Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 119

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 119
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 which in turn may fluctuate and be affected by a number of interrelated factors, including economic,
financial and political events over which the Corporation has no control.

Redemption of Debt Securities

If the debt securities are redeemable at the Corporation’s option, as provided in the applicable prospectus supplement, the Corporation
may choose to redeem the debt securities from time to time, especially when prevailing interest rates are lower than the rate borne by the debt securities. If prevailing rates are lower at the time of redemption, a purchaser would not be able to
reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the debt securities being redeemed. The Corporation’s redemption right also may adversely impact a purchaser’s ability
to sell debt securities as the optional redemption date or period approaches.

32

Foreign Currency Risks Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include, but are not limited to, the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential liquidity issues in the secondary market. These risks will vary dependent upon the currency or currencies involved and, if applicable, will be more fully described in the applicable prospectus supplement. In addition, any debt securities issued pursuant to the Canadian Unsubordinated Debt Indenture will be governed by and construed in accordance with the laws of the Province of Alberta. Any judgment obtained in Canada in respect of such debt securities will be expressed in Canadian currency as the Currency Act(Canada) provides that any reference to money in a legal proceeding in Canada shall be stated in Canadian currency and such judgment may be based on a rate of exchange on a date other than the date of payment. Limited Protections Under the Indentures While each Indenture contains terms intended to provide protection to the holders of the debt securities issued thereunder upon the occurrence of certain events involving significant corporate transactions, such terms will be limited and may not be sufficient to protect a holder’s investment in such debt securities. In particular, none of the Indentures:

| (a) | require the Corporation to maintain any financial ratios or specific levels of net worth, revenues, income, 
 cash flow or liquidity;                                                                                     |

| (b) | restrict the Corporation’s ability to repurchase or prepay any other of its securities or other 
 indebtedness;                                                                                   |

| (c) | restrict the Corporation’s ability to make investments or to repurchase or pay dividends or make other 
 payments in respect of its