Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 15

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 15
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 than 10 days’ notice to the Noteholders, redeem all (but not less                          
 than all) of the Notes at a redemption price per U.S.$25 principal amount of such Notes equal to 102% of the principal amount thereof, together with accrued and unpaid interest to but excluding the date fixed for redemption. See 
 “Description of the Notes—Optional Redemption—Redemption on Tax Event or Rating Event”.                                                                                                                                              |

| Subordination | The Notes will be our direct unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of our existing and future Senior Indebtedness. The Notes will rank equal in right of payment with our                                                                                                  
 U.S.$1,000,000,000 in aggregate principal amount of outstanding 6.350% Junior Subordinated Notes Due 2067, our U.S. $750,000,000 in aggregate principal amount of outstanding 7.00%                                                                                                                                                              
 Fixed-to-Fixed Rate Junior Subordinated Notes Due 2065 and our $1,000,000,000 in aggregate principal amount of outstanding 5.20% Fixed-to-Fixed Rate Subordinated Notes Due 2056 and any of our future unsecured indebtedness if the terms of such indebtedness provide that it ranks equal with the Notes in right of payment. In addition, the 
 Notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which are distinct legal entities having no obligation to pay any amounts in respect of the Notes or to make funds available                                                                                          
 for such purpose. The Notes will be effectively subordinated in right of payment to any secured obligations we may incur as the holders of any such secured obligations would have claims with respect to the assets constituting collateral for such                                                                                            
 obligations that are prior to the claims under the Notes. The Notes will rank senior to our common shares as to the distribution of our assets in the event of our bankruptcy or insolvency.                                                                                                                                                     |

| “Senior Indebtedness” means obligations (other than non-recourse                                                                             
 obligations, the Notes or any other obligations specifically designated as being subordinate in right of payment to Senior Indebtedness) of, |

S-9

| or guaranteed or assumed by, the Corporation for borrowed money or evidenced by bonds, debentures or notes or obligations of the Corporation for or in respect of bankers’ acceptances                                                              
 (including the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect