# EDGAR Filing Document

**Accession Number:** 0002068374
**File Stem:** 0001193125-25-142925
**Filing Date:** 2025-6
**Character Count:** 1256539
**Document Hash:** f17912c57dce17db3f5d48eda54c4208
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-142925.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001193125-25-142925

**CONFORMED SUBMISSION TYPE**: F-10

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** South Bow Canadian Infrastructure Holdings Ltd.
- **CENTRAL INDEX KEY:** 0002068374

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 2549004FYUSYLPBT1G26

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288160
- **FILM NUMBER:** 251058843

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 707 5 STREET SW
- **STREET 2:** SUITE 900
- **CITY:** CALGARY
- **NON US STATE TERRITORY:** AB
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 1V8
- **BUSINESS PHONE:** 5873185410

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 707 5 STREET SW
- **STREET 2:** SUITE 900
- **CITY:** CALGARY
- **NON US STATE TERRITORY:** AB
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 1V8
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** South Bow Infrastructure Holdings Ltd.
- **CENTRAL INDEX KEY:** 0002068375

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900L681OSO7Q6ER16

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288160-01
- **FILM NUMBER:** 251058844

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 707 5 STREET SW
- **STREET 2:** SUITE 900
- **CITY:** CALGARY
- **NON US STATE TERRITORY:** AB
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 1V8
- **BUSINESS PHONE:** 5873185410

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 707 5 STREET SW
- **STREET 2:** SUITE 900
- **CITY:** CALGARY
- **NON US STATE TERRITORY:** AB
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 1V8
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** South Bow Corp
- **CENTRAL INDEX KEY:** 0002019061
- **STANDARD INDUSTRIAL CLASSIFICATION:** PIPE LINES (NO NATURAL GAS) [4610]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288160-02
- **FILM NUMBER:** 251058845

**BUSINESS ADDRESS:**
- **STREET 1:** 707 5 STREET SW, SUITE 900
- **CITY:** CALGARY, ALBERTA
- **STATE:** Z4
- **ZIP:** T2P 1V8
- **BUSINESS PHONE:** 587-318-6100

**MAIL ADDRESS:**
- **STREET 1:** 707 5 STREET SW, SUITE 900
- **CITY:** CALGARY, ALBERTA
- **STATE:** Z4
- **ZIP:** T2P 1V8

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on June 18, 2025.** 

**Registration No. 333-** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM F-10 and FORM S-4** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

---

| | |
|:---|:---|
| **Form F-10** | **Form S-4** |
| **SOUTH BOW CANADIAN<br>INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW USA<br>INFRASTRUCTURE HOLDINGS LLC** |
| **(FOR CO-REGISTRANTS, PLEASE SEE TABLE OF THE CO-REGISTRANTS ON THE FOLLOWING PAGE)** |  |

---

**(Exact Name of Registrant as Specified in its Charter)** 

---

| | | |
|:---|:---|:---|
| **Canada** | **4612** | **Not Applicable** |
| **(South Bow Canadian Infrastructure Holdings Ltd.)** |  | **(South Bow Canadian Infrastructure Holdings Ltd.)** |
| **Delaware** | **4612** | **93-2092930** |
| **(South Bow USA Infrastructure**<br> **Holdings LLC)** |  | **(South Bow USA Infrastructure**<br> **Holdings LLC)** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**707 5 Street SW, Suite 900** 

**Calgary, Alberta, Canada** 

**T2P 1V8** 

**Telephone: (855) 699-8437** 

**(Address and telephone number of Registrant's principal executive offices)** 

**South Bow USA Services Inc.** 

**920 Memorial City Way, Suite 800** 

**Houston, Texas, 77024** 

**Telephone: (832) 389-8831** 

**(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)** 

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Lori M. Muratta** | **Andrew J. Ericksen** | **Jeff Bakker**<br> **Michael Barrett** |
| **South Bow Corporation**<br> **707 5 Street SW, Suite 900**<br> **Calgary, Alberta, Canada**<br> **T2P 1V8**<br> **(855) 699-8437** | **White & Case LLP**<br> **609 Main Street, Suite 2900**<br> **Houston, Texas 77002**<br> **(713) 496-9700** | **Blake, Cassels & Graydon LLP**<br> **855 - 2nd Street SW**<br> **Suite 3500, Bankers Hall East Tower**<br> **Calgary, Alberta, Canada**<br> **T2P 4J8**<br> **(403) 260-9600** |

---

**Form F-10** 

**Alberta, Canada** 

**(Principal Jurisdiction Regulating this Form F-10 Offering)** 

It is proposed that this filing shall become effective (check appropriate box):

A. ☐ upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).

B. ☒ at some future date (check appropriate box below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ☐ Pursuant to Rule 467(b) on () at () (designate a time not sooner than seven calendar days after filing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ☐ Pursuant to Rule 467(b) on () at () (designate a time seven calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ().

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ☐ Pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ☒ After the filing of the next amendment to this form (if preliminary material is being filed).

If any of the securities being registered on this Form F- 10 are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box.

**Form S-4** 

**Approximate date of commencement of proposed sale of the securities to the public**: As soon as practicable after the effective date of this Registration Statement.

If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instructions G, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (check one)

Large accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) ☐

**The registrants hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrants shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

------

##### [**Table of Contents**](#toc)
**TABLE OF THE ADDITIONAL CO-REGISTRANTS** 

**Form F-10** 

---

| | | |
|:---|:---|:---|
| **Exact Name of Registrant**<br> **Issuer as Specified in**<br> **its Charter (or Other**<br> **Organizational Document)** | **Primary Standard<br>Industrial<br>Classification<br>Code Number** | **I.R.S. Employer<br>Identification<br>Number** |
| South Bow Corporation Canada | 4612 | Not Applicable |
| South Bow Infrastructure Holdings Ltd. Canada | 4612 | Not Applicable |

---

Address, including Zip Code, and Telephone Number, including Area Code, of each Co-Registrant's Principal Executive Offices: c/o South Bow Corporation, 707 5 Street SW, Suite 900 Calgary, Alberta, Canada, T2P 1V8, (855) 699-8437.

Name, Address, including Zip Code, and Telephone Number, including Area Code, of each Co-Registrant's Agent for Service: South Bow USA Services Inc., 920 Memorial City Way, Suite 800, Houston, Texas, 77024, (832) 389-8831.

------

##### [**Table of Contents**](#toc)
**PART I** 

**INFORMATION REQUIRED TO BE DELIVERED** 

**TO OFFEREES OR PURCHASERS** 

------

##### [**Table of Contents**](#toc)
**The information in this prospectus is not complete and may be changed. We may not offer or sell these securities until the registration statement filed with the United States Securities and Exchange Commission is effective. This prospectus is not an offer to sell or a solicitation of an offer to buy these securities and we are not soliciting offers to buy these securities in any state where the offer or sale is not permitted.** 

***SUBJECT TO COMPLETION, DATED June 18, 2025***

**PRELIMINARY SHORT FORM PROSPECTUS** 

<u>*New Issue*</u> June 18, 2025

![LOGO](g13229g88r63.jpg)

## South Bow Canadian Infrastructure Holdings Ltd.
**Exchange Offer for:** 

**U.S.$450,000,000 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**U.S.$650,000,000 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**Fully and unconditionally guaranteed on a junior unsecured subordinated basis** 

**by each of the Guarantors (as defined herein)** 

---

| | | | |
|:---|:---|:---|:---|
| **Series** | **New Notes**<br>**CUSIP** | **Initial Notes**<br>**Rule 144A CUSIP** | **Initial Notes**<br>**Regulation S CUSIP** |
|  7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AG7 | 836720 AF9 | C84926 AA9 |
|  7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AJ1 | 836720 AH5 | C84926 AB7 |

---

**The Initial Notes:** 

On August 28, 2024, South Bow Canadian Infrastructure Holdings Ltd. (the "**Company**") issued and sold U.S.$450,000,000 aggregate principal amount of 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "**Initial Series 1 Notes**") and U.S.$650,000,000 aggregate principal amount of 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "**Initial Series 2 Notes**" and collectively with the Initial Series 1 Notes, the "**Initial Notes**").

The Initial Notes are fully and unconditionally guaranteed (each, an "**Initial Guarantee**") on a junior unsecured subordinated basis by South Bow Corporation ("**South Bow**" or the "**Parent Guarantor**"), South Bow Infrastructure Holdings Ltd. (the "**HoldCo Guarantor**") and South Bow USA Infrastructure Holdings LLC (the "**Guarantor Party**", and collectively with the Parent Guarantor and the HoldCo Guarantor, the "**Guarantors**").

The Initial Notes and the Initial Guarantees were originally sold on August 28, 2024 in a transaction that was exempt from registration under the United States *Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), and resold to "qualified institutional buyers" in reliance on Rule 144A ("**Rule 144A**") under the U.S. Securities Act and to "non-U.S. persons" outside the United States under Regulation S under the U.S. Securities Act.

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##### [**Table of Contents**](#toc)
**The New Notes:** 

The terms of the new U.S.$450,000,000 aggregate principal amount of 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "**New Series 1 Notes**") and U.S.$650,000,000 aggregate principal amount of 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "**New Series 2 Notes**", and collectively with the New Series 1 Notes, the "**New Notes**") are substantially identical to the terms of the Initial Series 1 Notes and the Initial Series 2 Notes, respectively, except that the New Notes will be registered under the U.S. Securities Act, will not be subject to restrictions on transfer, will not contain certain provisions relating to additional interest, will bear different CUSIP numbers from the Initial Notes and will not entitle their holders to registration rights. The New Notes will evidence the same continuing indebtedness as the Initial Notes. We refer to the Initial Notes and the New Notes together as the "**Notes**".

The New Notes will be fully and unconditionally guaranteed (each, a "**Guarantee**") on a junior unsecured subordinated basis by the Guarantors. The terms of the Guarantees are substantially identical to the terms of the Initial Guarantees, except that the Guarantees will be registered under the U.S. Securities Act and will not contain restrictions on transfer. The Guarantees will evidence the same continuing obligations of the Guarantors as the Initial Guarantees.

To the fullest extent applicable, references in this prospectus to the "Initial Notes" or the "New Notes" include the related Initial Guarantees or Guarantees, respectively.

In this prospectus, all references to "Canadian dollars", "C$" or "CAD$" are to Canadian dollars and all references to "U.S. dollars", "U.S.$" or "USD" are to United States dollars. See "Exchange Rate Information".

**See "[Risk Factors](#tx13229_10)" beginning on page 19 for a discussion of certain risks that you should consider in connection with an investment in the New Notes.** 

**Exchange Offer:** 

Our offer to exchange the Initial Notes for the New Notes will be open until 5:00 p.m., New York City time, on , 2025, unless we extend the offer. We do not currently intend to extend the expiration date.

If all of the conditions of the exchange offer are satisfied, we will exchange: (i) all of the Initial Series 1 Notes that are validly tendered and not withdrawn for an equal aggregate principal amount of New Series 1 Notes; and (ii) all of the Initial Series 2 Notes that are validly tendered and not withdrawn for an equal aggregate principal amount of New Series 2 Notes.

The exchange offer is not conditioned upon any minimum principal amount of either series of Initial Notes being tendered for exchange. However, the obligation to accept the Initial Notes for exchange pursuant to the exchange offer is subject to certain customary conditions set forth herein. You may withdraw your tender of Initial Notes at any time prior to the expiration of the exchange offer. See "Exchange Offer—Terms of the Exchange Offer—Conditions".

**There is no market through which these securities may be sold and holders may not be able to resell securities purchased under this prospectus. This may affect the pricing of the securities in the secondary market, the transparency and availability of trading prices, the liquidity of the securities and the extent of issuer regulation. See "Risk Factors".**

**Securities legislation in the Province of Alberta provides purchasers of securities with the right to withdraw from or rescind an agreement to purchase such securities in certain circumstances. See "Purchasers' Statutory Rights".**

**The Company is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this prospectus in accordance with Canadian disclosure requirements, which are different than those of the United States.**

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##### [**Table of Contents**](#toc)
**Owning and disposing of the Notes may subject you to tax consequences in the United States and Canada. You should read the tax discussion in this prospectus. This prospectus may not describe the tax consequences of a holder's particular situation. We urge holders to consult their own tax advisors regarding the application of tax laws to their particular situation.**

Your ability to enforce civil liabilities under U.S. federal securities laws may be affected adversely by the fact that the Company, Parent Guarantor and HoldCo Guarantor are each incorporated under the laws of Canada, certain of the officers and directors of the Company and the Guarantors are residents of Canada, that some or all of the experts named in the registration statement are residents of Canada and that a substantial portion of our assets and the assets of such persons are located outside the U.S.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") NOR ANY STATE SECURITIES COMMISSION NOR ANY OTHER SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

No proceeds will be raised pursuant to the exchange offer and all expenses in connection with the preparation and filing of this prospectus will be paid by the Company from its general corporate funds.

No underwriter is being used in connection with the exchange offer or has been involved in the preparation of this prospectus or has performed any review of the contents of this prospectus.

Prospective investors should be aware that, during the period of the exchange offer, the registrants or their respective affiliates, directly or indirectly, may bid for or make purchases of the debt securities to be distributed or to be exchanged, or certain related debt securities, as permitted by applicable laws or regulations of Canada, or its provinces or territories.

This prospectus does not qualify the New Notes for public distribution under the securities laws of any province or territory of Canada. The New Notes are not being offered for sale and may not be offered or sold, directly or indirectly, in Canada or to any resident thereof except in accordance with the securities laws of the provinces and territories of Canada.

**Each broker-dealer that receives New Notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of those New Notes. The letter of transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an** "**underwriter**" **within the meaning of the U.S. Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes received in exchange for Initial Notes where those Initial Notes were acquired as a result of market-making activities or other trading activities. To the extent any such broker-dealer participates in the exchange offer, we have agreed that for a period of up to 180 days we will use commercially reasonable efforts to make this prospectus, as amended or supplemented, available to such broker-dealer for use in connection with any such resale. See "Plan of Distribution".**

This prospectus incorporates by reference documents that contain important business and financial information about us and the Guarantors that is not included in or delivered with this prospectus. These documents are available without charge to security holders upon written or oral request to South Bow Canadian Infrastructure Holdings Ltd., 707 – 5 Street S.W., Calgary, Alberta, Canada, T2P 1V8, +1 (587) 318-5410 and are also available electronically under South Bow's profile on SEDAR+ (as defined below) at <u>www.sedarplus.ca</u> and on EDGAR (as defined below) at <u>www.sec.gov</u>. To obtain timely delivery, holders of the Initial Notes must request these documents no later than five business days before the expiration date. Unless extended, the expiration date is , 2025.

The Guarantor Party is a limited liability company organized under the laws of Delaware. In addition, each of Chansoo Joung, Leonard Mallett, Robert G. Phillips, Sonya M. Reed, Mary Pat Salomone and Frances M. Vallejo is a director of the Company and each of the Parent Guarantor and the HoldCo Guarantor who resides outside of Canada. The Guarantor Party and each of these directors has appointed South Bow Corporation, located at Suite 707 – 5 Street S.W., Calgary, Alberta, T2P 1V8, as agent for service of process in Canada.

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##### [**Table of Contents**](#toc)
Investors are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

Our registered and principal office is located at 707 – 5 Street S.W., Calgary, Alberta, Canada, T2P 1V8.

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##### [**Table of Contents**](#toc)
**IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS** 

We are responsible for the information contained in this prospectus or incorporated by reference in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell the New Notes in any jurisdiction where the offer or sale is not permitted. You should assume that the information contained in this prospectus or in any document incorporated or deemed to be incorporated by reference in this prospectus is accurate only as of the respective date of the document in which such information appears.

The New Notes have not been and will not be qualified for public distribution under the securities laws of any province or territory of Canada. The New Notes are not being offered for sale and may not be offered or sold, directly or indirectly, in Canada or to any resident thereof except in accordance with the securities laws of the provinces and territories of Canada.

Unless otherwise indicated, all financial information included in this prospectus and the documents incorporated by reference in this prospectus, including the financial statements of South Bow, have been prepared in accordance with U.S. generally accepted accounting principles, which are referred to as "U.S. GAAP".

South Bow commenced independent operations on October 1, 2024, following the completion of the spinoff by TC Energy Corporation ("**TC Energy**") of its Liquids Pipelines business segment (the "**Liquids Pipelines business**") into South Bow (the "**Spinoff Transaction**"). Unless otherwise indicated, the disclosure in this prospectus has been prepared on the basis that the historical business of South Bow is the Liquids Pipelines business carried on by TC Energy prior to the completion of the Spinoff Transaction. Information contained or incorporated by reference in this prospectus in respect of South Bow's business prior to the completion of the Spinoff Transaction, including financial information, is based on, or derived from, information provided by TC Energy with respect to the Liquids Pipelines business. Such financial information has been derived from the historical consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising South Bow, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of South Bow. The presentation of certain prior period comparatives have been updated for consistency with current year presentation. Refer to Note 2, *Basis of Presentation and Accounting Policies* of the South Bow Annual Financial Statements (as defined herein) and Note 1, *Basis of Presentation* of the South Bow Interim Financial Statements (as defined herein) for more information.

Upon the completion of the Spinoff Transaction, South Bow designated the U.S. dollar as its reporting currency for the period ended December 31, 2024. Certain entities within South Bow have a functional currency of Canadian dollars and are translated into U.S. dollars for consolidation reporting purposes. As required by ASC 830 *Foreign Currency Matters*, this change in reporting currency has been applied retrospectively to all periods presented in the South Bow Annual Financial Statements and the South Bow Interim Financial Statements. Refer to Note 3, *Accounting Policy Changes* of the South Bow Annual Financial Statements and Note 1, *Basis of Presentation* of the South Bow Interim Financial Statements for more information.

**Except as set forth under "Description of the New Notes", and unless otherwise specified or the context otherwise requires, all references in this prospectus to the "Company", "we", "us" and "our" mean South Bow Canadian Infrastructure Holdings Ltd. and its subsidiaries.** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
|  [INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#tx13229_1) | 1 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#tx13229_2) | 2 |
|  [MARKET AND INDUSTRY DATA](#tx13229_3) | 2 |
|  [NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tx13229_4) | 3 |
|  [EXCHANGE RATE INFORMATION](#tx13229_5) | 6 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#tx13229_6) | 7 |
|  [PROSPECTUS SUMMARY](#tx13229_7) | 8 |
|  [SUMMARY OF TERMS OF THE EXCHANGE OFFER](#tx13229_8) | 10 |
|  [SUMMARY OF TERMS OF THE NEW NOTES](#tx13229_9) | 14 |
|  [RISK FACTORS](#tx13229_10) | 19 |
|  [EXCHANGE OFFER](#tx13229_11) | 27 |
|  [USE OF PROCEEDS](#tx13229_12) | 37 |
|  [CONSOLIDATED CAPITALIZATION](#tx13229_13) | 37 |
|  [PRIOR SALES](#tx13229_15) | 37 |
|  [EARNINGS COVERAGE](#tx13229_16) | 38 |
|  [SUMMARY FINANCIAL INFORMATION](#tx13229_17) | 39 |
|  [DESCRIPTION OF THE NEW NOTES](#tx13229_18) | 41 |
|  [PLAN OF DISTRIBUTION](#tx13229_19) | 64 |
|  [U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tx13229_20) | 65 |
|  [CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#tx13229_21) | 66 |
|  [EXPERTS](#tx13229_22) | 67 |
|  [LEGAL MATTERS](#tx13229_23) | 67 |
|  [DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT](#tx13229_24) | 68 |
|  [PURCHASERS' STATUTORY RIGHTS](#tx13229_25) | 69 |

---

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##### [**Table of Contents**](#toc)
**INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE** 

The following documents of South Bow, filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada and filed with or furnished to the SEC, are specifically incorporated by reference in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) annual information form of South Bow, dated as of March 5, 2025, for the year ended December 31, 2024
(the "**South Bow AIF** "), filed as Exhibit 99.1 to South Bow's Form 40-F filed on March 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) management's discussion and analysis of financial condition and results of operations of South Bow as of
and for the year ended December 31, 2024 (the "**South Bow Annual MD&A** "), filed as Exhibit 99.3 to South Bow's Form 40-F filed on March 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) audited consolidated financial statements of South Bow as of December 31, 2024 and 2023 and for each of
the years then ended, the related notes thereto, and the auditor's report thereon (the "**South Bow Annual Financial Statements** "), filed as Exhibit 99.2 to South Bow's Form 40-F filed
on March 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) management's discussion and analysis of financial condition and results of operations of South Bow as of
and for the three months ended March 31, 2025 and 2024 (the "**South Bow Interim MD&A** "), filed as Exhibit 99.1 to South Bow's Form 6-K filed on May 15, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unaudited interim consolidated financial statements of South Bow as of and for the three months ended
March 31, 2025 and 2024 and the related notes thereto, filed as Exhibit 99.2 to South Bow's Form 6-K filed on May 15, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the management information circular of South Bow dated March 27, 2025 for the annual meeting of
shareholders of South Bow held on May 15, 2025, furnished as Exhibit 99.1 to South Bow's Form 6-K furnished on April 14, 2025.

Any annual information form, annual financial statements (including the auditors' report thereon), interim financial statements, management's discussion and analysis, material change report (excluding any confidential material change reports), business acquisition report or information circular or amendments thereto and all other documents of the type required by National Instrument 44-101 – *Short Form Prospectus Distributions* to be incorporated by reference in a short form prospectus that we file with any securities commission or similar regulatory authority in Canada subsequent to the date of this prospectus and prior to the termination of the offering of the New Notes shall be deemed to be incorporated by reference in this prospectus. In addition, all documents we file with or furnish to the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the United States *Securities Exchange Act of 1934*, as amended (the "**Exchange Act**"), subsequent to the date of this prospectus and prior to the termination of the exchange offer shall be deemed to be incorporated by reference into this prospectus and the registration statement of which the prospectus forms a part from the date of filing or furnishing of such documents (in the case of any Report on Form 6-K, if and to the extent expressly set forth in such report).

**Any statement contained in this prospectus or in a document incorporated, or deemed to be incorporated, by reference herein shall be deemed to be modified or superseded, for purposes of this prospectus, to the extent any statement contained herein or in any subsequently filed or furnished document which is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed to constitute a part hereof except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purpose that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.** 

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**WHERE YOU CAN FIND MORE INFORMATION** 

Information has been incorporated by reference in this prospectus from documents filed with securities commissions or similar authorities in Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of South Bow Canadian Infrastructure Holdings Ltd., 707 – 5 Street S.W., Calgary, Alberta, Canada, T2P 1V8, **+**1 587-318-5410. These documents are also available through the internet on the System for Electronic Data Analysis and Retrieval+ ("**SEDAR+**"), which can be accessed at <u>www.sedarplus.ca</u>.

The Company and South Bow file certain reports with, and furnish other information to, the SEC and the securities regulatory authorities of each of the provinces and territories of Canada. Under a multijurisdictional disclosure system adopted by the United States, such reports and other information may be prepared in accordance with the disclosure requirements of the Canadian securities regulatory authorities, which requirements are different from those of the United States. Such reports and other information filed with or furnished to the SEC are available from the SEC's Electronic Data Gathering, Analysis, and Retrieval system (<u>www.sec.gov</u>), which is commonly known by the acronym "EDGAR," as well as from commercial document retrieval services.

We have filed with the SEC under the U.S. Securities Act a registration statement on Form F-10 and Form S-4 relating to the securities being offered hereunder and of which this prospectus forms a part. This prospectus does not contain all the information set forth in such registration statement, certain items of which are contained in the exhibits to the registration statement as permitted or required by the rules and regulations of the SEC. Items of information omitted from this prospectus but contained in the registration statement will be available on the SEC's website at <u>www.sec.gov</u>.

Anyone who receives a copy of this prospectus may obtain copies of the Indenture (as defined herein) governing the New Notes on request without charge from the Corporate Secretary of South Bow Canadian Infrastructure Holdings Ltd., 707 – 5 Street S.W., Calgary, Alberta, Canada, T2P 1V8.

**MARKET AND INDUSTRY DATA** 

This prospectus and the documents incorporated by reference herein contain statistical data, market research and industry forecasts that were obtained from third-party sources, industry publications, and publicly available information. We believe that the market and industry data presented throughout this prospectus and the documents incorporated by reference herein are accurate and, with respect to data prepared by us or on our behalf, that our estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and industry data presented in this prospectus and the documents incorporated by reference herein is not guaranteed and we make no representation as to the accuracy of such information. Although we believe it to be reliable, we have not independently verified any of the data from third-party sources referred to in this prospectus or the documents incorporated by reference herein, or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources or make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Market and industry data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey.

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**NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus and the documents incorporated by reference in this prospectus include "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of securities laws, including the "safe harbor" provisions of the *Securities Act* (Alberta), the United States *Private Securities Litigation Reform Act of 1995*, Section 21E of the Exchange Act, and Section 27A of the U.S. Securities Act. The words "anticipate", "expect", "believe", "may", "will", "should", "estimate", "project", "outlook", "forecast", "intend", "target", "plan" or other similar words are used to identify such forward-looking statements. Forward-looking statements in this prospectus and the documents incorporated by reference in this prospectus are intended to provide potential investors with information regarding the Company and South Bow, including their respective future plans and financial outlook. Forward-looking statements in this prospectus and the documents incorporated by reference herein include, but are not limited to, statements regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market for the Notes following the completion of the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimated expenses of the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations related to the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial and operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations about strategies and goals for optimization, growth and expansion and the methods South Bow expects
to employ to implement such strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• South Bow's capital allocation priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• South Bow's financial outlook for 2025 and beyond, including 2025 normalized EBITDA, 2025 interest expenses,
2025 distributable cash flow and 2025 capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected dividends and other returns to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected impacts of debt reduction on South Bow's financial resilience, debt service charges, and capacity
to fund future growth initiatives and shareholder returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected cash flows and future financing options available, including portfolio management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding the size, timing, conditions and outcome of ongoing and future transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected demand for uncommitted capacity on the Corporation's assets and the impact thereon on the financial
results of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected access to and cost of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected costs and schedules for planned projects, including projects under construction such as the Blackrod
Connection project, as well as the benefits and timing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected capital expenditures, contractual obligations, commitments and contingent liabilities, including
environmental remediation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected regulatory processes and outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected outcomes with respect to legal proceedings, including arbitration and insurance claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected impact of future legal and accounting changes, including the impacts of tariffs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected industry, market and economic conditions, including their impact on us and on our customers and
suppliers.

These forward-looking statements reflect our beliefs and assumptions based on information available to us at the time the statements were made and, as such, are not a guarantee of future performance. By their nature, forward-looking statements are subject to various assumptions, risks and uncertainties which could cause actual

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results and achievements to differ materially from the anticipated results or expectations expressed or implied in such forward- looking statements. Key assumptions on which our forward-looking statements are based include, but are not limited to, assumptions about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• realization of expected benefits from acquisitions, divestitures and the Spinoff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory decisions and outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• planned and unplanned outages and the use of our pipelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• integrity and reliability of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated construction costs, schedules and completion dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to capital markets, including portfolio management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected industry, market and economic conditions, including the impact of these on South Bow and on our
customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future operating costs being consistent with management's current expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to maintain current credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing inflation rates, commodity and labour prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing interest, tax and foreign exchange rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• nature and scope of hedging.

The risks and uncertainties that could cause actual results or events to differ materially from current expectations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to realize the expected benefits from acquisitions, divestitures and the Spinoff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully implement our strategic priorities and whether they will yield the expected benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to implement a capital allocation strategy aligned with maximizing shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating performance of our pipelines and storage assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amount of capacity sold and rates achieved in our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production levels within supply basins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction and completion of capital projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost and availability of, and inflationary pressures on, labour, equipment and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability and market prices of commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to capital and insurance markets on competitive terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest, tax and foreign exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance and credit risk of our counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory decisions and outcomes of legal proceedings, including arbitration and insurance claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively anticipate and assess changes to government policies and regulations, including those
related to the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to realize the value of tangible assets and contractual recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in the business in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected or unusual weather;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts of civil disobedience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber security and technological developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sustainability-related risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of energy transition on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic conditions in North America as well as globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global health crises, such as pandemics and epidemics, and the impacts related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recovery of costs resulting from unexpected pollution or environmental events related to our operations.

Additional information on these and other factors is discussed in this prospectus and the documents incorporated by reference herein, including the South Bow AIF, the South Bow Annual MD&A and the South Bow Interim MD&A under the heading "Risk Factors", as may be modified or superseded by other subsequently filed documents that are also incorporated or deemed to be incorporated by reference in this prospectus.

Readers are cautioned against placing undue reliance on forward-looking statements, which are given as of the date they are expressed in this prospectus or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. We undertake no obligation to publicly update or revise any forward-looking statements in this prospectus or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

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**EXCHANGE RATE INFORMATION** 

The following table sets forth certain exchange rates based on the daily exchange rates as reported by the Bank of Canada for the periods noted. Such rates are set forth as U.S. dollars per C$1.00 and are the inverse of exchange rates quoted by the Bank of Canada for Canadian dollars per U.S.$1.00. On June 17, 2025, the inverse of the daily exchange rate reported by the Bank of Canada was U.S.$1.36 per C$1.00.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31** | **Three Months Ended March 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2025** | **2024** | **2024** | **2023** | **2022** |
|  High | 0.7059 | 0.7510 | 0.7510 | 0.7617 | 0.8031 |
|  Low | 0.6848 | 0.7357 | 0.6937 | 0.7207 | 0.7217 |
|  Average | 0.6968 | 0.7414 | 0.7302 | 0.7410 | 0.7692 |
|  Period End | 0.6956 | 0.7367 | 0.6950 | 0.7383 | 0.7888 |

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**ENFORCEABILITY OF CIVIL LIABILITIES** 

The Company, the Parent Guarantor and the HoldCo Guarantor are corporations organized under the laws of Canada. Certain of the directors and officers of the Company and each such Guarantor and some of the experts named in this prospectus are residents of Canada or otherwise reside outside the U.S. Furthermore, all or a substantial portion of their assets, and all or a substantial portion of the assets of the Company, the Parent Guarantor and the HoldCo Guarantor, are located outside the U.S. It may be difficult for holders of Notes who reside in the U.S. to effect service within the U.S. upon those persons who are not residents of the U.S. It may also be difficult for holders of Notes who reside in the U.S. to realize in the U.S. upon judgments of courts of the U.S. predicated upon the civil liability of the Company, the Guarantors, the directors and officers of the Company and the Guarantors and the experts named in this prospectus under U.S. federal securities laws.

The Company has been advised by its Canadian counsel, Blake, Cassels & Graydon LLP, that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities laws would probably be enforceable in Canada if the U.S. court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. The Company has also been advised by Blake, Cassels & Graydon LLP, however, that there is real doubt whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws.

The Company, the Parent Guarantor and the HoldCo Guarantor have each filed with the SEC, concurrently with the registration statement on Form F-10 and Form S-4, an appointment of agent for service of process on Form F-X. Under the Form F-X, the Company and each such Guarantor appointed South Bow USA Infrastructure Holdings LLC as its agent for service of process in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving the Company or such Guarantor, as applicable, in a U.S. court arising out of or related to or concerning the exchange offer under this prospectus.

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**PROSPECTUS SUMMARY** 

*The following is a summary of certain selected information contained or incorporated by reference in this prospectus and does not purport to be complete and is therefore qualified in its entirety by, and is subject to, the detailed information and consolidated financial statements incorporated by reference in this prospectus. It does not contain all information about our business or the exchange offer that you should consider. You should read the entire prospectus and all documents incorporated by reference herein, including the risk factors beginning on page 19 before making a decision to exchange Initial Notes for New Notes.* 

**Overview of the Company and the Guarantors** 

Each of the Company, the HoldCo Guarantor and the Guarantor Party is an indirect wholly owned subsidiary of South Bow. South Bow is an energy infrastructure company that owns and operates critical liquids pipelines and facilities extending across Canada and the U.S. South Bow's business consists of crude oil pipeline and terminal assets that safely transport crude oil primarily from the Western Canadian Sedimentary Basin and Cushing market hub to the U.S. Midwest and Gulf Coast. South Bow also offers ancillary services, including storage at terminals, which provides customers with increased receipt and delivery optionality. In addition to its crude oil pipeline and terminal assets, South Bow conducts marketing activities through a non-regulated marketing entity. The common shares of South Bow are listed on the TSX and NYSE under the symbol "SOBO". South Bow's head and registered office is located at 707 – 5 Street S.W., Calgary, Alberta, Canada, T2P 1V8.

The following diagram sets out a simplified organizational structure of the Company and the Guarantors, with the Company highlighted in yellow and each of the Guarantors highlighted in grey:

![LOGO](g13229g03y04.jpg)

The documents incorporated by reference herein contain further details regarding South Bow's business. See "*Description of the Business*" in the South Bow AIF and "*Corporate Profile*" and "*Segment Overview*" in the South Bow Annual MD&A.

**Spinoff Transaction** 

On July 27, 2023, TC Energy announced plans to separate into two independent, investment-grade, publicly listed companies: (a) TC Energy; and (b) South Bow. Pursuant to the Spinoff Transaction: (a) all of the assets and liabilities comprising the Liquids Pipelines business were transferred from TC Energy to South Bow; and (b) all of the common shares of South Bow were distributed to TC Energy shareholders on a *pro rata* basis.

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A number of transactions were undertaken in order to facilitate the Spinoff Transaction, including the following:

• on December 15, 2023, South Bow was incorporated under the *Canada Business Corporations Act*;

• on June 23, 2023, the Guarantor Party was formed as a Delaware limited liability company and an indirect
wholly owned subsidiary of TC Energy;

• on June 23, 2023, each of the HoldCo Guarantor and the Company was incorporated under the *Canada Business Corporations Act* as an indirect wholly owned subsidiary of TC Energy; and

• in August 2023, the assets comprising the Liquids Pipelines business were consolidated under the Company, the
HoldCo Guarantor and the Guarantor Party.

On June 4, 2024, the shareholders of TC Energy and the Alberta Court of King's Bench approved the Spinoff Transaction.

On August 28, 2024 (the "**Issue Date**"), the Company closed the offering of: (a) the Initial Notes (the "**Initial Notes Offering**"); and (b) C$450,000,000 aggregate principal amount of 4.323% senior notes due February 1, 2030, C$500,000,000 aggregate principal amount of 4.616% senior notes due February 1, 2032 and C$500,000,000 aggregate principal amount of 4.933% senior notes due February 1, 2035 (collectively, the "**CAD Senior Notes**"). In addition, on the Issue Date, the Guarantor Party: (a) closed its offering of U.S.$700,000,000 aggregate principal amount of 4.911% senior notes due September 1, 2027, U.S.$1,000,000,000 aggregate principal amount of 5.026% senior notes due October 1, 2029 and U.S.$700,000,000 aggregate principal amount of 6.176% senior notes due October 1, 2054 (collectively, the "**Guarantor Party New Money Notes**"); and (b) J.P. Morgan Securities LLC, in its capacity as selling securityholder, sold U.S.$1,250,000,000 aggregate principal amount of 5.584% senior notes due October 1, 2034 originally issued by the Guarantor Party (collectively with the Guarantor Party New Money Notes, the "**Guarantor Party Notes**").

The net proceeds of the Initial Notes, the CAD Senior Notes and the Guarantor Party New Money Notes were placed into escrow pending the completion of the Spinoff Transaction. Upon completion of the Spinoff Transaction, the escrowed funds were released to South Bow and used to repay indebtedness owed by South Bow and its subsidiaries to TC Energy and its subsidiaries. See "Description of Capital Structure—Notes" in the South Bow AIF, which is incorporated by reference in this prospectus, for further information on the Initial Notes Offering.

Effective October 1, 2024, the Spinoff Transaction was completed and South Bow began operating as an independent, publicly traded entity.

See "General Development of the Business" in the South Bow AIF, which is incorporated by reference in this prospectus, for further information on the Spinoff Transaction.

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**SUMMARY OF TERMS OF THE EXCHANGE OFFER** 

On the Issue Date the Company issued and sold the Initial Notes. The Initial Notes are fully and unconditionally guaranteed on a junior unsecured subordinated basis by each of the Guarantors. The Initial Notes and the Initial Guarantees were offered and sold on a private placement basis to persons reasonably believed to be "qualified institutional buyers" in reliance on Rule 144A and to "non-U.S. persons" outside the United States under Regulation S under the U.S. Securities Act, in each case, pursuant to exemptions from the registration requirements under the U.S. Securities Act. Consequently, the Initial Notes are subject to transfer restrictions under the U.S. Securities Act.

In connection with the Initial Notes Offering, the Company and the Guarantors entered into a registration rights agreement, dated as of August 28, 2024 (the "**Registration Rights Agreement**"), with the initial purchasers of the Initial Notes. Pursuant to the terms of the Registration Rights Agreement, the Company and the Guarantors agreed, among other things, to: (a) file the registration statement of which this prospectus forms a part with the SEC; (b) use reasonable best efforts to have such registration statement declared effective by the SEC no later than 360 days after the Issue Date; (c) use reasonable best efforts to consummate the exchange offer on the earliest practicable date after which such registration statement is declared effective by the SEC, but in any event within 60 days after that 360-day period; and (d) keep the exchange offer open for a period of not less than 30 days after the date notice of the exchange offer is mailed to the holders of the Initial Notes.

Pursuant to the Registration Rights Agreement, we are offering to exchange: (a) U.S.$450,000,000 aggregate principal amount of Initial Series 1 Notes for an equivalent aggregate principal amount of our New Series 1 Notes; and (b) U.S.$650,000,000 aggregate principal amount of Initial Series 2 Notes for an equivalent aggregate principal amount of our New Series 2 Notes. In order to exchange your Initial Notes, you must properly tender them and we must accept your tender. We will exchange all outstanding Initial Notes that are validly tendered and not validly withdrawn.

Concurrent with the exchange offer, the Guarantor Party is making an offer to exchange the Guarantor Party Notes for an equivalent aggregate principal amount of new notes with terms that are substantially identical to the Guarantor Party Notes, except that such new notes will be registered under the U.S. Securities Act, will not contain restrictions on transfer or certain provisions relating to additional interest, will bear different CUSIP numbers and will not entitle their holders to registration rights (the "**Guarantor Party Exchange Offer**").

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| | |
|:---|:---|
| **Exchange Offer:**  | We are offering to exchange your Initial Series 1 Notes for an equivalent aggregate principal amount of our New Series 1 Notes. |

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We are offering to exchange your Initial Series 2 Notes for an equivalent aggregate principal amount of our New Series 2 Notes.

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|:---|:---|
| **Expiration Date:**  | The "expiration date" for the exchange offer is 5:00 p.m., New York City time, on, 2025, unless we extend it, in which case "expiration date" means the latest date and time to which the exchange offer is extended. We do not currently intend to extend the expiration date. |

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|:---|:---|
| **Interest on the New Notes:**  | The New Series 1 Notes will bear interest: (a) from and including the issue date to, but excluding, March 1, 2030 (the "**Series 1 First Reset Date**") at the rate of 7.625% per annum; and (b) from and including the Series 1 First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.949%, to be reset on each Reset Date. |

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The New Series 2 Notes will bear interest: (a) from and including the issue date to, but excluding, March 1, 2035 (the "**Series 2 First Reset Date**" and, each of the Series 1 First Reset Date and the Series 2 First Reset Date, a "**First Reset Date**") at the rate of 7.500% per annum; and (b) from and including the Series 2 First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.667%, to be reset on each Reset Date.

For the definitions of the terms "Reset Period", "Five-year U.S. Treasury Rate", "Reset Interest Determination Date" and "Reset Date" and for other important information concerning the calculation of interest on the New Notes, see "Description of the New Notes—Maturity and Interest Rate".

No additional interest will be paid on Initial Notes tendered and accepted for exchange.

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|:---|:---|
| **Conditions to the Exchange Offer:**  | The exchange offer is subject to certain customary conditions, which we may waive. See "Exchange Offer—Terms of the Exchange Offer—Conditions". |

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|:---|:---|
| **Procedures for Tendering Initial Notes:**  | If you wish to accept the exchange offer, you must submit the required documentation and effect a tender of Initial Notes pursuant to the procedures for book-entry transfer (or other applicable procedures), all in accordance with the instructions described in this prospectus and in the letter of transmittal. See "Exchange Offer—Terms of the Exchange Offer—Procedures for Tendering", "Exchange Offer—Terms of the Exchange Offer—Book-Entry Delivery Procedure" and "Exchange Offer—Terms of the Exchange Offer—Guaranteed Delivery Procedure". |

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|:---|:---|
| **Guaranteed Delivery Procedures:**  | If you wish to tender your Initial Notes, but cannot properly do so prior to the expiration date, you may tender your Initial Notes in accordance with the guaranteed delivery procedures described in "Exchange Offer—Terms of the Exchange Offer—Guaranteed Delivery Procedure". |

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|:---|:---|
| **Withdrawal Rights:**  | Tenders of Initial Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on the expiration date. To withdraw a tender of Initial Notes, a written or facsimile transmission notice of withdrawal must be received by the exchange agent at its address set forth in "Exchange Offer—Terms of the Exchange Offer—Exchange Agent" prior to 5:00 p.m., New York City time, on the expiration date. |

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|:---|:---|
| **Acceptance of Initial Notes and Delivery of New Notes:**  | Subject to certain conditions, any and all Initial Notes that are validly tendered in the exchange offer prior to 5:00 p.m., New York City time, on the expiration date and not validly withdrawn will be accepted for exchange. The New Notes issued pursuant to the exchange offer will be delivered promptly following the expiration date. See "Exchange Offer—Terms of the Exchange Offer". |

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| **U.S. Federal and Canadian Federal Income Tax Considerations:**  | The exchange of the Initial Notes for the New Notes should not constitute a taxable exchange for U.S. federal income tax purposes as the New Notes will evidence the same continuing indebtedness as the Initial Notes. See "U.S. Federal Income Tax Considerations". |

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The exchange of the Initial Notes for the New Notes should not constitute a taxable exchange for Canadian federal income tax purposes. See "Canadian Federal Income Tax Considerations".

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|:---|:---|
| **Exchange Agent:**  | D.F. King & Co., Inc. is serving as the exchange agent. |

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|:---|:---|
| **Summary of Terms of the New Notes and the Guarantees:**  | The terms of the New Notes and the terms of the Guarantees are substantially identical to the terms of the Initial Notes and the Initial Guarantees, respectively, except that: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Notes and the Guarantees will be registered under the U.S. Securities Act, and therefore will not contain
restrictions on transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Notes and the Guarantees will not contain certain provisions relating to additional interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Notes will bear different CUSIP numbers from the Initial Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Notes will not entitle their holders to registration rights.

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| **Resale of New Notes:**  | Under existing SEC interpretations, it may be possible for you to resell the New Notes issued in the exchange offer without compliance with the registration or prospectus delivery provisions of the U.S. Securities Act if: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are acquiring the New Notes in the ordinary course of your business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are not a broker-dealer that acquired the Initial Notes from us or in market-making transactions or other
trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are not participating, do not intend to participate and have no arrangement or understanding with any person
to participate in the distribution of the New Notes issued to you; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are not an affiliate, under Rule 405 of the U.S. Securities Act, of the Company or a Guarantor.

If you are a broker-dealer and receive New Notes for your own account in exchange for Initial Notes that you acquired as a result of market-making activities or other trading activities, you must acknowledge that you will deliver this prospectus in connection with any resale of the New Notes. See "Plan of Distribution".

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|:---|:---|
| **Consequences of Failure to Exchange Initial Notes:**  | If you do not participate in the exchange offer: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to certain limited exceptions, you will not be able to require us to register your Initial Notes under
the U.S. Securities Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will not be able to resell, offer to resell or otherwise transfer your Initial Notes unless they are
registered under the U.S. Securities Act or unless you resell, offer to resell or otherwise transfer them under an exemption from the registration requirements of, or in a transaction not subject to, registration under the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trading market for your Initial Notes will become more limited to the extent other holders of Initial Notes
participate in the exchange offer.

See "Exchange Offer—Terms of the Exchange Offer—Consequences of Failure to Exchange" and "Exchange Offer—Terms of the Exchange Offer—Acceptance of Initial Notes for Exchange; Delivery of New Notes".

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**SUMMARY OF TERMS OF THE NEW NOTES** 

The following summary contains basic information about the New Notes and is not intended to be complete. For a complete understanding of the New Notes, please refer to the discussion under "Description of the New Notes" beginning on page 37 of this prospectus.

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|:---|:---|
| **Issuer:**  | South Bow Canadian Infrastructure Holdings Ltd., a corporation exiting under the laws of Canada. |

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|:---|:---|
| **Notes Offered:**  | U.S.$450,000,000 aggregate principal amount of 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055. |

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U.S.$650,000,000 aggregate principal amount of 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055.

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|:---|:---|
| **Maturity Date:**  | Unless redeemed prior to maturity as described below: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Series 1 Notes will mature on March 1, 2055,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the New Series 2 Notes will mature on March 1, 2055.

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|:---|:---|
| **Interest:**  | The New Series 1 Notes will bear interest: (a) from and including the issue date to, but excluding, the Series 1 First Reset Date at the rate of 7.625% per annum; and (b) from and including the Series 1 First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.949%, to be reset on each Reset Date. |

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The New Series 2 Notes will bear interest: (a) from and including the issue date to, but excluding, the Series 2 First Reset Date at the rate of 7.500% per annum; and (b) from and including the First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.667%, to be reset on each Reset Date.

For the definitions of the terms "Reset Period", "Five-year U.S. Treasury Rate", "Reset Interest Determination Date" and "Reset Date" and for other important information concerning the calculation of interest on the New Notes, see "Description of the New Notes—Maturity and Interest Rate".

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|:---|:---|
| **Interest Payment Dates:**  | Subject to our right to defer interest payments as described under "Optional Interest Deferral" below, interest on the New Notes will be payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2025. |

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On the first interest payment date following the exchange, holders of New Notes will receive interest for the period from and including the last interest payment date on which interest was paid on their Initial Notes. No additional or other interest relating to such period will be paid to such holders.

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|:---|:---|
| **Subordinated Guarantees:**  | The New Notes will be fully and unconditionally guaranteed on a junior unsecured subordinated basis by South Bow, the HoldCo Guarantor and the Guarantor Party, but will not be guaranteed by any of the Company's other affiliates or subsidiaries. |

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| **Optional Interest Deferral**  | So long as no event of default with respect to the New Notes has occurred and is continuing, we may, at our option, defer interest payments on the New Notes, from time to time, for one or more deferral periods of up to 20 consecutive semi-annual Interest Payment Periods each (each such deferral period, commencing on the interest payment date on which the first such deferred interest payment otherwise would have been made, an "**Optional Deferral Period**"), except that no such Optional Deferral Period may extend beyond the final maturity date of the New Notes or end on a day other than the day immediately preceding an interest payment date. In other words, we may declare at our discretion up to a ten-year interest payment moratorium on the New Notes and may choose to do that on one or more occasions. No interest will be due or payable on the New Notes during any such Optional Deferral Period unless we elect, at our option, to redeem New Notes during such Optional Deferral Period, in which case accrued and unpaid interest to, but excluding, the redemption date will be due and payable on such redemption date only on the New Notes being redeemed, or unless the principal of and interest on the New Notes shall have been declared due and payable as the result of an event of default with respect to the New Notes, in which case, all accrued and unpaid interest on the New Notes shall become due and payable. We may elect, at our option, to extend the length of any Optional Deferral Period that is shorter than 20 consecutive semi-annual Interest Payment Periods (so long as the entire Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment Periods or extend beyond the final maturity date of the New Notes) and to shorten the length of any Optional Deferral Period. We cannot begin a new Optional Deferral Period until we have paid all accrued and unpaid interest on the New Notes from any previous Optional Deferral Period. During any Optional Deferral Period, interest on the New Notes will continue to accrue at the then applicable interest rate on the New Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the New Notes). In addition, during any Optional Deferral Period, interest on the deferred interest will accrue at the then applicable interest rate on the New Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the New Notes), compounded semi-annually, to the extent permitted by applicable law. |

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For the definition of the term "event of default," see "Description of the New Notes—Events of Default", and for the definition of the term "Interest Payment Period" and other important information concerning our right to defer interest payments on the New Notes, see "Description of the New Notes—Option to Defer Interest Payments".

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| **Certain Restrictions During an Optional Deferral Period**  | During an Optional Deferral Period, neither we nor the Guarantors may do any of the following (subject to certain exceptions): |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declare or pay any dividends or distributions on any Capital Stock (as defined in "Description of the New
Notes—Option to Defer Interest Payments") of the Company or the Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Company or the
Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Company or the
Guarantors, respectively, that ranks equally with or junior to the New Notes or the Guarantees, as applicable, in right of payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any payments with respect to any guarantees by the Company or the Guarantors, respectively, of any
indebtedness if such guarantees rank equally with or junior to the New Notes or the Guarantees, as applicable, in right of payment.

For further important information, including information concerning the exceptions referred to above, see "Description of the New Notes—Option to Defer Interest Payments".

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|:---|:---|
| **Ranking:**  | The New Notes will be our unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of our existing and future Senior Indebtedness (as defined herein). The New Notes will rank equal in right of payment with any of our future unsecured indebtedness if the terms of such indebtedness provide that it ranks equal with the New Notes in right of payment. In addition, the New Notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which are distinct legal entities having no obligation to pay any amounts in respect of the New Notes or to make funds available for such purpose. |

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The Guarantees will be unsecured and will rank junior and subordinate in right of payment to the prior payment in full of the Guarantors' existing and future Senior Indebtedness and will rank equal in right of payment with any future unsecured indebtedness of the Guarantors if the terms of such indebtedness provide that it ranks equal with the Guarantees in right of payment. In addition, the Guarantees will be structurally subordinated to all existing and future indebtedness and other liabilities of the Guarantors' subsidiaries that do not guarantee the New Notes.

The New Notes and the Guarantees will rank senior to our and the Guarantors' common shares and preferred shares as to the distribution of our and the Guarantors' assets in the event of our or the Guarantors' bankruptcy or insolvency.

See "Description of the New Notes—Ranking".

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| **Mandatory Redemption:**  | We are not required to make mandatory redemption or sinking fund payments with respect to any of the New Notes. |

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|:---|:---|
| **Optional Redemption:**  | At our option, we may redeem some or all of the New Notes, as applicable, before their maturity, upon not less than 10 and not more than 60 days' prior notice and upon such conditions as may be specified in the applicable notice of redemption, as follows: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole or from time to time in part, (a) on any day in the period commencing on the date falling 90 days
prior to the applicable First Reset Date and ending on (and including) the applicable First Reset Date and (b) after the applicable First Reset Date, on any applicable interest payment date at a redemption price in cash equal to 100% of the
principal amount of the New Notes to be redeemed, plus, in either case, subject to the terms described in the first paragraph under "Description of the New Notes—Redemption Procedures; Cancellation of Redemption", accrued and unpaid
interest on the New Notes to be redeemed to, but excluding, the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole, but not in part, at any time within 120 days after the occurrence of a Tax Event (as defined in
"Description of the New Notes—Redemption—Redemption Following a Tax Event") at a redemption price in cash equal to 100% of the principal amount of the New Notes to be redeemed, plus, subject to the terms described in the first
paragraph under "Description of the New Notes—Redemption Procedures; Cancellation of Redemption", accrued and unpaid interest on the New Notes to be redeemed to, but excluding, the redemption date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole, but not in part, at any time within 120 days after the occurrence of a Rating Agency Event (as defined
in "Description of the New Notes—Redemption—Redemption Following a Rating Agency Event") at a redemption price in cash equal to 102% of the principal amount of the New Notes to be redeemed, plus, subject to the terms described in
the first paragraph under "Description of the New Notes—Redemption Procedures; Cancellation of Redemption", accrued and unpaid interest on the New Notes to be redeemed to, but excluding, the redemption date.

See "Description of the New Notes—Redemption—Optional Redemption".

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|:---|:---|
| **Use of Proceeds:**  | We will not receive any proceeds from the exchange offer. |

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|:---|:---|
| **Certain Covenants:**  | The New Notes, the Guarantees and the Indenture will not limit the amount of Senior Indebtedness that we or the Guarantors may incur or the amount of other indebtedness or liabilities that we, the Guarantors or any of our or their subsidiaries may incur, and do not contain any financial or other similar restrictive covenants. |

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|:---|:---|
| **Additional Amounts:**  | In the event that certain taxes are payable by us or the Guarantors in respect of payments on the New Notes or the Guarantees, as applicable, we or the Guarantors, as the case may be, will, subject to  |

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certain exceptions, pay to the holders of the New Notes such Additional Amounts as will result, after deduction or withholding of such taxes, in the payment of the amounts which would have been payable in respect of the New Notes or Guarantees, respectively, had no such withholding or deduction been required. <br>

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|:---|:---|
| **No Listing:**  | The New Notes are a new issue of securities with no established trading market. We do not intend to apply for the listing or trading of the New Notes on any securities exchange or trading facility or for inclusion of the New Notes in any automated quotation system. |

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|:---|:---|
| **Trustees:**  | The Bank of New York Mellon is the U.S. trustee under the Indenture and Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada) is the Canadian trustee under the Indenture. |

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|:---|:---|
| **Denomination and Form:**  | The New Notes will be issued in book-entry form and will be represented by global notes deposited with, or on behalf of, The Depository Trust Company ("**DTC**") and registered in the name of Cede & Co., as the nominee of DTC. The New Notes will be issued in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. Accordingly, Initial Notes may be exchanged only in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. |

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|:---|:---|
| **Risk Factors:**  | You should carefully consider the risk factors set forth under "Risk Factors" beginning on page 19 and the other information contained in this prospectus prior to deciding whether to exchange Initial Notes for New Notes. |

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|:---|:---|
| **Governing Law:**  | The Indenture and the New Notes are governed by, and will be construed in accordance with, the laws of the State of New York. |

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**RISK FACTORS** 

In deciding whether to exchange Initial Notes for New Notes, you should carefully consider the risks and uncertainties described here and under the heading "Risk Factors" in the South Bow Annual MD&A and the South Bow AIF, each incorporated by reference in this prospectus. These risks and uncertainties are not the only ones applicable to an investment in the New Notes. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair the business operations of the Company or the Guarantors or an investment in the New Notes. If any such risks actually occur, an investment in the New Notes or the business, financial condition and operating results of the Company or the Guarantors could be materially harmed.

**Risks Related to the New Notes and the Guarantees** 

***Risks Relating to Existing Indebtedness***

The Company and the Guarantors have substantial indebtedness, which could have important consequences to holders of the New Notes, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such indebtedness could make it more difficult for the Company and the Guarantors to satisfy their respective
obligations with respect to their existing and future debt and other obligations, including their respective obligations under the New Notes and the Guarantees, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company and the Guarantors to obtain additional financing for refinancing existing
indebtedness, working capital, capital expenditures, debt service requirements, restructuring or general corporate purposes may be impaired by their respective indebtedness, which could be further exacerbated by volatility in the credit and equity
markets or increases in interest rates. If funding is not available when needed, or is available only on unfavorable terms, the Company and the Guarantors may be unable to maintain or grow their respective businesses, refinance debt or otherwise
take advantage of business opportunities or respond to competitive pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company and the Guarantors will be required to use a substantial portion of their respective cash flows to
pay their respective debt service costs, which will reduce the funds available to them for operations and other corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the flexibility of the Company and the Guarantors in planning for, or reacting to, changes in their respective
businesses and operations may be limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such level of indebtedness may make the Company and the Guarantors more vulnerable to economic downturns,
increases in interest rates and/or adverse developments in their respective businesses or operations.

***Subordination***

The New Notes will be our unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of our existing and future Senior Indebtedness, including the CAD Senior Notes, as well as any indebtedness that we guarantee on a senior unsubordinated basis, including the Guarantor Party Notes and indebtedness incurred under South Bow's revolving credit facility. Similarly, the Guarantees will be unsecured and will rank subordinate in right of payment to the prior payment in full of the Guarantors' existing and future Senior Indebtedness, as well as any indebtedness guaranteed by the Guarantors on a senior unsubordinated basis, including the CAD Senior Notes and the Guarantor Party Notes. The New Notes and the Guarantees will rank equal in right of payment with any future unsecured indebtedness that we or the Guarantors, as applicable, may incur from time to time if the terms of such indebtedness provide that it ranks equal with the New Notes or the Guarantees, as applicable, in right of payment. In addition, the New Notes and the Guarantees will be effectively subordinated in right of payment to any secured indebtedness we or the Guarantors, respectively, may incur as the holders of any such secured indebtedness would have claims with respect to the assets constituting collateral for such debt that are prior to the claims under the New Notes and the Guarantees, respectively. The New Notes, the Guarantees and the Indenture

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governing the New Notes will not limit the amount of Senior Indebtedness that we or the Guarantors may incur or the amount of other indebtedness or liabilities that we, the Guarantors or any of our or their subsidiaries may incur, and do not contain any financial or other similar restrictive covenants.

Upon an event of default and acceleration of any of our senior debt or secured debt or the senior debt or secured debt of the Guarantors, or in the event of our or any of the Guarantors' bankruptcy, insolvency, liquidation, dissolution or reorganization, the proceeds from the sale of our assets or the assets of the Guarantors will be available to make payments on the New Notes or the Guarantees, as applicable, only after all applicable senior debt and secured debt have been paid in full. As a result, the holders of the New Notes may receive less ratably than the holders of any senior debt or secured debt in the event of our or the Guarantors' bankruptcy, insolvency, liquidation, dissolution or reorganization, and it is possible that no payments would be made to the holders of the New Notes at all.

Further, the obligation to make payments of principal, premium, if any, and interest on the New Notes will be the sole obligation of the Company and the obligation to make payments pursuant to each Guarantee is the sole obligation of the applicable Guarantor. We and the Guarantors are holding companies, which means essentially all of our respective assets are held at, and our respective revenue generating operations are conducted by, our respective subsidiaries. Our subsidiaries and those of the Guarantors are separate and distinct legal entities and they will have no obligation, contingent or otherwise, to pay any amounts due under the New Notes or the Guarantees, as applicable, or to make any funds available to pay such amounts, whether by dividend, distribution, loan or other payment. In the event of any insolvency, liquidation, reorganization, dissolution or other winding up of one of our subsidiaries or the subsidiaries of one of the Guarantors, all of that subsidiary's creditors (including trade creditors) would be entitled to payment in full of all amounts owed to them out of that subsidiary's assets or the proceeds therefrom before we and, in turn, our creditors, or the Guarantors and, in turn, their creditors, as applicable, in each case, including holders of the New Notes, would be entitled to any payment from such assets or the proceeds therefrom. As a result, the New Notes and the Guarantees are also effectively subordinated in right of payment to all indebtedness and other obligations and liabilities of our subsidiaries and those of the Guarantors, respectively. For purposes of this paragraph, references to "subsidiaries" in relation to a Guarantor excludes the Company and the other Guarantors.

***Lack of Restrictions on Additional Indebtedness***

The terms of the Indenture do not limit the amount of indebtedness or other liabilities that may be incurred by us, the Guarantors or our subsidiaries and those of the Guarantors. The incurrence by us, the Guarantors or our subsidiaries of additional indebtedness, including the incurrence of additional Senior Indebtedness or secured indebtedness by us or the Guarantors, may have adverse consequences for you as a holder of the New Notes, including making it more difficult for us to satisfy our obligations under the New Notes or for the Guarantors to satisfy their obligations under the Guarantees, a loss of all or part of the trading value of your New Notes and a risk that one or more of the credit ratings of the New Notes could be lowered or withdrawn. Further, the incurrence of any additional indebtedness that ranks senior to or equal with the New Notes or the Guarantees by us or the Guarantors, respectively, could have the effect of reducing the amount of any proceeds paid to you in connection with any bankruptcy or other insolvency proceeding involving us.

***Limited Rights of Acceleration***

Holders of the New Notes and the Trustees (as defined herein) under the Indenture may accelerate payment of the principal and interest on the New Notes only upon the occurrence and continuation of certain events of default, including an event of default under the Indenture related to failure to pay interest within 30 days after it is due, failure to pay principal or premium, if any, on the New Notes when due, and certain events of bankruptcy, insolvency, receivership or reorganization relating to us or a Guarantor (but not our other affiliates or subsidiaries). See "Description of the New Notes—Option to Defer Interest Payments" and "Description of the New Notes—Events of Default".

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***Interest Rate Reset***

The interest rate on each series of the New Notes will reset on the applicable First Reset Date and each subsequent Reset Date and any interest payable after the applicable First Reset Date may be less than the initial fixed interest rate.

The interest rate on the New Notes is set in reference to the Five-year U.S. Treasury Rate. We have no control over the factors that may affect the Five-year U.S. Treasury Rate, including geopolitical, economic, financial, political, regulatory, judicial or other conditions or events. In the past, U.S. Treasury rates have experienced significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury rates are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. Treasury rates is not an indication that U.S. Treasury rates are more or less likely to increase or decrease at any time in the future and you should not take historical U.S. Treasury rates as an indication of future U.S. Treasury rates.

***Deferred Interest Payments***

So long as no event of default with respect to the New Notes has occurred and is continuing, we may, at our option, defer interest payments on the New Notes, from time to time, for one or more Optional Deferral Periods of up to 20 consecutive semi-annual Interest Payment Periods each, except that no such Optional Deferral Period may extend beyond the final maturity date of the New Notes or end on a day other than the day immediately preceding an interest payment date. In other words, we may declare at our discretion up to a ten-year interest payment moratorium on the New Notes and may choose to do that on one or more occasions. No interest will be due or payable on the New Notes during any such Optional Deferral Period unless we elect, at our option, to redeem New Notes during such Optional Deferral Period, in which case accrued and unpaid interest to, but excluding, the redemption date will be due and payable on such redemption date only on the New Notes being redeemed, or unless the principal of and interest on the New Notes shall have been declared due and payable as the result of an event of default with respect to the New Notes, in which case, all accrued and unpaid interest on the New Notes shall become due and payable. We may elect, at our option, to extend the length of any Optional Deferral Period that is shorter than 20 consecutive semi-annual Interest Payment Periods (so long as the entire Optional Deferral Period does not exceed 20 consecutive semi-annual Interest Payment Periods or extend beyond the final maturity date of the New Notes) and to shorten the length of any Optional Deferral Period. We cannot begin a new Optional Deferral Period until we have paid all accrued and unpaid interest on the New Notes from any previous Optional Deferral Period. During any Optional Deferral Period, interest on the New Notes will continue to accrue at the then-applicable interest rate on the New Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the New Notes). In addition, during any Optional Deferral Period, interest on the deferred interest will accrue at the then-applicable interest rate on the New Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the New Notes), compounded semi-annually, to the extent permitted by applicable law.

If we exercise this interest deferral right, the New Notes may trade at a price that does not reflect the value of accrued and unpaid interest on the New Notes or that is otherwise substantially less than the price at which the New Notes would have traded if we had not exercised such deferral right. If we exercise this interest deferral right and you sell your New Notes during an Optional Deferral Period, you may not receive the same return on your investment as a holder that continues to hold its New Notes until we pay the deferred interest following the end of such Optional Deferral Period. In addition, as a result of our right to defer interest payments, the market price of the New Notes may be more volatile than other securities that do not have these rights.

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***Risks Relating to South Bow's Corporate Structure***

We and the Guarantors are holding companies and depend on dividends and other distributions from our respective subsidiaries. We and each of the Guarantors conduct substantially all our respective operations through subsidiaries, and those subsidiaries generate substantially all of our and the Guarantors' respective operating incomes and cash flows. As a result, distributions or advances from those subsidiaries are the principal source of funds necessary to meet our and the Guarantors' respective debt service obligations. Contractual provisions or laws, as well as such subsidiaries' financial condition and operating requirements, may limit our ability and the ability of the Guarantors to obtain cash from our and the Guarantors' respective subsidiaries that are required to pay our and the Guarantors' respective debt service obligations, including any payments required to be made under the New Notes or the Guarantees, as applicable.

***Lack of Active Trading Market***

The New Notes will be a new issue of securities for which there is no established trading market and we do not intend to list the New Notes on any securities exchange or include the New Notes in any automated quotation system. Therefore, an active market for the New Notes may not develop or be maintained, which would adversely affect the market price and liquidity of the New Notes. In such case, the holders of the New Notes may not be able to sell their New Notes at a particular time or at a favorable price. If a trading market were to develop, future trading prices of the New Notes may be volatile and will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of holders of New Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our credit ratings and the credit ratings of South Bow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• South Bow's operating performance and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest of securities dealers in making a market for the New Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market for similar securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall condition of the financial markets and global and domestic economies.

Even if an active trading market for the New Notes develops, there is no guarantee that it will continue.

***Risks Relating to Redemption***

We have the right to redeem some or all of the New Notes prior to maturity, as described under "Description of the New Notes—Redemption". We may redeem the New Notes at times when prevailing interest rates may be relatively low. Accordingly, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the New Notes.

***Risks Relating to Credit Ratings***

Any credit rating assigned to the New Notes may not reflect the potential impact of all risks related thereto, including those factors discussed elsewhere in this prospectus and other factors that may affect the value of the New Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the applicable rating agency at any time.

Any future lowering of our ratings would likely make it more difficult or more expensive for us to obtain additional debt financing. If any credit rating assigned to the New Notes is subsequently lowered or withdrawn for any reason, you may not be able to resell your New Notes without a discount.

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***Risks Relating to Proposed and Recently Enacted Tax Legislation in Canada***

Recent legislative amendments to the Canadian Tax Act included a 2% corporate level tax on the net value of equity repurchases by certain publicly-traded entities in Canada, effective for transactions that occur on or after January 1, 2024 (the "Equity Repurchase Tax"). The application of the Equity Repurchase Tax is subject to certain exceptions and anti-avoidance provisions. South Bow will continue to assess the potential application of the Equity Repurchase Tax as it may have an adverse impact on South Bow in relation to any future share buybacks.

Additionally, recent legislative amendments to the Canadian Tax Act limit, where applicable, the deductibility of certain interest and financing expenses, effective for taxation years beginning on or after October 1, 2023 (the "EIFEL Provisions"). The EIFEL Provisions are generally intended to restrict Canadian taxpayers' net interest and financing expense deductions exceeding a fixed ratio of "adjusted taxable income." South Bow will continue to assess the potential application of the EIFEL Provisions as they could affect South Bow's business, financial condition and results of operations.

South Bow is subject to the examination of its tax returns and other tax matters by tax authorities. While South Bow believes that its tax filings positions are appropriate and supportable, it is possible that tax authorities may successfully challenge South Bow's interpretations of tax legislation which may result in non-compliance or reassessment, or affect South Bow's estimate of current and future income taxes, and have an adverse effect on the business, financial condition and results of operations of South Bow.

***Risks Relating to Fraudulent Transfer Laws***

The issuance of, and payments made under, the New Notes and the Guarantees may be subject to review under federal bankruptcy and insolvency or provincial fraudulent preference and transfer at undervalue statutes. While the relevant laws may vary from one jurisdiction to another, generally under such laws the incurrence of an obligation (such as under the New Notes or Guarantees) or the making of a payment or other transfer could be found to be a fraudulent preference or a transfer at undervalue and declared void if a court were to determine that we or any of the Guarantors, as applicable: (a) incurred such obligation or made such payment with the intent of hindering, delaying or defrauding creditors; (b) incurred such obligation with an intent to, or in certain circumstances, which had the effect of, preferring certain creditors; or (c) received less than reasonably equivalent value or fair consideration in return for incurring such obligation or making such payment and, in the case of (c) only, if we or the applicable Guarantor were insolvent at the time of or rendered insolvent by reason of the incurrence of the obligation or the making of such payment.

If a court were to find that the issuance of the New Notes or incurrence of the Guarantees, or a payment made under the New Notes or Guarantees, was a fraudulent preference or transfer at undervalue, a court could void the payment obligations under the New Notes or Guarantees, as applicable, or subordinate the New Notes or Guarantees to presently existing and future indebtedness of ours or the applicable Guarantors, as applicable, and require the holders of the New Notes to repay particular amounts or any amounts received with respect to the New Notes or such Guarantees. In the event of a finding that a fraudulent preference or transfer at undervalue occurred, you may not receive any repayment on the New Notes.

Further, the voiding of the New Notes or the Guarantees could result in an event of default with respect to our other debt and that of the Guarantors that could result in acceleration of such debt.

The measures of insolvency for purposes of these fraudulent preference or transfer at undervalue laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent preference or transfer at undervalue has occurred. In general, however, a court would consider an issuer or a guarantor insolvent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is for any reason unable to meet its obligations as they generally become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has ceased paying its current obligations in the ordinary course of business as they generally become due; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its aggregate property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale
under legal process, would not be sufficient to enable payment of all its obligations, due and accruing due.

We cannot be certain as to the standards a court would use to determine whether or not we or the Guarantors were solvent at the relevant time, or regardless of the standard that a court uses, that the New Notes and the Guarantees would not be further subordinated to the other debt of us or the Guarantors, respectively.

If the Guarantees were legally challenged, any Guarantee could also be subject to the claim that, since the Guarantee was incurred for our benefit, and only indirectly for the benefit of the Guarantors, the obligations of the Guarantors were incurred for less than reasonably equivalent value or fair consideration. A court could thus void the obligations under the Guarantees, further subordinate them to the Guarantors' other debt or take other action detrimental to the holders of the New Notes.

Each Guarantee contains a provision intended to limit the Guarantor's liability to the maximum amount that it could incur without causing the incurrence of obligations under its Guarantee to be a fraudulent transfer. This provision may not be effective to protect the Guarantees from being voided under fraudulent transfer law, or may reduce or eliminate the Guarantor's obligation to an amount that effectively makes the Guarantee worthless.

***Risks Relating to Canadian Bankruptcy, Insolvency and Restructuring Laws***

The rights of the Trustees to enforce remedies under the Indenture governing the New Notes could be delayed at common law or pursuant to the provisions of applicable Canadian federal bankruptcy, insolvency and other restructuring legislation if the benefit of such legislation is sought with respect to us. In particular, remedies that otherwise would be available to the Trustees pursuant to specified events of default relating to the bankruptcy, insolvency, liquidation, dissolution or reorganization of us or any Guarantor may be delayed by virtue of a stay of proceedings, or may not be available at all if their exercise would have the effect of depriving our or a Guarantor's insolvent estate of value. For example, both the *Bankruptcy and Insolvency Act* (Canada) and the *Companies' Creditors Arrangement Act* (Canada) contain provisions enabling an insolvent person to obtain a stay of proceedings against its creditors and to file a proposal or plan of compromise and arrangement to be voted on by the various classes of its affected creditors. In addition, companies are able to restructure their affairs under the provisions of the applicable corporate statutes (in Alberta, the *Business Corporations Act* (Alberta) or the *Canada Business Corporations Act*); in such cases, courts have wide discretion to make any order they see fit to facilitate the goal of an orderly restructuring, which has been interpreted to include imposing a stay of proceedings which may delay or prohibit enforcement of claims by the Trustees in some circumstances.

A restructuring proposal, plan of compromise and arrangement, or plan of arrangement under either insolvency or corporate statute, if accepted by the requisite majorities of each affected class of creditors (or other stakeholders voting on such proposal or plan), and if approved by the relevant Canadian court, is normally binding on all creditors (or other stakeholders) within each affected class, including those creditors or stakeholders that did not vote to accept the proposal or plan. Moreover, such applicable legislation, in certain instances, will permit the insolvent debtor to retain possession and administration of its property, subject to court oversight, even though it may be in default under the applicable debt instrument, during the period that any stay against proceedings remains in place.

The powers of the court under the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and applicable corporate statutes, have been interpreted and exercised broadly so as to protect a restructuring entity from actions taken by creditors and other parties. Accordingly, we cannot predict whether payments under the New Notes would be made during any proceedings in bankruptcy, insolvency, liquidation, dissolution or other reorganization, whether or when the Trustees could exercise its rights under the Indenture or whether and to what extent holders of the New Notes would be compensated for any delay in payment, if any, of principal, interest and costs, including the fees and disbursements of the Trustees.

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***Enforcement of Civil Liabilities***

The Company, South Bow and the HoldCo Guarantor are corporations organized under the laws of Canada. Certain of the directors and officers of each of the Company, South Bow and the HoldCo Guarantor and some of the experts named in this prospectus reside principally in Canada. Because these persons are located outside the U.S., it may not be possible for you to effect service of process within the U.S. on these persons. Furthermore, it may not be possible for you to enforce against them, in the U.S., judgments obtained in U.S. courts, because all or a substantial portion of the assets of these persons are located outside the U.S. We have been advised by Blake, Cassels & Graydon LLP, our Canadian counsel, that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities laws or the securities or "blue sky" laws of any state within the U.S. would probably be enforceable in Canada, if, among other factors, the U.S. court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. We have also been advised by Blake, Cassels & Graydon LLP, however, that there is substantial doubt whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws or the securities or "blue sky" laws of any state within the U.S. Therefore, it may not be possible to enforce those judgments against such persons.

**Risks Related to the Exchange Offer** 

***Transfer Restrictions Applicable to Initial Notes***

Initial Notes that you do not tender or we do not accept will, following the exchange offer, continue to be subject to transfer restrictions, and you may not offer or sell them except pursuant to an exemption from, or in a transaction not subject to, the U.S. Securities Act and applicable state securities law. Following the exchange offer, if you do not tender your Initial Notes, you generally will not have any further registration rights, and your Initial Notes will be subject to such transfer restrictions for an indefinite period of time.

***Lack of Liquidity for the Initial Notes Following the Exchange Offer***

Because we anticipate that most holders of Initial Notes will elect to exchange their Initial Notes for New Notes, we expect that the liquidity of the market for any Initial Notes remaining after the completion of the exchange offer will be substantially limited. In particular, any Initial Notes tendered and exchanged in the exchange offer will reduce the aggregate principal amount of the Initial Notes outstanding. The extent of the market for Initial Notes and the availability of price quotations would depend upon a number of factors, including the number of holders of Initial Notes remaining outstanding and the interest of securities firms in maintaining a market in the Initial Notes. An issue of securities with a similar outstanding market value available for trading, which is called the "float", may command a lower price than would be comparable to an issue of securities with a greater float. As a result, the market price for Initial Notes that are not exchanged in the exchange offer may be affected adversely as Initial Notes exchanged in the exchange offer reduce the float. The reduced float also may make the trading price of the Initial Notes that are not exchanged more volatile.

***Exchange Offer Procedures***

We will issue New Notes in exchange for the Initial Notes pursuant to the exchange offer only following the satisfaction of the procedures and conditions set forth in "Exchange Offer—Terms of the Exchange Offer—Conditions" and "Exchange Offer—Terms of the Exchange Offer—Procedures for Tendering". These procedures and conditions include timely receipt by the exchange agent of such Initial Notes (or a confirmation of book-entry transfer) and of a properly completed and duly executed letter of transmittal (or an agent's message from DTC). Neither we nor the exchange agent is required to tell you of any defects or irregularities with respect to your tender of the Initial Notes. If you do not tender your Initial Notes or if we do not accept your Initial Notes because you did not tender your Initial Notes properly, then, after we consummate the exchange offer, you will continue to hold Initial Notes that are subject to their existing terms and transfer restrictions. Therefore, you should allow sufficient time to ensure timely delivery of the Initial Notes, and you should carefully follow the instructions on how to tender your Initial Notes.

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***Requirement to Deliver a Prospectus***

Based on interpretations of the staff of the SEC contained in Exxon Capital Holdings Corp., SEC no-action letter (April 13, 1988), Morgan Stanley & Co. Inc., SEC no-action letter (June 5, 1991) and Shearman & Sterling, SEC no-action letter (July 2, 1993), we believe that you may offer for resale, resell or otherwise transfer the New Notes without compliance with the registration and prospectus delivery requirements of the U.S. Securities Act. However, in some instances described in this prospectus under "Plan of Distribution", you will remain obligated to comply with the registration and prospectus delivery requirements of the U.S. Securities Act to transfer your New Notes. In these cases, if you transfer any New Notes without delivering a prospectus meeting the requirements of the U.S. Securities Act or without an exemption from registration of your New Notes under the U.S. Securities Act, you may incur liability under the U.S. Securities Act. We do not and will not assume, or indemnify you against, this liability.

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**EXCHANGE OFFER** 

**Terms of the Exchange Offer** 

***Purpose and Effect of the Exchange Offer***

On the Issue Date the Company issued and sold the Initial Notes. The Initial Notes are fully and unconditionally guaranteed on a junior unsecured subordinated basis by each of the Guarantors. The Initial Notes and the Initial Guarantees were offered and sold on a private placement basis to persons reasonably believed to be "qualified institutional buyers" in reliance on Rule 144A and to "non-U.S. persons" outside the United States under Regulation S under the U.S. Securities Act, in each case, pursuant to exemptions from the registration requirements under the U.S. Securities Act. Consequently, the Initial Notes are subject to transfer restrictions under the U.S. Securities Act.

In connection with the Initial Notes Offering, the Company and the Guarantors entered into the Registration Rights Agreement with the initial purchasers of the Initial Notes. We are conducting the exchange offer to satisfy our obligations under the Registration Rights Agreement. The following summary of certain material terms of the Registration Rights Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, all of the provisions of the Registration Rights Agreement, which has been filed as an exhibit to the registration statement of which this prospectus forms a part.

Under the Registration Rights Agreement, the Company and the Guarantors agreed to file with the SEC a registration statement covering an exchange offer for the Initial Notes and to use reasonable best efforts to have such registration statement declared effective by the SEC no later than 360 days after the closing of the Initial Notes Offering and to use reasonable best efforts to consummate the exchange offer within 60 days after that 360-day period. We will keep the exchange offer open for at least 30 days (or longer if required by law) after the date notice of the exchange offer is sent to holders of the Initial Notes. In accordance with the Registration Rights Agreement, this prospectus does not qualify the distribution of the New Notes under the securities laws of any province or territory of Canada. We are not required, and do not intend, to qualify the New Notes by prospectus in Canada, and accordingly the New Notes will be subject to applicable restrictions on resale in Canada.

Under the Registration Rights Agreement, the Company and the Guarantors are required to use their reasonable best efforts to keep any shelf registration statement filed pursuant thereto continuously effective until the earliest of: (i) the date when all the Initial Notes covered by such shelf registration statement can be sold to the public under Rule 144 under the U.S. Securities Act without regard to the volume limitations included therein and without regard to whether the Company is current in its Exchange Act filings (assuming they are not held by an affiliate of the Company or a Guarantor); and (ii) the date on which all the Initial Notes registered thereunder are disposed of in accordance therewith. A holder who sells Initial Notes pursuant to the shelf registration statement generally will be required to be named as a selling securityholder in the related prospectus and to deliver a prospectus to purchasers, will be subject to certain of the civil liability provisions under the U.S. Securities Act in connection with such sales and will be required to indemnify us against certain losses arising out of information furnished by such holder in writing for inclusion in any shelf registration statement. In addition, each holder of the Initial Notes will be required to deliver information to be used in connection with any such shelf registration statement in order to have its Initial Notes included in such shelf registration statement.

For the purposes of the Registration Rights Agreement, "Transfer Restricted Securities" means each Initial Note and the Initial Guarantees thereof (collectively, the "**Initial Securities**") until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which such Initial Security has been exchanged in the exchange offer by a person other than a
broker-dealer for a freely transferable New Note together with the Guarantees thereof (collectively, the "**Exchange Securities**") evidencing the same indebtedness as the Initial Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the exchange by a broker-dealer in the exchange offer of an Initial Security for an Exchange Security,
the date on which such Exchange Security is sold to a purchaser who receives from the broker- dealer on or prior to the date of such sale a copy of the prospectus contained in the exchange offer registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which such Initial Security has been disposed of in accordance with the shelf registration statement;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which such Initial Security shall cease to be outstanding.

The Registration Rights Agreement provides that if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any registration statement required by the Registration Rights Agreement is not declared effective by the SEC on
or prior to the applicable deadline set forth in the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exchange offer is not completed on or prior to the applicable deadline set forth in the Registration Rights
Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any registration statement has been declared effective but thereafter ceases to be effective or useable in
connection with resales or exchanges of securities covered thereby during the periods specified in the Registration Rights Agreement without being succeeded immediately by an additional registration statement that is declared effective (each, a
" **Registration Default** "), then

the Company and the Guarantors have agreed to pay to each holder of Transfer Restricted Securities additional interest over and above the interest otherwise payable on the securities at a rate of 0.25% per annum for the first 90-day period immediately following the occurrence of a Registration Default, to be increased by an additional 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum additional interest rate of 0.50% per annum. We will not be required to pay additional interest for more than one Registration Default at any given time. All accrued additional interest shall be paid by the Company and the Guarantors in the same manner and at the same time as payments of interest.

Under certain circumstances described in the Registration Rights Agreement, we may delay the filing of or suspend the effectiveness of, or the holders' ability to use, a shelf registration statement, and such delay or suspension will not alter the obligations of the Company and the Guarantors to pay additional interest upon the occurrence of a Registration Default.

Concurrent with the exchange offer, the Guarantor Party is making the Guarantor Party Exchange Offer to exchange the Guarantor Party Notes for an equivalent aggregate principal amount of new notes with terms that are substantially identical to the Guarantor Party Notes, except that such new notes will be registered under the U.S. Securities Act, will not contain restrictions on transfer or certain provisions relating to additional interest, will bear different CUSIP numbers and will not entitle their holders to registration rights.

***General***

We are offering to exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Series 1 Notes for an equivalent aggregate principal amount of our New Series 1 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Series 2 Notes for an equivalent aggregate principal amount of our New Series 2 Notes.

The terms of the New Notes and the terms of the Guarantees are substantially identical to the terms of the Initial Notes and the Initial Guarantees, respectively, except that: (a) the New Notes and the Guarantees will be registered under the U.S. Securities Act, and therefore will not contain restrictions on transfer; (b) the New Notes and the Guarantees will not contain certain provisions relating to additional interest; (c) the New Notes will bear different CUSIP numbers from the Initial Notes; and (d) the New Notes will not entitle their holders to registration rights.

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Upon the terms and subject to the conditions set forth in this prospectus and in the letter of transmittal, all Initial Notes validly tendered and not withdrawn prior to 5:00 p.m., New York City time, on the expiration date will be accepted for exchange. New Notes will be issued in exchange for an equivalent aggregate principal amount of outstanding Initial Notes accepted in the exchange offer. This prospectus, together with the letter of transmittal, is being sent to all holders of Initial Notes as of the date of this prospectus. The exchange offer is not conditioned upon any minimum principal amount of Initial Notes being tendered for exchange, nor is it conditioned in any way upon the Guarantor Party Exchange Offer. However, the obligation to accept Initial Notes for exchange pursuant to the exchange offer is subject to certain customary conditions as set forth herein under "—Conditions".

Initial Notes shall be deemed to have been accepted as validly tendered when, as and if we have given written notice thereof to D.F. King & Co., Inc., the exchange agent. The exchange agent will act as agent for the tendering holders of Initial Notes for the purposes of receiving the New Notes and delivering New Notes to such holders.

Neither the Company, any Guarantor nor any of their affiliates have entered into any arrangement or understanding with any person who receives New Notes in the exchange offer to distribute those securities following the completion of the exchange offer. None of the Company or any Guarantor is aware of any person that will participate in the exchange offer with a view to distribute the New Notes.

Based on interpretations by the staff of the SEC as set forth in no-action letters issued to third parties (including Exxon Capital Holdings Corporation (available May 13, 1988), Morgan Stanley & Co. Incorporated (available June 5, 1991), K-III Communications Corporation (available May 14, 1993) and Shearman & Sterling (available July 2, 1993)), we believe that the New Notes issued pursuant to the exchange offer may be offered for resale, resold and otherwise transferred by any holder thereof (other than any such holder that is a broker-dealer or an "affiliate" of the Company or a Guarantor within the meaning of Rule 405 under the U.S. Securities Act) without compliance with the registration and prospectus delivery provisions of the U.S. Securities Act, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such New Notes are acquired in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the time of the commencement of the exchange offer such holder has no arrangement or understanding with any
person to participate in, a distribution of such New Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such holder is not engaged in, and does not intend to engage in, a distribution of such New Notes.

We have not sought, and do not intend to seek, a no-action letter from the SEC with respect to the effects of the exchange offer, and we cannot assure you that the staff would make a similar determination with respect to the New Notes as it has in such no-action letters.

By tendering Initial Notes in exchange for New Notes and executing the letter of transmittal, each holder will represent to us that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any New Notes to be received by it will be acquired in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has no arrangements or understandings with any person to participate in the distribution of the Initial Notes
or New Notes within the meaning of the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is not an "affiliate," as defined in Rule 405 under the U.S. Securities Act, of the Company or any
Guarantor.

If such holder is a broker-dealer, it will also be required to represent that the Initial Notes were acquired as a result of market-making activities or other trading activities and that it will deliver a prospectus in connection with any resale of New Notes. See "Plan of Distribution". Each holder, whether or not it is a broker-dealer, shall also represent that it is not acting on behalf of any person that could not truthfully make any of the foregoing

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representations contained in this paragraph. If a holder of Initial Notes is unable to make the foregoing representations, such holder may not rely on the applicable interpretations of the staff of the SEC and must comply with the registration and prospectus delivery requirements of the U.S. Securities Act in connection with any secondary resale transaction unless such sale is made pursuant to an exemption from such requirements.

Each broker-dealer that receives New Notes for its own account in exchange for Initial Notes where such Initial Notes were acquired by such broker-dealer as a result of market-making or other trading activities, must acknowledge that it will deliver a prospectus meeting the requirements of the U.S. Securities Act and that it has not entered into any arrangement or understanding with us or an affiliate of the Company or a Guarantor to distribute the New Notes in connection with any resale of such New Notes. See "Plan of Distribution".

Upon consummation of the exchange offer, any Initial Notes not tendered will remain outstanding and continue to accrue interest but, subject to certain limited exceptions, holders of Initial Notes who do not exchange their Initial Notes for New Notes in the exchange offer will no longer be entitled to registration rights or certain payments of additional interest. In addition, such holders will not be able to offer or sell their Initial Notes, unless such Initial Notes are subsequently registered under the U.S. Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the U.S. Securities Act and applicable state securities laws. Subject to limited exceptions, we will have no obligation to effect a subsequent registration of the Initial Notes.

***Expiration Date; Extensions; Amendments; Termination***

The expiration date shall be , 2025 unless we, in our sole discretion, extend the exchange offer, in which case the expiration date shall be the latest date to which the exchange offer is extended. The expiration date of the exchange offer will be at least 20 business days after the commencement of the exchange offer in accordance with Rule 14e-1(a) under the Exchange Act.

To extend the expiration date, we will notify the exchange agent of any extension by written notice and will notify the holders of Initial Notes by means of a press release or other public announcement prior to 9:00 a.m., New York City time, on the next business day after the previously scheduled expiration date. Such announcement will state that we are extending the exchange offer for a specified period of time.

We expressly reserve the right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to delay acceptance of any Initial Notes, to extend the exchange offer or to terminate the exchange offer and
refuse to accept Initial Notes not previously accepted if any of the conditions set forth under "—Conditions" shall not have occurred and shall not have been waived prior to the expiration date, by giving written notice of such delay,
extension or termination to the exchange agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to the terms of the Registration Rights Agreement, to amend the terms of the exchange offer in any
manner.

Any such delay in acceptance, extension, termination or amendment will be followed as promptly as practicable by written notice to the exchange agent. If the exchange offer is amended in a manner determined by us to constitute a material change, we will promptly disclose such amendment in a manner reasonably calculated to inform the holders of the Initial Notes of such amendment and we will extend the exchange offer for a period of five to ten business days, as required by the Exchange Act. Without limiting the manner in which we may choose to make public the announcement of any delay, extension, amendment or termination of the exchange offer, we shall have no obligation to publish, advertise or otherwise communicate any such public announcement, other than by making a timely release to an appropriate news agency.

***Absence of Dissenter's Rights of Appraisal***

Holders of the Initial Notes do not have any dissenter's rights of appraisal in connection with the exchange offer.

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***Procedures for Tendering***

To tender your Initial Notes in the exchange offer, you must use one of the three alternative procedures described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Regular delivery procedure:* Complete, sign and date the letter of transmittal, or a facsimile of the
letter of transmittal. Have the signatures on the letter of transmittal guaranteed if required by the letter of transmittal. Mail or otherwise deliver the letter of transmittal or the facsimile together with the certificates representing the Initial
Notes being tendered and any other required documents to the exchange agent on or before 5:00 p.m., New York City time, on the expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Book-entry delivery procedure:* Send a timely confirmation of a book-entry transfer of your Initial
Notes, if this procedure is available, into the exchange agent's account at The Depository Trust Company in accordance with the procedures for book-entry transfer described under "—Book-Entry Delivery Procedure" below, on or
before 5:00 p.m., New York City time, on the expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Guaranteed delivery procedure:* If time will not permit you to complete your tender by using the
procedures described in (1) or (2) above before the expiration date and this procedure is available, comply with the guaranteed delivery procedures described under "—Guaranteed Delivery Procedure" below.

The method of delivery of Initial Notes, letter of transmittal and all other required documents is at the election and risk of the holders. If such delivery is by mail, it is recommended that registered mail, properly insured, with return receipt requested, be used. In all cases, sufficient time should be allowed to assure timely delivery. No Initial Notes, letters of transmittal or other required documents should be sent to us. Delivery of all Initial Notes and other documents, including, if applicable, letters of transmittal, must be made to the exchange agent at its address set forth in "—Terms of the Exchange Offer—Exchange Agent". Holders may also request their respective brokers, dealers, commercial banks, trust companies or nominees to effect such tender for such holders.

The tender by a holder of Initial Notes will constitute an agreement between such holder and us in accordance with the terms and subject to the conditions set forth herein and in the applicable letter of transmittal. Any beneficial owner whose Initial Notes are registered in the name of a broker, dealer, commercial bank, trust company or other nominee and who wishes to tender should contact such registered holder promptly and instruct such registered holder to tender on its behalf.

Signatures on a letter of transmittal or a notice of withdrawal, as the case may be, must be guaranteed by any member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc., a commercial bank or trust company having an office or correspondent in the United States or an "eligible guarantor" institution within the meaning of Rule 17Ad-15 under the Exchange Act or an eligible institution unless the Initial Notes tendered pursuant thereto are tendered (a) by a registered holder of Initial Notes who has not completed the box entitled "Special Issuance Instructions" or "Special Delivery Instructions" on the letter of transmittal or (b) for the account of an eligible institution.

If a letter of transmittal is signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such person should so indicate when signing and, unless waived by us, evidence, in a manner satisfactory to us, of their authority to so act must be submitted with such letter of transmittal.

All questions as to the validity, form, eligibility, time of receipt and withdrawal of the tendered Initial Notes will be determined by us in our sole discretion, which determination will be final and binding. We reserve the absolute right to reject any and all Initial Notes not properly tendered or any Initial Notes which, if accepted, would, in the opinion of counsel for us, be unlawful. We also reserve the absolute right to waive any irregularities or conditions of tender as to particular Initial Notes. We will not waive any condition of the

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exchange offer with respect to an individual holder unless we waive that condition for all holders. Our interpretation of the terms and conditions of the exchange offer, including the instructions in the letter of transmittal, will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of Initial Notes must be cured within such time as we shall determine. Neither we, the exchange agent nor any other person shall be under any duty to give notification of defects or irregularities with respect to tenders of Initial Notes, nor shall any of them incur any liability for failure to give such notification. Tenders of Initial Notes will not be deemed to have been made until such irregularities have been cured or waived. Any Initial Note received by the exchange agent that is not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned without cost to such holder by the exchange agent, unless otherwise provided in the letter of transmittal, promptly following the expiration date.

In addition, we reserve the right, in our sole discretion, subject to the provisions of the Indenture pursuant to which the Initial Notes were issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to purchase or make offers for any Initial Notes that remain outstanding subsequent to the expiration date or, as
described under "—Conditions", to terminate the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to redeem Initial Notes as a whole, or in part, at any time and from time to time, as described under
"Description of the New Notes—Optional Redemption"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent permitted under applicable law, to purchase Initial Notes in the open market, in privately
negotiated transactions or otherwise.

The terms of any such purchases or offers could differ from the terms of the exchange offer.

Each broker-dealer that receives New Notes for its own account in exchange for Initial Notes where such Initial Notes were acquired by such broker-dealer as a result of market-making or other trading activities, must acknowledge that it will deliver a prospectus meeting the requirements of the U.S. Securities Act and that it has not entered into any arrangement or understanding with the Company or the Guarantors, or an affiliate of the Company or a Guarantor, to distribute the New Notes in connection with any resale of such New Notes. See "Plan of Distribution".

***Acceptance of Initial Notes for Exchange; Delivery of New Notes***

Upon satisfaction or waiver of all of the conditions to the exchange offer, all Initial Notes properly tendered will be accepted promptly after the expiration date and the New Notes will be issued promptly after acceptance of the Initial Notes. See "—Conditions". For purposes of the exchange offer, Initial Notes shall be deemed to have been accepted as validly tendered for exchange when, as and if we have given written notice thereof to the exchange agent.

For each Initial Note accepted for exchange, the holder of such Initial Note will receive a New Note having a principal amount equal to that of the surrendered Initial Note.

In all cases, issuance of New Notes in exchange for Initial Notes that are accepted for exchange pursuant to the exchange offer will be made only after timely receipt by the exchange agent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a book-entry confirmation of such Initial Notes into the exchange agent's account at the applicable
book-entry transfer facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a properly completed and duly executed letter of transmittal (or an agent's message from a participant
tendering Initial Notes that such participant has received and agrees to be bound by the terms of the letter of transmittal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other required documents.

