Document:

BHE 12.31.14 EX 4.96

EXHIBIT  4.96

Execution Version

ALTALINK INVESTMENTS, L.P.

CAPITAL MARKETS PLATFORM

THIRD SUPPLEMENTAL INDENTURE 

Dated as of December 15, 2010

ALTALINK INVESTMENTS, L.P.

SENIOR PLEDGED BOND, SERIES 2

CAPITAL MARKETS PLATFORM

THIRD SUPPLEMENTAL INDENTURE

This Third Supplemental Indenture is made as of the 15th day of December, 2010

BETWEEN:

ALT ALINK INVESTMENT MANAGEMENT LTD., as general partner of Altalink Investments, L.P. a limited partnership created pursuant to the laws of the Province of Alberta,

(hereinafter called the "Issuer")

-and-

ALT ALINK INVESTMENT MANAGEMENT LTD., a company incorporated under the laws of the Province of Alberta,

(hereinafter called the "General Partner")

- and-

BNY TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada

(hereinafter called the "Trustee")

WHEREAS by a Master Trust Indenture dated as of November 21, 2005 among the Issuer, the General Partner and the Trustee (as supplemented from time to time, the "Master Indenture"), provision was made for the issuance of Bonds in one or more Series, unlimited as to aggregate principal amount but issuable only upon the terms and subject to the conditions therein provided;

AND WHEREAS the Issuer, The Toronto-Dominion Bank (the "Former Agent') and the lenders party thereto are party to that Amended and Restated Credit Agreement dated December 16, 2009 (such agreement, as amended by a first amending agreement dated as of December 23, 2009, the "Existing Credit Agreement').

AND WHEREAS pursuant to a second supplemental indenture dated June 28, 2006 (the "Second Supplemental Indenture") under the Master Trust Indenture a Senior Pledged Bond, Series 1 was issued in respect of the obligations owing under the Existing Credit Agreement.

AND WHEREAS the Issuer wishes to amend and restate the Existing Credit Agreement pursuant to the Credit Agreement (as defined below) between the Issuer, Royal Bank of Canada, as the Agent and the Lenders party thereto, in order to, inter alia, increase the maximum principal amount of the credit facility thereunder and replace the Existing Agent with the Agent.

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AND WHEREAS in respect of the Credit Agreement the Issuer wishes to create and issue under the Master Indenture and a Third Supplemental Indenture a Senior Pledged Bond, Series 2 (the "Senior Pledged Bond, Series 2") in the principal amount of Three Hundred Fifty Million Dollars ($350,000,000) in lawful money of Canada;

AND WHEREAS this Supplemental Indenture is executed pursuant to all necessary authorizations and resolutions of the Issuer to authorize the creation, issuance and delivery of the Senior Pledged Bond, Series 2 and to establish the terms, provisions and conditions of the Senior Pledged Bond, Series 2;

AND WHEREAS this Supplemental Indenture is hereinafter sometimes referred to as the "Third Supplemental Indenture";

AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Issuer and not by the Trustee;

NOW THEREFORE THIS SUPPLEMENTAL INDENTURE WITNESSES that in consideration of the premises, covenants and agreements herein contained, the parties hereto agree as follows:

ARTICLE l
INTERPRETATION

1.1    Interpretation:

This Third Supplemental Indenture is supplemental to the Master Indenture and shall be read in conjunction therewith. Except only insofar as the Master Indenture may be inconsistent with the express provisions of this Third Supplemental Indenture, in which case, subject only to section 2.8 of the Master Indenture, the terms of this Third Supplemental Indenture shall govern and supersede those contained in the Master Indenture only to the extent of such inconsistency, this Third Supplemental Indenture shall henceforth have effect so far as practicable as if all the provisions of the Master Indenture and 'this Third Supplemental Indenture were contained in one instrument The expressions used in this Third Supplemental Indenture and the Senior Pledged Bond, Series 2 shall, except as otherwise provided herein, have the respective meaning ascribed to such expressions in the Master indenture.

1.2    Definitions

In this Third Supplemental Indenture, the following terms shall have the following meanings, respectively: 

"Agent" means Royal Bank of Canada as agent for itself, and the other lenders under the
Credit Agreement, together with its successors and permitted assigns; and ·

"Credit Agreement" means, the amended and restated credit agreement dated as of the date hereof among the Issuer, the General Partner, the Agent, as agent of the lenders. and as lender and all other lenders which become parties to the credit agreement as such agreement may be amended, amended and restated, supplemented or otherwise modified from time to time.

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ARTICLE 2
TERMS OF SENIOR PLEDGED BOND, SERIES 2

2.1    Terms of Senior Pledged Bond, Series 2

The Issuer hereby creates and issues a Bond under the Master Indenture to be designated as the Senior Pledged Bond, Series 2 in the principal amount of Three Hundred and Fifty Million Dollars ($350,000,000) in lawful money of Canada. The Senior Pledged Bond, Series 2 shall be dated as of the date of authentication and delivery thereof (the "date of issue") as determined by Written Order of the Issuer to the Trustee and shall be payable as to principal, interest thereon and premium (if any) at the office in Toronto, Ontario of the Trustee at which the Senior Pledged Bond, Series 2 is registrable. The Senior Pledged Bond, Series 2 shall bear interest as provided in Section 2.4 of this Third Supplemental Indenture and shall have the other terms and characteristics set forth or referred to in the Master Indenture and in Schedule "A" hereto.

2.2    Delivery

The Senior Pledged Bond, Series 2 shall be delivered by the issuer pursuant to the bond delivery agreement attached hereto as Schedule "B" (the "Bond Delivery Agreement") in connection with, and as fixed, general, and continuing security for the due payment and performance of all present and future indebtedness, liabilities and obligations of the Issuer under the Credit Agreement and the Loan Documents (as defined in the Credit Agreement) (such indebtedness, liabilities and obligations, collectively, the "Obligations").

2.3    Payable on Demand

The Senior Pledged Bond, Series 2 shall be payable on demand therefor pursuant to and in accordance with the terms and conditions of the Master Indenture and the Bond Delivery Agreement.

2.4    Interest

The Senior Pledged Bond, Series 2, shall bear interest on the amount outstanding under the Credit Agreement from the date of issue at the applicable rate of interest per annum payable by the Issuer under the terms of the Credit Agreement, payable at the place and on the dates provided in the Credit Agreement, as well after as before demand, default and judgment with interest on overdue interest at the same rate and payable in like money at the same place and on the same dates.

