Company: BXSL
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001213900-25-096307
Chunk: 38

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-06
Form: 424B2
Chunk 38
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 that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants to make interest, principal and any other payments on the Notes on their various due dates. S-26 •We must deliver to the trustee a legal opinion of our counsel confirming that there has been a change in the applicable U.S. federal income tax law or we have received from, or there has been published by, the Internal Revenue Service a ruling that in either case allows us to make the above deposit without causing holders of the Notes to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds that were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit. •We must deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with. If we ever accomplished legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. Trustee U.S. Bank Trust Company, National Association is the trustee, security registrar and paying agent. U.S. Bank Trust Company, National Association, in each of its capacities, including without limitation as trustee, security registrar and paying agent, assumes no responsibility for the accuracy or completeness of the information concerning us or our affiliates or any other party contained in this document or the related documents or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information, or for any information provided to it by us, including but not limited to settlement amounts and any other information. U.S. Bank Trust Company, National Association’s address is 111 Fillmore Ave., St. Paul, MN 55107. We may maintain banking relationships in the ordinary course of business with the trustee and its affiliates. Governing Law The indenture provides that it and the Notes will be governed by and construed in accordance with the