Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 24

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 24
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 collectively, the common shares and preferred shares of each of the Corporation and TCE. “ Parity Notes” means any class or series of our indebtedness currently outstanding or hereafter created that ranks on a parity with the Notes as to distributions upon liquidation, dissolution or winding-up. It is in our interest to ensure that interest on the Notes is timely paid so as to avoid triggering the Dividend Stopper Undertaking. Optional Redemption The Corporation may, at its option, on giving not more than 60 nor less than 10 days’ notice to the Noteholders, redeem the Notes, in whole at any time or in part from time to time, (i) on any day in the period commencing on (and including) March 1, 2030 (being the date falling three months prior to the Initial Interest Reset Date) and ending on (and including) June 1, 2030, and (ii) after June 1, 2030, on any Interest Payment Date or Interest Reset Date. The redemption price per U.S.$1,000 principal amount of Notes redeemed on any such day will be 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. Notes that are redeemed shall be cancelled and shall not be reissued. In the event that the Corporation redeems or purchases any of the Notes, the Corporation intends (without thereby assuming a legal obligation) to do so only to the extent the aggregate redemption or purchase price is S-18

equal to or less than the net proceeds, if any, received by the Corporation or TCE from new issuances by the Corporation or TCE or a subsidiary or affiliate of the Corporation or TCE during the
period commencing on the 365th or 366th calendar day, depending upon the actual number of days in the applicable year, prior to the date of such redemption or purchase of securities which are assigned, by S&P at the time of sale or issuance, an
aggregate “equity credit” (or such similar nomenclature used by S&P from time to time) that is equal to or greater than the equity credit assigned to the Notes to be redeemed or repurchased at the time of their issuance (but taking
into account any changes in hybrid capital methodology or another relevant methodology or the interpretation thereof since the issuance of the Notes).

At the Corporation’s discretion, any redemption of the Notes may be subject to one or more conditions precedent, including completion of
an