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If any tendered Initial Notes are not accepted for any reason described in the terms and conditions of the exchange offer, such unaccepted or such non-exchanged Initial Notes will be returned promptly without expense to the tendering holder thereof (if in certificated form), or credited to an account maintained with such book-entry transfer facility after the expiration or termination of the exchange offer.

***Book-Entry Delivery Procedure***

Any financial institution that is a participant in DTC's systems may make book-entry deliveries of Initial Notes by causing DTC to transfer their Initial Notes into the exchange agent's account at DTC in accordance with DTC's procedures for transfer. To effectively tender Initial Notes through DTC, the financial institution that is a participant in DTC will electronically transmit its acceptance through the Automatic Tender Offer Program ("**ATOP**"). DTC will then edit and verify the acceptance and send an agent's message to the exchange agent for its acceptance. An agent's message is a message transmitted by DTC to the exchange agent stating that DTC has received an express acknowledgment from the participant in DTC tendering the Initial Notes that this participant has received and agrees to be bound by the terms of the letter of transmittal, and that we may enforce this agreement against this participant. The exchange agent will make a request to establish an account for the Initial Notes at DTC for purposes of the exchange offer.

A delivery of Initial Notes through a book-entry transfer into the exchange agent's account at DTC will only be effective if an agent's message or the letter of transmittal or a facsimile of the letter of transmittal with any required signature guarantees and any other required documents is transmitted to and received by the exchange agent at the address indicated in the letter of transmittal on or before the expiration date unless the guaranteed delivery procedures described below are complied with. **Delivery of documents to DTC does not constitute delivery to the exchange agent.**

Holders of Initial Notes who are unable to make a book-entry delivery of their Initial Notes into the exchange agent's account at DTC and all other documents required by the letter of transmittal to the exchange agent on or prior to the expiration date may tender their Initial Notes according to the guaranteed delivery procedures described below.

***Guaranteed Delivery Procedure***

If the procedures for book-entry transfer cannot be completed on a timely basis, a tender may be effected if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tender is made through an eligible institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the expiration date, the exchange agent receives by facsimile transmission, mail or hand delivery from
such eligible institution a properly completed and duly executed letter of transmittal and notice of guaranteed delivery, substantially in the form provided by us, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sets forth the name and address of the holder of Initial Notes and identifies the Initial Notes tendered,
including the principal amount of such Initial Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• states that the tender is being made thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guarantees that within three New York Stock Exchange ()"**NYSE** "), trading days after the date of
execution of the notice of guaranteed delivery, or a book-entry confirmation, as the case may be, and any other documents required by the letter of transmittal will be deposited by the eligible institution with the exchange agent; and

• a book-entry confirmation and all other documents required by the letter of transmittal are received by the
exchange agent within three NYSE trading days after the date of execution of the notice of guaranteed delivery.

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***Withdrawal of Tenders***

Tenders of Initial Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on the expiration date.

For a withdrawal to be effective, a written notice of withdrawal must be received by the exchange agent prior to 5:00 p.m., New York City time, on the expiration date at the address set forth in the letter of transmittal or you must comply with the appropriate procedures of DTC's ATOP system.

Any such notice of withdrawal must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• specify the name of the person having tendered the Initial Notes to be withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify the Initial Notes to be withdrawn, including the principal amount of such Initial Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of Initial Notes tendered by book-entry transfer, specify the number of the account at the book-entry
transfer facility from which the Initial Notes were tendered and specify the name and number of the account at the book-entry transfer facility to be credited with the withdrawn Initial Notes and otherwise comply with the procedures of such
facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contain a statement that such holder is withdrawing its election to have such Initial Notes exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be signed by the holder in the same manner as the original signature on the letter of transmittal by which such
Initial Notes were tendered including any required signature guarantees, or be accompanied by documents of transfer to have the trustees with respect to the Initial Notes in the name of the person withdrawing the tender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• specify the name in which such Initial Notes are registered, if different from the person who tendered such
Initial Notes.

All questions as to the validity, form, eligibility and time of receipt of such notice will be determined by us, which determination shall be final and binding on all parties. Any Initial Notes so withdrawn will be deemed not to have been validly tendered for exchange for purposes of the exchange offer. Any Initial Notes which have been tendered for exchange but which are not exchanged for any reason will be returned to the tendering holder thereof without cost to such holder, in the case of physically tendered Initial Notes, or credited to an account maintained with the book-entry transfer facility for the Initial Notes promptly after withdrawal, rejection of tender or termination of the exchange offer. Properly withdrawn Initial Notes may be re-tendered by following one of the procedures described under "—Procedures for Tendering" and "—Book-Entry Delivery Procedure" above at any time prior to 5:00 p.m., New York City time, on the expiration date.

***Conditions***

We will complete the exchange offer only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) there is no change in applicable law or the interpretation of the staff of the SEC which would reasonably be
expected to impair our ability to proceed with the exchange offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) there is no change in the current interpretation of the staff of the SEC which permits resales of the New
Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) there is no stop order issued by the SEC or any state securities authority suspending the effectiveness of the
registration statement of which this prospectus forms a part or the qualification of the Indenture for the New Notes under the *Trust Indenture Act of 1939*, as amended and there are no proceedings initiated or, to our knowledge, threatened for
that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) there is no action or proceeding instituted or threatened in any court or before any governmental agency or
body that in our judgment or in the opinion of our counsel would reasonably be expected to impair our ability to proceed with the exchange offer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) we obtain all governmental approvals that we deem in our sole discretion necessary to complete the exchange
offer.

These conditions are for our sole benefit. We may assert any one of these conditions regardless of the circumstances giving rise to it and may also waive any one of them, in whole or in part, at any time and from time to time, if we determine in our reasonable discretion that it has not been satisfied, subject to applicable law. If we fail at any time to exercise any of the foregoing rights, this failure will not constitute a waiver of such rights. Notwithstanding the foregoing, all conditions to the exchange offer must be satisfied or waived before the expiration of the exchange offer. If we waive a condition to the exchange offer, the waiver will be applied equally to all holders of Initial Notes. Each of these rights will be deemed an ongoing right which we may assert at any time and from time to time.

If we determine that we may terminate the exchange offer because any of these conditions is not satisfied, we may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) refuse to accept and return to their holders any Initial Notes that have been tendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) extend the exchange offer and retain all Initial Notes tendered before the expiration date, subject to the
rights of the holders of these Initial Notes to withdraw their tenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) waive any condition that has not been satisfied and accept all properly tendered Initial Notes that have not
been withdrawn or otherwise amend the terms of the exchange offer in any respect as provided under the section in this prospectus entitled "— Expiration Date; Extensions; Amendments; Termination".

***Exchange Agent***

D.F. King & Co., Inc. has been appointed as the exchange agent for the exchange offer. You should direct all executed letters of transmittal and any notices of guaranteed delivery and all questions and requests for assistance, requests for additional copies of this prospectus or of the letter of transmittal and requests for notices of guaranteed delivery to the exchange agent addressed as follows:

**D.F. King & Co., Inc.** 

**48 Wall Street, 22<sup>nd</sup> Floor** 

**New York, New York 10005** 

**Banks and Brokers Call Collect: (212) 269-5550** 

**All Others Call Toll-Free: (800) 848-2998** 

**Email: <u>southbow@dfking.com</u>** 

If you deliver the letter of transmittal or the notice of guaranteed delivery to an address other than the one set forth above or transmit instructions via facsimile (if the letter of transmittal or the notice of guaranteed delivery does not require a signature guarantee) to a number other than the one set forth above, that delivery or those instructions will not be effective.

***Fees and Expenses***

The Company will bear the expenses of soliciting tenders pursuant to the exchange offer, including fees and expenses of the exchange agent and the Trustees and accounting, legal, printing and related fees and expenses. The principal solicitation for tenders pursuant to the exchange offer is being made by mail; however, additional solicitations may be made by telephone, telecopy or in person by our officers and regular employees.

We will not make any payments to brokers, dealers or other persons soliciting acceptances of the exchange offer. We will, however, pay the exchange agent reasonable and customary fees for its services and will reimburse the exchange agent for its reasonable out-of-pocket expenses in connection therewith. We may also

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pay brokerage houses and other custodians, nominees and fiduciaries the reasonable out-of-pocket expenses incurred by them in forwarding copies of the prospectus and related documents to the beneficial owners of the Initial Notes, and in handling or forwarding tenders for exchange.

We will pay all transfer taxes applicable to the exchange of Initial Notes pursuant to the exchange offer; provided, however, that if (a) New Notes or Initial Notes for principal amounts not tendered or accepted for exchange are to be registered or issued in the name of any person other than the registered holder of the Initial Notes tendered; (b) tendered Initial Notes are registered in the name of any person other than the person signing the letter of transmittal; or (c) a transfer tax is imposed for any reason other than the exchange of Initial Notes pursuant to the exchange offer, then the amount of any such transfer taxes imposed will be payable by the tendering holder. If satisfactory evidence of payment of such taxes or exemption therefrom is not submitted with the letter of transmittal, the amount of such transfer taxes will be billed directly to such tendering holder.

***Consequences of Failure to Exchange***

Holders of Initial Notes who do not exchange their Initial Notes for New Notes pursuant to the exchange offer will continue to be subject to the restrictions on transfer applicable to such Initial Notes as set forth in the legend thereon as a consequence of the issuance of the Initial Notes pursuant to exemptions from, or in transactions not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Initial Notes may not be offered, sold or otherwise transferred, except in compliance with the registration requirements of the U.S. Securities Act, pursuant to an exemption from registration under the U.S. Securities Act or in a transaction not subject to the registration requirements of the U.S. Securities Act, and in compliance with applicable state securities laws. We do not currently anticipate that we will register the Initial Notes under the U.S. Securities Act. To the extent that Initial Notes are tendered and accepted in the exchange offer, the trading market for any remaining Initial Notes will be adversely affected. See "Risk Factors—Lack of Liquidity for the Initial Notes Following the Exchange Offer".

Each broker-dealer that receives New Notes for its own account in exchange for Initial Notes, where such Initial Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such New Notes. See "Plan of Distribution".

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**USE OF PROCEEDS** 

We will not receive any proceeds from the exchange offer. In consideration for issuing New Notes, we will receive, in exchange, Initial Notes of like principal amount. Initial Notes surrendered in exchange for New Notes will be retired and cancelled and cannot be reissued. Accordingly, issuance of the New Notes will not result in any increase in our indebtedness and will evidence the same continuing indebtedness as the Initial Notes. We have agreed to bear all fees and expenses related to the exchange offer. No underwriter is being used in connection with the exchange offer.

**CONSOLIDATED CAPITALIZATION** 

There have been no material changes in our share and loan capital, on a consolidated basis, since March 31, 2025. As we will realize no proceeds from the exchange offer, the completion of the exchange offer will have no material change on our consolidated capitalization.

**PRIOR SALES** 

Other than the Initial Notes Offering, the Company has not sold or issued any U.S.$ denominated junior notes, or securities convertible into U.S.$ denominated junior notes, during the 12-month period prior to the date hereof.

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**EARNINGS COVERAGE** 

The following consolidated earnings coverage ratios of South Bow have been prepared and included in this prospectus in accordance with the disclosure requirements under Canadian securities laws and have been calculated for the twelve-month period ended December 31, 2024, based on audited financial information, and for the twelve-month period ended March 31, 2025, based on unaudited financial information. The earnings coverage ratios set out below do not purport to be indicative of earnings coverage ratios for any future periods.

Adjustments for issuances, repayments or other retirements of financial liabilities subsequent to December 31, 2024 or March 31, 2025, as applicable, would not materially affect the relevant earnings coverage ratio set out below and, as a result, have not been made.

<u>Twelve Month Period Ended<br>December 31, 2024</u> <u>Twelve Month Period Ended<br>March 31, 2025</u> <br> Earnings coverage ratio<sup>(1)</sup> 2.1x 2.0x

**Note:** 

(1) Earnings coverage is equal to profit or loss attributable to the shareholders before borrowing costs and income
taxes divided by borrowing costs (including capitalized costs) and obligations on all financial liabilities.

South Bow's borrowing cost requirements amounted to approximately U.S.$389 million for the twelve-month period ended December 31, 2024 and U.S.$381 million for the twelve-month period ended March 31, 2025. South Bow's profit or loss attributable to the shareholders before borrowing costs and income tax was approximately U.S.$806 million for the twelve-month period ended December 31, 2024 and U.S.$764 million for the twelve-month period ended March 31, 2025, which are 2.1 times and 2.0 times South Bow's borrowing cost requirements for such periods, respectively.

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**SUMMARY FINANCIAL INFORMATION** 

The following tables contain summary financial information for the Company as at and for the twelve months ended December 31, 2024 and 2023 and as at and for the three months ended March 31, 2025 and 2024, presented with separate columns for each of the following: (a) South Bow; (b) the Company; (c) the Holdco Guarantor and the Guarantor Party, on a combined basis; (d) the subsidiaries of South Bow other than the Company, the Holdco Guarantor and the Guarantor Party (collectively, the "**Other South Bow Subsidiaries**"), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts. 

As at and for the three months ended March 31, 2025 and 2024<sup>(1)</sup>,<sup>(2)</sup>:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions of U.S.<br>dollars)** | **South Bow** | **South Bow** | **Company** | **Company** | **Holdco<br>Guarantor and<br>Guarantor Party<br>(combined)** | **Holdco<br>Guarantor and<br>Guarantor Party<br>(combined)** | **Other South Bow<br>Subsidiaries** | **Other South Bow<br>Subsidiaries** | **Consolidating<br>Adjustments<sup>(3)</sup>** | **Consolidating<br>Adjustments<sup>(3)</sup>** | **Total<br>Consolidated<br>Amounts** | **Total<br>Consolidated<br>Amounts** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Revenue |  |  |  |  | (1) |  | 3129 | 3854 | (2631) | (3310) | 498 | 544 |
|  Net income (loss) | (2) |  | (24) | (17) | (87) | (54) | 212 | 215 | (124) | (103) | 88 | 112 |
|  Current assets | 12 |  |  |  | 81 | 167 | 3248 | 2307 | (1181) | 1106 | 2067 | 3413 |
|  Non-current assets | 2177 |  | 1673 | 905 | 7247 | 1488 | 25370 | 19180 | (16262) | (9851) | 9108 | 9329 |
|  Current liabilities | 101 |  | 118 | 76 | 917 | 263 | 1709 | 2519 | (102) | 55 | 1607 | 2574 |
|  Non-current liabilities |  |  | 2207 | 1802 | 8030 | 3289 | 3289 | 2100 | 3679 | 4989 | 6968 | 7089 |

---

As at and for the twelve months ended December 31, 2024 and 2023<sup>(1)</sup>,<sup>(2)</sup>:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions of U.S.<br>dollars)** | **South Bow** | **South Bow** | **Company** | **Company** | **Holdco<br>Guarantor and<br>Guarantor Party<br>(combined)** | **Holdco<br>Guarantor and<br>Guarantor Party<br>(combined)** | **Other South Bow<br>Subsidiaries** | **Other South Bow<br>Subsidiaries** | **Consolidating<br>Adjustments<sup>(3)</sup>** | **Consolidating<br>Adjustments<sup>(3)</sup>** | **Total<br>Consolidated<br>Amounts** | **Total<br>Consolidated<br>Amounts** |
|  | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
|  Revenue |  |  |  |  | 6 |  | 10409 | 12301 | (8289) | (10296) | 2120 | 2005 |
|  Net income (loss) |  |  | 180 | (595) | (194) | (135) | 1562 | (3395) | (1246) | 3387 | 316 | 442 |
|  Current assets | 10 |  |  |  | 102 | 119 | 3230 | 1623 | (1032) | 991 | 2198 | 2614 |
|  Non-current assets | 2281 |  | 1662 | 895 | 7239 | 1475 | 25502 | 19236 | (16371) | (9818) | 9131 | 9418 |
|  Current liabilities | 101 |  | 88 | 49 | 740 | 202 | 1932 | 2056 | (171) | 19 | 1761 | 2075 |
|  Non-current liabilities |  |  | 2192 | 1847 | 8028 | 3235 | 3286 | 2100 | 3672 | (5017) | 6958 | 7117 |

---

**Notes:**

(1) The information in this table has been prepared in accordance with securities regulatory requirements and has
not been audited or the subject of a review by the Company's auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.

(2) Prior to the Spinoff Transaction, revenue and net income (loss) reported in this table were revenue and net
income (loss) as recorded by TC Energy for the entities that were reorganized to form the consolidated financial information of South Bow subsequent to the Spinoff Transaction. Accordingly, references to Other South Bow Subsidiaries, Consolidating
Adjustments and Total Consolidated Amounts in this table include combining entities and entities that were not consolidated with South Bow prior to the Spinoff Transaction but were necessary to include in the table for comparative purposes.

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(3) This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the
Company, the Holdco Guarantor, the Guarantor Party and other subsidiaries of South Bow to arrive at the information for South Bow on a consolidated basis.

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**DESCRIPTION OF THE NEW NOTES** 

The Company will issue the New Notes under the base indenture among the Company, the Guarantors party thereto, The Bank of New York Mellon, as U.S. trustee (the "**U.S. Trustee**"), and Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as Canadian trustee (the "**Canadian Trustee**" and, together with the U.S. Trustee, the "**Trustees**"), dated as of August 28, 2024, as supplemented by one or more supplemental indentures among the Company, the Guarantors, the Trustees, and, solely for the limited purposes described therein, TCPL, creating the Notes and setting forth the specific terms of the Notes (as so supplemented, the "**Indenture**").

As used in this Description of the New Notes, unless otherwise indicated or the context otherwise requires, references to "we", "us", "our" and the "Company" refer only to South Bow Canadian Infrastructure Holdings Ltd.

This description is a summary of the material provisions of the New Notes and the Indenture. This description does not restate those instruments in their entirety. You should refer to the New Notes and the Indenture for a complete description of our obligations and your rights.

**General** 

The New Notes will constitute two separate series of our debt securities under the Indenture and will be issued in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. Accordingly, Initial Notes may be exchanged only in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

We may, from time to time, without notice to or consent of the holders of the New Notes of either series, issue additional New Notes of such series and any such additional New Notes shall form a single series under the Indenture with the New Notes of such series issued pursuant to the exchange offer. Any such additional New Notes shall have the same form and terms as the New Notes of such series issued pursuant to the exchange offer (other than the offering price, the date of issuance and, if applicable, the date from which interest thereon shall begin to accrue and the first interest payment date, and except that the provisions of the New Notes specifying the rate of interest thereon to but excluding the applicable First Reset Date shall not be applicable to any such additional New Notes whose date of original issuance is on or after the applicable First Reset Date); provided that if any such additional New Notes are not fungible with the existing New Notes for U.S. federal income tax purposes, such additional New Notes will have a separate CUSIP number. The registered holder of a New Note will be treated as the owner of it for all purposes.

**Principal, Maturity and Interest Rate** 

The Company issued the Initial Series 1 Notes initially with an aggregate principal amount of U.S.$450,000,000 and the Initial Series 2 Notes initially with an aggregate principal amount of U.S.$650,000,000 and will issue the New Series 1 Notes and the New Series 2 Notes, respectively, in such amounts as are tendered for exchange pursuant to this prospectus.

The New Series 1 Notes will mature on March 1, 2055 and the New Series 2 Notes will mature on March 1, 2055 (each such date, a "**final maturity date**"). The New Notes will be subject to redemption at our option as described below under "—Redemption."

The New Series 1 Notes will bear interest: (a) from and including the issue date to, but excluding, March 1, 2030 (the "**Series 1 First Reset Date**") at the rate of 7.625% per annum; and (b) from and including the Series 1 First Reset Date, during each Reset Period (as defined herein) at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined herein) as of the most recent Reset Interest Determination Date (as defined herein) plus

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a spread of 3.949%, to be reset on each Reset Date (as defined herein). The New Series 2 Notes will bear interest: (a) from and including the issue date to, but excluding, March 1, 2035 (the "**Series 2 First Reset Date**" and, each of the Series 1 First Reset Date and the Series 2 First Reset Date, a "**First Reset Date**") at the rate of 7.500% per annum; and (b) from and including the Series 2 First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.667%, to be reset on each Reset Date. Interest on the New Notes will be payable semi-annually in arrears on March 1 and September 1 (each, an "**interest payment date**") of each year, commencing on September 1, 2025, to the holders of record at the close of business on the immediately preceding February 15 and August 15, respectively (each, a "**record date**"), subject to our right to defer interest payments as described below under "—Option to Defer Interest Payments". These record dates will apply regardless of whether a particular record date is a business day. If a payment date for the payment of principal or interest on any New Note falls on a day that is not a business day, such payment shall be made on the next succeeding business day, and no interest shall accrue for the intervening period.

On the first interest payment date following the exchange, holders of New Notes will receive interest for the period from and including the last interest payment date on which interest was paid on the applicable Initial Notes; *provided* that holders of Initial Notes who become holders on or after the record date for such interest payment date and who participate in the exchange will receive interest from and including such interest payment date. No additional or other interest relating to such period will be paid to such holders.

The applicable interest rate for each Reset Period will be determined by the calculation agent (as defined herein), as of the applicable Reset Interest Determination Date, in accordance with the following provisions:

"**Five-year U.S. Treasury Rate**" means, as of any Reset Interest Determination Date, (a) an interest rate (expressed as a decimal) determined to be the per annum rate equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity of five years from the next Reset Date and trading in the public securities markets, for the five consecutive business days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15 (as defined herein), or (b) if there is no such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the yields to maturity for each of the two series of U.S. Treasury securities adjusted to constant maturity trading in the public securities markets, (i) one maturing as close as possible to, but earlier than, the Reset Date following the next succeeding Reset Interest Determination Date, and (ii) the other maturing as close as possible to, but later than, the Reset Date following the next succeeding Reset Interest Determination Date, in each case for the five consecutive business days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clause (a) or (b) above, then the Five-year U.S. Treasury Rate will be the same interest rate determined for the prior Reset Interest Determination Date or, if the Five-year U.S. Treasury Rate cannot be so determined as of the Reset Interest Determination Date preceding the applicable First Reset Date, then the interest rate applicable for the Reset Period commencing on and including the applicable First Reset Date will be deemed to be 7.625% per annum and 7.500% per annum for the New Series 1 Notes and New Series 2 Notes, respectively, which are the same interest rates as in effect from and including the original issue date to, but excluding, the applicable First Reset Date.

"**H.15**" means the statistical release designated as such, or any successor publication, published by the Board of Governors of the U.S. Federal Reserve System (or any successor thereto).

The "**most recent H.15**" means the H.15 published closest in time but prior to the close of business on the Reset Interest Determination Date.

"**Reset Date**" means, in respect of the New Series 1 Notes, the Series 1 First Reset Date, being March 1, 2030, and March 1 of every fifth year after 2030, and, in respect of the New Series 2 Notes, the Series 2 First Reset Date, being March 1, 2035, and March 1 of every fifth year after 2035.

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"**Reset Interest Determination Date**" means, in respect of any Reset Period, the day that is two business days prior to the first day of such Reset Period.

"**Reset Period**" means the period from and including the applicable First Reset Date to, but excluding, the next following Reset Date and thereafter each period from and including a Reset Date to, but excluding, the next following Reset Date.

The applicable interest rate for each Reset Period will be determined by the calculation agent, as of the applicable Reset Interest Determination Date. Promptly upon such determination, the calculation agent will notify us of the interest rate for the Reset Period. The calculation agent's determination of any interest rate and its calculation of the amount of interest for any interest period (as defined herein) commencing on or after the applicable First Reset Date will be on file at our principal offices, will be made available to any holder or beneficial owner of the New Notes upon request, and will be final and binding in the absence of manifest error.

We will give notice of the relevant Five-year U.S. Treasury Rate as soon as reasonably practicable following each Reset Interest Determination Date to the Trustees and paying agent.

Interest accumulating or payable on the New Notes for any interest period (or portion thereof) will be calculated on the basis of a 360-day year comprised of twelve 30-day months. For the purposes of disclosure under the *Interest Act* (Canada), and without affecting the amount of interest payable on the New Notes, the yearly rate of interest to which interest calculated for a period of less than one year on the basis of a year of 360 days consisting of 12 30-day months is equivalent is such rate of interest multiplied by a fraction of which (a) the numerator is the product of (i) the actual number of days in the year commencing on the first day of such period, multiplied by (ii) the sum of (A) the product of 30 multiplied by the number of complete months elapsed in such period and (B) the actual number of days elapsed in any incomplete month in such period; and (b) the denominator is the product of (i) 360 multiplied by (ii) the actual number of days in such period.

**Calculation Agent** 

The "**calculation agent**" means any person or entity appointed by us and serving as such agent with respect to the New Notes at such time. Unless we have validly called the New Notes for redemption during the applicable First Call Period (as defined below), we will appoint a calculation agent for each series of New Notes prior to the Reset Interest Determination Date preceding the applicable First Reset Date. We may terminate any such appointment and may appoint a successor calculation agent at any time and from time to time. We may appoint ourselves or an affiliate of ours as calculation agent.

**Guarantees** 

The payment of principal, interest and all other monetary obligations of ours under the New Notes will be fully and unconditionally guaranteed on a junior unsecured basis by the Guarantors but will not be guaranteed by any of our other affiliates or subsidiaries. The obligations of each Guarantor under its Guarantee will be limited as necessary to prevent such Guarantee from constituting a fraudulent conveyance or fraudulent transfer under applicable law.

The Guarantor Party shall be released from its obligations under the New Notes (other than any contribution obligation that may have previously arisen) (a) upon defeasance of the New Notes pursuant to the Indenture, (b) upon the full satisfaction of our obligations under the Indenture or (c) upon the sale or other disposition (including by way of consolidation or merger) of the Guarantor Party, following which the Guarantor Party is no longer a direct or indirect Subsidiary of any Person of which we are a direct or indirect Subsidiary.

The CAD Senior Notes are guaranteed by the Guarantors. The Guarantor Party Notes are guaranteed by the Company, the HoldCo Guarantor and South Bow. See "Description of Capital Structure—Notes" in the South Bow AIF.

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**Ranking** 

The New Notes will be our unsecured obligations and will rank junior and subordinate in right of payment to the prior payment in full of our existing and future Senior Indebtedness (as defined herein under "— Subordination"), to the extent and in the manner set forth under the caption "—Subordination" below. The New Notes will rank equal in right of payment with any future unsecured indebtedness that we may incur from time to time if the terms of such indebtedness provide that it ranks equal with the New Notes in right of payment.

The Guarantees will be unsecured and will rank junior and subordinate in right of payment to the prior payment in full of the Guarantors' existing and future Senior Indebtedness. The Guarantees will rank equal in right of payment with any future unsecured indebtedness that the Guarantors may incur from time to time if the terms of such indebtedness provide that it ranks equal with the New Notes in right of payment.

In addition, the New Notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which are distinct legal entities having no obligation to pay any amounts in respect of the New Notes or to make funds available for such purpose, and the Guarantees will be structurally subordinated to all existing and future indebtedness and other liabilities of the Guarantors' subsidiaries that do not guarantee the New Notes.

The New Notes and the Indenture do not limit the Company's or the Guarantors' ability to incur Senior Indebtedness or our or any of their respective subsidiaries' ability to incur other secured and unsecured indebtedness, preferred equity or other liabilities. The Company, the Guarantors and their respective subsidiaries have incurred and may in the future incur substantial additional amounts of indebtedness, including Senior Indebtedness.

As of March 31, 2025, South Bow had total consolidated Senior Indebtedness of U.S.$4.632 billion and total consolidated junior subordinated debt of U.S.$1.087 billion.

**Agreement by Holders to Tax Treatment** 

Each holder (and beneficial owner) of the New Notes will, by accepting any New Notes (or a beneficial interest therein), be deemed to have agreed that such holder (or beneficial owner) intends that the New Notes constitute indebtedness of the Company, and will treat the New Notes as indebtedness of the Company, for United States federal, state and local income tax purposes.

**Subordination** 

The New Notes and the Guarantees will be subordinated in right of payment to the prior payment in full of all our and the Guarantors', as applicable, Senior Indebtedness (as defined herein). This means that upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any payment by, or distribution of the assets of, the Company or any Guarantor upon its dissolution, winding-up, liquidation or reorganization, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a failure to pay any interest, principal or other monetary amounts due on any of the Company's or any
Guarantor's Senior Indebtedness when due and continuance of that default beyond any applicable grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an event of default (other than a payment event of default) under any of the Company's or any
Guarantor's Senior Indebtedness in respect of which any applicable grace period has ended and such event of default has not been cured or waived or ceased to exist; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) acceleration of the maturity of any Senior Indebtedness of the Company or any Guarantor as a result of a
default;

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the following will occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of clause (a) above, the holders of Senior Indebtedness will be entitled to receive payment of
all amounts due or to become due on all Senior Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of clauses (b) and (d) above, the holders of Senior Indebtedness will be entitled to receive
payment of all amounts due on all Senior Indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of clause (c) above, such event of default must be cured or waived or ceased to exist;

before the holders of the New Notes are entitled to receive any payment. So long as any of the events in clauses (a), (b) or (d) above has occurred and is continuing, any amounts payable or assets distributable on the New Notes or the Guarantees will instead be paid or distributed, as the case may be, directly to the holders of Senior Indebtedness to the extent necessary to pay, in the case of clause (a) above, all amounts due or to become due on all such Senior Indebtedness, or, in the case of clauses (b) and (d) above, all amounts due on all such Senior Indebtedness, and, if any such payment or distribution is received by the Trustees under the Indenture or the holders of any of the New Notes before all Senior Indebtedness due and to become due or due, as applicable, is paid, such payment or distribution must be paid over to the holders of the unpaid Senior Indebtedness. Subject to paying the Senior Indebtedness due or to become due in the case of clause (a) above or the Senior Indebtedness due in the case of clauses (b) and (d) above, the holders of the New Notes will be subrogated to the rights of the holders of the Senior Indebtedness to receive payments applicable to the Senior Indebtedness until the New Notes are paid in full.

"**Senior Indebtedness**" means, with respect to the New Notes and the Guarantees and whether outstanding at the date of the Indenture or incurred, created or assumed after such date, all liabilities, indebtedness and obligations of the Company or any Guarantor (present or future, absolute or contingent) other than the New Notes and the Guarantees, any Pari Passu Securities or any other indebtedness, liabilities or obligations thereof which by their respective terms provide they are subordinate to or equal in right of payment with the New Notes and the Guarantees; for certainty and without limiting the foregoing, "Senior Indebtedness" shall include all of the following: (a) indebtedness of the Company or applicable Guarantor (i) in respect of money borrowed by the Company or applicable Guarantor and (ii) evidenced by debentures, bonds, notes, credit or loan agreements or other similar instruments or agreements issued or entered into by the Company or applicable Guarantor; (b) all obligations of the Company or applicable Guarantor under any swap, forward, future or option transaction, spot contract or any other similar derivative transactions or any combination of any of the foregoing (whether physically or financially settled), in each case, with a financial institution; (c) all finance lease obligations of the Company or applicable Guarantor; (d) all obligations of the Company or applicable Guarantor issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Company or applicable Guarantor and all obligations of the Company or applicable Guarantor under any title retention agreement; (e) all obligations of the Company or any Guarantor for the reimbursement of any letter of credit, banker's acceptance, security purchase facility or similar credit transaction; (f) all obligations of the Company or any Guarantor in respect of any agreement or arrangement to provide cash management services, including treasury, depository, overdraft, credit card processing or credit or debit card, purchase card, electronic funds transfer (including automated clearing house fund transfer services) and other cash management arrangements, in each case, with a financial institution; and (g) all obligations of the type referred to in clauses (a) through (f) above of other persons for the payment of which the Company or applicable Guarantor is responsible or liable as obligor, guarantor or otherwise, except for any obligations, instruments or agreements of the type referred to in any of clauses (a) through (f) above that, by the terms of the instruments or agreements creating or evidencing the same or pursuant to which the same is outstanding, are subordinated or equal in right of payment to the New Notes.

For purposes of the Indenture and anything therein to the contrary notwithstanding, the New Notes and the Guarantees shall rank equally in right of payment with Pari Passu Securities (as defined herein), Pari Passu Securities shall not constitute Senior Indebtedness with respect to the New Notes or the Guarantees, and the New Notes and the Guarantees shall not constitute Senior Indebtedness with respect to Pari Passu Securities.

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"Pari Passu Securities" means (a) any additional debt securities of the same series which may in the future be issued under the Indenture upon any re-opening of such series and any future unsecured indebtedness that we may incur from time to time if the terms of such indebtedness provide that it ranks equally with the New Notes, with respect to the Company, or the Guarantees, with respect to any Guarantor, in right of payment and (b) any guarantees of any debt securities and indebtedness described in clause (a).

Due to the subordination of the New Notes and the Guarantees, if assets of the Company or a Guarantor, as applicable, are distributed upon its dissolution, winding-up, liquidation or reorganization, holders of its Senior Indebtedness and other indebtedness and obligations that are not equal or junior to the New Notes or the Guarantees in right of payment will likely recover more, ratably, than holders of the New Notes, and it is possible that no payments will be made to the holders of the New Notes or the Guarantees. The subordination provisions described above will cease to apply in the event of such defeasance or satisfaction and discharge of the New Notes as described under "—Defeasance and Discharge", provided that none of the events in clauses (a), (b), (c) or (d) of the first paragraph of this section has occurred and is continuing at the time of such event.

The New Notes and the Indenture do not limit the Company's or the Guarantors' ability to incur Senior Indebtedness or our or any of their respective subsidiaries' ability to incur other secured and unsecured indebtedness, preferred equity or other liabilities. The Company, the Guarantors and their respective subsidiaries have incurred and may in the future incur substantial additional amounts of indebtedness, including Senior Indebtedness.

**No Listing** 

The New Notes are new issues of securities with no established trading market. We do not intend to apply for the listing or trading of the New Notes on any securities exchange or trading facility or for inclusion of the New Notes in any automated quotation system.

**Redemption** 

***Optional Redemption***

We may, at our option, redeem the New Notes of any series, in whole or from time to time in part, (a) on any day in the period commencing on the date falling 90 days prior to the applicable First Reset Date and ending on (and including) the applicable First Reset Date (each, a "**First Call Period**") and (b) after the applicable First Reset Date, on any applicable interest payment date at a redemption price in cash equal to 100% of the principal amount of the New Notes to be redeemed, plus, subject to the terms described in the first paragraph under "—Redemption Procedures; Cancellation of Redemption" below, accrued and unpaid interest on the New Notes to be redeemed to, but excluding, the redemption date.

***Redemption Following a Tax Event***

We may, at our option, redeem the New Notes of any series, in whole but not in part, at any time within 120 days after the occurrence of a Tax Event (as defined herein) with respect to such series, upon not less than 10 days' but not more than 60 days' written notice to the holders, subject to the terms described in the first paragraph under "—Redemption Procedures; Cancellation of Redemption" below, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the date fixed for redemption (a "**Tax Redemption Date**"), premium, if any, and all Additional Amounts (as defined herein), if any, then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise.

A "**Tax Event**" means the Company has received an opinion of counsel experienced in such matters to the effect that, as a result of a Change in Tax Law (as defined below), (a) the Company, or an applicable Guarantor making payments under or with respect to the New Notes of any series or the Guarantee, has been or will be

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obligated to pay Additional Amounts in respect of the New Notes of such series or the Guarantee, as applicable, pursuant to the terms and conditions thereof and the Company or the Guarantor, as applicable, cannot avoid any such payment obligation by taking reasonable measures available to the Company or the Guarantor, as applicable, including making payment through a payment agent or another Guarantor located in another jurisdiction (but not including, for the avoidance of doubt, the Company or any Guarantor changing or moving jurisdictions), or (b) there is more than an insubstantial risk that interest payable on the New Notes of any series is not deductible, or within 90 days would not be deductible, in whole or in part, by the Company for Canadian federal income tax purposes or the applicable Guarantor for United States federal income tax purposes.

A "**Change in Tax Law**" means (a) any amendment to, clarification of, or change, including any announced prospective change, in, the laws or treaties (or any regulations or rulings promulgated thereunder) of Canada, the United States or any political subdivisions or taxing authorities thereof or therein, (b) any judicial decision or any official administrative pronouncement, ruling, regulatory procedure, notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation (collectively, an "**administrative action**"), (c) any amendment to, clarification of, or change in the official position or the interpretation of, any administrative action or judicial decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known, or (d) a threatened challenge asserted in writing in connection with a tax audit of the Company or any of its subsidiaries, or an applicable Guarantor making payments under or with respect to the New Notes of any series or the Guarantee, or a publicly-known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the New Notes, which amendment, clarification or change is effective or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly-known after, August 28, 2024.

***Redemption Following a Rating Agency Event***

We may, at our option, redeem the New Notes of any series, in whole but not in part, at any time within 120 days after the occurrence of, a Rating Agency Event (as defined herein) at a redemption price in cash equal to 102% of the principal amount of the New Notes to be redeemed, plus, subject to the terms described in the first paragraph under "—Redemption Procedures; Cancellation of Redemption" below, accrued and unpaid interest on the New Notes to be redeemed to, but excluding, the redemption date.

"**Rating Agency Event**" means, as of any date, a change, clarification or amendment in the methodology published by any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act (or any successor provision thereto), that then publishes a rating for the Company (together with any successor thereto, a "**rating agency**") in assigning equity credit to securities such as the New Notes, (a) as such methodology was in effect on the date of this prospectus, in the case of any rating agency that published a rating for the Company as of the date of this prospectus, or (b) as such methodology was in effect on the date such rating agency first published a rating for the Company, in the case of any rating agency that first publishes a rating for the Company after the date of this prospectus (in the case of either clause (a) or (b), the "**current methodology**"), that results in (i) any shortening of the length of time for which a particular level of equity credit pertaining to the New Notes by such rating agency would have been in effect had the current methodology not been changed or (ii) a lower equity credit (including up to a lesser amount) being assigned by such rating agency to the New Notes as of the date of such change, clarification or amendment than the equity credit that would have been assigned to the New Notes by such rating agency had the current methodology not been changed.

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***Redemption Procedures; Cancellation of Redemption***

Notwithstanding any statement under this caption "—Redemption" to the contrary, installments of interest on the New Notes that are due and payable on any interest payment date falling on or prior to a redemption date for the New Notes will be payable on that interest payment date to the registered holders thereof as of the close of business on the relevant record date according to the terms of the New Notes and the Indenture, except that, if the redemption date for any New Notes falls on any day during an Optional Deferral Period (as defined herein under "—Option to Defer Interest Payments"), accrued and unpaid interest (including, to the extent permitted by applicable law, any compound interest (as defined herein under "—Option to Defer Interest Payments")) on such New Notes will be paid on such redemption date to the persons entitled to receive the redemption price of such New Notes. The interest payment date falling immediately after the last day of an Optional Deferral Period shall not be deemed to fall on a day during such Optional Deferral Period.

Notice of redemption will be mailed or otherwise delivered at least 10 days but not more than 60 days before the redemption date to each registered holder of the New Notes of any series to be redeemed. Once notice of redemption is delivered, the New Notes of such series called for redemption will become due and payable on the redemption date at the applicable redemption price, plus, subject to the terms described in the immediately preceding paragraph, accrued and unpaid interest to, but excluding, the redemption date, and will be paid upon surrender thereof for redemption, unless (a) the notice of redemption provides that such redemption shall be subject to the condition described in the next succeeding paragraph and (b) such redemption shall have been canceled in accordance with the provisions of the next succeeding paragraph because such condition shall not have been satisfied. If only part of a New Note is redeemed, the Trustees will issue in the name of the registered holder of the New Note and deliver to such holder a new New Note in a principal amount equal to the unredeemed portion of the principal of the New Note surrendered for redemption. If we elect to redeem all or a portion of the New Notes of any series, then, unless otherwise provided in such notice of redemption as described in the next succeeding paragraph, the redemption will not be conditional upon receipt by the paying agent or the Trustees of monies sufficient to pay the redemption price.

If, at the time a notice of redemption is given, (a) we have not effected satisfaction and discharge or defeasance of the New Notes to be redeemed as described under "—Defeasance and Discharge" below and (b) such notice of redemption is not being given in connection with or in order to effect satisfaction and discharge or defeasance of the New Notes to be redeemed, then, if the notice of redemption so provides and at our option, the redemption may be subject to the condition that the Trustees shall have received, on or before the applicable redemption date, monies in an amount sufficient to pay the redemption price and accrued and unpaid interest on the New Notes to be redeemed to, but excluding, the redemption date. If monies in such amount are not received by the Trustees on or before such redemption date, such notice of redemption shall be automatically canceled and of no force or effect, such proposed redemption shall be automatically canceled and we shall not be required to redeem the New Notes on such redemption date. In the event that a redemption is canceled, we will, not later than the business day immediately following the proposed redemption date, deliver, or cause to be delivered, notice of such cancellation to the registered holders of the New Notes of the applicable series (which notice will also indicate that any New Notes or portions thereof surrendered for redemption shall be returned to the applicable holders), and we will direct the Trustees to, and the Trustees will, promptly return any New Notes or portions thereof that have been surrendered for redemption to the applicable holders. Unless we default in payment of the redemption price or the proposed redemption is canceled in accordance with the provisions set forth in the immediately preceding paragraph, on and after the redemption date interest will cease to accrue on the New Notes or portions thereof called for redemption.

If less than all of the New Notes of any series are redeemed at any time, the Trustees will select the New Notes of such series or any portions thereof in integral multiples of U.S.$1,000 to be redeemed on a pro rata basis, by lot or by any other method the Trustees deems fair and appropriate and, when the New Notes of such series are in the form of global securities, in accordance with the applicable procedures of The Depository Trust Company ("**DTC**").

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***Option to Defer Interest Payments***

So long as no event of default (as defined herein under "—Events of Default") with respect to the New Notes of any series has occurred and is continuing, we may, at our option, defer interest payments on the New Notes of such series, from time to time, for one or more deferral periods of up to 20 consecutive Interest Payment Periods (as defined herein) each (each such deferral period, commencing on the interest payment date on which the first such deferred interest payment otherwise would have been made, an "**Optional Deferral Period**"), except that no such Optional Deferral Period may extend beyond the final maturity date of the New Notes of such series or end on a day other than the day immediately preceding an interest payment date. During any Optional Deferral Period, interest on the New Notes of such series will continue to accrue at the then-applicable interest rate on the New Notes of such series (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the New Notes of such series). In addition, during any Optional Deferral Period interest on the deferred interest ("**compound interest**") will accrue at the then-applicable interest rate on the New Notes of such series (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the New Notes of such series), compounded semi-annually, to the extent permitted by applicable law.

No interest will be due or payable on the New Notes of such series during an Optional Deferral Period, except upon a redemption of any New Notes of such series on any redemption date during such Optional Deferral Period (in which case all accrued and unpaid interest (including, to the extent permitted by applicable law, any compound interest) on the New Notes of such series to be redeemed to, but excluding, such redemption date will be due and payable on such redemption date), or unless the principal of and interest on the New Notes of such series shall have been declared due and payable as the result of an event of default with respect to the New Notes of such series (in which case all accrued and unpaid interest, including, to the extent permitted by applicable law, any compound interest, on the New Notes of such series shall become due and payable). All references in the New Notes and, insofar as relates to the New Notes, the Indenture, to "interest" on the New Notes shall be deemed to include any such deferred interest and, to the extent permitted by applicable law, any compound interest, unless otherwise expressly stated or the context otherwise requires.

Before the end of any Optional Deferral Period that is shorter than 20 consecutive Interest Payment Periods, we may elect, at our option, to extend such Optional Deferral Period, so long as the entire Optional Deferral Period does not exceed 20 consecutive Interest Payment Periods or extend beyond the final maturity date of the New Notes of such series. We may also elect, at our option, to shorten the length of any Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the day immediately preceding an interest payment date. At the end of any Optional Deferral Period, if all amounts then due on the New Notes of such series, including all accrued and unpaid interest thereon (including, without limitation and to the extent permitted by applicable law, any compound interest), are paid, we may elect to begin a new Optional Deferral Period; provided, however, that, without limitation of the foregoing, we may not begin a new Optional Deferral Period unless we have paid all accrued and unpaid interest on the New Notes of such series (including, without limitation and to the extent permitted by applicable law, any compound interest) from any previous Optional Deferral Periods.

During any Optional Deferral Period, neither we nor the Guarantors may do any of the following (subject to the exceptions set forth in the next succeeding paragraph):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declare or pay any dividends or distributions on any Capital Stock (as defined herein) of the Company or the
Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Company or the
Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Company or the
Guarantors, respectively that ranks equally with or junior to the New Notes or the Guarantees, as applicable, in right of payment; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any payments with respect to any guarantees by the Company or the Guarantors, respectively, of any
indebtedness if such guarantees rank equally with or junior to the New Notes or the Guarantees, as applicable, in right of payment.

However, during an Optional Deferral Period, South Bow may (a) declare and pay dividends or distributions payable solely in its common shares (together with cash in lieu of any fractional common share) or options, warrants or rights to subscribe for or purchase units of its common shares, (b) declare and pay any dividend or distribution in connection with the implementation of a plan (a "**Rights Plan**") providing for the issuance by South Bow to all holders of its common shares of rights entitling them to subscribe for or purchase common shares or any class or series of South Bow's preferred equity, which rights (i) are deemed to be transferred with such common shares, (ii) are not exercisable until the occurrence of a specified event or events and (iii) are also issued in respect of future issuances of South Bow's common shares, (c) issue any of shares of its Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify its Capital Stock or exchange or convert one class or series of its Capital Stock for another class or series of its Capital Stock, (e) purchase fractional interests in shares of its Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged, and (f) purchase, acquire or withhold its common shares related to the issuance of its common shares or rights under any dividend reinvestment plan or related to any of its benefit plans for its directors, officers, employees, consultants or advisors, including any employment contract.

We will give the holders of the New Notes of any series and the Trustees notice of our election of, or any shortening or extension of, an Optional Deferral Period at least 10 business days prior to the earlier of (1) the next succeeding interest payment date or (2) the date upon which we are required to give notice to any applicable self-regulatory organization or to holders of the New Notes of such series of the next succeeding interest payment date or the record date therefor. The record date for the payment of deferred interest and, to the extent permitted by applicable law, any compound interest payable on the interest payment date immediately following the last day of an Optional Deferral Period will be the regular record date with respect to such interest payment date.

"**Capital Stock**" means (a) in the case of a corporation or a company, corporate stock or shares; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and (d) any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing person.

"**Interest Payment Period**" means the semi-annual period from and including an interest payment date to but excluding the next succeeding interest payment date, except or the first Interest Payment Period which shall be the period from and including the original issue date to but excluding September 1, 2025.

**Open Market Purchases; No Mandatory Redemption or Sinking Fund** 

We may at any time and from time to time purchase the New Notes of any series in the open market or otherwise, in each case, without any restriction under the Indenture. We are not required to make mandatory redemption or sinking fund payments with respect to any of the New Notes.

**Events of Default** 

An "event of default" occurs with respect to the New Notes of each series upon the occurrence of any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default in the payment of any interest on such New Notes when it becomes due and payable (regardless of
whether such payment is prohibited by the subordination provisions applicable to the New Notes), and such default continues for a period of 30 days (unless the entire amount of such

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payment is deposited by us with the U.S. Trustee or with a paying agent prior to the expiration of such period of 30 days), except as the result of a deferral of interest payments in accordance with the provisions discussed under "—Option to Defer Interest Payments";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a default in the payment of the principal of, or premium, if any, on, any such New Notes when due at stated
maturity or by declaration of acceleration, call for redemption or otherwise (regardless of whether such payment is prohibited by the subordination provisions applicable to the New Notes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) we or a Guarantor default in the performance of or breach any applicable covenant or warranty in the Indenture
for the benefit of such New Notes, which default continues uncured for a period of 90 days after there has been given, by registered or certified mail, to us and the Guarantors by either Trustee (with a copy to the other Trustee) or to us, the
Guarantors and the Trustees by the holders of at least 25% in principal amount of the outstanding New Notes of such series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
"Notice of Default";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we or a Guarantor pursuant to or within the meaning of any Bankruptcy Law: (i) commence a voluntary case,
(ii) consent to the entry of an order for relief against us or it, as applicable, in an involuntary case, (iii) consent to the appointment of a Custodian of us or it, as applicable, or for all or substantially all of our or its, as
applicable, property, (iv) make a general assignment for the benefit of our or its, as applicable, creditors, or (v) generally are unable to pay our or its, as applicable, debts as the same become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for
relief against us or a Guarantor in an involuntary case, (ii) appoints a Custodian of us or a Guarantor, in each case, for all or substantially all of our or its, as applicable, property, or (iii) orders the liquidation of us or a
Guarantor, and, in any such case, the order or decree remains unstayed and in effect for 60 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Guarantee ceases to be in full force and effect, other than in accordance with the terms of such Guarantee,
or a Guarantor denies or disaffirms its obligations under such Guarantee.

**Remedies** 

***Acceleration***

If an event of default, other than an event of default described in clause (c) under "—Events of Default" above, occurs and is continuing with respect to the New Notes, then either the Trustees or the registered holders of not less than 33% in principal amount of the New Notes of each such affected series then outstanding (each such series voting as a separate class) by notice in writing to us and the Guarantors, may declare the principal amount of all of the New Notes of such series, together with accrued and unpaid interest (including, without limitation, any deferred interest, and to the extent permitted by applicable law, any compound interest), to be due and payable immediately. If an event of default described in clause (d) or clause (e) under "— Events of Default" above occurs and is continuing with respect to the New Notes and the subordinated debt securities of any other series issued under the Indenture, then either the Trustees or the registered holders of not less than 33% in principal amount of the New Notes of all of the series affected thereby then outstanding (treated as one class) may declare the principal amount of all outstanding subordinated debt securities, together with accrued and unpaid interest thereon, to be due and payable immediately.

However, if an event of default described in clause (c) under "—Events of Default" above occurs and is continuing, neither the Trustees nor the registered holders of the New Notes of each such affected series will be entitled to declare the principal of the New Notes of each such series, or accrued or unpaid interest thereon, to be due and payable immediately. See "Risk Factors—Risks Related to the New Notes and the Guarantees—Limited Rights of Acceleration". However, they may exercise the other rights and remedies available under the Indenture upon the occurrence of an event of default.

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***Rescission of Acceleration***

The holders of a majority in principal amount of the outstanding New Notes of each such affected series may, by written notice to the Trustees, rescind any acceleration with respect to the New Notes of such series and annul its consequences if rescission would not conflict with any judgment or decree of a court of competent jurisdiction and all existing Events of Default with respect to the New Notes of such series, other than the nonpayment of the principal of, premium, if any, and interest on the New Notes of such series that have become due solely by such acceleration, have been cured or waived.

**Control by Registered Holders; Limitations** 

Subject to the Indenture, if an event of default with respect to the New Notes of any series occurs and is continuing, the registered holders of a majority in principal amount of the outstanding New Notes of such series will have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct the time, method and place of conducting any proceeding for any remedy available to the Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise any trust or power conferred on the Trustees with respect to the New Notes of such series.

If an event of default is continuing with respect to all series of subordinated debt securities issued under the Indenture, the registered holders of a majority in aggregate principal amount of the outstanding subordinated debt securities of all the series, considered as one class, will have the right to make such direction, and not the registered holders of the New Notes. These rights of registered holders to make direction are subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registered holders' directions will not conflict with any law or the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registered holders' directions may be declined to be followed by the Trustees where the Trustees
determine such directions would involve them in personal liability.

The Trustees may also take any other action they deem proper which is consistent with the registered holders' direction.

Subject to certain restrictions, the holders of a majority in principal amount of the outstanding New Notes of any series have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustees or of exercising any trust or power conferred on the Trustees with respect to the New Notes of such series. The Trustees, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustees determine is unduly prejudicial to the rights of any other holder of New Notes of such series or that would involve the Trustees in personal liability.

**Notice of Default** 

The Indenture provides that if a default or event of default occurs and is continuing thereunder with respect to the New Notes of the applicable series, and a responsible officer of the U.S. Trustee has been provided with written notification of such default or event of default (with a copy to the Canadian Trustee), the Trustees shall give each holder of the New Notes of such series notice of such default or event of default as and to the extent provided by the Trust Indenture Legislation. Except in the case of a default or event of default in payment of principal, premium, if any, of or interest on the New Notes of the applicable series or in payment of any redemption obligation, the Trustees may withhold the notice if and so long as: (a) they reasonably believe in good faith that withholding the notice is in the best interests of the holders of the New Notes of such series; and (b) they inform us and Guarantors in writing.

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**Consolidation, Merger and Sale of Assets** 

Neither we nor any Guarantor shall consolidate with or merge into, or convey, transfer or lease all or substantially all of our or its, as applicable, properties and assets to, any Person (a "**successor person**"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we or such Guarantor shall be the continuing Person or the successor Person (if other than us or such
Guarantor) is a corporation, partnership, limited liability company, trust or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia or of Canada or any province or
territory thereof and expressly assumes our or such Guarantor's obligations on the New Notes and under the Indenture pursuant to a supplemental indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately after giving effect to the transaction, no default or event of default, shall have occurred and be
continuing.

The successor Person formed by such consolidation or into which we or a Guarantor is merged or to which such transfer or lease is made shall succeed to and be substituted for, and may exercise our or such Guarantor's, as applicable, rights and powers under the Indenture with the same effect as if such successor Person had been named as the "Issuer" or "Guarantor", as applicable, under the Indenture, and thereafter the predecessor Person shall be relieved of all obligations and covenants under the Indenture, the New Notes and/or the Guarantee, as applicable, and in the event of such conveyance or transfer, any such predecessor Person may be dissolved and liquidated.

There is a limited body of case law interpreting the phrase "substantially all" and there is no precise definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve "all or substantially all" of our or a Guarantor's properties and assets.

**Covenants** 

***Reports; Financial Information***

The Parent Guarantor shall, so long as any New Notes are outstanding, furnish to the U.S. Trustee, within 15 days after the Parent Guarantor is required to file the same with the SEC, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Parent Guarantor may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act and otherwise comply with the provisions of Section 314(a) of the TIA (as defined herein); provided, that in each case the delivery of materials to the U.S. Trustee by electronic means shall be deemed "furnished" to the U.S. Trustee for purposes of this covenant.

If the Parent Guarantor is not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act and so long as any New Notes are outstanding, the Parent Guarantor shall file with the U.S. Trustee, within 15 days after it would have been required to file the same with the SEC, annual and interim financial statements, including any notes thereto (and with respect to annual reports, an auditors' report by a firm of established national reputation) and an annual management's discussion and analysis of financial condition and results of operations, in each case comparable to that which the Parent Guarantor would have been required to include in such annual reports, information, documents or other reports if the Parent Guarantor had been subject to the requirements of Section 13 or Section 15(d) of the Exchange Act.

If the Parent Guarantor is not subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Parent Guarantor shall furnish to all holders of New Notes, beneficial owners of New Notes, and bona fide prospective purchasers of New Notes, promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) promulgated under the U.S. Securities Act.

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Notwithstanding the foregoing, (a) such forms and information shall be deemed provided to the U.S. Trustee pursuant to the first two paragraphs of this covenant if such forms and information have been (i) filed by the Parent Guarantor or us (as applicable) with the SEC and are publicly available or (ii) made publicly available on our website or the website of our parent company, and (b) if there is no Parent Guarantor, references to the Parent Guarantor in the first three paragraphs of this covenant shall be deemed to refer to the Holdco Guarantor. Upon receipt of such reports, the U.S. Trustee shall, while such reports are current, maintain custody of same and make same available for inspection by holders on their reasonable request. No obligation shall rest with the U.S. Trustee to analyze such reports or evaluate the performance of the Parent Guarantor, the Holdco Guarantor or us as indicated therein, in any manner whatsoever.

In the case of the Parent Guarantor, so long as the Parent Guarantor is a foreign private issuer, none of the above reporting requirements shall be construed to require such financial statements or reports that would not otherwise be required to be filed by foreign private issuers subject to the multijurisdictional disclosure system.

***No Financial Covenants***

The Indenture contains no financial or other similar restrictive covenants with respect to the New Notes.

**Amendments and Waivers** 

Amendments to the Indenture may be made, pursuant to a supplemental indenture, by the Company, the Guarantors and the Trustees with the written consent of the holders of a majority in principal amount of the New Notes of each series affected thereby then outstanding under the Indenture (including consents obtained in connection with a tender offer or exchange offer for the securities of such series). However, without the consent of each holder of an affected New Note, no amendment may, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend the final maturity of any New Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduce the principal amount thereof, or premium thereon, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the rate or extend the time of payment of interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce any amount payable on redemption thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make the principal thereof (including any amount in respect of original issue discount), or premium thereon, if
any, or interest thereon payable in any coin or currency other than that provided in the New Notes of such series or in accordance with the terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) impair or affect the right of any holder to institute suit for the payment thereof when due or, if provided
therefor, any right of repayment at the option of the holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reduce the percentage of principal amount of New Notes of such series which is required to consent for any such
supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture.

The holders of not less than a majority in principal amount of the outstanding New Notes of any series may on behalf of the holders of all the New Notes of such series waive any past default with respect to the New Notes of such series and its consequences, except a default in the payment of the principal of or interest on the New Notes of such series (provided, however, that the holders of a majority in principal amount of the outstanding New Notes of such series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such default shall cease to exist, and any event of default arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

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Without the consent of any holder of New Notes, the Company, the Guarantors and the Trustees may amend the Indenture in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) convey, transfer, assign, mortgage or pledge to the U.S. Trustee as security for the New Notes any property or
assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) comply with covenants in the Indenture described above under the heading "— Consolidation, Merger and
Sale of Assets";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) add to the covenants of the Company and/or the Guarantors such further covenants, restrictions, conditions or
provisions as the Company, the Guarantors and the Trustees shall consider to be for the protection of the holders of the New Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an event of default permitting the enforcement of all or any of the several remedies provided in the Indenture; provided, that in respect of any such additional covenant, restriction, condition or provision
such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an event of default
or may limit the remedies available to the Trustees upon such an event of default or may limit the right of the holders of a majority in aggregate principal amount of the New Notes to waive such an event of default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) evidence the succession of another Person to the Company or a Guarantor, as the case may be, and the assumption
by any such successor of the covenants of the Company or such Guarantor, as applicable, in the Indenture and in the New Notes and/or the Guarantee, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) add a guarantor or permit any Person to guarantee the obligations under the New Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) cure any ambiguity, mistake, defect or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide for the issuance of and establish the form and terms and conditions of securities of any series as
permitted by the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) conform to any provision of the "Description of the New Notes" section of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
securities of one or more series and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) provide for uncertificated notes in addition to or in place of certificated notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) make any change that does not materially adversely affect the rights of any holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the
Trust Indenture Act (as defined herein).

**Additional Amounts** 

All payments that the Company or any Guarantor, as applicable, makes under or with respect to the New Notes of any series or a Guarantor makes under or with respect to the Guarantee will be made free and clear of and without withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of a Relevant Taxing Jurisdiction (as defined herein), unless withholding or deduction is then required by law. If the Company, a Guarantor or any other applicable withholding agent as applicable, is required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the New Notes of any series and/or the Guarantee in respect thereof, the Company or such Guarantor, as the case may be, will (i) make such withholding or deduction as required by applicable law, (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law and (iii) pay to each holder of the New Notes of such series such additional amounts ("**Additional**

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 **Amounts**") as may be necessary to ensure that the net amount received by each holder or beneficial owner of the New Notes of such series after such withholding or deduction, including any withholding or deduction attributable to the Additional Amounts, will be not less than the amount the holder or beneficial owner would have received if such Taxes had not been required to be withheld or deducted.

However, no Additional Amounts will be payable in respect or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Taxes that would not have been imposed or levied but for a present or former direct or indirect connection,
including citizenship, nationality, residence, domicile, incorporation, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within such Relevant Taxing
Jurisdiction, between such holder or beneficial owner, or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust,
partnership, limited liability company or corporation, and the Relevant Taxing Jurisdiction, other than any connection arising solely from the acquisition, ownership or disposition of the New Notes of any series, the receipt of payments under or
with respect to the New Notes of any series, or the exercise or enforcement of rights under or with respect to the New Notes of any series, any Guarantee or the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Taxes that are imposed, deducted or withheld by reason of the failure of the holder or beneficial owner of
the New Notes to comply with any certification, documentation, or identification information, or other reporting requirements, whether required or imposed by statute, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a
precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction, including, without limitation, a certification that the holder or beneficial owner is not resident in the
Relevant Taxing Jurisdiction, but, in each case, only to the extent that (i) the holder or beneficial owner, as the case may be, is legally eligible to provide such certification and (ii) at least 30 calendar days before the relevant date
on which payment under or with respect to the New Note of such series is due and payable, the Company or a Guarantor (or any other Person through whom payment may be made) has provided notice that compliance with any certification or identification
requirements is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any estate, inheritance, gift, sales, value-added, excise, transfer, personal property or similar Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Taxes which are payable otherwise than by deduction or withholding from payments made under or with respect
to the New Notes of any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Canadian withholding Taxes paid or payable by reason of (i) the holder, beneficial owner or other
recipient of the amount not dealing at arm's length with the Company or a Guarantor for the purposes of the Canadian Tax Act (as defined herein), (ii) the holder or beneficial owner being, or not dealing at arm's length with, a
"specified shareholder" of the Company or a Guarantor for the purposes of subsection 18(5) of the Canadian Tax Act, (iii) the holder or beneficial owner being a "specified entity" (as defined in subsection 18.4(1) of the
Canadian Tax Act) in respect of the Company or a Guarantor, or (iv) Taxes imposed, levied, collected, assessed or withheld by or within Canada or any political subdivision thereof or therein with respect to payments made by the Company or a
Guarantor to the extent that such payments are in respect of services rendered in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Taxes imposed with respect to any payment on a New Note to a holder who is a fiduciary, a partnership, a
limited liability company or other than the sole beneficial owner of such payment to the extent that Taxes would not have been imposed on such payment had the beneficiary, settlor, member or beneficial owner directly held the New Note of any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Taxes that would not have been so imposed, deducted or withheld if the beneficial owner or holder of the
payment had presented the New Notes for payment within 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the beneficial owner
or holder would have been entitled to Additional Amounts had the New Notes been presented on the last day of such 30-day period);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Taxes that are imposed or levied on or with respect to a New Note presented for payment on behalf of a
holder or beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant New Note to another paying agent in a Relevant Taxing Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Taxes to the extent such Taxes are directly attributable to the failure of the holder or beneficial owner
to qualify for an exemption from U.S. federal withholding Tax with respect to payments of interest pursuant to an applicable income tax treaty to which the United States is a party or pursuant to the "portfolio interest" exemption as
defined in Section 871(h) or 881(c), as applicable, of the Code (as defined herein), in each case, as such treaty or section was in effect on the issuance date (determined without regard to the requirement that such holder or beneficial owner
provide the applicable IRS Form W-8); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Taxes imposed pursuant to Sections 1471 to 1474 of the Code as of the issuance date (and any amended or
successor version thereof that is substantially comparable), any treaty, law, regulations, rule or other official guidance thereunder or agreements (including any intergovernmental agreement or any laws, rules or practices implementing such
intergovernmental agreements) entered into in connection with the implementation of such Sections of the Code.

In addition, Additional Amounts will not be payable with respect to any Taxes that are imposed in respect of any combination of the above items.

At least 30 calendar days prior to each date on which any payment under or with respect to the New Notes of any series is due and payable, if the Company or a Guarantor, as the case may be, will be obligated to pay Additional Amounts with respect to such payment, unless such obligation to pay Additional Amounts arises after the 30<sup>th</sup> day prior to the date on which payment under or with respect to the New Notes of such series is due and payable, in which case it will be promptly thereafter, the Company or such Guarantor, as the case may be, will deliver to the U.S. Trustee an officer's certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information, other than the identities of holders and beneficial owners, necessary to enable the U.S. Trustee or paying agent to pay such Additional Amounts to holders and beneficial owners on the relevant payment date. The U.S. Trustee will make such payments in the same manner as any other payments on the New Notes of such series. The Company or the applicable Guarantor, as the case may be, will provide the U.S. Trustee with documentation reasonably satisfactory to the U.S. Trustee evidencing payment of such Additional Amounts.

The Company or the applicable Guarantor, as the case may be, will take reasonable efforts to furnish to the U.S. Trustee or a holder within a reasonable time certified copies of tax receipts or other evidence of the payment by the Company or such Guarantor, as the case may be, of any Taxes imposed or levied by a Relevant Taxing Jurisdiction.

The Company or the applicable Guarantor, as the case may be, will pay any present or future stamp, issue, registration, court documentation, excise or property taxes or other similar taxes, charges and duties, including interest, additions to tax and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction in respect of the receipt of any payment under or with respect to the New Notes of any series, the execution, issue, delivery or registration of the New Notes of such series or the Indenture or any other document or instrument referred to thereunder and any such taxes, charges, duties or similar levies imposed by any jurisdiction as a result of, or in connection with, the enforcement of the New Notes of such series or the Indenture or any such other document or instrument following the occurrence of any event of default with respect to the New Notes of such series. The Company or the applicable Guarantor, as the case may be, will not, however, pay such amounts that are imposed on or result from a sale or other transfer or disposition by a holder or beneficial owner of a New Note of such series.

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Whenever in the Indenture or this Description of the New Notes there is mentioned, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any New Note or any Guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.

The above obligations will survive any termination, defeasance or discharge of the Indenture and shall apply *mutatis mutandis* to any jurisdiction in which any successor person to the Company is organized, incorporated or otherwise resident or engaged in or carrying on business for tax purposes and any political subdivision or taxing authority or agency thereof or therein.

"**Relevant Taxing Jurisdiction**" means the United States, Canada or any other jurisdiction in which the Company or the applicable Guarantor is incorporated, organized or otherwise resident or engaged in or carrying on business for tax purposes or from or through which the Company or the applicable Guarantor makes any payment on the New Notes of such series, or by any political subdivision or taxing authority or agency thereof or therein.

"**Taxes**" means any present or future tax, duty, levy, impost, assessment or other governmental charges in the nature of a tax, including penalties, interest and other liabilities related thereto.

**Defeasance and Discharge** 

We may discharge our obligations to holders of New Notes of any series that have not already been delivered to the Trustees for cancellation and that have either become due and payable or are by their terms to become due and payable within one year (or are scheduled for redemption within one year). We may effect a discharge by irrevocably depositing with the Trustees cash or U.S. government obligations as trust funds, in an amount sufficient to pay when due, whether at maturity, upon redemption or otherwise, the principal of, premium, if any, and interest on the New Notes of such series; provided, that with respect to any discharge in connection with any redemption that requires the payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustees equal to such "make-whole" amount calculated as of the date of the discharge, with any deficit as of the date of redemption (any such amount, the "**Applicable Premium Deficit**") only required to be deposited with the Trustees on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an officer's certificate delivered to the Trustees at least two business days prior to the redemption date that confirms that the deposit of such Applicable Premium Deficit shall be applied toward such redemption.

We may also discharge any and all of our obligations to holders of any series of debt securities at any time ("**legal defeasance**"). We also may be released from the obligations imposed by any covenants of any outstanding New Notes of a series and provisions of the Indenture, and we may omit to comply with those covenants without creating an event of default ("**covenant defeasance**"). We may effect legal defeasance and covenant defeasance only if, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we irrevocably deposit with the Trustees cash or U.S. government obligations as trust funds, in an amount
certified to be sufficient to pay at maturity (or upon redemption) the principal, premium, if any, and interest on all outstanding New Notes of such; provided, that with respect to any defeasance in connection with any redemption that requires the
payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustees equal to such "make-whole" amount calculated as of the date of
the defeasance, with any Applicable Premium Deficit only required to be deposited with the Trustees on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an officer's certificate delivered to the Trustees
at least two business days prior to the redemption date that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we deliver to the Trustees (i) an opinion of counsel from a nationally recognized law firm to the effect
that the beneficial owners of the New Notes of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance or covenant defeasance and will be subject to federal income tax on the same
amount and in the same manner and at the same times as would have been the case if such defeasance had not occurred, which opinion, in the case of legal defeasance, must be based on a ruling of the IRS issued, or a change in U.S. federal income tax
law, and (ii) an opinion of counsel from a nationally recognized law firm or a ruling issued by the CRA, in each case, to the effect that the beneficial owners of the New Notes of such series will not recognize income, gain or loss for Canadian
federal, provincial or territorial income or other tax purposes as a result of the legal defeasance or covenant defeasance and will be subject to federal, provincial or territorial income or other tax on the same amount and in the same manner and at
the same times as would have been the case if such defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no default or event of default with respect to the New Notes of such series shall have occurred and be
continuing on the date of deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we deliver to the Trustees an officer's certificate and an opinion of counsel each stating that we have
complied with all of the above requirements.

Although we may discharge or defease our obligations under the Indenture as described in the two preceding paragraphs, we may not avoid, among other things, our duty to register the transfer or exchange of any series of debt securities, to replace any temporary, mutilated, destroyed, lost or stolen series of debt securities or to maintain an office or agency in respect of any series of debt securities.

**Concerning the Trustees** 

The Indenture contains certain limitations on the rights of the U.S. Trustee and the Canadian Trustee should it become our creditor. However, if the U.S. Trustee acquires any conflicting interest within the meaning of the Trust Indenture Act after a default has occurred and is continuing, it must eliminate the conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. If the Canadian Trustee acquires a conflicting interest or material conflict of interest within the meaning of Canadian Trust Indenture Legislation, the Canadian Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, Canadian Trust Indenture Legislation and the Indenture.

If an event of default has occurred and is continuing, each Trustee shall exercise the rights and powers vested in it by the Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person's own affairs. Subject to such provisions, the Trustees are not under any obligation to exercise any of the rights or powers vested in them under the Indenture at the request, order or direction of any of the holders of New Notes pursuant to the provisions of the Indenture, unless such holder shall have offered to such Trustee security or indemnity satisfactory to such Trustee against the costs, expenses, losses and liabilities which may be incurred therein or thereby.

The Bank of New York Mellon is the U.S. Trustee under the Indenture and Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), is the Canadian Trustee under the Indenture. The U.S. Trustee's address is 240 Greenwich Street, 7th Floor East New York, New York 10286 and the Canadian Trustee's address is 100 University Ave, 8th Floor, Toronto, Ontario M5J 2Y1.

**No Personal Liability of Directors, Officers and Employees** 

Our directors, officers and employees will not have any personal liability for our obligations under the Indenture or the New Notes. Each holder of New Notes, by accepting a New Note, waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the New Notes.

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**Governing Law** 

The Indenture and the New Notes are governed by, and will be construed in accordance with, the laws of the State of New York.

**Book-Entry System** 

We have obtained the information in this section concerning DTC and its book-entry systems and procedures from DTC, but we take no responsibility for the accuracy of this information. In addition, the description in this section reflects our understanding of the rules and procedures of DTC as they are currently in effect. DTC could change its rules and procedures at any time.

The New Notes will initially be represented by one or more fully registered global notes. Each such global note will be deposited with, or on behalf of, DTC or any successor thereto and registered in the name of Cede & Co. (DTC's nominee). You may hold your interests in the global notes through DTC either as a participant in DTC or indirectly through organizations that are participants in DTC.

So long as DTC or its nominee is the registered owner of the global securities representing the New Notes, DTC or such nominee will be considered the sole owner and holder of the New Notes for all purposes of the New Notes and the Indenture. Except as provided below, owners of beneficial interests in the New Notes will not be entitled to have the New Notes registered in their names, will not receive or be entitled to receive physical delivery of the New Notes in definitive form and will not be considered the owners or holders of the New Notes under the Indenture, including for purposes of receiving any reports delivered by us or the Trustees pursuant to the Indenture. Accordingly, each person owning a beneficial interest in a New Note must rely on the procedures of DTC or its nominee and, if such person is not a participant, on the procedures of the participant through which such person owns its interest, in order to exercise any rights of a holder of New Notes.

***The Depository Trust Company***

DTC will act as securities depositary for the New Notes. The New Notes will be issued as fully registered notes registered in the name of Cede & Co. DTC has advised us as follows: DTC is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited-purpose trust company organized under the New York Banking Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "banking organization" within the meaning of the New York Banking Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a member of the Federal Reserve System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing corporation" within the meaning of the New York Uniform Commercial Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act.

DTC holds securities that its direct participants deposit with DTC. DTC facilitates the settlement among direct participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in direct participants' accounts, thereby eliminating the need for physical movement of securities certificates.

Direct participants of DTC include securities brokers and dealers (including the underwriters), banks, trust companies, clearing corporations, and certain other organizations. DTC is owned by a number of its direct participants. Access to the DTC system is also available to securities brokers and dealers, banks and trust companies that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly.

If you are not a direct participant or an indirect participant and you wish to purchase, sell or otherwise transfer ownership of, or other interests in, New Notes, you must do so through a direct participant or an indirect

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participant. DTC agrees with and represents to DTC participants that it will administer its book-entry system in accordance with its rules and by-laws and requirements of law. The SEC has on file a set of the rules applicable to DTC and its direct participants.

Purchases of New Notes under DTC's system must be made by or through direct participants, who will receive a credit for the New Notes on DTC's records. The ownership interest of each beneficial owner is in turn to be recorded on the records of direct participants and indirect participants. Beneficial owners will not receive written confirmation from DTC of their purchase, but beneficial owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the direct participants or indirect participants through which such beneficial owners entered into the transaction. Transfers of ownership interests in the New Notes are to be accomplished by entries made on the books of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in the New Notes, except in the event that use of the book-entry system for the New Notes is discontinued.

To facilitate subsequent transfers, all New Notes deposited by direct participants with DTC are registered in the name of DTC's nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of New Notes with DTC and their registration in the name of Cede & Co. do not affect any change in beneficial ownership. DTC has no knowledge of the actual beneficial owners of the New Notes. DTC's records reflect only the identity of the direct participants to whose accounts such New Notes are credited, which may or may not be the beneficial owners. The participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

***Euroclear and Clearstream***

If the depositary for a global debt security is DTC, you may hold interests in the global debt security through Clearstream Banking, société anonyme, which we refer to as "Clearstream", or Euroclear Bank SA/ NV, as operator of the Euroclear System, which we refer to as "Euroclear", in each case, as a participant in DTC. Euroclear and Clearstream will hold interests, in each case, on behalf of their participants through customers' securities accounts in the names of Euroclear and Clearstream on the books of their respective depositaries, which in turn will hold such interests in customers' securities in the depositaries' names on DTC's books. Payments, deliveries, transfers, exchanges, notices and other matters relating to the debt securities made through Euroclear or Clearstream must comply with the rules and procedures of those systems. Those systems could change their rules and procedures at any time. We have no control over those systems or their participants, and we take no responsibility for their activities. Transactions between participants in Euroclear or Clearstream, on one hand, and other participants in DTC, on the other hand, would also be subject to DTC's rules and procedures. Investors will be able to make and receive through Euroclear and Clearstream payments, deliveries, transfers, exchanges, notices and other transactions involving any securities held through those systems only on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States. In addition, because of time-zone differences, U.S. investors who hold their interests in the debt securities through these systems and wish on a particular day, to transfer their interests, or to receive or make a payment or delivery or exercise any other right with respect to their interests, may find that the transaction will not be effected until the next business day in Luxembourg or Brussels, as applicable. Thus, investors who wish to exercise rights that expire on a particular day may need to act before the expiration date. In addition, investors who hold their interests through both DTC and Euroclear or Clearstream may need to make special arrangements to finance any purchase or sales of their interests between

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the U.S. and European clearing systems, and those transactions may settle later than transactions within one clearing system. We have obtained the foregoing information concerning Euroclear and Clearstream from sources we believe to be reliable, but we take no responsibility for the accuracy of this information.

***Book-Entry Format***

Under the book-entry format, the Trustees will pay interest or principal payments to Cede & Co., as nominee of DTC. DTC will forward the payment to the direct participants, who will then forward the payment to the indirect participants or to you as the beneficial owner. You may experience some delay in receiving your payments under this system. Neither we, the Trustees under the Indenture nor any paying agent has any direct responsibility or liability for the payment of principal or interest on the New Notes to owners of beneficial interests in the New Notes.

DTC is required to make book-entry transfers on behalf of its direct participants and is required to receive and transmit payments of principal, premium, if any, and interest on the New Notes. Any direct participant or indirect participant with which you have an account is similarly required to make book-entry transfers and to receive and transmit payments with respect to the New Notes on your behalf. We, the underwriters and the Trustees under the Indenture have no responsibility for any aspect of the actions of DTC or any of its direct or indirect participants. We, the underwriters and the Trustees under the Indenture have no responsibility or liability for any aspect of the records kept by DTC or any of its direct or indirect participants relating to, or payments made on account of, beneficial ownership interests in the New Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. We also do not supervise these systems in any way.

The Trustees will not recognize you as a holder under the Indenture, and you can only exercise the rights of a holder indirectly through DTC and its direct participants. DTC has advised us that it will only take action regarding a New Note if one or more of the direct participants to whom the New Note is credited directs DTC to take such action and only in respect of the portion of the aggregate principal amount of the New Notes as to which that participant or participants has or have given that direction. DTC can only act on behalf of its direct participants. Your ability to pledge New Notes to non-direct participants, and to take other actions, may be limited because you will not possess a physical certificate that represents your New Notes.

Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to the New Notes unless authorized by a direct participant in accordance with DTC's procedures. Under its usual procedures, DTC will mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy assigns Cede & Co.' s consenting or voting rights to those direct participants to whose accounts the New Notes are credited on the record date (identified in a listing attached to the omnibus proxy).

DTC has agreed to the foregoing procedures in order to facilitate transfers of the New Notes among its participants. However, DTC is under no obligation to perform or continue to perform those procedures, and may discontinue those procedures at any time.

**Certain Definitions** 

Set forth below are certain defined terms used in this Description of the New Notes. Reference is made to the Indenture for a full disclosure of all such terms, as well as any other capitalized terms used herein for which no definition is provided.

"**Bankruptcy Law**" means title 11, U.S. Code, the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangements Act* (Canada) or other applicable United States or Canadian federal, state or provincial bankruptcy, insolvency, reorganization or other similar law.

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"**business day**" means, with respect to any of the New Notes, each day that is not (a) a Saturday, (b) a Sunday, (c) a day on which banking institutions in New York City, New York or Calgary, Alberta, are not required by any applicable law or regulation to be open or (d) a day on which the Corporate Trust Office of a Trustee is closed for business.

"**Canadian Trust Indenture Legislation**" means, at any time, statutory provisions relating to trust indentures and the rights, duties and obligations of trustees under trust indentures and of bodies corporate issuing or guaranteeing debt obligations under trust indentures to the extent that such provisions are at such time in force and applicable to the Indenture, and at the date hereof includes the applicable provisions of the *Loan and Trust Corporations Act* (Alberta), the *Trust and Loan Companies Act* (Canada) and the *Canada Business Corporations Act* and any statute that may be substituted therefor, as from time to time amended, and any other statute of Canada or a province thereof, including the regulations under any such statute.

"**Custodian**" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

"**Person**" means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Subsidiary**" of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person or (c) one or more Subsidiaries of such Person.

"**TIA**" means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of the Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, "TIA" means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

"**Trust Indenture Legislation**" means the TIA and the Canadian Trust Indenture Legislation.

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**PLAN OF DISTRIBUTION** 

Each broker-dealer who holds Initial Notes that are Transfer Restricted Securities that were acquired for its own account as a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Company or a Guarantor), may exchange such Transfer Restricted Securities under the exchange offer.

Each broker-dealer that receives New Notes for its own account pursuant to the exchange offer in exchange for Initial Notes acquired by such broker-dealer as a result of market making or other trading activities may be deemed to be an "underwriter" within the meaning of the U.S. Securities Act and, therefore, must deliver a prospectus meeting the requirements of the U.S. Securities Act in connection with any resales, offers to resell or other transfers of the New Notes received by it in connection with the exchange offer. Accordingly, each such broker-dealer must acknowledge that it will deliver a prospectus meeting the requirements of the U.S. Securities Act in connection with any resale of such New Notes. By acknowledging that it will deliver, and by delivering, a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the U.S. Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes received in exchange for Initial Notes where such Initial Notes were acquired as a result of market-making activities or other trading activities. The Company and the Guarantors have agreed to use their reasonable best efforts to keep the registration statement of which this prospectus forms a part continuously effective, supplemented and amended to the extent necessary to ensure that it is available to any broker-dealer for use in connection with any such resale for a period ending the earlier of (a) 180 days from the date on which the registration statement of which this prospectus forms a part is declared effective; and (b) the date on which a broker-dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities.

We will not receive any proceeds from any sale of New Notes by broker-dealers. New Notes received by broker-dealers for their own account pursuant to the exchange offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the New Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such New Notes. Any broker-dealer that resells New Notes that were received by it for its own account pursuant to the exchange offer and any broker or dealer that participates in a distribution of such New Notes may be deemed to be an "underwriter" within the meaning of the U.S. Securities Act and any profit of any such resale of New Notes and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the U.S. Securities Act. The letter of transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an "underwriter" within the meaning of the U.S. Securities Act.

For a period of 180 from the date on which the registration statement of which this prospectus forms a part is declared effective (or shorter as provided for above), we will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that requests such documents at any time during such 180-day period.

This prospectus does not qualify the New Notes for public distribution under the securities laws of any province or territory of Canada.

The New Notes will constitute a new issue of securities with no established trading market. We do not intend to apply to list any New Notes on any securities exchange or any automated quotation system.

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**U.S. FEDERAL INCOME TAX CONSIDERATIONS** 

The following is a summary of certain U.S. federal income tax considerations relating to the exchange of Initial Notes for New Notes pursuant to the exchange offer, but does not purport to be a complete analysis of all the potential tax considerations relating to the exchange offer. This summary is based upon the provisions of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), U.S. Treasury Regulations promulgated or proposed thereunder, administrative rulings and pronouncements and judicial decisions, all as in effect on the date of this prospectus and all of which are subject to change, possibly with retroactive effect, or different interpretations. We have not sought and will not seek any rulings from the Internal Revenue Service (the "**IRS**") with respect to the statements made in this summary, and there can be no assurance that the IRS will not take a position contrary to these statements or that a contrary position taken by the IRS would not be sustained by a court. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a holder in light of such holder's particular circumstances or to holders subject to special rules, such as banks and certain other financial institutions, partnerships and other pass-through entities or arrangements and investors therein, U.S. holders holding the Initial Notes or that will hold the New Notes through non-U.S. brokers or other non-U.S. intermediaries, regulated investment companies, real estate investment trusts, U.S. expatriates, persons that have ceased to be U.S. citizens or lawful permanent residents of the United States, insurance companies, dealers in securities or currencies, traders in securities, persons subject to special tax accounting rules as a result of any item of gross income with respect to the Initial Notes or the New Notes being taken into account in an applicable financial statement, U.S. holders whose functional currency is not the U.S. dollar, holders subject to alternative minimum tax, tax-exempt organizations, tax deferred or other retirement accounts, controlled foreign corporations, passive foreign investment companies, and persons holding the Initial Notes or that will hold the New Notes as part of a "straddle," "hedge," "conversion transaction" or other integrated transaction. This discussion also does not address the tax considerations arising under the laws of any foreign, state or local jurisdiction, or the effects of any other U.S. federal tax laws, including the gift and estate tax, the alternative minimum tax and the Medicare tax.

The exchange of an Initial Note for a New Note pursuant to the exchange offer will not constitute a taxable exchange for U.S. federal income tax purposes. Consequently, you will not recognize any taxable gain or loss upon the receipt of a New Note pursuant to the exchange offer, your holding period for a New Note will include the holding period of the Initial Note exchanged therefor, your adjusted tax basis in a New Note will be the same as the adjusted tax basis in the Initial Note immediately before such exchange, and all of the U.S. federal income tax considerations associated with owning and disposing of an Initial Note will continue to apply to the New Note received in exchange therefor. Holders who did not purchase the Initial Notes at original issuance for cash at their original offering price should consult their own tax advisors with respect to the U.S. federal income tax considerations associated with owning and disposing of a New Note.

**HOLDERS OF THE NOTES SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE AND LOCAL AND FOREIGN INCOME AND OTHER TAX CONSIDERATIONS RELATING TO THE EXCHANGE OFFER IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, AS WELL AS THE CONSIDERATIONS RELATING TO OWNING AND DISPOSING OF NEW NOTES.** 

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**CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** 

The following is, as of the date hereof, a summary of certain material Canadian federal income tax considerations generally applicable to holders of Initial Notes who, as beneficial owners, exchange Initial Notes for New Notes pursuant to the exchange offer and who, at all relevant times, for the purposes of the *Income Tax Act* (Canada) (the "**Canadian Tax Act**") and any applicable income tax treaty or convention (i) are not, and are not deemed to be, resident in Canada, (ii) hold the Notes as capital property, (iii) are entitled, as beneficial owners, to receive all payments made in respect of the Notes (including all principal and interest), (iv) deal at arm's length with the Company, any subsidiary or successor, the Guarantors, the initial purchasers, and with any transferees resident in Canada to whom the holders dispose of Notes, (v) are neither "specified shareholders" of the Company nor persons who do not deal at arm's length with "specified shareholders" of the Company for purposes of the "thin capitalization" rules contained in the Canadian Tax Act, (vi) do not use or hold, and are not deemed to use or hold, the Notes in, or in connection with, a trade or business carried on, or deemed to be carried on, in Canada, (vii) are not insurers that carry on an insurance business in Canada and elsewhere within the meaning of the Canadian Tax Act and (viii) are not "authorized foreign banks" as defined in the Canadian Tax Act. Holders who satisfy all of the foregoing requirements are referred to as "Holder" or "Holders" in this summary of Canadian federal income tax considerations, and this summary only addresses such Holders.

This summary is based upon the current provisions of the Canadian Tax Act and the regulations thereunder and on our understanding of the current published administrative and assessing practices and policies of the Canada Revenue Agency. This summary takes into account all specific proposals to amend the Canadian Tax Act and the regulations thereunder publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Proposed Amendments**"). This summary is not exhaustive of all Canadian federal income tax considerations and, except as mentioned above, does not take into account or anticipate possible changes in the law or in administrative or assessing practices and policies whether by legislative, regulatory, administrative or judicial action. This summary does not take into account foreign (i.e. non-Canadian) tax considerations or Canadian local, provincial or territorial tax considerations, which may vary significantly from the Canadian federal income tax considerations described herein. No assurance can be given that the Proposed Amendments will be enacted as proposed or at all.

This summary does not address the possible application of the "hybrid mismatch arrangement" rules contained in section 18.4 of the Canadian Tax Act to a Holder (i) that disposes of a Note to a person or entity with which it does not deal at arm's length or to an entity that is a "specified entity" (as defined in subsection 18.4(1) of the Canadian Tax Act) with respect to the Holder or in respect of which the Holder is a "specified entity", (ii) that disposes of a Note under, or in connection with, a "structured arrangement" (as defined in subsection 18.4(1) of the Canadian Tax Act), or (iii) in respect of which the Company is a "specified entity". Such Holder should consult their own tax advisors.

The exchange of the Initial Notes for New Notes by a Holder pursuant to the exchange offer should not, in and of itself, give rise to capital gain or loss for the purposes of the Canadian Tax Act.

Under the Canadian Tax Act, interest, principal or premium, if any, paid or credited, or deemed to be paid or credited, by the Company to a Holder on the Notes, and any proceeds of disposition received by a Holder on the disposition of a Note including on redemption or repayment at maturity, will be exempt from Canadian withholding tax. No other taxes on income (including taxable capital gains) will be payable under the Canadian Tax Act by a Holder on interest, principal, discount or premium, or on the proceeds received by a Holder on the disposition of a Note including on redemption or payment on maturity, solely as a consequence of the acquisition, holding or disposition (including on redemption or repayment at maturity) of the Notes.

**Each of these summaries under the sections "U.S. Federal Income Tax Considerations" and "Canadian Federal Income Tax Considerations" is of a general nature only and is not intended to be, and should not be construed to be, legal or tax advice to any particular holder, (including a "Holder" as defined above), and no representation is made with respect to the tax consequences to any particular holder. Accordingly, all holders should consult their own tax advisors for advice with respect to the tax considerations relevant to them having regard to their particular circumstances.** 

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**EXPERTS** 

In connection with the audit of the South Bow Annual Financial Statements, KPMG LLP confirmed that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and also that they are independent accountants with respect to the Company and South Bow under all relevant U.S. professional and regulatory standards.

**LEGAL MATTERS** 

Certain legal matters relating to U.S. law will be passed upon for us by White & Case LLP. Certain legal matters relating to Canadian law will be passed upon for us by Blake, Cassels & Graydon LLP.

As of the date of this prospectus, the partners and associates of White & Case LLP and Blake, Cassels & Graydon LLP, each as a group, own directly or indirectly, less than 1% of any class of outstanding securities of South Bow.

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**DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT** 

The following documents have been filed with or furnished to the SEC as part of the registration statement of which this prospectus forms a part:

• The documents listed as being incorporated by reference in this prospectus under the heading "Incorporation
of Certain Documents by Reference";

• The organizational documents of the Company and the Guarantors;

• The Indenture;

• The Registration Rights Agreement;

• Opinions and consents of counsel;

• Consent of KPMG LLP;

• The subsidiaries of South Bow;

• Powers of attorney (included on the signature pages of the registration statement);

• The statement of eligibility of the Trustees on Form T-1;

• The form of letter of transmittal;

• The form of notice of guaranteed delivery;

• The form of letter to clients;

• The form of letter to nominees; and

• The filing fees table.

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**PURCHASERS' STATUTORY RIGHTS** 

Securities legislation in the Province of Alberta provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. The securities legislation further provides a purchaser with remedies for rescission or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of Alberta. The purchaser should refer to any applicable provisions of the securities legislation of the Province of Alberta for the particulars of these rights or consult with a legal advisor.

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**FORM F-10** 

**PART II** 

**INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS** 

**Indemnification of Certain Persons** 

***South Bow Corporation, South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd. are incorporated under the laws of Canada***

Under the *Canada Business Corporations Act* (the "CBCA"), a corporation may indemnify a present or former director or officer of such corporation or another individual who acts or acted at the corporation's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity, and the corporation may advance moneys to such individual for the costs, charges and expenses of any such proceeding. The corporation may not indemnify the individual, and any advance of moneys must be repaid by the individual, unless the individual acted honestly and in good faith with a view to the best interests of the corporation, or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity at the corporation's request and, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful. Such indemnification and advances may be made in connection with a derivative action only with court approval. Such individual is entitled to indemnity from the corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defense of a civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual's association with the corporation or other entity as described above if the individual seeking indemnity was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done and if the individual fulfils the conditions set forth above.

The by-laws of each of South Bow Corporation, South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd. (the "F-10 Registrants" and each, a "F-10 Registrant"), indemnify current and former directors and officers or a person who acts or acted at the F-10 Registrant's request as a director or officer and such director or officer's heirs and legal representatives, to the extent permitted by the CBCA, as set forth above, and without limit to the right of the F-10 Registrant to indemnify any person under the CBCA or otherwise, in connection with any civil, criminal, administrative, investigative or other proceeding to which such director or officer is made a party by reason of being or having been a director or officer, to the fullest extent permitted by the CBCA. Accordingly, South Bow Corporation has entered into indemnification agreements with each of its directors and executive officers providing such individuals, in their capacities as directors and/or officers of South Bow Corporation and any subsidiaries of South Bow Corporation (including South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd.), as applicable, with rights to indemnification and expense advancement to the fullest extent permitted under law. South Bow Corporation also maintains directors' and officers' liability insurance which insures each F-10 Registrant's directors and officers and subsidiaries against certain losses resulting from any wrongful act committed in their official capacities for which they become obligated to pay to the extent permitted by applicable law.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors, officers or persons controlling each F-10 Registrant pursuant to the foregoing provisions, the F-10 Registrants have been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Public Utilities Act and is therefore unenforceable.

F-10 II-1

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**EXHIBITS TO FORM F-10** 

The exhibits to this registration statement are listed in the exhibit index, which appears elsewhere herein.

F-10 II-2

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**FORM F-10** 

**PART III** 

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS** 

**Item 1. Undertaking** 

Each F-10 Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form F-10 or to transactions in said securities.

**Item 2. Consent to Service of Process** 

(a) Concurrently with the filing of this Registration Statement, each F-10 Registrant is filing with the Commission a written irrevocable consent and power of attorney on Form F-X.

(b) Any change to the name or address of the agent for service of any F-10 Registrant shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the relevant registration statement.

F-10 III-1

------

##### [**Table of Contents**](#toc)
**FORM F-10** 

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the undersigned F-10 Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on the 18th day of June, 2025.

---

| | |
|:---|:---|
| **SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** |
| By: | /s/ Kate Fischer |
|  | Name: Kate Fischer<br> Title: Corporate Secretary |

---

F-10 III-2

------

##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints each of Jennifer M. Geggie, Van Dafoe and Kate Fischer, as his or her true and lawful attorney-in-fact and agent, each acting alone, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement, and any additional registration statements pursuant to Rule 462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing appropriate or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Jennifer M. Geggie<br> Jennifer M. Geggie | President and Director<br> (Principal Executive Officer) | June 18, 2025 |
| /s/ Van Dafoe<br> Van Dafoe | Vice-President<br> (Principal Financial and Accounting Officer) | June 18, 2025 |
| /s/ Kevin B. Engel<br> Kevin B. Engel | Director | June 18, 2025 |
| /s/ Mark Yeomans<br> Mark Yeomans | Director | June 18, 2025 |

---

F-10 III-3

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the undersigned F-10 Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on the 18th day of June, 2025.

