b) Liens existing on Property
at the time of its acquisition (other than any such Lien created in contemplation of such acquisition);

(c) Liens on Property of Persons
which become or became Subsidiaries securing Indebtedness existing, with respect to any such Person, on the date such Person becomes
or became a Subsidiary (other than any such Lien created in contemplation of such Person becoming a Subsidiary);

(d) Liens securing Indebtedness
incurred by ViacomCBS or any Subsidiary of ViacomCBS; provided, however, that the aggregate principal amount of Indebtedness
referred to in this clause (d) secured by Liens shall not exceed $100,000,000 at any time outstanding; and

(e) any Lien securing the renewal,
extension or refunding of any Indebtedness secured by any Lien permitted by clause (a), (b), (c) or (d) above that does not extend
to Indebtedness other than that which is being renewed, extended or refunded.

Section 5.6. Limitation on Subsidiary
Indebtedness. ViacomCBS will not permit any of its Subsidiaries to create, incur, assume or suffer to exist any Indebtedness
(which includes, for the purposes of this Section 5.6, any preferred stock), except:

    	 	 	 

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(a) Indebtedness of any Person which is
acquired by ViacomCBS or any of its Subsidiaries after the Effective Date, which Indebtedness was outstanding prior to the date
of acquisition of such Person and was not created in anticipation thereof;

(b) any Indebtedness owing by ViacomCBS
or any of its Subsidiaries to ViacomCBS or any of its Subsidiaries (including any intercompany Indebtedness created by the declaration
of any dividend (including a note payable dividend) by any Subsidiary to ViacomCBS or any of its other Subsidiaries);

(c) Indebtedness (including backed-up commercial
paper) of any Subsidiary Borrower under this Agreement;

(d) Indebtedness outstanding on the Effective
Date and set forth on Schedule 5.6;

(e) any replacement, renewal, refinancing
or extension of any Indebtedness permitted by Section 5.6(a) through (c) or set forth on Schedule 5.6 that does not exceed
the aggregate principal amount (plus associated fees and expenses) of the Indebtedness being replaced, renewed, refinanced or extended
(except that accrued and unpaid interest may be part of any refinancing);

(f) Indebtedness incurred to finance the
acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness
assumed in connection with the acquisition of any such assets; provided, that such Indebtedness is incurred prior to or
within 90 days after such acquisition or the completion of such construction or improvement and the principal amount of such Indebtedness
does not exceed the cost of acquiring, constructing or improving such fixed or capital assets; and

(g) Indebtedness incurred after the Effective
Date; provided, that after giving effect thereto the aggregate principal amount of Indebtedness incurred pursuant to this
paragraph (g) that is outstanding on such date (it being understood that, for the purposes of this paragraph (g), the
term “Indebtedness” does not include Indebtedness excepted by any of clauses (a) through (f) inclusive) does
not exceed the greater of (i) an aggregate principal amount in excess of 5% of Consolidated Tangible Assets (measured by reference
to the then latest financial statements delivered pursuant to Section 5.1(a) or (b), as applicable; provided, that
prior to the delivery of any such financial statements, Consolidated Tangible Assets shall be measured by reference to the most
recent financial statements referred to in Section 3.3) and (ii) $1,000,000,000 at any time.

Section 5.7. Consolidated Total Leverage
Ratio. ViacomCBS will not permit the Consolidated Total Leverage Ratio, as of the last day of any fiscal quarter of ViacomCBS,
to be greater than 4.50 to 1.00; provided that, following the consummation of a Qualifying Acquisition, if ViacomCBS shall
so elect by a notice delivered to the Administrative Agent within 60 days after the end of the fiscal period in which the consummation
of such Qualifying Acquisition occurs or in connection with the delivery of a Compliance Certificate, whichever is sooner; provided,
however that no Default or

    	 	 	 

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Event of Default may be declared under this Section 5.7 nor shall be deemed to have occurred for the
period commencing at the end of such fiscal quarter and until such election is made, such maximum Consolidated Total Leverage Ratio
shall be increased to 5.00 to 1.00 at the end of and for the fiscal quarter during which such Qualifying Acquisition shall have
been consummated and at the end of and for each of the following three consecutive fiscal quarters. Following any election under
this Section 5.7, ViacomCBS may not make a subsequent election until after the required Consolidated Total Leverage Ratio level
has returned to 4.50 to 1.00 for at least two consecutive fiscal quarters following such election.

Section 5.8. Use of Proceeds. On
and after the Effective Date, each Borrower will use the proceeds of the Loans and will use the Letters of Credit hereunder solely
for general corporate purposes (in each case in compliance with all applicable legal and regulatory requirements, including, without
limitation, Regulation U and the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the
regulations thereunder); provided, that neither any Agent nor any Lender shall have any responsibility as to the use of
any of such proceeds.

Section 5.9. Transactions with Affiliates.
Excepting transactions directly or indirectly entered into pursuant to any agreement entered into prior to the Effective Date,
or transactions contemplated by any agreement directly or indirectly entered into prior to the Effective Date, ViacomCBS will not,
and will not permit any of its Material Subsidiaries to, directly or indirectly enter into any material transaction with any Affiliate
of ViacomCBS except on terms at least as favorable to ViacomCBS or such Subsidiary as it could obtain on an arm’s-length
basis.

ARTICLE
VI

EVENTS OF DEFAULT

In case of the happening of any of the
following events (“Events of Default”);

(a) (i) any Borrower shall default
in the payment when due of any principal of any Loan or (ii) any Borrower shall default in the payment when due of any interest
on any Loan, any reimbursement obligation in respect of any LC Disbursement, any Fee or any other amount payable by it hereunder
and, in the case of this clause (ii), such default shall continue unremedied for a period of five Business Days;

(b) any representation, warranty
or certification made or deemed made herein (or in any modification or supplement hereto) by any Borrower, or any certificate furnished
to any Lender or the Administrative Agent pursuant to the provisions hereof, shall prove to have been false or misleading in any
material respect as of the time made, deemed made or furnished;

    	 	 	 

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(c) (i) ViacomCBS shall default
in the performance of any of its obligations under Sections 5.7 or 5.8, (ii) ViacomCBS shall default in the performance of
any of its obligations under Section 5.4 and, in the case of this clause (ii), such default shall continue unremedied for
a period of 5 days after notice thereof to ViacomCBS by the Administrative Agent or the Required Lenders (through the Administrative
Agent), or (iii) ViacomCBS shall default in the performance of any of its other obligations under this Agreement and, in the case
of this clause (iii), such default shall continue unremedied for a period of 15 days after notice thereof to ViacomCBS by the Administrative
Agent or the Required Lenders (through the Administrative Agent);

(d) ViacomCBS or any of its Subsidiaries
shall (i) fail to pay at final maturity any Indebtedness in an aggregate amount in excess of $250,000,000, or (ii) fail to make
any payment (whether of principal, interest or otherwise), regardless of amount, due in respect of, or fail to observe or perform
any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing, any such Indebtedness,
in excess of $250,000,000 if the effect of any failure referred to in this clause (ii) has caused such Indebtedness to become due
prior to its stated maturity (it being agreed that for purposes of this paragraph (d) only, the term “Indebtedness”
shall include obligations under any interest rate protection agreement, foreign currency exchange agreement or other interest or
exchange rate hedging agreement and that the amount of any Person’s obligations under any such agreement shall be the net
amount that such Person could be required to pay as a result of a termination thereof by reason of a default thereunder);

(e) ViacomCBS or any of its Material
Subsidiaries shall admit in writing its inability, or be generally unable, to pay its debts as such debts become due;

