TRESU Q3 2023 Financial Report

TRESU Risk factors (continued) Different jurisdictions evaluate insolvency on various criteria. Generally, however, a Guarantor or security grantor would be considered insolvent if at the time it incurred indebtedness: the sum of its liabilities, including contingent liabilities, is greater than the fair value of all its assets; the present fair saleable value of its assets is less than the amount required to pay the probable liability on its existing debts and liabilities, including contingent liabilities, as they become due; or it cannot pay its debts as they become due. If a court determined that a Guarantor or provider of Security Interests was insolvent as of the date the Guarantees were issued or Security Interests were created or found that the issuance of the Bonds or a Guarantee of the Bonds was a fraudulent conveyance or other voidable transaction or held it ineffective or unenforceable for any other reason, the court could hold that the payment obligations under the Bonds or such Guarantee or Security Interests are ineffective, or require the Bondholders to repay any amounts received with respect to the Bonds, such Guarantee or Security Interests. In the event of a finding that a fraudulent conveyance or other voidable transaction occurred, the Bondholders may cease to have any claim in respect of the relevant Guarantor and would be a creditor solely of the Issuer and, if applicable, of the other Guarantors under any guarantees which have not been declared void. Further, certain security documents governing security interests granted by the Guarantors provide that the amounts guaranteed by such security interests will be limited to the extent of the amount guaranteed by such Guarantor. Therefore, limitations in the Guarantees will also serve to limit the amounts guaranteed by the pledges of collateral. The Guarantees and the Security Interests, or the enforcement thereof, will be subject to certain contractual or other limitations under applicable law. In particular, contractual limits may be applicable to certain Guarantees or Security Interests to the extent the granting of such Guarantee or enforcement of relevant Security Interests would result in a breach of capital maintenance rules or other statutory laws or would cause the directors of any Guarantor or provider of Security Interests to contravene their duties to incur civil or criminal liability or to contravene any legal prohibition. 72

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