---

| | |
|:---|:---|
| **SOUTH BOW CORPORATION** | **SOUTH BOW CORPORATION** |
| By: | /s/ Lori M. Muratta |
|  | Name:Lori M. Muratta<br> Title: Senior Vice-President and General Counsel |

---

F-10 III-4

------

##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints each of Bevin Wirzba, Van Dafoe and Lori M. Muratta as his or her true and lawful attorney-in-fact and agent, each acting alone, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement, and any additional registration statements pursuant to Rule 462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing appropriate or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Bevin Wirzba<br> Bevin Wirzba | Director, President and Chief Executive Officer<br> (Principal Executive Officer) | June 18, 2025 |
| /s/ Van Dafoe<br> Van Dafoe | Senior Vice-President and Chief Financial Officer<br> (Principal Financial and Accounting Officer) | June 18, 2025 |
| /s/ Hal Kvisle<br> Hal Kvisle | Director and Board Chair | June 18, 2025 |
| /s/ Chansoo Joung<br> Chansoo Joung | Director | June 18, 2025 |
| /s/ George Lewis<br> George Lewis | Director | June 18, 2025 |
| /s/ Leonard Mallett<br> Leonard Mallett | Director | June 18, 2025 |
| /s/ Bob Phillips<br> Bob Phillips | Director | June 18, 2025 |
| /s/ Sonya Reed<br> Sonya Reed | Director | June 18, 2025 |
| /s/ Shannon Ryhorchuk<br> Shannon Ryhorchuk | Director | June 18, 2025 |
| /s/ Mary Pat Salomone<br> Mary Pat Salomone | Director | June 18, 2025 |
| /s/ Frances Vallejo<br> Frances Vallejo | Director | June 18, 2025 |
| /s/ Don Wishart<br> Don Wishart | Director | June 18, 2025 |

---

F-10 III-5

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the undersigned F-10 Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on the 18th day of June, 2025.

---

| | |
|:---|:---|
| **SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** |
| By: | /s/ Kate Fischer |
|  | Name: Kate Fischer<br> Title: Corporate Secretary |

---

F-10 III-6

------

##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints each of Jennifer M. Geggie, Van Dafoe, and Kate Fischer, as his or her true and lawful attorney-in-fact and agent, each acting alone, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement, and any additional registration statements pursuant to Rule 462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing appropriate or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Van Dafoe<br> Van Dafoe | Vice-President<br> (Principal Executive Officer) | June 18, 2025 |
| /s/ Kevin B. Engel<br> Kevin B. Engel | Director<br> (Principal Financial and Accounting Officer) | June 18, 2025 |
| /s/ Jennifer M. Geggie<br> Jennifer M. Geggie | President | June 18, 2025 |
| /s/ Mark Yeomans<br> Mark Yeomans | Director | June 18, 2025 |

---

F-10 III-7

------

##### [**Table of Contents**](#toc)
**AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement, solely in the capacity of the duly authorized representative of each of South Bow Corporation, South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd. in the United States, on June 18, 2025 in Houston, Texas.

---

| | |
|:---|:---|
| **SOUTH BOW USA SERVICES INC.** | **SOUTH BOW USA SERVICES INC.** |
| By: | /s/ Lori M. Muratta |
|  | Name: Lori M. Muratta<br> Title: Vice-President |

---

F-10 III-8

------

##### [**Table of Contents**](#toc)
**FORM S-4**

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 20. *Indemnification of Directors and Officers*** 

***Delaware Registrant***

South Bow USA Infrastructure Holdings LLC (the "S-4 Registrant") is organized in the State of Delaware. Section 18-108 of the Delaware Limited Liability Company Act (the "DLLCA") provides that, subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, a Delaware limited liability company may, and has the power to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever.

The Amended and Restated Limited Liability Company Agreement (the "LLCA") of the S-4 Registrant generally provides for the indemnification of shareholders, members, directors, officers or employees (each, a "Covered Person") of the S-4 Registrant to the fullest extent permitted by the DLLCA, provided however, each Covered Person are generally not entitled to indemnification for losses arising as a result of fraud, bad faith or willful misconduct, gross negligence, or a violation of applicable securities laws.

**Item 21. *Exhibits and Financial Statement Schedules.*** 

The exhibits to this registration statement are listed in the exhibit index, which appears elsewhere herein.

**Item 22. *Undertakings.*** 

(a) The S-4 registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

S-4 II-1

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, superseded or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Form S-4 registrant pursuant to the foregoing provisions set forth in Item 20 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

(c) The Form S-4 registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Item 4, 10(b), 11 or 13 of this form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of the responding to the request.

(d) The Form S-4 registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being involved therein, that was not the subject of disclosure included in the registration statement when it became effective.

S-4 II-2

------

##### [**Table of Contents**](#toc)
**FORM S-4** 

**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the undersigned S-4 Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on this 18th day of June, 2025.

---

| | |
|:---|:---|
| **SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC** | **SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC** |
| By: | /s/ Kate Fischer |
|  | Name: Kate Fischer<br> Title: Corporate Secretary |

---

**POWER OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints each of Blaine Trout, Gary Salsman and Lori M. Muratta, as his or her true and lawful attorney-in-fact and agent, each acting alone, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement, and any additional registration statements pursuant to Rule 462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing appropriate or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Richard J. Prior<br> Richard J. Prior | President and Director<br> (Principal Executive Officer) | June 18, 2025 |
| /s/ Blaine Trout<br> Blaine Trout | Vice-President and Director<br> (Principal Financial and Accounting Officer) | June 18, 2025 |
| /s/ Gary Salsman<br> Gary Salsman | Director | June 18, 2025 |

---

S-4 II-3

------

##### [**Table of Contents**](#toc)
**INDEX TO EXHIBITS** 

**Exhibits to Form F-10** 

**<u>Exhibit No.</u>**

---

| | |
|:---|:---|
| 1.1 | [Form of Letter of Transmittal (included in Exhibit 99.1 to Form S-4).](d13229dex991.htm) |
| 1.2 | [Form of Notice of Guaranteed Delivery (included in Exhibit 99.2 to Form S-4).](d13229dex992.htm) |
| 3.1 | [Registration Rights Agreement dated as of August 28, 2024 among South Bow Canadian Infrastructure Holdings Ltd., as Issuer, South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC) and South Bow Infrastructure Holdings Ltd. (formerly known as 15142083 Canada Ltd.), as Guarantors, and J.P. Morgan Securities LLC and RBC Capital Markets, LLC as representatives of the several initial purchasers named therein, to which South Bow Corporation became party pursuant to a joinder agreement (included as Exhibit 4.4 to Form S-4).](d13229dex44.htm) |
| 4.1 | [Annual Information Form of South Bow Corporation, dated as of March 5, 2025, for the year ended December 31, 2024 (incorporated by reference to Exhibit 99.1 to South Bow Corporation's Form 40-F filed on March 6, 2025).](http://www.sec.gov/Archives/edgar/data/2019061/000162828025010681/soboaif-12312024.htm) |
| 4.2 | [Audited consolidated financial statements of South Bow Corporation as of December 31, 2024 and 2023 and for each of the years in the two-year period ended December 31, 2024, the related notes thereto, and the auditor's report thereon (incorporated by reference to Exhibit 99.2 to South Bow Corporation's Form 40-F filed on March 6, 2025).](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/2019061/000162828025010681/sobo-20241231.htm) |
| 4.3 | [Management's Discussion and Analysis of financial condition and results of operations of South Bow Corporation as of and for the year ended December 31, 2024 (incorporated by reference to Exhibit 99.3 to South Bow Corporation's Form 40-F filed on March 6, 2025).](http://www.sec.gov/Archives/edgar/data/2019061/000162828025010681/sobomda-12312024.htm) |
| 4.4 | [Management Information Circular of South Bow Corporation dated March 27, 2025 for the annual meeting of shareholders of South Bow Corporation held on May 15, 2025, (incorporated by reference to Exhibit 99.1 to South Bow Corporation's Form 6-K furnished on April 14, 2025).](http://www.sec.gov/Archives/edgar/data/2019061/000119312525080274/d910175dex991.htm) |
| 4.5 | [Unaudited interim consolidated financial statements of South Bow Corporation as of and for the three months ended March 31, 2025 and 2024 and the related notes thereto (incorporated by reference to Exhibit 99.2 to South Bow Corporation's Form 6-K filed on May 15, 2025).](http://www.sec.gov/Archives/edgar/data/2019061/000162828025026040/sobofs-q12025.htm) |
| 4.6 | [Management's Discussion and Analysis of financial condition and results of operations of South Bow Corporation as of and for the three months ended March 31, 2025 and 2024 (incorporated by reference to Exhibit 99.1 to South Bow Corporation's Form 6-K filed on May 15, 2025).](http://www.sec.gov/Archives/edgar/data/2019061/000162828025026040/sobomda-q12025.htm) |
| 5.1 | [Consent of White & Case LLP (included in Exhibit 23.2 to Form S-4).](d13229dex51.htm) |
| 5.2 | [Consent of Blake, Cassels & Graydon LLP (included in Exhibit 23.3 to Form S-4).](d13229dex52.htm) |
| 5.3 | [Consent of KPMG LLP (included in Exhibit 23.1 to Form S-4).](d13229dex231.htm) |
| \*6.1 | [Powers of Attorney of South Bow Canadian Infrastructure Holdings Ltd., South Bow Corporation and South Bow Infrastructure Holdings Ltd. (included in signature pages to Form F-10).](#sigpartii) |
| 7.1 | [Base Indenture, dated as of August 28, 2024, among South Bow Canadian Infrastructure Holdings Ltd. (formerly known as 15142121 Canada Ltd.), as Issuer, South Bow Infrastructure Holdings Ltd. (formerly known as 15142083 Canada Ltd.) and South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC), as Guarantors, and Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as Trustee (included as Exhibit 4.1 to Form S-4).](d13229dex41.htm) |
| 7.2 | [First Supplemental Indenture, dated as of August 28, 2024, among South Bow Canadian Infrastructure Holdings Ltd. (formerly known as 15142121 Canada Ltd.), as Issuer, South Bow Infrastructure Holdings Ltd. (formerly known as 15142083 Canada Ltd.) and South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC), as Guarantors, Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as the Canadian Trustee and The Bank of New York Mellon as the United States Trustee (included as Exhibit 4.2 to Form S-4).](d13229dex42.htm) |
| 7.3 | [Second Supplemental Indenture, dated as of October 1, 2024, among South Bow Canadian Infrastructure Holdings Ltd., as Issuer, South Bow Infrastructure Holdings Ltd. and South Bow USA Infrastructure Holdings LLC, as Guarantors, Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as the Canadian Trustee and The Bank of New York Mellon as the United States Trustee (included as Exhibit 4.3 to Form S-4).](d13229dex43.htm) |
| \*107 | [Filing Fee Table.](d13229dexfilingfees.htm) |

---

\* Filed herewith.

S-4 II-4

------

##### [**Table of Contents**](#toc)
**Exhibits to Form S-4** 

**<u>Exhibit No.</u>**

---

| | |
|:---|:---|
| \*3.1 | [Restated Certificate and Articles of Incorporation of South Bow Corporation.](d13229dex31.htm) |
| \*3.2 | [Bylaws of South Bow Corporation.](d13229dex32.htm) |
| \*3.3 | [Certificate and Articles of Incorporation of South Bow Infrastructure Holdings Ltd.](d13229dex33.htm) |
| \*3.4 | [Certificate of Amendment to the Articles of Incorporation of South Bow Infrastructure Holdings Ltd.](d13229dex34.htm) |
| \*3.5 | [Bylaws of South Bow Infrastructure Holdings Ltd.](d13229dex35.htm) |
| \*3.6 | [Amended Bylaws of South Bow Infrastructure Holdings Ltd.](d13229dex36.htm) |
| \*3.7 | [Certificate and Articles of Incorporation of South Bow Canadian Infrastructure Holdings Ltd.](d13229dex37.htm) |
| \*3.8 | [Certificate of Amendment to the Articles of Incorporation of South Bow Canadian Infrastructure Holdings Ltd.](d13229dex38.htm) |
| \*3.9 | [Bylaws of South Bow Canadian Infrastructure Holdings Ltd.](d13229dex39.htm) |
| \*3.10 | [Amended Bylaws of South Bow Canadian Infrastructure Holdings Ltd.](d13229dex310.htm) |
| \*3.11 | [Certificate of Formation of South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC).](d13229dex311.htm) |
| \*3.12 | [Certificate of Formation Amendment of South Bow USA Infrastructure Holdings LLC.](d13229dex312.htm) |
| \*3.13 | [Amended and Restated Limited Liability Company Agreement of South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC).](d13229dex313.htm) |
| \*3.14 | [Amendment to the Amended and Restated Limited Liability Company Agreement of South Bow USA Infrastructure Holdings LLC.](d13229dex314.htm) |
| \*4.1 | [Base Indenture, dated as of August 28, 2024, among South Bow Canadian Infrastructure Holdings Ltd. (formerly known as 15142121 Canada Ltd.), as Issuer, South Bow Infrastructure Holdings Ltd. (formerly known as 15142083 Canada Ltd.) and South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC), as Guarantors, and Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as Trustee](d13229dex41.htm). |
| \*4.2 | [First Supplemental Indenture, dated as of August 28, 2024, among South Bow Canadian Infrastructure Holdings Ltd. (formerly known as 15142121 Canada Ltd.), as Issuer, South Bow Infrastructure Holdings Ltd. (formerly known as 15142083 Canada Ltd.) and South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC), as Guarantors, Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as the Canadian Trustee and The Bank of New York Mellon as the United States Trustee.](d13229dex42.htm) |
| \*4.3 | [Second Supplemental Indenture, dated as of October 1, 2024, among South Bow Canadian Infrastructure Holdings Ltd., as Issuer, South Bow Infrastructure Holdings Ltd. and South Bow USA Infrastructure Holdings LLC, as Guarantors, Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada), as the Canadian Trustee and The Bank of New York Mellon as the United States Trustee.](d13229dex43.htm) |
| \*4.4 | [Registration Rights Agreement dated as of August 28, 2024 among South Bow Canadian Infrastructure Holdings Ltd., as Issuer, South Bow USA Infrastructure Holdings LLC (formerly known as 6297782 LLC) and South Bow Infrastructure Holdings Ltd. (formerly known as 15142083 Canada Ltd.), as Guarantors, and J.P. Morgan Securities LLC and RBC Capital Markets, LLC as representatives of the several initial purchasers named therein, to which South Bow Corporation became party pursuant to a joinder agreement.](d13229dex44.htm) |
| \*5.1 | [Opinion of White & Case LLP.](d13229dex51.htm) |
| \*5.2 | [Opinion of Blake, Cassels & Graydon LLP.](d13229dex52.htm) |
| \*21.1 | [Subsidiaries of South Bow Corporation.](d13229dex211.htm) |
| \*23.1 | [Consent of KPMG LLP.](d13229dex231.htm) |
| \*23.2 | [Consent of White & Case LLP (included as part of its opinion filed in Exhibit 5.1 hereof).](d13229dex51.htm) |
| \*23.3 | [Consent of Blake, Cassels & Graydon LLP (included as part of its opinion filed in Exhibit 5.2 hereof).](d13229dex52.htm) |
| \*24.1 | [Power of Attorney of South Bow USA Infrastructure Holdings LLC (included in signature page to Form S-4).](#sigpartiii) |
| \*25.1 | [Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of The Bank of New York Mellon as U.S. Trustee, on Form T-1.](d13229dex251.htm) |
| \*99.1 | [Form of Letter of Transmittal.](d13229dex991.htm) |
| \*99.2 | [Form of Notice of Guaranteed Delivery.](d13229dex992.htm) |
| \*99.3 | [Form of Letter to Clients.](d13229dex993.htm) |
| \*99.4 | [Form of Letter to Nominees.](d13229dex994.htm) |
| \*107 | [Filing Fee Table.](d13229dexfilingfees.htm) |

---

\* Filed herewith.

S-4 II-5

## Exhibit 3.1

**Exhibit 3.1** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Developpement economique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | | |
|:---|:---|:---|
| 2024-10-03 | Corporations Canada | Corporations Canada |
|  | C. D. Howe Building | Édifice C.D.Howe |
|  | 235 Queen St | 235 rue Queen |
|  | Ottawa ON K1A 0H5 | Ottawa ON K1A 0H5 |

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| | | |
|:---|:---|:---|
| BLAKE, CASSELS & GRAYDON LLP | Corporation number: | **1560903-8** |
| SARA WRIGHT | Numéro de société : |  |
| 855 - 2 STREET S.W. | Request Received: | **2024-10-01** |
| SUITE 3500 | Date de réception de la demande : |  |
| CALGARY AB T2P 4J8 | Request ID: | **17919011** |
| Canada | Numéro de la demande : |  |
|  | Your reference: |  |
|  | Votre référence : |  |

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A Restated Certificate of Incorporation has been issued for **South Bow Corporation** under the *Canada Business Corporations Act* (CBCA).

We have included the Restated Certificate of Incorporation and Restated Articles of Incorporation.

Ensure that these documents are kept with the records of the corporation.

**Public disclosure of corporate information** 

Your corporate information is now available to the public on <u>Search for a federal corporation</u> (http://ised-isde.canada. ca/cc/lgcy/fdrlCrpDtls.html? corpId=15609038&locale=en_CA), which explains how to keep this information up-to-date.

**Reminder emails** 

You have subscribed to receive annual return reminder emails. If your email address changes, <u>let us know</u> (https: //ised-isde.canada.ca/cc/lgcy/bs/rr.html?locale=en_CA).

**Protecting your corporate name** 

You are responsible for protecting your corporate name. To learn about what you can do, see <u>Protect your corporate name</u> (https://ised-isde.canada.ca/site/corporations-canada/en/naming-corporation).

**Next steps** 

You have reporting obligations under the CBCA. Consult <u>Keeping your corporation in good standing</u>

(https://ised-isde.canada.ca/site/corporations-

canada/en/business-corporations/next-steps-

following-incorporation-your-business#toc-02).

Un Certificat de constitution à jour a été émis pour **South Bow Corporation** en vertu de la *Loi sur les sociétés par actions* (LCSA).

Nous avons inclus le Certificat de constitution à jour et les Statuts constitutifs mis à jour

Assurez-vous de conserver ces documents avec les livres de la société.

**Divulgation publique de renseignements corporatifs** 

Vos renseignements corporatifs sont maintenant rendus publics dans <u>Recherche d'une société de régime fédéral</u> (http://ised-isde.canada.ca/cc/lgcy/fdrlCrpDtls.html? corpId=15609038&locale=fr_CA), qui explique comment tenir à jour ces renseignements.

**Courriels de rappel** 

Vous vous êtes abonné pour recevoir des courriels de rappel concernant le rapport annuel. Si votre adresse électronique change, <u>avisez-nous</u> (https://ised-isde.canada. ca/cc/lgcy/bs/rr.html?locale=fr_CA).

**Protégez votre dénomination** 

C'est votre responsabilité de protéger votre dénomination. Pour apprendre ce que vous pouvez faire, voir Protéger <u>votre dénomination</u> (https://ised-isde.canada. ca/site/corporations-canada/fr/choisir-denomination-dune-societe).

**Prochaines étapes** 

Vous avez des obligations de déclaration en vertu de la LCSA. Consultez <u>Maintenir votre société en conformité</u> (https://ised-isde.canada.ca/site/corporations-canada/fr/societes-actions/ etapes-suivant-constitution-votre-entreprise#toc-02).

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| | | | | |
|:---|:---|:---|:---|:---|
| ![LOGO](g13229dsp1a.jpg) | Telephone / Téléphone | Email / Courriel | Website / Site Web |  |
| ![LOGO](g13229dsp1a.jpg) | 1-866-333-5556 | ic.corporationscanada.ic@ised-isde.gc.cahttps://corporationscanada.ic.gc.ca | ic.corporationscanada.ic@ised-isde.gc.cahttps://corporationscanada.ic.gc.ca | 1/1 |

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| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Developpement economique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

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| | |
|:---|:---|
| **Restated Certificate of** | **Certificat de constitution à** |
| **Incorporation** | **jour** |
| ***Canada Business Corporations Act*** | ***Loi canadienne sur les sociétés par actions*** |

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| |
|:---|
| South Bow Corporation |
| Corporate name / Dénomination sociale |
| 1560903-8 |
| Corporation number / Numéro de société |

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I HEREBY CERTIFY that the articles of incorporation of the above-named corporation were restated under section 180 of the *Canada Business Corporations Act* as set out in the attached restated articles of incorporation.

JE CERTIFIE que les statuts constitutifs de la société susmentionnée ont été mis à jour en vertu de l'article 180 de la *Loi canadienne sur les sociétés par actions*, tel qu'il est indiqué dans les statuts mis à jour ci-joints.

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| |
|:---|
| ![LOGO](g13229dsp2aa.jpg) |
| Hantz Prosper |
| Director / Directeur |
| 2024-10-01 |
| Date of Restatement (YYYY-MM-DD)<br> Date de constitution à jour (AAAA-MM-JJ) |

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![LOGO](g13229dsp1a.jpg)

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| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp3b.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp3b.jpg) | Economic Development Canada | Developpement economique Canada |
| ![LOGO](g13229dsp3b.jpg) | Corporations Canada | Corporations Canada |

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| |
|:---|
| ***Canada Business Corporations Act* (CBCA)** |
| **FORM 7** |
| **RESTATED ARTICLES OF INCORPORATION** |
| **(Section 180)** |

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| | |
|:---|:---|
| **1 - Corporate name** |  |
| South Bow Corporation |  |
| **2 - Corporation number** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560903 - 8 |  |
| **3 - The province or territory in Canada where the registered office is situated (do not indicate the full address)** | **3 - The province or territory in Canada where the registered office is situated (do not indicate the full address)** |
| Alberta |  |
| **4 - The classes and any maximum number of shares that the corporation is authorized to issue** | **4 - The classes and any maximum number of shares that the corporation is authorized to issue** |
| See attached Schedule "A". |  |
| **5 - Restrictions, if any, on share transfers** |  |
| None. |  |
| **6 - Minimum and maximum number of directors (for a fixed number of directors, indicate the same number in both boxes)** | **6 - Minimum and maximum number of directors (for a fixed number of directors, indicate the same number in both boxes)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Minimum number** 7 | **Maximum number** 15 |
| **7 - Restrictions, if any, on the business the corporation may carry on** | **7 - Restrictions, if any, on the business the corporation may carry on** |
| None. |  |
| **8 - Other provisions, if any** |  |
| See attached Schedule "B". |  |
| **9 - Declaration** |  |
| I hereby certify that I am a director or authorized officer of the corporation and that these restated articles of incorporation correctly set out, without substantive change, the corresponding provisions of the articles of incorporation as amended and supersede the original articles of incorporation. | I hereby certify that I am a director or authorized officer of the corporation and that these restated articles of incorporation correctly set out, without substantive change, the corresponding provisions of the articles of incorporation as amended and supersede the original articles of incorporation. |
| Signature: ![LOGO](g13229dsp3.jpg) |  |
| Print name: Lori M. Muratta | Telephone number: 832-389-8831 |
|  **Note:** Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CBCA). | **Note:** Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CBCA). |
| ISED-ISDE 3167E (2020/01) Page 1 of 2 |  |

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![LOGO](g13229dsp3a.jpg)

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**<u>SCHEDULE "A"</u>**

RESTATED ARTICLES OF INCORPORATION

SOUTH BOW CORPORATION

(the **"Corporation")**

The classes and any maximum number of shares that the Corporation is authorized to issue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. an unlimited number of common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. First Preferred Shares in an amount not to exceed that provided for in the terms thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Second Preferred Shares in an amount not to exceed that provided for in the terms thereof.

The rights, privileges, restrictions and conditions attaching to each class of shares of the Corporation are set out below.

**A.** **COMMON SHARES** 

The common shares of the Corporation shall entitle the holders thereof to vote, on the basis of one vote per common share, at all meetings of shareholders, except meetings at which only holders of another specified class of shares are entitled to vote, and shall, subject to the rights, privileges, restrictions and conditions attaching to the First Preferred Shares and the Second Preferred Shares, whether as a class or a series, and to any other class or series of shares of the Corporation which rank prior to the common shares, entitle the holders thereof to receive (a) dividends if, as and when declared by the Board of Directors of the Corporation out of the assets of the Corporation properly applicable to the payment of dividends in such amount and payable at such times and at such place or places as the Board of Directors may from time to time determine and (b) the remaining property of the Corporation upon a dissolution.

**B.** **FIRST PREFERRED SHARES** 

The First Preferred Shares shall, as a class, carry and be subject to the rights, privileges, restrictions and conditions hereinafter set forth:

**Issue In Series** 

1. The directors of the Corporation may at any time and from time to time issue the First Preferred Shares in one
or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors.

**Limitation on Issue** 

2. The directors of the Corporation may not issue any First Preferred Shares if, by doing so, the aggregate number
of First Preferred Shares and Second Preferred Shares that would then be issued and outstanding would exceed 20 per cent of the aggregate number of common shares then issued and outstanding.

**Provisions Attaching to the First Preferred Shares** 

3. The First Preferred Shares of any series may have attached thereto rights, privileges, restrictions and
conditions whether with regard to dividends (which, in the case of fixed dividends, shall in all cases be cumulative), voting, the right to convert such shares into common shares or otherwise including, without limiting the generality of the
foregoing, the following kinds of rights, privileges, restrictions and conditions, namely with respect to: (a) the redemption and purchase of First Preferred Shares by the Corporation; (b) sinking funds or funds for purchase or redemption
of First Preferred Shares; (c) payment of dividends on any other shares of the Corporation;

------

(d) redemption, purchase or payment of any shares of the Corporation or any subsidiary of the Corporation;
(e) the exercise by the Corporation of any election open to it to make any payments of corporation, income or other taxes; (f) subdivision, consolidation or reclassification of any shares of the Corporation; (g) borrowing by the
Corporation or any subsidiary of the Corporation; (h) the creation or issue of any debt or equity securities by the Corporation or any subsidiary of the Corporation including the issue of any First Preferred Shares in addition to the First
Preferred Shares at any time outstanding; (i) reduction of capital by the Corporation or any subsidiary of the Corporation; (j) retirement of notes, bonds or debentures or other indebtedness of the Corporation or any subsidiary of the
Corporation; (k) conduct of the business of the Corporation or investment of its funds; (l) meetings of the holders of the First Preferred Shares; and (m) the right of holders of First Preferred Shares to convert or exchange such
shares into shares of any class of the Corporation or into or for any other securities of the Corporation or into or for shares or securities of any other company.

**Directors' Resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;4. The directors of the Corporation may, subject as hereinafter provided, by resolution fix from time to time
before the issue thereof, the designation, rights, privileges, restrictions and conditions attaching to the First Preferred Shares of each series.

**Return of Capital** 

5. When any fixed cumulative dividends or amounts payable on a return of capital are not paid in full, the First
Preferred Shares of all series shall participate rateably with all preferred shares, if any, which rank on a parity with the First Preferred Shares with respect to payment of dividends, in respect of such dividends, including accumulations, if any,
in accordance with the sums which would be payable on the First Preferred Shares and such other preferred shares if all such dividends were declared and paid in full in accordance with their terms, and the First Preferred Shares shall participate
rateably with all preferred shares, if any, which rank on a parity with the First Preferred Shares with respect to repayment of capital, in respect of any return of capital in accordance with the sums which would be payable on the First Preferred
Shares and such other preferred shares on such return of capital if all sums so payable were paid in full in accordance with their terms.

**Preferences** 

6. The First Preferred Shares of each series shall rank on a parity with the First Preferred Shares of every other
series, and shall be entitled to preference with respect to payment of dividends over the common shares and over any other shares ranking junior to the First Preferred Shares with respect to payment of dividends and shall be entitled to preference
with respect to distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation
among its shareholders for the purpose of winding-up its affairs over the common shares and over any other shares ranking junior to the First Preferred Shares with respect to repayment of capital and may also
be given such other preferences not inconsistent with the provisions hereof over the common shares and over any other shares ranking junior to the First Preferred Shares in any respect as may be determined in the case of each series of First
Preferred Shares authorized to be issued.

------

**Purchase for Cancellation** 

7. Subject to the provisions of the *Canada Business Corporations Act* and subject to the provisions relating
to any particular series of First Preferred Shares, the Corporation may at any time or times purchase for cancellation (if obtainable) out of capital or otherwise the whole or any part of the First Preferred Shares of any one or more series
outstanding from time to time in the market (including purchase through or from an investment dealer or firm holding membership on a recognized stock exchange) or by invitation for tenders addressed to all the holders of record of the said series of
First Preferred Shares outstanding at the lowest price or prices at which in the opinion of the directors such shares are obtainable but not exceeding the price at which, at the date of purchase, such shares are redeemable, plus costs of purchase.
If upon any invitation for tenders under the provisions of this section 6 more First Preferred Shares of any particular series are tendered at a price or prices acceptable to the Corporation than the Corporation is willing to purchase, the
Corporation will accept, to the extent required, the tenders submitted at the lowest price and then, if and as required, the tenders submitted at the next progressively higher prices and, if more shares are tendered at any such price than the
Corporation is prepared to purchase, the shares tendered at that price will be purchased as nearly as may be pro rata (disregarding fractions) according to the number of First Preferred Shares of such series so tendered by each of the holders of
First Preferred Shares who submitted tenders at that price. From and after the date of purchase of any First Preferred Shares under the provisions of this section 6, the shares so purchased shall be cancelled.

**Redemption** 

8. Subject to the provisions of the *Canada Business Corporations Act* and subject to the provisions relating
to any particular series, the Corporation, upon giving notice as hereinafter provided, may redeem out of capital or otherwise at any time the whole or from time to time any part of the then outstanding First Preferred Shares of any one or more
series on payment for each share of such price or prices as may at the time be applicable to such series. Subject as aforesaid, in case a part only of the then outstanding First Preferred Shares of any particular series is at any time to be
redeemed, the shares so to be redeemed shall be selected by lot in such manner as the directors or the transfer agent, if any, appointed by the Corporation in respect of the First Preferred Shares of such series shall decide or, if the directors so
determine, may be redeemed pro rata disregarding fractions.

**Procedure on Redemption** 

9. Subject to the provisions of the *Canada Business Corporations Act* and subject to the provisions relating
to any particular series, in any case of redemption of First Preferred Shares under the provisions of the foregoing section 7, the following provisions shall apply. The Corporation shall at least 30 days before the date specified for redemption mail
to each person who at the date of mailing is a registered holder of First Preferred Shares to be redeemed a notice in writing of the intention of the Corporation to redeem such First Preferred Shares. Such notice shall be mailed in a prepaid letter
addressed to each such shareholder at his address as it appears in the securities register maintained by or for the Corporation or in the event of the address of any such shareholder not so appearing then to the last known address of such
shareholder, provided, however, that accidental failure to give any such notice to one or more of such holders shall not affect the validity of such redemption. Such notice shall set out the redemption price and the date on which redemption is to
take place and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to be redeemed. On or after the date so specified for redemption the Corporation shall pay or cause to be paid to or to
the order of the registered holders of the First Preferred Shares to be redeemed the redemption price on presentation and surrender at the registered office of the Corporation or any other place designated in such notice of the certificates for the
First Preferred Shares called for redemption. Such payment shall be made by cheque of the Corporation payable in lawful money of Canada at par at any branch of the Corporation's bankers for the time being in Canada. Such First Preferred Shares
shall thereupon be redeemed and shall be cancelled. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date so specified
for redemption, the First Preferred Shares called for redemption shall cease to be entitled to dividends and the holders thereof shall not be entitled to exercise any of the rights of shareholders in respect thereof unless payment of the redemption
price shall not be made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of such holders shall remain unaffected. The Corporation shall have the right at any time after the mailing of notice of
its intention to redeem any First Preferred Shares as aforesaid to deposit the redemption price of the shares so called for redemption, or of such of the said shares represented by certificates which have not at the date of such deposit been
surrendered by the holders thereof in connection with such redemption, to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such
First Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever
is the later, the First Preferred Shares in respect whereof such deposit shall have been made shall be cancelled and the rights of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving
without interest their proportionate part of the total redemption price so deposited against presentation and surrender of the said certificates held by them respectively.

------

**Rights to Subscribe to Other Securities** 

10. The holders of the First Preferred Shares shall not as such be entitled as of right to subscribe for or
purchase or receive any part of any issue of shares or bonds, debentures or other securities of the Corporation now or hereafter authorized otherwise than in accordance with the conversion, exchange or other rights, if any, which may from time to
time attach to any series of the First Preferred Shares.

**Rights to Attend and Vote at Shareholders' Meetings** 

11. Subject to the provisions of the *Canada Business Corporations Act,* and except as hereinafter provided,
the holders of the First Preferred Shares shall not be entitled to receive notice of or attend any meeting of the shareholders of the Corporation and shall not be entitled to any vote at any such meeting. The holders of any particular series of
First Preferred Shares will, if the directors so determine prior to the issuance of any such series, be entitled to such voting rights as may be determined by the directors if the Corporation fails to pay dividends on that series of First Preferred
Shares for any period as may be so determined by the directors.

**Amendments** 

12. The provisions of sections 1 to 10, inclusive, the provisions of this section 11 and the provisions of the
following section 12 may be repealed, altered, modified, amended or amplified only with the sanction of the holders of the First Preferred Shares given as hereinafter specified in addition to any other approval required by the *Canada Business Corporations Act.* 

**Sanction by Holders of First Preferred Shares** 

13. The sanction of holders of the First Preferred Shares or of any series of the First Preferred Shares as to any
and all matters referred to herein or as may otherwise be required by the *Canada Business Corporations Act* or the provisions relating to any particular series may, subject to the provisions applicable to such series, and subject to the
provisions of the *Canada Business Corporations Act,* be given by resolution passed at a meeting of such holders duly called and held for such purpose at which the holders of at least a majority of the outstanding First Preferred Shares or
series, as the case may be, are present or represented by proxy and carried by the affirmative vote of the holders of not less than 66 2/3 per cent of the First Preferred Shares or series, as the case may be, represented and voted at such
meeting cast on a poll. If at any such meeting the holders of a majority of the outstanding First Preferred Shares or series, as the case may be, are not present or represented by proxy within half an hour after the time appointed for the meeting
then the meeting shall be adjourned to such date being not less than 15 days later and to such time and place as may be appointed by the chairman and at least ten days notice shall be given of such adjourned meeting but it shall not be necessary in
such notice to specify the purpose for which the meeting was originally called. At such adjourned meeting the holders of First Preferred Shares present or represented by proxy shall form a quorum and may transact the business for which the meeting
was originally convened and a resolution passed thereat by the affirmative vote of the holders of not less than 66 2/3 per cent of the First Preferred Shares represented and voted at such adjourned meeting cast on a poll shall constitute the
sanction of the holders of First Preferred Shares or series referred to in this section 12. The formalities to be observed with respect to the giving of notice of any such meeting or adjourned meeting and the conduct thereof shall be those which may
from time to time be prescribed in the by-laws of the Corporation with respect to meetings of shareholders. On every poll taken at every such meeting or adjourned meeting every holder of First Preferred Shares
shall be entitled to one vote in respect of each First Preferred Share held.

------

**C.** **SECOND PREFERRED SHARES** 

The Second Preferred Shares shall, as a class, carry and be subject to the rights, privileges, restrictions and conditions hereinafter set forth:

**Issue In Series** 

1. The directors of the Corporation may at any time and from time to time issue the Second Preferred Shares in one
or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors.

**Limitation on Issue** 

2. The directors of the Corporation may not issue any Second Preferred Shares if, by doing so, the aggregate
number of First Preferred Shares and Second Preferred Shares that would then be issued and outstanding would exceed 20 per cent of the aggregate number of common shares then issued and outstanding.

**Provisions Attaching to the Second Preferred Shares** 

3. The Second Preferred Shares of any series may have attached thereto rights, privileges, restrictions and
conditions whether with regard to dividends (which, in the case of fixed dividends, shall in all cases be cumulative), voting, the right to convert such shares into common shares or otherwise including, without limiting the generality of the
foregoing, the following kinds of rights, privileges, restrictions and conditions, namely with respect to: (a) the redemption and purchase of Second Preferred Shares by the Corporation; (b) sinking funds or funds for purchase or redemption
of Second Preferred Shares; (c) payment of dividends on any other shares of the Corporation; (d) redemption, purchase or payment of any shares of the Corporation or any subsidiary of the Corporation; (e) the exercise by the
Corporation of any election open to it to make any payments of corporation, income or other taxes; (f) subdivision, consolidation or reclassification of any shares of the Corporation; (g) borrowing by the Corporation or any subsidiary of
the Corporation; (h) the creation or issue of any debt or equity securities by the Corporation or any subsidiary of the Corporation including the issue of any Second Preferred Shares in addition to the Second Preferred Shares at any time
outstanding; (i) reduction of capital by the Corporation or any subsidiary of the Corporation; (j) retirement of notes, bonds or debentures or other indebtedness of the Corporation or any subsidiary of the Corporation; (k) conduct of
the business of the Corporation or investment of its funds; (l) meetings of the holders of the Second Preferred Shares; and (m) the right of holders of Second Preferred Shares to convert or exchange such shares into shares of any class of
the Corporation or into or for any other securities of the Corporation or into or for shares or securities of any other company.

------

**Directors' Resolutions** 

4. The directors of the Corporation may, subject as hereinafter provided, by resolution fix from time to time
before the issue thereof, the designation, rights, privileges, restrictions and conditions attaching to the Second Preferred Shares of each series.

**Liquidation, Dissolution or Winding-Up** 

5. The Second Preferred Shares of all series shall rank junior to the First Preferred Shares with respect to
priority in payment of dividends and with respect to distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other
distribution of the assets of the Corporation among its shareholders for the purpose of winding-up its affairs, and will be subject in all respects to the rights, privileges, restrictions and conditions
attaching to the First Preferred Shares as a class and to each series of First Preferred Shares.

**Return of Capital** 

6. When any fixed cumulative dividends or amounts payable on a return of capital are not paid in full, the Second
Preferred Shares of all series shall participate rateably with all preferred shares, if any, which rank on a parity with the Second Preferred Shares with respect to payment of dividends, in respect of such dividends, including accumulations, if any,
in accordance with the sums which would be payable on the Second Preferred Shares and such other preferred shares if all such dividends were declared and paid in full in accordance with their terms, and the Second Preferred Shares shall participate
rateably with all preferred shares, if any, which rank on a parity with the Second Preferred Shares with respect to repayment of capital, in respect of any return of capital in accordance with the sums which would be payable on the Second Preferred
Shares and such other preferred shares on such return of capital if all sums so payable were paid in full in accordance with their terms.

**Preferences** 

7. The Second Preferred Shares of each series shall rank on a parity with the Second Preferred Shares of every
other series, and shall be entitled to preference with respect to payment of dividends over the common shares and over any other shares ranking junior to the Second Preferred Shares with respect to payment of dividends and shall be entitled to
preference with respect to distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the
Corporation among its shareholders for the purpose of winding-up its affairs over the common shares and over any other shares ranking junior to the Second Preferred Shares with respect to repayment of capital
and may also be given such other preferences not inconsistent with the provisions hereof over the common shares and over any other shares ranking junior to the Second Preferred Shares in any respect as may be determined in the case of each series of
Second Preferred Shares authorized to be issued.

**Purchase for Cancellation** 

8. Subject to the provisions of the *Canada Business Corporations Act* and subject to the provisions relating
to any particular series of Second Preferred Shares, the Corporation may at any time or times purchase for cancellation (if obtainable), out of capital or otherwise, the whole or any part of the Second Preferred Shares of any one or more series
outstanding from time to time in the market (including purchase through or from an investment dealer or firm holding membership on a recognized stock exchange) or by invitation for tenders addressed to all the holders of record of the said series of
Second Preferred Shares outstanding at the lowest price or prices at which in the opinion of the directors such shares are obtainable but not exceeding the price at which, at the date of purchase, such shares are redeemable, plus costs of purchase.
If upon any invitation for tenders under the provisions of this section 7 more Second Preferred Shares of any particular series are tendered at a price or prices acceptable to the Corporation than the Corporation is willing to purchase, the
Corporation will accept, to the extent required, the tenders submitted at the lowest price and then, if and as required, the tenders submitted at the next progressively higher prices and, if more shares are tendered at any such price than the
Corporation is prepared to purchase, the shares tendered at that price will be purchased as nearly as may be pro rata (disregarding fractions) according to the number of Second Preferred Shares of such series so tendered by each of the holders of
Second Preferred Shares who submitted tenders at that price. From and after the date of purchase of any Second Preferred Shares under the provisions of this section 7, the shares so purchased shall be cancelled.

------

**Redemption** 

9. Subject to the provisions of the *Canada Business Corporations Act* and subject to the provisions relating
to any particular series, the Corporation, upon giving notice as hereinafter provided, may redeem out of capital or otherwise at any time the whole or from time to time any part of the then outstanding Second Preferred Shares of any one or more
series on payment for each share of such price or prices as may at the time be applicable to such series. Subject as aforesaid, in case a part only of the then outstanding Second Preferred Shares of any particular series is at any time to be
redeemed, the shares so to be redeemed shall be selected by lot in such manner as the directors or the transfer agent, if any, appointed by the Corporation in respect of the Second Preferred Shares of such series shall decide or, if the directors so
determine, may be redeemed pro rata disregarding fractions.

**Procedure on Redemption** 

10. Subject to the provisions of the *Canada Business Corporations Act* and subject to the provisions relating
to any particular series, in any case of redemption of Second Preferred Shares under the provisions of the foregoing section 8, the following provisions shall apply. The Corporation shall at least 30 days before the date specified for redemption
mail to each person who at the date of mailing is a registered holder of Second Preferred Shares to be redeemed a notice in writing of the intention of the Corporation to redeem such Second Preferred Shares. Such notice shall be mailed in a prepaid
letter addressed to each such shareholder at his address as it appears in the securities register maintained by or for the Corporation or in the event of the address of any such shareholder not so appearing then to the last known address of such
shareholder, provided, however, that accidental failure to give any such notice to one or more of such holders shall not affect the validity of such redemption. Such notice shall set out the redemption price and the date on which redemption is to
take place and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to be redeemed. On or after the date so specified for redemption the Corporation shall pay or cause to be paid to or to
the order of the registered holders of the Second Preferred Shares to be redeemed the redemption price on presentation and surrender at the registered office of the Corporation or any other place designated in such notice of the certificates for the
Second Preferred Shares called for redemption. Such payment shall be made by cheque of the Corporation payable in lawful money of Canada at par at any branch of the Corporation's bankers for the time being in Canada. Such Second Preferred
Shares shall thereupon be redeemed and shall be cancelled. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date so
specified for redemption, the Second Preferred Shares called for redemption shall cease to be entitled to dividends and the holders thereof shall not be entitled to exercise any of the rights of shareholders in respect thereof unless payment of the
redemption price shall not be made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of such holders shall remain unaffected. The Corporation shall have the right at any time after the mailing of
notice of its intention to redeem any Second Preferred Shares as aforesaid to deposit the redemption price of the shares so called for redemption, or of such of the said shares represented by certificates which have not at the date of such deposit
been surrendered by the holders thereof in connection with such redemption, to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of
such Second Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice,
whichever is the later, the Second Preferred Shares in respect whereof such deposits shall have been made shall be deemed to be redeemed and shall be cancelled and the rights of the holders thereof after such deposit or such redemption date, as the
case may be, shall be limited to receiving without interest their proportionate part of the total redemption price so deposited against presentation and surrender of the said certificates held by them respectively.

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**Rights to Subscribe to Other Securities** 

11. The holders of the Second Preferred Shares shall not as such be entitled as of right to subscribe for or
purchase or receive any part of any issue of shares or bonds, debentures or other securities of the Corporation now or hereafter authorized otherwise than in accordance with the conversion, exchange or other rights, if any, which may from time to
time attach to any series of the Second Preferred Shares.

**Rights to Attend and Vote at Shareholders' Meetings** 

12. Subject to the provisions of the *Canada Business Corporations Act,* and except as hereinafter provided,
the holders of the Second Preferred Shares shall not be entitled to receive notice of or attend any meeting of the shareholders of the Corporation and shall not be entitled to any vote at any such meeting. The holders of any particular series of
Second Preferred Shares will, if the directors so determine prior to the issuance of any such series, be entitled to such voting rights as may be determined by the directors if the Corporation fails to pay dividends on that series of Second
Preferred Shares for any period as may be so determined by the directors.

**Amendments** 

13. The provisions of sections 1 to 11, inclusive, the provisions of this section 12 and the provisions of the
following section 13 may be repealed, altered, modified, amended or amplified only with the sanction of the holders of the Second Preferred Shares given as hereinafter specified in addition to any other approval required by the *Canada Business Corporations Act.* 

**Sanction by Holders of Second Preferred Shares** 

14. The sanction of holders of the Second Preferred Shares or of any series of the Second Preferred Shares as to
any and all matters referred to herein or as may otherwise be required by the *Canada Business Corporations Act* or the provisions relating to any particular series may, subject to the provisions applicable to such series, and subject to the
provisions of the *Canada Business Corporations Act,* be given by resolution passed at a meeting of such holders duly called and held for such purpose at which the holders of at least a majority of the outstanding Second Preferred Shares or
series, as the case may be, are present or represented by proxy and carried by the affirmative vote of the holders of not less than 66 2/3 per cent of the Second Preferred Shares or series, as the case may be, represented and voted at such
meeting cast on a poll. If at any such meeting the holders of a majority of the outstanding Second Preferred Shares or series, as the case may be, are not present or represented by proxy within half an hour after the time appointed for the meeting
then the meeting shall be adjourned to such date being not less than 15 days later and to such time and place as may be appointed by the chairman and at least ten days notice shall be given of such adjourned meeting but it shall not be necessary in
such notice to specify the purpose for which the meeting was originally called. At such adjourned meeting the holders of Second Preferred Shares present or represented by proxy shall form a quorum and may transact the business for which the meeting
was originally convened and a resolution passed thereat by the affirmative vote of the holders of not less than 66 2/3 per cent of the Second Preferred Shares represented and voted at such adjourned meeting cast on a poll shall constitute the
sanction of the holders of Second Preferred Shares or series referred to in this section 13. The formalities to be observed with respect to the giving of notice of any such meeting or adjourned meeting and the conduct thereof shall be those which
may from time to time be prescribed in the by-laws of the Corporation with respect to meetings of shareholders. On every poll taken at every such meeting or adjourned meeting every holder of Second Preferred
Shares shall be entitled to one vote in respect of each Second Preferred Share held.

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**<u>SCHEDULE "B"</u>**

RESTATED ARTICLES OF INCORPORATION

SOUTH BOW CORPORATION

(the **"Corporation")**

**Other Provisions** 

In addition to any power the directors may have pursuant to the *Canada Business Corporations Act* to fill vacancies among their number, but subject to the maximum number of directors provided for in the articles, the directors may appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of shareholders, provided the total number of directors so appointed may not exceed one-third of the number of directors elected at the previous annual meeting of shareholders.

Meetings of shareholders of the Corporation may be held outside Canada at any of the following places: Chicago, Illinois; Boston, Massachusetts; New York, New York; Washington, D.C.; Denver, Colorado; Houston, Texas; Atlanta, Georgia; Tampa, Florida; and Orlando, Florida.

## Exhibit 3.2

**Exhibit 3.2** 

**<u>SOUTH BOW CORPORATION</u>**

**<u>BY-LAW NUMBER 1</u>**

A By-law relating generally to

the transaction of the business

and affairs of

South Bow Corporation

**BE IT ENACTED** as a by-law of South Bow Corporation as follows:

**ARTICLE 1** 

**INTERPRETATION** 

**1.1** **Definitions**. In this by-law and all other by-laws and ordinary and special resolutions of the Corporation, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Act**" means the *Canada Business Corporations Act* and any act that may be substituted
therefor, and the regulations promulgated thereunder, as from time to time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws** ": (i) means the applicable securities legislation of
each relevant province and territory of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and
notices of the securities commission and similar regulatory authority of each province and territory of Canada; and (ii) all applicable securities legislation in the United States, including, without limitation, the United States *Securities Act of   1933*, the United States *Securities Exchange Act of   1934* and the rules and regulations promulgated thereunder, and any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**articles**" means the articles of incorporation, amalgamation or arrangement, as applicable, of
the Corporation, as from time to time amended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**board**" means the board of directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Corporation**" means the corporation, "South Bow Corporation"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**meetings of shareholders**" includes an annual or special meeting of shareholders or of any
class or classes of shareholders.

**1.2** **Interpretation**. Subject to paragraph 1.1 of this by-law, words
and expressions defined in the Act have the same meanings when used herein; words importing the singular include the plural and vice versa; words importing any gender include any other gender; and words importing persons include individuals, bodies
corporate, partnerships, trusts and unincorporated organizations.

**1.3** **Subordination**. This by-law and all other by-laws are subordinate to and should be read subject to the Act, the articles of the Corporation and any other applicable law.

**ARTICLE 2** 

**REGISTERED OFFICE** 

**2.1** **Registered Office**. The registered office of the Corporation shall be at such place in the City of
Calgary, in the Province of Alberta, as the board may from time to time determine.

**2.2** **Trade Name**. The Corporation may carry on business as or identify itself by South Bow.

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**ARTICLE 3** 

**DIRECTORS** 

**3.1** **Powers and Quorum**. The board shall manage the business and affairs of the Corporation. A majority of the
directors shall constitute a quorum.

**3.2** **Number of Directors** *.* Subject to the Act, Applicable Securities Laws, applicable stock exchange
requirements and any minimum and maximum number of directors specified in the articles, the number of directors to be elected at any meeting of shareholders shall be the number of directors then in office, or such other number as has been determined
from time to time by resolution of the board of directors.

**3.3** **Election and Term**. The directors shall be elected at each annual meeting of shareholders to hold office
until the next annual meeting or until their respective successors are elected or appointed. At any annual meeting every retiring director shall, if qualified, be eligible for re-election.

**3.4** **Vacancies**. Subject to the Act, where a vacancy occurs in the board, and a quorum of directors remains,
the directors remaining in office may appoint a qualified person to fill the vacancy for the remainder of the term.

**3.5** **Advance Notice of Nominations of Directors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Act and the articles of the Corporation, only persons who are nominated in accordance with the
following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes
for which the special meeting was called was the election of directors, called:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the board, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with
the provisions of the Act, or a requisition of the shareholders made in accordance with the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by any person (a "Nominating Shareholder"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) who, at the close of business on the date of the giving of the notice provided for below in this paragraph 3.5
and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies with the notice procedures set forth below in this paragraph 3.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, the
Nominating Shareholder must have given timely notice thereof in proper written form to the corporate secretary of the Corporation at the principal executive offices of the Corporation in accordance with this paragraph 3.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely, a Nominating Shareholder's notice to the corporate secretary of the Corporation must be
given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual meeting of shareholders, not less than 30 days before the date of the annual meeting
of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date (the "Notice Date") on which the first public announcement of the date of the
annual meeting was made, notice by the Nominating Shareholder may be given not later than the close of business on the tenth day following the Notice Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose
of electing directors (whether or not called for other purposes), not later than the close of business on the fifteenth day following the day on which the first public announcement of the date of the special meeting of shareholders was made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of an annual meeting of shareholders or a special meeting of shareholders called for the purpose of
electing directors (whether or not called for other purposes) where notice-and-access is used for delivery of proxy related materials, not less than 40 days before the
date of the annual meeting of shareholders or the special meeting of shareholders (but in any event, not prior to the Notice Date); provided, however, that in the event that the annual meeting of shareholders or special meeting of shareholders is to
be held on a date that is less than 50 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting or special meeting was made, notice by the Nominating Shareholder may be given not
later than the close of business on the tenth day following the Notice Date for an annual meeting, and not later than the close of business on the fifteenth day following the Notice Date for a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a Nominating Shareholder's notice to the corporate secretary of the
Corporation must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the Nominating Shareholder proposes to nominate for election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name, age, business address and residential address of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal occupation or employment of the person, both present and within the five years preceding the
notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) whether the person is a resident Canadian within the meaning of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the class or series and number of shares in the capital of the Corporation which are owned beneficially or of
record by the person or under the control or direction of the person as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any other information relating to the person that would be required to be disclosed in a dissident's proxy
circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the Nominating Shareholder giving the notice, any proxy, contract, arrangement, understanding or
relationship pursuant to which such Nominating Shareholder has a right to vote any shares of the Corporation and any other information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in
connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws.

The Corporation may require any proposed nominee to furnish such other information as may be required by the Act, Applicable Securities Laws, or the rules of any stock exchange on which the Corporation's shares are listed to determine the eligibility of such proposed nominee to serve as a director of the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No person shall be eligible for election as a director of the Corporation unless nominated in accordance with
the provisions of this paragraph 3.5; provided, however, that nothing in this paragraph 3.5 shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter in respect
of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the
foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this paragraph 3.5, "public announcement" means disclosure in a press release
reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on the System for Electronic Data Analysis and Retrieval + at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provision of this by-law, notice given to the
corporate secretary of the Corporation pursuant to this paragraph 3.5 may only be given by personal delivery or by email, and shall be deemed to have been given and made only at the time it is served by personal delivery (at the address of the
principal executive offices of the Corporation) or email (at such email address as stipulated from time to time by the corporate secretary of the Corporation for purposes of this notice) to the corporate secretary; provided that if such delivery or
electronic communication is made on a day which is not a business day or later than 5:00 p.m. (Calgary time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day
that is a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this paragraph
3.5. **3.6** **Meetings**. Meetings of the board may be held at any place within or outside Canada. Meetings may be
called by the chair, vice chair, the chief executive officer, the president or any two directors.

**3.7** **Meetings by Telephone or Electronic Facility**. Subject to the requirements of the Act, any director may
participate in a meeting of the board by means of a telephonic, electronic or other communication facility that permits all persons participating in the meeting to communicate adequately with each other during the meeting. Each director so
participating shall be deemed to be present at such meeting and such meeting shall be deemed to be held at the place specified in the notice calling such meeting and, in the absence of any such specification, at the place where or from which the
chair of the meeting shall have presided.

**3.8** **Resolution in Lieu of Meeting**. A resolution in writing, signed by all the directors entitled to vote on
that resolution at a meeting of directors or a committee of directors, is as valid as if it had been passed at a meeting of directors or committee of directors.

**3.9** **Notices**. Notice of the time and place for holding a meeting shall be given to every director not less
than 48 hours before the meeting is to be held; provided that notice shall not be required if the meeting is held immediately following an annual meeting of shareholders.

**3.10** **Voting**. At all meetings of the board every matter shall be decided by a majority of the votes cast. In
case of an equality of votes, the chair of the meeting shall not be entitled to a second or casting vote.

**3.11** **Remuneration of Directors**. The directors shall be paid such remuneration for their services as the board
may from time to time determine. The remuneration, if any, payable to a director who is also an officer or employee of the Corporation or who serves it in any professional capacity shall, unless the board otherwise directs, be in addition to such
person's salary as an officer or employee or to such person's professional fees, as the case may be. The directors may also be paid their reasonable out-of-pocket expenses incurred in attending meetings of the directors, shareholders or committees of the board or otherwise in the performance of their duties.

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**ARTICLE 4** 

**COMMITTEES** 

**4.1** **Executive or Planning Committee**. The directors may appoint from among their number an executive or
planning committee and delegate to the executive or planning committee any powers of the board, subject to any restrictions imposed from time to time by the board or by the Act. Meetings of the executive or planning committee may be held at any
place within or outside Canada.

**4.2** **Audit Committee**. The directors shall appoint from among their number an audit committee to be composed
of not fewer than three directors, who shall not be officers or employees of the Corporation or any affiliate of the Corporation. The audit committee shall have the duties provided in the Act and may exercise such other duties and perform such other
functions as may be determined by the board.

**4.3** **Other Committees**. Subject to the Act, the directors may from time to time appoint such other committees
with such duties as it may deem advisable.

**4.4** **Procedure**. Subject to the Act and any restrictions imposed by the board, each committee shall have the
power to fix its quorum at not less than a majority of its members, to elect its chair and to regulate its procedure.

**ARTICLE 5** 

**OFFICERS** 

**5.1** **Appointment**. The board shall appoint a chief executive officer, a chief financial officer and a
corporate secretary and shall elect or appoint a chair of the board who may serve in a non-executive capacity. The board may appoint a president, a vice chair, one or more executive, senior, assistant and/or
other vice presidents, a treasurer and a controller and such other officers as the board may determine, including one or more assistants to any of the officers so appointed. No person may hold the office of chair or vice chair unless that person is
a director. The same person may hold more than one office, provided that the chief financial officer shall not be the chief executive officer on a permanent basis.

**5.2** **Chief Executive Officer**. The chief executive officer shall have the general supervision of the business
and affairs of the Corporation, subject to the direction of the board. In addition, the chief executive officer shall have the power to appoint an assistant controller, an assistant treasurer, an assistant corporate secretary and such division or
business unit presidents and/or division or business unit vice presidents and such other divisional or business unit officers as the chief executive officer considers appropriate. Any such division or business unit presidents and division or
business unit vice presidents are not, and shall not be, unless otherwise designated by the board, officers of the Corporation.

**5.3** **Chief Financial Officer**. *The chief financial officer shall (a) be responsible for keeping proper accounting records in compliance with the Act; (b) be responsible for the deposit of money, the safekeeping of securities and the disbursement of funds of the Corporation; and (c) have such other powers and duties as the board may specify.* 

**5.4** **Chief Operating Officer**. The board may designate an officer as the chief operating officer. The chief
operating officer shall have the general supervision of the operations of the Corporation, subject to the direction of the chief executive officer.

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**5.5** **Chair**. The chair shall preside at all meetings of the board and of shareholders and shall have such
other powers and duties as the board may prescribe. If and whenever the chair is unable to act, the chair's powers and duties shall devolve upon the vice chair, if appointed, or failing the vice chair, the chief executive officer.

**5.6** **Corporate Secretary**. The corporate secretary shall attend and be the secretary of all meetings of the
board and shareholders; shall give or cause to be given notices of such meetings; and shall be the custodian of the corporate seal and of the records and contracts, documents and other instruments of the Corporation except when some other person has
been designated for that purpose by the board.

**5.7** **Other Powers and Duties**. Every officer, except the chief executive officer and the chair, shall have
such powers and duties as the board or the chief executive officer may prescribe in addition to the powers and duties provided by this by-law. Any of the powers and duties of an officer to whom an assistant
has been appointed may be exercised and performed by such assistant, unless the board or the chief executive officer otherwise directs.

**5.8** **Term of Office**. Every officer appointed by the board shall hold office during the pleasure of the board.

**ARTICLE 6** 

**PROTECTION OF DIRECTORS AND OFFICERS** 

**6.1** **Limitation of Liability**. No director or officer of the Corporation shall be liable for the acts,
receipts, neglects or defaults of any other director or officer or any employee or for any liability or expense sustained or incurred by the Corporation in the execution of the duties of such director's office, provided that nothing herein
contained shall relieve any director or officer of any liability in contravention of the Act or any other applicable statute.

**6.2** **Indemnity and Insurance**. Subject to the limitations contained in the Act but without limit to the right
of the Corporation to indemnify any person under the Act or otherwise, the Corporation shall indemnify a director or officer, a former director or officer, and may indemnify an individual who acts or acted at the Corporation's request as a
director or officer or in a similar capacity of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal or
administrative, investigative or other proceeding in which the individual is involved because of that association with the Corporation or other entity, if the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acted honestly and in good faith with a view to the best interests of the Corporation, or as the case may be,
to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity at the Corporation's request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the
individual had reasonable grounds for believing that the individual's conduct was lawful.

Subject to the limitations contained in the Act, the Corporation may purchase and maintain such insurance for the benefit of such persons referred to in this section as the board may from time to time determine.

**ARTICLE 7** 

**SHARES** 

**7.1** **Share Certificates**. Share certificates shall be signed by the chair, the vice chair, the president or a
vice president and by the corporate secretary or an assistant secretary and need not be under the corporate seal. Share certificates representing shares in respect of which a transfer agent has been appointed shall be countersigned manually by or on
behalf of such transfer agent. The facsimile signature of such officers or, in the case of share certificates representing shares in respect of which a transfer agent has been appointed, of both of such officers, may be mechanically reproduced
thereon. Share certificates so signed shall continue to be valid notwithstanding that one or both of the officers whose signature is mechanically reproduced thereon no longer holds office at the date of issue thereof.

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**7.2** **Transfer Agent and Registrar**. The board may appoint or remove a transfer agent or a registrar and one or
more branch transfer agents or registrars for the shares of the Corporation.

**ARTICLE 8** 

**MEETING OF SHAREHOLDERS** 

**8.1** **Meetings**. Meetings of shareholders shall be held at such place within or outside Canada as specified in
the Corporation's articles at such time and on such day as the board may determine. To the extent permitted by the Act, meetings of shareholders may be held entirely by means of a telephonic, electronic or other communication facility,
including teleconferencing, video conferencing, computer link, webcasting and other similar means and any such meeting shall be deemed to be held at the registered office of the Corporation.

**8.2** **Notice of Meetings and Documentation**. Notice of the time and place of a meeting of shareholders shall be
sent not less than 21 days and not more than 60 days before the meeting to each shareholder entitled to vote at the meeting, to each director and to the auditor of the Corporation. Where there is more than one person registered as a shareholder in
respect of any share or shares, such notice may be given to whichever of such persons is named first in the securities register of the Corporation and any notice so given shall be sufficient notice to all of them.

---

| | |
|:---|:---|
| Notice | of shareholder meetings or any notices or documents intended for shareholders may be given by any means permitted under the articles or by-laws of the Corporation or any other applicable law. In the event that it is impossible or impracticable for any reason whatsoever to give notice as otherwise permitted under the laws governing the Corporation, notice may be given by advertisement published once in a newspaper in such cities or places as the directors may from time to time determine.  |

---

**8.3** **Record Date of Notice**. The board may fix in advance a record date preceding the date of any meeting of
shareholders by not more than 60 days and not less than 21 days for the determination of the shareholders entitled to notice of, and vote at, the meeting, provided that notice of any such record date is given not less than 7 days before such record
date in the manner provided in the Act. If no record date is so fixed, the record date for the determination of the shareholders entitled to notice of, and to vote at, the meeting shall be the close of business on the day immediately preceding the
day on which the notice is given.

**8.4** **Quorum**. Two persons present and each entitled to vote thereat and representing either in their own right
or by proxy or as the duly authorized representative of a corporate shareholder 25 per cent of the issued shares of the Corporation carrying voting rights at such time shall constitute a quorum at any meeting of shareholders.

**8.5** **Proxies**. A shareholder entitled to vote at a meeting of shareholders may by means of a proxy appoint a
proxyholder or one or more alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the power conferred by the proxy. An instrument of proxy
shall conform to the requirements of the Act and any requirements established by the board or shall be otherwise acceptable to the chair of the meeting at which the instrument of proxy is to be used. The decision of the chair of the meeting on any
question regarding the validity or invalidity of any instruments of proxy and any questions as to the admission or rejection of a vote shall be conclusive and binding upon the shareholders. The chair of the meeting shall have the right to waive or
extend any proxy deposit deadlines in his or her sole discretion.

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**8.6** **Persons Entitled to be Present**. The only persons entitled to attend a meeting of shareholders shall be
those entitled to vote thereat and such others who, although not entitled to vote thereat, are entitled or required to attend under the Act, the articles, the by-laws or applicable laws. Any other person may
be permitted to attend a meeting of shareholders by the chair of the meeting or with the consent of the meeting.

**8.7** **Voting**. Subject to the Act, the articles and any other applicable law, every matter at a meeting of
shareholders shall be decided by a show of hands unless a ballot is required by the chair or demanded by any person entitled to vote. Upon a show of hands every person entitled to vote shall have one vote. After a vote by a show of hands has been
taken the chair may still require or any person entitled to vote may still demand a ballot thereon. Whenever a vote by show of hands has been taken, unless a ballot is required or demanded, a declaration by the chair of the meeting that the vote
upon the matter has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the meeting shall be *prima facie* evidence of the result of the vote.

**8.8** **Electronic Voting**. The board may determine that, in combination with other voting means, any vote of
shareholders may also be held, in accordance with any regulations under the Act, by means of telephonic, electronic or other communication facility, if the Corporation makes available such a communication facility.

**8.9** **Votes to Govern**. Unless otherwise required by the Act, the articles or any other applicable law, every
matter at a meeting of shareholders shall be decided by a majority of the votes cast on the matter. In case of an equality of votes, either upon a show of hands or upon a poll, the chair of the meeting of shareholders shall not be entitled to a
second or casting vote.

**8.10** **Ballots**. If a ballot is required by the chair of the meeting or demanded by any person entitled to vote,
a ballot upon the matter shall be taken in such manner as the chair of the meeting shall direct.

**8.11** **Scrutineers**. At any meeting of the shareholders, one or more persons, who may be shareholders, may be
appointed to serve as scrutineers at the meeting either by a resolution of the meeting or by the chair.

**8.12** **Adjournment**. The chair of any meeting of shareholders may, and if so directed by the meeting must,
adjourn the meeting from time to time and from place to place. The reconvened meeting following the adjournment shall be duly constituted if a quorum is present and if it is held in accordance with the terms of the adjournment. If there is no quorum
present at the reconvened meeting following the adjournment, the original meeting shall be deemed to have terminated forthwith after its adjournment.

**8.13** **Inquiries**. The board or the chair of any meeting of shareholders may, but need not, at any time
(including prior to, at, or subsequent to the meeting), ask questions of, and request the production of evidence from, a shareholder (including a beneficial owner), the transfer agent or such other person as the board or the chair considers
appropriate for the purposes of determining a person's share ownership position as at the relevant record date and authority to vote. For greater certainty, the board or the chair may, but need not, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) inquire into the legal or beneficial share ownership of any person as at the relevant record date and the
authority of any person to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) request from that person production of evidence as to such share ownership position and the existence of the
authority to vote.

Any such inquiry or request by the board or the chair shall be responded to as soon as reasonably possible.

------

**ARTICLE 9** 

**NOTICES** 

**9.1** **Giving of Notice**. Any notice or other document to be given or sent by the Corporation to a shareholder,
director or officer or to the auditor of the Corporation or any other person may be given or sent by prepaid mail or by any electronic or other communication facility, or may be delivered personally to, the person to whom it is to be given or sent
at the person's latest address as shown in the records of the Corporation or its transfer agent or in any notice filed in accordance with the provisions of the Act. The board may establish, by resolution, procedures to give, deliver or send a
notice or other document to the shareholders, directors, the auditor or other persons by any means permitted under the laws governing the Corporation or pursuant to the articles or by-laws of the Corporation.
The accidental omission to give notice to any shareholder, director or officer or to the auditor or other persons or the non-receipt of any notice or any error in a notice not affecting the substance thereof
shall not invalidate any action taken at any meeting called by such notice or otherwise founded thereon. Any notice with respect to any shares registered in more than one name may, if more than one address appears on the books of the Corporation in
respect of such joint holding, be given the joint shareholders at any such address.

Subject to applicable laws, a notice or other document shall be deemed to have been given, delivered or sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when it is delivered personally or to the address recorded in the records or security register of the
Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when it has been deposited in a post office or post office letter box; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when it has been dispatched or delivered for dispatch by means of electronic or other communication facilities.

**ARTICLE 10** 

**DIVIDENDS AND OTHER RIGHTS** 

**10.1** **Dividends**. Subject to the Act, the board may from time to time declare dividends payable to the
shareholders according to their respective rights and interests in the Corporation.

**10.2** **Record Date for Dividends and other Rights**. For the purpose of determining the persons entitled to
receive payment of any dividend or for any other purpose except the right to receive notice of or to vote at a meeting of shareholders, the board may fix in advance a date preceding the date for the particular action by not more than 60 days for the
determination of such persons. Notice of such date shall be given not less than 7 days prior to such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by advertisement in a newspaper distributed in the place where the Corporation has its registered office and in
each place in Canada where it has a transfer agent or where a transfer of its shares may be recorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by written notice to each stock exchange in Canada on which the shares of the Corporation are listed for
trading.

If no record date is so fixed, the record date for the determination of the shareholders entitled to receive payment of any dividend or for any other purpose except the right to receive notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the board passes the resolution relating thereto.

------

**ARTICLE 11** 

**GENERAL** 

**11.1** **Financial Year**. The financial year of the Corporation shall end on the 31st day of December unless and
until changed by the board.

**11.2** **Corporate Seal**. The corporate seal shall bear the name of the Corporation and may bear such insignia as
may be approved from time to time by the board.

**11.3** **Execution of Instruments**. Contracts, documents and other instruments requiring execution by the
Corporation may be signed on behalf of the Corporation by such directors and officers of the Corporation as are authorized by the board from time to time. The board may, by resolution, establish certain protocols and authorities for the signing of
contracts, documents and other instruments on behalf of the Corporation. In the absence of any specific board authority, the chief executive officer, as to any instruments pertaining solely to a division, business unit or sub-unit, may designate any divisional or business unit officers or employees to execute instruments, either solely, with another, or generally or specifically, on behalf of such division or business unit. Any
signing officer may affix the corporate seal to any instrument requiring the same.

**11.4** **Banking**. The bank accounts of the Corporation shall be kept with such banks or trust companies as the
board may from time to time determine and the board may appoint the chief financial officer and treasurer to determine such banks or trust companies from time to time. The board may appoint any person or persons as authorized signatories on any such
bank accounts as it may from time to time determine.

**ARTICLE 12** 

**DIVISIONS AND BUSINESS UNITS** 

**12.1** **Creation and Consolidation of Divisions and Business Units**. The board may cause the business and
operations of the Corporation or any part thereof to be divided or to be segregated into one or more divisions or business units upon such basis, including without limitation, character or type of operation, geographical territory, product
manufactured or service rendered, as the board may consider appropriate in each case. The board may also cause the business and operations of any such division or business unit to be further divided into sub-units and the business and operations of any such divisions, business units or sub-units to be consolidated upon such basis as the board may consider appropriate in
each case.

**12.2** **Name of Division or Business Units**. Any division, business unit or their sub-units may be designated by such name as the board may from time to time determine and may transact business, enter into contracts, sign cheques and other documents of any kind and do all acts and things
under such name. Any such contract, cheque or document shall be binding upon the Corporation when signed in accordance with paragraph 11.3 as if it had been entered into or signed in the name of the Corporation.

**ARTICLE 13** 

**EFFECTIVE DATE AND REPEAL** 

**13.1** **Effective Date**. This by-law shall come into force upon the date
of the approval of the by-law by the board.

**13.2** **Repeal**. The by-laws of the Corporation heretofore enacted are
repealed. The repeal of such by-laws shall be without prejudice to any action taken or right acquired or obligation incurred thereunder. All directors, officers and other persons acting under any repealed by-law shall continue to act as if elected or appointed under the provisions of this by-law. All resolutions with continuing effect of the board, committees of the board and
shareholders shall continue in effect except to the extent inconsistent with this by-law.

*[Remainder of page intentionally left blank]* 

------

The foregoing by-law was approved by the directors of the Corporation effective October 1, 2024 and was confirmed without variation by the shareholders of the Corporation effect October 1, 2024.

---

| |
|:---|
| /s/ Lori M. Muratta |
| Lori M. Muratta |
| Senior Vice-President and General Counsel |
| /s/ Kevin B. Engel |
| Kevin B. Engel |
| Vice-President, Corporate Finance |

---

## Exhibit 3.3

**Exhibit 3.3** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | |
|:---|:---|
| **Certificate of Incorporation** | **Certificat de constitution** |
| ***Canada Business Corporations Act*** | ***Loi canadienne sur les sociétés par actions*** |

---

---

| |
|:---|
| 15142083 Canada Ltd. |
| Corporate name / Dénomination sociale |
| 1514208-3 |
| Corporation number / Numéro de société |

---

---

| | |
|:---|:---|
| I HEREBY CERTIFY that the above-named corporation, the articles of incorporation of which are attached, is incorporated under the *Canada Business Corporations Act*. | JE CERTIFIE que la société susmentionnée, dont les statuts constitutifs sont joints, est constituée en vertu de la *Loi canadienne sur les sociétés par actions*. |

---

---

| |
|:---|
| ![LOGO](g13229dsp2aa.jpg) |
| Hantz Prosper |
| Director / Directeur |
| 2023-06-23 |
| Date of Incorporation (YYYY-MM-DD)<br> Date de constitution (AAAA-MM-JJ) |

---

![LOGO](g13229dsp1a.jpg)

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | |
|:---|:---|
| **Form 1** | **Formulaire 1** |
| **Articles of Incorporation** | **Statuts constitutifs** |
| *Canada Business Corporations* | *Loi canadienne sur les sociétés* |
| *Act (s. 6)* | *par actions (art. 6)* |

---

---

| | |
|:---|:---|
| 1 | Corporate name |
|  | Dénomination sociale |
|  | **15142083 Canada Ltd.** |
| 2 | The province or territory in Canada where the registered office is situated |
|  | La province ou le territoire au Canada où est situé le siège social |
|  | **AB** |
| 3 | The classes and any maximum number of shares that the corporation is authorized to issue |
|  | Catégories et le nombre maximal d'actions que la société est autorisée à émettre |
|  | **See attached schedule / Voir l'annexe ci-jointe** |
| 4 | Restrictions on share transfers |
|  | Restrictions sur le transfert des actions |
|  | **See attached schedule / Voir l'annexe ci-jointe** |
| 5 | Minimum and maximum number of directors |
|  | Nombre minimal et maximal d'administrateurs |
|  | **Min. 1 Max. 15** |
| 6 | Restrictions on the business the corporation may carry on |
|  | Limites imposées à l'activité commerciale de la société |
| 7 | Other Provisions |
|  | Autres dispositions |
|  | **See attached schedule / Voir l'annexe ci-jointe** |
| 8 | **Incorporator's Declaration:** I hereby certify that I am authorized to sign and submit this form. |
|  | **Déclaration des fondateurs :** J'atteste que je suis autorisé à signer et à soumettre le présent formulaire. |

---

---

| | |
|:---|:---|
| Name(s) - Nom(s) | Original Signed by - Original signé par |
| Jeffrey J. Bakker | Jeffrey J. Bakker |
|  | Jeffrey J. Bakker |

---

Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250(1) of the CBCA).

Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA).

You are providing information required by the CBCA. Note that both the CBCA and the *Privacy Act* allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049.

Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la *Loi sur les renseignements personnels* permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

IC 3419 (2008/04)

------

**SCHEDULE** 

**AUTHORIZED CAPITAL** 

The Corporation is authorized to issue an unlimited number of Common Shares. The rights, privileges, restrictions and conditions attached to the Common Shares are as follows:

**<u>Common Shares</u>** 

The rights of the holders of the Common Shares are equal in all respects and include the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to vote at all meetings of shareholders of the Corporation, except meetings at which only holders of a
specified class of shares are entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the rights, privileges, restrictions and conditions attaching to any other class or series of shares
of the Corporation, to receive any dividend declared by the Corporation on the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the rights, privileges, restrictions and conditions attaching to any other class or series of shares
of the Corporation, to receive the remaining property of the Corporation upon dissolution.

------

**SCHEDULE** 

**RESTRICTIONS ON TRANSFER OF SHARES** 

No securities of the Corporation, other than non-convertible debt securities, shall be transferred without the consent of either (a) a majority of the directors of the Corporation expressed by a resolution passed at a meeting of the board of directors or by an instrument or instruments in writing signed by a majority of the directors, or (b) the holders of a majority of the outstanding shares of the Corporation entitling the holders thereof to vote in all circumstances (other than a separate class vote of the holders of another class of shares of the Corporation) expressed by a resolution passed at a meeting of such shareholders or by an instrument or instruments in writing signed by the holders of a majority of such shares.

------

**SCHEDULE** 

**OTHER PROVISIONS** 

1. **Authorization to Appoint Additional Directors.** The directors may, within the maximum number permitted by
the articles, appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of the shareholders, but the total number of directors so appointed may not exceed one third of the
number of directors elected at the previous annual meeting of shareholders.

## Exhibit 3.4

**Exhibit 3.4** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | |
|:---|:---|
| **Certificate of Amendment** | **Certificat de modification** |
| ***Canada Business Corporations Act*** | ***Loi canadienne sur les sociétés par actions*** |

---

---

| |
|:---|
| South Bow Infrastructure Holdings Ltd. |
| Corporate name / Dénomination sociale |
| 1514208-3 |
| Corporation number / Numéro de société |

---

---

| | |
|:---|:---|
| I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 178 of the *Canada Business Corporations Act* as set out in the attached articles of amendment. | JE CERTIFIE que les statuts de la société susmentionnée sont modifiés aux termes de l'article 178 de la *Loi canadienne sur les sociétés par actions*, tel qu'il est indiqué dans les clauses modificatrices ci-jointes. |

---

---

| |
|:---|
| ![LOGO](g13229dsp2aa.jpg) |
| Hantz Prosper |
| Director / Directeur |
| 2024-09-11 |
| Date of amendment (YYYY-MM-DD)<br> Date de modification (AAAA-MM-JJ) |

---

![LOGO](g13229dsp1a.jpg)

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | |
|:---|:---|
| **Form 4** | **Formulaire 4** |
| **Articles of Amendment** | **Clauses modificatrices** |
| *Canada Business Corporations Act* | *Loi canadienne sur les sociétés par* |
| *(CBCA) (s. 27 or 177)* | *actions (LCSA) (art. 27 ou 177)* |

---

---

| | |
|:---|:---|
| 1 | Corporate name |
|  | Dénomination sociale |
|  | **15142083 Canada Ltd.** |
| 2 | Corporation number |
|  | Numéro de la société |
|  | **1514208-3** |
| 3 | The articles are amended as follows |
|  | Les statuts sont modifiés de la façon suivante |
|  | The corporation changes its name to: |
|  | La dénomination sociale est modifiée pour : |
|  | **South Bow Infrastructure Holdings Ltd.** |
| 4 | Declaration: I certify that I am a director or an officer of the corporation. |
|  | Déclaration : J'atteste que je suis un administrateur ou un dirigeant de la société. |

---

---

| |
|:---|
| Original signed by / Original signé par |
| Jennifer Geggie |
| Jennifer Geggie |
| 403-920-2000 |

---

Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250 (1) of the CBCA).

Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA).

You are providing information required by the CBCA. Note that both the CBCA and the *Privacy Act* allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049.

Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la *Loi sur les renseignements personnels* permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

---

| | |
|:---|:---|
| ![LOGO](g13229g0614185240370.jpg) | IC 3069 (2008/04) |

---

------

![LOGO](g13229dsp093.jpg)

## Exhibit 3.5

**Exhibit 3.5** 

**BY-LAW NO. 1** 

A by-law relating generally to

the transaction of the business

and affairs of

**15142083 CANADA LTD.** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  **SECTION ONE INTERPRETATION** | **SECTION ONE INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Unanimous Shareholder Agreement | 1 |
|  **SECTION TWO BUSINESS OF THE CORPORATION** | **SECTION TWO BUSINESS OF THE CORPORATION** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Registered Office | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Corporate Seal | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Financial Year | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Execution of Instruments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Banking Arrangements | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Voting Rights in Other Bodies Corporate | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Divisions | 2 |
|  **SECTION THREE DIRECTORS** | **SECTION THREE DIRECTORS** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Number of Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Qualification | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Election and Term | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Removal of Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Vacation of Office | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Appointment of Additional Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Action by the Board | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Canadian Directors Present at Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Meeting by Telephone | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Place of Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Calling of Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Notice of Meeting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | First Meeting of New Board | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | Adjourned Meeting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | Regular Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | Chair | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | Quorum | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | Votes to Govern | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | Conflict of Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | Remuneration and Expenses | 5 |
|  **SECTION FOUR COMMITTEES** | **SECTION FOUR COMMITTEES** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Committees of the Board | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Transaction of Business | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Advisory Bodies | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Quorum and Procedure | 5 |

---

-i-

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  **SECTION FIVE OFFICERS** | **SECTION FIVE OFFICERS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Appointment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Chair of the Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | President | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Secretary | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Treasurer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Powers and Duties of Officers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Term of Office | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Agents and Attorneys | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Conflict of Interest | 7 |
|  **SECTION SIX PROTECTION OF DIRECTORS, OFFICERS AND OTHERS** | **SECTION SIX PROTECTION OF DIRECTORS, OFFICERS AND OTHERS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Limitation of Liability | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Indemnity | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Advance of Costs | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Limitation | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Additional Circumstances | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Insurance | 8 |
|  **SECTION SEVEN SHARES** | **SECTION SEVEN SHARES** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Issuances of Shares | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Registration of Transfers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Dealing with Registered Holders | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Share Certificates | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Replacement of Share Certificates | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Joint Shareholders | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | Deceased Shareholders | 9 |
|  **SECTION EIGHT DIVIDENDS** | **SECTION EIGHT DIVIDENDS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Dividends | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Record Date for Dividends | 9 |
|  **SECTION NINE MEETINGS OF SHAREHOLDERS** | **SECTION NINE MEETINGS OF SHAREHOLDERS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Annual Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Special Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Place of Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Participation in Meeting by Electronic Means | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Meeting held by Electronic Means | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Notice of Meetings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | List of Shareholders Entitled to Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Record Date for Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Meetings Without Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | Chair, Secretary and Scrutineers | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Persons Entitled to be Present | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Quorum | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Right to Vote | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Proxyholders and Representatives | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | Time for Deposit of Proxies | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | Joint Shareholders | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | Votes to Govern | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | Show of Hands | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | Ballots | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | Adjournment | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | Action in Writing by Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 | Only One Shareholder | 13 |

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-ii-

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  **SECTION TEN NOTICES13** | **SECTION TEN NOTICES13** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Method of Giving Notices | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Notice to Joint Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Computation of Time | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Undelivered Notices | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Omissions and Errors | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Persons Entitled by Death or Operation of Law | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Waiver of Notice | 14 |
|  **SECTION ELEVEN EFFECTIVE DATE** | **SECTION ELEVEN EFFECTIVE DATE** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Effective Date | 14 |

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-iii-

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BE IT ENACTED as a by-law of the Corporation as follows:

**SECTION ONE** 

**INTERPRETATION** 

**1.1 DEFINITIONS**. In the By-Laws, unless the context otherwise requires:

**"Act"** means the Canada Business Corporations Act, or any statute that may be substituted for it, and the regulations to it, as from time to time amended.

**"Articles"** means the articles attached to the certificate of incorporation of the Corporation, as from time to time amended or restated.

**"Board"** means the board of directors of the Corporation.

**"By-Laws"** means This By-Law and all other by-laws of the Corporation from time to time in force and effect.

**"Corporation"** means the corporation incorporated under the Act by the said certificate to which the Articles are attached, and named "15142083 Canada Ltd.".

**"Director"** means a member of the Board.

**"Meeting of Shareholders"** includes an annual meeting of shareholders and a Special Meeting of Shareholders; and **"Special Meeting of Shareholders"** includes a meeting of any class or classes of shareholders and a special meeting of all shareholders entitled to vote at an annual meeting of shareholders.

**"Recorded Address"** means: in the case of a shareholder, the address as recorded in the securities register; in the case of joint shareholders, the address appearing in the securities register in respect of such joint holding or the first address so appearing if there are more than one; and in the case of a Director, officer, auditor or member of a committee of the Board, the latest address as recorded in the records of the Corporation.

**"This By-Law"** means this By-Law No. 1 of the Corporation.

Except as provided above, words and expressions defined in the Act, including **"resident Canadian"** and **"unanimous shareholder agreement"**, have the same meanings when used herein. Words importing the singular number include the plural and vice versa; and words importing a person include an individual, partnership, association, body corporate, trustee, executor, administrator and legal representative.

**1.2 UNANIMOUS SHAREHOLDER AGREEMENT**. The provisions of the By-Laws shall be subject to any unanimous shareholder agreement entered into from time to time. In the event of any conflict between any provision of the By-Laws and any provision of any unanimous shareholder agreement, the provision of the unanimous shareholder agreement shall prevail to the extent of the conflict, and the Directors and the shareholders shall amend the By-Laws accordingly.

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**SECTION TWO** 

**BUSINESS OF THE CORPORATION** 

**2.1 REGISTERED OFFICE.** The registered office of the Corporation shall be in the province in Canada from time to time specified in the Articles, and at such location within such province initially as is specified in the notice thereof filed with the Articles and thereafter as the Board may from time to time determine.

**2.2 CORPORATE SEAL.** The Corporation may, but need not, adopt a corporate seal and if one is adopted it shall be in a form approved from time to time by the Board.

**2.3 FINANCIAL YEAR.** The financial year of the Corporation shall end on such date as may be determined by the directors from time to time.

**2.4 EXECUTION OF INSTRUMENTS.** Contracts, documents, or other instruments requiring execution by the Corporation may be signed by any two directors or officers. The Board may appoint any other person or persons to sign instruments generally or specifically. The President, together with an officer, as to any contracts, documents or instruments, may designate any officer, employee, agent or representative to execute instruments, either solely or with another, and either generally or specifically, on behalf of the Corporation.

**2.5 BANKING ARRANGEMENTS.** The banking business of the Corporation including without limitation, the borrowing of money and the giving of security for it, shall be transacted with such banks, trust companies or other bodies corporate or organizations as may from time to time be designated by or under the authority of the Board. Such banking business or any part of it shall be transacted under such agreements, instructions and delegations of powers as the Board may from time to time prescribe.

**2.6 VOTING RIGHTS IN OTHER BODIES CORPORATE.** The signing officers of the Corporation under Section 2.4 may execute and deliver proxies and arrange for the issuance of voting certificates or other evidence of the right to exercise the voting rights attaching to any securities held by the Corporation. Such instruments shall be in favour of such persons as may be determined by the officers executing or arranging for them. In addition, the Board may from time to time direct the manner in which and the persons by whom any particular voting rights or class of voting rights may or shall be exercised.

**2.7 DIVISIONS.** The Board may cause the business and operations of the Corporation or any part of them to be divided into one or more divisions upon such basis, including without limitation, types of business or operations, geographical territories, product lines or goods or services, as may be considered appropriate in each case. In connection with any such division, the Board or subject to any direction by the Board, the chief executive officer may authorize from time to time, upon such basis as may be considered appropriate in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Subdivision and Consolidation*. the further division of the business and operations of any such division
into sub-units and the consolidation of the business and operations of any such divisions and sub-units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Name*. the designation of any such division or sub-unit by, and
the carrying on of the business and operations of, any such division or sub-unit under, a name other than the name of the Corporation, provided that the Corporation shall set out its name in legible characters
in all places required by law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Officers*. the appointment of officers for any such division or sub-unit, the determination of their powers and duties, and the removal of any of such officers so appointed, provided that any such officers shall not, as such, be officers of the Corporation.

**SECTION THREE** 

**DIRECTORS** 

**3.1 NUMBER OF DIRECTORS.** Until changed in accordance with the Act, the Board shall consist of not fewer than the minimum number and not more than the maximum number of Directors provided in the Articles.

**3.2 QUALIFICATION.** No person shall be qualified for election as a Director if such person is less than 18 years of age, is of unsound mind and has been so found by a court in Canada or elsewhere, is not an individual, or has the status of a bankrupt. A Director need not be a shareholder. Subject to the Act, at least 25 per cent of the Directors shall be resident Canadians, or if the number of Directors is fewer than four, at least one Director shall be a resident Canadian.

**3.3 ELECTION AND TERM.** The election of Directors shall take place at each annual meeting of shareholders and all the Directors then in office shall retire but, if qualified, shall be eligible for re-election. The number of Directors to be elected at any such Meeting of Shareholders shall be the number of Directors then in office unless the Directors otherwise determine. If the shareholders adopt an amendment to the Articles to increase the number or maximum number of Directors, the shareholders may, at the Meeting of Shareholders at which they adopt the amendment, elect the additional number of Directors authorized by the amendment. The election shall be by resolution. If an election of Directors is not held at the proper time, the incumbent Directors shall continue in office until their successors are elected.

**3.5 VACATION OF OFFICE.** A Director ceases to hold office on death, on removal from office by the shareholders, on ceasing to be qualified for election as a Director, on receipt by the Corporation of a written resignation of such Director, or, if a time is specified in such resignation, at the time so specified, whichever is later. Subject to the Act, a quorum of the Board may appoint a qualified individual to fill a vacancy in the Board.

**3.6 APPOINTMENT OF ADDITIONAL DIRECTORS.** If the Articles of the Corporation so provide, the Directors may, within the maximum number permitted by the Articles, appoint one or more additional Directors, who shall hold office for a term expiring not later than the close of the next annual meeting of the shareholders, but the total number of Directors so appointed may not exceed one third of the number of Directors elected at the previous annual meeting of shareholders.

**3.7 ACTION BY THE BOARD.** Subject to any unanimous shareholder agreement, the Board shall manage, or supervise the management of, the business and affairs of the Corporation. The powers of the Board may be exercised at a meeting of the Board (subject to Sections 3.8 and 3.9) at which a quorum is present or by resolution in writing signed by all the Directors entitled to vote on that resolution at a meeting of the Board. If there is a vacancy in the Board, the remaining Directors may exercise all the powers of the Board so long as a quorum remains in office. If the Corporation has a Board consisting of only one Director, that Director may constitute a meeting.

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**3.8 CANADIAN DIRECTORS PRESENT AT MEETINGS.** Subject to the Act, the Board shall not transact business at a meeting, other than filling a vacancy in the Board, unless at least 25 per cent of the Directors present are resident Canadians, or if the Corporation has fewer than four Directors, at least one of the Directors present is a resident Canadian, except where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resident Canadian Director who is unable to be present approves in writing, or by telephonic, electronic or
other communication facility, the business transacted at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required number of resident Canadians would have been present had that Director been present at the
meeting.

**3.9 MEETING BY TELEPHONE.** Subject to the Act, if all the Directors consent generally or in respect of a particular meeting, a Director may participate in a meeting of the Board or of a committee of the Board by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, and a Director participating in such a meeting by such means is deemed to be present at the meeting. Any such consent shall be effective whether given before or after the meeting to which it relates and may be given with respect to all meetings of the Board and of committees of the Board.

**3.10 PLACE OF MEETINGS.** Meetings of the Board may be held at any place in or outside Canada.

**3.11 CALLING OF MEETINGS.** Meetings of the Board shall be held from time to time at such time and at such place as the Board, the chair of the Board, the president or any two Directors may determine.

**3.12 NOTICE OF MEETING.** Notice of the time and place of each meeting of the Board shall be given in the manner provided in Section 10 to each Director (a) not less than seven days before the time when the meeting is to be held if the notice is mailed, or (b) not less than 48 hours before the time the meeting is to be held if the notice is given personally, or is delivered or is communicated by any means of transmitted or recorded communication. A notice of a meeting of the Board need not specify the purpose of or the business to be transacted at the meeting except where the Act requires such purpose or business to be specified.

**3.13 FIRST MEETING OF NEW BOARD.** Provided a quorum of Directors is present, each newly elected Board may without notice hold its first meeting immediately following the Meeting of Shareholders at which such Board is elected.

**3.14 ADJOURNED MEETING.** Notice of an adjourned meeting of the Board is not required if the time and place of the adjourned meeting is announced at the original meeting.

**3.15 REGULAR MEETINGS.** The Board may appoint a day or days in any month or months for regular meetings of the Board at a place and hour to be named. A copy of any resolution of the Board fixing the place and time of such regular meetings shall be sent to each Director promptly after being passed, but no other notice shall be required for any such regular meeting except where the Act requires the purpose of the regular meeting or the business to be transacted at it to be specified.

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**3.16 CHAIR.** The chair of any meeting of the Board shall be the first mentioned of the following officers as have been appointed and who is a Director and is present at the meeting: chair of the Board or president. If no such officer is present, the Directors present shall choose one of their number to be chair.

**3.17 QUORUM.** Subject to Sections 3.7 and 3.8, the quorum for the transaction of business at any meeting of the Board shall consist of two Directors or such greater number of Directors as the Board may from time to time determine.

**3.18 VOTES TO GOVERN.** At all meetings of the Board every question shall be decided by a majority of the votes cast on the question. Subject to any unanimous shareholder agreement, in case of an equality of votes the chair of the meeting shall not be entitled to a second or casting vote.

**3.19 CONFLICT OF INTEREST.** A Director shall disclose to the Corporation, in the manner and to the extent provided by the Act, any interest that such Director has in a material contract or transaction, whether made or proposed, with the Corporation, if such Director (a) is a party to the contract or transaction, (b) is a director or an officer, or an individual acting in a similar capacity, of a party to the contract or transaction, or (c) has a material interest in a party to the contract or transaction. Such a Director shall not vote on any resolution to approve the same except as provided by the Act.

**3.20 REMUNERATION AND EXPENSES.** Subject to any unanimous shareholder agreement, the Directors shall be paid such remuneration for their services as the Board may from time to time determine. The Directors shall also be entitled to be reimbursed for travelling and other expenses properly incurred by them in attending meetings of the Board or any committee of the Board. Nothing in This By-Law shall preclude any Director from serving the Corporation in any other capacity and receiving remuneration therefor.

**SECTION FOUR** 

**COMMITTEES** 

**4.1 COMMITTEES OF THE BOARD.** The Board may appoint one or more committees of the Board, however designated, and delegate to any such committee any of the powers of the Board except those which pertain to items which, under the Act, a committee of the Board has no authority to exercise.

**4.2 TRANSACTION OF BUSINESS.** The powers of a committee of the Board may be exercised by a meeting at which a quorum (as referenced in Section 4.4) is present or by resolution in writing signed by all members of such committee who would have been entitled to vote on that resolution at a meeting of the committee. Meetings of such committee may be held at any place in or outside Canada.

**4.3 ADVISORY BODIES.** The Board may from time to time appoint such advisory bodies as it may deem advisable.

**4.4 QUORUM AND PROCEDURE.** Unless otherwise determined by the Board, each committee and advisory body shall fix its quorum at not less than a majority of its members, elect its chair and regulate its procedure.