(f) ViacomCBS or any of its Material
Subsidiaries shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, trustee or liquidator
of itself or of all or a substantial part of its Property, (ii) make a general assignment for the benefit of its creditors, (iii)
commence a voluntary case under the Bankruptcy Code (as now or hereafter in effect), (iv) file a petition seeking to take advantage
of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of debts, (v) fail
to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case
under the Bankruptcy Code, or (vi) take any corporate action for the purpose of effecting any of the foregoing;

(g) a proceeding or a case shall
be commenced in respect of ViacomCBS or any of its Material Subsidiaries, without the application or consent of ViacomCBS or any
of its Material Subsidiaries, in any court of competent jurisdiction, seeking (i) its liquidation, reorganization, dissolution
or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator
or the like of ViacomCBS or such Material Subsidiary or of all or any substantial part of its assets or (iii) similar relief in

    	 	 	 

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respect of ViacomCBS or such Material Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up,
or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree
approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days;
or an order for relief against ViacomCBS or such Material Subsidiary shall be entered in an involuntary case under the Bankruptcy
Code;

(h) subject to Schedule VI(h),
a final judgment or judgments for the payment of money in excess of $250,000,000 in the aggregate shall be rendered by one or more
courts, administrative tribunals or other bodies having jurisdiction against ViacomCBS and/or any of its Material Subsidiaries
and the same shall not be paid or discharged (or provision shall not be made for such discharge), or a stay of execution thereof
shall not be procured, within 60 days from the date of entry thereof and ViacomCBS or the relevant Material Subsidiary shall not,
within said period of 60 days, or such longer period during which execution of the same shall have been stayed, appeal therefrom
and cause the execution thereof to be stayed during such appeal;

(i) an event or condition specified
in Section 5.1(e) shall occur or exist with respect to any Plan or Multiemployer Plan and, as a result of such event or condition,
together with all other such events or conditions, ViacomCBS or any ERISA Affiliate shall incur or shall be reasonably likely to
incur a liability to a Plan, a Multiemployer Plan or the PBGC (or any combination of the foregoing) which would constitute a Material
Adverse Effect; or

(j) the guarantee by ViacomCBS
contained in Section 8.1 shall cease, for any reason, to be in full force and effect or ViacomCBS shall so assert;

then and in every such event (other than an event with respect
to ViacomCBS described in paragraph (f) or (g) above), and at any time thereafter during the continuance of such event, the Administrative
Agent may, and at the request of the Required Lenders shall, by notice to ViacomCBS, take any or all of the following actions,
at the same or different times: (I) terminate forthwith the Commitments, (II) declare the Loans then outstanding to be forthwith
due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of each Borrower accrued hereunder, shall become forthwith
due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived
by each Borrower, anything contained herein to the contrary notwithstanding, and (III) require that ViacomCBS deposit cash with
the Administrative Agent, in an amount equal to the Aggregate LC Exposure, as collateral security for the repayment of any future
LC Disbursements; and in any event with respect to any Borrower described in paragraph (f) or (g) above, (A) if such Borrower is
ViacomCBS, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of each Borrower accrued hereunder, shall automatically
become due and payable and ViacomCBS shall be required to deposit cash

    	 	 	 

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with the Administrative Agent, in an amount equal to the
Aggregate LC Exposure, as collateral security for the repayment of any future drawings under the Letters of Credit and (B) if such
Borrower is a Subsidiary Borrower, the principal of the Loans made to such Subsidiary Borrower then outstanding, together with
accrued interest thereon and all other liabilities of such Subsidiary Borrower accrued hereunder, shall automatically become due
and payable and such Subsidiary Borrower shall be required to deposit cash with the Administrative Agent, in an amount equal to
the outstanding Letters of Credit issued to such Subsidiary Borrower, as collateral security for the repayment of any future drawings
under the Letters of Credit, in each case without presentment, demand, protest or any other notice of any kind, all of which are
hereby expressly waived by each Borrower, anything contained herein to the contrary notwithstanding.

ARTICLE
VII

THE AGENTS

In order to expedite the transactions contemplated
by this Agreement, each Agent is hereby appointed to act as Agent on behalf of the Lenders. Each of the Lenders and the Issuing
Lenders hereby irrevocably authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as
are specifically delegated to the Administrative Agent by the terms and provisions hereof, together with such actions and powers
as are reasonably incidental thereto. The Administrative Agent is hereby expressly authorized by the Lenders and the Issuing Lenders,
without hereby limiting any implied authority, (a) to receive on behalf of the Lenders and Issuing Lenders all payments of principal
of and interest on the Loans and the LC Disbursements and all other amounts due to the Lenders and the Issuing Lenders hereunder,
and promptly to distribute to each Lender and Issuing Lender its proper share of each payment so received, (b) to give notice on
behalf of each of the Lenders to the Borrowers of any Event of Default specified in this Agreement of which the Administrative
Agent has actual knowledge acquired in connection with its agency hereunder and (c) to distribute to each Lender and Issuing Lender
copies of all notices, financial statements and other materials delivered by any Borrower pursuant to this Agreement as received
by the Administrative Agent.

Neither any Agent nor any of its directors,
officers, employees or agents shall be liable as such for any action taken or omitted by any of them except for its or his own
gross negligence or willful misconduct, or be responsible for any statement, warranty or representation herein or the contents
of any document delivered in connection herewith, or be required to ascertain or to make any inquiry concerning the performance
or observance by any Borrower of any of the terms, conditions, covenants or agreements contained in this Agreement. The Agents
shall not be responsible to the Lenders for the due execution, genuineness, validity, enforceability or effectiveness of this Agreement
or other instruments or agreements. None of the Agents or the Borrowers shall be subject to any fiduciary or other implied duties,
regardless of whether a Default or an Event of Default has occurred and is continuing, and no provision in the Loan Documents and
no course of dealing between the parties hereto shall be deemed to create any fiduciary duty owing to any Agent, any Lender, any
Borrower or any Subsidiary, or

    	 	 	 

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any of their respective Affiliates, by any party hereto. The Administrative Agent shall in all cases
be fully protected in acting, or refraining from acting, in accordance with written instructions signed by the Required Lenders
(or, when expressly required hereby, all the Lenders) and, except as otherwise specifically provided herein, such instructions
and any action or inaction pursuant thereto shall be binding on all the Lenders and the Issuing Lenders. The Administrative Agent
shall, in the absence of knowledge to the contrary, be entitled to rely on any instrument or document believed by it in good faith
to be genuine and correct and to have been signed or sent by the proper Person or Persons. Neither the Agents nor any of their
directors, officers, employees or agents shall have any responsibility to any Borrower on account of the failure of or delay in
performance or breach by any Lender or Issuing Lender of any of its obligations hereunder or to any Lender or Issuing Lender on
account of the failure of or delay in performance or breach by any other Agent, any other Lender or Issuing Lender or any Borrower
of any of their respective obligations hereunder or in connection herewith. The Administrative Agent may execute any and all duties
hereunder by or through agents or employees and shall be entitled to rely upon the advice of legal counsel selected by it with
respect to all matters arising hereunder and shall not be liable for any action taken or suffered in good faith by it in accordance
with the advice of such counsel.

The Lenders and the Issuing Lenders hereby
acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant
to the provisions of this Agreement unless it shall be requested in writing to do so by the Required Lenders.

Subject to the appointment and acceptance
of a successor Administrative Agent as provided below, the Administrative Agent may resign at any time by notifying the Lenders,
the Issuing Lenders and the Borrowers. Upon any such resignation, the Required Lenders shall have the right to appoint from the
Lenders a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent
may, on behalf of the Lenders, appoint from the Lenders a successor Administrative Agent which shall be a bank with an office in
New York, New York, having a combined capital and surplus of at least $500,000,000 or an affiliate of any such bank, which successor
shall be acceptable to ViacomCBS (such acceptance not to be unreasonably withheld). Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor bank, such successor shall succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.5
shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative
Agent.

