Document:

EXHIBIT
10.2

SUBORDINATED LOAN AGREEMENT

dated as of February13,
2007

between

TC PIPELINES, LP

as
Borrower

and

TRANSCANADA
PIPELINES LIMITED

as
Lender

This
instrument and the rights and obligations evidenced hereby are subordinate in
the manner and to the extent set forth in that certain Subordination and
Intercreditor Agreement (the “Subordination Agreement”) dated as of
February 13, 2007 among, TRANSCANADA PIPELINES LIMITED, a Canada corporation
(together with its successors and any permitted assigns, the “Subordinated
Creditor”), TC
PIPELINES, LP (the “Borrower”) and SunTrust Bank (“Administrative
Agent”), to the indebtedness (including interest) owed by the Borrower
pursuant to that certain Amended and Restated Revolving Credit and Term Loan Agreement dated as of February 13, 2007,
among the Borrower, Administrative Agent and the lenders from time to time
party thereto, as suchAmended
and Restated Revolving Credit
and Term Loan Agreement has been and hereafter may be amended, supplemented or
otherwise modified from time to time and to indebtedness refinancing the
indebtedness under that agreement as contemplated by the Subordination
Agreement; and each holder of this instrument, by its acceptance hereof,
irrevocably agrees to be bound by the provisions of the Subordination
Agreement.

	
  ARTICLE I

  	
   

  	
  DEFINITIONS; CONSTRUCTION

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 1.1.

  	
  Definitions

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 1.2.

  	
  Accounting Terms and Determination

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 1.3.

  	
  Terms Generally

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  AMOUNT AND TERMS OF THE SUBORDINATED LOANS

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.1.

  	
  Subordinated Loan Commitment

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.2.

  	
  Borrowing Procedure

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.3.

  	
  Optional Reduction and Termination of Subordinated
  Loan Commitment

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.4.

  	
  Repayment of Subordinated Loan

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.5.

  	
  Optional Prepayments

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.6.

  	
  Interest on Subordinated Loans

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.7.

  	
  Computation of Interest and Fees

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.8.

  	
  Payments Generally

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  CONDITIONS PRECEDENT TO SUBORDINATED LOANS

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 3.1.

  	
  Conditions to Effectiveness

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 3.2.

  	
  Conditions to Subordinated Loans

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  REPRESENTATIONS AND WARRANTIES

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.1.

  	
  Existence; Power

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.2.

  	
  Organizational Power; Authorization

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.3.

  	
  Governmental Approvals; No Conflicts

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.4.

  	
  Financial Statements

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.5.

  	
  Litigation and Environmental Matters

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.6.

  	
  Compliance with Laws and Agreements

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.7.

  	
  Investment Company Act, Etc

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.8.

  	
  Taxes

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.9.

  	
  Margin Regulations

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.10.

  	
  ERISA

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.11.

  	
  Ownership of Property

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.12.

  	
  Labor Relations

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.13.

  	
  Insolvency

  	
  12

  
						

 

 i
 

 

	
  ARTICLE V

  	
   

  	
  AFFIRMATIVE, NEGATIVE AND FINANCIAL COVENANTS

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 5.1.

  	
  Affirmative and Negative Covenants

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 5.2.

  	
  Financial Covenants

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  EVENTS OF DEFAULT

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
  MISCELLANEOUS

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.1.

  	
  Notices

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.2.

  	
  Waiver; Amendments

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.3.

  	
  Expenses; Indemnification

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.4.

  	
  Successors and Assigns

  	
  18

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.5.

  	
  Governing Law; Jurisdiction; Consent to Service of
  Process

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.6.

  	
  WAIVER OF JURY TRIAL

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.7.

  	
  Counterparts; Integration

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.8.

  	
  Survival

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.9.

  	
  Severability

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.10.

  	
  Confidentiality

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.11.

  	
  Interest Rate Limitation

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.12.

  	
  Non-Recourse to the General Partner and Associated
  Persons

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibits

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Exhibit A

  	
  –

  	
  Form of Subordinated Note

  	
   

  
	
   

  	
  Exhibit 2.2

  	
  –

  	
  Form of Notice of Borrowing

  	
   

  
											

 

 ii

SUBORDINATED LOAN AGREEMENT

THIS SUBORDINATED LOAN AGREEMENT
(this “Agreement”) is made and entered into as of February 13, 2007, by
and between TRANSCANADA PIPELINES LIMITED, a Canada corporation (the “Lender”)
and TC PIPELINES, LP, a Delaware limited partnership (the “Borrower”).

W I T N E S S E T H:

WHEREAS, the Borrower has
requested that the Lender make subordinated loans in an aggregate principal
amount of up to $300,000,000 to the Borrower; and

WHEREAS, subject to the terms
and conditions of this Agreement, the Lender is willing to make the requested
subordinated loans to the Borrower.

NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the Borrower and the
Lender agree as follows:

ARTICLE I

DEFINITIONS; CONSTRUCTION

Section 1.1.           Definitions.  Any capitalized term used herein without
definition shall have the meaning specified in the Senior Credit
Agreement.  In addition to the other
terms defined herein, the following terms used herein shall have the meanings
herein specified (to be equally applicable to both the singular and plural
forms of the terms defined):

“Affiliate” means, as to any Person, any other
Person that, directly or indirectly, controls, is controlled by or is under
common control with such Person or is a director or officer of such
Person.  For purposes of this definition
the term “control” (including the terms “controlling”, “controlled by” and “under
common control with”) of a Person means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting stock, by contract or
otherwise.  For purposes of this
Agreement, the Borrower will not be considered an Affiliate of the Lender.

“Borrower” shall have the meaning in the
introductory paragraph hereof.

“Borrowing” shall mean a borrowing consisting
of a Subordinated Loan.

“Business Day” shall mean any day other than a
Saturday, Sunday or other day on which commercial banks in Calgary, Canada and
New York, New York are authorized or required by law to close.

“Closing Date” shall mean the date on which the
conditions precedent set forth in Section 3.1 have been satisfied
or waived in accordance with Section 8.2.

“Default Interest” shall have the meaning set
forth in Section 2.4(c).

 2
 

“Deferred Interest” shall mean the amount of
any accrued interest in excess of interest accrued at the Subordinated Loan
Cash-Pay Interest Rate that, but for the terms of the Subordination Agreement
and Section 2.4(d), would be payable by the Borrower under this
Agreement (including any Default Interest).

“Event of Default” shall have the meaning
provided in Article VI.

“General Partner” shall mean TC PipeLines GP,
Inc. a Delaware corporation.

“GAAP” shall mean generally accepted accounting
principles in the United States applied on a consistent basis.

“Great Lakes” means Great Lakes Gas
Transmission Company, a Delaware corporation.

“Great Lakes Acquisition” shall mean that
acquisition described in detail in the Purchase and Sale Agreement dated as of
December 22, 2006 among El Paso Great Lakes Company, L.L.C., as Seller and TC
GL Intermediate Limited Partnership and TransCanada PipeLine USA Ltd., as
Buyers.

“Lender” shall have the meaning assigned to
such term in the opening paragraph of this Agreement.

“Material Adverse Effect” shall mean, with
respect to any event, act, condition or occurrence of whatever nature
(including any adverse determination in any litigation, arbitration, or
governmental investigation or proceeding), whether singularly or in conjunction
with any other event or events, act or acts, condition or conditions,
occurrence or occurrences whether or not related, a material adverse change in,
or a material adverse effect on, (i) the business, results of operations,
financial condition, assets, or liabilities of the Borrower, its Subsidiaries,
Northern Border, Tuscarora and Great Lakes taken as a whole, (ii) the
ability of the Borrower to perform any of its obligations under the
Subordinated Loan Documents, (iii) the rights and remedies of the Lender
under any of the Subordinated Loan Documents or (iv) the legality,
validity or enforceability of any of the Subordinated Loan Documents.

“Material Indebtedness” shall mean
(i) Senior Debt and (ii) any other Indebtedness (other than the
Subordinated Loans) of the Borrower or any of its Subsidiaries, individually or
in an aggregate principal amount exceeding $15,000,000.

“Maturity Date” shall mean the earlier of
(i) February 13, 2014 or (ii) the date on which the outstanding
principal amount of all Subordinated Loans has been declared, or automatically
has become, due and payable (whether by acceleration or otherwise).

“Northern Border” shall mean Northern Border
Pipeline Company, a Texas general partnership.

“Notice of Borrowing” shall have the meaning
assigned to such term in Section 2.2.

 3
 

“Obligations” shall mean all amounts owing by
the Borrower to the Lender pursuant to or in connection with this Agreement or
any other Subordinated Loan Document, including without limitation, all
principal, interest (including any interest accruing after the filing of any
petition in bankruptcy or the commencement of any insolvency, reorganization or
like proceeding relating to the Borrower, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding), all
reimbursement obligations, expenses, indemnification and reimbursement
payments, costs and expenses (including all reasonable fees and expenses of
counsel to the Lender incurred pursuant to this Agreement or any other
Subordinated Loan Document), whether direct or indirect, absolute or
contingent, liquidated or unliquidated, now existing or hereafter arising
hereunder or thereunder, and all obligations and liabilities incurred in
connection with collecting and enforcing the foregoing, together with all
renewals, extensions, modifications or refinancings thereof.

“Payment Office” shall mean the office of the
Lender located at 450 1st Street SW, Calgary, Alberta T2P 5H1, or such other
location as to which the Lender shall have given written notice to the
Borrower.

“Responsible Officer”
shall mean any of the president, the chief executive officer, the chief
operating officer, the chief financial officer, the treasurer or a vice
president of the Borrower or such other representative of the Borrower as may
be designated in writing by any one of the foregoing with the consent of the
Lender; and, with respect to the financial covenants only incorporated by
reference pursuant to Section 5.2, the chief financial officer,
treasurer, vice president of finance or controller of the Borrower

“Senior Agent” shall mean SunTrust Bank, in its
capacity as Administrative Agent under the Senior Credit Agreement, and any
successor Administrative Agent under the Senior Credit Agreement.

“Senior Credit Agreement” shall mean that
certain Amended and Restated Revolving Credit and Term Loan Agreement, dated as
of February 13, 2007, by and among the Borrower, the lenders from time to time
party thereto, and the Senior Agent.

“Senior Debt”
shall mean the “Obligations”, as such term is defined in the Senior Credit
Agreement.

“Senior Lenders” shall mean the “Lenders”, as
such term is defined in the Senior Credit Agreement.

“Senior Loan Documents”
shall mean the “Loan Documents”, as such term is defined in the Senior Credit
Agreement.

