Document:

Exhibit
4.4

 

EXECUTION
VERSION

 

REGISTRATION
RIGHTS AGREEMENT

by and among

Enbridge Energy Partners, L.P.

and

Banc of America Securities LLC

Deutsche
Bank Securities Inc.

HSBC SECURITIES (USA) INC.

AS REPRESENTATIVES OF THE SEVERAL INITIAL PURCHASERS

DATED AS OF APRIL 3, 2008

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration
Rights Agreement (this “Agreement”) is made and entered into as of April 3,
2008, by and among Enbridge Energy Partners, L.P., a Delaware limited
partnership (the “Partnership”), and the several parties named in Schedule I
hereto (the “Initial Purchasers”) for whom Banc of America Securities LLC,
Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as
representatives (the “Representatives”). 
Each of the Initial Purchasers has agreed to purchase the Partnership’s
6.50% Notes due 2018 (the “Initial Securities”) pursuant to the Purchase
Agreement (as defined below).

 

This Agreement is
made pursuant to the Purchase Agreement, dated March 31, 2008 (the “Purchase
Agreement”), between the Partnership and the Initial Purchasers (i) for
the benefit of the Initial Purchasers and (ii) for the benefit of the
holders from time to time of the Initial Securities, including the Initial
Purchasers.  In order to induce the
Initial Purchasers to purchase the Initial Securities, the Partnership has
agreed to provide the registration rights set forth in this Agreement.  The execution and delivery of this Agreement
is a condition to the obligations of the Initial Purchasers set forth in Section 4(k) of
the Purchase Agreement.

 

The parties hereby agree as follows:

 

SECTION 1.  Definitions.  As used
in this Agreement, the following capitalized terms shall have the following
meanings:

 

Broker-Dealer:  Any broker or dealer registered under the Exchange
Act.

 

Business
Day:  Any day other than a Saturday, Sunday or U.S.
federal holiday or a day on which banking institutions or trust companies
located in New York, New York are authorized or obligated to be closed.

 

Closing
Date:  The date of this Agreement.

 

Commission:  The Securities and Exchange Commission.

 

Consummate:  A registered Exchange Offer shall be deemed “Consummated”
for purposes of this Agreement upon the occurrence of (i) the filing and
effectiveness under the Securities Act of the Exchange Offer Registration
Statement relating to the Exchange Securities to be issued in the Exchange
Offer, (ii) the maintenance of such Registration Statement continuously
effective and the keeping of the Exchange Offer open for a period not less than
the minimum period required pursuant to Section 3(b) hereof, and (iii) the
delivery by the Partnership to the Registrar under the Indenture of Exchange
Securities in the same aggregate principal amount as the aggregate principal
amount of Initial Securities that were tendered by Holders thereof pursuant to
the Exchange Offer.

 

Effectiveness
Target Date:  As defined in Section 5 hereof.

 

Exchange
Act:  The Securities Exchange Act of 1934, as amended.

 

1

 

Exchange
Offer:  The registration by the Partnership under the
Securities Act of the offer and issuance of the Exchange Securities pursuant to
a Registration Statement pursuant to which the Partnership offers the Holders
of all outstanding Transfer Restricted Securities the opportunity to exchange
all such outstanding Transfer Restricted Securities held by such Holders for
Exchange Securities in an aggregate principal amount equal to the aggregate
principal amount of the Transfer Restricted Securities tendered in such
exchange offer by such Holders.

 

Exchange
Offer Registration Statement:  The Registration Statement relating to
the Exchange Offer, including the related Prospectus.

 

Exchange
Securities:  The 6.50% Notes due 2018, of the same
series under the Indenture as the Initial Securities, to be issued to Holders
in exchange for Transfer Restricted Securities pursuant to this Agreement.

 

FINRA: 
The Financial Industry Regulatory Authority.

 

Holders:  As defined in Section 2(b) hereof.

 

Indemnified
Holder:  As defined in Section 8(a) hereof.

 

Indenture:  The Indenture, dated as of May 27, 2003, by and
between the Partnership and U.S. Bank National Association, successor to
SunTrust Bank, as trustee (the “Trustee”), as supplemented by the Seventh
Supplemental Indenture dated as of the Closing Date, pursuant to which the
Initial Securities are to be issued, as such Indenture is amended or
supplemented from time to time in accordance with the terms thereof.

 

Initial
Placement:  The issuance and sale by the Partnership
of the Initial Securities to the Initial Purchasers pursuant to the Purchase
Agreement.

 

Initial
Purchaser:  As defined in the preamble hereto.

 

Initial
Securities:  As defined in the preamble hereto.

 

Interest
Payment Date:  As defined in the Indenture and the
Initial Securities.

 

Person:  An individual, partnership, corporation, limited
liability company, trust or unincorporated organization, or a government or
agency or political subdivision thereof.

 

Prospectus:  The prospectus included in a Registration Statement,
as amended or supplemented by any prospectus supplement and by all other
amendments thereto, including post-effective amendments, and all material
incorporated by reference into such Prospectus.

 

Registration
Default:  As defined in Section 5 hereof.

 

Registration
Statement:  Any registration statement of the
Partnership relating to (a) an offering of Exchange Securities pursuant to
an Exchange Offer or (b) the registration for resale of Transfer
Restricted Securities pursuant to the Shelf Registration Statement, which is
filed pursuant to the provisions of this Agreement, in each case, including the
Prospectus included 

 

2

 

therein, all
amendments and supplements thereto (including post-effective amendments) and
all exhibits and material incorporated by reference therein.

 

Securities
Act:  The Securities Act of 1933, as amended.

 

Shelf
Filing Deadline:  As defined in Section 4(a) hereof.

 

Shelf
Registration Statement:  As defined in Section 4(a) hereof.

 

Trust
Indenture Act:  The Trust Indenture Act of 1939, as
amended.

 

Transfer
Restricted Securities:  Each Initial Security, until the earliest
to occur of (a) the date on which such Initial Security is exchanged in
the Exchange Offer for an Exchange Security entitled to be resold to the public
by the Holder thereof without complying with the prospectus delivery
requirements of the Securities Act, (b) the date on which the resale of
such Initial Security has been effectively registered under the Securities Act
and disposed of in accordance with a Shelf Registration Statement and (c) the
date on which such Initial Security is distributed to the public pursuant to Rule 144
under the Securities Act or by a Broker-Dealer pursuant to the “Plan of Distribution”
contemplated by the Exchange Offer Registration Statement (including delivery
of the Prospectus contained therein).

 

Underwritten
Registration or Underwritten Offering:  A registration in which securities of the
Partnership are sold to an underwriter for reoffering to the public.

 

SECTION 2.  Securities Subject to this Agreement.

 

(a)  Transfer Restricted Securities.  The
securities entitled to the benefits of this Agreement are the Transfer
Restricted Securities.

 

(b)  Holders of Transfer Restricted Securities.  A Person is deemed to be a holder
of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns
Transfer Restricted Securities.

 

SECTION 3.  Registered Exchange Offer.

 

(a)  Unless
the Exchange Offer shall not be permissible under applicable law or Commission
policy (after the procedures set forth in Section 6(a) hereof have
been complied with), the Partnership shall (i) cause to be filed with the
Commission as soon as practicable after the Closing Date, but in no event later
than 90 days after the Closing Date (or if such 90th day is not a Business Day,
the next succeeding Business Day), a Registration Statement under the
Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) use
its reasonable best efforts to cause such Registration Statement to become
effective at the earliest possible time, but in no event later than 210 days
after the Closing Date (or if such 210th day is not a Business Day, the next
succeeding Business Day), (iii) in connection with the foregoing, file (A) all
pre-effective amendments to such Registration Statement as may be necessary in
order to cause such Registration Statement to become effective, (B) if
applicable, a post-effective amendment to such Registration Statement pursuant
to Rule 430A under the Securities Act and (C) cause all necessary
filings in connection with the registration and qualification of the Exchange
Securities 

 

3

 

to be made under
the state securities or Blue Sky laws of such jurisdictions as are necessary to
permit Consummation of the Exchange Offer, and (iv) upon the effectiveness
of such Registration Statement, commence the Exchange Offer.  The Exchange Offer shall be on the
appropriate form permitting registration of the Exchange Securities to be
offered in exchange for the Transfer Restricted Securities and to permit
resales of Initial Securities held by Broker-Dealers as contemplated by Section 3(c) hereof.

 

(b)  The
Partnership shall cause the Exchange Offer Registration Statement to be
effective continuously and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided,
however, that in no event shall such period be less than 30 days
after the date notice of the Exchange Offer is mailed to the Holders.  The Partnership shall cause the Exchange
Offer to comply with all applicable federal and state securities laws.  No securities other than the Exchange
Securities shall be included in the Exchange Offer Registration Statement.  The Partnership shall use its reasonable best
efforts to cause the Exchange Offer to be Consummated within 30 Business Days
after the Exchange Offer Registration Statement has become effective (or if
such 30th day is not a Business Day, the next succeeding Business Day), but in
no event later than 260 days after the Closing Date (or if such 260th day is
not a Business Day, the next succeeding Business Day).

 

(c)  The
Partnership shall indicate in a “Plan of Distribution” section contained in the
Prospectus forming a part of the Exchange Offer Registration Statement that any
Broker-Dealer who holds Initial Securities that are Transfer Restricted
Securities and that were acquired for its own account as a result of
market-making activities or other trading activities (other than Transfer
Restricted Securities acquired directly from the Partnership), may exchange
such Initial Securities pursuant to the Exchange Offer; however, such
Broker-Dealer may be deemed to be an “underwriter” within the meaning of the
Securities Act and must, therefore, deliver a prospectus meeting the
requirements of the Securities Act in connection with any resales of the
Exchange Securities received by such Broker-Dealer in the Exchange Offer, which
prospectus delivery requirement may be satisfied by the delivery by such
Broker-Dealer of the Prospectus contained in the Exchange Offer Registration
Statement.  Such “Plan of Distribution”
section shall also contain all other information with respect to such resales
by Broker-Dealers that the Commission may require in order to permit such
resales pursuant thereto, but such “Plan of Distribution” shall not name any
such Broker-Dealer or disclose the amount of Initial Securities held by any
such Broker-Dealer except to the extent required by the Commission as a result
of a change in policy after the date of this Agreement.

 

The Partnership
shall use its reasonable best efforts to keep the Exchange Offer Registration
Statement continuously effective, supplemented and amended as required by the
provisions of Section 6(c) hereof to the extent necessary to ensure
that it is available for resales of Initial Securities acquired by
Broker-Dealers for their own accounts as a result of market-making activities
or other trading activities, and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period
ending on the earlier of (i) 210 days from the date on which the Exchange
Offer Registration Statement is declared effective and (ii) the date on
which a Broker-Dealer is no longer required to deliver a prospectus in
connection with market-making or other trading activities.

 

4

 

The Partnership
shall provide sufficient copies of the latest version of such Prospectus to
Broker-Dealers promptly upon request at any time during such 210-day (or
shorter as provided in the foregoing sentence) period in order to facilitate
such resales.

 

SECTION 4.  Shelf Registration.

 

(a)  Shelf Registration.  If
(i) the Partnership is not required to file an Exchange Offer Registration
Statement or to consummate the Exchange Offer because the Exchange Offer is not
permitted by applicable law or Commission policy (after the procedures set
forth in Section 6(a) hereof have been complied with) and the Initial
Securities are not freely tradeable pursuant to Rule 144 under the
Securities Act, (ii) for any reason the Exchange Offer is not Consummated
within 260 days after the Closing Date (or if such 260th day is not a Business
Day, the next succeeding Business Day) and the Initial Securities are not
freely tradeable pursuant to Rule 144 under the Securities Act, or (iii) with
respect to any Holder of Transfer Restricted Securities (A) such Holder is
prohibited by applicable law or Commission policy from participating in the
Exchange Offer, or (B) such Holder may not resell the Exchange Securities
acquired by it in the Exchange Offer to the public without delivering a
prospectus and the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or (C) such
Holder is a Broker-Dealer and holds Initial Securities acquired directly from
the Partnership or one of its affiliates, then, upon such Holder’s request, the
Partnership shall:

 

(x)  cause to
be filed a shelf registration statement pursuant to Rule 415 under the
Securities Act, which may be an amendment to the Exchange Offer Registration
Statement (in either event, the “Shelf Registration Statement”) on or prior to
the earliest to occur of (1) the 20th day after the date on which the
Partnership determines that it is not required to file the Exchange Offer
Registration Statement, (2) the 20th day after the date on which the
Partnership receives notice from a Holder of Transfer Restricted Securities as
contemplated by clause (ii) above, and (3) the 90th day after the
Closing Date (or if such 90th day is not a Business Day, the next succeeding
Business Day) (such earliest (or if such 90th day is not a Business Day, the
next succeeding Business Day) (such date being the “Shelf Filing Deadline”),
which Shelf Registration Statement shall provide for resales of all Transfer
Restricted Securities the Holders of which shall have provided the information
required pursuant to Section 4(b) hereof; and

 

(y)  use its
reasonable best efforts to cause such Shelf Registration Statement to be
declared effective by the Commission on or before the 60th day after the Shelf
Filing Deadline (or if such 60th day is not a Business Day, the next succeeding
Business Day).