With respect to the Loans made by them
and their LC Exposure hereunder, the Agents in their individual capacity and not as Agents shall have the same rights and powers
as any other Lender and may exercise the same as though they were not Agents, and the Agents and their affiliates may accept deposits
from, lend money to

    	 	 	 

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and generally engage in any kind of business with the Borrowers or any of their respective Subsidiaries or
any Affiliate thereof as if they were not Agents.

Each Lender and Issuing Lender agrees (i)
to reimburse the Administrative Agent in the amount of its pro rata share (based on its Total Facility Percentage or, after
the date on which the Loans shall have been paid in full, based on its Total Facility Percentage immediately prior to such date)
of any reasonable, out-of-pocket expenses incurred for the benefit of the Lenders or the Issuing Lenders by the Administrative
Agent, including reasonable counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders
or the Issuing Lenders, which shall not have been reimbursed by or on behalf of any Borrower and (ii) to indemnify and hold harmless
the Administrative Agent and any of its directors, officers, employees or agents, in the amount of such pro rata share,
from and against any and all liabilities, taxes, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against it in its capacity as
Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by it under this Agreement,
to the extent the same shall not have been reimbursed by or on behalf of ViacomCBS; provided, that no Lender or Issuing
Lender shall be liable to the Administrative Agent or any such director, officer, employee or agent for any portion of such liabilities,
taxes, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the
gross negligence or willful misconduct of the Administrative Agent or any of its directors, officers, employees or agents.

Each Lender and Issuing Lender acknowledges
that it has, independently and without reliance upon the Agents or any other Lender or Issuing Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and Issuing Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or Issuing
Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or
thereunder.

None of the Documentation Agents, the Syndication
Agents, the Joint Lead Arrangers, the Joint Bookrunners or any managing agent shall have any duties, liabilities or responsibilities
hereunder in its capacity as such.

ARTICLE
VIII

VIACOMCBS GUARANTEE

Section 8.1. ViacomCBS Guarantee.
(a) Guarantee. In order to induce the Administrative Agent and the Lenders to become bound by this Agreement and to make
the Loans hereunder to the Subsidiary Borrowers, and in consideration thereof, ViacomCBS hereby unconditionally and irrevocably
guarantees, as primary obligor and not merely as surety, to the Administrative Agent, for the ratable benefit of the Lenders,

    	 	 	 

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the
prompt and complete payment and performance by each Subsidiary Borrower when due (whether at stated maturity, by acceleration or
otherwise) of the Subsidiary Borrower Obligations, and ViacomCBS further agrees to pay any and all expenses (including, without
limitation, all reasonable fees, charges and disbursements of counsel) which may be paid or incurred by the Administrative Agent
or by the Lenders in enforcing, or obtaining advice of counsel in respect of, any of their rights under the guarantee contained
in this Section 8.1(a). The guarantee contained in this Section 8.1(a), subject to Section 8.1(e), shall remain
in full force and effect until the Subsidiary Borrower Obligations are paid in full and the Commitments are terminated, notwithstanding
that from time to time prior thereto any Subsidiary Borrower may be free from any Subsidiary Borrower Obligations. ViacomCBS agrees
that whenever, at any time, or from time to time, it shall make any payment to the Administrative Agent or any Lender on account
of its liability under this Section 8.1, it will notify the Administrative Agent and such Lender in writing that such payment
is made under the guarantee contained in this Section 8.1 for such purpose. No payment or payments made by any Subsidiary
Borrower or any other Person or received or collected by the Administrative Agent or any Lender from any Subsidiary Borrower or
any other Person by virtue of any action or proceeding or any setoff or appropriation or application, at any time or from time
to time, in reduction of or in payment of the Subsidiary Borrower Obligations shall be deemed to modify, reduce, release or otherwise
affect the liability of ViacomCBS under this Section 8.1 which, notwithstanding any such payment or payments, shall remain
liable for the unpaid and outstanding Subsidiary Borrower Obligations until, subject to Section 8.1(e), the Subsidiary Borrower
Obligations are paid in full and the Commitments are terminated.

(b) No Subrogation, Etc. Notwithstanding
any payment or payments made by ViacomCBS hereunder, or any setoff or application of funds of ViacomCBS by the Administrative Agent
or any Lender, ViacomCBS shall not be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender
against any Subsidiary Borrower or against any collateral security or guarantee or right of offset held by the Administrative Agent
or any Lender for the payment of the Subsidiary Borrower Obligations, nor shall ViacomCBS seek or be entitled to seek any contribution,
reimbursement, exoneration or indemnity from or against any Subsidiary Borrower in respect of payments made by ViacomCBS hereunder,
until all amounts owing to the Administrative Agent and the Lenders by the Subsidiary Borrowers on account of the Subsidiary Borrower
Obligations are paid in full and the Commitments are terminated. So long as the Subsidiary Borrower Obligations remain outstanding,
if any amount shall be paid by or on behalf of any Subsidiary Borrower or any other Person to ViacomCBS on account of any of the
rights waived in this Section 8.1, such amount shall be held by ViacomCBS in trust, segregated from other funds of ViacomCBS,
and shall, forthwith upon receipt by ViacomCBS, be turned over to the Administrative Agent in the exact form received by ViacomCBS
(duly indorsed by ViacomCBS to the Administrative Agent, if required), to be applied against the Subsidiary Borrower Obligations,
whether matured or unmatured, in such order as the Administrative Agent may determine.

(c) Amendments, Etc. with Respect to
the Subsidiary Borrower Obligations. ViacomCBS shall remain obligated under this Section 8.1 notwithstanding

    	 	 	 

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that, without
any reservation of rights against ViacomCBS, and without notice to or further assent by ViacomCBS, any demand for payment of or
reduction in the principal amount of any of the Subsidiary Borrower Obligations made by the Administrative Agent or any Lender
may be rescinded by the Administrative Agent or such Lender, and any of the Subsidiary Borrower Obligations continued, and the
Subsidiary Borrower Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and this
Agreement and any other documents executed and delivered in connection herewith may be amended, modified, supplemented or terminated,
in whole or in part, as the Required Lenders (or all Lenders, as the case may be) may deem advisable from time to time, and any
collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of
the Subsidiary Borrower Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor
any Lender shall have any obligation to protect, secure, perfect or insure any lien at any time held by it as security for the
Subsidiary Borrower Obligations or for the guarantee contained in this Section 8.1 or any property subject thereto.

