Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 52

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 52
---
 respect to such covenants and the Events of Default other than with respect to such covenants shall remain in full force and effect. Such trust may only be established if, among other things, (1) TransAlta has delivered to the Trustee
an opinion of counsel in the United States to the effect that the holders of the outstanding Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such Covenant Defeasance and will be subject to
United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; (2) TransAlta has delivered to the Trustee an opinion of counsel in Canada
or a ruling from the CRA to the effect that the holders of such outstanding Notes will not recognize income, gain or loss for Canadian federal, provincial or territorial income or other tax purposes as a result of such Covenant Defeasance and will
be subject to Canadian federal or provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had such Covenant Defeasance not occurred (and for the purposes of such opinion, such
Canadian counsel shall assume that holders of the outstanding Notes include holders who are not resident in Canada); (3) no Event of Default or event that, with the passing of time or the giving of notice, or both, shall constitute an Event of
Default shall have occurred and be continuing on the date of such deposit; (4) TransAlta is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency Act(Canada); (5) TransAlta has delivered to the
Trustee an opinion of counsel to the effect that such deposit shall not cause the Trustee or the trust so created to be subject to the United States Investment Company Act of 1940, as amended; and (6) TransAlta has delivered to the
Trustee an officer’s certificate and opinion of counsel stating that certain conditions precedent are satisfied (Sections 14.3 and 14.4).

Governing Law

The Notes and the
Indenture will be governed by and construed in accordance with the laws of the State of New York (Section 1.11).

Definitions

The Indenture contains, among others, definitions substantially to the following effect:

“Attributable Amount” means with respect to any sale and leaseback