“Senior Term Loan Commitment Availability Period”
shall mean the “Term Loan Commitment Availability Period”, as such term is
defined in the Senior Credit Agreement.

“Subordinated Loan” has the meaning set forth
in Section 2.1.

“Subordinated Loan Cash-Pay Interest Rate”
shall mean 6.00% per annum.

 4
 

“Subordinated Loan Commitment” shall mean the
obligation of the Lender to make Subordinated Loans hereunder in an aggregate
principal amount not exceeding $300,000,000.

“Subordinated Loan Commitment Availability Period”
shall mean the period from the Closing Date through the last day of the Senior
Term Loan Commitment Availability Period.

“Subordinated Loan Documents” shall mean,
collectively, this Agreement and the Subordinated Note.

“Subordinated Loan Interest Rate” shall mean
7.50% per annum.

“Subordinated Note” shall mean a promissory
note of the Borrower payable to the order of the Lender in the principal amount
of the Subordinated Loan Commitment, in substantially the form of Exhibit A.

“Subordination Agreement” shall mean that
certain Subordination and Intercreditor Agreement, dated as of February 13,
2007, among the Borrower, the Lender and the Senior Agent.

“TC GL Intermediate Limited Partnership” means
TC GL Intermediate Limited Partnership, a Delaware limited partnership.

“TC PipeLines ILP” means TC PipeLines
Intermediate Limited Partnership, a Delaware limited partnership.

“TC PipeLines ILP Agreement” means that certain
Amended and Restated Agreement of Limited Partnership relating to the formation
of TC PipeLines ILP effective as of May 28, 1999, as amended, supplemented,
restated or otherwise modified from time to time.

“Termination Date” the date that no portion of
any Subordinated Loan remains outstanding and unpaid, no other amount is owing
to the Lender hereunder or under any of the other Subordinated Loan Documents
and the Subordinated Loan Commitment has terminated.

“Tuscarora” shall mean Tuscarora Gas
Transmission Company, a Nevada general partnership.

Section 1.2.           Accounting
Terms and Determination.  Unless otherwise defined or specified herein,
all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required
to be delivered hereunder shall be prepared, in accordance with GAAP as in
effect from time to time, applied on a basis consistent with the most recent
audited consolidated financial statement of the Borrower delivered pursuant to
Section 5.1(a) of the Senior Credit Agreement; provided, that if the
Borrower has notified the Senior Agent that the Borrower wishes to amend any
covenant in Article VI of the Senior Credit Agreement to eliminate the effect
of any change in GAAP on the operation of such covenant (or if the Senior Agent
has notified the Borrower that the Required Lenders (as defined in the Senior
Credit Agreement) wish to amend Article VI of the Senior Credit Agreement for
such purpose), then the Borrower’s compliance with such covenant (as 

 5
 

incorporated
herein by reference pursuant to Section 5.2, including after giving
effect to any applicable proviso in Section 5.2) shall be determined on
the basis of GAAP in effect immediately before the relevant change in GAAP
became effective, until either such notice is withdrawn or such covenant is
amended in a manner satisfactory to the Borrower and the Required Lenders.

Section 1.3.           Terms
Generally.  The
definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined.  Whenever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms.  The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without
limitation”.  The word “will” shall be
construed to have the same meaning and effect as the word “shall”.  In the computation of periods of time from a
specified date to a later specified date, the word “from” means “from and
including” and the word “to” means “to but excluding”.  Unless the context requires otherwise
(i) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument
or other document as it was originally executed or as it may from time to time
be amended, restated, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth
herein), (ii) any reference herein to any Person shall be construed to
include such Person’s successors and permitted assigns, (iii) the words “hereof”,
“herein” and “hereunder” and words of similar import shall be construed to
refer to this Agreement as a whole and not to any particular provision hereof,
(iv) all references to Articles, Sections, Exhibits and Schedules shall
be construed to refer to Articles, Sections, Exhibits and Schedules to
this Agreement and (v) all references to a specific time shall be
construed to refer to the time in the city and province or state of the Lender’s
principal office, unless otherwise indicated. 
All actions required to be undertaken by the Borrower under the
Subordinated Loan Documents shall be undertaken by the Borrower through the
General Partner.

ARTICLE II

AMOUNT AND TERMS OF THE
SUBORDINATED LOANS

Section 2.1.           Subordinated
Loan Commitment.  Subject to the terms and conditions
set forth herein, the Lender agrees to make subordinated term loans (each, a “Subordinated
Loan” and, collectively, the “Subordinated Loans”) to the Borrower
during theSubordinated Loan
CommitmentAvailability Period
in an aggregate principal amount outstanding at any time that will not result
in the aggregate Subordinated Loans exceeding the Subordinated Loan
Commitment.  During the Subordinated Loan
Commitment Availability Period, the Borrower shall be entitled to borrow and,
subject to the terms and conditions of the Subordination Agreement, prepay the
Subordinated Loans in accordance with the provisions hereof, but once repaid or
prepaid, Subordinated Loans may not be reborrowed.

Section 2.2.           Borrowing Procedure.  The Borrower shall give the Lender written
notice (or telephonic notice promptly confirmed in writing) of each Borrowing
substantially in the form of Exhibit 2.2 (a “Notice of Borrowing”),
each such Notice of Borrowing to be delivered prior to 3:00 p.m. (Calgary time)
on the requested date of each Borrowing. 
Each Notice of Borrowing shall be revocable and shall specify: (i) the
aggregate principal amount of such Borrowing and (ii) the date of such
Borrowing (which shall be a Business Day).

 6
 

Section 2.3.           Optional Reduction and
Termination of Subordinated Loan Commitment.

(a)           Unless previously terminated, the
Subordinated Loan Commitment shall terminate on the last day of the
Subordinated Loan Commitment Availability Period.

(b)           By written notice (or telephonic
notice promptly confirmed in writing) to the Lender, the Borrower may reduce
the Subordinated Loan Commitment in part or terminate the Subordinated Loan
Commitment in whole.

Section 2.4.           Repayment
of Subordinated Loan.  The outstanding balance
of all Subordinated Loans will be due and payable (together with accrued and
unpaid interest thereon) on the Maturity Date.

Section 2.5.           Optional
Prepayments. 
Subject to the terms and conditions of the Subordination Agreement, the
Borrower shall have the right at any time and from time to time to prepay any
Subordinated Loan, in whole or in part, without premium or penalty, by giving
irrevocable written notice (or telephonic notice promptly confirmed in writing)
to the Lender not less than two (2) Business Days prior to the date of
such prepayment.  Each such notice shall
be irrevocable and shall specify the proposed date of such prepayment and the
amount to be prepaid.  If such notice is
given, the amount specified in such notice will be due and payable on the date
designated in such notice, together with accrued interest to such date on the
amount so prepaid in accordance with Section 2.6.

Section 2.6.           Interest
on Subordinated Loans.

(a)           Subject
to the Subordination Agreement and paragraph (d) of this Section 2.6,
the Borrower shall pay interest on each Subordinated Loan at the Subordinated
Loan Interest Rate.

(b)           While an Event of Default exists or after
acceleration, at the option of the Lender, the Borrower shall, subject to the
Subordination Agreement and
paragraph (d) of this Section 2.6, pay interest (“Default
Interest”) at the Subordinated Loan Interest Rate, plus an additional 2%
per annum.

(c)           Interest
on the principal amount of all Subordinated Loans will accrue from and
including the date such Subordinated Loans are made but excluding the date of
any repayment thereof.  Subject to the
Subordination Agreement and paragraph (d) of this Section 2.6,
interest on all Subordinated Loans will be payable quarterly on the last day of
each March, June, September and December. 
Subject to the Subordination Agreement and paragraph (d) of this Section 2.6,
all Default Interest will be payable on demand.

(d)           Notwithstanding
anything to the contrary in this Agreement, so long as any Senior Debt is
outstanding, the Borrower shall, subject to the Subordination Agreement, pay
interest in cash on all Subordinated Loans at the Subordinated Loan Cash-Pay
Interest Rate.  Such interest payments
shall be made on the 16th calendar day of each May, August, November and February.  All accrued and unpaid Deferred Interest will
be payable upon the earlier to occur

 7
 

of
(i) the Maturity Date and (ii) the date that is six (6) months
following the date on which the Senior Debt is paid in full.

Section 2.7.           Computation
of Interest and Fees. 
All computations of interest shall be made by the Lender on the basis of
a year of 365 days.  Each determination
by the Lender of an interest amount hereunder shall be made in good faith and,
except for manifest error, shall be final, conclusive and binding for all
purposes.

Section 2.8.           Payments
Generally.

(a)           All
payments to be made by the Borrower to the Lender hereunder shall be made to
the Lender at the Payment Office.  If any
payment hereunder shall be due on a day that is not a Business Day, the date
for payment shall be extended to the next succeeding Business Day, and, in the
case of any payment accruing interest, interest thereon shall be made payable
for the period of such extension.  All
payments hereunder shall be made in Dollars.

(b)           If
at any time insufficient funds are received by and available to the Lender to
pay fully all amounts of principal, interest and fees then due hereunder, such
funds shall be applied (i) first, towards payment of interest and fees
then due hereunder, ratably in accordance with the amounts of interest and fees
then due hereunder and (ii) second, towards payment of principal then due
hereunder.

ARTICLE III

CONDITIONS PRECEDENT TO
SUBORDINATED LOANS

Section
3.1.           Conditions to
Effectiveness.  The
obligations hereunder of the Lender to make the Subordinated Loans shall not
become effective until the date on which each of the following conditions is
satisfied (or waived in accordance with Section 8.2):

(a)           The
Lender shall have received amounts due, including reimbursement or payment of
all out-of-pocket expenses (including reasonable fees, charges and
disbursements of counsel to the Lender) required to be reimbursed or paid by
the Borrower hereunder or under any other Subordinated Loan Document.

(b)           The
Lender (or its counsel) shall have received the following:

(i)            a
counterpart of this Agreement signed by or on behalf of the Borrower or written
evidence satisfactory to the Lender (which may include telecopy transmission of
a signed signature page of this Agreement) that the Borrower has signed a
counterpart of this Agreement;

(ii)           a
duly executed Subordinated Note payable to the Lender; and

(iii)          a
duly executed Notice of Borrowing.

Section
3.2.           Conditions to
Subordinated Loans. 
The obligation of the Lender to make each Subordinated Loan is subject
to the satisfaction of the following conditions:

 8
 

(A)          at
the time of and immediately after giving effect to such Subordinated Loan, no
Default or Event of Default shall exist;

(B)           at
the time of and immediately after giving effect to such Borrowing, all
representations and warranties of the Borrower set forth in the Subordinated
Loan Documents (other than the representation and warranty set forth in Section
4.4(b)) shall be true and correct in all material respects on and as of the
date of such Borrowing before and after giving effect thereto;

(C)           the
Borrower shall have delivered the required Notice of Borrowing; and

(D)          the
proceeds of such Borrowing shall be used solely to finance the Great Lakes
Acquisition.

