Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 30

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 30
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cur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the applicable date fixed for redemption. In addition, the Corporation may provide in such notice that payment of the
redemption price and other amounts owing for the redemption of any Notes and performance of the Corporation’s obligations with respect to such redemption may be performed by another Person.

The Notes will not be entitled to the benefit of any sinking fund.

Tax Treatment

The Corporation agrees and
each holder (and beneficial owner) of the Notes will, by accepting any Notes (or a beneficial interest therein), be deemed to agree to treat the Notes as indebtedness of the Corporation for United States federal, state and local income tax purposes,
unless otherwise required by a change in law after the date on which the Notes are issued or the good faith resolution of a tax audit or other tax proceeding.

Redemption on Tax Event or Rating Event

Prior to November 1, 2030, upon or following the occurrence of a Tax Event, the Corporation may, at its option, on giving not more than
60 nor less than 10 days’ notice to the Noteholders, redeem all (but not less than all) of the Notes. The redemption price per U.S.$25principal amount of Notes will be equal to 100% of the principal amount thereof, together
with accrued and unpaid interest to but excluding the date fixed for redemption.

A “Tax Event” means the Corporation
(or its successor) determines that (1) as a result of (A) any amendment to or change (including any announced prospective change) in the laws or related regulations of any Relevant Taxing Jurisdiction or (B) any amendment to or change
in an interpretation or application of such laws or regulations by any legislative body, court, governmental agency or regulatory authority announced or becoming effective on or after the date hereof, the Corporation has or will become obligated to
pay, on the next Interest Payment Date for the Notes, additional amounts with respect to any Note as described under “Payment of Additional Amounts”, or there is more than an insubstantial risk that interest payable on the
Notes is not

S-19

deductible, or within 90 days would not be deductible, in whole or in part, by the Corporation for Canadian federal income tax purposes, or (2) on or after the date of this prospectus
supplement, any action has been taken by any taxing authority of, or any decision has been rendered