Borealis AG Public Offering of up to EUR 200000000 Senior Fixed ...

in any other security or liability, which has been
recognised as at least equal security or liability, as
the case may be, by an internationally recognised
public accountant that is independent from an
existing auditor of the Issuer or any of its
Subsidiaries; and
(b) to procure that its Subsidiaries in relation to other
Capital Market Indebtedness as well as to guarantee
obligations or liabilities for other Capital Market
Indebtedness
(i) do not create any Security or assume any
Liability, and
(ii) cause third parties to not create any Security, or
assume any Liability, to secure Capital Market
Indebtedness of the Issuer or its Subsidiaries or
guarantee obligations or liabilities for other
Capital Market Indebtedness of the Issuer or its
Subsidiaries,
unless the Noteholders at the same time and in the
same rank participate in such Security or Liability or
in any other security or liability, which has been
recognised as at least equal security or liability, as
the case may be, by an internationally recognised
public accountant that is independent from an
existing auditor of the Issuer or any of its
Subsidiaries.
"Capital Market Indebtedness" shall mean any
present or future obligation of the Issuer and/or the
Subsidiaries to pay money (including obligations
under guarantees or other liability arrangements)
from bonds, notes or other similar debt instruments,
as well as loan deeds (Schuldscheindarlehen),
regardless of whether they are admitted to trading
on a stock exchange or a regulated market, or
whether they are included in a multilateral trading
facility.
"Security" means mortgages, pledges, retention
rights or other encumbrances and security rights
over the existing or future assets or income of the
Issuer and/or the Subsidiaries.
"Liabilities" means guarantees, sureties and other
14