2.5    Fully Registered Bond

The Senior Pledged Bond, Series 2 shall be issued as a fully registered Bond without coupons.

2.6    Certification

The Trustee's certificate of authentication shall be in the form annexed to the form of Bond attached hereto as Schedule "A".

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2.7    Senior Bond and Pledged Bond; Loan Documents

The Senior Pledged Bond, Series 2 is a Senior Bond. The Senior Pledged Bond, Series 2 is a Pledged Bond securing all of the Obligations including, for greater certainty, all debts, liabilities and obligations of the Issuer under the Existing Credit Agreement are debts, liabilities and obligations of the Issuer under the Credit Agreement and constitute "Obligations" for the purposes of the Third Supplemental Indenture and the Senior Pledged Bond, Series 2. Each of this Third Supplemental Indenture, the Senior Pledged Bond, Series 2, and the Bond Delivery Agreement is a Loan Document (as defined in the Credit Agreement).

ARTICLE 3
ISSUANCE OF SENIOR PLEDGED BOND, SERIES 2

3.1    Issuance of Senior Pledged Bond, Series l

The Senior Pledged Bond, Series 2 in the principal amount of Three Hundred and Fifty Million Dollars ($350,000,000) in lawful money of Canada shall be executed by the Issuer and delivered to the Trustee. The Senior Pledged Bond, Series 2 shall thereupon be authenticated by the Trustee, registered in the name of the holder as may be specified in a Written Order of the Issuer and returned by the Trustee to the Issuer for delivery to the holder in accordance with the Bond Delivery Agreement without any further action and formality on the part of the Issuer but nevertheless only upon satisfaction of the conditions precedent set forth in Section 2.4 of the Master Indenture.

3.2    Cancellation of Senior Pledged Bond, Series 1

The parties hereto confirm that upon the issuance of the Senior Pledged Bond, Series 2, the Senior Pledged Bond, Series 1 shall be cancelled.

ARTICLE 4
CONFIRMATION OF MASTER INDENTURE

4.1    Confirmation of Master Indenture

The Master Indenture, as supplemented to the date hereof and as further supplemented by this Third Supplemental Indenture, shall be and continue in full force and effect and is hereby confirmed.

ARTICLE 5
FOR BENEFIT OF SENIOR PLEDGED BOND, SERIES 2

5.1    Benefit of Indenture

The Issuer and the Trustee confirm that all of the provisions of this Third Supplemental Indenture are for the benefit of the holder of this Senior Pledged Bond, Series 2 as long as such Senior Pledged Bond, Series 2 remains outstanding.

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ARTICLE 6
ACCEPTANCE OF TRUST BY TRUSTEE; PAYING AGENT

6.1    Acceptance by Trustee

The Trustee hereby accepts the trusts in this Third Supplemental Indenture declared and provided and agrees to perform the same upon the terms and conditions contained herein.

6.2    Paying Agent

Effective upon the occurrence of an Event of Default and during the continuance of such Event of Default, the Paying Agent for the Senior Pledged Bond, Series 2 shall be the Trustee at its principal office in Toronto, Ontario.

ARTICLE 7
EXECUTION

7.1    Counterparts

This Third Supplemental Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

7.2    Formal Date

For purposes of convenience, this Third Supplemental Indenture may be referred to as bearing a formal date of December 15, 2010 irrespective of the actual date of the execution thereof.

7.3    Acknowledgement

The issuer is a limited partnership formed under the Partnership Act (Alberta), a limited partner of which is only liable for any of its liabilities or any of its losses to the extent of the amount that such limited partner has contributed or agreed to contribute to its capital and such limited partner's pro rata share of any undistributed income.

7.4    Governing Law

This Third Supplement Indenture shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein.

[Signature page follows]

IN WITNESS WHEREOF the parties hereto have duly executed this Third Supplemental
Indenture under the hands of their proper officers in that behalf

	
			
	ALTALINK INVESTMENT

	MANAGEMENT LTD., as general partner

	of ALTALINK INVESTMENTS, L.P.

	 
	 

	By:
	/s/ Michael Smerdon

	 
	Name:
	Michael Smerdon

	 
	Title:
	Director

	 
	 
	 

	By:
	/s/ Nicolas Poplemon

	 
	Name:
	Nicolas Poplemon

	 
	Title:
	Director

	
			
	ALTALINK INVESTMENT

	MANAGEMENT LTD

	 
	 

	By:
	/s/ Michael Smerdon

	 
	Name:
	Michael Smerdon

	 
	Title:
	Director

	 
	 
	 

	By:
	/s/ Nicolas Poplemon

	 
	Name:
	Nicolas Poplemon

	 
	Title:
	Director

	
			
	BNY TRUST COMPANY OF CANADA

	 
	 

	By:
	/s/ Patricia Benjamin

	 
	Name:
	Patricia Benjamin

	 
	Title:
	Authorized Officer

	 
	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

SCHEDULE "A"

FORM OF SENIOR PLEDGED BOND, SERIES 2

ALTALINK INVESTMENTS, L.P.
a limited partnership formed under
the laws of Alberta
	
			
	Senior Pledged Bond, Series 2
	 
	Cdn. $350,000,000

ALTALINK INVESTMENTS, L.P. CAPITAL MARKETS PLATFORM BOND

ALTALINK INVESTMENTS, L.P. (herein called the "Issuer") for value received hereby acknowledges that it is indebted to and promises to pay to the registered holder hereof upon demand the sum of Three Hundred and Fifty Million Dollars ($350,000,000.00), in lawful money of Canada at the office of the BNY Trust Company of Canada (the "Trustee") in the City of Toronto, Ontario, Canada and to pay interest thereon in accordance with the Credit Agreement, such interest to accrue from the date hereof, or in the case of any amounts in default from the date of default, at the applicable rates of interest per annum as set out in Section 2.4 of the Third Supplemental Indenture (defined below), as well after as before demand, default and judgment with interest on any such interest overdue at the same rate in like money at the same place and on demand.

This Bond is one of a duly authorized series of Altalink Investments, L.P. Capital Markets Platform Bonds, issued and to be issued under a trust indenture (herein called the "Master Indenture") made as of November 21, 2005, among the Issuer, the General Partner and the Trustee, as supplemented by the Third Supplemental Indenture (the "Third Supplemental Indenture") dated as of December 15, 2010, between the same parties as each may be amended, supplemented or otherwise modified from time to time.

