Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 51

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 51
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, gain or loss for Canadian federal, provincial or territorial income or other tax purposes as a result of such Defeasance and will be
subject to Canadian federal or provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had such Defeasance not occurred (and for the purposes of such opinion, such Canadian counsel
shall assume that holders of the outstanding Notes include holders who are not resident in Canada); (3) no Event of Default or event that, with the passing of time or the giving of notice, or both, shall constitute an Event of Default shall have
occurred and be continuing on the date of such deposit; (4) TransAlta is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency Act(Canada); (5) TransAlta has delivered to the Trustee an opinion of
counsel to the effect that such deposit shall not cause the Trustee or the trust so created to be subject to the United States Investment Company Act of 1940, as amended; and (6) TransAlta has delivered to the Trustee an officer’s
certificate and opinion of counsel stating that certain conditions precedent are satisfied. TransAlta may exercise its Defeasance option notwithstanding its prior exercise of its Covenant

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Defeasance option described in the following paragraph if TransAlta meets the conditions described in the preceding sentence at the time TransAlta exercises the Defeasance option (Sections 14.1,
14.2 and 14.4).

The Indenture provides that, at its option, unless and until TransAlta has exercised its Defeasance option described in
the preceding paragraph, TransAlta may omit to comply with covenants, including the covenants described above under the heading “Covenants”, and such omission shall not be deemed to be an Event of Default under the Indenture and
the outstanding Notes upon irrevocable deposit with the Trustee, in trust, of money and/or government securities which will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent chartered accountants to
pay the principal of and premium, if any, and each instalment of interest, if any, on the outstanding Notes (“Covenant Defeasance”). If TransAlta exercises its Covenant Defeasance option, the obligations under the Indenture other
than with