Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 122

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 122
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 that series.

This discharge may occur
only if, among other things, we have delivered to the 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 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 Form 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                                                  |

| · | 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