Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 55

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 55
---
 liabilities in respect of obligations of another person for indebtedness of that other person in respect of any amounts borrowed by them. “ Material Subsidiary” means, at any time, a Subsidiary (i) the total assets of which represent more than 10% of the total assets of the Corporation determined on a consolidated basis as shown in the most recent audited consolidated balance sheet of the Corporation; or (ii) the total revenues of which represent more than 10% of the total revenues of the Corporation determined on a consolidated basis as shown in the consolidated income statement of the Corporation for the four most recent fiscal quarters of the Corporation. “ Non-RecourseDebt” means any Indebtedness incurred to finance the creation, development, construction or acquisition of assets and any increases in or extensions, renewals or refundings of any such Indebtedness, provided that the recourse of the lender thereof or any agent, trustee, receiver or other person acting on behalf of the lender in respect of such Indebtedness in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties and customary indemnities provided with respect to such financings) to the assets created, developed, constructed or acquired in respect of which such Indebtedness has been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with the assets so created, developed, constructed or acquired (including the shares or other ownership interests of a single purpose entity which holds only such assets and other rights and collateral arising from or connected therewith) and to which the lender has recourse. “ Permitted Encumbrance” means any of the following:

| (a) | any Security Interest existing as of the date of the first issuance by the Corporation of Securities issued               
 pursuant to the Indenture, or arising thereafter pursuant to contractual commitments entered into prior to such issuance; |

| (b) | any Security Interest created, incurred or assumed to secure any Purchase Money Obligation; |

| (c) | any Security Interest created, incurred or assumed to secure any 
 Non-Recourse Debt;                                               |

| (d) | any Security Interest in favor of any Wholly-Owned Subsidiary; |

| (e) | any Security Interest on property of a corporation or its Subsidiaries which Security Interest exists at the                                                                                                                                         
 time such corporation is merged into, or amalgamated or consolidated with the Corporation or