(d) Guarantee Absolute and Unconditional.
ViacomCBS waives any and all notice of the creation, renewal, extension or accrual of any of the Subsidiary Borrower Obligations
and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Section 8.1
or acceptance of the guarantee contained in this Section 8.1; the Subsidiary Borrower Obligations shall conclusively be deemed
to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained
in this Section 8.1; and all dealings between ViacomCBS or the Subsidiary Borrowers, on the one hand, and the Administrative
Agent and the Lenders, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon the
guarantee contained in this Section 8.1. ViacomCBS waives diligence, presentment, protest, demand for payment and notice of
default or nonpayment to or upon ViacomCBS or any Subsidiary Borrower with respect to the Subsidiary Borrower Obligations. The
guarantee contained in this Section 8.1 shall be construed as a continuing, absolute and unconditional guarantee of payment
without regard to (a) the validity or enforceability of this Agreement, any of the Subsidiary Borrower Obligations or any collateral
security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative
Agent or any Lender, (b) the legality under applicable requirements of law of repayment by the relevant Subsidiary Borrower of
any Subsidiary Borrower Obligations or the adoption of any requirement of law purporting to render any Subsidiary Borrower Obligations
null and void, (c) any defense, setoff or counterclaim (other than a defense of payment or performance by the applicable Subsidiary
Borrower) which may at any time be available to or be asserted by ViacomCBS against the Administrative Agent or any Lender, or
(d) any other circumstance whatsoever (with or without notice to or knowledge of ViacomCBS or any Subsidiary Borrower) which constitutes,
or might be construed to constitute, an equitable or legal discharge of any Subsidiary Borrower for any of its Subsidiary Borrower
Obligations, or of ViacomCBS under the guarantee contained in this

    	 	 	 

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Section 8.1, in bankruptcy or in any other instance. When
the Administrative Agent or any Lender is pursuing its rights and remedies under this Section 8.1 against ViacomCBS, the Administrative
Agent or any Lender may, but shall be under no obligation to, pursue such rights and remedies as it may have against any Subsidiary
Borrower or any other Person or against any collateral security or guarantee for the Subsidiary Borrower Obligations or any right
of offset with respect thereto, and any failure by the Administrative Agent or any Lender to pursue such other rights or remedies
or to collect any payments from any Subsidiary Borrower or any such other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of any Subsidiary Borrower or any such other Person or of
any such collateral security, guarantee or right of offset, shall not relieve ViacomCBS of any liability under this Section 8.1,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative
Agent and the Lenders against ViacomCBS.

(e) Reinstatement. The guarantee
contained in this Section 8.1 shall continue to be effective, or be reinstated, as the case may be, if at any time payment,
or any part thereof, of any of the Subsidiary Borrower Obligations is rescinded or must otherwise be restored or returned by the
Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Subsidiary
Borrower or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for,
any Subsidiary Borrower or any substantial part of its property, or otherwise, all as though such payments had not been made.

(f) Payments. ViacomCBS hereby agrees
that any payments in respect of the Subsidiary Borrower Obligations pursuant to this Section 8.1 will be paid to the Administrative
Agent without setoff or counterclaim in Dollars at the office of the Administrative Agent specified in Section 9.1. Notwithstanding
the foregoing, any payments in respect of the Subsidiary Borrower Obligations pursuant to this Section 8.1 with respect to
any Loan denominated in any Foreign Currency (including principal of or interest on any such Loan or other amounts) hereunder shall
be made without setoff or counterclaim to the Administrative Agent at its offices at JPMorgan Chase Bank, N.A., 500 Stanton Christiana
Rd, NCC5, Newark, DE, 19713-2107, Floor 01, in the relevant Foreign Currency and in immediately available funds.

ARTICLE
IX

MISCELLANEOUS

Section 9.1. Notices. Notices and
other communications provided for herein shall be in writing (or, where permitted to be made by telephone, shall be confirmed promptly
in writing) and shall be delivered by hand or overnight courier service, mailed, electronically mailed or sent by facsimile as
follows:

(a) if to ViacomCBS, to it at ViacomCBS
Inc., 1515 Broadway, New York, New York 10036, Attention: Treasurer (Email:

    	 	 	 

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viacomtreasurysupport@viacom.com), with a copy to General
Counsel (Email: LegalNotices@viacom.com;

(b) if to the Administrative Agent,
to it at JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, New York 10179, Attention: Tina Ruyter (Facsimile No.: (212)
270-5127), with a copy to JPMorgan Chase Bank, N.A., Loan and Agency Services, 500 Stanton Christiana Rd, NCC5, Newark, DE, 19713-2107,
Floor 01, Attention: Mary Crews (Facsimile No.: (302) 634-5758, Email: mary.crews@jpmorgan.com);

(c) if to any Issuing Lender, to
it at the address for notices specified in the applicable Issuing Lender Agreement;

(d) if to a Lender, to it at its
address (or facsimile number) set forth in its Administrative Questionnaire or in the Assignment and Acceptance or New Lender Supplement
(as the case may be) pursuant to which such Lender shall have become a party hereto; and

(e) if to a Subsidiary Borrower,
to it at its address set forth in the relevant Subsidiary Borrower Request.

Notwithstanding the foregoing, each of ViacomCBS, any other
Borrower, the Administrative Agent, any Issuing Lender and any Lender may, in its discretion, provide any notice, report or other
information to be provided under this Agreement to a Lender (i) by electronic mail to the electronic mail address provided by such
Lender in its Administrative Questionnaire and/or (ii) through access to a web site. All notices and other communications given
to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on (A) the date of receipt
if delivered by hand or overnight courier service or sent by facsimile or electronic mail (except that, if not received during
normal business hours for the recipient, the next Business Day for the recipient), (B) the date of posting if given by web site
access, (C) the date of such telephone call, if permitted by the terms hereof and if promptly confirmed in writing, or (D) on the
date five Business Days after dispatch by registered mail if mailed, in each case delivered, sent or mailed (properly addressed)
to such party as provided in this Section 9.1 or in accordance with the latest unrevoked direction from such party given in
accordance with this Section 9.1. Any party hereto may change its address or facsimile number for notices and other communications
hereunder by written notice to the Borrowers and the Administrative Agent.

Section 9.2. Survival of Agreement.
All representations and warranties made hereunder and in any certificate delivered pursuant hereto or in connection herewith shall
be considered to have been relied upon by the Agents and the Lenders and shall survive the execution and delivery of this Agreement
and the making of the Loans and other extensions of credit hereunder, regardless of any investigation made by the Agents or the
Lenders or on their behalf.

    	 	 	 

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Section 9.3. Binding Effect. This
Agreement shall be binding upon and inure to the benefit of each Borrower, each Agent and each Lender and their respective successors
and assigns, except that ViacomCBS shall not have the right to assign its rights or obligations hereunder or any interest herein
without the prior consent of all the Lenders.

Section 9.4. Successors and Assigns.
(a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors
and assigns of such party, and all covenants, promises and agreements by or on behalf of each Borrower, any Agent or any Lender
that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.

(b) Each Lender may assign to one or more
assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment
or Swingline Commitment and the Loans at the time owing to it); provided, however, that (i) except in the case of
an assignment to a Lender or a Lender Affiliate (other than if at the time of such assignment, such Lender or Lender Affiliate
would be entitled to require any Borrower to pay greater amounts under Section 2.20(a) than if no such assignment had occurred,
in which case such assignment shall be subject to the consent requirement of this clause (i)), ViacomCBS, the Administrative Agent
and each Issuing Lender must give their prior written consent to such assignment (which consent shall not be unreasonably withheld
or delayed); provided that no such consent of ViacomCBS shall be required if an Event of Default under paragraphs (a), (f)
or (g) has occurred and is continuing at the time of such assignment, (ii) (x) except in the case of assignments to any Person
that is a Lender prior to giving effect to such assignment, the amount of the aggregate Commitments and/or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $10,000,000 (or, if applicable, the Dollar equivalent thereof)
(or such lesser amount as may be agreed by the Administrative Agent) and (y) the amount of the aggregate Commitments and/or Loans
retained by any assigning Lender (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered
to the Administrative Agent) shall not be less than $10,000,000 (or, if applicable, the Dollar equivalent thereof) (or such lesser
amount as may be agreed by the Administrative Agent), unless (in the case of clause (x) or (y) above) the assigning Lender’s
Commitment and Loans (other than any Competitive Loans) are being reduced to $0 pursuant to such assignment, (iii) the assignor
and assignee shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and
recordation fee of $3,500 and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire. Upon acceptance and recording pursuant to Section 9.4(e), from and after the effective date specified in each
Assignment and Acceptance, which effective date shall be at least five Business Days after the execution thereof (or any lesser
period to which the Administrative Agent and ViacomCBS may agree), (A) the assignee thereunder shall be a party hereto and, to
the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement
and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be

    	 	 	 

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released
from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion
of an 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 2.15, 2.16, 2.20 and 9.5, as well as to any Fees accrued for its account
hereunder and not yet paid)). Notwithstanding the foregoing, any Lender or Issuing Lender assigning its rights and obligations
under this Agreement may maintain any Competitive Loans or Letters of Credit made or issued by it outstanding at such time, and
in such case shall retain its rights hereunder in respect of any Loans or Letters of Credit so maintained until such Loans or Letters
of Credit have been repaid or terminated in accordance with this Agreement. Notwithstanding anything to the contrary contained
herein, no such assignment shall be made to a natural person, ViacomCBS or any of its Affiliates or Subsidiaries, or a Defaulting
Lender or any of its Subsidiaries.