Each Subordinated Loan
shall be deemed to constitute a representation and warranty by the Borrower on
the date thereof as to the matters specified in paragraphs (a), (b) and (c) of
this Section 3.2.

ARTICLE IV

REPRESENTATIONS AND
WARRANTIES

The Borrower represents and warrants to the Lender as
follows:

Section 4.1.           Existence;
Power.  The
Borrower and each of its Subsidiaries (i) is duly organized, validly
existing and in good standing as a corporation, partnership or limited
liability company under the laws of the jurisdiction of its organization,
(ii) has all requisite power and authority to carry on its business as now
conducted, and (iii) is duly qualified to do business, and is in good
standing, in each jurisdiction where such qualification is required, except
where a failure to be so qualified could not reasonably be expected to result
in a Material Adverse Effect.

Section 4.2.           Organizational
Power; Authorization. 
The execution, delivery and performance by the Borrower of the
Subordinated Loan Documents to which it is a party are within the Borrower’s
organizational powers and have been duly authorized by all necessary
organizational, and if required, general partner action.  This Agreement has been duly executed and
delivered by the Borrower, and constitutes, and each other Subordinated Loan
Document to which the Borrower is a party, when executed and delivered by the
Borrower, will constitute, valid and binding obligations of the Borrower,
enforceable against it in accordance with their respective terms, except as may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the enforcement of creditors’ rights generally and by
general principles of equity.

Section 4.3.           Governmental
Approvals; No Conflicts.  The execution, delivery and performance by
the Borrower of this Agreement, and of the other Subordinated Loan Documents to
which it is a party (a) do not require any consent or approval of,
registration or filing with, or any action by, any Governmental Authority, except
those as have been obtained or made and are in full force and effect,
(b) will not violate any Requirements of Law applicable to the Borrower

 9
 

or
any of its Subsidiaries or any judgment, order or ruling of any Governmental
Authority, (c) will not violate or result in a default under any
indenture, material agreement or other material instrument binding on the
Borrower or any of its Subsidiaries or any of its assets or give rise to a
right thereunder to require any payment to be made by the Borrower or any of
its Subsidiaries and (d) will not result in the creation or imposition of
any Lien on any asset of the Borrower or any of its Subsidiaries, except Liens
(if any) created under the Subordinated Loan Documents.

Section 4.4.           Financial
Statements.

(a)           The
Borrower has furnished to each Lender (i) the audited consolidated balance
sheet of the Borrower and its Subsidiaries as of December 31, 2005 and the
related consolidated statements of income, partners’ equity and cash flows for
the Fiscal Year then ended audited by KPMG LLP and (ii) the unaudited
consolidated balance sheet of the Borrower and its Subsidiaries as of September
30, 2006, and the related unaudited consolidated statements of income and cash
flows for the Fiscal Quarter and year-to-date period then ending, certified by
a Responsible Officer.  Such financial
statements fairly present the consolidated financial condition of the Borrower
and its Subsidiaries as of such dates and the consolidated results of operations
for such periods in conformity with GAAP consistently applied, subject to year
end audit adjustments and the absence of footnotes in the case of the
statements referred to in clause (ii).

(b)           Since
December 31, 2005, there have been no changes with respect to the Borrower, its
Subsidiaries, Northern Border and Tuscarora which have had or could reasonably
be expected to have, singly or in the aggregate, a Material Adverse Effect.

Section 4.5.           Litigation
and Environmental Matters.

(a)           No
litigation, investigation or proceeding of or before any arbitrators or
Governmental Authorities is pending against or, to the knowledge of the
Borrower, threatened against the Borrower or any of its Subsidiaries
(i) as to which there is a reasonable likelihood of an adverse
determination that could reasonably be expected to have, either individually or
in the aggregate, a Material Adverse Effect or (ii) which in any manner
draws into question the validity or enforceability of this Agreement or any
other Subordinated Loan Document.

(b)           Except
as could not reasonably be expected to have, either individually or in the
aggregate, a Material Adverse Effect, neither the Borrower nor any of its
Subsidiaries (i) has failed to comply with any Environmental Law or to
obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental
Liability.

Section 4.6.           Compliance
with Laws and Agreements.  The Borrower and each Subsidiary is in
compliance with (a) all Requirements of Law and all judgments, decrees and
orders of any Governmental Authority and (b) all indentures, agreements or
other instruments binding upon it or its properties, except where
non-compliance, either singly or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

 10
 

Section 4.7.           Investment
Company Act, Etc. 
Neither the Borrower nor any of its Subsidiaries is (a) an “investment
company” or is “controlled” by an “investment company”, as such terms are
defined in, or subject to regulation under, the Investment Company Act of 1940,
as amended, or (b) otherwise subject to any other regulatory scheme limiting
its ability to incur debt or requiring any approval or consent from or
registration or filing with, any Governmental Authority in connection
therewith, except those as have been obtained or made and are in full force and
effect.

Section 4.8.           Taxes.  The Borrower and its Subsidiaries and each
other Person for whose taxes the Borrower or any Subsidiary is liable have
timely filed or caused to be filed all Federal income tax returns and all other
material tax returns that are required to be filed by them, and have paid all
taxes shown to be due and payable on such returns or on any assessments made
against it or its property and all other taxes, fees or other charges imposed
on it or any of its property by any Governmental Authority, except where the same
are currently being contested in good faith by appropriate proceedings and for
which the Borrower or such Subsidiary, as the case may be, has set aside on its
books adequate reserves in accordance with GAAP.  The charges, accruals and reserves on the books
of the Borrower and its Subsidiaries in respect of such taxes are adequate, and
no tax liabilities that could be materially in excess of the amount so provided
are anticipated.

Section 4.9.           Margin
Regulations. 
None of the proceeds of any of the Subordinated Loan will be used,
directly or indirectly, for “purchasing” or “carrying” any “margin stock” with
the respective meanings of each of such terms under Regulation U of the Board
of Governors of the Federal Reserve System as now and from time to time hereafter
in effect or for any purpose that violates the provisions of the Regulation
U.  Neither the Borrower nor its
Subsidiaries is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose of purchasing or carrying “margin
stock.”

Section 4.10.        ERISA.  No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events
for which liability is reasonably expected to occur, could reasonably be
expected to result in a Material Adverse Effect.  With respect to the Plans, (a) the
present value of all accumulated benefit obligations under each Plan (based on
the assumptions used for purposes of Statement of Financial Standards No. 87)
did not, as of the date of the most recent financial statements reflecting such
amounts, exceed the fair market value of the assets of such Plan, and
(b) the present value of all accumulated benefit obligations of all
underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Standards No. 87) did not, as of the date of the most recent
financial statements reflecting such amounts, exceed the fair market value of
the assets of all such underfunded Plans, where the liability, if any, in (a)
or (b) above could reasonably be expected to result in a Material Adverse
Effect.

Section 4.11.        Ownership
of Property. 
Except as could not reasonably be expected to result in a Material
Adverse Effect:

(a)           Each
of the Borrower and its Subsidiaries has good title to, or valid leasehold
interests in, all of its real and personal property material to the operation
of its business, including all such properties reflected in the most recent
audited consolidated balance

 11
 

sheet
of the Borrower referred to in Section 4.4 or purported to have
been acquired by the Borrower or any Subsidiary after said date (except as sold
or otherwise disposed of in the ordinary course of business), in each case free
and clear of Liens prohibited by this Agreement.  All leases that individually or in the
aggregate are material to the business or operations of the Borrower and its
Subsidiaries are valid and subsisting and are in full force.

(b)           Except
as could not reasonably be expected to have, either individually or in the
aggregate, a Material Adverse Effect, each of the Borrower and its Subsidiaries
owns, or is licensed, or otherwise has the right, to use, all patents,
trademarks, service marks, trade names, copyrights and other intellectual
property material to its business, and the use thereof by the Borrower and its
Subsidiaries does not infringe in any material respect on the rights of any
other Person.

(c)           The
properties of the Borrower and its Subsidiaries are insured with financially
sound and reputable insurance companies, in such amounts with such deductibles
and covering such risks of loss or damage of the kinds customarily carried by
companies in the same or similar businesses operating in the same or similar
locations, which may include self-insurance, if determined by the Borrower to
be reasonably prudent and consistent with business practices as in effect on
the date hereof.

Section 4.12.        Labor
Relations. 
There are no strikes, lockouts or other material labor disputes or
grievances against the Borrower or any of its Subsidiaries, or, to the Borrower’s
knowledge, threatened against or affecting the Borrower or any of its
Subsidiaries, and no significant unfair labor practice, charges or grievances
are pending against the Borrower or any of its Subsidiaries, or to the Borrower’s
knowledge, threatened against any of them before any Governmental
Authority.  All payments due from the
Borrower or any of its Subsidiaries pursuant to the provisions of any
collective bargaining agreement have been paid or accrued as a liability on the
books of the Borrower or any such Subsidiary, except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect.

Section 4.13.        Insolvency.  After giving effect to the execution and
delivery of the Subordinated Loan Documents, the making of the Subordinated
Loan under this Agreement, neither the Borrower nor its Subsidiaries will be “insolvent,”
within the meaning of such term as defined in § 101 of Title 11 of
the United States Code, as amended from time to time, or be unable to pay its
debts generally as such debts become due, or have an unreasonably small capital
to engage in any business or transaction, whether current or contemplated.

ARTICLE V

AFFIRMATIVE, NEGATIVE AND
FINANCIAL COVENANTS

Section
5.1.           Affirmative and Negative
Covenants.  Until
the Termination Date, the Borrower covenants and agrees that it shall comply
with each of the covenants set forth in Articles V and VII of the Senior Credit
Agreement, which covenants are incorporated herein in their entirety, mutatis mutandis, such that any reference in such covenants
to the “Administrative Agent” shall mean, for purposes of this Article V, the
Lender; provided, however, that for purposes of this Section
5.1, any references to dollar amounts in Article VII

 12
 

(including after giving effect to any amendments to
the Senior Credit Agreement) shall be increased by 15%.

