Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 38

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 38
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 the same amounts, in the same manner and at the same times
as would have been the case had such Defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall assume
that holders of the outstanding notes of such series of the Notes include holders who are not resident in Canada); (3) no Event of
Default or event that, with the passing of time or the giving of notice, or both, shall constitute an Event of Default shall have occurred
and be continuing on the date of such deposit; (4) the Corporation is not an “insolvent person” within the meaning of
the Bankruptcy and Insolvency Act(Canada); (5) the Corporation has delivered to the Trustee an opinion of counsel to the
effect that such deposit shall not cause the Trustee or the trust so created to be subject to the United States Investment Company Act of 1940, as amended; and (6) other customary conditions precedent are satisfied. The Corporation may exercise its Defeasance
option notwithstanding its prior exercise of its Covenant Defeasance option described in the following paragraph if the Corporation meets
the conditions described in the preceding sentence at the time the Corporation exercises the Defeasance option.

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The Indenture provides that,
at its option, the Corporation may omit to comply with certain covenants, including certain of the covenants described above under the
heading “Covenants”, and such omission shall not be deemed to be an Event of Default under the Indenture and the outstanding
Notes upon irrevocable deposit with the Trustee, in trust, of money and/or United States government securities which will provide money
in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants to pay the principal of and premium,
if any, and each installment of interest, if any, on the outstanding Notes (“Covenant Defeasance”). If the Corporation exercises
its Covenant Defeasance option, the obligations under the Indenture other than with respect to such covenants and the Events of Default
other than with respect to such covenants shall remain in full force and effect. Such trust may only be established if, among other things,
(1) the Corporation has delivered to the Trustee an opinion of counsel in the United States to the effect that the holders of the
outstanding Notes will not recognize income, gain or loss for United States federal income tax purposes as a