Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 14

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 14
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 (ii) we will not pay any interest on 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 (the “Parity Notes”) or make                                           
 any payment to holders of any of the Parity Notes in respect of interest not paid on such Parity Notes; (iii) neither we nor TCE will redeem, purchase or otherwise retire any Dividend Restricted Shares; and (iv) we will not redeem,  
 purchase or otherwise retire any Parity Notes (the “Dividend Stopper Undertaking”).                                                                                                                                                      |

| It is in our interest to ensure that interest on the Notes is timely paid so as to avoid triggering the Dividend Stopper Undertaking. See “Description of the Notes—Dividend Stopper Undertaking,” 
 “Description of the Notes—Termination of TCE’s Obligations” and “Risk Factors”.                                                                                                                    |

| Optional Redemption | We may, at our option, on giving not more than 60 nor less than 10 days’ notice to the holders of Notes                                                             
 (“Noteholders”), redeem the Notes, in whole or in part, at any time and from time to time, on or after November 1, 2030. The redemption price per U.S.$25 principal |

S-8

| 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. See “Description of the Notes—Optional Redemption”.                                                                                        |

| Redemption on Tax Event or Rating Event | Prior to November 1, 2030, upon or following the occurrence of a Tax Event, we may, at our 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 at a 
 redemption price per U.S.$25 principal amount of such Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to but excluding the date fixed for redemption. See “Description of the         
 Notes—Optional Redemption—Redemption on Tax Event or Rating Event”.                                                                                                                                                                  |

| Prior to November 1, 2030, upon or following the occurrence of a Rating Event, we may, at our option, on giving not more than 60 nor less