Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 16

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 16
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 given as to the liquidity of the trading market for the Notes or that an active public market for the Notes will develop or, if developed, that it will continue. If an active public trading
market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected. We cannot assure you that the market, if any, for the Notes will be free from disruptions that may adversely affect the price at which you
may sell such Notes. Future trading prices of the Notes will also depend on many other factors, including, among other things, prevailing interest rates, the market for similar securities, our financial performance and other factors. Generally, the
liquidity of, and trading market for, the Notes may also be materially and adversely affected by declines in the market for similar debt securities. Such a decline may materially and adversely affect the liquidity of, and trading market for, the
Notes independent of our financial performance and prospects.

We or any of our affiliates may assume the duties of the Calculation Agent and may have economic interests adverse to the interests of the Noteholders.

The Calculation Agent (as defined herein) will make certain
determinations regarding the interest rate for each Subsequent Fixed Rate Period. We or any of our affiliates may assume the duties of the Calculation Agent

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for the Notes. Any exercise of discretion by us or our affiliates acting as Calculation Agent could present a conflict of interest. In making the required determinations, decisions and elections,
we or our affiliates may have economic interests that are adverse to the interests of Noteholders, and those determinations, decisions or elections could have a material adverse effect on the yield on, value of and market for the Notes. Any
determination made by us or our affiliates, acting as the Calculation Agent, will be final and binding absent manifest error.

Rating agencies may change their practices for rating the Notes, which change may affect the market price of the Notes.

The rating agencies that
currently publish a rating for us and those that are expected to initially publish a rating of the Notes, or those that may in the future publish a rating for us, may, from time to time in the future, change the way they analyze securities with
features similar to the Notes. If the rating agencies change their practices for rating these types of securities in the future, and the ratings of the Notes are subsequently lowered, that could have a negative impact on the trading prices of the
Notes.

If we defer interest payments on the Notes, there could be U.S.