 

The Partnership
shall use its reasonable best efforts to keep such Shelf Registration Statement
continuously effective, supplemented and amended as required by the provisions
of Sections 6(b) and (c) hereof to the extent necessary to ensure
that it is available for resales of Initial Securities by the Holders of
Transfer Restricted Securities entitled to the benefit of this Section 4(a),
and to ensure that it conforms with the requirements of this Agreement, the
Securities Act and the policies, rules and regulations of the Commission
as announced from time to time, for a period of at least two years following
the effective date of such Shelf Registration Statement (or shorter period that
will terminate when all the Initial Securities covered by such Shelf
Registration Statement have been sold pursuant to such Shelf Registration
Statement).

 

5

 

(b)  Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement.  No
Holder of Transfer Restricted Securities may include any of its Transfer
Restricted Securities in any Shelf Registration Statement pursuant to this
Agreement unless and until such Holder furnishes to the Partnership in writing,
within 20 Business Days after receipt of a request therefor, such information
as the Partnership may reasonably request for use in connection with any Shelf
Registration Statement or Prospectus or preliminary Prospectus included
therein.  Each Holder as to which any
Shelf Registration Statement is being effected agrees to furnish promptly to
the Partnership all information required to be disclosed in order to make the
information previously furnished to the Partnership by such Holder not
materially misleading.

 

SECTION 5.  Additional Interest.  If (i) any of the
Registration Statements required by this Agreement is not filed with the
Commission on or prior to the date specified for such filing in this Agreement,
(ii) any of such Registration Statements has not been declared effective
by the Commission on or prior to the date specified for such effectiveness in
this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer
has not been Consummated within 260 days after the Closing Date or (iv) any
Registration Statement required by this Agreement is filed and declared
effective but shall thereafter cease to be effective or fail to be usable for
its intended purpose without being succeeded immediately by a post-effective
amendment to such Registration Statement that cures such failure and that is
itself immediately declared effective (each such event referred to in clauses (i) through
(iv), a “Registration Default”), the Partnership hereby agrees that the
interest rate borne by the Transfer Restricted Securities shall be increased by
0.25% per annum during the 90-day period immediately following the occurrence
of any Registration Default and shall increase by 0.25% per annum at the end of
each subsequent 90-day period, but in no event shall such increase exceed 0.50%
per annum.  Following the cure of all
Registration Defaults relating to any particular Transfer Restricted
Securities, the interest rate borne by the relevant Transfer Restricted
Securities will be reduced to the original interest rate borne by such Transfer
Restricted Securities; provided, however,
that, if after any such reduction in interest rate, a different Registration
Default occurs, the interest rate borne by the relevant Transfer Restricted
Securities shall again be increased pursuant to the foregoing provisions.

 

All obligations of
the Partnership set forth in the preceding paragraph that are outstanding with
respect to any Transfer Restricted Security at the time such security ceases to
be a Transfer Restricted Security shall survive until such time as all such
obligations with respect to such security shall have been satisfied in full.

 

SECTION 6.  Registration Procedures.

 

(a)  Exchange Offer Registration Statement. 
In connection with the Exchange Offer, the Partnership shall
comply with all of the provisions of Section 6(c) hereof, shall use
its reasonable best efforts to effect such exchange to permit the sale of
Transfer Restricted Securities being sold in accordance with the intended
method or methods of distribution thereof, and shall comply with all of the
following provisions:

 

(i)  If in
the reasonable opinion of counsel to the Partnership there is a question as to
whether the Exchange Offer is permitted by applicable law, the Partnership
hereby agrees to seek a no-action letter or other favorable decision from the
Commission 

 

6

 

allowing the Partnership to Consummate an Exchange Offer for such
Initial Securities.  The Partnership
hereby agrees to pursue the issuance of such a decision to the Commission staff
level but shall not be required to take commercially unreasonable action to
effect a change of Commission policy. 
The Partnership hereby agrees, however, to (A) participate in
telephonic conferences with the Commission, (B) deliver to the Commission
staff an analysis prepared by counsel to the Partnership setting forth the
legal bases, if any, upon which such counsel has concluded that such an
Exchange Offer should be permitted and (C) diligently pursue a favorable
resolution by the Commission staff of such submission.

 

(ii)  As a
condition to its participation in the Exchange Offer pursuant to the terms of
this Agreement, each Holder of Transfer Restricted Securities shall furnish,
upon the request of the Partnership, prior to the Consummation thereof, a
written representation to the Partnership (which may be contained in the letter
of transmittal contemplated by the Exchange Offer Registration Statement) to
the effect that (A) it is not an affiliate of the Partnership, (B) it
is not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange
Securities to be issued in the Exchange Offer and (C) it is acquiring the
Exchange Securities in its ordinary course of business.  In addition, all such Holders of Transfer
Restricted Securities shall otherwise cooperate in the Partnership’s
preparations for the Exchange Offer. 
Each Holder hereby acknowledges and agrees that any Broker-Dealer and
any such Holder using the Exchange Offer to participate in a distribution of
the securities to be acquired in the Exchange Offer (1) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings Corporation
(available May 13, 1988), as interpreted in the Commission’s letter to
Shearman & Sterling dated July 2, 1993, and similar no-action
letters (which may include any no-action letter obtained pursuant to clause (i) above),
and (2) must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by
an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K if
the resales are of Exchange Securities obtained by such Holder in exchange for
Initial Securities acquired by such Holder directly from the Partnership.

 

(b)  Shelf Registration Statement.  In
connection with the Shelf Registration Statement, the Partnership shall comply
with all the provisions of Section 6(c) hereof and shall use its
reasonable best efforts to effect such registration to permit the sale of the
Transfer Restricted Securities being sold in accordance with the intended
method or methods of distribution thereof, and pursuant thereto the Partnership
will as expeditiously as possible prepare and file with the Commission a
Registration Statement relating to the registration on any appropriate form
under the Securities Act, which form shall be available for the sale of the
Transfer Restricted Securities in accordance with the intended method or
methods of distribution thereof.

 

(c)  General Provisions.  In
connection with any Registration Statement and any Prospectus required by this
Agreement to permit the sale or resale of Transfer Restricted 

 

7

 

Securities
(including, without limitation, any Registration Statement and the related
Prospectus required to permit resales of Initial Securities by Broker-Dealers),
the Partnership shall:

 

(i)  use its
reasonable best efforts to keep such Registration Statement continuously
effective and provide all requisite financial statements for the period
specified in Section 3 or 4 hereof, as applicable; upon the occurrence of
any event that would cause any such Registration Statement or the Prospectus
contained therein (A) to contain a material misstatement or omission or (B) not
to be effective and usable for resale of Transfer Restricted Securities during
the period required by this Agreement, the Partnership shall file promptly an
appropriate amendment to such Registration Statement, in the case of clause
(A), correcting any such misstatement or omission, and, in the case of either
clause (A) or (B), use its reasonable best efforts to cause such amendment
to be declared effective and such Registration Statement and the related
Prospectus to become usable for their intended purpose(s) as soon as
practicable thereafter;

 

(ii)  prepare
and file with the Commission such amendments and post-effective amendments to
the applicable Registration Statement as may be necessary to keep the
Registration Statement effective for the applicable period set forth in Section 3
or 4 hereof, as applicable, or such shorter period as will terminate when all
Transfer Restricted Securities covered by such Registration Statement have been
sold; cause the Prospectus to be supplemented by any required Prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the
Securities Act, and to comply fully with the applicable provisions of Rules 424
and 430A under the Securities Act in a timely manner; and comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement during the applicable period
in accordance with the intended method or methods of distribution by the
sellers thereof set forth in such Registration Statement or supplement to the
Prospectus;

 

(iii)  advise
the underwriter(s), if any, and selling Holders promptly and, if requested by
such Persons, to confirm such advice in writing, (A) when the Prospectus
or any Prospectus supplement or post-effective amendment has been filed, and,
with respect to any Registration Statement or any post-effective amendment
thereto, when the same has become effective, (B) of any request by the
Commission for amendments to the Registration Statement or amendments or
supplements to the Prospectus or for additional information relating thereto, (C) of
the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement under the Securities Act or of the suspension by
any state securities commission of the qualification of the Transfer Restricted
Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact
made in the Registration Statement, the Prospectus, any amendment or supplement
thereto, or any document incorporated by reference therein untrue, or that
requires the making of any additions to or changes in the Registration Statement
or the Prospectus in order to make the statements therein not misleading.  If at any time the Commission shall issue any
stop order suspending the effectiveness of the Registration Statement, or any
state securities commission or other regulatory authority shall issue an order
suspending the qualification or exemption from qualification of the Transfer
Restricted Securities under state 

 

8

 

securities or Blue Sky laws, the Partnership shall use its reasonable
best efforts to obtain the withdrawal or lifting of such order at the earliest
possible time;

 

(iv)  furnish
without charge to each of the Initial Purchasers, each selling Holder named in
any Registration Statement, and each of the underwriter(s), if any, before
filing with the Commission, copies of any Registration Statement or any
Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including all documents incorporated by
reference after the initial filing of such Registration Statement), which
documents will be subject to the review and comment of such Holders and
underwriter(s) in connection with such sale, if any, for a period of at
least five Business Days, and the Partnership will not file any such
Registration Statement or Prospectus or any amendment or supplement to any such
Registration Statement or Prospectus (including all such documents incorporated
by reference) to which an Initial Purchaser of Transfer Restricted Securities
covered by such Registration Statement or the underwriter(s), if any, shall
reasonably object in writing within five Business Days after the receipt
thereof (such objection to be deemed timely made upon confirmation of telecopy
transmission within such period).  The objection
of an Initial Purchaser or underwriter, if any, shall be deemed to be
reasonable if such Registration Statement, amendment, Prospectus or supplement,
as applicable, as proposed to be filed, contains a material misstatement or
omission;

 

(v)  promptly
prior to the filing of any document that is to be incorporated by reference
into a Registration Statement or Prospectus, provide copies of such document to
the Initial Purchasers, each selling Holder named in any Registration
Statement, and to the underwriter(s), if any, make the Partnership’s
representatives available for discussion of such document and other customary
due diligence matters, and include such information in such document prior to
the filing thereof as such selling Holders or underwriter(s), if any,
reasonably may request;

 

(vi)  make
available at reasonable times for inspection by the Initial Purchasers, the
managing underwriter(s), if any, participating in any disposition pursuant to
such Registration Statement and any attorney or accountant retained by such
Initial Purchasers or any of the underwriter(s), all financial and other
records, pertinent corporate documents and properties of the Partnership and
cause the Partnership’s officers, directors and employees to supply all
information reasonably requested by any such Holder, underwriter, attorney or
accountant in connection with such Registration Statement or any post-effective
amendment thereto subsequent to the filing thereof and prior to its
effectiveness and to participate in meetings with investors to the extent
requested by the managing underwriter(s), if any;

 

(vii)  if
requested by any selling Holders or the underwriter(s), if any, promptly
incorporate in any Registration Statement or Prospectus, pursuant to a
supplement or post-effective amendment if necessary, such information as such
selling Holders and underwriter(s), if any, may reasonably request to have
included therein, including, without limitation, information relating to the “Plan
of Distribution” of the Transfer Restricted Securities, information with
respect to the principal amount of Transfer Restricted Securities being sold to
such underwriter(s), the purchase price being paid

 

9

 

therefor and any other terms of the offering of the Transfer Restricted
Securities to be sold in such offering; and make all required filings of such
Prospectus supplement or post-effective amendment as soon as practicable after
the Partnership is notified of the matters to be incorporated in such
Prospectus supplement or post-effective amendment;

 

(viii)  cause
the Transfer Restricted Securities covered by the Registration Statement to be
rated with the appropriate rating agencies, if so requested by the Holders of a
majority in aggregate principal amount of securities covered thereby or the
underwriter(s), if any;

 

(ix)  furnish
to each Initial Purchaser, each selling Holder and each of the underwriter(s),
if any, without charge, at least one copy of the Registration Statement, as
first filed with the Commission, and of each amendment thereto, including
financial statements and schedules, all documents incorporated by reference
therein and all exhibits (including exhibits incorporated therein by reference);

