Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 27

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 27
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 grants or permits,                                                                                       |

| (6) | undetermined or inchoate liens incidental to the operations of the Corporation, |

| (7) | Security Interests contested in good faith by the Corporation or for which payment is deposited with the 
 Trustee,                                                                                                 |

| (8) | easements, rights-of-way and servitudes, |

| (9) | security to public utilities, municipalities or governmental or other public authorities, |

<div align='center'>S-18</div>

| (10) | liens and privileges arising out of judgments or awards, and |

| (11) | other liens of a nature similar to those described above which do not in the opinion of the Corporation                                
 materially impair the use of the subject property or the operation of the business of the Corporation or the value of the property for 
 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