Terms used in this Bond which are defined in the Master Indenture or the Third Supplemental Indenture shall, except as otherwise provided herein, have the respective meanings ascribed to them in the Master Indenture or the Third Supplemental Indenture, as applicable.

Reference is hereby made to the provisions of the Master Indenture (including, without limitation, section 2.8 thereof) and, where applicable, the Third Supplemental Indenture and the Bond Delivery Agreement, as to the rights of the holder of this Bond, the rights of the holders of the Altalink Investments, L.P. Capital Markets Platform Bonds issued and to be issued under the Master Indenture and of the Issuer and of the Trustee in respect thereof and the terms and conditions upon which this Bond and the Altalink Investments, ~.P. Capital Markets Platform Bonds are issued or may hereafter be issued, all to the same effect as if the provisions of the Master Indenture and, where applicable, the Third Supplemental Indenture and the Bond Delivery Agreement, were herein set forth, to all of which provisions, terms and conditions the holder of this Bond agrees by acceptance hereof.

The Bond shall be transferable only in accordance with the provisions, terms and conditions of the Master Indenture and the Third Supplemental Indenture. No transfer of this Bond shall be valid unless made on the register kept by and at the office of the Trustee in the City of Toronto, Ontario pursuant to the provisions of the Master Indenture.

This Bond shall not be entitled to any right or benefit under the Master Indenture or the Third Supplemental Indenture nor shall it be valid or obligatory for any purpose until a certificate of authentication in respect of this Bond is duly executed by the Trustee.

-2-

This Bond is an unsecured Pledged Bond and Senior Bond of the Issuer.

IN WITNESS WHEREOF the Issuer has duly executed this Senior Pledged Bond, Series 2 as of this 15th day of December, 2010.

	
					
	THIS BOND IS SUBJECT TO THE TERMS AND CONDITIONS OF A BOND DELIVERY AGREEMENT DATED AS OF DECEMBER 15, 2010 BETWEEN ALTALINK INVESTMENT MANAGEMENT LTD., AS GENERAL PARTNER OF ALTALINK INVESTMENTS, L.P., ALTALINK INVESTMENT MANAGEMENT LTD. AND ROYAL BANK OF CANADA, AS AGENT, MADE IN ACCORDANCE WITH SECTION 2.8 OF THE MASTER INDENTURE.
	 
	ALTALINK INVESTMENT

	 
	MANAGEMENT LTD., as general partner

	 
	of ALTALINK INVESTMENTS, L.P.

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:
	 

	 
	 
	Title:
	 

	 
	 
	 
	 

	 
	By:
	 

	 
	 
	Name:
	 

	 
	 
	 
	Title:
	 

TRUSTEE'S CERTIFICATE

This AltaLink Investments, L.P. Capital Markets Platform Bond is one of the Bonds referred to in the Master Indenture within mentioned and is the Senior Pledged Bond, Series 2 issued under the Third Supplemental Indenture within mentioned.

	
			
	BNY TRUST COMPANY OF CANADA, as

	Trustee

	 
	 

	By:
	 

	 
	Authorized Signing Officer

	 
	 
	 

	 
	 
	 

	By:
	 

	 
	Authorized Signing Officer

	 
	 
	 

	
					
	(Form of Registration Panel)

	(No writing hereon except by the Trustee or other registrar)

	DATE OF
REGISTRATION
	 
	IN WHOSE NAME
REGISTERED
	 
	TRUSTEE (OR
REGISTRAR)

	December 15, 2010
	 
	Royal Bank of Canada
	 
	 

SCHEDULE "B"

BOND DELIVERY AGREEMENT

THIS AGREEMENT made as of the 15th day of December, 2010.

BETWEEN:

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of
Altalink Investments, L.P. 

(hereinafter called the "Issuer")

-and-

ALTALINK INVESTMENT MANAGEMENT LTD.

(hereinafter called the "General Partner")

-and-

ROYAL BANK OF CANADA, (hereinafter called the
"Agent') in its capacity as agent for itself, and all other lenders under the Credit
Agreement (as defined below)

WHEREAS by a trust indenture (the "Master Indenture") dated as November 21, 2005 among the Issuer, AltaLink Investment Management Ltd., as general partner, and the Trustee (as defined herein), provision was made for the creation and issue of Bonds of the Issuer,

AND WHEREAS the Issuer, the General Partner, the Agent and the lenders party thereto entered into an amended and restated credit agreement dated as of the date hereof (such agreement, as amended, amended and restated, supplemented or otherwise modified from time to time referred to herein as the "Credit Agreement');

AND WHEREAS pursuant to the Third Supplemental Indenture dated as of the date hereof among the Issuer, the General Partner and the Trustee (the ''Third Supplemental Indenture"), the Issuer created and issued the Senior Pledged Bond, Series 2 (as defined herein);

AND WHEREAS pursuant to the Master Indenture and the Third Supplemental Indenture, the Issuer executed and delivered the Senior Pledged Bond, Series 2 to and in favour of the Agent;

-2-

AND WHEREAS the parties hereto are entering into this Agreement for the purpose of delivering the Senior Pledged Bond, Series 2 to the Agent on the terms and conditions of this Agreement;

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the premises, the covenants and agreements herein contained, the parties hereto agree as follows:

ARTICLE l
INTERPRETATION

1.1    Definitions

All capitalized terms used herein shall, unless otherwise indicated, have the respective meanings ascribed to them in the Master Indenture or the Third Supplemental Indenture. In this Agreement, the following terms shall have the respective meanings indicated below:

"Senior Pledged Bond, Series 2" means the Senior Pledged Bond, Series 2 Capital Markets Platform Bond in the principal amount of Three Hundred and Fifty Million Dollars ($350,000,000) issued by the Issuer pursuant to the Master Indenture and the Third Supplemental Indenture and duly authenticated by the Trustee as required by the Master Indenture.

1.2    Headings

The inclusion of headings in this Agreement is for convenience of reference only and shall not affect the construction or interpretation hereof

1.3    References to Articles and Sections

Whenever in this Agreement a particular Article, Section or other portion thereof is referred to then, unless otherwise indicated, such reference pertains to the particular Article, Section or portion thereof contained herein.

ARTICLE 2
DEALINGS WITH SENIOR PLEDGED BOND, SERIES 2

2.1    Delivery of Senior Pledged Bond, Series 2

The Issuer hereby delivers the Senior Pledged Bond, Series 2 to the Agent to be held by the Agent as continuing collateral security for the Obligations of the Issuer (as defined in the Third Supplemental Indenture). 

