Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 38

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 38
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 conditions precedent are satisfied. The Corporation may exercise its Defeasance
option notwithstanding its prior exercise of its Covenant Defeasance option described in the following paragraph if the Corporation meets
the conditions described in the preceding sentence at the time the Corporation exercises the Defeasance option.

The Indenture provides that,
at its option, the Corporation may omit to comply with certain covenants, including certain of the covenants described above under the
heading “Covenants”, and such omission shall not be deemed to be an Event of Default under the Indenture and the outstanding
Notes upon irrevocable deposit with the Trustee, in trust, of money and/or United States government securities which will provide money
in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants to pay the principal of and premium,
if any, and each installment of interest, if any, on the outstanding Notes (“Covenant Defeasance”). If the Corporation exercises
its Covenant Defeasance option, the obligations under the Indenture other than with respect to such covenants and the Events of Default
other than with respect to such covenants shall remain in full force and effect. Such trust may only be established if, among other things,
(1) the Corporation has delivered to the Trustee an opinion of counsel in the United States to the effect that the holders of the
outstanding Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such Covenant Defeasance
and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred; (2) the Corporation has delivered to the Trustee an opinion of counsel in
Canada or a ruling from the CRA to the effect that the holders of such outstanding Notes will not recognize income, gain or loss for Canadian
federal, provincial or territorial income or other tax purposes as a result of such Covenant Defeasance and will be subject to Canadian
federal or provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had
such Covenant Defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that holders of the outstanding
Notes include holders who are not resident in Canada); (3) no Event of Default or event that