Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 22

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 22
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 falls on a day that is not a business day, the
payment of interest, principal or premium due on such day will be postponed to the next business day, and no further interest, principal or premium, as applicable, will accrue in respect of such postponement.

S-16

Unless all of the outstanding Notes are to be redeemed or have been redeemed as of the
Initial Interest Reset Date, we will appoint a calculation agent (the “Calculation Agent”) with respect to the Notes prior to the Interest Reset Determination Date preceding the Initial Interest Reset Date. We or any of our
affiliates may assume the duties of the Calculation Agent. The applicable interest rate for each Subsequent Fixed Rate Period will be determined by the Calculation Agent as of the applicable Interest Reset Determination Date. Promptly upon such
determination, the Calculation Agent, if other than us or our affiliate, will notify us of the interest rate for the relevant Subsequent Fixed Rate Period. We will then promptly notify the Trustee, if other than the Calculation Agent, of such
interest rate. The Calculation Agent’s determination of any interest rate and its calculation of the amount of interest for any Subsequent Fixed Rate Period beginning on or after the Initial Interest Reset Date will be conclusive and binding
absent manifest error, may be made in the Calculation Agent’s sole discretion and, notwithstanding anything to the contrary in the documentation relating to the Notes, will become effective without consent from any other person or entity. Such
determination of any interest rate and calculation of the amount of interest will be on file at our principal offices and will be made available to any holder of the Notes upon request.

“Five-Year Treasury Rate” means, as of any Interest Reset Determination Date, as applicable, (1) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most recently published H.15 (as defined below), for the U.S. Treasury security with a maturity of five years from the next Interest Reset Date and
trading in the public securities market or (2) if there is no such published U.S. Treasury security with a maturity of five years from the next Interest Reset Date and trading in the public securities market, the rate will be determined by
the Calculation Agent by interpolation or extrapolation on a straight line basis between the most recent weekly average yield to maturity for two series of U.S. Treasury securities trading in the public securities market, (A) one maturing
as close as possible to,