2.2    Realization

The Agent is hereby authorized, upon the occurrence of an Event of Default under the Credit Agreement and for so long as such Event of Default continues, to demand payment, in accordance with the Credit Agreement, of the Senior Pledged Bond, Series 2, without notice to, consent of or control by the Issuer. Notwithstanding that the Senior Pledged Bond, Series 2 is expressed to be payable on demand, the Agent shall have no right to and shall not demand payment unless or until an Event of Default under the Credit Agreement shall have occurred and be continuing. No payment of principal on account of any of the obligations of the Issuer under the Credit Agreement shall reduce the principal amount of the Senior Pledged Bond, Series 2. Notwithstanding the principal amount of the Senior Pledged Bond, Series 2, or the rate of interest expressed to be payable thereon, or that the Senior Pledged Bond, Series 2 is expressed to be payable on demand, the Senior Pledged Bond, Series 2 shall constitute a liability of the Issuer to the Agent only to the extent of the lesser of (i) the Obligations of the Issuer under the Credit Agreement outstanding at the 

-3-

time of calculation, and (ii) the principal amount of the Senior Pledged Bond, Series 2 and interest accrued thereon, and such liability shall be payable only in accordance with the payment provisions of the Credit Agreement.

2.3    Application of Proceeds

All proceeds of the Senior Pledged Bond, Series 2 including, without limitation, any distributions in respect thereof by the Agent, shall be applied on account of the obligations of the Issuer under, and in accordance with, the Credit Agreement without prejudice to any claim on the Issuer for any deficiency.

2.4    Cancellation

Upon full, final and irrevocable satisfaction of the obligations of the Issuer under the Credit Agreement, the Agent shall, at the request and expense of the Issuer, deliver the Senior Pledged Bond, Series 2 to the Trustee for cancellation.

2.5    Transfer

The Senior Pledged Bond, Series 2 shall not be transferable or negotiable except to a successor of the Agent pursuant to the Credit Agreement

ARTICLE 3
MISCELLANEOUS

3.1    Satisfaction of Obligations

The Senior Pledged Bond, Series 2 shall not be considered as satisfied, discharged or redeemed by any intermediate payment or satisfaction of the whole or any part of the Obligations or by reason of the account of the Issuer having ceased to be in debit.

3.2    Voting

Notwithstanding the principal amount of the Senior Pledged Bond, Series 2, the holder of the Senior Pledged Bond, Series 2 shall only be entitled to that number of votes at any meeting of Bondholders or in respect of any Special Bondholders' Resolution, Extraordinary Resolution or Majority Resolution to which would be entitled the holder of an Obligation Bond in a principal amount equal to the lesser of (i) the outstanding Obligations of the Issuer at the time of calculation, and (ii) the principal amount of the Senior Pledged Bond, Series 2 and interest accrued thereon. All of the rights of the holders of the Senior Pledged Bond, Series 2 may be divisible with respect to the entire Obligations of the Issuer, provided that such rights, other than voting rights, may only be exercised by the Agent or its agent and that voting rights relating to

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the Senior Pledged Bond, Series 2 may only be exercised by the Agent or any Person or Persons duly appointed as proxy for voting the Senior Pledged Bond, Series 2.

3.3    No Merger

The Senior Pledged Bond, Series 2 shall not operate to merge any of the obligations of the Issuer under the Credit Agreement and no judgment recovered by or on behalf of the Agent shall operate to merge or in any way affect the security constituted by the Senior Pledged Bond, Series 2, which is in addition to and not in substitution for any other security now or hereafter held by the Agent or the Trustee.

3.4    Amendments

The Issuer shall not amend, modify or supplement the provisions of the Senior Pledged Bond, Series 2 or any other delivery agreement relating to any other series of bond issued pursuant to the Master Indenture except as provided in the Master Indenture. No amendment or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. Nothing contained herein, in the Senior Pledged Bond, Series 2, in the Master Indenture or in the Third Supplemental Indenture shall amend, modify, vary or otherwise change the rights of the Agent under the Credit Agreement or the obligations of the Issuer thereunder or shall limit the rights of the Agent under or in respect of such obligations.

3.5    Legend

Upon the delivery of the Senior Pledged Bond, Series 2 pursuant to Section 2.1 hereof, the Senior Pledged Bond, Series 2 shall have the following legend conspicuously noted thereon:

"This AltaLink Senior Pledged Bond, Series 2 is subject to the terms and conditions of a bond delivery agreement dated as of December 15, 2010 among Altalink Investment Management Ltd. as general partner of AltaLink Investments, L.P., AltaLink Investment Management Ltd. and Royal Bank of Canada, as Agent."

Any Bond issued under the Master Indenture in substitution for or in replacement of the Senior Pledged Bond, Series 2 shall have conspicuously noted thereon the legend referred to in this Section 3.5.

3.6    Enurement

The provisions hereof shall be binding upon and shall enure to the benefit of the Issuer and the Agent under the Credit Agreement and their respective permitted successors and assigns.

3.7    Further Assurances

The Issuer shall forthwith and from time to time on demand, execute and do or cause to be executed or done· all assurances and things which 'in the opinion of the Agent may be necessary or of advantage to give the Agent so far as may be possible under any applicable law the benefit of the Senior Pledged Bond, Series 2, the Third Supplemental Indenture and the Master Indenture to secure the payment and performance of the obligations of the Issuer under the Credit Agreement.

3.8    Currency

Except where otherwise expressly provided in the Credit Agreement, all amounts In this Agreement are stated and shall be paid in Canadian currency.

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3.9    Gender and Number

In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders.

3.10    Invalidity of Provisions

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or. part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision thereof.

3.11    No Waiver

No waiver of any provision of this Agreement shall constitute a waiver of any other provision of this Agreement or constitute a continuing waiver unless otherwise expressly provided.

3.12    Governing Law, Attornment

This Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein and the Issuer hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Alberta.

3.13    Acknowledgment

The Issuer is a limited partnership formed under the Partnership Act (Alberta), a limited partner of which is only liable for any of its liabilities or any of its losses to the extent of the amount that such limited partner has contributed or agreed to contribute to its capital and such limited partner's pro rata share of any undistributed income.

IN WITNESS WHEREOF the parties hereto have duly executed this Agreement as of the date above written.
	
