Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 107

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 107
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 or the value of such property for the purpose of such business; |

| (14) | any Security Interest in respect of the Corporation existing at the Issue Date (as defined below) or arising 
 thereafter pursuant to contractual commitments entered into prior to the Issue Date;                         |

| (15) | any Security Interest in respect of assets or property of a Person which exists at the time of the                                                                         
 amalgamation, consolidation, merger or reorganization of such Person and the Corporation, or at the time such assets or property is otherwise acquired by the Corporation; |

| (16) | any extension, renewal, alteration, substitution or replacement (or successive extensions, renewals,                                                                                                                                                     
 alterations, substitutions or replacements), in whole or in part, of any Security Interest referred to in the foregoing clauses, provided the extension, renewal, alteration, substitution or replacement of such Security Interest is limited to all or 
 any part of the same property that secured the Security Interest extended, renewed, altered, substituted or replaced (plus improvements on such property or the proceeds thereof) and the principal amount of the obligations secured thereby is not     
 thereby increased;                                                                                                                                                                                                                                       |

| (17) | any Security Interest on or against cash or marketable debt securities pledged to secure Financial Instrument 
 Obligations; and                                                                                              |

| (18) | any Security Interest on any assets or property of the Corporation if, after giving effect to that Security 
 Interest, the aggregate amount of Indebtedness secured by the Security Interests permitted only by this     |

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| clause (18) does not at that time exceed 5% of the Consolidated Net Tangible Assets (as defined below). |

Events of Default The Canadian Unsubordinated Debt Indenture provides that the following constitute events of default (each an “Event of Default”) thereunder:

| (1) | default in payment of principal of or premium, if any, on any debt security issued under the Canadian 
 Unsubordinated Debt Indenture when due;                                                               |

| (2) | default in payment of any interest due on any debt security issued under the Canadian Unsubordinated Debt                                                                
 Indenture or default in the performance of certain covenants contained in the Canadian Unsubordinated Debt Indenture, and such default shall have continued for 30 days; |

| (3) | an order is made or an effective resolution passed for the winding-up                                                                                              
 or liquidation of the Corporation (other than pursuant to and in compliance with provisions in the Canadian Un