Company: TCPA
Filing Date: 2025-10-06
Form Type: SUPPL
Source: 0001193125-25-231083
Chunk: 85

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-10-06
Form: SUPPL
Chunk 85
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port to be complete and such summary is subject to, and qualified in its entirety by, the detailed provisions of the applicable U.S. 9

Indenture to which reference is hereby made, including the definitions of certain terms used herein. For a more complete description, you should consult the U.S. Indentures. The U.S. Indentures
have been filed as exhibits to the registration statement. Copies of the U.S. Indentures have also been filed on SEDAR+. The U.S. Indentures are substantially identical, except for the provisions relating to subordination and certain covenants. See
“Subordinated Debt” and “Certain Covenants of the Corporation”. As used in this section, Bank of New York Mellon (formerly known as The Bank of New York) and Computershare Trust Company, N.A. are referred to
individually as a “U.S. Trustee” and collectively as the “U.S. Trustees”. The U.S. Indentures provide that all accounting terms not specifically defined therein are to be construed in accordance with accounting principles as
are generally accepted in Canada (“GAAP”) at the time of computation and may include international financial reporting standards or U.S. generally accepted accounting principles.

Unsubordinated Debt

The
Corporation may issue Unsubordinated Debt Securities under the U.S. Unsubordinated Debt Indenture. Any Unsubordinated Debt Securities will rank paripassu with all other unsecured and unsubordinated debt of the Corporation
except as to sinking funds and claims preferred by operation of law.

Subordinated Debt

The Corporation may issue Subordinated Debt Securities under the U.S. Subordinated Debt Indenture. Any Subordinated Debt Securities issued
under the U.S. Subordinated Debt Indenture will be subordinate and junior in right of payment, to the extent and in the manner set forth in the U.S. Subordinated Debt Indenture, to all Senior Indebtedness of the Corporation.

The U.S. Subordinated Debt Indenture defines “Senior Indebtedness” as obligations (other than
non-recourse obligations, the Subordinated Debt Securities or any other obligations specifically designated as being subordinate in right of payment to Senior Indebtedness) of, or guaranteed or assumed by, the
Corporation for borrowed money or evidenced by bonds, debentures, notes or other similar instruments, and amendments, renewals, extensions, modifications and refundings of any such indebtedness or