Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 39

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 39
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, 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 conditions
precedent are satisfied.

<div align='center'>S-25</div>

Book-Entry System

The Notes will be represented
by fully registered global securities (the “Global Securities”) registered in the name of Cede & Co. (the nominee
of The Depository Trust Company (the “Depositary”)), or such other name as may be requested by an authorized representative
of the Depositary. The authorized minimum denominations of each Note will be US$2,000 and integral multiples of US$1,000 in excess thereof.
Accordingly, Notes may be transferred or exchanged only through the Depositary and its participants. Except as described below, owners
of beneficial interests in the Global Securities will not be entitled to receive Notes in definitive form. Account holders in the Euroclear
or Clearstream clearance systems may hold beneficial interests in the Notes through the accounts that each of these systems maintains
as a participant in the Depositary. So long as the Depositary for a Global Security or its nominee is the registered owner of the Global
Security, such Depositary or such nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by
the Global Security for all purposes under the Indenture. Except as provided below, owners of beneficial interests in a Global Security
will not be entitled to have the Notes represented by the Global Security registered in their names, will not receive or be entitled to
receive physical delivery of the Notes of such series in definitive form and will not be considered the owners or holders thereof under
the Indenture. Beneficial Owners (as defined below) will not receive certificates representing their ownership interests in the Notes
except in the event that use of the book-entry system for the Notes is discontinued or if there shall have occurred and be continuing
an event of default under the Indenture. The Depositary will have