Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 115

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 115
---
 depositary,
or its nominee, is the registered owner of a global security, the depositary or nominee will be considered the sole owner and holder
of the debt securities represented by the global security for all purposes under the indenture. Except in the above limited circumstances,
owners of beneficial interests in a global security:

| · | will not be entitled to have                   
 the debt securities registered in their names; |

| · | will not be entitled to physical              
 delivery of certificated debt securities; and |

| · | will not be considered to be                          
 holders of those debt securities under the indenture. |

Payments on a global security
will be made to the depositary or its nominee as the holder of the global security. Some jurisdictions have laws that require that certain
purchasers of securities take physical delivery of such securities in definitive form. These laws may impair the ability to transfer
beneficial interests in a global security.

Institutions that have accounts
with the depositary or its nominee are referred to as “participants.” Ownership of beneficial interests in a global security
will be limited to participants and to persons that may hold beneficial interests through participants. The depositary will credit, on
its book-entry registration and transfer system, the respective principal amounts of debt securities represented by the global security
to the accounts of its participants. Each person owning a beneficial interest in a global security must rely on the procedures of the
depositary (and, if such person is not a participant, on procedures of the participant through which such person owns its interest) to
exercise any rights of a holder under the indenture.

Ownership of beneficial interests
in a global security will be shown on and effected through records maintained by the depositary, with respect to participants’
interests, or by any participant, with respect to interests of persons held by participants on their behalf. Payments, transfers and
exchanges relating to beneficial interests in a global security will be subject to policies and procedures of the depositary. The depositary
policies and procedures may change from time to time. Neither we nor the trustee will have any responsibility or liability for the depositary’s
acts or omissions or any participant’s records with respect to beneficial interests in a global security.

Payment and Paying Agent

The provisions of this subsection
will apply to the debt securities unless otherwise indicated in the prospectus supplement. Payment of interest on a debt security on
any interest payment date will be made to the person in whose name the debt security is registered at the close of