 

(x)  deliver
to each selling Holder and each of the underwriter(s), if any, without charge,
as many copies of the Prospectus (including each preliminary prospectus) and
any amendment or supplement thereto as such Persons reasonably may request; the
Partnership hereby consents to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the
underwriter(s), if any, in connection with the offering and the sale of the
Transfer Restricted Securities covered by the Prospectus or any amendment or
supplement thereto;

 

(xi)  in the case of any Shelf Registration
Statement, enter into such agreements (including an underwriting agreement),
and make such representations and warranties, and take all such other actions
in connection therewith in order to expedite or facilitate the disposition of
the Transfer Restricted Securities pursuant to any Registration Statement
contemplated by this Agreement, all to such extent as may be requested by any
Initial Purchaser or by any Holder of Transfer Restricted Securities or
underwriter in connection with any sale or resale pursuant to any Registration
Statement contemplated by this Agreement; and whether or not an underwriting
agreement is entered into and whether or not the registration is an
Underwritten Registration, the Partnership shall:

 

(A)  furnish
to each Initial Purchaser, each selling Holder and each underwriter, if any, in
such substance and scope as they may request and as are customarily made by
issuers to underwriters in primary underwritten offerings, upon the date of the
Consummation of the Exchange Offer or, if applicable, the effectiveness of the
Shelf Registration Statement:

 

(1)  a
certificate, dated the date of Consummation of the Exchange Offer or the date
of effectiveness of the Shelf Registration Statement, as the case may be,
signed by the chief executive officer and the chief financial officer of
Enbridge Energy Management, L.L.C., a Delaware limited liability company (“Enbridge
Management”) and delegate of Enbridge Energy Company, Inc., a Delaware
corporation and the general partner of the Partnership (the “General Partner”),
confirming, as of the 

 

10

 

date thereof, the matters of the type set forth in Section 4(h) of
the Purchase Agreement and such other matters as such parties may reasonably
request;

 

(2)  an
opinion, dated the date of Consummation of the Exchange Offer or the date of
effectiveness of the Shelf Registration Statement, as the case may be, of
counsel for the Partnership, covering the matters set forth in Section 4(c) of
the Purchase Agreement and such other matters as such parties may reasonably
request, and in any event including a statement to the effect that although
such counsel has not undertaken, except as otherwise indicated in their
opinion, to determine independently, and does not assume any responsibility
for, the accuracy or completeness of the statements in the Registration
Statement and the related Prospectus, such counsel has reviewed and is familiar
with the Registration Statement and the related Prospectus and such counsel has
participated in conferences with officers and other representatives of Enbridge
Management, the General Partner, the Partnership and Enbridge Energy, Limited
Partnership, a Delaware limited partnership and subsidiary of the Partnership,
at which the contents of the Registration Statement and the related Prospectus
and related matters (including review and discussion of the contents of all
documents incorporated by reference therein) were discussed, and no facts have
come to such counsel’s attention that lead such counsel to believe that (i) the
applicable Registration Statement (other than the financial statements and the
notes thereto and the schedules and other financial data included therein, as
to which such counsel need not express an opinion), at the time such
Registration Statement or any post-effective amendment thereto became
effective, and, in the case of the Exchange Offer Registration Statement, as of
the date of Consummation, contained an untrue statement of a material fact or
omitted to state a material fact necessary in order to make the statements
therein not misleading, or (ii) the Prospectus (other than the financial
statements and the notes thereto and the schedules and other financial data
included therein, as to which such counsel need not express an opinion),  contained in such Registration Statement as
of its date and, in the case of the opinion dated the date of Consummation of
the Exchange Offer, as of the date of Consummation, contained an untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and

 

(3)  a
customary comfort letter, dated the date of effectiveness of the Shelf
Registration Statement, from the Partnership’s independent registered public
accounting firm, in the customary form and covering matters of the type
customarily requested to be covered in comfort letters by underwriters in
connection with primary underwritten offerings, and covering or affirming the
matters set forth in the comfort letters delivered pursuant to Section 4(g) of
the Purchase Agreement, without exception;

 

11

 

(B)  set
forth in full or incorporate by reference in the underwriting agreement, if
any, the indemnification provisions and procedures of Section 8 hereof
with respect to all parties to be indemnified pursuant to said Section; and

 

(C)  deliver
such other documents and certificates as may be reasonably requested by such
parties to evidence compliance with Section 6(c)(xi)(A) hereof and
with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Partnership pursuant to this Section 6(c)(xi),
if any.

 

If at any time the
representations and warranties of the Partnership contemplated in Section 6(c)(xi)(A)(1) hereof
cease to be true and correct, the Partnership shall so advise the Initial
Purchasers and the underwriter(s), if any, and each selling Holder promptly
and, if requested by such Persons, shall confirm such advice in writing;

 

(xii)  prior to any public offering of Transfer
Restricted Securities, cooperate with the selling Holders, the underwriter(s),
if any, and their respective counsel in connection with the registration and
qualification of the Transfer Restricted Securities under the state securities
or Blue Sky laws of such jurisdictions as the selling Holders or
underwriter(s), if any, may request and do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdictions of the
Transfer Restricted Securities covered by the Shelf Registration Statement; provided, however, that the Partnership shall not be
required to register or qualify as a foreign corporation where it is not then
so qualified or to take any action that would subject it to the service of
process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not
then so subject;

 

(xiii)  shall issue, upon the request of any Holder
of Initial Securities covered by the Shelf Registration Statement, Exchange
Securities having an aggregate principal amount equal to the aggregate
principal amount of Initial Securities surrendered to the Partnership by such
Holder in exchange therefor or being sold by such Holder; such Exchange
Securities to be registered in the name of such Holder or in the name of the
purchaser(s) of such securities, as the case may be; in return, the
Initial Securities held by such Holder shall be surrendered to the Partnership
for cancellation;

 

(xiv)  cooperate with the selling Holders and the
underwriter(s), if any, to facilitate the timely preparation and delivery of
certificates representing Transfer Restricted Securities to be sold and not
bearing any restrictive legends; and enable such Transfer Restricted Securities
to be in such denominations and registered in such names as the Holders or the
underwriter(s), if any, may request at least two Business Days prior to any
sale of Transfer Restricted Securities made by such Holders or underwriter(s);

 

(xv)  use its reasonable best efforts to cause the
Transfer Restricted Securities covered by the Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to enable the seller or sellers thereof or the
underwriter(s), if any, to consummate the disposition of such Transfer
Restricted Securities, subject to the proviso contained in Section 6(c)(xii)
hereof;

 

12

 

(xvi)  if any fact or event contemplated by Section 6(c)(iii)(D) hereof
shall exist or have occurred, prepare a supplement or post-effective amendment
to the Registration Statement or related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of Transfer Restricted Securities,
the Prospectus will not contain an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein
not misleading;

 

(xvii)  provide a CUSIP number for all Exchange
Securities not later than the effective date of the Registration Statement
covering such Exchange Securities and provide the Trustee under the Indenture
with definitive certificates for such Exchange Securities that are in a form
eligible for deposit with The Depository Trust Company and take all other
action necessary to ensure that all such securities are eligible for deposit
with The Depository Trust Company;

 

(xviii)  cooperate and assist in any filings required
to be made with FINRA and in the performance of any due diligence investigation
by any underwriter (including any “qualified independent underwriter”) that is
required to be retained in accordance with the rules and regulations of
FINRA;

 

(xix)  otherwise use its reasonable best efforts to
comply with all applicable rules and regulations of the Commission, and
make generally available to its security holders, as soon as practicable, a
consolidated earnings statement meeting the requirements of Rule 158
(which need not be audited) for the twelve-month period (A) commencing at
the end of any fiscal quarter in which Transfer Restricted Securities are sold
to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if
not sold to underwriters in such an offering, beginning with the first month of
the Partnership’s first fiscal quarter commencing after the effective date of
the Registration Statement;

 

(xx)  cause the Indenture to be qualified under the
Trust Indenture Act not later than the effective date of the first Registration
Statement required by this Agreement, and, in connection therewith, cooperate
with the Trustee and the Holders of Initial Securities to effect such changes
to the Indenture as may be required for such Indenture to be so qualified in
accordance with the terms of the Trust Indenture Act; and to execute and use
its reasonable best efforts to cause the Trustee to execute, all documents that
may be required to effect such changes and all other forms and documents
required to be filed with the Commission to enable such Indenture to be so
qualified in a timely manner; and

 

(xxi)  provide promptly to each Holder upon request
each document filed with the Commission pursuant to the requirements of Section 13
and Section 15 of the Exchange Act.

 

Each Holder agrees
by acquisition of a Transfer Restricted Security that, upon receipt of any
notice from the Partnership of the existence of any fact of the kind described
in Section 6(c)(iii)(D) hereof, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until such Holder’s receipt of the 

 

13

 

copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xvi)
hereof, or until it is advised in writing (the “Advice”) by the Partnership
that the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the
Prospectus.  If so directed by the Partnership,
each Holder will deliver to the Partnership (at the Partnership’s expense) all
copies, other than permanent file copies then in such Holder’s possession, of
the Prospectus covering such Transfer Restricted Securities that was current at
the time of receipt of such notice.  In
the event the Partnership shall give any such notice, the time period regarding
the effectiveness of such Registration Statement set forth in Section 3 or
4 hereof, as applicable, shall be extended by the number of days during the
period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof
to and including the date when each selling Holder covered by such Registration
Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received
the Advice; provided, however,
that no such extension shall be taken into account in determining whether
Additional Interest is due pursuant to Section 5 hereof or the amount of
such Additional Interest, it being agreed that the Partnership’s option to
suspend use of a Registration Statement pursuant to this paragraph shall be
treated as a Registration Default for purposes of Section 5 hereof.

 

SECTION 7.  Registration Expenses.

 

(a)  All
expenses incident to the Partnership’s performance of or compliance with this
Agreement will be borne by the Partnership regardless of whether a Registration
Statement becomes effective, including, without limitation: (i) all
registration and filing fees and expenses (including filings made by any
Initial Purchaser or Holder with FINRA (and, if applicable, the fees and
expenses of any “qualified independent underwriter” and its counsel that may be
required by the rules and regulations of FINRA)); (ii) all fees and expenses
of compliance with federal securities and state securities or Blue Sky laws; (iii) all
expenses of printing (including printing certificates for the Exchange
Securities to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and
disbursements of counsel for the Partnership and, subject to Section 7(b) hereof,
the Holders of Transfer Restricted Securities; (v) all application and
filing fees in connection with listing the Exchange Securities on a securities
exchange or automated quotation system pursuant to the requirements thereof;
and (vi) all fees and disbursements of the independent registered public
accounting firm of the Partnership (including the expenses of any special audit
and comfort letters required by or incident to such performance).

 

The Partnership
will, in any event, bear its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses
of any Person, including special experts, retained by the Partnership.

 

SECTION 8.  Indemnification.

 

(a)  The
Partnership agrees to indemnify and hold harmless (i) each Holder
(including the Initial Purchasers) and (ii) each Person, if any, who
controls any Holder within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act (any of the Persons referred to in this
clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the
respective 

 

14

 

officers,
directors, partners, employees, representatives and agents of any Holder or any
controlling person (any Person referred to in clause (i), (ii) or (iii) may
hereinafter be referred to as an “Indemnified Holder”), from and against any
and all losses, claims, damages, liabilities and expenses (including reasonable
costs of investigation), arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus or in any amendment or supplement thereto, or arising
out of or based upon any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as such losses, claims, damages,
liabilities or expenses arise out of or are based upon any untrue statement or
omission or alleged untrue statement or omission that has been made therein or
omitted therefrom in reliance upon and in conformity with information relating
to any of the Holders furnished in writing to the Partnership by or on behalf
of any of the Holders expressly for use therein.  The foregoing indemnity agreement shall be in
addition to any liability that the Partnership may otherwise have.

 

The Partnership
also agrees to indemnify or contribute as provided in Section 8(d) to
losses, claims, damages, liabilities and expenses of any underwriter of Initial
Securities or Exchange Securities, as the case may be, registered under a Shelf
Registration Statement, their directors, officers, employees and agents and
each Person who controls such underwriter on substantially the same basis as
that of the indemnification of the Indemnified Holders provided in this Section 8(a) and
shall, if requested by any Holder, enter into any underwriting agreement to
reflect such agreement.

