Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 45

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 45
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 its customers. This eliminates the need for physical movement of securities. Clearstream provides other
services to its customers, including safekeeping, administration, clearance and settlement of internationally traded securities and lending
and borrowing of securities. It interfaces with the domestic markets in over 30 countries through established depositary and custodial
relationships. Clearstream’s customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations
and may include professional financial intermediaries. Its U.S. customers are limited to securities brokers and dealers and banks. Indirect
access to the Clearstream system is also available to others that clear through Clearstream customers or that have custodial relationships
with its customers, such as banks, brokers, dealers and trust companies.

The information in this section
concerning Clearstream has been obtained from sources that the Corporation believes to be reliable, but is subject to any changes that
may be instituted unilaterally by Clearstream.

Global Clearance and Settlement Procedures

Cross market transfers between
persons holding directly or indirectly through the Depositary, on the one hand, and directly or indirectly through Euroclear or Clearstream,
on the other, will be effected through the Depositary in accordance with Depositary rules on behalf of the relevant European international
clearing system by its U.S. depositary; however, such cross market transactions will require delivery of instructions to the relevant
European international clearing system by the counterparty in such system in accordance with its rules and procedures and within
its established deadlines (European time). The relevant European international clearing system will, if the transaction meets its settlement
requirements, deliver instructions to its U.S. depositary to take action to effect final settlement on its behalf by delivering or receiving
Notes through the Depositary, and making or receiving payment in accordance with normal procedures for same day funds settlement applicable
to the Depositary. Clearstream participants and Euroclear participants may not deliver instructions directly to their respective U.S.
depositaries.

| S-31 |

Because of time zone differences,
credits of Notes received through Clearstream or Euroclear as a result of a transaction with a Depositary participant will be made during
subsequent securities settlement processing and dated the Business Day following the Depositary settlement date. Such credits or any transactions
in such Notes settled during that processing will be reported to the relevant Euroclear participants or Clearstream participants on that
following Business Day. Cash received in Clearstream or Euroclear as a result of sales of Notes by or through a Clearstream participant
or a Euroclear participant