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**SECTION FIVE** 

**OFFICERS** 

**5.1 APPOINTMENT.** Subject to any unanimous shareholder agreement, the Board may from time to time appoint a president, one or more vice-presidents (to which title may be added words indicating seniority or function), a secretary, a treasurer and such other officers as the Board may determine, including one or more assistants to any of the officers so appointed. A person may hold more than one office. The Board may specify the duties of and, in accordance with This By-Law and subject to the Act, delegate to such officers powers to manage the business and affairs of the Corporation. Subject to Section 5.2, an officer may but need not be a Director.

**5.2 CHAIR OF THE BOARD.** The Board may from time to time also appoint a chair of the Board who shall be a Director. If appointed, the Board may assign to the chair any of the powers and duties that are by any provisions of This By-Law assigned to the president. The chair shall have such other powers and duties as the Board may specify.

**5.3 PRESIDENT.** Subject to the authority of the Board, the president shall have general supervision of the business of the Corporation and such other powers and duties as the Board may specify.

**5.4 SECRETARY.** The secretary shall attend and be the secretary of all meetings of the Board, Meeting of Shareholders and committees of the Board and shall enter or cause to be entered in records kept for that purpose minutes of all proceedings at such meetings. The secretary shall give or cause to be given, as and when instructed, all notices to shareholders, Directors, officers, auditors and members of committees of the Board. The secretary shall be the custodian of the stamp or mechanical device generally used for affixing the corporate seal of the Corporation and of all books, records and instruments belonging to the Corporation, except when some other officer or agent has been appointed for that purpose, and have such other powers and duties as the Board may specify.

**5.5 TREASURER.** The treasurer shall keep proper accounting records in compliance with the Act and shall be responsible for the deposit of money, the safekeeping of securities and the disbursement of the funds of the Corporation. The treasurer shall render to the Board whenever required an account of all transactions as treasurer and of the financial position of the Corporation and shall have such other powers and duties as the Board may specify.

**5.6 POWERS AND DUTIES OF OFFICERS.** The powers and duties of all officers shall be in accordance with the terms of their engagement or as the Board or (except for those whose powers and duties are to be specified only by the Board) the chief executive officer may specify. The Board and (except as provided above) the chief executive officer may, from time to time and subject to the provisions of the Act, vary, add to or limit the powers and duties of any officer. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant, unless the Board or the chief executive officer otherwise directs.

**5.7 TERM OF OFFICE.** The Board, in its discretion, may remove any officer of the Corporation. Otherwise each officer appointed by the Board shall hold office until a successor is appointed or until the officer resigns.

**5.8 AGENTS AND ATTORNEYS.** The Corporation, by or under the authority of the Board, shall have power from time to time to appoint agents or attorneys for the Corporation in or outside Canada with such powers (including the power to subdelegate) of management, administration or otherwise as the Board thinks fit.

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**5.9 CONFLICT OF INTEREST.** An officer who is a party to, or who is a director or officer of or has a material interest in any person who is a party to, a material contract or material transaction, whether made or proposed, with the Corporation shall disclose to the Corporation the nature and extent of that interest at the time and in the manner provided by the Act.

**SECTION SIX** 

**PROTECTION OF DIRECTORS, OFFICERS AND OTHERS** 

**6.1 LIMITATION OF LIABILITY.** All Directors and officers of the Corporation in exercising their powers and discharging their duties shall act honestly and in good faith with a view to the best interests of the Corporation and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Subject to the foregoing, and provided that nothing herein shall relieve any Director or officer from the duty to act in accordance with the Act or from liability for any breach of it, no Director or officer shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, omissions, failures, neglects or defaults of any other Director, officer or employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss, damage or expense incurred by the Corporation through the insufficiency or deficiency of title to
any property acquired for or on behalf of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the insufficiency or deficiency of any security in or upon which any of the moneys of the Corporation shall
be invested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss, damage or expense arising from the bankruptcy, insolvency or tortious acts of any person with
whom any of the money, securities or effects of the Corporation shall be deposited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss, damage or expense arising from any error of judgment or oversight on the part of such Director or
officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any other loss, damage or expense arising from the execution of the duties of office or in relation
thereto.

**6.2 INDEMNITY.** Subject to the Act and Section 6.4, the Corporation shall indemnify a Director or an officer, a former Director or officer, or another individual who acts or acted at the Corporation's request as a director or officer (or any individual acting in a similar capacity) of another entity, and their heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by such individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his/her association with the Corporation or such other entity.

**6.3 ADVANCE OF COSTS.** The Corporation shall advance money to a Director, officer or other individual for the costs, charges and expenses of a proceeding referred to in Section 6.2. The individual shall repay the money if the individual does not fulfil the conditions of Section 6.4.

**6.4 LIMITATION.** The Corporation shall not indemnify an individual under Section 6.2 unless the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acted honestly and in good faith with a view to the best interests of the Corporation, or, as the case may be,
to the best interests of the other entity for which the individual acted as director or officer (or in a similar capacity) at the Corporation's request; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had
reasonable grounds for believing that the individual's conduct was lawful.

**6.5 ADDITIONAL CIRCUMSTANCES.** The Corporation shall also indemnify any individual referred to in Section 6.2 in such other circumstances as the Act or law permits or requires. Nothing in This By-Law shall limit the right of any individual entitled to indemnity to claim indemnity apart from the provisions of This By-Law.

**6.6 INSURANCE.** Subject to the Act, the Corporation may purchase and maintain such insurance for the benefit of any individual referred to in Section 6.2 as the Board may from time to time determine.

**SECTION SEVEN** 

**SHARES** 

**7.1 ISSUANCES OF SHARES.** Subject to the Act, the Articles and any unanimous shareholder agreement, the Board may issue or grant options to purchase the whole or any part of the authorized and unissued shares of the Corporation at such times and to such persons and for such consideration as the Board shall determine, provided that no share shall be issued until it is fully paid as provided by the Act.

**7.2 REGISTRATION OF TRANSFERS.** Subject to the Act, no transfer of a share of the Corporation shall be registered in a securities register except upon compliance with the reasonable requirements of the Corporation and with such restrictions on issues, transfer or ownership as are authorized by the Articles or any unanimous shareholder agreement.

**7.3 DEALING WITH REGISTERED HOLDERS.** Subject to the Act, the Corporation may treat the registered holder of any share of the Corporation as the person exclusively entitled to vote, to receive notices, to receive any dividend or other payment in respect of the share, and otherwise to exercise all the rights and powers of an owner of the share.

**7.4 SHARE CERTIFICATES.** Every holder of one or more shares of the Corporation shall be entitled, at the holder's option, to a share certificate, or to a non-transferable written certificate of acknowledgement of such right to obtain a share certificate, stating the number and class or series of shares held by such holder as shown in the securities register. Such certificates shall be in such form as the Board may from time to time approve and need not be under corporate seal. Any such certificate shall be signed in accordance with Section 2.4.

**7.5 REPLACEMENT OF SHARE CERTIFICATES.** The Board, or any officer or agent designated by the Board, may direct the issue of a new share or other such certificate in lieu of and upon cancellation of a certificate that has been mutilated or in substitution for a certificate claimed to have been lost, apparently destroyed or wrongfully taken, on payment of such reasonable fee and on such terms as to indemnity, reimbursement of expenses and evidence of loss and of title as the Board may from time to time prescribe, whether generally or in any particular case.

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**7.6 JOINT SHAREHOLDERS.** If two or more persons are registered as joint holders of any share of the Corporation, the Corporation shall not be bound to issue more than one certificate in respect of such share, and delivery of such certificate to one of such persons shall be sufficient delivery to all of them. Any one of such persons may give effectual receipts for the certificate issued in respect of such share or for any dividend, bonus, return of capital or other money payable or warrant issuable in respect of such share.

**7.7 DECEASED SHAREHOLDERS.** In the event of the death of a holder, or of one of the joint holders, of any share of the Corporation, the Corporation shall not be required to make any entry in the securities register in respect of the death or to make any dividend or other payments in respect of the share except upon production of all such documents as may be required by law and upon compliance with the reasonable requirements of the Corporation.

**SECTION EIGHT** 

**DIVIDENDS** 

**8.1 DIVIDENDS.** Subject to the Act, the Board may from time to time declare dividends payable to the shareholders according to their respective rights and interests in the Corporation. Dividends may be paid in money or property or by issuing fully paid shares of the Corporation.

**8.2 RECORD DATE FOR DIVIDENDS.** The Board may, within the period prescribed by the Act, fix in advance a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. Notice of the record date shall be given within the period prescribed by the Act in the manner provided by the Act. If no record date is so fixed, the record date for the determination of the shareholders entitled to receive payment of any dividend shall be at the close of business on the day on which the Board passes the resolution relating to such dividend.

**SECTION NINE** 

**MEETINGS OF SHAREHOLDERS** 

**9.1 ANNUAL MEETINGS.** Subject to the Act, the Board shall call an annual meeting of shareholders (a) not later than 18 months after the Corporation comes into existence, and (b) subsequently, not later than 15 months after holding the last preceding annual meeting but no later than six months after the end of the Corporation's preceding financial year. The annual meeting of shareholders shall be held for the purpose of considering the financial statements and reports required by the Act to be placed before the annual meeting of shareholders, electing Directors, appointing auditors and for the transaction of such other business as may properly be brought before the annual meeting of shareholders.

**9.2 SPECIAL MEETINGS.** The Board shall have power to call a Special Meeting of Shareholders at any time.

**9.3 PLACE OF MEETINGS.** Meetings of Shareholders shall be held at the registered office of the Corporation or elsewhere in Canada if the Board shall so determine. A Meeting of Shareholders may be held at a place outside Canada if the place is specified in the Articles or all the shareholders entitled to vote at the Meeting of Shareholders agree that the Meeting of Shareholders is to be held at that place. A shareholder who attends a Meeting of Shareholders held outside Canada is deemed to have agreed to it being held outside Canada except when the shareholder attends the Meeting of Shareholders for the express purpose of objecting to the transaction of any business on the grounds that the Meeting of Shareholders is not lawfully held.

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**9.4 PARTICIPATION IN MEETING BY ELECTRONIC MEANS.** Any person entitled to attend a Meeting of Shareholders may participate in it, in accordance with the Act, by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the Meeting of Shareholders, if the Corporation makes available such a communication facility. A person participating in a Meeting of Shareholders by such means is deemed for the purposes of the Act to be present at the Meeting of Shareholders.

**9.5 MEETING HELD BY ELECTRONIC MEANS.** If the Directors or the shareholders of the Corporation call a Meeting of Shareholders pursuant to the Act, those Directors or shareholders, as the case may be, may determine that the Meeting of Shareholders shall be held, in accordance with the Act, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the Meeting of Shareholders.

**9.6 NOTICE OF MEETINGS.** Notice of the time and place of each Meeting of Shareholders shall be given in the manner provided in Section 10 not less than 21 nor more than 60 days before the date of the Meeting of Shareholders to each Director, to the auditor, and to each shareholder who at the close of business on the record date for notice is entered in the securities register as the holder of one or more shares carrying the right to vote at the Meeting of Shareholders. Notice of a Meeting of Shareholders called for any purpose other than consideration of the financial statements and auditor's report, election of Directors and reappointment of the incumbent auditor shall state the nature of such business in sufficient detail to permit the shareholder to form a reasoned judgment thereon and shall state the text of any special resolution to be submitted to the Meeting of Shareholders.

**9.7 LIST OF SHAREHOLDERS ENTITLED TO NOTICE.** For every Meeting of Shareholders, the Corporation shall prepare a list of shareholders entitled to receive notice of the Meeting of Shareholders, arranged in alphabetical order and showing the number of shares held by each shareholder entitled to vote at the Meeting of Shareholders. If a record date for the Meeting of Shareholders is fixed pursuant to Section 9.8, the shareholders listed shall be those registered at the close of business on such record date. If no record date is fixed, the shareholders listed shall be those registered at the close of business on the day immediately preceding the day on which notice of the Meeting of Shareholders is given or, if no such notice is given, on the day on which the Meeting of Shareholders is held. The list shall be available for examination by any shareholder during usual business hours at the registered office of the Corporation or at the place where the central securities register is maintained, and at the Meeting of Shareholders for which the list was prepared. If a separate list of shareholders has not been prepared, the names of persons appearing in the securities register at the requisite time as the holder of one or more shares carrying the right to vote at such Meeting of Shareholders shall be deemed to be a list of shareholders.

**9.8 RECORD DATE FOR NOTICE.** The Board may, within the period prescribed by the Act, fix in advance a date as the record date for determination of the shareholders (a) entitled to receive notice of a Meeting of Shareholders and (b) entitled to vote at a Meeting of Shareholders. Unless waived in accordance with the Act, notice of any such record date shall be given within the period prescribed by the Act before such record date, by newspaper advertisement in the manner provided in the Act. If no record date is fixed, then such record date for the determination of the shareholders entitled to receive notice of the Meeting of Shareholders shall be at the close of business on the day immediately preceding the day on which the notice is given or, if no notice is given, the day on which the Meeting of Shareholders is held.

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**9.9 MEETINGS WITHOUT NOTICE.** A Meeting of Shareholders may be held without notice at any time and place permitted by the Act (a) if all the shareholders entitled to vote at the Meeting of Shareholders are present in person or duly represented or if those not present or represented waive notice of or otherwise consent to such Meeting of Shareholders being held, and (b) if the auditors and the Directors are present or waive notice of or otherwise consent to such Meeting of Shareholders being held, provided that such shareholders, auditors or Directors present are not attending for the express purpose of objecting to the transaction of any business on the grounds that the Meeting of Shareholders is not lawfully called. At such Meeting of Shareholders any business may be transacted which the Corporation may transact at a Meeting of Shareholders. If the Meeting of Shareholders is held at a place outside Canada, shareholders not present or duly represented, but who have waived notice of or otherwise consented to such Meeting of Shareholders, shall also be deemed to have consented to the Meeting of Shareholders being held at such place.

**9.10 CHAIR, SECRETARY AND SCRUTINEERS.** The chair of any Meeting of Shareholders shall be the first mentioned of such of the following officers as have been appointed and who is present at the Meeting of Shareholders: president, chair of the Board, or a vice president who is a shareholder. If no such officer is present within 15 minutes from the time fixed for holding the Meeting of Shareholders, the persons present and entitled to vote shall choose one of their number to be chair. If the secretary of the Corporation is absent, the chair shall appoint some person, who need not be a shareholder, to act as secretary of the Meeting of Shareholders. If desired, one or more scrutineers, who need not be shareholders, may be appointed by a resolution or by the chair with the consent of the Meeting of Shareholders.

**9.11 PERSONS ENTITLED TO BE PRESENT.** The only persons entitled to be present at a Meeting of Shareholders shall be those entitled to vote at the Meeting of Shareholders, the Directors and auditors of the Corporation and others who, although not entitled to vote, are entitled or required under any provision of the Act, the Articles, the By-Laws or any unanimous shareholder agreement to be present at the Meeting of Shareholders. Any other person may be admitted only on the invitation of the chair of the Meeting of Shareholders or with the approval of the majority of shareholders at the Meeting of Shareholders.

**9.12 QUORUM.** Subject to the Act in respect of a majority shareholder and Section 9.22, a quorum for the transaction of business at any Meeting of Shareholders shall be two persons present in person, each being a shareholder entitled to vote at the Meeting of Shareholders or a duly appointed proxyholder or representative for a shareholder so entitled. If a quorum is present at the opening of any Meeting of Shareholders, the shareholders present or represented may proceed with the business of the Meeting of Shareholders notwithstanding that a quorum is not present throughout the Meeting of Shareholders. If a quorum is not present at the opening of any Meeting of Shareholders, the shareholders present or represented may adjourn the Meeting of Shareholders to a fixed time and place but may not transact any other business.

**9.13 RIGHT TO VOTE.** Every person named in the list referred to in Section 9.7 shall be entitled to vote the shares shown thereon opposite such person's name at the Meeting of Shareholders to which such list relates.

**9.14 PROXYHOLDERS AND REPRESENTATIVES.** Every shareholder entitled to vote at a Meeting of Shareholders may appoint a proxyholder, or one or more alternate proxyholders, to attend and act as the shareholder's representative at the Meeting of Shareholders in the manner and to the extent authorized and with the authority conferred by the proxy. A proxy shall be in writing executed by the shareholder or the shareholder's attorney authorized in writing and shall conform with the requirements of the Act. Alternatively, every such shareholder which is a body corporate or association may authorize by resolution of its directors or governing body an individual to represent it at a Meeting of Shareholders and such individual may exercise on the shareholder's behalf all the powers it could exercise if it were an individual shareholder. The authority of such an individual shall be established by depositing with the Corporation a certified copy of such resolution, or in such other manner as may be satisfactory to the secretary of the Corporation or the chair of the Meeting of Shareholders. Any such proxyholder or representative need not be a shareholder.

------

**9.15 TIME FOR DEPOSIT OF PROXIES.** The Board may specify in a notice calling a Meeting of Shareholders a time not exceeding the time of such Meeting of Shareholders by more than 48 hours, excluding Saturdays and holidays, preceding any Meeting of Shareholders or adjournment of it before which time proxies to be used at such Meeting of Shareholders must be deposited with the Corporation or its agent. A proxy shall be acted upon only if, prior to the time so specified, it shall have been deposited with the Corporation or an agent of it specified in such notice or if, no such time having been specified in such notice, it has been received by the secretary of the Corporation or by the chair of the Meeting of Shareholders or any adjournment of it prior to the time of voting.

**9.16 JOINT SHAREHOLDERS.** If two or more persons hold shares jointly, any one of them present in person or duly represented at a Meeting of Shareholders may, in the absence of the other or others, vote the shares, but if two or more of those persons are present in person or represented and vote, they shall vote as one the shares jointly held by them.

**9.17 VOTES TO GOVERN.** At any Meeting of Shareholders every question shall, unless otherwise required by the Articles, the By-Laws or any unanimous shareholder agreement, be determined by a majority of the votes cast on the question. Subject to any unanimous shareholder agreement, in case of an equality of votes, either upon a show of hands or upon a poll, the chair of the Meeting of Shareholders shall not be entitled to a second or casting vote.

**9.18 SHOW OF HANDS.** Subject to the Act, any question at a Meeting of Shareholders shall be decided by a show of hands, unless a ballot is required or demanded for such question as provided in this By-Law, and upon a show of hands every person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a ballot is required or demanded for such question, a declaration by the chair of the Meeting of Shareholders that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the Meeting of Shareholders shall be prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of such question, and the result of the vote so taken shall be the decision of the shareholders upon such question. Any vote referred to in this Section 9.18 may be held, in accordance with the Act, partly or entirely by means of a telephonic, electronic or other communication facility, if the Corporation makes available such a communication facility. Any person participating in a Meeting of Shareholders under Sections 9.4 or 9.5 and entitled to vote at that Meeting of Shareholders may vote by means of the telephonic, electronic or other communication facility that the Corporation has made available for that purpose.

**9.19 BALLOTS.** On any question proposed for consideration at a Meeting of Shareholders, and whether or not a show of hands has been taken upon such question, the chair may require a ballot or any person who is present and entitled to vote on such question at the Meeting of Shareholders may demand a ballot. A ballot so required or demanded shall be taken in such manner as the chair shall direct. A requirement or demand for a ballot may be withdrawn at any time prior to the taking of the ballot. If a ballot is taken, each person present shall be entitled, in respect of the shares which such person is entitled to vote at the Meeting of Shareholders upon the question, to that number of votes provided by the Act or the Articles, and the result of the ballot so taken shall be the decision of the shareholders upon such question.

------

**9.20 ADJOURNMENT.** The chair at a Meeting of Shareholders may, with the consent of the Meeting of Shareholders and subject to such conditions as the Meeting of Shareholders may decide, adjourn the Meeting of Shareholders from time to time and from place to place. If a Meeting of Shareholders is adjourned for less than 30 days, it shall not be necessary to give notice of the adjourned Meeting of Shareholders, other than by announcement at the earliest Meeting of Shareholders that is adjourned. Subject to the Act, if a Meeting of Shareholders is adjourned by one or more adjournments for an aggregate of 30 days or more, notice of the adjourned Meeting of Shareholders shall be given as for an original Meeting of Shareholders.

**9.21 ACTION IN WRITING BY SHAREHOLDERS.** A resolution in writing signed by all the shareholders entitled to vote on that resolution at a Meeting of Shareholders is as valid as if it had been passed at a Meeting of Shareholders, unless a written statement with respect to the subject matter of the resolution is submitted by a Director or the auditor, in each case in accordance with the Act.

**9.22 ONLY ONE SHAREHOLDER.** If the Corporation has only one shareholder, or only one holder of any class or series of shares, the shareholder present in person or duly represented constitutes a Meeting of Shareholders.

**SECTION TEN** 

**NOTICES** 

**10.1 METHOD OF GIVING NOTICES.** Any notice (which term includes any communication or document) to be given (which term includes sent, delivered or served) pursuant to the Act, the Articles, the By-Laws or otherwise to a shareholder, Director, officer, auditor or member of a committee of the Board shall be sufficiently given: (a) if delivered personally to the person to whom it is to be given; (b) if mailed to such person at the person's Recorded Address by prepaid mail, or (c) if transmitted by electronic means in accordance with the Act. A notice so delivered shall be deemed to have been given and received when it is delivered personally or to the Recorded Address; a notice so mailed shall be deemed to have been given when deposited in a post office or public letter box and deemed received at the time it would be delivered in the ordinary course of mail; and a notice so sent by any means of transmitted or recorded communication shall be considered given and received at the times prescribed by the Act. The secretary may change or cause to be changed the Recorded Address of any shareholder, Director, officer, auditor or member of a committee of the Board in accordance with any information believed by the secretary to be reliable.

**10.2 NOTICE TO JOINT SHAREHOLDERS.** If two or more persons are registered as joint holders of any share, any notice may be addressed to all such joint holders, but notice addressed to one of such persons shall be sufficient notice to all of them.

**10.3 COMPUTATION OF TIME.** In computing the date when notice must be given under any provision requiring a specified number of days' notice of any meeting or other event, the day of giving the notice shall be excluded and the day of the meeting or other event shall be included.

**10.4 UNDELIVERED NOTICES.** If any notice given to a shareholder pursuant to Section 10.1 is returned on two consecutive occasions because the shareholder cannot be found, the Corporation shall not be required to give any further notices to such shareholder until informed in writing by the shareholder of a new address.

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**10.5 OMISSIONS AND ERRORS.** The accidental omission to give any notice to any shareholder, Director, officer, auditor or member of a committee of the Board or the non-receipt of any notice by any such person or any error in any notice not affecting the substance of the notice shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded on the notice.

**10.6 PERSONS ENTITLED BY DEATH OR OPERATION OF LAW.** Every person who, by operation of law, transfer, death of a shareholder or any other means whatsoever becomes entitled to any share, shall be bound by every notice in respect of such share which shall have been duly given to the shareholder from whom such person derives title to such share prior to the name and address of such person being entered on the securities register (whether such notice was given before or after the happening of the event upon which such person became so entitled) and prior to such person furnishing to the Corporation the proof of authority or evidence of entitlement prescribed by the Act.

**10.7 WAIVER OF NOTICE.** Any shareholder, proxyholder, Director, officer, auditor or member of a committee of the Board, or any other person entitled to receive notice of a Meeting of Shareholders or any other notice from the Corporation, may at any time waive any notice, or waive or abridge the time for any notice, required to be given to such person under the Act, the Articles, the By-Laws or otherwise. Any such waiver or abridgement, whether given before or after the meeting or other event of which notice is required to be given, shall cure any default in the giving or in the time of such notice, as the case may be. Any such waiver or abridgement shall be in writing, except a waiver of notice of a Meeting of Shareholders or of the Board or a committee of the Board may be given in any manner.

**SECTION ELEVEN** 

**EFFECTIVE DATE** 

**11.1 EFFECTIVE DATE.** This By-Law shall come into force when made by the Board in accordance with the Act.

[*Remainder of page intentionally left blank*] 

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The foregoing by-law was made by the director of the Corporation effective the 23rd day of June, 2023, and was confirmed without variation by the shareholder of the Corporation effective the 23rd day of June, 2023.

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| |
|:---|
| /s/ Jennifer Geggie |
| JENNIFER GEGGIE |
| President |
| /s/ Mark Yeomans |
| MARK YEOMANS |
| Secretary |

---

*[Signature Page to By-Law No. 1 (Liquids HoldCo)]*

## Exhibit 3.6

**Exhibit 3.6** 

**RESOLUTIONS OF THE SOLE SHAREHOLDER** 

**OF** 

**SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** 

**(the "Corporation")** 

**DATED:** November 7, 2024 (the "**Effective Date"**)

**WHEREAS:**

A. South Bow Pipelines Ltd. (the "**Shareholder**") is the sole shareholder of the Corporation;

B. on October 1, 2024, South Bow Corporation ()"**South Bow** "), the parent corporation of the
Corporation and the Shareholder, and TC Energy Corporation ()"**TC Energy**") completed the separation of TC Energy into two independent publicly traded companies, transferring all the assets and liabilities of TC Energy's liquids
pipelines business to South Bow pursuant to an arrangement (the "**Arrangement**") under section 192 of the Canada Business Corporations Act (the "**CBCA**") and the terms and conditions of an arrangement agreed dated as of
April 10, 2024 between TC Energy, South Bow and the Shareholder;

C. the Corporation has received the resignation of Richard J. Prior as a director of the Corporation, effective as
of the Effective Date;

D. the Shareholder wishes to ratify, confirm and approve the matters in these resolutions relating to Richard J.
Prior's resignation as a director of the Corporation and the appointment of Kevin B. Engel as a replacement director of the Corporation;

E. pursuant to section 103(1) of the CBCA, the board of directors of the Corporation have approved the amendment
of section 2.4 of by-law no. 1 of the Corporation dated effective June 23, 2023 (the "**By-Laws**") regarding the execution of instruments on behalf of
the Corporation (the "**By-Laws Amendment** "), effective as of the Effective Date; and

F. pursuant to section 103(2) of the CBCA, the Shareholder wishes to approve and confirm the By-Laws Amendment.

**BE IT RESOLVED THAT:**

<u>**CHANGE OF DIRECTORS**</u>

1. The resignation of Richard J. Prior as a director of the Corporation, effective as of the Effective Date, is
hereby acknowledged.

2. The appointment of Kevin B. Engel as a director of the Corporation, effective as of the Effective Date, to hold
office until the close of the next annual meeting of shareholders of the Corporation or until such director ceases to hold office, is hereby ratified, confirmed and approved.

3. Any one director or officer of the Corporation is hereby authorized to amend (or cause to be amended) the
register of directors of the Corporation to indicate that, as of the Effective Date, the directors of the Corporation are as follows:

Jennifer M. Geggie

Mark Yeomans

Kevin B. Engel

------

**<u>BY-LAWS AMENDMENT</u>**

4. The By-Laws Amendment, in the form set forth in Schedule "A"
to these resolutions, is hereby approved, ratified and confirmed.

**<u>GENERAL</u>**

5. Any one director or officer of the Corporation is hereby authorized and directed, for and on behalf of the
Corporation, to execute and deliver (or cause to be delivered) all such documents, instruments, certificates and agreements and to do all such acts and things as such director or officer, in their sole and absolute discretion, may determine to be
necessary or desirable in connection with the matters contemplated in these resolutions. The execution and delivery of such other documents in the aforesaid manner shall be conclusive evidence that all documents, instruments, certificates and
agreements so executed and delivered are valid, binding obligations of, and enforceable against, the Corporation in accordance with the terms thereof.

6. These resolutions may be executed in original, portable document format or other electronic means and may be
delivered by electronic means, and when so executed and delivered shall be deemed to be an original.

[*Signature page follows*]

------

The foregoing resolutions are consented to by the Shareholder as evidenced by the signature hereto pursuant to the CBCA, effective as of the Effective Date.

---

| | |
|:---|:---|
| **SOUTH BOW PIPELINES LTD.** | **SOUTH BOW PIPELINES LTD.** |
| Per: | /s/ Kate Fischer |
|  | Name: Kate Fischer |
|  | Title: Corporate Secretary |

---

[*Signature Page to Shareholder Resolutions re: Organizational Matters (South Bow Infrastructure Holdings Ltd.)*]

------

**SCHEDULE "A"** 

**BY-LAWS AMENDMENT** 

Section 2.4 of the By-Laws is hereby amended, effective as of the Effective Date, by deleting such section in its entirety and replacing it with the following:

## Exhibit 3.7

**Exhibit 3.7** 

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| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

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| | |
|:---|:---|
| **Certificate of Incorporation** | **Certificat de constitution** |
| ***Canada Business Corporations Act*** | ***Loi canadienne sur les sociétés par actions*** |

---

---

| |
|:---|
| 15142121 Canada Ltd. |
| Corporate name / Dénomination sociale |
| 1514212-1 |
| Corporation number / Numéro de société |

---

---

| | |
|:---|:---|
| I HEREBY CERTIFY that the above-named corporation, the articles of incorporation of which are attached, is incorporated under the *Canada Business Corporations Act*. | JE CERTIFIE que la société susmentionnée, dont les statuts constitutifs sont joints, est constituée en vertu de la *Loi canadienne sur les sociétés par actions*. |

---

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| |
|:---|
| ![LOGO](g13229dsp2aa.jpg) |
| Hantz Prosper |
| Director / Directeur |
| 2023-06-23 |
| Date of Incorporation (YYYY-MM-DD)<br> Date de constitution (AAAA-MM-JJ) |

---

![LOGO](g13229dsp1a.jpg)

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| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

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| | |
|:---|:---|
| **Form 1** | **Formulaire 1** |
| **Articles of Incorporation** | **Statuts constitutifs** |
| *Canada Business Corporations* | *Loi canadienne sur les sociétés* |
| *Act (s. 6)* | *par actions (art. 6)* |

---

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| | |
|:---|:---|
| 1 | Corporate name |
|  | Dénomination sociale |
|  | **15142121 Canada Ltd.** |
| 2 | The province or territory in Canada where the registered office is situated |
|  | La province ou le territoire au Canada où est situé le siège social |
|  | **AB** |
| 3 | The classes and any maximum number of shares that the corporation is authorized to issue |
|  | Catégories et le nombre maximal d'actions que la société est autorisée à émettre |
|  | **See attached schedule / Voir l'annexe ci-jointe** |
| 4 | Restrictions on share transfers |
|  | Restrictions sur le transfert des actions |
|  | **See attached schedule / Voir l'annexe ci-jointe** |
| 5 | Minimum and maximum number of directors |
|  | Nombre minimal et maximal d'administrateurs |
|  | **Min. 1 Max. 15** |
| 6 | Restrictions on the business the corporation may carry on |
|  | Limites imposées à l'activité commerciale de la société |
| 7 | Other Provisions |
|  | Autres dispositions |
|  | **See attached schedule / Voir l'annexe ci-jointe** |
| 8 | **Incorporator's Declaration:** I hereby certify that I am authorized to sign and submit this form. |
|  | **Déclaration des fondateurs :** J'atteste que je suis autorisé à signer et à soumettre le présent formulaire. |

---

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| | |
|:---|:---|
| Name(s) - Nom(s) | Original Signed by - Original signé par |
| Jeffrey J. Bakker | Jeffrey J. Bakker |
|  | Jeffrey J. Bakker |

---

Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250(1) of the CBCA).

Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA).

You are providing information required by the CBCA. Note that both the CBCA and the *Privacy Act* allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049.

Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la *Loi sur les renseignements personnels* permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

![LOGO](g13229dsp1a.jpg)

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**SCHEDULE** 

**AUTHORIZED CAPITAL** 

The Corporation is authorized to issue an unlimited number of Common Shares and an unlimited number of Preferred Shares. The rights, privileges, restrictions and conditions attached to the Common Shares and Preferred Shares are as follows:

1.  **<u>Common Shares</u>** 

The rights of the holders of the Common Shares are equal in all respects and include the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to vote at all meetings of shareholders of the Corporation, except meetings at which only holders of a
specified class of shares are entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the rights, privileges, restrictions and conditions attaching to any other class or series of shares
of the Corporation, to receive any dividend declared by the Corporation on the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the rights, privileges, restrictions and conditions attaching to any other class or series of shares
of the Corporation, to receive the remaining property of the Corporation upon dissolution.

2.  **<u>Preferred Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Preferred Shares may be issued from time to time in one or more series with such rights, restrictions,
privileges, conditions and designations attached thereto as shall be fixed from time to time before issuance by any resolution or resolutions providing for the issue of the shares of any series which may be passed by the board of directors of the
Corporation and confirmed and declared by articles of amendment. Reference to one class or series of shares ranking on a parity with another class or series of shares shall mean ranking on a parity with respect to payment of dividends and
distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation whether voluntary or involuntary to the extent of their respective rights in that connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Preferred Shares of each series shall rank on a parity with the Preferred Shares of every other series,
provided, however, that when in the case of any of such shares any cumulative dividends or amounts payable on a return of capital are not paid in full in accordance with their respective terms, the Preferred Shares of all series shall participate
ratably in respect of such dividends (including all unpaid accumulated dividends which for such purpose shall be calculated as if the same were accruing up to the date of payment) in accordance with the sums which would be payable on said shares if
all such dividends were declared and paid in full in accordance with their respective terms, and on any return of capital in accordance with the sums which would be payable on such return of capital if all sums so payable were paid in full in
accordance with their respective terms, and provided further that in the event of there being insufficient assets to satisfy in full all such claims as aforesaid, the claims of the holders of the said shares with respect to return of capital shall
first be paid and satisfied and any assets remaining thereafter shall be applied towards the payment and satisfaction of claims in respect of dividends as aforesaid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Preferred Shares shall be entitled to preference over the Common Shares of the Corporation and any other
shares of the Corporation ranking junior to the said Preferred Shares with respect to payment of dividends and distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation,
whether voluntary or involuntary, to the extent fixed in the case of each respective series, and may also be given such other preferences over the Common Shares of the Corporation and any other shares of the Corporation ranking junior to the said
Preferred Shares as may be fixed in the case of each such series.

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**SCHEDULE** 

**RESTRICTIONS ON TRANSFER OF SHARES** 

No securities of the Corporation, other than non-convertible debt securities, shall be transferred without the consent of either (a) a majority of the directors of the Corporation expressed by a resolution passed at a meeting of the board of directors or by an instrument or instruments in writing signed by a majority of the directors, or (b) the holders of a majority of the outstanding shares of the Corporation entitling the holders thereof to vote in all circumstances (other than a separate class vote of the holders of another class of shares of the Corporation) expressed by a resolution passed at a meeting of such shareholders or by an instrument or instruments in writing signed by the holders of a majority of such shares.

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**SCHEDULE** 

**OTHER PROVISIONS** 

1. **Authorization to Appoint Additional Directors.** The directors may, within the maximum number permitted by
the articles, appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of the shareholders, but the total number of directors so appointed may not exceed one third of the
number of directors elected at the previous annual meeting of shareholders.

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| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

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| | |
|:---|:---|
| **Form 2** | **Formulaire 2** |
| **Initial Registered Office Address** | **Siège social initial et premier** |
| **and First Board of Directors** | **conseil d'administration** |
| *Canada Business Corporations Act* | *Loi canadienne sur les sociétés par* |
| *(CBCA) (s. 19 and 106)* | *actions (LCSA) (art. 19 et 106)* |

---

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| | |
|:---|:---|
| 1 | Corporate name |
|  | Dénomination sociale |
|  | **15142121 Canada Ltd.** |
| 2 | Address of registered office |
|  | Adresse du siège social |
|  | **450 - 1 Street SW** |
|  | **Calgary AB T2P 5H1** |
| 3 | Additional address |
|  | Autre adresse |
| 4 | Members of the board of directors |
|  | Membres du conseil d'administration |

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| | | |
|:---|:---|:---|
|  |  | Resident Canadian |
|  |  | Résident Canadien |
| Jennifer Geggie | 450 - 1 Street SW, Calgary AB | Yes / Oui |
|  | T2P 5H1, Canada |  |

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| | |
|:---|:---|
| 5.0 | Declaration: I certify that I have relevant knowledge and that I am authorized to sign this form. |
|  | Déclaration : J'atteste que je possède une connaissance suffisante et que je suis autorisé(e) à signer le présent |
|  | formulaire. |

---

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| |
|:---|
| Original signed by / Original signé par |
| Jeffrey J. Bakker |
| Jeffrey J. Bakker |
| 403-260-9682 |

---

Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250(1) of the CBCA).

Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA).

You are providing information required by the CBCA. Note that both the CBCA and the *Privacy Act* allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049.

Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la *Loi sur les renseignements personnels* permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

![LOGO](g13229dsp1a.jpg)

## Exhibit 3.8

**Exhibit 3.8** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | |
|:---|:---|
| **Certificate of Amendment** | **Certificat de modification** |
| ***Canada Business Corporations Act*** | ***Loi canadienne sur les sociétés par actions*** |

---

---

| |
|:---|
| South Bow Canadian Infrastructure Holdings Ltd. |
| Corporate name / Dénomination sociale |
| 1514212-1 |
| Corporation number / Numéro de société |

---

---

| | |
|:---|:---|
| I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 178 of the *Canada Business Corporations Act* as set out in the attached articles of amendment. | JE CERTIFIE que les statuts de la société susmentionnée sont modifiés aux termes de l'article 178 de la *Loi canadienne sur les sociétés par actions*, tel qu'il est indiqué dans les clauses modificatrices ci-jointes. |

---

---

| |
|:---|
| ![LOGO](g13229dsp2aa.jpg) |
| Hantz Prosper |
| Director / Directeur |
| 2024-05-08 |
| Date of amendment (YYYY-MM-DD)<br> Date de modification (AAAA-MM-JJ) |

---

![LOGO](g13229dsp1a.jpg)

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g13229dsp1.jpg) | Innovation, Science and | Innovation, Sciences et |
| ![LOGO](g13229dsp1.jpg) | Economic Development Canada | Développement économique Canada |
| ![LOGO](g13229dsp1.jpg) | Corporations Canada | Corporations Canada |

---

---

| | |
|:---|:---|
| **Form 4** | **Formulaire 4** |
| **Articles of Amendment** | **Clauses modificatrices** |
| *Canada Business Corporations Act* | *Loi canadienne sur les sociétés par* |
| *(CBCA) (s. 27 or 177)* | *actions (LCSA) (art. 27 ou 177)* |

---

---

| | |
|:---|:---|
| 1 | Corporate name |
|  | Dénomination sociale |
|  | **15142121 Canada Ltd.** |
| 2 | Corporation number |
|  | Numéro de la société |
|  | **1514212-1** |
| 3 | The articles are amended as follows |
|  | Les statuts sont modifiés de la façon suivante |
|  | The corporation changes its name to: |
|  | La dénomination sociale est modifiée pour : |
|  | **South Bow Canadian Infrastructure Holdings Ltd.** |
| 4 | Declaration: I certify that I am a director or an officer of the corporation. |
|  | Déclaration : J'atteste que je suis un administrateur ou un dirigeant de la société. |

---

---

| |
|:---|
| Original signed by / Original signé par |
| Jennifer Geggie |
| Jennifer Geggie |
| (403) 920-2000 |

---

Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250 (1) of the CBCA).

Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA).

You are providing information required by the CBCA. Note that both the CBCA and the *Privacy Act* allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049.

Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la *Loi sur les renseignements personnels* permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049.

IC 3069 (2008/04)

![LOGO](g13229g0614185240370.jpg)

------

![LOGO](g13229dsp100.jpg)

## Exhibit 3.9

**Exhibit 3.9** 

**BY-LAW NO. 1** 

A by-law relating generally to

the transaction of the business and

affairs of

**15142121 CANADA LTD.** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  **SECTION ONE INTERPRETATION** | **SECTION ONE INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Unanimous Shareholder Agreement | 1 |
|  **SECTION TWO BUSINESS OF THE CORPORATION** | **SECTION TWO BUSINESS OF THE CORPORATION** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Registered Office | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Corporate Seal | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Financial Year | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Execution of Instruments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Banking Arrangements | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Voting Rights in Other Bodies Corporate | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Divisions | 2 |
|  **SECTION THREE DIRECTORS** | **SECTION THREE DIRECTORS** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Number of Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Qualification | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Election and Term | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Removal of Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Vacation of Office | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Appointment of Additional Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Action by the Board | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Canadian Directors Present at Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Meeting by Telephone | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Place of Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Calling of Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Notice of Meeting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | First Meeting of New Board | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | Adjourned Meeting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | Regular Meetings | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | Chair | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | Quorum | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | Votes to Govern | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | Conflict of Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | Remuneration and Expenses | 5 |
|  **SECTION FOUR COMMITTEES** | **SECTION FOUR COMMITTEES** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Committees of the Board | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Transaction of Business | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Advisory Bodies | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Quorum and Procedure | 6 |

---

-i-

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  **SECTION FIVE OFFICERS** | **SECTION FIVE OFFICERS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Appointment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Chair of the Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | President | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Secretary | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Treasurer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Powers and Duties of Officers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Term of Office | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Agents and Attorneys | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Conflict of Interest | 7 |
|  **SECTION SIX PROTECTION OF DIRECTORS, OFFICERS AND OTHERS** | **SECTION SIX PROTECTION OF DIRECTORS, OFFICERS AND OTHERS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Limitation of Liability | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Indemnity | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Advance of Costs | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Limitation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Additional Circumstances | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Insurance | 8 |
|  **SECTION SEVEN SHARES** | **SECTION SEVEN SHARES** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Issuances of Shares | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Registration of Transfers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Dealing with Registered Holders | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Share Certificates | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Replacement of Share Certificates | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Joint Shareholders | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | Deceased Shareholders | 9 |
|  **SECTION EIGHT DIVIDENDS** | **SECTION EIGHT DIVIDENDS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Dividends | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Record Date for Dividends | 9 |
|  **SECTION NINE MEETINGS OF SHAREHOLDERS** | **SECTION NINE MEETINGS OF SHAREHOLDERS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Annual Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Special Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Place of Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Participation in Meeting by Electronic Means | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Meeting held by Electronic Means | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Notice of Meetings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | List of Shareholders Entitled to Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Record Date for Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Meetings Without Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | Chair, Secretary and Scrutineers | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Persons Entitled to be Present | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Quorum | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Right to Vote | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Proxyholders and Representatives | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | Time for Deposit of Proxies | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | Joint Shareholders | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | Votes to Govern | 12 |

---

-ii-

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | Show of Hands | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | Ballots | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | Adjournment | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | Action in Writing by Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 | Only One Shareholder | 13 |
|  **SECTION TEN NOTICES** | **SECTION TEN NOTICES** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Method of Giving Notices | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Notice to Joint Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Computation of Time | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Undelivered Notices | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Omissions and Errors | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Persons Entitled by Death or Operation of Law | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Waiver of Notice | 14 |
|  **SECTION ELEVEN EFFECTIVE DATE** | **SECTION ELEVEN EFFECTIVE DATE** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Effective Date | 14 |

---

-iii-

------

BE IT ENACTED as a by-law of the Corporation as follows:

**SECTION ONE** 

**INTERPRETATION** 

**1.1 DEFINITIONS.** In the By-Laws, unless the context otherwise requires:

**"Act"** means the *Canada Business Corporations Act*, or any statute that may be substituted for it, and the regulations to it, as from time to time amended.

**"Articles"** means the articles attached to the certificate of incorporation of the Corporation, as from time to time amended or restated.

**"Board"** means the board of directors of the Corporation.

**"By-Laws"** means This By-Law and all other by-laws of the Corporation from time to time in force and effect.

**"Corporation"** means the corporation incorporated under the Act by the said certificate to which the Articles are attached, and named "15142121 Canada Ltd.".

**"Director"** means a member of the Board.

**"Meeting of Shareholders"** includes an annual meeting of shareholders and a Special Meeting of Shareholders; and **"Special Meeting of Shareholders"** includes a meeting of any class or classes of shareholders and a special meeting of all shareholders entitled to vote at an annual meeting of shareholders.

**"Recorded Address"** means: in the case of a shareholder, the address as recorded in the securities register; in the case of joint shareholders, the address appearing in the securities register in respect of such joint holding or the first address so appearing if there are more than one; and in the case of a Director, officer, auditor or member of a committee of the Board, the latest address as recorded in the records of the Corporation.

**"This By-Law"** means this By-Law No. 1 of the Corporation.

Except as provided above, words and expressions defined in the Act, including **"resident Canadian"** and **"unanimous shareholder agreement**", have the same meanings when used herein. Words importing the singular number include the plural and vice versa; and words importing a person include an individual, partnership, association, body corporate, trustee, executor, administrator and legal representative.

**1.2 UNANIMOUS SHAREHOLDER AGREEMENT**. The provisions of the By-Laws shall be subject to any unanimous shareholder agreement entered into from time to time. In the event of any conflict between any provision of the By-Laws and any provision of any unanimous shareholder agreement, the provision of the unanimous shareholder agreement shall prevail to the extent of the conflict, and the Directors and the shareholders shall amend the By-Laws accordingly.

------

**SECTION TWO** 

**BUSINESS OF THE CORPORATION** 

**2.1 REGISTERED OFFICE.** The registered office of the Corporation shall be in the province in Canada from time to time specified in the Articles, and at such location within such province initially as is specified in the notice thereof filed with the Articles and thereafter as the Board may from time to time determine.

**2.2 CORPORATE SEAL.** The Corporation may, but need not, adopt a corporate seal and if one is adopted it shall be in a form approved from time to time by the Board.

**2.3 FINANCIAL YEAR.** The financial year of the Corporation shall end on such date as may be determined by the directors from time to time.

**2.5 BANKING ARRANGEMENTS.** The banking business of the Corporation including without limitation, the borrowing of money and the giving of security for it, shall be transacted with such banks, trust companies or other bodies corporate or organizations as may from time to time be designated by or under the authority of the Board. Such banking business or any part of it shall be transacted under such agreements, instructions and delegations of powers as the Board may from time to time prescribe.

**2.6 VOTING RIGHTS IN OTHER BODIES CORPORATE.** The signing officers of the Corporation under Section 2.4 may execute and deliver proxies and arrange for the issuance of voting certificates or other evidence of the right to exercise the voting rights attaching to any securities held by the Corporation. Such instruments shall be in favour of such persons as may be determined by the officers executing or arranging for them. In addition, the Board may from time to time direct the manner in which and the persons by whom any particular voting rights or class of voting rights may or shall be exercised.

**2.7 DIVISIONS.** The Board may cause the business and operations of the Corporation or any part of them to be divided into one or more divisions upon such basis, including without limitation, types of business or operations, geographical territories, product lines or goods or services, as may be considered appropriate in each case. In connection with any such division, the Board or subject to any direction by the Board, the chief executive officer may authorize from time to time, upon such basis as may be considered appropriate in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Subdivision and Consolidation*. the further division of the business and operations of any such division
into sub-units and the consolidation of the business and operations of any such divisions and sub-units;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Name*. the designation of any such division or sub-unit by, and
the carrying on of the business and operations of, any such division or sub-unit under, a name other than the name of the Corporation, provided that the Corporation shall set out its name in legible characters
in all places required by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Officers.* the appointment of officers for any such division or sub-unit, the determination of their powers and duties, and the removal of any of such officers so appointed, provided that any such officers shall not, as such, be officers of the Corporation.

**SECTION THREE** 

**DIRECTORS** 

**3.1 NUMBER OF DIRECTORS.** Until changed in accordance with the Act, the Board shall consist of not fewer than the minimum number and not more than the maximum number of Directors provided in the Articles.

**3.2 QUALIFICATION.** No person shall be qualified for election as a Director if such person is less than 18 years of age, is of unsound mind and has been so found by a court in Canada or elsewhere, is not an individual, or has the status of a bankrupt. A Director need not be a shareholder. Subject to the Act, at least 25 per cent of the Directors shall be resident Canadians, or if the number of Directors is fewer than four, at least one Director shall be a resident Canadian.

**3.3 ELECTION AND TERM.** The election of Directors shall take place at each annual meeting of shareholders and all the Directors then in office shall retire but, if qualified, shall be eligible for re- election. The number of Directors to be elected at any such Meeting of Shareholders shall be the number of Directors then in office unless the Directors otherwise determine. If the shareholders adopt an amendment to the Articles to increase the number or maximum number of Directors, the shareholders may, at the Meeting of Shareholders at which they adopt the amendment, elect the additional number of Directors authorized by the amendment. The election shall be by resolution. If an election of Directors is not held at the proper time, the incumbent Directors shall continue in office until their successors are elected.

**3.5 VACATION OF OFFICE.** A Director ceases to hold office on death, on removal from office by the shareholders, on ceasing to be qualified for election as a Director, on receipt by the Corporation of a written resignation of such Director, or, if a time is specified in such resignation, at the time so specified, whichever is later. Subject to the Act, a quorum of the Board may appoint a qualified individual to fill a vacancy in the Board.

**3.6 APPOINTMENT OF ADDITIONAL DIRECTORS.** If the Articles of the Corporation so provide, the Directors may, within the maximum number permitted by the Articles, appoint one or more additional Directors, who shall hold office for a term expiring not later than the close of the next annual meeting of the shareholders, but the total number of Directors so appointed may not exceed one third of the number of Directors elected at the previous annual meeting of shareholders.

------

**3.7 ACTION BY THE BOARD.** Subject to any unanimous shareholder agreement, the Board shall manage, or supervise the management of, the business and affairs of the Corporation. The powers of the Board may be exercised at a meeting of the Board (subject to Sections 3.8 and 3.9) at which a quorum is present or by resolution in writing signed by all the Directors entitled to vote on that resolution at a meeting of the Board. If there is a vacancy in the Board, the remaining Directors may exercise all the powers of the Board so long as a quorum remains in office. If the Corporation has a Board consisting of only one Director, that Director may constitute a meeting.

**3.8 CANADIAN DIRECTORS PRESENT AT MEETINGS.** Subject to the Act, the Board shall not transact business at a meeting, other than filling a vacancy in the Board, unless at least 25 per cent of the Directors present are resident Canadians, or if the Corporation has fewer than four Directors, at least one of the Directors present is a resident Canadian, except where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resident Canadian Director who is unable to be present approves in writing, or by telephonic, electronic or
other communication facility, the business transacted at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required number of resident Canadians would have been present had that Director been present at the
meeting.

**3.9 MEETING BY TELEPHONE.** Subject to the Act, if all the Directors consent generally or in respect of a particular meeting, a Director may participate in a meeting of the Board or of a committee of the Board by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, and a Director participating in such a meeting by such means is deemed to be present at the meeting. Any such consent shall be effective whether given before or after the meeting to which it relates and may be given with respect to all meetings of the Board and of committees of the Board.

**3.10 PLACE OF MEETINGS.** Meetings of the Board may be held at any place in or outside Canada.

**3.11 CALLING OF MEETINGS.** Meetings of the Board shall be held from time to time at such time and at such place as the Board, the chair of the Board, the president or any two Directors may determine.

**3.12 NOTICE OF MEETING.** Notice of the time and place of each meeting of the Board shall be given in the manner provided in Section 10 to each Director (a) not less than seven days before the time when the meeting is to be held if the notice is mailed, or (b) not less than 48 hours before the time the meeting is to be held if the notice is given personally, or is delivered or is communicated by any means of transmitted or recorded communication. A notice of a meeting of the Board need not specify the purpose of or the business to be transacted at the meeting except where the Act requires such purpose or business to be specified.

**3.13 FIRST MEETING OF NEW BOARD.** Provided a quorum of Directors is present, each newly elected Board may without notice hold its first meeting immediately following the Meeting of Shareholders at which such Board is elected.

**3.14 ADJOURNED MEETING.** Notice of an adjourned meeting of the Board is not required if the time and place of the adjourned meeting is announced at the original meeting.

------

**3.15 REGULAR MEETINGS.** The Board may appoint a day or days in any month or months for regular meetings of the Board at a place and hour to be named. A copy of any resolution of the Board fixing the place and time of such regular meetings shall be sent to each Director promptly after being passed, but no other notice shall be required for any such regular meeting except where the Act requires the purpose of the regular meeting or the business to be transacted at it to be specified.

**3.16 CHAIR.** The chair of any meeting of the Board shall be the first mentioned of the following officers as have been appointed and who is a Director and is present at the meeting: chair of the Board or president. If no such officer is present, the Directors present shall choose one of their number to be chair.

**3.17 QUORUM.** Subject to Sections 3.7 and 3.8, the quorum for the transaction of business at any meeting of the Board shall consist of two Directors or such greater number of Directors as the Board may from time to time determine.

**3.18 VOTES TO GOVERN.** At all meetings of the Board every question shall be decided by a majority of the votes cast on the question. Subject to any unanimous shareholder agreement, in case of an equality of votes the chair of the meeting shall not be entitled to a second or casting vote.

**3.19 CONFLICT OF INTEREST.** A Director shall disclose to the Corporation, in the manner and to the extent provided by the Act, any interest that such Director has in a material contract or transaction, whether made or proposed, with the Corporation, if such Director (a) is a party to the contract or transaction, (b) is a director or an officer, or an individual acting in a similar capacity, of a party to the contract or transaction, or (c) has a material interest in a party to the contract or transaction. Such a Director shall not vote on any resolution to approve the same except as provided by the Act.

**3.20 REMUNERATION AND EXPENSES.** Subject to any unanimous shareholder agreement, the Directors shall be paid such remuneration for their services as the Board may from time to time determine. The Directors shall also be entitled to be reimbursed for travelling and other expenses properly incurred by them in attending meetings of the Board or any committee of the Board. Nothing in This By-Law shall preclude any Director from serving the Corporation in any other capacity and receiving remuneration therefor.

**SECTION FOUR** 

**COMMITTEES** 

**4.1 COMMITTEES OF THE BOARD.** The Board may appoint one or more committees of the Board, however designated, and delegate to any such committee any of the powers of the Board except those which pertain to items which, under the Act, a committee of the Board has no authority to exercise.

**4.2 TRANSACTION OF BUSINESS.** The powers of a committee of the Board may be exercised by a meeting at which a quorum (as referenced in Section 4.4) is present or by resolution in writing signed by all members of such committee who would have been entitled to vote on that resolution at a meeting of the committee. Meetings of such committee may be held at any place in or outside Canada.

**4.3 ADVISORY BODIES.** The Board may from time to time appoint such advisory bodies as it may deem advisable.

------

**4.4 QUORUM AND PROCEDURE.** Unless otherwise determined by the Board, each committee and advisory body shall fix its quorum at not less than a majority of its members, elect its chair and regulate its procedure.

**SECTION FIVE** 

**OFFICERS** 

**5.1 APPOINTMENT.** Subject to any unanimous shareholder agreement, the Board may from time to time appoint a president, one or more vice-presidents (to which title may be added words indicating seniority or function), a secretary, a treasurer and such other officers as the Board may determine, including one or more assistants to any of the officers so appointed. A person may hold more than one office. The Board may specify the duties of and, in accordance with This By-Law and subject to the Act, delegate to such officers powers to manage the business and affairs of the Corporation. Subject to Section 5.2, an officer may but need not be a Director.

**5.2 CHAIR OF THE BOARD.** The Board may from time to time also appoint a chair of the Board who shall be a Director. If appointed, the Board may assign to the chair any of the powers and duties that are by any provisions of This By-Law assigned to the president. The chair shall have such other powers and duties as the Board may specify.

**5.3 PRESIDENT.** Subject to the authority of the Board, the president shall have general supervision of the business of the Corporation and such other powers and duties as the Board may specify.

**5.4 SECRETARY.** The secretary shall attend and be the secretary of all meetings of the Board, Meeting of Shareholders and committees of the Board and shall enter or cause to be entered in records kept for that purpose minutes of all proceedings at such meetings. The secretary shall give or cause to be given, as and when instructed, all notices to shareholders, Directors, officers, auditors and members of committees of the Board. The secretary shall be the custodian of the stamp or mechanical device generally used for affixing the corporate seal of the Corporation and of all books, records and instruments belonging to the Corporation, except when some other officer or agent has been appointed for that purpose, and have such other powers and duties as the Board may specify.

**5.5 TREASURER.** The treasurer shall keep proper accounting records in compliance with the Act and shall be responsible for the deposit of money, the safekeeping of securities and the disbursement of the funds of the Corporation. The treasurer shall render to the Board whenever required an account of all transactions as treasurer and of the financial position of the Corporation and shall have such other powers and duties as the Board may specify.

**5.6 POWERS AND DUTIES OF OFFICERS.** The powers and duties of all officers shall be in accordance with the terms of their engagement or as the Board or (except for those whose powers and duties are to be specified only by the Board) the chief executive officer may specify. The Board and (except as provided above) the chief executive officer may, from time to time and subject to the provisions of the Act, vary, add to or limit the powers and duties of any officer. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant, unless the Board or the chief executive officer otherwise directs.

**5.7 TERM OF OFFICE.** The Board, in its discretion, may remove any officer of the Corporation. Otherwise each officer appointed by the Board shall hold office until a successor is appointed or until the officer resigns.

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**5.8 AGENTS AND ATTORNEYS.** The Corporation, by or under the authority of the Board, shall have power from time to time to appoint agents or attorneys for the Corporation in or outside Canada with such powers (including the power to subdelegate) of management, administration or otherwise as the Board thinks fit.

**5.9 CONFLICT OF INTEREST.** An officer who is a party to, or who is a director or officer of or has a material interest in any person who is a party to, a material contract or material transaction, whether made or proposed, with the Corporation shall disclose to the Corporation the nature and extent of that interest at the time and in the manner provided by the Act.

**SECTION SIX** 

**PROTECTION OF DIRECTORS, OFFICERS AND OTHERS** 

**6.1 LIMITATION OF LIABILITY.** All Directors and officers of the Corporation in exercising their powers and discharging their duties shall act honestly and in good faith with a view to the best interests of the Corporation and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Subject to the foregoing, and provided that nothing herein shall relieve any Director or officer from the duty to act in accordance with the Act or from liability for any breach of it, no Director or officer shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, omissions, failures, neglects or defaults of any other Director, officer or employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss, damage or expense incurred by the Corporation through the insufficiency or deficiency of title to
any property acquired for or on behalf of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the insufficiency or deficiency of any security in or upon which any of the moneys of the Corporation shall
be invested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss, damage or expense arising from the bankruptcy, insolvency or tortious acts of any person with
whom any of the money, securities or effects of the Corporation shall be deposited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss, damage or expense arising from any error of judgment or oversight on the part of such Director or
officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any other loss, damage or expense arising from the execution of the duties of office or in relation
thereto.

**6.2 INDEMNITY.** Subject to the Act and Section 6.4, the Corporation shall indemnify a Director or an officer, a former Director or officer, or another individual who acts or acted at the Corporation's request as a director or officer (or any individual acting in a similar capacity) of another entity, and their heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by such individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his/her association with the Corporation or such other entity.

**6.3 ADVANCE OF COSTS.** The Corporation shall advance money to a Director, officer or other individual for the costs, charges and expenses of a proceeding referred to in Section 6.2. The individual shall repay the money if the individual does not fulfil the conditions of Section 6.4.

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**6.4 LIMITATION.** The Corporation shall not indemnify an individual under Section 6.2 unless the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acted honestly and in good faith with a view to the best interests of the Corporation, or, as the case may be,
to the best interests of the other entity for which the individual acted as director or officer (or in a similar capacity) at the Corporation's request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had
reasonable grounds for believing that the individual's conduct was lawful.

**6.5 ADDITIONAL CIRCUMSTANCES.** The Corporation shall also indemnify any individual referred to in Section 6.2 in such other circumstances as the Act or law permits or requires. Nothing in This By-Law shall limit the right of any individual entitled to indemnity to claim indemnity apart from the provisions of This By-Law.

**6.6 INSURANCE.** Subject to the Act, the Corporation may purchase and maintain such insurance for the benefit of any individual referred to in Section 6.2 as the Board may from time to time determine.

**SECTION SEVEN** 

**SHARES** 

**7.1 ISSUANCES OF SHARES.** Subject to the Act, the Articles and any unanimous shareholder agreement, the Board may issue or grant options to purchase the whole or any part of the authorized and unissued shares of the Corporation at such times and to such persons and for such consideration as the Board shall determine, provided that no share shall be issued until it is fully paid as provided by the Act.

**7.2 REGISTRATION OF TRANSFERS.** Subject to the Act, no transfer of a share of the Corporation shall be registered in a securities register except upon compliance with the reasonable requirements of the Corporation and with such restrictions on issues, transfer or ownership as are authorized by the Articles or any unanimous shareholder agreement.

**7.3 DEALING WITH REGISTERED HOLDERS.** Subject to the Act, the Corporation may treat the registered holder of any share of the Corporation as the person exclusively entitled to vote, to receive notices, to receive any dividend or other payment in respect of the share, and otherwise to exercise all the rights and powers of an owner of the share.

**7.4 SHARE CERTIFICATES.** Every holder of one or more shares of the Corporation shall be entitled, at the holder's option, to a share certificate, or to a non-transferable written certificate of acknowledgement of such right to obtain a share certificate, stating the number and class or series of shares held by such holder as shown in the securities register. Such certificates shall be in such form as the Board may from time to time approve and need not be under corporate seal. Any such certificate shall be signed in accordance with Section 2.4.

**7.5 REPLACEMENT OF SHARE CERTIFICATES.** The Board, or any officer or agent designated by the Board, may direct the issue of a new share or other such certificate in lieu of and upon cancellation of a certificate that has been mutilated or in substitution for a certificate claimed to have been lost, apparently destroyed or wrongfully taken, on payment of such reasonable fee and on such terms as to indemnity, reimbursement of expenses and evidence of loss and of title as the Board may from time to time prescribe, whether generally or in any particular case.

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**7.6 JOINT SHAREHOLDERS.** If two or more persons are registered as joint holders of any share of the Corporation, the Corporation shall not be bound to issue more than one certificate in respect of such share, and delivery of such certificate to one of such persons shall be sufficient delivery to all of them. Any one of such persons may give effectual receipts for the certificate issued in respect of such share or for any dividend, bonus, return of capital or other money payable or warrant issuable in respect of such share.

**7.7 DECEASED SHAREHOLDERS.** In the event of the death of a holder, or of one of the joint holders, of any share of the Corporation, the Corporation shall not be required to make any entry in the securities register in respect of the death or to make any dividend or other payments in respect of the share except upon production of all such documents as may be required by law and upon compliance with the reasonable requirements of the Corporation.

**SECTION EIGHT** 

**DIVIDENDS** 

**8.1 DIVIDENDS.** Subject to the Act, the Board may from time to time declare dividends payable to the shareholders according to their respective rights and interests in the Corporation. Dividends may be paid in money or property or by issuing fully paid shares of the Corporation.

**8.2 RECORD DATE FOR DIVIDENDS.** The Board may, within the period prescribed by the Act, fix in advance a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. Notice of the record date shall be given within the period prescribed by the Act in the manner provided by the Act. If no record date is so fixed, the record date for the determination of the shareholders entitled to receive payment of any dividend shall be at the close of business on the day on which the Board passes the resolution relating to such dividend.

**SECTION NINE** 

**MEETINGS OF SHAREHOLDERS** 

**9.1 ANNUAL MEETINGS.** Subject to the Act, the Board shall call an annual meeting of shareholders (a) not later than 18 months after the Corporation comes into existence, and (b) subsequently, not later than 15 months after holding the last preceding annual meeting but no later than six months after the end of the Corporation's preceding financial year. The annual meeting of shareholders shall be held for the purpose of considering the financial statements and reports required by the Act to be placed before the annual meeting of shareholders, electing Directors, appointing auditors and for the transaction of such other business as may properly be brought before the annual meeting of shareholders.

**9.2 SPECIAL MEETINGS.** The Board shall have power to call a Special Meeting of Shareholders at any time.

**9.3 PLACE OF MEETINGS.** Meetings of Shareholders shall be held at the registered office of the Corporation or elsewhere in Canada if the Board shall so determine. A Meeting of Shareholders may be held at a place outside Canada if the place is specified in the Articles or all the shareholders entitled to vote at the Meeting of Shareholders agree that the Meeting of Shareholders is to be held at that place. A shareholder who attends a Meeting of Shareholders held outside Canada is deemed to have agreed to it being held outside Canada except when the shareholder attends the Meeting of Shareholders for the express purpose of objecting to the transaction of any business on the grounds that the Meeting of Shareholders is not lawfully held.

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**9.4 PARTICIPATION IN MEETING BY ELECTRONIC MEANS.** Any person entitled to attend a Meeting of Shareholders may participate in it, in accordance with the Act, by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the Meeting of Shareholders, if the Corporation makes available such a communication facility. A person participating in a Meeting of Shareholders by such means is deemed for the purposes of the Act to be present at the Meeting of Shareholders.

**9.5 MEETING HELD BY ELECTRONIC MEANS.** If the Directors or the shareholders of the Corporation call a Meeting of Shareholders pursuant to the Act, those Directors or shareholders, as the case may be, may determine that the Meeting of Shareholders shall be held, in accordance with the Act, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the Meeting of Shareholders.

**9.6 NOTICE OF MEETINGS.** Notice of the time and place of each Meeting of Shareholders shall be given in the manner provided in Section 10 not less than 21 nor more than 60 days before the date of the Meeting of Shareholders to each Director, to the auditor, and to each shareholder who at the close of business on the record date for notice is entered in the securities register as the holder of one or more shares carrying the right to vote at the Meeting of Shareholders. Notice of a Meeting of Shareholders called for any purpose other than consideration of the financial statements and auditor's report, election of Directors and reappointment of the incumbent auditor shall state the nature of such business in sufficient detail to permit the shareholder to form a reasoned judgment thereon and shall state the text of any special resolution to be submitted to the Meeting of Shareholders.

**9.7 LIST OF SHAREHOLDERS ENTITLED TO NOTICE.** For every Meeting of Shareholders, the Corporation shall prepare a list of shareholders entitled to receive notice of the Meeting of Shareholders, arranged in alphabetical order and showing the number of shares held by each shareholder entitled to vote at the Meeting of Shareholders. If a record date for the Meeting of Shareholders is fixed pursuant to Section 9.8, the shareholders listed shall be those registered at the close of business on such record date. If no record date is fixed, the shareholders listed shall be those registered at the close of business on the day immediately preceding the day on which notice of the Meeting of Shareholders is given or, if no such notice is given, on the day on which the Meeting of Shareholders is held. The list shall be available for examination by any shareholder during usual business hours at the registered office of the Corporation or at the place where the central securities register is maintained, and at the Meeting of Shareholders for which the list was prepared. If a separate list of shareholders has not been prepared, the names of persons appearing in the securities register at the requisite time as the holder of one or more shares carrying the right to vote at such Meeting of Shareholders shall be deemed to be a list of shareholders.

**9.8 RECORD DATE FOR NOTICE.** The Board may, within the period prescribed by the Act, fix in advance a date as the record date for determination of the shareholders (a) entitled to receive notice of a Meeting of Shareholders and (b) entitled to vote at a Meeting of Shareholders. Unless waived in accordance with the Act, notice of any such record date shall be given within the period prescribed by the Act before such record date, by newspaper advertisement in the manner provided in the Act. If no record date is fixed, then such record date for the determination of the shareholders entitled to receive notice of the Meeting of Shareholders shall be at the close of business on the day immediately preceding the day on which the notice is given or, if no notice is given, the day on which the Meeting of Shareholders is held.

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**9.9 MEETINGS WITHOUT NOTICE.** A Meeting of Shareholders may be held without notice at any time and place permitted by the Act (a) if all the shareholders entitled to vote at the Meeting of Shareholders are present in person or duly represented or if those not present or represented waive notice of or otherwise consent to such Meeting of Shareholders being held, and (b) if the auditors and the Directors are present or waive notice of or otherwise consent to such Meeting of Shareholders being held, provided that such shareholders, auditors or Directors present are not attending for the express purpose of objecting to the transaction of any business on the grounds that the Meeting of Shareholders is not lawfully called. At such Meeting of Shareholders any business may be transacted which the Corporation may transact at a Meeting of Shareholders. If the Meeting of Shareholders is held at a place outside Canada, shareholders not present or duly represented, but who have waived notice of or otherwise consented to such Meeting of Shareholders, shall also be deemed to have consented to the Meeting of Shareholders being held at such place.

**9.10 CHAIR, SECRETARY AND SCRUTINEERS.** The chair of any Meeting of Shareholders shall be the first mentioned of such of the following officers as have been appointed and who is present at the Meeting of Shareholders: president, chair of the Board, or a vice president who is a shareholder. If no such officer is present within 15 minutes from the time fixed for holding the Meeting of Shareholders, the persons present and entitled to vote shall choose one of their number to be chair. If the secretary of the Corporation is absent, the chair shall appoint some person, who need not be a shareholder, to act as secretary of the Meeting of Shareholders. If desired, one or more scrutineers, who need not be shareholders, may be appointed by a resolution or by the chair with the consent of the Meeting of Shareholders.

**9.11 PERSONS ENTITLED TO BE PRESENT.** The only persons entitled to be present at a Meeting of Shareholders shall be those entitled to vote at the Meeting of Shareholders, the Directors and auditors of the Corporation and others who, although not entitled to vote, are entitled or required under any provision of the Act, the Articles, the By-Laws or any unanimous shareholder agreement to be present at the Meeting of Shareholders. Any other person may be admitted only on the invitation of the chair of the Meeting of Shareholders or with the approval of the majority of shareholders at the Meeting of Shareholders.

**9.12 QUORUM.** Subject to the Act in respect of a majority shareholder and Section 9.22, a quorum for the transaction of business at any Meeting of Shareholders shall be two persons present in person, each being a shareholder entitled to vote at the Meeting of Shareholders or a duly appointed proxyholder or representative for a shareholder so entitled. If a quorum is present at the opening of any Meeting of Shareholders, the shareholders present or represented may proceed with the business of the Meeting of Shareholders notwithstanding that a quorum is not present throughout the Meeting of Shareholders. If a quorum is not present at the opening of any Meeting of Shareholders, the shareholders present or represented may adjourn the Meeting of Shareholders to a fixed time and place but may not transact any other business.

**9.13 RIGHT TO VOTE.** Every person named in the list referred to in Section 9.7 shall be entitled to vote the shares shown thereon opposite such person's name at the Meeting of Shareholders to which such list relates.

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**9.14 PROXYHOLDERS AND REPRESENTATIVES.** Every shareholder entitled to vote at a Meeting of Shareholders may appoint a proxyholder, or one or more alternate proxyholders, to attend and act as the shareholder's representative at the Meeting of Shareholders in the manner and to the extent authorized and with the authority conferred by the proxy. A proxy shall be in writing executed by the shareholder or the shareholder's attorney authorized in writing and shall conform with the requirements of the Act. Alternatively, every such shareholder which is a body corporate or association may authorize by resolution of its directors or governing body an individual to represent it at a Meeting of Shareholders and such individual may exercise on the shareholder's behalf all the powers it could exercise if it were an individual shareholder. The authority of such an individual shall be established by depositing with the Corporation a certified copy of such resolution, or in such other manner as may be satisfactory to the secretary of the Corporation or the chair of the Meeting of Shareholders. Any such proxyholder or representative need not be a shareholder.

**9.15 TIME FOR DEPOSIT OF PROXIES.** The Board may specify in a notice calling a Meeting of Shareholders a time not exceeding the time of such Meeting of Shareholders by more than 48 hours, excluding Saturdays and holidays, preceding any Meeting of Shareholders or adjournment of it before which time proxies to be used at such Meeting of Shareholders must be deposited with the Corporation or its agent. A proxy shall be acted upon only if, prior to the time so specified, it shall have been deposited with the Corporation or an agent of it specified in such notice or if, no such time having been specified in such notice, it has been received by the secretary of the Corporation or by the chair of the Meeting of Shareholders or any adjournment of it prior to the time of voting.

**9.16 JOINT SHAREHOLDERS.** If two or more persons hold shares jointly, any one of them present in person or duly represented at a Meeting of Shareholders may, in the absence of the other or others, vote the shares, but if two or more of those persons are present in person or represented and vote, they shall vote as one the shares jointly held by them.

**9.17 VOTES TO GOVERN.** At any Meeting of Shareholders every question shall, unless otherwise required by the Articles, the By-Laws or any unanimous shareholder agreement, be determined by a majority of the votes cast on the question. Subject to any unanimous shareholder agreement, in case of an equality of votes, either upon a show of hands or upon a poll, the chair of the Meeting of Shareholders shall not be entitled to a second or casting vote.

**9.18 SHOW OF HANDS.** Subject to the Act, any question at a Meeting of Shareholders shall be decided by a show of hands, unless a ballot is required or demanded for such question as provided in this By-Law, and upon a show of hands every person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a ballot is required or demanded for such question, a declaration by the chair of the Meeting of Shareholders that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the Meeting of Shareholders shall be prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of such question, and the result of the vote so taken shall be the decision of the shareholders upon such question. Any vote referred to in this Section 9.18 may be held, in accordance with the Act, partly or entirely by means of a telephonic, electronic or other communication facility, if the Corporation makes available such a communication facility. Any person participating in a Meeting of Shareholders under Sections 9.4 or 9.5 and entitled to vote at that Meeting of Shareholders may vote by means of the telephonic, electronic or other communication facility that the Corporation has made available for that purpose.

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**9.19 BALLOTS.** On any question proposed for consideration at a Meeting of Shareholders, and whether or not a show of hands has been taken upon such question, the chair may require a ballot or any person who is present and entitled to vote on such question at the Meeting of Shareholders may demand a ballot. A ballot so required or demanded shall be taken in such manner as the chair shall direct. A requirement or demand for a ballot may be withdrawn at any time prior to the taking of the ballot. If a ballot is taken, each person present shall be entitled, in respect of the shares which such person is entitled to vote at the Meeting of Shareholders upon the question, to that number of votes provided by the Act or the Articles, and the result of the ballot so taken shall be the decision of the shareholders upon such question.

**9.20 ADJOURNMENT.** The chair at a Meeting of Shareholders may, with the consent of the Meeting of Shareholders and subject to such conditions as the Meeting of Shareholders may decide, adjourn the Meeting of Shareholders from time to time and from place to place. If a Meeting of Shareholders is adjourned for less than 30 days, it shall not be necessary to give notice of the adjourned Meeting of Shareholders, other than by announcement at the earliest Meeting of Shareholders that is adjourned. Subject to the Act, if a Meeting of Shareholders is adjourned by one or more adjournments for an aggregate of 30 days or more, notice of the adjourned Meeting of Shareholders shall be given as for an original Meeting of Shareholders.

**9.21 ACTION IN WRITING BY SHAREHOLDERS.** A resolution in writing signed by all the shareholders entitled to vote on that resolution at a Meeting of Shareholders is as valid as if it had been passed at a Meeting of Shareholders, unless a written statement with respect to the subject matter of the resolution is submitted by a Director or the auditor, in each case in accordance with the Act.

**9.22 ONLY ONE SHAREHOLDER.** If the Corporation has only one shareholder, or only one holder of any class or series of shares, the shareholder present in person or duly represented constitutes a Meeting of Shareholders.

**SECTION TEN** 

**NOTICES** 

**10.1 METHOD OF GIVING NOTICES.** Any notice (which term includes any communication or document) to be given (which term includes sent, delivered or served) pursuant to the Act, the Articles, the By-Laws or otherwise to a shareholder, Director, officer, auditor or member of a committee of the Board shall be sufficiently given: (a) if delivered personally to the person to whom it is to be given; (b) if mailed to such person at the person's Recorded Address by prepaid mail, or (c) if transmitted by electronic means in accordance with the Act. A notice so delivered shall be deemed to have been given and received when it is delivered personally or to the Recorded Address; a notice so mailed shall be deemed to have been given when deposited in a post office or public letter box and deemed received at the time it would be delivered in the ordinary course of mail; and a notice so sent by any means of transmitted or recorded communication shall be considered given and received at the times prescribed by the Act. The secretary may change or cause to be changed the Recorded Address of any shareholder, Director, officer, auditor or member of a committee of the Board in accordance with any information believed by the secretary to be reliable.

**10.2 NOTICE TO JOINT SHAREHOLDERS.** If two or more persons are registered as joint holders of any share, any notice may be addressed to all such joint holders, but notice addressed to one of such persons shall be sufficient notice to all of them.

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**10.3 COMPUTATION OF TIME.** In computing the date when notice must be given under any provision requiring a specified number of days' notice of any meeting or other event, the day of giving the notice shall be excluded and the day of the meeting or other event shall be included.

**10.4 UNDELIVERED NOTICES.** If any notice given to a shareholder pursuant to Section 10.1 is returned on two consecutive occasions because the shareholder cannot be found, the Corporation shall not be required to give any further notices to such shareholder until informed in writing by the shareholder of a new address.

**10.5 OMISSIONS AND ERRORS.** The accidental omission to give any notice to any shareholder, Director, officer, auditor or member of a committee of the Board or the non-receipt of any notice by any such person or any error in any notice not affecting the substance of the notice shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded on the notice.

**10.6 PERSONS ENTITLED BY DEATH OR OPERATION OF LAW.** Every person who, by operation of law, transfer, death of a shareholder or any other means whatsoever becomes entitled to any share, shall be bound by every notice in respect of such share which shall have been duly given to the shareholder from whom such person derives title to such share prior to the name and address of such person being entered on the securities register (whether such notice was given before or after the happening of the event upon which such person became so entitled) and prior to such person furnishing to the Corporation the proof of authority or evidence of entitlement prescribed by the Act.

**10.7 WAIVER OF NOTICE.** Any shareholder, proxyholder, Director, officer, auditor or member of a committee of the Board, or any other person entitled to receive notice of a Meeting of Shareholders or any other notice from the Corporation, may at any time waive any notice, or waive or abridge the time for any notice, required to be given to such person under the Act, the Articles, the By-Laws or otherwise. Any such waiver or abridgement, whether given before or after the meeting or other event of which notice is required to be given, shall cure any default in the giving or in the time of such notice, as the case may be. Any such waiver or abridgement shall be in writing, except a waiver of notice of a Meeting of Shareholders or of the Board or a committee of the Board may be given in any manner.

**SECTION ELEVEN** 

**EFFECTIVE DATE** 

**11.1 EFFECTIVE DATE.** This By-Law shall come into force when made by the Board in accordance with the Act.

*[Remainder of page intentionally left blank]*

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The foregoing by-law was made by the director of the Corporation effective the 23rd day of June, 2023, and was confirmed without variation by the shareholder of the Corporation effective the 23rd day of June, 2023.

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| |
|:---|
| /s/ Jennifer Geggie |
| **JENNIFER GEGGIE** |
| President |

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| |
|:---|
| /s/ Mark Yeomans |
| **MARK YEOMANS** |
| Secretary |

---

*[Signature Page to By-Law No. 1 (Canadian LiquidsCo)]*

## Exhibit 3.10

**Exhibit 3.10** 

**RESOLUTIONS OF THE SOLE SHAREHOLDER** 

**OF** 

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**(the "Corporation")** 

**DATED**: November 7, 2024 (the "**Effective Date**")

**WHEREAS**:

A. South Bow Infrastructure Holdings Ltd. (the **"Shareholder"**) is the sole shareholder of the
Corporation;

B. on October 1, 2024, South Bow Corporation (**"South Bow"**), the parent corporation of the
Corporation and the Shareholder, and TC Energy Corporation (**"TC Energy"**) completed the separation of TC Energy into two independent publicly traded companies, transferring all the assets and liabilities of TC Energy's liquids
pipelines business to South Bow pursuant to an arrangement (the **"Arrangement"**) under section 192 of the Canada Business Corporations Act (the **"CBCA"**) and the terms and conditions of an arrangement agreed dated as of
April 10, 2024 between TC Energy, South Bow and South Bow Pipelines Ltd.;

C. the Corporation has received the resignation of Richard J. Prior as a director of the Corporation, effective as
of the Effective Date;

D. the Shareholder wishes to ratify, confirm and approve the matters in these resolutions relating to Richard J.
Prior's resignation as a director of the Corporation and the appointment of Kevin B. Engel as a replacement director of the Corporation;

E. pursuant to section 103(1) of the CBCA, the board of directors of the Corporation have approved the amendment
of section 2.4 of by-law no. 1 of the Corporation dated effective June 23, 2023 (the **"By-Laws"**) regarding the execution of instruments on behalf of
the Corporation (the **"By-Laws Amendment"**), effective as of the Effective Date; and

F. pursuant to section 103(2) of the CBCA, the Shareholder wishes to approve and confirm the By-Laws Amendment.

**BE IT RESOLVED THAT:**

<u>**CHANGE OF DIRECTORS**</u>

1. The resignation of Richard J. Prior as a director of the Corporation, effective as of the Effective Date, is
hereby acknowledged.

2. The appointment of Kevin B. Engel as a director of the Corporation, effective as of the Effective Date, to hold
office until the close of the next annual meeting of shareholders of the Corporation or until such director ceases to hold office, is hereby ratified, confirmed and approved.

3. Any one director or officer of the Corporation is hereby authorized to amend (or cause to be amended) the
register of directors of the Corporation to indicate that, as of the Effective Date, the directors of the Corporation are as follows:

Jennifer M. Geggie

Kevin B. Engel

Mark Yeomans

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**<u>BY-LAWS AMENDMENT</u>**

4. The By-Laws Amendment, in the form set forth in Schedule "A"
to these resolutions, is hereby approved, ratified and confirmed.

<u>**GENERAL**</u>

5. Any one director or officer of the Corporation is hereby authorized and directed, for and on behalf of the
Corporation, to execute and deliver (or cause to be delivered) all such documents, instruments, certificates and agreements and to do all such acts and things as such director or officer, in their sole and absolute discretion, may determine to be
necessary or desirable in connection with the matters contemplated in these resolutions. The execution and delivery of such other documents in the aforesaid manner shall be conclusive evidence that all documents, instruments, certificates and
agreements so executed and delivered are valid, binding obligations of, and enforceable against, the Corporation in accordance with the terms thereof.

6. These resolutions may be executed in original, portable document format or other electronic means and may be
delivered by electronic means, and when so executed and delivered shall be deemed to be an original.

[*Signature page follows*]

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The foregoing resolutions are consented to by the Shareholder as evidenced by the signature hereto pursuant to the CBCA, effective as of the Effective Date.

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| | |
|:---|:---|
| **SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** |
| Per: | /s/ Kate Fischer |
|  | Name: Kate Fischer |
|  | Title: Corporate Secretary |

---

[*Signature Page to Shareholder Resolutions re: Organizational Matters (South Bow Canadian Infrastructure Holdings Ltd.)*]

------

**SCHEDULE "A"** 

**BY-LAWS AMENDMENT** 

Section 2.4 of the By-Laws is hereby amended, effective as of the Effective Date, by deleting such section in its entirety and replacing it with the following:

## Exhibit 3.11

**Exhibit 3.11** 

<u>Delaware</u> Page 1 <br> The First State

*I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF FORMATION OF "6297782 LLC", FILED IN THIS OFFICE ON THE TWENTY-SECOND DAY OF JUNE, A.D. 2023, AT 1:13 O`CLOCK P.M.* 

---

| | | |
|:---|:---|:---|
| 7526837 8100 | <br> ![LOGO](g13229dsp56.jpg)  | ![LOGO](g13229dsp56a.jpg) <br>Authentication: 203602142 |
| SR# 20232827059 | <br> ![LOGO](g13229dsp56.jpg)  | Date: 06-22-23 |
| You may verify this certificate online at corp.delaware.gov/authver.shtml | You may verify this certificate online at corp.delaware.gov/authver.shtml |  |

---

------

---

| | |
|:---|:---|
| State of Delaware |  |
| Secretary of State |  |
| Division of Corporations |  |
| Delivered 01:13 PM 06/22/2023 | **CERTIFICATE OF FORMATION** |
| FILED 01:13 PM 06/22/2023 |  |
| SR 20232827059 - File Number 7526837 | **OF** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6297782 LLC**

This Certificate of Formation of 6297782 LLC (the "<u>Company</u>") has been duly executed and is being filed by an authorized person to form a limited liability company under the Delaware Limited Liability Company Act (6 <u>Del. C</u>. § 18-101, <u>et seq</u>.), as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the limited liability company formed hereby is:

"6297782 LLC".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office</u>. The address of the registered office of the Company in the State of Delaware is 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware 19808.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Registered Agent</u>. The name and address of the Company's registered agent for service of process on the Company in the State of Delaware is Corporation Service Company (CSC), 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware 19808.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation this 22nd day of June, 2023.

---

| | |
|:---|:---|
| By: | /s/ Bryson Manning |
| Name: | Bryson Manning |
| Title: | Authorized Person |

---

## Exhibit 3.12

**Exhibit 3.12** 

---

| | |
|:---|:---|
| **<u>Delaware</u>** | Page 1 |
| The First State |  |

---

*I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT OF "6297782 LLC", CHANGING ITS NAME FROM "6297782 LLC" TO "SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC", FILED IN THIS OFFICE ON THE TENTH DAY OF SEPTEMBER, A.D. 2024, AT 8:17 O' CLOCK A.M.* 

---

| | | |
|:---|:---|:---|
|  | ![LOGO](g13229dsp56.jpg) | /s/ Jeffrey W. Bullock<br> Jeffrey W. Bullock, Secretary of State |
| <br> 7526837 8100<br> SR# 20243639357 | ![LOGO](g13229dsp56.jpg) | <br> Authentication: 204357558<br> Date: 09-10-24 |
| You may verify this certificate online at corp. delaware.gov/authver.shtml | You may verify this certificate online at corp. delaware.gov/authver.shtml |  |

---

------

**STATE OF DELAWARE** 

**CERTIFICATE OF AMENDMENT** 

**OF CERTIFICATE OF FORMATION** 

The undersigned authorized person, desiring to amend the limited liability company formation pursuant to Section 18-202 of the Limited Liability Company Act of the State of Delaware, hereby certifies as follows:

1. The name of the limited liability company is 6297782 LLC.

2. The Certificate of Formation of the limited liability company is hereby amended as follows:

The name of the limited liability company shall be amended to be "South Bow USA Infrastructure Holdings LLC".

---

| | |
|:---|:---|
| By: | /s/ Gary Salsman |
|  | Authorized Person |
| Name: | Gary Salsman |
|  | Print or Type |

---

**State of Delaware**<br> **Secretary of State**<br> **Division of Corporations**<br> **Delivered 08:17 AM 09/10/2024**<br> **FILED 08:17 AM 09/10/2024**<br> **SR 20243639357 - File Number 7526837**<br>

## Exhibit 3.13

**Exhibit 3.13** 

**AMENDED AND RESTATED** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

**OF** 

**6297782 LLC** 

This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this "<u>Agreement</u>"), dated as of August 9, 2024, is entered into by 15142083 Canada Ltd., a corporation organized under the federal laws of Canada (the "<u>Sole Member</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

WHEREAS, 6297782 LLC, a limited liability company organized under the laws of the State of Delaware (the "<u>Company</u>"), was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware on June 22, 2023, pursuant to the Delaware Limited Liability Company Act (6 <u>Del</u>. C. § 18-101, <u>et seq.</u>), as amended from time to time (the "<u>Act</u>");

WHEREAS, the original limited liability company agreement (the "<u>Original Agreement</u>") went into effect on June 23, 2023; and

WHEREAS, the Sole Member has authorized and approved an amendment and restatement of the Original Agreement on the terms set forth herein.

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the Original Agreement is hereby amended and restated in its entirety and, intending to be so bound, the Sole Member hereby covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the limited liability company is "6297782 LLC". All business of the Company shall be conducted under such name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purpose</u>. The Company is organized for the purpose of engaging in any lawful act or activity for which limited liability companies may be organized under the Act, in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Management</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment and Authority of the Board</u>. A board of managers of the Company (the "<u>Board</u>") is hereby established and shall be comprised of natural persons (each such Person, a "<u>Manager</u>") who shall be appointed in accordance with the provisions of <u>Section 3(b)</u>. The business and affairs of the Company shall be managed, operated, and controlled by or under the direction of the Board, and the Board shall have, and is hereby granted, the full and complete power, authority, and discretion for, on behalf of, and in the name of the Company, to take such actions as it may in its sole discretion deem necessary or advisable to carry out any and all of the objectives and purposes of the Company, to exercise any rights and powers granted to the Company under this Agreement, and to exercise all power and authority vested in managers under the, in each case subject only to the terms of this Agreement and the Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Board Composition</u>. The number of Managers on the Board shall be three initially and may be increased or decreased from time to time upon the consent of the Sole Member. The initial Managers comprising the Board is set forth on Exhibit A and any changes to the identity or number of Managers shall be set forth on the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Removal; Resignation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Manager may be removed with or without cause by the Sole Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that a vacancy is created on the Board at any time due to the death, disability, retirement, resignation, or removal of a Manager, the Sole Member shall have the exclusive right to designate an individual to fill such vacancy and the Company and the Sole Member hereby agrees to take such actions as may be required to ensure the election or appointment of any such designee to fill such vacancy on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Manager may resign at any time from the Board by delivering such Manager's written resignation to the Board. Any such resignation shall be effective upon receipt thereof unless it is specified to be effective at some other time or upon the occurrence of some other event. The Board's acceptance of a resignation shall not be necessary to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Meetings</u>. Meetings of the Board may be held in any location. Regular meetings of the Board may be held without notice at a time and place as is from time to time determined by the Board. Special meetings of the Board may be called by a majority of the Managers on 24 hours notice to each other Manager, either personally or by mail, email or by facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Quorum; Manner of Acting</u>. A majority of the Managers serving on the Board shall constitute a quorum for the transaction of business of the Board. Each Manager shall have one vote on all matters submitted to the Board. Except as specifically provided otherwise in this Agreement, with respect to any matter before the Board, the affirmative act of a majority of the Managers in attendance at any meeting of the Board at which a quorum is present shall be the act of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Action by Written Consent</u>. Notwithstanding the provisions of Sections 3(d) and 3(e), any action required or permitted to be taken by the Board may be taken without a meeting if a consent in writing, setting forth the action to be taken, is signed unanimously by all the Managers. Any such consent shall have the same force and effect as a vote at a meeting of the Board where a quorum was present and may be stated as such in any document or instrument filed with the Secretary of State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Personal Liability</u>. Except as otherwise provided in the Act, by applicable law, or expressly in this Agreement, no Manager will be obligated personally for any debt, obligation, or liability of the Company or any of its subsidiaries, whether arising in contract, tort, or otherwise, solely by reason of being a Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The membership interests of the Sole Member shall be represented by issued and outstanding units. The Company shall maintain a schedule of all members, their respective addresses and the amount of units held by such member, and shall update the schedule upon the issuance of additional units. The Company will not issue certificates to evidence ownership of units. A copy of the schedule of members as of the execution of this Agreement is attached hereto as <u>Exhibit B</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The company is hereby authorized to issue up to 100 units designated as common units. As of the date hereof, 1 common unit is issued and outstanding to the Sole Member as set forth in <u>Exhibit B</u>. <u>Exhibit B</u> may be updated from time to time to reflect the issuance of any additional common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Officers</u>. The Board may appoint individuals as officers of the Company (the "<u>Officers</u>") as it deems necessary or desirable to carry on the business of the Company and the Board may delegate to such Officers such power and authority as the Board deems advisable. No Officer need be a member or Manager. Any individual may hold two or more offices of the Company. Each Officer shall hold office until such Officer's successor is designated by the Board or until such Officer's earlier death, resignation, or removal. Any Officer may resign at any time upon written notice to the Board. Any Officer may be removed by the Board with or without cause at any time. A vacancy in any office occurring because of death, resignation, removal, or otherwise, may, but need not, be filled by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Principal Place of Business; Registered Office and Agent</u>. The principal place of business of the Company is located at 700 Louisiana St., Houston, Texas 77002, or at such other location as the Board may from time to time deem advisable. The address of the Company's registered office in the State of Delaware is c/o 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware 19808. The name and address of the Company's registered agent for service of process in the State of Delaware is Corporation Service Company (CSC), 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware 19808. Such registered office and registered agent may be changed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Fiscal Year</u>. The fiscal year of the Company shall be December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Tax Classification</u>. The Company is a domestic entity with a single owner and it is the intent of the Sole Member that the Company elect to be classified as a corporation for U.S. federal income tax purposes as provided in Treas. Reg. § 301.7701-3. The Company's books of account shall be maintained on a basis consistent with such treatment. The Sole Member shall maintain the records of the Company for three years following the termination of the Company. The term "Treas. Reg." shall mean the final, proposed or temporary income tax regulations promulgated under the Code and effective as of the date hereof. Such term shall include any future amendments or proposed amendments to such regulations and any corresponding provisions of succeeding regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Dissolution</u>. The Company shall dissolve, and its affairs shall be wound up upon the election by the Sole Member so to dissolve, liquidate and terminate the Company. Notwithstanding anything to the contrary contained herein, or in the Act, the bankruptcy (as defined at Sections 18-101(1) and 18-304 of the Act) of the Sole Member shall not cause the Sole Member to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution. To the fullest extent permitted by law, the occurrence of any event which terminates the continued membership of the Sole Member in the Company, shall not cause the dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Filings</u>. (a) The Certificate of Formation was filed with the Secretary of State of Delaware on June 22, 2023, by an "authorized person" within the meaning of the Act, and the Board hereby ratifies and approves such filing. The Board shall use its commercially reasonable efforts to cause amendments to the Certificate of Formation to be executed and filed whenever required by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall use its commercially reasonable efforts to take such other actions as may be reasonably necessary to perfect and maintain the status of the Company as a limited liability company under the laws of the State of Delaware.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board shall cause the Company to be qualified, formed or registered under assumed or fictitious name statutes or similar laws in any jurisdiction in which the Company transacts business in which such qualification, formation or registration is required or desirable. The Board shall cause the Company to execute, deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Capital Contributions</u>. The capital contributions of the Sole Member, if any, shall be reflected on the books and records of the Company. The Sole Member shall not be required to make any additional capital contribution to the Company without its consent. The Sole Member may make additional capital contributions to the Company, from time to time, in its sole discretion. As a result of any increase in the aggregate capital contributions of the Sole Member, the Company shall adjust the books and records of the Company to reflect any additional capital contributions of the Sole Member to the Company from time to time as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Distributions</u>. Distributions shall be made to the Sole Member at the times and in the aggregate amounts determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Books and Records</u>. The Board shall cause the Company to maintain all such books, records and other information as the Sole Member may be entitled to under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Limitation on Liability of the Sole Member</u>. The Sole Member shall not be bound by, or be personally liable for, by reason of being a manager or member of the Company, a judgment, decree or order of a court or in any other manner, for the expenses, liabilities or obligations of the Company, and the liability of the Sole Member shall be limited solely to the amount of its capital contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Indemnification</u>. (a) Notwithstanding any other terms of this Agreement, whether express or implied, or any obligation or duty at law or in equity, neither the Sole Member nor any Manager, director, Officer or employee of the Company, and no shareholder, member, director, officer or employee of its affiliates (each, a "<u>Covered Person</u>") shall be liable to the Company for any act or omission (in relation to the Company or this Agreement, any related document or any transaction contemplated hereby or thereby) taken or omitted in good faith by a Covered Person and in the reasonable belief that such act or omission is in, or is not contrary to, the best interests of the Company and is within the scope of authority granted to such Covered Person by this Agreement, unless such act or omission resulted from fraud, bad faith or willful misconduct by the Covered Person. Nothing herein shall constitute a waiver or limitation of any rights which the Company may have under applicable securities laws or of any rights under other laws which may not be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by applicable law, the Company shall severally indemnify and hold harmless each Covered Person from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of its management of the affairs of the Company or which relates to or arises out of or in connection with the Company, its property, its business or affairs, including its status as a member therein. A Covered Person shall not be entitled to indemnification under this <u>Section 15</u> with respect to any claim, issue or matter in which such Covered Person has engaged in fraud, bad faith or willful misconduct, gross negligence, or a violation of applicable securities laws, except that nothing herein shall constitute a waiver or limitation of any rights which the Company may have under applicable securities laws or of rights under other laws which may not be waived. The termination of any action, suit or proceeding by judgment, order, settlement or upon a plea of nolo contendere or its equivalent shall not of itself (except insofar as such judgment, order, settlement or plea shall itself specifically provide) create a presumption that the Covered Person acted in bad faith or in a manner constituting gross negligence or willful misconduct or materially breached this Agreement. To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding may, with the approval of the Board, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in this <u>Section 15</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Company, such Covered Person acting under this Agreement shall not be liable to the Company for its good faith reliance on the provisions of this Agreement or the advice of accountants and counsel. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Board to modify to that extent such other duties and liabilities of such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided by the Act, or otherwise agreed in writing, the debts, liabilities and obligations of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for any such debt, liability or obligation of the Company solely by reason of being a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. This Agreement, including its existence, validity, construction and operating effect shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendments</u>. This Agreement may only be amended by a writing duly signed by the Sole Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Restrictions on Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No membership interest or any instrument exchangeable for or convertible into membership interests of the Company may be Transferred without the prior consent of a majority of the Managers. No Transfer of any membership interest shall be deemed completed until the prospective transferee is admitted as a Member of the Company in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Transfer or attempted Transfer of any membership interest or instrument exchangeable for or convertible into membership interests of the Company in violation of this Agreement shall be null and void, no such Transfer shall be recorded on the Company's books and the purported transferee in any such Transfer shall not be treated (and the purported transferor shall continue to be treated) as the owner of such membership interest or instrument exchangeable for or convertible into membership interests of the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, any Transfer of a membership interest or instrument exchangeable for or convertible into membership interests of the Company permitted by this Agreement shall be deemed a sale, transfer, assignment or other disposal of such membership interest or instrument exchangeable for or convertible into membership interests in its entirety as intended by the parties to such Transfer, and shall not be deemed a sale, transfer, assignment or other disposal of less than all of the rights and benefits associated with such membership interest or instrument exchangeable for or convertible into membership interests of the Company, unless otherwise explicitly agreed to by the parties to such Transfer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Section 18, the term "Transfer" means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any membership interests or instrument exchangeable for or convertible into membership interests of the Company owned by a person or any interest (including a beneficial interest) in any membership interests or instrument exchangeable for or convertible into membership interests of the Company owned by a person.