 

(b)  If any
action, suit or proceeding shall be brought or asserted against any of the
Indemnified Holders with respect to which indemnity may be sought against the
Partnership, such Indemnified Holder or the Indemnified Holder controlled by
such controlling person shall promptly notify Enbridge Management on behalf of
the Partnership, and the Partnership shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified
Holders and payment of all fees and expenses. 
Such Indemnified Holder or the Indemnified Holder controlled by such
controlling person shall have the right to employ separate counsel in any such
action, suit or proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified
Holder or the Indemnified Holder controlled by such controlling person unless (i) the
Partnership has agreed in writing to pay such fees and expenses, (ii) the
Partnership has failed to assume the defense and employ counsel reasonably
satisfactory to the Indemnified Holders or (iii) the named parties to any
such action, suit or proceeding (including any impleaded parties) include both
such Indemnified Holder or the Indemnified Holder controlled by such
controlling person and the Partnership and such Indemnified Holder or the
Indemnified Holder controlled by such controlling person shall have been
advised by its counsel that representation of such indemnified party and the
Partnership by the same counsel would be inappropriate under applicable
standards of professional conduct (whether or not such representation by the
same counsel has been proposed) due to actual or potential different interests
between them (in which case the Partnership shall not have the right to assume
the defense of such action, suit or proceeding on behalf of such Indemnified
Party or the Indemnified Holder controlled by such controlling person).  It is understood, however, that the
Partnership shall, in connection with any one such action, suit or proceeding
or separate but substantially similar or related actions, suits or proceedings
in the same jurisdiction arising out of the same general allegations or
circumstances, 

 

15

 

be liable for the
reasonable fees and expenses of only one separate firm of attorneys (in
addition to any local counsel) at any time for all such Indemnified Holders and
the Indemnified Holders controlled by such controlling persons not having
actual or potential differing interests with the Indemnified Holders, which
firm shall be designated in writing by the Indemnified Holders, and that all
such fees and expenses shall be reimbursed as they are incurred.  The Partnership shall not be liable for any
settlement of any such action, suit or proceeding effected without its written
consent, but if settled with such written consent, or if there be a final
judgment for the plaintiff in any such action, suit or proceeding, the
Partnership agrees to indemnify and hold harmless any Indemnified Holder, to
the extent provided in the preceding paragraph, and any Indemnified Holder controlled
by such controlling person, from and against any loss, claim, damage, liability
or expense by reason of such settlement or judgment.

 

(c)  Each
Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Partnership, the directors and officers of the
General Partner and of Enbridge Management, and any Person who controls the
Partnership within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, to the same extent as the foregoing indemnity from the
Partnership to each of the Indemnified Holders, but only with respect to
information relating to such Holder furnished in writing by or on behalf of
such Holder expressly for use in any Registration Statement.  If any action, suit or proceeding shall be
brought against the Partnership, any of the directors and officers of the
General Partner and of Enbridge Management, or any such controlling person,
based on the Registration Statement and the related Prospectus, and in respect
of which indemnity may be sought against any Holder pursuant to this paragraph
(c), such Holder shall have the rights and duties given to the Partnership by
paragraph (b) above, and the Partnership, the directors and officers of
the General Partner and of Enbridge Management, and any such controlling
person, shall have the rights and duties given to the Holder by paragraph (b) above.

 

(d)  If the
indemnification provided for in this Section 8 is unavailable to an
indemnified party under paragraphs (a) or (c) hereof in respect of
any losses, claims, damages, liabilities or expenses referred to therein, then
an indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses (i) in such
proportion as is appropriate to reflect the relative benefits received by such
indemnifying party, on the one hand, and such indemnified party, on the other
hand, from the Initial Placement (which in the case of the Partnership shall be
deemed to be equal to the total gross proceeds to the Partnership from the
Initial Placement) and the amount of Additional Interest that did not become
payable as a result of the filing of the Registration Statement resulting in
such losses, claims, damages, liabilities or expenses; provided,
however, that in no case shall any Initial Purchaser or any
subsequent Holder of any Initial Security or Exchange Security be responsible,
in the aggregate, for any amount in excess of the purchase discount or
commission applicable to such Initial Security, or in the case of an Exchange
Security, applicable to the Initial Security that was exchangeable for such
Exchange Security, nor shall any underwriter be responsible for any amount in
excess of the underwriting discount or commission applicable to the securities
purchased by such underwriter under the Registration Statement that resulted in
such losses, claims, damages, liabilities or expenses, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of
the indemnifying 

 

16

 

party, on the one
hand, and the indemnified party, on the other hand, in connection with the
statements or omissions that resulted in such losses, claims, damages,
liabilities or expenses, as well as any other relevant equitable
considerations.  Benefits received by the
Partnership shall be deemed to be equal to the total net proceeds from the
Initial Placement (before deducting expenses). 
Benefits received by the Initial Purchasers shall be deemed to be equal
to the total purchase discounts received in connection with the Initial
Placement, and benefits received by any other Holders shall be deemed to be
equal to the incremental value of receiving Exchange Securities registered
under the Securities Act in exchange for Initial Securities.  Benefits received by any underwriter shall be
deemed to be equal to the total underwriting discounts and commissions, as set
forth on the cover page of the Prospectus forming a part of the
Registration Statement that resulted in such losses.  Relative fault shall be determined by
reference to, among other things, whether any untrue or alleged untrue
statement of material fact or omission or alleged omission to state a material
fact relates to information provided by the indemnifying party, on the one
hand, or by the indemnified party, on the other hand, the intent of the parties
and their relative knowledge, access to information and opportunity to correct
or prevent such statement or omission and any other equitable consideration
appropriate under the circumstances.

 

(e)  The
Partnership and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8
were determined by a pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in
paragraph (d) above.  The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or expenses referred to in paragraph (d) above shall
be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating any claim or defending any such action, suit or proceeding.  Notwithstanding the provisions of this Section 8,
none of the Holders (and its related Indemnified Holders) shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total discount received by such Holder with respect to the Initial Securities
exceeds the amount of any damages which such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission.  No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.  The Holders’ obligations to contribute
pursuant to this Section 8(e) are several in proportion to the
respective principal amount of Initial Securities held by each of the Holders
hereunder and not joint.

 

(f)  Any
losses, claims, damages, liabilities or expenses for which an indemnified party
is entitled to indemnification or contribution under this Section 8 shall
be paid by the indemnifying party to the indemnified party as such losses,
claims, damages, liabilities or expenses are incurred.  The provisions of this Section 8 will
remain in full force and effect, regardless of any investigation made by or on
behalf of any Holder, any person controlling any Holder, the Partnership or the
directors or officers of the General Partner and Enbridge Management, or any
person controlling the Partnership, and will survive the sale by a Holder of
securities covered by a Registration Statement.

 

SECTION 9.  Rule 144A.  The Partnership hereby agrees with each Holder, for so long as
any Transfer Restricted Securities remain outstanding, to make available to any
Holder or 

 

17

 

beneficial owner
of Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities from such Holder
or beneficial owner, the information required by Rule 144A(d)(4) under
the Securities Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A under the Securities Act.

 

SECTION 10.  Participation in
Underwritten Registrations.  No
Holder may participate in any Underwritten Registration hereunder unless such
Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on
the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and
executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

 

SECTION 11.  Selection of
Underwriters.  The Holders of
Transfer Restricted Securities covered by the Shelf Registration Statement who
desire to do so may sell such Transfer Restricted Securities in an Underwritten
Offering.  In any such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that
will administer such offering will be selected by the Holders of a majority in
aggregate principal amount of the Transfer Restricted Securities included in
such offering; provided, however, that such
investment banker(s) and managing underwriter(s) must be reasonably
satisfactory to the Partnership.

 

SECTION 12.  Miscellaneous.

 

(a)  Remedies.  The Partnership hereby agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Agreement and hereby agree
to waive the defense in any action for specific performance that a remedy at
law would be adequate.

 

(b)  No Inconsistent Agreements.  The Partnership will not on or after
the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof.  The Partnership has not previously entered
into any agreement granting any registration rights with respect to its
securities to any Person.  The rights
granted to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Partnership’s
securities under any agreement in effect on the date hereof.

 

(c)  Adjustments Affecting the Securities. 
The Partnership will not take any action, or permit any
change to occur, with respect to the Initial Securities that would materially
and adversely affect the ability of the Holders to Consummate any Exchange
Offer.

 

(d)  Amendments and Waivers.  The
provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be
given unless the Partnership has (i) in the case of Section 5 hereof
and this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all
other provisions hereof, obtained the written consent of Holders of a majority
of the outstanding principal amount of Transfer Restricted Securities
(excluding any Transfer Restricted Securities held by the Partnership or its
Affiliates).  Notwithstanding the
foregoing, a waiver or consent to departure from the provisions hereof that
relates exclusively to 

 

18

 

the rights of
Holders whose securities are being tendered pursuant to the Exchange Offer and
that does not affect directly or indirectly the rights of other Holders whose
securities are not being tendered pursuant to such Exchange Offer may be given
by the Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that
directly or indirectly affects the rights of any Initial Purchaser hereunder,
the Partnership shall obtain the written consent of each such Initial Purchaser
with respect to which such amendment, qualification, supplement, waiver,
consent or departure is to be effective.

 

(e)  Notices.  All notices
and other communications provided for or permitted hereunder shall be made in
writing by hand-delivery, first-class mail (registered or certified, return
receipt requested), telex, telecopier, or air courier guaranteeing overnight
delivery:

 

(i)  if to a
Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and

 

(ii)  if to the Partnership, to its General Partner at:

 

 

	
   

  	
  Enbridge Energy
  Company, Inc.

  
	
   

  	
  1100 Louisiana,
  Suite 3300

  
	
   

  	
  Houston, Texas 77002

  
	
   

  	
  Attention: E. Chris
  Kaitson, Vice President - Law and Deputy General Counsel and Assistant
  Corporate                  Secretary

  

 

	
   

  	
  With a copy to:

  
	
   

  	
  Fulbright & Jaworksi L.L.P.

  
	
   

  	
  1301 McKinney Street

  
	
   

  	
  Houston, Texas 77002

  
	
   

  	
  Attention: Laura McMahon

  

 

All such notices
and communications shall be deemed to have been duly given:  at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged,
if telecopied; and on the next Business Day, if timely delivered to an air
courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the
Person giving the same to the Trustee at the address specified in the
Indenture.

 

(f)  Successors and Assigns.  This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without limitation, and without the
need for an express assignment, subsequent Holders of Transfer Restricted
Securities; provided, however, that this Agreement
shall not inure to the benefit of or be binding upon a successor or assign of a
Holder unless and to the extent such successor or assign acquired Transfer
Restricted Securities from such Holder.

 

19

 

(g)  Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

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

 

(i)  Governing Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

 

(j)  Severability.  In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

 

(k) Entire Agreement.  This
Agreement is intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein.  There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted by the Partnership with
respect to the Transfer Restricted Securities. 
This Agreement supersedes all prior agreements and understandings between
the parties with respect to such subject matter.

 

20

 

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

 

	
   

  	
  ENBRIDGE ENERGY
  PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  Enbridge Energy Management, L.L.C.,

  
	
   

  	
   

  	
  as delegate of Enbridge Energy Company, Inc.,

  
	
   

  	
   

  	
  as General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark Maki

  
	
   

  	
   

  	
  Name: Mark Maki

  
	
   

  	
   

  	
  Title: Vice President – Finance

  
				

 

 

	
  Signature Page to Registration Rights
  Agreement

  
	
  (2018 Notes)

  

 

 

The foregoing
Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written:

 

BANC OF AMERICA
SECURITIES LLC

DEUTSCHE BANK
SECURITIES INC.

HSBC SECURITIES
(USA) INC.

 

As Representatives
of the several Initial Purchasers

 

 

	
  By:

  	
  Banc of America
  Securities LLC

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Lily
  Chang

  	
   

  
	
   

  	
  Name:  Lily
  Chang

  	
   

  
	
   

  	
  Title:  Principal

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  Deutsche Bank Securities Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Scott
  Flieger

  	
   

  
	
   

  	
  Name:  Scott
  Flieger

  	
   

  
	
   

  	
  Title:  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Ryan
  Montgomery

  	
   

  
	
   

  	
  Name:  Ryan
  Montgomery

  	
   

  
	
   

  	
  Title: 
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  HSBC Securities (USA) Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Karen L.
  Giles 

  	
   

  
	
   

  	
  Name:  Karen
  L. Giles

  	
   

  
	
   

  	
  Title:  Senior
  Vice President

  	
   

  
							

 

 

	
  Signature Page to Registration Rights
  Agreement

  
	
  (2018 Notes)

  

 

 

SCHEDULE I

 

INITIAL PURCHASERS

 

Banc of America
Securities LLC

 

Deutsche Bank Securities
Inc.

