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Exhibit 4.1    
    


 
 

REGISTRATION RIGHTS AGREEMENT
  
    by and among
  
    PLAINS ALL AMERICAN PIPELINE, L.P.,
  
    KAYNE ANDERSON ENERGY FUND II, L.P.,
  
    KAFU HOLDINGS, L.P.,
  
    KAYNE ANDERSON
CAPITAL INCOME PARTNERS (QP), L.P.,
  
    KAYNE ANDERSON MLP FUND, L.P.,
  
    TORTOISE ENERGY INFRASTRUCTURE CORPORATION,
  
    and
  
    VULCAN ENERGY II INC.    









 
 
 

REGISTRATION RIGHTS AGREEMENT    
    


        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and entered into as of April 15, 2004, by and
among PLAINS ALL AMERICAN PIPELINE, L.P., a Delaware limited partnership ("PAA") and each of KAYNE ANDERSON ENERGY FUND II, L.P., KAFU HOLDINGS, L.P.,
KAYNE ANDERSON CAPITAL INCOME PARTNERS (QP), L.P., and KAYNE ANDERSON MLP FUND, L.P. (for this Agreement only, collectively, "Kayne Anderson"), TORTOISE
ENERGY INFRASTRUCTURE CORPORATION, a Maryland corporation ("Tortoise"), and VULCAN ENERGY II INC., a Delaware corporation
("Vulcan") (each of Kayne Anderson, Tortoise and Vulcan a "Purchaser" and collectively, the
"Purchasers"). 


        This
Agreement is made in connection with the Closing of the issuance and sale of the Class C Units pursuant to the Class C Common Unit Purchase Agreement, dated as of
March 31, 2004, by and among PAA and the Purchasers (the "Purchase Agreement"). PAA has agreed to provide the registration and other rights set
forth in this Agreement for the benefit of the Purchasers of the Class C Units pursuant to Section 2.05(d) of the Purchase Agreement. In consideration of the mutual covenants and
agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 


 
 

ARTICLE I.
  DEFINITIONS    
    


        Section 1.01    Definitions.    Capitalized terms used herein without definition shall have the meanings given
to them in the Purchase Agreement. The terms set forth below are used herein as so defined: 


        "Affiliate" means, with respect to a specified Person, any other Person, directly or indirectly controlling, controlled by or under direct
or indirect common control with such specified Person. For purposes of this definition, "control" (including, with correlative meanings, "controlling", "controlled by", and "under common control
with") means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise. 


        "Business Day" means any day other than a Saturday, Sunday, or a legal holiday for commercial banks in Wilmington, Delaware. 


        "Class C Units" shall have the meaning set forth in the Purchase Agreement. 


        "Closing" shall have the meaning set forth in the Purchase Agreement. 


        "Commission" means the United States Securities and Exchange Commission. 


        "Common Units" means the common units of PAA that are publicly traded on the New York Stock Exchange. 



        "Conversion Units" means the Common Units issuable upon conversion of the Class C Units. 


        "Effectiveness Period" has the meaning specified therefore in Section 2.01(a) of this Agreement. 


        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder. 


        "Holder" means the record holder of any Registrable Securities. 



        "Included Registrable Securities" has the meaning specified therefor in Section 2.02(a) of this Agreement. 


        "Losses" has the meaning specified therefor in Section 2.08(a) of this Agreement. 


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        "Managing Underwriter" means, with respect to any Underwritten Offering, the book running lead manager of such Underwritten Offering. 



        "Person" means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability company,
unincorporated organization, government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 


        "Piggyback Registration" has the meaning specified therefor in Section 2.02(a) of this Agreement. 


        "Purchase Agreement" has the meaning specified therefor in the Recital of this Agreement. 


        "Purchased Units" shall have the meaning set forth in the Purchase Agreement. 


        "Purchasers" has the meaning specified therefor in the introductory paragraph of this Agreement. 


        "Registrable Securities" means the Conversion Units until such time as such securities cease to be Registrable Securities pursuant to
Section 1.02 hereof. 


        "Registration Expenses" has the meaning specified therefor in Section 2.07(a) of this Agreement. 


        "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 


        "Selling Expenses" has the meaning specified therefor in Section 2.07(a) of this Agreement. 



        "Selling Holder" means a Holder who is selling Registrable Securities pursuant to a registration statement. 


        "Shelf Registration" has the meaning specified therefor in Section 2.01(a) of this Agreement. 


