Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 109

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 109
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 | make any change to the amendment                 
 and modification provisions in the indenture; or |

| · | reduce                                                                                                                            
 the percentage in principal amount outstanding of debt securities, the consent of the holders of which is required for any of the 
 foregoing modifications or otherwise necessary to modify, supplement or amend the indenture or to waive any past default.         |

Except for certain specified
provisions, the holders of at least a majority in principal amount of the outstanding debt securities of an affected series may, on behalf
of the holders of all debt securities of such series, waive our compliance with provisions of the indenture. Prior to the acceleration
of the maturity of the debt securities of any series pursuant to the terms of the 2021 Base Indenture, the holders of a majority in aggregate
principal amount of the outstanding debt securities of such series may, on behalf of the holders of all the debt securities of such series,
waive any past default under the 2021 Base Indenture with respect to such debt securities and its consequences, except (i) a default
with respect to such series in the payment of the principal of, or premium or any interest on, the debt securities of such series or
(ii) a default or event of default in respect of a covenant or provision that cannot be modified or amended without the consent
of all of the holders of the outstanding debt securities of the affected series.

Defeasance of Debt Securities and Certain Covenants in Certain Circumstances

Legal Defeasance. The 2021 Base Indenture provides that, in certain circumstances, we may be discharged from any and all obligations
in respect of the debt securities of any series (except for certain obligations to register the transfer or exchange of debt securities,
to replace stolen, lost or mutilated debt securities, and to maintain paying agencies and certain provisions relating to the treatment
of funds held by paying agents). We will be so discharged upon the deposit with the trustee, in trust, of 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, premium and interest in accordance with the terms of the indenture and the debt
securities of that series.

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