			
	ALTALINK INVESTMENT

	MANAGEMENT LTD., as general partner

	of ALTALINK INVESTMENTS, L.P.

	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	 
	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

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	ALTALINK INVESTMENT

	MANAGEMENT LTD.

	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	 
	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	
			
	ROYAL BANK OF CANADA, as Agent

	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	 
	 
	 

	By:
	 

	 
	Name:
	 

	 
	Title:BHE 12.31.14 EX 4.97

EXHIBIT 4.97

ALTALINK INVESTMENTS, L.P.

CAPITAL MARKETS PLATFORM

Series 12-1 Supplemental Indenture

Dated as of June 5, 2012

TABLE OF CONTENTS

	
			
	ARTICLE 1 INTERPRETATION
	2
	

	1.1 lnterpretation
	2
	

	1.2 Definitions
	2
	

	 
	 

	ARTICLE 2 TERMS OF SERIES 12-1 SENIOR BONDS 
	4
	

	2.1 Terms of Series 12-1 Senior Bonds
	4
	

	2.2 Payment of Interest on Series 12-1 Senior Bonds 
	5
	

	2.3 Issue of Series 12-1 Senior Bonds 
	5
	

	2.4 Redemption  of Series 12-1 Senior Bonds
	5
	

	2.5 Place of Redemption
	5
	

	2.6 Redemption  in Part
	6
	

	2.7 Applicable Provisions
	6
	

	2.8 Negative Pledge
	6
	

	 
	 

	ARTICLE 3 ADDITIONAL COVENANTS   
	6
	

	3.1 Use of Proceeds
	6
	

	3.2 Limitation on Additional  Indebtedness 
	7
	

	3.3 Limitation on Permitted Payments
	7
	

	3.4 Rating 
	7
	

	 
	 

	ARTICLE 4 TAX COVENANTS 
	7
	

	4.1 Withholding  Tax  
	7
	

	 
	 

	ARTICLE 5 OTHER MATTERS  RELATING TO THE SENIOR BONDS 
	8
	

	5.1 No Notice of Trusts or Equities
	8
	

	5.2 Record Date
	8
	

	5.3 Paying Agent
	9
	

	5.4 Calculation of Interest
	9
	

	 
	 

	ARTICLE 6 CONFIRMATION  OF MASTER INDENTURE  
	9
	

	6.1 Confirmation  of Master Indenture 
	9
	

	 
	 

	ARTICLE 7 ACKNOWLEDGEMENT
	9
	

	7.1 Acknowledgement 
	9
	

	 
	 

	ARTICLE 8 ACCEPTANCE  OF TRUST BY TRUSTEE
	9
	

	8.1 Acceptance  of Trustee
	9
	

	 
	 

	ARTICLE 9 ACCOUNTING TERMS
	9
	

	9.1 Accounting Terms
	9
	

	 
	 

	ARTICLE  10 EXECUTION
	10
	

	10.1     Counterparts
	10
	

	10.2     Formal Date
	10
	

	10.3     Governing Law
	11
	

ALTALINK INVESTMENTS, L.P. 

SERIES 12-1 SUPPLEMENTAL INDENTURE 

CAPITAL MARKETS PLATFORM SENIOR BONDS

THIS SERIES 12-1 SUPPLEMENTAL INDENTURE dated as of the 5th day of June, 2012. BETWEEN:

	
		
	 
	ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P., a limited partnership created pursuant to the laws of the Province of Alberta

(hereinafter called the "Issuer")

	 
	OF THE FIRST PART

	 
	-and-

	 
	ALTALINK INVESTMENT MANAGEMENT LTD., a corporation incorporated under the laws of the Province of Alberta

(the "General Partner")

	 
	OF THE SECOND PART

	 
	-and-

	 
	BNY TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada and authorized to carry on the business of a trust company in all of the provinces and territories of Canada

(hereinafter called the "Trustee")

	 
	OF THE THIRD PART 

WHEREAS by a trust indenture dated as of November 21, 2005 between the Issuer, the General
Partner and the Trustee (the "Master Indenture") provision was made for the issuance of Senior Bonds of the Issuer in one or more Series, unlimited as to aggregate principal amount but issuable only upon the terms and subject to the conditions therein provided;

2

AND WHEREAS the Issuer has agreed to create and issue pursuant to the Master Indenture and this Supplemental Indenture, Senior Bonds, Series 12-1 due on June 5, 2019 (the "Series 12-1
Senior Bonds");

AND WHEREAS the Issuer wishes to apply the net proceeds of the Series 12-1 Senior Bonds in accordance with the terms of Section 3.1 hereof;

AND WHEREAS this Supplemental Indenture is executed pursuant to all necessary authorizations and resolutions of the Issuer to authorize the creation, issuance and delivery of the Series 12-1 Senior Bonds and to establish the terms, provisions and conditions thereof;

AND WHEREAS this Supplemental Indenture is hereinafter sometimes referred to as the
"Series 12-1 Supplemental Indenture";

AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Issuer and not the Trustee.

NOW THEREFORE THIS INDENTURE WITNESSES that in consideration of the premises, the covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, the parties hereto agree as follows:

ARTICLE 1
INTERPRETATION

1.1    Interpretation

This Series 12-1 Supplemental Indenture is supplemental to the Master Indenture and shall be read in conjunction therewith. Except only insofar as the Master Indenture may be inconsistent with the express provisions of this Series 12-1 Supplemental Indenture, in which case the terms of this Series 12-1 Supplemental Indenture shall govern and supersede those contained in the Master Indenture only to the extent of such inconsistency, this Series 12-1 Supplemental Indenture shall henceforth have effect so far as practicable as if all the provisions of the Master Indenture and this Series 12-1 Supplemental Indenture were contained in one instrument. The expressions used in this Series 12-1 Supplemental Indenture and in the Series 12-1 Senior Bonds which are defined in the Master Indenture shall, except as otherwise provided herein, have the meanings ascribed to them in the Master Indenture. Unless otherwise stated, any reference in this Series 12-1 Supplemental Indenture to an Article, Section or Schedule shall be interpreted as a reference to the stated Article, Section of, or Schedule to, this Series 12-1 Supplemental Indenture.

