Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 28

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 28
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 the Notes. See “Description of Debt Securities—Modification and Waiver” in the prospectus.

S-20

Discharge, Defeasance and Covenant Defeasance

The provisions of the Indenture concerning defeasance, satisfaction and discharge will apply to the Notes. You should refer to the description
of these provisions under “Description of Debt Securities—Discharge, Defeasance and Covenant Defeasance” in the prospectus.

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 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 (ii) subject to the subordination provisions in the Indenture, that a
default shall have occurred with respect to payments due on any Senior Indebtedness, or there shall have occurred an event of default (other than a default in payment) in respect of any Senior Indebtedness permitting the holder or holders thereof to
accelerate the maturity thereof, or (iii) that the principal of and accrued interest on the Notes shall have been declared due and payable pursuant to the Indenture and such declaration shall not have been rescinded and annulled as provided