Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 38

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 38
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 cash, securities or other property, other than any such transaction where the Corporation’s Voting Shares outstanding immediately prior to such transaction constitute, or are converted into or     
 exchanged for, a majority of the Voting Shares of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or                                                 |

| (d) | the adoption of a plan relating to the liquidation or dissolution of the Corporation. |

Notwithstanding the foregoing, (1) a transaction will not be deemed to involve a Change of Control under clause (b) above if (i) we become a direct or indirect wholly-ownedsubsidiary of a holding company and (ii) (A) the direct or indirect holders of the Voting Shares of such holding company immediately following that transaction are substantially the same as the holders of the Corporation’s Voting Shares immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Shares of such holding company; and (2) the term “Change of Control” shall not include a merger, amalgamation or consolidation of the Corporation with, or the sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Corporation and its subsidiaries taken as a whole to, an affiliate of the Corporation that is incorporated or organized solely for the purpose of reincorporating or reorganizing the Corporation in another jurisdiction, which is not otherwise prohibited by the terms of the Indenture. The term “person”, as used in this definition, has the meaning given thereto in Section 13(d)(3) of the U.S. Exchange Act. “ Change of Control Triggering Event” means the occurrence of both a Change of Control and so long as the Notes are rated, a related Ratings Decline. “ Investment Grade Rating” means a rating equal to or higher than Baa3(or the equivalent) by Moody’s and BBB-(or the equivalent) by S&P, or, in each case, if such Rating Agency ceases to make a rating of the Notes publicly available, the equivalent investment grade credit rating by the replacement agency selected by the Corporation in accordance with the procedures described below. “ Rating Agencies” means Moody’s and S&P; and if either ceases to make a rating of the Notes publicly available, a “nationally recognized statistical rating organization”, within the meaning of Section 3(a)(62