Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 110

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 110
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 trustee an opinion of counsel stating that we have received from, or there has
been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the 2021 Base Indenture, there
has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion shall
confirm that, the beneficial owners of the debt securities of the applicable series will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to U.S. federal income tax on the
same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not
occurred.

Defeasance of Certain Covenants. The indenture provides that, upon compliance with certain conditions, we may be released from our obligation
to comply with certain covenants set forth in the indenture and any supplemental indenture, and any failure to comply with those covenants
will not constitute a default or an event of default with respect to the debt securities of the applicable series, or covenant defeasance.
If we exercise our covenant defeasance option with respect to a series of debt securities, payment of such debt securities may not be
accelerated because of an event of default related to certain events of bankruptcy, insolvency or reorganization of our significant subsidiaries.

The conditions include:

| · | depositing                                                                                                                                 
 with the trustee money and/or U.S. government obligations in such amounts as will be sufficient, without consideration of any reinvestment 
 of interest, in the written opinion of a nationally recognized firm of independent public accountants, a nationally recognized investment  
 bank or a nationally recognized appraisal firm to pay and discharge each installment of principal of, premium and interest in accordance   
 with the terms of the indenture and the debt securities of the applicable series; and                                                      |

| 37 |

| · | delivering                                                                                                                         
 to the trustee an opinion of counsel to the effect that the beneficial owners of the debt securities of the applicable series will 
 not recognize income, gain or loss for U.S. federal income tax purposes as a result of the deposit and related covenant defeasance 
 and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been 
 the case if the deposit and related covenant defe