(c) By executing and delivering an Assignment
and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other
and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest
being assigned thereby free and clear of any adverse claim created by such assigning Lender, (ii) except as set forth in clause
(i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement or any other instrument or document furnished pursuant
hereto, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other
instrument or document furnished pursuant hereto or the financial condition of ViacomCBS or any of its Subsidiaries or the performance
or observance by ViacomCBS or any of its Subsidiaries of any of its obligations under this Agreement or any other instrument or
document furnished pursuant hereto; (iii) such assignee represents and warrants that it is legally authorized to enter into such
Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the
most recent financial statements delivered pursuant to Sections 3.2 and 5.1 and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such assignee
will independently and without reliance upon the Administrative Agent, such assigning Lender or any other Agent or Lender and based
on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under this Agreement; (vi) such assignee appoints and authorizes the Administrative Agent to take such action
as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms
hereof, together with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in
accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

(d) The Administrative Agent, acting for
this purpose as a non-fiduciary agent of each Borrower, shall maintain at one of its offices in The City of New York a copy of
each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal

    	 	 	 

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amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive in the absence of manifest error and each Borrower,
the Administrative Agent 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. The Register shall be available for inspection by any Borrower and any
Lender at any reasonable time and from time to time upon reasonable prior notice.

(e) Upon its receipt of a duly completed
Assignment and Acceptance executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect
of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b) above and, if required, the written consent of ViacomCBS, the Administrative Agent and each Issuing Lender to such assignment,
the Administrative Agent shall (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the
Register and (iii) give prompt notice thereof to ViacomCBS.

(f) Each Lender may without the consent
of any Borrower, the Agents or any Issuing Lender sell participations to one or more banks, other financial institutions or other
entities (provided, that any such other entity is not a competitor of ViacomCBS or any Affiliate of ViacomCBS) all or a
portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to
it); provided, however, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participating
banks, financial institutions or other entities shall be entitled to the benefit of the cost protection provisions contained in
Sections 2.15, 2.16 and 2.20 to the same extent as if they were Lenders (provided, that additional amounts payable
to any Lender pursuant to Section 2.20 shall be determined as if such Lender had not sold any such participations) and (iv)
the Borrowers, the Agents 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, and such Lender shall retain the sole right to enforce the obligations
of each Borrower relating to the Loans and the Letters of Credit and to approve any amendment, modification or waiver of any provision
of this Agreement (other than amendments, modifications or waivers decreasing any fees payable hereunder or the amount of principal
of or the rate at which interest is payable on the Loans or LC Disbursements, extending any scheduled principal payment date or
date fixed for the payment of interest on the Loans or LC Disbursements or of LC Fees or Facility Fees, increasing the amount of
or extending the Commitments or releasing the guarantee contained in Section 8.1, in each case to the extent the relevant
participant is directly affected thereby). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts
(and stated interest) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the

    	 	 	 

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contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining any Participant Register.

(g) Any Lender or participant may, in connection
with any assignment or participation or proposed assignment or participation pursuant to this Section 9.4, disclose to the
assignee or participant or proposed assignee or participant any information relating to any Borrower furnished to such Lender by
or on behalf of such Borrower; provided, that, prior to any such disclosure of information designated by such Borrower as
confidential, each such assignee or participant or proposed assignee or participant shall execute a Confidentiality Agreement (or
enter into confidentiality undertakings substantially similar to those in Exhibit D hereto) whereby such assignee or participant
shall agree (subject to the exceptions set forth therein) to preserve the confidentiality of such confidential information. A copy
of each such Confidentiality Agreement executed by an assignee shall be promptly furnished to ViacomCBS. It is understood that
confidential information relating to the Borrowers would not ordinarily be provided in connection with assignments or participations
of Competitive Loans.

(h) Notwithstanding the limitations set
forth in paragraph (b) above, (i) any Lender may at any time assign or pledge all or any portion of its rights under this Agreement
to a Federal Reserve Bank and (ii) any Lender which is a “fund” may at any time assign or pledge all or any portion
of its rights under this Agreement to secure such Lender’s indebtedness, in each case without the prior written consent of
any Borrower, the Administrative Agent or any Issuing Lender; provided, that each such assignment shall be made in accordance
with applicable law and no such assignment shall release a Lender from any of its obligations hereunder. In order to facilitate
any such assignment, each Borrower shall, at the request of the assigning Lender, duly execute and deliver to the assigning Lender
a registered promissory note or notes evidencing the Loans made to such Borrower by the assigning Lender hereunder.

(i) Notwithstanding anything to the contrary
contained herein, any Lender (a “Granting Bank”) may grant to a special purpose funding vehicle (an “SPC”),
identified as such in writing from time to time by the Granting Bank to the Administrative Agent and the relevant Borrower, the
option to provide to such Borrower all or any part of any Loan that such Granting Bank would otherwise be obligated to make to
such Borrower pursuant to this Agreement; provided, that (i) nothing herein shall constitute a commitment by any SPC to
make any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan,
the Granting Bank shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall
utilize the Commitment of the Granting Bank to the same extent, and as if, such Loan were made by such Granting Bank. Each party
hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability
for which shall remain with the Granting Bank). In furtherance of the foregoing, each party hereto hereby agrees (which agreement
shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full
of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other person

    	 	 	 

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in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws
of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section, any
SPC may (i) with notice to, but without the prior written consent of, the relevant Borrower, the Administrative Agent and the Issuing
Lenders and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Bank
or to any financial institutions (consented to by such Borrower, the Administrative Agent and each Issuing Lender) providing liquidity
and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential
basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety,
guarantee or credit or liquidity enhancement to such SPC. This section may not be amended without the written consent of any SPC
which has been identified as such by the Granting Bank to the Administrative Agent and the relevant Borrower and which then holds
any Loan pursuant to this paragraph (i).

(j) Neither ViacomCBS nor any Subsidiary
Borrower shall assign or delegate any of its rights or duties hereunder without the prior consent of all the Lenders; provided
that ViacomCBS may assign or delegate any of its rights or duties hereunder (excepting its rights and duties pursuant to Section 8.1)
to any Subsidiary Borrower and any Subsidiary Borrower may assign or delegate any of its rights or duties hereunder to ViacomCBS
or to any other Subsidiary Borrower, in each case without the prior consent of the Lenders unless such assignment would adversely
affect the Lenders; provided further, that ViacomCBS may and any Subsidiary Borrower may assign or delegate any of its rights
and duties hereunder pursuant to a merger or consolidation permitted by Section 5.4(a), (c) or (f) without the prior consent
of the Lenders.