        "Shelf Registration Statement" has the meaning specified therefor in Section 2.01(a) of this Agreement. 


        "Underwritten Offering" means an offering (including an offering pursuant to a Shelf Registration Statement) in which Common Units are
sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a "bought deal" with one or more investment banks. 


        Section 1.02    Registrable Securities.    Any Registrable Security will cease to be a Registrable Security
when (a) a registration statement covering such Registrable Security has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such
effective registration statement; (b) such Registrable Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in force under the Securities
Act); or (c) such Registrable Security is held by PAA or one of its subsidiaries. 


 
 

ARTICLE II.
  REGISTRATION RIGHTS    
    


        Section 2.01    Shelf Registration.    



        (a)   Shelf Registration. As soon as practicable following the Closing of the purchase of the Class C Units pursuant to
the terms of the Purchase Agreement, but in any event within 180 days of the Closing, PAA shall prepare and file a registration statement under the Securities Act to permit the public
resale of the Registrable Securities from time to time as permitted by Rule 415 of the Securities Act (the "Shelf Registration Statement"). PAA
shall use its commercially reasonable efforts to cause the Shelf Registration Statement to become effective no later than 240 days after the date of the Closing (the
"Shelf Registration"). A Shelf Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of
the Commission as shall be selected by PAA; provided, however, that if a prospectus supplement will be
used in connection with the marketing of an Underwritten Offering from the Shelf Registration Statement and the 



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Managing
Underwriter at any time shall notify PAA in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information to be used in such prospectus supplement is of
material importance to the success of the Underwritten Offering of such Registrable Securities, PAA shall use its commercially reasonable efforts to include such information in the prospectus. PAA
will cause the Shelf Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act until all Registrable Securities covered by the Shelf
Registration Statement have been distributed in the manner set forth and as contemplated in the Shelf Registration Statement or there are no longer any Registrable Securities outstanding (the
"Effectiveness Period"). The Shelf Registration Statement when declared effective (including the documents incorporated therein by reference) will
comply as to form with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading. 



        (b)   Delay Rights. Notwithstanding anything to the contrary contained herein, PAA may, upon written notice to any Selling
Holder whose Registrable Securities are included in the Shelf Registration Statement, suspend such Selling Holder's use of any prospectus which is a part of the Shelf Registration Statement (in which
event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Shelf Registration Statement) if (i) PAA is pursuing an acquisition, merger, reorganization,
disposition or other similar transaction and PAA determines in good faith that PAA's ability to pursue or consummate such a transaction would be materially adversely affected by any required
disclosure of such transaction in the Shelf Registration Statement or (ii) PAA has experienced some other material non-public event the disclosure of which at such time, in the good
faith judgment of PAA, would materially adversely affect PAA. Upon disclosure of such information or the termination of the condition described above, PAA shall provide prompt notice to the Selling
Holders whose Registrable Securities are included in the Shelf Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other actions to
permit registered sales of Registrable Securities as contemplated in this Agreement. 




        Section 2.02    Piggyback Registration.    



        (a)   Participation. If PAA at any time proposes to file a prospectus supplement to an effective shelf registration
statement with respect to an Underwritten Offering of Common Units for its own account or to register any Common Units for its own account for sale to the public in an Underwritten Offering other than
(x) a registration relating solely to employee benefit plans, (y) a registration relating solely to a Rule 145 transaction, or (z) a registration on any registration form
which does not permit secondary sales or does not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable
Securities), then, as soon as practicable following the engagement of counsel to PAA to prepare the documents to be used in connection with an Underwritten Offering, PAA shall give notice of such
proposed Underwritten Offering to the Holders and such notice shall offer the Holders the opportunity to include in such Underwritten Offering such number of Registrable Securities as each such Holder
may request in writing (a "Piggyback Registration"); provided, however, that PAA shall not be required to offer such opportunity to Holders if PAA has
been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the
Common Units. Subject to Section 2.02(b), PAA shall include in such Underwritten Offering all such Registrable Securities ("Included Registrable
Securities") with respect to which PAA has received requests within three hours after PAA's notice has been delivered in accordance with Section 3.01. If no request for
inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Piggyback Registration. If, at any time after giving written notice of its
intention to undertake an Underwritten Offering and prior to the closing of such Underwritten 



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Offering,
PAA shall determine for any reason not to undertake or to delay such Underwritten Offering, PAA may, at its election, give written notice of such determination to the Selling Holders and,
(x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such
terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the
same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder's request for inclusion of such Selling Holder's Registrable Securities
in such offering by giving written notice to PAA of such withdrawal up to and including the time of pricing of such offering. 