\* \* \*

------

IN WITNESS WHEREOF, the Sole Member has duly entered into this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **15142083 CANADA LTD.** | **15142083 CANADA LTD.** |
| By: | /s/ Richard J. Prior |
| Name: | Richard J. Prior |
| Title: | Vice-President |
| By: | /s/ Jennifer M. Geggie |
| Name: | Jennifer M. Geggie |
| Title: | President |

---

------

<u>EXHIBIT A</u> 

<u>MANAGERS</u> 

---

| | |
|:---|:---|
| **Name** | **Address** |
| Jennifer M. Geggie | 700 Louisiana St., Houston, Texas 77002 |
| Gary Salsman | 700 Louisiana St., Houston, Texas 77002 |
| Richard J. Prior | 700 Louisiana St., Houston, Texas 77002 |

---

------

<u>EXHIBIT B</u> 

<u>SCHEDULE OF MEMBERS</u> 

---

| | | |
|:---|:---|:---|
| **Name** | **Address** | **Common Units** |
| 15142083 Canada Ltd. | 450-1 Street S. W., Calgary,<br> Alberta,T2P 5H1, Canada | 1 |

---

## Exhibit 3.14

**Exhibit 3.14** 

**SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC** 

**(the "Company")** 

**<u>SECOND AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT</u>**

**THE LIMITED LIABILITY COMPANY AGREEMENT OF THE CORPORATION IS HEREBY AMENDED AS FOLLOWS:** 

1. The Limited Liability Company Agreement of the Company is hereby amended, effective as of November 7, 2024
(the "**Effective Date** "), by adding the following as Section 18:

[*Signature page follows*]

------

**ENACTED** by the board of managers of the Company effective as of the Effective Date.

---

| |
|:---|
| /s/ Gary Salsman |
| **Gary Salsman** |
| /s/ Richard J. Prior |
| **Richard J. Prior** |

---

[*Signature Page to Limited Liability Company Amendment (South Bow USA Infrastructure Holdings LLC)*]

## Exhibit 4.1

**Exhibit 4.1** 

**South Bow Canadian Infrastructure Holdings Ltd.**,

**as Issuer** 

**and** 

**The Guarantors Party Hereto** 

**and** 

**The Bank of New York Mellon,** 

**as U.S. Trustee** 

**and** 

**BNY Trust Company of Canada,** 

**as Canadian Trustee** 

**INDENTURE** 

**Dated as of August 28, 2024** 

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | Page |
| ARTICLE 1 |  |
| Definitions and Incorporation by Reference |  |
|  Section 1.01. Definitions | 1 |
|  Section 1.02. Other Definitions | 11 |
|  Section 1.03. Incorporation by Reference of Trust Indenture Act | 11 |
|  Section 1.04. Rules of Construction | 11 |
| ARTICLE 2 |  |
| The Securities |  |
|  Section 2.01. Issuable in Series | 12 |
|  Section 2.02. Establishment of Terms of Series of Securities | 12 |
|  Section 2.03. Execution and Authentication | 14 |
|  Section 2.04. Registrar and Paying Agent | 15 |
|  Section 2.05. Paying Agent to Hold Money in Trust | 16 |
|  Section 2.06. Securityholder Lists | 16 |
|  Section 2.07. Exchange and Registration of Transfer | 17 |
|  Section 2.08. Mutilated, Destroyed, Lost and Stolen Securities | 17 |
|  Section 2.09. Outstanding Securities | 18 |
|  Section 2.10. Treasury Securities | 18 |
|  Section 2.11. Temporary Securities | 19 |
|  Section 2.12. Cancellation | 19 |
|  Section 2.13. Defaulted Interest | 19 |
|  Section 2.14. Registered Global Securities | 20 |
|  Section 2.15. Computation of Interest | 21 |
|  Section 2.16. CUSIP and ISIN Numbers | 21 |
| ARTICLE 3 |  |
| Redemption |  |
|  Section 3.01. Notice to U.S. Trustee | 21 |
|  Section 3.02. Selection of Securities to be Redeemed | 21 |
|  Section 3.03. Notice of Redemption | 21 |
|  Section 3.04. Effect of Notice of Redemption | 22 |
|  Section 3.05. Deposit of Redemption Price | 22 |
|  Section 3.06. Securities Redeemed in Part | 22 |
|  Section 3.07. Tax Redemption | 22 |
| ARTICLE 4 |  |
| Covenants |  |
|  Section 4.01. Payment of Principal and Interest | 23 |
|  Section 4.02. Reports | 23 |
|  Section 4.03. Payment of Taxes | 24 |
|  Section 4.04. Compliance Certificate | 26 |
|  Section 4.05. Stay, Extension and Usury Laws | 26 |
|  Section 4.06. Legal Existence | 27 |
|  Section 4.07. Maintenance of Office or Agency | 27 |
|  Section 4.08. Money For Securities Payments to be Held in Trust | 27 |
|  Section 4.09. Waiver of Certain Covenants | 28 |
|  Section 4.10. Limitation on Liens | 28 |
|  Section 4.11. Sale and Leaseback Transactions | 29 |
|  Section 4.12. Offer to Purchase Upon Change of Control Triggering Event | 30 |

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i

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | Page |
| ARTICLE 5 |  |
| Successors |  |
|  Section 5.01. When Issuer and Guarantors May Merge, Etc. | 31 |
|  Section 5.02. Successor Corporation Substituted | 31 |
| ARTICLE 6 |  |
| Defaults and Remedies |  |
|  Section 6.01. Events of Default | 31 |
|  Section 6.02. Acceleration of Maturity; Rescission and Annulment | 32 |
|  Section 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee | 33 |
|  Section 6.04. Trustees May File Proofs of Claim | 34 |
|  Section 6.05. Trustees May Enforce Claims without Possession of Securities | 35 |
|  Section 6.06. Application of Money Collected | 35 |
|  Section 6.07. Limitation on Suits | 35 |
|  Section 6.08. Unconditional Right of Holders to Receive Principal and Interest | 36 |
|  Section 6.09. Restoration of Rights and Remedies | 36 |
|  Section 6.10. Rights and Remedies Cumulative | 36 |
|  Section 6.11. Delay or Omission Not Waiver | 36 |
|  Section 6.12. Control by Holders | 36 |
|  Section 6.13. Waiver of Past Defaults | 36 |
|  Section 6.14. Undertaking for Costs | 37 |
| ARTICLE 7 |  |
| Trustees |  |
|  Section 7.01. Duties of Trustees | 37 |
|  Section 7.02. Rights of Trustees | 38 |
|  Section 7.03. Individual Rights of Trustees | 39 |
|  Section 7.04. Trustees' Disclaimer | 39 |
|  Section 7.05. Notice of Defaults | 39 |
|  Section 7.06. Reports by U.S. Trustee to Holders | 40 |
|  Section 7.07. Reporting and Withholding | 40 |
|  Section 7.08. Compensation and Indemnity | 40 |
|  Section 7.09. Conflicting Interests | 41 |
|  Section 7.10. Replacement of Trustees | 41 |
|  Section 7.11. Successor Trustee by Merger, Etc. | 42 |
|  Section 7.12. Eligibility; Disqualification | 42 |
|  Section 7.13. Preferential Collection of Claims Against Issuer and Guarantors | 43 |
|  Section 7.14. OFAC Sanctions | 43 |
|  Section 7.15. Third Parties (Canadian Trustee) | 43 |
|  Section 7.16. Joint Trustees | 43 |
| ARTICLE 8 |  |
| Satisfaction and Discharge; Defeasance |  |
|  Section 8.01. Satisfaction and Discharge of Indenture | 44 |
|  Section 8.02. Application of Trust Funds; Indemnification | 45 |
| Section 8.03. Legal Defeasance of Securities of any Series | 45 |
| Section 8.04. Covenant Defeasance | 46 |
| Section 8.05. Repayment to Issuer | 47 |

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ii

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | Page |
| ARTICLE 9 |  |
| Amendments and Waivers |  |
|  Section 9.01. Without Consent of Holders | 47 |
|  Section 9.02. With Consent of Holders | 48 |
|  Section 9.03. Limitations | 49 |
|  Section 9.04. Compliance with Trust Indenture Legislation | 49 |
|  Section 9.05. Revocation and Effect of Consents | 49 |
|  Section 9.06. Notation on or Exchange of Securities | 50 |
|  Section 9.07. Trustees Protected | 50 |
| ARTICLE 10 |  |
| Miscellaneous |  |
|  Section 10.01. Conflict with Trust Indenture Legislation | 50 |
|  Section 10.02. Notices | 50 |
|  Section 10.03. Electronic Communications | 52 |
|  Section 10.04. Communication by Holders with Other Holders | 52 |
|  Section 10.05. Certificate and Opinion as to Conditions Precedent | 52 |
|  Section 10.06. Statements Required in Certificate or Opinion | 53 |
|  Section 10.07. Rules by Trustees and Agents | 53 |
|  Section 10.08. Legal Holidays | 53 |
|  Section 10.09. No Recourse Against Others | 53 |
|  Section 10.10. Counterparts | 53 |
|  Section 10.11. Governing Laws; Waiver of Jury Trial | 54 |
|  Section 10.12. Consent to Jurisdiction and Service of Process | 54 |
|  Section 10.13. No Security Interest Created | 55 |
|  Section 10.14. No Adverse Interpretation of Other Agreements | 55 |
|  Section 10.15. Successors | 55 |
|  Section 10.16. Severability | 55 |
|  Section 10.17. **Table of Contents**, Headings, Etc. | 55 |
|  Section 10.18. Securities in a Foreign Currency | 55 |
|  Section 10.19. Judgment Currency | 56 |
|  Section 10.20. Acts of Holders | 56 |
|  Section 10.21. Force Majeure | 57 |
| ARTICLE 11 |  |
| Sinking Funds |  |
|  Section 11.01. Applicability of Article | 57 |
|  Section 11.02. Satisfaction of Sinking Fund Payments with Securities | 58 |
|  Section 11.03. Redemption of Securities for Sinking Fund | 58 |
| ARTICLE 12 |  |
| Guarantees |  |
|  Section 12.01. Guarantees | 58 |
|  Section 12.02. Limitation on Liability | 59 |
|  Section 12.03. Successors and Assigns | 59 |
|  Section 12.04. No Waiver | 59 |
|  Section 12.05. Modification | 59 |
|  Section 12.06. Release of Sister Guarantor | 59 |
|  Section 12.07. Contribution | 60 |
|  Section 12.08. Execution and Delivery of Notation of Guarantee | 60 |

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iii

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**South Bow Canadian Infrastructure Holdings Ltd.** 

**Reconciliation and Tie between Trust Indenture Act of 1939 and Indenture, dated as of August 28, 2024.** 

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| | |
|:---|:---|
|  § 310(a)(1) | 7.11 |
|  (a)(2) | 7.11 |
|  (a)(3) | Not Applicable |
|  (a)(4) | Not Applicable |
|  (a)(5) | 7.11 |
| (b) | 7.11 |
|  § 311(a) | 7.12 |
| (b) | 7.12 |
|  § 312(a) | 2.06 |
| (b) | 10.04 |
| (c) | 10.04 |
|  § 313(a) | 7.06 |
|  (b)(1) | 7.06 |
|  (b)(2) | 7.06 |
| (c) | 7.06 |
| (d) | 7.06 |
|  § 314(a) | 4.02, 4.03 |
| (b) | Not Applicable |
|  (c)(1) | 10.05 |
|  (c)(2) | 10.05 |
|  (c)(3) | Not Applicable |
| (d) | Not Applicable |
| (e) | 10.06 |
| (f) | Not Applicable |
|  § 315(a) | 7.01 |
| (b) | 7.05 |
| (c) | 7.01 |
| (d) | 7.01 |
| (e) | 6.14 |
|  § 316(a) | 2.10 |
|  (a)(1)(A) | 6.12 |
|  (a)(1)(B) | 6.13 |
|  (a)(2) | Not Applicable |
| (b) | 6.08 |
| (c) | 9.05 |
|  § 317(a)(1) | 6.03 |
|  (a)(2) | 6.04 |
| (b) | 2.05 |
|  § 318(a) | 10.01 |

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Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

iv

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Indenture, dated as of August 28, 2024, by and among South Bow Canadian Infrastructure Holdings Ltd., a corporation existing under the laws of Canada (the "**Issuer**"), 15142083 Canada Ltd., a corporation incorporated under the laws of Canada, as guarantor (the "**Holdco Guarantor**"), 6297782 LLC, a Delaware limited liability company, as guarantor (the "**Guarantor Party**"), BNY Trust Company of Canada, a trust company existing under the laws of Canada, as the Canadian trustee (the "**Canadian Trustee**"), and The Bank of New York Mellon, a New York banking corporation, as the United States trustee, paying agent, registrar and transfer agent (the "**U.S. Trustee**"). The Canadian Trustee and the U.S. Trustee are each also individually referred to in this Indenture as a "**Trustee**" and collectively, as the "**Trustees**".

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. *Definitions*. Unless otherwise expressly provided in any Officer's Certificate of the Issuer, any supplemental indenture hereto or any Board Resolution of the Issuer with respect to any Series of Securities, the terms set forth in this Article 1 shall have the meanings assigned to them in this Article 1.

"**Affiliate**" of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "**control**" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "**controlling**" and "**controlled**" have meanings correlative to the foregoing.

"**Agent**" means any Registrar, Paying Agent, co-agent, co-registrar or Notice Agent.

"**Attributable Debt**" when used with respect to any Sale-Leaseback Transaction, means, as at the time of determination, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included in such Sale-Leaseback Transaction (including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon the payment of a penalty or other termination payment, such amount shall be the lesser of the amount determined assuming termination upon the first date such lease may be terminated (in which case the amount shall also include the amount of the penalty or termination payment, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the amount determined assuming no such termination.

"**Authorized Newspaper**" means a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in the opinion of the U.S. Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the U.S. Trustee shall constitute a sufficient publication of such notice.

"**Below Investment Grade Rating Event**" means, in respect of a Series of Securities, that the Securities of such Series are downgraded and rated below Investment Grade by at least two of the Rating Agencies (the "**Required Threshold**") on any date from the date of the public notice by the Issuer of an arrangement that results in a Change of Control until the end of the 60-day period following public notice by the Issuer of the occurrence of a Change of Control (which period will be extended so long as the rating

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of the Securities of such Series is under publicly announced review for possible downgrade by such number of Rating Agencies which, together with Rating Agencies which have already lowered their ratings on the Securities of such Series as aforesaid, would aggregate in number the Required Threshold, but only to the extent that, and for so long as, a Change of Control Triggering Event would result if such downgrade were to occur); *provided, however*, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event), if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the U.S. Trustee in writing at its request that the reduction was primarily the result of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event).

"**Board of Directors**" means, with respect to a Guarantor, the Board of Directors of such Guarantor, or a duly authorized committee thereof.

"**Board of Managers**" means the Board of Managers of the Issuer, or a duly authorized committee thereof.

"**Board Resolution**" means: (i) with respect to a Guarantor, a copy of a resolution certified by an Officer of such Guarantor to have been duly adopted by such Guarantor's Board of Directors and to be in full force and effect on the date of the certificate, and delivered to the U.S. Trustee; and (ii) with respect to the Issuer, a copy of a resolution certified by an Officer of the Issuer to have been duly adopted by the Board of Managers and to be in full force and effect on the date of the certificate, and delivered to the U.S. Trustee.

"**Business Day**" means, unless otherwise provided by Board Resolution of the Issuer, Officer's Certificate of the Issuer or supplemental indenture hereto for a particular Series of Securities, each day which is not a Legal Holiday.

"**Canadian Trust Indenture Legislation**" means, at any time, statutory provisions relating to trust indentures and the rights, duties and obligations of trustees under trust indentures and of bodies corporate issuing or guaranteeing debt obligations under trust indentures to the extent that such provisions are at such time in force and applicable to this Indenture, and at the date of this Indenture includes the applicable provisions of the *Loan and Trust Corporations Act* (Alberta), the *Trust and Loan Companies Act* (Canada) and the *Canada Business Corporations Act* and any statute that may be substituted therefor, as from time to time amended, and any other statute of Canada or a province thereof, including the regulations under any such statute.

"**Capital Stock**" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.

"**Change in Tax Law**" means (a) any amendment to, clarification of, or change, including any announced prospective change, in, the laws or treaties (or any regulations or rulings promulgated thereunder) of Canada, the United States or any political subdivisions or taxing authorities thereof or therein, (b) any judicial decision or any official administrative pronouncement, ruling, regulatory procedure, notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation (collectively, an "administrative action"), (c) any amendment to, clarification of, or change in the official position or the interpretation of, any administrative action or judicial decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case by any legislative body, court, governmental authority or

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regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known, or (d) a threatened challenge asserted in writing in connection with a tax audit of the Issuer, any of its subsidiaries, or a Guarantor making payments under or with respect to the Securities of any Series or the Guarantee, or a publicly-known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Securities of any Series, which amendment, clarification or change is effective or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly-known after August 28, 2024.

"**Change of Control**" means the occurrence of any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, of all or substantially all of the assets of the Holdco Guarantor and its Subsidiaries, taken as a whole, or of all or substantially all of the assets of the Parent Guarantor and its Subsidiaries, taken as a whole, to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Issuer or one or more of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than any Affiliate of the Issuer, becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding voting securities of the Issuer, of more than 50% of the outstanding voting securities of the Holdco Guarantor, or of more than 50% of the outstanding voting securities of the Parent Guarantor, measured by voting power rather than number of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the adoption of a plan relating to the liquidation, dissolution or winding-up of the Issuer, of the Holdco Guarantor or of the Parent Guarantor.

"**Change of Control Triggering Event**" means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

"**Consolidated Net Tangible Assets**" of any Person means, at any date of determination, the total amount of assets of such Person and its consolidated Subsidiaries after deducting therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all current liabilities (excluding (A) any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than twelve months after the time as of which the amount thereof is being computed, and (B) current maturities of long-term debt); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangible assets, all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of such Person and its consolidated Subsidiaries for such Person's most recently completed fiscal quarter, prepared in accordance with GAAP.

"**Corporate Trust Office**" means the office of a Trustee designated by such Trustee at which at any particular time its corporate trust business shall be administered, which office on the date hereof is located at 240 Greenwi<sup>ch</sup> Street, 7th Floor East, New York, New York 10286, Attn: Corporate Trust Administration, in the case of the U.S. Trustee, and at 1 Yo<sup>rk</sup> Street, 6th floor, Toronto, Ontario M5J 0B6, Attn: Corporate Trust Administrator, in the case of the Canadian Trustee.

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"**Debt**" of any Person as of any date means, without duplication, all indebtedness of such Person in respect of borrowed money, including all interest, fees and expenses owed in respect thereto (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments and any guarantee of the foregoing.

"**Default**" means any event which is, or after notice or passage of time would be, an Event of Default.

"**Depositary**" means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Registered Global Securities, the Person designated as Depositary for such Series by the Issuer, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such Person, "**Depositary**" as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.

"**Discount Security**" means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

"**Dollars**" means the currency of the United States of America.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Fitch**" means Fitch Ratings, Inc.

"**Foreign Currency**" means any currency or currency unit issued by a government other than the government of the United States of America.

"**Foreign Government Obligations**" means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency (or which recognizes such currency as lawful in its jurisdiction) for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

"**GAAP**" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, as in effect from time to time.

"**Guarantee**" means the guarantee of the Guarantors as provided in Article 12 and as may be endorsed on a Security authenticated and delivered pursuant to this Indenture and which shall include the provisions set forth in Article 12 and all other obligations and covenants of the Guarantors contained in this Indenture and any Securities.

"**Guarantor Party**" means the party named as such above until a successor replaces it and thereafter means the successor.

"**Guarantors**" means, collectively, the Guarantor Party, the Holdco Guarantor and any Parent Guarantor. For greater certainty, if, at any time, there shall be no Parent Guarantor, then "**Guarantor**", "**Guarantors**" and any reference to "**the Guarantors**" shall mean the Holdco Guarantor and the Guarantor Party.

"**Holder**" or "**Securityholder**" means a Person in whose name a Security is registered in the Register.

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"**Indenture**" means this Indenture as originally executed and delivered and as supplemented or amended from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.

"**Interest,**" with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

"**Investment Grade**" means (1) a rating of Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's); (2) a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); (3) a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch); and (4) the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Issuer.

"**Issuer**" means the party named as such above until a successor replaces it and thereafter means the successor.

"**Issuer Order**" means a written order signed in the name of the Issuer by two Officers of the Issuer and delivered to the U.S. Trustee.

"**Issuer Request**" means a written request, signed in the name of the Issuer by an Officer of the Issuer, and delivered to the U.S. Trustee.

"**Maturity**," when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.

"**MJDS**" means the U.S./Canada Multijurisdictional Disclosure System adopted by the SEC and Canadian securities regulators.

"**Moody's**" means Moody's Investors Service, Inc.

"**Non-Recourse Debt**" means any indebtedness, liability or other obligations (including Purchase Money Obligations), and guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course of business) or other contingent obligations in respect of obligations of another Person and, in each case, incurred or assumed to finance or refinance the creation, construction, development or acquisition, directly or indirectly, of assets and any increases in or extensions, renewals or refunding of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof (or any agent, trustee, receiver or other Person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations) or any judgment in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties and customary indemnities provided with respect to such financings) to the assets directly or indirectly created, constructed, developed or acquired in respect of which such indebtedness, liabilities and obligations have been incurred or assumed and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral or proceeds arising from or connected with the assets directly or indirectly created, developed, constructed or acquired (and, for certainty, shall include the shares or other ownership interests of a single purpose entity which holds only such assets and other rights and collateral arising from or connected therewith) and to which the lender has recourse.

"**Officer**" means: (i) with respect to a Guarantor, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of such Guarantor; and (ii) with respect to the Issuer, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Issuer.

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"**Officer's Certificate**" means: (i) with respect to a Guarantor, a certificate signed by an Officer of such Guarantor, and delivered to the U.S. Trustee; and (ii) with respect to the Issuer, a certificate signed by an Officer of the Issuer, and delivered to the U.S. Trustee.

"**Opinion of Counsel**" means a written opinion of legal counsel who is reasonably acceptable to the U.S. Trustee. The counsel may be an employee of, or counsel to, the Issuer, a Trustee or a Guarantor, as the case may be.

"**Parent Guarantor**" means any Person of whom the Issuer is a direct or indirect Subsidiary, which Person has guaranteed the Guaranteed Obligations pursuant to Article 12 hereof, until a successor replaces it and thereafter means the successor.

"**Permitted Lien**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) liens upon rights-of-way for pipeline purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements, licenses, restrictions on the use of real property or minor imperfections in title thereto and which do not in the aggregate materially adversely affect the value of the properties encumbered thereby or materially impair their use in the operation of the business of the Issuer and its Subsidiaries, the Holdco Guarantor and its Subsidiaries or the Parent Guarantor and its Subsidiaries, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) rights reserved to or vested by any provision of law in any municipality or public authority to control or regulate any of the properties of the Issuer, the Holdco Guarantor, the Parent Guarantor or any Subsidiary or the use thereof or the rights and interests of the Issuer, the Holdco Guarantor, the Parent Guarantor or any Subsidiary therein, in any manner under any and all laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) rights reserved to the grantors of any properties of the Issuer, the Holdco Guarantor, the Parent Guarantor or any Subsidiary, and the restrictions, conditions, restrictive covenants and limitations, in respect thereto, pursuant to the terms, conditions and provisions of any rights-of-way agreements, contracts or other agreements therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any statutory or governmental lien or lien arising by operation of law, or any mechanics', repairmen's, materialmen's, suppliers', carriers', landlords', warehousemen's or similar lien incurred in the ordinary course of business which is not more than 60 days past due or which is being contested at the time by the Issuer, the Holdco Guarantor, the Parent Guarantor or any of their Subsidiaries in good faith by appropriate proceedings and any undetermined lien which is incidental to construction, development, improvement or repair;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) liens for taxes and assessments which are (a) for the then-current year, (b) not at the time delinquent, or (c) delinquent but the validity or amount of which is being contested at the time by the Issuer, the Holdco Guarantor, the Parent Guarantor or any of their Subsidiaries in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) liens of, or to secure performance of, leases, other than capital leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any lien in favor of the Issuer, the Holdco Guarantor, the Parent Guarantor or any Subsidiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any lien upon any property or assets of the Issuer, the Holdco Guarantor, the Parent Guarantor or any Subsidiary in existence on the date of the initial issuance of any Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any lien incurred in the ordinary course of business in connection with workmen's compensation, unemployment insurance, temporary disability, social security, retiree health or similar laws or regulations or to secure obligations imposed by statute or governmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) liens in favor of any Person to secure obligations under provisions of any letters of credit, bank guarantees, bonds or surety obligations required or requested by any governmental authority in connection with any contract or statute, *provided* that such obligations do not constitute Debt; or any lien upon or deposits of any assets to secure performance of bids, trade contracts, leases or statutory obligations, and other obligations of a like nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any lien upon any property or assets created at the time of acquisition of such property or assets by the Issuer, the Holdco Guarantor, the Parent Guarantor or any of their Subsidiaries or within one year after such time to secure all or a portion of the purchase price for such property or assets or Debt incurred to finance such purchase price, whether such Debt was incurred prior to, at the time of, or within one year after the date of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) any lien upon any property or assets to secure all or part of the cost of construction, development, repair or improvements thereon or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any lien upon any property or assets existing thereon at the time of the acquisition thereof by the Issuer, the Holdco Guarantor, the Parent Guarantor or any of their Subsidiaries and any lien upon any property or assets of a Person existing thereon at the time such Person becomes a Subsidiary of the Issuer, the Holdco Guarantor or the Parent Guarantor by acquisition, merger or otherwise; *provided* that, in each case, such lien only encumbers the property or assets so acquired or owned by such Person at the time such Person becomes a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) liens imposed by law or order as a result of any proceeding before any court or regulatory body that is being contested at the time by the Issuer, the Holdco Guarantor, the Parent Guarantor or any of their Subsidiaries in good faith by appropriate proceedings, and liens which secure a judgment or other court-ordered award or settlement as to which the Issuer, the Holdco Guarantor, the Parent Guarantor or the applicable Subsidiary has not exhausted its appellate rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) any lien which secures Non-Recourse Debt or Purchase Money Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancing, refunding or replacements) of liens, in whole or in part, referred to in clauses (1) through (17) above; *provided, however*, that any such extension, renewal, refinancing, refunding or replacement lien shall be limited to the property or assets covered by the lien extended, renewed, refinanced, refunded or replaced and that the obligations secured by any such extension, renewal, refinancing, refunding or replacement lien shall be in an amount not greater than the amount of the obligations secured by the lien extended, renewed, refinanced, refunded or replaced and any expenses of the Issuer, the Holdco Guarantor, the Parent Guarantor or their Subsidiaries (including any premium) incurred in connection with such extension, renewal, refinancing, refunding or replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) any other liens of a nature similar to the foregoing which do not secure Debt of, or guaranteed by, the Issuer, the Holdco Guarantor, the Parent Guarantor or any Subsidiary and which do not materially impair the use of the property subject thereto or the operation of the business of the Issuer, the Holdco Guarantor, the Parent Guarantor or such Subsidiary or the value of such property for the purpose of such business; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) any lien resulting from the deposit of moneys or evidence of indebtedness in trust for the purpose of defeasing Debt of the Issuer, the Holdco Guarantor, the Parent Guarantor or any of their Subsidiaries.

"**Person**" means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Place of Payment,**" when used with respect to the Securities of any Series, means the place or places specified in accordance with Section 2.02 where the principal of and any premium and interest on the Securities of that Series are payable, or if not so specified, in accordance with Section 4.07.

"**Preferred Stock,**" as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

"**Principal**" of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security.

"**Principal Property**" means, whether owned or leased on the date hereof or thereafter acquired: any pipeline assets, including any related facilities employed in the gathering, transportation, distribution, storage or marketing of crude oil, natural gas, refined petroleum products, natural gas liquids and petrochemicals, except, in the case of any of the foregoing, (1) any such assets consisting of inventories, furniture, office fixtures and equipment (including data processing equipment), vehicles and equipment used on, or useful with, vehicles; and (2) any such assets which, in the opinion of the Board of Managers of the Issuer, as evidenced by a Board Resolution of the Issuer, the Board of Directors of the Holdco Guarantor, as evidenced by a Board Resolution of the Holdco Guarantor, or the Board of Directors of the Parent Guarantor, as evidenced by a Board Resolution of the Parent Guarantor, as applicable, are not material in relation to the activities of the Issuer and its Subsidiaries, taken as a whole, the Holdco Guarantor and its Subsidiaries, taken as a whole, or of the Parent Guarantor and its Subsidiaries, taken as a whole, as applicable.

"**Principal Subsidiary**" means any Subsidiary owning or leasing, directly or indirectly though ownership in another Subsidiary, any Principal Property.

**"Purchase Money Obligation"** means any Debt or monetary obligation created or assumed as part of the purchase price of real or tangible personal property, and other property (including intangible property) related to such real or tangible personal property, whether or not secured, and any extensions, renewals or refundings of any such Debt or obligation, provided that the principal amount of such Debt or obligation outstanding on the date of such extension, renewal or refunding is not increased and further provided that any lien given in respect of such Debt or obligation shall not extend to any property other than the property acquired in connection with which such Debt or obligation was created or assumed and fixed improvements, if any, erected or constructed thereon and all proceeds thereof.

"**Rating Agency**" means (1) Moody's, S&P and Fitch; and (2) if any of Moody's, S&P or Fitch ceases to rate the Securities of the applicable Series or fails to make a rating of the Securities of the applicable Series publicly available for reasons outside of the Issuer's control, a Substitute Rating Agency.

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"**Registered Global Security**" or "**Registered Global Securities**" means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.

"**Registered Securities**" means any Security registered on the Register of the Issuer.

"**Responsible Officer**" means, when used with respect to a Trustee, any officer within the Corporate Trust Office of such Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person's knowledge of or familiarity with the particular subject.

"**Rule 144A Securities**" means Securities of a Series designated pursuant to Section 2.02 as entitled to the benefits of Section 4.02(c).

"**S&P**" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.

"**SEC**" means the Securities and Exchange Commission.

"**Securities**" means the debentures, notes or other debt instruments of the Issuer of any Series authenticated and delivered under this Indenture.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

"**Senior Debt**" means the principal of, premium, if any, unpaid interest, and all fees and other amounts payable in connection with the following, whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, on (x) the Debt of the Issuer, for money borrowed other than (a) any Debt of the Issuer which when incurred and without respect to any election under Section 1111(b) of the Federal Bankruptcy Code, was without recourse to the Issuer, (b) any Debt of the Issuer to any of its Subsidiaries, (c) any liability for taxes and (d) Trade Payables, unless the instrument creating or evidencing the same or pursuant to which the same is outstanding provides that such Debt is not senior or prior in right of payment to the applicable Subordinated Securities, (y) all obligations of the Issuer under interest rate, currency and commodity swaps, caps, floors, collars, hedge arrangements, forward contracts or similar agreements or arrangements and (z) renewals, extensions, modifications and refundings of any such Debt. This definition may be modified or superseded by a supplemental indenture.

"**Series**" or "**Series of Securities**" means each series of debentures, notes or other debt instruments of the Issuer created pursuant to Section 2.01 and 2.02 hereof.

"**Stated Maturity,**" when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable (without regard for any provisions for acceleration, redemption prepayment or otherwise).

"**Subordinated Securities**" means Securities that by the terms established pursuant to Section 2.02(i) are subordinated in right of payment to Senior Debt of the Issuer.

"**Subordination Provisions**," when used with respect to the Subordinated Securities of any Series, shall have the meaning established pursuant to Section 2.02(i) with respect to the Subordinated Securities of such Series.

"**Subsidiary**" of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

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"**Substitute Rating Agency**" means a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) under the Exchange Act selected by the Issuer (as certified by a Board Resolution of the Issuer) as a replacement agency for any of Moody's, S&P or Fitch, as the case may be.

"**Tax Event**" means the Issuer has received an opinion of counsel experienced in such matters to the effect that, as a result of a Change in Tax Law (a) the Issuer or a Guarantor making payments under or with respect to the Securities of any Series or the Guarantee has been or will be obligated to pay Additional Amounts in respect of Securities of such Series or the Guarantee, as applicable, pursuant to the terms and conditions thereof and the Issuer or such Guarantor, as applicable, cannot avoid any such payment obligation by taking reasonable measures available to the Issuer or such Guarantor, as applicable, including making payment through a payment agent or another Guarantor located in another jurisdiction (but not including, for the avoidance of doubt, the Issuer or any Guarantor changing or moving jurisdictions), or (b) there is more than an insubstantial risk that interest payable on the Securities of any Series is not deductible, or within 90 days would not be deductible, in whole or in part, by the Issuer for Canadian federal income tax purposes or the applicable Guarantor for United States federal income tax purposes.

"**TIA**" means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; *provided*, *however*, that in the event the Trust Indenture Act of 1939 is amended after such date, "**TIA**" means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

"**Trade Payables**" means accounts payable or any other monetary obligations to trade creditors created or assumed by the Issuer or any Subsidiary of the Issuer in the ordinary course of business in connection with the receipt of materials or services.

"**Trust Indenture Legislation**" means the TIA and the Canadian Trust Indenture Legislation. For greater certainty, if, at any time, Canadian Trust Indenture Legislation is not applicable to this Indenture, then any reference to "Trust Indenture Legislation" shall mean the TIA.

"**Trustees**" means, together, the Persons named as the "**U.S. Trustee**" and the "**Canadian Trustee**" in the first paragraph of this instrument until a successor of either Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter shall mean or include each Person who is then a Trustee hereunder. If the Canadian Trustee resigns or is removed and, pursuant to Section 7.10, the Issuer is not required to appoint a successor Trustee to the Canadian Trustee, then "**Trustee**", "**Trustees**" and any reference to "**the Trustees**" shall mean the U.S. Trustee.

"**U.S. Government Obligations**" means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the issuer's option.

Section 1.02. *Other Definitions*.

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| | | |
|:---|:---|:---|
| **Term** | **Defined in Section** | **Defined in Section** |
|  "**Act**" |  | 10.20 |
|  "**Additional Amounts**" |  | 4.03 |
|  "**Applicable Premium Deficit**" |  | 8.01 |
|  "**Authorized Officers**" |  | 10.03 |
|  "**Bankruptcy Law**" |  | 6.01 |

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| | |
|:---|:---|
|  "**Change of Control Offer**" | 4.12 |
|  "**Change of Control Payment Date**" | 4.12 |
|  "**Code**" | 4.03 |
|  "**Custodian**" | 6.01 |
|  "**Electronic Means**" | 10.03 |
|  "**Event of Default**" | 6.01 |
|  "**Guaranteed Obligations**" | 12.01 |
|  "**Instructions**" | 10.03 |
|  "**Judgment Currency**" | 10.19 |
|  "**Legal Holiday**" | 10.08 |
|  "**liens**" | 4.1 |
|  "**mandatory sinking fund payment**" | 11.01 |
|  "**Market Exchange Rate**" | 10.18 |
|  "**New York Banking Day**" | 10.19 |
|  "**Notice Agent**" | 2.04 |
|  "**optional sinking fund payment**" | 11.01 |
|  "**Paying Agent**" | 2.04 |
|  "**Register**" | 2.04 |
|  "**Registrar**" | 2.04 |
|  "**Relevant Taxing Jurisdiction"** | 4.03 |
|  "**Required Currency**" | 10.19 |
|  "**Sale-Leaseback Transaction**" | 4.11 |
|  "**Sanctions**" | 7.14 |
|  "**successor person**" | 5.01 |
|  "**Tax Redemption Date**" | 3.07 |
|  "**Taxes**" | 4.03 |

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Section 1.03. *Incorporation by Reference of Trust Indenture Act*. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

"**indenture securities**" means the Securities.

"**indenture security holder**" means a Securityholder.

"**indenture to be qualified**" means this Indenture.

"**indenture trustee**" or "**institutional trustee**" means one or more of the Trustees, as the context so requires.

"**obligor**" on the indenture securities means the Issuer and any successor obligor upon the Securities.

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.

Section 1.04. *Rules of Construction*. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "or" is not exclusive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) words in the singular include the plural, and in the plural include the singular.

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ARTICLE 2

THE SECURITIES

Section 2.01. *Issuable in Series*. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution of the Issuer, a supplemental indenture or an Officer's Certificate of the Issuer detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution of the Issuer. In the case of Securities of a Series to be issued from time to time, such Board Resolution, Officer's Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, *provided* that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

Section 2.02. *Establishment of Terms of Series of Securities*. At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(y)) by a Board Resolution of the Issuer, a supplemental indenture or an Officer's Certificate of the Issuer pursuant to authority granted under a Board Resolution of the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the title and designation of the Securities of the Series, which shall distinguish the Securities of the Series from the Securities of all other Series, and which may be part of a Series of Securities previously issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any limit upon the aggregate principal amount of the Securities of the Series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or 9.06);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if other than Dollars, the Foreign Currency or Foreign Currencies in which the Securities of the Series are denominated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date or dates on which the principal of the Securities of the Series is payable or the method of determination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the rate or rates (which may be fixed or variable) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest shall accrue, on which such interest shall be payable, the terms and conditions of any deferral of interest and the additional interest, if any, thereon, the right, if any, of the Issuer to extend the interest payment periods and the duration of the extensions and (in the case of Registered Securities) the date or dates on which a record shall be taken for the determination of Holders to whom interest is payable and/or the method or methods by which such rate or rates or date or dates shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the place or places where and the manner in which, the principal of and any interest on Securities of the Series shall be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the right, if any, of the Issuer to redeem Securities, in whole or in part, at its option and the period or periods within which, or the date or dates on which, the price or prices at which and any terms and conditions upon which Securities of the Series may be so redeemed, pursuant to any sinking fund or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the Series pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which, the Foreign Currency or Foreign Currencies in which (if other than Dollars) and the period or periods within which or the date or dates on which, and any terms and conditions upon which Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Securities of such Series are Subordinated Securities, the terms pursuant to which the Securities of such Series will be made subordinate in right of payment to Senior Debt and the definition of such Senior Debt with respect to such Series (in the absence of an express statement to the effect that the Securities of such Series are subordinate in right of payment to all such Senior Debt, the Securities of such Series shall not be subordinate to Senior Debt and shall not constitute Subordinated Securities); and, in the event that the Securities of such Series are Subordinated Securities, such Board Resolution, Officer's Certificate or supplemental indenture, as the case may be, establishing the terms of such Series shall expressly state which articles, sections or other provisions thereof constitute the "Subordination Provisions" with respect to the Securities of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which Securities of the Series shall be issuable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if other than the principal amount thereof, the portion of the principal amount of Securities of the Series which shall be payable upon declaration of acceleration of the maturity thereof and the terms and conditions of any acceleration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if other than the coin, currency or currencies in which the Securities of the Series are denominated, the coin, currency or currencies in which payment of the principal of or interest on the Securities of such Series shall be payable, including composite currencies or currency units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if the principal of or interest on the Securities of the Series are to be payable, at the election of the Issuer or a Holder thereof, in a coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if the amount of payments of principal of and interest on the Securities of the Series may be determined with reference to an index or formula based on a coin, currency, composite currency or currency unit other than that in which the Securities of the Series are denominated, the manner in which such amounts shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) whether the Securities of the Series will be issuable as Registered Securities and, if so, whether such Securities will be issuable as Registered Global Securities (whether upon original issue or upon exchange of a temporary Security of such Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) if the Securities of the Series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such Series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any trustees, depositaries, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of such Series;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) any deletion from, modification of or addition to the Events of Default or covenants with respect to the Securities of such Series, including, if applicable, covenants affording Holders of debt protection with respect to the Issuer's and/or the Guarantors' operations, financial conditions and transactions involving the Issuer and/or the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) if the Securities of the Series are to be convertible into or exchangeable for any other security or property of the Issuer, including, without limitation, securities of another Person held by the Issuer or its Affiliates and, if so, the terms thereof, including conversion or exchange prices or rate and adjustments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the price or prices at which the Securities will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any provisions for remarketing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms applicable to any Securities issued at a discount from their stated principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) if the Securities of the Series are to be entitled to the benefit of Section 4.02(c) (and accordingly constitute Rule 144A Securities), that fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) add any Guarantors with respect to the Securities of a Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any other terms of the Series.

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officer's Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officer's Certificate.

Section 2.03. *Execution and Authentication*. One or more Officers of the Issuer shall sign the Securities for the Issuer by manual or electronic signature.

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless so long as such individual was an Officer at the time of execution of the Security.

A Security shall not be entitled to any benefit under this Indenture or the Guarantee in respect thereof or be valid or obligatory for any purpose until authenticated by the manual or electronic signature of the U.S. Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

The U.S. Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution of the Issuer, supplemental indenture hereto or Officer's Certificate of the Issuer, upon receipt by the U.S. Trustee of an Issuer Order. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution of the Issuer, a supplemental indenture hereto or an Officer's Certificate of the Issuer.

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer's Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.

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Prior to the issuance of Securities of any Series, the U.S. Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution of the Issuer, supplemental indenture hereto or Officer's Certificate of the Issuer establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) Officer's Certificate(s) complying with Section 10.05, and (c) an Opinion of Counsel complying with Section 10.05.

The U.S. Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the U.S. Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if the U.S. Trustee in good faith shall determine that such action would expose the U.S. Trustee to personal liability to Holders of any then outstanding Series of Securities.

The U.S. Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate the Securities. Any such appointment shall be evidenced by an instrument signed by a Responsible Officer of the U.S. Trustee, a copy of which shall be furnished to the Issuer and the Guarantors. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the U.S. Trustee may do so. Each reference in this Indenture to authentication by the U.S. Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuer, the Guarantors and Affiliates thereof.

Section 2.04. *Registrar and Paying Agent*. The Issuer shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment ("**Paying Agent**"), where Securities of such Series may be surrendered for registration of transfer or exchange ("**Registrar**") and where notices and demands to or upon the Issuer in respect of the Securities of such Series and this Indenture may be served ("**Notice Agent**"). The Registrar shall keep a register with respect to each Series of Registered Securities (the "**Register**") and to their transfer and exchange. The Issuer will give prompt written notice to the U.S. Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Issuer shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the U.S. Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the U.S. Trustee, and the Issuer hereby appoints the U.S. Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided that the Corporate Trust Office of the U.S. Trustee shall not be an office or agency of the Issuer for the purpose of effecting service of legal process on the Issuer.

The Issuer may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; *provided*, *however*, that no such designation or rescission shall in any manner relieve the Issuer of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Issuer will give prompt written notice to the U.S. Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term "Registrar" includes any co-registrar; the term "Paying Agent" includes any additional paying agent; and the term "Notice Agent" includes any additional notice agent.

The Issuer hereby appoints the U.S. Trustee the initial Registrar, Paying Agent and Notice Agent for each Series of Securities unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The Issuer or any of its domestically organized Subsidiaries may act as Paying Agent, Registrar or Notice Agent. So long as the U.S. Trustee is the Notice Agent, no service of legal process on the Issuer may be made on the Notice Agent.

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The rights, privileges, protections, immunities and benefits given to the U.S. Trustee under this Indenture including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the U.S. Trustee in each of its capacities hereunder, and each Agent acting hereunder.

The Issuer and the Guarantors shall enter into an appropriate agency agreement with any Registrar, Paying Agent or Notice Agent not a party to this Indenture, which shall incorporate the applicable terms of Trust Indenture Legislation. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the U.S. Trustee of the name and address of any such agent.

The Issuer may remove any Registrar, Paying Agent or Notice Agent for any Series of Securities upon written notice to such Registrar, Paying Agent or Notice Agent and to the U.S. Trustee; *provided*, *however*, that no such removal shall become effective until (1) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer, the Guarantors and such successor Registrar, Paying Agent or Notice Agent, as the case may be, and delivered to the U.S. Trustee or (2) notification to the U.S. Trustee that the U.S. Trustee shall serve as Registrar, Paying Agent or Notice Agent, as the case may be, until the appointment of a successor in accordance with clause (1) above. The Registrar, Paying Agent or Notice Agent may resign at any time upon written notice; *provided*, *however*, that the U.S. Trustee may resign as Paying Agent, Registrar or Notice Agent only if the U.S. Trustee also resigns as Trustee in accordance with Section 7.10. Upon any Event of Default under Section 6.01(e) or (f), the U.S. Trustee shall automatically be the Paying Agent.

Section 2.05. *Paying Agent to Hold Money in Trust*. Prior to each due date of the principal and interest on any Series of Securities, the Issuer shall deposit with the Paying Agent (or if the Issuer or a Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the U.S. Trustee) to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the U.S. Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and shall notify the U.S. Trustee of any default by the Issuer in making any such payment. While any such default continues, the U.S. Trustee may require a Paying Agent to pay all money held by it to the U.S. Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the U.S. Trustee. Upon payment over to the U.S. Trustee, the Paying Agent (if other than the Issuer or a Subsidiary) shall have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.

Section 2.06. *Securityholder Lists*. The Issuer shall furnish, or cause the Registrar to furnish, to the Trustees at least five Business Days before each interest payment date, but in any event not less frequently than semi-annually, and at such other times as either Trustee may request in writing a list, in such form and as of such date as the Trustees may reasonably require, of the names and addresses of Securityholders of each Series of Securities; provided, however, that so long as a Trustee is the Registrar, no such list shall be required to be furnished to such Trustee (but, for greater certainty, such list must still be provided to the other Trustee). If a Trustee shall no longer be the Registrar, such Trustee shall be entitled to rely on the most recent such list provided or available to it without liability therefor.

The Trustees shall preserve, in as current a form as is reasonably practicable, the names and addresses of Securityholders contained in the most recent list furnished to the Trustees as provided in this Section 2.06 and shall otherwise comply with the Trust Indenture Legislation. The U.S. Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Securityholders received by the U.S. Trustee in its capacity as Registrar.

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Section 2.07. *Exchange and Registration of Transfer*. The Issuer shall cause to be kept at the Corporate Trust Office of the U.S. Trustee the Register in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities of a Series and of transfers of Securities of such Series. The Register shall be in written form or in any form capable of being converted into written form within a reasonably prompt period of time.

Upon surrender for registration of transfer of any Security of a Series to the Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.07, the Issuer shall execute, and the U.S. Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same Series of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. The Guarantors shall cause to be endorsed on any such new Security a Guarantee executed by the Guarantors.

Securities of a Series may be exchanged for other Securities of the same Series of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any such office or agency maintained by the Issuer pursuant to Section 4.07. Whenever any Securities of a Series are so surrendered for exchange, the Issuer shall execute, and the U.S. Trustee shall authenticate and deliver, the Securities of the same Series that the Holder making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. The Guarantors shall cause to be endorsed on any such Security a Guarantee executed by the Guarantors.

All Securities of a Series issued upon any registration of transfer or exchange of Securities of the same Series shall be the valid obligations of the Issuer and the Guarantors, evidencing the same debt, and entitled to the same benefits under this Indenture and the Guarantee, as the Securities of the same Series surrendered upon such registration of transfer or exchange.

All Securities of a Series presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuer, the Guarantors or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Guarantors and the Securities of such Series shall be duly executed by the Holder thereof or its attorney duly authorized in writing.

No service charge shall be made to any holder for any registration, transfer or exchange of Securities, but the Issuer, the Guarantors or the U.S. Trustee may require payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of such Securities (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.06 or 9.06).

None of the Issuer, the Guarantors or the U.S. Trustee nor any Registrar shall be required to exchange, issue or register a transfer of (a) Securities of any Series for a period of fifteen calendar days next preceding the date of mailing of a notice of redemption of Securities of that Series selected for redemption, or (b) Securities of any Series or portions thereof called for redemption, except for the unredeemed portion of any Securities of that Series being redeemed in part.

Section 2.08. *Mutilated, Destroyed, Lost and Stolen Securities*. If a mutilated Security is surrendered to the Registrar or if the Securityholder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuer shall issue and the U.S. Trustee shall authenticate and deliver a replacement Security of the same Series and having endorsed thereon a Guarantee executed by the Guarantors if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Securityholder (a) satisfies the Issuer or the U.S. Trustee within a reasonable time after such Securityholder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the U.S. Trustee prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a "protected purchaser") and (c) satisfies any other reasonable requirements of the Issuer, the Guarantors and the U.S. Trustee. If required by the U.S. Trustee, a Guarantor or the Issuer, such Securityholder shall

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furnish an indemnity bond sufficient in the judgment of the U.S. Trustee to protect the U.S. Trustee and any Agent and in the judgment of the Issuer to protect the Issuer, the Guarantors, the U.S. Trustee, the Paying Agent and the Registrar from any loss that any of them may suffer if a Security is replaced. The Issuer, the Guarantors and the U.S. Trustee may charge the Securityholder for their expenses in replacing a Security. In case any Security which has matured or is about to mature or has been called for redemption, shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Security, pay or authorize the payment of (without surrender thereof except in the case of a mutilated Security), as the case may be, if the applicant for such payment or conversion shall furnish to the Issuer, to the Guarantors, to the U.S. Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, the Guarantors, the U.S. Trustee and, if applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Securities and of the ownership thereof.

Every replacement Security of any Series and the Guarantee endorsed thereon issued pursuant to this Section is an additional obligation of the Issuer and the Guarantors, respectively, evidencing the same debt, and entitled to the same benefits under this Indenture and the Guarantee, as the Securities of the same Series replaced.

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

Section 2.09. *Outstanding Securities*. The Securities outstanding at any time are all the Securities authenticated by the U.S. Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest on a Registered Global Security effected by the U.S. Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor holds the Security.

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the U.S. Trustee, the Issuer and the Guarantors receive proof satisfactory to them that the replaced Security is held by a protected purchaser.

If the Paying Agent (other than the Issuer or a Subsidiary of the Issuer) holds on the Maturity of Securities of a Series money sufficient to pay such Securities (or portions thereof) payable on that date, and the Paying Agent is not prohibited from paying such money to the Securityholders of such Series on that date pursuant to the terms of the Indenture, then on and after that date such Securities of the Series (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

Section 2.10. *Treasury Securities*. In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver or consent, Securities of a Series owned by the Issuer, a Guarantor, any other obligor upon the Securities or a Subsidiary of the Issuer, a Guarantor or such other obligor shall be disregarded and deemed not to be outstanding, except that for the purposes of determining whether a Trustee shall be protected in relying on any such direction, waiver or consent only Securities of a Series that such Trustee actually knows are so owned shall be so disregarded.

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Securities so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the U.S. Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not the Issuer, a Guarantor or any other obligor upon the Securities or any Subsidiary of the Issuer, a Guarantor or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the U.S. Trustee in accordance with such advice. Upon written request of a Trustee, the Issuer shall furnish to such Trustee promptly an Officer's Certificate of the Issuer listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject to Section 7.01 and 7.02, such Trustee shall be entitled to accept such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are outstanding for the purpose of any such determination.

Section 2.11. *Temporary Securities*. Pending the preparation of Securities in certificated form, the Issuer may execute and the U.S. Trustee or an authenticating agent appointed by the U.S. Trustee shall, upon an Issuer Order, authenticate and deliver temporary Securities (printed, lithographed, typewritten, photocopied or otherwise produced). Temporary Securities shall be issuable in any authorized denomination, and substantially in the form of the Securities in certificated form, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer. Every such temporary Security shall be executed by the Issuer and authenticated by the U.S. Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Securities in certificated form. The Guarantors shall cause to be endorsed on any such temporary Security a Guarantee executed by the Guarantors in substantially the same manner, and with the same effect, as the Securities in certificated form. Without unreasonable delay, the Issuer will execute and deliver to the U.S. Trustee or such authenticating agent Securities of the same Series in certificated form and thereupon any or all temporary Securities may be surrendered in exchange therefor, at each office or agency maintained by the Issuer pursuant to Section 4.08 and the U.S. Trustee or such authenticating agent shall authenticate and make available for delivery in exchange for such temporary Securities an equal aggregate principal amount of Securities of the same Series in certificated form. The Guarantors shall cause to be endorsed on any such Security a Guarantee executed by the Guarantors. Such exchange shall be made by the Issuer at its own expense and without any charge therefor. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture and the Guarantee as Securities of the same Series in certificated form authenticated and delivered hereunder.

Section 2.12. *Cancellation*. The Issuer at any time may deliver Securities to the U.S. Trustee for cancellation. The Registrar and the Paying Agent shall forward to the U.S. Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The U.S. Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and dispose of such cancelled Securities in accordance with its customary procedure. The Issuer may not issue new Securities to replace Securities that it has paid or delivered to the U.S. Trustee for cancellation. The U.S. Trustee shall not authenticate Securities in place of cancelled Securities other than pursuant to the terms of this Indenture.

Section 2.13. *Defaulted Interest*. If the Issuer defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest at the rates prescribed therefor in the Securities, to the Persons who are Securityholders of the Series on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the U.S. Trustee and shall promptly mail or cause to be mailed or deliver by electronic transmission to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. The Issuer may pay defaulted interest in any lawful manner.

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Section 2.14. *Registered Global Securities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Terms of Securities*. A Board Resolution of the Issuer, a supplemental indenture hereto or an Officer's Certificate of the Issuer shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Registered Global Securities and the Depositary for such Registered Global Security or Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Transfer and Exchange*. Notwithstanding any provisions to the contrary contained in Section 2.07, any Registered Global Security shall be exchangeable pursuant to Section 2.07 for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Registered Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Issuer fails to appoint a successor Depositary within 90 days of such event or (ii) the Issuer executes and delivers to the U.S. Trustee an Officer's Certificate of the Issuer to the effect that such Registered Global Security shall be so exchangeable. Any Registered Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Registered Global Security with like tenor and terms.

Except as provided in this Section 2.14(b), a Registered Global Security may not be transferred except as a whole by the Depositary with respect to such Registered Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Legends*. Any Registered Global Security issued hereunder shall bear a legend in substantially the following form:

"This Security is a Registered Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Acts of Holders*. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Payments*. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Registered Global Security shall be made to the Holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Consents, Declaration and Directions*. Except as provided in Section 2.14(d), the Issuer, the Guarantors, the Trustees and any Agent may treat a Person as the Holder of such principal amount of outstanding Securities of such Series represented by a Registered Global Security as shall be specified in a written statement of the Depositary with respect to such Registered Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

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Section 2.15. *Computation of Interest*. Except as otherwise specified pursuant to Section 2.02 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day months. Solely for purposes of the Interest Act (Canada), the yearly rate of interest to which interest calculated for a period of less than one year on the basis of a year of 360 days consisting of 12 30-day periods is equivalent is such rate of interest multiplied by a fraction of which (i) the numerator is the product of (A) the actual number of days in the year commencing on the first day of such period, multiplied by (B) the sum of (y) the product of 30 multiplied by the number of complete months elapsed in such period and (z) the actual number of days elapsed in any incomplete month in such period; and (ii) the denominator is the product of (a) 360 multiplied by (b) the actual number of days in such period.

Section 2.16. *CUSIP and ISIN Numbers*. The Issuer in issuing the Securities may use "CUSIP" and "ISIN" numbers (if then generally in use), and, if so, the U.S. Trustee shall use "CUSIP" and "ISIN" numbers in notices of redemption as a convenience to Holders; *provided* that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the U.S. Trustee in writing of any changes to the CUSIP and ISIN numbers.

ARTICLE 3

REDEMPTION

Section 3.01. *Notice to U.S. Trustee*. The Issuer may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Issuer wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the U.S. Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Issuer shall give the notice at least 15 calendar days before the redemption date (or such shorter notice as may be acceptable to the U.S. Trustee).

Section 3.02. *Selection of Securities to be Redeemed*. Unless otherwise indicated for a particular Series by a Board Resolution of the Issuer, a supplemental indenture or an Officer's Certificate of the Issuer, if less than all the Securities of a Series are to be redeemed and the Securities are in the form of global securities, the U.S. Trustee shall select the Securities of the Series to be redeemed in accordance with the applicable procedures of the Depositary or, if the Securities of a Series are not in the form of global securities, the U.S. Trustee shall select the Securities of such Series to be redeemed by lot.

The U.S. Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The U.S. Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than the minimum principal denomination of the Series. Securities of the Series and portions of them it selects shall be in amounts equal to the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

Section 3.03. *Notice of Redemption*. Unless otherwise indicated for a particular Series by Board Resolution of the Issuer, a supplemental indenture hereto or an Officer's Certificate of the Issuer, at least 10 days but not more than 60 days before a redemption date, the Issuer shall provide a notice of redemption by electronic transmission or first-class mail to each Holder whose Securities are to be redeemed.

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The notice shall identify the Securities of the Series to be redeemed and shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the redemption price, or if not then ascertainable, the manner of calculation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the name and address of the Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if less than all Securities of any Series are to be redeemed, the identification of the particular Securities to be redeemed and the portion of the principal amount of any Security to be redeemed in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if such redemption is subject to satisfaction of one or more conditions precedent, a description of such conditions and, if applicable, shall state that, in the Issuer's discretion, the redemption date may be delayed until such time (including more than 90 days after the date the notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions are satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded or modified in the event that any or all such conditions are not satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date so delayed, or such notice may be rescinded at any time in the Issuer's discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

At the Issuer's written request, accompanied by an Officer's Certificate of the Issuer, the U.S. Trustee shall give the notice of redemption in the Issuer's name and at the Issuer's expense and *provided* that the form and content of such notice shall be prepared by the Issuer.

Section 3.04. *Effect of Notice of Redemption*. Once notice of redemption is transmitted, mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price except as set forth in Section 3.03(g). Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to, but excluding, the redemption date.

Section 3.05. *Deposit of Redemption Price*. On or before the redemption date, the Issuer shall deposit with the Paying Agent money in the relevant currency sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

Section 3.06. *Securities Redeemed in Part*. Upon surrender of a Security that is redeemed in part, the U.S. Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. The Guarantors shall cause to be endorsed on any such Security a Guarantee executed by the Guarantors.

Section 3.07. *Tax Redemption.* 

The Issuer may, at its option, redeem the Securities of any Series, in whole but not in part, at any time within 120 days after the occurrence of a Tax Event with respect to such Series, upon not less than 10 days' but not more than 60 days' written notice to the Holders, which notice shall be given in accordance

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with Section 3.03, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the date fixed for redemption (a "**Tax Redemption Date**"), premium, if any, and all Additional Amounts, if any, then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise.

This Section 3.07 shall apply *mutatis mutandis* to any successor Person, after such successor Person becomes a party to this Indenture, with respect to a Change in Tax Law occurring after the time such successor Person becomes a party to this Indenture.

ARTICLE 4

COVENANTS

Section 4.01. *Payment of Principal and Interest*. The Issuer shall duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

Section 4.02. *Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Guarantor shall, so long as any Securities are outstanding, furnish to the U.S. Trustee, within 15 days after the Parent Guarantor is required to file the same with the SEC, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Parent Guarantor may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act and otherwise comply with the provisions of TIA Section 314(a); *provided*, that in each case the delivery of materials to the U.S. Trustee by electronic means shall be deemed "furnished" to the U.S. Trustee for purposes of this Section 4.02

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Parent Guarantor is not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act and so long as any Securities are outstanding, the Parent Guarantor shall file with the U.S. Trustee, within 15 days after it would have been required to file the same with the SEC, annual and interim financial statements, including any notes thereto (and with respect to annual reports, an auditors' report by a firm of established national reputation) and an annual management's discussion and analysis of financial condition and results of operations, in each case comparable to that which the Parent Guarantor would have been required to include in such annual reports, information, documents or other reports if the Parent Guarantor had been subject to the requirements of Section 13 or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Parent Guarantor is not subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Parent Guarantor shall furnish to all Holders of Rule 144A Securities, beneficial owners of Rule 144A Securities, and bona fide prospective purchasers of Rule 144A Securities, promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act of 1933, as amended.

Notwithstanding the foregoing, (x) such forms and information shall be deemed provided to the U.S. Trustee pursuant to clauses (a) and (b) to this Section 4.02 if such forms and information have been (i) filed by the Parent Guarantor or the Issuer (as applicable) with the SEC and are publicly available or (ii) made publicly available on the website of the Issuer or its parent company, and (y) if there is no Parent Guarantor, references to the Parent Guarantor in clauses (a) through (c) shall be deemed to refer to the Holdco Guarantor. Upon receipt of such reports, the U.S. Trustee shall, while such reports are current, maintain custody of same and make same available for inspection by Holders on their reasonable request. No obligation shall rest with the U.S. Trustee to analyze such reports or evaluate the performance of the Parent Guarantor, the Holdco Guarantor or the Issuer as indicated therein, in any manner whatsoever.

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In the case of the Parent Guarantor, so long as the Parent Guarantor is a foreign private issuer, none of the above reporting requirements shall be construed to require such financial statements or reports that would not otherwise be required to be filed by foreign private issuers subject to MJDS.

Section 4.03. *Payment of Taxes*. All payments that the Issuer or any Guarantor, as applicable, makes under or with respect to the Securities of any Series or a Guarantor makes under or with respect to the Guarantee will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charges in the nature of a tax, including penalties, interest and other liabilities related thereto (collectively, "**Taxes**") imposed or levied by or on behalf of the United States of America, Canada, or any other jurisdiction in which the Issuer or the applicable Guarantor is incorporated, organized or otherwise resident or engaged in or carrying on business for tax purposes or from or through which the Issuer or the applicable Guarantor makes any payment on the Securities of such Series, or by any political subdivision or taxing authority or agency thereof or therein (each, a "**Relevant Taxing Jurisdiction**"), unless withholding or deduction is then required by law. If the Issuer, a Guarantor or any other applicable withholding agent, as applicable, is required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Securities of any Series or the Guarantee in respect thereof, the Issuer or such Guarantor, as the case may be, will (i) make such withholding or deduction as required by applicable law, (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law and (iii) pay to each Holder of such Securities such additional amounts ("**Additional Amounts**") as may be necessary to ensure that the net amount received by each Holder or beneficial owner of the Securities of such Series after such withholding or deduction, including any withholding or deduction attributable to the Additional Amounts, will be not less than the amount the Holder or beneficial owner would have received if such Taxes had not been required to be withheld or deducted.

However, no Additional Amounts will be payable in respect or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Taxes that would not have been imposed or levied but for a present or former direct or indirect connection, including citizenship, nationality, residence, domicile, incorporation, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within such Relevant Taxing Jurisdiction, between such Holder or beneficial owner, or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership, limited liability company or corporation, and the Relevant Taxing Jurisdiction, other than any connection arising solely from the acquisition, ownership or disposition of the Securities of any Series, the receipt of payments under or with respect to the Securities of any Series, or the exercise or enforcement of rights under or with respect to the Securities of any Series, the Guarantee or this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Taxes that are imposed, deducted or withheld by reason of the failure of the Holder or beneficial owner of Securities of any Series to comply with any certification, documentation or identification information, or other reporting requirements, whether required or imposed by statute, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction, including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction, but, in each case, only to the extent that (i) the Holder or beneficial owner, as the case may be, is legally eligible to provide such certification and (ii) at least 30 calendar days before the relevant date on which payment under or with respect to the Securities of such Series is due and payable, the Issuer or a Guarantor (or any other Person through whom payment may be made) has provided notice that compliance with any certification or identification requirements is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any estate, inheritance, gift, sales, value-added, excise, transfer, personal property or similar Taxes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Taxes which are payable otherwise than by deduction or withholding from payments made under or with respect to the Securities of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Canadian withholding Taxes paid or payable by reason of (A) the Holder, beneficial owner or other recipient of the amount not dealing at arm's length with the Issuer or a Guarantor for the purposes of the *Income Tax Act* (Canada), (B) the Holder or beneficial owner being, or not dealing at arm's length with, a "specified shareholder" of the Issuer or a Guarantor for the purposes of subsection 18(5) of the *Income Tax Act* (Canada), (C) the Holder or beneficial owner being a "specified entity" (as defined in subsection 18.4(1) of the *Income Tax Act* (Canada)) in respect of the Issuer or a Guarantor, or (D) Taxes imposed, levied, collected, assessed or withheld by or within Canada or any political subdivision thereof or therein with respect to payments made by the Issuer or a Guarantor to the extent that such payments are in respect of services rendered in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Taxes imposed with respect to any payment on the Securities of any Securities to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of such payment to the extent that Taxes would not have been imposed on such payment had the beneficiary, settlor, member or beneficial owner directly held the Securities of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Taxes that would not have been so imposed, deducted or withheld if the beneficial owner or Holder of the payment had presented the Securities of a Series for payment within 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the beneficial owner or Holder would have been entitled to Additional Amounts had the Securities been presented on the last day of such 30-day period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Taxes that are imposed or levied on or with respect to a Security of a Series presented for payment on behalf of a Holder or beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Security of such Series to another paying agent in the United States of America or Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Taxes to the extent such Taxes are directly attributable to the failure of the holder or beneficial owner to qualify for an exemption from U.S. federal withholding tax with respect to payments of interest pursuant to an applicable income tax treaty to which the United States is a party or pursuant to the "portfolio interest" exemption as defined in Section 871(h) or 881(c), as applicable, of the Internal Revenue Code of 1986 (as amended, the "**Code**"), in each case, as such treaty or section was in effect on the issuance date (determined without regard to the requirement that such holder or beneficial owner provide the applicable Internal Revenue Service Form W-8); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Taxes imposed pursuant to Sections 1471 through 1474 of the Code as of the issuance date (and any amended or successor version thereof that is substantially comparable), any treaty, law, regulations, rule or other official guidance thereunder or agreement (including any intergovernmental agreements or any laws, rules or practices implementing such intergovernmental agreements) entered into in connection with the implementation of such Sections of the Code.

In addition, Additional Amounts will not be payable with respect to any Taxes that are imposed in respect of any combination of the above items.

At least 30 calendar days prior to each date on which any payment under or with respect to the Securities of any Series is due and payable, if the Issuer or a Guarantor, as the case may be, will be obligated to pay Additional Amounts with respect to such payment, unless such obligation to pay Additional Amounts a<sup>ri</sup>ses after the <sup>3</sup>0th day prior to the date on which payment under or with respect to the Securities of such Series is due and payable, in which case it will be promptly thereafter, the Issuer or such Guarantor, as the case may be, will deliver to the U.S. Trustee an Officer's Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information, other than the

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identities of Holders and beneficial owners, necessary to enable the U.S. Trustee or Paying Agent to pay such Additional Amounts to Holders and beneficial owners on the relevant payment date. The U.S. Trustee will make such payments in the same manner as any other payments on the Securities of such Series. The Issuer or the applicable Guarantor, as the case may be, will provide the U.S. Trustee with documentation reasonably satisfactory to the U.S. Trustee evidencing payment of such Additional Amounts.

The Issuer or the applicable Guarantor, as the case may be, will take reasonable efforts to furnish to the U.S. Trustee or a Holder within a reasonable time certified copies of tax receipts or other evidence of the payment by the Issuer or such Guarantor, as the case may be, of any Taxes imposed or levied by a Relevant Taxing Jurisdiction.

The Issuer or the applicable Guarantor, as the case may be, will pay any present or future stamp, issue, registration, court documentation, excise or property taxes or other similar taxes, charges and duties, including interest, additions to tax and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction in respect of the receipt of any payment under or with respect to the Securities of any Series, the execution, issue, delivery or registration of the Securities of such Series or this Indenture or any other document or instrument referred to thereunder and any such taxes, charges, duties or similar levies imposed by any jurisdiction as a result of, or in connection with, the enforcement of the Securities of such Series or this Indenture or any such other document or instrument following the occurrence of any Event of Default with respect to the Securities of such Series. The Issuer or the applicable Guarantor, as the case may be, will not, however, pay such amounts that are imposed on or result from a sale or other transfer or disposition by a Holder or beneficial owner of a Security.

Whenever in this Indenture there is mentioned, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Security or any Guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.

The preceding provisions will survive any termination, defeasance or discharge of this Indenture and shall apply *mutatis mutandis* to any jurisdiction in which any successor person to the Issuer is organized, incorporated or otherwise resident or engaged in or carrying on business for tax purposes and any political subdivision or taxing authority or agency thereof or therein.

Section 4.04. *Compliance Certificate*. Each of the Issuer and the Guarantors shall deliver to the Trustees, within 120 days after the end of each fiscal year of the Issuer or on or before such other day in each calendar year as the Issuer, the Guarantors and the Trustees may from time to time agree upon, a brief certificate from the principal executive officer, principal financial officer, principal accounting officer or vice president or treasurer of such Person as to their knowledge of the Issuer's or such Guarantor's, as applicable, compliance with all conditions and covenants under this Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture) and, in the event of any Default, specifying each such Default and the nature and status thereof of which such Person may have knowledge. Such certificates need not comply with Section 10.06.

Section 4.05. *Stay, Extension and Usury Laws*. Each of the Issuer and the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture, the Securities or the Guarantee; and each of the Issuer and the Guarantors (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustees, but will suffer and permit the execution of every such power as though no such law has been enacted.

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Section 4.06. *Legal Existence*. Subject to Article 5, each of the Issuer and the Guarantors will do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence.

Section 4.07. *Maintenance of Office or Agency*. The Issuer will maintain an office or agency in the United States, where the Securities of a Series may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Issuer in respect of the Securities of a Series and this Indenture may be served. Each Guarantor will maintain an office or agency in the City of New York where notices and demands to or upon such Guarantor in respect of the Securities of that Series, the Guarantee in respect thereof and this Indenture may be served. The Issuer and the Guarantors will give prompt written notice to the Trustees of the location, and any change in the location, of such office or agency not designated or appointed by either Trustee. If at any time the Issuer or a Guarantor shall fail to maintain any such required office or agency or shall fail to furnish the Trustees with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the U.S. Trustee (with a copy to the Canadian Trustee) and each of the Issuer and the Guarantors hereby appoints the U.S. Trustee as its agent to receive all such presentations, surrenders, notices and demands.

Section 4.08. *Money For Securities Payments to be Held in Trust*. If the Issuer shall at any time act as its own Paying Agent with respect to the Securities of any Series, it shall, on or before each due date of the principal of and premium, if any, and interest, if any, on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and premium or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided. The Issuer shall promptly notify the U.S. Trustee of any failure by the Issuer, a Guarantor (or any other obligor of such Securities) to make any payment of principal of or premium, if any, or interest, if any, on such Securities.

Whenever the Issuer shall have one or more Paying Agents for the Securities of any Series, it shall, on or before each due date of the principal of and premium, if any, and interest, if any, on such Securities, deposit with such Paying Agents sums sufficient (without duplication) to pay the principal and premium or interest so becoming due, such sums to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the U.S. Trustee) the Issuer shall promptly notify the U.S. Trustee of any failure by it so to act.

The Issuer shall cause each Paying Agent for the Securities of any Series, other than the Issuer or the U.S. Trustee, to execute and deliver to the U.S. Trustee an instrument in which such Paying Agent shall agree with the U.S. Trustee, subject to the provisions of this Section, that such Paying Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comply with the provisions of the Trust Indenture Legislation applicable to it as a Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold all sums held by it for the payment of the principal of and premium, if any, or interest, if any, on such Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) give the U.S. Trustee notice of any failure by the Issuer, a Guarantor (or any other obligor upon such Securities) to make any payment of principal of or premium, if any, or interest, if any, on such Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time during the continuance of any such failure, upon the written request of the U.S. Trustee, forthwith pay to the U.S. Trustee all sums so held in trust by such Paying Agent and furnish to the U.S. Trustee such information as it possesses regarding the names and addresses of the Persons entitled to such sums.

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The Issuer may at any time pay, or by Issuer Order direct any Paying Agent to pay, to the U.S. Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the U.S. Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent and, if so stated in an Issuer Order delivered to the U.S. Trustee, in accordance with the provisions of Article 8; and, upon such payment by any Paying Agent to the U.S. Trustee, such Paying Agent shall be released from all further liability with respect to such money.

Any money deposited with the U.S. Trustee or any Paying Agent, or then held by the Issuer or a Guarantor, in trust for the payment of the principal of and any premium, interest or Additional Amounts on any Security and remaining unclaimed for two years after such principal, premium, interest or Additional Amounts have become due and payable shall be paid to the Issuer or such Guarantor, as applicable, on request of the Issuer or such Guarantor, as applicable, or, if then held by the Issuer or a Guarantor, shall be discharged from such trust; and, upon such payment or discharge, the Holder of such Security shall, as an unsecured general creditor and not as the Holder of an outstanding Security, look only to the Issuer or such Guarantor, as applicable, for payment of the amount so due and payable and remaining unpaid, and all liability of the U.S. Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer or such Guarantor, as applicable, as trustee thereof, shall thereupon cease; *provided*, *however*, that the U.S. Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Issuer cause to be published once a week for two successive weeks, in each case on any day of the week, in an Authorized Newspaper in each Place of Payment, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the Issuer or such Guarantor, as applicable.

Section 4.09. *Waiver of Certain Covenants*. Except as otherwise specified as contemplated by Section 2.02 for Securities of such Series, the Issuer and/or the Guarantors, as applicable, may, with respect to the Securities of any Series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided herein or pursuant to Section 2.02(r) or Section 9.01(c) for the benefit of the Holders of such Series if before the time for such compliance the Holders of at least 50% in principal amount of the outstanding Securities of such Series shall, by an Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Issuer and the Guarantors and the duties of the U.S. Trustee in respect of such term, provision or condition shall remain in full force and effect.

Section 4.10. *Limitation on Liens*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None the Issuer, the Holdco Guarantor nor the Parent Guarantor shall, nor shall any of them permit any of its Principal Subsidiaries to, create, assume, incur or suffer to exist any mortgage, lien, security interest, pledge, charge or other encumbrance ("**liens**") upon any Principal Property or upon any capital stock of any Principal Subsidiary, whether owned on the date hereof or thereafter acquired, to secure any Debt of the Issuer, the Holdco Guarantor, the Parent Guarantor or any other Person (other than the Securities), without in any such case making effective provisions whereby all of the outstanding Securities are secured equally and ratably with, or prior to, such Debt so long as such Debt is so secured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any lien created to secure the Securities equally and ratably to such Debt pursuant to Section 4.10(a) shall be automatically and unconditionally released and discharged upon the release and discharge of each of the liens triggering the requirements of Section 4.10(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, each of the Issuer, the Holdco Guarantor and the Parent Guarantor may, and may permit its Subsidiaries to, create, assume, incur, or suffer to exist without securing the Securities (i) any Permitted Lien or (ii) any lien upon any Principal Property or capital stock of a Principal Subsidiary to secure Debt of the Issuer, the Holdco Guarantor, the Parent Guarantor or any other Person, *provided* that the aggregate principal amount of all Debt then outstanding secured by such lien and all similar liens under this clause (ii), together with all Attributable Debt from Sale-Leaseback Transactions (excluding Sale-Leaseback Transactions permitted by clauses (i) through (iv), inclusive, of Section 4.11(a) hereof), does not exceed 15% of Consolidated Net Tangible Assets of the Parent Guarantor or, if there is no Parent Guarantor, the Holdco Guarantor, as applicable.

Section 4.11. *Sale and Leaseback Transactions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None the Issuer, the Holdco Guarantor nor the Parent Guarantor shall, nor shall any of them permit any of its Principal Subsidiaries to, engage in the sale or transfer by the Issuer or any of its Principal Subsidiaries, the Holdco Guarantor or any of its Principal Subsidiaries or the Parent Guarantor or any of its Principal Subsidiaries, as applicable, of any Principal Property to a Person (other than the Issuer, the Holdco Guarantor, the Parent Guarantor or a Subsidiary) and the taking back by the Issuer or its Principal Subsidiary, the Holdco Guarantor or its Principal Subsidiary or the Parent Guarantor or its Principal Subsidiary, as the case may be, of a lease of such Principal Property (a "**Sale-Leaseback Transaction**"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer or such Principal Subsidiary, the Holdco Guarantor or such Principal Subsidiary or the Parent Guarantor or such Principal Subsidiary, as applicable, would be entitled to incur Debt secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Debt from such Sale-Leaseback Transaction without equally and ratably securing the Securities of a Series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer or such Principal Subsidiary, the Holdco Guarantor or such Principal Subsidiary, or the Parent Guarantor or such Principal Subsidiary, as applicable, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Debt from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Debt of the Issuer or any of its Subsidiaries, the Holdco Guarantor or any of its Subsidiaries or the Parent Guarantor or any of its Subsidiaries, as applicable, that is not subordinated to the Securities of a Series or any Guarantee thereof, or (b) the investment in another Principal Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 4.11(a) hereof, the Issuer, the Holdco Guarantor or the Parent Guarantor may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (i) through (iv), inclusive, of Section 4.11(a) hereof, *provided* that the Attributable Debt from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Debt (other than the Securities of a Series) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 15% of Consolidated Net Tangible Assets of the Parent Guarantor or, if there is no Parent Guarantor, the Holdco Guarantor, as applicable.

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Section 4.12. *Offer to Purchase Upon Change of Control Triggering Event*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided in any Officer's Certificate of the Issuer, any supplemental indenture hereto or any Board Resolution of the Issuer with respect to any Series of Securities, the Issuer shall make an offer to purchase the Securities of such Series upon a Change of Control Triggering Event. Upon the occurrence of a Change of Control Triggering Event, unless the Issuer has exercised its right to redeem the Securities of the applicable Series in full in accordance with their respective terms (if applicable), each Holder of Securities of such Series shall have the right to require the Issuer to repurchase all or a portion of such Holders' Securities of such Series, as applicable, pursuant to the offer described in Section 4.12(b) (such offer, the "**Change of Control Offer**"), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the rights of Holders of Securities of a Series on the relevant record date to receive interest due on the relevant interest payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Issuer's option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Issuer shall be required to send, by first class mail, or otherwise deliver in accordance with the applicable procedures of the Depositary, a notice to Holders of the Securities of such Series not redeemed, with a copy to the Trustees, which notice shall set forth the terms of the Change of Control Offer. Such notice shall state, among other things, the repurchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, or otherwise delivered to each Holder in accordance with the applicable procedures of the Depositary, other than as may be required by law (the "**Change of Control Payment Date**"). The notice, if mailed or otherwise delivered to each Holder in accordance with the applicable procedures of the Depositary prior to the date of consummation of the Change of Control, may state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of the Securities of such Series not redeemed electing to have their Securities repurchased pursuant to a Change of Control Offer will be required to surrender such Securities, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the note completed, to the Paying Agent at the address specified in the notice, or transfer their notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all Securities of such Series properly tendered and not withdrawn under its offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of such Series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities of such Series or this Indenture, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the provisions of the Securities of such Series or this Indenture governing the Change of Control Offer by virtue of any such conflict.

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ARTICLE 5

SUCCESSORS

Section 5.01. *When Issuer and Guarantors May Merge, Etc*. Neither the Issuer nor any Guarantor shall consolidate with or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, any Person (a "**successor person**"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or such Guarantor shall be the continuing Person or the successor Person (if other than the Issuer or such Guarantor) is a corporation, partnership, limited liability company, trust or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia or of Canada or any province or territory thereof and expressly assumes the Issuer's or such Guarantor's obligations on the Securities and under this Indenture pursuant to a supplemental indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

The Issuer or the applicable Guarantor, as the case may be, shall deliver to the Trustees prior to the consummation of the proposed transaction an Officer's Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.

Section 5.02. *Successor Corporation Substituted*. The successor Person formed by such consolidation or into which the Issuer or a Guarantor is merged or to which such transfer or lease is made shall succeed to and be substituted for, and may exercise every right and power of, the Issuer or such Guarantor, as applicable, under this Indenture with the same effect as if such successor Person had been named as the Issuer or Guarantor, as applicable, herein, and thereafter the predecessor Person shall be relieved of all obligations and covenants under the Indenture, the Securities and/or the Guarantee, as applicable, and, in the event of such conveyance or transfer, any such predecessor Person may be dissolved and liquidated.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01. *Events of Default*.

"**Event of Default**," wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer's Certificate, it is *provided* that such Series shall not have the benefit of said Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Issuer with the U.S. Trustee or with a Paying Agent prior to the expiration of such period of 30 days); *provided* that, a valid extension of an interest payment period by the Issuer in accordance with the terms of such Securities shall not constitute a failure to pay interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a default in the payment of the principal of, or premium, if any, on, any Security of that Series when due at its Maturity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a default, subject to the provisions in Section 4.09, in the performance or breach of any covenant or warranty of the Issuer or a Guarantor in this Indenture for the benefit of such Series of Securities, which default continues uncured for a period of 90 days after there has been given, by registered or certified mail, to the Issuer and the Guarantors by either Trustee (with a copy to the other Trustee) or to the Issuer, the Guarantors and the Trustees by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Issuer or a Guarantor pursuant to or within the meaning of any Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief against it in an involuntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its creditors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) generally is unable to pay its debts as the same become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Issuer or a Guarantor in an involuntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a Custodian of the Issuer or a Guarantor, in each case, for all or substantially all of its property, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation of the Issuer or a Guarantor, and, in any such case, the order or decree remains unstayed and in effect for 60 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Guarantee ceases to be in full force and effect, other than in accordance with the terms of such Guarantee, or a Guarantor denies or disaffirms its obligations under such Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if: (i) the Issuer, any Guarantor or any of their respective Principal Subsidiaries defaults (which default has not been waived or cured) under any obligation to repay when due outstanding Debt (other than Non-Recourse Debt and other than in respect of the Securities) in excess of $250,000,000; or (ii) the Issuer, any Guarantor or any of their respective Principal Subsidiaries defaults (which default has not been waived or cured) under any Debt (other than Non-Recourse Debt and other than in respect of the Securities) in excess of $250,000,000 and as a result of such default, the requirement to repay such Debt has been accelerated upon exercise of any right of a creditor or otherwise; and, in the case of (i) or (ii), such default continues uncured for a period of 30 days after there has been given, by registered or certified mail, to the Issuer and the Guarantors by either Trustee (with a copy to the other Trustee) or to the Issuer, the Guarantors and the Trustees by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default and stating that such notice is a "Notice of Default" hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer's Certificate, in accordance with Section 2.02(r).

The term "**Bankruptcy Law**" means title 11, U.S. Code, the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangements Act* (Canada) or other applicable United States or Canadian federal, state or provincial bankruptcy, insolvency, reorganization or other similar law. The term "**Custodian**" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

Section 6.02. *Acceleration of Maturity; Rescission and Annulment*. If an Event of Default described in Section 6.01(a), (b), (g) or (h) occurs and is continuing, then, and in each and every such case, except for any Series of Securities the principal of which shall have already become due and payable, either the U.S. Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of each such affected Series then outstanding hereunder (each such Series voting as a separate class) by notice in writing to the Issuer and the Guarantors (and to the U.S. Trustee if given by Securityholders), may declare

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the entire principal (or, if the Securities of such Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Series) of all Securities of such Series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable.

Except as otherwise provided in the terms of any Series of Securities pursuant to Section 2.02, if an Event of Default described in Section 6.01(c), (d) or (i) above occurs and is continuing, then, and in each and every such case, unless the principal of all of the Securities shall have already become due and payable, either the U.S. Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of all of the Series affected thereby then outstanding hereunder (treated as one class) by notice in writing to the Issuer and the Guarantors (and to the U.S. Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of any Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Series) of all of the Securities of such Series then outstanding, and the interest accrued thereon, if any, to be due and payable immediately, and upon such declaration, the same shall become immediately due and payable. If an Event of Default described in Section 6.01(e) or 6.01(f) above occurs and is continuing, then the principal amount of all the Securities then outstanding, and the interest accrued thereon, if any, shall become and be immediately due and payable without any declaration or other act on the part of the U.S. Trustee or any Holder.

At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the U.S. Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of such Series, by written notice to the Issuer, the Guarantors and the U.S. Trustee, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or a Guarantor has paid or deposited with the U.S. Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all overdue interest, if any, on all Securities of that Series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal of any Securities of that Series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that payment of such interest is lawful, interest upon any overdue principal and overdue interest at the rate or rates prescribed therefor in such Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all sums paid or advanced by the Trustees hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Events of Default with respect to Securities of that Series, other than the non-payment of the principal of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

No such rescission shall affect any subsequent Default or impair any right consequent thereon.

Section 6.03. *Collection of Indebtedness and Suits for Enforcement by Trustee*s.

The Issuer and the Guarantors covenant that if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default is made in the payment of principal of any Security when due at the Maturity thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

then they will, upon demand of the U.S. Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal or any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of each of the Trustees, their agents and counsel.

If the Issuer and the Guarantors fail to pay such amounts forthwith upon such demand, the U.S. Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and the Guarantors or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Issuer, the Guarantors or any other obligor upon such Securities, wherever situated.

If an Event of Default with respect to any Securities of any Series occurs and is continuing, either Trustee may in its discretion proceed to protect and enforce the rights of the Trustees and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as such Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

Section 6.04. *Trustees May File Proofs of Claim*. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer, a Guarantor or any other obligor upon the Securities or the property of the Issuer, a Guarantor or of such other obligor or their creditors, the Trustees (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the U.S. Trustee shall have made any demand on the Issuer or a Guarantor for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustees (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel) and of the Holders allowed in such judicial proceeding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the U.S. Trustee and, in the event that the U.S. Trustee shall consent to the making of such payments directly to the Holders, to pay to the U.S. Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the U.S. Trustee, its agents and counsel, and any other amounts due either Trustee under Section 7.08.

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Nothing herein contained shall be deemed to authorize the Trustees to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the Guarantee or the rights of any Holder thereof or to authorize the Trustees to vote in respect of the claim of any Holder in any such proceeding.

Section 6.05. *Trustees May Enforce Claims without Possession of Securities*. All rights of action and claims under this Indenture, the Securities and the Guarantee may be prosecuted and enforced by the Trustees, or either of them, without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by either or both Trustees shall be brought in its or their own name(s) as trustee(s) of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of each of the Trustees and their respective agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

Section 6.06. *Application of Money Collected*. Any money or property collected by a. Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by such Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

First: To the payment of all amounts due the Trustees under Section 7.08; and

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

Third: To the Issuer.

Section 6.07. *Limitation on Suits*. No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, the Securities or the Guarantee or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder has previously given written notice to a Trustee of an Event of Default and the continuance thereof with respect to the Securities of that Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to such Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders have offered to such Trustee security or indemnity satisfactory to such Trustee against the expenses and liabilities to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for 60 days after its receipt of such notice, request and offer of indemnity, such Trustee has failed to institute any such proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no direction inconsistent with such written request has been given to such Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

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Section 6.08. *Unconditional Right of Holders to Receive Principal and Interest*. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

Section 6.09. *Restoration of Rights and Remedies*. If either Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Guarantors, the Trustees and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustees and the Holders shall continue as though no such proceeding had been instituted.

Section 6.10. *Rights and Remedies Cumulative*. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustees or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 6.11. *Delay or Omission Not Waiver*. No delay or omission of the Trustees or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustees or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustees or by the Holders, as the case may be.

Section 6.12. *Control by Holders*. The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to either Trustee, or exercising any trust or power conferred on either Trustee, with respect to the Securities of such Series or the Guarantee in respect thereof, *provided* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such direction shall not be in conflict with any rule of law or with this Indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustees may take any other action deemed proper by the Trustees which is not inconsistent with such direction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the provisions of Section 6.01, each of the Trustees shall have the right to decline to follow any such direction if such Trustee in good faith shall, by a Responsible Officer of such Trustee, determine that the proceeding so directed would involve such Trustee in personal liability.

Section 6.13. *Waiver of Past Defaults*. The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (*provided*, *however*, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

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Section 6.14. *Undertaking for Costs*. All parties to this Indenture agree, and each Holder of any Security by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against either or both of the Trustees for any action taken, suffered or omitted by it or them as Trustee(s), the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Issuer or a Guarantor, to any suit instituted by either or both Trustees, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

ARTICLE 7

TRUSTEES

Section 7.01. *Duties of Trustees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The duties and responsibilities of the Trustees shall be as provided by the Trust Indenture Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Default has occurred and is continuing, each Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustees undertake to perform such duties and only such duties as are specifically set forth in this Indenture and applicable to the respective Trustee and no implied covenants or obligations shall be read into this Indenture against the Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on their part, the Trustees may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustees and conforming to the requirements of this Indenture; however, the Trustees shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Trustee will be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this paragraph does not limit the effect of paragraph (b) of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that such Trustee was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Trustee shall not be liable with respect to any action it takes or omits to take with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Every provision of this Indenture that in any way relates to the Trustees is subject to paragraph (a), (b), (c), (d) or (h) of this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Trustee shall not be liable for interest on any money received by it except as such Trustee may agree in writing with the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Money held in trust by a Trustee need not be segregated from other funds except to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No provision of this Indenture shall require either of the Trustees to expend or risk its own funds or otherwise incur liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section and to the provisions of the Trust Indenture Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to either or both Trustees, any Trustee who fails to receive such notice may conclusively rely on such failure as reason to act as if no such event occurred unless a Responsible Officer of such Trustee has actual knowledge thereof or unless such Trustee has otherwise received written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A Trustee shall not be deemed to have notice or any actual knowledge of any matter, including Defaults or Events of Default, unless written notice thereof is received by a Responsible Officer of such Trustee in accordance with this Indenture and such notice clearly references any one of the Securities, the Guarantee, the Issuer, a Guarantor or this Indenture.

