Company: ENBSF
Filing Date: 2025-08-01
Form Type: S-3ASR
Source: 0001104659-25-073123
Chunk: 16

Company: ENBRIDGE INC
Filing Date: 2025-08-01
Form: S-3ASR
Chunk 16
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 a rate below the prevailing market rate at the time of issuance, and may be offered and sold at a
discount below their stated principal amount. The Canadian and United States federal income tax consequences and other special considerations
applicable to any such discounted debt securities or other debt securities offered and sold at par which are treated as having been issued
at a discount for Canadian and/or United States federal income tax purposes will be described in the applicable Prospectus Supplement.

Unless otherwise indicated in the applicable Prospectus
Supplement, Enbridge may, without the consent of the holders thereof, reopen a previous issue of a series of debt securities and issue
additional debt securities of such series; provided, however, that in the event any additional debt securities are not fungible with the
outstanding debt securities for United States federal income tax purposes, such non-fungible additional debt securities will
be issued with a separate CUSIP number so that they are distinguishable from the outstanding debt securities.

Guarantees

Unless otherwise specified in the applicable Prospectus
Supplement, each of the Guarantors will fully, unconditionally, irrevocably, absolutely and jointly and severally guarantee the due and
punctual payment of the principal of, and premium, if any, and interest on the debt securities and all other amounts due and payable by
Enbridge under the Indenture and the debt securities, when and as such principal, premium, if any, interest and other amounts shall become
due and payable. The guarantee of any debt securities is intended to be a general, unsecured, senior obligation of each of the Guarantors
and will rank pari passu in right of payment with all indebtedness of each Guarantor that is not, by its terms, expressly
subordinated in right of payment to the guarantee.

The guarantees of either Guarantor will be unconditionally
released and discharged automatically upon the occurrence of any of the following events:

| ● | any direct or indirect sale, exchange or transfer, whether by way of merger, sale or transfer of equity interests or otherwise, to     
 any person that is not an affiliate of Enbridge, of any of Enbridge’s direct or indirect limited partnership or other equity interests 
 in such Guarantor as a result of which such Guarantor ceases to be a consolidated subsidiary of Enbridge;                              |

| ● | the merger of such Guarantor into Enbridge or the other Guarantor or the liquidation and dissolution of 
 such Guarantor;                                                                                         |

| ● |