Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 29

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 29
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 of such indebtedness provide that it ranks equal with the Notes in right of payment. In addition, the Notes will be
structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which are distinct legal entities having no obligation to pay any amounts in respect of the Notes or to make funds available for such
purpose. The Notes will be effectively subordinated in right of payment to any secured obligations we may incur as the holders of any such secured obligations would have claims with respect to the assets constituting collateral for such obligations
that are prior to the claims under the Notes. The Notes will rank senior to our common shares as to the distribution of our assets in the event of our bankruptcy or insolvency.

In the event (i) of any insolvency or bankruptcy proceedings or any receivership, liquidation, reorganization or other similar
proceedings in respect of the Corporation or a substantial part of its property, or of any proceedings for liquidation, dissolution or other winding up of the Corporation, or (ii) subject to the subordination provisions in the Indenture, that a
default shall have occurred with respect to payments due on any Senior Indebtedness, or there shall have occurred an event of default (other than a default in payment) in respect of any Senior Indebtedness permitting the holder or holders thereof to
accelerate the maturity thereof, or (iii) that the principal of and accrued interest on the Notes shall have been declared due and payable pursuant to the Indenture and such declaration shall not have been rescinded and annulled as provided
therein, then the holders of Senior Indebtedness shall first be entitled to receive payment of the full amount due thereon before the Noteholders are entitled to receive any payment on account of the principal of, any premium, if any, or interest on
the Notes, including, without limitation, any payments made pursuant to any redemption or purchase for cancellation.

“Senior Indebtedness” means obligations (other than non-recourse obligations, the Notes or any other obligations specifically designated as being subordinate in right of payment to Senior Indebtedness) of, or
guaranteed or assumed by, the Corporation for borrowed money or evidenced by bonds, debentures or notes or obligations of the Corporation for or in respect of bankers’ acceptances (including the face amount thereof), letters of credit and
letters of guarantee (including all reimbursement obligations in respect of each of the foregoing) or other similar instruments, and amendments