Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 45

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 45
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provided that if such default is waived by the persons entitled to do so, then the Event of Default in this clause (d) will
be deemed to be waived without further action on the part of the Trustee or the holders of the Notes); (e) the entry of certain judgments or decrees against the Corporation or any Material Subsidiary for the payment of money in excess of the
greater of US$75 million and 3% of Consolidated Shareholders’ Equity, in the aggregate, if the Corporation or any such Material Subsidiary, as the case may be, fails to pay such decree or judgment within 60 days or file an appeal
thereof within 60 days or, if the Corporation or such Material Subsidiary, as the case may be does file an appeal, that judgment or decree continues undischarged or unstayed as provided in the Indenture; or (f) certain events of
bankruptcy, insolvency or reorganization involving the Corporation or a Material Subsidiary.

If an Event of Default occurs and is
continuing with respect to the Notes, then the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Notes may, declare the entire principal amount of all Notes and all interest thereon to be immediately due and
payable. However, at any time after a declaration of acceleration with respect to the Notes has been made, but before a judgment or decree for payment of the money due has been obtained, the holders of a majority in principal amount of the
outstanding Notes, by written notice to the Corporation and the Trustee, may under certain circumstances (which include payment or deposit with the Trustee of a sum sufficient to pay all unpaid principal and premium, if any, of, and all overdue
interest, if any, on, those outstanding Notes and sums paid or advanced by the Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), rescind and annul such
declaration and its consequences (Section 5.2).

The Indenture provides that, subject to the duty of the Trustee during default to act
with the required standard of care, the Trustee shall be under no obligation to exercise any of its rights and powers under the Indenture at the request or direction of any of the holders, unless such holders shall have offered to the Trustee
reasonable indemnity (Section 6.