Section
5.2.           Financial Covenants.  Until the Termination Date, the Borrower
covenants and agrees that it shall comply with each of the covenants set forth
in Article VI of the Senior Credit Agreement, which covenants are incorporated
herein in their entirety, mutatis mutandis;
provided, however, that for purposes of this Section 5.2:

(a)           The
numerator in each ratio referred to in Section 6.1(a) of the Senior Credit
Agreement shall be increased by 15% (including after giving effect to any
amendments to the Senior Credit Agreement);

(b)           The
numerator in each ratio referred to in Section 6.1(b) of the Senior Credit
Agreement shall be decreased by 15% (including after giving effect to any
amendments to the Senior Credit Agreement); and

(c)           Any
change from time to time in the “Required Threshold” (as defined in Section
6.1(a) of the Senior Credit Agreement) shall result in a corresponding change
in the “Required Threshold” under this Section 5.2 (subject always to subsection
(a) of this Section 5.2).

ARTICLE VI

EVENTS OF DEFAULT

If any of the following events (each an “Event of
Default”) shall occur:

(a)           the
Borrower shall fail to pay any principal of any Subordinated Loan when and as
the same shall become due and payable, whether at the due date thereof or at a
date fixed for prepayment or otherwise and such failure shall continue
unremedied for a period of five (5) days (it being understood that the failure
of the Borrower to make any such payment as a result of a prohibition thereon
under the Subordination Agreement shall not constitute an Event of Default); or

(b)           the
Borrower shall fail to pay any interest on any Subordinated Loan or any other
amount (other than an amount payable under clause (a) of this Section
6.1) payable under this Agreement or any other Subordinated Loan Document,
when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of ten (10) days (it being understood
that the failure of the Borrower to make any such payment as a result of a
prohibition thereon under the Subordination Agreement shall not constitute an
Event of Default); or

(c)           the
Borrower shall fail to observe or perform any covenant or agreement contained
in Sections 5.1, 5.2, or 5.3(a), Article VI or Article VII of the Senior
Credit Agreement, as incorporated by reference in this Agreement pursuant to Article
V of this Agreement (including after giving effect to the provisos in Sections
5.1 and 5.2 of this Agreement), and such failure shall remain
unremedied for 5 days after the earlier of (i) any

 13
 

Responsible
Officer of the Borrower becomes aware of such failure, or (ii) written
notice thereof shall have been given to the Borrower by the Senior Agent or the
Lender; or

(d)           the
Borrower shall fail to observe or perform any covenant or agreement contained
in the Senior Credit Agreement (other than those referred to in clause (c)
above) or any other Senior Loan Document, and such failure shall remain
unremedied for 35 days after the earlier of (i) any Responsible
Officer of the Borrower becomes aware of such failure, or (ii) written
notice thereof shall have been given to the Borrower by the Senior Agent or the
Lender; or

(e)           the
Borrower or any of its Significant Subsidiaries (whether as primary obligor or
as guarantor or other surety) shall fail to pay any principal of, or premium or
interest on, (i) any Material Indebtedness (other than Indebtedness under
the Senior Credit Agreement and the other Senior Loan Documents) that is
outstanding, when and as the same shall become due and payable (whether at
scheduled maturity, required prepayment, acceleration, demand or otherwise),
and such failure shall continue after the applicable grace period, if any,
specified in the agreement or instrument evidencing or governing such
Indebtedness; or any other event shall occur or condition shall exist under any
agreement or instrument relating to such Indebtedness and shall continue after
the applicable grace period, if any, specified in such agreement or instrument,
if the effect of such event or condition is to accelerate, or permit the
acceleration of, the maturity of such Indebtedness; (ii) any such
Indebtedness shall be declared to be due and payable, or required to be prepaid
or redeemed (other than by a regularly scheduled required prepayment or
redemption), purchased or defeased, or any offer to prepay, redeem, purchase or
defease such Indebtedness shall be required to be made, in each case prior to
the stated maturity thereof; or (iii) (A) there occurs under any
Hedging Transaction an Early Termination Date (as defined in such Hedging
Transaction) resulting from an event of default under such Hedging Transaction
as to which the Borrower or any of its Significant Subsidiaries is the
Defaulting Party (as defined in such Hedging Transaction) and the value owed by
the Borrower or any of its  Significant
Subsidiaries as a result thereof is greater than (individually or collectively)
$17,250,000 and such amount is not paid when due under such Hedging
Transaction, or (B) there occurs under any Hedging Transaction an Early
Termination Date (as defined in such Hedging Transaction) resulting from any
Termination Event (as so defined) under such Hedging Transaction as to which
the Borrower or any of its Significant Subsidiaries is an Affected Party (as
defined in such Hedging Transaction) and the value owed by the Borrower or any
of its  Significant Subsidiaries as a
result thereof is greater than (individually or collectively) $17,250,000 and
such amount is not paid when due under such Hedging Transaction; or

(f)            the
Borrower or any of its Significant Subsidiaries shall (i) commence a
voluntary case or other proceeding or file any petition seeking liquidation,
reorganization or other relief under any federal, state or foreign bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the
appointment of a custodian, trustee, receiver, liquidator or other similar
official of them or any substantial part of their property, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (g) of this Section 6.1,
(iii) apply for or consent to the appointment of a custodian, trustee,
receiver, liquidator or other similar official for the Borrower or any of its
Significant Subsidiaries or for a substantial part of their assets,
(iv) file an answer admitting the material allegations of a

 14
 

petition
filed against it in any such proceeding, (v) make a general assignment for
the benefit of creditors, or (vi) take any partnership action for the
purpose of effecting any of the foregoing; or

(g)           an
involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect
of the Borrower or any of its Significant Subsidiaries or their debts, or any
substantial part of their assets, under any federal, state or foreign
bankruptcy, insolvency or other similar law now or hereafter in effect or
(ii) the appointment of a custodian, trustee, receiver, liquidator or
other similar official for the Borrower or any of its Significant Subsidiaries
or for a substantial part of their assets, and in any such case, such
proceeding or petition shall remain undismissed for a period of 65 days or an
order or decree approving or ordering any of the foregoing shall be entered; or

(h)           the
Borrower or any of its Significant Subsidiaries shall admit in writing its
inability to pay, or shall fail to pay, its debts as they become due; or

(i)            an
ERISA Event shall have occurred that, in the opinion of the Lender, when taken
together with other ERISA Events that have occurred, could reasonably be
expected to result in liability to the Borrower or any of its Significant
Subsidiaries in an aggregate amount exceeding $17,250,000; or

(j)            any
judgment or order for the payment of money in excess of $17,250,000 in the
aggregate shall be rendered against the Borrower or any of its Significant
Subsidiaries, and either (i) enforcement proceedings shall have been
commenced by any creditor upon such judgment or order or (ii) there shall
be a period of 35 consecutive days during which a stay of enforcement of
such judgment or order, by reason of a pending appeal or otherwise, shall not
be in effect; provided, however, that any such judgment or order shall not be
an Event of Default under this Section 6.1(j) if and for so long as
(i) the amount of such judgment or order is covered (subject to customary
deductibles) by a valid and binding policy of insurance between the defendant
and the insurer covering payment thereof and (ii) such insurer, which
shall be rated at least “A-” by A.M. Best Company, has been notified of, and
has not denied coverage of, the amount of such judgment or order; or

(k)           any
non-monetary judgment or order shall be rendered against the Borrower or any of
its Significant Subsidiaries that could reasonably be expected to have a
Material Adverse Effect, and there shall be a period of 35 consecutive days
during which a stay of enforcement of such judgment or order, by reason of a
pending appeal or otherwise, shall not be in effect; or

(l)            a
Change in Control shall occur or exist;

then, subject to the terms and conditions set forth in the
Subordination Agreement, and in every such event (other than an event with
respect to the Borrower or any of its Significant Subsidiaries described in
clause (f) or (g) of this Section 6.1) and at any time thereafter
during the continuance of such event, the Lender may, by notice to the
Borrower, take any or all of the following actions, at the same or different
times: (i) terminate the Subordinated Loan Commitment, whereupon the
Subordinated Loan Commitment shall terminate immediately, (ii) declare the
principal of and any accrued interest on the Subordinated Loans, and all other

 15
 

Obligations owing hereunder, to be, whereupon the same shall become,
due and payable immediately, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower,
(iii) exercise all remedies contained in any other Loan Document, and (iv)
exercise any other remedies available at law or in equity; and that, if an
Event of Default specified in either clause (f) or (g) shall occur, the
Subordinated Loan Commitment shall automatically terminate and the principal of
the Subordinated Loans then outstanding, together with accrued interest
thereon, and all fees, and all other Obligations shall automatically become due
and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower.

ARTICLE VII

MISCELLANEOUS

Section 7.1.           Notices.

(a)           Written Notices.  Except
in the case of notices and other communications expressly permitted to be given
by telephone, all notices and other communications to any party herein to be
effective shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as
follows:

	
  To the Borrower:

  	
  TC PipeLines, LP

  c/o TC PipeLines GP

  450 1st Street SW

  Calgary, AB T2P 5H1

  Attention: Corporate Secretary

  Telecopy Number: (403) 920-2200

  
	
   

  	
   

  
	
  To the Lender:

  	
  TransCanada PipeLines Limited

  c/o TransCanada Corporation

  450 1st Street SW

  Calgary, AB T2P 5H1

  Attention: Corporate Secretary

  Telecopy Number: (403) 920-2200

  

 

Any party hereto may change its address or telecopy
number for notices and other communications hereunder by notice to the other
parties hereto.  All such notices and
other communications shall, when transmitted by overnight delivery, or faxed,
be effective when delivered for overnight (next-day) delivery, or transmitted
in legible form by facsimile machine, respectively, or if mailed, upon the
third Business Day after the date deposited into the mail or if delivered, upon
delivery; provided, that any notices provided under Section 5.2 or 5.3 of
the Senior Credit Agreement (as incorporated in this Agreement by reference
pursuant to Article V of this Agreement) delivered to the Lender shall not be
effective until actually received by such Person at its address specified in
this Section 7.1.

(b)           E-Mail
Communications.  Notices and other
communications to the Lender hereunder may be delivered or furnished by e-mail.  Unless the Lender otherwise

 16
 

prescribes,
notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended
recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such
notice or other communication is not sent during the normal business hours of
the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient.

Section 7.2.           Waiver;
Amendments.

(a)           No
failure or delay by the Lender in exercising any right or power hereunder or
any other Subordinated Loan Document, and no course of dealing between the Borrower
and the Lender, shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power or any abandonment or
discontinuance of steps to enforce such right or power, preclude any other or
further exercise thereof or the exercise of any other right or power hereunder
or thereunder.  The rights and remedies
of the Lender hereunder and under the other Subordinated Loan Documents are
cumulative and are not exclusive of any rights or remedies provided by
law.  No waiver of any provision of this
Agreement or any other Subordinated Loan Document or consent to any departure
by the Borrower therefrom shall in any event be effective unless the same shall
be permitted by paragraph (b) of this Section 7.2, and then such
waiver or consent shall be effective only in the specific instance and for the
purpose for which given.