Section 9.5. Expenses; Indemnity.
(a) ViacomCBS agrees to pay all reasonable legal and other out-of-pocket expenses incurred by JPMorgan Chase, in its capacity as
a Joint Lead Arranger and in its capacity as a Joint Bookrunner, and by the Administrative Agent and their respective affiliates
in connection with the preparation, negotiation, execution and delivery of this Agreement or in connection with any amendments,
modifications or waivers of the provisions hereof (whether or not the transactions hereby contemplated shall be consummated) or
incurred by any Agent, any Lender or any Issuing Lender in connection with the enforcement or protection of the rights of the Agents,
the Lenders or the Issuing Lenders under this Agreement or in connection with the Loans made or the Letters of Credit issued hereunder,
including, without limitation, the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for JPMorgan
Chase, in its capacity as a Joint Lead Arranger and in its capacity as a Joint Bookrunner, and the Administrative Agent, and, in
connection with any such enforcement or protection, the reasonable fees, charges and disbursements of any other counsel for any
Agent, Lender or Issuing Lender.

(b) ViacomCBS agrees to indemnify and hold
harmless each Agent, each Lender, each Issuing Lender and each of their respective directors, officers, employees, affiliates and
agents (each, an “Indemnified Person”) against, and to reimburse each Indemnified Person, upon its demand, for,
any losses, claims, damages, liabilities or other

    	 	 	 

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expenses (“Losses”), to which such Indemnified Person becomes
subject insofar as such Losses arise out of or in any way relate to or result from (i) the execution or delivery of this Agreement,
any Letter of Credit or any agreement or instrument contemplated hereby (and any amendment hereto or thereto), the performance
by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby or (ii) the use (or proposed use) of the proceeds of the Loans or other extensions of credit hereunder,
including, without limitation, Losses consisting of reasonable legal, settlement or other expenses incurred in connection with
investigating, defending or participating in any legal proceeding relating to any of the foregoing (whether commenced by any Borrower
or any Indemnified Person and whether or not such Indemnified Person is a party thereto); provided, that the foregoing will
not apply to any Losses to which an Indemnified Person becomes subject to the extent they are found by a final non-appealable decision
of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person.
No Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained
through electronic, telecommunications or other information transmission systems (provided, that the foregoing will not
apply to any Losses to the extent they are found by a final non-appealable decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of such Indemnified Person).

(c) The provisions of this Section 9.5
shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation
of the transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or provision
of this Agreement or any investigation made by or on behalf of any Agent or Lender. All amounts under this Section 9.5 shall
be payable on written demand therefor.

Section 9.6. Right of Setoff. If
an Event of Default shall have occurred and be continuing, each Agent and each Lender is hereby authorized at any time and from
time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by such Agent or Lender to or for the credit or
the account of any Borrower against any of and all the obligations of such Borrower now or hereafter existing under this Agreement
or the Administrative Agent Fee Letter held by such Agent or Lender which shall be due and payable. The rights of each Agent and
each Lender under this Section 9.6 are in addition to other rights and remedies (including other rights of setoff) which such
Agent or Lender may have.

Section 9.7. APPLICABLE LAW. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

Section 9.8. Waivers; Amendment.
(a) No failure or delay of any Agent, any Issuing Lender or any Lender in exercising any power or right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power,

    	 	 	 

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preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Agents, the Issuing Lenders and the Lenders hereunder are cumulative and are not exclusive
of any rights or remedies which they would otherwise have. No waiver of any provision of this Agreement or consent to any departure
by any Borrower from any such provision shall in any event be effective unless the same shall be permitted by paragraph (b) below,
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
or demand on any Borrower in any case shall entitle any Borrower to any other or further notice or demand in similar or other circumstances.

(b) Neither this Agreement nor any provision
hereof may be waived, amended or modified except pursuant to an agreement in writing entered into by the Borrowers and the Required
Lenders (subject to Section 2.24(ii) with respect to any Defaulting Lender) or as contemplated by Section 2.12(b); provided,
however, that no such agreement shall (i) reduce the amount or extend the scheduled date of maturity of any Loan, or reduce
the stated amount of any LC Disbursement, interest or fee payable hereunder or extend the scheduled date of any payment thereof
or increase the amount or extend the expiration date of any Commitment of any Lender, in each case without the prior written consent
of each Lender directly affected thereby (except as set forth in Section 2.26); (ii) amend, modify or waive any provision of this
Section 9.8(b), or reduce the percentage specified in the definition of “Required Lenders”, release the
guarantee contained in Section 8.1 or consent to the assignment or delegation by ViacomCBS or any Subsidiary Borrower of any
of its rights and obligations under this Agreement (except (A) by ViacomCBS (excepting its rights and duties pursuant to Section 8.1)
to any Subsidiary Borrower or (B) by any Subsidiary Borrower to ViacomCBS or to any other Subsidiary Borrower and as set forth
in Section 9.4(j)), in each case without the prior written consent of all the Lenders; (iii) amend, modify or waive Section 2.17(a)
in a manner that would alter the pro rata allocation of payments required thereby without the prior written consent of all
the Lenders; (iv) amend, modify or waive the condition precedent set forth in Section 4.1(c) without the prior written consent
of all the Lenders; or (v) amend, modify or waive any provision of Article VII without the prior written consent of each Agent
affected thereby; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of
the Administrative Agent, the Swingline Lenders or the Issuing Lenders hereunder in such capacity without the prior written consent
of the Administrative Agent, each Swingline Lender directly affected thereby or each Issuing Lender directly affected thereby,
as the case may be.

Section 9.9. Entire Agreement. This
Agreement (together with the Issuing Lender Agreements, the Subsidiary Borrower Designations, the Subsidiary Borrower Requests
and the Administrative Agent Fee Letter) constitutes the entire contract between the parties relative to the subject matter hereof
(but not any provision of the Commitment Letter referred to in the Administrative Agent Fee Letter that by the terms of such document
survive the execution of this Agreement). Any previous agreement among the parties with respect to the subject matter hereof is
superseded by this Agreement. Nothing in this Agreement, expressed or implied, is intended to confer upon any party other than
the parties hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement.

    	 	 	 

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Section 9.10. WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10.

Section 9.11. Severability. In the
event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Section 9.12. Counterparts. This
Agreement may be executed in two or more counterparts, each of which constitute an original but all of which when taken together
shall constitute but one contract, and shall become effective as provided in Section 9.3.

Section 9.13. Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

Section 9.14. Jurisdiction; Consent
to Service of Process. (a) Each Borrower hereby irrevocably and unconditionally submits, for itself and its Property, to the
exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by
law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each Subsidiary Borrower
designates and directs ViacomCBS at its offices at 1515 Broadway, New York, New York 10036, as its agent to receive service of
any and all process and documents on its behalf in any legal action or proceeding referred to in this Section 9.14 in the
State of New York and agrees that service upon such agent shall constitute valid and effective service upon such Subsidiary Borrower
and that failure of ViacomCBS to give any notice

    	 	 	 

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of such service to any Subsidiary Borrower shall not affect or impair in any way
the validity of such service or of any judgment rendered in any action or proceeding based thereon. Nothing in this Agreement shall
affect any right that any Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against
any Borrower or its Properties in the courts of any jurisdiction.

(b) Each Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State
or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of such action or proceeding in any such court.

