Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 26

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 26
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ebtedness unless the obligations of the Corporation in respect of the Notes then outstanding shall be secured
equally and ratably therewith.

This covenant has significant
exceptions which allow the Corporation to incur or allow to exist over its properties and assets Permitted Encumbrances (as defined in
the Indenture), which include, among other things:

| (a) | Security Interests existing on the date of the first issuance of the Notes by the Corporation under the 
 Indenture or arising after that date under contractual commitments entered into prior to that date;     |

<div align='center'>S-17</div>

| (b) | Security Interests securing Purchase Money Obligations; |

| (c) | Security Interests securing Non-Recourse Debt; |

| (d) | Security Interests in favor of the Corporation’s subsidiaries; |

| (e) | Security Interests existing on property of a corporation which is merged into, or amalgamated or consolidated 
 with, the Corporation or the property of which is acquired by the Corporation;                                |

| (f) | Security Interests securing Indebtedness to banks or other lending institutions incurred in the ordinary    
 course of business, repayable on demand or maturing within 18 months of incurrence or renewal or extension; |

| (g) | Security Interests on or against cash or marketable debt securities pledged to secure Financial Instrument 
 Obligations;                                                                                               |

| (h) | Security Interests in respect of certain: |

| (1) | liens for taxes, assessments and workmen’s compensation assessments, unemployment insurance or other 
 social security obligations,                                                                         |

| (2) | liens and certain rights under leases, |

| (3) | obligations affecting the property of the Corporation to governmental or public authorities, with respect                                  
 to franchises, grants, licenses or permits and title defects arising because structures or facilities are on lands held by the Corporation 
 under government grant, subject to a materiality threshold,                                                                                |

| (4) | liens in connection with contracts, bids, tenders or expropriation proceedings, surety or appeal bonds,                           
 costs of litigation, public and statutory obligations, liens or claims incidental to current construction, builders’, mechanics’, 
 laborers’, materialmen’s, warehousemen’s, carriers’ and other similar liens,                                                      |

| (5) | rights of governmental or public authorities under statute or the terms of leases, licenses, franchises,