(b)           No
amendment or waiver of any provision of this Agreement or the other
Subordinated Loan Documents, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Borrower and the Lender, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given.

(c)           Notwithstanding
the foregoing, in the event that the Borrower and/or the required lenders under
the Senior Credit Agreement agree upon a waiver or amendment of any of the
terms and conditions in the Senior Credit Agreement, such waiver or amendment,
if applicable, shall apply to this Agreement and the other Subordinated Loan
Documents without any action on the part of the parties hereto.  The Lender agrees to execute a written waiver
or amendment to memorialize any waiver or amendment effected pursuant to the
preceding sentence.

Section 7.3.           Expenses;
Indemnification.

(a)           Subject to the Subordination Agreement, the
Borrower shall pay (i) all reasonable, out-of-pocket costs and expenses of
the Lender and its Affiliates, including the reasonable fees, charges and
disbursements of counsel for the Lender and its Affiliates, in connection with
the preparation and administration of the Subordinated Loan Documents and any
amendments, modifications or waivers thereof (whether or not the transactions
contemplated in this Agreement or any other Subordinated Loan Document shall be
consummated), and (ii) all out-of-pocket costs and expenses (including,
without limitation, but limited to the reasonable fees, charges and
disbursements of one outside counsel for the Lender) incurred by the Lender in
connection with the enforcement or protection of its rights in connection with
this Agreement,

 17
 

including
its rights under this Section 7.3, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect
of the Subordinated Loan.

(b)           Subject to the Subordination Agreement, the
Borrower shall indemnify the Lender, and each Related Party of the Lender
(other than the General Partner) (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), and shall indemnify and hold
harmless each Indemnitee from all fees and time charges and disbursements for
attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrower arising
out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement, any other Subordinated Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the
consummation of the transactions contemplated hereby or thereby, (ii) any
actual or alleged presence or Release of Hazardous Materials on or from any
property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its
Subsidiaries, or (iii) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the
Borrower, and regardless of whether any Indemnitee is a party thereto, provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or
(y) result from a claim brought by the Borrower against an Indemnitee for
breach in bad faith of such Indemnitee’s obligations hereunder or under any
other Subordinated Loan Document, if the Borrower has obtained a final judgment
in its favor on such claim as determined by a court of competent jurisdiction.

(c)           Subject
to the Subordination Agreement, the Borrower shall pay, and hold the Lender
harmless from and against, any and all present and future stamp, documentary,
and other similar taxes with respect to this Agreement and any other
Subordinated Loan Documents, any collateral described therein, or any payments
due thereunder, and save the Lender harmless from and against any and all
liabilities with respect to or resulting from any delay or omission to pay such
taxes.

(d)           To
the extent permitted by applicable law, each party shall not assert, and hereby
waives, any claim against any Indemnitee or the other party, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed
to actual or direct damages) arising out of, in connection with or as a result
of, this Agreement or any agreement or instrument contemplated hereby, the
transactions contemplated therein, the Subordinated Loan or the use of proceeds
thereof.

(e)           All
amounts due under this Section 7.3 shall be payable promptly after
written demand therefor.

Section 7.4.           Successors
and Assigns.  The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and

 18
 

assigns
permitted hereby, except that the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder, and, so long as no Default or Event
of Default shall have occurred and is continuing, the Lender may not assign or
otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Borrower.  Any
other attempted assignment or transfer by any party hereto shall be null and
void.  Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby
and, to the extent expressly contemplated hereby, the Related Parties of the
Lender) any legal or equitable right, remedy or claim under or by reason of
this Agreement.

Section 7.5.           Governing
Law; Jurisdiction; Consent to Service of Process.

(a)           This
Agreement and the other Subordinated Loan Documents shall be construed in
accordance with and be governed by the law (without giving effect to the
conflict of law principles thereof except for Sections 5-1401 and 5-1402 of the
New York General Obligations Law) of the State of New York.

(b)           Each
party hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of the United States District Court of
the Southern District of New York, and of 
the Supreme Court of the State of New York sitting in New York county
and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or any other Subordinated Loan Document or
the transactions contemplated hereby or thereby, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York state court or, to the
extent permitted by applicable law, such Federal court.  Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

(c)           Each
party hereto irrevocably and unconditionally waives any objection which it
may now or hereafter have to the laying of venue of any such suit, action
or proceeding described in paragraph (b) of this Section 7.5 and
brought in any court referred to in paragraph (b) of this Section 7.5.  Each party hereto irrevocably waives, to the
fullest extent permitted by applicable law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

(d)           Each
party to this Agreement irrevocably consents to the service of process in the
manner provided for notices in Section 7.1.  Nothing in this Agreement or in any other
Subordinated Loan Document will affect the right of any party hereto to serve
process in any other manner permitted by law.

Section 7.6.           WAIVER
OF JURY TRIAL. 
EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER
SUBORDINATED LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT

 19
 

OR
ANY OTHER THEORY).  EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER SUBORDINATED LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 7.7.           Counterparts;
Integration. 
This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by telecopy), and
all of said counterparts taken together shall be deemed to constitute one and
the same instrument.  This Agreement and
the other Subordinated Loan Documents constitute the entire agreement among the
parties hereto and thereto regarding the subject matters hereof and thereof and
supersede all prior agreements and understandings, oral or written, regarding
such subject matters.

Section 7.8.           Survival.  All covenants, agreements, representations
and warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the Lender and shall survive the
execution and delivery of this Agreement and the making of the Subordinated
Loans, regardless of any investigation made by any the Lender or on its behalf
and notwithstanding that the Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on the Subordinate Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid.  The provisions of Section 7.3 shall
survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the repayment of the Subordinated Loans
or the termination of this Agreement or any provision hereof.  All representations and warranties made
herein, in the certificates, reports, notices, and other documents delivered
pursuant to this Agreement shall survive the execution and delivery of this
Agreement and the other Subordinated Loan Documents, and the making of the
Subordinate Loans.

Section 7.9.           Severability.  Any provision of this Agreement or any other
Subordinated Loan Document held to be illegal, invalid or unenforceable in any
jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of
such illegality, invalidity or unenforceability without affecting the legality,
validity or enforceability of the remaining provisions hereof or thereof; and
the illegality, invalidity or unenforceability of a particular provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

Section 7.10.        Confidentiality.  The Lender agrees to take normal and
reasonable precautions to maintain the confidentiality of any confidential
information provided to it by the Borrower or any Subsidiary, except that such
information may be disclosed (i) to any Related Party of the Lender,
including without limitation accountants, legal counsel and other advisors with
a reasonable need for such information (it being understood that the Persons to
whom such disclosure is made will be informed of the confidential nature of
such information and instructed to keep such information confidential on
substantially the same terms as provided herein), (ii) to

 20
 

the
extent required by applicable laws or regulations or by any subpoena or similar
legal process, (iii) to the extent requested by any regulatory agency or
authority or self-regulatory body having or claiming authority to regulate or
oversee any aspect of the Lender’s business or businesses, (iv) to the
extent that such information becomes publicly available other than as a result
of a breach of this Section 9.10, or which becomes available to the
Lender or any of its Related Party on a non-confidential basis from a source
other than the Borrower, (v) in connection with the exercise of any remedy
hereunder or any suit, action or proceeding relating to this Agreement or the
enforcement of rights hereunder, and (ix) subject to provisions
substantially similar to this Section 9.10, to any actual or prospective
assignee, or (vi) with the consent of the Borrower.  Any Person required to maintain the
confidentiality of any information as provided for in this Section 7.10
shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of
such information as such Person would accord its own confidential information;
provided that, in the case of clauses (ii) or (iii), with the exception of
disclosure to regulatory authorities, the Lender agrees, to the extent
practicable and legally permissible, to give the Borrower prompt prior notice
so that it may seek a protective order or other appropriate remedy.

Section 7.11.        Interest
Rate Limitation. 
Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Subordinated Loan, together with all charges
and other amounts which may be treated as interest on such Subordinated Loan
under applicable law (collectively, the “Charges”), shall exceed the
maximum lawful rate of interest (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by a lender holding such a
loan in accordance with applicable law, the rate of interest payable in respect
of such Subordinated Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate.

Section 7.12.        Non-Recourse
to the General Partner and Associated Persons.  The Lender agrees on behalf of itself and its
successors, assigns and legal representatives, that neither the General Partner
nor any Person which is a partner, shareholder, member, owner, officer,
director, supervisor, trustee or other principal (collectively, “Associated
Persons”) of the Borrower, the General Partner, or any of their respective
successors or assigns, shall have any personal liability for the payment or
performance of any of the Borrower’s obligations hereunder or under the
Subordinated Note and no monetary or other judgment shall be sought or enforced
against the General Partner or any of such Associated Persons or any of their
respective successors or assigns. 
Notwithstanding the foregoing, the Lender shall not be deemed barred by
this Section 7.12 from asserting any claim against any Person based upon
an allegation of fraud or misrepresentation.

 21
 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written.

	
  

  	
  TC PIPELINES, LP

  
	
   

  	
  By: TC PipeLines GP, Inc., its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Mark A.P.
  Zimmerman

  	
   

  
	
   

  	
  Name: Mark A.P.
  Zimmerman

  
	
   

  	
  Title:   President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Donald J.
  DeGrandis

  	
   

  
	
   

  	
  Name: Donald J.
  DeGrandis

  
	
   

  	
  Title:   Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRANSCANADA PIPELINES LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Donald R.
  Marchand

  	
   

  
	
   

  	
  Name: Donald R.
  Marchand

  
	
   

  	
  Title:   Vice-President, Finance & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Ronald L.
  Cook

  	
   

  
	
   

  	
  Name: Ronald L.
  Cook

  
	
   

  	
  Title:   Vice-President, Taxation

  

 

 22EXHIBIT
10.3

Execution
Version

SUBORDINATION AND INTERCREDITOR AGREEMENT

THIS SUBORDINATION AND INTERCREDITOR
AGREEMENT (this “Agreement”) is entered into as of
this February 13, 2007, by and among TRANSCANADA
PIPELINES LIMITED, a Canada corporation  (together with its successors and any
permitted assigns, the “Subordinated Creditor”),(1) TC PIPELINES, LP a Delaware
limited partnership (the “Borrower”) and SUNTRUST BANK, as Administrative
Agent for all Senior Lenders party to the Senior Credit Agreement defined below
(“Administrative Agent”).

