Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 21

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 21
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 complete and is qualified in its entirety by reference to the actual provisions of the Indenture. A copy of the subordinated debt indenture is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

The Notes will not be entitled to the benefit of any sinking fund and will not be listed on any automated quotation system. We do not intend to apply for listing of the Notes on any securities exchange.

The Trustee under the Indenture is referred to in this section as the “Trustee”, which term shall include, unless the context otherwise requires, its successors and assigns. Capitalized terms used but not defined in this section shall have the meanings given to them in the Indenture.

Interest and Maturity

The Notes will mature on , 2065 (the “Maturity Date”).

The Notes will bear interest (i) from, and including, , 2025 to, but not including, , 20
at the rate of % per annum and (ii) from, and including, , 20 , during each Subsequent Fixed Rate Period, at a rate per annum equal to the Five-Year Treasury Rate as of the most recent Interest Reset
Determination Date plus %, to be reset on each Interest Reset Date.

Interest on the Notes will be payable semi-annually in arrears
on and of each year (each such date, an “Interest Payment Date”), commencing on , 2025, subject to deferral as described under “—Deferral Right”. Interest payments will be made to the persons or entities in whose names the Notes are registered at the close of business on and (in each case, whether or not a business day),
respectively, immediately preceding the relevant Interest Payment Date.

Interest on the Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months and, for any period shorter than six months, on the basis of the actual number of days elapsed per 30-day month. For the purposes of disclosure under the Interest Act(Canada), and without affecting the interest payable on the Notes, whenever the interest rate on the Notes is to be calculated on the basis
of a period of less than a calendar year, the yearly interest rate equivalent for such interest rate will be the interest rate multiplied by the actual number of days in the relevant calendar year and divided by the number of days used in
calculating the specified interest rate.

If an Interest Payment Date or the Maturity Date