        (b)   Priority of Piggyback Registration. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering of
Common Units included in a Piggyback Registration advises PAA that the total amount of Common Units which the Selling Holders and any other Persons intend to include in such offering exceeds the
number which can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Common Units offered or the market for the Common Units, then the
Common Units to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter or Underwriters advises PAA can be sold without having such
adverse effect, with such number to be allocated pro rata among the Selling Holders who have requested participation in the Piggyback Registration
(based, for each such Selling Holder, on the percentage derived by dividing (A) the number of Registrable Securities proposed to be sold by such Selling Holder in such offering; by
(B) the aggregate number of Common Units proposed to be sold by the Selling Holders and any other Persons participating in the Piggyback Registration to be included in such offering). 


        (c)   Termination of Piggyback Registration Rights. The Piggyback Registration rights granted pursuant to this
Section 2.02 shall terminate two years following the date on which the last of the Purchased Units is converted to Common Units pursuant to the terms hereof. 




        Section 2.03    Underwritten Offering.    



        (a)   Shelf Registration. In the event that a Selling Holder elects to dispose of Registrable Securities under the Shelf
Registration Statement pursuant to an Underwritten Offering, PAA shall enter into an underwriting agreement in customary form with the Managing Underwriter or Underwriters, which shall include, among
other provisions, indemnities to the effect and to the extent provided in Section 2.08, and shall take all such other reasonable actions as are requested by the Managing Underwriter in order to
expedite or facilitate the registration and disposition of the Registered Securities; provided, however,
the participation of PAA management in connection with an Underwritten Offering for the benefit of Selling Holders shall consist of not more than sixteen hours of teleconferences for the benefit of
each Purchaser annually; and provided further, that these marketing obligations are not transferable to any other Holders other than Affiliates of the Purchasers, notwithstanding the provisions of
Section 2.10 hereof. 


        (b)   General Procedures. In connection with any Underwritten Offering under this Agreement, PAA shall be entitled to select
the Managing Underwriter or Underwriters. In connection with an Underwritten Offering under Section 2.01 or 2.02 hereof, each Selling Holder and PAA shall be obligated to enter into an
underwriting agreement which contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of
securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement
and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its
option, require that any or all of the representations 



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and
warranties by, and the other agreements on the part of, PAA to and for the benefit of such underwriters also be made to and for such Selling Holder's benefit and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or
warranties to or agreements with PAA or the underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the securities being registered on its
behalf and its intended method of distribution and any other representation required by law. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to
withdraw therefrom by notice to PAA and the Managing Underwriter; provided, however, that such
withdrawal must be made prior to the time in the final sentence of Section 2.02(a) hereof to be effective. No such withdrawal or abandonment shall affect PAA's obligation to pay Registration
Expenses. 




        Section 2.04    Registration Procedures.    In connection with its obligations contained in Sections 2.01 and
2.02, PAA will, as expeditiously as possible: 



        (a)   prepare
and file with the Commission such amendments and supplements to the Shelf Registration Statement and the prospectus used in connection therewith as may be
necessary to keep the Shelf Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of
all securities covered by the Shelf Registration Statement; 


        (b)   furnish
to each Selling Holder (i) as far in advance as reasonably practicable before filing the Shelf Registration Statement or any other registration statement
contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each
document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any
information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such
information prior to filing the Shelf Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Shelf Registration
Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public
sale or other disposition of the Registrable Securities covered by such Shelf Registration Statement or other registration statement; 


        (c)   if
applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Shelf Registration Statement or any other
registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing
Underwriter, shall reasonably request, provided that PAA will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any
action which would subject it to general service of process in any such jurisdiction where it is not then so subject; 


        (d)   promptly
notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of
(i) the filing of the Shelf Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection
therewith, or any amendment or supplement thereto, and, with respect to such Shelf Registration Statement or any other registration statement or any post-effective amendment thereto, when
the same has become effective; and (ii) any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for
amendments or supplements to the 



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Shelf
Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto; 


        (e)   immediately
notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of
(i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Shelf Registration Statement or any other registration statement contemplated by
this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing; (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of the Shelf Registration
Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by PAA of any notification with respect
to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, PAA agrees
to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing
and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 