R E C I T A L S

A.            The Borrower, Administrative Agent
and Senior Lenders (as hereinafter defined) have entered into an Amended and
Restated Revolving Credit and
Term Loan Agreement of even date herewith (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Senior Credit
Agreement”), pursuant to which, among other things, Senior Lenders have
agreed, subject to the terms and conditions set forth in the Senior Credit
Agreement, to make certain loans and financial accommodations to the Borrower.

B.            The Borrower and Subordinated Creditor have
entered into a Subordinated Loan Agreement of even date herewith (as the same
may be amended, restated, supplemented or otherwise modified from time to time
as permitted hereunder, the “Subordinated Loan Agreement”), pursuant to
which Subordinated Creditor is extending credit to the Borrower as evidenced by
a Subordinated Note of even date herewith in the principal amount of up to $300,000,000
(as the same may be amended, restated, supplemented or otherwise modified from
time to time as permitted hereunder, the “Subordinated Note”).

C.            As an inducement to and as one of the conditions
precedent to the agreement of Administrative Agent and Senior Lenders to
consummate the transactions contemplated by the Senior Credit Agreement, Administrative
Agent and Senior Lenders have required the execution and delivery of this
Agreement by Subordinated Creditor and the Borrower in order to set forth the
relative rights and priorities of Administrative Agent, Senior Lenders and
Subordinated Creditor under the Senior Loan Documents and the Subordinated Loan
Documents (as hereinafter defined).

NOW, THEREFORE, in
order to induce Administrative Agent and Senior Lenders to consummate the
transactions contemplated by the Senior Credit Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto hereby agree as follows:

(1)  If additional subordinated lenders are added,
this agreement will need to be revised accordingly.

1.             Definitions.
Terms defined in the Senior Credit Agreement are used herein with the same
meanings. The following terms shall have the following meanings in this
Agreement:

“Administrative Agent” shall
mean SunTrust Bank, as Administrative Agent for the Senior Lenders, or any
other Person appointed by the holders of the Senior Debt as Administrative
Agent for purposes of the Senior Loan Documents and this Agreement.

“Bankruptcy Code” shall mean Chapter 11
of Title 11 of the United States Code, as amended from time to time and any
successor statute and all rules and regulations promulgated thereunder.

“Distribution”
means, with respect to any indebtedness or obligation, (a) any payment or
distribution by any Person of cash, securities or other property, by set-off or
otherwise, on account of such indebtedness or obligation, (b) any redemption,
purchase or other acquisition of such indebtedness or obligation by any Person
or (c) the granting of any lien or security interest to or for the benefit of
the holders of such indebtedness or obligation in or upon any property of any
Person.

“Enforcement
Action” shall mean (a) to take from or for the account of
the Borrower or any guarantor of the Subordinated Debt, by set-off or in any
other manner, the whole or any part of any moneys which may now or hereafter be
owing by the Borrower or any such guarantor with respect to the Subordinated
Debt, (b) to sue for payment of, or to initiate or participate with others in
any suit, action or proceeding against the Borrower or any such guarantor to
(i) enforce payment of or to collect the whole or any part of the Subordinated
Debt or (ii) commence judicial enforcement of any of the rights and remedies
under the Subordinated Loan Documents or applicable law with respect to the
Subordinated Debt, (c) to accelerate the Subordinated Debt, (d) to exercise any
put option or to cause the Borrower or any such guarantor to honor any
redemption or mandatory prepayment obligation under any Subordinated Loan
Document or (e) to take any action under the provisions of any state or federal
law, including, without limitation, the Uniform Commercial Code, or under any
contract or agreement, to enforce, foreclose upon, take possession of or sell
any property or assets of the Borrower or any such guarantor.

“Permitted
Subordinated Debt Payments” means (a) regularly scheduled payments of interest on the Subordinated Note
due and payable on a non-accelerated basis in accordance with the terms of the
Subordinated Loan Documents as in effect on the date hereof or as modified in
accordance with the terms of this Agreement, provided that such cash payments
of interest cannot exceed 6% of then outstanding principal amount of the
Subordinated Note and (b) so long as the total principal amount outstanding
with respect to the Senior Debt is less than $600,000,000 and so long as no
Default or Event of Default exists or would occur as a result thereof, voluntary
payments of principal of the Subordinated Note, in whole or in part, by the
Borrower with the proceeds of the issuance of common units by the Borrower,
provided that no other

 2
 

payments
(either mandatory or voluntary prepayments) of principal of the Subordinated
Note shall constitute Permitted Subordinated Debt Payments.

“Person”
shall mean any individual, partnership, firm, corporation, association, joint
venture, limited liability company, trust or other entity, or any Governmental
Authority.

“Proceeding”
shall mean any voluntary or involuntary insolvency, bankruptcy, receivership,
custodianship, liquidation, dissolution, reorganization, assignment for the
benefit of creditors, appointment of a custodian, receiver, trustee or other
officer with similar powers or any other proceeding for the liquidation,
dissolution or other winding up of the Borrower or any of its subsidiaries.

“Senior
Debt” shall mean all obligations, liabilities and
indebtedness of every nature of the Borrower or any guarantor from time to time
owed to Administrative Agent or any Senior Lender under the Senior Loan
Documents, including, without limitation, the principal amount of all debts,
claims and indebtedness, accrued and unpaid interest thereon and all fees,
costs and expenses owed thereunder or pursuant thereto, whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now and from
time to time hereafter owing, due or payable, whether before or after the
filing of a Proceeding under the Bankruptcy Code together with (a) any amendments,
modifications, renewals or extensions thereof to the extent not prohibited by
the terms of this Agreement and (b) any interest accruing thereon after the
commencement of a Proceeding, without regard to whether or not such interest is
an allowed claim.  Senior Debt shall be
considered to be outstanding whenever any loan commitment under the Senior Loan
Document is outstanding.

“Senior
Default” shall mean any 
“Event of Default” as that term is defined the Senior Loan Documents, or
any condition or event that, after notice or lapse of time or both, would
constitute such an Event of Default if that condition or event were not cured
or removed within any applicable grace or cure period set forth therein.

“Senior
Default Notice” shall mean a written notice from Administrative
Agent to Subordinated Creditor pursuant to which Subordinated Creditor is
notified of the occurrence of a Senior Default, which notice incorporates a
reasonably detailed description of such Senior Default.

“Senior
Lenders” shall mean the holders of the Senior Debt from
time to time.

“Senior
Loan Documents” shall mean the Senior Credit Agreement
and all other agreements, documents and instruments executed from time to time
in connection therewith, as the same may be amended, restated, supplemented or
otherwise modified from time to time.

 3
 

“Subordinated Debt” shall mean all of
the debts, liabilities and obligations of the Borrower, or any guarantor, to
Subordinated Creditor evidenced by, incurred pursuant to, or arising from the
Subordinated Loan Documents.

“Subordinated
Loan Documents” shall mean the Subordinated Note, theSubordinated Loan Agreement and any
guaranty with respect to the Subordinated Debt, and all other documents,
agreements and instruments now existing or hereinafter entered into evidencing
or pertaining to all or any portion of the Subordinated Debt.

“Subordinated
Debt Default” shall mean any  “Event of Default” as that term is defined
the Subordinated Loan Documents, or any condition or event that, after notice
or lapse of time or both, would constitute such an Event of Default if that
condition or event were not cured or removed within any applicable grace or
cure period set forth therein.

“Subordinated
Debt Default Notice” shall mean a written notice from
Subordinated Creditor or the Borrower to Administrative Agent pursuant to which
Administrative Agent is notified of the occurrence of a Subordinated Debt
Default, which notice incorporates a reasonably detailed description of such
Subordinated Debt Default.

2.                                      Subordination.

2.1          Subordination
of Subordinated Debt to Senior Debt. The Borrower covenants
and agrees, and Subordinated Creditor by its acceptance of the Subordinated Loan
Documents (whether upon original issue or upon transfer or assignment) likewise
covenants and agrees, notwithstanding anything to the contrary contained in any
of the Subordinated Loan Documents, that the payment of any and all of the
Subordinated Debt shall be subordinate and subject in right and time of
payment, to the extent and in the manner hereinafter set forth, to the prior
indefeasible payment in full in cash of all Senior Debt and termination of all
lending commitments under the Senior Loan Documents. Each holder of Senior
Debt, whether now outstanding or hereafter created, incurred, assumed or
guaranteed, shall be deemed to have acquired Senior Debt in reliance upon the
provisions contained in this Agreement.

2.2          Liquidation,
Dissolution, Bankruptcy. In the event of any Proceeding
involving the Borrower or any of its Subsidiaries:

(a)           All Senior Debt shall first be
indefeasibly paid in full in cash and all commitments to lend under the Senior Loan
Documents shall be terminated before any Distribution, whether in cash,
securities or other property, shall be made to Subordinated Creditor on account
of any Subordinated Debt.

(b)           Any Distribution, whether in cash,
securities or other property which would otherwise, but for the terms hereof,
be payable or deliverable in respect of the Subordinated Debtshall be paid or delivered directly
to Administrative Agent (to be held and/or applied by Administrative Agent in
accordance with the terms of the Senior Loan Documents) until all Senior Debt
is indefeasibly paid in full in cash and all commitments

 4
 

to lend under the Senior
Loan Documents shall have been terminated.  Subordinated Creditor irrevocably authorizes,
empowers and directs any debtor, debtor in possession, receiver, trustee,
liquidator, custodian, conservator or other Person having authority, to pay or
otherwise deliver all such Distributions to Administrative Agent. Subordinated
Creditor also irrevocably authorizes and empowers Administrative Agent, in its
name or in the name of Subordinated Creditor, to demand, sue for, collect and
receive any and all such Distributions.

(c)           Subordinated Creditor agrees not to
initiate, prosecute or participate in any claim, action or other proceeding
challenging the creation, attachment, enforceability, validity of the Senior
Debt.  None of the Subordinated Creditors
will take any action that would interfere with any exercise of any remedies
undertaken by the Administrative Agent or any other Senior Secured Party under
the Senior Loan Documents.  No
Subordinated Creditor shall object to any provision in any DIP financing
relating to any provision or content of a plan of reorganization or to any plan
of reorganization supported by the Senior Lenders.

(d)           Subordinated Creditor agrees to
execute, verify, deliver and file any proofs of claim in respect of the
Subordinated Debt requested by Administrative Agent in connection with any such
Proceeding and hereby irrevocably authorizes, empowers and appoints Administrative
Agent its attorney-in-fact to (i) execute, verify, deliver and file such proofs
of claim and (ii) vote such claim in any such Proceeding; provided Administrative
Agent shall have no obligation to execute, verify, deliver, file and/or vote
any such proof of claim. In the event that Administrative Agent votes any claim
in accordance with the authority granted hereby, Subordinated Creditor shall
not be entitled to change or withdraw such vote.

