Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 33

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 33
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 in the prospectus.

Termination of TCE’s Obligations

All of TCE’s obligations described in this “Description of the Notes” (including its obligations described in
“—Dividend Stopper Undertaking” above) will automatically terminate and be of no further force or effect immediately following the date on which (i) TCE, together with its affiliates, ceases to own, directly or
indirectly, securities constituting more than 50% of our outstanding voting stock or (ii) we have sold, leased or conveyed all or substantially all of our assets to a person that is not an affiliate of TCE in a transaction otherwise permitted
under the Indenture.

Subordination

The Notes will be our direct unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of our
existing and future Senior Indebtedness. The Notes will rank equal in right of payment with our U.S.$1,000,000,000 in aggregate principal amount of outstanding 6.350% Junior Subordinated Notes Due 2067, our U.S. $750,000,000 in aggregate principal
amount of outstanding 7.00% Fixed-to-Fixed Rate Junior Subordinated Notes Due 2065 and our $1,000,000,000 in aggregate principal amount of outstanding 5.20% Fixed-to-Fixed Rate Subordinated Notes Due 2056 and any of our future unsecured indebtedness if the terms 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