        (f)    furnish
to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or
self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities; 



        (g)   in
the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for PAA, dated the effective date of the applicable registration
statement or the date of any amendment or supplement thereto, and a letter of like kind dated the date of the closing under the underwriting agreement, and (ii) a "cold comfort" letter, dated
the effective date of the applicable registration statement or the date of any amendment or supplement thereto and a letter of like kind dated the date of the closing under the underwriting agreement,
in each case, signed by the independent public accountants who have certified PAA's financial statements included or incorporated by reference into the applicable registration statement, and each of
the opinion and the "cold comfort" letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus
supplement included therein) and as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to the underwriters in Underwritten Offerings of securities, such
other matters as such underwriters may reasonably request; 


        (h)   otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the first full calendar month after the
effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 


        (i)    make
available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and PAA personnel as is reasonable and
customary to enable such parties to establish a due diligence defense under the Securities Act; provided that PAA need not disclose any information to any such representative unless and until such
representative has entered into a confidentiality agreement with PAA; 



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        (j)    cause
all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which
similar securities issued by PAA are then listed; 


        (k)   use
its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may
be necessary by virtue of the business and operations of PAA to enable the Selling Holders to consummate the disposition of such Registrable Securities; 


        (l)    provide
a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the effective date of such registration
statement; and 


        (m)  enter
into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or
facilitate the disposition of such Registrable Securities. 




        Each
Selling Holder, upon receipt of notice from PAA of the happening of any event of the kind described in subsection (e) of this Section 2.04, shall forthwith discontinue
disposition of the Registrable Securities until such Selling Holder's receipt of the copies of the supplemented or amended prospectus contemplated by subsection (e) of this Section 2.04
or until it is advised in writing by PAA that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings incorporated by reference in the prospectus,
and, if so directed by PAA, such Selling Holder will, or will request the managing underwriter or underwriters, if any, to deliver to PAA (at PAA's expense) all copies in their possession or control,
other than permanent file copies then in such Selling Holder's possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 


        Section 2.05    Cooperation by Holders.    PAA shall have no obligation to include in the Shelf Registration
Statement units of a Holder or in a Piggyback Registration units of a Selling Holder who has failed to timely furnish such information which, in the opinion of counsel to PAA, is reasonably required
in
order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 



        Section 2.06    Restrictions on Public Sale by Holders of Registrable Securities.    Each Holder of Registrable
Securities who is included in the Shelf Registration Statement agrees not to effect any public sale or distribution of the Registrable Securities during the 90 calendar day period beginning on the
date of a prospectus supplement filed with the Commission with respect to the pricing of an Underwritten Offering, provided that the duration of the foregoing restrictions shall be no longer than the
duration of the shortest restriction generally imposed by the underwriters on the officers or directors or any other unitholder of PAA on whom a restriction is imposed. 



        Section 2.07    Expenses.    



        (a)   Certain Definitions. "Registration Expenses" means all expenses incident
to PAA's performance under or compliance with this Agreement to effect the registration of Registrable Securities in a Shelf Registration or a Piggyback Registration, and the disposition of such
securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with
securities or blue sky laws, fees of the National Association of Securities Dealers, Inc., transfer taxes and fees of transfer agents and registrars, all word processing, duplicating and
printing expenses, the fees and disbursements of counsel and independent public accountants for PAA, including the expenses of any special audits or "cold comfort" letters required by or incident to
such performance and compliance. Except as otherwise provided in Section 2.08 hereof, PAA shall not be responsible for legal fees incurred by Holders in connection with the exercise of such
Holders' rights hereunder. In addition, PAA shall not be responsible for any "Selling Expenses," which 



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means
all underwriting fees, discounts and selling commissions allocable to the sale of the Registrable Securities. 


        (b)   Expenses. PAA will pay all Registration Expenses in connection with the Shelf Registration Statement filed pursuant to
Section 2.01(a) of this Agreement, and PAA will pay all Registration Expenses in connection with a Piggyback Registration, whether or not the Shelf Registration Statement becomes effective or
any sale is made pursuant to the Shelf Registration Statement or Piggyback Registration. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its Registrable Securities
hereunder. 




        Section 2.08    Indemnification.    