(e)           The Senior Debt shall continue to be
treated as Senior Debt and the provisions of this Agreement shall continue to
govern the relative rights and priorities of Senior Lenders and Subordinated
Creditor even if all or part of the Senior Debt or the security interests
securing the Senior Debt are subordinated, set aside, avoided, invalidated or
disallowed in connection with any such Proceeding or otherwise, and this
Agreement shall be reinstated if at any time any payment of any of the Senior
Debt is rescinded or must otherwise be returned by any holder of Senior Debt or
any representative of such holder.

2.3          Subordinated
Debt Payment Restrictions.

(a)           Notwithstanding the terms of the Subordinated
Loan Documents, the Borrower hereby agrees that it may not make, directly or
indirectly, and Subordinated Creditor hereby agrees that it will not accept, take
or claim from the Borrower or any guarantor, any Distribution with respect to
the Subordinated Debt until the Senior Debt is indefeasibly paid in full in
cash and all commitments to lend under the Senior Loan Documents have
terminated, other than Permitted Subordinated Debt Payments subject to the
terms of Section 2.2; provided, however, that the Borrower and
Subordinated Creditor

 5
 

further agree that no
Permitted Subordinated Debt Payment may be made by the Borrower, directly or
indirectly, or accepted, taken or claimed by Subordinated Creditor from the
Borrower or any guarantor if, at the time of such payment a Senior Default
exists or would result therefrom and such Senior Default shall not have been
waived.

(b)           The Borrower may resume Permitted
Subordinated Debt Payments in respect of the Subordinated Debt or any judgment
with respect thereto in the case of a Senior Default referred to in paragraph
(a) of this Section 2.3, upon a waiver thereof.

(c)           No Senior Default shall be deemed to
have been waived for purposes of this Section 2.3 unless and until the Borrower
shall have received a written waiver from Administrative Agent or all Senior
Lenders.

(d)           Notwithstanding any provision of this
Section 2.3 to the contrary, the failure of the Borrower to make any
Distribution with respect to the Subordinated Debt by reason of the operation
of this Section 2.3 shall not be construed as preventing the occurrence of a
Subordinated Debt Default under the applicable Subordinated Loan Documents.

2.4          Subordinated
Debt Standstill Provisions.       Until the Senior Debt is indefeasibly paid in full in cash and
all commitments to lend under the Senior Loan Documents shall be terminated,
Subordinated Creditor shall not, without the prior written consent of Administrative
Agent, take any Enforcement Action with respect to the Subordinated Debt.  Notwithstanding the foregoing, any
Distributions or other proceeds of any Enforcement Action obtained by
Subordinated Creditor in breach of this Section 2.4 shall in any event be held
in trust by it for the benefit of Administrative Agent and Senior Lenders and
promptly be paid or delivered to Administrative Agent for the benefit of Senior
Lenders in the form received until all Senior Debt is indefeasibly paid in full
in cash and all commitments to lend under the Senior Loan Documents shall have
been terminated.

2.5          Incorrect
Payments. If any Distribution on account of the Subordinated
Debt not permitted to be made by the Borrower or accepted, taken or claimed by
Subordinated Creditor under this Agreement is made and received by Subordinated
Creditor, whether from Borrower or any guarantor,  such Distribution shall not be commingled with
any of the assets of Subordinated Creditor, shall be held in trust by
Subordinated Creditor for the benefit of Administrative Agent and Senior
Lenders and shall be promptly paid over to Administrative Agent for application
(in accordance with the Senior Loan Documents ) to the payment of the Senior
Debt then remaining unpaid, until all of the Senior Debt is paid in full.

2.6          Sale, Transfer or other Disposition
of Subordinated Debt.

(a)           Subordinated Creditor shall not sell,
assign, pledge, dispose of or otherwise transfer all or any portion of the
Subordinated Debt or any Subordinated Loan Document:(i)
withoutgiving prior written
notice of such action to Administrative Agent,(ii) unless, prior to the consummation of any such action, the
transferee thereof shall

 6
 

execute and deliver to Administrative
Agent an agreement substantially identical to this Agreement, providing for the
continued subordination of the Subordinated Debt to the Senior Debt as provided
herein and for the continued effectiveness of all of the rights of Administrative
Agent and Senior Lenders arising under this Agreement, and (iii) unless,
following the consummation of any such action, there shall beno more than four holders of the
Subordinated Debt.

(b)           Notwithstanding the failure of any
transferee to execute or deliver an agreement substantially identical to this
Agreement, the subordination effected hereby shall survive any sale,
assignment, pledge, disposition or other transfer of all or any portion of the
Subordinated Debt, and the terms of this Agreement shall be binding upon the
successors and assigns of Subordinated Creditor, as provided in Section 9
hereof.

2.8          Legends.
Until the termination of this Agreement in accordance with Section 15 hereof,
Subordinated Creditor will cause to be clearly, conspicuously and prominently
inserted on the face of the Subordinated Note,
and any other Subordinated Debt Document, as well as any renewals or
replacements thereof, the following legend:

“This instrument
and the rights and obligations evidenced hereby are subordinate in the manner
and to the extent set forth in that certain Subordination and Intercreditor
Agreement (the “Subordination Agreement”) dated as of February 13, 2007
among TRANSCANADA PIPELINES LIMITED(2)
(the “Subordinated Creditor”), TC PIPELINES, LP (the “Borrower”)
and SunTrust Bank (“Administrative Agent”), to the indebtedness
(including interest) owed by the Borrower pursuant to that certain Amended and
Restated Revolving Credit and
Term Loan Agreement dated as of February 13, 2007, among the Borrower, Administrative
Agent and the lenders from time to time party thereto, as suchAmended and Restated Revolving Credit and Term Loan Agreement has
been and hereafter may be amended, supplemented or otherwise modified from time
to time and to indebtedness refinancing the indebtedness under that agreement
as contemplated by the Subordination Agreement; and each holder of this
instrument, by its acceptance hereof, irrevocably agrees to be bound by the provisions
of the Subordination Agreement.”

3.             Modifications.

3.1          Modifications
to Senior Loan Documents. Senior Lenders may at any time
and from time to time without the consent of or notice to Subordinated
Creditor, without incurring liability to Subordinated Creditor and without
impairing or releasing the obligations of Subordinated Creditor under this
Agreement, change the manner or place of payment or extend the time of payment
of or renew or alter any of the terms of the Senior Debt, or amend in any manner
any agreement, note, guaranty or other instrument evidencing or securing or
otherwise relating to the Senior Debt.

(2)  If additional subordinated
lenders are added, this legend will need to be revised accordingly.

 7
 

3.2          Modifications
to Subordinated Loan Documents. Until the Senior Debt has
been indefeasibly paid in full in cash and all lending commitments under the Senior
Loan Documents have terminated, and notwithstanding anything to the contrary
contained in the Subordinated Loan Documents, Subordinated Creditor shall not,
without the prior written consent of Administrative Agent, agree to any
amendment, modification or supplement to the Subordinated Loan Documents the
effect of which is to (a) increase the maximum principal amount of the
Subordinated Debt or rate of interest (or cash pay rate of interest) on any of
the Subordinated Debt, (b) change the dates upon which payments of principal or
interest on the Subordinated Debt are due, (c) change or add any event of
default or any covenant with respect to the Subordinated Debt, (d) change any
redemption or prepayment provisions of the Subordinated Debt, (e) alter the
subordination provisions with respect to the Subordinated Debt, including,
without limitation, subordinating the Subordinated Debt to any other
indebtedness, (f) take any liens or security interests in any assets of the Borrower
or any guarantor of the Subordinated Debt or (g) change or amend any other term
of the Subordinated Loan Documents if such change or amendment would result in
a Senior Default, increase the obligations of the Borrower or any guarantor of
the Subordinated Debt or confer additional material rights on Subordinated
Creditor or any other holder of the Subordinated Debt in a manner materially adverse
to the Borrower, any such guarantor or Senior Lenders.

4.                                      Representations
and Warranties.

4.1                               Representations
and Warranties of Subordinated Creditor.  Subordinated Creditor hereby represents and
warrants to Administrative Agent and Senior Lenders that as of the date hereof:
(a) Subordinated Creditor is a corporationduly formed and validly existing
under the laws of Canada; (b) 
Subordinated Creditor has the power and authority to enter into,
execute, deliver and carry out the terms of this Agreement, all of which have
been duly authorized by all proper and necessary action; (c) the execution of
this Agreement by Subordinated Creditor will not violate or conflict with the
organizational documents of Subordinated Creditor, any material agreement
binding upon Subordinated Creditor or any law, regulation or order or require
any consent or approval which has not been obtained; (d) this Agreement is the
legal, valid and binding obligation of Subordinated Creditor, enforceable
against Subordinated Creditor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by equitable principles; (e) Subordinated
Creditor is the sole owner, beneficially and of record, of the Subordinated
Loan Documents and the Subordinated Debt; and (f) the Subordinated  Debt is, and at all times prior to the
termination of this Agreement shall remain, an unsecured obligation of the Borrower.

4.2          Representations
and Warranties of Administrative Agent.  Administrative Agent hereby represents and
warrants to Subordinated Creditor that as of the date hereof: (a) Administrative
Agent is a corporation duly formed and validly existing under the laws of the
State of Georgia; (b) Administrative Agent has the power and authority to enter
into, execute, deliver and carry out the terms of this Agreement, all of which
have been duly authorized by all proper and necessary action; (c) the execution
of this Agreement by Administrative Agent will

 8
 

not
violate or conflict with the organizational documents of Administrative Agent,
any material agreement binding upon Administrative Agent or any law, regulation
or order or require any consent or approval which has not been obtained; and
(d) this Agreement is the legal, valid and binding obligation of Administrative
Agent, enforceable against Administrative Agent in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally or by equitable principles.

5.                                      Subrogation.  Subject to the indefeasible payment in
full in cash of all Senior Debt and the termination of all lending commitments
under the Senior Loan Documents, Subordinated Creditor shall be subrogated to
the rights of Administrative Agent and Senior Lenders to receive Distributions
with respect to the Senior Debt until the Subordinated Debt is paid in full.
Subordinated Creditor agrees that in the event that all or any part of a
payment made with respect to the Senior Debt is recovered from the holders of
the Senior Debt in a Proceeding or otherwise, any Distribution received by
Subordinated Creditor with respect to the Subordinated Debt at any time after
the date of the payment that is so recovered, whether pursuant to the right of
subrogation provided for in this Agreement or otherwise, shall be deemed to
have been received by Subordinated Creditor in trust as property of the holders
of the Senior Debt and Subordinated Creditor shall forthwith deliver the same
to the Administrative Agent for the benefit of the Senior Lenders for
application to the Senior Debt until the Senior Debt is paid in full. A
Distribution made pursuant to this Agreement to Administrative Agent or Senior
Lenders which otherwise would have been made to Subordinated Creditor is not,
as between the Borrower and Subordinated Creditor, a payment by the Borrower to
or on account of the Senior Debt.

