Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 104

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 104
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, respectively; or                                                                                                                              |

| (2) | the Corporation has irrevocably deposited or caused to be irrevocably deposited with the Canadian Trustee as                                                                                       
 trust property in trust for the purpose, such amount of direct obligations of, or obligations the principal, premium (if any) and interest of which are guaranteed by, the Government of Canada or |

23

| of the United States of America as will, together with the income to accrue thereon without consideration of any reinvestment thereof, be sufficient to pay and discharge the entire amount of                                                          
 principal, premium (if any) and accrued and unpaid interest to the maturity date or any repayment date, as the case may be, of all the debt securities outstanding thereunder or all the outstanding debt securities of the applicable series or issue, 
 respectively;                                                                                                                                                                                                                                           |

and in either event:

| (3) | the Corporation has paid or caused to be paid all other sums payable with respect to all the outstanding debt 
 securities thereunder or all the outstanding debt securities of the applicable series or issue, respectively; |

| (4) | the Corporation has delivered to the Canadian Trustee an officers’ certificate stating that all conditions                                                                                                                                              
 precedent provided for under the Canadian Unsubordinated Debt Indenture relating to the payment, satisfaction and discharge of all the outstanding debt securities thereunder or all the outstanding debt securities of the applicable series or issue, 
 respectively, have been complied with; and                                                                                                                                                                                                              |

| (5) | except in respect of taxes arising with respect to deposited funds or other provision for payment in respect of                                                                                                                                        
 the applicable debt securities as provided for under the Canadian Unsubordinated Debt Indenture, for the payment of which the Corporation has deposited funds with the Canadian Trustee as trust funds in trust for such purpose, the Canadian Trustee 
 shall have received an opinion of nationally recognized counsel to the effect that the holders of the outstanding debt securities under the Canadian Unsubordinated Debt Indenture or the holders of the outstanding debt securities of the applicable 
 series or issue, respectively, will not be subject to any additional taxes as a result of the exercise by the Corporation of the defeasance option and that they will be subject to taxes, if any, including those in respect of income (including     
 taxable capital gain), on the same amount, in the same manner and at the same time or times as would have been the case if such option had not been exercised.                                                                                         |

Modification and Waiver The Canadian Unsubordinated Debt