Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 20

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 20
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 and such default continues
for 30 days (subject to the Corporation’s right, at its sole option, to defer interest payments, as described under “Description of the Notes—Deferral Right”), (b) files for bankruptcy or other specified
events of bankruptcy, insolvency, receivership or reorganization occur with respect to the Corporation, or (c) defaults in the performance or breach of any other covenant or warranty in the Indenture, which default continues uncured for a
period of 60 days after we receive written notice from the trustee or we and the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding debt securities as provided in the Indenture. The
Trustee and Noteholders will not have the right to accelerate payment of the principal of Notes upon an event of default described in clause (c) above, although a legal action could be brought to enforce such covenants.
See “Description of the Notes—Events of Default”.

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

The Notes are a new issue of securities with no established trading market. While we will apply to list the
Notes on the NYSE, no assurance can be given as to whether the Notes will be accepted for listing on the NYSE or, even if the Notes are accepted for listing on the NYSE, whether an active public trading market for the Notes will develop and be
maintained. The Underwriters may make a market in the Notes after completion of the offering, but will not be obligated to do so and may discontinue any market-making activities at any time without notice.
Therefore, no assurance can be given as to the liquidity of the trading market for the Notes. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected. We cannot assure
you that the market, if any, for the Notes will be free from disruptions that may adversely affect the price at which you may sell such Notes. Future trading prices of the Notes will also depend on many other factors, including, among other things,
prevailing interest rates, the 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.

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