Section 7.02. *Rights of Trustees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. No Trustee need investigate any fact or matter stated in the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before a Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel or both. No Trustee shall be liable for any action it takes or omits to take in good faith in reliance on an Officer's Certificate or Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Trustee shall be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Trustee shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document, but a Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Trustee shall be under any obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to such Trustee security or indemnity satisfactory to such Trustee against the costs, expenses, losses and liabilities which may be incurred therein or thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rights, privileges, protections, immunities and benefits given to the Trustees, including, without limitation, their rights to be indemnified, are extended to, and shall be enforceable by, each Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Trustee may request that the Issuer or a Guarantor deliver an Officer's Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions on its behalf pursuant to this Indenture, which Officer's Certificate may be signed by any person authorized to sign an Officer's Certificate of the Issuer or such Guarantor, as applicable, including any person specified as so authorized in any such certificate previously delivered and not superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The permissive rights of the Trustees enumerated herein shall not be construed as duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Delivery of reports, information and documents to the U.S. Trustee under Section 4.02 is for informational purposes only and the U.S. Trustee's receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Issuer's or the Guarantors' compliance with any of its covenants hereunder (as to which the Trustees are entitled to rely exclusively on Officer's Certificates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notwithstanding anything in this Indenture to the contrary, neither the Trustees nor any Agent shall be responsible or liable to any person for any indirect, special, punitive or consequential damage or loss (including but not limited to lost profits) whatsoever, even if the Trustees or either of them have been informed of the likelihood thereof and regardless of the form of action.

Section 7.03. *Individual Rights of Trustees*. A Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer, the Guarantors or an Affiliate of the Issuer or a Guarantor with the same rights it would have if it were not a Trustee. Any Agent may do the same with like rights. The Trustees are also subject to Section 7.12 and Section 7.13.

Section 7.04. *Trustees' Disclaimer*. No Trustee shall be responsible for, nor does either Trustee make any representation as to, the validity or adequacy of this Indenture, the Securities or the Guarantee, except that each of the Trustees represents that it is duly authorized to execute and deliver this Indenture and perform its obligations hereunder. No Trustee shall be accountable for the Issuer's use of the proceeds from the Securities, and no Trustee shall be responsible for any statement in the Securities or the Guarantee or in any document issued in connection with the sale of the Securities other than, in the case of the U.S. Trustee, its certificate of authentication. In addition, the U.S. Trustee represents and warrants that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Issuer are true and accurate, subject to the qualifications set forth therein.

Section 7.05. *Notice of Defaults*. If a Default or Event of Default occurs and is continuing hereunder with respect to the Securities of any Series, and a Responsible Officer of the U.S. Trustee has been provided with written notification of such Default or Event of Default (with a copy to the Canadian Trustee), the Trustees shall give each Securityholder of the Securities of that Series notice of such Default or Event of Default as and to the extent provided by the Trust Indenture Legislation. Except in the case of a Default or Event of Default in payment of principal, premium, if any, of or interest on any Security of any Series or in payment of any redemption obligation, the Trustees may withhold the notice if and so long as: (a) they reasonably believe in good faith that withholding the notice is in the best interests of Securityholders of that Series; and (b) they inform the Issuer and Guarantors in writing.

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Section 7.06. *Reports by U.S. Trustee to Holders*. As promptly as practicable after each May 15 beginning with May 15, 2024, and in any event prior to July 15 in each year, the U.S. Trustee shall transmit by mail or by electronic transmission to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of May 15, each year if and to the extent required by TIA § 313(a). The U.S. Trustee shall also comply with TIA § 313(b) and TIA § 313(c).

A copy of each report at the time of its sending to Securityholders of any Series shall be filed with the SEC and each stock exchange (if any) on which the Securities of that Series are listed. The Issuer shall promptly notify the U.S. Trustee when Securities of any Series are listed on any stock exchange and of any delisting thereof.

Section 7.07. *Reporting and Withholding*. In order to comply with Sections 1471 through 1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time, collectively, the "**FATCA**"), the Issuer agrees to use commercially reasonable efforts to provide to the U.S. Trustee upon its reasonable request information in the Issuer's possession about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so the U.S. Trustee can determine whether it has Tax related obligations under FATCA. The Issuer and the U.S. Trustee agree that (i) the U.S. Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with FATCA and shall timely remit the full amount withheld or deducted in accordance with FATCA and (ii) the U.S. Trustee shall not have any liability for its withholding or deduction from payment under this Indenture to the extent necessary to comply with the foregoing. The terms of this section shall survive the termination of this Indenture.

Section 7.08. *Compensation and Indemnity*. Each of the Issuer and the Guarantors agrees, jointly and severally to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay to the Trustees from time to time such compensation as the Issuer and the Trustees shall from time to time agree in writing for all services rendered by them hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reimburse each Trustee upon request for all reasonable and documented expenses incurred or made by it (including costs of collection and the reasonable compensation and expenses, disbursements and advances of such Trustee's agents, counsel, accountants and experts), in addition to the compensation for its services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnify the Trustees, their respective officers, directors, employees and agents, and hold each of them harmless, against any and all loss, liability or expense (including reasonable and documented out-of-pocket attorneys' fees) incurred by or in connection with the offer and sale of the Securities or the administration of this trust and the performance of their duties hereunder.

The Trustees' compensation shall not be limited by any law on compensation of a trustee of an express trust.

A Trustee shall notify the Issuer and the Guarantors of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; *provided*, *however*, that any failure to so notify the Issuer and the Guarantors shall not relieve the Issuer or the Guarantors of their indemnity obligations hereunder except to the extent that the Issuer or a Guarantor is prejudiced thereby.

A Person entitled to indemnity hereunder shall provide reasonable cooperation at the Issuer's and the Guarantors' expense in the defense. Such indemnified parties may have separate counsel and the Issuer and the Guarantors shall pay the fees and expenses of such counsel; *provided*, *however*, that neither the Issuer nor any Guarantor shall be required to pay such fees and expenses if it assumes such indemnified parties' defense and, in such indemnified parties' reasonable judgment, there is no conflict of interest between the Issuer and the Guarantors, on the one hand, and such parties, on the other hand, in connection

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with such defense. Neither the Issuer nor any Guarantor shall be required to pay for any settlement made without its consent, which shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, neither the Issuer nor any Guarantor shall be required to reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party's own willful misconduct or gross negligence.

To secure the Issuer's and the Guarantors' payment obligations in this Section, the Trustees shall have a lien prior to the Securities of any Series on all money or property held or collected by them other than money or property held in trust to pay principal of and interest and any liquidated damages on particular Securities of that Series.

The Issuer's and the Guarantors' respective payment obligations pursuant to this Section shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of either or both Trustees.

When a Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(e) or (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any applicable U.S. or Canadian federal, state or provincial bankruptcy, insolvency or other similar law.

Section 7.09. *Conflicting Interests (Canadian Trustee)*. If the Canadian Trustee has or shall acquire a conflicting interest or material conflict of interest within the meaning of Canadian Trust Indenture Legislation, the Canadian Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, Canadian Trust Indenture Legislation and this Indenture. To the extent permitted by Canadian Trust Indenture Legislation, the Canadian Trustee shall not be deemed to have a conflicting interest or material conflict of interest by virtue of being a trustee under this Indenture with respect to Securities of more than one Series. The Canadian Trustee represents and warrants to the Issuer and the Guarantors that it has no conflicting interest or material conflict of interest within the meaning of Canadian Trust Indenture Legislation.

Section 7.10. *Replacement of Trustees*. Either Trustee may resign with respect to the Securities of one or more Series at any time by so notifying the Issuer and the Guarantors. The Holders of a majority in principal amount of the Securities of any Series may remove either or both Trustees with respect to that Series by so notifying the Trustee or Trustees, as applicable, and may appoint a successor U.S. Trustee and/or Canadian Trustee, as applicable. The Issuer shall remove a Trustee with respect to Securities of one or more Series if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Trustee fails to comply with Section 7.12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Trustee is adjudged bankrupt or insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a receiver or other public officer takes charge of such Trustee or its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Trustee otherwise becomes incapable of acting.

If the U.S. Trustee or Canadian Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Securities of any Series and such Securityholders do not reasonably promptly appoint a successor U.S. Trustee or Canadian Trustee, as applicable, or if a vacancy exists in the office of U.S. Trustee or Canadian Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), except as otherwise provided herein, the Issuer shall promptly appoint a successor U.S. Trustee or Canadian Trustee, as applicable (the Trustee in such event being referred to herein as the successor Trustee). For greater certainty, if a Canadian Trustee under this Indenture is no longer required by the Canadian Trust Indenture Legislation, then the Issuer shall, following the resignation or removal thereof, be under no obligation to appoint a successor Canadian Trustee.

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A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, the Issuer and the Guarantors. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the U.S. Trustee or Canadian Trustee, as applicable, with respect to each Series of Securities for which it is acting as U.S. Trustee or Canadian Trustee, as applicable, under this Indenture. The successor Trustee shall send a notice of its succession to each Securityholder of each such Series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.08.

Except as otherwise provided herein, if a successor Trustee with respect to the Securities of any one or more Series does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article 7.

If a Trustee with respect to the Securities of any one or more Series fails to comply with Section 7.12, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor Trustee.

If a Canadian Trustee under this Indenture is no longer required by the Canadian Trust Indenture Legislation, then the Issuer, by a Board Resolution of the Issuer, may remove the Canadian Trustee after giving 30 days' prior written notice to the Trustees. For the avoidance of doubt, the Canadian Trustee is acting hereunder solely to satisfy the requirements of the Canadian Trust Indenture Legislation and is not acting as Paying Agent, Registrar or transfer agent for the Securities issued.

Notwithstanding the replacement of a Trustee pursuant to this Section, the Issuer's and the Guarantors' respective obligations under Section 7.08 shall continue for the benefit of the retiring Trustee.

Section 7.11. *Successor Trustee by Merger, Etc*. Any organization or entity into which either Trustee may be merged or converted or exchanged or with which it may be consolidated, or any organization or entity resulting from any merger, conversion, exchange or consolidation to which such Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of either Trustee, shall be the successor to such Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided, that in the case of any organization or entity succeeding to all or substantially all of the corporate trust business of a Trustee, such organization or entity shall be qualified under the provisions of Section 7.12 hereof.

Section 7.12. *Eligibility; Disqualification*. There shall at all times be a U.S. Trustee hereunder with respect to the Securities of each Series, which may be the U.S. Trustee hereunder for Securities of one or more other Series. The U.S. Trustee shall at all times satisfy the requirements of TIA § 310(a). The U.S. Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent

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published annual report of condition. The U.S. Trustee shall comply with TIA § 310(b); *provided*, *however*, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. In case at any time the U.S. Trustee shall cease to be eligible in accordance with the provisions of this Section 7.11, such U.S. Trustee shall resign immediately in the manner and with the effect specified in Section 7.09.

For so long as required by the Canadian Trust Indenture Legislation, there shall be a Canadian Trustee under this Indenture. The Canadian Trustee shall at all times be a corporation organized under the laws of Canada or any province thereof and shall be authorized under the laws of Alberta and, if so required, duly registered to carry on the business of a trust company and registered under Section 3 of the *Trust and Loan Companies Act* (Canada). If at any time the Canadian Trustee shall cease to be eligible in accordance with this Section 7.11, it shall resign immediately in the manner and with the effect hereinafter specified in this Section 7.12.

No obligor of any Securities under this Indenture, Guarantor or Person directly or indirectly controlling, controlled by, or under common control with such obligor or a Guarantor shall serve as Trustee.

Section 7.13. *Preferential Collection of Claims Against Issuer and Guarantors*. The U.S. Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A U.S. Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

If and when the Canadian Trustee shall be or become a creditor of the Issuer or a Guarantor or any other obligor upon the Securities, the Canadian Trustee shall be subject to the provisions of the Canadian Trust Indenture Legislation regarding the collection of claims against the Issuer, such Guarantor or any such other obligor.

Section 7.14. *OFAC Sanctions*. Each of the Issuer and the Guarantors, jointly and severally, covenants and represents to the Trustees that (a) neither it nor any of its Subsidiaries, Affiliates, directors or officers are the target or subject of any sanctions enforced by the United States government, (including, The Office of Foreign Assets Control of the United States Treasury Department), the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom, or other relevant sanctions authority (collectively "**Sanctions**"); and (b) neither it nor any of its Subsidiaries, Affiliates, directors or officers will use any payments made pursuant to this Indenture or commit any action, or cause a Trustee to commit any action, under this Indenture: (i) to fund or facilitate any activities of or business with any Person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any Person.

Section 7.15. *Third Parties (Canadian Trustee)*. The Issuer hereby represents to the Canadian Trustee that any account to be opened by, or interest to be held by, the Canadian Trustee in connection with this Indenture, for or to the credit of the Issuer, either: (a) is not intended to be used by or on behalf of any third party; or (b) is intended to be used by or on behalf of a third party, in which case, the Issuer agrees to complete and execute forthwith a declaration in the Canadian Trustee's prescribed form as to the particulars of such third party.

Section 7.16. *Joint Trustees*. The rights, powers, duties and obligations conferred and imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by the U.S. Trustee and the Canadian Trustee individually, as set forth explicitly herein, and no Trustee shall be liable or responsible for the acts or omissions of the other Trustee. Any written notice, request, direction, certificate, instruction, opinion or other document delivered pursuant to any provisions of this Indenture shall be delivered to the U.S. Trustee (with a copy to the Canadian Trustee).

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ARTICLE 8

SATISFACTION AND DISCHARGE; DEFEASANCE

Section 8.01. *Satisfaction and Discharge of Indenture*. This Indenture, with respect to Securities of any Series (if all Series issued under this Indenture are not to be effected) shall, upon Issuer Order, cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustees, at the expense of the Issuer, shall execute such instruments reasonably requested by the Issuer acknowledging satisfaction and discharge of this Indenture, when

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Securities of such Series theretofore authenticated and delivered (other than (A) Securities that have been destroyed, lost or stolen and that have been replaced or paid or (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 2.05 and 4.08) have been delivered to the U.S. Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all such Securities of such Series not theretofore delivered to the U.S. Trustee for cancellation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) have become due and payable, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) will become due and payable at their Stated Maturity within one year, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) are to be called for redemption within one year under arrangements satisfactory to the U.S. Trustee for the giving of notice of redemption by the U.S. Trustee in the name, and at the expense, of the Issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) are deemed paid and discharged pursuant to Section 8.03, as applicable;

and the Issuer, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the U.S. Trustee (or such other entity designated by the Issuer for this purpose) as trust funds in trust an amount of money and/or U.S. Government Obligations or Foreign Government Obligations, or a combination thereof, sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the U.S. Trustee for cancellation, for principal of, premium, if any, and interest on, and any mandatory sinking fund payments to the date of such deposit (in the case of Securities of such Series which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be, *provided*, that with respect to any discharge in connection with any redemption that requires the payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the U.S. Trustee equal to such "make-whole" amount calculated as of the date of the discharge, with any deficit as of the date of redemption (any such amount, the "**Applicable Premium Deficit**") only required to be deposited with the U.S. Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer's Certificate of the Issuer delivered to the U.S. Trustee at least two Business Days prior to the redemption date that confirms that the deposit of such Applicable Premium Deficit shall be applied toward such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer and the Guarantors have paid or caused to be paid all other sums payable by them hereunder with respect to such Securities and the Guarantee in respect thereof, respectively; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the Issuer and the Guarantors has delivered to the Trustees an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Series have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer and the Guarantors to the Trustees under Section 7.08, and, if money and/or U.S. Government Obligations or Foreign Government Obligations, or a combination thereof, shall have been deposited with the U.S. Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 4.08 (last paragraph only), 8.01, 8.02 and 8.05 shall survive.

Section 8.02. *Application of Trust Funds; Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Section 8.05, all money deposited with the U.S. Trustee (or such other entity designated by the Issuer for this purpose) pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the U.S. Trustee (or such other entity designated by the Issuer for this purpose) pursuant to Section 8.03 or 8.04 and all money received by the U.S. Trustee (or such other entity designated by the Issuer for this purpose) in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the U.S. Trustee (or such other entity designated by the Issuer for this purpose) pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer if acting as its own Paying Agent) as the U.S. Trustee may determine, to the Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the U.S. Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Section 8.03 or 8.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer and the Guarantors shall pay and shall indemnify the U.S. Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Section 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the U.S. Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the U.S. Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

Section 8.03. *Legal Defeasance of Securities of any Series*. Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(y), to be inapplicable to Securities of any Series, the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the date of the deposit referred to in subparagraph (i) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustees, at the expense of the Issuer, shall, upon Issuer Request, execute such instruments reasonably requested by the Issuer acknowledging the same), except as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (i) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions of Sections 2.04, 2.07, 2.08, 8.02, 8.03 and 8.05; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the rights, powers, trust, indemnities and immunities of the Trustees hereunder; *provided* that, the following conditions shall have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer shall have deposited or caused to be deposited irrevocably with the U.S. Trustee (or such other entity designated by the Issuer for this purpose) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on the U.S. Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the U.S. Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due, *provided*, that with respect to any defeasance in connection with any redemption that requires the payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the U.S. Trustee equal to such "make-whole" amount calculated as of the date of the defeasance, with any Applicable Premium Deficit only required to be deposited with the U.S. Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer's Certificate of the Issuer delivered to the U.S. Trustee at least two Business Days prior to the redemption date that confirms that the deposit of such Applicable Premium Deficit shall be applied toward such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer shall have delivered to the Trustees an Officer's Certificate of the Issuer and an Opinion of Counsel from a nationally recognized law firm to the effect that (i) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable U.S. Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Securities of such Series will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to U.S. Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer shall have delivered to the Trustees an Officer's Certificate of the Issuer and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section 8.03 have been complied with.

Section 8.04. *Covenant Defeasance*. Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(y) to be inapplicable to Securities of any Series, on and after the date of the deposit referred to in subparagraph (a) hereof, the Issuer and the Guarantors may omit to comply with any term, provision or condition set forth under Section 4.02, 4.04, 4.05, 4.06 and 5.01 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or

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an Officer's Certificate delivered pursuant to Section 2.02(y) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section 6.01) and the occurrence of any event described in clause (f) of Section 6.01 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, *provided* that the following conditions shall have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with reference to this Section 8.04, the Issuer has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the U.S. Trustee (or such other entity designated by the Issuer for this purpose) as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on the U.S. Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the U.S. Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due, *provided*, that with respect to any defeasance in connection with any redemption that requires the payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the U.S. Trustee equal to such "make-whole" amount calculated as of the date of the defeasance, with any Applicable Premium Deficit only required to be deposited with the U.S. Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer's Certificate of the Issuer delivered to the U.S. Trustee at least two Business Days prior to the redemption date that confirms that the deposit of such Applicable Premium Deficit shall be applied toward such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer shall have delivered to the Trustees an Opinion of Counsel from a nationally recognized law firm confirming that beneficial owners of the Securities of such Series will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Issuer shall have delivered to the Trustees an Officer's Certificate of the Issuer and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section 8.04 have been complied with.

Section 8.05. *Repayment to Issuer*. The U.S. Trustee and the Paying Agent shall promptly pay to the Issuer (or its designee) upon Issuer Order any excess moneys or U.S. Government Obligations held by them at any time. The provisions of the last paragraph of Section 4.08 shall apply to any money held by the U.S. Trustee or any Paying Agent that remains unclaimed for two years after the Maturity of any Series or Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 8.03 and 8.04.

ARTICLE 9

AMENDMENTS AND WAIVERS

Section 9.01. *Without Consent of Holders*. The Issuer, the Guarantors and the Trustees may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the U.S. Trustee as security for the Securities of one or more Series any property or assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to comply with Article 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer and/or the Guarantors such further covenants, restrictions, conditions or provisions as the Issuer, the Guarantors and the Trustees shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; *provided*, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustees upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such Series to waive such an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to evidence the succession of another Person to the Issuer or a Guarantor, as the case may be, and the assumption by any such successor of the covenants of the Issuer or such Guarantor, as applicable, herein and in the Securities and the Guarantee, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) add a guarantor or permit any Person to guarantee the obligations under any Series of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to cure any ambiguity, mistake, defect or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to conform to any provision of the "Description of the Notes" section, "Description of Debt Securities" section or other relevant section describing the terms of the Securities of the applicable prospectus, prospectus supplement, offering circular, offering memorandum or other relevant offering document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to provide for uncertificated Securities in addition to or in place of certificated Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to make any change that does not materially adversely affect the rights of any Securityholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

Section 9.02. *With Consent of Holders*. The Issuer, the Guarantors and the Trustees may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal

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amount of the outstanding Securities of each Series affected by such waiver by notice to the Trustees (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Issuer or the Guarantors with any provision of this Indenture, the Securities or the Guarantee, as applicable, with respect to such Series.

It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Issuer shall send to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver. Any failure by the Issuer to send or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

Section 9.03. *Limitations*. Without the consent of each Securityholder affected, an amendment or waiver may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend the final maturity of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduce the principal amount thereof, or premium thereon, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the rate or extend the time of payment of interest thereon,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce any amount payable on redemption thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make the principal thereof (including any amount in respect of original issue discount), or premium thereon, if any, or interest thereon payable in any coin or currency other than that provided in the Securities or in accordance with the terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reduce the amount of the principal of a Discount Security that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 6.02 or the amount thereof provable in bankruptcy pursuant to Section 6.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the case of Subordinated Securities of any Series, modify any of the Subordination Provisions or the definition of "Senior Debt" (or a similar term) relating to such Series in a manner adverse to the holders of such Subordinated Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) alter the provisions of Section 10.18 or 10.19;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impair or affect the right of any Securityholder to institute suit for the payment thereof when due or, if the Securities provide therefor, any right of repayment at the option of the Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reduce the aforesaid percentage of Securities of any Series, the consent of the Holders of which is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) modify any provision of this Section 9.03.

Section 9.04. *Compliance with Trust Indenture Legislation*. Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the Trust Indenture Legislation as then in effect.

Section 9.05. *Revocation and Effect of Consents*. Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustees receive the notice of revocation before the date the amendment or waiver becomes effective.

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Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.03. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security.

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Securityholders after such record date.

Section 9.06. *Notation on or Exchange of Securities*. The U.S. Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Issuer in exchange for Securities of that Series may issue and the U.S. Trustee shall authenticate upon written request new Securities of that Series that reflect the amendment or waiver. The Guarantors shall cause to be endorsed on any such Security a Guarantee executed by the Guarantors.

ARTICLE 10

MISCELLANEOUS

Section 10.01. *Conflict with Trust Indenture Legislation*. This Indenture is subject to the provisions of applicable Trust Indenture Legislation and shall, to the extent applicable, be governed by such provisions. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Legislation which is applicable to this Indenture and/or which is required thereunder to be a part of and govern this Indenture, the Trust Indenture Legislation provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Legislation which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

Section 10.02. *Notices*. Any notice or communication that is required or permitted to be given or served by a Trustee or by the Holders of Securities to or on the Issuer and/or either or both Guarantors (if applicable) is duly given if in writing and delivered in person, mailed by first- class mail or delivered by electronic transmission (until another address of the Issuer and/or a Guarantor is filed by such party with the Trustees):

if to the Issuer:

South Bow Canadian Infrastructure Holdings Ltd.

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450-1st ST SW

Calgary, AB

T2P 5H1

Attention: Corporate Secretarial

if to a Guarantor:

450-1<sup>st</sup> ST SW

Calgary, AB

T2P 5H1

Attention: Corporate Secretarial

Any notice, direction, request or demand by the Issuer, a Guarantor or a Holder of Securities that is required or permitted to be given or served to or upon either or both Trustees is duly given if in writing and delivered in person, mailed by first- class mail or delivered by electronic transmission (until another address of the applicable Trustee is filed by such Trustee with the Issuer):

if to the U.S. Trustee:

The Bank of New York Mellon

240 Greenwich Street, 7th Floor East

New York, New York 10286

Attn: Corporate Trust Administration

if to the Canadian Trustee:

BNY Trust Company of Canada

1 York Street, 6th floor

Toronto, Ontario M5J 0B6

Attn: Corporate Trust Administrator

Email: csmtoronto@bnymellon.com

Any notice or communication to a Securityholder shall be provided by electronic transmission or by first-class mail to its address shown on the register kept by the Registrar. Failure to provide a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

If a notice or communication is provided or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.

If the Issuer or a Guarantor provides a notice or communication to Securityholders, it shall provide a copy to each Trustee and each Agent at the same time.

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice by the Issuer or a Guarantor when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be reasonably satisfactory to the Trustees shall be deemed to be a sufficient giving of such notice.

Notwithstanding anything in this Indenture to the contrary, wherever notice is to be given to Securityholders of Registered Global Securities, it shall be sufficient if such notice is given in accordance with the procedures of the Depositary.

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Section 10.03. *Electronic Communications*. The Trustees shall have the right to accept and act upon instructions, including funds transfer instructions ("**Instructions**") given pursuant to this Agreement and delivered using Electronic Means; *provided, however*, that the Issuer shall provide to the Trustees an incumbency certificate listing officers with the authority to provide such Instructions ("**Authorized Officers**") and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustees Instructions using Electronic Means and the Trustees in their discretion elect to act upon such Instructions, the Trustee's understanding of such Instructions shall be deemed controlling. The Issuer understands and agrees that the Trustees cannot determine the identity of the actual sender of such Instructions and that the Trustees shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustees have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustees and that the Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Issuer. The Trustees shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustees reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustees, including without limitation the risk of the Trustees acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustees and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustees immediately upon learning of any compromise or unauthorized use of the security procedures. For purposes of this Section 10.03, "**Electronic Means**" shall mean the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustees, or another method or system specified by the Trustees as available for use in connection with its services hereunder.

Section 10.04. *Communication by Holders with Other Holders*. The rights of Holders to communicate with other Holders with respect to their rights under this Indenture, the Securities or the Guarantee, and the corresponding rights and obligations of the Trustees, shall be as provided by the Trust Indenture Legislation.

Every Holder of Securities, by receiving and holding any list of Securityholders, agrees with the Issuer, the Guarantors and the Trustees that none of the Issuer, the Guarantors or the Trustees or any agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Securityholders made pursuant to the Trust Indenture Legislation.

Section 10.05. *Certificate and Opinion as to Conditions Precedent*. Upon any request or application by the Issuer or a Guarantor to either Trustee to take or refrain from taking any action under this Indenture, the Issuer or Guarantor, as applicable, shall furnish to such Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officer's Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other certificates and opinions as may be required under the Trust Indenture Legislation, which shall be given in the form of an Officer's Certificate, if to be given by an officer of the Issuer or such Guarantor, as applicable, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Legislation and any other requirements set forth in this Indenture.

Section 10.06. *Statements Required in Certificate or Opinion*. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the person making such certificate or opinion has read such covenant or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of such individual, such individual has made such examination or investigation as is necessary to enable them to express an informed opinion as to whether or not such covenant or condition has been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other statements as may be required under the Trust Indenture Legislation.

Section 10.07. *Rules by Trustees and Agents*. The Trustees may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

Section 10.08. *Legal Holidays*. Unless otherwise provided by Board Resolution of the Issuer, Officer's Certificate of the Issuer or supplemental indenture for a particular Series, a "**Legal Holiday**" is (i) a Saturday, (ii) a Sunday, (iii) a day on which banking institutions in New York City, New York or Calgary, Alberta, are not required by any applicable law or regulation to be open or (iv) a day on which the Corporate Trust Office of a Trustee is closed for business. If a payment date for the payment of principal or interest on any Security falls on a Legal Holiday, such payment shall be made on the next succeeding Business Day, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected.

Section 10.09. *No Recourse Against Others*. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security or Guarantee, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future stockholder, officer or director, as such, of the Issuer or a Guarantor or of any successor of any of the foregoing, either directly or through the Issuer or a Guarantor or of any successor of any of the foregoing, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities and the coupons, if any, appertaining thereto by the Holders thereof and as part of the consideration for the issue of the Securities and the coupons, if any, appertaining thereto.

Section 10.10. *Counterparts*. This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Indenture by electronic imaging means shall be effective as delivery of a manually executed counterpart of this Indenture.

No Trustee shall have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustees to comply with the

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ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustees) shall be deemed original signatures for all purposes. The Issuer and the Guarantors assume all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustees, including without limitation the risk of either Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties.

Section 10.11. *Governing Laws; Waiver of Jury Trial*. THIS INDENTURE, THE GUARANTEE AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5- 1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Notwithstanding the foregoing provisions of this Section 10.11, the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.

Nothing in this Section 10.11 shall affect the right of the Trustees or any Holder to serve process in any manner permitted by law or limit the right of the Trustees to bring proceedings against the Issuer or the Guarantors in the courts of any jurisdiction or jurisdictions.

Section 10.12. *Consent to Jurisdiction and Service of Process*. Each of the Issuer and the Holdco Guarantor submits to the non-exclusive jurisdiction of any New York State or federal court sitting in New York City over any suit, action or proceeding arising out of or relating to this Indenture, any Security or the Guarantee. Each of the Issuer and the Holdco Guarantor irrevocably waives, to the fullest extent permitted by law, any objection that it may have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. Each of the Issuer and the Holdco Guarantor agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon such Person and may be enforced in the courts of Canada, or any other courts to the jurisdiction of which such Person is subject, by a suit upon such judgment, provided that service of process is effected upon such Person in the manner specified in the following paragraph or as otherwise permitted by law; provided, however, that neither the Issuer nor the Holdco Guarantor waives, and the foregoing provisions of this sentence shall not constitute or be deemed to constitute a waiver of, (i) any right to appeal any such judgment, to seek any stay or otherwise to seek reconsideration or review of any such judgment or (ii) any stay of execution or levy pending an appeal from, or a suit, action or proceeding for reconsideration or review of, any such judgment.

As long as any Securities remain outstanding each of the Issuer and the Holdco Guarantor will at all times have an authorized agent in the Borough of Manhattan, New York City upon whom process may be served in any legal action or proceeding arising out of or relating to the Indenture, the Guarantee or any Security. Service of process upon such an agent and written notice of such service mailed or delivered to the Issuer or the Holdco Guarantor, as applicable, shall to the extent permitted by law, be deemed in every respect effective service of process upon such Person in any such legal action or proceeding. Each of the Issuer and the Holdco Guarantor shall appoint in one or more indentures supplemental hereto, on or prior to the issuance of Securities of any Series, or the Guarantee in respect thereof, an agent for such purpose

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with respect to such Series, and covenants and agrees that service of process in any such legal action or proceeding may be made upon it at the office of such agent at the address provided, or at such other address or to such other agent in the Borough of Manhattan, New York City as the Issuer or the Holdco Guarantor, as applicable, may designate in a written notice to the U.S. Trustee.

Each of the Issuer and the Holdco Guarantor hereby consents to process being served in any suit, action or proceeding of the nature referred to in the preceding paragraphs by service upon its agent together with the mailing of a copy thereof by registered or certified mail, postage prepaid, return receipt requested, to its principal office at 450 1 St S.W., Calgary, Alberta, Canada, T2P 5H1, Attention: General Counsel, or to any other address of which the Issuer or the Holdco Guarantor, as applicable, shall have given written notice to the U.S. Trustee. Each of the Issuer and the Holdco Guarantor irrevocably waives, to the fullest extent permitted by law, all claim or error by reason of any such service, but does not waive any right to assert lack of subject matter jurisdiction, and agrees that such service (i) shall be deemed in every respect effective service of process upon such Person in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to such Person.

Nothing in this Section 10.12 shall affect the right of the Trustees or any Holder to serve process in any manner permitted by law or limit the right of the Trustees to bring proceedings against the Issuer or the Holdco Guarantor in the courts of any jurisdiction or jurisdictions.

Section 10.13. *No Security Interest Created*. Unless expressly provided for in one or more supplemental indentures entered into pursuant to the terms of this Indenture, nothing in this Indenture, the Securities or the Guarantee shall be construed to constitute a security interest under the *Uniform Commercial Code*, *Personal Property Security Act* or similar legislation, as now or hereafter enacted and in effect in any jurisdiction where property of the Issuer or the Guarantors is or may be located.

Section 10.14. *No Adverse Interpretation of Other Agreements*. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer, a Guarantor or a Subsidiary thereof. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

Section 10.15. *Successors*. All agreements of the Issuer, the Guarantors and the Trustees in this Indenture, the Guarantee and the Securities, as applicable, shall bind their respective successors.

Section 10.16. *Severability*. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 10.17. *Table of Contents, Headings, Etc*. The **Table of Contents**, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

Section 10.18. *Securities in a Foreign Currency*. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer's Certificate delivered pursuant to Section 2.02 with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.18, "**Market Exchange Rate**" shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New

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York. If such Market Exchange Rate is not available for any reason with respect to such currency, the U.S. Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

All decisions and determinations of the U.S. Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Issuer, the Guarantors and all Holders.

Section 10.19. *Judgment Currency*. Each of the Issuer and the Guarantors agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the "**Required Currency**") into a currency in which a judgment will be rendered (the "**Judgment Currency**"), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the U.S. Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the U.S. Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, "**New York Banking Day**" means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

Section 10.20. *Acts of Holders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all Series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee or Trustees, as applicable, and, where it is hereby expressly required, to the Issuer and/or the Guarantors. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "**Act**" of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 7.01 and 7.02) conclusive in favor of the Trustees, the Issuer and the Guarantors, if made in the manner provided in this Section 10.20.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 7.01 and 7.02, the execution of any instrument by a Securityholder or its agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustees or in such manner as shall be satisfactory to the Trustees. The holding of Registered Securities shall be proved by the Security register or by a certificate of the registrar thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer, the Guarantors, the Trustees and any agent of the Issuer, a Guarantor or a Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such Series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes; and none of the Issuer, the Guarantors or the Trustees nor any Agent of any of the foregoing shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, a Guarantor or a Trustee or any Agent of any of the foregoing from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its members, the operation of customary practices governing the exercise of the rights of a holder of a beneficial interest in any Registered Global Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At any time prior to (but not after) the evidencing to the Trustee or Trustees, as applicable, as provided in this Section 10.20, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office(s) of the Trustee or Trustees, as applicable, and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Guarantors, the Trustees and the Holders of all the Securities affected by such action.

Section 10.21. *Force Majeure*. In no event shall either Trustee or any Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, pandemics or epidemics, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustees and such Agent shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

ARTICLE 11

SINKING FUNDS

Section 11.01. *Applicability of Article*. The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a "mandatory sinking fund payment" and any other amount provided for by the terms of Securities of such Series is herein referred to as an "optional sinking fund payment." If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

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Section 11.02. *Satisfaction of Sinking Fund Payments with Securities*. The Issuer may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Issuer pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, *provided* that such Securities have not been previously so credited. Such Securities shall be received by the U.S. Trustee, together with an Officer's Certificate of the Issuer with respect thereto, not later than 15 days prior to the date on which the U.S. Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the U.S. Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the U.S. Trustee need not call Securities of such Series for redemption, except upon receipt of an Issuer Order that such action be taken, and such cash payment shall be held by the U.S. Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, *provided*, *however*, that the U.S. Trustee or such Paying Agent shall from time to time upon receipt of an Issuer Order pay over and deliver to the Issuer any cash payment so being held by the U.S. Trustee or such Paying Agent upon delivery by the Issuer to the U.S. Trustee of Securities of that Series purchased by the Issuer having an unpaid principal amount equal to the cash payment required to be released to the Issuer.

Section 11.03. *Redemption of Securities for Sinking Fund*. Not less than 45 days (unless otherwise indicated in the Board Resolution of the Issuer, supplemental indenture hereto or Officer's Certificate of the Issuer in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Issuer will deliver to the U.S. Trustee an Officer's Certificate of the Issuer specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Issuer shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution of the Issuer, Officer's Certificate of the Issuer or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the U.S. Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuer in the manner provided in Section 3.03.

Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.04, 3.05 and 3.06.

ARTICLE 12

GUARANTEES

Section 12.01. *Guarantees*. Each Guarantor hereby unconditionally and irrevocably guarantees, on a junior unsecured basis, to each Holder and to the Trustees and their successors and assigns the full and punctual payment of principal of and interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Issuer under this Indenture and the Securities (all the foregoing being hereinafter collectively called the "**Guaranteed Obligations**"). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Guarantor and that such Guarantor shall remain bound under this Article 12 notwithstanding any extension or renewal of any Obligation.

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Each Guarantor waives presentation to, demand of, payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (1) the failure of any Holder or either Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person (including any Guarantor) under this Indenture, the Securities or any other agreement or otherwise; (2) any extension or renewal of any thereof; (3) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (4) the release of any security held by any Holder or either Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or either Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (6) except as set forth in Section 12.06, any change in the ownership of a Guarantor.

Section 12.02. *Limitation on Liability*. Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of each such Guarantor (a) not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to any such Guarantee and (b) not result in a distribution to shareholders not permitted under the applicable foreign or state law. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Section 12.03. *Successors and Assigns*. This Article shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustees and the Holders and, in the event of any transfer or assignment of rights by any Holder or either Trustee, the rights and privileges conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 12.04. *No Waiver*. Neither a failure nor a delay on the part of either Trustee or the Holders in exercising any right, power or privilege under this Article shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the affected Guarantors and the Trustees and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which any of them may have under this Article at law, in equity, by statute or otherwise.

Section 12.05. *Modification*. Subject to Article 9, no modification, amendment or waiver of any provision of this Article, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the affected Guarantor and each Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantors in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances.

Section 12.06. *Release of Sister Guarantor*. The Guarantor Party shall be released from its obligations under this Article (other than any obligation that may have arisen previously under Section 12.07): (a) upon defeasance of the Securities pursuant to Article 8, (b) upon the full satisfaction of the Issuer's obligations under this Indenture or (c) upon the sale or other disposition (including by way of consolidation or merger) of the Guarantor Party, following which the Guarantor Party is no longer a direct or indirect Subsidiary of any Person of which the Issuer is a direct or indirect Subsidiary. At the request of the Issuer, the Trustees shall execute and deliver an appropriate instrument evidencing such release.

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Section 12.07. *Contribution*. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor's pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with generally accepted accounting principles.

Section 12.08. *Execution and Delivery of Notation of Guarantee.*

To further evidence the Guarantee, each Guarantor hereby agrees that a notation of the Guarantee may be endorsed on each Security authenticated and delivered by the U.S. Trustee and that such notation shall be executed by either manual or electronic signature by any director or officer of such Guarantor. Each Guarantor hereby agrees that the Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation of such Guarantee.

If any officer or director of a Guarantor whose signature is on this Indenture or a Security no longer holds that office at the time the U.S. Trustee authenticates such Security or at any time thereafter, the Guarantee by such Guarantor shall be valid nevertheless.

The delivery of any Security by the U.S. Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

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| | |
|:---|:---|
| **ISSUER** | **ISSUER** |
| **South Bow Canadian Infrastructure Holdings Ltd.** | **South Bow Canadian Infrastructure Holdings Ltd.** |
| By: | /s/ Kevin Engel |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance |

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[*Signature Page to Indenture*]

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| | |
|:---|:---|
| **GUARANTOR PARTY**<br>**6297782 LLC** | **GUARANTOR PARTY**<br>**6297782 LLC** |
| By: | /s/ Lori M. Muratta |
|  | Name: Lori M. Muratta |
|  | Title: Vice-President |

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[*Signature Page to Indenture*]

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| | |
|:---|:---|
| **HOLDCO GUARANTOR**<br>**15142083 Canada Ltd.** | **HOLDCO GUARANTOR**<br>**15142083 Canada Ltd.** |
| By: | /s/ Kevin Engel |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance |

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[*Signature Page to Indenture*]

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| | |
|:---|:---|
| **The Bank of New York Mellon,** | **The Bank of New York Mellon,** |
| **U.S. Trustee** | **U.S. Trustee** |
| By: | /s/ Stacey B. Poindexter |
|  | Name: Stacey B. Poindexter |
|  | Title: Vice President |

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[*Signature Page to Indenture*]

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| | |
|:---|:---|
| **BNY Trust Company of Canada,** | **BNY Trust Company of Canada,** |
| **Canadian Trustee** | **Canadian Trustee** |
| By: | /s/ Farhan Mir |
|  | Name: Farhan Mir |
|  | Title: Vice President |

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[*Signature Page to Indenture*]

## Exhibit 4.2

**Exhibit 4.2** 

**South Bow Canadian Infrastructure Holdings Ltd.** 

**7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**FIRST SUPPLEMENTAL INDENTURE** 

**Dated as of August 28, 2024** 

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**First Supplemental Indenture** 

**Dated as of August 28, 2024** 

**The Bank of New York Mellon,** 

**as U.S. Trustee** 

**and** 

**BNY Trust Company of Canada,** 

**as Canadian Trustee** 

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | <u>PAGE</u> |
| Article One CERTAIN DEFINITIONS | Article One CERTAIN DEFINITIONS | 2 |
| Article Two THE NOTES | Article Two THE NOTES | 4 |
|  Section 2.01 | Scope; General | 4 |
|  Section 2.02 | Deferral of Interest | 7 |
|  Section 2.03 | Calculation Agent | 8 |
|  Section 2.04 | Interest Payments and Redemption | 9 |
|  Section 2.05 | TCPL Funding Obligation | 9 |
| Article Three REDEMPTION | Article Three REDEMPTION | 9 |
|  Section 3.01 | Redemption at the Option of the Issuer | 9 |
|  Section 3.02 | Escrow of Proceeds; Special Mandatory Redemption | 9 |
|  Section 3.03 | Redemption Following a Rating Agency Event | 11 |
| Article Four EXECUTION AND DELIVERY OF GUARANTEE | Article Four EXECUTION AND DELIVERY OF GUARANTEE | 11 |
| Article Five AMENDMENTS | Article Five AMENDMENTS | 12 |
|  Section 5.01 | Definitions | 12 |
|  Section 5.02 | Events of Default | 12 |
|  Section 5.03 | Acceleration of Maturity; Rescission and Annulment | 13 |
|  Section 5.04 | Control by Holders | 13 |
|  Section 5.05 | Redemption Procedures | 14 |
| Article Six SUBORDINATION | Article Six SUBORDINATION | 15 |
|  Section 6.01 | Securities Subordinated to Senior Indebtedness | 15 |
|  Section 6.02 | Pari Passu Securities | 16 |
|  Section 6.03 | Subordination Provisions | 16 |
| Article Seven MISCELLANEOUS | Article Seven MISCELLANEOUS | 16 |
|  Section 7.01 | Governing Laws; Waiver of Jury Trial | 16 |
|  Section 7.02 | No Adverse Interpretation of Other Agreements | 16 |
|  Section 7.03 | Successors and Assigns | 17 |
|  Section 7.04 | Severability | 17 |
|  Section 7.05 | Force Majeure | 17 |
|  Section 7.06 | **Table of Contents**, Headings, Etc. | 17 |
|  Section 7.07 | Counterparts | 17 |
|  Section 7.08 | Confirmation of Indenture | 17 |
|  Section 7.09 | Trustee Disclaimer | 18 |
| APPENDIX A Provisions Relating to Initial Notes and Exchange Notes | APPENDIX A Provisions Relating to Initial Notes and Exchange Notes | A-1 |
| EXHIBIT A Form of Series 1 2055 Note | EXHIBIT A Form of Series 1 2055 Note | Ex-A-1 |
| EXHIBIT B Form of Series 2 2055 Note | EXHIBIT B Form of Series 2 2055 Note | Ex-B-1 |
| EXHIBIT C Restricted Securities Legend | EXHIBIT C Restricted Securities Legend | Ex-C-1 |

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| | |
|:---|:---|
|  EXHIBIT D Regulation S Certificate | Ex-D-1 |
|  EXHIBIT E Rule 144A Certificate | Ex-E-1 |
|  EXHIBIT F Form of Notation of Guarantee | Ex-F-1 |

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FIRST SUPPLEMENTAL INDENTURE dated as of August 28, 2024 (this "<u>Supplemental Indenture</u>"), to the Indenture dated as of August 28, 2024 (the "<u>Base Indenture</u>" and, as supplemented by this Supplemental Indenture, the "<u>Indenture</u>"), by and among South Bow Canadian Infrastructure Holdings Ltd., a corporation incorporated under the laws of Canada (the "<u>Issuer</u>"), 15142083 Canada Ltd., a corporation incorporated under the laws of Canada, as guarantor (the "<u>Holdco Guarantor</u>"), 6297782 LLC, a Delaware limited liability company, as guarantor (the "<u>Guarantor Party</u>" and together with the Holdco Guarantor, the "<u>Guarantors</u>"), BNY Trust Company of Canada, a trust company existing under the laws of Canada, as the Canadian trustee (the "<u>Canadian Trustee</u>"), and The Bank of New York Mellon, a New York banking corporation, as the United States trustee, paying agent, registrar and transfer agent (the "<u>U.S. Trustee</u>") and, solely for purposes of Sections 2.05, 3.02(c), 7.01 and 7.03 herein, TransCanada PipeLines Limited, a corporation incorporated under the laws of Canada ("<u>TCPL</u>"). The Canadian Trustee and the U.S. Trustee are each also individually referred to in this Supplemental Indenture as a "Trustee" and collectively, as the "Trustees".

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein):

WHEREAS, the Issuer and the Trustees have duly authorized the execution and delivery of the Base Indenture to provide for the issuance from time to time of the Issuer's debentures, notes or other debt instruments to be issued in one or more Series as in the Base Indenture provided (as defined therein, "<u>Securities</u>");

WHEREAS, the Issuer desires and has requested the Trustees to join in the execution and delivery of this Supplemental Indenture in order to establish and provide for the issuance by the Issuer of two Series of Securities designated as its 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "<u>Series 1 Notes</u>") and its 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "<u>Series 2 Notes</u>" and, together with the Series 1 Notes, the "<u>Initial Notes</u>"), substantially in the forms attached hereto as <u>Exhibit</u> <u>A</u> and <u>Exhibit</u> <u>B</u>, respectively, on the terms set forth herein, together with any Exchange Notes of each Series (as defined in <u>Appendix A</u> hereto) issued therefor as provided herein (the Initial Notes and the Exchange Notes, are together referred to herein as the "<u>Notes</u>");

WHEREAS, each of the Holdco Guarantor and the Guarantor Party has duly authorized the execution and delivery of the Base Indenture to provide for the guarantee on a junior unsecured basis of the obligations of the Issuer under the Base Indenture and the Securities (the "<u>Guarantee</u>") and has agreed to join in the execution and delivery of this Supplemental Indenture to confirm the Guarantee in respect of the Notes including its endorsement thereof in the form attached hereto as <u>Exhibit</u> <u>F</u>;

WHEREAS, Section 2.01 of the Base Indenture provides that a supplemental indenture may be entered into by the Issuer and the Trustees for such purpose, without the consent of Holders, provided certain conditions are met;

WHEREAS, the conditions set forth in the Base Indenture for the execution and delivery of this Supplemental Indenture have been complied with; and

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Issuer, the Trustees and the Guarantors, in accordance with its terms, and a valid amendment of, and supplement to, the Base Indenture have been done;

**NOW, THEREFORE:** 

In consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, the Issuer, the Guarantor Party, the Holdco Guarantor and the Trustees mutually covenant and agree, for the equal and ratable benefit of the Holders, that the Base Indenture is supplemented and amended, to the extent expressed herein, as follows:

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**ARTICLE ONE** 

**CERTAIN DEFINITIONS** 

The following terms have the meanings set forth below in this Supplemental Indenture. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Base Indenture. To the extent terms defined herein differ from the Base Indenture the terms defined herein will govern.

"<u>Business Day</u>" means, with respect to any of the Notes, each day that is not (a) a Saturday, (b) a Sunday, (c) a day on which banking institutions in New York City, New York or Calgary, Alberta, are not required by any applicable law or regulation to be open or (d) a day on which the Corporate Trust Office of a Trustee is closed for business.

"<u>Calculation Agent</u>" has the meaning given to such term in Section 2.03(a) hereof.

"<u>Canadian Trustee</u>" has the meaning provided in the Preamble.

"<u>Capital Stock</u>" means (i) in the case of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

"<u>Escrow Agent</u>" has the meaning given to such term in Section 3.02(a) hereof.

"<u>Escrow Agreement</u>" has the meaning given to such term in Section 3.02(a) hereof.

"<u>Escrowed Property</u>" has the meaning given to such term in Section 3.02(a) hereof.

"<u>Guarantee</u>" has the meaning given to such term in Article Four hereof.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and any successor statute.

"<u>First Reset Date</u>" has the meaning given to such term in Section 2.01(d)(iii) hereof.

"<u>First Reset Period</u>" has the meaning given to such term in Section 3.01 hereof.

"<u>Five-year U.S. Treasury Rate</u>" means, as of any Reset Interest Determination Date, (i) an interest rate (expressed as a decimal) determined to be the per annum rate equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity of five years from the next Reset Date and trading in the public securities markets, for the five consecutive Business Days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15, or (ii) if there is no such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the yields to maturity for each of the two series of U.S. Treasury securities adjusted to constant maturity trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the Reset Date following the next succeeding Reset Interest Determination Date, and (B) the other maturing as close as possible to, but later than, the Reset Date following the next succeeding Reset Interest Determination Date, in each case for the five consecutive Business Days immediately prior to the

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respective Reset Interest Determination Date as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clause (i) or (ii) above, then the Five-year U.S. Treasury Rate will be the same interest rate determined for the prior Reset Interest Determination Date or, if the Five-year U.S. Treasury Rate cannot be so determined as of the Reset Interest Determination Date preceding the applicable First Reset Date, then the interest rate applicable for the Reset Period commencing on and including the applicable First Reset Date will be deemed to be 7.625% per annum and 7.500% per annum for the Series 1 Notes and the Series 2 Notes, respectively, which are the same interest rates as in effect from and including the original issue date to, but excluding, the applicable First Reset Date.

"<u>H.15</u>" means the statistical release designated as such, or any successor publication, published by the Board of Governors of the U.S. Federal Reserve System (or any successor thereto).

"<u>Holder</u>" means the Person in whose name a Note is registered in the books of the Registrar for the Notes.

"<u>Indenture</u>" has the meaning provided in the Preamble.

"<u>Interest Payment Period</u>" means the semi-annual period from and including an Interest Payment Date to but excluding the next succeeding Interest Payment Date, except for the first Interest Payment Period which shall be the period from and including the original issue date to but excluding March 1, 2025.

The "<u>most recent H.15</u>" means the H.15 published closest in time but prior to the close of business on the Reset Interest Determination Date.

"<u>Maturity Date</u>" means, with respect to the Notes of any Series, March 1, 2055.

"<u>Notes</u>" has the meaning provided in the Recitals.

"<u>Optional Deferral Period</u>" has the meaning given to such term in Section 2.02(a) hereof.

"<u>original issue date</u>" has the meaning given to such term in Section 2.01(c)(iii) hereof.

"<u>Pari Passu Securities</u>" means (a) any additional debt securities of the same Series which may in the future be issued under the Indenture upon any re-opening of such Series and any future unsecured indebtedness that the Issuer may incur from time to time if the terms of such indebtedness provide that it ranks equally with the Notes of any Series, with respect to the Issuer, or the Guarantees, with respect to any Guarantor, in right of payment and (b) any guarantees of any debt securities and indebtedness described in clause (a).

"<u>Person</u>" means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"<u>Rating Agency Event</u>" means, as of any date, a change, clarification or amendment in the methodology published by any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act (or any successor provision thereto), that then publishes a rating for the Issuer (together with any successor thereto, a "rating agency") in assigning equity credit to securities such as the Notes, (a) as such methodology was in effect on August 14, 2024, in the case of any rating agency that published a rating for the Issuer as of August 14, 2024, or (b) as such methodology was in effect on the date such rating agency first published a rating for the Issuer, in the case of any rating agency that first publishes a rating for the Issuer after August 14, 2024 (in the case of either clause (a) or (b), the "current methodology"), that results in (i) any shortening of the length of time for which a particular level of equity credit pertaining to the Notes by such rating agency would have been in effect had the current methodology not been changed or (ii) a lower equity credit (including up to a lesser amount) being assigned by such rating agency to the Notes as of the date of such change, clarification or amendment than the equity credit that would have been assigned to the Notes by such rating agency had the current methodology not been changed.

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"<u>Redemption Date</u>" means, with respect to any Note of any Series to be redeemed, the date fixed for such redemption by or pursuant to this Supplemental Indenture.

"<u>Redemption Price</u>" means, when used with respect to any Note of any Series to be redeemed, the price at which it is to be redeemed pursuant to this Supplemental Indenture.

"<u>Reset Date</u>" means, in respect of the Series 1 Notes, the Series 1 First Reset Date, being March 1, 2030, and March 1 of every fifth year after 2030, and, in respect of the Series 2 Notes, the Series 2 First Reset Date, being March 1, 2035, and March 1 of every fifth year after 2035.

"<u>Reset Interest Determination Date</u>" means, in respect of any Reset Period, the day that is two Business Days prior to the first day of such Reset Period.

"<u>Reset Period</u>" means the period from and including the applicable First Reset Date to, but excluding, the next following Reset Date and thereafter each period from and including a Reset Date to, but excluding, the next following Reset Date.

"<u>Rights Plan</u>" has the meaning given to such term in Section 2.02(e) hereof.

"<u>Series 1 First Reset Date</u>" has the meaning given to such term in Section 2.01(c)(iii) hereof.

"<u>Series 2 First Reset Date</u>" has the meaning given to such term in Section 2.01(d)(iii) hereof.

"<u>Spinoff Transaction</u>" means the spin-off transaction first announced by TC Energy Corporation on July 27, 2023.

"<u>Supplemental Indenture</u>" has the meaning provided in the Preamble.

"<u>U.S. Trustee</u>" has the meaning provided in the Preamble.

**ARTICLE TWO** 

**THE NOTES** 

Section 2.01 <u>Scope; General</u>.

The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes, which shall not be limited in aggregate principal amount, and shall not apply to any other Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements.

(a) Pursuant to this Supplemental Indenture, there is hereby created and designated two Series of Subordinated Securities under the Base Indenture entitled the "7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055" and the "7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055."

(b) Provisions relating to the Initial Notes and the Exchange Notes are set forth in <u>Appendix A</u>, which is hereby incorporated in and expressly made part of this Supplemental Indenture.

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(c) The Series 1 Notes shall be in the form of <u>Exhibit</u> <u>A</u> hereto (the "<u>Series 1 Specimen Note</u>"), which is hereby incorporated into this Supplemental Indenture by reference. The terms of the Series 1 Notes shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 1 Notes are to be issued initially in an aggregate principal amount of $450,000,000; *provided*, *however*, that the aggregate principal amount of the Series 1 Notes which may be outstanding may be increased by the Issuer upon the terms and subject to the conditions set forth in the Indenture and the Series 1 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Series 1 Notes will initially mature on March 1, 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Series 1 Notes will bear interest (i) from and including August 28, 2024 (the "<u>original issue date</u>") to, but excluding, March 1, 2030 (the "<u>Series 1 First Reset Date</u>") at the rate of 7.625% per annum and (ii) from and including the Series 1 First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.949%, to be reset on each Reset Date. The Issuer will give notice of the relevant Five-year U.S. Treasury Rate as soon as reasonably practicable following each Reset Interest Determination Date to the Trustees and Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The date from which interest shall accrue, the payment dates on which interest shall be payable and the regular record date for the interest payable on any payment date will be as set forth in the Series 1 Specimen Note, subject to Section 2.02 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Principal and interest on the Series 1 Notes are payable at the Corporate Trust Office of the U.S. Trustee, except as otherwise provided in the Series 1 Specimen Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Notes shall be redeemable at the redemption prices and on the terms set forth in Article Three of this Supplemental Indenture. Except as otherwise provided in Article Three of this Supplemental Indenture, redemption of the Series 1 Notes shall be made in accordance with the terms of Article 3 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Series 1 Notes will not be subject to any sinking fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The provisions of Sections 4.10, 4.11 and 4.12 of the Base Indenture shall not apply to the Series 1 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Series 1 Notes shall be in global form and the "Depositary" with respect to the Series 1 Notes will initially be The Depository Trust Company ("<u>DTC</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Interest on the Series 1 Notes will be computed and paid on the basis of a 360-day year of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Notwithstanding anything in the Base Indenture to the contrary, (x) the Spinoff Transaction and the transactions undertaken in connection therewith shall not constitute a Change of Control, and (y) the provisions of Section 5.01 of the Base Indenture shall not apply to the Spinoff Transaction and the transactions undertaken in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The terms of the Series 1 Notes shall include such other terms as are set forth in the Series 1 Specimen Note and in the Indenture. To the extent the terms of the Indenture and the Series 1 Specimen Note are inconsistent, the terms of the Series 1 Specimen Note will govern.

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(d) The Series 2 Notes shall be in the form of <u>Exhibit</u> <u>B</u> hereto (the "<u>Series 2 Specimen Note</u>"), which is hereby incorporated into this Supplemental Indenture by reference. The terms of the Series 2 Notes shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2 Notes are to be issued initially in an aggregate principal amount of $650,000,000; *provided*, *however*, that the aggregate principal amount of the Series 2 Notes which may be outstanding may be increased by the Issuer upon the terms and subject to the conditions set forth in the Indenture and the Series 2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Series 2 Notes will initially mature on March 1, 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Series 2 Notes will bear interest (i) from and including the original issue date to, but excluding, March 1, 2035 (the "<u>Series 2 First Reset Date</u>" and, each of the Series 1 First Reset Date and the Series 2 First Reset Date, a "<u>First Reset Date</u>") at the rate of 7.500% per annum and (ii) from and including the Series 2 First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.667%, to be reset on each Reset Date. The Issuer will give notice of the relevant Five-year U.S. Treasury Rate as soon as reasonably practicable following each Reset Interest Determination Date to the Trustees and Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The date from which interest shall accrue, the payment dates on which interest shall be payable and the regular record date for the interest payable on any payment date will be as set forth in the Series 2 Specimen Note, subject to Section 2.02 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Principal and interest on the Series 2 Notes are payable at the Corporate Trust Office of the U.S. Trustee, except as otherwise provided in the Series 2 Specimen Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Notes shall be redeemable at the redemption prices and on the terms set forth in Article Three of this Supplemental Indenture. Except as otherwise provided in Article Three of this Supplemental Indenture, redemption of the Series 2 Notes shall be made in accordance with the terms of Article 3 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Series 2 Notes will not be subject to any sinking fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The provisions of Sections 4.10, 4.11 and 4.12 of the Base Indenture shall not apply to the Series 2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Series 2 Notes shall be in global form and the "Depositary" with respect to the Series 2 Notes will initially be DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Interest on the Series 2 Notes will be computed and paid on the basis of a 360-day year of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Notwithstanding anything in the Base Indenture to the contrary, (x) the Spinoff Transaction and the transactions undertaken in connection therewith shall not constitute a Change of Control, and (y) the provisions of Section 5.01 of the Base Indenture shall not apply to the Spinoff Transaction and the transactions undertaken in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The terms of the Series 2 Notes shall include such other terms as are set forth in the Series 2 Specimen Note and in the Indenture. To the extent the terms of the Indenture and the Series 2 Specimen Note are inconsistent, the terms of the Series 2 Specimen Note will govern.

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Section 2.02 <u>Deferral of Interest</u>.<u> </u>

(a) So long as no Event of Default with respect to the Notes of any Series has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes of such Series, from time to time, for one or more deferral periods of up to 20 consecutive Interest Payment Periods (each such deferral period, commencing on the Interest Payment Date on which the first such deferred interest payment otherwise would have been made, an "<u>Optional Deferral Period</u>"), except that no such Optional Deferral Period may extend beyond the Maturity Date of such Series or end on a day other than the day immediately preceding an Interest Payment Date. During any Optional Deferral Period, interest on the Notes of such Series will continue to accrue at the then-applicable interest rate on the Notes of such Series (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes of such Series). In addition, during any Optional Deferral Period, interest on the deferred interest ("<u>compound interest</u>") will accrue at the then-applicable interest rate on the Notes of such Series (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes of such Series), compounded semi-annually, to the extent permitted by applicable law.

(b) No interest will be due or payable on the Notes of such Series during an Optional Deferral Period, except upon a redemption of any Notes of such Series on any Redemption Date during such Optional Deferral Period (in which case, all accrued and unpaid interest (including, to the extent permitted by applicable law, any compound interest) on the Notes of such Series to be redeemed to, but excluding, such Redemption Date will be due and payable on such Redemption Date), or unless the principal of and interest on the Notes of such Series shall have been declared due and payable as the result of an Event of Default with respect to the Notes of such Series (in which case, all accrued and unpaid interest, including, to the extent permitted by applicable law, any compound interest, on the Notes of such Series, shall become due and payable). All references in the Notes of any Series and, insofar as relates to the Notes of such Series, the Indenture to "interest" on the Notes of such Series shall be deemed to include any such deferred interest and, to the extent permitted by applicable law, any compound interest, unless otherwise expressly stated or the context otherwise requires.

(c) Before the end of any Optional Deferral Period that is shorter than 20 consecutive Interest Payment Periods, the Issuer may elect, at its option, to extend such Optional Deferral Period, so long as the entire Optional Deferral Period does not exceed 20 consecutive Interest Payment Periods or extend beyond the Maturity Date of such Series. The Issuer may also elect, at its option, to shorten the length of any Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the day immediately preceding an Interest Payment Date. At the end of any Optional Deferral Period, if all amounts then due on the Notes of such Series, including all accrued and unpaid interest thereon (including, without limitation and to the extent permitted by applicable law, any compound interest), are paid, the Issuer may elect to begin a new Optional Deferral Period; provided, however, that, without limitation of the foregoing, the Issuer may not begin a new Optional Deferral Period unless the Issuer has paid all accrued and unpaid interest on the Notes of such Series (including, without limitation and to the extent permitted by applicable law, any compound interest) from any previous Optional Deferral Periods.

(d) During any Optional Deferral Period, neither the Issuer nor the Guarantors shall do any of the following (subject to the exceptions set forth in clause (e) of this Section 2.02):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare or pay any dividends or distributions on any Capital Stock of the Issuer or the Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Issuer or the Guarantors, respectively;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer or the Guarantors, respectively, that ranks equally with or junior to the Notes of any Series or the Guarantees, as applicable, in right of payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make any payments with respect to any guarantees by the Issuer or the Guarantors, respectively, of any indebtedness if such guarantees rank equally with or junior to the Notes of any Series or the Guarantees, as applicable, in right of payment.

(e) However, during an Optional Deferral Period, the Parent Guarantor may (a) declare and pay dividends or distributions payable solely in its common shares (together with cash in lieu of any fractional common share) or options, warrants or rights to subscribe for or purchase its common shares, (b) declare and pay any dividend or distribution in connection with the implementation of a plan (a "<u>Rights Plan</u>") providing for the issuance by the Parent Guarantor to all holders of its common shares of rights entitling them to subscribe for or purchase common shares or any class or series of the Parent Guarantor's preferred equity, which rights (i) are deemed to be transferred with such common shares, (ii) are not exercisable until the occurrence of a specified event or events and (iii) are also issued in respect of future issuances of the Parent Guarantor's common shares, (c) issue any shares of its Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify its Capital Stock or exchange or convert one class or series of its Capital Stock for another class or series of its Capital Stock, (e) purchase fractional interests in shares of its Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged, and (f) purchase, acquire or withhold its common shares related to the issuance of its common shares or rights under any dividend reinvestment plan or related to any of its benefit plans for its directors, officers, employees, consultants or advisors, including any employment contract.

(f) The Issuer will give the Holders of the Notes of any Series and the Trustees notice of its election of, or any shortening or extension of, an Optional Deferral Period at least 10 Business Days prior to the earlier of (1) the next succeeding Interest Payment Date or (2) the date upon which it is required to give notice to any applicable self-regulatory organization or to Holders of the Notes of such Series of the next succeeding Interest Payment Date or the record date therefor. The record date for the payment of deferred interest and, to the extent permitted by applicable law, any compound interest payable on the Interest Payment Date immediately following the last day of an Optional Deferral Period will be the regular record date with respect to such Interest Payment Date.

Section 2.03 <u>Calculation Agent</u>.

(a) Unless the Issuer has validly called all of the outstanding Notes of any Series for redemption during the First Call Period, the Issuer will appoint a calculation agent (the "<u>Calculation Agent</u>") for the Notes of such Series prior to the Reset Interest Determination Date immediately preceding the applicable First Reset Date; provided that, if the Issuer has called all of the outstanding Notes of such Series for redemption on a Redemption Date occurring during the First Reset Period, but the Issuer does not redeem all of the outstanding Notes of such Series on such Redemption Date, the Issuer will appoint a Calculation Agent for the Notes of such Series prior to the Reset Interest Determination Date preceding the First Reset Date. The Issuer may terminate any such appointment and may appoint a successor Calculation Agent at any time and from time to time (so long as there shall always be a Calculation Agent in respect of the Notes of such Series when so required). The Issuer may appoint itself or an Affiliate of the Issuer as Calculation Agent. For the avoidance of doubt, the Trustees shall have no obligation to act as Calculation Agent.

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(b) The applicable interest rate for each Reset Period will be determined by the Calculation Agent as of the applicable Reset Interest Determination Date. Promptly upon such determination, the Calculation Agent will notify the Issuer of the interest rate for the Reset Period and the Issuer will promptly notify, or cause the Calculation Agent to promptly notify, the U.S. Trustee and Paying Agent for the Notes in writing of such interest rate, upon which the U.S. Trustee and Paying Agent will be permitted to conclusively rely. The Calculation Agent's determination of any interest rate, and its calculation of the amount of interest for any Interest Payment Period beginning on or after the First Reset Date, will be on file at the Issuer's principal offices, will be made available to any Holder or beneficial owner of the Notes upon request and will be final and binding in the absence of manifest error.

Section 2.04 <u>Interest Payments and Redemption</u>. Notwithstanding any provision of Article Three of this Supplemental Indenture to the contrary, installments of interest on the Notes of any Series that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date for the Notes of such Series will be payable on that Interest Payment Date to the Holders thereof as of the close of business on the relevant regular record date according to the terms of the Notes of such Series and the Indenture, except that, if the Redemption Date for the Notes of any Series falls on any day during an Optional Deferral Period, accrued and unpaid interest (including, to the extent permitted by applicable law, any compound interest) on such Series of Notes will be paid on such Redemption Date to the Persons entitled to receive the Redemption Price of such Series of Notes. The Interest Payment Date falling immediately after the last day of an Optional Deferral Period shall not be deemed to fall on a day during such Optional Deferral Period.

Section 2.05 <u>TCPL Funding Obligation</u>. Solely to the extent that the Issuer or a Guarantor pursuant to a Guarantee fails to pay the interest due and payable on the Notes of any Series on the relevant Interest Payment Date, TCPL shall fund an amount sufficient to pay such interest that is due and payable on the Notes of such Series but remains unpaid by the Issuer or a Guarantor. Notwithstanding the foregoing, the obligation of TCPL to fund such interest will terminate upon release of the Escrowed Property to the Issuer in accordance with the terms of the Escrow Agreement.

**ARTICLE THREE** 

**REDEMPTION** 

Section 3.01 <u>Redemption at the Option of the Issuer</u>. The Issuer may redeem the Notes of any Series at its option, in whole or from time to time in part, (a) on any day in the period commencing on the date falling 90 days prior to the applicable First Reset Date and ending on (and including) the applicable First Reset Date (each, a "First Call Period") and (b) after the applicable First Reset Date, on any applicable Interest Payment Date at a Redemption Price in cash equal to 100% of the principal amount of the Notes of such Series to be redeemed, plus, subject to Section 2.04 of this Supplemental Indenture, accrued and unpaid interest on such Notes to be redeemed to, but excluding, the Redemption Date.

Section 3.02 <u>Escrow of Proceeds; Special Mandatory Redemption</u>.

(a) The Issuer and each of the Holders by acceptance of the Notes hereby authorizes and directs the U.S. Trustee to enter into an escrow agreement (the "<u>Escrow Agreement</u>") with the Issuer and Citibank, N.A., as escrow agent (the "<u>Escrow Agent</u>") and securities intermediary, pursuant to which the initial purchasers will deposit the net proceeds of the offering of the Notes, after deducting the initial purchasers' discount (such amount, together with any other property from time to time held by the Escrow Agent in the Escrow Account (as hereinafter defined), the "<u>Escrowed Property</u>"), into a segregated escrow account pursuant to the Escrow Agreement (the "<u>Escrow Account</u>"). In the Escrow Agreement, the Issuer will grant to the U.S. Trustee, for the sole and exclusive benefit of the U.S. Trustee and the Holders of the Notes, a first-priority security interest in and lien on the Escrow Account and all amounts on deposit therein to secure payment of the Special Mandatory Redemption Price and obligations and indebtedness of the Issuer under the Indenture in respect of the Notes, which shall automatically be released and terminate upon disbursement of the property in the Escrow Account in accordance with the Escrow Agreement.

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(b) The Escrow Agreement provides that the Issuer will only be entitled to direct the Escrow Agent to release the funds held in the Escrow Account in accordance with the terms of the Escrow Agreement. Pursuant to the Escrow Agreement, the Escrow Agent will release funds held in the Escrow Account to, or for the account of, the Issuer upon delivery by the Issuer to the Escrow Agent and the U.S. Trustee of an Officer's Certificate addressed to the Escrow Agent and the U.S. Trustee on or prior to 5:00 p.m. (New York City time) on March 31, 2025, certifying that the Completion of the Transaction Condition has been satisfied. The Issuer shall also deliver to the U.S. Trustee an Opinion of Counsel stating that the conditions to such release of funds from the Escrow Account are permitted by the Indenture.

(c) If, at the time of a Special Mandatory Redemption Event, the Completion of the Transaction Condition has not been satisfied, then the Issuer will redeem the aggregate principal amount of the Notes of any Series outstanding on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price. If at the time of such Special Mandatory Redemption Event the aggregate value of the Escrowed Property is less than the amount required to pay the Special Mandatory Redemption Price for all of the Notes plus the fees and expenses of the Trustees and the Escrow Agent, the Issuer or the Guarantors pursuant to the Guarantee shall deposit or cause to be deposited in the Escrow Account the amount by which the Special Mandatory Redemption Price exceeds the amount of the Escrowed Property, plus fees and expenses of the Trustees and the Escrow Agent. Solely to the extent that such amount is not funded by the Issuer or the Guarantors, TCPL shall be required to deposit or cause to be deposited into the Escrow Account an amount in cash equal to such shortfall so that the Escrow Account shall be sufficient to pay the Special Mandatory Redemption Price for all of the Notes. Upon the release of the Escrowed Property to the Issuer in accordance with the terms of the Escrow Agreement following the satisfaction of the Completion of the Transaction Condition, TCPL's obligation to fund any such shortfall amount pursuant to this Section 3.02(c) shall terminate. For the avoidance of doubt, the Issuer shall not be required to effect a special mandatory redemption pursuant to this Section 3.02 (a "Special Mandatory Redemption") following the satisfaction of the Completion of the Transaction Condition that occurs prior to the Special Mandatory Repurchase Event.

(d) The Issuer will cause a notice of Special Mandatory Redemption to be electronically delivered or mailed to the Trustees and electronically delivered or mailed to each holder of record of the Notes to be redeemed no later than the Business Day following the Special Mandatory Redemption Event, which shall provide for the redemption of the Notes on the Special Mandatory Redemption Date.

(e) Upon the deposit of funds sufficient to pay the Special Mandatory Redemption Price of all Notes to be redeemed on the Special Mandatory Redemption Date with the Paying Agent on or before such Special Mandatory Redemption Date, the rights of each holder of record of the Notes to receive interest on the Notes and all other rights of such holders under the Notes shall terminate (other than the right to receive the Special Mandatory Redemption Price on the Special Mandatory Redemption Date).

(f) The notice of a Special Mandatory Redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Special Mandatory Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Special Mandatory Redemption Price with respect to each Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that on the Special Mandatory Redemption Date, the Special Mandatory Redemption Price shall become due and payable; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that, upon the deposit of funds sufficient to pay the Special Mandatory Redemption Price of all Notes to be redeemed on the Special Mandatory Redemption Date with the Paying Agent on or before such Special Mandatory Redemption Date, the rights of each holder of record of the Notes to receive interest on the Notes and all other rights of such holders under the Notes shall terminate (other than the right to receive the Special Mandatory Redemption Price on the Special Mandatory Redemption Date).

(g) The Trustees shall have no responsibility for any calculation or determination in respect of the Special Mandatory Redemption Event or the Special Mandatory Redemption Price, or any component thereof, and shall be entitled to receive, and fully-protected in relying upon, an Officer's Certificate from the Issuer that states the occurrence of such Special Mandatory Redemption Event and such Special Mandatory Redemption Price.

(h) For purposes of this Section 3.02, the following terms have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Completion of the Transaction Condition</u>" means the public announcement of the completion of the Spinoff Transaction by TC Energy Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Special Mandatory Redemption Date</u>" means the fifth Business Day following the date of the Special Mandatory Redemption Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Special Mandatory Redemption Event</u>" means the earlier of (i) 5:00 p.m., New York City time, on March 31, 2025 and (ii) the time at which the Issuer notifies the Trustees and the holders of the Notes that TC Energy Corporation will not pursue the consummation of the Spinoff Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Special Mandatory Redemption Price</u>" means 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

Section 3.03 <u>Redemption Following a Rating Agency Event</u>. The Issuer may at its option redeem the Notes of any Series, in whole but not in part, at any time within 120 days after the occurrence of, a Rating Agency Event at a Redemption Price in cash equal to 102% of the principal amount of the Notes of such Series, plus, subject to Section 2.04 of this Supplemental Indenture, accrued and unpaid interest on such Notes to, but excluding, the Redemption Date.

**ARTICLE FOUR** 

**EXECUTION AND DELIVERY OF GUARANTEE** 

To evidence each of the Holdco Guarantor's and the Guarantor Party's irrevocable and unconditional guarantee of all of the obligations of the Issuer under the Notes of each Series, including the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest on and any Additional Amounts with respect to such Notes according to the terms of such Notes (the "<u>Guarantee</u>"), the Issuer, the Holdco Guarantor and the Guarantor Party hereby agree that a notation of such Guarantee shall be endorsed on each Note authenticated and delivered by the U.S. Trustee, that such notation of such Guarantee shall be in the form attached hereto as <u>Exhibit</u> <u>F</u>, and shall be executed on behalf of the Holdco Guarantor and the Guarantor Party, respectively, by an officer thereof.

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**ARTICLE FIVE** 

**AMENDMENTS** 

With respect to the Notes, the Base Indenture is hereby amended as set forth below in this Article Five; provided, however, that each such amendment shall apply only to the Notes and not to any other Series of Securities issued under the Base Indenture.

Section 5.01 <u>Definitions</u>. Subject to the limitations set forth in the preamble to Article Five of this Supplemental Indenture, the definition of "Senior Debt" is hereby amended and restated in its entirety to read as follows:

"<u>Senior Indebtedness</u>" means, with respect to the Notes and the Guarantees and whether outstanding at the date of the indenture or incurred, created or assumed after such date, all liabilities, indebtedness and obligations of the Issuer or any Guarantor (present or future, absolute or contingent) other than the Notes and the Guarantees, any Pari Passu Securities or any other indebtedness, liabilities or obligations thereof which by their respective terms provide they are subordinate to or equal in right of payment with the Notes and the Guarantees; for certainty and without limiting the foregoing, "Senior Indebtedness" shall include all of the following: (a) indebtedness of the Issuer or applicable Guarantor (i) in respect of money borrowed by the Issuer or applicable Guarantor and (ii) evidenced by debentures, bonds, notes, credit or loan agreements or other similar instruments or agreements issued or entered into by the Issuer or applicable Guarantor; (b) all obligations of the Issuer or applicable Guarantor under any swap, forward, future or option transaction, spot contract or any other similar derivative transactions or any combination of any of the foregoing (whether physically or financially settled), in each case, with a financial institution; (c) all finance lease obligations of the Issuer or applicable Guarantor; (d) all obligations of the Issuer or applicable Guarantor issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Issuer or applicable Guarantor and all obligations of the Issuer or applicable Guarantor under any title retention agreement; (e) all obligations of the Issuer or any Guarantor for the reimbursement of any letter of credit, banker's acceptance, security purchase facility or similar credit transaction; (f) all obligations of the Issuer or any Guarantor in respect of any agreement or arrangement to provide cash management services, including treasury, depository, overdraft, credit card processing or credit or debit card, purchase card, electronic funds transfer (including automated clearing house fund transfer services) and other cash management arrangements, in each case, with a financial institution; and (g) all obligations of the type referred to in clauses (a) through (f) above of other persons for the payment of which the Issuer or applicable Guarantor is responsible or liable as obligor, guarantor or otherwise, except for any obligations, instruments or agreements of the type referred to in any of clauses (a) through (f) above that, by the terms of the instruments or agreements creating or evidencing the same or pursuant to which the same is outstanding, are subordinated or equal in right of payment to the Notes."

Section 5.02 <u>Events of Default</u>. Subject to the limitations set forth in the preamble to Article Five of this Supplemental Indenture, items (a), (b), (c), (g) and (h) of the definition of "Event of Default" set forth in Section 6.01 of the Base Indenture are hereby amended and restated in their entirety to read as follows:

"(a) a default in the payment of any interest on such Notes when it becomes due and payable (regardless of whether such payment is prohibited by the subordination provisions applicable to the Notes), and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Issuer with the U.S. Trustee or with a Paying Agent prior to the expiration of such period of 30 days), except as the result of a deferral of interest payments in accordance with the provisions discussed under Section 2.02 of this Supplemental Indenture;

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(b) a default in the payment of the principal of, or premium, if any, on, such Notes when due at their Maturity or by declaration of acceleration, call for redemption or otherwise (regardless of whether such payment is prohibited by the subordination provisions applicable to the Notes);

(c) [reserved];

(g) any Guarantee ceases to be in full force and effect, other than in accordance with the terms of such Guarantee, or a Guarantor denies or disaffirms its obligations under such Guarantee; or

(h) [reserved]."

Section 5.03 <u>Acceleration of Maturity; Rescission and Annulment</u>. Subject to the limitations set forth in the preamble to Article Five of this Supplemental Indenture, Section 6.02 of the Base Indenture is hereby amended and restated in its entirety to read as follows:

"If an Event of Default (other than an Event of Default set forth in Section 6.01(c) with respect to the Notes) occurs and is continuing with respect to the Notes, then either the Trustees or the Holders of not less than 33% in principal amount of the Notes of each such affected Series then outstanding (each such Series voting as a separate class) by notice in writing to the Issuer and the Guarantors, may declare the principal amount of all of the Notes of such Series, together with accrued and unpaid interest (including, without limitation, any deferred interest, and to the extent permitted by applicable law, any compound interest), to be due and payable immediately. If an Event of Default set forth in Section 6.01 (e) or (f) occurs and is continuing with respect to the Notes and the Subordinated Securities of any other Series issued under the Indenture, then either the Trustees or the Holders of not less than 33% in principal amount of the Notes of all of the Series affected thereby then outstanding (treated as one class) may declare the principal amount of all outstanding Subordinated Securities, together with accrued and unpaid interest thereon, to be due and payable immediately.

If an Event of Default set forth in Section 6.01(d) occurs and is continuing, neither the Trustees nor the Holders of the Notes of each such affected Series will be entitled to declare the principal of the Notes of each such Series, or accrued or unpaid interest thereon, to be due and payable immediately.

The Holders of a majority in principal amount of the outstanding Notes of each such affected Series may, by written notice to the Trustees, rescind any acceleration with respect to the Notes of such Series and annul its consequences if rescission would not conflict with any judgment or decree of a court of competent jurisdiction and all existing Events of Default with respect to the notes of such Series, other than the nonpayment of the principal of, premium, if any, and interest on the notes of such Series that have become due solely by such acceleration, have been cured or waived."

Section 5.04 <u>Control by Holders</u>. Subject to the limitations set forth in the preamble to Article Five of this Supplemental Indenture, Section 6.12 of the Base Indenture is hereby amended and restated in its entirety to read as follows:

"If an Event of Default with respect to the Notes of any Series occurs and is continuing, the Holders of a majority in principal amount of the outstanding Notes of such Series will have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct the time, method and place of conducting any proceeding for any remedy available to the Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise any trust or power conferred on the Trustees with respect to the Notes of such Series.

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If an Event of Default is continuing with respect to all Series of Subordinated Securities issued under the Indenture, the Holders of a majority in aggregate principal amount of the outstanding Subordinated Securities of all the Series, considered as one class, will have the right to make such direction, and not the Holders of the Notes. These rights of the Holders to make direction are subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Holders' directions will not conflict with any law or the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holders' directions may be declined to be followed by the Trustees where the Trustees determine such
directions would involve them in personal liability.

The Trustees may also take any other action they deem proper which is consistent with the Holders' direction.

Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding Notes of any Series have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustees or of exercising any trust or power conferred on the Trustees with respect to the Notes of such Series. The Trustees, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustees determine is unduly prejudicial to the rights of any other Holder of Notes of such Series or that would involve the Trustees in personal liability."

Section 5.05 <u>Redemption Procedures</u>.

(a) Subject to the limitations set forth in the preamble to Article Five of this Supplemental Indenture, Section 3.02 of the Base Indenture is hereby amended and restated in its entirety to read as follows:

"If less than all of the notes of any Series are redeemed at any time, the Trustees will select the notes of such Series or any portions thereof in integral multiples of U.S.$1,000 to be redeemed on a *pro rata* basis, by lot or by any other method the Trustees deem fair and appropriate and, when the notes of such Series are in the form of global securities, in accordance with the applicable procedures of The Depository Trust Company ("DTC")."

(b) Subject to the limitations set forth in the preamble to Article Five of this Supplemental Indenture, Section 3.03 of the Base Indenture is hereby amended by adding the following paragraph at the end of such section:

" If, at the time a notice of redemption is given, (i) the Issuer has not effected satisfaction and discharge or defeasance of the Notes of any Series to be redeemed as described under Article 8 of the Indenture and (ii) such notice of redemption is not being given in connection with or in order to effect satisfaction and discharge or defeasance of such Notes to be redeemed, then, if the notice of redemption so provides and at our option, the redemption may be subject to the condition that the Trustees shall have received, on or before the applicable Redemption Date, monies in an amount sufficient to pay the Redemption Price and accrued and unpaid interest on the Notes of such Series to be redeemed to, but excluding, the Redemption Date. If monies in such amount are not received by the Trustees on or before such Redemption Date, such notice of redemption shall be automatically canceled and of no force or effect, such proposed redemption shall be automatically canceled and the Issuer shall not be required to redeem the Notes of such Series on such Redemption Date. In the event that a redemption is canceled, the Issuer will, not later than the business day immediately following the proposed Redemption Date, deliver, or cause to be delivered, notice of such cancellation to the Holders of the Notes of the applicable Series (which notice will also indicate that any Notes or portions thereof surrendered for redemption shall be returned to the applicable Holders), and the Issuer will direct the Trustees to, and the Trustees will, promptly return any Notes or portions thereof that have been surrendered for redemption to the applicable Holders. Unless the Issuer defaults in payment of the Redemption Price or the proposed redemption is canceled in accordance with the provisions set forth in the immediately preceding paragraph, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption.

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**ARTICLE SIX** 

**SUBORDINATION** 

Section 6.01 <u>Securities Subordinated to Senior Indebtedness</u>. The Notes and the Guarantees will be subordinated in right of payment to the prior payment in full of all the Issuer's and the Guarantors', as applicable, Senior Indebtedness. Without limiting the generality of the foregoing, in the event of:

(a) any payment by, or distribution of the assets of, the Issuer or any Guarantor upon its dissolution, winding-up, liquidation or reorganization, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings;

(b) a failure to pay any interest, principal or other monetary amounts due on any of the Issuer's or any Guarantor's Senior Indebtedness when due and continuance of that default beyond any applicable grace period;

(c) an event of default (other than a payment event of default) under any of the Issuer's or any Guarantor's Senior Indebtedness in respect of which any applicable grace period has ended and such event of default has not been cured or waived or ceased to exist; or

(d) acceleration of the maturity of any Senior Indebtedness of the Issuer or any Guarantor as a result of a default in respect of such Senior Indebtedness;

and, in the case of clause (b), (c) or (d) above, to the extent required by the indenture or other agreement pursuant to which any such debt securities may have been issued, the representatives or trustees of such debt securities shall have received written notice thereof from the Issuer or the Guarantors, as applicable, or one or more holders of such Senior Indebtedness or their representatives or the trustees under any indenture or other agreement pursuant to which any such Senior Indebtedness may have been issued, then: (I) the holders of Senior Indebtedness will be entitled to receive: (i) in the case of clause (a) above, payment of all amounts due or to become due on all Senior Indebtedness or (ii) in the case of clauses (b) and (d) above, payment of all amounts due on all Senior Indebtedness; or (II) in the case of clause (c) above, such event of default must be cured or waived or ceased to exist; before the Holders of the Notes are entitled to receive any payment.

So long as any of the events in clauses (a), (b), or (d) above has occurred and is continuing, any amounts payable or assets distributable on the Notes or the Guarantees will instead be paid or distributed, as the case may be, directly to the holders of Senior Indebtedness or their representatives or to the trustees under any indenture under which any instruments evidencing any such Senior Indebtedness may have been issued, rateably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, to the extent necessary to pay, in the case of clause (a) above, all amounts due or to become due on all such Senior Indebtedness, or, in the case of clauses (b) and (d) above, all amounts due on all such Senior Indebtedness, and, in each case, remaining unpaid after giving effect to any concurrent payment or distribution to the holders of all such Senior Indebtedness, before any payment or distribution is permitted to be made on the Notes or the Guarantees and, if any such payment or distribution is received by the Trustees under the Indenture or the Holders of any of the Notes before all Senior Indebtedness due and to become due or due, as applicable, is paid, such payment or distribution must be paid over to the

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holders of the unpaid Senior Indebtedness. Subject to paying the Senior Indebtedness due or to become due in the case of clause (a) above or the Senior Indebtedness due in the case of clauses (b) and (d) above, the Holders of the Notes will be subrogated to the rights of the holders of the Senior Indebtedness to receive payments applicable to the Senior Indebtedness until the Notes are paid in full.

Section 6.02 <u>Pari</u><u> </u><u>Passu</u> <u>Securities</u>. The Notes and the Guarantees shall rank equally in right of payment with Pari Passu Securities, Pari Passu Securities shall not constitute Senior Indebtedness with respect to the Notes or the Guarantees, and the Notes and the Guarantees shall not constitute Senior Indebtedness with respect to Pari Passu Securities.

Section 6.03 <u>Subordination Provisions</u>. The subordination provisions described in this Article Six will cease to apply in the event of such defeasance or satisfaction and discharge of the Notes as described in Article 8 of the Indenture, *provided* that none of the events in clauses (a), (b), (c) or (d) of Section 6.01 hereof has occurred and is continuing at the time of such event.

**ARTICLE SEVEN** 

**MISCELLANEOUS** 

Section 7.01 <u>Governing Laws; Waiver of Jury Trial</u>.

THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b).

EACH OF THE ISSUER, THE TRUSTEES, THE HOLDCO GUARANTOR, THE GUARANTOR PARTY AND TCPL HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Notwithstanding the foregoing provisions of this Section 7.01, the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.

Each of the Holdco Guarantor, TCPL and the Issuer hereby appoints the Guarantor Party, with an office at 700 Louisiana Street, Houston, Texas 77002, as its authorized agent to receive to receive service of process or other legal summons in any legal action or proceeding arising out of or relating to the Supplemental Indenture, the Notes or its Guarantee thereof.

Section 7.02 <u>No Adverse Interpretation of Other Agreements</u>.

This Supplemental Indenture may not be used to interpret another indenture (other than the Base Indenture), loan or debt agreement of the Issuer or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture (or the Base Indenture).

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Section 7.03 <u>Successors and Assigns</u>.

All agreements of the Issuer, the Holdco Guarantor, TCPL and the Guarantor Party in this Supplemental Indenture and the Notes shall bind their respective successors. All agreements of a Trustee in this Supplemental Indenture shall bind its successor.

Section 7.04 <u>Severability</u>.

In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 7.05 <u>Force Majeure.</u>

In no event shall either Trustee or any Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustees and such Agent shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 7.06 <u>**Table of Contents**, Headings, Etc</u>.

The **Table of Contents** and headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

Section 7.07 <u>Counterparts</u>.

This Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Supplemental Indenture by electronic imaging means shall be effective as delivery of a manually executed counterpart of this Indenture.

Neither Trustee shall have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustees to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustees) shall be deemed original signatures for all purposes. The Issuer assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustees, including without limitation the risk of either Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties.

Section 7.08 <u>Confirmation of Indenture</u>.

The Base Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental thereto with respect to the Notes shall be read, taken and construed as one and the same instrument.

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Section 7.09 <u>Trustee Disclaimer</u>.

Neither Trustee makes any representation as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery hereof. The recitals and statements herein are deemed to be those of the Issuer and not the Trustees.

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**SIGNATURES** 

IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

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| | |
|:---|:---|
| **SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** |
| By: | /s/ Kevin Engel |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance |
| **15142083 CANADA LTD.** | **15142083 CANADA LTD.** |
| By: | /s/ Kevin Engel |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance |
| **6297782 LLC** | **6297782 LLC** |
| By: | /s/ Lori M. Muratta |
|  | Name: Lori M. Muratta |
|  | Title: Vice-President |

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[*Signature Page to Supplemental Indenture*]

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| | |
|:---|:---|
| **SOLELY FOR PURPOSES OF SECTIONS 2.05, 3.02(C), 7.01 AND 7.03** | **SOLELY FOR PURPOSES OF SECTIONS 2.05, 3.02(C), 7.01 AND 7.03** |
| **TRANSCANADA PIPELINES LIMITED** | **TRANSCANADA PIPELINES LIMITED** |
| By: | /s/ Nancy A. Johnson |
|  | Name: Nancy A. Johnson |
|  | Title: Vice-President and Treasurer |
| By: | /s/ Christine R. Johnston |
|  | Name: Christine R. Johnston |
|  | Title: Vice-President, Law and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Secretary |

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[*Signature Page to Supplemental Indenture*]

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| | |
|:---|:---|
| **The Bank of New York Mellon,**<br> as U.S. Trustee | **The Bank of New York Mellon,**<br> as U.S. Trustee |
| By: | /s/ Stacey B. Poindexter |
|  | Name: Stacey B. Poindexter |
|  | Title: Vice President |

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[*Signature Page to Supplemental Indenture*]

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| | |
|:---|:---|
| **BNY Trust Company of Canada,**<br> as Canadian Trustee | **BNY Trust Company of Canada,**<br> as Canadian Trustee |
| By: | /s/ Farhan Mir |
|  | Name: Farhan Mir |
|  | Title: Vice President |

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[*Signature Page to Supplemental Indenture*]

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**Appendix A** 

**PROVISIONS RELATING TO INITIAL NOTES AND EXCHANGE NOTES** 

1. *Definitions*

*1.1 Definitions* 

For the purposes of this <u>Appendix</u> <u>A</u> the following terms shall have the meanings indicated below. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture. To the extent terms defined herein differ from the Indenture the terms defined herein will govern.

"<u>Additional Interest</u>" means additional interest owed to the Holders pursuant to a Registration Rights Agreement.

"<u>Additional Notes</u>" means any Notes of any Series issued under the Indenture in addition to the Original Notes, including any Exchange Notes of such Series issued in exchange for such Additional Notes, having the same terms in all respects as the Original Notes of such Series, or in all respects except with respect to interest paid or payable on or prior to the first interest payment date after the issuance of such Additional Notes.

"<u>Agent Member</u>" means a member of, or a participant in, the Depositary.

"<u>Certificated Note</u>" means a Note in registered individual form without interest coupons.

"<u>Depositary</u>" means the depositary of each Global Note, which initially will be DTC.

"<u>DTC</u>" means The Depository Trust Company, a New York corporation, and its successors.

"<u>Exchange Notes</u>" means the Notes of any Series issued pursuant to the Indenture in exchange for, and in an aggregate principal amount equal to, the Initial Notes or any Initial Additional Notes of such Series, in compliance with the terms of a Registration Rights Agreement and containing terms substantially identical to the Initial Notes or any Initial Additional Notes of such Series (except that (i) such Exchange Notes will be registered under the Securities Act and will not be subject to transfer restrictions or bear the Restricted Legend, and (ii) the provisions relating to Additional Interest will be eliminated).

"<u>Exchange Offer</u>" means an offer that is made by the Issuer pursuant to any Registration Rights Agreement to exchange the Initial Notes for the Exchange Notes.

"<u>Global Note</u>" means a Note of any Series in registered global form without interest coupons.

"<u>Holder</u>" or "<u>Noteholder</u>" means the registered holder of any Note.

"<u>Initial Additional Notes</u>" means Additional Notes issued in an offering not registered under the Securities Act and any Notes issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor.

"<u>Initial Notes</u>" means the Notes of any Series issued on the Issue Date and any Notes of such Series issued in replacement thereof, but not including any Exchange Notes issued in exchange therefor.

"<u>Initial Purchasers</u>" means the initial purchasers party to a purchase agreement with the Issuer relating to the sale of the Initial Notes or Additional Notes by the Issuer.

"<u>Issue Date</u>" means the date on which the Original Notes are originally issued under the Indenture.

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"<u>Interest Payment Date</u>" means, with respect to the Notes of any Series, each of March 1 and September 1, commencing March 1, 2025.

"<u>Notes</u>" has the meaning assigned to such term in the Recitals of this Supplemental Indenture.

"<u>Offshore Global Note</u>" means a Global Note representing Notes of any Series issued and sold pursuant to Regulation S.

"<u>Original Notes</u>" means the Initial Notes and any Exchange Notes issued in exchange therefor.

"<u>Registration Rights Agreement</u>" means any registration rights agreement between the Issuer and the Initial Purchasers in respect of the Initial Notes or any Additional Notes.

"<u>Regulation</u> <u>S</u>" means Regulation S under the Securities Act.

"<u>Regulation</u> <u>S Certificate</u>" means a certificate substantially in the form of <u>Exhibit</u> <u>D</u> hereto.

"<u>Restricted Legend</u>" means the legend set forth in <u>Exhibit</u> <u>C</u> hereto.

"<u>Restricted Period</u>" means the period beginning on the date hereof and ending 40 days thereafter.

"<u>Rule</u> <u>144A</u>" means Rule 144A under the Securities Act.