        (a)   By PAA. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
PAA will indemnify and hold harmless each Selling Holder thereunder, its
directors and officers, and each underwriter, pursuant to the applicable underwriting agreement with such underwriter, of Registrable Securities thereunder and each Person, if any, who controls such
Selling Holder or underwriter within the meaning of the Securities Act and the Exchange Act, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys' fees and
expenses) (collectively, "Losses"), joint or several, to which such Selling Holder or underwriter or controlling Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in the Shelf Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder,
its directors and officers, each such underwriter and each such controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
Loss or actions or proceedings; provided, however, that PAA will not be liable in any such case if and
to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such
Selling Holder, such underwriter or such controlling Person in writing specifically for use in the Shelf Registration Statement or such other registration statement, or prospectus supplement, as
applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such director, officer or controlling Person, and
shall survive the transfer of such securities by such Selling Holder. 


        (b)   By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless PAA, its
directors and officers, and each Person, if any, who controls PAA within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from PAA to the Selling
Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Shelf Registration Statement or
prospectus supplement relating to the Registrable Securities, or any amendment or supplement thereto; provided,  however, that the liability of each Selling
Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses)
received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 



        (c)   Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, 



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but
the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party other than under this Section 2.08. In any action brought
against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to
assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided,  however, that, (i) if the indemnifying party has failed to assume the defense and employ counsel or (ii) if the defendants in any such
action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party
that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the
indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the
reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other
provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying
party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 


        (d)   Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency of
competent jurisdiction to be unavailable to PAA or any Selling Holder or is insufficient to hold them harmless in respect of any Losses, then each such 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 as between PAA on the one hand and such Selling Holder on the other, in such
proportion as is appropriate to reflect the relative fault of PAA on the one hand and of such Selling Holder on the other in connection with the statements or omissions which resulted in such Losses,
as well as any other relevant equitable considerations; provided, however, that in no event shall such
Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable
Securities giving rise to such indemnification. The relative fault of PAA on the one hand and each Selling 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 has been made by, or relates to, information supplied by such party, and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions
pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first
sentence of this paragraph. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any Loss which is the subject of this paragraph. 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 is not guilty of such fraudulent misrepresentation. 



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        (e)   Other Indemnification. The provisions of this Section 2.08 shall be in addition to any other rights to
indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise. 




        Section 2.09    Rule 144 Reporting.    With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, PAA agrees to use its commercially reasonable efforts to: 



        (a)   Make
and keep public information regarding PAA available, as those terms are understood and defined in Rule 144 of the Securities Act, at all times from and after
the date hereof; 


        (b)   File
with the Commission in a timely manner all reports and other documents required of PAA under the Securities Act and the Exchange Act at all times from and after the
date hereof; and 


        (c)   So
long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a copy of the most recent annual or quarterly report of PAA, and such
other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without
registration. 




        Section 2.10    Transfer or Assignment of Registration Rights.    The rights to cause PAA to register
Registrable Securities granted to the Purchasers by PAA under this Article II may be transferred or assigned by the Purchasers to one or more transferee(s) or assignee(s) of such Registrable
Securities, provided that (a) unless such transferee is an Affiliate of the transferring Purchaser, each such transferee or assignee holds Registrable Securities representing at least 15% of
the number of Class C Units sold pursuant to the terms of the Purchase Agreement, (b) PAA is given written notice prior to any said transfer or assignment, stating the name and address
of each such transferee and identifying the securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee assumes in writing
responsibility for its portion of the obligations of the Purchasers under this Agreement. 


 
 

ARTICLE III.
  MISCELLANEOUS    
    


        Section 3.01    Communications.    All notices and other communications provided for or permitted hereunder
shall be made in writing by facsimile, courier service or personal delivery: 



        (a)   if
to the Purchasers, at the most current addresses given by the Purchasers to PAA in accordance with the provisions of this Section 3.01, which addresses
initially are, with respect to the Purchasers, the addresses set forth in the Purchase Agreement, 


        (b)   if
to a transferee of the Purchaser, to such Holder at the address provided pursuant to Section 2.10 above, and 



        (c)   if
to PAA, at 333 Clay Street, Suite 1600, Houston, TX, 77002, notice of which is given in accordance with the provisions of this Section 3.01. 




        All
such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent
via Internet electronic mail; and when actually received, if sent by any other means. 


        Section 3.02    Successor and Assigns.    This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 


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        Section 3.03    Assignment of Rights.    All or any portion of the rights and obligations of the Purchasers
under this Agreement may be transferred or assigned by the Purchasers in accordance with Section 2.10 hereof. 



