Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 37

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 37
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 of such series of Notes (“Defeasance”) (except
with respect to the authentication, transfer, exchange or replacement of Notes or the maintenance of a Place of Payment and certain other
obligations set forth in the Indenture). Such trust may only be established if among other things (1) the Corporation has delivered
to the Trustee an opinion of counsel in the United States stating that (a) the Corporation has received from, or there has been published
by, the Internal Revenue Service a ruling, or (b) since the date of execution of the Indenture, there has been a change in the applicable
United States federal income tax law, in either case to the effect that the holders of the outstanding notes of such series of the Notes
will not recognize income, gain or loss for United States federal income tax purposes as a result of such Defeasance and will be subject
to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Defeasance had not occurred; (2) the Corporation has delivered to the Trustee an opinion of counsel in Canada or a ruling from the
Canada Revenue Agency (“CRA”) to the effect that the holders of the outstanding notes of such series of the Notes will not
recognize income, gain or loss for Canadian federal, provincial or territorial income or other tax purposes as a result of such Defeasance
and will be subject to Canadian federal or provincial income and other tax on the same amounts, in the same manner and at the same times
as would have been the case had such Defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall assume
that holders of the outstanding notes of such series of the Notes include holders who are not resident in Canada); (3) no Event of
Default or event that, with the passing of time or the giving of notice, or both, shall constitute an Event of Default shall have occurred
and be continuing on the date of such deposit; (4) the Corporation is not an “insolvent person” within the meaning of
the Bankruptcy and Insolvency Act(Canada); (5) the Corporation has delivered to the Trustee an opinion of counsel to the
effect that such deposit shall not cause the Trustee or the trust so created to be subject to the United States Investment Company Act of 1940, as amended; and (6) other customary