"<u>Rule</u> <u>144A Certificate</u>" means (i) a certificate substantially in the form of <u>Exhibit</u> <u>E</u> hereto or (ii) a written certification addressed to the Issuer and the U.S. Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A and (z) acknowledges that it has received such information regarding the Issuer or the Guarantors, as applicable, as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such information.

"<u>Securities Act</u>" means the Securities Act of 1933.

"<u>U.S.</u> <u>Global Note</u>" means a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A.

2. *Certain Restrictions.*

*2.1 Restricted Legend*(a) . (a) Except as otherwise provided in paragraph (d), each Global Note representing Notes of any Series originally sold by the Initial Purchasers in accordance with Rule 144A will bear the Restricted Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in paragraph (d), Section 2.2(b)(3), (b)(5) or (c) or Section 2.3(b)(4), each Certificated Note will bear the Restricted Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Global Note and each Certificated Note will bear the following legend:

"IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE UPON WHICH THE ISSUER OF THIS SECURITY BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (1) If the Issuer determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information and that the Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, or (2) after an Initial Note or any Initial Additional Note is (x) sold pursuant to an effective registration statement under the Securities Act, pursuant to the Registration Rights Agreement or otherwise, or (y) is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer, the Issuer may instruct the U.S. Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the U.S. Trustee will comply with such instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with the Indenture and such legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) By its acceptance of any Note (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) pursuant to applicable Canadian securities laws and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with applicable Canadian securities laws.

*2.2 Restrictions on Transfer and Exchange*Section 7.11 . The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.3 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The U.S. Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C below.

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| | | |
|:---|:---|:---|
| *A* | *B* | *C* |
| U.S. Global Note | U.S. Global Note | (1) |
| U.S. Global Note | Offshore Global Note | (2) |
| U.S. Global Note | Certificated Note | (3) |
| Offshore Global Note | U.S. Global Note | (4) |
| Offshore Global Note | Offshore Global Note | (1) |
| Offshore Global Note | Certificated Note | (5) |
| Certificated Note | U.S. Global Note | (4) |
| Certificated Note | Offshore Global Note | (2) |
| Certificated Note | Certificated Note | (3) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No certification is required.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Person requesting the transfer or exchange must deliver or cause to be delivered to the U.S. Trustee a duly completed Regulation S Certificate; *provided* that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the U.S. Trustee (x) a duly completed Rule 144A Certificate or (y) a duly completed Regulation S Certificate and/or an Opinion of Counsel and such other certifications and evidence as the Issuer may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; *provided* that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and a duly completed Regulation S Certificate is delivered to the U.S. Trustee or (ii) a Certificated Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the U.S. Trustee will deliver a Certificated Note that does not bear the Restricted Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Person requesting the transfer or exchange must deliver or cause to be delivered to the U.S. Trustee a duly completed Rule 144A Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If the requested transfer or exchange takes place during the Restricted Period, the person requesting the transfer or exchange must deliver or cause to be delivered to the U.S. Trustee a duly completed Rule 144A Certificate and/or an Opinion of Counsel and such other certifications and evidence as the Issuer may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States. If the requested transfer or exchange takes place after the Restricted Period, no certification is required and the U.S. Trustee will deliver a Certificated Note that does not bear the Restricted Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information, *provided* that the Issuer has provided the U.S. Trustee with an Officer's Certificate to that effect, and the Issuer may require from any Person requesting a transfer or exchange in reliance upon this clause (1) an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (x) sold pursuant to an effective registration statement, pursuant to the Registration Rights Agreement or otherwise or (y) which is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer.

Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Issuer will have the right to inspect and make copies thereof at any reasonable time upon written notice to the U.S. Trustee.

*2.3 Registration, Transfer and Exchange* . A. *Registered Form Only*. The Notes will be issued in registered form only.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Global Notes*. (1) Each Global Note will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the following legend:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE "<u>DEPOSITARY</u>"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Global Note will be delivered to the U.S. Trustee as custodian for the Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.3(b)(4) and (2) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the U.S. Trustee or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section and Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Agent Members will have no rights under the Indenture with respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Issuer, the Trustees and any agent of the Issuer or the Trustees as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to take under the Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If (x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Issuer within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the U.S. Trustee has received a request from the Depositary, the U.S. Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the U.S. Trustee by the Depositary, and thereupon the Global Note will be deemed canceled. If such Note was an Offshore Global Note, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificated Notes*. Each Certificated Note will be registered in the name of the Holder thereof or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Transfers and Exchanges Generally*. A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the U.S. Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required by Section 2.2. The U.S. Trustee will promptly register any such transfer or exchange that meets the requirements of this Section by noting the same in the register maintained by the

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U.S. Trustee for the purpose; *provided* that (x) no transfer or exchange will be effective until the transfer or exchange is registered in such register and (y) the U.S. Trustee will not be required (i) to issue, register the transfer of or exchange any Note for a period of 15 days before a selection of Notes to be redeemed, (ii) to register the transfer of or exchange any Note so selected for redemption in whole or in part, except, in the case of a partial redemption, that portion of any Note not being redeemed, or (iii) if a redemption is to occur after a regular record date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the regular record date and before the date of redemption or purchase. Prior to the registration of any transfer, the Issuer, the Trustees and their agents will treat the person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary.

From time to time the Issuer will execute and the U.S. Trustee will authenticate additional Notes as necessary in order to permit the registration of a transfer or exchange in accordance with this Section.

No service charge will be imposed in connection with any transfer or exchange of any Note, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange pursuant to paragraph (b)(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Procedures to Be Followed by the U.S. Trustee*. (1) *Global Note to Global Note*. If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the U.S. Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Global Note to Certificated Note*. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated Note, the U.S. Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Certificated Note to Global Note*. If a Certificated Note is transferred or exchanged for a beneficial interest in a Global Note, the U.S. Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Certificated Note to Certificated Note*. If a Certificated Note is transferred or exchanged for another Certificated Note, the U.S. Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof.

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**<u>Exhibit A</u>**

**FORM** 

**OF** 

**7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

[FORM OF FACE OF NOTE]

IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE UPON WHICH THE ISSUER OF THIS SECURITY BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT:

(A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY:

(i) (a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 UNDER THE SECURITIES ACT OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL AND OTHER CERTIFICATIONS AND DOCUMENTS IF THE ISSUER SO REQUESTS);

(ii) TO THE ISSUER; OR

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT

AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND IN EACH CASE SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THIS SECURITY BY THE HOLDER OR BY ANY INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL.

THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE "<u>DEPOSITARY</u>") OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED

Ex-A-1

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CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

Ex-A-2

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| | |
|:---|:---|
| No. [•] | $[•] |

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CUSIP No. [836720 AF9] [C84926 AA9]

ISIN [US836720AF90] [USC84926AA95]

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

South Bow Canadian Infrastructure Holdings Ltd., a corporation incorporated under the laws of Canada (herein called the "**Issuer**," which term includes any successor corporation or limited liability company under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to [____________] or registered assigns, the principal sum of $[____________] on March 1, 2055 (the "**Maturity Date**"), and to pay interest on said principal sum semi-annually on March 1 and September 1, commencing March 1, 2025 (each, an "**Interest Payment Date**") (subject to the right of the Issuer to defer the payment of interest, but not beyond the Maturity Date, in accordance with the provisions set forth below) (i) from and including August 28, 2024 to, but excluding, March 1, 2030 (the "**First Reset Date**") at the rate of 7.625% per annum and (ii) from and including the First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.949%, to be reset on each Reset Date, until the principal hereof is paid or made available for payment.

The interest so payable and punctually paid or duly provided for on any Interest Payment Date will be paid to the Person in whose name this Note (or one or more predecessor Securities) is registered at the close of business on the record date for such Interest Payment Date, which shall be the February 15 and August 15 (whether or not a Business Day) immediately preceding such Interest Payment Date, respectively. If the Issuer defaults in a payment of any such interest, it shall pay the defaulted interest, plus, to the extent permitted by law, interest on the defaulted interest at the same rate, to the Persons who are Holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the U.S. Trustee and shall promptly mail or cause to be mailed or deliver by electronic transmission to each Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. The Issuer may pay defaulted interest in any lawful manner.

The applicable interest rate for each Reset Period will be determined by the Calculation Agent (as defined below) as of the applicable Reset Interest Determination Date, in accordance with the following provisions:

"**Five-year U.S. Treasury Rate**" means, as of any Reset Interest Determination Date, (i) an interest rate (expressed as a decimal) determined to be the per annum rate equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity of five years from the next Reset Date and trading in the public securities markets, for the five consecutive Business Days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15, or (ii) if there is no such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the yields to maturity for each of the two series of U.S. Treasury securities adjusted to constant maturity trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the Reset Date following the next succeeding Reset Interest Determination Date, and (B) the other maturing as close as possible to, but later than, the Reset Date following the next succeeding Reset Interest Determination Date, in each case for the five consecutive Business Days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clause (i) or (ii) above, then the Five-year U.S. Treasury Rate will be the same interest rate determined for the prior Reset Interest

Ex-A-3

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Determination Date or, if the Five-year U.S. Treasury Rate cannot be so determined as of the Reset Interest Determination Date preceding the First Reset Date, then the interest rate applicable for the Reset Period commencing on and including the First Reset Date will be deemed to be 7.625% per annum, which is the same interest rate as in effect from and including the original issue date to, but excluding, the First Reset Date.

"**H.15**" means the statistical release designated as such, or any successor publication, published by the Board of Governors of the U.S. Federal Reserve System (or any successor thereto).

The "**most recent H.15**" means the H.15 published closest in time but prior to the close of business on the Reset Interest Determination Date.

"**Reset Date**" means the First Reset Date, being March 1, 2030, and March 1 of every fifth year after 2030.

"**Reset Interest Determination Date**" means, in respect of any Reset Period, the day that is two Business Days prior to the first day of such Reset Period.

"**Reset Period**" means the period from and including the First Reset Date to, but excluding, the next following Reset Date and thereafter each period from and including a Reset Date to, but excluding, the next following Reset Date.

Unless the Issuer has validly called all of the outstanding Notes for redemption during the First Call Period, the Issuer will appoint a calculation agent (the "**Calculation Agent**") for the Notes prior to the Reset Interest Determination Date immediately preceding the First Reset Date; provided that, if the Issuer has called all of the outstanding Notes for redemption on a Redemption Date occurring during the First Reset Period, but the Issuer does not redeem all of the outstanding Notes on such Redemption Date, the Issuer will appoint a Calculation Agent for the Notes prior to the Reset Interest Determination Date preceding the First Reset Date. The Issuer may terminate any such appointment and may appoint a successor Calculation Agent at any time and from time to time (so long as there shall always be a Calculation Agent in respect of the Notes when so required). The Issuer may appoint itself or an Affiliate of the Issuer as Calculation Agent. For the avoidance of doubt, the Trustees shall have no obligation to act as Calculation Agent.

As provided above, the applicable interest rate for each Reset Period will be determined by the Calculation Agent as of the applicable Reset Interest Determination Date. Promptly upon such determination, the Calculation Agent will notify the Issuer of the interest rate for the Reset Period and the Issuer will promptly notify, or cause the Calculation Agent to promptly notify, the U.S. Trustee and Paying Agent for the Notes in writing of such interest rate, upon which the U.S. Trustee and Paying Agent will be permitted to conclusively rely. The Calculation Agent's determination of any interest rate, and its calculation of the amount of interest for any Interest Payment Period beginning on or after the First Reset Date, will be on file at the Issuer's principal offices, will be made available to any Holder or beneficial owner of the Notes upon request and will be final and binding in the absence of manifest error.

So long as no Event of Default with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time to time, for one or more deferral periods of up to 20 consecutive Interest Payment Periods (each such deferral period, commencing on the Interest Payment Date on which the first such deferred interest payment otherwise would have been made, an "**Optional Deferral Period**"), except that no such Optional Deferral Period may extend beyond the Maturity Date or end on a day other than the day immediately preceding an Interest Payment Date. During any Optional Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral

Ex-A-4

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Period in accordance with the terms of the Notes). In addition, during any Optional Deferral Period, interest on the deferred interest ("**compound interest**") will accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes), compounded semi-annually, to the extent permitted by applicable law.

No interest will be due or payable on the Notes during an Optional Deferral Period, except upon a redemption of any Notes on any Redemption Date during such Optional Deferral Period (in which case, all accrued and unpaid interest (including, to the extent permitted by applicable law, any compound interest) on the Notes to be redeemed to, but excluding, such Redemption Date will be due and payable on such Redemption Date), or unless the principal of and interest on the Notes shall have been declared due and payable as the result of an Event of Default with respect to the Notes (in which case, all accrued and unpaid interest, including, to the extent permitted by applicable law, any compound interest, on the Notes, shall become due and payable). All references in the Notes and, insofar as relates to the Notes, the Indenture to "interest" on the Notes shall be deemed to include any such deferred interest and, to the extent permitted by applicable law, any compound interest, unless otherwise expressly stated or the context otherwise requires.

Before the end of any Optional Deferral Period that is shorter than 20 consecutive Interest Payment Periods, the Issuer may elect, at its option, to extend such Optional Deferral Period, so long as the entire Optional Deferral Period does not exceed 20 consecutive Interest Payment Periods or extend beyond the Maturity Date. The Issuer may also elect, at its option, to shorten the length of any Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the day immediately preceding an Interest Payment Date. At the end of any Optional Deferral Period, if all amounts then due on the Notes, including all accrued and unpaid interest thereon (including, without limitation and to the extent permitted by applicable law, any compound interest), are paid, the Issuer may elect to begin a new Optional Deferral Period; provided, however, that, without limitation of the foregoing, the Issuer may not begin a new Optional Deferral Period unless the Issuer has paid all accrued and unpaid interest on the Notes (including, without limitation and to the extent permitted by applicable law, any compound interest) from any previous Optional Deferral Periods.

During any Optional Deferral Period, neither the Issuer nor the Guarantors shall do any of the following (subject to the exceptions set forth below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare or pay any dividends or distributions on any Capital Stock of the Issuer or the Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Issuer or the Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer or the Guarantors, respectively that ranks equally with or junior to the Notes or the Guarantees, as applicable, in right of payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make any payments with respect to any guarantees by the Issuer or the Guarantors, respectively, of any indebtedness if such guarantees rank equally with or junior to the Notes or the Guarantees, as applicable, in right of payment.

However, during an Optional Deferral Period, the Parent Guarantor may (a) declare and pay dividends or distributions payable solely in its common shares (together with cash in lieu of any fractional common share) or options, warrants or rights to subscribe for or purchase its common shares, (b) declare and pay any dividend or distribution in connection with the implementation of a plan (a "**Rights Plan**")

Ex-A-5

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providing for the issuance by the Parent Guarantor to all holders of its common shares of rights entitling them to subscribe for or purchase common shares or any class or series of the Parent Guarantor's preferred equity, which rights (i) are deemed to be transferred with such common shares, (ii) are not exercisable until the occurrence of a specified event or events and (iii) are also issued in respect of future issuances of the Parent Guarantor's common shares, (c) issue any shares of its Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify its Capital Stock or exchange or convert one class or series of its Capital Stock for another class or series of its Capital Stock, (e) purchase fractional interests in shares of its Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged, and (f) purchase, acquire or withhold its common shares related to the issuance of its common shares or rights under any dividend reinvestment plan or related to any of its benefit plans for its directors, officers, employees, consultants or advisors, including any employment contract.

The Issuer will give the Holders of the Notes and the Trustees notice of its election of, or any shortening or extension of, an Optional Deferral Period at least 10 Business Days prior to the earlier of (1) the next succeeding Interest Payment Date or (2) the date upon which it is required to give notice to any applicable self-regulatory organization or to Holders of the Notes of the next succeeding Interest Payment Date or the record date therefor. The record date for the payment of deferred interest and, to the extent permitted by applicable law, any compound interest payable on the Interest Payment Date immediately following the last day of an Optional Deferral Period will be the regular record date with respect to such Interest Payment Date.

Payment of the principal of and interest on this Note will be made at the Place of Payment in Dollars as more fully provided in the Indenture.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate of authentication hereon has been executed by or on behalf of the U.S. Trustee by manual or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

Ex-A-6

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IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed.

Dated:

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| | |
|:---|:---|
| **South Bow Canadian Infrastructure Holdings Ltd.** | **South Bow Canadian Infrastructure Holdings Ltd.** |
| By: |  |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance |

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Ex-A-7

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**U.S. TRUSTEE'S CERTIFICATE OF AUTHENTICATION** 

This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture.

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| | |
|:---|:---|
| The Bank of New York Mellon, as U.S. Trustee | The Bank of New York Mellon, as U.S. Trustee |
| By: |  |
|  | Authorized Signatory |
| Dated: |  |

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Ex-A-8

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[FORM OF REVERSE OF NOTE]

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

This Note is one of a duly authorized issue of debentures, notes or other debt instruments of the Issuer (herein called the "**Securities**"), issued and to be issued in one or more Series under an Indenture dated as of August 28, 2024(the "**Base Indenture**"), as supplemented by the First Supplemental Indenture dated as of August 28, 2024 (the "**First Supplemental Indenture**," and, together with the Base Indenture, the "**Indenture**"), among the Issuer, 15142083 Canada Ltd., 6297782 LLC, BNY Trust Company of Canada, a trust company existing under the laws of Canada, as the Canadian trustee (the "**Canadian Trustee**"), The Bank of New York Mellon, a New York banking corporation, as the United States trustee (the "**U.S. Trustee**") (the Canadian Trustee and the U.S. Trustee are each also individually referred to herein as a "**Trustee**" and collectively, as the "**Trustees**", which terms include any successor Trustee under the Indenture) and solely for purposes of Sections 2.05, 3.02(c), 7.01 and 7.03 of the First Supplemental Indenture, TransCanada PipeLines Limited, a corporation incorporated under the laws of Canada, to which Indenture and any other supplemental indenture thereto reference is hereby made for a statement of the respective rights thereunder of the Issuer, the Guarantors, the Trustees, and the Holders of the Securities, the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined herein. The Securities may be issued in one or more Series, which different Series may be issued in various aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise vary as provided in the Indenture. This Note is one of a Series of Subordinated Securities of the Issuer designated as set forth on the face hereof (herein called the "**Notes**"), issued initially in an aggregate principal amount of $450,000,000.

Interest on the Notes will be payable semi-annually in arrears on each Interest Payment Date (subject to the right of the Issuer to defer the payment of interest, but not beyond the Maturity Date, in accordance with the provisions set forth below). If any Interest Payment Date, the Maturity Date or any earlier repayment date falls on a day that is not a Business Day, then payment of interest and/or principal that would otherwise be payable on such date will be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from such Interest Payment Date, Maturity Date or earlier repayment date, as the case may be, to the date payment is made. Interest on the Notes will be compounded and paid on the basis of a 360-day year of twelve 30-day months.

So long as no Event of Default with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time to time, as set forth in Section 2.02 of the First Supplemental Indenture.

The Issuer may redeem the Notes at its option, in whole or from time to time in part, (a) on any day in the period commencing on the date falling 90 days prior to the First Reset Date and ending on (and including) the First Reset Date (the "**First Call Period**") and (b) after the First Reset Date, on any applicable Interest Payment Date at a Redemption Price in cash equal to 100% of the principal amount of the Notes to be redeemed, plus, subject to Section 2.04 of the First Supplemental Indenture, accrued and unpaid interest on such Notes to be redeemed to, but excluding, the Redemption Date.

Ex-A-9

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If, at the time of a Special Mandatory Redemption Event, the Completion of the Transaction Condition has not been satisfied, then the Issuer will redeem the aggregate principal amount of the Notes outstanding on the Special Mandatory Redemption Date at a redemption price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

The Notes are also subject to redemption, at the Issuer's option: (i) within 120 days after the occurrence of a Ratings Agency Event as set forth in Section 3.03 of the First Supplemental Indenture; and (ii) within 120 days after the occurrence of a Tax Event as set forth in Section 3.07 of the Base Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantors and the rights of the Holders of the Securities of each Series under the Indenture at any time by the Issuer, the Guarantors and the Trustees with the consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities of each Series to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the outstanding Securities of each Series to be affected by such waiver, on behalf of the Holders of Securities of such Series, to waive compliance by the Issuer or the Guarantors with certain provisions of the Indenture, the Securities or the Guarantee, as applicable, with respect to such Series. Once effective, any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

The Indenture contains provisions setting forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the Indenture.

If an Event of Default with respect to the Notes occurs and is continuing, the principal amount hereof may become immediately due and payable in the manner and with the effect provided in the Indenture.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable in the Security register, upon surrender of this Note for registration of transfer at the office or agency of the Issuer duly endorsed, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Guarantors duly executed, by the Holder hereof or its attorney duly authorized in writing, and thereupon the Issuer shall execute, and the U.S. Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of the same Series of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by the Indenture. The Guarantors shall cause to be endorsed on any such new Note a Guarantee executed by the Guarantors.

The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note may be exchanged for other Securities of the same Series of any authorized denominations and of a like aggregate principal amount, upon surrender of this Note at the office or agency of the Issuer.

No service charge shall be made for any such registration or transfer or exchange, but the Issuer, the Guarantors or the U.S. Trustee may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection therewith.

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Prior to the presentment of this Note for registration of transfer, the Issuer, the Guarantors, the Trustees and any agent of the Issuer, the Guarantors or the Trustees may deem and treat the Person in whose name this Note is registered on the Security register as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and none of the Issuer, the Guarantors, the Trustees, nor any agent of the Issuer, the Guarantors or the Trustees shall be affected by notice to the contrary.

The Issuer may, without the consent of the existing holders of the Notes, issue additional Notes of this Series having the same terms (except the issue date, the date from which interest accrues and, in some cases, the first interest payment date) so that existing Notes and additional Notes form the same series under the Indenture, *provided*, *however*, that if any such additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, such additional Notes will have a separate CUSIP number.

The indebtedness represented by the Notes is, to the extent and in a manner set forth in the Indenture, expressly subordinated in right of payment to the prior payment in full of all Senior Indebtedness, as defined in the Indenture with respect to this Series, and this Note is issued subject to such provisions, and each Holder of this Note, by acceptance hereof, agrees to and shall be bound by such provisions and authorizes and directs the Trustees on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and appoints the Trustees his, her or its attorney-in-fact, as the case may be, for any and all such purposes.

This Note shall be governed by and interpreted in accordance with the laws of the State of New York.

The Holder (and beneficial owner of the Notes), by accepting the Notes, acknowledges and affirms that it intends that the Notes constitute indebtedness of the Issuer and will treat the Notes as indebtedness of the Issuer for United States federal, state and local income tax purposes.

All terms used in this Note which are defined in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

Ex-A-11

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[FORM OF TRANSFER NOTICE]

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

**[**PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE**]**

**[**PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE**]**

the within Note and all rights thereunder, hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer, with full power of substitution in the premises.

Dated: _______________________

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

Ex-A-12

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[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

In connection with any transfer of this Note occurring prior to ____________________, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and further as follows:

*Check One* 

☐ (1) This Note is being transferred to a "qualified institutional buyer" in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of <u>Exhibit</u> <u>E</u> to the Indenture is being furnished herewith.

☐ (2) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of <u>Exhibit</u> <u>D</u> to the Indenture is being furnished herewith.

*or* 

☐ (3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture.

If none of the foregoing boxes is checked, the U.S. Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

Date: _________________

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| |
|:---|
| Seller |
| By: |

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NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

Signature Guarantee:<sup>2</sup>

By: <br> To be executed by an executive officer

<sup>2</sup> Signatures must be guaranteed by an "**eligible guarantor institution**" meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program ("**STAMP**") or such other "**signature guarantee program**" as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

Ex-A-13

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SCHEDULE OF EXCHANGES OF NOTES

The following increases or decreases of this Global Note have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of Exchange** | **Amount of**<br> **decrease in**<br> **principal amount**<br> **of this Global**<br> **Note** | **Amount of**<br> **increase in**<br> **principal amount**<br> **of this Global**<br> **Note** | **Principal amount**<br> **of this Global**<br> **Note following**<br> **such decrease (or<br>increase)** | **Signature of**<br> **authorized officer**<br> **of U.S. Trustee** |

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Ex-A-14

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**<u>Exhibit B</u>**

**FORM** 

**OF** 

**7.500% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

[FORM OF FACE OF NOTE]

IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE UPON WHICH THE ISSUER OF THIS SECURITY BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT:

(A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY:

(i) (a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 UNDER THE SECURITIES ACT OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL AND OTHER CERTIFICATIONS AND DOCUMENTS IF THE ISSUER SO REQUESTS);

(ii) TO THE ISSUER; OR

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT

AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND IN EACH CASE SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THIS SECURITY BY THE HOLDER OR BY ANY INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL.

THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE "<u>DEPOSITARY</u>") OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED

Ex-B-1

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CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

Ex-B-2

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| | |
|:---|:---|
| No. [•] | $[•] |

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CUSIP No. [836720 AH5] [C84926 AB7]

ISIN [US836720AH56] [USC84926AB78]

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**7.500% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

South Bow Canadian Infrastructure Holdings Ltd., a corporation incorporated under the laws of Canada (herein called the "**Issuer**," which term includes any successor corporation or limited liability company under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to [____________] or registered assigns, the principal sum of $[____________] on March 1, 2055 (the "**Maturity Date**"), and to pay interest on said principal sum semi-annually on March 1 and September 1, commencing March 1, 2025 (each, an "**Interest Payment Date**") (subject to the right of the Issuer to defer the payment of interest, but not beyond the Maturity Date, in accordance with the provisions set forth below) (i) from and including August 28, 2024 to, but excluding, March 1, 2035 (the "**First Reset Date**") at the rate of 7.500% per annum and (ii) from and including the First Reset Date, during each Reset Period at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 3.667%, to be reset on each Reset Date, until the principal hereof is paid or made available for payment.

The interest so payable and punctually paid or duly provided for on any Interest Payment Date will be paid to the Person in whose name this Note (or one or more predecessor Securities) is registered at the close of business on the record date for such Interest Payment Date, which shall be the February 15 and August 15 (whether or not a Business Day) immediately preceding such Interest Payment Date, respectively. If the Issuer defaults in a payment of any such interest, it shall pay the defaulted interest, plus, to the extent permitted by law, interest on the defaulted interest at the same rate, to the Persons who are Holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the U.S. Trustee and shall promptly mail or cause to be mailed or deliver by electronic transmission to each Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. The Issuer may pay defaulted interest in any lawful manner.

The applicable interest rate for each Reset Period will be determined by the Calculation Agent (as defined below) as of the applicable Reset Interest Determination Date, in accordance with the following provisions:

"**Five-year U.S. Treasury Rate**" means, as of any Reset Interest Determination Date, (i) an interest rate (expressed as a decimal) determined to be the per annum rate equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with a maturity of five years from the next Reset Date and trading in the public securities markets, for the five consecutive Business Days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15, or (ii) if there is no such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the yields to maturity for each of the two series of U.S. Treasury securities adjusted to constant maturity trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the Reset Date following the next succeeding Reset Interest Determination Date, and (B) the other maturing as close as possible to, but later than, the Reset Date following the next succeeding Reset Interest Determination Date, in each case for the five consecutive Business Days immediately prior to the respective Reset Interest Determination Date as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clause (i) or (ii) above, then the Five-year U.S. Treasury Rate will be the same interest rate determined for the prior Reset Interest

Ex-B-3

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Determination Date or, if the Five-year U.S. Treasury Rate cannot be so determined as of the Reset Interest Determination Date preceding the First Reset Date, then the interest rate applicable for the Reset Period commencing on and including the First Reset Date will be deemed to be 7.500% per annum, which is the same interest rate as in effect from and including the original issue date to, but excluding, the First Reset Date.

"**H.15**" means the statistical release designated as such, or any successor publication, published by the Board of Governors of the U.S. Federal Reserve System (or any successor thereto).

The "**most recent H.15**" means the H.15 published closest in time but prior to the close of business on the Reset Interest Determination Date.

"**Reset Date**" means the First Reset Date, being March 1, 2035, and March 1 of every fifth year after 2035.

"**Reset Interest Determination Date**" means, in respect of any Reset Period, the day that is two Business Days prior to the first day of such Reset Period.

"**Reset Period**" means the period from and including the First Reset Date to, but excluding, the next following Reset Date and thereafter each period from and including a Reset Date to, but excluding, the next following Reset Date.

Unless the Issuer has validly called all of the outstanding Notes for redemption during the First Call Period, the Issuer will appoint a calculation agent (the "**Calculation Agent**") for the Notes prior to the Reset Interest Determination Date immediately preceding the First Reset Date; provided that, if the Issuer has called all of the outstanding Notes for redemption on a Redemption Date occurring during the First Reset Period, but the Issuer does not redeem all of the outstanding Notes on such Redemption Date, the Issuer will appoint a Calculation Agent for the Notes prior to the Reset Interest Determination Date preceding the First Reset Date. The Issuer may terminate any such appointment and may appoint a successor Calculation Agent at any time and from time to time (so long as there shall always be a Calculation Agent in respect of the Notes when so required). The Issuer may appoint itself or an Affiliate of the Issuer as Calculation Agent. For the avoidance of doubt, the Trustees shall have no obligation to act as Calculation Agent.

As provided above, the applicable interest rate for each Reset Period will be determined by the Calculation Agent as of the applicable Reset Interest Determination Date. Promptly upon such determination, the Calculation Agent will notify the Issuer of the interest rate for the Reset Period and the Issuer will promptly notify, or cause the Calculation Agent to promptly notify, the U.S. Trustee and Paying Agent for the Notes in writing of such interest rate, upon which the U.S. Trustee and Paying Agent will be permitted to conclusively rely. The Calculation Agent's determination of any interest rate, and its calculation of the amount of interest for any Interest Payment Period beginning on or after the First Reset Date, will be on file at the Issuer's principal offices, will be made available to any Holder or beneficial owner of the Notes upon request and will be final and binding in the absence of manifest error.

So long as no Event of Default with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time to time, for one or more deferral periods of up to 20 consecutive Interest Payment Periods (each such deferral period, commencing on the Interest Payment Date on which the first such deferred interest payment otherwise would have been made, an "**Optional Deferral Period**"), except that no such Optional Deferral Period may extend beyond the Maturity Date or end on a day other than the day immediately preceding an Interest Payment Date. During any Optional Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes). In addition, during any Optional Deferral Period, interest on the deferred interest ("**compound interest**") will accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Reset Date occurring during such Optional Deferral Period in accordance with the terms of the Notes), compounded semi-annually, to the extent permitted by applicable law.

Ex-B-4

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No interest will be due or payable on the Notes during an Optional Deferral Period, except upon a redemption of any Notes on any Redemption Date during such Optional Deferral Period (in which case, all accrued and unpaid interest (including, to the extent permitted by applicable law, any compound interest) on the Notes to be redeemed to, but excluding, such Redemption Date will be due and payable on such Redemption Date), or unless the principal of and interest on the Notes shall have been declared due and payable as the result of an Event of Default with respect to the Notes (in which case, all accrued and unpaid interest, including, to the extent permitted by applicable law, any compound interest, on the Notes, shall become due and payable). All references in the Notes and, insofar as relates to the Notes, the Indenture to "interest" on the Notes shall be deemed to include any such deferred interest and, to the extent permitted by applicable law, any compound interest, unless otherwise expressly stated or the context otherwise requires.

Before the end of any Optional Deferral Period that is shorter than 20 consecutive Interest Payment Periods, the Issuer may elect, at its option, to extend such Optional Deferral Period, so long as the entire Optional Deferral Period does not exceed 20 consecutive Interest Payment Periods or extend beyond the Maturity Date. The Issuer may also elect, at its option, to shorten the length of any Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the day immediately preceding an Interest Payment Date. At the end of any Optional Deferral Period, if all amounts then due on the Notes, including all accrued and unpaid interest thereon (including, without limitation and to the extent permitted by applicable law, any compound interest), are paid, the Issuer may elect to begin a new Optional Deferral Period; provided, however, that, without limitation of the foregoing, the Issuer may not begin a new Optional Deferral Period unless the Issuer has paid all accrued and unpaid interest on the Notes (including, without limitation and to the extent permitted by applicable law, any compound interest) from any previous Optional Deferral Periods.

During any Optional Deferral Period, neither the Issuer nor the Guarantors shall do any of the following (subject to the exceptions set forth below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) declare or pay any dividends or distributions on any Capital Stock of the Issuer or the Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of the Issuer or the Guarantors, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer or the Guarantors, respectively that ranks equally with or junior to the Notes or the Guarantees, as applicable, in right of payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) make any payments with respect to any guarantees by the Issuer or the Guarantors, respectively, of any indebtedness if such guarantees rank equally with or junior to the Notes or the Guarantees, as applicable, in right of payment.

However, during an Optional Deferral Period, the Parent Guarantor may (a) declare and pay dividends or distributions payable solely in its common shares (together with cash in lieu of any fractional common share) or options, warrants or rights to subscribe for or purchase its common shares, (b) declare and pay any dividend or distribution in connection with the implementation of a plan (a "**Rights Plan**")

Ex-B-5

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providing for the issuance by the Parent Guarantor to all holders of its common shares of rights entitling them to subscribe for or purchase common shares or any class or series of the Parent Guarantor's preferred equity, which rights (i) are deemed to be transferred with such common shares, (ii) are not exercisable until the occurrence of a specified event or events and (iii) are also issued in respect of future issuances of the Parent Guarantor's common shares, (c) issue any shares of its Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassify its Capital Stock or exchange or convert one class or series of its Capital Stock for another class or series of its Capital Stock, (e) purchase fractional interests in shares of its Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged, and (f) purchase, acquire or withhold its common shares related to the issuance of its common shares or rights under any dividend reinvestment plan or related to any of its benefit plans for its directors, officers, employees, consultants or advisors, including any employment contract.

The Issuer will give the Holders of the Notes and the Trustees notice of its election of, or any shortening or extension of, an Optional Deferral Period at least 10 Business Days prior to the earlier of (1) the next succeeding Interest Payment Date or (2) the date upon which it is required to give notice to any applicable self-regulatory organization or to Holders of the Notes of the next succeeding Interest Payment Date or the record date therefor. The record date for the payment of deferred interest and, to the extent permitted by applicable law, any compound interest payable on the Interest Payment Date immediately following the last day of an Optional Deferral Period will be the regular record date with respect to such Interest Payment Date.

Payment of the principal of and interest on this Note will be made at the Place of Payment in Dollars as more fully provided in the Indenture.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate of authentication hereon has been executed by or on behalf of the U.S. Trustee by manual or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

Ex-B-6

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IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed.

Dated:

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| | |
|:---|:---|
| **South Bow Canadian Infrastructure Holdings Ltd.** | **South Bow Canadian Infrastructure Holdings Ltd.** |
| By: |  |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance |

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Ex-B-7

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**U.S. TRUSTEE'S CERTIFICATE OF AUTHENTICATION** 

This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture.

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| | |
|:---|:---|
| The Bank of New York Mellon, as U.S. Trustee | The Bank of New York Mellon, as U.S. Trustee |
| By: |  |
|  | Authorized Signatory |
| Dated: |  |

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Ex-B-8

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[FORM OF REVERSE OF NOTE]

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**7.500% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

This Note is one of a duly authorized issue of debentures, notes or other debt instruments of the Issuer (herein called the "**Securities**"), issued and to be issued in one or more Series under an Indenture dated as of August 28, 2024(the "**Base Indenture**"), as supplemented by the First Supplemental Indenture dated as of August 28, 2024 (the "**First Supplemental Indenture**," and, together with the Base Indenture, the "**Indenture**"), among the Issuer, 15142083 Canada Ltd., 6297782 LLC, BNY Trust Company of Canada, a trust company existing under the laws of Canada, as the Canadian trustee (the "**Canadian Trustee**"), The Bank of New York Mellon, a New York banking corporation, as the United States trustee (the "**U.S. Trustee**") (the Canadian Trustee and the U.S. Trustee are each also individually referred to herein as a "**Trustee**" and collectively, as the "**Trustees**", which terms include any successor Trustee under the Indenture) and solely for purposes of Sections 2.05, 3.02(c), 7.01 and 7.03 of the First Supplemental Indenture, TransCanada PipeLines Limited, a corporation incorporated under the laws of Canada, to which Indenture and any other supplemental indenture thereto reference is hereby made for a statement of the respective rights thereunder of the Issuer, the Guarantors, the Trustees, and the Holders of the Securities, the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined herein. The Securities may be issued in one or more Series, which different Series may be issued in various aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise vary as provided in the Indenture. This Note is one of a Series of Subordinated Securities of the Issuer designated as set forth on the face hereof (herein called the "**Notes**"), issued initially in an aggregate principal amount of $650,000,000.

Interest on the Notes will be payable semi-annually in arrears on each Interest Payment Date (subject to the right of the Issuer to defer the payment of interest, but not beyond the Maturity Date, in accordance with the provisions set forth below). If any Interest Payment Date, the Maturity Date or any earlier repayment date falls on a day that is not a Business Day, then payment of interest and/or principal that would otherwise be payable on such date will be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from such Interest Payment Date, Maturity Date or earlier repayment date, as the case may be, to the date payment is made. Interest on the Notes will be compounded and paid on the basis of a 360-day year of twelve 30-day months.

So long as no Event of Default with respect to the Notes has occurred and is continuing, the Issuer may, at its option, defer interest payments on the Notes, from time to time, as set forth in Section 2.02 of the First Supplemental Indenture.

The Issuer may redeem the Notes at its option, in whole or from time to time in part, (a) on any day in the period commencing on the date falling 90 days prior to the First Reset Date and ending on (and including) the First Reset Date (the "**First Call Period**") and (b) after the First Reset Date, on any applicable Interest Payment Date at a Redemption Price in cash equal to 100% of the principal amount of the Notes to be redeemed, plus, subject to Section 2.04 of the First Supplemental Indenture, accrued and unpaid interest on such Notes to be redeemed to, but excluding, the Redemption Date.

If, at the time of a Special Mandatory Redemption Event, the Completion of the Transaction Condition has not been satisfied, then the Issuer will redeem the aggregate principal amount of the Notes outstanding on the Special Mandatory Redemption Date at a redemption price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

Ex-B-9

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The Notes are also subject to redemption, at the Issuer's option: (i) within 120 days after the occurrence of a Ratings Agency Event as set forth in Section 3.03 of the First Supplemental Indenture; and (ii) within 120 days after the occurrence of a Tax Event as set forth in Section 3.07 of the Base Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantors and the rights of the Holders of the Securities of each Series under the Indenture at any time by the Issuer, the Guarantors and the Trustees with the consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities of each Series to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the outstanding Securities of each Series to be affected by such waiver, on behalf of the Holders of Securities of such Series, to waive compliance by the Issuer or the Guarantors with certain provisions of the Indenture, the Securities or the Guarantee, as applicable, with respect to such Series. Once effective, any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

The Indenture contains provisions setting forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the Indenture.

If an Event of Default with respect to the Notes occurs and is continuing, the principal amount hereof may become immediately due and payable in the manner and with the effect provided in the Indenture.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable in the Security register, upon surrender of this Note for registration of transfer at the office or agency of the Issuer duly endorsed, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Guarantors duly executed, by the Holder hereof or its attorney duly authorized in writing, and thereupon the Issuer shall execute, and the U.S. Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of the same Series of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by the Indenture. The Guarantors shall cause to be endorsed on any such new Note a Guarantee executed by the Guarantors.

The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note may be exchanged for other Securities of the same Series of any authorized denominations and of a like aggregate principal amount, upon surrender of this Note at the office or agency of the Issuer.

No service charge shall be made for any such registration or transfer or exchange, but the Issuer, the Guarantors or the U.S. Trustee may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection therewith.

Ex-B-10

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Prior to the presentment of this Note for registration of transfer, the Issuer, the Guarantors, the Trustees and any agent of the Issuer, the Guarantors or the Trustees may deem and treat the Person in whose name this Note is registered on the Security register as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and none of the Issuer, the Guarantors, the Trustees, nor any agent of the Issuer, the Guarantors or the Trustees shall be affected by notice to the contrary.

The Issuer may, without the consent of the existing holders of the Notes, issue additional Notes of this Series having the same terms (except the issue date, the date from which interest accrues and, in some cases, the first interest payment date) so that existing Notes and additional Notes form the same series under the Indenture, *provided*, *however*, that if any such additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, such additional Notes will have a separate CUSIP number.

The indebtedness represented by the Notes is, to the extent and in a manner set forth in the Indenture, expressly subordinated in right of payment to the prior payment in full of all Senior Indebtedness, as defined in the Indenture with respect to this Series, and this Note is issued subject to such provisions, and each Holder of this Note, by acceptance hereof, agrees to and shall be bound by such provisions and authorizes and directs the Trustees on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and appoints the Trustees his, her or its attorney-in-fact, as the case may be, for any and all such purposes.

This Note shall be governed by and interpreted in accordance with the laws of the State of New York.

The Holder (and beneficial owner of the Notes), by accepting the Notes, acknowledges and affirms that it intends that the Notes constitute indebtedness of the Issuer and will treat the Notes as indebtedness of the Issuer for United States federal, state and local income tax purposes.

All terms used in this Note which are defined in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

Ex-B-11

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[FORM OF TRANSFER NOTICE]

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

**[**PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE**]**

**[**PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE**]**

the within Note and all rights thereunder, hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer, with full power of substitution in the premises.

Dated: _______________________

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

Ex-B-12

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[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

In connection with any transfer of this Note occurring prior to ____________________, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and further as follows:

*Check One* 

☐ (1) This Note is being transferred to a "qualified institutional buyer" in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of <u>Exhibit</u> <u>E</u> to the Indenture is being furnished herewith.

☐ (2) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of <u>Exhibit</u> <u>D</u> to the Indenture is being furnished herewith.

*or* 

☐ (3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture.

If none of the foregoing boxes is checked, the U.S. Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

Date: _________________

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| |
|:---|
| Seller |
| By: |

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NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

Signature Guarantee:<sup>4</sup>

By: <br> To be executed by an executive officer

<sup>4</sup> Signatures must be guaranteed by an "**eligible guarantor institution**" meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program ("**STAMP**") or such other "**signature guarantee program**" as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

Ex-B-13

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SCHEDULE OF EXCHANGES OF NOTES

The following increases or decreases of this Global Note have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of Exchange** | **Amount of**<br> **decrease in**<br> **principal amount**<br> **of this Global**<br> **Note** | **Amount of**<br> **increase in**<br> **principal amount**<br> **of this Global**<br> **Note** | **Principal amount**<br> **of this Global**<br> **Note following**<br> **such decrease (or<br>increase)** | **Signature of**<br> **authorized officer**<br> **of U.S. Trustee** |

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Ex-B-14

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**<u>Exhibit C</u>**

**[Restricted Securities Legend]** 

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT:

(A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY:

(i) (a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 UNDER THE SECURITIES ACT OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL AND OTHER CERTIFICATIONS AND DOCUMENTS IF THE ISSUER SO REQUESTS);

(ii) TO THE ISSUER; OR

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT

AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND IN EACH CASE SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THIS SECURITY BY THE HOLDER OR BY ANY INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL.

Ex-C-1

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**<u>Exhibit D</u>**

**Regulation S Certificate** 

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| | |
|:---|:---|
| To: | The Bank of New York Mellon, as the United States Trustee, and BNY Trust Company of Canada, as the Canadian Trustee (each, a "**Trustee**" and collectively, the "**Trustees**") [•]  |

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Attention: [•]

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| | |
|:---|:---|
| Re: | [7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055] [7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055] (the "**Notes**") issued under the Indenture, dated as of August 28, 2024, between South Bow Canadian Infrastructure Holdings Ltd. (the "**Issuer**"), 15142083 Canada Ltd., 6297782 LLC and the Trustees, as supplemented by the First Supplemental Indenture thereto dated as of August 28, 2024 (together, the "**Indenture**")  |

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Ladies and Gentlemen:

Terms are used in this Certificate as used in Regulation S ("**Regulation S**") under the Securities Act of 1933, as amended (the "**Securities Act**"), except as otherwise stated herein.

*[CHECK A OR B AS APPLICABLE.]* 

☐ A. This Certificate relates to our proposed transfer of $____ principal amount of Notes issued under the Indenture. We hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The offer and sale of the Notes was not and will not be made to a person in the United States (unless such
person is excluded from the definition of "**U.S. person**" pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of "**U.S. person** "
pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at
the time the buy order was originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the
facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling
efforts in the United States with respect to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the
Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the
Notes, and the proposed transfer takes place during the Restricted Period (as defined in the Indenture), or we are an officer or director of the Issuer or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is
being made in accordance with the provisions of Rule 904(b) of Regulation S.

Ex-D

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☐ B. This Certificate relates to our proposed exchange of $____ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us. We hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or
(ii) we were excluded from the definition of "**U.S. person**" pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of
" **U.S. person**" pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time
our buy order was originated, we were outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the
Securities Act.

You and the Issuer are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)] | [NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)] |
| By: |  |
|  | Name: |
|  | Title: |
|  | Address: |

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Date:________________

Ex-D

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**<u>Exhibit E</u>**

**Rule 144A Certificate** 

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| | |
|:---|:---|
| To: | The Bank of New York Mellon, as the United States Trustee, and BNY Trust Company of Canada, as the Canadian Trustee (each, a "**Trustee**" and collectively, the "**Trustees**") [•]  |

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Attention: [•]

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| | |
|:---|:---|
| Re: | [7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055] [7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055] (the "**Notes**") issued under the Indenture, dated as of August 28, 2024, between South Bow Canadian Infrastructure Holdings Ltd. (the "**Issuer**"), 15142083 Canada Ltd., 6297782 LLC and the Trustees, as supplemented by the First Supplemental Indenture thereto dated as of August 28, 2024 (together, the "**Indenture**")  |

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Ladies and Gentlemen:

This Certificate relates to:

*[CHECK A OR B AS APPLICABLE.]* 

☐ A. Our proposed purchase of $____ principal amount of Notes issued under the Indenture.

☐ B. Our proposed exchange of $____ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of __________, 20__, which is a date on or since close of our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A ("**Rule 144A**") under the Securities Act of 1933, as amended (the "**Securities Act**"). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Issuer as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information.

You and the Issuer are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)] | [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)] |
| By: |  |
|  | Name: |
|  | Title: |
|  | Address: |

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Date:________________

Ex-E-1

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**<u>Exhibit F</u>**

**[Form of Notation of Guarantee]** 

NOTATION OF GUARANTEE OF [15142083 CANADA LTD.] [ 6297782 LLC]

[_______________], 20[___]

For value received, the undersigned, [15142083 Canada Ltd., a corporation incorporated under the laws of Canada (the "HoldCo Guarantor" (which term includes any successor person under the indenture referred to herein))] [6297782 LLC, a Delaware limited liability company (the "Guarantor Party" (which term includes any successor person under the indenture referred to herein))], has irrevocably and unconditionally guaranteed, on a junior unsecured basis, the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest on and any Additional Amounts with respect to the Notes according to the terms of the Notes.

IN WITNESS WHEREOF, [the HoldCo Guarantor] [the Guarantor Party] has caused this Notation of Guarantee to be duly executed as of the date first above written.

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| | |
|:---|:---|
| **[15142083 CANADA LTD.] [6297782 LLC]** | **[15142083 CANADA LTD.] [6297782 LLC]** |
| By: |  |
|  | Name: |
|  | Title: |

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Ex-F-1

## Exhibit 4.3

**Exhibit 4.3** 

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**SECOND SUPPLEMENTAL INDENTURE** 

**Dated as of October 1, 2024** 

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SECOND SUPPLEMENTAL INDENTURE (this "<u>Second Supplemental Indenture</u>"), dated as of October 1, 2024, to the Indenture dated as of August 28, 2024 (the "<u>Base Indenture</u>"), as supplemented by a First Supplemental Indenture dated as of August 28, 2024 (the "<u>First Supplemental Indenture</u>" and, together with the Second Supplemental Indenture, the "<u>Supplemental Indentures</u>" and, the Base Indenture, as so supplemented by the Supplemental Indentures, the "<u>Indenture</u>"), by and among South Bow Canadian Infrastructure Holdings Ltd., a corporation incorporated under the laws of Canada (the "<u>Issuer</u>"), South Bow Infrastructure Holdings Ltd. (formerly 15142083 Canada Ltd.), a corporation incorporated under the laws of Canada, as guarantor (the "<u>Holdco Guarantor</u>"), South Bow USA Infrastructure Holdings LLC (formerly 6297782 LLC), a Delaware limited liability company, as guarantor (the "<u>Guarantor Party</u>" and together with the Holdco Guarantor, the "<u>Guarantors</u>"), BNY Trust Company of Canada, a trust company existing under the laws of Canada, as the Canadian trustee (the "<u>Canadian Trustee</u>"), and The Bank of New York Mellon, a New York banking corporation, as the United States trustee, paying agent, registrar and transfer agent (the "<u>U.S. Trustee</u>") and South Bow Corporation, a corporation incorporated under the laws of Canada, as guarantor (the "<u>Parent Guarantor</u>"). The Canadian Trustee and the U.S. Trustee are each also individually referred to in this Supplemental Indenture as a "<u>Trustee</u>" and collectively, as the "<u>Trustees</u>".

W I T N E S E T H

WHEREAS, the Issuer and the Trustees have duly authorized the execution and delivery of the Base Indenture to provide for the issuance from time to time of the Issuer's debentures, notes or other debt instruments to be issued in one or more Series as provided in the Base Indenture (as defined therein, "<u>Securities</u>");

WHEREAS, the Issuer, pursuant to the Base Indenture, as supplemented by the Frist Supplemental Indenture, established and issued two Series of Securities designated as its 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and its 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (collectively, the "<u>Notes</u>");

WHEREAS, in connection with the closing of the Spinoff Transaction (as defined in the First Supplemental Indenture) and the consummation of the transactions contemplated thereby, the Parent Guarantor wishes to guarantee the obligations of the Issuer under the Base Indenture and the Securities and has agreed to join in the execution and delivery of this Second Supplemental Indenture to confirm the Guarantee in respect of the Notes of each Series;

WHEREAS, Section 9.01 of the Base Indenture provides that a supplemental indenture may be entered into by the Issuer and the Trustees to add a guarantor or permit any Person to guarantee the obligations under any Series of Securities, without the consent of Holders, provided certain conditions are met;

WHEREAS, the conditions set forth in the Base Indenture for the execution and delivery of this Second Supplemental Indenture have been complied with; and

WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of the Issuer, the Trustees, the Holdco Guarantor, the Guarantor Party and the Parent Guarantor, in accordance with its terms, and a valid amendment of, and supplement to, the Base Indenture have been done.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Capitalized Terms</u>. Capitalized terms used herein without definition shall have the meanings assigned to them in the Base Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Guarantee</u>. The Parent Guarantor hereby provides an irrevocable and unconditional guarantee of all of the obligations of the Issuer under the Notes of each Series, including the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest on and any Additional Amounts with respect to such Notes according to the terms of such Notes (the "<u>Guarantee</u>") and all other monetary obligations of the Issuer under the Indenture, on the terms and subject to the conditions set forth in the Indenture including but not limited to Article 12 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Recourse Against Others</u>. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Parent Guarantor, as such, shall have any liability for any obligations of the Issuer or any other Guarantor under the Notes, any Guarantees, the Indenture or this Second Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Governing Laws; Waiver of Jury Trial</u>.

THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b).

EACH OF THE ISSUER, THE TRUSTEES, THE HOLDCO GUARANTOR, THE PARENT GUARANTOR AND THE GUARANTOR PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Notwithstanding the foregoing provisions of this Section 4, the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.

Each of the Holdco Guarantor, the Guarantor Party, the Parent Guaurantor and the Issuer hereby appoints the Guarantor Party, with an office at 700 Louisiana Street, Houston, Texas 77002, as its authorized agent to receive service of process or other legal summons in any legal action or proceeding arising out of or relating to the Supplemental Indenture, the Notes or, if applicable, its Guarantee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterpart Originals</u>.

This Second Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Second Supplemental Indenture by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Indenture.

Neither Trustee shall have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustees to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustees) shall be deemed original signatures for all purposes. The Issuer assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustees, including without limitation the risk of either Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>**Table of Contents**, Headings, etc.</u>. The table of contents and headings of the Articles and Sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Ratification of</u> <u>Base Indenture</u>. The Base Indenture, as supplemented by this Second Supplemental Indenture, is in all respects except as modified by this Second Supplemental Indenture ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Trustee Disclaimer</u>. Neither Trustee makes any representation as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery hereof. The recitals and statements herein are deemed to be those of the Issuer and not the Trustees.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed and attested, all as of the date first above written.

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| | |
|:---|:---|
| **SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** |
| By: | /s/ Kevin B. Engel |
|  | Name: Kevin B. Engel |
|  | Title: Vice-President, Corporate Finance |
| **SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** | **SOUTH BOW INFRASTRUCTURE HOLDINGS LTD.** |
| By: | /s/ Kevin B. Engel |
|  | Name: Kevin B. Engel |
|  | Title: Vice-President, Corporate Finance |
| **SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC** | **SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC** |
| By: | /s/ Lori M. Muratta |
|  | Name: Lori M. Muratta |
|  | Title: Vice-President |
| **SOUTH BOW CORPORATION** | **SOUTH BOW CORPORATION** |
| By: | /s/ Kevin B. Engel |
|  | Name: Kevin B. Engel |
|  | Title: Vice-President, Corporate Finance |

---

[*Signature Page to Second Supplemental Indenture*]

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---

| | |
|:---|:---|
| **The Bank of New York Mellon,**<br> as U.S. Trustee | **The Bank of New York Mellon,**<br> as U.S. Trustee |
| By: | /s/ Stacey B. Poindexter |
|  | Name: Stacey B. Poindexter |
|  | Title: Vice President |

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[*Signature Page to Second Supplemental Indenture*]

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---

| | |
|:---|:---|
| **BNY Trust Company of Canada,**<br> as Canadian Trustee | **BNY Trust Company of Canada,**<br> as Canadian Trustee |
| By: | /s/ Farhan Mir |
|  | Name: Farhan Mir |
|  | Title: Vice President |

---

[*Signature Page to Second Supplemental Indenture*]

## Exhibit 4.4

**Exhibit 4.4** 

REGISTRATION RIGHTS AGREEMENT

by and among

South Bow Canadian Infrastructure Holdings Ltd.

the Guarantors specified herein

and

J.P. Morgan Securities LLC

RBC Capital Markets, LLC

As Representatives of the several Initial Purchasers

Dated as of August 28, 2024

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REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this "<u>Agreement</u>") is made and entered into as of August 28, 2024, by and among South Bow Canadian Infrastructure Holdings Ltd., a corporation organized under the federal laws of Canada (the "<u>Company</u>"), the Guarantors (as defined below) and J.P. Morgan Securities LLC, RBC Capital Markets, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities, Inc., BMO Capital Markets Corp., CIBC World Markets Corp., National Bank of Canada Financial Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc. (collectively, the "<u>Initial Purchasers</u>", and J.P. Morgan Securities LLC together with RBC Capital Markets, LLC, as representatives of such Initial Purchasers, the "<u>Representatives</u>"), each of whom has agreed to purchase, severally and not jointly, the Company's 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and the Company's 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the "<u>Initial Notes</u>", and together with the Guarantees (as defined below) the "<u>Initial Securities</u>") pursuant to the Purchase Agreement (as defined below). The Initial Notes are fully and unconditionally guaranteed on a junior unsecured basis, jointly and severally, by the Guarantors (the "<u>Guarantees</u>").

This Agreement is made pursuant to the Purchase Agreement, dated August 14, 2024 (the "<u>Purchase Agreement</u>"), among the Company, the Guarantors and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company and the Guarantors have agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 9(n) of the Purchase Agreement.

Subject to the consummation of the proposed spin-off of TC Energy Corporation's liquids pipeline business (the "<u>Spin-Off</u> ****"), on the date of the consummation of the Spin-Off, South Bow Corporation, a corporation incorporated under the laws of Canada, will (i) execute and deliver a joinder to this Agreement, substantially in the form attached as <u>Annex I</u> to this Agreement (the "<u>Joinder Agreement</u>"), pursuant to which South Bow Corporation will agree to observe and fully perform all of the rights, obligations and liabilities contemplated herein as if it were an original party hereto and (ii) enter into, together with the Company, the Guarantors and the Trustees, a supplemental indenture (the "<u>South Bow Supplemental Indenture</u>") to the Indenture, pursuant to which South Bow Corporation will guarantee the Initial Notes on a junior unsecured basis. Following the execution of the Joinder Agreement, for purposes of this Agreement the term Guarantors shall include South Bow Corporation and the term Guarantees shall include South Bow Corporation's guarantees of the Initial Notes.

The parties hereby agree as follows:

SECTION 1. *Definitions*. As used in this Agreement, the following capitalized terms shall have the following meanings:

*Agreement:* As defined in the preamble hereto.

*Broker-Dealer*: Any broker or dealer registered under the Exchange Act.

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*Business Day*: Any day other than a Saturday, Sunday or Canadian or U.S. federal holiday or a day on which banking institutions or trust companies located in Calgary, Alberta, Toronto, Ontario or New York, New York are authorized or obligated to be closed.

*Closing Date*: The date of this Agreement.

*Commission*: The U.S. Securities and Exchange Commission.

*Company*: As defined in the preamble hereto.

*Consummate*: A registered Exchange Offer shall be deemed "Consummated" for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer evidencing the same indebtedness as the Initial Securities, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer as of the original expiration date of the Exchange Offer.

*Exchange Act*: The Securities Exchange Act of 1934, as amended.

*Exchange Offer*: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders and evidencing the same indebtedness as the Transfer Restricted Securities.

*Exchange Offer Registration Statement*: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

*Exchange Securities*: The 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and the 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 of the same series under the Indenture as the Initial Notes together with the Guarantees thereof, to be issued to Holders in exchange for and to evidence the same indebtedness as the Transfer Restricted Securities pursuant to this Agreement.

*FINRA*: Financial Industry Regulatory Authority, Inc.

*Free Writing Prospectus*: Each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Initial Securities or the Exchange Securities.

*Guarantees*: As defined in the preamble hereto.

*Guarantors*: 15142083 Canada Ltd., a corporation organized under the laws of Canada, and 6297782 LLC, a Delaware limited liability company. Following the execution of the Joinder Agreement, the term Guarantors shall also include South Bow Corporation.

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*Holders*: As defined in Section 2(b) hereof.

*Indemnified Holder*: As defined in Section 8(a) hereof.

*Indenture*: The Indenture, dated as of August 28, 2024 by and among the Company, as issuer, the Guarantors, as guarantors, The Bank of New York Mellon (the "<u>U.S. Trustee</u>") and BNY Trust Company of Canada (the "<u>Canadian Trustee</u>" and together with the U.S. Trustee, the "<u>Trustees</u>" and each a "<u>Trustee</u>"), together with the supplemental indenture relating to the Securities (the "<u>Supplemental Indenture</u>"), dated as of August 28, 2024, by and among the Company, the Guarantors, the Trustees and, solely for the purpose of Sections 2.05, 3.02(c), 7.01 and 7.03 of the Supplemental Indenture, TransCanada PipeLines Limited, as such Indenture is amended or supplemented from time to time (including, following the execution thereof, pursuant to the South Bow Supplemental Indenture) in accordance with the terms thereof.

*Initial Purchasers*: As defined in the preamble hereto.

*Initial Placement*: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement.

*Initial Securities*: As defined in the preamble hereto.

*Joinder Agreement*: As defined in the preamble hereto.

*Person*: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.

*Prospectus*: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus.

*Purchase Agreement*: As defined in the preamble hereto.

*Registration Default*: As defined in Section 5 hereof.

*Registration Statement*: Any registration statement (including a shelf registration statement) of the Company relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein.

*Representatives:* As defined in the preamble hereto.

*Securities*: The Initial Securities and/or the Exchange Securities, as applicable.

*Securities Act*: The Securities Act of 1933, as amended.

*Shelf Filing Deadline*: As defined in Section 4(a) hereof.

*Shelf Registration Statement*: As defined in Section 4(a) hereof.

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*South Bow Supplemental Indenture*: As defined in the preamble hereto.

*Spin-Off*: As defined in the preamble hereto.

*Trust Indenture Act*: The Trust Indenture Act of 1939, as amended.

*Transfer Restricted Securities*: Means each Initial Security until the earliest of: (i) the date on which such Initial Security has been exchanged in an Exchange Offer by a person other than a Broker-Dealer receiving Exchange Securities in the Exchange Offer (a "<u>Participating Broker Dealer</u>") for freely transferable Exchange Securities evidencing the same indebtedness as the Initial Securities, (ii) following the exchange by a Participating Broker-Dealer in the Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such Participating Broker-Dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement (or such a prospectus is made available to such Participating Broker-Dealer by the Company pursuant to this Agreement), (iii) the date on which such Initial Security has been disposed of in accordance with the Shelf Registration Statement, or (iv) the date on which such Initial Security shall cease to be outstanding.

*Underwritten Registration or Underwritten Offering*: A registration in which securities of the Company are sold to an underwriter for reoffering to the public.

SECTION 2. Securities Subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Transfer Restricted Securities*. The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Holders of Transfer Restricted Securities*. A Person is deemed to be a holder of Transfer Restricted Securities (each, a "<u>Holder</u>") whenever such Person owns Transfer Restricted Securities.

SECTION 3. *Registered Exchange Offer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), the Company and the Guarantors shall (i) cause to be filed with the Commission after the Closing Date a Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) use their reasonable best efforts to cause such Registration Statement to become effective no later than 360 days after the Closing Date (or if such 360<sup>th</sup> day is not a Business Day, the next succeeding Business Day), (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) use their reasonable best efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in any event within 60 days after the 360-day period referred to in clause (ii) above. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by Broker-Dealers as contemplated by Section 3(c) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Guarantors shall cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; *provided*, *however*, that in no event shall such period be less than 30 days after the date notice of the Exchange Offer is first sent to the Holders. The Company and the Guarantors shall cause the Exchange Offer to comply in all material respects with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement, except where the Exchange Offer is made pursuant to a shelf registration statement and a prospectus which forms part thereof, as supplemented by a prospectus supplement relating solely to the Exchange Offer and no other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and the Guarantors shall indicate in a "Plan of Distribution" section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities or other trading activities (other than Transfer Restrict Securities acquired directly from the Company or a Guarantor), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an "underwriter" within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such "Plan of Distribution" section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such "Plan of Distribution" shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement.

The Company and the Guarantors shall use their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities, and to ensure that it conforms in all material respects with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities.

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales.

The Company and the Guarantors will not be required to, and the Registration Statement and the Prospectus will not, qualify the Exchange Securities for public distribution under applicable securities laws in any province or territory of Canada.

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SECTION 4. Shelf Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Shelf Registration*. If (i) the Company and the Guarantors are not required to file an Exchange Offer Registration Statement or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with) or (ii) with respect to any Holder of Transfer Restricted Securities (other than by reason of being an affiliate of the Company or a Guarantor), such Holder notifies the Company within 20 Business Days following consummation of the Exchange Offer that (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or a Guarantor or one of their affiliates, then, upon such Holder's request, the Company and the Guarantors shall cause to be filed a shelf registration statement pursuant to the Securities Act on an applicable form, which may be an amendment to the Exchange Offer Registration Statement (in either event, the "<u>Shelf Registration Statement</u>") and use their reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or prior to the later of (A) 360 days after the Closing Date and (B) the earliest to occur of (1) the 90<sup>th</sup> day after the date on which the Company and the Guarantors determine that they are not required to file the Exchange Offer Registration Statement and (2) the 90<sup>th</sup> day after the date on which the Company receives notice from a Holder of Transfer Restricted Securities as contemplated by clause (ii) above (such earliest date being the "<u>Shelf Filing Deadline</u>"), which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities in the case of clause (1) above and, in the case of clause (2) above, resales of Transfer Restricted Securities by the Holders of which shall have provided the information required pursuant to Section 4(b) hereof.

The Company and the Guarantors shall use their reasonable best efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms in all material respects with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, until the earliest of (i) the date when all the Initial Securities covered by such Shelf Registration Statement can be sold to the public under Rule 144 under the Securities Act without regard to the volume limitations included therein and without regard to whether the Company is current in its Exchange Act filings (assuming they are not held by an affiliate of the Company or a Guarantor) and (ii) the date on which all of the Initial Securities covered by such Shelf Registration Statement are disposed of in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Provision by Holders of Certain Information in Connection with the Shelf Registration Statement*. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such information as the Company and the Guarantors may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein; if a Holder fails to provide such requested

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information within such 20 Business Days, the Company and the Guarantors may exclude such Holder's Transfer Restricted Securities from such Shelf Registration Statement; any failure to provide such information shall not require the Company or the Guarantors to pay additional interest pursuant to an increase in the applicable interest rate provided for in Section 5 of this Agreement. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not contain any material misstatement or omission.

The Company and the Guarantors will not be required to, and the Registration Statement and the Prospectus will, not qualify the distribution of Initial Securities by the Holders of Transfer Restricted Securities under applicable securities laws in any province or territory of Canada.

SECTION 5. *Additional Interest*. If (i) any of the Registration Statements required to be filed by the Company and the Guarantors pursuant to this Agreement has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement, (ii) the Exchange Offer has not been Consummated within 60 days after the 360-day period referred to in Section 3(a) above (if the Exchange Offer is then required to be made) or (iii) any Registration Statement required by this Agreement is filed and declared effective but thereafter ceases to be effective or usable in connection with resales or exchanges of Securities covered thereby during the periods specified in this Agreement without being succeeded immediately by a post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared or automatically effective except as permitted by Section 6(e) (each such event referred to in clauses (i) through (iii), a "<u>Registration Default</u>"), the Company and the Guarantors hereby agree to pay additional interest ("<u>Additional Interest</u>") to each Holder of Transfer Restricted Securities, with respect to the first 90-day period immediately following the occurrence of any Registration Default in an amount equal to one-quarter of one percent (0.25%) per annum on the principal amount of Transfer Restricted Securities held by such Holder, and which shall increase by an additional one-quarter of one percent (0.25%) per annum on the principal amount of Transfer Restricted Securities at the end of each subsequent 90-day period until all Registration Defaults have been cured, but in no event shall the aggregate amount of all such Additional Interest exceed one-half of one percent (0.50%) per annum. All accrued Additional Interest will be paid by the Company and the Guarantors on each interest payment date. Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest rate borne by such Transfer Restricted Securities; *provided*, *however*, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall again be increased pursuant to the foregoing provisions. Notwithstanding the foregoing, the amount of Additional Interest payable shall not increase because more than one Registration Default has occurred and is pending.

All obligations of the Company and the Guarantors set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full.

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SECTION 6. *Registration Procedures*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Exchange Offer Registration Statement*. In connection with the Exchange Offer, the Company and the Guarantors shall comply with all of the provisions of Section 6(c) hereof, shall use their reasonable best efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If in the reasonable opinion of counsel to the Company and the Guarantors there is a question as to whether the Exchange Offer is permitted by applicable law, the Company and the Guarantors hereby agree to seek a no-action letter or other favorable decision from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Initial Securities unless the Commission has announced its intention not to grant no-action letters of such kind. The Company and the Guarantors hereby agree to pursue the issuance of such a decision to the Commission staff level but shall not be required to take any action to effect a change of Commission policy. In connection with the foregoing, the Company and the Guarantors hereby agree to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company and the Guarantors setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission (which may include a "no-action" position by the Commission staff).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company and the Guarantors (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company or any Guarantor, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company's and the Guarantors' preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in <u>Morgan Stanley and Co., Inc.</u> (available June 5, 1991) and <u>Exxon Capital Holdings Corporation</u> (available May 13, 1988), as interpreted in the Commission's letter to <u>Shearman</u> <u>& Sterling</u> dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company or a Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Shelf Registration Statement*. In connection with the Shelf Registration Statement, the Company and the Guarantors shall comply with all the provisions of Section 6(c) hereof and shall use their reasonable best efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof in accordance with Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *General Provisions*. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), the Company and the Guarantors shall in all cases, subject to Section 6(e):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use their reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite financial statements for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company and the Guarantors shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use their reasonable best efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to the Securities Act, and to comply in all material respects with the applicable provisions of applicable rules under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act, of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, or (D) of the existence of any fact or the happening of any event that makes any statement of a material fact

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made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading. Subject to Section 6(e), if at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement or if any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, the Company and the Guarantors shall use their reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon request, furnish without charge to each of the Initial Purchasers, each selling Holder named in any Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (other than documents incorporated by reference in such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a period of at least five Business Days, and the Company and the Guarantors will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within two Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission. Notwithstanding the foregoing, the Company and the Guarantors shall not be required to take any actions under this Section 6(c)(iv) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus that materially changes the disclosure therein taken as a whole, provide copies of such document to the Initial Purchasers (if they are selling Holders under the relevant Registration Statement), and to the underwriter(s), if any, make the Company's and the Guarantors' representatives available for discussion of such document and other customary due diligence matters, subject to negotiation, execution and delivery of customary confidentiality agreements, and include such information in such document prior to the filing thereof as the Initial Purchasers or underwriter(s), if any, reasonably may request. Notwithstanding the foregoing, the Company and the Guarantors shall not be required to take any actions under this Section 6(c)(v) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) upon request, make available at reasonable times for inspection by the Initial Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all financial and other records, pertinent corporate documents and properties of the Company and the Guarantors and cause the

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Company's and the Guarantors' officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant, subject to negotiation, execution and delivery of customary confidentiality agreements, to exercise any applicable responsibilities in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any. Notwithstanding the foregoing, the Company and the Guarantors shall not be required to take any actions under this Section 6(c)(vi) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including information relating to the "Plan of Distribution" of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if such documents are not available on the Commission's Electronic Data Gathering, Analysis and Retrieval system ("<u>EDGAR</u>"), upon request, furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, (without any documents incorporated by reference therein or exhibits thereto, unless requested);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) upon request, if not available on EDGAR, deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; *provided*, that if no Registration Statement is effective or no Prospectus is usable in accordance with the provisions of Section 6(b) hereof, the Company shall deliver to each selling Holder a notice to that effect in response to such request; the Company and the Guarantors hereby consent to the use (in accordance with law) of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in the case of an Exchange Offer Registration Statement, upon the request of any known Broker-Dealer required to deliver the Prospectus contained in an Exchange Offer Registration Statement or in the case of a Shelf Registration Statement, upon the request of the underwriters, if any, the Initial Purchasers with Securities registered thereunder, if any, or Holders of a majority in principal amount of the outstanding Securities registered thereunder, the Company and the Guarantors shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of an Underwritten Offering, furnish to each Initial Purchaser (if a selling Holder), each selling Holder and each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable, the effectiveness of the Shelf Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) certificates, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, including officers' certificates, confirming, as of the date thereof, the matters set forth in paragraphs (i), (ii) and (iii) of Section 9(i) of the Purchase Agreement, as applicable, and such other matters as such parties may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) opinions in customary form, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, of counsel(s) for the Company and the Guarantors covering the matters customarily covered in opinions requested in similar underwritten offerings and such other matters as such parties may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) customary comfort letters, dated the date of effectiveness of the Shelf Registration Statement, from South Bow Corporation's independent public accountants in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to Section 9(f) of the Purchase Agreement, without exception; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(x)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company and the Guarantors pursuant to this Section 6(c)(x), if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration Statement; *provided*, *however*, that neither the Company nor any Guarantor shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) shall issue, upon the request of any Holder of Initial Securities covered by the Shelf Registration Statement, Exchange Securities of the same series under the Indenture as such Initial Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Company by such Holder in exchange therefor and evidencing the same indebtedness as the Initial Securities or being sold by such Holder, such Exchange Securities to be registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; in return, the Initial Securities held by such Holder shall be surrendered to the Company for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends (other than those applicable, as the case may be, to sales in Canada); and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) provide a CUSIP number for all Securities not later than the effective date of the Registration Statement covering such Securities and provide the US. Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such Securities are eligible for deposit with the Depository Trust Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any "qualified independent underwriter") that is required to be retained in accordance with the rules and regulations of the FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement of South Bow Corporation meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company's first fiscal quarter commencing after the effective date of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustees and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its reasonable best efforts to cause the Trustees to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) provide promptly to each Holder upon request each document filed by South Bow Corporation with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof, or until it is advised in writing (the "<u>Advice</u>") by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. Each Holder receiving such notice shall be required to either (I) destroy all copies, other than permanent file copies, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice, or (II) deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof or shall have received the Advice; *provided*, *however*, that no such extension which exceeds the period specified in Section 6(e) shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company's option to suspend use of a Registration Statement pursuant to this paragraph (except pursuant to Section 6(e)) shall be treated as a Registration Default for purposes of Section 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Company and the Guarantors are required to file a Shelf Registration Statement with respect to any Securities or in connection with the use of any Exchange Offer Registration Statement by Participating Broker-Dealers, the Company and the Guarantors will be entitled to delay such filing or, if they have filed such registration statement, from time to time to require Holders or Participating Broker-Dealers to delay or discontinue the sale or other disposition of Securities pursuant to that Shelf Registration Statement or Exchange Offer Registration Statement for a reasonable period of time not to exceed 45 consecutive days with no more than two such delays in filing or delays or suspension of effectiveness in any calendar year.

SECTION 7. *Registration Expenses*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All expenses incident to the Company's and the Guarantors' performance of or compliance with this Agreement will be borne by the Company and the Guarantors, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees and expenses of any "qualified independent

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underwriter" and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws; (v) the fees and disbursements of the Trustees and their counsel; (vi) all fees and disbursements of counsel for the Company and the Guarantors and, subject to Section 7(b) hereof, one counsel to the Holders of Transfer Restricted Securities; (vii) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and (viii) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance).

The Company and the Guarantors will, in any event, bear their internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or any Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Company and the Guarantors will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or resold pursuant to the "Plan of Distribution" contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Paul, Weiss, Rifkind, Wharton & Garrison LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared.

SECTION 8. *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Company and the Guarantors, jointly and severally, agrees to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a "controlling person") and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an "<u>Indemnified Holder</u>"), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with (x) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and (y) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), any Free Writing Prospectus used in violation of this Agreement or any

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"issuer information" filed, or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company or the Guarantors may otherwise have.

In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company and the Guarantors, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Company in writing; *provided*, *however*, that the failure to give such notice shall not relieve the Company of its obligations pursuant to this Agreement, to the extent it is not prejudiced by such failure. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Company and the Guarantors (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). In case any such action is brought against any Holder and such Holder seeks or intends to seek indemnity from the Company and the Guarantors, the Company and the Guarantors will be entitled to participate in and, to the extent that it shall elect by written notice delivered to such Holder promptly after receiving the aforesaid notice from such Holder, to assume the defense thereof with counsel reasonably satisfactory to such Holder; *provided*, *however*, if the defendants in any such action include (i) the Company and the Guarantors and (ii) such Holder, and such Holder shall have reasonably concluded that a conflict may arise between the positions of the Company and the Guarantors, on the one hand, and such Holder, on the other, in conducting the defense of any such action or that there may be legal defenses available to it which are different from or additional to those available to the Company and the Guarantors, such Holder shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such Holder. Upon receipt of notice from the Company to such Holder of the Company's and the Guarantors' election so to assume the defense of such action and approval by such Holder of counsel, the Company and the Guarantors will not be liable to such Holder under this Section 8 for any legal or other expenses subsequently incurred by such Holder in connection with the defense thereof unless (i) such Holder shall have employed separate counsel in accordance with the proviso to the next preceding sentence (it being understood, however, that the Company and the Guarantors shall not be liable for the fees and expenses of more than one separate counsel (together with local counsel), approved by such Holder, representing such Holder) or (ii) the Company and the Guarantors shall not have employed counsel satisfactory to such Holder to represent such Holder within a reasonable time after notice of commencement of the action, in each of which cases the reasonable out-of-pocket fees and expenses of counsel shall be at the expense of the Company and the Guarantors. The Company and the Guarantors under this Section 8 shall not be liable for any settlement of any proceeding effected without the Company's and the Guarantors' written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Company and the Guarantors agree to indemnify the Holder against any loss, claim, damage, liability or expense by reason of such settlement or judgment. The Company and the Guarantors shall not, without the prior written consent of a Holder, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or

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proceeding in respect of which such Holder is or could have been a party and indemnity was or could have been sought hereunder by such Holder, unless such settlement, compromise or consent (i) includes an unconditional release of such Holder from all liability on claims that are the subject matter of such action, suit or proceeding and (ii) does not include any statements as to or any findings of fault, culpability or failure to act by or on behalf of such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By its acquisition of Transfer Restricted Securities, each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors and their respective directors and officers, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company or any Guarantor and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to each of the Indemnified Holders, but only with reference to written information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company and the Guarantors or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights and duties given the Company and the Guarantors, and the Company, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company and the Guarantors shall be deemed to be equal to the total gross proceeds to the Company from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, in such proportion that is appropriate to reflect not only the relative benefits but also the relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors on the one hand and of the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.

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The Company and the Guarantors, on the one hand, and each Holder of Transfer Restricted Securities, on the other, agree that it would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders' obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not joint.

SECTION 9. *Rule 144A*. The Company and the Guarantors hereby agree with each Holder, for so long as any Transfer Restricted Securities remain outstanding and neither the Company nor any Guarantor is subject to Section 13 or 15(d) under the Exchange Act or exempt therefrom pursuant to Rule 12g3-2(b) thereunder, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser, upon their request, of such Transfer Restricted Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act.

SECTION 10. *Participation in Underwritten Registrations*. No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder's Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements.

SECTION 11. *Selection of Underwriters*. The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; *provided*, *however*, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company and the Guarantors.

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SECTION 12. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *No Inconsistent Agreements*. The Company and the Guarantors will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company's or any Guarantor's securities under any agreement in effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Amendments and Waivers*. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company and the Guarantors have (i) in the case of Section 5 hereof and this Section 12(b)(i), obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by the Company, the Guarantors or their affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered; *provided*, *however*, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company and the Guarantors shall obtain the written consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Notices*. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), email or air courier guaranteeing overnight delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Company or the Guarantors:

South Bow Canadian Infrastructure Holdings Ltd.

450-1st St

SW, Calgary AB

T2P 5H1

Email: lori_muratta@tcenergy.com

Attention: General Counsel

and

15142083 Canada Ltd.

450-1st St

SW, Calgary AB

T2P 5H1

Email: lori_muratta@tcenergy.com

Attention: General Counsel

------

and

6297782 LLC

450-1st St

SW, Calgary AB

T2P 5H1

Email: lori_muratta@tcenergy.com

Attention: General Counsel

With copies to:

White & Case LLP

609 Main Street, Suite 2900

Houston, TX 77002

Email: a.j.ericksen@whitecase.com

Attention: A.J. Ericksen

All such notices and communications shall be deemed to have been duly given: at the time of transmission, if transmitted by e-mail; at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustees at the addresses specified in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Successors and Assigns*. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; *provided*, *however*, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Counterparts*. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Headings*. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Governing Law*. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Submission to Jurisdiction; Agent for Service; Waiver of Immunities*. Each of the Company and the Guarantors irrevocably (i) agrees that any legal suit, action or proceeding against the Company or a Guarantor brought by any Holder or by any person who controls any Holder arising out of or based upon this Agreement or the transactions contemplated thereby may be instituted in any federal or state court located in New York (a "<u>New York Court</u>"), (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding and (iii) submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company and

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each of the Guarantors (other than 6297782 LLC) has appointed TransCanada PipeLine USA Ltd., 700 Louisiana Street, Suite 700, Houston, Texas, 77002-2700, as its authorized agent (the "<u>Authorized Agent</u>") upon whom process may be served in any such action arising out of or based on this Agreement or the transactions contemplated thereby which may be instituted in any New York Court by any Initial Purchaser or by any person who controls any Initial Purchaser, expressly consents to the jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Such appointment shall be irrevocable. Each of the Company and the Guarantors (other than 6297782 LLC) represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company or any such Guarantor shall be deemed, in every respect, effective service of process upon the Company or such Guarantor, as applicable. To the extent that the Company or any Guarantor (other than 6297782 LLC) has acquired or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of its obligations under the above-referenced documents, to the extent permitted by law. The provisions of this clause (h) shall survive any termination of this Agreement, in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Severability*. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Entire Agreement*. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company and the Guarantors with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

[Signature pages follows.]

------

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| | |
|:---|:---|
| SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD. | SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD. |
| By: | /s/ Kevin Engel |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance<br>15142083 Canada Ltd. |
| By: | /s/ Kevin Engel |
|  | Name: Kevin Engel |
|  | Title: Vice-President, Corporate Finance<br>6297782 LLC |
| By: | /s/ Lori M. Muratta |
|  | Name: Lori M. Muratta |
|  | Title: Vice-President |

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A-I-1

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The foregoing Agreement is hereby confirmed and accepted by the Representatives acting on behalf of themselves and the other Initial Purchasers as of the date first above written.

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| | |
|:---|:---|
| By: J.P. Morgan Securities LLC | By: J.P. Morgan Securities LLC |
| By: | /s/ Som Bhattacharyya |
|  | Name: Som Bhattacharyya |
|  | Title: Executive Director |
| By: RBC Capital Markets, LLC | By: RBC Capital Markets, LLC |
| By: | /s/ Scott G. Primrose |
|  | Name: Scott G. Primrose |
|  | Title: Authorized Signatory |

---

A-I-2

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**ANNEX I** 

<u>Joinder Agreement</u> 

[ ], 2024

South Bow Canadian Infrastructure Holdings Ltd.

c/o 450-1st St

SW, Calgary AB

T2P 5H1

15142083 Canada Ltd.

c/o 450-1st St

SW, Calgary AB

T2P 5H1

6297782 LLC

c/o 450-1st St

SW, Calgary AB

T2P 5H1

and

J.P. Morgan Securities LLC

RBC Capital Markets, LLC

As Representatives of the several Initial Purchasers named in the

Registration Rights Agreement

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

c/o RBC Capital Markets, LLC

200 Vesey Street, 8th Floor

New York, NY 10281

Ladies and Gentlemen:

Reference is hereby made to that certain registration rights agreement (the "<u>Registration Rights Agreement</u>") dated August 28, 2024 among South Bow Canadian Infrastructure Holdings Ltd., a corporation organized under the federal laws of Canada (the "<u>Company</u>"), the Guarantors party thereto and the several initial purchasers named therein relating to the registration rights granted by the Company and the Guarantors in respect of the Company's 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and 7.500% Fixed-to-Fixed Reset Rate Junior

A-I-1

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Subordinated Notes due 2055 (together, the "<u>Notes</u>") which are fully and unconditionally guaranteed on a junior unsecured basis, jointly and severally, by the Guarantors (the "<u>Guarantees</u>", and the Notes and the Guarantees together, the "<u>Initial Securities</u>") in order to induce the Initial Purchasers to enter into the Purchase Agreement dated August 14, 2024 among the Company, the Guarantors, the Initial Purchasers, and, solely for purposes of Sections 2(a), 2(b) and 2(c) thereto, TransCanada PipeLines Limited, to purchase the Initial Securities.

In connection with the closing of the spin-off of TC Energy Corporation's liquids pipelines business, the undersigned has guaranteed the Initial Securities and has become a party to the Registration Rights Agreement.

1. <u>Joinder</u>. The undersigned hereby acknowledges that it has received a copy of the Registration Rights
Agreement and acknowledges and agrees with the Company, the other Guarantors and the Initial Purchasers that by its execution and delivery hereof it shall, from and after the date hereof, (i) join and become a party to the Registration Rights
Agreement; (ii) be bound by all covenants, agreements, representations, warranties and acknowledgements applicable to it as set forth in and in accordance with the terms of the Registration Rights Agreement; and (iii) perform all
obligations and duties as required of it in accordance with the Registration Rights Agreement.

2. <u>Counterparts</u>. This Joinder Agreement may be signed in one or more counterparts (which may be delivered
in original form or facsimile or "pdf" file thereof), each of which shall constitute an original when so executed and all of which together shall constitute one and the same agreement. The words "execution," "executed,"
"signed," "signature," "delivery" and words of like import in or relating to this Joinder Agreement or any document to be signed in connection with this Joinder Agreement shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

3. <u>Amendments or Waivers</u>. No amendment or waiver of any provision of this Joinder Agreement, nor any
consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

4. <u>Headings</u>. The headings herein are included for convenience of reference only and are not intended to be
part of, or to affect the meaning or interpretation of, this Joinder Agreement.

5. <u>Governing Law</u>. This Joinder Agreement and any claim, controversy or dispute arising under or related to
this Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

6. <u>Waiver of Jury Trial</u>. The undersigned hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Joinder Agreement or the transactions contemplated hereby.

A-I-2

------

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered by its proper and duly authorized officer as of the date set forth above.

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| | |
|:---|:---|
| SOUTH BOW CORPORATION | SOUTH BOW CORPORATION |
| By: |  |
|  | Name: |
|  | Title: |

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A-I-3

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g13229dsp67.jpg)

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| | |
|:---|:---|
| June 18, 2025<br>South Bow Corporation<br> 707 5 Street SW, Suite 900<br> Calgary, AB, Canada, T2P 1V8<br>South Bow Infrastructure Holdings Ltd.<br> 707 5 Street SW, Suite 900<br> Calgary, AB, Canada, T2P 1V8<br>South Bow Canadian Infrastructure Holdings Ltd.<br> 707 5 Street SW, Suite 900<br> Calgary, AB, Canada, T2P 1V8<br>South Bow USA Infrastructure Holdings LLC<br> 920 Memorial City Way, Suite 800<br> Houston, TX 77024 | ![LOGO](g13229dsp67a.jpg) |

---

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| | |
|:---|:---|
| Re: | U.S.$450,000,000 7.625% Junior Subordinated Notes due 2055 |
|  | U.S.$650,000,000 7.500% Junior Subordinated Notes due 2055 |

---

Ladies and Gentlemen:

We have acted as New York counsel to South Bow Corporation ("<u>SOBO</u>"), South Bow Infrastructure Holdings Ltd. ("<u>Liquids HoldCo</u>"), South Bow Canadian Infrastructure Holdings Ltd. ("<u>Canadian LiquidsCo</u>"), and South Bow USA Infrastructure Holdings LLC ("<u>US LiquidsCo</u>" and, together with SOBO, Liquids HoldCo, and Canadian LiquidsCo, the "<u>Registrants</u>"), in connection with the offer (the "<u>Exchange Offer</u>") to exchange up to (i) U.S.$450,000,000 aggregate principal amount of 7.625% fixed-to-fixed reset rate junior subordinated notes of Canadian LiquidsCo due March 1, 2055 (the "<u>Series 1 Junior Notes</u>") for newly issued and registered 7.625% fixed-to-fixed reset rate junior subordinated notes of Canadian LiquidsCo due March 1, 2055 (the "<u>New Series 1 Junior Notes</u>") and (ii) U.S.$650,000,000 aggregate principal amount of 7.500% fixed-to-fixed reset rate junior subordinated notes of Canadian LiquidsCo due March 1, 2055 (the "<u>Series 2 Junior Notes</u>" and, together with the Series 1 Junior Notes, the "<u>Junior Notes</u>"), for newly issued and registered 7.500% fixed-to-fixed reset rate junior subordinated notes of Canadian LiquidsCo due March 1, 2055 (the "<u>New Series 2 Junior Notes</u>" and, together with the New Series 1 Junior Notes, the "<u>New Junior Notes</u>"). The New Junior Notes are referred to herein as the "<u>Registered Notes</u>". The Registered Notes will be issued and registered pursuant to a registration statement on Form F-10/S-4 (the "<u>Registration Statement</u>") filed with the Securities and Exchange Commission (the "<u>Commission</u>") on the date hereof under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Junior Notes were issued and the New Junior Notes are to be issued under an indenture dated as of August 28, 2024 among Canadian LiquidsCo as Issuer, Liquids HoldCo and US LiquidsCo as Guarantors (the "<u>Guarantors</u>"), Computershare Advantage Trust of Canada (formerly BNY Trust Company of Canada) (the "<u>Canadian Trustee</u>") and The Bank of New York Mellon (the "<u>U.S. Trustee</u>"), as supplemented by a first supplemental indenture dated as of August 28, 2024 and a second supplemental indenture dated as of October 1, 2024 (collectively, the "<u>Junior Notes Indenture</u>"). The New Junior Notes will be guaranteed (the "<u>Junior Guarantees</u>") by SOBO, Liquids HoldCo, and US LiquidsCo (the "<u>Junior Guarantors</u>").

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In connection with our opinions expressed below, we have examined originals or copies certified or otherwise identified to our satisfaction of the following documents and such other documents, corporate records, certificates and other statements of government officials and corporate officers of the Registrants as we deemed necessary for the purposes of the opinions set forth in this opinion letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) copies of the Certification of Formation of US LiquidsCo, dated June 22, 2023, and the Certificate of
Formation Amendment of US LiquidsCo, dated September 10, 2024 (together, the "US LiquidsCo Certificates"), filed as Exhibits 3.11 and 3.12, respectively, to US LiquidsCo's Form S-4 filed with the Commission on
June 18, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of the Amended and Restated Limited Liability Company Agreement of US LiquidsCo, dated August 9,
202 and the Amendment to the Amended and Restated Limited Liability Company Agreement of US LiquidsCo, dated November 7, 2024 (together, the " <u>US LiquidsCo LLCAs</u> ") filed as Exhibits 3.13 and 3.14, respectively, to US
LiquidsCo's Form S-4 filed with the Commission on June 18, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the resolutions of the board of directors of US LiquidsCo adopted on June 18, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Junior Notes Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the forms of global certificates included in the Junior Notes Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Registration Statement.

We have relied, to the extent we deem such reliance proper, upon such certificates or comparable documents of officers and representatives of the Registrants and of public officials and upon statements and information furnished by officers and representatives of the Registrants with respect to the accuracy of material factual matters contained therein which were not independently established by us. In rendering the opinions expressed below, we have assumed, without independent investigation or verification of any kind, the genuineness of all signatures on documents we have reviewed, the legal capacity and competency of all natural persons signing all such documents, the authenticity and completeness of all documents submitted to us as originals, the conformity to authentic, complete original documents of all documents submitted to us as copies, the truthfulness, completeness and correctness of all factual representations and statements contained in all documents we have reviewed, the accuracy and completeness of all public records examined by us, and the accuracy of all statements in certificates of officers of the Registrants that we reviewed.

In considering documents executed by parties other than US LiquidsCo, we have assumed (a) that each party had the power, corporate or other, and authority to enter into and perform all their obligations thereunder, (b) the due authorization by all requisite action, corporate or other, and execution and delivery by such parties of such documents and the validity, binding and enforceable effect thereof in accordance with their respective terms and (c) that the U.S. Trustee and Canadian Trustee are in compliance generally and with respect to acting as trustees under the Junior Notes Indenture, with all applicable laws and regulations.

In rendering the opinion contained herein, we have also assumed that: (i) the Registration Statement and any supplements and amendments thereto, will have become effective and will comply with all applicable laws (and will remain effective and in compliance at the time of issuance of the Registered Notes and Junior Guarantees thereunder); (ii) a prospectus supplement providing supplemental information to the Registration Statement, to the extent required by applicable law and relevant rules and regulations of the Commission, will be timely filed with the Commission and will comply with all applicable laws; (iii) Canadian LiquidsCo will issue and deliver the New Junior Notes and the Junior Guarantors will issue and deliver the Junior Guarantees in the manner contemplated by the Registration Statement; (iv) the resolutions of US LiquidsCo authorizing US LiquidsCo to guarantee the Registered Notes have been adopted by the board of directors (or any authorized committee thereof) of US LiquidsCo and will be in full force and effect at all times at which the Registered Notes are offered or sold by the Junior Guarantors; and (v) all the Registered Notes and Junior Guarantees will be in substantially the form attached to the Junior Notes Indenture and that any information omitted from such form will be properly added and will be issued and sold in compliance with applicable federal and state securities laws or applicable laws or regulations or any agreement or other instrument binding upon the Registrants.

------

We have further assumed that the New Junior Notes will be delivered by Canadian LiquidsCo and the Junior Guarantees will be delivered by the Junior Guarantors in accordance with applicable laws and sold as contemplated in the Registration Statement.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations set forth in this opinion letter, having considered such questions of law as we have deemed necessary as a basis for the opinion expressed below, we are of the opinion that, when the Registered Notes have been duly authorized by all necessary corporate action, executed, authenticated, issued and delivered by Canadian LiquidsCo and authenticated by the U.S. Trustee and Canadian Trustee in accordance with the provisions of the Junior Notes Indenture, and exchanged for the Junior Notes in accordance with the terms of the Exchange Offer as set forth in the Registration Statement, (a) the New Junior Notes will constitute valid and binding obligations of Canadian LiquidsCo, enforceable against Canadian LiquidsCo in accordance with their terms and (b) the Junior Guarantees will constitute valid and binding obligations of the Junior Guarantors, enforceable against each Junior Guarantor in accordance with their terms.

The foregoing opinions as to enforceability of obligations of the Registrants is subject to (i) applicable bankruptcy, insolvency, receivership, conservatorship, liquidation, reorganization, moratorium, fraudulent transfer and other laws affecting the enforcement of creditors' rights generally, and by the application of general principles of equity (whether applied by a court of law in equity or at law) and the discretion of the court before which any proceedings therefor may be brought (such principles of equity are of general application, and in applying such principles, a court may include a covenant of good faith and fair dealing and apply concepts of reasonableness and materiality); (ii) requirements that a judgment for money damages rendered by a court in the United States be expressed only in U.S. dollars; and (iii) governmental authority to limit, delay or prohibit the making of payments outside the United States or in foreign currency or composite currency. Rights to indemnification and contribution may also be limited by Federal and state securities laws.