(c) Each party to this Agreement irrevocably
consents to service of process in the manner provided for notices in Section 9.1. Nothing in this Agreement will affect the
right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.15. Confidentiality. (a)
Each Lender agrees to keep confidential and not to disclose (and to cause its affiliates, officers, directors, employees, agents
and representatives to keep confidential and not to disclose) and, at the request of ViacomCBS (except as provided below or if
such Lender is required to retain any Confidential Information (as defined below) pursuant to customary internal or banking practices,
bank regulations or applicable law), promptly to return to ViacomCBS or destroy the Confidential Information and all copies thereof,
extracts therefrom and analyses or other materials based thereon, except that such Lender shall be permitted to disclose Confidential
Information (i) to such of its officers, directors, employees, agents, affiliates and representatives as need to know such Confidential
Information in connection with such Lender’s participation in this Agreement, each of whom shall be informed by such Lender
of the confidential nature of the Confidential Information and shall agree to be bound by the terms of this Section 9.15;
(ii) to the extent required by applicable laws and regulations or by any subpoena or similar legal process or requested by any
Governmental Authority or agency having jurisdiction over such Lender or any affiliate of such Lender; provided, however,
that, except in the case of disclosure to bank regulators or examiners in accordance with customary banking practices, if legally
permitted written notice of each instance in which Confidential Information is required or requested to be disclosed shall be furnished
to ViacomCBS not less than 30 days prior to the expected date of such disclosure or, if 30 days’ notice is not practicable
under the circumstances, as promptly as practicable under the circumstances; (iii) to the extent such Confidential Information
(A) is or becomes publicly available other than as a result of a breach of this Agreement, (B) becomes available to such Lender
on a non-confidential basis from a source other than a party to this Agreement or any other party known to such Lender to be bound
by an agreement containing a provision similar to this Section 9.15 or (C) was available to such Lender on a non-confidential
basis prior to this disclosure to such Lender by a party to this Agreement or any other party known to such Lender to be bound
by an agreement containing a provision similar to this Section 9.15; (iv) as permitted by Section 9.4(g); or (v) to the
extent ViacomCBS shall have consented to such

    	 	 	 

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disclosure in writing. As used in this Section 9.15, “Confidential
Information” shall mean any materials, documents or information furnished by or on behalf of any Borrower in connection
with this Agreement designated by or on behalf of such Borrower as confidential.

(b) Each Lender (i) agrees that, except
to the extent the conditions referred to in subclause (A), (B) or (C) of clause (iii) of paragraph (a) above have been met and
as provided in paragraph (c) below, (A) it will use the Confidential Information only in connection with its participation in this
Agreement and (B) it will not use the Confidential Information in connection with any other matter or in a manner prohibited by
any law, including, without limitation, the securities laws of the United States and (ii) understands that breach of this Section 9.15
might seriously prejudice the interest of the Borrowers and that the Borrowers are entitled to equitable relief, including an injunction,
in the event of such breach.

(c) Notwithstanding anything to the contrary
contained in this Section 9.15, each Agent and each Lender shall be entitled to retain all Confidential Information for so
long as it remains an Agent or a Lender to use solely for the purposes of servicing the credit and protecting its rights hereunder.

Section 9.16. Waiver of Notice of Termination
Period. By its execution of this Agreement, each Lender hereby waives any right to notice of termination, or any notice period
with respect to the termination, of the Existing Credit Agreement that such Lender may have had under the Existing Credit Agreement.

Section 9.17. Termination of Subsidiary
Borrower Designation. ViacomCBS may from time to time deliver a subsequent Subsidiary Borrower Designation with respect to
any Subsidiary Borrower, countersigned by such Subsidiary Borrower, for the purpose of terminating such Subsidiary Borrower’s
designation as such, so long as, on the effective date of such termination, all Subsidiary Borrower Obligations in respect of such
Subsidiary Borrower shall have been paid in full. In addition, if on any date a Subsidiary Borrower shall cease to be a Subsidiary,
all Subsidiary Borrower Obligations in respect of such Subsidiary Borrower shall automatically become due and payable on such date
and no further Loans may be borrowed by such Subsidiary Borrower hereunder.

Section 9.18. Patriot Act Notice.
Each Lender and each Agent (for itself and not on behalf of any other party) hereby notifies the Borrowers that, pursuant to the
requirements of the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “Patriot Act”),
it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and
address of the Borrowers and other information that will allow such Lender or such Agent, as applicable, to identify the Borrowers
in accordance with the Patriot Act.

Section 9.19. No Fiduciary Relationship.
ViacomCBS, on behalf of itself, the Subsidiary Borrowers and its other Subsidiaries, agrees that in connection with all aspects
of the transactions contemplated hereby and any communications in

    	 	 	 

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connection therewith, the Borrowers, the Subsidiaries and their
Affiliates, on the one hand, and the Agents, the Lenders, the Issuing Lenders and their affiliates, on the other hand, will have
a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agents, the Lenders,
the Issuing Lenders or their affiliates, and no such duty will be deemed to have arisen in connection with any such transactions
or communications.

Section 9.20. Material Non-Public Information.
(a) Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by any Borrower or
the Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be syndicate-level
information, which may contain MNPI. Each Lender represents to each Borrower and the Administrative Agent that (i) it has developed
compliance procedures regarding the use of MNPI and that it will handle MNPI in accordance with such procedures and applicable
law, including Federal, state and foreign securities laws, and (ii) it has identified in its Administrative Questionnaire a credit
contact who may receive information that may contain MNPI in accordance with its compliance procedures and applicable law, including
Federal, state and foreign securities laws.

(b) Each Borrower and each Lender acknowledges
that, if information furnished by any Borrower pursuant to or in connection with this Agreement is being distributed by the Administrative
Agent through IntraLinks/IntraAgency, SyndTrak or another website or other information platform (the “Platform”),
the Administrative Agent shall only post information furnished by any Borrower pursuant to or in connection with this Agreement
on that portion of the Platform as is designated for representatives of Lenders that are willing to receive MNPI unless such Borrower
has indicated such information does not contain MNPI.

(c) Upon request by the Administrative
Agent, each Borrower agrees to specify whether any information furnished by such Borrower to the Administrative Agent pursuant
to, or in connection with, this Agreement contains MNPI.

Section 9.21. Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers
of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a) the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder that may be payable to it by any party
hereto that is an EEA Financial Institution; and

(b) the effects of any Bail-In Action on
any such liability, including, if applicable, (i) a reduction in full or in part or cancelation of any such liability, (ii) a conversion
of all, or a portion of, such liability into shares or other instruments of

    	 	 	 

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ownership in such EEA Financial Institution, its parent
entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under any Loan Document or (iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.

Section 9.22. Certain ERISA Matters.

(a) Each Lender (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party
hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will
be true:

(i) such Lender is not using “plan
assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement,

(ii) the transaction exemption
set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified
professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class
exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

(iii) (A) such Lender is an investment
fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified
Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part
I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement, or

(iv) such other representation,
warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

    	 	 	 

    96 

    

 

(b) In addition, unless either (1) sub-clause
(i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,
warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents
and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became
a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent
is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or
thereto.

[Remainder of the page left blank
intentionally; Signature page to follow.]

 

 

 

 

    	 	 	 

     

    

 

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

 

	 	VIACOMCBS INC.
	 	 
	 	 	by
	 	 	/s/ James C. Morrison
	 	 	Name: James C. Morrison
	 	 	Title:   SVP, Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders and as a Lender

                     

	 	 	 
	 	By:	/s/ Inderjeet Singh Aneja
	 	 	Name:  Inderjeet Singh Aneja
	 	 	Title:    Vice President

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

  

    	 	 	 

     

    

 

 

	 	CITIBANK, N.A., as a Syndication Agent and as a Lender

                                                       

	 	 	 
	 	By:	/s/ Michael Vondriska
	 	 	Name:   Michael Vondriska
	 	 	Title:     Vice President

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	BANK OF AMERICA, n.a., as a Syndication Agent and as a Lender

                                                       

	 	 	 
	 	By:	/s/ Jonathan Tristan
	 	 	Name:  Jonathan Tristan
	 	 	Title:    Vice President

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Syndication Agent and as a Lender

                                                       

	 	 	 
	 	By:	/s/ Evan Waschitz
	 	 	Name:  Evan Waschitz
	 	 	Title:    Director

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

  

    	 	 	 

