Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 38

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 38
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 the Global
Security, such Depositary or such nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by
the Global Security for all purposes under the Indenture. Except as provided below, owners of beneficial interests in a Global Security
will not be entitled to have the Notes represented by the Global Security registered in their names, will not receive or be entitled to
receive physical delivery of the Notes of such series in definitive form and will not be considered the owners or holders thereof under
the Indenture. Beneficial Owners (as defined below) will not receive certificates representing their ownership interests in the Notes
except in the event that use of the book-entry system for the Notes is discontinued or if there shall have occurred and be continuing
an event of default under the Indenture. The Depositary will have no knowledge of the actual beneficial owners of the Notes; the Depositary’s
records will reflect only the identity of the direct participants to whose accounts the Notes are credited, which may or may not be the
beneficial owners. The Direct Participants and Indirect Participants (as each is defined below) will remain responsible for keeping account
of their holdings on behalf of their customers.

Each person owning a beneficial
interest in a Global Security must rely on the procedures of the Depositary and, if such person is not a participant, on the procedures
of the participant through which such person owns its interest in order to exercise any rights of a Noteholder under the Indenture. The
laws of some jurisdictions require that certain purchasers of securities take physical delivery of such securities in certificated form.
Such limits and such laws may impair the ability to transfer beneficial interests in a Global Security representing the Notes.

<div align='center'>S-26</div>

The Depositary

The following is based on
information furnished by the Depositary: The Depositary is a limited-purpose trust company organized under the New York Banking Law, a
“banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing
corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant
to the provisions of Section 17A of the U.S. Exchange Act. The Depositary holds securities that its participants (“Participants”)
deposit with the Depositary. The Depositary also facilitates the settlement among Participants of securities transactions, such as transfers
and pledges, in deposited securities