 

HSBC Securities (USA)
Inc.

 

CIBC World Markets Corp.

 

RBC Capital Markets
Corporation

 

Scotia Capital (USA) Inc.

 

TD Securities (USA) LLC

 

Mitsubishi UFJ Securities
International plc

 

BMO Capital Markets Corp.

 

National Bank of Canada
Financial Inc.Exhibit
4.5

 

EXECUTION
VERSION

 

REGISTRATION
RIGHTS AGREEMENT

 

by and among

 

Enbridge
Energy Partners, L.P.

 

and

 

Banc of
America Securities LLC

Deutsche
Bank Securities Inc.

HSBC Securities (USA) Inc.

As Representatives of the several
Initial Purchasers

 

Dated as of April 3, 2008

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration
Rights Agreement (this “Agreement”) is made and entered into as of April 3,
2008, by and among Enbridge Energy Partners, L.P., a Delaware limited
partnership (the “Partnership”), and the several parties named in Schedule I
hereto (the “Initial Purchasers”) for whom Banc of America Securities LLC,
Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as
representatives (the “Representatives”). 
Each of the Initial Purchasers has agreed to purchase the Partnership’s
7.50% Notes due 2038 (the “Initial Securities”) pursuant to the Purchase
Agreement (as defined below).

 

This Agreement is
made pursuant to the Purchase Agreement, dated March 31, 2008 (the “Purchase
Agreement”), between the Partnership and the Initial Purchasers (i) for
the benefit of the Initial Purchasers and (ii) for the benefit of the
holders from time to time of the Initial Securities, including the Initial
Purchasers.  In order to induce the
Initial Purchasers to purchase the Initial Securities, the Partnership has
agreed to provide the registration rights set forth in this Agreement.  The execution and delivery of this Agreement
is a condition to the obligations of the Initial Purchasers set forth in Section 4(k) of
the Purchase Agreement.

 

The parties hereby
agree as follows:

 

SECTION 1.  Definitions.  As used in this Agreement, the
following capitalized terms shall have the following meanings:

 

Broker-Dealer:  Any broker or dealer registered under the Exchange
Act.

 

Business
Day:  Any day other than a Saturday, Sunday or U.S.
federal holiday or a day on which banking institutions or trust companies
located in New York, New York are authorized or obligated to be closed.

 

Closing
Date:  The date of this Agreement.

 

Commission:  The Securities and Exchange Commission.

 

Consummate:   A registered Exchange Offer shall be
deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the
filing and effectiveness under the Securities Act of the Exchange Offer
Registration Statement relating to the Exchange Securities to be issued in the
Exchange Offer, (ii) the maintenance of such Registration Statement
continuously effective and the keeping of the Exchange Offer open for a period
not less than the minimum period required pursuant to Section 3(b) hereof,
and (iii) the delivery by the Partnership to the Registrar under the
Indenture of Exchange Securities in the same aggregate principal amount as the
aggregate principal amount of Initial Securities that were tendered by Holders
thereof pursuant to the Exchange Offer.

 

Effectiveness
Target Date:  As defined in Section 5 hereof.

 

Exchange
Act:  The Securities Exchange Act of 1934, as amended.

 

1

 

Exchange
Offer:  The registration by the Partnership under the
Securities Act of the offer and issuance of the Exchange Securities pursuant to
a Registration Statement pursuant to which the Partnership offers the Holders
of all outstanding Transfer Restricted Securities the opportunity to exchange
all such outstanding Transfer Restricted Securities held by such Holders for
Exchange Securities in an aggregate principal amount equal to the aggregate
principal amount of the Transfer Restricted Securities tendered in such
exchange offer by such Holders.

 

Exchange
Offer Registration Statement:  The Registration Statement relating to
the Exchange Offer, including the related Prospectus.

 

Exchange
Securities:  The 7.50% Notes due 2038, of the same
series under the Indenture as the Initial Securities, to be issued to Holders
in exchange for Transfer Restricted Securities pursuant to this Agreement.

 

FINRA: 
The Financial Industry Regulatory Authority.

 

Holders:  As defined in Section 2(b) hereof.

 

Indemnified
Holder:  As defined in Section 8(a) hereof.

 

Indenture:  The Indenture, dated as of May 27, 2003, by and
between the Partnership and U.S. Bank National Association, successor to
SunTrust Bank, as trustee (the “Trustee”), as supplemented by the Seventh
Supplemental Indenture dated as of the Closing Date, pursuant to which the
Initial Securities are to be issued, as such Indenture is amended or
supplemented from time to time in accordance with the terms thereof.

 

Initial
Placement:  The issuance and sale by the Partnership
of the Initial Securities to the Initial Purchasers pursuant to the Purchase
Agreement.

 

Initial
Purchaser:  As defined in the preamble hereto.

 

Initial
Securities:  As defined in the preamble hereto.

 

Interest
Payment Date:  As defined in the Indenture and the
Initial Securities.

 

Person:  An individual, partnership, corporation, limited
liability company, trust or unincorporated organization, or a government or
agency or political subdivision thereof.

 

Prospectus:  The prospectus included in a Registration Statement,
as amended or supplemented by any prospectus supplement and by all other
amendments thereto, including post-effective amendments, and all material
incorporated by reference into such Prospectus.

 

Registration
Default:  As defined in Section 5 hereof.

 

Registration
Statement:  Any registration statement of the
Partnership relating to (a) an offering of Exchange Securities pursuant to
an Exchange Offer or (b) the registration for resale 

 

2

 

of Transfer Restricted
Securities pursuant to the Shelf Registration Statement, which is filed
pursuant to the provisions of this Agreement, in each case, including the
Prospectus included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by
reference therein.

 

Securities
Act:  The Securities Act of 1933, as amended.

 

Shelf
Filing Deadline:  As defined in Section 4(a) hereof.

 

Shelf
Registration Statement:  As defined in Section 4(a) hereof.

 

Trust
Indenture Act:  The Trust Indenture Act of 1939, as
amended.

 

Transfer
Restricted Securities:  Each Initial Security, until the earliest
to occur of (a) the date on which such Initial Security is exchanged in
the Exchange Offer for an Exchange Security entitled to be resold to the public
by the Holder thereof without complying with the prospectus delivery
requirements of the Securities Act, (b) the date on which the resale of
such Initial Security has been effectively registered under the Securities Act
and disposed of in accordance with a Shelf Registration Statement and (c) the
date on which such Initial Security is distributed to the public pursuant to Rule 144
under the Securities Act or by a Broker-Dealer pursuant to the “Plan of Distribution”
contemplated by the Exchange Offer Registration Statement (including delivery
of the Prospectus contained therein).

 

Underwritten
Registration or Underwritten Offering:  A registration in which securities of the
Partnership are sold to an underwriter for reoffering to the public.

 

SECTION 2.  Securities Subject to this
Agreement.

 

(a)   Transfer Restricted Securities.  The
securities entitled to the benefits of this Agreement are the Transfer
Restricted Securities.

 

(b)   Holders of Transfer Restricted Securities.  A Person is deemed to be a holder
of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns
Transfer Restricted Securities.

 

SECTION 3.  Registered Exchange Offer.

 

(a)  
Unless the Exchange Offer shall not be permissible under applicable law or
Commission policy (after the procedures set forth in Section 6(a) hereof
have been complied with), the Partnership shall (i) cause to be filed with
the Commission as soon as practicable after the Closing Date, but in no event later
than 90 days after the Closing Date (or if such 90th day is not a Business Day,
the next succeeding Business Day), a Registration Statement under the
Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) use
its reasonable best efforts to cause such Registration Statement to become
effective at the earliest possible time, but in no event later than 210 days
after the Closing Date (or if such 210th day is not a Business Day, the next
succeeding Business Day), (iii) in connection with the foregoing, file (A) all
pre-effective amendments to such Registration Statement as may be necessary in
order to cause such Registration Statement to become effective, (B) if
applicable, a post-effective amendment to 

 

3

 

such Registration
Statement pursuant to Rule 430A under the Securities Act and (C) cause
all necessary filings in connection with the registration and qualification of
the Exchange Securities to be made under the state securities or Blue Sky laws
of such jurisdictions as are necessary to permit Consummation of the Exchange
Offer, and (iv) upon the effectiveness of such Registration Statement,
commence the Exchange Offer.  The
Exchange Offer shall be on the appropriate form permitting registration of the
Exchange Securities to be offered in exchange for the Transfer Restricted
Securities and to permit resales of Initial Securities held by Broker-Dealers
as contemplated by Section 3(c) hereof.

 

(b)  
The Partnership shall cause the Exchange Offer Registration Statement to be
effective continuously and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided, however,
that in no event shall such period be less than 30 days after the date notice
of the Exchange Offer is mailed to the Holders. 
The Partnership shall cause the Exchange Offer to comply with all
applicable federal and state securities laws. 
No securities other than the Exchange Securities shall be included in
the Exchange Offer Registration Statement. 
The Partnership shall use its reasonable best efforts to cause the
Exchange Offer to be Consummated within 30 Business Days after the Exchange
Offer Registration Statement has become effective (or if such 30th day is not a
Business Day, the next succeeding Business Day), but in no event later than 260
days after the Closing Date (or if such 260th day is not a Business Day, the
next succeeding Business Day).

 

(c)  
The Partnership shall indicate in a “Plan of Distribution” section contained in
the Prospectus forming a part of the Exchange Offer Registration Statement that
any Broker-Dealer who holds Initial Securities that are Transfer Restricted
Securities and that were acquired for its own account as a result of
market-making activities or other trading activities (other than Transfer
Restricted Securities acquired directly from the Partnership), may exchange
such Initial Securities pursuant to the Exchange Offer; however, such
Broker-Dealer may be deemed to be an “underwriter” within the meaning of the
Securities Act and must, therefore, deliver a prospectus meeting the
requirements of the Securities Act in connection with any resales of the
Exchange Securities received by such Broker-Dealer in the Exchange Offer, which
prospectus delivery requirement may be satisfied by the delivery by such
Broker-Dealer of the Prospectus contained in the Exchange Offer Registration
Statement.  Such “Plan of Distribution”
section shall also contain all other information with respect to such resales
by Broker-Dealers that the Commission may require in order to permit such
resales pursuant thereto, but such “Plan of Distribution” shall not name any
such Broker-Dealer or disclose the amount of Initial Securities held by any
such Broker-Dealer except to the extent required by the Commission as a result
of a change in policy after the date of this Agreement.

 

The Partnership
shall use its reasonable best efforts to keep the Exchange Offer Registration
Statement continuously effective, supplemented and amended as required by the
provisions of Section 6(c) hereof to the extent necessary to ensure
that it is available for resales of Initial Securities acquired by
Broker-Dealers for their own accounts as a result of market-making activities
or other trading activities, and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period
ending on the earlier of (i) 210 days from the date on which the Exchange
Offer Registration Statement is declared effective and (ii) the date on 

 

4

 

which a Broker-Dealer is
no longer required to deliver a prospectus in connection with market-making or
other trading activities.

 

The Partnership
shall provide sufficient copies of the latest version of such Prospectus to
Broker-Dealers promptly upon request at any time during such 210-day (or
shorter as provided in the foregoing sentence) period in order to facilitate
such resales.

 

SECTION 4.  Shelf Registration.

 

(a)   Shelf Registration.  If
(i) the Partnership is not required to file an Exchange Offer Registration
Statement or to consummate the Exchange Offer because the Exchange Offer is not
permitted by applicable law or Commission policy (after the procedures set
forth in Section 6(a) hereof have been complied with) and the Initial
Securities are not freely tradeable pursuant to Rule 144 under the
Securities Act, (ii) for any reason the Exchange Offer is not Consummated
within 260 days after the Closing Date (or if such 260th day is not a Business
Day, the next succeeding Business Day) and the Initial Securities are not
freely tradeable pursuant to Rule 144 under the Securities Act, or (iii) with
respect to any Holder of Transfer Restricted Securities (A) such Holder is
prohibited by applicable law or Commission policy from participating in the
Exchange Offer, or (B) such Holder may not resell the Exchange Securities
acquired by it in the Exchange Offer to the public without delivering a
prospectus and that the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or (C) such
Holder is a Broker-Dealer and holds Initial Securities acquired directly from
the Partnership or one of its affiliates, then, upon such Holder’s request, the
Partnership shall:

 

(x)  cause to
be filed a shelf registration statement pursuant to Rule 415 under the
Securities Act, which may be an amendment to the Exchange Offer Registration
Statement (in either event, the “Shelf Registration Statement”) on or prior to
the earliest to occur of (1) the 20th day after the date on which the Partnership
determines that it is not required to file the Exchange Offer Registration
Statement, (2) the 20th day after the date on which the Partnership
receives notice from a Holder of Transfer Restricted Securities as contemplated
by clause (ii) above, and (3) the 90th day after the Closing Date (or
if such 90th day is not a Business Day, the next succeeding Business Day) (such
earliest (or if such 90th day is not a Business Day, the next succeeding
Business Day) (such date being the “Shelf Filing Deadline”), which Shelf
Registration Statement shall provide for resales of all Transfer Restricted
Securities the Holders of which shall have provided the information required
pursuant to Section 4(b) hereof; and

 

(y)  use
their reasonable best efforts to cause such Shelf Registration Statement to be
declared effective by the Commission on or before the 60th day after the Shelf
Filing Deadline (or if such 60th day is not a Business Day, the next succeeding
Business Day).

