Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 47

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 47
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any extensions, renewals, or refundings of any such obligation, provided that the principal amount of such obligation outstanding on the
date of such extension, renewal or refunding is not increased and further provided that any security given in respect of such obligation
shall not extend to any property other than the property acquired in connection with which such obligation was created or assumed and
fixed improvements, if any, erected or constructed thereon.

“Security Interest”
means any security by way of assignment, mortgage, charge, pledge, lien, encumbrance, title retention agreement or other security interest
whatsoever, howsoever created or arising, whether absolute or contingent, fixed or floating, perfected or not.

<div align='center'>S-33

Material Income Tax Considerations</div>

Each of the summaries under this section “Material Income Tax Considerations” is of a general nature only and is not intended to be, and should not be construed to be, legal or tax advice to any particular holder, and no representation is made with respect to the United States federal tax consequences or Canadian tax consequences to any particular holder. Accordingly, prospective purchasers are urged to consult their own tax advisors with respect to the United States federal tax consequences or Canadian tax consequences relevant to them, having regard to their particular circumstances.

Material United States Federal Income Tax Considerations

This section describes the
material United States federal income tax consequences of owning and disposing of the Notes we are offering. It applies only to holders
who acquire Notes of a series in the offering at the offering price for the Notes of that series and who hold their Notes as capital assets
for United States federal income tax purposes. This section does not apply to members of a class of holders subject to special rules,
such as a broker-dealer in securities, commodities, or currencies, a governmental organization, a trader in securities that elects to
use a mark-to-market method of accounting, a bank, thrift or other financial institution, a life insurance company, a tax-exempt organization,
a real estate investment trust, a regulated investment company, a foreign person or entity, an insurance company, a person that owns Notes
that are a hedge or that are hedged against interest rate risks, a person that owns Notes as part of a “straddle”, “constructive
sale”, “hedge” or “conversion transaction” for United States federal income tax purposes, a person that
purchases or sells Notes as part of a wash sale for United States federal income tax purposes, a tax deferred