Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 45

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 45
---
 Assets to the extent of the outstanding Non-Recourse Debt financing of such assets. |

“Financial Instrument Obligations” means obligations arising under:

| (a) | any interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or options,                                 
 insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the Corporation where the 
 subject matter of the same is interest rates or the price, value, or amount payable thereunder is dependent or based upon the interest   
 rates or fluctuations in interest rates in effect from time to time (but, for certainty, shall exclude conventional floating rate debt); |

<div align='center'>S-31</div>

| (b) | any currency swap agreement, cross-currency agreement, forward agreement, floor, cap or collar agreement,                                 
 futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the    
 Corporation where the subject matter of the same is currency exchange rates or the price, value or amount payable thereunder is dependent 
 or based upon currency exchange rates or fluctuations in currency exchange rates in effect from time to time; and                         |

| (c) | any agreement for the making or taking of Petroleum Substances or electricity, any commodity swap agreement,                            
 floor, cap or collar agreement or commodity future or option or other similar agreements or arrangements, or any combination thereof,   
 entered into or guaranteed by the Corporation where the subject matter of the same is Petroleum Substances or electricity or the price, 
 value or amount payable thereunder is dependent or based upon the price of Petroleum Substances or electricity or fluctuations in the   
 price of Petroleum Substances or electricity, each as the case may be;                                                                  |

to the extent of the net amount due or accruing
due by the Corporation thereunder (determined by marking-to-market the same in accordance with their terms).

“Generally Accepted Accounting Principles” means generally accepted accounting principles which are in effect from time to time in Canada, including
those accounting principles generally accepted in the United States of America from time to time, which Canadian corporations are permitted
to use in Canada pursuant to Canadian law.

“Indebtedness”
means all items of indebtedness in respect of amounts borrowed and all Purchase Money Obligations which, in accordance with Generally
Accepted Accounting Principles, would be recorded in the financial statements as at the date as of which such Indebtedness is to be determined,
and in any event including, without duplication