1.2    Definitions

In this Series 12-1 Supplemental Indenture:

"AILP Bank Facility" means the revolving credit facility established pursuant to the AILP Credit Agreement having a maximum principal amount of $300 million;

"AILP Credit Agreement" the credit agreement dated December 14, 2011 between the Issuer, the General Partner, Royal Bank of Canada (as lender and agent of all other lenders) and all other lenders who become parties to the AILP Credit Agreement, whereby the specific terms and conditions of the AILP Bank Facility are determined;

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"Canada Yield Price" means the price which will provide a yield to maturity of a Series 12-1 Senior Bond equal to the average of the mid-market yields to maturity calculated by two Investment Dealers selected by the Issuer on the Business Day preceding the day on which the notice of redemption of such Series 12-1 Senior Bond is given of a Government of Canada bond if issued with the same term to maturity (calculated from the Redemption Date) plus 0.55%;

"Construction Debt" means, at any time, on a consolidated basis, Indebtedness incurred to fund the construction of any asset required by the Issuer for the Business including the costs to purchase any related equipment provided that such asset and equipment will form part of the rate base regulated by the Alberta Utilities Commission;

"Depository" means, with respect to Bonds of any Series issuable in whole or in part in the form of one or more Global Bonds, a clearing agency (registered, if required, under the securities legislation governing such Series) that is designated to act as depository for such Bonds pursuant to the provisions of the Supplemental Indenture authorizing such Series of Bonds;

"EBITDA" means at any time, on a consolidated basis, in respect of any fiscal period, the consolidated net income of the Issuer in such fiscal period excluding any amounts related to depreciation, amortization and all non-cash charges, interest, allowance for debt funds used during construction, gain or loss on sale of assets, extraordinary items, and income taxes, all determined in accordance with GAAP;

"Funded Debt" means, at any time, on a consolidated basis, the Indebtedness and any other obligations of the Issuer which are considered to constitute debt in accordance with GAAP (but excluding Construction Debt) after deducting cash and cash equivalents therefrom, including indebtedness for borrowed money, interest bearing liabilities, indebtedness secured by Purchase Money Obligations and the redemption price of any securities issued by the Issuer having attributes substantially similar to debt (such as securities which are redeemable at the option of the holder); but excluding accounts payable and other short term non-interest bearing liabilities, regulatory liabilities, asset retirement obligations, future income taxes (both current and long• term) and Subordinated Debt;

"Funded Debt Service" means, at any time, on a consolidated basis, (i) the aggregate amount of interest and other fees and expenses paid in respect of Funded Debt in respect of the immediately preceding twelve (12) month period plus, (ii) the aggregate amount of payments (except with respect to any principal portion thereof) which are scheduled to be made in respect of capital leases in the following twelve (12) month period;

"Global Series 12-1 Senior Bond" has the meaning set forth in Section 2.1 hereof;

"Interest Payment Date" has the meaning set forth in Section 2.1 hereof;

"Interest Rate" has the meaning set forth in Section 2.1 hereof;

"Paying Agent" has the meaning set forth in Section 4.3 hereof;

"Redemption Date" means the date fixed for redemption of Series 12-1 Senior Bonds as specified in the applicable notice of redemption to the holder(s) of Series 12-1 Senior Bonds to be redeemed (or to the Depository in the case of Series 12-1 Senior Bonds represented by a Global Series 12-1 Senior Bond) pursuant to Subsection 2.4(a) or (b) as the case may be; 

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"Redemption Price" means:

		
	(i.)
	in the case of a redemption of Series 12-1 Senior Bonds pursuant to Subsection 2.4(a) the higher of the Canada Yield Price and the principal amount of the Series 12-1 Senior Bonds to be redeemed, together, in either case, with accrued and unpaid interest to but excluding the Redemption Date; or

		
	(ii.)
	in the case of a redemption of Series 12-1 Senior Bonds pursuant to Subsection 2.4(b) hereof, par plus accrued interest to but excluding the Redemption Date; and

"Series 12-1 Senior Bonds" means the Series of Senior Bonds issued pursuant to the Master Indenture and this Series 12-1 Supplemental Indenture.

ARTICLE 2
TERMS OF SERIES 12-1 SENIOR BONDS

2.1    Terms of Series 12-1 Senior Bonds

The Series 12-1 Senior Bonds authorized to be issued pursuant to the Master Indenture and under this Series 12-1 Supplemental Indenture shall consist of and be limited to Cdn. $250,000,000 principal amount and shall be designated as Series 12-1 Senior Bonds due June 5, 2019 and shall be referred to herein as the "Series 12-1 Senior Bonds". The Series 12-1 Senior Bonds shall be dated as of June 5, 2012, shall mature on June 5, 2019 and shall bear interest from June 5, 2012 at 3.674% per annum (for the Series 12-1 Senior Bonds such rate is the "Interest Rate"), payable semi-annually on June 5 and December 5 of each year (for the Series 12-1 Senior Bonds, each such date is an "Interest Payment Date"), commencing on December 5, 2012 after as well as before maturity and after as well as before default and judgment, with interest on amounts in default at the same rate.

The Series 12-1 Senior Bonds shall be issued as a registered Senior Bond initially in the form of a Global Bond ("Global Series 12-1 Senior Bond") registered in the name of a Depository (being, initially, CDS & Co. as nominee of CDS Clearing and Depository Services Inc.) and held by that Depository in the form appended as Schedule "A" hereto. The provisions of Article 3 of the Master Indenture shall apply to the issuance and administration of such Global Series 12-1 Senior Bond. The Series 12-1 Senior Bonds are Obligation Bonds and Senior Bonds of the Issuer and are unsecured.

If certified Series 12-1 Senior Bonds are to be registered in the name of a person other than the Depository, or its nominee, in exchange for the Global Series 12-1 Senior Bond in accordance with the terms of the Master Indenture, the Issuer shall supply the Trustee with a sufficient number of certificates substantially in the form determined by the Issuer which shall contain the appropriate conditions of such Series 12-1 Senior Bonds as described herein, with the signatures of two Authorized Officers printed, engraved, lithographed or otherwise mechanically reproduced thereon, to facilitate all subsequent exchanges, transfers and replacement of Series12-1 Senior Bonds.

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2.2    Payment of Interest on Series 12-1 Senior Bonds

The Issuer and the Trustee, as Paying Agent for the Series 12-1 Senior Bonds, acknowledge and agree that, in respect of any Series 12-1 Senior Bonds that are represented by a Global Series 12-1 Senior Bond, interest shall be payable on the Series 12-1 Senior Bonds as contemplated herein and the Issuer shall be responsible for ensuring that sufficient funds are available in an account with, and maintained by the Depository no later than 11 :00 a.m. (Toronto time) on the Interest Payment Dates. In all other cases, interest is payable on the Series 12-1 Senior Bonds in accordance with the Master Indenture.