 

The Partnership
shall use its reasonable best efforts to keep such Shelf Registration Statement
continuously effective, supplemented and amended as required by the provisions
of Sections 6(b) and (c) hereof to the extent necessary to ensure
that it is available for resales of Initial Securities by the Holders of
Transfer Restricted Securities entitled to the benefit of this Section 4(a),
and to ensure that it conforms with the requirements of this Agreement, the 

 

5

 

Securities Act and the
policies, rules and regulations of the Commission as announced from time
to time, for a period of at least two years following the effective date of
such Shelf Registration Statement (or shorter period that will terminate when
all the Initial Securities covered by such Shelf Registration Statement have
been sold pursuant to such Shelf Registration Statement).

 

(b)   Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement.  No
Holder of Transfer Restricted Securities may include any of its Transfer
Restricted Securities in any Shelf Registration Statement pursuant to this
Agreement unless and until such Holder furnishes to the Partnership in writing,
within 20 Business Days after receipt of a request therefor, such information as
the Partnership may reasonably request for use in connection with any Shelf
Registration Statement or Prospectus or preliminary Prospectus included
therein.  Each Holder as to which any
Shelf Registration Statement is being effected agrees to furnish promptly to
the Partnership all information required to be disclosed in order to make the
information previously furnished to the Partnership by such Holder not
materially misleading.

 

SECTION 5.  Additional Interest.  If (i) any of the
Registration Statements required by this Agreement is not filed with the
Commission on or prior to the date specified for such filing in this Agreement,
(ii) any of such Registration Statements has not been declared effective
by the Commission on or prior to the date specified for such effectiveness in
this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer
has not been Consummated within 260 days after the Closing Date or (iv) any
Registration Statement required by this Agreement is filed and declared effective
but shall thereafter cease to be effective or fail to be usable for its
intended purpose without being succeeded immediately by a post-effective
amendment to such Registration Statement that cures such failure and that is
itself immediately declared effective (each such event referred to in clauses (i) through
(iv), a “Registration Default”), the Partnership hereby agrees that the
interest rate borne by the Transfer Restricted Securities shall be increased by
0.25% per annum during the 90-day period immediately following the occurrence
of any Registration Default and shall increase by 0.25% per annum at the end of
each subsequent 90-day period, but in no event shall such increase exceed 0.50%
per annum.  Following the cure of all
Registration Defaults relating to any particular Transfer Restricted
Securities, the interest rate borne by the relevant Transfer Restricted
Securities will be reduced to the original interest rate borne by such Transfer
Restricted Securities; provided, however,
that, if after any such reduction in interest rate, a different Registration
Default occurs, the interest rate borne by the relevant Transfer Restricted
Securities shall again be increased pursuant to the foregoing provisions.

 

All obligations of
the Partnership set forth in the preceding paragraph that are outstanding with
respect to any Transfer Restricted Security at the time such security ceases to
be a Transfer Restricted Security shall survive until such time as all such
obligations with respect to such security shall have been satisfied in full.

 

SECTION 6.  Registration Procedures.

 

(a)  Exchange Offer Registration Statement. 
In connection with the Exchange Offer, the Partnership shall
comply with all of the provisions of Section 6(c) hereof, shall use
its reasonable best efforts to effect such exchange to permit the sale of
Transfer Restricted Securities being sold 

 

6

 

in accordance with the
intended method or methods of distribution thereof, and shall comply with all of
the following provisions:

 

(i)  If in
the reasonable opinion of counsel to the Partnership there is a question as to
whether the Exchange Offer is permitted by applicable law, the Partnership
hereby agrees to seek a no-action letter or other favorable decision from the
Commission allowing the Partnership to Consummate an Exchange Offer for such
Initial Securities.  The Partnership
hereby agrees to pursue the issuance of such a decision to the Commission staff
level but shall not be required to take commercially unreasonable action to
effect a change of Commission policy. 
The Partnership hereby agrees, however, to (A) participate in
telephonic conferences with the Commission, (B) deliver to the Commission
staff an analysis prepared by counsel to the Partnership setting forth the
legal bases, if any, upon which such counsel has concluded that such an
Exchange Offer should be permitted and (C) diligently pursue a favorable
resolution by the Commission staff of such submission.

 

(ii)  As a
condition to its participation in the Exchange Offer pursuant to the terms of
this Agreement, each Holder of Transfer Restricted Securities shall furnish,
upon the request of the Partnership, prior to the Consummation thereof, a
written representation to the Partnership (which may be contained in the letter
of transmittal contemplated by the Exchange Offer Registration Statement) to
the effect that (A) it is not an affiliate of the Partnership, (B) it
is not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange
Securities to be issued in the Exchange Offer and (C) it is acquiring the
Exchange Securities in its ordinary course of business.  In addition, all such Holders of Transfer
Restricted Securities shall otherwise cooperate in the Partnership’s
preparations for the Exchange Offer. 
Each Holder hereby acknowledges and agrees that any Broker-Dealer and
any such Holder using the Exchange Offer to participate in a distribution of the
securities to be acquired in the Exchange Offer (1) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings Corporation
(available May 13, 1988), as interpreted in the Commission’s letter to
Shearman & Sterling dated July 2, 1993, and similar no-action
letters (which may include any no-action letter obtained pursuant to clause (i) above),
and (2) must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by
an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K if
the resales are of Exchange Securities obtained by such Holder in exchange for
Initial Securities acquired by such Holder directly from the Partnership.

 

(b)   Shelf Registration Statement.  In
connection with the Shelf Registration Statement, the Partnership shall comply
with all the provisions of Section 6(c) hereof and shall use its
reasonable best efforts to effect such registration to permit the sale of the
Transfer Restricted Securities being sold in accordance with the intended
method or methods of distribution thereof, and pursuant thereto the Partnership
will as expeditiously as possible prepare and file with the Commission a
Registration Statement relating to the registration on any appropriate form
under 

 

7

 

the Securities Act, which
form shall be available for the sale of the Transfer Restricted Securities in
accordance with the intended method or methods of distribution thereof.

 

(c)   General Provisions.  In
connection with any Registration Statement and any Prospectus required by this
Agreement to permit the sale or resale of Transfer Restricted Securities
(including, without limitation, any Registration Statement and the related
Prospectus required to permit resales of Initial Securities by Broker-Dealers),
the Partnership shall:

 

(i)  
use its reasonable best efforts to keep such Registration Statement
continuously effective and provide all requisite financial statements for the
period specified in Section 3 or 4 hereof, as applicable; upon the
occurrence of any event that would cause any such Registration Statement or the
Prospectus contained therein (A) to contain a material misstatement or
omission or (B) not to be effective and usable for resale of Transfer
Restricted Securities during the period required by this Agreement, the
Partnership shall file promptly an appropriate amendment to such Registration
Statement, in the case of clause (A), correcting any such misstatement or
omission, and, in the case of either clause (A) or (B), use its reasonable
best efforts to cause such amendment to be declared effective and such
Registration Statement and the related Prospectus to become usable for their intended
purpose(s) as soon as practicable thereafter;

 

(ii)  
prepare and file with the Commission such amendments and post-effective
amendments to the applicable Registration Statement as may be necessary to keep
the Registration Statement effective for the applicable period set forth in Section 3
or 4 hereof, as applicable, or such shorter period as will terminate when all
Transfer Restricted Securities covered by such Registration Statement have been
sold; cause the Prospectus to be supplemented by any required Prospectus
supplement, and as so supplemented to be filed pursuant to Rule 424 under
the Securities Act, and to comply fully with the applicable provisions of Rules 424
and 430A under the Securities Act in a timely manner; and comply with the provisions
of the Securities Act with respect to the disposition of all securities covered
by such Registration Statement during the applicable period in accordance with
the intended method or methods of distribution by the sellers thereof set forth
in such Registration Statement or supplement to the Prospectus;

 

(iii)  
advise the underwriter(s), if any, and selling Holders promptly and, if
requested by such Persons, to confirm such advice in writing, (A) when the
Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to any Registration Statement or any post-effective
amendment thereto, when the same has become effective, (B) of any request
by the Commission for amendments to the Registration Statement or amendments or
supplements to the Prospectus or for additional information relating thereto, (C) of
the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement under the Securities Act or of the suspension by
any state securities commission of the qualification of the Transfer Restricted
Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact
made in the Registration Statement, the Prospectus, any amendment or supplement
thereto, or any document incorporated by reference therein untrue, or that
requires the making of any 

 

8

 

additions to or changes in the Registration Statement
or the Prospectus in order to make the statements therein not misleading.  If at any time the Commission shall issue any
stop order suspending the effectiveness of the Registration Statement, or any
state securities commission or other regulatory authority shall issue an order
suspending the qualification or exemption from qualification of the Transfer
Restricted Securities under state securities or Blue Sky laws, the Partnership
shall use its reasonable best efforts to obtain the withdrawal or lifting of
such order at the earliest possible time;

 

(iv)  furnish
without charge to each of the Initial Purchasers, each selling Holder named in
any Registration Statement, and each of the underwriter(s), if any, before
filing with the Commission, copies of any Registration Statement or any
Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including all documents incorporated by reference
after the initial filing of such Registration Statement), which documents will
be subject to the review and comment of such Holders and underwriter(s) in
connection with such sale, if any, for a period of at least five Business Days,
and the Partnership will not file any such Registration Statement or Prospectus
or any amendment or supplement to any such Registration Statement or Prospectus
(including all such documents incorporated by reference) to which an Initial
Purchaser of Transfer Restricted Securities covered by such Registration
Statement or the underwriter(s), if any, shall reasonably object in writing
within five Business Days after the receipt thereof (such objection to be
deemed timely made upon confirmation of telecopy transmission within such
period).  The objection of an Initial
Purchaser or underwriter, if any, shall be deemed to be reasonable if such
Registration Statement, amendment, Prospectus or supplement, as applicable, as
proposed to be filed, contains a material misstatement or omission;

 

(v)  promptly
prior to the filing of any document that is to be incorporated by reference
into a Registration Statement or Prospectus, provide copies of such document to
the Initial Purchasers, each selling Holder named in any Registration Statement,
and to the underwriter(s), if any, make the Partnership’s representatives
available for discussion of such document and other customary due diligence
matters, and include such information in such document prior to the filing
thereof as such selling Holders or underwriter(s), if any, reasonably may
request;

 

(vi)  make
available at reasonable times for inspection by the Initial Purchasers, the
managing underwriter(s), if any, participating in any disposition pursuant to
such Registration Statement and any attorney or accountant retained by such
Initial Purchasers or any of the underwriter(s), all financial and other
records, pertinent corporate documents and properties of the Partnership and
cause the Partnership’s officers, directors and employees to supply all
information reasonably requested by any such Holder, underwriter, attorney or
accountant in connection with such Registration Statement or any post-effective
amendment thereto subsequent to the filing thereof and prior to its
effectiveness and to participate in meetings with investors to the extent
requested by the managing underwriter(s), if any;

 

(vii)  if
requested by any selling Holders or the underwriter(s), if any, promptly
incorporate in any Registration Statement or Prospectus, pursuant to a
supplement or

 

9

 

post-effective amendment if necessary, such
information as such selling Holders and underwriter(s), if any, may reasonably
request to have included therein, including, without limitation, information
relating to the “Plan of Distribution” of the Transfer Restricted Securities,
information with respect to the principal amount of Transfer Restricted
Securities being sold to such underwriter(s), the purchase price being paid
therefor and any other terms of the offering of the Transfer Restricted
Securities to be sold in such offering; and make all required filings of such
Prospectus supplement or post-effective amendment as soon as practicable after
the Partnership is notified of the matters to be incorporated in such
Prospectus supplement or post-effective amendment;

 

