Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 47

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 47
---
ure and 
 the transaction otherwise meets all of the requirements of the Indenture;                                       |

| (b) | the entity formed by or continuing from such consolidation or amalgamation or into which the Corporation is                                                                                                                                     
 merged or with which the Corporation enters into such arrangement or the person which acquires or leases all or substantially all of the Corporation’s properties and assets is organized and existing under the laws of the United States, any 
 state thereof or the District of Columbia or the laws of Canada or any province thereof;                                                                                                                                                        |

| (c) | immediately before and after giving effect to such transaction, no Event of Default, and no event which, after 
 notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and  |

| (d) | no condition or event will exist as to the Corporation (at the time of such transaction) or the Successor                                                                                                                                            
 (immediately after such transaction) and after giving full effect thereto or immediately after the Successor will become liable to pay the principal monies, premium, if any, interest and other monies due or which may become due hereunder, which 
 constitutes or would constitute an Event of Default under the Indenture.                                                                                                                                                                             |

In addition to the above conditions, such transaction will substantially preserve and not impair any of the rights and powers of the Trustee or of the holders of Notes (Section 8.1). If, as a result of any consolidation, amalgamation, arrangement, merger or upon any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation to any other person, any of the properties or assets of the Corporation or its Subsidiaries become subject to a Security Interest, then, unless such Security Interest could be created pursuant to the Indenture provisions described under “ Negative Pledge” below without equally and rateably securing the Notes, the Corporation, simultaneously with or prior to such transaction, will cause the Notes to be secured equally and rateably with or prior to the Indebtedness secured by such Security Interest (Section 8.4). S-36

Covenants The Indenture contains covenants substantially to the following effect: Restriction on Sales and Leasebacks The Corporation will not, and will not permit any Subsidiary to, enter into any sale and leaseback transaction unless the Corporation and its Subsidiaries comply with this restrictive covenant. A “sale and leaseback transaction” is