     

    

 

	 	DEUTSCHE BANK SECURITIES INC., as a Documentation Agent

                                                       

	 	 	 
	 	By:	/s/ Yvonne Tilden
	 	 	Name:  Yvonne Tilden
	 	 	Title:    Managing Director

 

 

	 	By:	/s/ Edward Dunn
	 	 	Name:  Edward Dunn
	 	 	Title:    Managing Director

 

 

 

 

 

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH,  as a
                                                      Lender

                                                       

	 	 	 
	 	By:	/s/ Douglas Darman
	 	 	Name:  Douglas Darman
	 	 	Title:    Director

 

 

	 	By:	/s/ Marko Lukin
	 	 	Name:  Marko Lukin
	 	 	Title:   Vice President

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	GOLDMAN SACHS BANK USA, as a Documentation Agent and as a Lender

                                                       

	 	 	 
	 	By:	/s/ Rebecca Kratz
	 	 	Name:  Rebecca Kratz
	 	 	Title:    Authorized Signatory

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	mizuho bank, ltd., as a Documentation Agent and as a Lender

                                                       

	 	 	 
	 	By:	/s/ Tracy Rahn
	 	 	Name:  Tracy Rahn
	 	 	Title:    Executive Director

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:  MORGAN STANLEY BANK, N.A.

	 	
         

         

         

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Julie Lilienfeld
	 	 	Name: Julie Lilienfeld
	 	 	Title: Authorized Signatory

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution: MUFG BANK, LTD.

	 	
         

         

         

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Dana McDougall
	 	 	Name: Dana McDougall
	 	 	Title: Vice President

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        BNP Paribas

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Barbara E. Nash
	 	 	Name: Barbara E. Nash
	 	 	Title: Managing Director

 

 

	 	 	 
	 	by	/s/ Maria Mulic
	 	 	Name: Maria Mulic
	 	 	Title: Managing Director

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Vipul Dhadda
	 	 	Name: Vipul Dhadda
	 	 	Title: Authorized Signatory

 

 

	 	For institutions requiring a second signature line:
	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Bastien Dayer
	 	 	Name: Bastien Dayer
	 	 	Title: Authorized Signatory

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        ROYAL BANK OF CANADA

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Alfonse Simone
	 	 	Name: Alfonse Simone
	 	 	Title: Authorized Signatory

 

 

	 	For institutions requiring a second signature line:
	 	 	 
	 	 	 
	 	 	 
	 	by	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        U.S. Bank National Association

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Steven J. Correll
	 	 	Name: Steven J. Correll
	 	 	Title: Senior Vice President

 

 

	 	For institutions requiring a second signature line:
	 	 	 
	 	 	 
	 	 	 
	 	by	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        SOCIETE GENERALE

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Richard Bernal
	 	 	Name: Richard Bernal
	 	 	Title: Managing Director

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution: Sumitomo Mitsui Banking Corporation

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Michael Maguire
	 	 	Name: Michael Maguire
	 	 	Title: Managing Director

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        The Toronto-Dominion Bank, New York Branch

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Michael Borowiecki
	 	 	Name:  Michael Borowiecki
	 	 	Title:    Authorized Signatory

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Industrial and Commercial Bank of China Limited, New York Branch

	 	
         

         

        

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Yuanyuan Peng
	 	 	Name: Yuanyuan Peng
	 	 	Title: Director

 

 

	 	For institutions requiring a second signature line:
	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Dayi Liu
	 	 	Name: Dayi Liu
	 	 	Title:   Executive Director

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        Intesa Sanpaolo S.p.A. - New York Branch

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Alessandro Toigo
	 	 	Name: Alessandro Toigo
	 	 	Title: Head of Corporate Desk

 

 

	 	For institutions requiring a second signature line:
	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Glen Binder
	 	 	Name: Glen Binder
	 	 	Title: Global Relationship Manager

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        THE BANK OF NEW YORK MELLON

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ William M. Feathers
	 	 	Name: William M. Feathers
	 	 	Title:    Director

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        The Northern Trust Company:

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Eric Siebert
	 	 	Name: Eric Siebert
	 	 	Title: SVP

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

 

	 	
        SIGNATURE PAGE TO THE

        AMENDED AND RESTATED CREDIT AGREEMENT OF

        VIACOMCBS INC.

         

         

         

        Name of Institution:

	 	
         

         

        Truist Bank

	 	 	 
	 	 	 
	 	 	 
	 	by	/s/ Steve Curran
	 	 	Name: Steve Curran
	 	 	Title: Director

 

 

 

 

 

 

 

 

 

 

[Signature Page to the ViacomCBS Inc. Credit
Agreement]

 

    	 	 	 

     

    

Annex I

Pricing Grid

 

 

 

    	 	 	 

     

    

Exhibit A to the

Credit Agreement

VIACOMCBS INC.

ADMINISTRATIVE QUESTIONNAIRE

 

 

    	 	 	 

     

    

 

Exhibit B-1 to the

Credit Agreement

FORM OF COMPETITIVE BID REQUEST

 

 

    	 	 	 

     

    

 

Exhibit B-2 to the

Credit Agreement

FORM OF NOTICE OF COMPETITIVE BID REQUEST

 

 

    	 	 	 

     

    

 

Exhibit B-3 to the

Credit Agreement

FORM OF COMPETITIVE BID

 

 

    	 	 	 

     

    

 

Exhibit B-4 to the

Credit Agreement

FORM OF REVOLVING CREDIT BORROWING REQUEST

 

 

 

    	 	 	 

     

    

 

Exhibit B-5 to the

Credit Agreement

FORM OF SWINGLINE BORROWING REQUEST

 

 

 

    	 	 	 

     

    

 

Exhibit B-6 to the

Credit Agreement

FORM OF NOTICE OF DESIGNATED LETTER OF
CREDIT

 

 

 

    	 	 	 

     

    

 

Exhibit B-7 to the

Credit Agreement

FORM OF SUBSIDIARY BORROWER DESIGNATION

 

 

 

    	 	 	 

     

    

 

Exhibit B-8 to the

Credit Agreement

FORM OF SUBSIDIARY BORROWER REQUEST

 

 

 

    	 	 	 

     

    

Exhibit C to the

Credit Agreement

FORM OF ASSIGNMENT AND ACCEPTANCE

 

 

 

    	 	 	 

     

    

 

Exhibit D to the

Credit Agreement

FORM OF CONFIDENTIALITY AGREEMENT

 

 

 

    	 	 	 

     

    

 

Exhibit E to the

Credit Agreement

FORM OF CLOSING CERTIFICATE

 

 

 

    	 	 	 

     

    

 

Exhibit F to the

Credit Agreement

FORM OF ISSUING LENDER AGREEMENT

 

 

 

    	 	 	 

     

    

 

Exhibit G to the

Credit Agreement

FORM OF NEW LENDER SUPPLEMENT

 

 

 

    	 	 	 

     

    

 

Exhibit H to the

Credit Agreement

FORM OF COMMITMENT INCREASE LETTER

 

 

 

    	 	 	 

     

    

 

Exhibit I to the

Credit Agreement

FORM OF CERTIFICATE OF EFFECTIVENESS

 

 

    	 	 	 

     

    

 

 

Schedule 1.1

Commitments

 

 

 

 

 

 

    	 	 	 

     

    

 

 

Schedule 1.1(a)

 

Guarantees

 

 

 

 

 

 

 

    	 	 	 

     

    

 

Schedule 2.7

 

Designated Letters of Credit

 

 

 

 

 

 

 

    	 	 	 

     

    

 

Schedule 5.6

 

ViacomCBS Inc.

Subsidiary Indebtedness

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

 

Schedule VI(h)

 

Judgments

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