Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 97

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 97
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 agreement to observe and perform all the covenants and obligations of the Corporation under the Canadian Unsubordinated Debt Indenture;                                                                                                            |

19

| (2) | such transaction shall, in the opinion of counsel, be upon such terms as substantially to preserve and not to                                                                                                                                          
 impair any of the rights and powers of the Canadian Trustee or of the holders of debt securities issued under the Canadian Unsubordinated Debt Indenture including the rights of such holders in respect of the conversion of any such debt securities 
 that may be convertible;                                                                                                                                                                                                                               |

| (3) | no condition or event shall exist as to the Corporation or the successor either at the time of or immediately                                                                                                                                 
 after such consolidation, amalgamation, merger, transfer, sale or conveyance and after giving full effect thereto or immediately after the successor complying with the provisions of paragraph (1) above which constitutes or would with the 
 passage of time constitute an event of default under the Canadian Unsubordinated Debt Indenture; and                                                                                                                                          |

| (4) | the successor is lawfully entitled to acquire and operate the said undertaking, property and assets. |

Thereafter, the successor will be substituted for the Corporation under the Canadian Unsubordinated Debt Indenture and the debt securities issued thereunder and, if applicable, the Corporation will be released from all its liabilities and obligations under the Canadian Unsubordinated Debt Indenture and the debt securities issued thereunder. Limitations on Encumbrances.The Canadian Unsubordinated Debt Indenture also provides that the Corporation will not encumber any of its assets or property, present or future, to secure any Indebtedness (as defined below) for borrowed money unless all the debt securities then outstanding under the Canadian Unsubordinated Debt Indenture are secured equally and rateably with such Indebtedness, provided that this covenant will not apply to nor operate to prevent:

| (1) | any Security Interest (as defined below) given in the ordinary course of business to any bank or banks to                                                                                                           
 secure any Indebtedness payable on demand or maturing (including any right of extension or renewal) 24 months or less after the date such Indebtedness is incurred or the date of any renewal or extension thereof; |

| (2) | any Security Interest which secures Non-Recourse Debt (as defined 
 below) or Purchase Money Obligations (as defined below);          |

| (3) | any Security Interest granted by the Corporation