2.3    Issue of Series 12-1 Senior Bonds

Series 12-1 Senior Bonds, or a Global Series 12-1 Senior Bond representing one or more Series 12-1 Senior Bonds, up to the aggregate principal amount of $250,000,000 shall forthwith be duly executed by the Issuer in accordance with the Master Indenture and this Series 12-1 Supplemental Indenture and delivered to the Trustee, and shall thereupon be certified by or on · behalf of the Trustee and delivered to or to the order of the Issuer upon the written direction of the Issuer, without the Trustee receiving any consideration therefor, but only upon receipt by the Trustee of such written certification along with delivery of the documents referred to in the Master Indenture.

2.4    Redemption of Series 12-1 Senior Bonds

		
	(a)
	Prior to March 5, 2019, the Series 12-1 Senior Bonds will be redeemable, at the Issuer's option, in whole or in part at any time and from time to time, on not more than sixty (60) and not less than thirty (30) days' notice prior to the Redemption Date specified in such notice to the holder(s) of the Series 12-1 Senior Bonds to be redeemed (or to the Depository in the case of Series 12-1 Senior Bonds represented by a Global Series 12-1 Senior Bond), at the applicable Redemption Price thereof.

		
	(b)
	On or after March 5, 2019 (three months prior to the maturity date of the Series 12-1 Senior Bonds), the Series 12-1 Senior Bonds are redeemable, in whole, at the Issuer's option, at any time prior to maturity, on not more than sixty (60) and not less than thirty (30) days' notice prior to the Redemption Date specified in such notice to the holder(s) of the Series 12-1 Senior Bonds to be redeemed (or the Depository in the case of the Serious 12-1 Senior Bond represented by Global Series 12-1 Senior Bond), which Redemption Notice may be given prior to March 5, 2019, at the applicable Redemption Price thereof.

2.5    Place of Redemption

The place where the Series 12-1 Senior Bonds to be redeemed are to be surrendered for payment of the Redemption Price shall be at the principal office of the Trustee in Toronto, Ontario. However, the Trustee and the Issuer acknowledge and agree that, in respect of any of the Series 12-1 Senior Bonds that are represented by a Global Series 12-1 Senior Bond registered in the name of a Depository , and interests in the Series 12-1 Senior Bonds underlying such Global Senior Bond are represented within the Depository system through book entry accounts of participants, the applicable Redemption Price is payable to the Depository and the Issuer or the Trustee may make payment thereof by electronic funds transfer to the Depository , to such account as the Depository may direct, no later than 11 :00 a.m. (Toronto Time) on the applicable Redemption Date, or by an alternate method of payment acceptable to the Depository, the Issuer and the Trustee, for distribution to the holders of Series 12-1 Senior Bonds underlying the Global Series 12-1 Senior Bond which are being redeemed. If these payment methods are not available to the Issuer, and provided that the Depository has not given notification to the contrary, the Issuer or the Trustee may make payment by cheque payable to the Depository (which may be post-dated to the applicable Interest Payment Date) and delivered to the Depository at least two (2) Business Days prior to the 

6

applicable Redemption Date. The electronic transfer of funds or effecting payment by such other means, such as delivery of such cheque (in which case payment is to be made in a manner whereby the holder receives credit or such payment on the Redemption Date), satisfies and discharges the liability for the Redemption Price for those Series 12-1 Senior Bonds represented by the Global Series 12-1 Senior Bond to the extent of the sum represented thereby unless, in the case of payment by cheque, the same is not paid on presentation.

2.6    Redemption in Part

Where the Issuer has elected under Subsection 2.4(a) to redeem Series 12-1 Senior Bonds only in part, each Series 12-1 Senior Bond will be redeemed in part, pro rata, and the Issuer will issue new Series 12-1 Senior Bonds to the holders thereof as contemplated by Section 3.21 of the Master Indenture.

2.7     Applicable Provisions

Save as set out in this Article 2 to the contrary, the redemption of any Series 12-1 Senior Bonds under the optional redemption feature in this Supplemental Indenture shall be conducted in accordance with Sections 3.16 to 3.22 of the Master Indenture.

2.8     Negative Pledge

Save and except for Permitted Encumbrances, the Issuer will not create, assume or suffer to exist any Security Interest on any of its assets, whether now owned or hereafter acquired, unless at the same time it shall secure the Series 12-1 Senior Bonds then outstanding on a pari passu basis.

ARTICLE 3
ADDITIONAL COVENANTS

3.1    Use of Proceeds

The net proceeds of the Series 12-1 Senior Bonds shall be used by the Issuer to repay all Indebtedness outstanding under the AILP Bank Facility, to invest in additional ALP limited partnership units, to repay, in whole or in part, Indebtedness under the Series 05-1 Senior Bonds, and, thereafter, for working capital purposes.

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3.2    Limitation on Additional Indebtedness

Notwithstanding anything in the Master Indenture to the contrary, the Issuer will not directly or indirectly, nor will it allow any Subsidiary to directly or indirectly, Guarantee, incur, issue or become liable for or in respect of any additional Indebtedness unless:

		
	(a)
	no Default or Event of Default has occurred and is continuing under the Master Indenture or any Supplemental Indenture on that date;

		
	(b)
	during the prior four (4) fiscal quarters of the Issuer, the ratio of EBITDA of the Issuer to Funded Debt Service was equal to or greater than 2.25: 1.0; and

		
	(c)
	the Issuer delivers to the Trustee an Officer's Certificate certifying as to the matter in Paragraphs (a) and (b) above.

This Section 3.2 does not apply to ALP notwithstanding that it is a Subsidiary.

3.3    Limitation on Permitted Payments

Notwithstanding anything in Section 4.1 of the Master Indenture to the contrary, the Issuer will not make any Permitted Payments unless:

		
	(a)
	no Default or Event of Default has occurred and is continuing under the Master Indenture or any Supplemental Indenture on that date;

		
	(b)
	after giving effect to the proposed Permitted Payment, the ratio of EBITDA of the Issuer calculated on a pro-forma basis for the next twelve (12) months to Funded Debt Service for such period will equal or exceed 2.5: 1.0; and

		
	(c)
	the Issuer delivers to the Trustee an Officer's Certificate certifying as to the matter in Paragraphs (a) and (b) above.