        Section 3.04    Recapitalization, Exchanges, etc. Affecting the Common Units.    The provisions of this
Agreement shall apply to the full extent set forth herein with respect to any and all units of PAA or any successor or assign of PAA (whether by merger, consolidation, sale of assets or otherwise)
which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring
after the date of this Agreement. 


        Section 3.05    Specific Performance.    Damages in the event of breach of this Agreement by a party hereto may
be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an
injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto
hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will
not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 


        Section 3.06    Counterparts.    This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute
but one and the same Agreement. 


        Section 3.07    Headings.    The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 


        Section 3.08    Governing Law.    The laws of the State of Delaware shall govern this Agreement without regard
to principles of conflict of laws. 


        Section 3.09    Severability of Provisions.    Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting
or impairing the validity or enforceability of such provision in any other jurisdiction. 


        Section 3.10    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 rights granted by PAA set forth herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 


        Section 3.11    Amendment.    This Agreement may be amended only by means of a written amendment signed by PAA
and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely
affect the rights of any Holder hereunder without the consent of such Holder. 


        Section 3.12    No Presumption.    In the event any claim is made by a party relating to any conflict,
omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular
party or its counsel. 


[The
remainder of this page is intentionally left blank.] 


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        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 



	 	 	PLAINS ALL AMERICAN PIPELINE, LP.
	

 	
 	

By:	

Plains AAP, L.P.,

Its General Partner
	 	 	By:	Plains All American GP LLC,

Its General Partner
	

 	
 	

By:	

/s/ Tim Moore

	 	 	Name:	Tim Moore
	 	 	Title:	Vice President
	

 	
 	
KAYNE ANDERSON ENERGY FUND II, L.P.
	

 	
 	

By:	

Kayne Anderson Capital Advisors, L.P., its general partner
	

 	
 	

By:	

Kayne Anderson Investment Management, Inc., its general partner
	

 	
 	

By:	

/s/ David Shladovsky

	 	 	Name:	David Shladovsky
	 	 	Title:	General Counsel
	

 	
 	
KAFU HOLDINGS, L.P.
	

 	
 	

By:	

KAFU Holdings LLC, its general partner
	

 	
 	

By:	

/s/ David Shladovsky

	 	 	Name:	David Shladovsky
	 	 	Title:	General Counsel





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KAYNE ANDERSON CAPITAL INCOME PARTNERS (QP), L.P.
	

 	
 	

By:	

Kayne Anderson Capital Advisors, L.P., its general partner
	

 	
 	

By:	

Kayne Anderson Investment Management, Inc., its general partner
	

 	
 	

By:	

/s/ David Shladovsky

	 	 	Name:	David Shladovsky
	 	 	Title:	General Counsel
	

 	
 	
KAYNE ANDERSON MLP FUND, L.P.
	

 	
 	

By:	

Kayne Anderson Capital Advisors, L.P., its general partner
	

 	
 	

By:	

Kayne Anderson Investment Management, Inc., its general partner
	

 	
 	

By:	

/s/ David Shladovsky

	 	 	Name:	David Shladovsky
	 	 	Title:	General Counsel
	

 	
 	
TORTOISE ENERGY INFRASTRUCTURE CORPORATION
	

 	
 	

By:	

/s/ David J. Schulte

	 	 	Name:	David J. Schulte
	 	 	Title:	President
	

 	
 	
VULCAN ENERGY II INC.
	

 	
 	

By:	

/s/ David N. Capobianco

	 	 	Name:	David N. Capobianco
	 	 	Title:	Vice President




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QuickLinks



Exhibit 4.1


REGISTRATION RIGHTS AGREEMENT by and among PLAINS ALL AMERICAN PIPELINE, L.P., KAYNE ANDERSON ENERGY FUND II, L.P., KAFU HOLDINGS, L.P., KAYNE ANDERSON CAPITAL INCOME PARTNERS (QP), L.P., KAYNE ANDERSON MLP FUND,
L.P., TORTOISE ENERGY INFRASTRUCTURE CORPORATION, and VULCAN ENERGY II INC.

REGISTRATION RIGHTS AGREEMENT

ARTICLE I. DEFINITIONS

ARTICLE II. REGISTRATION RIGHTS

ARTICLE III. MISCELLANEOUS