(viii)  cause
the Transfer Restricted Securities covered by the Registration Statement to be
rated with the appropriate rating agencies, if so requested by the Holders of a
majority in aggregate principal amount of securities covered thereby or the
underwriter(s), if any;

 

(ix)  furnish
to each Initial Purchaser, each selling Holder and each of the underwriter(s),
if any, without charge, at least one copy of the Registration Statement, as
first filed with the Commission, and of each amendment thereto, including
financial statements and schedules, all documents incorporated by reference
therein and all exhibits (including exhibits incorporated therein by
reference);

 

(x)  deliver
to each selling Holder and each of the underwriter(s), if any, without charge,
as many copies of the Prospectus (including each preliminary prospectus) and
any amendment or supplement thereto as such Persons reasonably may request; the
Partnership hereby consents to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the
underwriter(s), if any, in connection with the offering and the sale of the
Transfer Restricted Securities covered by the Prospectus or any amendment or
supplement thereto;

 

(xi)  in the case of any Shelf Registration
Statement, enter into such agreements (including an underwriting agreement),
and make such representations and warranties, and take all such other actions
in connection therewith in order to expedite or facilitate the disposition of
the Transfer Restricted Securities pursuant to any Registration Statement
contemplated by this Agreement, all to such extent as may be requested by any
Initial Purchaser or by any Holder of Transfer Restricted Securities or
underwriter in connection with any sale or resale pursuant to any Registration
Statement contemplated by this Agreement; and whether or not an underwriting
agreement is entered into and whether or not the registration is an
Underwritten Registration, the Partnership shall:

 

(A)  furnish
to each Initial Purchaser, each selling Holder and each underwriter, if any, in
such substance and scope as they may request and as are customarily made by
issuers to underwriters in primary underwritten offerings, upon the date of the
Consummation of the Exchange Offer or, if applicable, the effectiveness of the
Shelf Registration Statement:

 

(1)  a
certificate, dated the date of Consummation of the Exchange Offer or the date
of effectiveness of the Shelf Registration Statement, as 

 

10

 

the case may be, signed by the chief executive officer
and the chief financial officer of Enbridge Energy Management, L.L.C., a
Delaware limited liability company (“Enbridge Management”) and delegate of
Enbridge Energy Company, Inc., a Delaware corporation and the general
partner of the Partnership (the “General Partner”), confirming, as of the date
thereof, the matters of the type set forth in Section 4(h) of the
Purchase Agreement and such other matters as such parties may reasonably
request;

 

(2)  an
opinion, dated the date of Consummation of the Exchange Offer or the date of
effectiveness of the Shelf Registration Statement, as the case may be, of
counsel for the Partnership, covering the matters set forth in Section 4(c) of
the Purchase Agreement and such other matters as such parties may reasonably
request, and in any event including a statement to the effect that although
such counsel has not undertaken, except as otherwise indicated in their
opinion, to determine independently, and does not assume any responsibility
for, the accuracy or completeness of the statements in the Registration
Statement and the related Prospectus, such counsel has reviewed and is familiar
with the Registration Statement and the related Prospectus and such counsel has
participated in conferences with officers and other representatives of Enbridge
Management, the General Partner, the Partnership and Enbridge Energy, Limited
Partnership, a Delaware limited partnership and subsidiary of the Partnership, at
which the contents of the Registration Statement and the related Prospectus and
related matters (including review and discussion of the contents of all
documents incorporated by reference therein) were discussed, and no facts have
come to such counsel’s attention that lead such counsel to believe that (i) the
applicable Registration Statement (other than the financial statements and the
notes thereto and the schedules and other financial data included therein, as
to which such counsel need not express an opinion), at the time such
Registration Statement or any post-effective amendment thereto became
effective, and, in the case of the Exchange Offer Registration Statement, as of
the date of Consummation, contained an untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements therein not
misleading, or (ii) the Prospectus (other than the financial statements
and the notes thereto and the schedules and other financial data included
therein, as to which such counsel need not express an opinion),  contained in such Registration Statement as
of its date and, in the case of the opinion dated the date of Consummation of
the Exchange Offer, as of the date of Consummation, contained an untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and

 

(3)  a
customary comfort letter, dated the date of effectiveness of the Shelf
Registration Statement, from the Partnership’s independent 

 

11

 

registered public accounting firm, in the customary
form and covering matters of the type customarily requested to be covered in
comfort letters by underwriters in connection with primary underwritten
offerings, and covering or affirming the matters set forth in the comfort
letters delivered pursuant to Section 4(g) of the Purchase Agreement,
without exception;

 

(B)  set
forth in full or incorporate by reference in the underwriting agreement, if
any, the indemnification provisions and procedures of Section 8 hereof
with respect to all parties to be indemnified pursuant to said Section; and

 

(C)  deliver
such other documents and certificates as may be reasonably requested by such
parties to evidence compliance with Section 6(c)(xi)(A) hereof and
with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Partnership pursuant to this Section 6(c)(xi),
if any.

 

If at any time the
representations and warranties of the Partnership contemplated in Section 6(c)(xi)(A)(1) hereof
cease to be true and correct, the Partnership shall so advise the Initial
Purchasers and the underwriter(s), if any, and each selling Holder promptly
and, if requested by such Persons, shall confirm such advice in writing;

 

(xii)  prior to any public offering of Transfer
Restricted Securities, cooperate with the selling Holders, the underwriter(s),
if any, and their respective counsel in connection with the registration and
qualification of the Transfer Restricted Securities under the state securities
or Blue Sky laws of such jurisdictions as the selling Holders or
underwriter(s), if any, may request and do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdictions of the
Transfer Restricted Securities covered by the Shelf Registration Statement; provided, however, that the Partnership shall not be
required to register or qualify as a foreign corporation where it is not then
so qualified or to take any action that would subject it to the service of
process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not
then so subject;

 

(xiii)  shall issue, upon the request of any Holder
of Initial Securities covered by the Shelf Registration Statement, Exchange
Securities having an aggregate principal amount equal to the aggregate
principal amount of Initial Securities surrendered to the Partnership by such
Holder in exchange therefor or being sold by such Holder; such Exchange
Securities to be registered in the name of such Holder or in the name of the
purchaser(s) of such securities, as the case may be; in return, the
Initial Securities held by such Holder shall be surrendered to the Partnership
for cancellation;

 

(xiv)  cooperate with the selling Holders and the
underwriter(s), if any, to facilitate the timely preparation and delivery of
certificates representing Transfer Restricted Securities to be sold and not
bearing any restrictive legends; and enable such Transfer Restricted Securities
to be in such denominations and registered in such names as the Holders or the
underwriter(s), if any, may request at least two Business Days prior to any
sale of Transfer Restricted Securities made by such Holders or underwriter(s);

 

12

 

(xv)  use its reasonable best efforts to cause the
Transfer Restricted Securities covered by the Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to enable the seller or sellers thereof or the
underwriter(s), if any, to consummate the disposition of such Transfer Restricted
Securities, subject to the proviso contained in Section 6(c)(xii) hereof;

 

(xvi)  if any fact or event contemplated by Section 6(c)(iii)(D) hereof
shall exist or have occurred, prepare a supplement or post-effective amendment
to the Registration Statement or related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of Transfer Restricted Securities,
the Prospectus will not contain an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein
not misleading;

 

(xvii)  provide a CUSIP number for all Exchange
Securities not later than the effective date of the Registration Statement
covering such Exchange Securities and provide the Trustee under the Indenture
with definitive certificates for such Exchange Securities that are in a form
eligible for deposit with The Depository Trust Company and take all other
action necessary to ensure that all such securities are eligible for deposit
with The Depository Trust Company;

 

(xviii)  cooperate and assist in any filings required
to be made with FINRA and in the performance of any due diligence investigation
by any underwriter (including any “qualified independent underwriter”) that is
required to be retained in accordance with the rules and regulations of
FINRA;

 

(xix)  otherwise use its reasonable best efforts to
comply with all applicable rules and regulations of the Commission, and
make generally available to its security holders, as soon as practicable, a
consolidated earnings statement meeting the requirements of Rule 158
(which need not be audited) for the twelve-month period (A) commencing at
the end of any fiscal quarter in which Transfer Restricted Securities are sold
to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if
not sold to underwriters in such an offering, beginning with the first month of
the Partnership’s first fiscal quarter commencing after the effective date of the
Registration Statement;

 

(xx)  cause the Indenture to be qualified under the
Trust Indenture Act not later than the effective date of the first Registration
Statement required by this Agreement, and, in connection therewith, cooperate
with the Trustee and the Holders of Initial Securities to effect such changes
to the Indenture as may be required for such Indenture to be so qualified in
accordance with the terms of the Trust Indenture Act; and to execute and use
its reasonable best efforts to cause the Trustee to execute, all documents that
may be required to effect such changes and all other forms and documents
required to be filed with the Commission to enable such Indenture to be so
qualified in a timely manner; and

 

13

 

(xxi)  provide promptly to each Holder upon request
each document filed with the Commission pursuant to the requirements of Section 13
and Section 15 of the Exchange Act.

 

Each Holder agrees
by acquisition of a Transfer Restricted Security that, upon receipt of any
notice from the Partnership of the existence of any fact of the kind described
in Section 6(c)(iii)(D) hereof, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 6(c)(xvi)
hereof, or until it is advised in writing (the “Advice”) by the Partnership
that the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the
Prospectus.  If so directed by the
Partnership, each Holder will deliver to the Partnership (at the Partnership’s
expense) all copies, other than permanent file copies then in such Holder’s
possession, of the Prospectus covering such Transfer Restricted Securities that
was current at the time of receipt of such notice.  In the event the Partnership shall give any
such notice, the time period regarding the effectiveness of such Registration
Statement set forth in Section 3 or 4 hereof, as applicable, shall be
extended by the number of days during the period from and including the date of
the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to
and including the date when each selling Holder covered by such Registration
Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received
the Advice; provided, however,
that no such extension shall be taken into account in determining whether
Additional Interest is due pursuant to Section 5 hereof or the amount of
such Additional Interest, it being agreed that the Partnership’s option to
suspend use of a Registration Statement pursuant to this paragraph shall be
treated as a Registration Default for purposes of Section 5 hereof.

 

SECTION 7.  Registration Expenses.

 

(a)  All
expenses incident to the Partnership’s performance of or compliance with this
Agreement will be borne by the Partnership regardless of whether a Registration
Statement becomes effective, including, without limitation: (i) all
registration and filing fees and expenses (including filings made by any
Initial Purchaser or Holder with FINRA (and, if applicable, the fees and
expenses of any “qualified independent underwriter” and its counsel that may be
required by the rules and regulations of FINRA)); (ii) all fees and
expenses of compliance with federal securities and state securities or Blue Sky
laws; (iii) all expenses of printing (including printing certificates for
the Exchange Securities to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) all
fees and disbursements of counsel for the Partnership and, subject to Section 7(b) hereof,
the Holders of Transfer Restricted Securities; (v) all application and
filing fees in connection with listing the Exchange Securities on a securities
exchange or automated quotation system pursuant to the requirements thereof;
and (vi) all fees and disbursements of the independent registered public
accounting firm of the Partnership (including the expenses of any special audit
and comfort letters required by or incident to such performance).

 

The Partnership will,
in any event, bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting 

 

14

 

duties), the expenses of any annual audit and the fees
and expenses of any Person, including special experts, retained by the
Partnership.

 

SECTION 8.  Indemnification.

 

(a)  The
Partnership agrees to indemnify and hold harmless (i) each Holder
(including the Initial Purchasers) and (ii) each Person, if any, who
controls any Holder within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act (any of the Persons referred to in this
clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the
respective officers, directors, partners, employees, representatives and agents
of any Holder or any controlling person (any Person referred to in clause (i), (ii) or
(iii) may hereinafter be referred to as an “Indemnified Holder”), from and
against any and all losses, claims, damages, liabilities and expenses
(including reasonable costs of investigation), arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus or in any amendment or supplement
thereto, or arising out of or based upon any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as such losses,
claims, damages, liabilities or expenses arise out of or are based upon any
untrue statement or omission or alleged untrue statement or omission that has
been made therein or omitted therefrom in reliance upon and in conformity with
information relating to any of the Holders furnished in writing to the
Partnership by or on behalf of any of the Holders expressly for use
therein.  The foregoing indemnity
agreement shall be in addition to any liability that the Partnership may
otherwise have.

 

The Partnership
also agrees to indemnify or contribute as provided in Section 8(d) to
losses, claims, damages, liabilities and expenses of any underwriter of Initial
Securities or Exchange Securities, as the case may be, registered under a Shelf
Registration Statement, their directors, officers, employees and agents and
each Person who controls such underwriter on substantially the same basis as
that of the indemnification of the Indemnified Holders provided in this Section 8(a) and
shall, if requested by any Holder, enter into any underwriting agreement to
reflect such agreement.

