Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 14

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 14
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 small capital; or                                                                          |
| · | intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they 
 mature.                                                                                                 |

A guarantee may also be voided,
without regard to the above factors, if a court found that the guarantor entered into the guarantee with the actual intent to hinder,
delay or defraud its creditors. A court would likely find that a guarantor did not receive reasonably equivalent value or fair consideration
for its guarantee if the guarantor did not substantially benefit directly or indirectly from the issuance of the Notes. If a court were
to void a guarantee with respect to the Notes of any series, the applicable Noteholders would no longer have a claim against the applicable
Guarantor. Sufficient funds to repay those Notes may not be available from other sources. In addition, the court might direct you to repay
any amounts that you already received in respect of those Notes from the Guarantor.

The measures of insolvency
for purposes of fraudulent transfer laws vary depending upon the governing law. Generally, a guarantor would be considered insolvent if:

| · | the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all 
 its assets;                                                                                             |

| · | the present fair saleable value of its assets was less than the amount that would be required to pay its 
 probable liability, including contingent liabilities, as they became absolute and mature; or             |

| · | it could not pay its debts as they became due. |

The guarantee for the Notes
will contain a provision intended to limit the Guarantors’ liability to the maximum amount that they could incur without causing
the incurrence of obligations under the guarantee to be a fraudulent conveyance or fraudulent transfer under U.S. federal or state law.
This provision may not be effective to protect the guarantee from being voided under fraudulent transfer law.

We cannot provide assurance that an active trading market will develop for any series of the Notes.

Each series of the Notes is
a new issue of securities with no established trading market. The underwriters have advised us that they intend to make a market in the
Notes as permitted by applicable laws and regulations; however, the underwriters are not obligated to make a market in the Notes, and
they may discontinue their market-making activities at any time without notice. Therefore, we cannot assure you that an active market
for any series of the Notes will develop or, if developed, that it will continue. We cannot