Company: TCPA
Filing Date: 2025-10-08
Form Type: SUPPL
Source: 0001193125-25-233745
Chunk: 32

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-08
Form: SUPPL
Chunk 32
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 any past default under the Indenture with respect to the Notes, except in
respect of a provision which under the Indenture cannot be modified or amended without the consent of each holder of the Notes. See “Description of Debt Securities—Modification and Waiver” in the prospectus.

Discharge, Defeasance and Covenant Defeasance

The provisions of the Indenture concerning defeasance, satisfaction and discharge will apply to the Notes. You should refer to the description
of these provisions under “Description of Debt Securities—Discharge, Defeasance and Covenant Defeasance” in the prospectus.

Termination of TCE’s Obligations

All of TCE’s obligations described in this “Description of the Notes” (including its obligations described in
“—Dividend Stopper Undertaking” above) will automatically terminate and be of no further force or effect immediately following the date on which (i) TCE, together with its affiliates, ceases to own, directly or
indirectly, securities constituting more than 50% of our outstanding voting stock or (ii) we have sold, leased or conveyed all or substantially all of our assets to a person that is not an affiliate of TCE in a transaction otherwise permitted
under the Indenture.

Subordination

The Notes will be our direct unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of our
existing and future Senior Indebtedness. The Notes will rank equal in right of payment with our U.S.$1,000,000,000 in aggregate principal amount of outstanding 6.350% Junior Subordinated Notes Due 2067, our U.S. $750,000,000 in aggregate principal
amount of outstanding 7.00% Fixed-to-Fixed Rate Junior Subordinated Notes Due 2065 and our $1,000,000,000 in aggregate principal amount of outstanding 5.20% Fixed-to-Fixed Rate Subordinated Notes Due 2056 and any of our future unsecured indebtedness if the terms of such indebtedness provide that it ranks equal with the Notes in
right of payment. In addition, the Notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which are distinct legal entities having no obligation to pay any amounts in respect of the
Notes or to make funds available for such purpose. The Notes will be effectively subordinated in right of payment to any secured