Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 17

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 17
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 market for similar securities, our financial performance and other factors. Generally, the
liquidity of, and trading market for, the Notes may also be materially and adversely affected by declines in the market for similar debt securities. Such a decline may materially and adversely affect the liquidity of, and trading market for, the
Notes independent of our financial performance and prospects.

We or any of our affiliates may assume the duties of the Calculation Agent and may have economic interests adverse to the interests of the Noteholders.

The Calculation Agent (as defined herein) will make certain
determinations regarding the interest rate for each Subsequent Fixed Rate Period. We or any of our affiliates may assume the duties of the Calculation Agent

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for the Notes. Any exercise of discretion by us or our affiliates acting as Calculation Agent could present a conflict of interest. In making the required determinations, decisions and elections,
we or our affiliates may have economic interests that are adverse to the interests of Noteholders, and those determinations, decisions or elections could have a material adverse effect on the yield on, value of and market for the Notes. Any
determination made by us or our affiliates, acting as the Calculation Agent, will be final and binding absent manifest error.

Rating agencies may change their practices for rating the Notes, which change may affect the market price of the Notes.

The rating agencies that
currently publish a rating for us and those that are expected to initially publish a rating of the Notes, or those that may in the future publish a rating for us, may, from time to time in the future, change the way they analyze securities with
features similar to the Notes. If the rating agencies change their practices for rating these types of securities in the future, and the ratings of the Notes are subsequently lowered, that could have a negative impact on the trading prices of the
Notes.

If we defer interest payments on the Notes, there could be U.S. federal income tax consequences to Noteholders.

If we exercise our option to defer the payment of interest on the Notes, pursuant to certain applicable U.S. Treasury regulations, we expect
to treat the Notes as if they had been redeemed and reissued solely for OID (as defined in “Certain U.S. Federal Income Tax Considerations”) purposes. Accordingly, all remaining interest payments on the Notes (including interest on
deferred interest) could be treated as OID, which a U.S. holder (as defined in “Certain U.S. Federal Income Tax Considerations”) would be required to accr