Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 120

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 120
---
 any Person with respect to any Cash Equivalents on deposit account or securities account of Suzano         
 or any of its Subsidiaries arising in the ordinary course of business in favor of the bank(s) or security intermediary(ies) with            
 which such accounts are maintained, securing only amounts owing to such bank(s) with respect to cash management and operating account       
 arrangements; provided that any Lien or rights of netting or set-off which arise from general banking conditions (algemene bankvoorwaarden) 
 applicable to Suzano Netherlands shall at all times be permitted;                                                                           |

| (12) | any Lien on (i) cash or cash equivalents or other securities securing Hedging Agreements or other similar transactions permitted          
 in accordance with this Indenture or (ii) any right, title, interest and claim in, to and under, Hedging Agreements or other similar      
 transactions permitted in accordance with this Indenture, or any proceeds thereof, to secure a given Debt, to the extent that the purpose 
 of such Hedging Agreement is to mitigate risks related to such Debt;                                                                      |

| (13) | any Lien securing taxes, assessments and other governmental charges or levies, in each case the payment of which is not yet due or            
 is being contested in good faith by appropriate proceedings diligently conducted and for 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