6.                                      Modification.
Any modification or waiver of any provision of this Agreement, or any consent
to any departure by any party from the terms hereof, shall not be effective in
any event unless the same is in writing and signed by Administrative Agent and
Subordinated Creditor, and then such modification, waiver or consent shall be
effective only in the specific instance and for the specific purpose given. Any
notice to or demand on any party hereto in any event not specifically required
hereunder shall not entitle the party receiving such notice or demand to any
other or further notice or demand in the same, similar or other circumstances
unless specifically required hereunder.

7.                                      Further
Assurances. Each party to this Agreement promptly will execute and
deliver such further instruments and agreements and do such further acts and
things as may be reasonably requested in writing by any other party hereto that
may be necessary or desirable in order to effect fully the purposes of this
Agreement.

8.                                      Notices.
Unless otherwise specifically provided herein, any notice delivered under this
Agreement shall be in writing addressed to the respective party as set forth
below and may be personally served, telecopied or sent by overnight courier
service or certified or registered United States mail and shall be deemed to
have been given (a) if delivered in person, when delivered; (b) if delivered by
telecopy, on the date of transmission if transmitted on a business day before
4:00 p.m. New York, New York time or, if not, on the next succeeding business
day; (c) if delivered by overnight courier, one business day after delivery to
such courier properly

 9
 

addressed;
or (d) if by United States mail, four business days after deposit in the United
States mail, postage prepaid and properly addressed.

Notices shall be
addressed as follows:

If to Subordinated
Creditor:

TransCanada PipeLines Limited

c/o TransCanada Corporation

450 1st Street SW

Calgary, AB T2P 5H1

Attention:           Corporate
Secretary

Telecopy:           (403)
920-2200

If to Borrower:

TC
PipeLines, LP

c/o
TC PipeLines GP

450-1
Street SW

Calgary,
AB T2P5H1

Attention:  Corporate Secretary

Telecopy Number: 
(403) 920-2467

With a copy to:

TC
PipeLines, LP

c/o
TC PipeLines GP

450-1
Street SW

Calgary,
AB T2P5H1

Attention:  Vice President and Treasurer

Telecopy Number: 
(403) 920-2358

If to Administrative
Agent or Senior Lenders:

SunTrust
Bank

303
Peachtree Street, N. E.

Atlanta,
Georgia 30308

Attention:  David Edge

Telecopy Number: 
(404) 827-6270

 10
 

With a copy to:

SunTrust Bank

Agency Services

303 Peachtree Street, N. E./ 25th Floor

Atlanta, Georgia 30308

Attention: Ms. Dorris Folsom

Telecopy Number: (404)
658-4906

and

King & Spalding LLP

1180 Peachtree Street, N.W.

Atlanta, Georgia 30309

Attention: W. Todd Holleman

Telecopy Number: (404)
572-5128

or
in any case, to such other address as the party addressed shall have previously
designated by written notice to the serving party, given in accordance with
this Section 8.

9.                                      Successors and
Assigns. This Agreement shall inure to the benefit of, and shall be
binding upon, the respective successors and assigns of Administrative Agent,
Senior Lenders, Subordinated Creditor and the Borrower. To the extent permitted
under the Senior Loan Documents, Senior Lenders may, from time to time, without
notice to Subordinated Creditor, assign or transfer any or all of the Senior
Debt or any interest therein to any Person and, notwithstanding any such
assignment or transfer, or any subsequent assignment or transfer, the Senior
Debt shall, subject to the terms hereof, be and remain Senior Debt for purposes
of this Agreement, and every permitted assignee or transferee of any of the
Senior Debt or of any interest therein shall, to the extent of the interest of
such permitted assignee or transferee in the Senior Debt, be entitled to rely
upon and be the third party beneficiary of the subordination provided under
this Agreement and shall be entitled to enforce the terms and provisions hereof
to the same extent as if such assignee or transferee were initially a party hereto.

10.                               Relative Rights.         This Agreement shall
define the relative rights of Administrative Agent, Senior Lenders and
Subordinated Creditor with respect to the payment of the Senior Debt and the
Subordinated Debt in accordance with their respective terms.   Nothing
in this Agreement shall (a) impair, as among the Borrower, Administrative Agent
and Senior Lenders and as between the Borrower and Subordinated Creditor, the
obligation of the Borrower with respect to the payment of the Senior Debt and
the Subordinated Debt in accordance with their respective terms or (b) affect
the relative rights of Administrative Agent, Senior Lenders or Subordinated
Creditor with respect to any other creditors of the Borrower.

11.                               Conflict. In
the event of any conflict between any term, covenant or condition of this
Agreement and any term, covenant or condition of any of the Subordinated Loan
Documents, the provisions of this Agreement shall control and govern.

 11
 

12.                               Headings. The
paragraph headings used in this Agreement are for convenience only and shall
not affect the interpretation of any of the provisions hereof.

13.                               Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

14.                               Severability. In
the event that any provision of this Agreement is deemed to be invalid, illegal
or unenforceable by reason of the operation of any law or by reason of the
interpretation placed thereon by any court or governmental authority, the
validity, legality and enforceability of the remaining provisions of this
Agreement shall not in any way be affected or impaired thereby, and the
affected provision shall be modified to the minimum extent permitted by law so
as most fully to achieve the intention of this Agreement.

15.                               Continuation of
Subordination; Termination of Agreement. This Agreement shall remain in
full force and effect until the indefeasible payment in full in cash of the
Senior Debt and the termination of all lending commitments under the Senior
Loan Documents after which this Agreement shall terminate without further
action on the part of the parties hereto.

16.                               Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF EXCEPT FOR SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

17.                               CONSENT TO
JURISDICTION. EACH OF SUBORDINATED
CREDITOR AND THE BORROWER HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR
FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND
IRREVOCABLY AGREES THAT, SUBJECT TO ADMINISTRATIVE AGENT’S ELECTION, ALL
ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
LITIGATED IN SUCH COURTS. EACH OF SUBORDINATED CREDITOR AND THE BORROWER
EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND
WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. 
EACH OF SUBORDINATED CREDITOR AND THE BORROWER HEREBY WAIVES PERSONAL
SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY
BE MADE UPON IT BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED,
ADDRESSED TO SUBORDINATED CREDITOR AND THE BORROWER AT THEIR RESPECTIVE
ADDRESSES SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN
(10) DAYS AFTER THE SAME HAS BEEN POSTED. IN ANY LITIGATION, TRIAL, ARBITRATION
OR OTHER DISPUTE RESOLUTION PROCEEDING RELATING TO THIS AGREEMENT, ALL DIRECTORS,
OFFICERS, EMPLOYEES AND ADMINISTRATIVE AGENTS OF

 12
 

SUBORDINATED CREDITOR, THE BORROWER OR ANY OF THEIR
RESPECTIVE AFFILIATES SHALL BE DEEMED TO BE EMPLOYEES OR MANAGING ADMINISTRATIVE
AGENTS OF SUBORDINATED CREDITOR OR THE BORROWER, AS APPLICABLE, FOR PURPOSES OF
ALL APPLICABLE LAW OR COURT RULES REGARDING THE PRODUCTION OF WITNESSES BY
NOTICE FOR TESTIMONY (WHETHER IN A DEPOSITION, AT TRIAL OR OTHERWISE).  EACH OF SUBORDINATED CREDITOR AND THE BORROWER
AGREES THAT ADMINISTRATIVE AGENT’S OR ANY SENIOR LENDER’S COUNSEL IN ANY SUCH
DISPUTE RESOLUTION PROCEEDING MAY EXAMINE ANY OF THESE INDIVIDUALS AS IF UNDER
CROSS-EXAMINATION AND THAT ANY DISCOVERY DEPOSITION OF ANY OF THEM MAY BE USED
IN THAT PROCEEDING AS IF IT WERE AN EVIDENCE DEPOSITION.  EACH OF SUBORDINATED CREDITOR AND THE BORROWER
IN ANY EVENT WILL USE ALL COMMERCIALLY REASONABLE EFFORTS TO PRODUCE IN ANY
SUCH DISPUTE RESOLUTION PROCEEDING, AT THE TIME AND IN THE MANNER REQUESTED BY ADMINISTRATIVE
AGENT OR ANY LENDER, ALL PERSONS, DOCUMENTS (WHETHER IN TANGIBLE, ELECTRONIC OR
OTHER FORM) OR OTHER THINGS UNDER ITS CONTROL AND RELATING TO THE DISPUTE.

18.                               WAIVER OF JURY TRIAL.
 SUBORDINATED CREDITOR, THE BORROWER AND ADMINISTRATIVE
AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE SUBORDINATED
LOAN DOCUMENTS OR ANY OF THE SENIOR LOAN DOCUMENTS. EACH OF SUBORDINATED
CREDITOR, THE BORROWER AND ADMINISTRATIVE AGENT ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS
RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE SENIOR LOAN
DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED
FUTURE DEALINGS. EACH OF SUBORDINATED CREDITOR, THE BORROWER AND ADMINISTRATIVE
AGENT WARRANTS AND REPRESENTS THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING
THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS.

(Signature Page follows)

 13
 

IN WITNESS WHEREOF, Subordinated Creditor,
the Borrower and Administrative Agent have caused this Agreement to be executed
as of the date first above written.

	
   

  	
  SUBORDINATED CREDITOR:

  
	
   

  	
   

  
	
   

  	
  TRANSCANADA
  PIPELINES LIMITED

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Donald R. Marchand

  	
   

  
	
   

  	
  Name: 

  	
  Donald R. Marchand

  
	
   

  	
  Title:

  	
  Vice President, Finance & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Donald J.
  DeGrandis

  	
   

  
	
   

  	
  Name:

  	
  Donald J. DeGrandis

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  TC PIPELINES,
  LP,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Mark
  Zimmerman

  	
   

  
	
   

  	
  Name: 

  	
  Mark Zimmerman

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Donald J.
  DeGrandis

  	
   

  
	
   

  	
  Name:

  	
  Donald J. DeGrandis

  
	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ADMINISTRATIVE
  AGENT:

  
	
   

  	
   

  
	
   

  	
  SUNTRUST BANK

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Peter Panos

  	
   

  
	
   

  	
  Name:

  	
  Peter Panos

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

 14

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