Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 30

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 30
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 Corporation has or will become obligated to
pay, on the next Interest Payment Date for the Notes, additional amounts with respect to any Note as described under “Payment of Additional Amounts”, or there is more than an insubstantial risk that interest payable on the
Notes is not

S-19

deductible, or within 90 days would not be deductible, in whole or in part, by the Corporation for Canadian federal income tax purposes, or (2) on or after the date of this prospectus
supplement, any action has been taken by any taxing authority of, or any decision has been rendered by a court in, any Relevant Taxing Jurisdiction, including any of those actions specified in (1) above, whether or not the action was taken or
decision rendered with respect to the Corporation, or any change, amendment, application or interpretation is officially proposed, which, in the opinion of the Corporation’s counsel, will result in the Corporation becoming obligated to pay, on
the next Interest Payment Date for the Notes, additional amounts with respect to any Note, and the Corporation has determined that the obligation cannot be avoided by the use of reasonable available measures.

Prior to November 1, 2030, upon or following the occurrence of a Rating Event, the Corporation may, at its option, on giving not more than 60
nor less than 10 days’ notice to the Noteholders, redeem all (but not less than all) of the Notes. The redemption price per U.S.$25principal amount of Notes will be equal to 102% of the principal amount thereof, together with
accrued and unpaid interest to but excluding the date fixed for redemption.

A “Rating Event” means Moody’s
Investors Service, Inc., S&P Global Ratings, DBRS Limited or Fitch Ratings, Inc. that then publishes a rating for TCE or the Corporation (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity
credit to securities such as the Notes, which amendment, clarification or change results in (a) the shortening of the length of time the Notes are assigned a particular level of equity credit by that rating agency as compared to the length of
time they would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Notes; or (b) the lowering of the equity credit (including up to a lesser amount) assigned to the Notes by
that rating agency compared to the equity credit assigned