Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 119

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 119
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 which such reserves or other 
 appropriate provisions, if any, have been established as required by Reporting GAAP;       |

| (14) | any Liens on the receivables of Suzano or any of its Subsidiaries                            
 securing the obligations of such Person under any line of credit or working capital facility 
 or other credit facility; provided that the aggregate amount of receivables securing         
 Debt shall not exceed 80% of Suzano’s and its Subsidiaries’ aggregate outstanding            
 receivables from time to time;                                                               |

| (15) | any encumbrance, security deposit or reserve maintained in the 
 ordinary course of business and required by Applicable Law;    |

| (16) | any Lien which arises pursuant to a final judgment(s) that 
 do not constitute an Event of Default;                     |

| (17) | any                                                                                         
 Lien securing Debt or other obligations of a Subsidiary of Suzano, Suzano Austria           
 or Suzano Netherlands owing to Suzano, Suzano Austria or Suzano Netherlands or a Subsidiary 
 thereof;                                                                                    |

| (18) | any Lien on Property or shares of Capital Stock of another Person                                
 at the time such other Person becomes a Subsidiary; provided that, such Liens may not (i) extend 
 to any Property owned by such Person other than the Property so acquired, or (ii) have           
 been incurred in connection with or in anticipation of such acquisition;                         |

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| (19) | incurring a joint and several liability (including any netting                      
 or rights of set-off) as a result of a fiscal unity (fiscale eenheid) for Dutch tax 
 purposes; and                                                                       |

| (20) | in addition to the foregoing Liens set forth in clauses (1) through                            
 (19) above, Liens securing Debt of Suzano or any of its Subsidiaries which do not in aggregate 
 principal amount, at any time of determination, exceed 20% of Suzano’s Consolidated            
 Net Tangible Assets (the “General Liens Basket”).                                              |

“” means any individual,
corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, other entity or any government
or any agency or political subdivision thereof.

“” means the
International Financial Reporting Standards as adopted by the International Accounting Standards Board or any other accounting standard
that the Company