Company: TCPA
Filing Date: 2025-02-19
Form Type: SUPPL
Source: 0001193125-25-029207
Chunk: 23

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-19
Form: SUPPL
Chunk 23
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 but earlier than, the Interest Reset Date following the next succeeding Interest Reset Determination Date, and (B) the other maturing as close as possible to, but later than, the Interest Reset Date following the next
succeeding Interest Reset Determination Date, in each case as published in the most recently published H.15.

If the H.15 is no longer
published or the Five-Year Treasury Rate cannot be determined pursuant to the methods described in clauses (1) or (2) above, then the Five-Year Treasury Rate will be the Five-Year Treasury Rate in effect for the prior Subsequent Fixed Rate
Period, or, in the case of the Initial Interest Reset Date, %.

“H.15” means the daily statistical release
designated as such, or any successor publication as determined by the Calculation Agent in its sole discretion, published by the Board of Governors of the United States Federal Reserve System, and “most recently published H.15” means the
H.15 published closest in time but prior to the close of business on the applicable Interest Reset Determination Date.

“Initial Interest Reset Date” means , 20 .

“Interest Reset Date” means the Initial Interest
Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date.

“Interest Reset Determination Date” means, in respect of any Subsequent Fixed Rate Period, the day falling two business days prior to the beginning of such Subsequent Fixed Rate Period.

“Subsequent Fixed Rate Period” means the period from and including the Initial Interest Reset Date to, but not including, the
next following Interest Reset Date for the Notes and thereafter each period from and including each Interest Reset Date to, but not including, the next following Interest Reset Date.

Specified Denominations

The Notes will
be issued only in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

S-17

Deferral Right So long as no event of default has occurred and is continuing, we may elect, in our sole discretion, at any date other than an Interest Payment Date (a “Deferral Date”), to defer the interest payable on the Notes on one or more occasions for up to 10 consecutive years (a “Deferral Period”). There is no limit on the number of Deferral Periods that may occur. Such deferral will not constitute an event of default or any other breach under the Indenture or the Notes. Deferred interest will accrue, compounding