Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 29

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 29
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 the Corporation’s business; and                                                                                                        |

| (i) | extensions, renewals, alterations and replacements of the permitted Security Interests referred to above;                               
 provided the extension, renewal, alteration or replacement of such Security Interest is limited to all or any part of the same property 
 that secured the Security Interest extended, renewed, altered or replaced (plus improvements on such property) and the principal amount 
 of the Indebtedness secured thereby is not increased.                                                                                   |

In addition, the Indenture
permits the Corporation to incur or allow to exist any other Security Interest or Security Interests if the amount of Indebtedness secured
under the Security Interest or Security Interests does not exceed 5% of the Corporation’s Consolidated Net Tangible Assets.

The Indenture covenant restricting
Security Interests will not restrict the Corporation’s ability to sell its property and other assets and will not restrict any subsidiary
of the Corporation from creating, assuming or otherwise having outstanding any Security Interests on its assets.

Other Indenture Covenants

The Corporation will covenant
with respect to the Notes to (1) duly and punctually pay amounts due on the Notes; (2) maintain an office or agency where the
Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer or exchange and where
notices and demands to the Corporation may be served; (3) deliver to the Trustee, within 120 days after the end of each fiscal year,
a certificate stating whether or not the Corporation is in default under the Indenture; (4) pay before delinquency, taxes, assessments
and governmental charges and lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property
of the Corporation, subject to the right of the Corporation to contest the validity of a charge, assessment or claim in good faith; and
(5) maintain and keep in good condition properties used or useful in the conduct of its business and make necessary repairs and improvements
as in the judgment of the Corporation are necessary to carry on the Corporation’s business; provided that the Corporation may discontinue
operating or maintaining any of its properties if, in the judgment of the Corporation, the discontinuance is desirable in the conduct
of the Corporation’s business and not disadvantageous in any material respect to the Noteholders.

Subject to the provision described
under the heading “— Mergers, Consolidations and Sales of Assets” below