Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 34

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 34
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 (ii) subject to the subordination provisions in the Indenture, that a
default shall have occurred with respect to payments due on any Senior Indebtedness, or there shall have occurred an event of default (other than a default in payment) in respect of any Senior Indebtedness permitting the holder or holders thereof to
accelerate the maturity thereof, or (iii) that the principal of and accrued interest on the Notes shall have been declared due and payable pursuant to the Indenture and such declaration shall not have been rescinded and annulled as provided
therein, then the holders of Senior Indebtedness shall first be entitled to receive payment of the full amount due thereon before the Noteholders are entitled to receive any payment on account of the principal of, any premium, if any, or interest on
the Notes, including, without limitation, any payments made pursuant to any redemption or purchase for cancellation.

S-21

“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, 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 of each of the foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and refundings of any such indebtedness or obligation.

As of June 30, 2025, the Corporation’s Senior Indebtedness totaled approximately $32,564 million.

The Indenture contains certain limitations on the rights of the Trustee, should it become a creditor of the Corporation, to obtain payment of
claims in certain cases, or to realize on certain assets received in respect of any such claim as security or otherwise. The Trustee will be permitted to engage in other transactions; however, if it acquires any conflicting interest (as defined in
the Indenture), it must eliminate such conflict or resign.

For the avoidance of doubt, the subordination provisions described in the prospectus under the heading “Description of Debt Securities—U.S. Indentures—Subordinated Debt” (including the definition of “Senior Indebtedness” specified therein) shall not be applicable to the Notes. The subordination provisions described in this section shall be the