3.4    Rating

The Issuer shall maintain a rating on the Series 12-1 Senior Bonds by at least one of the Rating Agencies.

ARTICLE 4
TAX COVENANTS

4.1    Withholding Tax

If the Issuer is required to make any payment to any Governmental Authority in connection with or due to the application of any withholding tax or similar tax or rate to any payment made or due to be made pursuant to this Indenture (the "Required Amount") then the Issuer:

		
	(a)
	if it is necessary for the Issuer to identify the beneficial ownership of a Senior Bond it shall consult with such person as may be required in order to determine the beneficial ownership of the Series 12-1 Senior Bonds for the purpose of determining the appropriate rate of withholding, including the availability of any reduction in withholding pursuant to an applicable tax treaty;

8

		
	(b)
	may, if appropriate, deduct and withhold the Required Amount from payments made or due under this Indenture;

		
	(c)
	shall, if it deducts and withholds the Required Amount, remit the Required Amount to the relevant Governmental Authority within the time required by applicable law;

		
	(d)
	shall, if it deducts and withholds the Required Amount, promptly forward to a Senior Bondholder a certified copy of the official receipt or other documentation satisfactory to the Trustee evidencing the payment of the Required Amount to such Governmental Authority; and

		
	(e)
	shall not be responsible to increase or "gross up" any payment to any Senior Bondholder or to the Trustee on behalf of any Senior Bondholder and shall be entitled to reduce the amount of each such payment by the Required Amount, if the Issuer has deducted and withheld the Required Amount, and the payment made to any Senior Bondholder or Trustee on behalf of any Senior Bondholder shall be deemed to have been made in full.

ARTICLE 5
OTHER MATTERS RELATING TO THE SENIOR BONDS

5.1    No Notice of Trusts or Equities

Neither the Issuer nor the Trustee nor any of their respective directors, officers or employees shall be bound to see to the execution of any trust affecting the ownership of any Series 12-1 Senior Bond or be affected by notice of any equity that may be subsisting in respect thereof.

5.2    Record Date

The record date for purposes of payment of principal, Redemption Price and interest on the Series 12-1 Senior Bonds is as of 11:00 a.m. (Toronto time) on the date that is three (3) Business Days prior to the maturity date, any Redemption Date or any Interest Payment Date, as applicable, for such Series 12-1 Senior Bonds. Principal of, Redemption Price and interest on such Series 12-1 Senior Bonds are payable to the Person registered in the register on the relevant record date as the holder of such Series 12-1 Senior Bonds. Where any of the Series 12-1 Senior Bonds are represented by a Global Series 12-1 Senior Bond registered in the name of a Depository, and interests in the Series 12-1 Senior Bonds underlying such Global Series 12-1 Senior Bond are represented within the depository system through book entry accounts of participants, the record date is intended to identify the entitlements of such participants, rather than the Depository, to the payment to be made on the ensuing payment date. The Trustee shall not be required to register any transfer or exchange of such Series 12-1 Senior Bonds during the period after any record date to the corresponding payment date.

9

5.3    Paying Agent

The Paying Agent for the Series 12-1 Senior Bonds shall be the Trustee at its principal office in Toronto, Ontario.

5.4    Calculation of Interest

Whenever it is necessary to calculate any amount of interest in respect of the Series 12-1 Senior Bonds for a period of less than one (1) full year, such interest shall be calculated on the basis of the number of days in the period and a year of three hundred and sixty-five (365) days, or if such period falls entirely within a leap year, three hundred and sixty-six (366) days.

ARTICLE 6
CONFIRMATION OF MASTER INDENTURE

6.1    Confirmation of Master Indenture

The Master Indenture, as supplemented to the date hereof and as further supplemented by this Supplemental Indenture, shall be and continue in full force and effect and is hereby confirmed.

ARTICLE 7
ACKNOWLEDGEMENT

7.1    Acknowledgement

The Issuer is a limited partnership formed under the Partnership Act (Alberta), a limited partner of which is only liable for any of its liabilities or any of its losses to the extent of the amount that such limited partner has contributed or agreed to contribute to its capital and such limited partner's pro rata share of any undistributed income.

ARTICLE 8 
ACCEPTANCE OF TRUST BY TRUSTEE

8.1    Acceptance of Trustee

This Trustee hereby accepts the trusts in this Supplemental Indenture declared and provided and agrees to perform the same upon the terms and conditions contained herein.

ARTICLE9
ACCOUNTING TERMS

9.1    Accounting Terms

Unless otherwise specified all accounting terms used herein shall be construed in accordance with GAAP as now or hereafter established by International Financial Reporting Standards, in each case consistently applied by the Issuer, and all financial data submitted pursuant to this Series 12-1 Supplemental Indenture shall be prepared in accordance with such principles. Notwithstanding the foregoing, the provisions of Section l.lO(a) of the Master Indenture with respect to changes in accounting principles, shall continue in full force and effect and are hereby confirmed.

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ARTICLE 10
EXECUTION

10.1    Counterparts

This Supplemental Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

10.2     Formal Date

For the purposes of convenience, this Supplemental Indenture may be referred to as bearing a formal date of June 5, 2012 irrespective of the actual date of execution hereof.

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10.3    Governing Law

This Supplemental Indenture shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein.

IN WITNESS OF WHICH the parties hereto have executed these presents under their respective corporate seals and the hands of their proper officers in that behalf.

	
			
	ALTALINK INVESTMENT MANAGMENT LTD., as general partner of ATALINK INVESTMENTS, L.P.

	 
	 
	 

	Per:
	/s/ Robert W. Schmidt

	 
	Name:
	Robert W. Schmidt

	 
	Title:
	Vice President, Finance

	Per:
	/s/ Nicolas Poplemon

	 
	Name:
	Nicolas Poplemon

	 
	Title:
	Director

	
			
	ALTALINK INVESTMENT MANAGMENT LTD., 

	 
	 
	 

	Per:
	/s/ Robert W. Schmidt

	 
	Name:
	Robert W. Schmidt

	 
	Title:
	Vice President, Finance

	Per:
	/s/ Nicolas Poplemon

	 
	Name:
	Nicolas Poplemon

	 
	Title:
	Director

	
			
	BNY TRUST COMPANY OF CANADA

	 
	 
	 

	Per:
	/s/ Robert Solis

	 
	Name:
	Robert Solis

	 
	Title:
	Authorized Signatory

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