 

(b)  If any
action, suit or proceeding shall be brought or asserted against any of the
Indemnified Holders with respect to which indemnity may be sought against the
Partnership, such Indemnified Holder or the Indemnified Holder controlled by
such controlling person shall promptly notify Enbridge Management on behalf of
the Partnership, and the Partnership shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified
Holders and payment of all fees and expenses. 
Such Indemnified Holder or the Indemnified Holder controlled by such
controlling person shall have the right to employ separate counsel in any such action,
suit or proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Holder or
the Indemnified Holder controlled by such controlling person unless (i) the
Partnership has agreed in writing to pay such fees and expenses, (ii) the
Partnership has failed to assume the defense and employ counsel reasonably
satisfactory to the Indemnified Holders or (iii) the named parties to any
such action, suit or proceeding (including any impleaded parties) include both
such Indemnified Holder or the Indemnified Holder controlled by such
controlling person and the Partnership and such Indemnified Holder or the
Indemnified Holder controlled by such 

 

15

 

controlling person shall have been advised by its
counsel that representation of such indemnified party and the Partnership by
the same counsel would be inappropriate under applicable standards of
professional conduct (whether or not such representation by the same counsel
has been proposed) due to actual or potential different interests between them
(in which case the Partnership shall not have the right to assume the defense
of such action, suit or proceeding on behalf of such Indemnified Party or the
Indemnified Holder controlled by such controlling person).  It is understood, however, that the
Partnership shall, in connection with any one such action, suit or proceeding
or separate but substantially similar or related actions, suits or proceedings
in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of only one
separate firm of attorneys (in addition to any local counsel) at any time for
all such Indemnified Holders and the Indemnified Holders controlled by such
controlling persons not having actual or potential differing interests with the
Indemnified Holders, which firm shall be designated in writing by the
Indemnified Holders, and that all such fees and expenses shall be reimbursed as
they are incurred.  The Partnership shall
not be liable for any settlement of any such action, suit or proceeding
effected without its written consent, but if settled with such written consent,
or if there be a final judgment for the plaintiff in any such action, suit or proceeding,
the Partnership agrees to indemnify and hold harmless any Indemnified Holder,
to the extent provided in the preceding paragraph, and any Indemnified Holder
controlled by such controlling person, from and against any loss, claim,
damage, liability or expense by reason of such settlement or judgment.

 

(c)  Each
Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Partnership, the directors and officers of the
General Partner and of Enbridge Management, and any Person who controls the
Partnership within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, to the same extent as the foregoing indemnity from the
Partnership to each of the Indemnified Holders, but only with respect to
information relating to such Holder furnished in writing by or on behalf of
such Holder expressly for use in any Registration Statement.  If any action, suit or proceeding shall be
brought against the Partnership, any of the directors and officers of the
General Partner and of Enbridge Management, or any such controlling person,
based on the Registration Statement and the related Prospectus, and in respect
of which indemnity may be sought against any Holder pursuant to this paragraph
(c), such Holder shall have the rights and duties given to the Partnership by
paragraph (b) above, and the Partnership, the directors and officers of
the General Partner and of Enbridge Management, and any such controlling
person, shall have the rights and duties given to the Holder by paragraph (b) above.

 

(d)  If the
indemnification provided for in this Section 8 is unavailable to an
indemnified party under paragraphs (a) or (c) hereof in respect of
any losses, claims, damages, liabilities or expenses referred to therein, then
an indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses (i) in such
proportion as is appropriate to reflect the relative benefits received by such
indemnifying party, on the one hand, and such indemnified party, on the other
hand, from the Initial Placement (which in the case of the Partnership shall be
deemed to be equal to the total gross proceeds to the Partnership from the
Initial Placement) and the amount of Additional Interest that did not become
payable as a result of the filing of the Registration Statement resulting in
such losses, claims, damages, liabilities or expenses; provided,
however, that in no case shall any Initial Purchaser or any 

 

16

 

subsequent Holder of any Initial Security or Exchange
Security be responsible, in the aggregate, for any amount in excess of the
purchase discount or commission applicable to such Initial Security, or in the
case of an Exchange Security, applicable to the Initial Security that was
exchangeable for such Exchange Security, nor shall any underwriter be
responsible for any amount in excess of the underwriting discount or commission
applicable to the securities purchased by such underwriter under the
Registration Statement that resulted in such losses, claims, damages,
liabilities or expenses, or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the indemnifying party, on the one hand, and the
indemnified party, on the other hand, in connection with the statements or
omissions that resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations.  Benefits received by the Partnership shall be
deemed to be equal to the total net proceeds from the Initial Placement (before
deducting expenses).  Benefits received
by the Initial Purchasers shall be deemed to be equal to the total purchase
discounts received in connection with the Initial Placement, and benefits
received by any other Holders shall be deemed to be equal to the incremental
value of receiving Exchange Securities registered under the Securities Act in
exchange for Initial Securities. 
Benefits received by any underwriter shall be deemed to be equal to the
total underwriting discounts and commissions, as set forth on the cover page of
the Prospectus forming a part of the Registration Statement that resulted in
such losses.  Relative fault shall be
determined by reference to, among other things, whether any untrue or alleged
untrue statement of material fact or omission or alleged omission to state a
material fact relates to information provided by the indemnifying party, on the
one hand, or by the indemnified party, on the other hand, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such statement or omission and any other equitable
consideration appropriate under the circumstances.

 

(e)  The
Partnership and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8
were determined by a pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in
paragraph (d) above.  The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or expenses referred to in paragraph (d) above shall
be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating any claim or defending any such action, suit or proceeding.  Notwithstanding the provisions of this Section 8,
none of the Holders (and its related Indemnified Holders) shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total discount received by such Holder with respect to the Initial Securities
exceeds the amount of any damages which such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission.  No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.  The Holders’ obligations to contribute
pursuant to this Section 8(e) are several in proportion to the
respective principal amount of Initial Securities held by each of the Holders
hereunder and not joint.

 

(f)  Any
losses, claims, damages, liabilities or expenses for which an indemnified party
is entitled to indemnification or contribution under this Section 8 shall
be paid by the indemnifying 

 

17

 

party to the indemnified party as such losses, claims,
damages, liabilities or expenses are incurred. 
The provisions of this Section 8 will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder, any
person controlling any Holder, the Partnership or the directors or officers of
the General Partner and Enbridge Management, or any person controlling the
Partnership, and will survive the sale by a Holder of securities covered by a
Registration Statement.

 

SECTION 9.  Rule 144A.  The Partnership hereby agrees with each Holder, for so long as
any Transfer Restricted Securities remain outstanding, to make available to any
Holder or beneficial owner of Transfer Restricted Securities in connection with
any sale thereof and any prospective purchaser of such Transfer Restricted
Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Securities Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A under the Securities Act.

 

SECTION 10.  Participation in
Underwritten Registrations.  No
Holder may participate in any Underwritten Registration hereunder unless such
Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on
the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and
executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

 

SECTION 11.  Selection of
Underwriters.  The Holders of
Transfer Restricted Securities covered by the Shelf Registration Statement who
desire to do so may sell such Transfer Restricted Securities in an Underwritten
Offering.  In any such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that
will administer such offering will be selected by the Holders of a majority in
aggregate principal amount of the Transfer Restricted Securities included in
such offering; provided, however, that such
investment banker(s) and managing underwriter(s) must be reasonably
satisfactory to the Partnership.

 

SECTION 12.  Miscellaneous.

 

(a)  Remedies.  The Partnership hereby agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Agreement and hereby agree
to waive the defense in any action for specific performance that a remedy at
law would be adequate.

 

(b)  No Inconsistent Agreements.  The Partnership will not on or after
the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof.  The Partnership has not previously entered
into any agreement granting any registration rights with respect to its
securities to any Person.  The rights
granted to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Partnership’s
securities under any agreement in effect on the date hereof.

 

(c)  Adjustments Affecting the Securities. 
The Partnership will not take any action, or permit any
change to occur, with respect to the Initial Securities that would materially
and adversely affect the ability of the Holders to Consummate any Exchange
Offer.

 

18

 

(d)  Amendments and Waivers.  The
provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be
given unless the Partnership has (i) in the case of Section 5 hereof
and this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all
other provisions hereof, obtained the written consent of Holders of a majority
of the outstanding principal amount of Transfer Restricted Securities
(excluding any Transfer Restricted Securities held by the Partnership or its
Affiliates).  Notwithstanding the
foregoing, a waiver or consent to departure from the provisions hereof that
relates exclusively to the rights of Holders whose securities are being
tendered pursuant to the Exchange Offer and that does not affect directly or
indirectly the rights of other Holders whose securities are not being tendered
pursuant to such Exchange Offer may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities being
tendered or registered; provided, however,
that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Partnership shall obtain the written
consent of each such Initial Purchaser with respect to which such amendment,
qualification, supplement, waiver, consent or departure is to be effective.

 

(e)  Notices.  All notices
and other communications provided for or permitted hereunder shall be made in
writing by hand-delivery, first-class mail (registered or certified, return
receipt requested), telex, telecopier, or air courier guaranteeing overnight
delivery:

 

(i)  if to a
Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and

 

(ii) if to
the Partnership, to its General Partner at:

 

Enbridge Energy Company, Inc.

1100 Louisiana, Suite 3300

Houston, Texas 77002

Attention: E. Chris Kaitson, Vice President - Law
and Deputy General Counsel and Assistant Corporate Secretary

 

With a copy to:

Fulbright & Jaworksi L.L.P.

1301 McKinney Street

Houston, Texas 77002

Attention: 
Laura McMahon

 

All such notices
and communications shall be deemed to have been duly given:  at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged,
if telecopied; and on the next Business Day, if timely delivered to an air
courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the
Person giving the same to the Trustee at the address specified in the
Indenture.

 

19

 

(f)  Successors and Assigns.  This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without limitation, and without the
need for an express assignment, subsequent Holders of Transfer Restricted
Securities; provided, however, that this Agreement
shall not inure to the benefit of or be binding upon a successor or assign of a
Holder unless and to the extent such successor or assign acquired Transfer
Restricted Securities from such Holder.

 

(g)  Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

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

 

(i)  Governing Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

 

(j)  Severability.  In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

 

(k)  Entire Agreement.  This
Agreement is intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein.  There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted by the Partnership with
respect to the Transfer Restricted Securities. 
This Agreement supersedes all prior agreements and understandings between
the parties with respect to such subject matter.

 

20

 

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

 

	
   

  	
  ENBRIDGE ENERGY
  PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Enbridge Energy Management, L.L.C.,

  
	
   

  	
   

  	
  as delegate of Enbridge Energy Company, Inc.,

  
	
   

  	
   

  	
  as General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark Maki

  
	
   

  	
   

  	
  Name: Mark Maki

  
	
   

  	
   

  	
  Title: Vice President – Finance

  

 

 

Signature Page to Registration Rights
Agreement

(2038 Notes)

 

 

The foregoing
Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written:

 

BANC OF AMERICA
SECURITIES LLC

DEUTSCHE BANK
SECURITIES INC.

HSBC SECURITIES (USA) INC.

 

As Representatives of the several Initial Purchasers

 

 

	
  By:

  	
  Banc of America Securities LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Lily
  Chang

  	
   

  
	
   

  	
  Name:  Lily
  Chang

  	
   

  
	
   

  	
  Title: 
  Principal

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  Deutsche Bank Securities Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Scott
  Flieger

  	
   

  
	
   

  	
  Name:  Scott
  Flieger

  	
   

  
	
   

  	
  Title: 
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Ryan
  Montgomery

  	
   

  
	
   

  	
  Name:  Ryan
  Montgomery

  	
   

  
	
   

  	
  Title: 
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  HSBC Securities (USA) Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Karen L.
  Giles

  	
   

  
	
   

  	
  Name:  Karen
  L. Giles

  	
   

  
	
   

  	
  Title:  Senior
  Vice President

  	
   

  
				

 

Signature Page to Registration Rights
Agreement

(2038 Notes)

 

 

SCHEDULE I

 

INITIAL PURCHASERS

 

Banc
of America Securities LLC

 

Deutsche
Bank Securities Inc.

 

HSBC
Securities (USA) Inc.

 

CIBC
World Markets Corp.

 

RBC
Capital Markets Corporation

 

Scotia
Capital (USA) Inc.

 

TD
Securities (USA) LLC

 

BMO
Capital Markets Corp.

 

Greenwich
Capital Markets, Inc.

 

National
Bank of Canada Financial Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]