We express no opinion as to the validity, legally binding effect or enforceability of any provision in any agreement or instrument that (i) requires or relates to payment of any interest at a rate or in an amount which a court would determine in the circumstances under applicable law to be commercially unreasonable or a penalty or a forfeiture or (ii) relates to governing law and submission by the parties to the jurisdiction of one or more particular courts.

Our opinions expressed above are limited to questions arising under the laws of the State of New York and the Delaware Limited Liability Company Act. We do not express any opinion as to the laws of any other jurisdiction.

This opinion letter is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act.

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement and to the reference to our firm as counsel for the Registrants that has passed on the validity of the Registered Notes appearing under the caption "Legal Matters" in the prospectus forming part of the Registration Statement. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations of the Commission promulgated thereunder.

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The opinions expressed above are as of the date hereof only and we express no opinion as to and, assume no responsibility for the effect of any fact or circumstance occurring, or of which we learn, subsequent to the date of this opinion letter, including, without limitation, legislative and other changes in the law or changes in circumstances affecting any party. We assume no responsibility to update this opinion letter for, or to advise you of, any such facts or circumstances of which we become aware, regardless of whether or not they affect the opinions expressed in this opinion letter.

The opinions expressed above are limited to the matters stated in this opinion letter, and no opinion is implied or may be inferred beyond those expressly stated in this opinion letter.

Very truly yours,

/s/ White & Case LLP

White & Case LLP

## Exhibit 5.2

**Exhibit 5.2** 

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| | |
|:---|:---|
|  ![LOGO](g13229g0617091509896.jpg)  | Blake, Cassels & Graydon LLP<br> Barristers & Solicitors<br> Patent & Trade-mark Agents<br> 855 - 2nd Street S.W.<br> Suite 3500, Bankers Hall East Tower<br> Calgary AB T2P 4J8 Canada<br> Tel: 403-260-9600 Fax: 403-260-9700 |

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| | |
|:---|:---|
| June 18, 2025 | Reference: 66054/12 |
| South Bow Canadian Infrastructure Holdings Ltd.,<br> South Bow Infrastructure Holdings Ltd. and<br> South Bow Corporation |  |

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| | |
|:---|:---|
| **Re:** | **South Bow Canadian Infrastructure Holdings Ltd. – Exchange Offer for Junior Notes**  |

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Dear Sirs/Mesdames:

We have acted as Canadian counsel to South Bow Canadian Infrastructure Holdings Ltd. (the "**Company**"), South Bow Infrastructure Holdings Ltd. ("**Liquids HoldCo**"), South Bow Corporation ("**South Bow**" and, together with Liquids HoldCo, the "**Canadian Guarantors**") and South Bow USA Infrastructure Holdings LLC ("**US LiquidsCo**") in connection with the issuance of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) up to U.S.$450,000,000 aggregate principal amount of 7.625% fixed-to-fixed reset rate junior subordinated notes of the Company due 2055 (the "**New Series 1 Notes**") in exchange for an equivalent aggregate principal amount of 7.625% fixed-to-fixed reset rate junior subordinated notes of the Company issued on August 28, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) up to U.S.$650,000,000 aggregate principal amount of 7.500% fixed-to-fixed reset rate junior subordinated notes of the Company due 2055 (the "**New Series 2 Notes**" and, together with the New Series 1 Notes, the "**New Notes**") in exchange
for an equivalent aggregate principal amount of 7.500% fixed-to-fixed reset rate junior subordinated notes of the Company issued on August 28, 2024,

in each case, pursuant to an exchange offer (the "**Exchange Offer**") registered with the United States Securities and Exchange Commission (the "**SEC**").

The New Notes will be issued under an indenture dated as of August 28, 2024 (the "**Base Indenture**") between the Company, Liquids HoldCo, US LiquidsCo, The Bank of New York Mellon (the "**U.S. Trustee**") and Computershare Advantage Trust of Canada (formerly known as BNY Trust Company of Canada) (the "**Canadian Trustee**" and, together with the U.S. Trustee, the "**Trustees**"), as amended and supplemented by the first supplemental indenture dated as of August 28, 2024 (the "**First Supplemental Indenture**") between the Company, Liquids HoldCo, US LiquidsCo and the Trustees and the second supplemental indenture dated as of October 1, 2024 (the "**Second Supplemental Indenture**" and, together with the First Supplemental Indenture, the "**Supplemental Indentures**") between the Company, Liquids HoldCo, US LiquidsCo, South Bow and the Trustees.

The Base Indenture, as amended and supplemented by the First Supplemental Indenture and the Second Supplemental Indenture, is referred to herein as the "**Indenture**".

------

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| | |
|:---|:---|
|  ![LOGO](g13229g0617091509896.jpg)  | Page 2 <br>|

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The New Notes will be fully and unconditionally guaranteed (the "**Guarantees**") on a junior unsecured subordinated basis by each of the Canadian Guarantors and US LiquidsCo pursuant to the terms and conditions set forth in the Indenture.

***Scope of Review and Reliances***

In connection with the foregoing, we have participated in the preparation of, and have examined originals or copies of (certified or otherwise identified to our satisfaction), the Base Indenture, the First Supplemental Indenture and the Second Supplemental Indenture.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of the following documents, certificates and other instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate and articles of amendment and certificate and articles of incorporation and the by-laws of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate of compliance dated June 17, 2025 from the Director of Corporations Canada - Innovation,
Science and Economic Development Canada as to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the certificate and articles of amendment and certificate and articles of incorporation and the by-laws of Liquids HoldCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of compliance dated June 17, 2025 from the Director of Corporations Canada - Innovation,
Science and Economic Development Canada as to Liquids HoldCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the restated certificate and articles of incorporation and the by-laws of South Bow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate of compliance dated June 17, 2025 from the Director of Corporations Canada - Innovation,
Science and Economic Development Canada as to South Bow; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) certain certified resolutions of the directors of the Company, Liquids HoldCo and South Bow (collectively, the
" **Canadian Entities** "), respectively, relating to, among other things, the Exchange Offer.

We have relied exclusively upon the documents listed in items (a) and (b) immediately above without independent investigation for the purpose of providing our opinions expressed in paragraph 1.

We have relied exclusively upon the documents listed in items (c) and (d) immediately above without independent investigation for the purpose of providing our opinions expressed in paragraph 2.

We have relied exclusively upon the documents listed in items (e) and (f) immediately above without independent investigation for the purpose of providing our opinions expressed in paragraph 3.

We have relied upon the documents listed in the previous paragraphs without independent investigation, although not exclusively, for the purpose of providing our other opinions expressed herein.

------

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|:---|:---|
|  ![LOGO](g13229g0617091509896.jpg)  | Page 3 <br>|

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As to certain questions of fact material to the opinions hereinafter expressed which were not independently verified, we have also examined and relied upon a certificate of an officer of each of the Canadian Entities (the "**Officer's Certificate**").

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such corporate records, documents and other instruments, and have considered such questions of law, as we have considered necessary or appropriate for the purpose of the opinions hereinafter expressed.

***Assumptions and Qualifications***

For the purposes of our opinions expressed herein and in our examinations, we have assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all individuals had the requisite legal capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all signatures are genuine and, to the extent that any document is signed by any person electronically, that
such person has applied his or her own electronic signature to such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all documents submitted to us as originals are complete and authentic and all photostatic, certified,
telecopied, electronic, notarial or other copies conform to the originals and such originals are complete and authentic and we have assumed the veracity of all such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all facts set forth in the official public records, certificates and documents supplied by public officials or
otherwise conveyed to us by public officials are complete, true and accurate, and that all such facts continue to be complete, true and accurate on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to each of the Canadian Entities, the applicable certificate of compliance from the Director of
Corporations Canada - Innovation, Science and Economic Development Canada is conclusive evidence that it exists under the laws of Canada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all facts set forth in the Officer's Certificate are complete true and accurate in all respects.

Except as specifically provided herein, we have not, for the purposes of this opinion, conducted or caused to be conducted any searches, inquiries, investigations or reviews relating to any Canadian Entity or any agreement, instrument, judgment, rule, regulation, order, encumbrance, charge, lien, claim, security interest or third party interest to which a Canadian Entity is subject, or by which the property, assets, undertakings, rights or interests of any Canadian Entity are or may be bound, or any litigation, governmental, or regulatory proceedings commenced, pending or threatened against, or affecting, any Canadian Entity or its property, assets, undertakings, rights or interests.

***Applicable Law***

Our opinions herein are expressed only with respect to the laws of the Province of Alberta and the federal laws of Canada applicable therein (collectively, "**Alberta Law**").

Our opinions herein are expressed with respect to laws in effect as at the date of this opinion letter and we do not accept any responsibility to inform the addressees of any change in law subsequent to the date hereof that does or may affect the opinions we express.

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|:---|:---|
|  ![LOGO](g13229g0617091509896.jpg)  | Page 4 <br>|

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***Opinions***

Based and relying on the above, and subject to the assumptions and qualifications set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Company is a corporation existing under the laws of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Liquids HoldCo is a corporation existing under the laws of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. South Bow is a corporation existing under the laws of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Company has the corporate power and capacity to enter into the Base Indenture and each Supplemental
Indenture and to perform its obligations thereunder, including, for certainty, the creation and issuance of the New Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Liquids HoldCo has the corporate power and capacity to enter into the Base Indenture and each Supplemental
Indenture and to perform its obligations thereunder, including, for certainty, the performance of its obligations pursuant to the Guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. South Bow has the corporate power and capacity to enter into the Second Supplemental Indenture and to perform
its obligations thereunder, including, for certainty, the performance of its obligations pursuant to the Guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the Company has taken all necessary corporate action required under Alberta Law to authorize the execution and
delivery of the Base Indenture, each Supplemental Indenture and the New Notes and the performance of its obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Liquids HoldCo has taken all necessary corporate action required under Alberta Law to authorize the execution
and delivery of the Base Indenture and each Supplemental Indenture and the performance of its obligations thereunder, including, for certainty, the performance of its obligations pursuant to the Guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. South Bow has taken all necessary corporate action required under Alberta Law to authorize the execution and
delivery of the Second Supplemental Indenture and the performance of its obligations thereunder, including, for certainty, the performance of its obligations pursuant to the Guarantees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. to the extent that execution and delivery are matters governed by Alberta Law: (a) the Base Indenture and
each Supplemental Indenture have been duly executed and delivered by the Company and Liquids HoldCo; (b) the Second Supplemental Indenture has been duly executed and delivered by South Bow; and (c) when the New Notes are issued, executed
and delivered by the Company and authenticated by the U.S. Trustee in accordance with the terms and conditions of the Indenture, the New Notes will be duly issued, executed and delivered by the Company.

This opinion is solely for the benefit of the addressees for use only in connection with the filing of a combined registration statement on Form F-10 and Form S-4 of the Company, the Canadian Guarantors and US LiquidsCo (the "**Registration Statement**") with the SEC providing for the registration of the New Notes and the Guarantees and may not be relied upon by any person other than you and the law firm of White & Case LLP for purposes of the opinion to be delivered by White & Case LLP in connection with the Registration Statement.

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|:---|:---|
|  ![LOGO](g13229g0617091509896.jpg)  | Page 5 <br>|

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We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to us under the headings "Enforceability of Civil Liabilities", "Risk Factors – Enforcement of Civil Liabilities" and "Legal Matters" and to the references to our opinion under the headings "Enforceability of Civil Liabilities" and "Risk Factors – Enforcement of Civil Liabilities" in the prospectus that forms part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the United States *Securities Act of 1933*, as amended.

Yours truly,

"Blake, Cassels & Graydon LLP"

## Exhibit 21.1

**Exhibit 21.1** 

**SOUTH BOW CORPORATION SUBSIDIARIES** 

---

| | |
|:---|:---|
| **Name of Guarantor Subsidiary** | **Jurisdiction of Organization** |
| South Bow Pipelines Ltd. | Canada |
| South Infrastructure Holdings Ltd. | Canada |
| South Bow Canadian Infrastructure Holdings Ltd. | Canada |
| South Bow Marketing Canada Ltd. | Canada |
| South Bow (Canada) Limited Partnership | Canada |
| South Bow USA Infrastructure Holdings LLC | Delaware |
| South Bow Marketing USA Ltd. | Delaware |
| South Bow Infrastructure Inc. | Delaware |
| South Bow (USA) LLC | Delaware |
| Marketlink, LLC | Delaware |
| South Bow (USA) LP | Delaware |

---

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

The Board of Directors of South Bow Corporation

We consent to the use of our report dated March 5, 2025, on the consolidated financial statements of South Bow Corporation, which comprise the consolidated balance sheets as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, cash flows and changes in shareholders' equity for each of the years in the two-year period ended December 31, 2024, and the related notes, which is incorporated by reference, and to the reference to our firm under the heading "Experts", in the prospectus included in the registration statements on Form F-10 and Form S-4 dated June 18, 2025 of South Bow Canadian Infrastructure Holdings Ltd.

/s/ KPMG LLP

Chartered Professional Accountants

June 18, 2025

Calgary, Canada

## Exhibit 25.1

**EXHIBIT 25.1** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM T-1** 

**STATEMENT OF ELIGIBILITY** 

**UNDER THE TRUST INDENTURE ACT OF 1939** 

**OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE** 

☐ **CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)** 

## THE BANK OF NEW YORK MELLON
**(Exact name of trustee as specified in its charter)** 

---

| | |
|:---|:---|
| **New York** | **13-5160382** |
| **(Jurisdiction of incorporation**<br> **if not a U.S. national bank)** | **(I.R.S. employer**<br> **identification no.)** |
| **240 Greenwich Street, New York, N.Y.** | **10286** |
| **(Address of principal executive offices)** | **(Zip code)** |

---

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**(Exact name of obligor as specified in its charter)** 

---

| | |
|:---|:---|
| **Canada** | **None** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. employer**<br> **identification no.)** |
| **707 5 Street SW, Suite 900**<br> **Calgary, Alberta, Canada**<br> **T2P 1V8** |  |
| **(Address of principal executive offices)** | **(Zip code)** |

---

**SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC** 

**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Delaware** | **93-2092930** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. employer**<br> **identification no.)** |
| **707 5 Street SW, Suite 900**<br> **Calgary, Alberta, Canada**<br> **T2P 1V8** |  |
| **(Address of principal executive offices)** | **(Zip code)** |

---

**South Bow Corporation** 

**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Canada** | **None** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. employer**<br> **identification no.)** |
| **707 5 Street SW, Suite 900**<br> **Calgary, Alberta, Canada**<br> **T2P 1V8**<br> **(Address of principal executive offices)** | **(Zip code)** |

---

**South Bow Infrastructure Holdings Ltd.** 

**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Canada** | **None** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. employer**<br> **identification no.)** |
| **c/o South Bow Corporation**<br> **707 5 Street SW, Suite 900**<br> **Calgary, Alberta, Canada**<br> **T2P 1V8** |  |
| **(Address of principal executive offices)** | **(Zip code)** |

---

**7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**Guarantees of 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and** 

**Guarantees of 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055** 

**(Title of the indenture securities)** 

------

**1.** **General information. Furnish the following information as to the Trustee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name and address of each examining or supervising authority to which it is subject.** 

---

| | |
|:---|:---|
| Name | Address |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superintendent of the Department of Financial Services of the State of New York | One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Reserve Bank of New York | 33 Liberty Street, New York, N.Y. 10045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Deposit Insurance Corporation | 550 17<sup>th</sup> Street, NW<br> Washington, D.C. 20429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Clearing House Association L.L.C. | 100 Broad Street<br> New York, N.Y. 10004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Whether it is authorized to exercise corporate trust powers.** 

Yes.

**2.** **Affiliations with Obligor.** 

**If the obligor is an affiliate of the trustee, describe each such affiliation.** 

None.

**16.** **List of Exhibits.** 

**Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York,
itself formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-261533).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its
supervising or examining authority.

------

SIGNATURE

Pursuant to the requirements of the Act, the trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, and State of New York, on the 22nd day of May, 2025.

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Stacey B. Poindexter |
| Name: | Stacey B. Poindexter |
| Title: | Vice President |

---

------

**EXHIBIT 7** 

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286

And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31, 2025, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

---

| | |
|:---|:---|
|  | Dollar amounts in thousands |
|  **ASSETS** |  |
|  Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing balances and currency and coin | 3927000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing balances | 110444000 |
|  Securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Held-to-maturity securities | 48493000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale debt securities | 96644000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities with readily determinable fair values not held for trading | 0 |
|  Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds sold in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 23768000 |
|  Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and leases held for sale | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and leases held for investment | 35999000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LESS: Allowance for credit losses on loans and leases | 272000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and leases held for investment, net of allowance | 35727000 |
|  Trading assets | 6238000 |
|  Premises and fixed assets (including right-of-use assets) | 2907000 |
|  Other real estate owned | 0 |
|  Investments in unconsolidated subsidiaries and associated companies | 1986000 |
|  Direct and indirect investments in real estate ventures | 0 |
|  Intangible assets | 7338000 |
|  Other assets | 18790000 |
|  Total assets | 356262000 |

---

------

---

| | |
|:---|:---|
|  **LIABILITIES** |  |
|  Deposits: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In domestic offices | 202806000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing | 54490000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing | 148316000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In foreign offices, Edge and Agreement subsidiaries, and IBFs | 107974000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing | 3891000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing | 104083000.0 |
|  Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds purchased in domestic offices | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold under agreements to repurchase | 2958000.0 |
|  Trading liabilities | 1927000.0 |
|  Other borrowed money: (includes mortgage indebtedness) | 3881000.0 |
|  Not applicable |  |
|  Not applicable |  |
|  Subordinated notes and debentures | 0.0 |
|  Other liabilities | 7044000.0 |
|  Total liabilities | 326590000.0 |
|  **EQUITY CAPITAL** |  |
|  Perpetual preferred stock and related surplus | 0.0 |
|  Common stock | 1135000.0 |
|  Surplus (exclude all surplus related to preferred stock) | 12669000.0 |
|  Retained earnings | 18503000.0 |
|  Accumulated other comprehensive income | -2635000.0 |
|  Other equity capital components | 0.0 |
|  Total bank equity capital | 29672000.0 |
|  Noncontrolling (minority) interests in consolidated subsidiaries | 0.0 |
|  Total equity capital | 29672000.0 |
|  Total liabilities and equity capital | 356262000.0 |

---

------

I, Dermot McDonogh, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Dermot McDonogh

Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

Robin A. Vince Jeffrey A. Goldstein Joseph J. Echevarria     Directors

## Exhibit 99.1

**Exhibit 99.1** 

**LETTER OF TRANSMITTAL** 

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**(formerly known as 15142121 Canada Ltd.)** 

**OFFER TO EXCHANGE** 

**ANY AND ALL 7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

**ISSUED ON AUGUST 28, 2024 FOR A LIKE PRINCIPAL AMOUNT OF CORRESPONDING 7.625%** 

**FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055 WHICH HAVE BEEN** 

**REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED** 

**ANY AND ALL 7.500% FIXED-TO-FIXED REST RATE JUNIOR SUBORDINATED NOTES DUE 2055** 

**ISSUED ON AUGUST 28, 2024 FOR A LIKE PRINCIPAL AMOUNT OF CORRESPONDING 7.500%** 

**FIXED-TO-FIXED REST RATE JUNIOR SUBORDINATED NOTES DUE 2055 WHICH HAVE BEEN** 

**REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED** 

Pursuant to the Prospectus dated , 2025,

**THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON , 2025 UNLESS** 

**EXTENDED (THE "<u>EXPIRATION DATE</u>"). WE DO NOT CURRENTLY INTEND TO EXTEND THE** 

**EXPIRATION DATE. TENDERS MAY BE WITHDRAWN PRIOR TO 5:00 P.M., NEW YORK CITY** 

**TIME, ON THE EXPIRATION DATE.** 

*DELIVERY TO:* 

**D.F. King & Co. Inc., Exchange Agent** 

*By Regular Mail or Overnight Courier:* 

D.F. King & Co., Inc.

48 Wall Street, 22nd Floor

New York, New York 10005

Banks and Brokers Call Collect: (212) 269-5550

All Others Call Toll-Free: (800) 848-2998

Email: <u>southbow@dfking.com</u>

***Delivery of this Letter of Transmittal to an address other than as set forth above, or transmission of this Letter of Transmittal via facsimile to a number other than as set forth above, will not constitute a valid delivery. Please read the instructions set forth in this Letter of Transmittal carefully before completing any box below.***

The undersigned acknowledges that he, she or it has received this Letter of Transmittal (the "<u>Letter</u>") and the Prospectus, dated , 2025 (the "<u>Prospectus</u>"), of South Bow Canadian Infrastructure Holdings Ltd. (the "<u>Issuer</u>") relating to its offer to exchange up to U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "<u>New Series 1 Notes</u>") and $650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "<u>New Series 2 Notes</u>" and, together with the New Series 1 Notes, the "<u>New Notes</u>"), which have been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), for an equivalent principal amount of its issued and U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "<u>Initial Series 1 Notes</u>") and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "<u>Initial Series 2 Notes</u>" and, together with the Initial Series 1 Notes, the "<u>Initial Notes</u>"), by the registered holders thereof ("<u>Holders</u>"). The Prospectus and this Letter together constitute the Issuer's offers to exchange (the "<u>Exchange Offer</u>") its New Notes for an equivalent principal amount of its Initial Notes, from the Holders.

------

The following table sets forth information regarding the Initial Notes and the New Notes:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Title of**<br> **Series of**<br> **Initial**<br> **Notes** | **Rule 144A**<br> **CUSIP / ISIN<br>Numbers of**<br> **Initial Notes** | **Regulation S<br>CUSIP / ISIN<br>Numbers of**<br> **Initial Notes** | **Maturity<br>Date of<br>Initial Notes** | **Aggregate**<br> **Principal Amount**<br> **Outstanding** | **Exchange<br>Consideration** | **Title of**<br> **Series of**<br> **New Notes** | **CUSIP / ISIN<br>Numbers of**<br> **New Notes** | **Maturity<br>Date of<br>New<br>Notes** |
| 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AF9 / US836720AF90 | C84926 AA9 / USC84926AA95 | March 1, 2055 | U.S.$450,000,000 | an equal principal amount of newly issued and registered 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AG7 / US836720AG73 | March 1, 2055 |
| 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AH5 / US836720AH56 | C84926 AB7 / USC84926AB78 | March 1, 2025 | U.S.$650,000,000 | an equal principal amount of newly issued and registered 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AJ1 / US836720AJ13 | March 1, 2055 |

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As described herein, all Initial Notes properly tendered for exchange will either be exchanged for New Notes or will be returned promptly after the termination or withdrawal of the Exchange Offer. For each Initial Note accepted for exchange, the Holder of such Initial Note will receive a New Note having a principal amount equal to that of, and representing the same indebtedness of that represented by, the surrendered Initial Note. The New Notes will accrue interest from the last interest payment date on which interest was paid on the Initial Notes or, if no interest has been paid on the Initial Notes, from the issue date of the Initial Notes. Accordingly, registered Holders of New Notes on the relevant record date for the first interest payment date following the consummation of the Exchange Offer will receive interest accruing from the last interest payment date on which interest was paid or, if no interest has been paid, from the issue date of the Initial Notes. Initial Notes accepted for exchange will cease to accrue interest from and after the date of consummation of the Exchange Offer. Holders of Initial Notes whose Initial Notes are accepted for exchange will not receive any payment in respect of accrued interest on such Initial Notes otherwise payable on any interest payment date the record date for which occurs on or after consummation of the Exchange Offer.

This Letter is to be completed by a Holder of Initial Notes if a tender of Initial Notes is to be made by book-entry transfer to the account maintained by the Exchange Agent at The Depository Trust Company ("<u>DTC</u>") (the "<u>Book-Entry Transfer Facility</u>") pursuant to the procedures set forth in "Exchange Offer—Terms of the Exchange Offer—Book-Entry Delivery Procedure" section of the Prospectus. Holders of Initial Notes who are unable to deliver confirmation of the book-entry tender of their Initial Notes into the Exchange Agent's account at the Book-Entry Transfer Facility (a "<u>Book-Entry Confirmation</u>") and all other documents required by this Letter to the Exchange Agent on or prior to the Expiration Date, must tender their Initial Notes according to the guaranteed delivery procedures set forth in "Exchange Offer—Terms of the Exchange Offer—Guaranteed Delivery Procedure" section of the Prospectus. See Instruction 1. Delivery of documents to the Book-Entry Transfer Facility does not constitute delivery to the Exchange Agent.

DELIVERY OF THE AGENT'S MESSAGE BY DTC, EUROCLEAR OR CLEARSTREAM WILL SATISFY THE TERMS OF THE EXCHANGE OFFER AS TO EXECUTION AND DELIVERY OF A LETTER OF TRANSMITTAL BY THE PARTICIPANT IDENTIFIED IN THE AGENT'S MESSAGE. DTC PARTICIPANTS MAY ALSO ACCEPT THE EXCHANGE OFFER BY SUBMITTING A NOTICE OF GUARANTEED DELIVERY THROUGH ATOP.

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**List below the Initial Notes to which this Letter relates. If the space provided below is inadequate, the** 

**principal amount of Initial Notes should be listed on a separate signed schedule affixed hereto.** 

**DESCRIPTION OF INITIAL NOTES** 

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| | | |
|:---|:---|:---|
| **(1)**<br> **Names and Address(es) of**<br> **Certificate Holder(s) (Please**<br> **fill in Certificate Number(s)\*)** | **(2)**<br> **Principal Amount of Initial Series 1**<br> **Notes Tendered** | **(3)**<br> **Principal Amount of Initial Series 2**<br> **Notes Tendered** |

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\* Need not be completed if Existing Notes are being tendered by book-entry transfer.

\*\* Unless otherwise indicated in this column, a holder of Initial Notes will be deemed to have tendered ALL of the Initial Notes represented by the Initial Notes indicated in columns 2 and/or 3. See Instruction 2. Initial Notes tendered hereby must be in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. See Instruction 5. 

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☐ **CHECK HERE IF TENDERED INITIAL NOTES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE BOOK-ENTRY TRANSFER FACILITY AND COMPLETE THE FOLLOWING:** 

Name of Tendering Institution:

Account Number:

Transaction Code Number:

BY CREDITING THE INITIAL NOTES TO THE EXCHANGE AGENT'S ACCOUNT WITH THE BOOK-ENTRY TRANSFER FACILITY'S ATOP AND BY COMPLYING WITH THE APPLICABLE ATOP PROCEDURES WITH RESPECT TO THE EXCHANGE OFFER, THE HOLDER OF THE NOTES ACKNOWLEDGES AND AGREES TO BE BOUND BY THE TERMS OF THIS LETTER OF TRANSMITTAL AND CONFIRMS ON BEHALF OF ITSELF AND THE BENEFICIAL OWNER OF SUCH INITIAL NOTES ALL PROVISIONS OF THIS LETTER OF TRANSMITTAL APPLICABLE TO IT AND SUCH BENEFICIAL OWNERS AS FULLY AS IF SUCH BENEFICIAL OWNERS HAD COMPLETED THE INFORMATION REQUIRED HEREIN AND EXECUTED AND TRANSMITTED THIS LETTER OF TRANSMITTAL.

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☐ **CHECK HERE IF TENDERED INITIAL NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:** 

Name(s) of Registered Holder(s):

Window Ticket Number (if any):

Date of Execution of Notice of Guaranteed Delivery: 2025

Name of Institution That Guaranteed Delivery:

Account Number:

Transaction Code Number:

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☐ **CHECK HERE IF YOU ARE A BROKER-DEALER ENTITLED, PURSUANT TO THE TERMS OF THE REGISTRATION RIGHTS AGREEMENT REFERRED TO IN THE PROSPECTUS, TO RECEIVE, AND WISH TO RECEIVE, 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO WITHIN THE EARLIER OF (I) 180 DAYS FROM THE DATE ON WHICH THE EXCHANGE OFFER REGISTRATION STATEMENT (AS DEFINED IN THE REGISTRATION RIGHTS AGREEMENT REFERENCED IN THE PROSPECTUS) IS DECLARED EFFECTIVE AND (II) THE DATE ON WHICH A BROKER-DEALER IS NO LONGER REQUIRED TO DELIVER A PROSPECTUS IN CONNECTION WITH MARKET-MAKING OR OTHER TRADING ACTIVITIES.** 

Name:

Address:

IF THE UNDERSIGNED IS NOT A BROKER-DEALER, THE UNDERSIGNED REPRESENTS THAT IT IS NOT PARTICIPATING IN, AND DOES NOT INTEND TO PARTICIPATE IN, A DISTRIBUTION OF NEW NOTES. IF THE UNDERSIGNED IS A BROKER-DEALER THAT WILL RECEIVE NEW NOTES FOR ITS OWN ACCOUNT IN EXCHANGE FOR INITIAL NOTES THAT WERE ACQUIRED AS A RESULT OF MARKET-MAKING ACTIVITIES OR OTHER TRADING ACTIVITIES, IT ACKNOWLEDGES AND REPRESENTS THAT IT WILL DELIVER A PROSPECTUS MEETING THE REQUIREMENTS OF THE SECURITIES ACT IN CONNECTION WITH ANY RESALES OF SUCH NEW NOTES, WHICH PROSPECTUS DELIVERY REQUIREMENT MAY BE SATISFIED BY THE DELIVERY BY SUCH BROKER-DEALER OF THE PROSPECTUS; HOWEVER, BY SO ACKNOWLEDGING AND REPRESENTING AND BY DELIVERING SUCH A PROSPECTUS THE UNDERSIGNED WILL NOT BE DEEMED TO ADMIT THAT IT IS AN "UNDERWRITER" WITHIN THE MEANING OF THE SECURITIES ACT. IF THE UNDERSIGNED IS A BROKER-DEALER THAT WILL RECEIVE NEW NOTES, IT REPRESENTS THAT THE INITIAL NOTES TO BE EXCHANGED FOR THE NEW NOTES WERE ACQUIRED AS A RESULT OF MARKET-MAKING ACTIVITIES OR OTHER TRADING ACTIVITIES. IN ADDITION, SUCH BROKER-DEALER REPRESENTS THAT IT IS NOT ACTING ON BEHALF OF ANY PERSON WHO COULD NOT TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS.

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**PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY** 

Ladies and Gentlemen:

Upon the terms and subject to the conditions of the Exchange Offer, the undersigned hereby tenders to the Issuer the aggregate principal amount of Initial Notes indicated above. Subject to, and effective upon, the acceptance for exchange of the Initial Notes tendered hereby, the undersigned hereby sells, assigns and transfers to, or upon the order of, the applicable Issuer all right, title and interest in and to such Initial Notes as are being tendered hereby.

The undersigned hereby irrevocably constitutes and appoints the Exchange Agent as the undersigned's true and lawful agent and attorney-in-fact with respect to such tendered Initial Notes, with full power of substitution, among other things, to cause the Initial Notes to be assigned, transferred and exchanged.

The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer the Initial Notes, and to acquire New Notes issuable upon the exchange of such tendered Initial Notes, and that, when such Initial Notes are accepted for exchange, the Issuer will acquire good and unencumbered title thereto, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claim when the same are accepted by the Issuer. The undersigned hereby further represents and warrants that any New Notes acquired in exchange for Initial Notes tendered hereby will have been acquired in the ordinary course of business of the person receiving such New Notes, whether or not such person is the undersigned, that neither the Holder of such Initial Notes nor any such other person is participating in, intends to participate in or has an arrangement or understanding with any person to participate in the distribution (within the meaning of the Securities Act) of Initial Notes or New Notes, that neither the Holder of such Initial Notes nor any such other person is an "affiliate," as defined in Rule 405 under the Securities Act, of the Issuer and that neither the Holder of such Initial Notes nor such other person is acting on behalf of any person who could not truthfully make the foregoing representations and warranties.

The undersigned acknowledges that this Exchange Offer is being made in reliance on interpretations by the staff of the Securities and Exchange Commission (the "<u>SEC</u>"), as set forth in no-action letters issued to third parties, that the New Notes issued pursuant to the Exchange Offer in exchange for the Initial Notes may be offered for resale, resold and otherwise transferred by Holders thereof (other than any such Holder that is a broker-dealer or an "affiliate" of the Issuer within the meaning of Rule 405 under the Securities Act), without compliance with the registration and prospectus delivery provisions of the Securities Act, provided that such New Notes are acquired in the ordinary course of such Holder's business, at the time of commencement of the Exchange Offer such Holder has no arrangement or understanding with any person to participate in a distribution of such New Notes, and such Holder is not engaged in, and does not intend to engage in, a distribution of such New Notes. However, the SEC has not considered the Exchange Offer in the context of a no-action letter and there can be no assurance that the staff of the SEC would make a similar determination with respect to the Exchange Offer as in other circumstances. If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of New Notes and has no arrangement or understanding to participate in a distribution of New Notes. If the undersigned is a broker-dealer that will receive New Notes for its own account in exchange for Initial Notes, it represents that the Initial Notes to be exchanged for the New Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of such New Notes, which prospectus delivery requirement may be satisfied by the delivery by such broker-dealer of the Prospectus; however, by so acknowledging and by delivering a prospectus meeting the requirements of the Securities Act, the undersigned will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act.

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The SEC has taken the position that such broker-dealers may fulfill their prospectus delivery requirements with respect to the New Notes (other than a resale of New Notes received in exchange for an unsold allotment from the original sale of the Initial Notes) with the Prospectus. The Prospectus, as it may be amended or supplemented from time to time, may be used by certain broker-dealers (as specified in the Registration Rights Agreement referenced in the Prospectus) ("<u>Participating Broker-Dealers</u>") for a period of time, starting on the Expiration Date and ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement (as defined in the Registration Rights Agreement referenced in the Prospectus) is declared effective and (ii) the date on which Participating Broker-Dealers are no longer required to deliver a prospectus in connection with market-making or other trading activities. The Issuer has agreed that, for such period of time, it shall provide sufficient copies of the latest version of the Prospectus to such a broker-dealer which elects to exchange Initial Notes, acquired for its own account as a result of market making or other trading activities, for New Notes pursuant to the Exchange Offer for use in connection with any resale of such New Notes. By accepting the Exchange Offer, each broker-dealer that receives New Notes pursuant to the Exchange Offer acknowledges and agrees to notify the Issuers prior to using the Prospectus in connection with the sale or transfer of New Notes and that, upon receipt of notice from the Issuer of the happening of any event which makes any statement in the Prospectus untrue in any material respect or which requires the making of any changes in the Prospectus in order to make the statements therein (in light of the circumstances under which they were made) not misleading, such broker-dealer will suspend use of the Prospectus until (i) the Issuer has amended or supplemented the Prospectus to correct such misstatement or omission and (ii) the Issuer has furnished copies of the amended or supplemented Prospectus to such broker-dealer or, if the Issuer has not otherwise agreed to furnish such copies and decline to do so after such broker-dealer so requests, such broker-dealer has obtained a copy of such amended or supplemented Prospectus as filed with the SEC. Except as described above, the Prospectus may not be used for or in connection with an offer to resell, a resale or any other retransfer of New Notes. A broker-dealer that acquired Initial Notes in a transaction other than as part of its market-making activities or other trading activities will not be able to participate in the Exchange Offer.

The undersigned will, upon request, execute and deliver any additional documents deemed by the Issuer to be necessary or desirable to complete the sale, assignment and transfer of the Initial Notes tendered hereby. All authority conferred or agreed to be conferred in this Letter and every obligation of the undersigned hereunder shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of the undersigned and shall not be affected by, and shall survive, the death or incapacity of the undersigned. This tender may be withdrawn only in accordance with the procedures set forth in "Exchange Offer—Terms of the Exchange Offer—Withdrawal of Tenders" section of the Prospectus.

Unless otherwise indicated herein in the box entitled "Special Issuance Instructions" below, please credit the account indicated above maintained at the Book-Entry Transfer Facility.

THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED "DESCRIPTION OF INITIAL NOTES" ABOVE AND SIGNING THIS LETTER, WILL BE DEEMED TO HAVE TENDERED THE INITIAL NOTES AS SET FORTH IN SUCH BOX ABOVE.

**PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL CAREFULLY BEFORE COMPLETING ANY BOX ABOVE.** 

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**PLEASE SIGN HERE** 

**(TO BE COMPLETED BY ALL TENDERING HOLDERS)** 

SIGNATURE(S) OF OWNER: DATE: , 2025

Area Code and Telephone Number:

If a Holder is tendering an Initial Note, this Letter must be signed by the registered Holder(s) as the name(s) appear(s) on the certificate(s) for the Initial Note or by any person(s) authorized to become registered Holder(s) by endorsements and documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, officer or other person acting in a fiduciary or representative capacity, please set forth full title. See Instruction 2. Name(s):

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| |
|:---|
| (PLEASE TYPE OR PRINT) |
| Capacity: |
| Address: |
| SIGNATURE GUARANTEE (IF REQUIRED BY INSTRUCTION 2) SIGNATURE(S) GUARANTEED BY AN ELIGIBLE INSTITUTION: |
| <br> (AUTHORIZED SIGNATURE) |
| <br> (TITLE) |
| <br> (NAME AND FIRM) |
| <br> DATED: , 2025 |
| (PLEASE COMPLETE ACCOMPANYING FORM W-9.) |

---

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**SPECIAL ISSUANCE INSTRUCTIONS** 

**(See Instructions 2, 3 and 4)** 

To be completed ONLY if Initial Notes delivered by book-entry transfer which are not accepted for exchange are to be returned by credit to an account maintained at the Book-Entry Transfer Facility other than the account indicated above.

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| | |
|:---|:---|
| Issue: New Notes and/or Initial Notes to: |  |
|  | (Please Type or Print) |
| Name(s) and Taxpayer Identification or Social Security Number(s): | Name(s) and Taxpayer Identification or Social Security Number(s): |
| (Please Type or Print) | (Please Type or Print) |
| Address: | Address: |
| <br> (Zip Code) | <br> (Zip Code) |
| (Complete Form W-9) | (Complete Form W-9) |

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☐ Credit unexchanged Initial Notes delivered by book-entry transfer to the Book-Entry Transfer Facility account set forth below:

(Book-Entry Transfer Facility Account Number, if Applicable)

IMPORTANT: UNLESS GUARANTEED DELIVERY PROCEDURES ARE COMPLIED WITH, THIS LETTER OR A FACSIMILE HEREOF (TOGETHER WITH A BOOK-ENTRY CONFIRMATION AND ALL OTHER REQUIRED DOCUMENTS) MUST BE RECEIVED BY THE EXCHANGE AGENT PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE.

INSTRUCTIONS FORMING PART OF THE TERMS AND CONDITIONS OF THE OFFER TO EXCHANGE ANY AND ALL OUTSTANDING 7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055 AND 7.500% FIXED-TO-FIXED REST RATE JUNIOR SUBORDINATED NOTES DUE 2055 OF SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD. FOR 7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055 AND 7.500% FIXED-TO-FIXED REST RATE JUNIOR SUBORDINATED NOTES DUE 2055 OF SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD. THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Delivery of this Letter and notes; guaranteed delivery procedures.** This Letter is to be completed by
Holders of Initial Notes if tenders are to be made pursuant to the procedures for delivery by book-entry transfer set forth in the "Exchange Offer—Terms of the Exchange Offer—Book-Entry Transfer" section of the Prospectus.
Book-Entry Confirmation, as well as a properly completed and duly executed Letter (or manually signed facsimile hereof) and any other documents required by this Letter, must be received by the Exchange Agent at the address set forth herein on or
prior to the Expiration Date, or the tendering Holder must comply with the guaranteed delivery procedures set forth below. Initial Notes tendered hereby must be in denominations of principal amount of U.S.$2,000 and any integral multiple of
U.S.$1,000 in excess thereof. Holders who cannot complete the procedure for book-entry transfer on a timely basis may tender their Initial Notes pursuant to the guaranteed delivery procedures set forth in the "Exchange Offer—Terms of the
Exchange Offer—Guaranteed Delivery Procedures" section of the Prospectus. Pursuant to such procedures, (i) such tender must be made through an Eligible Institution (as defined herein), (ii) prior to 5:00 p.m., New York City time, on
the Expiration Date, the Exchange Agent must receive from such Eligible Institution a properly completed and duly executed Letter (or a facsimile thereof) and Notice of Guaranteed Delivery, substantially in the form provided by the Issuers (by
facsimile transmission, mail or hand delivery), setting forth the name and address of the Holder of Initial Notes and the amount of Initial Notes tendered, stating that the tender is being made thereby and guaranteeing that within three New York
Stock Exchange (" <u>NYSE</u> ") trading days after the date of execution of the Notice of Guaranteed Delivery a Book-Entry Confirmation and any other documents required by this Letter will be deposited by the Eligible Institution with the
Exchange Agent, and (iii) a Book-Entry Confirmation and all other documents required by this Letter, are received by the Exchange Agent within three NYSE trading days after the date of execution of the Notice of Guaranteed Delivery.

The method of delivery of this Letter and all or any other required documents is at the election and risk of the tendering Holders, but the delivery will be deemed made only when actually received or confirmed by the Exchange Agent. If this Letter and all other required documents are sent by mail, it is suggested that the mailing be registered mail, properly insured, with return receipt requested, made sufficiently in advance of the Expiration Date to permit delivery to the Exchange Agent prior to 5:00 p.m., New York City time, on the Expiration Date. See the "Exchange Offer—Terms of the Exchange Offer" section of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Signatures on this Letter; bond powers; guarantee of signatures.** If this Letter is signed by a
participant in the Book-Entry Facility, the signature must correspond exactly with the name as it appears on the security position listing of the Holders of the Initial Notes.

If any tendered Initial Notes are owned of record by two or more joint owners, all of such owners must sign this Letter.

If this Letter is signed by registered Holder(s) of the Initial Notes specified herein and tendered thereby, no separate bond powers are required unless the New Notes are to be issued, or untendered Initial Notes are to be reissued, to a person other than the registered Holder. Signatures on such bond power(s) must be guaranteed by an Eligible Institution.

If this Letter or any bond powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and, unless waived by the applicable Issuers, proper evidence satisfactory to such Issuer of their authority to so act must be submitted.

SIGNATURES ON BOND POWERS REQUIRED BY THIS INSTRUCTION 2 MUST BE GUARANTEED BY A FIRM WHICH IS A BANK, BROKER, DEALER, CREDIT UNION, SAVINGS ASSOCIATION OR OTHER ENTITY WHICH IS A MEMBER IN GOOD STANDING OF A RECOGNIZED MEDALLION PROGRAM APPROVED BY THE SECURITIES TRANSFER ASSOCIATION INC., INCLUDING THE SECURITIES TRANSFER AGENTS MEDALLION PROGRAM ("<u>STAMP</u>"), THE STOCK EXCHANGE MEDALLION PROGRAM ("<u>SEMP</u>") AND THE NEW YORK STOCK EXCHANGE MEDALLION SIGNATURE PROGRAM ("<u>MSP</u>"), OR ANY OTHER "ELIGIBLE GUARANTOR INSTITUTION" (AS DEFINED IN RULE 17AD-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED) (EACH OF THE FOREGOING, AN "<u>ELIGIBLE INSTITUTION</u>") SIGNATURES ON THIS LETTER NEED NOT BE GUARANTEED BY AN ELIGIBLE INSTITUTION, PROVIDED THE INITIAL NOTES ARE TENDERED: (I) BY A REGISTERED HOLDER OF INITIAL NOTES (WHICH TERM, FOR PURPOSES OF THE EXCHANGE OFFER, INCLUDES ANY PARTICIPANT IN THE BOOK-ENTRY TRANSFER FACILITY SYSTEM WHOSE NAME APPEARS ON A SECURITY POSITION LISTING AS THE HOLDER OF SUCH INITIAL NOTES) WHO HAS NOT COMPLETED THE BOX ENTITLED "SPECIAL ISSUANCE INSTRUCTIONS" IN THIS LETTER, OR (II) FOR THE ACCOUNT OF AN ELIGIBLE INSTITUTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Special issuance instructions.** Holders tendering Initial Notes by book-entry transfer may request that
Initial Notes not exchanged be credited to such account maintained at the Book-Entry Transfer Facility as such Holder may designate herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Taxpayer identification number; backup withholding; Form W-9.** U.S. federal income tax law generally requires a tendering Holder that is a U.S. person (including a U.S. resident alien) whose Initial Notes are accepted for exchange to provide the Issuer (as payor), or the Paying Agent designated by the Issuer to
act on its behalf, with such Holder's correct Taxpayer Identification Number (" <u>TIN</u> ") on the Form W-9 attached hereto, which in the case of a tendering Holder who is an individual, is his
or her Social Security number. If the Issuer is not provided with the correct TIN or an adequate basis for an exemption from backup withholding, such tendering Holder may be subject to a penalty imposed by the Internal Revenue Service (the
" <u>IRS</u> "). In addition, delivery to such tendering Holder of New Notes may result in backup withholding, currently at the rate of 24%, on all reportable payments made after the exchange. If withholding results in an overpayment of
taxes, the Holder may obtain a refund from the IRS, provided that the Holder furnishes required information to the IRS on a timely basis.

To prevent backup withholding, each tendering Holder of Initial Notes that is a U.S. person (including a U.S. resident alien) must provide its correct TIN by completing the Form W-9 attached hereto, certifying, under penalties of perjury, that (1) the TIN provided is correct (or that such Holder is awaiting a TIN), (2) the Holder is not subject to backup withholding because (a) the Holder is exempt from backup withholding, (b) the Holder has not been notified by the IRS that such Holder is subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified the Holder that such Holder is no longer subject to backup withholding, and (3) such Holder is a U.S. citizen or other U.S. person. If the tendering Holder of Initial Notes is not a U.S. person, such Holder must give the Exchange Agent a completed Form W-8BEN or other appropriate IRS Form W-8. See the enclosed instructions in Form W-9 for additional instructions.

Exempt Holders of Initial Notes (including, among others, all corporations and certain foreign individuals) are not subject to these backup withholding and reporting requirements but must complete the Form W-9 or the appropriate IRS Form W-8, as applicable. See the enclosed instructions in Form W-9 for additional instructions.

If the Initial Notes are in more than one name or are not in the name of the actual owner, such Holder should consult the enclosed instructions in Form W-9 for information on which TIN to report.

If such Holder does not have a TIN, such Holder should consult the enclosed instructions for Form W-9 on applying for a TIN, and write "Applied For" in the space for the TIN in Part I of the Form W-9. Note: Writing "Applied For" on the Form W-9 means that such Holder has already applied for a TIN or that such Holder intends to apply for one in the near future. If "Applied For" is written in Part I and Paying Agent is not provided with a TIN prior to the date of payment the Paying Agent will withhold 24% of any reportable payments made to the Holder.

For further information concerning backup withholding and instructions for completing Form W-9 consult the instructions in Form W-9.

FAILURE TO COMPLETE A FORM W-9 OR APPROPRIATE FORM W-8 MAY RESULT IN BACKUP WITHHOLDING OF 24% ON ANY PAYMENTS MADE TO YOU PURSUANT TO THE EXCHANGE OFFER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Transfer taxes.** The Issuers will pay all transfer taxes, if any, applicable to the transfer of Initial
Notes to it or its order pursuant to the Exchange Offer. If, however, New Notes and/or substitute Initial Notes not exchanged are to be delivered to, or are to be registered or issued in the name of, any person other than the registered Holder of
the Initial Notes tendered hereby, or if tendered Initial Notes are registered in the name of any person other than the person signing this Letter, or if a transfer tax is imposed for any reason other than the transfer of Initial Notes to the
Issuers or its order pursuant to the Exchange Offer, the amount of any such transfer taxes (whether imposed on the registered Holder or any other persons) will be payable by the tendering Holder. If satisfactory evidence of payment of such taxes or
exemption therefrom is not submitted herewith, the amount of such transfer taxes will be billed directly to such tendering Holder.

Except as provided in this instruction 5, it will not be necessary for transfer tax stamps to be affixed to the Initial Notes specified in this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Waiver of conditions.** The Issuers reserves the absolute right to waive satisfaction of any or all
conditions enumerated in the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **No conditional tenders.** No alternative, conditional, irregular or contingent tenders will be accepted.
All tendering Holders of Initial Notes, by execution of this Letter, shall waive any right to receive notice of the acceptance of their Initial Notes for exchange.

None of the Issuers, the Exchange Agent nor any other person is obligated to give notice of any defect or irregularity with respect to any tender of Initial Notes nor shall any of them incur any liability for failure to give any such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Withdrawal rights.** Tenders of Initial Notes may be withdrawn at any time prior to 5:00 p.m., New York
City time, on the Expiration Date.

For a withdrawal of a tender of Initial Notes to be effective, a written notice of withdrawal must be received by the Exchange Agent at the address set forth above prior to 5:00 p.m., New York City time, on the Expiration Date. Any such notice of withdrawal must (i) specify the name of the person having tendered the Initial Notes to be withdrawn (the "<u>Depositor</u>"), (ii) identify the Initial Notes to be withdrawn (including the principal amount of such Initial Notes), (iii) specify the number of the account at the Book-Entry Transfer Facility from which the Initial Notes were tendered and specify the name and number of the account at the Book-Entry Transfer Facility to be credited with the withdrawn Initial Notes and otherwise comply with the procedures of such facility, (iv) contain a statement that such Holder is withdrawing its election to have such Initial Notes exchanged, (v) be signed by the Holder in the same manner as the original signature on the Letter by which such Initial Notes were tendered (including any required signature guarantees) or be accompanied by documents of transfer to have The Bank of New York Mellon, as trustee with respect to the Initial Notes register the transfer of such Initial Notes in the name of the person withdrawing the tender and (vi) specify the name in which such Initial Notes are registered, if different from that of the Depositor. All questions as to the validity, form and eligibility (including time of receipt) of such notices will be determined by the applicable Issuers, whose determination shall be final and binding on all parties. Any Initial Notes so withdrawn will be deemed not to have been validly tendered for exchange for purposes of the Exchange Offer and no New Notes will be issued with respect thereto unless the Initial Notes so withdrawn are validly retendered. Any Initial Notes that have been tendered for exchange but which are not exchanged for any reason (including the termination or withdrawal of the Exchange Offer) will be returned to the tendering Holder thereof without cost to such Holder by being credited to an account maintained with the Book-Entry Transfer Facility for the Initial Notes promptly after withdrawal, rejection of tender or termination of the Exchange Offer. Properly withdrawn Initial Notes may be retendered by following the procedures described above at any time on or prior to 5:00 p.m., New York City time, on the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Requests for assistance or additional copies.** Questions relating to the procedure for tendering, as well
as requests for additional copies of the Prospectus and this Letter, and requests for Notices of Guaranteed Delivery and other related documents may be directed to the Exchange Agent, at the address and telephone number indicated above.

**IMPORTANT: THIS LETTER OF TRANSMITTAL, (OR A FACSIMILE THEREOF, IF APPLICABLE,) OR AN AGENT'S MESSAGE TO THE BOOK-ENTRY TRANSFER FACILITY TOGETHER WITH CONFIRMATION OF BOOK-ENTRY AND ALL OTHER REQUIRED DOCUMENTS, MUST BE RECEIVED BY THE EXCHANGE AGENT PRIOR TO 5:00 P.M. NEW YORK CITY TIME, ON THE EXPIRATION DATE.** 

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W-9 Request for Taxpayer Form Identification Number and Certification Give form to the (Rev. March 2024) requester. Do not Go to www.irs.gov/FormW9 for instructions and the latest information. send to the IRS. Department of the Treasury Internal Revenue Service Before you begin. For guidance related to the purpose of Form W-9, see Purpose of Form, below. 1 Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) 2 Business name/disregarded entity name, if different from above. 3. 3a Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check 4 Exemptions (codes apply only to only one of the following seven boxes. certain entities, not individuals; page see instructions on page 3): Individual/sole proprietor Exempt payee code (if any) on C corporation S corporation Partnership Trust/estate LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) type. Note: Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax Exemption from Foreign Account Tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the Compliance Act (FATCA) reporting or appropriate box for the tax classification of its owner. code (if any) Instructions Other (see instructions) Print 3b If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, (Applies to accounts maintained and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this Specific box if you have any foreign partners, owners, or beneficiaries. See instructions outside the United States.) See 5 Address (number, street, and apt. or suite no.). See instructions. Requester's name and address (optional) 6 City, state, and ZIP code 7 List account number(s) here (optional) Part I Taxpayer Identification Number (TIN) Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid Social security number backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other - - entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later. or Employer identification number Note: If the account is in more than one name, see the instructions for line 1. See also What Name and - Number To Give the Requester for guidelines on whose number to enter. Part II Certification Under penalties of perjury, I certify that: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and 2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and 3. I am a U.S. citizen or other U.S. person (defined below); and 4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and, generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later. Sign Signature of Here U.S. person Date General Instructions New line 3b has been added to this form. A flow-through entity is required to complete this line to indicate that it has direct or indirect Section references are to the Internal Revenue Code unless otherwise noted. foreign partners, owners, or beneficiaries when it provides the Form W-Future developments. For the latest information about developments related to 9 to another flow-through entity in which it has an ownership interest. Form W-9 and its instructions, such as legislation enacted after they were This change is intended to provide a flow-through entity with information published, go to www.irs.gov/FormW9. regarding the status of its indirect foreign partners, owners, or beneficiaries, so that it can satisfy any applicable reporting What's New requirements. For example, a partnership that has any indirect foreign Line 3a has been modified to clarify how a disregarded entity completes this line. partners may be required to complete Schedules K-2 and K-3. See the An LLC that is a disregarded entity should check the appropriate box for the tax Partnership Instructions for Schedules K-2 and K-3 (Form 1065). Purpose of Form 13229-004 02Jun25 16:57 Cat. No. 10231X Page 93 Form W-9 (Rev. 3-2024)

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An individual or entity (Form W-9 requester) who is required to file an information return with the IRS is giving you this form because they must obtain your correct taxpayer identification number (TIN), which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.

• Form 1099-INT (interest earned or paid).

• Form 1099-DIV (dividends, including those from stocks or mutual funds).

• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds).

• Form 1099-NEC (nonemployee compensation).

• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers).

• Form 1099-S (proceeds from real estate transactions).

• Form 1099-K (merchant card and third-party network transactions).

• Form 1098 (home mortgage interest), 1098-E (student loan interest), and 1098-T (tuition).

• Form 1099-C (canceled debt).

• Form 1099-A (acquisition or abandonment of secured property).

Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.

**Caution:** If you don't return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See *What is backup withholding*, later.

**By signing the filled-out form**, you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certify that you are not subject to backup withholding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Claim exemption from backup withholding if you are a U.S. exempt payee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Certify to your non-foreign status for purposes of withholding under chapter 3 or 4 of the Code (if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting is correct. See What Is FATCA Reporting, later, for further information.

**Note:** If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester's form if it is substantially similar to this Form W-9.

**Definition of a U.S. person**. For federal tax purposes, you are considered a U.S. person if you are:

• An individual who is a U.S. citizen or U.S. resident alien;

• A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;

• An estate (other than a foreign estate); or

• A domestic trust (as defined in Regulations section 301.7701-7).

**Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding.** Payments made to foreign persons, including certain distributions, allocations of income, or transfers of sales proceeds, may be subject to withholding under chapter 3 or chapter 4 of the Code (sections 1441–1474). Under those rules, if a Form W-9 or other certification of non-foreign status has not been received, a withholding agent, transferee, or partnership (payor) generally applies presumption rules that may require the payor to withhold applicable tax from the recipient, owner, transferor, or partner (payee). See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

The following persons must provide Form W-9 to the payor for purposes of establishing its non-foreign status.

• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the disregarded entity.

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• In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the grantor trust.

• In the case of a U.S. trust (other than a grantor trust), the U.S. trust and not the beneficiaries of the trust.

See Pub. 515 for more information on providing a Form W-9 or a certification of non-foreign status to avoid withholding.

**Foreign person.** If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person (under Regulations section 1.1441-1(b)(2)(iv) or other applicable section for chapter 3 or 4 purposes), do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515). If you are a qualified foreign pension fund under Regulations section 1.897(l)-1(d), or a partnership that is wholly owned by qualified foreign pension funds, that is treated as a non-foreign person for purposes of section 1445 withholding, do not use Form W-9. Instead, use Form W-8EXP (or other certification of non-foreign status).

**Nonresident alien who becomes a resident alien.** Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a saving clause. Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.

If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The treaty article addressing the income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The type and amount of income that qualifies for the exemption from tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.

***Example.*** Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if their stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first Protocol) and is relying on this exception to claim an exemption from tax on their scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.

If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.

**Backup Withholding** 

**What is backup withholding?** Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called "backup withholding." Payments that may be subject to backup withholding include, but are not limited to, interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third-party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.

You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.

**Payments you receive will be subject to backup withholding if:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You do not furnish your TIN to the requester;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You do not certify your TIN when required (see the instructions for Part II for details);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The IRS tells the requester that you furnished an incorrect TIN;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You do not certify to the requester that you are not subject to backup withholding, as described in item 4 under "*By signing the filled-out form*" above (for reportable interest and dividend accounts opened after 1983 only).Certain payees and payments are exempt from backup withholding. See *Exempt payee code*, later, and the separate Instructions for the Requester of Form W-9 for more information.

See also *Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding*, earlier.

**What Is FATCA Reporting?** 

The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all U.S. account holders that are specified U.S. persons. Certain payees are exempt from FATCA reporting. See *Exemption from FATCA reporting code*, later, and the Instructions for the Requester of Form W-9 for more information.

**Updating Your Information** 

You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you are no longer tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account, for example, if the grantor of a grantor trust dies.

**Penalties** 

**Failure to furnish TIN.** If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.

**Civil penalty for false information with respect to withholding.** If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.

**Criminal penalty for falsifying information.** Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.

**Misuse of TINs.** If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.

**Specific Instructions** 

**Line 1** 

You must enter one of the following on this line; **do not** leave this line blank. The name should match the name on your tax return.

If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.

• **Individual.** Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.

**Note for ITIN applicant:** Enter your individual name as it was entered on your Form W-7 application, line 1a. This should also be the same as the name you entered on the Form 1040 you filed with your application.

• **Sole proprietor.** Enter your individual name as shown on your Form 1040 on line 1. Enter your business, trade, or "doing business as" (DBA) name on line 2.

• **Partnership, C corporation, S corporation, or LLC, other than a disregarded entity.** Enter the entity's name as shown on the entity's tax return on line 1 and any business, trade, or DBA name on line 2.

• **Other entities.** Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. Enter any business, trade, or DBA name on line 2.

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• **Disregarded entity.** In general, a business entity that has a single owner, including an LLC, and is not a corporation, is disregarded as an entity separate from its owner (a disregarded entity). See Regulations section 301.7701-2(c)(2). A disregarded entity should check the appropriate box for the tax classification of its owner. Enter the owner's name on line 1. The name of the owner entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner's name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity's name on line 2. If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.

**Line 2** 

If you have a business name, trade name, DBA name, or disregarded entity name, enter it on line 2.

**Line 3a** 

Check the appropriate box on line 3a for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3a.

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| **IF the entity/individual on line 1 is<br>a(n) . . .** | **THEN check the box for . . .** |
| • Corporation | Corporation. |
| • Individual or<br> • Sole proprietorship | Individual/sole proprietor. |
| • LLC classified as a partnership for U.S. federal tax purposes or<br> • LLC that has filed Form 8832 or 2553 electing to be taxed as a corporation | Limited liability company and<br> enter the appropriate tax<br> classification:<br> P = Partnership,<br> C = C corporation, or<br> S = S corporation. |
| • Partnership | Partnership. |
| • Trust/estate | Trust/estate. |

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**Line 3b** 

Check this box if you are a partnership (including an LLC classified as a partnership for U.S. federal tax purposes), trust, or estate that has any foreign partners, owners, or beneficiaries, and you are providing this form to a partnership, trust, or estate, in which you have an ownership interest. You must check the box on line 3b if you receive a Form W-8 (or documentary evidence) from any partner, owner, or beneficiary establishing foreign status or if you receive a Form W-9 from any partner, owner, or beneficiary that has checked the box on line 3b.

**Note:** A partnership that provides a Form W-9 and checks box 3b may be required to complete Schedules K-2 and K-3 (Form 1065). For more information, see the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).

If you are required to complete line 3b but fail to do so, you may not receive the information necessary to file a correct information return with the IRS or furnish a correct payee statement to your partners or beneficiaries. See, for example, sections 6698, 6722, and 6724 for penalties that may apply.

**Line 4 Exemptions** 

If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.

**Exempt payee code.** 

• Generally, individuals (including sole proprietors) are not exempt from backup withholding.

• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends.

• Corporations are not exempt from backup withholding for payments made in settlement of payment card or third-party network transactions.

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• Corporations are not exempt from backup withholding with respect to attorneys' fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.

The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space on line 4.

1—An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2).

2—The United States or any of its agencies or instrumentalities.

3—A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.

4—A foreign government or any of its political subdivisions, agencies, or instrumentalities.

5—A corporation.

6—A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or territory.

7—A futures commission merchant registered with the Commodity Futures Trading Commission.

8—A real estate investment trust.

9—An entity registered at all times during the tax year under the Investment Company Act of 1940.

10—A common trust fund operated by a bank under section 584(a).

11—A financial institution as defined under section 581.

12—A middleman known in the investment community as a nominee or custodian.

13—A trust exempt from tax under section 664 or described in section 4947.

The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.

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| **IF the payment is for . . .** | **THEN the payment is exempt for<br>. . .** |
| • Interest and dividend payments | All exempt payees except<br> for 7. |
| • Broker transactions | Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities acquired prior to 2012. |
| • Barter exchange transactions and patronage dividends | Exempt payees 1 through 4. |
| • Payments over $600 required to be reported and direct sales over $5,000<sup>1</sup> | Generally, exempt payees<br> 1 through 5.² |
| • Payments made in settlement of payment card or third-party network transactions | Exempt payees 1 through 4. |

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| ¹ | See Form 1099-MISC, Miscellaneous Information, and its instructions.  |

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| ² | However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys' fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency.  |

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**Exemption from FATCA reporting code.** The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with "Not Applicable" (or any similar indication) entered on the line for a FATCA exemption code.

A—An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37).

B—The United States or any of its agencies or instrumentalities.

C—A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.

D—A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i).

E—A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i).

F—A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state.

G—A real estate investment trust.

H—A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940.

I—A common trust fund as defined in section 584(a).

J—A bank as defined in section 581.

K—A broker.

L—A trust exempt from tax under section 664 or described in section 4947(a)(1).

M—A tax-exempt trust under a section 403(b) plan or section 457(g) plan.

**Note:** You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.

**Line 5** 

Enter your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, enter "NEW" at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.

**Line 6** 

Enter your city, state, and ZIP code.

**Part I. Taxpayer Identification Number (TIN)** 

**Enter your TIN in the appropriate box.** If you are a resident alien and you do not have, and are not eligible to get, an SSN, your TIN is your IRS ITIN. Enter it in the entry space for the Social security number. If you do not have an ITIN, see *How to get a TIN* below.

If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.

If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner's SSN (or EIN, if the owner has one). If the LLC is classified as a corporation or partnership, enter the entity's EIN.

**Note:** See *What Name and Number To Give the Requester*, later, for further clarification of name and TIN combinations.

**How to get a TIN.** If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local SSA office or get this form online at *www.SSA.gov*. You may also get this form by calling 800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at *www.irs.gov/EIN*. Go to *www.irs.gov/Forms* to view, download, or print Form W-7 and/or Form SS-4. Or, you can go to *www.irs.gov/OrderForms* to place an order and have Form W-7 and/or Form SS-4 mailed to you within 15 business days.

If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and enter "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and

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certain payments made with respect to readily tradable instruments, you will generally have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.

**Note:** Entering "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon. See also *Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding*, earlier, for when you may instead be subject to withholding under chapter 3 or 4 of the Code.

**Caution:** A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.

**Part II. Certification** 

To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.

For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see *Exempt payee code*, earlier.

**Signature requirements.** Complete the certification as indicated in items 1 through 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983.** You must give your correct TIN, but you do not have to sign the certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983.** You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Real estate transactions.** You must sign the certification. You may cross out item 2 of the certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Other payments.** You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third-party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions.** You must give your correct TIN, but you do not have to sign the certification.

**What Name and Number to Give the Requester** 

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| **For this type of account:** | **Give name and SSN of:** |
| 1. Individual | The individual |
| 2. Two or more individuals (joint account) other than an account maintained by an FFI | The actual owner of the account or, if combined funds, the first individual on the account¹ |
| 3. Two or more U.S. persons (joint account maintained by an FFI) | Each holder of the account |
| 4. Custodial account of a minor (Uniform Gift to Minors Act) | The minor² |
| 5. a. The usual revocable savings trust (grantor is also trustee) | The grantor-trustee¹ |
| b. So-called trust account that is not a legal or valid trust under state law | The actual owner¹ |
| 6. Sole proprietorship or disregarded entity owned by an individual | The owner³ |
| 7. Grantor trust filing under Optional Filing Method 1 (see Regulations section 1.671-4(b)(2)(i)(A))\*\* | The grantor\* |

---

---

| | |
|:---|:---|
| **For this type of account:** | **Give name and EIN of:** |
| 8. Disregarded entity not owned by an individual | The owner |
| 9. A valid trust, estate, or pension trust | Legal entity<sup>4</sup> |
| 10. Corporation or LLC electing corporate status on Form 8832 or Form 2553 | The corporation |
| 11. Association, club, religious, charitable, educational, or other tax-exempt organization | The organization |
| 12. Partnership or multi-member LLC | The partnership |
| 13. A broker or registered nominee | The broker or nominee |
| 14. Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments | The public entity |
| 15. Grantor trust filing Form 1041 or under the Optional Filing Method 2, requiring Form 1099 (see Regulations section 1.671-4(b)(2)(i)(B))\*\* | The trust |

---

<sup>1</sup> List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person's number must be furnished.

<sup>2</sup> Circle the minor's name and furnish the minor's SSN.

<sup>3</sup> You must show your individual name on line 1, and enter your business or DBA name, if any, on line 2. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN.

<sup>4</sup> List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.)

\* **Note:** The grantor must also provide a Form W-9 to the trustee of the trust. 

\*\* For more information on optional filing methods for grantor trusts, see the Instructions for Form 1041. 

**\*\*** **Note:** If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed. 

**Secure Your Tax Records From Identity Theft** 

Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.

To reduce your risk:

• Protect your SSN,

• Ensure your employer is protecting your SSN, and

• Be careful when choosing a tax return preparer.

If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.

If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity, or a questionable credit report, contact the IRS Identity Theft Hotline at 800-908-4490 or submit Form 14039.

For more information, see Pub. 5027, Identity Theft Information for Taxpayers.

Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 877-777-4778 or TTY/TDD 800-829-4059.

------

---

| | |
|:---|:---|
| Form W-9 (Rev. 3-2024) | Page **5** |

---

**Protect yourself from suspicious emails or phishing schemes.** Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.

The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.

If you receive an unsolicited email claiming to be from the IRS, forward this message to *phishing@irs.gov.* You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 800-366-4484. You can forward suspicious emails to the Federal Trade Commission at *spam@uce.gov* or report them at *www.ftc.gov/complaint*. You can contact the FTC at *www.ftc.gov/idtheft* or 877-IDTHEFT (877-438-4338). If you have been the victim of identity theft, see *www.IdentityTheft.gov* and Pub. 5027.

Go to *www.irs.gov/IdentityTheft* to learn more about identity theft and how to reduce your risk.

**Privacy Act Notice** 

Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and territories for use in administering their laws. The information may also be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payors must generally withhold a percentage of taxable interest, dividends, and certain other payments to a payee who does not give a TIN to the payor. Certain penalties may also apply for providing false or fraudulent information.

## Exhibit 99.2

**Exhibit 99.2** 

**NOTICE OF GUARANTEED DELIVERY FOR** 

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**(formerly known as 15142121 Canada Ltd.)** 

**OFFER TO EXCHANGE** 

**ANY AND ALL 7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055 ISSUED ON AUGUST 28, 2024 FOR A LIKE PRINCIPAL AMOUNT OF CORRESPONDING 7.625% FIXED-TO-FIXED RESET RATE JUNIOR SUBORDINATED NOTES DUE 2055 WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED** 

**ANY AND ALL 7.500% FIXED-TO-FIXED REST RATE JUNIOR SUBORDINATED NOTES DUE 2055 ISSUED ON AUGUST 28, 2024 FOR A LIKE PRINCIPAL AMOUNT OF CORRESPONDING 7.500% FIXED-TO-FIXED REST RATE JUNIOR SUBORDINATED NOTES DUE 2055 WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES** 

**ACT OF 1933, AS AMENDED** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Title of**<br> **Series of**<br> **Initial Notes** | **Rule 144A**<br> **CUSIP / ISIN**<br> **Numbers of**<br> **Initial Notes** | **Regulation S**<br> **CUSIP / ISIN**<br> **Numbers of**<br> **Initial Notes** | **Maturity**<br> **Date of**<br> **Initial Notes** | **Aggregate**<br> **Principal Amount<br>Outstanding** | **Exchange**<br> **Consideration** | **Title of**<br> **Series of**<br> **New Notes** | **CUSIP / ISIN**<br> **Numbers of**<br> **New Notes** | **Maturity**<br> **Date of**<br> **New**<br> **Notes** |
| 7.625% Fixed-to- Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AF9 / US836720AF90 | C84926 AA9 / USC84926AA95 | March 1, 2055 | U.S.$450,000,000 | an equal principal amount of newly issued and registered 7.625% Fixed- to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AG7 / US836720AG73 | March 1, 2055 |
| 7.500% Fixed-to- Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AH5 / US836720AH56 | C84926 AB7 / USC84926AB78 | March 1, 2025 | U.S.$650,000,000 | an equal principal amount of newly issued and registered 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AJ1 / US836720AJ13 | March 1, 2055 |

---

This form or one substantially equivalent hereto must be used to accept the Exchange Offer of South Bow Canadian Infrastructure Holdings Ltd. (the "<u>Issuer</u>") made pursuant to the Prospectus, dated , 2025 (the "<u>Prospectus</u>"), if the procedure for book-entry transfer cannot be completed on a timely basis or time will not permit all required documents to reach D.F. King & Co. Inc., as exchange agent (the "<u>Exchange Agent</u>") prior to 5:00 p.m., New York City time, on the Expiration Date of the Exchange Offer.

Such form may be delivered or transmitted by facsimile transmission, mail or hand delivery to the Exchange Agent as set forth below. In addition, in order to utilize the guaranteed delivery procedure to tender Initial Notes pursuant to the Exchange Offer, a completed, signed and dated Letter of Transmittal (or facsimile thereof) relating to the tender for exchange of Initial Notes (the "<u>Letter of Transmittal</u>") must also be received by the Exchange Agent prior to 5:00 p.m., New York City time, on the Expiration Date. Any Initial Notes tendered pursuant to the Exchange Offer may be withdrawn at any time before the Expiration Date. Where the Expiration Date has been extended, tenders pursuant to the Exchange Offer as of the previously scheduled Expiration Date may not be withdrawn after the date of the previously scheduled Expiration Date. Capitalized terms not defined herein are defined in the Prospectus or the Letter of Transmittal.

------

*By Regular Mail or Overnight Courier:* 

D.F. King & Co., Inc.

48 Wall Street – 22nd Floor

New York, New York 10005

Banks and Brokers Call Collect: (212) 269-5550

All Others Call Toll-Free: (800) 848-2998

Email: <u>southbow@dfking.com</u>

***Delivery of this instrument to an address other than as set forth above, or transmission or instructions via facsimile other than as set forth above, will not constitute a valid delivery.***

***This form is not to be used to guarantee signatures. If a signature on a Letter of Transmittal is required to be guaranteed by an Eligible Institution (as defined in the Letter of Transmittal) under the instructions thereto, such signature guarantee must appear in the applicable space provided in the signature box on the Letter of Transmittal.***

***DELIVERY OF THE AGENT'S MESSAGE BY DTC, EUROCLEAR OR CLEARSTREAM WILL SATISFY THE TERMS OF THE EXCHANGE OFFER AS TO EXECUTION AND DELIVERY OF A LETTER OF TRANSMITTAL BY THE PARTICIPANT IDENTIFIED IN THE AGENT'S MESSAGE. DTC PARTICIPANTS MAY ALSO ACCEPT THE EXCHANGE OFFER BY SUBMITTING A NOTICE OF GUARANTEED DELIVERY THROUGH ATOP.***

------

**PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY** 

Ladies and Gentlemen:

Upon the terms and conditions set forth in the Prospectus and the accompanying Letter of Transmittal, the undersigned hereby tenders to the Issuer the principal amount of Initial Notes set forth below pursuant to the guaranteed delivery procedure described in "Exchange Offer—Terms of the Exchange Offer—Guaranteed Delivery Procedure" section of the Prospectus.

The undersigned understands that tenders of Initial Notes will be accepted only in principal amount equal to U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof. Additionally, the undersigned understands that the tenders of Initial Notes pursuant to the Exchange Offer may not be withdrawn after 5:00 p.m., New York City time on the Expiration Date.

All authority herein conferred or agreed to be conferred by this Notice of Guaranteed Delivery shall survive the death or incapacity of the undersigned and every obligation of the undersigned under this Notice of Guaranteed Delivery shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy and other legal representatives of the undersigned.

**PLEASE SIGN AND COMPLETE** 

---

| | | |
|:---|:---|:---|
| **Series of Initial Notes Tendered**<br> **CUSIP No. (144A / Reg S)** | **Principal Amount of Initial Notes**<br> **Tendered (must be in denominations of**<br> **principal amount of U.S.$2,000 and any**<br> **integral multiple of U.S.$1,000):\*** | **Name(s) of Registered Holder(s):** |
| &nbsp;&nbsp;&nbsp;7.625% Fixed-to-Fixed Reset |  |  |
| &nbsp;&nbsp;&nbsp;Rate Junior Subordinated Notes |  |  |
| &nbsp;&nbsp;&nbsp;due 2055 |  |  |
| &nbsp;&nbsp;&nbsp;836720 AF9 (144A) |  |  |
| &nbsp;&nbsp;&nbsp;7.625% Fixed-to-Fixed Reset |  |  |
| &nbsp;&nbsp;&nbsp;Rate Junior Subordinated Notes |  |  |
| &nbsp;&nbsp;&nbsp;due 2055 |  |  |
| &nbsp;&nbsp;&nbsp;C84926 AA9 (Reg S) |  |  |
| &nbsp;&nbsp;&nbsp;7.500% Fixed-to-Fixed Rest Rate |  |  |
| &nbsp;&nbsp;&nbsp; Junior Subordinated Notes<br> due 2055 |  |  |
| &nbsp;&nbsp;&nbsp;836720 AH5 (144A) |  |  |
| &nbsp;&nbsp;&nbsp;7.500% Fixed-to-Fixed Rest Rate |  |  |
| &nbsp;&nbsp;&nbsp; Junior Subordinated Notes<br> due 2055 |  |  |
| &nbsp;&nbsp;&nbsp;C84926 AB7 (Reg S) |  |  |

---

**Address(s) including zip code:**

------

---

| | |
|:---|:---|
| If Initial Notes will be delivered by book entry transfer at |  |
| The Depository Trust Company, insert Account No.: | Telephone Number including Area Code: |
|  | Signature(s) of Registered Owner(s) or Authorized |
|  | Signatory: |
| Date: |  |

---

This Notice of Guaranteed Delivery must be signed by the Holder(s) of Initial Notes exactly as its (their) name(s) appear on certificates for Initial Notes or a security position listing as the owner of Initial Notes, or by person(s) authorized to become registered Holder(s) by endorsements and documents transmitted with this Notice of Guaranteed Delivery. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer or other person acting in a fiduciary or representative capacity, such person must provide the following information.

---

| | |
|:---|:---|
|  | **Please print name(s) and address(es):** |
| Name(s): |  |
| Capacity: |  |
| Address(es): |  |

---

------

**Do not send Initial Notes with this form. Initial Notes should be sent to the Exchange Agent together with a properly completed and duly executed Letter of Transmittal.** 

**GUARANTEE** 

(Not to be used for signature guarantee)

The undersigned, a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc., a commercial bank or trust company having an office or correspondent in the United States or an "Eligible Guarantor Institution" within the meaning of Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended, hereby guarantees that the certificates representing the principal amount of Initial Notes tendered hereby in proper form for transfer, or timely confirmation of the book-entry transfer of such Initial Notes into the Exchange Agent's account at DTC pursuant to the procedures set forth in "Exchange Offer—Terms of the Exchange Offer—Guaranteed Delivery Procedures" section of the Prospectus, together with any required signature guarantee and any other documents required by the Letter of Transmittal, will be received by the Exchange Agent at the address set forth above, no later than three New York Stock Exchange trading days after the date of execution of this Notice of Guaranteed Delivery.

Name of Firm

Address

Zip Code

Area Code and Tel. No.

Authorized signature

Title

Name: (Please Type or Print)

Dated:

------

**INSTRUCTIONS FOR NOTICE OF GUARANTEED DELIVERY** 

1. **Delivery of this Notice of Guaranteed Delivery.** A properly completed and duly executed copy of this
Notice of Guaranteed Delivery and any other documents required by this Notice of Guaranteed Delivery must be received by the Exchange Agent at its address set forth herein prior to 5:00 p.m., New York City time, on the Expiration Date. The method of
delivery of this Notice of Guaranteed Delivery and any other required documents to the Exchange Agent is at the election and risk of the Holder and the delivery will be deemed made only when actually received by the Exchange Agent. If delivery is by
mail, registered or certified mail properly insured, with return receipt requested, is recommended. In all cases sufficient time should be allowed to assure timely delivery. For a description of the guaranteed delivery procedure, see Instruction 1
of the Letter of Transmittal.

2. **Signatures of this Notice of Guaranteed Delivery.** If this Notice of Guaranteed Delivery is signed by a
participant of the Book-Entry Transfer Facility whose name appears on a security position listing as the owner of Initial Notes, the signature must correspond with the name shown on the security position listing as the owner of the Initial Notes.

If this Notice of Guaranteed Delivery is signed by a person other than the registered Holder(s) of any Initial Notes listed or a participant of the Book-Entry Transfer Facility, this Notice of Guaranteed Delivery must be accompanied by appropriate bond powers, signed as the name of the participant shown on the Book-Entry Transfer Facility's security position listing.

If this Notice of Guaranteed Delivery is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation, or other person acting in a fiduciary or representative capacity, such person should so indicate when signing

3. **Requests for assistance or additional copies.** Questions and requests for assistance and requests for
additional copies of the Prospectus may be directed to the Exchange Agent at the address specified on the first page hereof. Holders may also contact their broker, dealer, commercial bank, trust company, or other nominee for assistance concerning
the Exchange Offer.

## Exhibit 99.3

**Exhibit 99.3** 

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**Offer to Exchange the Outstanding Securities below:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Title of**<br> **Series of**<br> **Initial Notes** | **Rule 144A**<br> **CUSIP / ISIN**<br> **Numbers of**<br> **Initial Notes** | **Regulation S**<br> **CUSIP / ISIN**<br> **Numbers of**<br> **Initial Notes** | **Maturity**<br> **Date of**<br> **Initial Notes** | **Aggregate**<br> **Principal Amount**<br> **Outstanding** | **Exchange**<br> **Consideration** | **Title of**<br> **Series of**<br> **New Notes** | **CUSIP / ISIN**<br> **Numbers of**<br> **New Notes** | **Maturity**<br> **Date of**<br> **New**<br> **Notes** |
| 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AF9 / US836720AF90 | C84926 AA9 / USC84926AA95 | March 1, 2055 | U.S.$450,000,000 | an equal principal amount of newly issued and registered 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AG7 / US836720AG73 | March 1, 2055 |
| 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AH5 / US836720AH56 | C84926 AB7 / USC84926AB78 | March 1, 2025 | U.S.$650,000,000 | an equal principal amount of newly issued and registered 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AJ1 / US836720AJ13 | March 1, 2055 |

---

, 2025

------

To Our Clients:

Enclosed for your consideration are a Prospectus, dated , 2025 (as the same may be amended or supplemented from time to time, the "Prospectus") and a Letter of Transmittal (the "Letter of Transmittal"), relating to the offer (the "Exchange Offer") by South Bow Canadian Infrastructure Holdings Ltd. (the "Company"), and certain guarantors of the Company (the "Guarantors"), to exchange U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "New Notes"), which have been registered under the Securities Act of 1933, as amended (the "Securities Act"), for any and all of its outstanding U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "Initial Notes") in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof upon the terms and subject to the conditions of the enclosed Prospectus and Letter of Transmittal. The terms of the New Notes are identical in all material respects (including principal amount, interest rate and maturity) to the terms of the Initial Notes for which they may be exchanged pursuant to the Exchange Offer, except that the New Notes are freely transferable by holders thereof in the United States, upon the terms and subject to the conditions of the enclosed Prospectus and the related Letter of Transmittal. The Initial Notes are unconditionally guaranteed (the "Initial Guarantees") by the Guarantors, and the New Notes are unconditionally guaranteed (the "New Guarantees") by the Guarantors. Upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal, the Guarantors offer to issue the New Guarantees with respect to all New Notes issued in the Exchange Offer in exchange for the Initial Guarantees of the Initial Notes for which such New Notes are issued in the Exchange Offer. Throughout this letter, unless the context otherwise requires and whether so expressed or not, references to the "Exchange Offer" include the Guarantors' offer to exchange the New Guarantees for the Initial Guarantees, references to the "New Notes" include the related New Guarantees and references to the "Initial Notes" include the related Initial Guarantees. The Company will, subject to the exercise of its discretion, accept for exchange any and all Initial Notes properly tendered according to the terms of the Prospectus and the Letter of Transmittal. Consummation of the Exchange Offer is subject to certain conditions described in the Prospectus.

**PLEASE NOTE THAT THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON , 2025 (THE "EXPIRATION DATE"), UNLESS THE COMPANY OTHERWISE EXTENDS THE EXCHANGE OFFER.** 

The enclosed materials are being forwarded to you as the beneficial owner of the Initial Notes held by us for your account but not registered in your name. A tender of such Initial Notes may only be made by us as the registered holder and pursuant to your instructions. Therefore, the Company urges beneficial owners of Initial Notes registered in the name of a broker, dealer, commercial bank, trust company or other nominee to contact such registered holder promptly if such beneficial owners wish to tender their Initial Notes in the Exchange Offer.

Accordingly, we request instructions as to whether you wish to tender any or all such Initial Notes held by us for your account, pursuant to the terms and conditions set forth in the enclosed Prospectus and Letter of Transmittal. If you wish to have us tender any or all of your Initial Notes, please so instruct us by completing, signing and returning to us the "Instructions to Registered Holder from Beneficial Owner" form that appears below.

We urge you to read the Prospectus and the Letter of Transmittal carefully before instructing us as to whether or not to tender your Initial Notes.

The accompanying Letter of Transmittal is furnished to you for your information only and may not be used by you to tender Initial Notes held by us and registered in our name for your account or benefit.

If we do not receive written instructions in accordance with the below and the procedures presented in the Prospectus and the Letter of Transmittal, we will not tender any of the Initial Notes in your account.

------

**INSTRUCTIONS TO REGISTERED HOLDER FROM BENEFICIAL OWNER** 

The undersigned beneficial owner acknowledges receipt of your letter and the accompanying Prospectus dated , 2025 (as the same may be amended or supplemented from time to time, the "Prospectus"), and a Letter of Transmittal (the "Letter of Transmittal"), relating to the offer (the "Exchange Offer") by South Bow Canadian Infrastructure Holdings Ltd. (the "Company") and certain guarantors of the Company (the "Guarantors") to exchange U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "New Notes"), which have been registered under the Securities Act of 1933, as amended (the "Securities Act"), for any and all of its outstanding U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "Initial Notes"), upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal. Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus.

This will instruct you, the registered holder, to tender the principal amount of the Initial Notes indicated below held by you for the account of the undersigned, upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal.

---

| | | |
|:---|:---|:---|
|  | **Principal Amount Held** | **Principal Amount to be<br>Tendered\*** |
|  7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 |  |  |
|  7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 |  |  |

---

\* Unless otherwise indicated, the entire principal amount held for the account of the undersigned will be tendered.

If the undersigned instructs you to tender the Initial Notes held by you for the account of the undersigned, it is understood that you are authorized (a) to make, on behalf of the undersigned (and the undersigned, by its signature below, hereby makes to you), the representations and warranties contained in the Letter of Transmittal that are to be made with respect to the undersigned as a beneficial owner of the Initial Notes, including but not limited to the representations that the undersigned (i) is not an "affiliate," as defined in Rule 405 under the Securities Act, of the Company or the Guarantors, (ii) is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of New Notes, (iii) is acquiring the New Notes in the ordinary course of its business and (iv) is not a broker-dealer tendering Initial Notes acquired for its own account directly from the Company. If a holder of the Initial Notes is an affiliate of the Company or the Guarantors, is not acquiring the New Notes in the ordinary course of its business, is engaged in or intends to engage in a distribution of the New Notes or has any arrangement or understanding with respect to the distribution of the New Notes to be acquired pursuant to the Exchange Offer, such holder may not rely on the applicable interpretations of the staff of the Securities and Exchange Commission relating to exemptions from the registration and prospectus delivery requirements of the Securities Act and must comply with such requirements in connection with any secondary resale transaction.

------

**SIGN HERE** 

---

| |
|:---|
| Dated: , 2025 |
| Signature(s): |
| Print Name(s): |
| Address: |

---

---

| |
|:---|
| **(Please include Zip/Postal Code)** |
| Telephone Number: |
| **(Please include Area Code)** |
| Tax Identification Number, Social Security Number or Social Insurance Number: |
| My Account Number With You: |

---

## Exhibit 99.4

**Exhibit 99.4** 

**SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.** 

**Offer to Exchange the Outstanding Securities below:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Title of**<br> **Series of**<br> **Initial Notes** | **Rule 144A**<br> **CUSIP / ISIN**<br> **Numbers of**<br> **Initial Notes** | **Regulation S<br>CUSIP / ISIN<br>Numbers of**<br> **Initial Notes** | **Maturity<br>Date of<br>Initial Notes** | **Aggregate**<br> **Principal Amount**<br> **Outstanding** | **Exchange<br>Consideration** | **Title of**<br> **Series of**<br> **New Notes** | **CUSIP / ISIN<br>Numbers of**<br> **New Notes** | **Maturity<br>Date of<br>New<br>Notes** |
| 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AF9 / US836720AF90 | C84926 AA9 / USC84926AA95 | March 1, 2055 | U.S.$450,000,000 | an equal principal amount of newly issued and registered 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 | 836720 AG7 / US836720AG73 | March 1, 2055 |
| 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AH5 / US836720AH56 | C84926 AB7 / USC84926AB78 | March 1, 2025 | U.S.$650,000,000 | an equal principal amount of newly issued and registered 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 | 836720 AJ1 / US836720AJ13 | March 1, 2055 |

---

, 2025

*To Brokers, Dealers, Commercial Banks,* 

*Trust Companies and other Nominees:* 

As described in the enclosed Prospectus, dated , 2025 (as the same may be amended or supplemented from time to time, the "Prospectus") and Letter of Transmittal (the "Letter of Transmittal"), South Bow Canadian Infrastructure Holdings Ltd. (the "Company") and certain guarantors of the Company (the "Guarantors"), are offering to exchange (the "Exchange Offer") U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "New Notes"), which have been registered under the Securities Act of 1933, as amended (the "Securities Act"), for any and all of its outstanding U.S.$450,000,000 of the Company's 7.625% fixed-to-fixed reset rate junior subordinated notes due 2055 and U.S.$650,000,000 of the Company's 7.500% fixed-to-fixed reset rate junior subordinated notes due 2055 (the "Initial Notes") in minimum denominations of U.S.$2,000 and any integral multiples of U.S.$1,000 in excess thereof upon the terms and subject to the conditions of the enclosed Prospectus and Letter of Transmittal. The terms of the New Notes are identical in all material respects (including principal amount, interest rate and maturity) to the terms of the Initial Notes for which they may be exchanged pursuant to the Exchange Offer, except that the New Notes are freely transferable by holders thereof in the United States. The Initial Notes are unconditionally guaranteed (the "Initial Guarantees") by the Guarantors, and the New Notes will be unconditionally guaranteed (the "New Guarantees") by the Guarantors. Upon the terms and subject to the conditions set forth in the Prospectus, the Offering Memorandum, if applicable, and the Letter of Transmittal, the Guarantors offer to issue the New Guarantees with respect to all New Notes issued in the Exchange Offer in exchange for the Initial Guarantees of the Initial Notes for which such New Notes are issued in the Exchange Offer. Throughout this letter, unless the context otherwise requires and whether so expressed or not, references to the "Exchange Offer" include the Guarantors' offer to exchange the New Guarantees for the Initial Guarantees, references to the "New Notes" include the related New Guarantees and references to the "Initial Notes" include the related Initial Guarantees. The Company will, subject to the exercise of its discretion, accept for exchange any and all Initial Notes properly tendered according to the terms of the Prospectus, the Offering Memorandum, if applicable, and the Letter of Transmittal. Consummation of the Exchange Offer is subject to certain conditions described in the Prospectus.

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**WE URGE YOU TO PROMPTLY CONTACT YOUR CLIENTS FOR WHOM YOU HOLD INITIAL NOTES REGISTERED IN YOUR NAME OR IN THE NAME OF YOUR NOMINEE. PLEASE BRING THE EXCHANGE OFFER TO THEIR ATTENTION AS PROMPTLY AS POSSIBLE.** 

Enclosed are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Prospectus and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Letter of Transmittal for your use in connection with the tender of Initial Notes and for the information of your clients, including a Substitute Form W-9 and Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9 (providing information relating to U.S. federal income tax backup withholding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A form of Notice of Guaranteed Delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A form of letter, including a letter of instructions to a registered holder from a beneficial owner, which you may use to correspond with your clients for whose accounts you hold Initial Notes that are registered in your name or the name of your nominee, with space provided for obtaining such clients' instructions regarding the Exchange Offer.

Your prompt action is requested. Please note that the Exchange Offer will expire at 5:00 p.m., New York City time, on , 2025 (the "Expiration Date"), unless the Company otherwise extends the Exchange Offer. We do not currently intend to extend the Expiration Date.

To participate in the Exchange Offer, certificates for Initial Notes, together with a duly executed and properly completed Letter of Transmittal or facsimile thereof with any required signature guarantees, and any other required documents, or a timely confirmation of a book-entry transfer of such Initial Notes into the account of D.F. King & Co., Inc. (the "Exchange Agent"), at the book-entry transfer facility and an agent's message to the Exchange Agent must be received by the Exchange Agent by the Expiration Date as indicated in the Prospectus and the Letter of Transmittal.

The Company will not pay any fees or commissions to any broker or dealer or to any other persons (other than the Exchange Agent) in connection with the solicitation of tenders of the Initial Notes pursuant to the Exchange Offer. However, the Company will pay or cause to be paid any transfer taxes, if any, applicable to the tender of the Initial Notes to it or its order, except as otherwise provided in the Prospectus and Letter of Transmittal.

If holders of the Initial Notes wish to tender, but it is impracticable for them to forward their Initial Notes prior to the Expiration Date or to comply with the book-entry transfer procedures on a timely basis, a tender may be effected by following the guaranteed delivery procedures described in the Prospectus and in the Letter of Transmittal.

Any inquiries you may have with respect to the Exchange Offer should be addressed to the Exchange Agent at its address and telephone number set forth in the enclosed Prospectus and Letter of Transmittal. Additional copies of the enclosed materials may be obtained from the Exchange Agent.

Very truly yours,

South Bow Canadian Infrastructure Holdings Ltd.

NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY OTHER PERSON AS AN AGENT OF THE COMPANY OR THE EXCHANGE AGENT, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENTS ON BEHALF OF EITHER OF THEM IN CONNECTION WITH THE EXCHANGE OFFER, OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS EXPRESSLY CONTAINED THEREIN.

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

**Form F-10** 

(Form Type)

Issuer:

**South Bow Canadian Infrastructure Holdings Ltd.** 

Guarantors:

**South Bow Corporation** 

**South Bow USA Infrastructure Holdings LLC** 

**South Bow Infrastructure Holdings Ltd.** 

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Security<br> Type | Security<br> Class<br> Title | Fee<br> Calculation<br> or Carry<br> Forward<br> Rule | Amount<br> Registered | Proposed<br> Maximum<br> Aggregate<br> Offering<br> Price<sup>(1)</sup> | Fee<br> Rate | Amount of<br> Registration<br> Fee |
| &nbsp;&nbsp;&nbsp;Fees to be Paid | Debt | 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 |  | $450000000 | $450000000 <sup>(1)</sup> | 0.0001531 | $68895.00 |
| &nbsp;&nbsp;&nbsp;Fees Previously Paid | Debt | Guarantees of 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055<sup>(3)</sup> | 457(n)<sup>(2)</sup> |  |  |  | — <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Fees to be Paid | Debt | 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055 |  | $650000000 | $650000000 <sup>(1)</sup> | 0.0001531 | $99515.00 |
| &nbsp;&nbsp;&nbsp;Fees Previously Paid | Debt | Guarantees of 7.500% Fixed-to-Fixed Rest Rate Junior Subordinated Notes due 2055<sup>(3)</sup> | 457(n)<sup>(2)</sup> |  |  |  | — <sup>(2)</sup> |
|  | Total Offering Amount | Total Offering Amount | Total Offering Amount | Total Offering Amount | $1100000000 |  | $168410.00 |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |
|  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |
|  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $168410.00 |

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(1) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(f)(2)
promulgated under the Securities Act of 1933, as amended (the "Securities Act").

(2) Pursuant to Rule 457(n) under the Securities Act, no separate registration fee is required for the guarantees.

(3) South Bow Corporation, South Bow USA Infrastructure Holdings LLC, and South Bow Infrastructure Holdings Ltd. are
the guarantors of the notes being registered hereby.