Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 37

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 37
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 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, with the passing of time or the giving
of notice, or both, shall constitute an Event of Default shall have occurred and be continuing on the date of such deposit; (4) the
Corporation is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency Act(Canada); (5) the
Corporation has delivered to the Trustee an opinion of counsel to the effect that such deposit shall not cause the Trustee or the trust
so created to be subject to the United States Investment Company Act of 1940, as amended; and (6) other customary conditions
precedent are satisfied.

<div align='center'>S-25</div>

Book-Entry System

The Notes will be represented
by fully registered global securities (the “Global Securities”) registered in the name of Cede & Co. (the nominee
of The Depository Trust Company (the “Depositary”)), or such other name as may be requested by an authorized representative
of the Depositary. The authorized minimum denominations of each Note will be US$2,000 and integral multiples of US$1,000 in excess thereof.
Accordingly, Notes may be transferred or exchanged only through the Depositary and its participants. Except as described below, owners
of beneficial interests in the Global Securities will not be entitled to receive Notes in definitive form. Account holders in the Euroclear
or Clearstream clearance systems may hold beneficial interests in the Notes through the accounts that each of these systems maintains
as a participant in the Depositary. So long as the Depositary for a Global Security or its nominee is the registered owner of